Investment Rating - The report maintains an "Outperform" rating for the consumer electronics sector [8] Core Insights - The electronic sector index increased by 1.26% during the week, outperforming the Shanghai Composite Index by 1.77 percentage points [2][13] - Semiconductor materials, printed circuit boards, and semiconductor equipment saw significant gains, rising by 7.97%, 6.42%, and 2.99% respectively [2][13] - Meta's collaboration with Oakley to launch AI smart glasses marks a significant expansion in wearable technology, following the success of Ray-Ban Meta smart glasses [4][29] - Honor's Magic V5 smartphone, featuring AI capabilities, aims to enhance user interaction and expand the AI ecosystem [5][92] Summary by Sections 1. Weekly Performance - The electronic sector index rose by 1.26%, outperforming the Shanghai Composite Index by 1.77 percentage points [2][13] - Semiconductor materials led the gains with a 7.97% increase, followed by printed circuit boards at 6.42% and semiconductor equipment at 2.99% [2][13] 2. Consumer Electronics Demand - Global smartphone shipments increased by 1.53% year-on-year in Q1 2025, totaling 305 million units [20] - Global PC shipments grew by 4.98% year-on-year in Q1 2025, reaching 63.2 million units [36] - AI smart glasses shipments surged by 215.79% year-on-year in Q1 2025, driven by strong sales of Ray-Ban Meta smart glasses [69] 3. Industry Dynamics - The PCB sector is experiencing growth, with companies like Shenghong Technology achieving a market value exceeding 100 billion yuan [83] - Meta plans to launch new AI smart glasses in collaboration with luxury brands, targeting active consumers [84][85] - Two semiconductor companies, Hengyun Chang and Shanghai Chao Silicon, have had their IPO applications accepted, indicating strong growth potential in the semiconductor sector [88][89]

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating a positive outlook compared to the broader market [7]. Core Insights - The ASIC market is experiencing strong demand, with Marvell projecting data center capital expenditures to reach $94 billion by 2028, a 25% increase from previous estimates [3]. - Custom computing, including XPU and its accessories, is the largest and fastest-growing segment, with an expected market size of approximately $40 billion and a compound annual growth rate (CAGR) of 47% [3]. - Major cloud providers are accelerating their ASIC chip development, with combined capital expenditures expected to exceed $320 billion by 2025, reflecting a 30% year-on-year growth [4]. - The demand for supporting components such as PCB, CCL, and optical modules is anticipated to see structural growth due to the ASIC chip demand [4]. Summary by Sections Industry Investment Rating - The electronic industry is rated as "Outperform" [7]. ASIC Market Demand - ASIC demand is robust, with Marvell forecasting a 25% increase in data center capital expenditures to $94 billion by 2028 [3]. - The custom computing segment, particularly XPU, is projected to grow at a CAGR of 47%, reaching a market size of $40 billion [3]. Cloud Providers' ASIC Development - Major cloud providers are rapidly advancing their ASIC projects, with significant capital expenditures expected to exceed $320 billion by 2025, marking a 30% increase year-on-year [4]. - Marvell is a key player in providing foundational computing support for major cloud companies [4]. Supporting Components Growth - The demand for components like PCB is expected to grow structurally due to the stringent requirements of ASIC chips [4]. - The global HDI PCB market is projected to exceed $14.34 billion by 2025, achieving an 8.7% year-on-year growth [4]. Investment Recommendations - The report suggests focusing on opportunities within the ASIC chip-related hardware supply chain, including companies like Shenghong Technology, Huitian Technology, and others [5].

Group 1: Investment Highlights - The report highlights a focus on accelerating pharmaceutical innovation, comprehensive layout of integrated circuits, facilitation of rare earth exports, upgrading of manufacturing technology, and boosting inbound consumption, while also paying attention to overseas education cooperation [2][11]. - The capital market shows significant differentiation, with banks and technology hardware leading the gains, while consumer and pharmaceutical sectors are under pressure [2][11]. Group 2: Sector Performance - In the A-share market, the top five performing sectors this week were banks (+3.13%), telecommunications services (+1.41%), hardware equipment (+1.00%), oil and petrochemicals (+0.32%), and semiconductors (+0.20%) [2][23]. - The sectors with the largest declines included household goods (-6.18%), textiles and apparel II (-5.08%), durable consumer goods (-4.84%), pharmaceutical biology (-4.39%), and consumer services (-3.76%) [2][23]. Group 3: Popular Concepts - The top ten gaining concepts this week included circuit boards (+6.62%), lithium battery anodes (+4.73%), oil and gas extraction (+4.49%), central enterprise banks (+4.05%), and digital currency (+3.90%) [3][26]. - The top ten declining concepts included gold and jewelry (-7.41%), medical beauty (-6.44%), pet economy (-6.37%), Xiaohongshu platform (-5.60%), and contract research organizations (CRO) (-5.60%) [3][26]. Group 4: Monthly Performance - For the month, the top ten gaining concepts were optical modules (CPO) (+17.29%), circuit boards (+13.80%), oil and gas extraction (+13.58%), rare earth permanent magnets (+13.55%), and lithium battery anodes (+11.75%) [3][27]. - The top ten declining concepts for the month included high share transfers (-8.78%), animal health selections (-6.34%), and aviation transport selections (-5.45%) [3][27]. Group 5: Policy Updates - The National Medical Products Administration is working on optimizing the clinical trial review and approval process for innovative drugs, aiming to complete reviews within 30 working days for eligible applications [12]. - The Ministry of Commerce is expediting the review of rare earth export license applications to maintain global supply chain stability [14]. - The government is promoting the high-quality development of the integrated circuit industry through various supportive policies [13].

策略定期研究 2025 年 6 月 23 日 海外市场周观察（0616-0622） 华福证券 美联储内部政策观点分歧扩大 投资要点： 本周美股市场在经济数据低迷与地缘政治冲突背景下小幅震荡。6月美联 储议息会议连续第四次会议按兵不动，将基准利率维持在4.25%-4.50%不 变，符合市场预期。美联储内部政策观点分歧扩大，点阵图预计今年将降息 两次，但预计今年不降息的美联储官员人数升至7位，明年的降息预期被削减 至1次，议息会议后鲍威尔发言偏鹰，表示通胀水平一直略高于目标，不能假 设关税引发的通胀冲击仅仅是一次性的，预计未来几个月将出现关税驱动的 通胀上升。同时，里士满联储主席巴尔金表示目前数据显示没有紧迫的理由 进行降息，而理事沃勒则表示或许最早在七月会议上就可能降息，旧金山联 储主席戴利表示经济基本面正朝着可能需要降息的方向发展。下周需要重点 关注5月PCE数据，当前市场预期核心PCE将上涨2.6%（前值2.5%），若实 际数据高于预期可能引发对二次通胀的担忧，降息时点或将进一步后移。 美国经济数据方面：（1）美国5月工业产出月率为-0.20%，低于前值和 预期值0.10%。（2）劳动力市场方面，美国至6月 ...

策 略 研 究 华福证券 三主题走出突破形态 团队成员 投资要点： 策 略 定 期 报 告 主题投资数据库旨在筛选优秀量价形态的主题机会，把握热门主题的 见顶节奏、龙头股的调整程度。在 3/9 发布的《主题投资的下半场决胜法 则》中，我们构建了主题投资的数据追踪体系。我们专注于 2 方面：1）4 种形态量化筛选，高赔率的主题机会；2）构建交易热度指标，把握热门主 题的见顶节奏，并最新增加了龙头股的调整程度观察。后续，我们将定期 更新主题投资数据体系。我们希望通过这种偏量化的方式，给予投资者更 客观的参考，把握住主题投资的行情节奏。 三主题走出突破形态。本期走出见底、突破、主升、加速的主题指数 数量分别有 0、3、1、0 只。其中，3 只突破形态的主题指数，行业分别为 交通运输、计算机、国防军工，1 只主升形态的主题指数来自电子行业。 人形机器人、Deepseek 主题交易热度继续回落，对应龙头股收盘价仍 低于 MA60 的位置。我们对人形机器人、Deepseek 主题进行交易热度的监 控，并且观察龙头股的调整程度。其中，人形机器人的交易热度回落至 52%， 长盛轴承的收盘价高于 MA60 的幅度为-13.1% ...

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [80]. Core Insights - Jianghuai Automobile and Huawei have deepened their strategic partnership, focusing on the integration of Huawei's intelligent automotive solutions into Jianghuai's vehicle platforms, enhancing AI applications across various operational scenarios [3][13]. - The first flagship luxury electric sedan, the Zun Jie S800, has commenced mass production, with significant pre-order success, indicating strong market demand [4][15]. - The automotive sector has experienced a decline of 2.6% from June 16 to June 20, 2025, underperforming the CSI 300 index by 2.1 percentage points, although it ranks 4th among 31 sectors year-to-date with a 5.1% increase [16][23]. Summary by Sections Strategic Cooperation - Jianghuai and Huawei signed a strategic cooperation agreement on June 17, 2025, to enhance the application of intelligent automotive solutions, including AI-driven features and clean energy initiatives [3][13]. - The Zun Jie S800 project, a result of this collaboration, has a dedicated team of over 5,000 and a newly built factory equipped with advanced automation technology [4][14]. Market Performance - The automotive sector's performance from June 16 to June 20, 2025, showed a decline of 2.6%, while the CSI 300 index fell by only 0.5%, highlighting the sector's underperformance [16]. - Year-to-date, the automotive sector has increased by 5.1%, ranking 4th among all sectors [16]. Sales Data - From June 1 to June 15, 2025, retail sales of passenger vehicles reached 706,000 units, a 20% increase year-on-year, while wholesale sales were 714,000 units, up 24% year-on-year [6][36]. - New energy vehicle retail sales during the same period were 402,000 units, reflecting a 38% year-on-year growth [6][36]. Production and Delivery Plans - The Zun Jie S800 is set for initial deliveries on June 26, 2025, with plans for mass production to reach 3,000 units per month by September and 4,000 units by year-end [4][15].

行 有色金属 2025 年 06 月 22 日 业 研 究 有色金属 20250622 周报：刚果（金）钴出口禁令延期，或 提振钴价上行 投资要点： 行 业 定 期 报 告 贵金属：美国关税政策反复，黄金长期配置价值不改。近期多项美国 经济数据展现疲软态势，进一步加剧了市场对经济前景的担忧。经济数据 走弱将为美联储未来降息提供依据。根据钢联援引世界黄金协会调查数据， 全球73家央行中有76%预计未来五年将持续增持黄金以分散对美元资产的 依赖，凸显地缘因素及美元信用下滑背景下央行购金意愿。短期而言，美 "对等关税"的潜在风险及不确定性引发市场避险情绪支撑金价，整体呈 现易涨难跌格局；中长期而言，全球关税政策和地缘政治的不确定性背景 下，避险和滞涨交易仍是黄金交易的核心，长期配置价值不改。个股：黄 金建议关注中金黄金、山东黄金、赤峰黄金，低估弹性关注株冶集团，其 他关注湖南黄金及招金矿业；白银建议关注兴业银锡、盛达资源。 分析师： 王保庆(S0210522090001) WBQ3918@hfzq.com.cn 相关报告 1、地缘危机与美联储降息预期共振，黄金走强— —2025.06.14 2、美对华上调钢铁和铝关 ...

Table_First|Table_Summary 华福证券 固收定期研究 2025 年 6 月 22 日 如何看近期转债信用面变动 ➢ 如何看近期转债信用面变动 近期进入转债评级调整的密集披露期，若转债评级被下调个券卖压或增强；但评级调整 期结束后，未被评级下调的弱资质转债，若25年信用出现一定的优化，那么债底的修复 或支撑转债价格上升；我们认为转债6月-7月信用挖掘策略具有较强的性价比，投资者 一方面需要跟踪转债评级下调的可能，另一方面跟踪近期个券财务情况边际变化，预测 个券25年信用的变动方向。我们认为转债评级主要评估24年的财务变动和信用情况，通 过定量和定性的分析得到最新的评级结果，但是转债信用挖掘的预期差在于个券25年及 未来信用情况的定价，这方面评级结果解释力度或相对有限。 我们构建了转债信用评分模型，跟踪转债25年Q1的信用情况变动，观察哪些转债在财务 指标和信用资质上有边际优化，通过个券的信用变动分析中观行业层面的信用变动。转 债信用评分模型与转债信用评级互为补充，为投资者分析转债近期信用变动情况和构建 信用挖掘策略提供参考。 信用评分共包含6个维度：规模水平、营运能力、盈利能力、景气度、杠 ...

长护险有望催生万亿级护理需求，重视创新器械 医药生物 2025 年 06 月 22 日 投资要点： 行 业 定 期 报 告 行情回顾：本周（2025 年 6 月 16 日- 2025 年 6 月 20 日）中信医药指 数下跌 4.2%，跑输沪深 300 指数 3.8pct，在中信一级行业分类中排名第 30 位；2025 年初至今中信医药生物板块指数上涨 5.4%，跑赢沪深 300 指数 7.6pct，在中信行业分类中排名第 7 位。本周涨幅前五的个股为：昂利康 （+21.2%）、悦康药业（+19.3%）、创新医疗（+19.0%）、济民医疗（+12.4%）、 爱朋医疗（+11.4%）。 周专题：长护险有望催生万亿级护理需求。1）预计 2050 年国内失能 人群数量将达 6200 万人，相关护理需求约 1.7 万亿元，长护险（长期护理 险）作为核心支付方，亟待完善出台全国性制度。2）从 2021 年起，每一 年的政府工作报告均提到了推进长期护理保险制度，且表述逐步升级（从 稳步推进到加快建立），且从 2024 年以来，细则出台的速度显著加快，这 些迹象均表明全国性制度出台已进入加速阶段。3）2023 年国内长护险 ...

华福证券 轻工制造 2025 年 06 月 22 日 轻工制造 AI 眼镜关注新品催化，优质白马进入价值区间 投资要点： 【周观点】本周 Meta 公布与依视路合作打造的下一代智能眼镜，近期 AI 眼镜新品催化不断，建议关注明月镜片、康耐特光学、博士眼镜、英派斯； 5 月我国塑料餐具、保温杯、化纤制充气褥垫等细分品类出口受关税影响 同比均有下滑，同时 5 月越南商品出口额同比+17%，看好海外产能布局领 先的出口企业，出口链持续推荐众鑫股份；近期随市场情绪回调，多数白 马已处于价值布局区间，建议关注太阳纸业、晨光股份、裕同科技。 ➢ 3）轻工消费：①6 月 20 日，Meta 公布与依视路合作打造的下一代 智能眼镜——Oakley Meta Glasses。相较于 2023 年推出的 Ray- Ban Meta，Oakley Meta 在电池续航和视频拍摄分辨率方面实现了 显著提升。近期 AI 眼镜新品陆续发布，产业催化不断，建议关注明 月镜片、康耐特光学、博士眼镜、英派斯等。②据星图数据发布的 618 全网销售数据解读，5 月 13 日-6 月 18 日全网综合电商销售总 额达到 8556 亿元，同比去年大 ...