Investment Rating - The report maintains a "Buy" investment rating for the industry and specific companies mentioned [9][50]. Core Insights - Huawei's release of the Pangu Model 5.5 is a significant advancement in AI, particularly in natural language processing (NLP) and multimodal capabilities, positioning it as a core driver for industry digital transformation [15][20]. - The MiniMax launch week introduced several models, including the MiniMax-M1, which is noted for its cost-effectiveness and performance, marking a competitive edge in the AI model landscape [26][30]. - The AI financing landscape is highlighted by Thinking Machines Lab's completion of a $2 billion seed round, indicating strong investor interest in innovative AI solutions [36][37]. Summary by Sections 1. Computing Power Dynamics - The report notes slight fluctuations in computing power rental prices, with specific rates for various configurations [14]. - Huawei's Pangu Model 5.5 was launched, featuring five foundational models aimed at enhancing industry intelligence [15][16]. 2. Application Dynamics - The average weekly traffic for Wenxin Yiyan increased by 4.08%, indicating growing user engagement [25]. - MiniMax's launch week featured the introduction of the MiniMax-M1 model and the Hailuo 02 video generation model, which achieved notable performance metrics [26][28]. 3. AI Financing Trends - Thinking Machines Lab secured $2 billion in seed funding, achieving a valuation of $10 billion, showcasing the potential for advanced AI technologies [36][38]. 4. Investment Recommendations - The report suggests focusing on companies like Jiahe Meikang, iFlytek, Cambricon, and others that are positioned to benefit from advancements in AI and related technologies [49][50].

Market Sentiment - The current market sentiment score is 33, indicating a "cold" market environment. Historical trends suggest that when the sentiment score is below or around 30, the market tends to find support, while scores above 90 may indicate resistance [6][10]. Hot Themes Tracking - **Storage Theme**: Major manufacturers are phasing out DDR4, with Micron confirming a halt in shipments over the next 2-3 quarters. In May, DDR4 prices surged by 53%, the highest increase since 2017. Related stocks include Jiangbolong (301308) and Zhaoyi Innovation (603586) [7]. - **Robotics Theme**: A new lower limb rehabilitation exoskeleton robot developed by the Shenyang Institute of Automation aims to assist patients with lower limb paralysis. This technology has shown effectiveness in achieving key rehabilitation goals. Related stocks include Zhenjiang Co. (603507) and Everbright Tongchuang (301387) [7]. - **Stablecoin Theme**: The Governor of the People's Bank of China discussed the transformation of monetary policy frameworks and the rise of digital currency stablecoins at the Lujiazui Forum. This development is reshaping traditional payment systems and poses challenges for financial regulation. Related stocks include Sifang Jingchuang (300468) and Jingbeifang (002987) [7]. Capital Flow Analysis - The top ten stocks with the highest net inflow include C Xinhenghui (49,492.23 million), Qiangli New Materials (46,294.02 million), and Chuanrun Co. (37,280.46 million) [11]. - The top ten stocks with the highest net outflow include Shenghong Technology (-53,587.46 million), Zhongwen Online (-45,463.41 million), and Ningde Times (-43,949.98 million) [13]. - The top ten industries with the highest net inflow include SW Medical Biology (77,676 million) and SW Food and Beverage (73,440 million), while SW Nonferrous Metals and SW Electric Equipment show significant outflows [17][18]. Investment Strategy Recommendations - In a "cold" market, it is advisable to seek value investment opportunities while maintaining risk control. In a "cool" market, cautious operations are recommended, focusing on fundamentally sound stocks and avoiding high-risk investments [22].

证 券 研 究 报 告 行业周报 创新出海趋势不变，重磅BD仍可期待 医药行业周报 投资评级： 报告日期： 推荐 （维持） 2025年06月22日 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1. 创新出海趋势不变，重磅BD有望继续催化估值提升 创新出海是本轮创新药价值重估的重要推动因素，其价值的锚点在于BD估值水平的变化，尤其是PD-1/VEGF为代表的双抗。 从康方生物与SUMMIT THERAPEUTICS 的合作开始到6月2日，BMS与BioNTech达成一项超90亿美元的交易，海外MNC 对PD-1双抗的价值认知和交易金额在快速提高。根据医药魔方数据，2025年Q1，中国医药交易数量同比增加34%，而交 易总金额同比增加222%，单项交易金额提升显著。从合作窗口来看，早期项目也在增加，6月13日，石药集团与阿斯利康 达成合作协议，协议合作主体为临床前的小分子，因此首付款相对于总里程碑的比例较小。三生制药、百利天恒等重磅BD 交易能一次获得高额首付款的重要基础在于大病种、领先优势和BIC潜力。从目前国内创新 ...

2025 年 06 月 22 日 先为不败再为胜 | 分析师：吕思江 | S1050522030001 | | --- | --- | | lvsj@cfsc.com.cn | | | 分析师：马晨 | S1050522050001 | | machen@cfsc.com.cn | | 相关研究 3、《港股交投情绪低迷， 推荐关注豆粕 ETF》2025-01-13 —定量策略周观点总第 168 周 投资要点 ▌本周建议一览 核心观点：上周仓位择时中，我们将美股、A 股、港股均 降为较低仓位。本周如期调整，更多理解为借事件扰动的 盈利兑现。先控制仓位，寻找中报基本面可能向好、底部 调整充分、拥挤度较低的板块，保证组合"不败"；再于 合适时间寻找进攻机会，寻求"胜利"。大类资产中，增 加长债和欧股、日股仓位。 美股：联储流动性方面小幅回落；降息预期方面， FOMC 没给市场提前交易降息的契机，第一次降息预期仍在 9 月。美股资金流向中，跨境资金本周流入较多，对冲基金 仓位仍保持多头买入但力度继续下行。板块中生物医药转 为空头信号，TMT、AI、金融、能源为多头信号。 日股：日本 5 月份全国新核心 CPI（不包括 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [9]. Core Insights - The company has demonstrated strong revenue growth, with total operating income reaching 1.293 billion yuan in 2024, a year-on-year increase of 19.45%, and a net profit of 141 million yuan, up 6.45% [4]. - The launch of Nintendo's Switch 2 has exceeded expectations, with sales surpassing 3.5 million units within four days, indicating a strong market demand [5]. - The company is actively pursuing a globalization strategy to mitigate domestic price competition, achieving foreign sales of 364 million yuan, a growth of 25.09% [4]. - The demand for high-end PCB products is expected to rise due to the increasing need for computing power driven by AI applications, positioning the company favorably in this emerging market [6][8]. Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 1.293 billion yuan and a net profit of 141 million yuan, with respective growth rates of 19.45% and 6.45% [4]. - The forecast for 2025-2027 indicates revenues of 1.854 billion yuan, 2.105 billion yuan, and 2.341 billion yuan, with EPS projected at 1.44 yuan, 1.71 yuan, and 1.96 yuan respectively [9][11]. Market Opportunities - The Switch 2's first-year sales are projected to reach 20 million units, which will benefit the company's PCB supply chain involvement [5]. - The company plans to invest 135 million yuan in a high-density interconnect (HDI) production technology upgrade project, expected to enhance its capabilities in high-end PCB manufacturing by Q1 2026 [8]. Competitive Positioning - The company is positioned to benefit from the growing demand for high-end PCBs in AI-related applications, with plans to expand its product offerings in this sector [6][9]. - The report highlights the company's strategic focus on enhancing its product penetration in emerging fields, particularly in AI computing infrastructure [8].

证 券 研 究 报 告 金融工程周报 首批10只科创债ETF上报， 推荐关注半导体ETF 2025年06月22日 n 分析师：吕思江 n 联系人：刘新源 n SAC编号：S1050522030001 n SAC编号：S1050123100011 n 联系人：武文静 n SAC编号：S1050123070007 市场观点和ETF交易机会 PAGE 2 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 p 【国内市场跟踪】本周市场成交1.22万亿，中东冲突升级叠加陆家嘴金融会议无超预期政策下，市场情绪 回落，小微盘展开调整，中证2000及北证50跌幅靠前，小盘交投热度降温，拥挤度下行至正常区间。前 期主线消费及医药跌幅较大，港股创新药本周大跌-8.55%，风格再度回归以银行为核心的红利板块。北京 印发《关于促进北京市游戏电竞行业高质量发展的支持办法（暂行）》，压缩审核周期，加强对出版国产 试点网络游戏的申报辅导，游戏、影视等AI应用端较超预期，tmt接棒表现较好。场内基金本周首批10只 科创债ETF上报。震荡区间下行空间有限，相对看好红利、科创AI、消费。 p 【港股市场】港股情绪面和资金面未出现太大扰动，但市 ...

小马智行（PONY.O）：AI 驱动自动驾驶生态协 同，全球化布局加速助推盈利拐点临近 究 报 告 2025 年 06 月 22 日 研 市场表现 （DUOL.O）：AI 技术重塑教育生 态，订阅驱动全球化布局构筑盈利 护城河》2025-06-19 MI350 系列 GPU 性能升级，中国科学 院发布「启蒙」芯片设计系统》 2025-06-19 3、《计算机行业周报：智源发布 "悟界"系列大模型，高德开放平 台发布智能眼镜解决方案》2025- 06-12 行 业 小马智行官网发布 2025 年第一季度财报,公司当季实现总营 收 1,397.9 万美元，同比增长 11.6%；毛利率为 16.6%，同比 减少 440 个基点；运营亏损扩大至 5600 万美元，同比增亏 61.5%。 推荐(维持) 事件 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn 联系人：谢孟津 S1050123110012 xiemj@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | -1.9 | - ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [8]. Core Insights - The sentiment in the liquor sector has improved following a correction in public opinion regarding the regulation of extravagant dining, which had previously suppressed demand [5]. - The new tea beverage sector is expected to benefit from the booming delivery market and the upcoming peak season, with significant growth anticipated in store openings and sales [6]. - The report highlights the overall low valuation of the liquor sector, with many companies engaging in stock buybacks and increasing dividends, indicating potential for capital inflow as domestic demand policies are released [5]. Summary by Sections Industry News - Recent news includes a 40% year-on-year increase in liquor sales during the JD 618 shopping festival and a successful online sales event generating 32 million yuan [17]. - The report notes a 4.1% increase in the industrial added value of the liquor and tea industry in May [17]. Company News - Guizhou Moutai has appointed new vice presidents, while Wuliangye reported a 34.5% increase in sales in its marketing regions [17]. - The report mentions that the tea beverage company Cha Bai Dao has achieved nationwide supply chain coverage and plans to open 1,000 new stores by 2025 [6]. Key Company and Profit Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, all rated as "Buy," including: - Luzhou Laojiao: EPS of 9.27 in 2025E, PE of 12.31 [10]. - Wuliangye: EPS of 8.67 in 2025E, PE of 13.79 [10]. - Guizhou Moutai: EPS of 75.23 in 2025E, PE of 18.99 [10]. Industry Performance - The food and beverage sector has underperformed compared to the Shanghai Composite Index over the past month, quarter, and year [3]. - The liquor sector's revenue for 2024 is projected at 796.4 billion yuan, reflecting a 5.3% year-on-year increase, despite a 7.72% decrease in production [36][36]. Market Trends - The seasoning industry is expected to grow significantly, with the market size projected to increase from 259.5 billion yuan in 2014 to 687.1 billion yuan in 2024, representing a CAGR of 10.23% [39]. - The report indicates a growing trend in the snack food market, with a market size increase from 0.82 trillion yuan in 2016 to 1.2 trillion yuan in 2022, with a CAGR of 6% [47].

3 2025 年 06 月 22 日 Marvell 强调定制计算将引领 AI 芯片革命， DDR4 内存价格罕见暴涨 推荐(维持) 投资要点 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 电子(申万) -0.1 -7.3 24.2 沪深 300 -1.8 -1.7 10.0 市场表现 -20 -10 0 10 20 30 40 50 60 (%) 电子 沪深300 资料来源：Wind，华鑫证券研究 证 券 研 究 报 告 行 业 研 究 相关研究 1、《电子行业周报：苹果 WWDC 发 布重大更新，AI 智能眼镜销量大 涨》2025-06-15 2 、《电子行业周报：任天堂 Switch2 开启首发，消费电子品类悦 己新消费崛起》2025-06-09 3、《电子行业周报：我国新一代人 造太阳再创记录，EDA 巨头或将断供 中国》2025-06-03 ▌上周回顾 6 月 16 日- 6 月 20 日当周，申万一级行业整体处于涨跌分化 态势。其中电子行业上涨 0.95%，位列第 3 位。估值前三的 行业为 计算机 、 国防军 工、电 子 ...

Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core Viewpoints of the Report - China remains in a marginal de - leveraging process, with the goal of stabilizing the macro - leverage ratio unchanged. The large - scale debt resolution reduces local government financing costs and the probability of large - scale defaults and liquidity risks [2]. - The current loose money - market conditions are difficult to sustain, and the peak of the current round of money - market conditions is expected to occur between June 23 and July 4 [2][7]. - The stock - bond ratio favors bonds, and the equity style trends towards value. Currently, long - term bonds have a slightly higher cost - performance ratio than value - type equity assets [6][22][23]. Summary by Directory 1. National Balance Sheet Analysis Liability Side - In May 2025, the liability growth rate of the real - sector was 8.9%, slightly lower than the previous value of 9.0%. It is expected to reach its peak in April, decline to around 8.8% in June, and then gradually decline to around 8% by the end of the year [2][17]. - The money - market conditions of the financial sector were marginally stable and slightly loose last week. Given the marginal de - leveraging of the real sector, the loose money - market conditions are unlikely to continue [2][17]. - The net reduction of government bonds last week was 316 billion yuan, lower than the planned net increase of 218.6 billion yuan. This week, the planned net increase is 575.4 billion yuan. The government liability growth rate was 14.8% at the end of May, expected to rise slightly above 15% in June and then decline to around 12.5% by the end of the year [3][18]. Monetary Policy - Last week, the average weekly trading volume and price of funds increased, and the term spread widened. After adjusting for seasonal effects, the money - market conditions were marginally stable and slightly loose [3][18]. - The yield of one - year Treasury bonds decreased to 1.36% at the end of the week. The lower limit of the one - year Treasury bond yield is estimated to be around 1.3%, the lower limit of the ten - year Treasury bond yield is around 1.7%, and the lower limit of the thirty - year Treasury bond yield is around 1.9% [3][18]. Asset Side - In May, the physical - quantity data weakened compared to April. The government's target for the annual real economic growth rate in 2025 is around 5%, and the nominal economic growth rate target is around 4.9%. It is necessary to further observe whether this will become the central target for China's nominal economic growth in the next 1 - 2 years [4][19]. 2. Stock - Bond Cost - Performance and Stock - Bond Style - Last week, the money - market conditions were marginally stable and slightly loose, but risk appetite continued to decline. Funds flowed more towards short - term bonds, resulting in a continued "bearish stocks, bullish bonds" situation with a value - dominant style [6][21]. - The yields of short - term and long - term bonds declined slightly. The ten - year Treasury bond yield remained stable at 1.64%, the one - year Treasury bond yield decreased by 5 basis points to 1.36%, and the thirty - year Treasury bond yield decreased by 1 basis point to 1.84% [6][21]. - The broad - based rotation strategy outperformed the CSI 300 index by 0.52 percentage points last week and has outperformed it by 6.45 percentage points since July, with a maximum drawdown of 0.0% [6]. - The report recommends a portfolio of 40% dividend index, 40% SSE 50 index, and 20% 30 - year Treasury bond ETF [7][23]. 3. Industry Recommendation 3.1 Industry Performance Review - The A - share market declined with lower trading volume this week. The Shanghai Composite Index fell 0.51%, the Shenzhen Component Index fell 1.16%, and the ChiNext Index fell 1.66% [27]. - Among the Shenwan primary industries, banks, communications, electronics, food and beverages, and household appliances had the largest increases, while beauty care, textile and apparel, pharmaceutical biology, non - ferrous metals, and social services had the largest declines [27]. 3.2 Industry Crowding and Trading Volume - As of June 20, the top five industries in terms of crowding were electronics, computers, power equipment, machinery and equipment, and pharmaceutical biology, while the bottom five were comprehensive, beauty care, steel, coal, and building materials [29]. - This week, the top five industries with increased crowding were electronics, power equipment, communications, machinery and equipment, and computers, while the top five with decreased crowding were pharmaceutical biology, non - ferrous metals, national defense and military industry, automobiles, and textile and apparel [29]. - The average daily trading volume of the entire A - share market decreased from 1.37 trillion yuan last week to 1.22 trillion yuan this week. The industries with the highest year - on - year growth in trading volume were petroleum and petrochemicals, national defense and military industry, electronics, computers, and public utilities [30]. 3.3 Industry Valuation and Earnings - This week, among the Shenwan primary industries, banks, communications, electronics, food and beverages, and household appliances had the largest increases in PE(TTM), while beauty care, textile and apparel, pharmaceutical biology, non - ferrous metals, and social services had the largest declines [34]. - As of June 20, 2025, industries with high full - year 2024 earnings forecasts and relatively low current valuations compared to history include coal, petroleum and petrochemicals, power equipment, pharmaceutical biology, and consumer electronics [35]. 3.4 Industry Prosperity - In terms of external demand, there were mixed trends. The global manufacturing PMI in May fell from 49.8 to 49.6, while most of the disclosed PMIs of major economies in May rebounded. The CCFI index rose 8% week - on - week [39]. - In terms of domestic demand, second - hand housing prices declined in the latest week, and quantitative indicators showed mixed trends. The traffic volume of trucks on expressways increased, and the capacity utilization rate of ten industries showed a slight rebound in May and continued to rise slightly in June [39]. 3.5 Public Fund Market Review - In the third week of June (June 16 - 20), most active public equity funds underperformed the CSI 300. The 10%, 20%, 30%, and 50% weekly returns were 0.4%, - 0.2%, - 0.6%, and - 1.2% respectively, while the CSI 300 fell 0.45% [53]. - As of June 20, the net asset value of active public equity funds was estimated to be 3.41 trillion yuan, slightly lower than 3.66 trillion yuan in Q4 2024 [53]. 3.6 Industry Recommendation - In the de - leveraging cycle, the stock - bond ratio favors equity to a limited extent, and the value style is more likely to dominate. Dividend - type stocks are generally expected to have the characteristics of non - expansion, good earnings, and survival [8][23][57]. - The recommended A + H dividend portfolio includes 20 A + H stocks, and the A - share portfolio includes 20 A - share stocks, mainly concentrated in industries such as banks, telecommunications, petroleum and petrochemicals, and transportation [8][9][57].