Core Insights - Positive changes in China-US trade relations are indicated by a recent phone call between the leaders, signaling a new round of trade talks and efforts to implement agreements reached in Geneva [5][12] - The US economy shows signs of slight decline, with the latest Beige Book indicating increased uncertainty affecting household and business decisions, leading to a decrease in economic activity in half of the regions [13] - The technology growth sector has shown notable performance, with expectations for continued positive trends despite recent adjustments influenced by specific stock performances [16] Market Analysis - The A-share market is expected to remain stable, with the Shanghai Composite Index showing a fluctuation of 1.13% and the CSI 300 Index fluctuating by 0.88% during the week of June 3 to June 6, 2025 [18] - The main factors supporting market performance include improved economic fundamentals, increased activity in the technology growth sector, and positive developments in China-US trade relations [18] Industry and Theme Configuration - Continuous policy support for technological innovation is emphasized, with a focus on AI applications and industrial upgrades, particularly in electronics and digital economy sectors [19][22] - Domestic demand is highlighted as a key area, with policies aimed at expanding domestic consumption and structural reforms, focusing on home appliances, automobiles, and machinery [22] - Opportunities in external demand are identified, particularly in new production capabilities and low-altitude economy, driven by easing trade tensions and global cooperation [22] Market Data - The report includes various market performance metrics, indicating fluctuations in global and domestic indices, as well as sector-specific performance [25][27] - Notable increases in retail and wholesale figures for passenger vehicles in May 2025, with retail sales reaching 1.93 million units, a year-on-year increase of 13% [20] Event Calendar - Upcoming economic indicators include China's export and import figures for May, as well as US CPI data, which are crucial for assessing market trends [40]

Investment Rating - The investment rating for the machinery equipment industry is "Recommended" [2][4][48] Core Views - The machinery industry is experiencing structural opportunities driven by policy support, technological iteration, and globalization. The recent market has shown rapid rotation of hotspots, suggesting a favorable environment for left-side layout in less crowded sectors [4][48] - The operating rate of engineering machinery has decreased, while export demand continues to recover. In May 2025, the average operating rate for major engineering machinery products was 59.5%, down 5.01 percentage points year-on-year and 2.45 percentage points month-on-month [4][49] - Domestic demand is expected to recover due to a new round of concentrated replacement cycles, the gradual effects of real estate easing policies, and the catalytic effects of national large-scale replacement policies [49] Summary by Sections Industry Performance - The machinery equipment index rose by 1.18% from June 3 to June 6, 2025, ranking 18th among 31 primary industries. Sub-industries such as laser equipment (+5.08%) and engineering machinery components (+3.46%) performed well, while textile and apparel equipment (-1.77%) and engineering machinery complete machines (-1.16%) saw declines [4][48] - In April 2025, excavator sales reached 22,142 units, a year-on-year increase of 17.6%, with domestic sales of 12,547 units (+16.4%) and exports of 9,595 units (+19.3%) [40][49] Key Data - As of May 2025, the manufacturing PMI was 49.5%, with a month-on-month increase of 0.5 percentage points. The production index and new orders index showed signs of recovery, indicating improved business expectations and operational activities [18][50] - The production of industrial robots in April 2025 was 71,547 units, a year-on-year increase of 51.5%, attributed to the "old-for-new" policy and effective loan interest subsidies for equipment upgrades [29][51] Company Focus - Companies to watch include XCMG (000425.SZ), Sany Heavy Industry (600031.SH), and Zoomlion (000157.SZ) for engineering machinery, and Huazhong CNC (300161.SZ), Neway CNC (688697.SH), and Haitian Precision (601882.SH) for general equipment [4][49][50] - The report highlights the importance of focusing on high-tech segments such as reducers and servo systems, as well as system integrators benefiting from diversified downstream applications [51]

Investment Rating - The report maintains an investment rating of "Recommended" for the automotive industry [2][5]. Core Insights - The establishment of a new central automotive enterprise is expected to accelerate the consolidation of the passenger car industry, enhancing operational efficiency and decision-making autonomy for companies like Changan Automobile [5][15]. - The passenger car market is entering a phase of accelerated elimination, and the new central enterprise is anticipated to strengthen the competitiveness of state-owned enterprises in the new energy market [5][15]. Industry Dynamics - Notable industry news includes NIO's plans to enter seven European markets between 2025 and 2026, and BYD's collaboration with Xiaojuchongdian and Xindian to build megawatt fast-charging stations [5][16]. - The automotive sector's performance from June 3 to June 6, 2025, shows that the automotive index underperformed the CSI 300 index by 0.71 percentage points, with a slight increase of 0.17% in the automotive sector [5][38]. Data Tracking - In April 2025, retail sales of passenger vehicles reached 1.75 million units, a year-on-year increase of 14.46%, while new energy vehicle retail sales reached 905,000 units, up 33.67% year-on-year [5][67]. - The penetration rate of new energy vehicles in retail sales reached 51.6%, an increase of 7.35 percentage points year-on-year [5][67]. - The report highlights that the sales of L2.5 and above intelligent driving vehicles reached 365,400 units in March 2025, with a penetration rate of 18.86% [5][79].

Investment Rating - The report maintains an investment rating of "Recommended" for the automotive industry [2][5]. Core Insights - The establishment of a new central automotive enterprise by the China Ordnance Equipment Group is expected to accelerate the consolidation of the passenger vehicle industry, enhancing operational efficiency and decision-making autonomy for Changan Automobile [5][15]. - The passenger vehicle market is entering a phase of accelerated elimination, and the new central enterprise is anticipated to strengthen the competitiveness of state-owned enterprises in the new energy market [5][15]. Industry Dynamics - Notable industry news includes NIO's plans to enter seven European markets between 2025 and 2026, and BYD's collaboration with Xiaojuchongdian and Xindian to build megawatt fast-charging stations [5][16]. - The automotive sector's performance from June 3 to June 6, 2025, shows that the automotive index underperformed the CSI 300 index by 0.71 percentage points, with a slight increase of 0.17% in the automotive sector [5][38]. Data Tracking - In April 2025, retail sales of passenger vehicles reached 1.75 million units, a year-on-year increase of 14.46%, while retail sales of new energy passenger vehicles reached 905,000 units, up 33.67% year-on-year [5][67]. - The penetration rate of new energy vehicles in retail sales reached 51.6%, an increase of 7.35 percentage points year-on-year [5][67]. - The inventory level of automotive dealers in April 2025 was at a reasonable range, with a comprehensive inventory coefficient of 1.41, down 17.06% year-on-year [5][80].

Investment Rating - The industry investment rating is "Recommended" (maintained) [2][4]. Core Viewpoints - The construction machinery operating rate has decreased, while export sentiment continues to recover. In May 2025, the average operating rate for major construction machinery products was 59.5%, down 5.01 percentage points year-on-year and 2.45 percentage points month-on-month. However, in April 2025, the sales of various excavators reached 22,142 units, a year-on-year increase of 17.6% [4][49]. - The mechanical equipment industry is driven by policy support, technological iteration, and globalization, presenting structural opportunities. The report suggests focusing on sectors with lower crowding, such as semiconductor equipment, scientific instruments, and humanoid robots, as well as domestic demand-driven sectors like construction machinery and general equipment [4][48]. - The manufacturing PMI in May 2025 was 49.5%, indicating a slight recovery in production and new orders, which is expected to improve business expectations and operational activities [50][21]. Summary by Sections Industry Performance - The mechanical equipment index rose by 1.18% from June 3 to June 6, 2025, ranking 18th among 31 primary industries. Sub-industries such as laser equipment (+5.08%) and construction machinery components (+3.46%) performed well, while textile and apparel equipment (-1.77%) and construction machinery complete machines (-1.16%) saw declines [4][48]. - In April 2025, the production of metal cutting machine tools was 74,000 units, a year-on-year increase of 15.6%, maintaining double-digit growth for five consecutive months [25][29]. Key Data - As of April 2025, fixed asset investment increased by 4% year-on-year, with manufacturing investment up by 8.8% and infrastructure investment up by 10.85% [21][38]. - The production of industrial robots in April 2025 reached 71,547 units, a year-on-year increase of 51.5%, driven by the "old-for-new" policy and effective loan interest subsidies [51][29]. Company Focus - Recommended companies include XCMG (000425.SZ), Sany Heavy Industry (600031.SH), and Zoomlion (000157.SZ) for construction machinery, and Huazhong CNC (300161.SZ), Neway CNC (688697.SH), and Haitian Precision (601882.SH) for general equipment [49][50]. - The report highlights the importance of focusing on high-tech segments such as reducers and servo systems, as well as system integrators benefiting from diversified downstream applications [51][5].

Investment Rating - The report maintains an investment rating of "Recommended" for the humanoid robot industry [3][28]. Core Insights - The humanoid robot application scenarios are accelerating, driven by high-profile events that boost orders for manufacturers [2][28]. - The humanoid robot index increased by 2.24% from June 3 to June 6, 2025, outperforming major indices such as the CSI 300, which rose by 0.88% [6][13]. - Companies like Amazon are establishing training centers to enhance humanoid robot delivery capabilities, indicating a significant shift in package delivery methods [6][22]. - Strategic collaborations, such as that between Yuejiang Technology and Yaoshi Bang, are exploring the application of humanoid robots in the pharmaceutical sector [6][25]. - The demand for humanoid robots surged after the success of the "Little Mischief" robot from Songyan Power, which received over 1,000 orders in a month, totaling more than 2,000 units and exceeding 100 million yuan in contract value [6][24]. Summary by Sections Market Review - The humanoid robot index saw a rise of 2.24% from June 3 to June 6, 2025, while the CSI 300 index increased by 0.88% [6][13]. Industry Dynamics - Amazon has set up a training center for humanoid robots to test their performance in delivery tasks, marking a significant advancement in warehouse automation [6][22]. - The second-generation tactile products from Fulei New Materials were launched, featuring true flexibility and three-dimensional force sensing capabilities [18][19]. - Songyan Power's humanoid robot received a silver medal in a marathon event, leading to a spike in orders [6][24]. Company Developments - Yuejiang Technology and Yaoshi Bang have signed a strategic cooperation agreement to deploy humanoid robots in pharmacies [6][25]. - Softcom Power has partnered with Zhiyuan Robotics to develop various humanoid robots and intelligent computing platforms [27]. Investment Recommendations - The report suggests focusing on companies with high certainty and incremental technology, particularly tracking Tesla's Optimus production progress and developments in domestic supply chains [28]. - Key companies to watch include those in the Tesla chain, such as Sanhua Intelligent Control and Top Group, and those in the Huawei chain like Zhaowei Electric and Zhongjian Technology [28][29].

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][26] Core Viewpoints - The AI industry continues to show high prosperity, with a focus on application and computing power investment opportunities [1][26] - The recent updates to the DeepSeek-R1 model significantly enhance reasoning, writing, and programming capabilities, indicating ongoing iterations in domestic large models [26] - The domestic computing power industry is shifting from "single-point breakthroughs" to full industry chain collaboration, strengthening integrated development trends [26] Summary by Sections Recent Trends - The computer industry index rose by 2.79% from June 3 to June 6, 2025, with notable stock performances from companies like Huijin Co. and Qingyun Technology [11][12] Key Company Announcements - Companies such as Siwei Map and Zhizhen Technology have announced strategic partnerships and financing plans, indicating active developments in the sector [15][16] AI Model Updates - The DeepSeek-R1-0528 model update improved accuracy from 70% to 87.5% in the AIME2025 test, with a significant increase in token usage, reflecting deeper reasoning capabilities [5][21][22] - The model's hallucination rate has decreased by 45-50%, enhancing reliability in tasks such as rewriting and reading comprehension [18][21] Computing Power Catalysts - The stock price of US cloud computing company COREWEAVE has surged by 250.4% this year, indicating strong momentum in the cloud computing sector [22] - The proposed merger between Haiguang Information and Zhongke Shuguang aims to complete the full industry chain from chips to cloud, enhancing domestic computing power collaboration [23][24] - Recent announcements from computing power service providers reflect a high demand for computing resources, with significant contracts and procurement plans indicating ongoing industry growth [25] Investment Recommendations - The report suggests focusing on AI application companies such as Zhuoyi Information and Dingjie Zhizhi, as well as computing power companies like Zhongke Shuguang and Inspur Information [26][27]

证券研究报告 计算机 报告日期：2025 年 06 月 03 日 香港稳定币条例落地，关注数字资产相关环节 ——计算机行业点评报告 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 执业证书编号：S0230124010005 邮箱：zhulx@hlzq.com 的实体资产通过区块链技术代币化，从而进行链上交易、分割或 投资。我们认为，稳定币对 RWA 的影响主要在于：（1）稳定币 通过锚定法币等保持价格稳定，能够成为 RWA 的可靠交易媒介， 推动 RWA 拓展交易场景；（2）稳定币提高跨境支付效率，吸引 全球资金，为 RWA 增加流动性。 节奏—计算机行业周报》2025.05.26 信号出现—计算机行业 2024 年年报及 2025 年一季报综述》2025.05.15 2025.05.12 华龙证券研究所 事件： 2025 年 5 月 30 日，香港特别行政区政府在宪报刊登《稳定币条 例》，《稳定币条例》正式成为法例。 观点： 稳定币+RWA，实体资产或加速货币化。RWA 是指将现实世界中 请认真阅读文后免责条款 分析师：孙伯文 香港《稳定 ...

Investment Rating - The report maintains a "Recommended" investment rating for the solid-state battery industry [1]. Core Insights - The development of solid-state batteries is essential for industrialization and a necessary step in global competition, with advantages over traditional liquid batteries such as intrinsic safety, high energy density, and wide temperature range [8][18]. - The demand for solid-state batteries is driven by multiple sectors including electric vehicles, low-altitude economy, and robotics, with expectations for mass production starting in 2026 [18][26]. - The global patent application rankings for solid-state batteries as of April 2024 show Japan leading, followed by China, the USA, South Korea, and Europe, indicating a competitive landscape [25]. Summary by Sections 1. Development of Solid-State Batteries - Solid-state batteries are recognized as a disruptive technology to replace existing lithium-ion batteries, addressing safety and energy density issues [17][18]. - The transition from liquid to solid-state batteries involves replacing liquid electrolytes with solid electrolytes, enhancing safety and performance [12][14]. 2. Industry Chain and Key Material Trends - The solid-state battery industry is still in its early stages, with various technological routes being explored, including polymer, oxide, sulfide, and halide electrolytes [40][44]. - Sulfide electrolytes currently have the highest ionic conductivity and are seen as a potential mainstream route, while halide electrolytes are gaining attention for their comprehensive performance [40][44]. - The production process for solid-state batteries differs significantly from traditional liquid batteries, requiring new equipment and techniques such as dry electrode manufacturing and isostatic pressing [63]. 3. Investment Recommendations and Key Companies - The report suggests focusing on companies involved in solid-state electrolyte materials, negative electrode technologies, conductive agents, and equipment manufacturing [9]. - Specific companies highlighted include: - For solid-state electrolytes: Sanxiang New Materials, Shanghai Xiba, and Yuyuan New Materials [9]. - For negative electrode technologies: Shanghai Xiba and Yuanli Technology [9]. - For conductive agents: Tianai Technology and Daoshi Technology [9]. - For equipment: Nakanor and Manst [9]. - For battery production: CATL, Guoxuan High-Tech, and Penghui Energy [9].

Economic Performance - In April, industrial added value increased by 6.1% year-on-year, maintaining a rapid growth rate[6] - Retail sales of consumer goods rose by 5.1% year-on-year in April, supported by consumption upgrade policies[6] - From January to April, fixed asset investment grew by 4.0% year-on-year, with equipment investment increasing by 18.2%[6] Financial Indicators - Social financing stock increased by 8.7% year-on-year as of April, with a net cash injection of 319.3 billion RMB in the first four months[6] - As of the end of April, M2 money supply grew by 8% year-on-year, while M1 increased by 1.5%[6] - The balance of RMB loans reached 265.7 trillion RMB, growing by 7.2% year-on-year[6] External Factors - The U.S. April CPI rose by 2.3%, below the expected 2.4%, while core CPI increased by 2.8%, meeting expectations[18] - The probability of the Federal Reserve maintaining interest rates in June is 94.4%, with a 5.6% chance of a 25 basis point cut[18] Market Outlook - The A-share market is experiencing normal fluctuations, with the Shanghai Composite Index showing a slight increase of 0.19% from May 12 to May 23[22] - Structural opportunities are expected to arise despite uncertainties from U.S.-China trade policies and tariff conflicts[22] Sector Focus - Emphasis on technology innovation and advanced manufacturing, particularly in electronics and digital economy sectors[26] - Domestic demand sectors such as home appliances, automobiles, and machinery are highlighted for investment opportunities[26] - External demand strategies focus on new production capabilities and low-altitude economy[26]