Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Insights - The company has successfully transformed into a global leading smart product platform enterprise with a "3+N+3" multi-business line growth strategy, focusing on mature core businesses such as smartphones, PCs, and data centers, while expanding into emerging fields like automotive electronics, software, and robotics [4][11]. - The company is positioned to benefit from the domestic CSP (Cloud Service Provider) arms race, with its server business expected to become a strong growth driver due to increasing demand for customized server solutions from major internet firms [5][37]. - The smartphone market is recovering, with the company benefiting from increased ODM (Original Design Manufacturer) penetration and strong demand from major clients [46][55]. Summary by Sections I. Global Leading Smart Product Platform Enterprise - The company has established a "3+N+3" strategy, focusing on three core mature businesses and expanding into three emerging fields, which has led to a compound annual growth rate (CAGR) of 23.56% in revenue from 2018 to 2024 and 58.87% in net profit [4][11][18]. II. Server Business Growth - The company is a key supplier for major domestic CSPs, benefiting from a significant increase in capital expenditures from internet giants, with a projected capital expenditure of approximately 240 billion yuan in 2024 [5][29]. - The ODM Direct model is reshaping the market, with the company's server business expected to capture a significant share of the growing demand for customized solutions [34][37]. III. Smart Terminal Business - The company is well-positioned in the smart terminal market, with a leading share in the ODM sector, which is expected to grow as the industry shifts towards higher ODM penetration [6][55]. - The smartphone market is showing signs of recovery, with a projected growth in AI smartphone penetration, which will further drive demand for the company's products [46][49]. IV. Profit Forecast and Investment Recommendations - The company is expected to achieve total revenues of 138.93 billion yuan, 168.19 billion yuan, and 200.59 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 3.71 billion yuan, 4.53 billion yuan, and 5.70 billion yuan [7][65].

2025 年 06 月 30 日 投资策略 估值与盈利周观察——6 月第 4 期：普涨 市场估值普涨，创业板指、成长居前。上周宽基指数估值普涨，创业 板指表现最优，红利表现最弱。从 PE、PB 偏离度的角度看，食品饮料、 农林牧渔、公用事业等行业估值较为便宜。向前看，本周市场 ERP 下降， 处于 21 年以来历史均值附近。 市场表现：微盘股、创业板指、成长表现最好；红利、消费、稳定表 现最弱。 行业表现：计算机、国防军工、非银金融涨幅前三，石油石化、食品 饮料、交通运输表现最弱。 相对估值：创业板指/沪深 300 相对 PE 上升，创业板值/沪深 300 相 对 PB 上升。 全 A ERP：ERP 较前一周下降，处于 21 年以来历史均值附近。 指数 PEG & PB-ROE: 红利 PEG 值最小，科创 50 风格 PB-ROE 值最小。 大类行业估值：金融地产估值高于 50%历史分位，原材料、设备制造、 工业服务、交通运输、消费、科技历史估值处于 50%左右及以下水平。 一级行业估值：各行业估值普涨，非银金融、农林牧渔、家电、食品 饮料估值处于近一年低位。 热门概念：无人驾驶、半导体材料、培育砖石、第 ...

Investment Rating - The report does not provide specific investment ratings for the industry segments mentioned [2]. Core Insights - The overall industry strategy emphasizes positive trends in terminal innovation, with a focus on smart technology, solid-state batteries, and offshore wind energy [3][4][15]. - The new energy vehicle supply chain is entering a new cycle, driven by demand expectations from key players like Tesla, Xiaomi, and CATL [4]. - Solid-state batteries are entering a critical introduction phase, with companies like Putailai benefiting from advancements in technology [4][32]. Summary by Relevant Sections New Energy Vehicle Supply Chain - Terminal innovations are expected to boost demand, with Xiaomi's YU7 and Tesla's Robotaxi leading the charge [4]. - CATL is collaborating with partners to develop L4 autonomous driving technology, investing over 3 billion [4]. Solid-State Battery Developments - The China Automotive Engineering Society has released the first group standard for solid-state batteries, clarifying definitions and standards [4]. - Innovations in current collectors are crucial for commercializing solid-state batteries, with companies like Nord and Defu Technology making strides [4][45]. Energy Storage Industry - Five major trends in energy storage are emerging, including reduced cell costs and the need for new profit models [5][40]. - The implementation of the 136 document in Xinjiang is expected to clarify future revenue prospects for energy storage projects [5][34]. Offshore Wind Energy - Leading companies in the wind energy sector are expected to report strong second-quarter results, benefiting from high demand and improved product structures [9]. - Shanghai's marine industry development plan aims to accelerate the research and application of large-scale floating wind turbines [44]. AI and New Energy Integration - Companies like Tesla and CATL are advancing in the integration of AI with new energy technologies, with significant investments in humanoid robots and autonomous driving [6][41]. - The humanoid robot market is projected to drive advancements in battery technology, particularly solid-state batteries [37]. Market Trends and Pricing - Recent price adjustments in lithium carbonate and other battery materials indicate market volatility, with lithium carbonate prices showing a 20.42% decrease year-to-date [14][19]. - The report highlights the importance of monitoring material prices as they directly impact the profitability of the new energy vehicle and battery sectors [11][13].

Investment Rating - The report maintains a positive outlook on the basic chemical industry [1] Core Insights - The prices of bio-jet fuel (SAF) and bio-diesel have increased, with SAF reaching $2230 per ton, up 9.85% week-on-week and 20.28% year-to-date [3][11] - Refrigerant prices remain strong, with R32 and R134a showing slight increases of 0.96% and 1.03% respectively [4][11] - The demand for high-performance fibers and lightweight materials is expected to rise due to advancements in robotics and the low-altitude economy [5][28] Summary by Sections 1. Sub-industry Tracking - Bio-jet fuel (SAF) and bio-diesel prices are on the rise, with SAF priced at $2230 per ton and bio-diesel at 8100 RMB per ton [3][11] - Refrigerant prices are stable, with R32 at 52500 RMB per ton and R134a at 49000 RMB per ton [4][11] - Prices for vitamins, multi-crystalline silicon, and other materials have declined [4][11] 2. Electronic Chemicals - The electronic chemicals sector focuses on materials for the electronics industry, including wet electronic chemicals and photolithography materials [13][16] - The market for semiconductor materials is projected to grow, with a significant increase in domestic production capabilities [20][23] 3. New Quality Productivity - Carbon fiber and ultra-high molecular weight polyethylene (UHMWPE) are highlighted as key materials benefiting from the low-altitude economy and robotics [28][30] - PEEK materials are gaining traction in humanoid robotics, with demand expected to grow significantly [33] 4. Lithium Battery/Storage Materials - Conductive agents like carbon black and carbon nanotubes are essential for lithium battery materials, with current market prices showing a downward trend [36][39] - Sodium-ion battery materials are also gaining attention due to their cost advantages [39] 5. Renewable and Modified Plastics - The demand for recycled plastics is increasing, with a notable rise in the proportion of recycled materials used in packaging [55][58] - Specialty engineering plastics are in demand across various industries, including automotive and aerospace [55][60] 6. Coatings, Inks, and Pigments - The demand for new functional coating materials is growing, driven by the automotive and consumer electronics sectors [62][64] 7. Market Performance - The basic chemical index has shown a 4.15% increase, outperforming the overall market [66][67]

Group 1: Core Insights - The report highlights five key stocks for July, each representing different industries with strong growth potential and attractive valuations [1][3][4]. Group 2: Industry Summaries - **Electronics - Huakin Technology (603296.SH)**: The company is a global leader in smart product platforms, with data center business expected to ramp up in the second half of the year [3]. - **Textiles and Apparel - Zhejiang Natural (605080.SH)**: The stock is undervalued due to tariff impacts, but is seeing a recovery in orders for old products alongside new product launches, indicating high growth potential [4]. - **Social Services - Tianli International Holdings (1773.HK)**: This company is a leader in K12 private education in China, focusing on high school education and diversifying its brand influence [4]. - **Oil and Petrochemicals - CNOOC Engineering (600583.SH)**: The company benefits from overseas orders, with rapid growth in annual and quarterly performance; projected dividend yield for 2024 is close to 4% [4]. - **New Energy - Putailai (603659.SH)**: The company is expected to see a gradual recovery in lithium battery anode performance, with small-scale production orders for CVD silicon-carbon anodes and plans for production in 2025 [4].

2025 年 06 月 29 日 行业周报 看好/维持 医药 医药 板块出现缩量上涨，持续看好创新药（附 PCSK9 靶点研究）(2025.06.23-2025.06.29) 走势比较 推荐公司及评级 | 君实生物 | 买入 | | --- | --- | | 华领医药-B | 买入 | | 奥锐特 | 买入 | | 同和药业 | 买入 | | 阳光诺和 | 买入 | | 泓博医药 | 买入 | | 福元医药 | 买入 | | 三生制药 | 买入 | | 京新药业 | 买入 | | 共同药业 | 增持 | | 亿帆医药 | 买入 | | 诺诚健华 | 买入 | | 诺思格 | 买入 | | 奥翔药业 | 买入 | | 科伦药业 | 买入 | | 国邦医药 | 买入 | | 来凯医药-B | 买入 | | 百利天恒 | 买入 | | 益方生物 | 买入 | | 皓元医药 | 买入 | | 普洛药业 | 买入 | | 信达生物 | 买入 | | 加科思-B | 买入 | 相关研究报告 原料药——①2025-2030 年，下游制剂专利到期影响的销售额为 3900 亿美元，相较 2019-2024 年总额增长 124 ...

Investment Rating - The report does not provide specific ratings for sub-industries such as white goods, black goods, small appliances, and kitchen appliances [3] Core Insights - The white goods production is expected to face short-term pressure in Q3 2025, with production volumes for air conditioners, refrigerators, and washing machines projected to decline by 1.9%, 2.4%, and 4.2% respectively in July 2025 [4] - The report anticipates a recovery in the white goods sector due to the implementation of domestic replacement policies and inventory buildup in overseas channels, which may help improve the sector's performance [4] - Xiaomi has launched AI glasses with a starting price of 1999 yuan, indicating innovation in the consumer electronics space [5] Market Performance - The home appliance sector saw a 2.02% increase in the week of June 23-27, 2025, while the year-to-date performance shows a decline of 1.44%, ranking 18th among the Shenwan primary industries [11][12] - Notable stock performances include Springlight Technology, He Sheng New Materials, and Rongtai Health, with Springlight Technology achieving a year-to-date increase of 96.50% [11] Real Estate and Raw Material Data - In May 2025, the transaction area and number of transactions for commercial housing in 30 major cities in China were 8.21 million square meters (-4.95%) and 83,700 units (-2.16%) respectively, indicating a slight recovery in demand [17][20] - Raw material prices show mixed trends, with LME copper and aluminum prices increasing by 6.67% and 5.06% year-on-year, while steel and plastic prices have decreased [21][24] Investment Recommendations - The report suggests that the white goods sector is likely to benefit from ongoing replacement policies and a recovery in real estate transactions, making it a favorable investment opportunity [29] - Key companies recommended for investment include Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances, all of which have strong production capabilities to mitigate the impact of U.S. tariff policies [29][30]

太平洋房地产日报（20250626）：沈阳住房公积金优化 6 项政策 措施 走势比较 (20%) (6%) 8% 22% 36% 50% 24/6/6 24/8/17 24/10/28 25/1/8 25/3/21 25/6/1 房地产 沪深300 子行业评级 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 推荐公司及评级 相关研究报告 2025 年 06 月 27 日 行业日报 中性/维持 房地产 房地产 <<太平洋房地产日报（20250625）：天 津 13.35 亿元成交三宗地块>>-- 2025/6/25 <<太平洋房地产日报（20250624）：北 京土拍收金20.8亿元>>--2025/6/24 <<太平洋房地产日报（20250623）：杭 州推出住房公积金直付购房首付款 业务>>--2025/6/23 证券分析师：徐超 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com ...

2025 年 06 月 25 日 行业日报 看好/维持 医药 <<太平洋医药日报（20250624）：大塚 制药以6.7 亿美元囊获和铂医药双抗 新药 HBM7020>>--2025-06-25 <<太平洋医药日报（20250623）：参天 制药 Ryjunea 在欧盟获批上市>>-- 2025-06-24 <<太平洋医药日报（20250620）： Incyte 单抗 Monjuvi 获 FDA 批准>>- -2025-06-22 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：张崴 电话： E-MAIL：zhangwei@tpyzq.com 分析师登记编号：S1190524060001 医药 太平洋医药日报（20250625）：阿斯利康减重新药联合疗法在华 获批临床 ◼ 走势比较 (10%) (2%) 6% 14% 22% 30% 24/6/25 24/9/6 24/11/18 25/1/30 25/4/13 25/6/25 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 ...

策 略 研 究 太 平 2025 年 06 月 25 日 投资策略 策略日报（2025.06.25）：价波同涨，年内新高 相关研究报告 洋 证 券 股 份 有 限 公 破>>--2025-06-24 动>>--2025-06-23 <<策略日报（2025.06.20）缩量下 跌>>--2025-06-20 整>>--2025-06-19 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：徐梓铭 E-MAIL：xuzm@tpyzq.com 分析师登记编号：S1190525050001 大类资产跟踪 << 策 略 日 报 （ 2025.06.24 ） 突 <<策略日报（2025.06.23）反者道之 债券市场利率债高开低走，股债跷跷板效应延续。股市方面上证指 数放量突破颈线压制，且呈均线排列结构，虽然基本面的疲弱仍将支撑债 市，但股市若继续走强仍将压制债市表现，预计债市后续将高位震荡运行。 后续展望：股市大盘突破，债市预计高位震荡。 司 证 券 研 究 报 告 << 策 略 日 报 （ 2025.06.19 ） 调 证券分析师：张冬冬 股票市场：指数向上变 ...