Investment Rating - The report maintains a positive outlook on the automotive and automotive parts industry, particularly focusing on intelligent driving and high-end vehicle transitions [6]. Core Viewpoints - The demand for passenger vehicles is improving, with a notable increase in sales and a strong performance from new energy vehicles. The intelligent driving sector is expected to accelerate its adoption, driven by competitive pricing and technological advancements [2][3]. - The report highlights the importance of strong product cycles and recommends focusing on companies with robust fundamentals and intelligent driving capabilities [3][10]. Summary by Sections 1. Weekly Insights - The report emphasizes the synergy between the down-market penetration of intelligent driving and the leap to high-end models, predicting a rapid adoption of intelligent driving technologies [2][9]. - It suggests that companies like Geely, BYD, and Xpeng are well-positioned to benefit from these trends [3][10]. 2. Market Performance - The automotive sector underperformed the market, with a slight decline of 0.01% in the A-share automotive sector during the week of June 3-6, 2025, ranking 25th among sub-industries [26]. 3. Sales Data - In the fifth week of May 2025, passenger vehicle sales reached 466,000 units, marking an 18.3% year-on-year increase and a 16.7% month-on-month increase. New energy vehicle penetration was at 53.1% [3][10]. 4. Key Companies and Recommendations - The report recommends focusing on companies with strong product cycles and intelligent driving capabilities, including Geely, BYD, Xpeng, and Li Auto [3][10]. - For the parts sector, it suggests investing in companies like Top Group and New Spring Co., which are well-positioned in the new energy vehicle supply chain [4][12]. 5. Intelligent Driving and Electric Vehicles - The report anticipates a significant shift in the intelligent driving landscape, with companies like BYD leading the charge in technology and market penetration [13]. - It highlights the importance of the new energy vehicle supply chain and suggests that companies with self-research capabilities will benefit from the evolving market dynamics [12][13]. 6. Motorcycles and Heavy Trucks - The motorcycle market is experiencing growth, particularly in the mid-to-large displacement segment, with companies like Chunfeng Power being recommended [17][19]. - The heavy truck market is expected to recover due to new policies supporting the replacement of older vehicles, with recommendations for companies like China National Heavy Duty Truck Group [20][21]. 7. Tire Industry - The tire industry is projected to benefit from ongoing globalization and demand recovery, with recommendations for leading companies like Sailun Tire and high-growth firms like Senqilin [22][25].

Investment Rating - The report maintains a "Recommended" rating for the financial technology sector, particularly focusing on the stablecoin industry and its related opportunities [4]. Core Insights - The recent enactment of the stablecoin legislation in Hong Kong marks a significant milestone for the development of blockchain and cryptocurrency technologies, reflecting a proactive stance towards financial technology innovation in the region [3][8]. - The IPO of Circle, the second-largest stablecoin issuer globally, saw its stock surge by 168% and 29% in its first two days of trading, indicating strong investor interest in the stablecoin sector [3][8]. - Upcoming financial policies are expected to be announced during the Lujiazui Financial Forum on June 18, 2025, which may further influence the financial technology landscape [3][15]. Summary by Sections Market Review - During the week of June 2-6, 2025, the CSI 300 index rose by 0.88%, the SME index increased by 1.62%, and the ChiNext index saw a rise of 2.32%. The computer sector (CITIC) experienced a growth of 3.26% [24]. Industry News - The stablecoin legislation in Hong Kong officially became law, establishing a licensing system for fiat-backed stablecoin issuers, which is expected to accelerate the development of the stablecoin market [8]. - The U.S. Senate passed the GENIUS Act, which outlines a framework for stablecoin innovation, further positioning the U.S. as a leader in this sector [8]. Company News - Dahua Technology announced a share buyback of 6.4272 million shares, representing 0.19% of its total share capital, with a total transaction amount of approximately 99.99 million yuan [23]. - Yingfang Software reported a reduction in shareholding by its concerted parties, totaling 2,505,000 shares, or 3% of the company's total share capital [23]. Investment Opportunities - The report suggests focusing on several sectors within financial technology, including: 1. Stablecoin industry chain: Zhongke Jincai, Jinzhen Co., Langxin Technology, and others [3]. 2. Securities IT industry chain: Tonghuashun, Guiding Compass, Dongfang Wealth, and others [3]. 3. Cross-border payment industry chain: Newland, New Guodu, Lakala, and others [3][17].

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the non-ferrous metals sector [5]. Core Views - The report expresses optimism for industrial metals due to easing tariff expectations and a favorable domestic macroeconomic environment [2]. - Industrial metal prices have shown resilience, with LME prices for aluminum, copper, zinc, lead, nickel, and tin experiencing increases of +0.12%, +1.83%, +1.25%, +0.51%, +1.21%, and +6.70% respectively [1][2]. - The report highlights a significant decrease in industrial metal inventories, particularly for copper (-11.66%) and aluminum (-2.33%), indicating tightening supply conditions [1][2]. Summary by Sections Industrial Metals - The report notes that the SMM copper concentrate import index increased by $0.27/ton, indicating a slight improvement in supply conditions [2]. - Domestic copper cable manufacturers' operating rates decreased to 76.08%, reflecting seasonal demand weakness [2]. - Aluminum prices are stabilizing after initial volatility due to geopolitical events, with domestic aluminum ingot inventories decreasing by 0.7 thousand tons [2]. Energy Metals - Lithium prices continue to decline but are approaching mining cost levels, while cobalt prices are expected to rise due to potential supply constraints from the Democratic Republic of Congo [3]. - Nickel prices have shown slight recovery, but overall demand remains weak, leading to expectations of continued price fluctuations [3]. Precious Metals - The report indicates a bullish outlook for gold prices due to expectations of U.S. interest rate cuts and ongoing geopolitical tensions [4]. - Silver prices have surged, reaching levels not seen since March 2012, driven by a favorable market environment [4]. - Key companies in the precious metals sector are recommended for investment, including Zijin Mining and Shandong Gold [4]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, with recommendations for investment in companies like Zijin Mining (PE 12), Luoyang Molybdenum (PE 11), and Yunnan Aluminum (PE 6) [4].

非银行业周报 20250608 险资成立私募基金的考量 2025 年 06 月 08 日 ➢ 头部险资纷纷成立私募股权基金，探索股权投资和二级市场股票投资新形 式。中国太保 6 月 3 日正式成立太保战新并购基金和私募证券投资基金，分别聚 焦战略新兴产业和私募证券投资基金，总规模达到 500 亿元。近期在推动中长期 资金入市政策出台，叠加险资长期投资试点的背景下，头部大型险企纷纷通过私 募基金的形式，探索股权投资助力产业发展，以及二级市场股票投资助力权益市 场。从太保本次成立的总规模 500 亿的 2 只私募基金来看，其中一只基金太保 战新并购私募基金目标规模 300 亿元，首批规模 100 亿，主要将聚焦上海国资 国企改革和现代化产业体系建设的重点领域，助力推动上海战新产业发展以及重 点产业的强链补链。另一只基金，太保致远 1 号私募证券投资基金目标规模 200 亿，主要是响应国家扩大保险机构设立私募证券投资基金改革试点，聚焦二级市 场优质标的以及分红稳定股息较高的标的来加强股票投资，有望有效应对长端利 率中枢的下行并助力资本市场稳定。 ➢ 险资作为重要的机构投资者，伴随政策支持和利率下行的客观趋势，通过私 ...

⚫ 公司动态 ➢ 大华股份：6 月 5 日消息，截至 2025 年 5 月 31 日，公司通过集中竞价方 式累计回购股份642.72万股，占总股本0.19%，成交总金额9998.7954 万元， 最高成交价 15.71 元/股，最低成交价 15.21 元/股。本次回购股份用于依法注销 减少注册资本，资金来源为自有资金，符合《回购股份方案》要求。 ➢ 英方软件：6 月 7 日消息，公司截至本公告披露日，一致行动人好望角启 航、好望角越航、好望角苇航通过集中竞价交易、大宗交易的方式合计减持 2,505,000 股，占公司总股本的 3.00%。本次减持计划实施完毕。 ⚫ 本周观点 计算机周报 20250608 旗帜鲜明看好金融科技 2025 年 06 月 08 日 ⚫ 市场回顾 本周（6.2-6.6）沪深 300 指数上涨 0.88%，中小板指数上涨 1.62%，创业板指 数上涨 2.32%，计算机（中信）板块上涨 3.26%。板块个股涨幅前五名分别 为：汇金股份、恒实科技、御银股份、优刻得-W、汉鼎宇佑；跌幅前五名分别 为：万集科技、创意信息、湘邮科技、乐鑫科技、财富趋势。 ⚫ 行业要闻 香港稳定币法案落地，一方 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [4][5]. Core Insights - The new energy vehicle market shows strong growth, with significant delivery increases from various manufacturers, indicating a competitive landscape [2][11]. - The photovoltaic sector is experiencing a shift towards overseas production capacity, with companies like Junda establishing a 5GW solar cell base in Turkey to meet local demand [3][35]. - The National Energy Administration has initiated pilot projects for new power system construction, focusing on seven key technology areas [4]. Summary by Sections New Energy Vehicles - In May 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Li Auto delivering 40,856 units and BYD maintaining a leading position with 382,476 units [2][11]. - Zeekr achieved a remarkable 37.7% month-on-month growth in deliveries, showcasing the competitive dynamics in the market [2][21]. Photovoltaics - Junda's agreement to build a 5GW solar cell base in Turkey aims to fill the local production gap and enhance global service efficiency [3][35]. - The photovoltaic industry is facing a decline in production, with a 12.7% decrease in output in May due to reduced domestic orders [3][38]. - Price stability is observed in the solar component market, with TOPCon dual-glass components priced between 0.60-0.72 RMB per watt [3][38]. Electric Equipment and Industrial Control - The National Energy Administration's pilot projects will focus on critical technologies such as smart microgrid integration and virtual power plant aggregation [4]. - Key companies to watch include CATL, Keda, and others, which are expected to benefit from these developments [4].

Investment Rating - The report maintains a "Recommended" rating for several companies including China Nuclear Power, Funiu Co., and Huaneng Hydropower, while providing a "Cautious Recommendation" for others like China General Nuclear Power and Longyuan Power [21][4]. Core Insights - The new power system pilot projects have been initiated by the National Energy Administration, focusing on seven key areas including grid technology and virtual power plants [3][37]. - Gansu's new energy installed capacity has surpassed 70 million kilowatts, with a year-on-year growth of 25.25%, solidifying its position in the energy sector [2][26]. - The electricity market is entering a peak usage season in June, with expectations for improved performance in thermal power due to low coal prices [19][3]. Summary by Sections Weekly Market Review - The electricity sector underperformed compared to the broader market, with the public utility sector index closing at 2376.19 points, down 0.14%, and the electricity sub-sector at 3165.47 points, down 0.34% [1][7]. - Among sub-sectors, photovoltaic power increased by 1.39%, while thermal and hydropower saw declines of 0.57% and 1.85%, respectively [13][1]. Gansu New Energy Update - As of the end of May 2025, Gansu's total installed capacity reached 70.62 million kilowatts, with wind and solar power each contributing over 32% to the total installed capacity [2][26]. - Gansu aims to reach 80 million kilowatts of installed capacity by the end of 2025, with a target of 160 million kilowatts by 2030 [2][26]. National Energy Administration Initiatives - The National Energy Administration has launched pilot projects focusing on innovative power system technologies, including smart microgrids and high-proportion renewable energy dispatch [3][37]. - The pilot projects aim to enhance grid stability and improve the integration of renewable energy sources [3][37]. Investment Recommendations - Companies to focus on include Huadian International, Jingtou Energy, and Funiu Co. for thermal power, and Changjiang Power and Chuan Investment Energy for hydropower [19][3]. - The report suggests monitoring companies involved in green electricity projects, as their returns are expected to be safeguarded under new regulations [19][3].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [4][5]. Core Insights - The new energy vehicle market shows strong growth, with significant delivery increases from various manufacturers, indicating a competitive landscape [2][11]. - The photovoltaic sector is experiencing a shift towards overseas production capacity, with companies like Junda establishing a 5GW solar cell base in Turkey to meet local demand [3][35]. - The National Energy Administration has initiated pilot projects for new power system construction, focusing on seven key technology areas [4]. Summary by Sections New Energy Vehicles - In May 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Li Auto delivering 40,856 units and BYD maintaining a leading position with 382,476 units [2][11]. - Zeekr achieved a remarkable 37.7% month-on-month growth in deliveries, highlighting the competitive dynamics in the market [2][21]. Photovoltaics - Junda's agreement to build a 5GW solar cell base in Turkey aims to address local production gaps and enhance global service efficiency [3][35]. - The photovoltaic industry is facing a decline in production, with a reported 12.7% decrease in output in May due to reduced domestic orders [3][38]. - Price stability is observed in the solar component market, with TOPCon dual-glass components priced between 0.60-0.72 RMB per watt [3][38]. Electric Equipment and Industrial Control - The National Energy Administration's pilot projects will focus on critical technologies such as smart microgrid integration and virtual power plant aggregation [4]. - Key companies to watch include CATL, Keda, and others, which are expected to benefit from these developments [4].

中国软件（600536.SH）公司事件点评 引进重要产业投资者，麒麟软件龙头地位进一步强化 2025 年 06 月 08 日 | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 44.97 元 | ➢ 事件概述：2025 年 6 月 4 日，公司发布《中国软件与技术服务股份有限公 司关联交易进展公告》，麒麟软件增资扩股募集资金不超过 30 亿元，其中公司 拟以非公开协议方式参与认购，经进场交易遴选的合格投资人认购不超过 10 亿 元。 ➢ 有望引进中移资本等重要投资者，产业协同效应可期。1）2024 年 12 月， 中国软件控股子公司麒麟软件拟增资扩股募集资金不超过 30 亿元。以 2023 年 12 月 31 日为基准日，麒麟软件股东全部权益评估值为 83.55 亿元。2）麒麟软 件收到《上海联合产权交易所有限公司增资结果通知》后，于 2025 年 6 月 3 日 与北京工融顺禧股权投资基金（有限合伙）等多家投资机构共同签署《麒麟软件 有限公司增资协议》。其中，具有多名产业背景的投资机构，包括中移资本、中 石化资本等。根据公司公告，股权变更后，麒麟软件股权结构中，中国软件持股 比例预 ...

中国软件（600536.SH）公司事件点评 引进重要产业投资者，麒麟软件龙头地位进一步强化 2025 年 06 月 08 日 ➢ 事件概述：2025 年 6 月 4 日，公司发布《中国软件与技术服务股份有限公 司关联交易进展公告》，麒麟软件增资扩股募集资金不超过 30 亿元，其中公司 拟以非公开协议方式参与认购，经进场交易遴选的合格投资人认购不超过 10 亿 元。 ➢ 有望引进中移资本等重要投资者，产业协同效应可期。1）2024 年 12 月， 中国软件控股子公司麒麟软件拟增资扩股募集资金不超过 30 亿元。以 2023 年 12 月 31 日为基准日，麒麟软件股东全部权益评估值为 83.55 亿元。2）麒麟软 件收到《上海联合产权交易所有限公司增资结果通知》后，于 2025 年 6 月 3 日 与北京工融顺禧股权投资基金（有限合伙）等多家投资机构共同签署《麒麟软件 有限公司增资协议》。其中，具有多名产业背景的投资机构，包括中移资本、中 石化资本等。根据公司公告，股权变更后，麒麟软件股权结构中，中国软件持股 比例预计由 40.25%提高至 47.23%，同时中移资本控股有限责任公司的持股比 例有望达到约 2% ...