Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of May 25, 2025 [1] Core Insights - Retail sales of passenger vehicles from May 1-18 reached 932,000 units, a year-on-year increase of 12% and a month-on-month increase of 18%. Cumulatively, 7.804 million units have been sold this year, reflecting an 8% year-on-year growth. The Passenger Car Association expects a stable and positive retail trend for May [6][61] - Xiaomi launched its first SUV, the YU7, equipped with a self-developed intelligent driving system that integrates deep learning and neural network algorithms for precise operation in complex road environments. Dongfeng Motor signed a comprehensive strategic cooperation agreement with Huawei, focusing on smart assisted driving and digital upgrades in automotive R&D and production [6][64] - The report highlights investment opportunities in companies involved in technology R&D, market expansion, and those benefiting from policy subsidies and improved infrastructure in the new energy vehicle sector [6][61] Summary by Sections Passenger Vehicles - From May 1-18, retail sales of passenger vehicles were 932,000 units, up 12% year-on-year and 18% month-on-month. Cumulative sales for the year reached 7.804 million units, an 8% increase year-on-year. The Passenger Car Association anticipates continued positive retail trends for May [6][62] - Key companies to watch include BYD (002594), Geely (0175.HK), Xpeng Motors (9868.HK), SAIC Motor (600104), Changan Automobile (000625), GAC Group (601238), and Leap Motor (9863.HK) [6][62] New Energy Vehicles - Retail sales of new energy passenger vehicles from May 1-18 reached 484,000 units, a 32% year-on-year increase and a 15% month-on-month increase, with a retail penetration rate of 52%. Cumulative sales for the year reached 3.808 million units, a 35% increase year-on-year [6][63] - Key companies to focus on include BYD (002594), Geely (0175.HK), Huayu Automotive (600741), Xinquan Co. (603179), Doli Technology (001311), Chuanhuan Technology (300547), and Wuxi Zhenhua (605319) [6][63] Smart Vehicles - Xiaomi's YU7 SUV features a self-developed intelligent driving system that utilizes deep learning and neural networks for enhanced operational precision. Dongfeng Motor's partnership with Huawei aims to advance smart driving and digital upgrades in automotive production [6][64] - Companies with technological advancements in smart driving algorithms, sensors, and smart cockpit systems are recommended for investment, including BYD (002594), Geely (0175.HK), and SAIC Motor (600104) [6][64][65]

Investment Strategy Transformation - The rapid development of AI, exemplified by DeepSeek, has reshaped investment logic in the tech sector, transitioning from "value stocks" to "growth stocks" in A-shares and Hong Kong stocks[15] - The proportion of holdings in the Sci-Tech Innovation Board has increased from 10.31% in H1 2021 to 41.78% in H2 2023, indicating a significant shift towards "hard tech" investments[18] - The financing balance for the AI index increased by 314.09 billion CNY in Q4 2024, a rise of 48.03%, reflecting a shift in market sentiment towards left-side positioning[23] Performance Comparison - Active tech funds have outperformed passive funds, with an annualized return of 8.98% for active funds from January 2014 to April 2025, compared to 3.85% for passive tech funds[2] - The timing strategy for the CSI TMT index shows a total win rate of 52.36%, with an excess annualized return of 11.39%[2] Sector Diversification - The market is witnessing a diversification of tech sub-sectors, with the concentration of the top three and five tech industries decreasing significantly during recent bullish phases[29] - The investment strategy is evolving from focusing on single sectors to embracing multiple emerging fields, raising the bar for stock-picking capabilities of active tech funds[29] Manager Selection Criteria - Future successful fund managers should focus on reverse investment strategies and industry trends, leveraging a combination of top-down and bottom-up approaches[31] - Managers with a strong technical background or deep academic research in AI are better positioned to navigate the complexities of the evolving tech landscape[31]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - A new round of deposit rate cuts has been implemented, leading to capital inflows into bond - related ETFs. The central bank's rate cuts signal a new cycle of monetary easing, driving funds towards bond ETFs such as the Southern Shanghai Stock Exchange Benchmark - Market - Making Corporate Bond ETF [2][15]. - The "12th Fortune Forum" Quantitative Investment Sub - forum discussed investment opportunities in the era of ETFs. It emphasized that the core of Chinese ETF innovation lies in optimizing constituent stocks through quantitative strategies, and the intelligent upgrade of ETFs is reshaping the investment ecosystem with large - model technology [3][16]. Summary by Relevant Catalogs 1 ETF and Index Product Focus - A new round of deposit rate cuts by major banks and a 10 - basis - point cut in LPR have pushed China's monetary policy into a new easing cycle. Bond - related ETFs like the Shanghai Stock Exchange Corporate Bond ETF (511070) have seen capital inflows exceeding 1 billion yuan each [2][15]. - The "12th Fortune Forum" Quantitative Investment Sub - forum explored investment opportunities in the ETF era. It pointed out that Chinese ETF innovation focuses on constituent stock optimization via quantitative strategies, and large - model - empowered ETFs are becoming mainstream. The forum also highlighted opportunities in Hong Kong's structural scarce assets and the advantages of the Smart Beta strategy [3][16]. 2 Last Week's Market Performance Review 2.1 Main Asset Class Index Performance - Domestic equity broad - based indices all declined last week. The Shanghai 50, CSI 300, ChiNext, CSI 500, and STAR 50 fell by 0.18%, 0.18%, 0.88%, 1.1%, and 1.47% respectively. Bond - related indices had mixed performance, with some rising and some falling. Overseas equity indices also showed mixed results, and commodity - related indices had both increases and decreases [4][17]. 2.2 Shenwan Primary Industry Performance - Last week, Shenwan primary industries had mixed performance. The pharmaceutical and biological, comprehensive, and non - ferrous metals sectors led the gains, rising 1.78%, 1.41%, and 1.26% respectively. The computer, machinery, and communication sectors led the losses, falling 3.02%, 2.48%, and 2.31% respectively [19]. 3 Valuation Situation - Last week, the valuation quantiles of major equity broad - based indices all declined. The ChiNext, CSI 300, Wind All - A, Shanghai 50, CSI 800, CSI 1000, and CSI 500 decreased by 0pp, 0.27pp, 0.74pp, 0.91pp, 1.23pp, 1.69pp, and 1.85pp respectively. Most Shenwan primary industries' valuation quantiles also declined [5][23]. 4 ETF Scale Changes and Trading Volume 4.1 ETF Scale Changes - Last week, the scale of non - monetary ETFs decreased by 15.324 billion yuan, with a net inflow of - 7.153 billion yuan. By type, stock - type ETFs' scale decreased by 26.758 billion yuan, while commodity - type ETFs' scale increased by 5.432 billion yuan, and bond - type ETFs' scale increased by 10.846 billion yuan. Among equity broad - based ETFs, the Hang Seng Index theme ETF had the largest scale increase, and the CSI A500 theme ETF had the largest decrease [6][7][32]. 4.2 ETF Trading Volume - Compared with the previous week, the daily average trading volume of some ETFs increased significantly. For example, the GF China Hong Kong Innovative Drug ETF in the cross - border non - Hong Kong stock ETF category had the largest increase in daily average trading volume [45]. 5 ETF Performance - Last week, the best - performing cross - border non - Hong Kong stock ETF was the GF China Hong Kong Innovative Drug ETF (+7.99%), the best - performing cross - border Hong Kong stock ETF was the Invesco Great Wall CSI Hong Kong Stock Connect Innovative Drug ETF (+8.24%), the best - performing stock - type ETF was the Huaxia CSI Shanghai - Hong Kong - Shenzhen Gold Industry Stock ETF (+6.63%), the best - performing commodity - type ETF was the Huaan Gold ETF (+3.86%), and the best - performing bond - type ETF was the Penghang ChinaBond 30 - Year Treasury Bond ETF (+0.31%) [8][48]. 6 ETF Margin Trading and Short - Selling - Last week, the total margin - buying amount was 49.249 billion yuan, a decrease of 15.255 billion yuan from the previous week. The total margin - selling volume was 233 million shares, a decrease of 12 million shares from the previous week [51]. 7 Current ETF Market Scale - As of last Friday (May 23, 2025), there were 1,164 listed ETFs in the market, with a total scale of 4.094487 trillion yuan. Among stock - type ETFs, scale - index ETFs had the largest scale, followed by theme - index ETFs [53]. 8 ETF Listing and Issuance - Last week, 3 ETFs were listed for trading. 18 new ETFs were established, mostly passive index funds, except for two passive index bond funds [9][62].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The market fluctuated upward, and the term spread widened. The market was mainly driven by deposit rate cuts in the first half - week and shifted to focus on the money market and fiscal supply in the second half - week. The market showed a pattern of "short - term strength and long - term weakness" [3][97]. - There was an asymmetric cut in deposit and lending rates, and CD price hikes reappeared. The non - symmetric cut aimed to relieve banks' interest margin pressure, but it might exacerbate financial disintermediation. State - owned and joint - stock banks' CD issuance accounted for about 58% last week, and their CD price hikes were more obvious [3][97]. - Trading desks increased their positions in 7 - 10Y Treasury bonds during the market adjustment to lower the cost of adding positions. The central cost of adding positions for major trading desks has moved up to around 1.67%, which may be an important position for both bulls and bears in the short term [3][98]. - After the deposit rate cut, more attention should be paid to market liquidity. Policy implementation may need to wait for economic data verification or fiscal supply pressure, and in the short term, policy may not be the main market driver. "Deposit migration" may coincide with the peak of government bond supply, and the maturity of inter - bank CDs in June is as high as 4.16 trillion yuan, so factors such as the stability of large commercial banks' liabilities and the issuance rhythm of government bonds need to be focused on [3][98]. - In the current state of unclear direction, a "high - probability" portfolio may be more suitable for the liability side of asset management products. It is recommended to allocate coupon - bearing assets, adopt a "coupon + carry trade" strategy, use a neutral - duration barbell portfolio, and select 2 - year AA - / AA - rated credit bonds and 10 - year local bonds as the underlying coupon - bearing assets. The spread between the active and sub - active 10 - year CDB bonds may indicate an upcoming bond - swapping market [3][99]. Summary by Relevant Catalogs 1. Important Matters - On May 20, the 1 - year and 5 - year LPR were cut by 10BP, and state - owned banks simultaneously lowered deposit rates. The 1 - and 2 - year deposit rates were cut by 15BP, and the 3 - and 5 - year fixed - deposit rates were cut by 25BP. This aimed to relieve banks' interest margin pressure but may exacerbate financial disintermediation and affect the stability of commercial banks' liabilities [6]. - On May 22, the central bank conducted a 5000 - billion - yuan MLF operation, with a net investment of 3750 billion yuan in May, achieving three consecutive months of over - renewal [8]. - From January to April 2025, China's total retail sales of consumer goods increased by 4.7% year - on - year. Catering performed slightly better than commodity retail. Some consumer categories such as home appliances and cultural office supplies grew strongly, while clothing, textiles, and automobiles were relatively weak. Consumption was policy - driven, and the "618" promotion and subsequent policy support are expected to continue to boost consumption [13]. 2. Money Market 2.1 Open Market Operations and Money Rate Trends - Last week, the central bank's open market operations turned to net investment, with 5000 billion yuan of MLF invested, achieving three consecutive months of over - renewal. The non - bank money price generally increased, but DR007 remained below 1.6%. From May 19 to 23, the central bank's net investment was 12000 billion yuan, and it is expected to withdraw 9460 billion yuan from May 26 to 30 [17][18]. 2.2 CD Rate Trends and Repo Transaction Volume - In the primary market, the net financing of inter - bank CDs was negative last week. The issuance scale was 7143.30 billion yuan, and the maturity scale was 7383.40 billion yuan, with a net financing of - 240.10 billion yuan. State - owned banks were the largest issuers due to "deposit migration". The issuance rates of inter - bank CDs increased compared with the previous week [26][29][31]. - In the secondary market, the yields of inter - bank CDs across all tenors increased. The 1Y - 3M spread is currently at the 32.14% quantile level [35]. 3. Bond Market Primary Market - The supply of Treasury bonds accelerated significantly, and 30 - year and 50 - year special Treasury bonds were issued last week. As of May 23, the cumulative net financing of various Treasury bonds in 2025 was about 2.87 trillion yuan, and that of local bonds was about 3.54 trillion yuan, significantly higher than the average from 2021 - 2024. The issuance of local bonds has gradually slowed down compared with Treasury bonds [39]. - The cumulative net financing of long - term Treasury bonds and long - term local bonds was 11937.60 billion yuan and 32676.99 billion yuan respectively as of May 23. The net financing of long - term local government bonds increased significantly in Q1 and slowed down in Q2, while the issuance of ultra - long - term special Treasury bonds boosted the net financing of long - term Treasury bonds in Q2 [42]. - Last week, 89 interest - rate bonds were issued, with a total issuance of 9683.22 billion yuan, a maturity of 2153.47 billion yuan, and a net financing of 7529.74 billion yuan. As of last week, 1.60 trillion yuan of special refinancing bonds had been issued, mainly with long - and ultra - long - term tenors [46][50]. Secondary Market - Interest rates fluctuated upward. The yields of 1 - year, 3 - year, 5 - year, 7 - year, 10 - year, and 30 - year Treasury bonds changed by - 0.27BP, - 1.14BP, - 1.20BP, - 1.98BP, 4.15BP, and 1.10BP respectively. The 10Y - 1Y Treasury bond yield spread widened to 27.27BP [53]. - The trading activity of 10 - year Treasury and CDB active bonds decreased. The average daily trading volume of the 10 - year Treasury active bond (250004) decreased by about 19.95%, and its average turnover rate decreased by about 2.97 percentage points. The average daily trading volume of the 10 - year CDB active bond (250205) decreased by about 7.26%, and its average turnover rate decreased by about 6.41 percentage points [56]. - The spread between the 10 - year Treasury active and sub - active bonds widened, while the spread between the 10 - year CDB active and sub - active bonds narrowed slightly, indicating a possible upcoming CDB bond - swapping market [58]. - The term spread widened, but the 10 - year - 1 - year Treasury bond term spread remained at a historical low. The long - and ultra - long - term local - Treasury bond spread generally narrowed, and the 10 - year local - Treasury bond spread was more likely to be compressed from the supply perspective [59][65]. 4. Institutional Behavior Tracking - The market leverage level rebounded significantly. The institutional leverage ratio in April decreased slightly but remained at a comparable level. Last week, rural commercial banks' purchases of Treasury bonds were concentrated in the 5 - 10 - year tenor, with a significantly weakened buying force. Insurance companies changed from buying to selling 10 - year - plus Treasury bonds, and state - owned and joint - stock banks were the main sellers of long - term Treasury bonds [66][79]. - The central cost of adding positions for major trading desks has moved up to around 1.67%. The average duration of all pure - bond funds increased from 2.49 years to 2.61 years, and that of high - performing pure - bond funds increased from 4.37 years to 4.55 years [80][88]. - Considering capital occupation and tax costs, commercial banks and insurance companies can obtain relatively higher returns by investing in local bonds [90]. 5. High - Frequency Data Tracking - Last week, the settlement price of rebar futures increased by 0.03% week - on - week, wire rod futures increased by 2.16% week - on - week, cathode copper futures decreased by 1.47% week - on - week, the cement price index decreased by 1.78% week - on - week, and the Nanhua Glass Index decreased by 4.40% week - on - week. The CCFI index increased by 0.23% week - on - week, and the BDI index increased by 5.84% week - on - week [94]. - The pork wholesale price increased by 0.24% week - on - week, and the vegetable wholesale price remained flat. The settlement price of Brent crude oil futures increased by 10.20% week - on - week, and that of WTI crude oil futures decreased by 3.09% week - on - week. The central parity rate of the US dollar against the RMB was 7.19 [94].

[Table_IndustryInfo] 2025 年 05 月 25 日 强于大市(维持) 证券研究报告•行业研究•机械设备 低空经济行业双周报（0512-0525） 世界无人机大会暨 UASE 无人机展开幕，Archer 助力奥运出行 投资要点 西南证券研究院 [Table_QuotePic] 行业相对指数表现 | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 443 | | 行业总市值（亿元） | 36,653.45 | | 流通市值（亿元） | 34,093.76 | | 行业市盈率 TTM | 31.2 | | 沪深 300 市盈率 TTM | 12.5 | 相关研究 请务必阅读正文后的重要声明部分 -18% -8% 2% 12% 22% 32% 24/5 24/7 24/9 24/11 25/1 25/3 25/5 机械设备 沪深300 数据来源：聚源数据 [Table_Summary 行情回顾：本期（] 5月 12日- 5月 25日）低空经济板块跑输大盘。万得低空经 济指数下跌 2.12%，跑输上证指数 2.31个百分点，跑输沪深 300指数 ...

特斯拉展示 Optimus 做家务能力， 宇树开启首个人形机器人格斗大赛 请务必阅读正文后的重要声明部分 投资要点 西南证券研究院 [Table_IndustryInfo] 2025 年 05 月 25 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0519-0525） [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：周鑫雨 执业证号：S1250523070008 电话：021-58351893 邮箱：zxyu@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 443 | | 行业总市值（亿元） | 36,653.45 | | 流通市值（亿元） | 34,093.76 | | 行业市盈率 TTM | 31.2 | | 沪深 300 市盈率 TTM | 12.5 | 相关研究 [Table_QuotePic] ...

投资要点 西南证券研究院 [Table_Author] 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 联系人：伍云逍 电话：15910951252 邮箱：wyxiao@swsc.com.cn BING 2025 年 05 月 24 日 证券研究报告•行业研究•医药生物 医药行业周报（5.19-5.23） 关注 AI 医疗、ASCO 的结果与催化 | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 368 | | 行业总市值（亿元） | 49,139.03 | | 流通市值（亿元） | 47,443.43 | | 行业市盈率 TTM | 33.3 | | 沪深 300 市盈率 TTM | 12.5 | 相关研究 请务必阅读正文后的重要声明部分 行情回顾： [Table_Summary 本周医药生物指数上涨 ] 1.78%，跑赢沪深 300指数 1.96个百分点， 行业涨跌幅排名第 1。2025 年初以来至今，医药行业上涨 4.30%，跑赢沪深 300 指数 6.64 个百分点，行业 ...

[Table_IndustryInfo] 2025 年 05 月 25 日 强于大市(维持) 证券研究报告•行业研究•机械设备 低空经济行业双周报（0512-0525） 世界无人机大会暨 UASE 无人机展开幕，Archer 助力奥运出行 投资要点 西南证券研究院 [Table_QuotePic] 行业相对指数表现 | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 443 | | 行业总市值（亿元） | 36,653.45 | | 流通市值（亿元） | 34,093.76 | | 行业市盈率 TTM | 31.2 | | 沪深 300 市盈率 TTM | 12.5 | 相关研究 请务必阅读正文后的重要声明部分 -18% -8% 2% 12% 22% 32% 24/5 24/7 24/9 24/11 25/1 25/3 25/5 机械设备 沪深300 数据来源：聚源数据 [Table_Summary 行情回顾：本期（] 5月 12日- 5月 25日）低空经济板块跑输大盘。万得低空经 济指数下跌 2.12%，跑输上证指数 2.31个百分点，跑输沪深 300指数 ...

Investment Rating - The report maintains an "Outperform" rating for the robotics industry [1]. Core Insights - The robotics index underperformed the market, with the CSI Innovation and Entrepreneurship Robotics Index declining by 2.7%, lagging behind the Shanghai Composite Index by 2.1 percentage points and the CSI 300 Index by 2.5 percentage points [5][11]. - Tesla showcased the capabilities of its Optimus robot in household tasks, demonstrating various skills such as taking out the trash and using household appliances. The team aims to enhance the robot's learning through internet videos, achieving significant breakthroughs in task initiation and skill acquisition [5][17][18]. - Yushun Technology is set to host the first humanoid robot combat competition, featuring both exhibition and competitive matches, which will be broadcasted live [5][19]. - The world's first humanoid robot intelligence grading standard has been released, providing a framework for evaluating robot capabilities across four dimensions and five levels of intelligence [5][22]. - Xiaopeng Motors plans to launch its fifth-generation humanoid robot by 2026, focusing on industrial and commercial applications [5][23]. - The first humanoid robot "Tianbing No. 1" was unveiled in Tianjin, designed for industrial use with significant load-bearing capabilities [5][23]. Summary by Sections Market Review - The robotics index underperformed the broader market during the week of May 19-25, with a decline of 2.7% [11]. Industry Dynamics - Tesla's Optimus robot demonstrated various household tasks, with plans to improve learning through internet video data [17][18]. - Yushun Technology's humanoid robot combat competition is scheduled for May 25, featuring multiple combat formats [19]. - The first humanoid robot intelligence grading standard was established, offering a comprehensive evaluation framework [22]. Financing Dynamics - Magic Atom, a company focused on embodied intelligence robots, completed a new round of strategic financing to enhance core technology and accelerate market deployment [26]. - JD.com and the Shanghai Embodied Intelligence Fund invested in Zhiyuan Robotics, marking the fund's first investment in the sector [26].

ooo[Table_ReportInfo] 2025 年 05 月 21 日 证券研究报告•宏观专题报告 宏观专题 美国贸易战的历史镜像 ——贸易、经济及货币秩序的影响拆解 摘要 西南证券研究院 [Table_Author] 分析师：叶凡 执业证号：S1250520060001 电话：010-57631106 邮箱：yefan@swsc.com.cn 分析师：刘彦宏 执业证号：S1250523030002 电话：010-55758502 邮箱：liuyanhong@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 | | | | 图 1：1890 年以来美国进口商品有效关税税率走势 3 | | --- | | 图 2：关税战通常导致全球贸易量下滑 4 | | 图 3：贸易战对世界贸易格局中长期影响不大，美国出口在全球中的占比在美日贸易战时期明显抬升，在 2018 年中 | | 美贸易战期间略有上升 5 | | 图 4：在 1890 年以来的贸易战时期，相关国家的 GDP 增速走势 6 | | 图 5：钢铁交易价格变化对钢铁消费行业就业的影响 7 | | 图 6：不同国家和地区热轧卷板价格对比（ ...