Investment Rating - The report provides a positive outlook on the pharmaceutical and biotechnology sector, highlighting a 2.21% increase in the sector, outperforming the Wind All A index and the CSI 300 index [2][7]. Core Insights - The report emphasizes the impressive performance of domestic innovative drugs at the 2025 American Society of Clinical Oncology (ASCO) annual meeting, with over 70 oral presentations and more than 10 significant studies, indicating a growing participation of domestic innovative drugs [2][10]. - The report recommends focusing on early differentiated directions in anti-tumor drugs and long-term investments in biotech and traditional pharmaceutical companies that are deeply engaged in bispecific antibodies and antibody-drug conjugates (ADCs) [2][10]. - The report discusses the successful results of the global multicenter Phase III clinical trial HARMONi for the dual antibody Ivorasi, which achieved its primary endpoint of progression-free survival (PFS) and showed a significant trend in overall survival (OS) benefits [2][10]. Market Weekly Review - The pharmaceutical and biotechnology sector rose by 2.21% from May 26 to May 30, outperforming the Wind All A index (-0.02%) and the CSI 300 index (-1.08%) [7][9]. - The best-performing sub-sectors included other biological products (4.65%), chemical preparations (4.27%), and medical research outsourcing (4.0%), while offline pharmacies saw a decline of 2.69% [7][8]. - Notable individual stock performances included Shuyou Shen (60.4%), Huason Pharmaceutical (42%), and Changshan Pharmaceutical (35.9%) with declines seen in Haichen Pharmaceutical (-19.3%), Haishen Pharmaceutical (-11.9%), and Yixintang (-11.2%) [7][10]. Industry News and Key Company Announcements - The report highlights significant industry events, including the announcement by Summit Therapeutics regarding the successful results of the HARMONi study for Ivorasi, which is expected to support its application for a biological product license in the treatment of EGFR mutation non-small cell lung cancer [10][11]. - It also notes the collaboration between Innovent Biologics and AstraZeneca for the development of a new generation antibody-drug conjugate targeting CLDN18.2, with an upfront payment of $130 million and potential milestone payments totaling up to $1.34 billion [12][13]. - The report mentions various company announcements, including the conditional approval of innovative drugs by companies like Hengrui Medicine and the successful completion of clinical trials for several new therapies [13][14].

Investment Rating - The report provides a positive outlook on the TMT sector, suggesting a focus on the recovery of overseas AI chain valuations [3]. Core Insights - Nvidia's B series shipments exceeded expectations, with Q1 FY26 revenue reaching $44 billion, surpassing guidance of $43 billion. The company anticipates Q2 FY26 revenue guidance of $45 billion (±2%). The acceleration in B series shipments is expected to boost the industry's overall outlook, particularly for domestic Nvidia supply chain companies [3]. - The DeepSeek-R1 model update has significantly improved reasoning performance, placing it among the top tier globally. The new model shows a 20% and 15% improvement in mathematical and programming capabilities, respectively, while still having limitations in multimodal recognition [3]. - The domestic EDA (Electronic Design Automation) industry is expected to accelerate its localization process due to potential service halts from U.S. semiconductor software suppliers. This could lead to increased market share for domestic companies [3]. Market Weekly Review - The TMT sector's performance from May 26 to May 30 showed a positive trend, with the computer sector up by 1.77%, media by 1.74%, and communication by 1.53%. The overall TMT sector outperformed the CSI 300 index, which declined by 1.08% [3][5]. - The top-performing sub-industries included vertical application software and other computer equipment, both up by 3.01%, while the optical components and brand consumer electronics sectors faced declines of 2.99% and 1.84%, respectively [3][5]. Industry News and Key Company Announcements - The report highlights significant events in the AI sector, including the upcoming global AI technology conference and various product launches from major companies like Apple and Tesla [17]. - DeepSeek's R1 model has been updated, enhancing its reasoning capabilities and narrowing the gap with leading international models [19]. - The report notes that the Chinese government is actively promoting AI integration in industrial applications, with financial support for companies developing industry-leading AI models [22].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into various sectors within the equipment manufacturing industry, indicating potential areas of growth and decline [1]. Core Insights - The equipment manufacturing industry is experiencing mixed performance, with specific sectors like engineering machinery showing growth in exports, while others like photovoltaic cells are under pressure [2][3]. - The report highlights the resilience of the engineering machinery sector, with a 12% year-on-year increase in export value for April 2025, driven by demand from regions like Indonesia and West Africa under the Belt and Road Initiative [3]. - The automotive sector shows a promising trend with a 26% year-on-year increase in daily retail sales of passenger vehicles during the fourth week of May 2025, supported by promotional strategies from manufacturers [3]. - The photovoltaic sector is facing challenges, with a decrease in production capacity and weak demand from downstream component manufacturers, leading to a decline in prices [3]. Summary by Sections Market Review - From May 26 to May 30, the indices for machinery equipment, electric power equipment, and automotive sectors experienced declines of -0.43%, -2.44%, and -4.11% respectively, ranking them 21st, 30th, and 31st among 31 Shenwan primary industries [1][8]. - The automotive service sector saw an increase of 3.38%, while passenger vehicles and batteries faced declines of 9.48% and 4.28% respectively [9]. Industry News and Key Company Announcements - The report notes significant developments in the industry, such as the completion of a 100 MW wind power project by State Power Investment Corporation, which will contribute to renewable energy supply in the Yangtze River Basin [19]. - It also mentions the establishment of a humanoid robot innovation center and the launch of new humanoid robots by various companies, indicating a trend towards automation and robotics in the manufacturing sector [19][21].

Investment Rating - The report suggests a focus on the recovery of overseas AI chain valuations, indicating a positive outlook for the TMT sector [1]. Core Insights - The TMT sector outperformed the Shanghai and Shenzhen 300 index, with notable gains in the computer and media industries [3]. - Nvidia's B series shipments exceeded expectations, with Q1 FY26 revenue reaching $44 billion, surpassing guidance [3]. - The release of the updated DeepSeek-R1 model positions it among the top global models, showcasing significant improvements in reasoning capabilities [3]. - The acceleration of domestic EDA (Electronic Design Automation) processes is anticipated due to potential service halts from U.S. semiconductor software suppliers [3]. Market Weekly Review - The TMT sector's performance from May 26 to May 30 showed a rise in computer (1.77%), media (1.74%), and communication (1.53%) industries, while electronics saw a decline of 0.59% [3][5]. - The top-performing sub-industries included vertical application software and other computer equipment, both rising by 3.01% [3][5]. Industry News and Key Company Announcements - Nvidia's financial report indicated a strong outlook for Q2 FY26, with expected revenue guidance of $45 billion [3][26]. - The DeepSeek-R1 model's update enhances its reasoning performance, now ranking between Gemini 2.5 Pro and OpenAI-o3 [3][19]. - The potential U.S. ban on EDA software services could accelerate the domestic EDA industry's growth, with a market share currently dominated by three foreign companies [3][19].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into various sectors within the equipment manufacturing industry, indicating potential areas of growth and decline [1]. Core Insights - The equipment manufacturing industry is experiencing mixed performance, with specific sectors like engineering machinery showing growth in exports, while others like photovoltaic cells are under pressure [2][3]. - The engineering machinery sector reported a trade value of $5.377 billion in April 2025, with exports reaching $5.152 billion, marking a year-on-year increase of 12.7% [3]. - The automotive sector saw a daily retail average of 61,000 vehicles in the fourth week of May, reflecting a 26% year-on-year increase, suggesting a robust domestic market supported by promotional strategies [3]. - The photovoltaic sector is facing challenges, with a significant drop in production capacity and weak demand from downstream component manufacturers, leading to price pressures [3]. Summary by Sections Market Performance Review - From May 26 to May 30, the indices for machinery equipment, electric equipment, and automotive sectors experienced declines of -0.43%, -2.44%, and -4.11% respectively, ranking them 21st, 30th, and 31st among 31 Shenwan primary industries [1][8]. - The automotive service sector showed a positive performance with a rise of 3.38%, while passenger cars and batteries faced declines of 9.48% and 4.28% respectively [9]. Industry News and Key Company Announcements - The top 100 real estate companies in China saw a total land acquisition amount of 405.19 billion yuan from January to May 2025, a year-on-year increase of 28.8% [19]. - The Jiangxi Nuclear Power's 100 MW wind power project achieved full capacity grid connection, marking a significant milestone in renewable energy supply [19]. - Companies like Maiwei and XCMG are actively engaging in strategic partnerships and funding initiatives to enhance their technological capabilities and market reach [19].

宏观 海外风险偏好回落影响市场表现 [Table_ReportDate] 2025 年 05 月 26 日 [Table_Author] 分析师：陈江月 执业证书：S1030520060001 电话：0755-83199599-9055 邮箱：chenjy@csco.com.cn 公司具备证券投资咨询业务资格 [Table_ReportType] 宏观周报（5 月第 4 周） [Table_S 核心观点： ummary] 请务必阅读文后重要声明及免责条款 单位（%） 2409E 24E GDP（Q3E） CPI PPI 工业增加值增速 固定投资增速 社消增速 出口增速 进口增速 M2 增速 社融增速 数据来源：万得资讯 1) 权益：上周市场缩量下跌。市场方面，中美谈判乐观预期出 尽，叠加海外风险偏好回落，市场情绪偏弱，整体缩量。政 策方面，1 年期 LPR 下调 10bp 至 3%，5 年期以上 LPR 下调 10bp 至 3.5%，六大行及部分股份行下调人民币存款利率，幅度在 5-25bp 间。LPR 和存款利率同步下调，一方面降低居民企业融 资成本，另一方面降低银行放贷成本抬升放贷意愿，有助于二 季度实体 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [21]. Core Insights - The solid-state battery industry is advancing, with the China Automotive Engineering Society releasing a group standard for solid-state batteries, clarifying definitions and testing methods, which lays the foundation for technological upgrades and industrial applications. Notable developments include BMW's first solid-state electric vehicles undergoing testing and domestic companies like Jinlongyu signing orders for high-energy density solid-state battery cells [3][4]. - The humanoid robot sector is gaining traction, highlighted by the first humanoid robot combat competition, which is expected to enhance interest in the sector. Recent demonstrations by Tesla and Figure's humanoid robots working in BMW factories contribute to this growing enthusiasm [3][4]. - The photovoltaic sector is experiencing increased demand for inverters, with April 2025 exports from China reaching $810 million, a 17% year-on-year increase. European inverter exports also saw significant growth, driven by demand recovery due to power outages [3][4]. Summary by Sections Market Overview - In the past week, the mechanical equipment, electric power equipment, and automotive industry indices experienced declines of -2.48%, -0.71%, and an increase of +1.24%, respectively, ranking 30th, 16th, and 2nd among 31 Shenwan primary industries [8][10]. Industry News and Key Company Announcements - The humanoid robot combat competition is set to showcase advancements in AI and robotics, promoting technological upgrades and large-scale applications [18]. - Innovations in solar cell materials, particularly perovskite, have achieved stable mass production, marking a significant transition from laboratory to industrial application [18]. - The report highlights the ongoing development of humanoid robots by various companies, including Tesla's advancements in learning and task execution capabilities [18][19].

[Table_ReportDate] 2025 年 05 月 26 日 [Table_Author] 分析师：李时樟 执业证书：S1030522060001 电话：18065826333 邮箱：lisz@csco.com.cn 分析师：罗晴 执业证书：S1030524110001 电话：13603091122 邮箱：luoqing@csco.com.cn 证券研究报告 TMT [Table_Title] 国内外科技生态持续完善 TMT 行业周报（5 月第 4 周） [Table_S 行业观点： ummary] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_ReportType] [Table_BaseData] 公司具备证券投资咨询业务资格 1) 周度市场回顾。TMT 板块内一级行业上周（5/19-5/23）涨跌 幅为：传媒（-0.16%）、电子（-2.17%）、通信（-2.31%）、 计算机（-3.02%）。TMT 板块内涨幅靠前的三级子行业分别为 其他通信设备（1.81%）、游戏Ⅲ（1.63%），跌幅靠前的三级 子行业分别为通信网络设备及器件（-3.87%）、集成电路封 ...

Market Performance - The market experienced a decline with a weekly average trading volume of 1,173.3 billion CNY, down by 92.9 billion CNY from the previous week[9] - The Shanghai Composite Index fell by 0.57%, the Shenzhen Component by 0.46%, and the ChiNext Index by 0.88%[9] - The overall market sentiment weakened due to the exhaustion of optimistic expectations from China-US negotiations and a decline in overseas risk appetite[3] Monetary Policy - The 1-year Loan Prime Rate (LPR) was lowered by 10 basis points to 3%, and the 5-year LPR was also reduced by 10 basis points to 3.5%[3] - Major banks adjusted deposit rates downwards by 5-25 basis points, which is expected to lower financing costs for residents and enterprises[3] - The National Development and Reform Commission aims to finalize this year's construction project list by the end of June, potentially boosting construction activity in Q2[3] Economic Indicators - April economic data showed overall weakness, with ongoing downward pressure on housing prices, although export expectations have improved[3] - The average funding price increased slightly compared to the previous week, indicating a marginal tightening of liquidity[9] - The central bank's net injection in the open market was 1.2 trillion CNY, including a 375 billion CNY increase in Medium-term Lending Facility (MLF) operations[9] International Market Trends - US stock markets declined, with the Dow Jones down 2.47%, S&P 500 down 2.61%, and Nasdaq down 2.47%[9] - The 10-year US Treasury yield rose by 3 basis points to 4.51%, while the 2-year yield fell by 1.4 basis points to 3.98%[9] - Moody's downgraded the US credit rating from AAA to AA1, citing increased government debt and potential GDP growth slowdown due to tariff adjustments[3] Risk Factors - Risks include weaker-than-expected economic fundamentals and slower progress in China-US negotiations[3]

Investment Rating - The report does not explicitly state an investment rating for the industry [31]. Core Insights - The TMT sector experienced varied performance in the week of May 19-23, with declines in major segments such as electronics (-2.17%) and computing (-3.02%), while sub-sectors like other communication equipment (+1.81%) showed positive growth [3]. - The AI ecosystem is continuously improving globally, highlighted by Nvidia's introduction of NVlink Fusion, which allows partners to integrate their CPUs or ASICs into Nvidia's architecture, enhancing AI system customization [3]. - In China, Huawei's launch of PCs running on the Harmony OS marks a significant step in domestic operating system development, potentially challenging Windows and MacOS market shares [3]. - Xiaomi's release of self-developed chips, including the 3nm process-based Xuanjie O1, positions the company competitively in the global SoC market [3]. Weekly Market Review - The TMT sector's performance from May 19-23 showed declines across major industries, with the media sector down by 0.16%, electronics by 2.17%, communication by 2.31%, and computing by 3.02% [3]. - The top-performing sub-sectors included other communication equipment (+1.81%) and gaming III (+1.63%), while the worst performers were communication network devices and components (-3.87%) and integrated circuit packaging and testing (-3.50%) [3]. Industry News and Key Company Announcements - Significant events included Nvidia's announcement of new AI technologies at Computex 2025 and Google's I/O developer conference showcasing a 50-fold increase in AI usage [3][17]. - Huawei's launch of Harmony OS PCs and Xiaomi's introduction of self-developed chips are pivotal in advancing domestic technology and reducing reliance on foreign systems [3][19]. - The report highlights the rapid growth of AI applications, with companies like OpenAI and Google making strides in AI capabilities and market penetration [3][19].