证券研究报告 | 行业周报 2025 年 07 月 02 日 电力设备及新能源 电解槽招中标项目数量可观，下游应用领域拓展推动行业发展 行情回顾：截至 2025 年 6 月 27 日，氢能源指数收盘价为 2113.29 点，本 周涨跌幅为 4.49%，2025 年初至今涨跌幅为 18.94%。氢能行业周涨幅前 五的公司为泰和科技、内蒙一机、利元亨、星源材质、龙蟠科技，涨幅分 别为 48.09%、33.66%、30.89%、23.90%、19.46%；氢能行业周跌幅 前四的公司为宁新新材、恒光股份、凯添燃气、山东墨龙，跌幅分别为 -18.65%、-12.41%、-11.78%、-11.25%。 重点事件点评：国内首制16000TEU甲醇双燃料集装箱船；国内首艘25,000 方氨双燃料 LPG/液氨运输船正式开工；我国首台氢气燃烧炉点火成功；英 国政府将投 5 亿英镑建设氢能基础设施；阿达尼投产印度"第一座"离网 绿色氢能工厂；现代汽车投资 60 亿美元在美国氢能一体化钢厂；浙江六 横发布氢能补助政策；上海市构建海洋氢能产业基地；四川省能源局印发 《关于组织开展国家级能源领域氢能试点申报工作的通知》；羚牛氢能与 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [4][20]. Core Views - The company is expected to see steady revenue growth, with projected revenues of 31.80 billion yuan in 2024, up 22.4% year-on-year, and net profit of 4.06 billion yuan, up 31.4% year-on-year [1][11]. - The company is focusing on global expansion and capacity construction, with multiple projects expected to be completed in 2025, which will contribute to profit growth [10][11]. Financial Performance Summary - **Revenue and Profit Projections**: - 2023A: Revenue of 25.98 billion yuan, net profit of 3.09 billion yuan - 2024A: Revenue of 31.80 billion yuan, net profit of 4.06 billion yuan - 2025E: Revenue of 37.40 billion yuan, net profit of 4.20 billion yuan [1][11]. - **Growth Rates**: - Revenue growth rates are projected at 18.6% for 2023, 22.4% for 2024, and 17.6% for 2025 [1][11]. - Net profit growth rates are projected at 132.1% for 2023, 31.4% for 2024, and 3.4% for 2025 [1][11]. - **Key Financial Ratios**: - Return on Equity (ROE) is expected to be around 20.0% in 2024, with a gradual decline to 17.9% by 2027 [1][11]. - Price-to-Earnings (P/E) ratio is projected to decrease from 14.0 in 2023 to 7.2 by 2027 [1][11]. Market and Industry Insights - The global tire market is showing signs of differentiation, with domestic tire brands gaining strength due to competitive pricing and brand influence [9]. - The company is enhancing its global footprint through production capacity optimization in countries like Cambodia, Vietnam, Indonesia, and Mexico, which is expected to improve market responsiveness and coverage [10].

证券研究报告 交易型指数基金资金流向周报 数据日期：2025/6/16-2025/6/20 长城证券产业金融研究院 基金研究 分析师：金铃 执业证书编号：S1070521040001 报告日期：2025年7月1日 交易型指数基金资金流向 www.cgws.com 国内被动股票基金 | 基金规模 | 大 类 | | 周涨跌幅 | 周资金净买入额 | 今年以来周涨跌幅走势图 | 今年以来周资金流向走势图 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 所属概念 | | (亿元) | (%) | (亿元) | | | | | 上证50 | | 1594.56 | 1.69 | 2.15 | | | | | 沪深300 | | 9834.49 | 2.19 | -71.25 | | | | | 中证500 | | 1401.20 | 3.91 | -19.27 | | | | | 中证1000 | | 1169.17 | 4.63 | -9.44 | | | | | 创业板指 | | 1264.48 | 5.61 | -11.84 | | | | | 科 ...

证券研究报告 | 行业动态点评 2025 年 07 月 01 日 电子 小米发布首款 AI 智能眼镜，产业链有望持续受益出货量扩大 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2025E | 2026E | 2025E | 2026E | | 002241.SZ | 歌尔股份 | 增持 | 1.03 | 1.3 | 22.64 | 17.94 | | 300793.SZ | 佳禾智能 | 增持 | 0.26 | 0.39 | 69.5 | 46.33 | | 688328.SH | 深科达 | 增持 | 0.53 | 0.85 | 42.74 | 26.65 | | 688525.SH | 佰维存储 | 买入 | 1.39 | 1.77 | 48.49 | 38.08 | | 688608.SH | 恒玄科技 | 增持 | 5.32 | 6.92 | 65.41 | 50.29 | 资料来源：长城证券产业金融研究院 事件：2025 年 6 月 26 日，小米在人 ...

证券研究报告 | 固定收益研究*周报 2025 年 07 月 01 日 固定收益研究 债市周观察（6.23-6.29）——谜团仍在持续 临近跨季，资金面虽有小波动但整体宽松格局没变。上周，股市创了年内 新高，加上外部风险有所缓解（比如伊朗以色列达成了脆弱停火协议）， 这些对债市行程一定压制。不过在基本面还是偏弱——通胀和金融数据都 走软，地产投资继续下滑，pmi 也仍在收缩区间，这些因素共同构成债市 的支撑核心，市场整体窄幅震荡，回调幅度不大。具体看利率表现，10 年 国债收益率微升 1BP 到 1.65%，临近月末市场博弈买卖国债，2 年期国债 降了 4BP 至 1.36%，收益率曲线更趋陡峭。 中国人民银行货币政策委员会召开了 2025 年第二季度例会。关于货币政 策方面，会议虽然保留了"关注长期收益率""防范资金空转"等这些说 法，但和一季度的通稿相比有个明显变化——"择机降准降息"改成了 "灵活把握政策力度和节奏"。部分市场投资者觉得这可能暗示货币政策 进入观望状态，可能央行三季度更倾向结构性精准调控而非全面宽松。不 过我们认为，一方面，这个表述不是新改的，其实在 5 月初发布的一季度 货政报告里就已 ...

Investment Rating - The automotive industry is rated as "Overweight" with expectations of outperforming the market in the next six months [52]. Core Views - The automotive sector saw a weekly increase of 2.88%, outperforming the CSI 300 index by 0.93 percentage points during the period from June 22 to June 27, 2025 [10][41]. - Retail sales of passenger vehicles in June increased by 24% year-on-year, with a total of 1,008.6 million units sold year-to-date, reflecting an 11% increase compared to the previous year [6][42]. - The new Xiaomi YU7 SUV model launched successfully, achieving over 240,000 pre-orders within 18 hours of its release [3][42]. Summary by Sections Market Review - The automotive sector's performance for the week (June 22-27, 2025) showed a 2.88% increase, with the passenger vehicle segment rising by 0.08% and commercial vehicles by 1.01% [10][41]. - The automotive parts sector increased by 4.62%, while the automotive services sector rose by 4.27%, both outperforming the CSI 300 index [10][41]. Valuation Levels - As of June 27, 2025, the automotive industry's PE-TTM was 25.9, up by 0.72 from the previous week. The valuations for passenger vehicles, commercial vehicles, and parts were 25.37, 35.87, and 24.46 respectively [11][41]. New Vehicle Launches - A total of 28 new models were launched during the week, including the Xiaomi YU7, which is priced between 25.35 and 32.99 million yuan [38][40]. Investment Recommendations - The report suggests that the automotive sector is expected to continue its upward trend, with specific focus on the performance of electric vehicles and related technologies [41].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as the first rating given [4]. Core Viewpoints - The company is positioned in the military inertial navigation sector, which is crucial for enhancing the advanced capabilities of national defense systems. The report highlights that there is no current overcapacity or technological obsolescence in this field, indicating a stable growth environment [8]. - The company has a strong track record in the inertial navigation and control domain, with over 30 years of experience, and has established a solid reputation and extensive customer base [8]. - The company is actively expanding into the civil aviation market, with several projects progressing well, and has signed contracts with commercial aerospace entities, indicating a diversification strategy [3][9]. Financial Summary - Projected revenue growth shows a significant increase from 22 million in 2023 to 1,092 million by 2027, with a year-on-year growth rate peaking at 685.6% in 2024 [1]. - The net profit is expected to turn positive by 2025, with projections of 54 million, 96 million, and 115 million for the years 2025, 2026, and 2027 respectively, reflecting a substantial growth trajectory [1][9]. - The report anticipates a gradual improvement in key financial metrics, including ROE, which is expected to rise from -1.6% in 2023 to 5.6% by 2027 [1]. Market Development - The company is focusing on enhancing its market management and performance assessment systems to boost the motivation of its market personnel, which is expected to improve overall market performance [2]. - The company is closely monitoring the demand for guided munitions and has secured contracts for inertial navigation devices, with production and delivery scheduled for 2024 [2][8]. - The report emphasizes the company's commitment to technological innovation and its role in supporting military capabilities, aligning with national defense strategies [9].

从 2025Q1 数据看,全 A 营收增速延续回暖趋势,非金融石油石化板块同 比增速为 0.65%,较 2024Q4环比改善 1.3pct; 分板块看,创业板以 2025Q1 同比 7.89%的营收增速领跑,北证营收增速环比跳升 8.08pct 至 5.81%,而 科创板受光伏行业拖累,2025Q1 营收同比下滑 7.24%,为 2022年有数据以 来首次负增。盈利端改善更为明显,全 A 归母净利润同比增速由 2024Q4 的 -0.89%转正至 2025Q1 的 1.49%,其中创业板净利润同比激增 18.02%(较 2024Q4 环比改善 30.9pct),但科创板净利润同比跌幅扩大至-28.6%,反映 科技领域高研发投入与短期业绩的阶段性矛盾;主板则通过降本增效,销售 净利率从2024Q4的 9.3%提升至 2025Q1的 9.38%,凸显传统行业经营韧性。 分析师 汪毅 执业证书编号:S1070512120003 证券研究报告 | 投资策略研究*深度报告 2025 年 06 月 30 日 投资策略研究 B 隐匿下的"平衡木"策略 -- 基于景气度线索以及行业趋势 邮箱: yiw@cgws.com 分析 ...

Investment Rating - The report assigns an "Accumulate" rating for the company [4]. Core Views - The company has achieved a turnaround in net profit for Q1 2025, with a significant increase in high-end market revenue share [1][2]. - The semiconductor market in China is experiencing accelerated domestic substitution, reducing reliance on imports and creating growth opportunities for local companies [3]. - The company is focusing on high-value applications, with a notable increase in sales of digital energy devices and significant orders in specialized power supply sectors [8][9]. Financial Summary - For 2024, the company is projected to achieve revenue of 354 million yuan, a year-on-year increase of 10.76%, while net profit is expected to decline by 18.77% to 25 million yuan [1]. - The company's revenue is expected to grow steadily from 320 million yuan in 2023 to 537 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 12.3% [1]. - The gross margin for 2024 is projected at 29.45%, an increase of 6.26 percentage points year-on-year, indicating improved profitability [2]. Market Position and Competitive Advantage - The company ranks among the top domestic players in the high-power semiconductor device sector, with strong production capacity and quality advantages [3]. - The company maintains long-term stable partnerships with leading enterprises in various electrical systems and industrial control equipment sectors, enhancing its market presence [3][8]. - The focus on high-end clients and applications has led to a significant increase in revenue from high-value power semiconductor devices [8].

小米集团-W（01810.HK） 小米 YU7 大定数量亮眼，发布 AI 眼镜加速个人端智能化布局 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 270,970.14 | 365,906.35 | 482,996.38 | 576,118.08 | 673,424.43 | | 增长率 yoy（%） | -3.24 | 35.04 | 32.00 | 19.28 | 16.89 | | 归母净利润（百万元） | 17,475.17 | 23,658.13 | 39,547.43 | 49,793.16 | 59,665.28 | | 增长率 yoy（%） | 606.34 | 35.38 | 67.16 | 25.91 | 19.83 | | ROE（%） | 10.66 | 12.53 | 17.32 | 17.91 | 17.67 | | EPS 最新摊薄（元） | 0.67 | 0.91 | 1.52 | 1.92 | 2.30 | | P/E（倍） ...