Investment Rating - The industry investment rating is "Positive" [2][29] Core Insights - NVLink Fusion builds a semi-custom AI infrastructure, enhancing the ecosystem's moat. Nvidia's CEO Jensen Huang announced NVLink Fusion at COMPUTEX 2025, marking the opening of Nvidia's proprietary high-performance interconnect technology NVLink to partners for integrating third-party CPUs and AI accelerators, thus creating a semi-custom AI infrastructure. This aims to overcome traditional data center bottlenecks in scale and performance, providing more flexible and optimized system design solutions for cloud service providers and large enterprises [6][11] - The GB300 is expected to launch in Q3 2025, with multiple personal and enterprise products announced. The new AI computing platform Grace Blackwell and its upgraded version GB300 were introduced, with GB300 offering 1.7 times the inference performance of the previous H100, equipped with 1.5 times HBM memory and 2 times network bandwidth, achieving up to 40 petaflops per node [13][23] - The data center market is transitioning to a nearly trillion-dollar market driven by AI factories and infrastructure. Nvidia's CEO stated that the data center is on the verge of becoming a trillion-dollar market, driven by AI factories and infrastructure. The expansion of AI infrastructure investment is expected to increase orders for quality companies in the domestic AI industry chain, with fundamentals likely to continue to deliver [23] Summary by Sections NVLink Fusion - NVLink Fusion provides two main configurations: one connects third-party custom CPUs with NVIDIA GPUs via NVLink, and the other connects NVIDIA's Grace series CPUs with non-NVIDIA custom accelerators (GPU, ASIC, FPGA) to meet various computational needs. Initial adopters of NVLink Fusion include MediaTek, Marvell, Alchip, Astera Labs, Synopsys, and Cadence [7][11] GB300 Launch - The GB300 is set to launch in Q3 2025, with significant performance improvements over its predecessor. The Blackwell system is expected to start mass production by the end of 2024 and has already been deployed on platforms like CoreWeave [13][23] Market Transformation - The report emphasizes the transformation of the data center market into a trillion-dollar industry, highlighting the impact of AI infrastructure and factory investments on the domestic AI industry chain [23]

Investment Rating - The report maintains a positive investment rating for the oil processing industry [1]. Core Insights - Oil prices have been fluctuating around $65 per barrel due to geopolitical tensions and OPEC+ production decisions, with Brent and WTI prices at $64.78 and $61.53 per barrel respectively as of May 23, 2025 [7][29]. - The oil and petrochemical sector has shown mixed performance, with the oil and gas extraction sector increasing by 2.69% while the oil service engineering and refining sectors decreased by 0.38% and 0.49% respectively [9][8]. - U.S. crude oil production increased slightly to 13.392 million barrels per day, while the number of active drilling rigs decreased to 465 [54][54]. - U.S. refinery crude processing rose to 16.49 million barrels per day, with a utilization rate of 90.70% [66]. - U.S. crude oil inventories increased by 2.171 million barrels to 844 million barrels, with strategic reserves also rising [75]. Summary by Sections Oil Price Review - As of May 23, 2025, Brent crude futures settled at $64.78 per barrel, down by $0.63 (-0.96%) from the previous week, while WTI crude futures settled at $61.53 per barrel, down by $0.44 (-0.71%) [29][20]. Offshore Drilling Services - The number of global offshore self-elevating drilling rigs remained stable at 385, while floating drilling rigs decreased by one to 136 [38]. Crude Oil Supply - U.S. crude oil production was reported at 13.392 million barrels per day, with a slight increase of 0.5 thousand barrels per day [54]. Crude Oil Demand - U.S. refinery crude processing increased to 16.49 million barrels per day, with a refinery utilization rate of 90.70% [66]. Crude Oil Inventory - Total U.S. crude oil inventories rose to 844 million barrels, with strategic reserves at 400 million barrels and commercial inventories at 443 million barrels [75]. Refined Oil Products - In North America, the average prices for diesel, gasoline, and jet fuel were $89.22, $89.77, and $82.66 per barrel respectively, with varying price differences from crude oil [95].

市场情绪相对平稳， 多只浮动费率基金获批 —— 量化市场追踪周报（2025W21） 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_ReportTime] 2025 年 4 月 27 日 证券研究报告 金工研究 [Table_ReportType] 金工定期报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2025W21)：市场情绪相对平 稳，多只浮动费率基金获批 [Table_ReportDate] 2025 年 5 月 ...

小微盘热度可能会被流动性压制 ——策略周观点 [Table_ReportDate] 2025 年 5 月 25 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 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 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 [小微盘热度可能会被流动性压制 Table_Title] [Table_ReportDate] 2025 年 5 月 25 日 核心结论：去年 10 月以来，市场整体处在大的宽幅震荡区间内，小微 盘非常活跃，但是强度上已经开始有所变化。2024 年 9-12 月，小微盘 涨得快，调得少，累计超额收益持续走 ...

Investment Rating - The investment rating for the automotive industry is "Positive" [2] Core Insights - The automotive industry is experiencing significant developments, including the launch of new models and advancements in technology, which are expected to drive growth [3][4] - Xiaomi's new model, the YU7, features a battery capacity of 96.3 kWh and 101.7 kWh, with a maximum range of 820 km, indicating a strong entry into the electric vehicle market [3][7] - XPeng Motors reported Q1 revenue of 15.81 billion RMB, a year-on-year increase of 141.5%, and aims to achieve profitability by Q4 2025 [3][7] - SAIC Group is restructuring its parts division into two main entities to enhance communication and efficiency [3][7] - Tesla plans to launch autonomous taxi services in Austin, Texas, by the end of June, with an initial fleet of 10 vehicles [3][4] - Great Wall Motors introduced a versatile intelligent platform compatible with five power types, showcasing innovation in luxury vehicle design [3][7] - The introduction of a new standard for all-solid-state batteries is expected to streamline the industry and enhance safety and energy density [3][8] Summary by Sections Industry News Highlights - Xiaomi's YU7 model was launched on May 22, featuring advanced battery technology and a significant range [3][7] - XPeng Motors' Q1 revenue reached 15.81 billion RMB, with a 141.5% year-on-year growth, and plans for new model releases [3][7] - SAIC Group is reorganizing its parts division to improve project communication [3][7] - Tesla's autonomous taxi service is set to begin trials in Austin, with plans for rapid expansion [3][4] - Great Wall Motors launched a new intelligent platform for luxury vehicles, compatible with multiple power types [3][7] - A new standard for all-solid-state batteries was introduced, aiming to clarify definitions and testing methods in the industry [3][8] Market Performance - The automotive sector outperformed the market, with a 1.80% increase, ranking third among major sectors [10] - The passenger vehicle sector saw a slight increase in PE ratios, while the automotive parts sector experienced a decline [14] Company Performance - Notable stock performances include Jianghuai Automobile with a 14.8% weekly increase and XPeng Motors with a 127.6% annual increase [9][11] - The commercial vehicle sector saw *ST Hanma and Dongfeng shares leading in performance [12]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights a potential divergence in new consumption performance, suggesting a focus on leading companies and undervalued targets [2][3] - The report emphasizes the importance of supply chain digitalization as a core barrier in the mother and baby industry, indicating a shift towards a "content + community" ecosystem [4][5] Summary by Sections Pulp and Paper - Supply chain disruptions continue, with pulp prices recovering rapidly; needle pulp prices are at $740 (down $30 MoM) and unbleached kraft pulp at $620 (down $30 MoM) [2] - Short-term pulp prices are expected to remain low due to ongoing pressure from downstream demand [2] - Recommendations include focusing on companies like Sun Paper and Xianhe Shares for profit improvement [2] Exports - April export data shows a stable overall performance with a YoY increase of 8.1%, but regional disparities are evident [2] - Exports to the US decreased by 21%, while those to ASEAN increased by 20.8% [2] - Companies like Jiangyi Shares and Hars are recommended for short-term performance recovery [2] New Tobacco - Increased scrutiny from the FDA on illegal e-cigarette products, with a warning issued to 24 importers [3] - The report suggests that compliance suppliers will become increasingly scarce, benefiting compliant brands like Smoore International and China Tobacco Hong Kong [3] Home Furnishing - Stabilization in second-hand housing prices is noted, with 52% of key city neighborhoods seeing price increases [3] - Recommendations include companies like Gujia Home and Mousse Shares for their strong market positions [3] Consumer Goods - The pet brand sector shows strong growth, with Petty's sales during the 618 shopping festival exceeding 12 million [3] - 52TOYS has submitted an IPO application, indicating a growing trend in the collectible toy sector [3] Packaging - Yongxin Shares and Yutong Technology show stable operations with robust overseas orders [3] - The report anticipates a double-digit growth recovery in Q2 for these companies [3] Two-Wheelers - Ninebot's sales during the 618 pre-sale reached 210 million, showing a significant YoY increase [3] - Aima Technology's stock incentive plan reflects confidence in future growth [3] Jewelry - Chaohongji is planning an H-share issuance to enhance its global strategy [4] - Recommendations include brands like Laopuhuangjin and Chaohongji for their brand value [4] Cross-Border E-commerce - Increased pressure on low-value package tariffs is anticipated, with G7 discussions on imposing tariffs on Chinese products [4] - TikTok's new policies in Europe may provide growth opportunities for cross-border sellers [4] IP Retail - Pop Mart's jewelry brand is set to open its first store in Shanghai, indicating a new growth avenue [4] - Miniso's Q1 revenue reached 4.43 billion, with a notable increase in overseas store openings [4] Mother and Baby - The industry is transitioning towards a digital supply chain model, focusing on efficiency and flexibility [4] - Recommendations include leading companies like Kidswant and Goodbaby for their growth potential [4] E-commerce - Huitongda's self-branding strategy shows promising results, with significant growth in orders [5] - The report highlights the potential of AI-driven live commerce strategies [5] Electrical and Lighting - Bull Group continues to innovate with new products meeting national standards for charging stations [5] - Op Lighting is exploring new applications for LED technology in agriculture [5] Tools - The report notes a recovery in profit expectations for tool companies, despite weak global demand [5] - Recommendations include companies like Juxing Technology for their market positioning [5]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights a potential divergence in new consumption performance, suggesting a focus on leading companies and undervalued targets [2][3] - The report emphasizes the importance of supply chain digitalization as a core barrier in the mother and baby industry, indicating a shift towards a "content + community" ecosystem [4][5] Summary by Sections Pulp and Paper - Supply chain disruptions continue, with pulp prices recovering rapidly; needle pulp prices are at $740 (down $30 month-on-month) and unbleached kraft pulp at $620 (down $30 month-on-month) [2] - Short-term pulp prices are expected to remain low due to ongoing pressure from downstream demand [2] - Recommendations include focusing on companies like Sun Paper and Xianhe Shares, which are improving profitability [2] Exports - April export data shows a stable overall performance with a year-on-year increase of 8.1%, but regional disparities are evident [2] - Exports to the U.S. decreased by 21%, while exports to ASEAN increased by 20.8% [2] - Companies with strong global layouts and those experiencing short-term performance relief are recommended [2] New Tobacco - Increased scrutiny from the FDA on illegal e-cigarette products, with a warning issued to 24 importers [3] - The report suggests that compliance suppliers will become increasingly scarce, benefiting compliant brands [3] Home Furnishing - Stabilization in second-hand housing prices, with 52% of key city neighborhoods seeing price increases [3] - Recommendations include companies like Gujia Home and Mousse Shares, which are expected to benefit from updated demand [3] Consumer Goods - Strong growth in pet brands, with Petty Co. achieving over 12 million in GMV during the 618 shopping period [3] - The report notes the upcoming IPO of 52TOYS, indicating a significant growth opportunity in the trendy toy sector [3] Packaging - Companies like Yongxin Shares and Yutong Technology are experiencing steady growth and improved profitability [3] - The report anticipates a recovery in sales growth in Q2, driven by new product launches and declining raw material prices [3] Two-Wheelers - Ninebot's sales during the 618 pre-sale reached 210 million, showing a year-on-year increase of 641% [3] - Aima Technology's stock incentive plan reflects confidence in future growth [3] Jewelry - Chao Hong Ji is planning an H-share issuance to enhance its global strategy [4] - Recommendations include brands like Lao Pu Gold and Chao Hong Ji, which are expected to see growth despite market challenges [4] Cross-Border E-commerce - Increased pressure on low-value package tariffs discussed at the G7 meeting, potentially raising costs for small cross-border sellers [4] - TikTok's new policies in Europe may provide growth opportunities for cross-border sellers [4] IP Retail - Pop Mart's jewelry brand is set to open its first store in Shanghai, indicating a new growth avenue [4] - Miniso's Q1 revenue reached 4.43 billion, with significant growth in overseas markets [4] Mother and Baby - The industry is transitioning towards a more integrated ecosystem, focusing on supply chain digitalization [4] - Companies like Kidswant and Goodbaby are highlighted as leaders in this transformation [4] E-commerce - Hui Tong Da's self-owned brand strategy is showing promising results, with significant growth in orders [5] - The report notes the strategic partnership between Jiao Ge Peng You and Baidu, enhancing their AI-driven live commerce strategy [5] Electrical and Lighting - Bull Group is launching new products in line with new national standards for charging piles, indicating a focus on quality and safety [5] - Op Lighting is exploring new applications for LED lighting in agriculture [5] Tools - The report indicates a recovery in profit expectations, although global demand remains weak [5] - Companies like Juxing Technology are recommended as they enhance production capabilities [5]

小米发布 3nm 处理器玄戒 O1，国产 SoC 再添新军 [Table_ReportDate] 2025 年 5 月 25 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 [小米发布 Table_Title] 3nm 处理器玄戒 O1，国产 SoC 再添新军 [Table_ReportDate] 2025 年 5 月 25 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 ...

Investment Rating - The investment rating for the automotive industry is "Positive" [2] Core Insights - The report highlights significant developments in the automotive sector, including the launch of the Xiaomi YU7 model, which features a battery capacity of 96.3 kWh and 101.7 kWh, with a maximum range of 820 km [3][7] - XPeng Motors reported Q1 revenue of 15.81 billion RMB, a year-on-year increase of 141.5%, with a delivery volume of 94,008 vehicles, reflecting a growth of 330.8% [3][7] - SAIC Group is restructuring its parts division into two main entities, focusing on enhancing communication and project management [3][7] - Tesla plans to launch autonomous taxi services in Austin, Texas, by the end of June, with an initial fleet of 10 vehicles [3][7] - Great Wall Motors introduced a versatile intelligent platform compatible with five powertrain types, aimed at luxury vehicles [3][7] Summary by Sections Industry News - Xiaomi's YU7 model was unveiled on May 22, featuring advanced technology and significant battery capacity [3][7] - XPeng Motors' Q1 financial results indicate strong growth, with expectations for profitability by Q4 [3][7] - SAIC Group is integrating its parts businesses to improve efficiency [3][7] - Tesla's autonomous taxi service is set to begin trials in Austin, with plans for expansion [3][7] - Great Wall Motors launched a new intelligent platform for luxury vehicles [3][7] Market Performance - The automotive sector outperformed the market, with a 1.80% increase in the A-share automotive index [10] - The passenger vehicle sector saw a slight increase in PE ratios, while the automotive parts sector experienced a decline [14] Key Data Tracking - The report includes tracking of key material prices, noting slight decreases in steel and rubber prices, while aluminum prices have risen [15]

高炉吨钢利润整体可观，普钢公司利润修复或加速兑现 【】【】 钢铁 [Table_Industry] [Table_ReportDate] 2025 年 5 月 25 日 证券研究报告 行业研究——周报 [Tabl 行业周报 e_ReportType] [Table_StockAndRank] 钢铁 投资评级 看好 上次评级 看好 [Table_Author] 左前明 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 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 能源、钢铁行业研究助理 邮 箱：liubo1@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 [高炉吨钢利润整体可观，普钢公司利润修复或加速兑现 Table_Title] [Table_ReportDate] 2025 年 5 月 25 日 本期内容提 ...