新秩序、新经济：金属的重新锚定与价值重估 投资评级：推荐（维持） ---有色金属行业2025年中期策略报告 华龙证券研究所 有色金属行业 分析师：景丹阳 SAC执业证书编号：S0230523080001 邮箱：jingdy@hlzq.com 2025年07月04日 证券研究报告 请认真阅读文后免责条款 2025.1.1-2025.6.30市场走势（单位：%） 相关报告 | 相对沪深300表现（2025.06.30) | | | （单位：%） | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 沪深300 | 2.5 | 0.53 | 13.71 | | 有色金属（申万） | 9.26 | 5.5 | 18.66 | 《有色金属行业周报：中美领导人通电话，经贸会谈持续推进》2025.6.9 《有色金属行业周报：未来一周金属价格或持续波动》2025.5.26 《海亮股份（002203.SZ）公司深度研究：扩规模、提周转，全球铜加工龙头 无惧周期》2025.5.21 请认真阅读文后免责条款 2 报告摘要 请认真阅读文后免责条款 3 • 黄金： Ø 通过复盘黄金历 ...

证券研究报告 计算机 报告日期：2025 年 06 月 30 日 蚂蚁集团推出 AI 医疗 C 端产品，关注 AI+医疗投资机会 执业证书编号：S0230124010005 邮箱：zhulx@hlzq.com 《稳定币的新进展和应用场景—计算机 行业点评报告》2025.06.23 《火山引擎 FORCE 大会召开，豆包大 模型 1.6 正式发布—计算机行业点评报 告》2025.06.16 《AI 产业高景气度持续验证，看好应用 与算力投资机会—计算机行业周报》 2025.06.09 请认真阅读文后免责条款 ——计算机行业点评报告 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 事件： 2025 年 6 月 26 日，蚂蚁集团正式推出面向 C 端的 AI 健康应用 ——AQ，旨在通过 AI 技术简化就医流程、提升健康管理效率。 分析师：孙伯文 联系人：朱凌萱 融合多模态交互技术，整合多方资源打造个人健康助手。蚂蚁集 团推出 AI 健康应用 AQ，整合了健康科普、就诊咨询、报告解读、 健康档案等上百项功能，并连接全国超 5000 ...

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][7]. Core Insights - The Hong Kong government has released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to establish Hong Kong as a global innovation center in the digital asset field, with a licensing mechanism for digital asset trading and custody service providers [3][6]. - The policy emphasizes the regularization of tokenized government bond issuance and the promotion of broader asset and financial instrument tokenization, including applications in precious metals, non-ferrous metals, and renewable energy [6]. - The report highlights the trend of traditional finance merging with digital economy, as evidenced by recent developments such as the introduction of stablecoins and the issuance of tokenized securities by traditional financial institutions [6][7]. Summary by Sections Recent Developments - On June 26, 2025, the Hong Kong government reiterated its commitment to becoming a global leader in digital assets through the new policy declaration [3]. - The declaration outlines a systematic approach to advancing the digital asset ecosystem through legal optimization, ecological expansion, application deepening, and regulatory improvement [6]. Market Trends - The report notes that traditional financial institutions are increasingly entering the virtual asset trading space and collaborating with blockchain technology platforms to promote asset tokenization, reflecting a trend of integration between traditional finance and the digital economy [6][7]. - The issuance of the "GF Token" by Guangfa Securities in Hong Kong represents a successful attempt at integrating traditional financial assets with blockchain technology [6]. Investment Recommendations - The report suggests focusing on companies involved in cross-border payments, blockchain, and cryptocurrency technology, as well as those related to Real World Assets (RWA) [7]. - Specific companies to watch include: - Cross-border payment and blockchain-related: Jingbeifang (002987.SZ), Lakala (300773.SZ), Xinguodu (300130.SZ), Tianyang Technology (300872.SZ), and Hengsheng Electronics (600570.SH) [7]. - RWA-related: Longxin Group (300682.SZ) and Zhongke Jincai (002657.SZ) [7].

Investment Rating - The report maintains a "Recommended" investment rating for the communication industry [2][5][21] Core Insights - The integration of 5G and AI is expected to drive rapid development in the communication industry, with significant opportunities arising from the convergence of these technologies [4][19] - The 2025 MWC in Shanghai highlighted four core themes: 5G integration, AI+, industry interconnectivity, and empowering interconnectivity, showcasing the industry's challenges and opportunities [4][15] - LightCounting's report predicts a 10% quarter-on-quarter growth in optical module sales, driven primarily by 800G Ethernet modules, indicating a positive market outlook [19][21] Summary by Sections Recent Developments - The 2025 MWC showcased major advancements in AI and 5G technologies, with companies like ZTE and Huawei presenting innovative solutions for AI terminal competitiveness and mobile AI networks [4][15][18] - China Mobile launched domestically produced satellite communication chips, marking a significant breakthrough in the satellite communication core chip sector [16][17] Market Performance - The communication index rose by 1.58% from June 16 to June 20, 2025, with notable performance in communication network equipment and devices [9][21] Key Companies and Investment Opportunities - Recommended companies for investment include: - Telecom operators: China Mobile (600941.SH), China Unicom (600050.SH), China Telecom (601728.SH) [5][21] - High-end optical module manufacturers: Zhongji Xuchuang (300308.SZ), Tianfu Communication (300394.SZ), Xinyi Sheng (300502.SZ) [5][21] - Communication equipment manufacturers: ZTE (000063.SZ), Unisplendour (000938.SZ), Quectel (603236.SH) [5][21] - Commercial aerospace-related investment opportunities: China Satellite (600118.SH), Huace Navigation (300627.SZ) [5][21]

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robotics industry [2][28]. Core Insights - Short-term market fluctuations do not alter the long-term industry trends, with ongoing technological advancements and application scenarios continuing to progress [28]. - The report highlights the increasing number of players in the humanoid robotics sector globally and in China, emphasizing the importance of tracking production progress and supply chain developments [28]. Summary by Sections Market Review - From June 16 to June 20, 2025, the humanoid robotics index experienced a decline of 2.40%, while the Shanghai Composite Index and Shenzhen Component Index fell by 0.51% and 1.16%, respectively [12][14]. Industry Dynamics - Tesla's Optimus third-generation robot is set to be unveiled, with plans for a public launch in 2026 and a production target of over 100,000 units in the following year [17][18]. - Star Dynamics has launched the humanoid service robot Star Q5, which has received over 100 intention orders from various sectors including manufacturing and hospitality [19]. - Nvidia and Foxconn are in discussions to deploy humanoid robots at Nvidia's AI server factory in Houston, marking a significant milestone in the application of humanoid robots in manufacturing [24]. Investment Recommendations - The report suggests focusing on companies with high certainty and incremental technology, particularly monitoring Tesla's production progress and developments from domestic players like Huawei and Yushulian [28]. - Specific companies to watch include those in the Tesla chain such as Sanhua Intelligent Control and Top Group, as well as those in the Yushulian and Huawei chains [28][29].

Investment Rating - The investment rating for the automotive industry is "Recommended" (maintained) [2]. Core Viewpoints - The phased allocation of funds for the vehicle trade-in program continues to support the growth of passenger car sales. Since mid-June, some regions have suspended the acceptance of vehicle trade-in subsidy applications. However, relevant national departments have stated that the policy for consumer goods trade-in remains unchanged, and the progress of subsidy fund usage is in line with expectations. A total of 162 billion yuan in central funds has been allocated in two batches in January and April 2025 to support local trade-in efforts. An additional 138 billion yuan will be allocated in the third and fourth quarters, which is expected to help maintain the growth trend in domestic passenger car sales [5][15]. Summary by Sections Industry Dynamics - Key industry news includes partnerships such as the collaboration between WeRide and Uber, as well as Waymo's expansion of autonomous taxi services in the San Francisco Bay Area. New vehicle models launched include the SAIC Zhiji LS7 and Leapmotor C16 [5][16]. Market Performance - The automotive sector under the Shenwan index underperformed the CSI 300 index by 2.10 percentage points, with the Shenwan automotive sector declining by 2.56% from June 16 to June 20, 2025. The PE ratio for the Shenwan automotive sector is 25.2 times, down from the previous week [5][35][40]. Data Tracking - In May 2025, retail sales of passenger cars reached 1.9381 million units, a year-on-year increase of 13.66% and a month-on-month increase of 10.02%. Retail sales of new energy passenger cars reached 1.021 million units, with a year-on-year increase of 26.90% and a month-on-month increase of 12.87%, achieving a retail penetration rate of 52.7% [5][42][54]. Investment Recommendations - The ample funding for the vehicle trade-in subsidy is expected to continue supporting the growth of domestic passenger car sales. The report suggests focusing on companies such as BYD, Changan Automobile, Great Wall Motors, and Geely for whole vehicle manufacturing, as well as companies like Desay SV, KOBODA, and Huayang Group for intelligent core components [5][15].

证券研究报告 计算机 报告日期：2025 年 06 月 23 日 稳定币的新进展和应用场景 ——计算机行业点评报告 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230124010005 邮箱：zhulx@hlzq.com 《火山引擎 FORCE 大会召开，豆包大 模型 1.6 正式发布—计算机行业点评报 告》2025.06.16 《AI 产业高景气度持续验证，看好应用 与算力投资机会—计算机行业周报》 2025.06.09 《海外 EDA 对华出口收紧，产业整合与 国产化进程加速—计算机行业点评报 告》2025.06.05 事件： 2025 年 6 月 17 日（美国当地时间），美国参议院通过《指导与 建立美国稳定币国家创新法案》（GENIUS 法案），该法案旨在建立 有效的稳定币监管框架。 观点： 事件点评 可以提高融资效率，缩短融资周期，未来 RWA 应用范围有望持 续拓展。 | 股票代码 | 股票简称 | 2025/06/20 | | | EPS（元） | | | PE | | | 投资 | | --- | --- | --- | --- | --- | --- | --- ...

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][8] Core Viewpoints - The AI industry continues to show high prosperity, with a focus on application and computing power investment opportunities [3][8] - The launch of the Doubao Model 1.6 significantly reduces costs, with a pricing model that is 63% lower than DeepSeek R1, enhancing its cost-effectiveness for enterprises [6][8] - The demand for tokens has surged, with daily usage exceeding 16.4 trillion tokens, reflecting a 137-fold increase compared to the previous year [6][8] Summary by Relevant Sections Recent Developments - The Volcano Engine FORCE conference held on June 11, 2025, introduced several new models, including Doubao Model 1.6 and various other AI models [3][6] Market Trends - The report highlights the continuous improvement in the cost-performance ratio of domestic large models and the potential acceleration of Agent deployment [8] - The competition in the large model industry is intensifying, focusing on inference cost-effectiveness, which is expected to drive up computing power consumption [6][8] Company Focus and Profit Forecast - Key companies to watch include: - AI Applications: Zhuoyi Information (688258.SH), Dingjie Smart (300378.SZ), Caixun Co., Ltd. (300634.SZ), Saiyi Information (300687.SZ), and Jinqiao Information (603918.SH) - Computing Power: Shenxinfeng (300454.SZ), Capital Online (300846.SZ), Hongjing Technology (301396.SZ), and Yunsai Zhili (600602.SH) [8]

Investment Rating - The report maintains an investment rating of "Recommended" for the automotive industry [2]. Core Insights - Multiple automotive companies have committed to a payment term not exceeding 60 days, which is expected to improve cash flow for automotive suppliers. This commitment is in response to the "Regulations on Ensuring Payment to Small and Medium Enterprises" that took effect on June 1, 2025. The regulations aim to address payment delays to small businesses and optimize the business environment [5][15]. - Despite the potential cash flow pressure from transitioning to a 60-day payment term, the cash flow for automotive suppliers is likely to see marginal improvement [5][15]. - The automotive sector has seen a mixed performance, with the automotive index underperforming the Shanghai and Shenzhen 300 Index by 0.60 percentage points during the week of June 9 to June 13, 2025 [5][38]. Summary by Sections Industry Dynamics - Tesla has entered the testing phase for autonomous vehicles in Texas, while XPeng has launched its G7 model featuring advanced driving assistance technology [16]. - The report highlights new vehicle launches, including the Geely Lynk 01 and Chery QQ models [5][34]. Market Performance - The automotive sector's performance from June 9 to June 13, 2025, showed a decline of 0.85%, with the passenger vehicle segment down by 1.99% and the commercial vehicle segment up by 7.24% [38][46]. - As of June 13, 2025, the price-to-earnings (PE) ratio for the automotive sector was 25.8, reflecting a decrease from the previous week [46]. Data Tracking - In May 2025, retail sales of passenger vehicles reached 1.932 million units, marking a year-on-year increase of 12.90% and a month-on-month increase of 10.09% [48][65]. - The report notes that the retail penetration rate for new energy vehicles reached 52.9% in May 2025, with retail sales of 1.021 million units, a year-on-year increase of 26.90% [65][71]. Investment Recommendations - The report suggests focusing on leading automotive companies such as BYD, Changan Automobile, Great Wall Motors, and others, as well as key players in the intelligent driving sector [5].

Investment Rating - The investment rating for the building materials industry is "Recommended" [2][4]. Core Viewpoints - The report highlights that the recent favorable policies in the real estate sector are expected to drive a recovery in industry valuations, particularly benefiting the demand for building materials [4][5]. - The report emphasizes the importance of improving housing demand, which is anticipated to enhance the demand for related building materials products [4][45]. Summary by Sections Cement Industry - In early June, the domestic cement market demand remains weak due to seasonal factors, with an average shipment rate of 45.7%, down approximately 2.3 percentage points month-on-month [4][17]. - Cement prices are under pressure, with some regions experiencing price drops of 10-40 yuan/ton, while others see slight increases of 20-30 yuan/ton [17][19]. - Key companies to watch include Huanxin Cement (600801.SH), Shangfeng Cement (000672.SZ), and Conch Cement (600585.SH) [4][6]. Glass Industry - The price of float glass has decreased, with the average price at 1200 yuan/ton, down 7.14 yuan/ton from the previous week [37]. - The supply of float glass has slightly decreased, while downstream consumption remains generally weak, leading to a weak balance in supply and demand [37][39]. - Key companies to focus on include Qibin Group (601636.SH) and Jinjing Technology (600586.SH) [4][5]. Consumer Building Materials - The prices of major raw materials for consumer building materials are on a downward trend year-on-year, which is expected to lower costs and improve profitability [44]. - The report notes that the recent government meeting emphasized the need for a new model in real estate development, which is crucial for stabilizing and activating demand in the building materials sector [45]. - Recommended companies include Weixing New Materials (002372.SZ), Beixin Building Materials (000786.SZ), and Sankeshu (603737.SH) [5][6]. Market Performance - From June 9 to June 13, the building materials index fell by 2.77%, with cement manufacturing down 2.70% and glass manufacturing down 2.77% [9]. - The report indicates that the overall market performance reflects the seasonal slowdown and the impact of external factors such as weather and examination periods [9][17]. Key Financial Metrics - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for key companies, indicating a generally favorable outlook for several firms in the sector [6][7]. - For example, Huanxin Cement has an EPS forecast of 1.16 yuan for 2023, with a PE ratio of 10.4, suggesting a "Buy" rating [6]. Raw Material Prices - The report notes that the prices of key raw materials such as coal and titanium dioxide have shown fluctuations, impacting the cost structure of building materials [44][46]. - The price of coal is reported at 663 yuan/ton, down 6 yuan from the previous week, while titanium dioxide remains stable at 13800 yuan/ton [44]. This comprehensive analysis provides insights into the current state and future outlook of the building materials industry, highlighting key players and market dynamics.