其 他 报 告 2025年06月24日 研究分析师 : 郭子睿 投资咨询资格编号 : S1060520070003 研究分析师 : 陈瑶 投资咨询资格编号 : S1060524120003 研究分析师 : 任书康 投资咨询资格编号 : S1060525050001 研究助理 : 高越 一般证券从业资格编号 : S1060124070014 研究助理 : 胡心怡 一般证券从业资格编号 : S1060124030069 核心观点 : 基金投顾组合总体情况：截至2025年5月末，上线天天基金APP的基 金投顾组合共441只，相比上月末增加11只组合；新增股债中枢型中稳健型组合5 只、进取型和货币型组合各2只、平衡型组合1只，赛道型中的科技组合1只。 投 顾组合业绩表现跟踪：股债中枢型基金，过去一年，各类中枢型组合的收益率中 位数均跑赢同类型FOF产品。月内，进取型、平衡型、稳健型组合的收益率中位 数均跑赢同类型FOF产品。与基准业绩比较，月内，进取型、平衡型、稳健型、 货币型组合的收益率中位数均跑赢基准。 持仓基金仓位跟踪：稳健型投顾组合减 持主动债券基金，增持固收+基金；平衡型投顾组合减持量化基金，增持主动权 益 ...

前瞻性产业研究 2025 年 6 月 23 日 养老金融周报（2025.06.16-2025.06.22） 第二，澳大利亚未来基金改革管理架构，并对赴美投资表示担忧。6 月17 日，澳大利亚未来基金表示，他们将把澳大利亚基础设施和房地产领域的 交易与资产管理业务收归内部运营。此举主要是在未来基金自身具有更高 的交易和管理水平后，进一步提升投资管理经济性的做法。此外，未来基 金认为，特朗普为全球局势增加了新的不稳定性与不确定性。美国正在成 为一个更高风险、更不确定的投资目的地。 美国社保托管委员会呼吁进行制度改革 证券分析师 | 陈骁 | 投资咨询资格编号 | | --- | --- | | | S1060516070001 | | | chenxiao397@pingan.com.cn | 郝博韬 投资咨询资格编号 S1060521110001 haobotao973@pingan.com.cn 平安观点： 本期重点： 本周，全球养老金领域共有三项重点事件值得关注。 第一，美国称其社保信托基金（OASI Trust）将于 2034 年耗尽。6 月18 日，美国 OASDI Trust 托管委员会发布 2025 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The report highlights the emergence of floating offshore wind as a clear trend in the industry, with significant developments in the UK, South Korea, and Brazil, indicating potential investment opportunities [6][12] - The report discusses the recent release of distributed photovoltaic development guidelines in Shandong, which may introduce uncertainties in the commercial distributed photovoltaic project development [6][7] - The bankruptcy filing of the US energy storage integrator Powin reflects challenges in the domestic energy storage market, while domestic companies are better positioned to compete internationally [7] Summary by Sections Wind Power - The UK announced new floating offshore wind projects, with a total capacity of 3GW awarded to Equinor and Gwynt Glas [6][11] - The Wind Power Index decreased by 0.08% but outperformed the CSI 300 Index by 0.37 percentage points, with a current PE ratio of 18.8 [4][13] - The report suggests focusing on companies like Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain due to the positive outlook for offshore wind [7][22] Photovoltaics - Shandong's new guidelines allow commercial distributed photovoltaic systems to choose between self-consumption and grid connection, which may lead to uncertain revenue for projects [6][7] - The current PE ratio for the photovoltaic sector is approximately 29.06, with specific attention on companies like Longi Green Energy and Tongwei Co. [4][6] Energy Storage & Hydrogen - Powin's bankruptcy highlights the operational pressures faced by US energy storage companies, while domestic firms are expanding into international markets [7] - The report emphasizes the strong growth potential in the energy storage sector, recommending companies like Sungrow Power Supply and Shuneng Electric [7][22]

证券研究报告 1Q25企业级SSD品牌营收季减， 上海光机所超高并行光计算集成芯片取得突破性进展 电子行业 强于大市（维持） 平安证券研究所 TMT团队 2025年6月23日 行业要闻及简评 库存去化影响1Q25前五大企业级SSD品牌的营收，待AI需求推动逐季回升 2020年1月10日 根据TrendForce集邦咨询最新调查，2025年第一季因新一代AI产品在组装环节遭遇挑战，以及北美地区长期累积的库存仍待消化等因素， 主要客户皆大幅缩减订单规模，Enterprise SSD（企业级固态硬盘）平均售价因此显著下滑近20%，导致前五大Enterprise SSD品牌厂第 一季营收皆呈现季减，显示市场历经一段调整期。 这种情况于第二季逐渐改善，随着NVIDIA（英伟达）新一代芯片出货持续扩大，北美地区AI基础建设的布建需求跟着成长，加上中国CSP 业者不断提高其数据中心的储存容量，皆为Enterprise SSD市场注入新动能，预计第二季整体营收将恢复至正成长。 1Q25企业级SSD前五大品牌厂商营收排名 请务必阅读正文后免责条款 分析师：陈福栋 S1060524100001(证券投资咨询) 邮箱: CHENF ...

证券研究报告 华为HDC 2025发布鸿蒙6等最新成果， 亚马逊全球调查显示企业端AI接受度显著提升 计算机行业 强于大市（维持） 平安证券研究所计算机团队 分析师：闫磊S1060517070006(证券投资咨询)YANLEI511@pingan.com.cn 黄韦涵S1060523070003(证券投资咨询)HUANGWEIHAN235@pingan.com.cn 研究助理：王佳一S1060123070023（一般证券从业资格）WANGJIAYI446@pingan.com.cn 2025年6月23日 请务必阅读正文后免责条款 核心摘要 行业要闻及简评：1）华为召开HDC 2025，发布鸿蒙6、384超节点、盘古大模型5.5、CloudRobo等最新成果。6月20至22日，华为开发者 大会2025（HDC 2025）在广东省东莞市举行。发布会上，华为正式启动纯血鸿蒙HarmonyOS 6开发者Beta，并全面展示一年多以来与合作 伙伴共建鸿蒙生态的创新成果。新一代昇腾AI云服务全面上线，基于CloudMatrix384 超节点，首创将384颗昇腾NPU和192颗鲲鹏CPU通过 全新高速网络MatrixLin ...

证券研究报告 金融行业周报 ——陆家嘴金融论坛聚焦开放与科技，证券公司分类评价修订 证券分析师 王维逸S1060520040001（证券投资咨询） 袁喆奇S1060520080003（证券投资咨询） 李冰婷S1060520040002（证券投资咨询） 韦霁雯S1060524070004（证券投资咨询） 许 淼S1060525020001（证券投资咨询） 研究助理 2 2 CONTENT 目录 重点聚焦 李灵琇S1060124070021（一般证券业务） 请务必阅读正文后免责条款 2025年6月23日 1 核心观点 | 陆家嘴金融论坛聚焦开放与科技，证券公司分类评价修订 | | --- | | 1、陆家嘴金融论坛开幕，聚焦开放与科技。6月18日，2025年陆家嘴论坛在上海开幕，央行行长潘功胜、金融监管总局局长李云泽、证监会 | | 主席吴清、外管局局长朱鹤新出席会议并发表主题演讲，论坛主题为"全球经济变局中的金融开放合作与高质量发展"。货币政策方向上， | | 在上海开展离岸贸易金融服务综合改革试点、发展自贸离岸债、优化升级自由贸易账户功能、研究推进人民币外汇期货交易等措施不仅对内 | | 有助于丰富国内金融产 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [27] Core Views - The central government has clarified standards for dining, which is expected to lead to a recovery in the liquor sector. This standard is anticipated to guide the development of consumption norms and boost the valuation of the liquor sector. Key recommendations include high-end liquor such as Kweichow Moutai, next-tier liquor like Shanxi Fenjiu, and real estate liquor brands such as Jianshiyuan and Gujinggongjiu [6][4] - The food index has shown a cumulative decline of 3.43%, with a recommendation to focus on investment opportunities arising from demand differentiation in consumer goods. The market is expected to gradually recover, with new demands and products emerging, particularly in the snack and beverage sectors, recommending brands like Three Squirrels and Dongpeng Beverage [6][4] Summary by Sections Liquor Industry - The liquor index has a cumulative increase of 1.08%, with top performers including Huangtai Liquor (+11.41%), Jinzhongzi Liquor (+9.78%), and Yingjia Gongjiu (+7.52%). The report emphasizes the potential for recovery in the liquor sector due to new consumption standards [6][7] - Recommendations include focusing on high-end liquor, next-tier liquor, and real estate liquor brands [6][4] Food Industry - The food index has a cumulative decline of 3.43%, with top performers being ST Jiajia (+6.93%), Huifa Food (+4.43%), and Ziyan Food (+1.49%). The report suggests that the consumer market shows resilience, with a gradual recovery expected [6][4] - Investment opportunities are highlighted in the snack and beverage sectors, with recommendations for Three Squirrels, Dongpeng Beverage, and Yanjinpuzi [6][4] Key Company Earnings Forecast - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, with Kweichow Moutai recommended at a PE of 20.8 for 2024, and Shanxi Fenjiu at 18.3 [26]

Group 1: Non-Bank Financial Sector - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the revised "Securities Company Classification Evaluation Regulations," aiming to optimize the classification and regulatory system for securities companies, enhancing their functional roles and professional capabilities [6][7][8] - The revised regulations will integrate business scoring indicators to support the differentiated development of small and medium-sized institutions, promoting a more efficient operational direction [7][8] - Investment recommendations focus on leading securities firms such as CITIC Securities, Huatai Securities, China Galaxy, and CICC, which are expected to benefit from the ongoing reforms in the capital market and securities industry [6][8] Group 2: Bond Market - The new special bond uses include addressing local government arrears to enterprises, with an estimated scale of 760 billion yuan for this year, indicating a shift in the focus of special bonds towards debt repayment [9][11] - The total issuance of special bonds for stabilizing growth is expected to be 5.08 trillion yuan in the second half of the year, reflecting a year-on-year decrease of 0.7 trillion yuan [9][11] Group 3: Medical Equipment Sector - The medical equipment update is deepening, with county-level medical communities actively engaging in procurement projects, leading to significant orders for various medical devices [12][13] - The procurement scale for new medical equipment has shown a month-on-month improvement, with January to May 2025 procurement amounts reaching 174 billion yuan, 113 billion yuan, 140 billion yuan, 153 billion yuan, and 134 billion yuan, respectively, indicating a strong recovery trend [13][14] - Investment suggestions include focusing on leading domestic companies in high-end and intelligent medical equipment, such as Mindray Medical, United Imaging, and others [15] Group 4: Real Estate Sector - The real estate sector is expected to maintain a volatile trend, with a recent decline of 1.69% in the sector, underperforming the CSI 300 index [17][18] - Recommendations emphasize focusing on companies with strong inventory structures, land acquisition capabilities, and product strength, which are likely to benefit from market stabilization [18] Group 5: Commodities Sector - Gold prices are expected to maintain a strong trend due to ongoing geopolitical issues, with the COMEX gold futures price recently at 3384.4 USD/oz [20] - Copper and aluminum inventories are at low levels, suggesting potential price increases, with LME copper and aluminum prices at 9660.5 USD/ton and 2561.5 USD/ton, respectively [21][22] - Investment recommendations include focusing on gold, copper, and aluminum sectors, with specific companies highlighted for their strong market positions [22][24]

核心观点： 行 业 报 告 行 业 报 告 行 业 深 度 报 行 业 深 度 报 行 业 周 报 石油石化 2025 年 6 月 22 日 石油石化周报 伊以冲突持续，油价偏强震荡 强于大市（维持） 行情走势图 -30% -20% -10% 0% 10% 20% 30% 24/01 24/03 24/05 24/07 24/09 24/11 25/01 25/03 25/05 沪深300 石油石化 基础化工 证券分析师 证 券 研 究 报 告 告 告 陈潇榕 投资咨询资格编号 S1060523110001 chenxiaorong186@pingan.com.cn 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 石油石化：伊以冲突持续，油价偏强震荡。据 ifind 数据，2025 年 6 月 13 日-2025 年 6 月 20 日，WTI原油期货收盘价(连续)上涨 0.22%， 布伦特油期货价上涨 2.89%。地缘局势方面：伊朗和以色列的相互攻 击仍在激烈进行，当地时间 6 月 21 日，美国投掷了六枚掩体炸弹用 于袭击伊朗福尔多，同时向伊朗其他 ...

有色金属 2025 年 6 月 22 日 有色金属行业周报 铜铝库存均现低位，金属价格中枢有望抬升 强于大市（维持） 行情走势图 证券分析师 -20% -10% 0% 10% 20% 30% 24/06 24/08 24/10 24/12 25/02 25/04 沪深300 有色金属 陈潇榕 投资咨询资格编号 S1060523110001 chenxiaorong186@pingan.com.cn 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 核心观点： 贵金属-黄金：海外地缘问题发酵，黄金预计维持偏强态势。 截至 6.20，COMEX 金主力合约环比下跌 1.98%至 3384.4 美元/盎司。 SPDR 黄金 ETF 环比增加 1.0%为 950.2 吨。6 月美联储将基准利率 维持在 4.25%-4.50%不变，为连续第四次按兵不动，符合市场预期， 黄金短期震荡回落。美联储下半年仍有两次降息预期，预计共 50bp。海外方面，中东局势不稳定性仍持续，避险需求对金价 支撑 仍存。短期来看，美国政策、贸易谈判及地缘政治的不确定性仍然存 在，避险需求 ...