Core Insights - The report emphasizes the need for better integration of technological and industrial innovation, highlighting the role of the capital market as a hub for this integration [1] - The introduction of the "1+6" policy measures aims to enhance the inclusivity and adaptability of the Sci-Tech Innovation Board (STAR Market) [1][9] - The establishment of a Sci-Tech Growth Layer on the STAR Market is intended to support unprofitable innovative companies, facilitating their access to capital [1][9] Summary by Sections 1. Specific Regulations for the Sci-Tech Growth Layer - The report outlines the criteria for transferring companies in and out of the Sci-Tech Growth Layer, emphasizing the need for enhanced information disclosure and risk identification [2][3] 2. Introduction of Professional Institutional Investors - A pilot program will introduce seasoned professional institutional investors for companies meeting the fifth listing standard on the STAR Market, which will serve as a reference during the registration process [4][5] 3. Expansion of the Fifth Listing Standard - The report supports the inclusion of companies from emerging fields such as artificial intelligence and commercial aerospace under the fifth listing standard, thereby increasing financial support for new and future industries [6] 4. Support for Capital Increase and Refinancing - The report allows unprofitable companies to conduct equity financing aimed at existing shareholders, enhancing refinancing convenience and optimizing strategic investor recognition standards [7] 5. Enhancing Market Functions - The report calls for the development of more investment products and risk management tools on the STAR Market, including a variety of ETFs and indices, to attract long-term capital to quality growth enterprises [8] 6. Importance of the Sci-Tech Growth Layer - The Sci-Tech Growth Layer is positioned as a crucial component of a multi-tiered capital market, aimed at facilitating financing for technology companies that are in the early stages of their lifecycle and currently unprofitable [9]

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The partnership with SanDisk aims to enhance UFS storage solutions, leveraging SanDisk's advanced 3D NAND technology and the company's expertise in controller chips and manufacturing services [2] - The company's unique TCM model has received positive feedback from major clients, and the collaboration with SanDisk is expected to strengthen its competitive position in the high-end storage market [2] - The storage market is anticipated to grow due to the global AIGC trend and the "Digital China" initiative, providing significant growth opportunities for the company [4] Financial Summary - The company is projected to achieve revenues of 10,125 million yuan in 2023, increasing to 30,125 million yuan by 2027, with a compound annual growth rate (CAGR) of 15% [15] - The net profit is expected to turn positive in 2024, reaching 499 million yuan, and further increasing to 2,012 million yuan by 2027 [15] - The company's return on equity (ROE) is forecasted to improve from -13.0% in 2023 to 17.6% in 2027 [15] Business Segments - The embedded storage segment is expected to generate 8.425 billion yuan in revenue in 2024, reflecting a year-on-year growth of 91% [3] - The solid-state drive (SSD) segment is projected to achieve 4.147 billion yuan in revenue in 2024, with a year-on-year growth of 48% [3] - The enterprise storage products have shown significant growth, with a revenue increase of over 200% in Q1 2025 [3] Market Position - The company is positioned as a leading independent storage manufacturer in China, actively expanding its domestic and international market presence [4] - The strategic partnership with SanDisk is expected to enhance the company's product development and delivery processes, further solidifying its market position [2]

证券研究报告 | 行业周报 2025 年 06 月 18 日 机械 智能养老服务机器人试点启动，深圳低空经济发展再获政策支持 行业要闻：5 月挖掘机国内销量 8392 台，同比-1.48%。据中国工程机械 工业协会，2025 年 5 月销售各类挖掘机 18202 台，同比+2.12%。其中国内 销量 8392 台，同比-1.48%；出口量 9810 台，同比+5.42%。1—5 月，共销 售挖掘机 101716 台，同比+17.4%；其中国内销量 57501 台，同比+25.7%； 出口 44215 台，同比+8.2%。2025 年 5 月销售电动挖掘机 36 台（6 吨以下 13 台，10 至 18.5 吨级 2 台，18.5 至 28.5 吨级 16 台，40 吨及以上 5 台）。 5 月装载机国内销量 6037 台，同比+16.7%。据中国工程机械工业协会， 2025 年 5 月销售各类装载机 10535 台，同比+7.24%。其中国内销量 6037 台，同比+16.7%；出口量 4498 台，同比-3.31%。1—5 月，共销售各类装 载机 52755 台，同比+14.1%。其中国内销量 29607 ...

Investment Rating - The report maintains an "Outperform" rating for the hydrogen energy sector [4] Core Viewpoints - The hydrogen energy industry is experiencing continuous development due to favorable policies in China, with an increase in electrolyzer bidding projects and breakthroughs in hydrogen production technology. It is recommended to pay attention to companies involved in electrolyzer bidding [3][41] - The midstream sector is accelerating the development of hydrogen transportation and the construction of hydrogen refueling stations, suggesting a focus on companies capable of hydrogen transportation [3][41] - The downstream sector is exploring various application scenarios for hydrogen energy, promoting the adoption of hydrogen vehicles, and recommending attention to companies in the hydrogen vehicle application field [3][41] Industry Performance - As of June 13, 2025, the hydrogen energy index closed at 2047.76 points, with a weekly increase of 0.34% and a year-to-date increase of 15.25%. The hydrogen energy index ranked 42nd among the Shenwan secondary industry rankings, improving by 9 places compared to the previous week [8][15] - The top five companies in the hydrogen energy sector by weekly increase were Meichen Technology (40.96%), Yong'an Pharmaceutical (26.38%), Hengguang Co., Ltd. (25.1%), ST Baili (22.89%), and Pan-Asia Micro透 (22.02%). The top five companies by weekly decrease were Chaojie Co., Ltd. (-23.23%), Xue Ren Co., Ltd. (-14.57%), Huapei Power (-9.09%), Zhongcai Technology (-8.54%), and Xin Xun Da (-8.3%) [15][16] Hydrogen Industry Data Review - As of June 13, 2025, there have been 20 cumulative electrolyzer bidding projects in China, primarily involving alkaline and PEM types. A significant breakthrough was achieved with the development of a 2 MW AEM electrolyzer by Beijing Green Wave Hydrogen Energy Technology Co., Ltd. [17] - In April 2025, the production of fuel cell vehicles (FCVs) saw a decrease, with 342 units produced and 328 units sold, marking a month-on-month decline of 6.3% and 13%, respectively. Cumulatively, 926 FCVs were produced and 957 sold from January to April 2025, representing year-on-year declines of 22.45% and 10.89% [21][24] Industry Dynamics and Company Developments - Significant breakthroughs in hydrogen transportation technology were reported, including the successful operation of a non-metal flexible hydrogen pipeline by State Power Investment Corporation [36] - The first domestic hydrogen internal combustion engine generator set has been commercially operated in Hubei, showcasing the ability to utilize industrial by-product hydrogen for power generation [36] - Plug Power has partnered with Allied Green to advance a green hydrogen project in Uzbekistan, highlighting international collaboration in the hydrogen sector [38]

交易节奏而言，作为未来可能稳定市场的重要抓手的金融权重板块，或有望 受益市场风偏提升，且后续有望受益相关政策，具体可能要看 7 月份的政治 局会议定调。并购线建议重点关注以信达证券、首创证券、浙商证券、国联 民生、中国银河等为代表个股；具有估值扩张空间的公司，推荐关注综合能 力强、风险资本指标优化、受益 ETF 发展的华泰证券、中金公司等；同时从 赔率弹性角度，建议逢低关注布局金融 IT 板块，建议重点关注财富趋势、同 花顺、九方智投等；互金平台建议关注东方财富、指南针等。 十年期国债收益率在 1.64%附近波动，受公募新规等影响，保险板块有所 波动调整。2025 年一季度保险公司资金运用规模稳健增长，债券和股票占 比提升至近年来最高水平；权益投资入市步伐加快，股票重点加仓交运板块， 行业举牌热潮延续且集中在银行和公用事业板块。保险负债端总体表现平稳， 需要密切关注权益市场走势。 证券研究报告 | 行业周报 2025 年 06 月 17 日 非银行金融 地缘风险冲突加剧，市场风偏或受压制-非银周观点 受中美贸易谈判落地、伊以冲突、十年期国债收益率波动、公募基金新规等 持续影响，市场振幅加大，需要关注伊以冲突、 ...

证券研究报告 | 投资策略研究*专题报告 2025 年 06 月 16 日 投资策略研究 过滤噪声，以"稳"为主——周度策略行业配置观点 一周热点事件复盘：中美于伦敦经贸磋商，美国 CPI 数据不及预期，伊 朗以色列地缘冲突再起。本周（2025 年 6 月 9 日-2025 年 6 月 13 日）A 股维持震荡，上证指数在 3400 的点位受到明显阻力，新消费、创新药和 贵金属行情表现上有较好的持续性。上证指数周跌 0.24%，深证成指周跌 0.60%，创业板指周涨 0.21%，科创 50 周跌 1.88%，全市场日均成交额抬 升至 1.37 万亿元。板块风格上，本周电子、通信等科技板块回调比较明 显，而新消费行情在伊朗以色列冲突爆发后仍然"接着奏乐接着舞"，IP 经济概念爆发可能是核心推力，新消费在经济基本面难言乐观的背景下仍 表现出较好的持续性，另外一方面，和我们在上周预判的一致，美元走弱 叠加地缘冲突再度爆发，黄金本周显著走强，创新药受到 BD 交易催化也 表现较好。 我们仍然延续之前的判断：全球国际政治关系在经济增速卡住瓶颈的背 景下已经不再处于蜜月期，"全球化"带来的影响在各国的政策框架中不 再能用 ...

证券研究报告 | 公司深度报告 2025 年 06 月 13 日 太龙药业（600222.SH） 国资赋能+集采放量，中药 CRO 打开第二曲线 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,070 | 1,941 | 2,132 | 2,348 | 2,583 | | 增长率 yoy（%） | 5.6 | -6.2 | 9.8 | 10.1 | 10.0 | | 归母净利润（百万元） | 44 | 51 | 61 | 85 | 116 | | 增长率 yoy（%） | 160.3 | 16.0 | 21.5 | 38.4 | 36.5 | | ROE（%） | 2.8 | 3.3 | 3.9 | 5.0 | 6.4 | | EPS 最新摊薄（元） | 0.08 | 0.09 | 0.11 | 0.15 | 0.20 | | P/E（倍） | 80.9 | 69.7 | 57.4 | 41.5 | 30.4 | | P/B（倍） | 2.2 | 2.2 ...

证券研究报告 | 公司深度报告 2025 年 06 月 13 日 迈瑞医疗（300760.SZ） 全球化战略再升级，数智化转型驱动全球竞争力 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 34,932 | 36,726 | 40,794 | 45,743 | 51,422 | | 增长率 yoy（%） | 15.0 | 5.1 | 11.1 | 12.1 | 12.4 | | 归母净利润（百万元） | 11,582 | 11,668 | 12,806 | 14,288 | 16,500 | | 增长率 yoy（%） | 20.6 | 0.7 | 9.7 | 11.6 | 15.5 | | ROE（%） | 34.7 | 28.8 | 24.2 | 22.3 | 21.2 | | EPS 最新摊薄（元） | 9.55 | 9.62 | 10.56 | 11.78 | 13.61 | | P/E（倍） | 24.7 | 24.5 | 22.3 | 20.0 | ...

证券研究报告|行业深度报告 2025 年 06 月 13 日 传媒 IP 赋能叠加社交属性推动增长，集换式卡牌赛道空间广阔 泛娱乐玩具产业规模快速增长，集换式卡牌占据较高市场份额。泛娱乐产业 围绕 IP 展开，本质在于开发以不断变化的 IP 内容为主题的多元文化娱乐产 品，从而覆盖各个年龄段愿意为喜爱的 IP 进行周边产品收藏的人群。泛娱 乐玩具 2024 年市场规模达 1018 亿元，预计 2024-2029 年有望维持 15.8% 复合增速。其中集换式卡牌是中国泛娱乐玩具行业重要的细分品类之一，该 细分赛道 2019 年至 2024 年市场规模按复合年增长率 56.6%增长，为中国 泛娱乐玩具行业增长最快的子板块。于 2024 年，集换式卡牌占中国泛娱乐 玩具行业整体市场规模的 25.8%，预计 2024-2029 年复合增速将达到 11.1%。 卡牌行业种类丰富，其中集换式卡牌市场空间广阔。卡牌行业主要分为集换 式卡牌以及非集换式卡牌，其中非集换式卡牌的内容以及玩法均相对固定， 主要包含扑克牌、三国杀、狼人杀、UNO 等。集换式卡牌则是一种融合了 特定主题、收藏、交换及对战功能的卡牌游戏。通常基于影视动 ...

证券研究报告 | 固定收益研究*周报 2025 年 06 月 10 日 5 月 CPI 环比为-0.2%，前值为 0.1%，再次下滑 0.3 个百分点回落到负区 间。另外，从往年数据来看，5 月环比低于去年同期，较 2014-2023 年环 比均值大体相当。环比拆分来看，能源价格环比下降 1.7%，影响 CPI 环 比下降约 0.13 个百分点，占 CPI 总降幅近七成；应季蔬菜上市量增加，鲜 菜价格下降 5.9%。 5 月 PPI 同比数据为-3.3%，前值为-2.7%，降幅扩大了 0.6 个百分点， PPI 同比在负区间继续下滑。同比拆分来看，5 月生产资料价格下降 4.0%，较前月的-3.1%降幅扩大 0.9 个百分点，其中，淡季下采掘和原材 料价格降幅是主要拖累项；生活资料价格下降-1.4%，主要是食品和耐用 消费品的下滑带动。 5 月 PPI 环比数据为-0.4%，与前月增速相当，也已经连续处于负增长状 态。环比拆分来看，5 月生产资料价格下降 0.6%，今年以来持续处于负区 间且降幅扩大；生活资料价格增速为 0，较 4 月（-0.4%）和 5 月（- 0.2%）有所收敛。 总体而言，5 月 CPI ...