2025 年 07 月 08 日 开源晨会 0708 ——晨会纪要 沪深300 及创业板指数近1年走势 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-07 2024-11 2025-03 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 综合 | 2.572 | | 公用事业 | 1.867 | | 房地产 | 1.678 | | 轻工制造 | 1.523 | | 环保 | 1.101 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 煤炭 | -2.04 | | 医药生物 | -0.969 | | 通信 | -0.775 | | 家用电器 | -0.696 | | 电子 | -0.665 | | 数据来源：聚源 | | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 （1）MEMS 惯导：随着下游低空经济、自动驾驶、机器人等应用领域起量，高 性能 MEMS 市场持续高景气。芯动联科作为国 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 175 million yuan in 2024, a year-on-year decline of 14.1%, and a net profit attributable to the parent company of 73.6 million yuan, down 25.9% year-on-year. For Q1 2025, revenue was 27.24 million yuan, a decrease of 12.35% year-on-year, with a net profit of 11.53 million yuan, down 24.41% year-on-year. The decline is attributed to a slowdown in investment from enterprise clients and a decrease in demand for battery testing equipment [5][6] - The company has adjusted its profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 84 million yuan, 96 million yuan, and 106 million yuan respectively, with corresponding EPS of 1.05, 1.20, and 1.32 yuan per share. The current PE ratios are projected to be 44.2, 38.7, and 35.3 times [5][6] - The company is optimistic about growth opportunities in emerging fields such as clean energy and energy conservation, despite the current challenges in the battery testing equipment market [5] Financial Summary - In 2024, the company achieved a revenue of 175 million yuan, down 14.1% year-on-year, and a net profit of 74 million yuan, down 25.9% year-on-year. The gross margin was 59.7% and the net margin was 42.0% [9][10] - The revenue forecast for 2025 is 195 million yuan, with a year-on-year growth of 11.4%, and a net profit of 84 million yuan, reflecting a growth of 14.6% [9][10] - The company plans to continue investing in R&D, with expenses projected at 16 million yuan in 2025, and aims to enhance its market share in high-precision battery testing and related equipment [7][9]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The gaming sector is expected to benefit from emotional consumption needs among young users, with an average of 118 and 135 game licenses issued monthly in 2024 and the first half of 2025, respectively, indicating a potential acceleration into a prosperous phase [3] - The report emphasizes the importance of innovative gameplay and new content releases in driving growth across gaming, film, and entertainment sectors, with specific recommendations for companies like Xindong Company, Giant Network, and Shanghai Film [3][4] Industry Data Overview - The game "Paper Wedding 8: Qianzi Tree" ranked first on the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of July 5, 2025 [10] - The film "Jurassic World: Rebirth" achieved a weekly box office of 236 million yuan, leading the box office rankings [25] - The report highlights significant advancements in AI and IP integration, with ongoing product launches in gaming and film sectors [34] Sector Performance Summary - The A-share media sector outperformed major indices in the 27th week of 2025, with the gaming sector showing particularly strong performance [3] - The report notes that the summer entertainment IP consumption is expected to continue to rise, driven by new game releases and film launches [3][4] Company Recommendations - For the gaming sector, companies such as Xindong Company, Giant Network, and Perfect World are recommended based on their innovative gameplay and new product cycles [3] - In the film sector, Shanghai Film is highlighted as a key player, with potential beneficiaries including Chinese Online [3] - The concert segment recommends Fengshang Culture, with beneficiaries including Damai Entertainment and Borui Communication [3]

2025 年 07 月 07 日 其 他 研 究 沪深300 及创业板指数近1年走势 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-07 2024-11 2025-03 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | | --- | --- | --- | | 银行 | 1.842 | -20250704 | | 传媒 | 0.914 | 行业公司 | | 综合 | 0.707 | | | 公用事业 | 0.673 | | | 钢铁 | 0.498 | | | 数据来源：聚源 | | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 美容护理 | -1.867 | | 有色金属 | -1.597 | | 基础化工 | -1.218 | | 轻工制造 | -1.172 | | 环保 | -1.033 | | 数据来源：聚源 | | 开源晨会 0707 【非银金融】6 月新开户同比高增，头部券商受益于港股高景气——行业周报 -20250706 【商贸零售】美丽田园股权结构优化，新氧青春诊所发展迅速——行业周报 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - New housing transaction area has increased month-on-month, while year-on-year figures show a decline. The report tracks 68 cities where new housing transactions increased by 38% month-on-month but decreased by 32% year-on-year. The total transaction area for the year to date is 67.46 million square meters, reflecting an 8% year-on-year decline [5][17] - The report indicates that the land transaction area has decreased year-on-year, but the premium rate has increased month-on-month. In Tianjin, a hot land auction market saw 15 residential plots sold, with one plot in the Hexi District sold at a premium of over 10%, generating a total revenue of 8.777 billion yuan [5][37] - The issuance of domestic credit bonds has increased both year-on-year and month-on-month, with a total issuance of 8.95 billion yuan, marking a 606% year-on-year increase and a 63% month-on-month increase [5][44] Summary by Sections Policy Direction - The central government emphasizes the construction of "good houses" that are safe, comfortable, green, and smart, aiming to stabilize expectations, activate demand, optimize supply, and mitigate risks. Local governments are implementing policies to promote the conversion of commercial loans to public housing fund loans, thereby lowering mortgage rates [6][14][15] Sales Data - In the 27th week of 2025, the new housing transaction area in 68 major cities was 3.68 million square meters, showing a year-on-year decline of 32% but a month-on-month increase of 38%. The cumulative transaction area for the year to date is 67.46 million square meters, reflecting an 8% year-on-year decline [7][17][33] Investment Data - In the 27th week of 2025, 100 major cities launched land planning with a total area of 27.86 million square meters, while the transaction area was 32.41 million square meters, showing a year-on-year decline of 19%. The premium rate for land transactions was 7.8% [37][38] Financing Data - The issuance of credit bonds in the 27th week of 2025 reached 8.95 billion yuan, with an average weighted interest rate of 2.34%, remaining stable month-on-month. The cumulative issuance for the year is 185.09 billion yuan, reflecting a 16% year-on-year decrease [44][46] Investment Recommendations - The report maintains a "Positive" rating for the industry, anticipating that ongoing supportive fiscal and monetary policies will help stabilize the real estate market and improve the housing supply-demand relationship [5][55]

Group 1 - The report highlights the new opportunities in the domestic marine economy, emphasizing the need for high-quality development and increased policy support to encourage social capital participation [3][11][13] - The marine economy's gross production value is projected to reach 10,543.8 billion yuan in 2024, reflecting a growth of 5.9% compared to 2023, which is 0.9 percentage points higher than the overall GDP growth [11][13] - The chemical new materials sector is identified as a crucial support for strategic emerging industries, with companies like Litong Technology and Kolong New Materials involved in marine applications such as offshore oil extraction and shipbuilding [3][13][15] Group 2 - The North Exchange's chemical new materials industry experienced a decline of 2.49% this week, with the overall performance of the sector being weak compared to other industries [4][19][22] - Key stocks in the chemical new materials sector include Minshida, which saw an increase of 7.15%, and Kangpu Chemical, which rose by 1.02% [21][25] - The report notes that the chemical product prices have shown mixed trends, with Brent crude oil prices increasing by 0.8% while MDI prices decreased by 1.5% [27][32]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the acquisition of Capstan Therapeutics by AbbVie for up to $2.1 billion, focusing on in vivo CAR-T therapy development [6][15] - The report emphasizes the growing interest and investment in in vivo CAR-T technology, with multiple companies actively pursuing diverse delivery systems [7][26] - The pharmaceutical and biotechnology sector saw a weekly increase of 3.64%, outperforming the CSI 300 index by 2.1 percentage points, ranking 4th among 31 sub-industries [8][31] Summary by Sections 1. AbbVie Acquisition of Capstan - AbbVie announced the acquisition of Capstan Therapeutics for a maximum of $2.1 billion, focusing on in vivo CAR-T therapies [6][15] - Capstan's main asset, CPTX2309, is an RNA delivery candidate for anti-CD19 CAR-T therapy, currently in Phase I clinical trials [15][20] 2. MNC's Active Layout in In Vivo CAR-T Technology - MNC has been actively investing in in vivo CAR-T technology through collaborations and acquisitions, focusing on both lentiviral and lipid nanoparticle delivery systems [7][26] - The report notes that over 20 disclosed mRNA technology projects in in vivo CAR-T are primarily concentrated in the lipid nanoparticle direction [22][30] 3. Weekly Performance of the Pharmaceutical Sector - The pharmaceutical sector increased by 3.64% in the first week of July, outperforming the CSI 300 index [31] - Among sub-sectors, other biological products saw the highest increase of 8.28%, while medical equipment experienced the largest decline of 0.21% [35][36] 4. Recommended Stocks - Recommended stocks include major pharmaceutical and biotechnology companies such as Heng Rui Medicine, East China Medicine, and others [9]

行 业 研 究 2025 年 07 月 06 日 重磅车型持续推出，本土品牌竞争力持续强化 ——行业周报 （4）看好智驾强势主机厂及业绩优异产业链标的。整车：强产品打造能力、强 产品周期叠加强智驾能力玩家有望拥有持续优异销量表现。零部件：受益于国产 替代及出海，龙头公司业绩表现优异并有望延续高增长。 本周热点：问界 M9 大定破 6 万；理想 i8/小米 YU7 等将逐步亮相 比亚迪王朝、海洋网智驾版新车型降价。乘联分会：5 月狭义乘用车零售预计 185.0 万辆，新能源占比过半。比亚迪 4 月欧洲纯电车销量首次击败特斯拉，同比大涨 169%，匈牙利工厂 2025 年底将生产纯电小车海鸥等。2025 款问界 M9 上市 64 天大定突破 6 万台，拿下 50 万级销冠。2025 款问界 M9 上市 64 天大定突破 6 万台，拿下 50 万级销冠。吉利银河家族旗舰 M9 发布，综合续航超 1500km；星 愿小车上市 200+天，销量突破 20 万辆，刷新纯电车型最快纪录。小米汽车首款 SUV 车型 YU7 发布，预计 7 月上市。 投资建议 智驾逐步开启商业化落地，有关主机厂和零部件公司有望持续受益，智驾强 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to enhance its allocation cost-effectiveness due to the downward pressure on bond market interest rates and the anticipated entry of social security and pension funds into the market. This sector presents good investment opportunities [4][6]. Summary by Sections Market Overview - In the 27th week of 2025, the CSI REITs (closing) index was 886.6, up 12.84% year-on-year and up 0.65% month-on-month. The CSI REITs total return index was 1116.42, up 19.81% year-on-year and up 0.66% month-on-month [6][19]. - The trading volume of the REITs market reached 739 million shares, a year-on-year increase of 47.21%, with a transaction value of 3.328 billion yuan, up 69.88% year-on-year [24][27]. Sector Performance - Weekly and monthly performance of various REITs sectors showed the following changes: - Affordable housing: -0.04% (weekly), +5.97% (monthly) - Environmental: +2.34% (weekly), +4.28% (monthly) - Expressways: +0.82% (weekly), +1.27% (monthly) - Industrial parks: +0.58% (weekly), +2.14% (monthly) - Warehousing and logistics: +1.03% (weekly), +1.21% (monthly) - Energy: +0.62% (weekly), +3.95% (monthly) - Consumer: +0.73% (weekly), +3.42% (monthly) [34][49]. New Listings and Market Activity - There are currently 16 REITs funds awaiting listing, indicating an active issuance market. Recent public offerings for data center REITs have seen high subscription rates, with one reaching a subscription multiple of 167.06 times [7][13].

Investment Rating - The investment rating for the social services industry is "Positive" (maintained) [1] Core Insights - The report highlights a significant increase in domestic theme park bookings for the summer of 2025, with a year-on-year growth of 70% in orders, particularly for major global players like Universal Studios Beijing and Shanghai Disneyland [2][3] - The report also notes that local IP parks, such as the Pop Mart City Park, have gained popularity, with a 600% increase in bookings in June, placing it among the top 10 summer theme parks [2][3] - The report discusses the strong performance of the AI creative tool Figma, which is preparing for an IPO with a projected valuation of $20 billion, showcasing a 48% revenue growth in 2024 [4][26] Summary by Sections 1. Travel and Leisure - The summer theme park bookings have surged, with a 70% increase in orders compared to the previous year, and surrounding hotel bookings have also risen by approximately 40% [2][3] - The opening of the Shanghai Lego Park has further boosted regional hotel bookings by 350% [13][14] 2. Trendy Toys - The Sanrio 2025 Character Awards have seen record global voting numbers, indicating sustained popularity and engagement with the brand [17][20] - The report emphasizes the importance of anniversary celebrations for IP operations, with significant events planned for characters like Melody and Kuromi [25][27] 3. AI and Creative Tools - Figma, a leading AI creative tool, is set to go public, with a revenue of $749 million projected for 2024, reflecting a 48% year-on-year increase [4][26] - The company has a strong customer base, serving 95% of the Fortune 500 companies, and has shown a net dollar retention rate of 125% [26][30] 4. Coffee and Tea - Luckin Coffee has expanded into the U.S. market with two new stores in New York, utilizing a digital-first approach to minimize costs [36][41] - The average monthly store efficiency for Luckin Coffee reached 247,000 yuan, marking a 13.4% year-on-year increase [41][44] 5. Instant Retail - The competition between Alibaba and Meituan in the food delivery sector has intensified, with significant subsidies being offered to consumers [45][47] - On July 5, Meituan reported over 120 million orders in a single day, indicating a surge in demand [47][53] 6. Beauty and Personal Care - The report highlights the dominance of the domestic brand Han Shu in the Douyin platform, achieving over 700 million yuan in sales in June [53][54] - The beauty category on Douyin saw a GMV exceeding 20 billion yuan in June, with Han Shu leading the market [53][54]