Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][5]. Core Insights - The company reported a total wholesale sales volume of 235,000 vehicles in May, representing a year-on-year increase of 46.4% and a month-on-month increase of 0.5%. Cumulatively, from January to May, the total wholesale sales reached 1.173 million vehicles, up 48.6% year-on-year [1][2]. - In May, the company's new energy vehicle (NEV) sales reached 138,021 units, a significant year-on-year increase of 135.2% and a month-on-month increase of 9.9%, with a penetration rate of 58.7%. Cumulatively, NEV sales from January to May totaled 603,000 units, up 137.1% year-on-year [1][2]. - The launch of new models, such as the Galaxy Star 8 and Lynk & Co 900, is expected to drive sales growth, with the Galaxy Star 8 achieving over 10,000 pre-orders within six days of its launch [2][3]. Summary by Sections Sales Performance - The company achieved a total wholesale sales volume of 235,000 vehicles in May, with NEV sales contributing significantly to this growth. The total NEV sales for the first five months reached 603,000 units, marking a 137.1% increase year-on-year [1][2]. New Product Launches - The Galaxy Star 8 was launched in May with a price range of 115,800 to 155,800 RMB, featuring advanced technology and design. The Lynk & Co 900 was also launched, with over 30,000 orders received shortly after its release [2][3]. Financial Projections - The company forecasts revenues of 404.78 billion RMB in 2025, 489.69 billion RMB in 2026, and 572.83 billion RMB in 2027, with net profits expected to be 16.21 billion RMB, 22.09 billion RMB, and 25.98 billion RMB respectively [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][5]. Core Insights - The company reported a total wholesale sales volume of 235,000 vehicles in May, representing a year-on-year increase of 46.4% and a month-on-month increase of 0.5%. Cumulatively, from January to May, the total wholesale sales reached 1.173 million vehicles, up 48.6% year-on-year [1][2]. - In May, the company's new energy vehicle (NEV) sales reached 138,021 units, a significant year-on-year increase of 135.2%, with a penetration rate of 58.7%. Cumulatively, NEV sales from January to May totaled 603,000 units, up 137.1% year-on-year [1][2]. - The launch of new models, such as the Galaxy Starry 8 and Lynk 900, is expected to enhance the company's market position in the high-end segment, with the Lynk 900 receiving over 30,000 orders shortly after its launch [2][3]. Summary by Sections Sales Performance - The company achieved a total wholesale sales volume of 235,000 vehicles in May, with NEV sales contributing significantly to this growth [1][2]. - The sales performance of the company's brands includes 189,000 units for the Geely brand, 18,908 units for Zeekr, and 27,630 units for Lynk in May [1][2]. New Product Launches - The Galaxy Starry 8 was launched in May with a price range of 115,800 to 155,800 RMB, and it received over 10,000 pre-orders within six days [2]. - The Lynk 900 was officially launched with four configurations, and it supports advanced driving technologies, achieving over 30,000 orders shortly after its release [3]. Financial Projections - The company forecasts revenues of 404.78 billion RMB, 489.69 billion RMB, and 572.83 billion RMB for 2025, 2026, and 2027, respectively, with net profits projected at 16.21 billion RMB, 22.09 billion RMB, and 25.98 billion RMB for the same years [4][5]. - The earnings per share (EPS) are expected to be 1.61 RMB, 2.19 RMB, and 2.58 RMB for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 10, 7, and 6 [4][5].

计算机周报 20250602 为什么美股 AI 创新高？ 2025 年 06 月 02 日 ⚫ 市场回顾 本周（5.26-5.30）沪深 300 指数下跌 1.08%，中小板指数下跌 1.55%，创业板 指数下跌 1.4%，计算机（中信）板块上涨 1.66%。板块个股涨幅前五名分别为： 雄帝科技、四方精创、御银股份、新国都、智莱科技；跌幅前五名分别为：东方 通、银江股份、天迈科技、春秋电子、华胜天成。 ⚫ 行业要闻 ⚫ 公司动态 ➢ 中科曙光：5 月 25 日，曙光信息产业股份有限公司发布公告称，为抢抓信 息技术产业发展新机遇，促进产业链整合和高质量发展，曙光信息产业股份有限 公司与海光信息技术股份有限公司正在筹划由海光信息通过向公司全体 A 股换 股股东发行 A 股股票的方式换股吸收合并中科曙光，并发行 A 股股票募集配套 资金。经公司申请，公司 A 股股票于 2025 年 5 月 26 日开市时起开始停牌，预 计停牌时间不超过 10 个交易日。 ➢ 能科科技：5 月 29 日，能科科技股份有限公司发布公告称，公司审议通过 了《关于以集中竞价交易方式回购股份方案的议案》，并于 2025 年 5 月 28 日 ...

非银行业周报 20250601 险资"长钱"持续入市 2025 年 06 月 01 日 ➢ 平安获批成立 300 亿私募基金，险资"长钱"持续入市，权益投资端有望充 分受益优质上市公司标的长期价值增长。根据财联社报道，平安资管近期获批成 立恒毅持盈(深圳)私募基金管理有限公司，注册资本 3 亿元，将作为基金管理人 向平安人寿定向发行契约型私募证券投资基金，首期基金规模 300 亿元。基金投 向主要是符合政策导向和险资配置需要的优质上市公司。近期先资持续推进险资 长期投资试点，如泰康发起成立稳行私募基金（首期规模 120 亿）和阳光保险发 起成立阳光和远私募（总规模 200 亿），有望聚焦境内市场和中国香港市场的优 质上市公司，在合理管控风险的前提下实现基金的中长期稳健增值，利率中枢下 行背景下权益投资有望贡献投资收益弹性，更好地实现资产负债匹配。 ➢ 人身险保费持续回暖，银行存款利率"破 1"背景下，保险产品需求有望持 续回暖。国家金融监管总局发布保险行业前 4 月保费数据，人身险行业 2025 年 1-4 月实现累计保费收入 19496 亿元，同比+1.3%，今年以来累计保费同比增速 首度转正。近期六大国有 ...

Investment Rating - The report maintains a positive investment outlook for the electric vehicle (EV) sector, particularly for companies with strong autonomous driving capabilities and competitive pricing strategies [13][14]. Core Insights - The overall automotive market showed steady growth in May 2025, with a year-on-year increase of 8.5% and a month-on-month increase of 5.4%, driven by a surge in consumer demand during the "May Day" holiday [5][6]. - New energy vehicle (NEV) penetration rate reached approximately 52.9%, with total NEV retail sales estimated at 980,000 units in May [5]. - The report highlights the significant growth in deliveries for several new energy vehicle manufacturers, with notable increases in year-on-year and month-on-month figures for companies like Li Auto and Xiaopeng [4][6][10]. Summary by Relevant Sections Market Overview - In May 2025, the total retail market size for narrow passenger vehicles was approximately 1.85 million units, with NEV sales contributing significantly to this growth [5]. - The report indicates that the automotive market is stabilizing, with various promotional strategies being employed by companies to boost sales [5]. Company Performance - **Leap Motor**: Delivered 45,067 units in May, a year-on-year increase of 148.1% and a month-on-month increase of 9.8%. The growth is attributed to strong product offerings in the 200,000 yuan price range [6][15]. - **Li Auto**: Reported 40,856 units delivered in May, reflecting a year-on-year increase of 16.7% and a month-on-month increase of 20.4%. The growth is linked to the launch of new models and an expanding charging network [7][9]. - **Xiaopeng**: Achieved 33,525 units in May, a year-on-year increase of 230.4% but a month-on-month decrease of 4.3%. The performance is driven by the popularity of the MONA M03 model [9][11]. - **NIO**: Delivered 23,231 units in May, with a year-on-year increase of 13.1% but a month-on-month decrease of 2.8%. The report notes the introduction of new models and upgrades in autonomous driving technology [10][12]. - **ZEEKR**: Reported 18,908 units delivered in May, a year-on-year increase of 1.6% and a month-on-month increase of 37.7% [11]. - **Xiaomi**: Delivered over 28,000 units in May, with the new SUV YU7 expected to launch in July 2025, targeting a competitive price range [11]. Technological Advancements - The report emphasizes the acceleration of end-to-end technology applications in autonomous driving, marking the beginning of a new era in smart driving capabilities [12]. - Companies like Xiaopeng and those associated with Huawei are leading the charge in the iterative development and promotion of smart driving technologies [12]. Investment Recommendations - The report suggests a focus on companies with advanced smart driving capabilities and strong product cycles, recommending stocks such as Geely, BYD, Xiaopeng, Li Auto, and Seres, while also advising to pay attention to Xiaomi [13][14].

Investment Rating - The report maintains a positive investment outlook for the electric vehicle (EV) sector, particularly for companies with strong autonomous driving capabilities and competitive pricing strategies [13]. Core Insights - The overall automotive market showed steady growth in May 2025, with a year-on-year increase of 8.5% and a month-on-month increase of 5.4%, driven by a surge in consumer demand during the "May Day" holiday [5]. - The penetration rate of new energy vehicles (NEVs) reached approximately 52.9%, indicating a recovery in market interest and adoption [5]. - New energy vehicle deliveries from key players in May 2025 demonstrated significant growth, with companies like Li Auto and Xiaopeng achieving notable year-on-year increases [4][6][9]. Summary by Relevant Sections New Energy Vehicle Deliveries - Leap Motor delivered 45,067 units in May, a year-on-year increase of 148.1% and a month-on-month increase of 9.8% [4]. - Xiaopeng delivered 33,525 units, marking a year-on-year increase of 230.4% but a month-on-month decrease of 4.3% [9]. - Li Auto's deliveries reached 40,856 units, up 16.7% year-on-year and 20.4% month-on-month [7]. - Aion's deliveries fell to 26,777 units, down 33.2% year-on-year and 5.4% month-on-month [4]. - NIO delivered 23,231 units, reflecting a year-on-year increase of 13.1% but a month-on-month decrease of 2.8% [10]. - Zeekr delivered 18,908 units, with a slight year-on-year increase of 1.6% and a month-on-month increase of 37.7% [11]. - Xiaomi delivered over 28,000 units, with expectations for its new SUV YU7 to be competitive in the market [11]. Market Trends and Technology - The report highlights the acceleration of autonomous driving technology, with companies like Xiaopeng and Huawei leading the charge in promoting and iterating on smart driving capabilities [12]. - The anticipated advancements in autonomous driving technology are expected to lower hardware costs and expand applications in the mainstream market [12]. - The report emphasizes that the smart driving capabilities will become a critical competitive factor for automotive companies, with a focus on those that are leading in technology and product cycles [13]. Investment Recommendations - The report recommends investing in companies that are well-positioned in the smart driving and electric vehicle sectors, specifically highlighting Geely, BYD, Xiaopeng, Li Auto, and Seres as key players to watch [13][14]. - It also suggests monitoring Xiaomi for its potential in the competitive EV market [13].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [5][6]. Core Insights - The electric equipment and new energy sector experienced a decline of 2.44% in the past week, underperforming compared to the Shanghai Composite Index [1]. - The nuclear power index saw the highest increase of 7.35%, while the lithium battery index faced the largest drop of 5.59% [1]. - The report highlights the acceleration of perovskite industrialization and the planning of new ultra-high voltage transmission channels in Gansu [3][4]. Summary by Sections New Energy Vehicles - XPeng's MONA M03 Max version was launched on May 28, with prices ranging from 119,800 to 139,800 RMB based on different battery ranges [2][12]. Photovoltaics - The perovskite industrialization is accelerating, with Maiwei planning to invest in perovskite tandem solar cell equipment, expecting annual sales of 4 billion RMB and a net profit of 600 million RMB post-production [3][29]. - In April 2025, China exported approximately 21.39 GW of photovoltaic modules, a year-on-year increase of 2% [30]. - The top five importing countries accounted for about 41% of the global market [30]. Electric Equipment and Automation - Gansu plans to add 2-3 new ultra-high voltage transmission channels to the national plan, aiming for a total of 6 channels by 2030, with a transmission capacity of 48 million kW [4][47]. - The report emphasizes the importance of enhancing power delivery capabilities to convert energy resource advantages into economic development [47]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for key companies, with CATL projected to have an EPS of 15.19 RMB in 2025 and a PE ratio of 16 [5].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [5][6]. Core Insights - The report highlights the acceleration of perovskite industrialization and the planning of new ultra-high voltage transmission channels in Gansu, which is expected to enhance power transmission capacity significantly by 2030 [4][47]. - The electric vehicle sector is projected to remain a golden investment opportunity over the next decade, with continued demand driven by government policies and technological advancements [20]. - The photovoltaic industry is experiencing growth, with a notable increase in exports of solar modules, reaching approximately 21.39 GW in April 2025, a 2% year-on-year increase [3][30]. Summary by Sections New Energy Vehicles - XPeng's MONA M03 Max version was launched with two versions based on range, priced at 129,800 and 139,800 yuan for 502 km and 600 km ranges respectively [2][12]. - The vehicle features advanced AI driving capabilities and a stylish design, appealing to modern consumers [12][15]. Photovoltaics - The perovskite solar cell project by Maiwei is expected to generate annual sales of 4 billion yuan and a net profit of approximately 600 million yuan, with an internal rate of return of 19.92% [3][29]. - The report notes that the average conversion efficiency of N-type batteries has reached 26%, nearing theoretical limits, while perovskite-silicon tandem cells could achieve efficiencies up to 43% [29][30]. Electric Equipment and Automation - Gansu plans to add 2-3 new ultra-high voltage transmission channels, aiming for a total transmission capacity of 48 million kW by 2030 [4][47]. - The report emphasizes the importance of enhancing power transmission capabilities to leverage energy resources for economic development [47][48]. Market Performance - The electric equipment and new energy sector saw a decline of 2.44% in the past week, underperforming compared to the Shanghai Composite Index [1]. - The nuclear power index experienced the highest increase of 7.35%, while the lithium battery index saw the largest decline of 5.59% [1].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [5][6]. Core Views - The report expresses optimism about gold prices due to ongoing uncertainties surrounding U.S. tariffs and geopolitical tensions, predicting a long-term upward trend in gold prices [4][6]. - Industrial metals are expected to perform well despite recent fluctuations, with specific attention to copper and aluminum, driven by domestic demand and supply chain dynamics [2][3]. Summary by Sections Industrial Metals - The report highlights a rise in the SMM imported copper concentrate index to $43.56 per dry ton, indicating a slight increase in supply costs [2]. - The Kamoa-Kakula copper mine in the Democratic Republic of Congo faces production disruptions due to seismic activity, potentially affecting output for up to six months [2]. - Domestic aluminum inventory continues to decrease, with a reduction of 23,000 tons reported, supporting price stability [2]. Energy Metals - Lithium prices are under pressure due to declining supply costs, while cobalt prices may see upward movement as inventory levels decrease [3]. - Nickel prices are expected to remain weak despite some production increases in precursor materials [3]. Precious Metals - The report notes that U.S. inflation data remains moderate, but trade uncertainties are likely to support gold prices [4]. - Silver prices are expected to be more resilient than gold due to its industrial applications, with a higher price elasticity anticipated [4]. Key Company Recommendations - The report recommends several companies for investment, including: - Zijin Mining: EPS forecast of 1.21 CNY for 2024, with a PE ratio of 15 [5]. - Luoyang Molybdenum: EPS forecast of 0.63 CNY for 2024, with a PE ratio of 11 [5]. - Huayou Cobalt: EPS forecast of 2.50 CNY for 2024, with a PE ratio of 13 [5]. - Other recommended companies include China Nonferrous Mining, Tianshan Aluminum, and Shandong Gold, among others [2][5].

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, indicating a potential increase of over 15% relative to the benchmark index [6]. Core Insights - The insurance industry has shown signs of recovery, with total premium income for the first four months of 2025 reaching CNY 25,955 billion, a year-on-year increase of 2.3%. The premium income for April alone was CNY 4,210 billion, up 9.6% year-on-year [3]. - Life insurance has transitioned to positive growth, driven by the launch of dividend and annuity products in April, alongside a shift in distribution channels towards long-term savings products. Health insurance, while experiencing short-term fluctuations, is expected to maintain long-term growth [4]. - The property insurance sector has benefited from increased auto sales, with premiums from auto insurance and non-auto insurance reaching CNY 2,967 billion and CNY 3,519 billion respectively in the first four months of 2025, reflecting year-on-year growth of 4.3% and 5.9% [5]. Summary by Sections Life Insurance - Life insurance premiums for January to April 2025 totaled CNY 16,061 billion, a year-on-year increase of 1.2%. In April, the premium income was CNY 2,229 billion, up 16.8% year-on-year [4]. - The health insurance segment reported premiums of CNY 3,255 billion for the first four months, with a slight year-on-year increase of 2.4%. However, April saw a decline of 2.9% year-on-year [4]. Investment Products - New contributions to policyholder investment funds showed signs of recovery, with total contributions of CNY 3,076 billion from January to April, down 4.8% year-on-year, but April alone saw a 16.3% increase [5]. - The independent accounts of investment-linked insurance products reported stable contributions of CNY 49 billion, indicating a need for improved market conditions to enhance customer risk appetite [5]. Property Insurance - The property insurance sector's performance was bolstered by strong auto sales, with total premiums reaching CNY 2,967 billion for auto insurance and CNY 3,519 billion for non-auto insurance in the first four months of 2025 [5]. - The report highlights that the growth in non-auto insurance was primarily driven by liability, health, and accident insurance, with April premiums increasing by 8.9%, 14.7%, and 27.8% respectively [5]. Future Outlook - The report anticipates that life insurance will gradually emerge from its adjustment phase, focusing on high-quality development in a low-interest-rate environment. Property insurance will aim for a balance between scale and value [7]. - Investment suggestions include focusing on companies like China Pacific Insurance, New China Life, China Life, Ping An Insurance, Sunshine Insurance, and China Property Insurance, which are expected to benefit from improving product structures and market conditions [7].