[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 ...

[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 宏观 海外风险偏好回落影响市场表现 [Table_ReportDate] 2025 年 05 月 26 日 证券研究报告 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 经济预测（一致预期） 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 ...

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].

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Insights - The solid-state battery industry is advancing, with the release of the "Solid-State Battery Determination Method" standard by the China Automotive Engineering Society, which clarifies definitions and testing methods, paving the way 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 factories have contributed to this momentum [3][4]. - The photovoltaic inverter market shows positive demand trends, with China's inverter exports reaching $810 million in April 2025, a 17% year-on-year increase, and a 28% month-on-month increase. European inverter exports also saw significant growth, indicating a recovery in demand [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 them 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 advanced robotics technology and promote industrial upgrades [18]. - Innovations in solar cell materials, particularly perovskite technology, have achieved stable mass production, marking a significant advancement from laboratory to industrial application [16]. - The total installed power generation capacity in the country reached 3.49 billion kilowatts by the end of April, with solar power capacity growing by 47.7% year-on-year [16].

[Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 [Table_ReportDate] 2025 年 05 月 26 日 [Table_ReportType] 医药生物行业周报（5 月第 4 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_BaseData] 1) 周度回顾。上周（5 月 19 日-5 月 23 日）医药生物板 块收涨 1.78%，跑赢 wind 全 A（-0.63%）和沪深 300 （-0.18%）。从板块来看，其他生物制品（4.09%）、原 料药（4.03%）和医疗研发外包（3.6%）涨幅居前，医 院（-1.07%）、疫苗（0.89%）和血液制品（-0.07%）跌 幅居前。从个股来看，三生国健（100%）为三生制药 关联方，涨幅居前。 2) 创新药开启系统性价值重估。5 月 20 日，三生制药宣 布与辉瑞达成一项总额高达 60.5 亿美元 ...

Investment Rating - The report suggests a positive outlook for the consumer sector, indicating a potential recovery and valuation improvement in the industry [3][4]. Core Insights - The consumer sector showed mixed performance in the week of May 19-23, with notable gains in home appliances and textiles, while food and beverage sectors experienced declines. The Shanghai Composite Index fell by 0.18% during this period [4]. - In April, retail sales increased by 5.1% year-on-year, with significant growth in optional consumption and durable goods. The report highlights that essential consumption, particularly in grain and oil products, maintained high growth rates [4]. - The cleaning appliance market remains robust, with significant sales growth in robotic vacuums and floor washers, indicating a trend towards premiumization and market expansion driven by technological advancements [4]. Market Weekly Review - The consumer sector's weekly performance varied, with home appliances up by 1.21% and food and beverage down by 1.27%. Key stocks that surged included Kuaijishan (+31.37%) and Liren Lizhuang (+53.87%), while stocks like Anji Food (-10.29%) and Huafang Co. (-23.78%) faced declines [4][14][15]. - April's retail sales data showed a 5.1% year-on-year increase, with essential goods like grain and oil growing by 14.0%, and optional goods like cosmetics and jewelry seeing increases of 7.2% and 25.3%, respectively [4][16]. Industry News and Key Company Announcements - The Ministry of Commerce reported that retail sales of home appliances have seen double-digit growth for eight consecutive months, with a 38.8% year-on-year increase in April [16]. - Various cities are implementing policies to boost consumer spending, including subsidies for purchasing home appliances and digital products [17][18]. - Companies like Midea and Hisense are making strategic moves, with Midea's former executive joining Hisense to lead air conditioning business development [19][20].

大消费 [T分析师able_A：uthor 罗鹏 ] 执业证书号：S1030523040001 电话：0755-23602217 邮箱：luopeng@csco.com.cn 研究助理：赵靖 电话：0755-23602217 [Table_ReportDate] 2025 年 5 月 26 日 [Table_ReportType] 大消费行业周报（5 月第 4 周） [Table_Summary] 行业观点： 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 邮箱：zhaojing2@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 4 月社零可选消费表现亮眼 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率（%） 149 期间费用率（%） 4.54 存货周转率（%） 42.56 讯 1) 上周（5/19-5/23）大消费板块表现分化。家用电器、纺织服 饰、 ...

[Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 医药生物 G 创新药开启系统性价值重估 [Table_ReportDate] 2025 年 05 月 26 日 [Table_ReportType] 医药生物行业周报（5 月第 4 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_BaseData] 1) 周度回顾。上周（5 月 19 日-5 月 23 日）医药生物板 块收涨 1.78%，跑赢 wind 全 A（-0.63%）和沪深 300 （-0.18%）。从板块来看，其他生物制品（4.09%）、原 料药（4.03%）和医疗研发外包（3.6%）涨幅居前，医 院（-1.07%）、疫苗（0.89%）和血液制品（-0.07%）跌 幅居前。从个股来看，三生国健（100%）为三生制药 ...

[Table_ReportDate] 2025 年 05 月 19 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 公司具备证券投资咨询业务资格 证券研究报告 TMT [Table_Title] 国内两大云厂商大资本同比增长 TMT 行业周报（5 月第 3 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] 1) 周度市场回顾。TMT 板块内一级行业上周（5/12-5/16）涨跌 幅为：通信（-0.12%）、电子（-0.75%）、传媒（-0.77%）、 计算机（-1.26%），TMT 板块整体跑输沪深 300（1.12%）。TMT 板块内涨幅靠前的三级子行业分别为品牌消费电子（1.95%）、 通信网络设备及器件（1.16%）、消费电子 ...

宏观 证券研究报告 中美日内瓦经贸会谈联合声明超预期 [Table_ReportDate] 2025 年 05 月 19 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 3 周） [Table_S 核心观点： ummary] 请务必阅读文后重要声明及免责条款 5) 风险提示：基本面超预期弱化、中美谈判进度不及预期。 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 经济预测（一致预期） 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：上周市场缩量上涨。关税动态方面，中美日内瓦经贸 会谈联合声明超预期，但由于 24%部分暂停的关税后续贸易谈 判难度较大，谈判窗口期后仍然有重新启动的风险，针对芬 ...