Investment Rating - The industry investment rating is "Overweight" [1][10] Core Viewpoints - The report maintains a positive outlook on the domestic AIDC (Artificial Intelligence Data Center) industry chain, driven by the acceleration of AI applications in various sectors such as education, gaming, and video conferencing, which is expected to increase demand for AI computing power [5][6] - Century Internet has raised its revenue and adjusted EBITDA guidance for the fiscal year 2025, indicating a stronger than expected performance due to faster-than-anticipated migration of wholesale IDC customers and ongoing operational efficiency improvements [4] Summary by Sections AIDC Industry Development - The report highlights the potential for accelerated development in the domestic AIDC industry chain, with specific recommendations for investment in AIDC facilities, computing power leasing, and IT infrastructure [6] - Recommended stocks include Yingweike, New Idea Network Group, and Baoxin Software for AIDC facility construction, while companies like Ziguang Co. and ZTE are recommended for IT side investments [6] AI Computing Power Demand - The report emphasizes that the demand for AI computing power will continue to grow, particularly in low-latency applications such as online gaming and video calls, which are expected to drive resource demand in major cities [5][6] Performance Forecasts - Century Internet's revised guidance indicates a projected revenue increase from 9.1-9.3 billion to 9.15-9.35 billion, reflecting a year-on-year growth of 11-13% [4] - Adjusted EBITDA is also raised from 2.7-2.76 billion to 2.76-2.82 billion, with a year-on-year growth forecast of 14-16% [4]

Group 1: Macro Economic Insights - New reserve policies will be gradually implemented to support economic growth amid increasing external uncertainties [5][6] - The National Development and Reform Commission emphasizes the need to minimize the negative impacts of external shocks and promote sustained economic development [5] - The central bank's monetary policy committee suggests increasing the intensity of monetary policy adjustments to lower financing costs [6][34] Group 2: Industry Performance - The industrial enterprises' profit growth turned negative, with a cumulative year-on-year decline of 1.1% for the first five months of 2025 [10][11] - The revenue growth for industrial enterprises slowed down, with May's revenue growth at approximately 0.8%, down 1.8 percentage points from the previous value [11] - The profit margin for industrial enterprises significantly weakened, primarily due to rising costs [11][12] Group 3: Sectoral Analysis - The top-performing sectors include non-ferrous metals, communication, textiles, electronics, and defense, with respective gains of 2.168%, 1.786%, 1.229%, 0.916%, and 0.730% [3][2] - The underperforming sectors include banking, public utilities, food and beverage, retail, and oil and petrochemicals, with declines of -2.951%, -1.014%, -0.796%, -0.795%, and -0.645% [3][2] Group 4: Investment Recommendations - The report recommends focusing on sectors such as consumption, technology, stable dividends, and gold & military industries for potential investment opportunities [16][38] - Specific companies highlighted for investment include Agricultural Bank, China Merchants Bank, and CITIC Bank, with expectations of stable performance and valuation recovery [38][28] Group 5: Emerging Trends - The low-altitude economy is gaining traction, with significant policy support and project signings indicating a growing market [39][40] - The entertainment and IP sectors are expected to benefit from the summer peak season, with recommendations for companies involved in gaming, animation films, and live performances [30][32]

Investment Rating - Investment rating for the industry is "Positive" (maintained) [2] Core Insights - The tourism sector is experiencing a significant increase in passenger volume during the summer, with a projected 1.5 billion domestic air travelers, reflecting a year-on-year growth of 5.4% [15][17] - The IP and home appliance market is diversifying, with the total retail sales of authorized products expected to reach 1550.9 billion yuan in 2024, marking a 10.7% increase [19][25] - Instant retail is witnessing robust growth, with major players like Meituan and JD.com significantly increasing their market presence and order volumes during promotional events [41][44] Summary by Sections 1. Travel and Tourism - Domestic air travel is projected to reach 91.4 million flights in 2025, a 2.7% increase year-on-year, with international flights expected to grow by 14.1% [15] - Average ticket prices for domestic flights are expected to rise to 946 yuan, a 16% increase compared to 2024 [15][17] - Family and student travel is a major driver, with over 34.7% of domestic travelers being families with children [17] 2. IP and Home Appliances - The market for authorized products is expanding, with over 90% of surveyed authorized merchants reporting that IP licensing boosts sales [19][20] - The home appliance market is projected to reach 8468 billion yuan in retail sales in 2024, with a 9% year-on-year growth [26][27] - Companies like Pop Mart are entering the home appliance sector, focusing on emotional and aesthetic values in their products [32] 3. Instant Retail - Instant retail platforms are seeing explosive growth, with Meituan's flash purchase service achieving over 6000 million daily orders during promotional periods [41][43] - The overall instant retail market is expected to exceed 1 trillion yuan by 2026, driven by increasing consumer demand [44] - SF Express is expanding its instant delivery services, with a significant increase in order volumes during promotional events [44][45]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes a cautious optimism regarding the economic outlook, highlighting a stable recovery in social confidence and the need to strengthen domestic circulation [4][5] - It suggests that the banking sector will maintain stable operating performance in 2025, driven by optimized asset-liability structures, narrowing interest margin declines, controllable retail risks, and contributions from bond turnover [7] Summary by Relevant Sections Monetary Policy Insights - The People's Bank of China (PBOC) has shifted to a flexible approach in monetary policy implementation, focusing on the pace and intensity of policy tools without explicitly mentioning rate cuts [4][9] - The report indicates that the central bank will continue to guide financial institutions to increase credit supply while avoiding "funds idling" [5][9] Banking Sector Performance - The banking sector's total asset growth rate fell to 4.9% as of May 2025, with large banks recovering high growth rates while rural commercial banks stabilized [10] - The net interest margin for the banking industry is expected to show an "L" shaped trend, stabilizing around 1.4% for the year, contingent on the stability of the deposit structure and cost improvements [6][7] Investment Recommendations - The report recommends focusing on banks with stable dividend attributes and recovery expectations, suggesting that the sector will benefit from a low-interest environment [7] - Beneficiary stocks include Agricultural Bank of China, China Merchants Bank, CITIC Bank, and Beijing Bank, with cyclical stocks like Suzhou Bank also recommended [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report emphasizes the potential of AI applications in video understanding and generation, particularly through the launch of Kwai Keye-VL by Kuaishou, which showcases advanced multimodal capabilities [5] - The report suggests continued investment in the gaming sector, particularly with the recent approval of numerous domestic game licenses, indicating a favorable environment for new game launches [6] - The upcoming summer season is expected to boost consumption in various IP sectors, including games, animated films, concerts, and trendy toys, with specific recommendations for companies in these areas [6] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of June 28, 2025 [13][17] - The film "Sauce Garden Case" achieved the highest box office for the week, grossing 1.64 billion [28] Industry News Overview - AI advancements in embodied intelligence and brain-computer interfaces are highlighted, with ongoing releases in gaming and film sectors [35] - The report notes the launch of Gemini, the first model capable of running locally on robots, enhancing task adaptability and efficiency [35] Company Recommendations - For AI video applications, key recommendations include Kuaishou-W, Shanghai Film, and Tencent Holdings, with beneficiaries like Alibaba-W and Kunlun Wanwei [5] - In the gaming sector, companies such as Xindong Company, Giant Network, and Perfect World are recommended, with beneficiaries including Youyi Time and Kingsoft [6] - For animated films, Shanghai Film is highlighted, while beneficiaries include Zhongwen Online [6] - In the concert and performance sector, Fengshang Culture is recommended, with beneficiaries like Alibaba Pictures and Maoyan Entertainment [6] - The trendy toy sector recommends Blukoo and Aofei Entertainment, with beneficiaries including Pop Mart and Quantum Song [6]

电力设备 相关研究报告 2025 年 06 月 29 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-07 2024-11 2025-03 电力设备 沪深300 电力设备 《低空行业点评（第二十一期）：亿 航智能获 41 架 eVTOL 订单，沃飞长 空与东方希望集团签约—行业点评报 告》-2025.6.24 《固态电池行业周报（第二期）：铁 基集流体是固态电池新技术方向，固 态电池设备密集交付 —行业周报》 -2025.6.22 《低空行业点评（6 月第 2 周）：国务 院对深圳低空发展作出部署，卧龙电 驱与沃飞长空成立合资公司—行业点 评报告》-2025.6.17 低空经济行业周报（第二十二期）：民用航空法修订 案二审，亿航在印尼完成首次无人驾驶载人飞行 ——行业周报 殷晟路（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 民用航空法修订案二审，亿航在印尼完成首次无人驾驶载人飞行 （1）政策端：6 月 24 日，民用航空法修订草案提请全国人大常委会会议二次审 议，增加规定国家采取措施优化低空空域资源 ...

Group 1 - The report highlights the positive signals in the merger and acquisition (M&A) market following the introduction of new policies, including the "National Nine Articles" and "M&A Six Articles," which aim to support listed companies in M&A activities starting in 2024 [2][11][18] - The report emphasizes the trend of M&A in the Beijing Stock Exchange (BSE) focusing on resource integration within the same group, external M&A in new productivity industries, and "strong chain and supplement chain" expansion [2][19] - As of June 27, 2025, a total of 30 significant investment and M&A events have been disclosed by companies on the BSE [21][22] Group 2 - Keda Control's acquisition of 51% of Haitou Technology marks the first instance of a BSE company acquiring a New Third Board enterprise, with a transaction value of 209.1 million yuan [3][24] - The acquisition is expected to enhance Keda Control's capabilities in military, petrochemical, and smart factory sectors, leveraging Haitou Technology's existing sales channels [3][26] - Haitou Technology has committed to achieving a net profit of no less than 38 million yuan in 2025, 42 million yuan in 2026, and 46 million yuan in 2027, or a cumulative net profit of at least 126 million yuan over the three years [3][39] Group 3 - Iron University Technology invested 60 million yuan in Bear Robot through its subsidiary, acquiring a 37.69% stake, which will enhance the company's asset base and support future development [4][40] - The investment aligns with Iron University Technology's strategy to diversify its business and strengthen its market position in the rail transit signal sector [4][42] - Bear Robot focuses on mobile robot platforms and low-speed autonomous driving technology, targeting applications in scenic areas and parks [4][48]

北交所策略专题报告 北 交 所 研 究 北 交 所 策 略 专 题 报 相关研究报告 《阅兵官宣展示新域新质战力，关注 北交所国防力量—北交所策略专题报 告》-2025.6.29 《持续中标国家电网项目、1 项国标获 准发布，2024 电力电缆营收+22%—北 交所信息更新》-2025.6.28 《新能源与无人驾驶技术赋能高毛利 新品，矿卡龙头打开增长空间—北交 所公司深度报告》-2025.6.27 优质资产价值发现 2025 上半年北交所出圈，北证专精特新指数将于 6 月 30 日发布 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：2025 上半年北交所出圈，优质资产价值发现与成为投资新大陆 北交所和中证指数有限公司将于 2025 年 6 月 30 日正式发布北证专精特新指数 （899601），为市场提供多维度投资标的和业绩基准。从北交所 2025 上半年行情 来看，2025 年 1 月以来北证 50 指数开始快速增长，至 3 月 18 日到达 1411.88 点， 虽然在 4 月短期受市场影响出现快速下滑后，随后北证 50 逐 ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The supply contraction has reached a point where the average price of live pigs is expected to rise, with the national average price at 14.74 yuan/kg as of June 29, 2025, showing a week-on-week increase of 0.45 yuan/kg but a year-on-year decrease of 3.17% [4][13] - The profit of pig farming enterprises is expected to maintain high growth year-on-year in Q2 2025, driven by increased output, heavier average weights, and reduced costs [5][23] - The investment logic for the pig sector is improving due to supply contraction and macroeconomic catalysts, suggesting a positive allocation strategy [6][30] Summary by Sections Weekly Observation - In Q2 2025, the average price of live pigs is projected at 14.55 yuan/kg, a year-on-year decrease of 11.22%, while the cost of pig farming has decreased to 13.38 yuan/kg, a year-on-year decline of 2.92% [5][23] - The average weight of pigs at slaughter has increased to 128.99 kg/head, a year-on-year increase of 2.42%, with a projected year-on-year increase of 34.07% in the total output of 12 major listed pig companies [5][23] Weekly Market Performance - The agricultural index underperformed the broader market by 1.11 percentage points, with the Shanghai Composite Index rising by 1.91% and the agricultural index increasing by 0.80% [34][36] - The aquaculture sector led the gains, with notable increases in individual stocks such as Biological Shares (+9.83%) and Spring Snow Food (+9.82%) [34][38] Price Tracking - As of June 27, 2025, the national average price for live pigs was 14.72 yuan/kg, up 0.50 yuan/kg from the previous week, while the average price for piglets was 31.6 yuan/kg, down 0.25 yuan/kg [41][44] - The feed price ratio for pigs was recorded at 4.38:1, indicating the profitability dynamics in the sector [41] Recommendations - The report recommends actively allocating investments in leading pig companies such as Muyuan Foods, Wens Foodstuff Group, and others, as well as in the feed sector benefiting from strong overseas demand [6][30]

Group 1 - Xiaomi's first SUV, the YU7, was officially launched on June 26, with over 200,000 orders within 3 minutes and 289,000 orders within 1 hour, indicating strong consumer recognition of domestic brands and marking a significant milestone for mid-to-high-end domestic vehicles [3][11]. - In the first five months of 2025, China's automobile production reached 12.826 million units, and sales reached 12.748 million units, representing year-on-year growth of 12.7% and 10.9% respectively. Passenger car production and sales were 11.08 million and 10.996 million units, with growth rates of 14.1% and 12.6% [11][12]. - The report highlights several companies in the chemical new materials sector on the Beijing Stock Exchange that are involved in the automotive supply chain, including battery graphite anode materials, ternary cathode materials, and automotive interior and exterior modified plastics [14][15]. Group 2 - The chemical new materials sector on the Beijing Stock Exchange saw a weekly increase of 5.33%, with all five major sectors experiencing growth [19][24]. - Notable individual stock performances in the chemical new materials sector included Paiter (+31.25%), Xinweiling (+15.08%), and Kelon New Materials (+11.14%) [24][25]. - The report indicates that the prices of various chemical products have shown mixed trends, with Brent crude oil prices dropping by 12.0% and TDI prices increasing by 1.7% [30][33].