Investment Rating - The report maintains a "Recommendation" rating for the communication industry, indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [33]. Core Insights - The report highlights an upward trend in computing power leasing and an increase in military information technology exports, driven by rising demand for AI and advanced computing capabilities [5][21]. - The domestic AI investment outlook remains robust despite short-term capital expenditure pressures, with major companies expected to focus on AI as a core investment area [16][17]. - The "Jiutian" drone, a domestically developed heavy unmanned platform, is set to make its maiden flight by the end of June 2025, showcasing significant technological advancements and enhancing China's competitive edge in the military technology sector [21][22][23]. Summary by Sections Industry Overview - The communication industry saw a decline of 2.31% this week, underperforming compared to the Shanghai and Shenzhen 300 index [8][9]. - Year-to-date, the communication industry has decreased by 5.56%, outperforming the Shanghai and Shenzhen 300 index by 4.22 percentage points [8][9]. Market Performance - The report notes that the communication sector's valuation (PE-TTM) stands at 28.70, compared to 12.55 for the Shanghai and Shenzhen 300 index and 30.68 for the ChiNext index [5]. - The top-performing stocks in the communication sector this week included Fenghuo Electronics (+22.54%) and Dongtu Technology (+14.45%) [12][14]. Computing Power Services - The demand for computing power services is rapidly increasing, with significant growth in leasing and related services due to ongoing chip restrictions [15][17]. - The report emphasizes the importance of monitoring financing channels, order contracts, technological barriers, and service implementation timelines for companies in this sector [17]. Military Technology - The "Jiutian" drone is expected to redefine the operational boundaries of unmanned aerial vehicles, with capabilities that surpass those of existing military drones [21][22]. - The drone's advanced features and performance metrics position it as a competitive player in the international military technology market, enhancing China's export potential [23]. Investment Recommendations - Key recommendations include major telecommunications operators such as China Mobile, China Telecom, and China Unicom, as well as companies in the military and satellite communication sectors like Haige Communication and Shanghai Hanyun [26].

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [45]. Core Insights - The penetration rate of advanced driving assistance systems (ADAS) is expected to accelerate, enhancing the competitiveness of automotive manufacturers. By 2025, the penetration rate of L2 and above intelligent driving functions in China is projected to reach 62%, with highway NOA at 10.8% and city NOA at 9.9% [8][20]. - The global layout of Robotaxi is accelerating, with significant progress in commercialization. Baidu's Robotaxi service, "萝卜快跑," achieved 1.4 million rides in Q1 2025, a 75% year-on-year increase, and plans to expand internationally [9][23]. - Automotive manufacturers are focusing on the iterative upgrade of intelligent driving assistance technologies, with several companies launching new models equipped with advanced sensors and computing platforms [10][29]. Summary by Sections Industry Weekly Viewpoint - The computer sector index decreased by 3.00% from May 19 to May 23, underperforming the ChiNext index by 2.12 percentage points [13]. Market Performance Review - The overall A-share market experienced a net outflow of 276.38 billion yuan, with the computer sector seeing a net outflow of 30.70 billion yuan during the same period [15]. Advanced Driving Assistance Systems (ADAS) - The competition in the ADAS market is intensifying, with a shift from price competition to enhancing product value and technological content. The focus is on rapid product launches and widespread coverage across different vehicle brands and models [19]. Robotaxi Commercialization - The report highlights the rapid expansion of Robotaxi services, with major players like Waymo and Tesla also advancing their commercial operations. The global market for Robotaxi is expected to grow significantly, driven by technological advancements and market openness [27]. Investment Recommendations - The report suggests focusing on companies benefiting from the acceleration of intelligent driving penetration, including Horizon Robotics, SUTENG, Desay SV, and others [11][34].

债券研究 证 券 研 究 报 告 【债券周报】 科创债发行规模连续两周破千亿 ——信用周报 20250525 ❖ 科创债发行情况跟踪 1、以 2021 年以来推出的科创公司债、科创票据及 2025 年 5 月启动发行的科 技创新债券为合并统计口径，截至 2025 年 5 月 24 日，科创债已累计发行 2757 只，发行规模合计约 2.9 万亿元。 2、本周科创债发行规模创历史新高，单周发行规模连续两周突破千亿。本周 （5 月 19 日-5 月 23 日）共发行科创债 44 只，合计发行规模 1255 亿元；上周 （5 月 12 日-5 月 16 日）共发行科创债 52 只，合计发行规模 1098 亿元。 3、从 5 月以来科创债发行主体类型看，银行是新增发行科创债的主力，券商 亦积极参与。5 月以来共有 116 家主体新增发行科创债 3317.5 亿元，均为非城 投平台（Wind 口径）。其中金融机构 34 家，包括银行 15 家、证券公司 19 家， 发行规模分别为 1950 亿元、219 亿元。 4、从 5 月以来科创债发行主体区域分布看，北京发行规模最大，达 1721.5 亿 元（其中银行发行 125 ...

证 券 研 究 报 告 通信行业周报（20250519-20250525） 推荐（维持） 算力租赁景气度向上，军工信息化外贸升温 行业研究 通信 2025 年 05 月 25 日 华创证券研究所 证券分析师：欧子兴 邮箱：ouzixing@hcyjs.com 执业编号：S0360523080007 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 124 | 0.02 | | 总市值(亿元) | 47,451.85 | 4.77 | | 流通市值(亿元) | 20,977.93 | 2.65 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 3.2% | -1.9% | 17.9% | | 相对表现 | 0.7% | -2.3% | 11.3% | -12% 5% 23% 41% 24/05 24/08 24/10 24/12 25/03 25/05 2024-05-24~2025-05-23 通信 沪深300 相关研究报告 《通信行业周报（20250512-20250518） ...

证 券 研 究 报 告 Analog Devices, Inc. (ADI) FY2025Q2 业绩点评及业绩说明会纪要 四大终端市场均实现双位数同比增长，业绩超指引 上限 ❖ 事项： 2025 年 5 月 23 日 Analog Devices, Inc.发布 2025 财年第二财季报告，并召开 业绩说明会。Analog Devices, Inc. (ADI)财务季度 FY2025Q2 截至 2025 年 5 月 3 日。 ❖ 评论： 1. 业绩总览：FY25Q2 实现营收 26.40 亿美元（YoY+22.28%，QoQ+8.95%）， 高于指引上限，公司四大业务部门均同比实现双位数增长。FY25Q2 调整后毛 利率为 69.4%（YoY+2.7pct，QoQ+1.5pct），调整后 EPS1.85 美元（YoY+32.14%， QoQ+13.50%），高于指引区间上限。 2. 关税带来的影响：FY25Q2 各终端市场与地区订单显著加速，在手订单回 升，但部分增长源于客户因美国关税提前采购，因此预计 FY25Q3 汽车业务收 入将有所下滑。除汽车板块外，其他业务板块没有看到关税造成的提前采购 （FY25Q ...

金融工程 证 券 研 究 报 告 【金工周报】（20250519-20250523） 短中期择时信号偏中性，后市或偏向大盘 ❖ 本周回顾 本周市场普遍下跌，上证指数单周下跌 0.57%，创业板指单周下跌 0.88%。 A 股模型： 短期：成交量模型中性。低波动率模型中性。特征龙虎榜机构模型中性。特征 成交量模型看空。智能沪深 300 模型看多，智能中证 500 模型看空。 中期：涨跌停模型中性。月历效应模型中性。 长期：长期动量模型所有宽基指数中性。 综合：A 股综合兵器 V3 模型看空。A 股综合国证 2000 模型看空。 港股模型： 中期：成交额倒波幅模型看多。 本周行业指数涨少跌多，涨幅前五的行业为：综合、医药、汽车、有色金属、 家电，跌幅前五的行业为：综合金融、计算机、电子、机械、通信。从资金流 向角度来说，除家电外所有行业主力资金净流出，其中计算机、机械、电子、 基础化工、汽车主力资金净流出居前。 本周股票型基金总仓位为 90.83%，相较于上周减少了 76 个 bps，混合型基金 总仓位 73.66%，相较于上周增加了 120 个 bps。 本周汽车与计算机获得最大机构加仓，电子与电力设备及新能源 ...

Investment Rating - The report maintains a "Recommended" rating for Bilibili (BILI), expecting it to outperform the benchmark index by 10%-20% over the next six months [16]. Core Insights - Bilibili's Q1 2025 financial results showed revenue of 7 billion yuan, a year-over-year increase of 24%, aligning with Bloomberg consensus expectations. The gross profit reached 2.54 billion yuan, up 58% year-over-year, with a gross margin of 36.3%, also meeting expectations. The company achieved a NON-GAAP net profit of 362 million yuan, marking a turnaround from losses, exceeding consensus forecasts [1]. - Cost-saving measures contributed to the profit exceeding expectations, with R&D expenses at 840 million yuan, 7% lower than anticipated, and sales expenses at 1.17 billion yuan, 3% below expectations. Overall, total expenses were 4% lower than projected [1]. - The report highlights the upcoming performance of the "Three Kingdoms" anniversary season as a key focus area [1]. Financial Projections - Revenue projections for Bilibili are adjusted to 29.9 billion yuan for 2025, 32.4 billion yuan for 2026, and 34.6 billion yuan for 2027, reflecting year-over-year growth rates of 12%, 8%, and 7% respectively [7]. - The forecast for NON-GAAP net profit is updated to 2.01 billion yuan for 2025, 3.6 billion yuan for 2026, and 4.99 billion yuan for 2027, with significant year-over-year growth rates of 147.8%, 247.1%, and 62.3% respectively [7]. - The target price for Bilibili is set at $21.20, based on a 20x PE ratio for the 2026 NON-GAAP net profit, discounted back to 2025 [7]. Business Segments Performance - Mobile gaming revenue for Q1 2025 was 1.73 billion yuan, a 76% year-over-year increase, driven primarily by the core SLG product "Three Kingdoms: Strategy of the World" [7]. - Advertising revenue reached 2 billion yuan, a 20% year-over-year increase, supported by stable user growth, with DAU at 107 million, MAU at 368 million, and an average user engagement time of 108 minutes [7]. - Value-added services generated 2.8 billion yuan in revenue, an 11% year-over-year increase, driven by live streaming and other services [7].

- The short-term A-share models include the volume model (neutral), low volatility model (neutral), characteristic institutional model (neutral), characteristic volume model (bearish), intelligent CSI 300 model (bullish), and intelligent CSI 500 model (bearish) [1][10][68] - The mid-term A-share models include the limit-up and limit-down model (neutral) and the calendar effect model (neutral) [11][69] - The long-term A-share model is the long-term momentum model, which is neutral for all broad-based indices [12][70] - The comprehensive A-share models include the A-share comprehensive weapon V3 model (bearish) and the A-share comprehensive Guozheng 2000 model (bearish) [13][71] - The mid-term Hong Kong stock model is the turnover amplitude model, which is bullish [14][72] - The backtesting results for the models are as follows: - Volume model: neutral [1][10][68] - Low volatility model: neutral [1][10][68] - Characteristic institutional model: neutral [1][10][68] - Characteristic volume model: bearish [1][10][68] - Intelligent CSI 300 model: bullish [1][10][68] - Intelligent CSI 500 model: bearish [1][10][68] - Limit-up and limit-down model: neutral [11][69] - Calendar effect model: neutral [11][69] - Long-term momentum model: neutral [12][70] - A-share comprehensive weapon V3 model: bearish [13][71] - A-share comprehensive Guozheng 2000 model: bearish [13][71] - Turnover amplitude model: bullish [14][72]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [17]. Core Insights - The report highlights the introduction of the "National Network Identity Authentication Public Service Management Measures," which will take effect on July 15, 2025. This regulation emphasizes the importance of the identity authentication industry and presents opportunities within the supply chain [2][7]. - The management measures consist of 16 articles that clarify the concepts of national network identity authentication services, application scenarios, and the responsibilities of platforms regarding data security and personal information protection [7]. - The report encourages voluntary use of network identity certificates and numbers, ensuring user rights while promoting their application across various sectors [7]. - Privacy data protection is a key focus, with specific measures outlined for data management, storage, and incident response [7]. - A national network identity authentication app has been launched, allowing users to apply for digital identity credentials through secure methods [7]. - Investment suggestions include focusing on companies within the network identity authentication supply chain, such as Shengbang Security, New大陆, and Sanwei Xinan [7]. Industry Data - The computer industry comprises 336 listed companies with a total market capitalization of 41,548.90 billion and a circulating market capitalization of 35,628.74 billion [4]. - The absolute performance of the industry over the past 12 months is 30.2%, while the relative performance is 23.6% [5].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [16]. Core Insights - The company experienced short-term pressure on performance, with Q4 2024 revenue at 138 million yuan, down 19.8% year-over-year and 2.0% quarter-over-quarter. The net profit attributable to shareholders was -44 million yuan, and the net profit after deducting non-recurring items was -46 million yuan. For Q1 2025, revenue was 102 million yuan, down 25.6% year-over-year and 25.8% quarter-over-quarter, with a net profit of 2 million yuan [1]. - The overall revenue for 2024 is projected at 550 million yuan, a decrease of 19% year-over-year, with a net profit of 30.58 million yuan and a net profit after deducting non-recurring items of 5.3 million yuan [1]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 550 million yuan, net profit of 31 million yuan - 2025E: Revenue of 1,025 million yuan, net profit of 311 million yuan - 2026E: Revenue of 1,278 million yuan, net profit of 401 million yuan - 2027E: Revenue of 1,433 million yuan, net profit of 454 million yuan - **Growth Rates**: - Revenue growth rates are projected at -18.7% for 2024, 86.1% for 2025, 24.8% for 2026, and 12.1% for 2027 [3]. - Net profit growth rates are projected at -46.2% for 2024, 918.6% for 2025, 28.7% for 2026, and 13.3% for 2027 [3]. Business Segmentation - The company's PC game segment generated 370 million yuan in revenue for 2024, down 15.9% year-over-year, with a gross margin of 83.26%. The mobile game segment generated 160 million yuan, down 20.69% year-over-year, with a gross margin of 45.89% [7]. - Core products are performing steadily, with the flagship product "Dream Three Kingdoms 2" operating for over 10 years and having over 100 million registered users. The company is also launching new games like "Spiral Warrior" and "Jianghu Like Dream" in 2024 [7]. Future Outlook - The company has a rich pipeline of upcoming products, with a focus on the open-world game "Xiu Xian Era," which is expected to bring significant revenue and profit elasticity. The game will be published by Tencent and is set to be showcased at the 2025 Tencent Game Conference [7]. - Revenue forecasts for 2025-2027 are optimistic, with expected revenues of 1.03 billion yuan in 2025, 1.28 billion yuan in 2026, and 1.43 billion yuan in 2027, alongside substantial growth in net profits [7].