Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Views - The report emphasizes investment opportunities in the soft drink and low-alcohol segments due to new products, low base effects, and the upcoming peak season [4][5][15] - The white liquor sector is recommended with a focus on Moutai and Fenjiu, while the yellow wine sector is under observation for data validation [3][18] - The report identifies four key themes in the consumer goods sector: cost control, new consumption trends, potential performance elasticity in Q2, and thematic expectations [18][22] Summary by Sections Market Performance Review - From May 26 to May 30, the food and beverage sector declined by 1.06%, while the Shanghai Composite Index fell by 0.03% [24] - Notable performances included soft drinks (+9.27%), other alcoholic beverages (+7.13%), and beer (+3.22%) [24] White and Yellow Liquor - The white liquor sector saw a decline of 2.76%, attributed to recent regulations and seasonal factors [3] - Shanxi Fenjiu aims for national expansion and product growth, indicating a strategic opportunity during the industry's adjustment phase [3][18] Beer and Beverage - The beer sector increased by 3.22%, supported by seasonal demand and promotional activities [14] - The report highlights the potential of the soft drink and low-alcohol segments, with significant growth in companies like Li Ziyuan and Dongpeng Beverage [15][22] Consumer Goods - The consumer goods sector is recommended based on four main themes: cost control, new consumption, potential performance elasticity, and thematic expectations [18][22] - The report suggests focusing on companies that can leverage these themes, such as Ximai Food and H&H [22] Investment Recommendations - Top picks include soft drinks and low-alcohol products like Li Ziyuan, Chengde Lulou, and Dongpeng Beverage [5][22] - For the white liquor sector, leading companies like Shanxi Fenjiu and Guizhou Moutai are recommended [5][22] - The report also suggests monitoring companies in the consumer goods sector that align with the identified themes [22]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Viewpoints - The report emphasizes investment opportunities in the soft drink and low-alcohol segments due to new products, low base effects, and the upcoming peak season [4][5][15] - The white liquor sector is recommended with a focus on Moutai and Fenjiu, while the yellow wine sector is under observation for data validation [3][18] - The report identifies four key themes in the consumer goods sector: cost control, new consumption trends, potential performance elasticity in Q2, and thematic expectations [18][22] Summary by Sections Market Performance Review - From May 26 to May 30, the food and beverage sector declined by 1.06%, while the Shanghai Composite Index fell by 0.03% [24] - Notable performances included soft drinks (+9.27%), other alcoholic beverages (+7.13%), and beer (+3.22%) [24] White and Yellow Wine - The white liquor sector saw a decline of 2.76%, attributed to recent regulations and seasonal factors [3] - Fenjiu aims for national expansion and product growth, indicating a strategic opportunity during the industry's adjustment phase [3][18] Beer and Beverage - The beer sector increased by 3.22%, supported by seasonal demand and promotional activities [14] - The report highlights the potential in the soft drink and low-alcohol segments, driven by new marketing strategies and upcoming sales events [15][22] Consumer Goods - The report recommends focusing on four main themes: cost control, new consumption logic, potential performance elasticity, and thematic expectations [18][22] - Specific companies to watch include Ximai Foods, Li Ziyuan, and Sanhua Foods, among others [22] Investment Recommendations - Top picks include soft drinks and low-alcohol products such as Li Ziyuan, Chengde Lulou, and Dongpeng Beverage [5][22] - In the white liquor sector, Moutai and Fenjiu are highlighted for their strong alpha and benefits from market concentration [5][22]

Investment Rating - The report assigns a "Buy" rating for stocks, indicating an expected relative return of over 20% within the next six months [27] Core Insights - Southbound capital continues to flow into Hong Kong, with a net purchase of 25.8 billion yuan during the week, totaling 610.7 billion yuan year-to-date, which is 82% of the total net purchase for 2024 [1] - The Hong Kong Stablecoin Ordinance was officially enacted, marking a significant step for Hong Kong in the digital asset space [3][7] - The report highlights the potential of the IP economy and consumer recovery, suggesting structural opportunities in the upcoming IPOs and summer consumption peak [2] Summary by Sections Southbound Capital - Southbound funds have shown strong interest in Meituan, with a net purchase of 9.467 billion yuan [22] - The report notes that major indices in Hong Kong are set for significant adjustments, with companies like Bluko and Mijiu Group being added to the Hang Seng Composite Index [3] AI and Technology - The report emphasizes the advancements in AI applications, particularly with the release of Keling 2.1, which shows improved performance and cost-effectiveness [1] - The smart driving sector is expected to see a turning point with the launch of Tesla's robotaxi and new models from Li Auto and Xpeng [2] Company Performance - Meituan reported Q1 2025 revenue of 86.6 billion yuan, up 18.1% year-on-year, with adjusted net profit increasing by 46.2% [8] - Xiaomi's Q1 2025 revenue reached 111.3 billion yuan, a 47.4% increase, driven by strong performance in its electric vehicle and AI sectors [9] - The report highlights the strong fundamentals of Tencent, with a projected PE of 17X for 2025, and the potential of its gaming and AI products [3] Market Trends - The report indicates that the current valuation of internet companies is relatively low, with projected PE ratios for major players like Alibaba at 12 and Tencent at 17 [1][20] - The report suggests that the IP economy sector is experiencing high growth and strong catalysts, recommending attention to companies like Pop Mart and Bilibili [2][3]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is expected to benefit from the growth in accessory and harness businesses, with semiconductor contributions providing additional growth. The accessory business is entering a replacement cycle, while the semiconductor segment is expanding into wafer-level packaging and panel-level packaging [3][4] - The financial forecasts have been adjusted upwards, with expected net profits for 2025-2027 revised to 1.5 billion, 2.2 billion, and 3.8 billion respectively, reflecting a strong growth trajectory [3] Financial Data Summary - For 2024, the main revenue is projected to be 5.8455 billion yuan, a year-on-year increase of 11.3%, with a net profit of 858.7 million yuan, up 29% [1] - In Q4 2024, the main revenue reached 1.76 billion yuan, a quarter-on-quarter increase of 7%, with a net profit of 650 million yuan, a significant quarter-on-quarter increase of 330% [1] - The first quarter of 2025 shows a revenue of 1.48 billion yuan, a year-on-year increase of 22%, with a net profit of 240 million yuan, marking a substantial increase from the previous year [1] Business Segment Performance - The accessory business generated 1.84 billion yuan in revenue for 2024, a year-on-year increase of 70.45%, with a gross margin of 75.93% [2] - The harness connector ultrasonic equipment business achieved 0.81 billion yuan in revenue, a remarkable year-on-year increase of 352.37%, with a gross margin of 59.71% [2] - The semiconductor ultrasonic equipment segment reported 0.47 billion yuan in revenue, a year-on-year increase of 195.66%, with a gross margin of 56.65% [2] Valuation Metrics - The projected earnings per share (EPS) for 2025 is 1.27 yuan, with a price-to-earnings (P/E) ratio of 39.82 [4] - The company’s market capitalization is approximately 5.81 billion yuan, with a price-to-book (P/B) ratio of 3.46 [6][4] - The expected revenue growth rates for the years 2025 to 2027 are 47.43%, 41.89%, and 39.65% respectively [4]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is expected to see growth driven by its accessory and harness businesses, with semiconductor contributions providing additional growth. The accessory business benefits from a consumable nature entering an iterative cycle, while the semiconductor segment is expanding into wafer, 2.5D/3D packaging, and panel-level packaging products. Successful validation orders for ultrasonic scanning microscopes from well-known clients have been achieved [3][4]. Financial Data Summary - For 2024, the main revenue is projected to be 585 million yuan, a year-on-year increase of 11.3%. The net profit attributable to the parent company is expected to be 86 million yuan, up 29% year-on-year. The gross margin is forecasted at 56.89%, a slight decrease of 0.09 percentage points [1][4]. - In Q4 2024, the main revenue is expected to reach 176 million yuan, a quarter-on-quarter increase of 7%. The net profit attributable to the parent company is projected to be 65 million yuan, a significant quarter-on-quarter increase of 330% [1]. - For Q1 2025, the revenue is anticipated to be 148 million yuan, a year-on-year increase of 22%, while the net profit is expected to be 24 million yuan, a substantial increase compared to only 1 million yuan in Q1 2024 [1]. Business Segment Performance - The accessory business is expected to generate revenue of 184 million yuan in 2024, a year-on-year increase of 70.45%, with a gross margin of 75.93% [2]. - The harness connector ultrasonic equipment business is projected to achieve revenue of 81 million yuan, a year-on-year increase of 352.37%, with a gross margin of 59.71% [2]. - The semiconductor ultrasonic equipment segment is expected to generate revenue of 47 million yuan, a year-on-year increase of 195.66%, with a gross margin of 56.65% [2]. Profit Forecast - The profit forecast for the company has been revised upwards, with expected net profits for 2025, 2026, and 2027 being 150 million yuan, 220 million yuan, and 380 million yuan respectively, compared to previous estimates of 90 million yuan, 130 million yuan, and 0 [3][4].

Investment Rating - The report assigns a "Buy" rating for stocks, indicating an expected relative return of over 20% within six months [27] - The industry investment rating is "Outperform," suggesting an expected industry index increase of over 5% within the same timeframe [27] Core Insights - Southbound capital continues to flow into Hong Kong, with a net purchase of 25.8 billion yuan in the past week, totaling 610.7 billion yuan year-to-date, which is 82% of the total net purchase for 2024 [1] - The report highlights the low valuation of internet companies, with projected P/E ratios for 2025 for major players like Alibaba at 12, Tencent at 17, and Meituan at 14 [1] - The recent passing of the "Hong Kong Stablecoin Ordinance" marks a significant step for Hong Kong in the digital asset space, aiming to promote financial innovation while maintaining stability [3][7] Summary by Sections Market Overview - The Hang Seng Index closed at 23,289.77 points, down approximately 1.32% for the week [10] - The report notes that several indices will undergo significant adjustments, with companies like Blukoo and Miexue Group being added to the Hang Seng Composite Index on June 9 [3] Company Performance - Meituan reported Q1 2025 revenue of 86.6 billion yuan, up 18.1% year-on-year, with adjusted net profit increasing by 46.2% [8] - Xiaomi's Q1 2025 revenue reached 111.3 billion yuan, a 47.4% increase, with significant growth in its electric vehicle and AI sectors [9] - The report emphasizes the strong performance of companies like Kuaishou and Pinduoduo, with Kuaishou's projected P/E for 2025 at 9 [20] Investment Opportunities - The report suggests focusing on high-growth sectors such as the IP economy, with companies like Pop Mart and Bilibili showing strong potential due to their diverse IP reserves [2] - The automotive sector is highlighted, with companies like Xpeng and Li Auto expected to benefit from new model launches and improved sales performance [2][4] - The report recommends monitoring the performance of laser radar companies like Hesai Technology, which are poised to benefit from the increasing penetration of intelligent driving technologies [2][4]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [48]. Core Insights - Despite macroeconomic and trade policy disruptions, major US tech companies continue to invest in AI, with Nvidia's Q1 earnings exceeding expectations and data center revenue growing by 73% year-on-year [3][6]. - Salesforce's AI Agent platform, Agentforce, has signed over 8,000 contracts, with annual recurring revenue (ARR) surpassing $1 billion, marking significant commercial progress in AI [3][18]. - DeepSeek has upgraded its R1 model, achieving a 87.5% accuracy in complex reasoning tasks, positioning it as the second-largest AI lab globally, reflecting China's advancements in AI model development [7][30]. Summary by Sections Global AI Dynamics - Nvidia's Q1 revenue reached $44.1 billion, a 69% year-on-year increase, with data center revenue at $39.1 billion, growing 73% [6][14]. - Salesforce's overall performance exceeded expectations, with a 8% year-on-year revenue growth to $9.83 billion, and a significant increase in AI-related revenue [3][18]. - DeepSeek's R1 model upgrade has significantly improved its reasoning capabilities, achieving a 87.5% accuracy in AIME 2025 tests, indicating a strong competitive position against top international models [29][35]. Company Performance - Nvidia's data center business is experiencing accelerated deployment of NVL72 cabinets, with major cloud providers deploying nearly 1,000 units weekly [3][10]. - Salesforce's Data Cloud revenue exceeded $1 billion, growing over 120% year-on-year, showcasing the increasing demand for enterprise AI solutions [3][18]. - Kuaishou's Keling AI model generated over 150 million yuan in Q1 2025, capturing a 30% market share in the text-to-video sector [36][40]. AI Model Developments - DeepSeek's R1 model has shown significant improvements in various benchmarks, indicating a narrowing gap between Chinese and US AI capabilities [30][35]. - ByteDance's open-source multimodal model, BAGEL, has outperformed existing models in multiple evaluation benchmarks, demonstrating advanced capabilities in understanding and generating text, images, and videos [41][43].

证券研究报告 | 2025 年 06 月 03 日 晨会集萃 制作：产品中心 重点推荐 《策略|A 股动静框架之静态指标》 1）资产联动指标中股债相关指标显示，目前股票相对债券的配置价值在 长周期上仍处高位，ERP 处于 1 倍标准差之上；市场配置指标方面，目前 全 A 指数 PE 估值为 18.9，大部分宽基指数 PE 估值历史分位数位于 50% 以下及附近水平，创业板指 PE 估值历史分位数低于 10%，估值相对偏低， 估值分化程度较上月小幅减小。2）市场交易/情绪指标方面，换手率、成 交额占前高比例等持续下滑，表明市场交易热度依然处于降温状态，行业 趋势指标较上月未有明显变化，而个股趋势指标表明 50 周均线上方的个 股比例较上月有所下滑。3）投资者行为方面，回购规模较上月再次大幅 上升，而产业资本减持规模大幅走阔，主体资金流较上月小幅回落，其中 港股国际中介和新成立基金份额较上月相比出现下滑迹象。4）综上来看， 5 月交易类指标环比持续下滑，表明市场交易情绪依然处于阶段性低位， 同时资产联动指标、市场配置指标指向市场向上的潜在空间依然较大，另 外在投资者行为方面，回购规模环比持续大幅上升，产业资本净减 ...

证券研究报告 2025年06月02日 海外行业报告：行业动态研究 英伟达NVL72机柜单加速出货，DeepSeek成全球第二大AI实验室 全球AI周报 作者： 分析师 孔蓉 SAC执业证书编号：S1110521020002 分析师 李泽宇 SAC执业证书编号：S1110520110002 分析师 樊程安吉 SAC执业证书编号：S1110524080001 分析师 杨雨辰 SAC执业证书编号：S1110521110001 分析师 刘诗雨 SAC执业证书编号：S1110524120001 请务必阅读正文之后的信息披露和免责申明 1 ◼ 重点公司财报AI进展 摘要 ◼ 全球AI动态： ◼ 投资建议： ➢ 海外AI： ➢ 尽管年内宏观及贸易政策扰动仍存，但从最新财报节奏看，美股科技大厂对AI的资本投入与应用商业化均未放缓，且从本周英伟达财报得以验证，供应链方面的影响正在逐步减弱，AI主线逻辑持续强化。（1）英伟达财报超预期， CSP机柜部署提速验证AI推理需求高增。英伟达Q1财报整体超预期，数据中心业务同比增长73%，NVL72出货节奏显著提速——主流超大规模云厂商平均每周部署近1,000个机柜，代表AI推理侧投资周 ...

Investment Rating - The industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - The AI industry is viewed as the main investment theme for the year, with expectations for continued high prosperity in the AI sector and the AIDC industry chain [3][25] - The report highlights the potential for 2025 to be a pivotal year for domestic AI infrastructure competition and application development [3][25] - There is a strong recommendation to focus on investment opportunities in AI applications and related dynamics [3][25] Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include: - Optical modules & optical devices: Focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [4][28] - Switch server PCBs: Recommended companies include Hudian Co., ZTE, and Unisplendour [4][28] - Low valuation, high dividend companies: China Mobile, China Telecom, and China Unicom are highlighted for resource revaluation [4][28] - AIDC & cooling: Key recommendations include Yingweike and Runze Technology [4][28] - AIGC applications/edge computing: Focus on companies like Guohua Communication and Meige Intelligent [4][28] 2. Marine Wind and Cable & Intelligent Driving - Marine wind cable: Recommended companies include Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [5][29] - Recovery in overseas markets: Key recommendations include Huace Navigation and Weisheng Information [5][29] - Intelligent driving: Suggested focus on modules & terminals, sensors, and connectors [5][29] 3. Satellite Internet & Low Altitude Economy - Accelerated development in low-orbit satellites and low-altitude economy: Recommended companies include Huace Navigation and Haige Communication [5][30] 4. Recent Industry Dynamics - NVIDIA reported a first-quarter revenue of $44.1 billion, a 12% increase from the previous quarter and a 69% increase year-over-year [2][16] - The report notes the expected revenue for the second quarter of 2026 to reach $45 billion, reflecting a significant impact from recent export control policies [2][16] - The AI industry continues to see advancements, with companies like OpenAI expanding their global presence [10][11]