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 [22]. Core Insights - As of Q1 2025, the accumulated fund scale of enterprise annuities reached 3.73 trillion, reflecting a quarter-on-quarter growth of 2.38% from the end of 2024, although the growth rate has decreased by 1.2 percentage points [2][4]. - The newly disclosed three-year cumulative return rate for enterprise annuities stands at 7.46%, primarily driven by long-term investment behavior influenced by relevant policy guidance [4][10]. - The number of enterprises establishing annuities has increased to 168,200, a rise of 5.62% from the end of 2024, with the number of participating employees growing by 1.51% to 32.91 million [2][10]. Summary by Sections Fund Scale and Growth - The enterprise annuity fund scale reached 3.73 trillion as of Q1 2025, with a quarter-on-quarter growth of 2.38% [2]. - The number of enterprises with annuities increased to 168,200, marking a 5.62% rise from the previous year [2]. Cumulative Returns - The three-year cumulative return rate for enterprise annuities is 7.46%, with single plans showing a return of 7.42% and collective plans at 7.82% [5][10]. - Fixed income portfolios yielded a return of 10.54%, outperforming the average by 3.08 percentage points, while equity-inclusive portfolios returned 7.06%, slightly below the average [5]. Market Outlook - The enterprise annuity sector is expected to continue its growth trend, benefiting from a structural market favoring small-cap growth and technology stocks in Q1 2025 [10]. - The long-term assessment of returns is anticipated to drive investment behaviors towards a balanced approach between absolute and relative returns, leading to a "steady progress" investment style [10].

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 world's first intelligent grading standard for humanoid robots has been officially released, which is expected to promote the large-scale application of humanoid robots in various sectors such as petrochemical inspection and emergency rescue [4]. - Wuhan has established a special fund of 1 billion yuan to support the humanoid robot industry, aiming to break through innovation risk bottlenecks and enhance the industry's development [4]. - The humanoid robot industry is experiencing rapid advancements, with new technologies being developed and production processes accelerating [4]. Industry Data - The humanoid robot industry consists of 302 listed companies, with a total market value of 48,908.77 billion yuan and a circulating market value of 42,633.07 billion yuan [1]. - The absolute performance of the industry over the past 12 months has increased by 9.8%, while the relative performance has shown a slight increase of 0.2% [2]. Related Developments - The second-generation humanoid robot Codroid 02 was unveiled, showcasing advanced capabilities for industrial tasks and online learning [4]. - Ningbo has introduced policies to promote the humanoid robot industry, including financial support for innovation centers and insurance subsidies for enterprises [4]. - Investment suggestions include companies involved in various components of humanoid robots, such as actuators, sensors, and motors, indicating a broad interest in the sector [4].

宏观研究 证 券 研 究 报 告 【宏观专题】 美国经济的前瞻指标们 核心结论：近期美国经济硬数据与软数据之间的分歧开始收敛，越来越多的硬 数据开始指向经济下行。本文通过对美国就业、库存、投资、消费、金融条件 五个维度的前瞻指标拆分，总结了当前美国经济的现状与前景：经济呈下行趋 势，但爆发风险的概率不大，结构来看：①就业市场呈结构性弱化，供需关系 显著降温；②当前处于补库存周期，未来大规模补库概率不大；③投资方面企 业投资或继续下行，地产投资难有起色；④居民消费能力减弱，但爆发风险的 概率小；⑤金融条件：处于宽松状态。 1、美国就业市场：呈结构性弱化，供需关系显著降温 就业市场现状：薪资偏强，但就业呈现结构性弱化。根据亚特兰大联储对就业 数据的拆分，将就业数据划分为 5 个维度。从目前的就业数据来看，尽管薪资 增长依然较快（衡量薪资的三个指标均处于过去 10 年 50%-75%分位数水平）， 但就业市场的结构性数据提示就业市场已经在弱化，例如就业市场信心指标、 雇主行为指标等普遍弱于过去 10 年 50%分位数。 从就业市场供需关系来评估当前的就业市场现状，可以看到劳动力市场供需 关系显著降温，工作变得不那么 ...

Investment Rating - The report maintains a recommendation for the domestic automotive industry, indicating an improvement in profitability and a pursuit to catch up with overseas automakers [2]. Core Insights - Overseas automakers have a higher average adjusted net profit margin than domestic independent brands by approximately 5 percentage points (PP) in 2024. The trend shows that while overseas automakers experienced a decline in 2023, domestic automakers improved, reflecting similar trends in gross margins [3][21]. - The report highlights that overseas automakers have higher gross margins than domestic independent brands by about 7PP in 2024, with the gap narrowing over recent years [19][21]. - The analysis indicates that domestic automakers are benefiting from the scale-up of new energy vehicle sales, leading to improvements in both gross and net profit margins [10][21]. Summary by Sections 1) Profitability - In 2024, overseas ordinary vehicles are projected to sell 4.79 million units, domestic independent brands 1.7 million units, and overseas luxury vehicles 1.42 million units, showcasing the larger sales volume of overseas automakers [18]. - The report notes that the average adjusted gross margin for overseas luxury vehicles is 21%, overseas ordinary vehicles 20%, and domestic independent brands 13%, with overseas automakers maintaining a significant margin advantage [21][26]. 2) Cost Structure: Input Perspective - The total cost structure for automakers is approximately 100% = COGS 86% + sales expenses 6% + management expenses 3% + R&D expenses 5% + financial expenses 0% [12]. - The report indicates that overseas automakers have higher management and sales expense ratios, primarily due to significantly higher labor costs [4][12]. 3) Cost Structure: Transformation Perspective - The report emphasizes that domestic automakers have increased their investment in sales and R&D, while overseas automakers have seen a decrease in these ratios due to rising material costs [12][22]. - The analysis suggests that despite the current profitability and product structure advantages of overseas automakers, domestic brands are enhancing their competitiveness through electric and intelligent transformations [11][12]. 4) Summary and Investment Recommendations - The report concludes that domestic automakers have substantial growth potential in terms of sales, market share, average selling price (ASP), and profitability, driven by advancements in electric and intelligent vehicle technologies [10][11]. - Recommended stocks include BYD, Geely, Li Auto, and JAC Motors, with a focus on structural opportunities in the short term [10].

证 券 研 究 报 告 【策略专题】 AI 与康波——多行业联合人工智能 6 月报 策略研究 策略专题 2025 年 06 月 17 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：耿琛 电话：0755-82755859 邮箱：gengchen@hcyjs.com 执业编号：S0360517100004 证券分析师：岳阳 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 证券分析师：刘欣 电话：010-63214660 邮箱：liuxin3@hcyjs.com 执业编号：S0360521010001 证券分析师：欧子兴 邮箱：ouzixing@hcyjs.com 执业编号：S0360523080007 证券分析师：黄麟 邮箱：huanglin1@hcyjs.com 执业编号：S0360522080001 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@ ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [6][57]. Core Insights - The report expresses a positive outlook on the aviation sector, particularly regarding the upcoming summer travel season, driven by improved demand and operational metrics [8]. - Key factors supporting this outlook include resilient domestic demand, ongoing recovery in international routes, and supply constraints in the market [8]. - The report highlights specific airlines, such as Huaxia Airlines and Spring Airlines, as leaders in the domestic regional market, while also noting the potential for China National Aviation to release elasticity in operations [8]. Summary by Sections Airline Data Analysis - In May, the overall ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (11.5%), followed by Eastern Airlines (9.3%) and Southern Airlines (5.0%) [2]. - For RPK (Revenue Passenger Kilometers), Eastern Airlines showed the highest growth at 15.4%, with Spring Airlines at 11.7% [2]. - Cumulative data from January to May indicates Spring Airlines leading in ASK growth (8.9%) and Eastern Airlines in RPK growth (12.7%) [2]. Domestic and International Routes - Domestic routes in May saw Spring Airlines with an ASK growth of 10.9% and RPK growth of 12.0% [3]. - Internationally, Juneyao Airlines led with an ASK growth of 50.1% and RPK growth of 66.7% in May [3]. - Cumulative data for international routes from January to May shows Juneyao Airlines with a significant ASK growth of 69.5% and RPK growth of 71.2% [3]. Load Factor and Fleet Size - The load factor in May was highest for Spring Airlines at 91.1%, with a year-on-year increase of 0.1 percentage points [4]. - The total fleet size of the five listed airlines increased by 6 aircraft in May, with a year-on-year growth of 3.1% [4]. Market Performance - The aviation sector's total market capitalization is reported at 730.725 billion yuan, with a circulating market value of 514.519 billion yuan [6]. - The absolute performance of the sector over the last month was -3.3%, while the relative performance was +2.8% [6].

证 券 研 究 报 告 指数表现：中证转债指数环比上涨 0.25%、上证综指环比上涨 0.35%、深证成 指环比上涨 0.41%、创业板指环比上涨 0.66%、上证 50 指数环比上涨 0.32%、 中证 1000 指数环比上涨 0.68%。 市场风格：大盘价值相对占优。大盘成长环比下降 0.07%、大盘价值环比上涨 0.60%、中盘成长环比下降 0.46%、中盘价值环比下降 0.05%、小盘成长环比 上涨 0.19%、小盘价值环比上涨 0.12%。 资金表现：转债市场成交情绪升温。可转债市场成交额为 690.48 亿元，环比 增长 10.96%；万得全 A 总成交额为 12436.41 亿元，环比减少 17.31%；沪深 两市主力净流出 27.30 亿元，十年国债收益率环比降低 0.08bp 至 1.64%。 转债价格：转债中枢提升，高价券占比提升。转债整体收盘价加权平均值为 119.96 元，环比昨日上升 0.23%。其中偏股型转债的收盘价为 164.50 元，环比 上升 0.60%；偏债型转债的收盘价为 111.58 元，环比上升 0.11%；平衡型转债 的收盘价为 121.14 元，环比上升 0.13 ...

Investment Rating - The report maintains a "Recommended" rating for the wind power industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [33]. Core Insights - The report highlights significant developments in the wind power sector, including a total of 48.5GW of wind turbines awarded in 2025, with offshore and onshore projects accounting for 6.8GW and 41.7GW respectively [10][17]. - The average bidding price for offshore wind turbines is reported at 2357 CNY/kW, while onshore turbines average 1977 CNY/kW [10][13]. - The report identifies three main investment themes: high domestic offshore wind project reserves, increased onshore wind bidding activity, and regional growth in overseas installations [18]. Summary by Sections Wind Turbine Data - In the week of June 9-15, 2025, 0.5GW of offshore wind projects were awarded in Guangdong, with an average price of 2357 CNY/kW [10][8]. - The total awarded wind turbines for 2025 so far is 48.5GW, with a breakdown of 6.8GW offshore and 41.7GW onshore [10][17]. Offshore Wind Progress - As of June 15, 2025, there are 68GW of competitive allocation, 16GW approved, 7GW of turbine bidding, 9GW of submarine cable bidding, and 15GW under construction for offshore wind projects [17][18]. - Guangdong, Shandong, and Fujian are noted for having the highest number of existing projects [17]. Investment Recommendations - The report suggests focusing on three investment lines: high reserves of domestic offshore wind projects, increased bidding for onshore wind, and growth in overseas installations [18]. - Companies to watch include Mingyang Smart Energy, Oriental Cable, Zhongtian Technology, and others [18].

Funding Supply - The newly established shares of equity public funds decreased significantly to 1.1 billion yuan, down from 9.5 billion yuan, representing a 29% percentile over the past three years[4] - The net inflow of margin financing increased to 7.9 billion yuan, compared to 6.9 billion yuan, maintaining a 72% percentile over the past three years[4] - The net subscription of stock ETFs was -18.1 billion yuan, marking a low of 6% over the past three years[4] Funding Demand - Equity financing rose to 5.7 billion yuan, reaching a 30% percentile over the past three years[4] - The net outflow of industrial capital increased to 4.6 billion yuan, representing a 56% percentile over the past three years[4] - The net inflow of southbound funds was 14.2 billion yuan, continuing a trend of over 10 billion yuan weekly for four consecutive weeks, with a 69% percentile over the past three years[4] Market Trends - The total market value of restricted shares released was 62.4 billion yuan, significantly up from 28.9 billion yuan, at a 56% percentile over the past three years[4] - The trading heat in the medical services sector rose to a high of 92%, while the military industry saw a significant drop of 14 percentage points to 77%[39][42] - The overall sentiment in ETF funding is at a low point, with a notable outflow indicating bearish market conditions[19]

Splitz 证券研究报告 【宏观快评】 对外开放继续推进 -- 政策周观察第 34 期 近一周,对外开放继续推进,主要涉及前沿地区试点及经验推广。 8 (一)试点经验推广:6月13日,总理主持召开国常会,部署中国(上海) 自由贸易试验区试点措施复制推广工作。会议提出,"要在守住风险底线的前 提下,更大力度开展制度型开放试验,加快构建更高水平开放型经济新体制"。 (二)试点地区扩大开放。6月11日,中办、国办印发关于深入推进深圳综 合改革试点深化改革创新扩大开放的意见,在金融、低空经济、数据、医药等 领域,赋予深圳新的改革任务:"允许在香港联合交易所上市的粤港澳大湾区 企业,按照政策规定在深圳证券交易所上市","支持深圳深化无人驾驶航空器 飞行管理制度改革创新,完善低空飞行监管规则","支持深圳探索数据交易、 可信流通、收益分配等机制","完善临床急需进口药品、医疗器械使用及监督 管理制度"。 (三)外商投资领域扩围。6月13日,商务部在国新办新闻发布会上表示,"我 们要用好现有的开放平台,比如自由贸易试验区、国家级经济技术开发区、国 家服务业扩大开放综合试点示范等,稳步扩大制度型开放。我们还将修订并扩 大《 ...