证券研究报告|行业研究周报 [Table_Date] 2025 年 05 月 26 日 猪肉猪价继续下跌，外购仔猪养殖由盈转亏 [Table_Title2] 农林牧渔行业周报第 17 期 [Table_Summary] 本周观点: 种植产业链：据农业农村部，贯彻落实党中央、国务院有关工 作部署，为支持各地区做好农作物病虫害防控工作，财政部会 同农业农村部于近日下达中央财政农业生产防灾救灾资金14亿 元，支持黑龙江、江苏、安徽、河南等30个省份及北大荒农垦 集团开展农作物重大病虫害防控等相关工作。中央财政重点对 地方购置农药、药械等物资以及统防统治作业服务等给予适当 补助，及时引导各地进一步加强监测预警，采取有效措施，开 展小麦、水稻、玉米病虫以及农区蝗虫、红火蚁等防控工作， 减轻重大病虫害对农业生产造成的危害，为赢得全年粮食丰产 的主动权提供有力支撑。在粮食安全背景下，转基因技术在提 升单产方面具有革命性作用，我们判断转基因商业化进程将继 续扩面提速，以通过提升单产从根本上提升关键品种自给率， 同时，农业农村部强调"加强植物新品种保护，赋能种业创新 发展"，也有利于转基因种业发展。标的选择方面，种植端北 大荒 ...

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - From May 19 - 23, interest - rate bonds fluctuated, while credit bonds continued to strengthen with declining yields and narrowing credit spreads. 3 - 5 - year bonds, especially 3 - 5 - year urban investment bonds, showed advantages [1][9]. - In May, the net financing of credit bonds was negative and decreased year - on - year, mainly dragged down by urban investment bonds. However, the issuance interest rate declined overall, with a larger decline in the short - to - medium - term [2][10]. - The 3 - 5 - year urban investment bonds have significant coupon cost - effectiveness, large stock scale, and room for credit spread compression [2][14][15]. - For urban investment bonds, it is recommended to select high - cost - effective individual bonds through two ideas: high excess spread and steep yield curve [3][18]. - For bank capital bonds, a strategy combining short - duration downgrading and long - duration investment in large banks is relatively advantageous [5][25]. Group 3: Summary by Related Catalogs 1. Urban Investment Bonds: Net Financing Continues to be Negative, Seeking Returns in Medium - to - Long - Term - Net financing may be negative for three consecutive months. From May 1 - 25, 2025, the issuance was 181.5 billion yuan, the maturity was 252.5 billion yuan, and the net financing deficit expanded to 71 billion yuan [28]. - The primary market issuance sentiment continued to recover, with the proportion of issuance multiples above 3 times increasing by 9 percentage points to 73%. The issuance interest rate continued to decline, with 1 - year - within, 1 - 3 - year, 3 - 5 - year, and over - 5 - year rates decreasing by 13bp, 12bp, 3bp, and 9bp respectively compared to April [2][10][28]. - In the secondary market, yields declined across the board, and spreads continued to compress. The market is looking for returns in the medium - to - long - term, and 3 - 5 - year bonds have become more active in trading [31][33]. 2. Industrial Bonds: Buying Sentiment Recovers, and Trading Continues to Extend Duration - In the primary market, the issuance scale increased slightly year - on - year, but the net financing decreased year - on - year. The issuance sentiment weakened, and the issuance period was concentrated within 1 year. The issuance interest rate of bonds within 3 years declined, while that of bonds over 3 years increased [36]. - In the secondary market, the buying sentiment recovered, and trading continued to extend duration. The proportion of trading over 5 years increased from 9% to 13%, while the proportion within 1 year decreased from 31% to 24% [9]. 3. Bank Capital Bonds: Medium - to - Long - Duration Secondary Capital Bonds Perform Well - In the primary market, from May 19 - 23, 2025, some banks issued 5 + 5 - year secondary capital bonds [42]. - In the secondary market, the yields of bank capital bonds generally declined by 1 - 9bp, and spreads narrowed across the board. Medium - to - long - duration secondary capital bonds performed well [4][5][42].

证券研究报告|行业点评报告 [Table_Date] 2025 年 05 月 25 日 [Table_Title] 卫星互联网抢先布局，等待应用落地 [Table_Title2] 通信行业 [Table_Summary] 1、抢先布局卫星领域，推动卫星通信网络建设 4 月 29 日，我国卫星互联网低轨 03 组卫星成功发射并顺利进 入预定轨道，据悉，低轨 01 组和 02 组分别于 2024 年 12 月 16 日和 2025 年 2 月 11 日成功发射。 4 月 1 日，我国成功将卫星互联网技术实验卫星 0001 至 0004 星发射升空，该系列卫星主要用于开展手机宽带直连卫星、天 地网络融合技术等技术实验验证。 2025 年 4 月中国香港首次应用低轨卫星互联网成功验证网联自 动驾驶系统。 2、投资建议 我们认为，当前卫星互联网发展势头迅猛，星座常态化发射，实 现通信容量增大，时延降低，同时有望看到手机宽带直连卫星与 低轨卫星网联智能驾驶系统的相关应用快速落地。 芯片及 T/R 组件相关产业受益标的包括：上市公司：铖昌科技、 国博电子、臻镭科技、上海瀚迅、信科移动等。 终端天线相关产业链包括：铖昌科技、 ...

[Table_Title] 海外风电市场突破可期，固态电池产业化推进 证券研究报告|行业研究周报 [Table_Date] 2025 年 5 月 25 日 [Table_Title2] 电力设备与新能源行业周观察 光伏各环节尝试稳价 一方面，传统市场装机维持高位+海外新型市场需求快速释放，全 球光伏装机需求总量仍较为可观，根据 CPIA 预测，2025 年全球 光伏新增装机规模有望达到 531-583GW，乐观情况下同比增速可 达 10%；另一方面，5 月 20 日国家发改委召开新闻发布会，其中 国家发改委政策研究室副主任、委新闻发言人李超表示，国家发 改委针对内卷式竞争问题症结，因业施策、对症下药、标本兼 治，化解重点产业结构性矛盾，促进产业健康发展和升级，我们 认为，应重点关注光伏供给侧变化，具备产能规模、成本控制及 资金储备优势的头部企业有望穿越此轮行业周期。 [Table_Summary] 报告摘要 1.人形机器人 特斯拉发布 Optimus 执行家务任务视频 我们认为，随着机器人进入具身智能阶段，应用场景落地加 快，商业化有望推动人形机器人量产落地；在降本需求的驱动 下，人形机器人核心零部件的国产替 ...

Group 1: Market Overview - Since mid-May, the bond market has entered a phase of consistent expectations due to the easing of US-China tensions and deposit rate cuts, leading to narrow fluctuations in long-duration bonds[1] - The recent weak issuance of government bonds reflects insufficient market allocation power, with a bid-to-cover ratio for the 30-year special treasury bond at only 1.68 times, significantly lower than 9.50 times earlier in the month[20][21] Group 2: Supply and Demand Dynamics - The supply-demand mismatch is a core issue in the current bond market, with government bond balances increasing by 20.7% year-on-year, while bank liabilities only grew by 7.4%, creating pressure on banks to absorb new government debt[21] - In Q1 2025, insurance premium income grew by only 0.9%, with life insurance premiums declining by 1.0%, limiting the appetite for long-duration government bonds[23] Group 3: Future Expectations - The supply pressure is expected to ease in June and July, with government bond maturities decreasing to approximately CNY 1.32 trillion, leading to a projected net supply of only CNY 1 trillion[3][27] - The net issuance of government bonds for the second half of 2025 is estimated at CNY 5.62 trillion, a significant reduction of CNY 2.23 trillion compared to 2024[27] Group 4: Investment Strategy - The bond market may experience a slight downward trend in the short term, with a recommended strategy of focusing on 3-5 year credit bonds and trading long-duration rate bonds within a 10-year treasury yield range of 1.6%-1.7%[36] - If the insurance industry sees a cost reduction in life insurance products, it may lead to increased demand for long-duration bonds, prompting early market positioning[27]

Market Review - From May 19 to 23, the equity market showed a significant pullback after a rise, with the Wind All A closing at 5075.37, down 0.63% from May 16[8] - The China Securities 2000 index reached a historical high of 2.89 in trading volume ratio, indicating a crowded small-cap market, which led to a notable decline post-May 21[11] - The overall market experienced a near "broad decline" on May 23 due to profit-taking concerns as large-cap stocks also faced high gains since May[1] Overseas Market Impact - Moody's downgraded the U.S. credit rating, raising concerns about the U.S. budget deficit, which reignited the "Sell America" trade, causing U.S. stocks to decline by approximately 2.47%[26][29] - U.S. long-term bond yields surged, with the 10-year and 30-year yields rising to 4.508% and 5.030%, respectively, reflecting market skepticism about U.S. debt sustainability[26][27] Strategy and Historical Insights - Historical data shows that after the release of crowded small-cap risks, the index tends to recover significantly, with past recovery durations averaging 27 to 40 days and corresponding gains of 19.02% to 37.56%[31][38] - The current market conditions suggest that if the index continues to adjust, potential declines for the China Securities 2000 could range from 15.22% to 34.54% based on historical patterns[35][37] Bond Market Dynamics - Convertible bond valuations have shown structural changes, with equity-type bonds declining while debt-type bonds have risen, indicating a shift in investor sentiment[19] - As of May 23, the valuation center for bonds with an 80 yuan par value was 46.45%, reflecting a slight increase from the previous week, while the 130 yuan par value saw a decrease to 7.11%[19][24]

Investment Rating - The industry rating is "Recommended" [5] Core Insights & Investment Recommendations - Trade uncertainties have resurfaced, with President Trump threatening a 50% tariff on EU imports, which may disrupt market risk appetite temporarily. However, China's core assets still hold low-positioning value due to domestic demand resilience, industrial chain upgrades, and policy support [2][24] - OpenAI's acquisition of the AI hardware startup io for $6.5 billion marks its entry into the hardware sector, indicating a strategic shift from a "pure software ecosystem" to an "end-side closed-loop" strategy. This move is expected to lower the technical usage threshold and accelerate the commercialization of AI applications in consumer scenarios [2][43] - Investment opportunities include: 1) Hong Kong internet leaders benefiting from consumption promotion and employment stability; 2) The gaming industry, which is expected to see growth due to policy incentives and technological empowerment; 3) The film and cultural tourism industry, which will benefit from consumption policies promoting cinema recovery [3][25] Industry Data - The top three films at the box office are "Dumpling Queen" with a revenue of 31.83 million yuan (21.10% market share), "Hunting Gold: Game" with 29.16 million yuan (19.40%), and "Life Opens the Door" with 25.13 million yuan (16.70%) [4][58]

Investment Rating - Industry Rating: Recommended [5] Core Insights - The automotive industry is accelerating its layout in humanoid robots, with a projected global market size of $15.1 billion (approximately 110.7 billion RMB) by 2030, growing at a compound annual growth rate (CAGR) of over 56% [10][14] - Major automotive companies such as GAC, SAIC, BYD, Xiaopeng, and Chery, along with supply chain firms like Huawei and Horizon Robotics, are entering the humanoid robot sector [10][14] - Xiaopeng plans to launch its fifth-generation humanoid robot by 2026, emphasizing the convergence of smart cars and robots as a unified industry [27][28] Summary by Sections 1. Automotive Companies Accelerating Humanoid Robot Development - The automotive sector is increasingly investing in humanoid robots, with 15 domestic companies already involved [10][14] - Xiaopeng has introduced two generations of humanoid robots, with plans for further advancements [22][25] 2. Intelligent Driving Technology Upgrades - The competition between pure vision and multi-sensor fusion for intelligent driving technology continues to evolve, with significant investments from companies like Tesla and Huawei [30][41] - The market for lidar technology is expected to grow significantly, with a projected increase of 68% year-on-year by 2024 [39] 3. Investment Recommendations - Beneficial stocks in the robotics sector include Xiangxin Technology, Qin'an Co., Xinzhi Group, and others [12][45] - In the intelligent driving sector, recommended companies include Desay SV, Zhongke Chuangda, and Jianghuai Automobile [12][45] 4. Market Performance Overview - The computer industry saw a weekly decline of 3.02%, ranking 31st among major sectors [46] - The overall market performance indicates a challenging environment for the computer sector, with a slight year-to-date decline of 0.11% [50]

证券研究报告|行业研究周报 [Table_Date] 2025 年 5 月 25 日 本周沪锡价格小幅下跌，Bisie 首批锡精矿已 进入物流环节 [Table_Title2] 有色-能源金属行业周报 [Table_Summary] 报告摘要: ►本周沪镍价格环比下跌，沪镍持续去库 截止到 5 月 23 日，LME 镍现货结算价报收 15,205.00 美 元/吨，较 5 月 16 日下跌 1.49%，LME 镍总库存为 198,636.00 吨，较 5 月 16 日增加 1.75%；沪镍报收 12.31 万元/吨，较 5 月 16 日下跌 1.25%，沪镍库存为 26,955.00 吨，较 5 月 16 日 减少 2.84%；截止到 5 月 16 日，硫酸镍报收 28,900.00 元/吨， 较 5 月 16 日价格持平。根据 SMM 周报，硫酸镍方面，需求 端表现方面，经过 5 月行业去库存后，部分前驱体生产企业 6 月排产计划趋于乐观，对硫酸镍的询价活跃度显著提升，且 企业对镍盐价格的接受度有所增强。供应端来看，部分镍盐生 产企业受需求增长及原料库存紧张影响，上调了产品报价系 数，另有部分企业报价维持稳 ...

Investment Rating - Industry Rating: Recommended [5] Core Viewpoints - The automotive industry is accelerating its layout in humanoid robots, with the global humanoid robot market expected to reach USD 15.1 billion (approximately RMB 110.7 billion) by 2030, with a compound annual growth rate (CAGR) exceeding 56% [10][14] - Major automotive companies such as GAC, SAIC, BYD, Xiaopeng, and Chery, along with supply chain firms like Huawei and Horizon Robotics, are entering the humanoid robot sector [10][14] - Xiaopeng plans to launch its fifth-generation humanoid robot by 2026, emphasizing the convergence of smart vehicles and robots, which could create synergistic effects [10][27] Summary by Sections 1. Automotive Companies Accelerating Robot Layout - Automotive companies are increasingly investing in humanoid robots, with 15 domestic firms already involved [10][14] - The establishment of Beijing Saihang Embodied Intelligence Technology Co., Ltd. by Seres and Beijing University of Aeronautics and Astronautics marks a significant step in humanoid robot development [10][17] - Xiaopeng's strategy includes the integration of smart vehicles and humanoid robots, aiming for a new industrial breakthrough [10][27] 2. Intelligent Driving Technology Upgrade - The shift towards humanoid robots is also seen in the autonomous driving sector, with companies like Huawei, Xiaomi, and NIO exploring low-speed autonomous robots for various applications [11][43] - The competition between pure vision and multi-sensor fusion approaches in intelligent driving technology is intensifying [30][41] 3. Investment Recommendations - Beneficial stocks in the robot sector include Xiangxin Technology, Qin'an Co., Xinzhi Group, Junsheng Electronics, and Seres [12][45] - For intelligent driving, recommended stocks include Desay SV, Zhongke Chuangda, and Jianghuai Automobile [12][45] 4. Market Performance Overview - The computer industry experienced a weekly decline of 3.02%, ranking 31st among major industries [46][50] - The overall market performance indicates a challenging environment for the computer sector, with a cumulative decline of 0.11% since the beginning of the year [50]