2025 年 6 月 10 日 行业研究/行业周报 非银行金融行业近一年市场表现 资料来源：最闻 相关报告： 【山证非银行金融】五篇大文章评价办 法正制定，科技金融为重点考核指标-行 业周报（20250526-20250601）： 2025.6.6 【山证非银行金融】科技金融布局完善， 科 技 板 引 来 新 活 水 - 行 业 周 报 （20250519-20250525）： 2025.5.27 李明阳 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 非银行金融 行业周报（20250602-20250608） 领先大市-A(维持) 券商回购释放信心，行业估值仍处低位 投资要点 券商"注销式"回购日益增多。截至 6 月 5 日，今年以来已有 6 家券商实施股份回购，已回购股份合计 1.29 亿股，已回购金额 13.1 ...

Investment Rating - The report maintains a rating of "B" for the new materials sector, indicating a positive outlook for the industry [2]. Core Insights - The new materials sector has shown an upward trend, with the new materials index increasing by 0.77%, although it underperformed compared to the ChiNext index, which rose by 0.56% [2]. - The report highlights a strong performance in specific sub-sectors, including synthetic biology (up 2.69%), semiconductor materials (up 0.90%), electronic chemicals (up 2.54%), biodegradable plastics (up 2.39%), industrial gases (up 1.77%), and battery chemicals (up 2.35%) [2][18]. - The National Development and Reform Commission and the National Energy Administration have issued opinions supporting green development, which is expected to drive high demand for wind power installations, with projections of 105-115 GW of new wind power capacity in 2025 [5]. Summary by Relevant Sections 1. Market Performance - The new materials sector has experienced a positive market performance, with the new materials index increasing by 0.77% in the past week [2]. - The synthetic biology index has risen by 2.69%, while other sectors such as semiconductor materials and electronic chemicals have also shown gains [18]. 2. Price Tracking - Prices for various amino acids and biodegradable plastics have remained stable, with slight fluctuations noted in specific products [3]. - The report provides detailed price tracking for industrial gases and electronic chemicals, indicating stability in pricing for many products [3][13]. 3. Industry News - The report discusses the implications of government policies aimed at promoting green electricity usage, which is expected to enhance the profitability of wind power companies [5]. - The anticipated recovery in wind turbine prices in Q4 2024 is highlighted, suggesting a potential bottoming out of the wind power industry [5]. 4. Investment Recommendations - The report suggests focusing on companies such as "Times New Material" and "Meijiaxin Color" as potential investment opportunities within the new materials sector [5].

2025 年 6 月 10 日 行业研究/行业周报 化学原料行业近一年市场表现 资料来源：最闻 相关报告： 式开赛，轻量化 PEEK 材料有望高速发 展-新材料周报（250519-0523）2025.5.28 【山证新材料】华为折叠 PC 及苹果折叠 手机推出在即，折叠设备材料有望高速 发 展 - 新 材 料 周 报 （ 250512-0516 ） 2025.5.21 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 申向阳 邮箱：shenxiangyang@sxzq.com 新材料 新材料周报（250603-0606） 领先大市-B(维持) 发改委印发《意见》鼓励绿电使用，陶氏出售 DowAksa 全部股权 摘要 二级市场表现 市场与板块表现：本周新材料板块上涨。新材料指数涨幅为 0.77%，跑输创 业板指 0.56%。近五个交易日，合成生物指数上涨 2.69%，半导体材料上涨 0.90%， 电子化学品上涨 2.54%，可降解塑料上涨 2.39%，工业气体上涨 1.77%，电池化 学品上涨 2.35%。 产业链周度价格跟 ...

Investment Rating - The report provides a buy rating for Hai Da Group (002311.SZ) with an "A" rating, and a buy rating for Sheng Nong Development (002299.SZ) and Wen's Shares (300498.SZ) with a "B" rating. Other companies like Guai Bao Pet (301498.SZ) and Zhong Chong Shares (002891.SZ) are rated as "A" for increase, while Tang Ren Shen (002567.SZ), Shen Nong Group (605296.SH), Ju Xing Agricultural and Animal Husbandry (603477.SH), and New Hope (000876.SZ) are rated as "B" for increase [2]. Core Viewpoints - The agricultural sector has shown a slight increase, with the agricultural and forestry sector rising by 0.91% during the week of June 2 to June 8, 2025, outperforming the broader market [3][22]. - The report highlights the potential for Hai Da Group due to the expected recovery in the feed industry as upstream raw material prices stabilize and the breeding sector improves [4][5]. - The report emphasizes that the pig farming industry is entering a profit cycle, with expectations that the duration of profitability may exceed market pessimism, suggesting a potential for valuation recovery [5]. Summary by Sections Industry Performance - The agricultural sector's performance is ranked 20th among various sectors, with significant contributions from other planting industries, food and feed additives, aquaculture, and pig farming [3][22]. - The average price of pigs in key provinces has decreased, with prices in Sichuan, Guangdong, and Henan at 13.85, 15.24, and 13.95 yuan/kg respectively, reflecting a decline of 3.15%, 2.56%, and 3.46% week-on-week [4][31]. Pig Farming - The report notes that the self-breeding profit is 33.83 yuan per head, while the profit from purchasing piglets is negative at -120.80 yuan per head, indicating challenges in the current market [4][31]. - The pig-to-grain ratio is reported at 6.29, showing a decrease of 0.32% from the previous week [31]. Poultry Farming - The average price of white feather broilers is 7.32 yuan/kg, down 0.68% week-on-week, while the price of chicken eggs has decreased by 7.04% to 6.60 yuan/kg [43]. Feed Processing - In April 2025, the total industrial feed production reached 27.53 million tons, with a month-on-month increase of 4.2% and a year-on-year increase of 9.0% [51]. Aquaculture - The price of sea cucumbers remains stable at 90.00 yuan/kg, while shrimp prices have increased by 14.29% to 320.00 yuan/kg [60].

Group 1: Hubei Yihua (000422.SZ) - Hubei Yihua is a diversified large chemical enterprise with upstream resource advantages and production base layout [5][6] - The company operates in multiple sectors including coal chemical, chlor-alkali chemical, phosphate and fluorine chemical, and fine chemicals. In 2024, revenue from chemical fertilizers, PVC, chlor-alkali products, and other fine chemical products is projected to be 7.65 billion, 4.13 billion, 1.53 billion, and 1.81 billion CNY respectively, accounting for 45.1%, 24.4%, 9.0%, and 10.7% of total revenue [7] - The company ranks third in national fertilizer capacity, fifth in PVC capacity, and second globally in pentanediol capacity [7] - The acquisition of Xinfa Investment will increase the company's coal resource ownership and production capacity, adding 600,000 tons/year of urea, 300,000 tons/year of PVC, and 3 million tons/year of coal [7] - The company expects net profits of 940 million, 1.18 billion, and 1.24 billion CNY for 2025-2027, with corresponding PE ratios of 14.3, 11.3, and 10.8 times [7] Group 2: Shenghong Technology (300476.SZ) - Shenghong Technology is a leading high-end PCB manufacturer with advanced multilayer and HDI board technologies, having established a "soft and hard" product layout through acquisitions [8] - The company has long-term partnerships with major brands such as Nvidia, Tesla, AMD, and Microsoft, which enhances its competitive edge in the PCB market [8] - The PCB industry is expected to grow rapidly due to the explosion in computing power demand and the electrification and intelligence of automobiles, with a projected CAGR of 5.4% from 2024 to 2028, reaching over 90 billion USD by 2028 [8] - The company anticipates net profits of 4.65 billion, 6.58 billion, and 8.15 billion CNY for 2025-2027, with corresponding EPS of 5.39, 7.63, and 9.45 CNY, and PE ratios of 18.6, 13.1, and 10.6 times [8]

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for investment [6]. Core Views - The company is positioned as a leading player in the high-end PCB market, benefiting from the surge in AI computing demand, which is expected to drive significant growth opportunities [3][4]. - The company has established a "soft and hard" product layout through acquisitions, enhancing its competitive edge and market share [5][16]. - The PCB industry is projected to experience rapid growth driven by increased demand for high-value products, particularly in AI servers and automotive electronics [4][37]. Summary by Sections Company Market Performance - The company has shown strong market performance with a closing price of 100.20 yuan and a market capitalization of 856.92 billion yuan as of June 2025 [2]. Financial Data and Valuation - The company forecasts net profits of 46.50 billion yuan, 65.81 billion yuan, and 81.49 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 302.8%, 41.5%, and 23.8% [7]. - The projected earnings per share (EPS) for the same years are 5.39 yuan, 7.63 yuan, and 9.45 yuan, with corresponding price-to-earnings (P/E) ratios of 18.6, 13.1, and 10.6 [7]. Industry Growth Drivers - The demand for AI computing is expected to significantly increase the usage of PCBs in AI servers, with the global PCB industry projected to grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2028, reaching over 90 billion USD by 2028 [4][37]. - The automotive industry's shift towards electrification, intelligence, and lightweight design is anticipated to drive substantial growth in the value of automotive PCBs, with the market expected to grow from 9.195 billion USD in 2024 to 11.205 billion USD by 2029 [56]. Product and Customer Strategy - The company has successfully integrated its product offerings through strategic acquisitions, enhancing its portfolio to include both rigid and flexible PCBs, thereby meeting diverse customer needs [80]. - The company maintains long-term partnerships with major clients such as NVIDIA, Tesla, AMD, and Microsoft, which strengthens its market position and provides a competitive advantage [5][16]. Operational Efficiency - The company has improved its operational efficiency and production capacity, with a focus on high-end products such as multi-layer and HDI boards, which are expected to dominate its revenue streams [84].

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for investment [6]. Core Insights - The company is positioned as a leading player in the high-end PCB market, benefiting from the surge in AI computing demand and the rapid growth of the automotive electronics sector [3][4]. - The company has established a "soft and hard integration" product layout through acquisitions, enhancing its competitive edge and market share [5][16]. - The global PCB industry is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2028, driven by high-value product demand [4][68]. Summary by Sections Company Performance - The company has achieved significant revenue growth, with a projected net profit of 46.50 billion yuan in 2025, reflecting a year-on-year increase of 302.8% [5][7]. - The company reported a substantial increase in revenue and net profit in Q1 2025, with revenue reaching 43.12 billion yuan, up 80.31% year-on-year [28]. Industry Growth Drivers - The demand for AI servers is expected to drive a significant increase in PCB usage, with AI server shipments projected to grow substantially [37][38]. - The automotive industry's shift towards electrification, intelligence, and lightweight design is anticipated to enhance the value of automotive PCBs, with the market expected to grow from 9.195 billion USD in 2024 to 11.205 billion USD by 2029 [56][57]. Product and Market Strategy - The company has diversified its product offerings through strategic acquisitions, including the purchase of Pole Star Limited, which enhances its capabilities in flexible circuit boards [80]. - The company maintains long-term partnerships with major clients such as NVIDIA, Tesla, and AMD, which strengthens its market position and revenue potential [5][16]. Financial Projections - The company forecasts significant growth in revenue and net profit over the next few years, with net profit expected to reach 81.49 billion yuan by 2027 [5][7]. - The company's gross margin is projected to improve, reflecting a shift towards higher-value products in its portfolio [31].

Group 1: New Stock Market Insights - The new stock market activity has decreased, with the first-day gains and opening valuations of new stocks in May declining across the three major boards [5][4] - In the past week, 10 new stocks recorded positive gains, accounting for 20.83% of the total, down from 26.53% previously [5] - The main board saw a new stock, Guqi Textile Materials, debut with a first-day gain of 148.34% and an opening valuation of 34.86 times [5] Group 2: Automotive Industry Developments - Multiple companies are accelerating their layouts to compete in the trillion-level unmanned logistics market, with significant growth in the sector [6][8] - As of 2024, the scale of unmanned delivery vehicles has exceeded 6,000 units, delivering over 100 million orders across more than 100 sub-segments [8] - The unmanned delivery vehicle industry is expected to see a substantial increase in production, with New Stone Technology delivering over 1,000 unmanned vehicles monthly, projecting a monthly delivery of 2,000 units in the second to third quarters of 2025 [9] Group 3: Aviation Industry Insights - The development of China's large aircraft has faced challenges but has ultimately succeeded with the C919, marking a significant milestone in the country's aviation industry [13][14] - The demand for large aircraft is shifting towards the Asia-Pacific region, with China projected to receive 9,323 new aircraft over the next 20 years, representing 21.3% of global deliveries [13] - China Commercial Aircraft Corporation (COMAC) is positioned as a potential disruptor in the duopoly of Boeing and Airbus, benefiting from domestic demand and the successful rollout of the C919 [13][16] Group 4: Non-Banking Financial Sector - The regulatory body is developing evaluation methods for financial services, emphasizing technology finance as a key assessment indicator [15][17] - The evaluation framework includes a scoring system that prioritizes technology-related financing activities, reflecting the regulatory focus on enhancing services for technology enterprises [17] - Recent regulatory changes aim to improve corporate governance among listed companies, promoting better practices and protecting minority investors [17]

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [2][15]. Core Insights - The report highlights the rapid growth of the unmanned logistics vehicle market, with significant advancements in autonomous driving technology and increasing market demand [11]. - It emphasizes the competitive landscape, noting that multiple companies are vying for a share of the trillion-yuan unmanned logistics market, with projections indicating substantial growth in the coming years [11]. - The report identifies key players in the industry, including both leading autonomous driving companies and traditional automotive manufacturers that are actively exploring unmanned vehicle applications [11]. Summary by Sections Market Performance - The automotive industry has shown strong performance over the past year, with preferred stocks such as Jingwei Hengrun (688326.SH) and Jiangling Motors (000550.SZ) rated as "Buy-A" [4]. Technological Developments - Jiusi Intelligent launched its E-series unmanned logistics vehicle platform, marking a strategic upgrade with L4-level autonomous driving technology [5]. - New Stone's monthly delivery of unmanned vehicles has exceeded 1,000 units, with expectations to reach 2,000 units per month in the second and third quarters of 2025 [6]. - Yushi Technology submitted its prospectus to the Hong Kong Stock Exchange, reporting significant revenue growth and positioning itself as an industry unicorn [7]. Investment Recommendations - The report suggests focusing on leading autonomous driving companies and traditional automakers that are exploring unmanned vehicle applications, such as Pony.ai, WeRide, Jiangling Motors, and Dongfeng Motor Group [11]. - It also highlights the potential for growth in the smart driving chip sector and the importance of domestic replacements in the Tier 1 supply chain [11].

Investment Rating - The report indicates a decline in the investment rating for new stocks, with the first-day gains and opening valuations for new stocks in May across the three major boards showing a downward trend [2][3][13]. Core Insights - The new stock market activity has decreased, with only 10 stocks (20.83%) recording positive gains in the past week, down from 26.53% previously [2][13]. - The report highlights that the first-day gains and opening valuations for new stocks in May have decreased across all three boards: the STAR Market, the ChiNext, and the Main Board [3][30][32]. - Specific stocks such as Guqi Textile and Zhongli Co. have shown significant fluctuations, with Guqi Textile experiencing a first-day gain of 148.34% but later a drop exceeding 10% [2][30]. Summary by Sections New Stock Market Activity - In May, the STAR Market had no new listings, while the ChiNext and Main Board saw new stocks with varying performance, including a notable drop for Tai Li Technology and Hong Gong Technology [2][23][30]. - The STAR Market's first-day opening valuation decreased to 50.90 times, down from 154.01 times in March [19][32]. Key New Stocks - The report lists key new stocks that have recently been issued or are pending approval, including Yitang Co. and Kaipulin, which are expected to perform well [42][44]. - The report emphasizes the performance of stocks like Shengke Nano and Xidian Co., which have shown promising revenue and profit growth projections for 2024 [50][51]. Valuation Trends - The report notes a decrease in the TTM-PE (Trailing Twelve Months Price to Earnings) ratios for new stocks across all boards, indicating a general decline in market sentiment [19][32][39]. - The ChiNext's first-day opening valuation for new stocks fell to 43.44 times in May, down from 58.65 times in April [23][32]. Market Comparisons - The report compares the valuation of the Wind Near-term New Stock Index to the ChiNext, indicating a discount status with a ratio of 0.69, down from 0.73 [39][41]. - The report also highlights the competitive landscape in the global panoramic camera market, where companies like Yingshi Innovation are gaining market share [47][48].