Group 1 - The report highlights the significant progress made during the recent China-US trade talks in Geneva, with both sides agreeing to lower tariffs and establish a negotiation mechanism for future discussions [3][25][26] - The Chinese government emphasizes the importance of maintaining high-quality development and expanding international cooperation to navigate external uncertainties [3][30][31] - The report suggests that the trade agreement is a rational choice based on the current economic realities of both countries, indicating a shift towards pragmatic dialogue [3][27][28] Group 2 - The communication equipment industry is experiencing a recovery, with revenue growth of 2.9% and 12.9% year-on-year in Q4 2024 and Q1 2025, respectively, driven by AI computing power [5] - The net profit for the communication equipment sector showed a decline of 14.1% in Q4 2024, followed by a 24% increase in Q1 2025, indicating a positive trend in profitability [5] - The report recommends focusing on investment opportunities in "AI + overseas + satellite" sectors, particularly in areas like optical modules and liquid cooling technologies [5] Group 3 - The electronics sector is witnessing a recovery, with a total fund holding value of approximately 234.4 billion, representing 18.09% of the market, with a notable increase in semiconductor holdings [6] - Consumer electronics companies reported a significant revenue growth rate exceeding double digits in Q1 2025, supported by government subsidies and tariff preparations [6] - The AI performance dividends are becoming evident in passive components and PCB sectors, with automotive and AI computing emerging as new growth drivers [6] Group 4 - The automotive parts industry is focusing on the growth of electric vehicle components, with sales in the new energy sector reaching 7.249 billion yuan in 2024, a year-on-year increase of 21.3% [10] - The report indicates that the company is strategically positioning itself in the robotics sector, leveraging its technological advantages to expand into this emerging market [10] - The projected revenue for the company from 2025 to 2027 is expected to grow significantly, with net profits forecasted to reach 1.58 billion yuan by 2027 [10] Group 5 - The report on the company 盛业 (06069) indicates a strategic partnership with investors to enhance its supply chain technology business, focusing on AI and e-commerce sectors [38][39] - The company aims to leverage its collaboration with strategic investors to expand its market presence and improve its AI research capabilities [38][39] - The expected revenue growth for the company from 2025 to 2027 is projected to be substantial, with net profits anticipated to reach 836 million yuan by 2027 [38]

证券研究报告 2025年05月13日 行业报告： 行业深度研究 24&25Q1总结：资源端金&铜领涨，材料端盈利大幅提升 作者： 分析师 刘奕町 SAC执业证书编号：S1110523050001 分析师 曾先毅 SAC执业证书编号：S1110524060002 分析师 胡十尹 SAC执业证书编号：S1110525010002 联系人 吴亚宁 请务必阅读正文之后的信息披露和免责申明 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） • 24-25Q1有色金属板块整体情况：资源端金&铜领涨，材料端盈利大幅提升。指数表现方面，24年全年有色板块涨幅为3.2%，低于沪深300指数，板块Q1大幅上 涨，之后主要由于宏观预期扰动大幅回落。25Q1有色板块涨幅为12%，位列申万一级行业之首，主要系有色板块主要品种价格表现强势，一方面特朗普关税政策 推升通胀预期，金价中枢持续抬升，另一方面3月是有色金属需求旺季，铜铝持续去库价格强势，高价格中枢下相关企业业绩释放预期增强。 • 贵金属：金价上涨带动企业盈利同比大增。 2024年黄金行业实现营业总收入2915.88亿元，同比+2.83%。 25Q1实现营收838 ...

行业报告 | 行业研究周报 消费电子 证券研究报告 海外科技股 25Q1：Capex 保持较高强度，看好 AI 算力链修复 端侧 AI：AI 红利开始在业绩端兑现。1）苹果营收和利润同比增长 5%，服务与 iPad 业务表现突出，尽管大中华区 营收下滑，但公司积极通过全球生产布局应对关税带来的成本上升；2）高通创下营收历史新高，车用与物联网芯片 业务强劲增长，推动整体业绩上扬；3） 联发科则受益于 AI 旗舰芯片升级和市场需求增长，实现营收同比增长近 15%，虽毛利率因基期效应略有下滑，但预期 AI 产品组合将继续提升市场份额与产品均价。 云侧 AI：资本开支强度保持，产业链信心有望迎来修复。Meta、微软和亚马逊均实现了稳步增长，并在资本开支上 大幅加码，重点投入 AI 数据中心、云服务及相关技术基础设施建设。1） Meta 的 25Q1 收入增长 16%，主要由应用 家族驱动，并大幅提升资本支出以支持 AI 基础设施建设；2） 微软则通过 Azure 服务的强劲增长以及自研 AI 芯片 的投入，进一步推动 AI 技术的发展，并提高了资本支出的预期；3） 亚马逊25Q1 净销售额增长 9%，AWS 云服务 ...

Investment Rating - Industry Rating: Outperform the Market (Maintain Rating) [4] Core Insights - The 2025 COMPUTEX will focus on "AI Next," showcasing the latest advancements in artificial intelligence and its applications across various sectors, including AI & Robotics, Next-Gen Tech, and Future Mobility [2][10] - The report highlights the rapid growth of the global large language model (LLM) market for robots, with a projected compound annual growth rate (CAGR) of 48.2% from 2025 to 2028, potentially exceeding $100 billion by 2028 [3][22] - The AR/MR market is expected to see significant growth, with VR/MR shipments projected to reach 40.1 million units by 2030, reflecting a CAGR of approximately 33% [3][28] - The report emphasizes the importance of the Internet of Vehicles (IoV) in creating smart transportation ecosystems, although challenges such as high infrastructure costs and the need for cross-industry collaboration remain [4][38] Summary by Sections 1. Transition from Connecting AI to AI Next - The 2025 COMPUTEX will gather around 1,400 leading tech companies to showcase innovations in AI and robotics, next-gen technologies, and future mobility [2][10] 2. Focus Areas of AI Next 2.1. Physical AI and Robotics - The integration of AI and robotics is becoming a global focus, with a shift towards commercial and household applications, indicating accelerated product deployment [3][22] 2.2. Next-Gen Technology - The VR/MR market is expected to recover and grow, with significant improvements in hardware technology leading to increased user immersion and lower costs [3][28] 2.3. Future Mobility - The IoV is central to developing smart traffic ecosystems, with technologies enabling vehicle-to-vehicle, vehicle-to-infrastructure, and vehicle-to-pedestrian communication [4][38] 3. COMPUTEX Keynote Focus - Major companies like NVIDIA, Foxconn, Qualcomm, Arm, and NXP will present their visions for AI development and its impact on various industries [4][43][44][45][46] 4. Suggested Focus Areas - The report suggests monitoring companies involved in SoC solutions, ASICs, semiconductor storage, and various electronic components, highlighting potential investment opportunities in these sectors [4][47]

白酒：五一宴席场景表现积极，25 年磨底阶段酒企普遍求"稳"。本周白酒板块+2.34%，表现 强于食品饮料整体及沪深 300，或主要系 Q1 季报落地板块业绩压力峰已过。本周酒企陆续召 开业绩说明会，从各酒企 25 年目标制定情况来看，理性客观、务实稳健是主旋律，多数酒企 25 年目标相对"柔性"，行业整体目标中枢预计降至个位数。此外，据微酒多地调研反馈，五 一期间受益"双春年"民俗效应，宴席场景表现积极，婚宴动销同比增长，推动库存去化，渠 道资金压力有所缓解。当前（2025-05-10）申万白酒指数 PE-TTM 为 19.97X，处于近10 年14.12% 的合理偏低水位，建议关注后续消费刺激政策出台为板块带来的估值修复机会，淡季核心高端 酒批价表现或为板块趋势变化催化剂。 啤酒&饮料：五一出行数据超预期，统一 Q1 高增，带动板块行情。本周啤酒板块涨跌幅+0.47%、 软饮料+0.07%，其中统一（+10.6%）、农夫（+6.0%）、华润饮料（+5.7%）涨幅靠前。五一出行 旅游数据景气度高，统一业绩超预期，带动饮料板块行情。据文化和旅游部数据中心测算，假 期 5 天全国国内出游人次同比+6.4%，国内 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, with a target price of 52.49 CNY based on a projected PE of 70 times for 2025 [5][6]. Core Insights - The company is positioned as a leader in precision optical components, benefiting from the growth in AI computing power and emerging application fields such as biomedicine and AR [1][2]. - The company has established six core technology platforms to enhance its competitive edge and is focusing on technological innovation, multi-application strategies, and smart manufacturing [3][4]. - The overall business performance is expected to improve, with projected revenue of 445 million CNY in 2024, representing a year-on-year growth of 30.96%, and a net profit of 69.37 million CNY, up 66.53% [1][29]. Summary by Sections 1. Company Overview - The company specializes in the R&D, production, and sales of various precision optical components and fiber optic devices, focusing on the optical optoelectronic industry [1][16]. - It has received multiple recognitions as a high-tech enterprise and has established a strong technical innovation framework [16][21]. 2. Industry Growth Drivers - The demand for optical communication equipment is driven by the commercialization of 5G and the expansion of AI applications, with the optical communication market in China expected to reach 147.3 billion CNY by 2024 [2][4]. - The biomedicine sector is experiencing continuous expansion, with increasing demand for wearable health monitoring devices, which is driving innovation in upstream optical components [2][4]. 3. Technological Innovation - The company has developed six core technology platforms, enabling vertical integration and cost-effective mass production of optical components [3][4]. - It has established partnerships with major global manufacturers in the optical module and fiber laser sectors, enhancing its market presence [4][21]. 4. Financial Performance and Forecast - The company anticipates a total revenue of 4.45 billion CNY in 2024, with significant contributions from precision optical components and fiber optic devices [29][30]. - The projected net profit for 2024 is 69.37 million CNY, reflecting a strong recovery from previous years [5][29]. 5. Investment Recommendations - The report suggests that the company is well-positioned to capitalize on the growing demand for high-speed optical communication components driven by AI and other emerging technologies [1][5]. - The company’s focus on technological innovation and expanding into new application areas is expected to enhance its revenue growth and profitability [1][4][29].

1）细分持仓比例及变动：25Q1 电子行业基金持仓总市值约 2344 亿，占比 18.09%，环比 24Q4 提升 1.25pct，细分板块中半导体持仓占 比显著提升，消费电子保持稳定，元件板块有小幅下降。其中半导体/电子化学品/光学光电子/其他电子/消费电子/元件持仓占比分别达 到 10.69%/0.43%/0.66%/0.08%/4.62%/1.61%，环比提升 2.02/0.06/0.01/-0.09/0/-0.76pct。 行业报告 | 行业专题研究 消费电子 证券研究报告 25Q1：AI 业绩红利兑现伊始、机构持仓稳定，看好算力开支及新机带动下的板块修复机遇 电子及消费电子行业基金持仓情况：国产算力+国补政策助推 25Q1 基金持仓比例进一步抬升至 18.09%，大幅超配。 元件及光学光电子板块 25Q1 业绩总结：AI 业绩红利开始显著兑现。1）被动元件：汽车及 AI 算力已经成为新动能。2）PCB：作为业绩 增速较为亮眼的子行业板块，显著受益于高速 PCB 的旺盛需求。沪电股份：25Q1 公司实现营收 40.38 亿元，yoy+56%，实现归母净利润 7.62 亿元，yoy+48%，延续高速增长 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21 HKD, representing a potential upside of over 20% from the current price of 13.42 HKD [5][14]. Core Insights - The company is raising up to 210 million HKD through a placement of shares at 11.99 HKD each, which is a discount of approximately 6.91% from the last closing price [1]. - The funds raised will be used to enhance collaboration with leading companies in AI and e-commerce, aiming to expand technology revenue and improve AI research capabilities [1][4]. - The strategic partnerships with Jingtai Holdings and Jiaoge Friends Holdings are expected to leverage AI research and e-commerce strengths, respectively, to enhance the company's market position [3][4]. Financial Projections - Revenue forecasts for FY2025, FY2026, and FY2027 are projected at 1.111 billion HKD, 1.346 billion HKD, and 1.615 billion HKD, respectively, with net profit estimates of 498 million HKD, 653 million HKD, and 836 million HKD [4]. - The company’s total market capitalization is approximately 13.29 billion HKD, with a total share capital of 990.26 million shares [6]. - The company has a net asset value per share of 4.45 HKD and a debt-to-asset ratio of 61.18% [6].

Investment Rating - The report assigns an "Accumulate" rating for the company with a target price of 52.49 CNY, based on a projected PE of 70 for 2025 [5][6]. Core Insights - The company is positioned as a leader in precision optical components, benefiting from the growth in AI computing power and emerging application fields such as biomedicine and AR [1][2]. - The company has shown steady revenue growth, with a projected total revenue of 445 million CNY in 2024, representing a year-on-year increase of 30.96%, and a net profit of 69.37 million CNY, up 66.53% year-on-year [1][29]. - The company focuses on three strategic areas: technological innovation, multi-application field expansion, and smart manufacturing [1][54]. Summary by Sections Company Overview - The company specializes in the R&D, production, and sales of various precision optical components and fiber optic devices, having established itself in the optical optoelectronics industry [1][16]. - The company has received multiple accolades, including being recognized as a national high-tech enterprise and a "little giant" enterprise in specialized and innovative sectors [16][21]. Industry Growth Drivers - The demand for optical communication equipment is driven by the commercialization of 5G and the expansion of AI applications, with the optical communication market in China expected to reach 147.3 billion CNY by 2024 [2][27]. - The biomedicine sector is experiencing continuous expansion, with a significant increase in demand for wearable physiological monitoring devices [2][27]. Technological Innovation - The company has developed six core technology platforms, enabling vertical integration and cost-effective mass production of optical components [3][54]. - The company has established partnerships with major global players in the optical module and fiber laser markets, enhancing its competitive position [4][21]. Financial Performance - The company’s revenue from precision optical components is projected to reach 355 million CNY in 2024, accounting for 79.78% of total revenue [29][30]. - The company’s net profit is expected to grow significantly, with projections of 97 million CNY in 2025 and 132 million CNY in 2026 [5][11]. Investment Recommendations - The report forecasts a strong growth trajectory for the company, with net profits expected to reach 1.69 billion CNY by 2027, corresponding to a PE ratio of 30 [5][11]. - The company is well-positioned to capitalize on the increasing demand for high-speed optical communication components driven by AI computing needs [1][2].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Viewpoints - The liquor sector showed positive performance during the May Day holiday, with companies focusing on stability as they navigate a bottoming phase in 2025. The overall industry target is expected to decrease to single digits, indicating a cautious outlook [2][13] - The beer and beverage sectors benefited from higher-than-expected travel data during the May Day holiday, with leading companies like Uni-President and Nongfu Spring reporting significant profit increases [3][17] - The health supplement sector saw strong performance, with companies like Bailong Chuangyuan showing resilience due to excellent Q1 results and minimal tariff impacts. The sector is expected to benefit from cyclical recovery opportunities [4][21] Summary by Sections Market Performance Review - The food and beverage sector increased by 1.76% from May 2 to May 9, outperforming the Shanghai Composite Index, which rose by 1.92% [24] Liquor Sector Insights - The liquor sector rose by 2.34%, driven by positive sales during the May Day holiday and a reduction in performance pressure following Q1 earnings reports. The current PE-TTM for the liquor index is 19.97X, below the 10-year average of 14.12% [2][13] Beer and Beverage Sector Insights - The beer sector increased by 0.47%, with leading companies like Uni-President and Nongfu Spring showing strong growth. The travel data indicated a 6.4% year-on-year increase in domestic travel during the holiday [3][17] Health Supplements and Snacks - The health supplement sector saw a rise of 5.09%, with Bailong Chuangyuan leading the gains. The snack sector experienced a slight decline of 1.85%, attributed to previous high increases [4][21] Investment Recommendations - Recommended stocks include leading companies in various segments: for liquor, focus on Shanxi Fenjiu and Guizhou Moutai; for snacks, consider West Wheat Foods and Three Squirrels; for dairy, look at Yili and New Dairy [5][22][23]