证券研究报告 市场表现： | 基本数据 | | | 年 | 05 | 30 | 日 | | 月 | | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | 10.16 | | | 年 内 最 低 | 高 | / | | | 13.58/9.76 | | 最 | | 一 | | | | （元） | | | | | | | | | | | | | 总市值（百万元） | | | | | 3,296.72 | | | | | | | | 流通市值（百万元） | | | | | 1,913.38 | | | | | | | | 总股本（百万股） | | | | | | | | | | 324.48 | | | 资产负债率（%） | | | | | | | | | | 56.13 | | | 每股净资产（元/股） | | | | | | | | | | 4.19 | | | 资料来源：聚源数据 | | | | | | | | | | | | 球冠电缆( ...

Investment Rating - The report indicates a positive outlook on the pet economy, particularly focusing on companies like Lusi Co., Ltd. and Haineng Technology within the pet industry chain [1][2] Core Insights - The pet economy in China has shown continuous growth, with the market size for urban pet consumption increasing from 170.8 billion RMB in 2018 to 300.2 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 9.86% [2][5] - The "cat economy" has outpaced the dog market, with a CAGR of 14.18% from 2018 to 2024, while the dog market grew at 6.69% [5] - Pet food remains the primary consumption market, accounting for 52.8% of the total pet consumption in 2024, with a steady increase in the share of staple food and nutritional products [5][11] - E-commerce platforms are the main sales channels for pet products, with a remarkable CAGR of 34.5% in pet food sales from 2017 to 2024 [2][11] - The competitive landscape in the pet food industry is fragmented, with the top 10 brands holding only 33.7% of the online market share in 2024 [2][11] Summary by Sections Market Growth - The overall market for urban pet consumption in China is projected to grow significantly, with a 7.48% year-on-year increase in 2024 [5] - The pet food market is expected to continue its upward trajectory, driven by increasing demand for staple foods and nutritional products [5][11] E-commerce Dynamics - E-commerce sales of pet food are thriving, with a 17% year-on-year growth in the first four months of 2025 [2][11] - New content e-commerce platforms like Douyin are emerging as strong competitors to traditional e-commerce giants [2][11] Company Performance - Lusi Co., Ltd. is focusing on expanding its domestic and international markets, with a projected revenue of 778 million RMB in 2024, representing an 11.68% year-on-year growth [2][23] - The company has seen a significant increase in its overseas revenue, which reached 483 million RMB in 2024, up 16.6% year-on-year [2][20][21] Industry Valuation - The median price-to-earnings (P/E) ratio for the broader consumer sector has decreased from 70.5X to 67.6X [38] - The P/E ratio for the food and agriculture sector has increased from 53.2X to 55.2X, indicating a positive sentiment towards these industries [39]

证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 06 | 月 02 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 8.21 | | | 一年内最高/最低（港 | | | | 9.56/5.90 | | | 元） | | | | | | | 总市值（百万港元） | | | | 9,656.04 | | | 流通市值（百万港元） | | | | 9,656.04 | | | 资产负债率（%） | | | | 45.27 | | | 资料来源：聚源数据 | | | ...

Group 1: Autonomous Driving Market Insights - The autonomous driving market in China is expected to reach approximately CNY 450 billion by 2025, with a projected growth rate of 21% from CNY 3,993 billion in 2024[23] - The penetration rate of L2 autonomous driving technology is around 51%, while L3 and L4 levels have penetration rates of 20% and 11%, respectively[25] - By 2040, it is anticipated that L3 or higher level autonomous vehicles will account for 90% of all vehicle sales in China[25] Group 2: Strategic Collaborations and Developments - Xiaoma Zhixing signed a strategic cooperation framework agreement with Guangzhou Public Transport Group to enhance autonomous vehicle services and logistics operations[6] - The Guangdong Provincial Government is promoting smart connected vehicle pilot projects as part of its 2025 digital development goals[2] Group 3: Mining Industry Automation - As of September 2024, the number of autonomous mining trucks in China's open-pit coal mines reached 1,510, with 55.3% having eliminated the need for safety operators[30] - The demand for autonomous mining trucks is projected to grow rapidly, with an estimated 5,750 units expected by the end of 2025[30] - The open-pit coal mining truck market is primarily dominated by solution providers, holding approximately 80% market share, while manufacturers account for about 15%[41] Group 4: Stock Market Performance - The median price change for technology growth stocks on the Beijing Stock Exchange was +2.31% from May 26 to May 30, 2025, with 75% of the 146 tracked companies experiencing gains[53] - Notable stock performers included Luqiao Information (+94.20%) and Sanyou Technology (+28.37%) during the same period[53]

证券研究报告 传媒 行业定期报告 hyzqdatemark 2025 年 06 月 03 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 王世豪 SAC：S1350524120005 wangshihao@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 魏桢 weizhen@huayuanstock.com 香港推出《稳定币条例草案》，关注游戏和电影产品档期 投资评级： 看好（维持） ——传媒互联网行业周报（2025.5.26-2025.5.30） 投资要点： 本周观点：香港于 5 月 30 日在宪报刊登《稳定币条例》，在数字资产领域迈出重要 的一步。该法案将有力推动香港成为国际 Web3 和数字金融中心，也将助力人民币 国际化及离岸金融业务发展，关注产业相关布局的公司，以及 RWA 和交易平台的 扩散演绎。同时，暑期大档期临近，重视优质内容产品周期的开启，关注新品游戏 测试和上线表现，关注暑期档影片定档、宣发和票房表现。 联系人 板块表现： 稳定币 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Insights - The introduction of the green electricity direct connection policy is expected to enhance the economic viability and environmental value of green electricity [5][12] - The policy allows for the direct supply of green electricity to single users, which can significantly reduce electricity costs for enterprises and assist in carbon emission recognition, particularly for export-oriented companies [13][18] - The report highlights the potential for rapid development in offshore wind power as the direct supply model is promoted in coastal regions [13][18] Summary by Sections Policy Interpretation - The National Development and Reform Commission and the Energy Administration have issued a notification to promote the orderly development of green electricity direct connections, specifying project types, methods, and fee payments [8] - The policy supports four types of projects eligible for green electricity direct supply, including new loads and existing loads from export-oriented enterprises [8][9] Economic and Environmental Benefits - The policy is expected to lower electricity costs due to reduced transmission costs associated with direct supply, as the dedicated lines are typically closer to the load [13][15] - The clear traceability of electricity sources will help in recognizing the carbon neutrality of direct-supplied green electricity, benefiting companies with stringent carbon emission requirements [13][18] Investment Analysis - For green electricity operators, the direct supply model offers stable long-term demand, allowing for fixed-price contracts that enhance profitability [18] - In the waste incineration power sector, transitioning to a direct supply model can improve cash flow and reduce risks associated with accounts receivable [20] - The report recommends specific companies for investment, including Shaoneng Co., Yinxing Energy, and Yongxing Co. in the green electricity sector, and Huanlan Environment and Junxin Co. in the waste incineration sector [18][20] Equipment Sector - The direct supply business model is expected to accelerate the development of integrated source-grid-load-storage projects, enriching commercial models in the electricity market [20] - Companies such as Goldwind Technology and Guoneng Rixin are recommended for investment in the power equipment sector [20]

证券研究报告 医药生物 行业定期报告 hyzqdatemark 2025 年 06 月 02 日 板块表现： 中国创新药 BD 能力显著提升，后续潜力值得继续期待 投资评级： 看好（维持） ——医药行业周报（25/5/26-25/5/30） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 联系人 本周医药市场表现分析：5 月 26 日至 5 月 30 日，医药指数上涨 2.21%，相对沪深 300 指数 超额收益为 3.30%。创新药板块依然是当前医药主旋律，石药集团本周披露重磅潜在 BD 项 目（合计规模可能达 50 亿美元）、中国创新药出海持续火热，本周舒泰神、华纳药厂、益方 生物、科兴制药等创新药资产表现亮眼。建议关注：1）创新药作为较为确定的产业趋势，继 续重点推荐 A 股华纳药厂、信立泰、科伦药业、热景生物、一品红、科兴制药、恒瑞医药； 港股三生制药、科伦博泰、康方生物、中国生物制药；2）业绩落地、估值水平较低且有边际 改善的个股，建议关注长春高新（创新药）、昆药集团、开立医疗、迈瑞医疗、鱼跃医疗、 海泰新光等。 医药指数和各细分领域表现、涨跌幅：本周上涨个股数量 383 家，下 ...

hyzqdatemark 2025 年 06 月 02 日 证券研究报告 海外 行业定期报告 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 郑冰倩 SAC：S1350525040002 zhengbingqian@huayuanstock.com 板块表现： TACO 交易几时休？ 投资评级： 无 ——海外科技周报（25/5/26-25/5/30） 投资要点： 风险提示：大模型技术发展不及预期、PC/手机等终端需求复苏不及预期、美国联邦基金利率剧烈波动。 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 海外 AI：本周英伟达发布 FY1Q26 财报，英伟达增速正在放缓，FY1Q26 公司实现营收 440.6 亿美元，超出公 司此前指引，同比增长 69%，但环比仅增长 12%，同时毛利率开始下滑，低于此前公司指引。公司实现净利润 187.8 亿美元（yoy+26%，qoq-15%），毛利率为 60.5%，环比下降 12.5pct。根据公司 FY2Q ...

Group 1 - The North Exchange 50 Index increased by 5.83% in May 2025, outperforming other major indices such as the ChiNext and the ChiNext 50 Index [4][7][11] - In the first five months of 2025, the North Exchange 50 Index rose by 36%, significantly ahead of other indices, with the Sci-Tech 200 and CSI 2000 also showing gains of over 8% [4][7][11] - The transportation, defense, and beauty care sectors led the gains in May 2025, with 28 companies achieving a rise of 20% or more, and six companies exceeding 40% [4][13][16] Group 2 - The trading volume and turnover on the North Exchange decreased in May 2025, reaching 28.473 billion shares and 604.841 billion yuan, while the average daily turnover increased from 30 billion yuan in April to 31.8 billion yuan in May [4][18][19] - The monthly turnover rate for May 2025 was 77%, slightly down from 80% in April [4][20] - As of May 30, 2025, the overall price-to-earnings (PE) ratio of the North Exchange A-shares reached 49 times, which is 145% of the ChiNext's valuation and 92% of the Sci-Tech Board's valuation [4][22][23] Group 3 - The North Exchange announced adjustments to the North Exchange 50 sample stocks, with five companies being added, effective June 16, 2025 [4][24][25] - The North Exchange's index calculation and maintenance rules were revised for the first time since September 2022, aiming to enhance the investment value of the North Exchange 50 Index [4][26][27] - The report suggests that institutional investors should adopt a cautious approach, focusing on stable growth companies and sectors with unique market positions, such as high-end manufacturing and consumer industries [4][28]

有色金属 证券研究报告 hyzqdatemark 2025 年 06 月 02 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 行业定期报告 请务必仔细阅读正文之后的评级说明和重要声明 铜：铜价窄幅震荡，静待后续宏观催化。本周伦铜/沪铜/美铜涨跌幅分别为 -0.05%/-0.24%/-3.35%，本周伦铜和沪铜价格维持窄幅震荡，美铜在上周关税催化 大涨后回落。海外铜库存转移仍在继续，伦铜/纽铜库存分别为 15.0 万吨/18.1 万短 吨，环比变动-9.0%/+2.9%。国内铜库存回升，沪铜库存 10.6 万吨，环比+7.2%。 供给端，刚果（金）卡莫阿-卡库拉铜矿受矿震影响暂停部分井下采矿，关注后续实 际产量影响。本周铜下游需求回升 ...