AI 扩散规则或被取消，产业链相关公司有望修复 [Table_ReportDate] 2025 年 5 月 11 日 证券研究报告 行业研究 [行业周报 Table_ReportType] | [Table_StockAndRank] 电子 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮箱：yangyuxuan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] AI 扩散规则或被取消，产业链相关公司有望 修复 [Table_ReportDate] 2025 年 5 月 11 日 本期内容提要: [Table_S [Table_Summary ummary] ] 请阅读最后一页免责声明及信息披露 http://www ...

牛初震荡期可能延长 ——策略周观点 [Table_ReportDate] 2025 年 5 月 11 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 策略研究 [策略周报 Table_ReportType] | 执业编号：S1500521060001 | | | --- | --- | | ] [Table_A 樊继拓 uthor策略首席 分析师 箱： fanjituo@cindasc.com | 邮 | 李畅 策略分析师 执业编号：S1500523070001 邮 箱： lichang@cindasc.com [牛初震荡期 Table_Title] 可能延长 [Table_ReportDate] 2025 年 5 月 11 日 核心结论：鉴于美国对等关税的复杂性，我们短期的观点由乐观调整为 高位震荡。从战略上，我们认为这一次震荡是去年 10 月 8 日以来市场 震荡的延伸，震荡后有望在今年晚些时候迎来政策和资金驱动的新的突 破性上涨。战术上，我们认为震荡本质上是对关税冲击后遗症的消化， 4 月关税冲击虽然较难改变牛市大格局，但对居民资金赚钱效应和 A 股 ...

- The report primarily focuses on the weekly market review and the impact of the new regulations issued by the China Securities Regulatory Commission (CSRC) on May 7, 2025, aiming to promote high-quality development in the public fund industry[12][13][14] - The CSRC's new regulations emphasize long-term performance evaluation, floating management fee mechanisms, and strengthening the role of performance benchmarks to shift fund managers' focus from short-term speculation to long-term value investments[13][14] - The report highlights the weekly performance of major indices, with the Shanghai Composite Index closing at 3342 points (+1.92%), Shenzhen Component Index at 10126.83 points (+2.29%), and ChiNext Index at 2011.77 points (+3.27%) during the week of May 5-9, 2025[13][15][16] - The report discusses the allocation trends of active equity funds, showing a slight reduction in average positions to 86.84%, with ordinary stock funds at 89.65%, mixed equity funds at 87.25%, and allocation funds at 84.74%[22][23][24] - Active equity funds demonstrated defensive adjustments and structural shifts, with increased allocations to mid-cap balanced styles and decreased allocations to small-cap growth styles, which still dominate at 48.6%[29][30][31] - Sector-wise, active equity funds increased allocations to industries like computers (+0.71%), media (+0.44%), and automobiles (+0.42%), while reducing allocations to sectors like communication (-0.98%) and national defense (-0.56%)[33][34][35] - The report tracks ETF market trends, noting a net outflow of 83.48 billion yuan from broad-based ETFs, while industry-specific ETFs like TMT recorded net inflows of 25.55 billion yuan[42][43][68] - Newly established funds during the week include 15 domestic funds, with significant issuances like the "Build Trust SSE STAR Board Comprehensive Linkage A" fund, totaling 19.55 billion yuan[72][73][74]

证券研究报告 降息落地后资金利率中枢有望继续向政策利率靠拢 —— 流动性与机构行为周度跟踪 250511 [[Table_R Table_Report eportTTime ime]] 2025 年 5 月 11 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 歌声ue 债券研究 [Table_ReportType] 专题报告 | ] [Table_A 李一爽 uthor固定收益首席分析师 | | --- | | 执业编号：S1500520050002 | | 联系电话：+86 18817583889 | | 邮 箱： liyishuang@cindasc.com | 3降息落地后资金利率中枢有望继续向政策利率靠拢 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 ➢ 4 月政府债净融资 7938 亿元，其中国债净融资 2658 亿，地方债净融资 5281 亿元。本周披露的 10Y 附息国债和中央金融机构注资特别国债规模低于预 期，而 63D 贴现国债发行规模略高于预期，我们预计 5 月国债净融资规模约 8600 亿元；同时维持 5 月 ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [12][13] - The coal price is expected to remain weak in May due to seasonal demand fluctuations, but there is a bottom support for prices, and a gradual recovery is anticipated as the peak season approaches [3][12] - The underlying investment logic of coal supply shortages remains unchanged, with a balanced short-term supply and demand but a medium to long-term gap still present [12][13] Summary by Sections Coal Price Tracking - As of May 10, the market price for Qinhuangdao port thermal coal (Q5500) is 635 CNY/ton, down 17 CNY/ton week-on-week [30] - The international thermal coal price for Newcastle (NEWC5500) is 69.8 USD/ton, down 0.5 USD/ton week-on-week [30] - The price for coking coal at Jing Tang port is 1380 CNY/ton, down 20 CNY/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is 96.4%, an increase of 2.5 percentage points week-on-week [47] - The daily coal consumption in inland provinces has increased by 33.80 thousand tons/day, a rise of 12.17% week-on-week [12] - The daily coal consumption in coastal provinces has decreased by 12.40 thousand tons/day, a decline of 6.67% week-on-week [12] Inventory Situation - As of May 9, coal inventory at Qinhuangdao port has increased to 753 thousand tons, up 8.0% week-on-week [5] - The inventory of coking coal at production sites has risen to 390.43 thousand tons, an increase of 8.9% week-on-week [5] Company Performance - The coal sector has shown a 1.47% increase this week, underperforming the broader market [15] - Key companies to focus on include China Shenhua, Shaanxi Coal, and China Coal Energy, which are noted for stable operations and solid performance [13]

山东省出台首份 136 号省级承接文件，欧盟计划 2027 年终止进口俄能源 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 5 月 10 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 [左前明 Table_Author] 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 化工行业： 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 唐婵玉 电力公用研究助理 邮 箱：tangchanyu@cindasc.com 信达证券股份有限 ...

Investment Rating - The report maintains an investment rating of "Positive" for the steel industry, consistent with the previous rating [3]. Core Insights - The report highlights that daily pig iron production remains high, with an average of 2.4564 million tons as of May 9, reflecting a week-on-week increase of 0.22 million tons and a year-on-year increase of 149,700 tons [5][6]. - The steel market has shown a positive performance, with the steel sector rising by 2.09%, outperforming the broader market [5][13]. - The report indicates a marginal improvement in downstream demand, supported by increased funding availability for construction projects, which is expected to bolster steel demand [6]. Summary by Sections 1. Market Performance - The steel sector increased by 2.09%, with sub-sectors such as special steel up by 3.41% and long products up by 1.90% [5][15]. - The average capacity utilization rate for blast furnaces was 92.1%, a week-on-week increase of 0.09 percentage points [28]. 2. Production Data - As of May 9, the total production of five major steel products was 7.64 million tons, a week-on-week decrease of 93,600 tons, or 1.21% [27]. - Daily pig iron production was reported at 2.4564 million tons, with a year-on-year increase of 6.49% [28]. 3. Consumption Data - The consumption of five major steel products was 8.452 million tons, a week-on-week decrease of 125,660 tons, or 12.94% [38]. - The transaction volume of construction steel by mainstream traders was 103,000 tons, down 8.58% week-on-week [38]. 4. Inventory Levels - Social inventory of five major steel products reached 10.33 million tons, a week-on-week increase of 93,500 tons, or 0.91% [46]. - Factory inventory of five major steel products was 4.43 million tons, a week-on-week increase of 19.62%, or 4.63% [46]. 5. Price Trends - The comprehensive index for ordinary steel was 3,453.7 yuan/ton, a week-on-week decrease of 37.38 yuan/ton, or 1.07% [52]. - The comprehensive index for special steel was 6,650.3 yuan/ton, with a slight week-on-week increase of 2.55 yuan/ton [52]. 6. Profitability - The average cost of pig iron was reported at 2,297 yuan/ton, with a week-on-week decrease of 6.0 yuan/ton [60]. - The profit per ton for rebar produced in blast furnaces was 90 yuan/ton, a week-on-week decrease of 38.0 yuan/ton [60]. 7. Investment Recommendations - The report suggests focusing on regional leading enterprises with advanced equipment and environmental standards, as well as companies benefiting from the new energy cycle [6].

Investment Rating - The investment rating for Ningbo Huaxiang (002048.SZ) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's strategic partnerships and potential growth in the robotics sector [2][3]. Core Insights - Ningbo Huaxiang signed a strategic cooperation agreement with Xiangshan Industrial Investment Group and Shanghai Zhiyuan New Technology Co., Ltd. to enhance collaboration in various areas including joint ventures, robot assembly, supply chain, and overseas business expansion [2]. - The partnership aims to accelerate the commercialization, industrialization, and globalization of domestic robotics, with clear division of roles among the three parties [3]. - The company plans to establish a joint venture to purchase robots from Zhiyuan for its own production and warehousing applications, facilitating data collection and training for performance optimization [4]. - Ningbo Huaxiang will invest in building an assembly production line for embodied robots and participate in related fund investments to enhance the humanoid robot industry's progress [4]. - The company achieved overseas revenue of 5.64 billion yuan in 2024, accounting for 21.4% of total revenue, and has R&D centers in China, the US, and Germany, which positions it well for global market expansion [4]. Summary by Sections Commercialization - The establishment of a joint venture will allow Ningbo Huaxiang to utilize robots for diverse applications, aiding in data collection and training for performance optimization [4]. Industrialization - Ningbo Huaxiang will leverage its advanced construction experience to invest in an assembly production line for embodied robots, positioning itself as an original equipment manufacturer [4]. Globalization - The strategic cooperation is expected to enhance Ningbo Huaxiang's global market competitiveness by utilizing its resource network in overseas regions [4].

Investment Rating - The industry investment rating is "Positive" as the industry index is expected to outperform the benchmark [116] Core Viewpoints - The report highlights that the recent decline in raw material prices has led to an improvement in the price spread of polyolefins [1] - The Brent crude oil average price for the week ending May 9, 2025, was $61.53 per barrel, reflecting a decrease of 3.94% [2] - The report indicates that the price spread for domestic key refining projects was 2357.39 CNY/ton, with a week-on-week increase of 55.96 CNY/ton (2.43%) [2] Summary by Sections Refining Sector - International oil prices have rebounded slightly due to geopolitical tensions in the Middle East and a downward revision of U.S. oil production forecasts by the EIA [12] - Domestic and international refined oil prices have generally decreased, with domestic diesel, gasoline, and aviation kerosene averaging 6831.00 CNY/ton, 7978.00 CNY/ton, and 5914.00 CNY/ton respectively [12] Chemical Sector - Most chemical product prices have declined, but olefin product prices have shown relative resilience, with price spreads slightly improving [1] - Polyethylene and polypropylene prices have remained stable, with price spreads widening [46] - The report notes a slight decrease in EVA product prices, with an improvement in price spreads [46] Polyester Sector - The report mentions a slight improvement in polyester demand due to easing U.S. tariff issues [1] - PX product prices have decreased, but the decline is less than that of costs, leading to a widening price spread [76] - PTA prices have increased due to supply-side support, with the average price at 4542.86 CNY/ton [82] Market Performance of Major Refining Companies - The stock price changes for six major refining companies as of May 9, 2025, include Rongsheng Petrochemical (+2.88%), Hengli Petrochemical (+2.35%), and Dongfang Shenghong (+2.61%) [103] - Over the past month, the stock price of Dongfang Shenghong has increased by 12.73% [103] Price Spread Analysis - The domestic key refining project price spread has increased by 1.66% since January 4, 2020, while the international key refining project price spread has increased by 11.83% [2]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential in the cloud business and AI sectors [1][2]. Core Viewpoints - The company reported a revenue of 1.262 billion yuan in Q1 2025, representing a year-on-year growth of 21.91%, driven by strong growth in cloud business orders [2]. - The net profit attributable to the parent company for Q1 2025 was a loss of 250 million yuan, but this loss narrowed by 48.93% compared to the previous year [2]. - The company is focusing on upgrading its AICP computing platform, which has significantly improved inference performance, achieving a 5-10 times performance increase in multi-instance and concurrent inference scenarios [2]. - The company holds the top market share in hyper-converged infrastructure (HCI) with a 20.2% market share as of Q4 2024, and has launched a new generation of HCI+AICP solutions [2]. - The company is expected to see EPS of 0.75, 1.11, and 1.41 yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 126.72, 85.66, and 67.76 [2]. Financial Summary - In Q1 2025, the company achieved a revenue of 1.262 billion yuan, with a year-on-year growth of 21.91% [2]. - The operating cash flow increased by 28% year-on-year, attributed to higher cash receipts from product sales and reduced payments for raw materials [2]. - The total revenue forecast for 2025 is 8.202 billion yuan, with a projected growth rate of 9.1% [3]. - The gross profit margin improved by 2.2 percentage points to 60.4% in Q1 2025 [2]. - The company’s total assets are projected to grow from 15.029 billion yuan in 2023 to 17.527 billion yuan by 2027 [4].