Investment Rating - The report maintains a "Positive" investment rating for the industry [5]. Core Insights - The overall scale of the industry remains stable, with a decrease in enthusiasm leading to differentiation among companies [12][19]. - Policy expectations are anticipated to strengthen further, driven by public statements from industry leaders [22][23]. - New technologies, particularly BC technology, are gaining attention, while other routes are progressing steadily [26][28]. - Auxiliary materials and equipment are advancing with BC and TOPCon modifications, contributing to efficiency improvements [46][62]. - Inverters are evolving, with a focus on commercial storage solutions and continued iterations in large-scale storage [67][82]. Summary by Sections Overall - The scale of the industry is stable with over 3,500 participating companies and more than 500,000 attendees, showing no significant change from 2024 [19]. - There is a noticeable decrease in overall enthusiasm, with some exhibition spaces left vacant, indicating a divergence in interest between leading and smaller companies [19]. Policy - Industry leaders are actively promoting policy implementation, with initial solutions proposed to address the "internal competition" in the silicon material sector [23]. - The asset-liability ratio in the photovoltaic main industry chain has shown a significant increase, indicating financial pressures [24]. New Technologies - The HIBC technology from Longi has achieved a standard module power of over 700W, while Aiko's ABC modules have a double-sided rate of 80% ± 5% [28]. - The TOPCon route focuses on efficiency improvements, with leading companies showcasing modules with power ratings up to 670W and conversion efficiencies of 24.8% [33]. - HJT technology is also advancing, with Tongwei's HJT module reaching a power output of 790.8W, marking a significant achievement in the sector [41]. Auxiliary Materials & Equipment - Leading manufacturers are launching BC-specific products, including low-weight encapsulation films and high-reflectivity black materials [46]. - The introduction of low-cost metal solutions is becoming a trend, with companies like Jingsilver and Shanghai Silver Paste showcasing their innovations [52]. - Equipment for TOPCon modifications is gaining traction, with edge passivation becoming a mainstream technology [62]. Inverters - The focus on commercial storage products is evident, with new high-power products being prominently displayed at the SNEC exhibition [67]. - The latest large-scale storage solutions, such as the PowerTitan3.0 from Sungrow, feature significant upgrades in capacity and efficiency [82].

Investment Rating - The report maintains a "Positive" investment rating for the offshore wind pile industry [12] Core Insights - Recent market attention on the pile segment has increased, with stock price fluctuations primarily driven by performance, which is closely linked to downstream construction volume and company shipment volume [5][8] - In the short term, the offshore wind pile industry is expected to benefit from increased downstream construction in Q2, leading to a dual increase in volume and profit, thereby releasing performance elasticity [9][11] - The long-term outlook suggests that deep-sea development will open up growth opportunities for the pile industry, while overseas offshore wind installations are anticipated to experience significant growth, with domestic companies accelerating overseas expansion [10][11] Summary by Sections Introduction: Volume as the Core Factor Affecting Pile Segment Performance - The report identifies that stock price movements in the pile segment are mainly influenced by performance, which is affected by downstream construction and shipment volumes [8][18] Short-term: Q2 Expected to Mark a Performance Turning Point, with Support for 2025-2026 Outlook - The offshore wind pile industry is projected to benefit from increased construction activity in Q2, with a year-to-date increase in offshore wind construction volume of 23% [9][24] - The report anticipates that the increase in shipments will lead to significant cost dilution effects, enhancing profitability for related companies [9][22] Long-term: Deep-sea Development Opens Industry Growth Space, Offshore Wind Expansion Releases Growth Elasticity - The shift towards deep-sea offshore wind is expected to create long-term growth opportunities for the pile industry, with significant growth anticipated in overseas installations [10][44] - The report highlights that domestic companies are accelerating their overseas expansion efforts, which is expected to release performance growth elasticity [10][11] Investment Recommendations - The report recommends focusing on domestic offshore wind pile companies that are expected to benefit from increased construction activity in the short term and have growth potential in the long term due to deep-sea development and overseas expansion [11][86]

丨证券研究报告丨 行业研究丨行业周报丨金属、非金属与采矿 [Table_Title] 产业与宏观共振，资源品全面开花 报告要点 [Table_Summary] 本周是关键节点，美元下破"箱体"+地缘冲突升级共振，金价重回上升通道，权益恢复弹性， 重视突破新高前的配置际遇。本周核心两点触发黄金重回上升通道：1）美元指数破过去 2 年 震荡箱体进一步走弱。对应周三公布 5 月 CPI 低预期，联储担忧滞胀并未到来，降息概率回 升。美国经济在"滞胀"和"衰退"或走向后者。传统框架/衰退路径是今年驱动金价进一步新 高的重要因子。我们依旧维持金价延续上涨至第二轮第一次降息落地；2）以伊地缘冲突再起， 催生避险情绪进一步助力金价向上弹性；同时我们欣喜看到黄金股摆脱过去 1 个月对金价弱化 的弹性，在周五出现显著修复。我们认为第二波贵金属股行情或启动。 分析师及联系人 [Table_Author] SFC：BQT626 SFC：BUT918 王鹤涛 肖勇 叶如祯 王筱茜 肖百桓 SAC：S0490512070002 SAC：S0490516080003 SAC：S0490517070008 SAC：S04905190800 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [12] Core Insights - The construction sector is favored for high dividend investment opportunities, particularly in Hong Kong and A-shares [2] - Key companies highlighted include China State Construction, Sichuan Road and Bridge, and international engineering firms benefiting from the Belt and Road Initiative [2][10] - The report emphasizes the importance of stable growth and infrastructure as a cornerstone of economic development, with significant government spending planned for 2025 [9] Summary by Sections High Dividend Opportunities - The report continues to favor high dividend investment opportunities in the construction sector, particularly focusing on state-owned enterprises and local government enterprises [2] - China State Construction is identified as a top pick due to its strong fundamentals and high dividend yield [10] Performance of Hong Kong Construction Stocks - Hong Kong construction stocks have performed well, with notable increases in share prices for companies like China Communications Construction and China Railway Group [8] - The report attributes this performance to overall market strength and significant liquidity inflows [8] A-Share Recommendations - In A-shares, China State Construction is recommended for its high dividend yield and robust order growth, with new contracts expected to reach 1.4149 trillion yuan in 2024, a 21.1% increase year-on-year [10] - Sichuan Road and Bridge is highlighted for its increasing dividend payout ratio and confidence in future growth [10] International Engineering Opportunities - The report emphasizes the potential of international engineering firms, particularly those involved in the Belt and Road Initiative, with companies like China Steel International and China National Materials recommended for their high dividend yields [10] Market Outlook - The outlook for 2025 remains positive, with infrastructure investment expected to benefit from government policies and increased fiscal spending [9][10] - The report notes that the construction sector is positioned to capitalize on these trends, making it an attractive investment area [9]

Investment Rating - The report maintains a "Buy" rating for the company [10][11]. Core Viewpoints - The company has completed a technological breakthrough, entering a new phase of "technology conversion - profit release" with improved operational quality. Its subsidiary, Changjiang Computing, is projected to achieve nearly 6 billion in revenue from domestic computing in 2024, with a compound annual growth rate exceeding 100% over the past two years, potentially surpassing 10 billion in 2025 [4][10]. - The company has significantly increased its R&D investment to overcome supply chain challenges, with R&D expense ratios rising to 12.24%, 13.15%, and 13.27% from 2020 to 2022. The average salary of R&D personnel increased by 39% to 326,600 yuan in 2022 compared to 2019 [7][25]. - Changjiang Computing has become a key player in the domestic computing market, having adapted its AI servers to over 100 large models and achieving a top-three ranking in the Huawei Kunpeng ecosystem [8][10]. Summary by Sections From "Big" to "Strong": R&D Empowering Operational Quality Improvement - The company maintained steady growth from 2010 to 2019 but faced challenges after being placed on the U.S. Entity List in 2020, resulting in a 14.55% decline in revenue and an 89.55% drop in net profit [7][18]. - The management transition from 2020 to 2022 injected new vitality into the company, with a focus on overcoming technological barriers through increased R&D investment [21][25]. Riding the Computing Power Wave: Changjiang Computing Accelerates - In response to U.S. restrictions on computing power chips, the company has positioned itself as a domestic computing service provider, with revenue from domestic computing expected to reach nearly 6 billion in 2024 [8][10]. - The company has secured significant contracts in the financial sector and is expanding its market share among state-owned banks [8][10]. Full Chain Autonomy: Global Deep Sea Navigation - The company’s wholly-owned subsidiary, Fenghuo Ocean, is a rare global supplier of communication equipment with complete independent intellectual property rights, focusing on international submarine cable projects [9][10]. Investment Recommendations - The company is expected to see net profits of 1.03 billion, 1.34 billion, and 1.62 billion yuan from 2025 to 2027, with year-on-year growth rates of 47%, 30%, and 21%, respectively, corresponding to PE ratios of 24x, 19x, and 15x [10].

Investment Rating - The report maintains a "Buy" rating for the company [2][6][44] Core Views - The company's PE ratio as of the end of May is 35.45x, positioned at the 44th percentile historically since 2016, indicating a certain level of cost-effectiveness for allocation. It is expected that with the continuous enhancement of the mutual access policy in the Hong Kong capital market, liquidity in the Hong Kong stock market will continue to rise, leading to an overall increase in market activity and valuation. The company is projected to achieve revenues and other income of 29.8 billion, 31.0 billion, and 32.5 billion HKD for 2025, 2026, and 2027 respectively, with corresponding net profits of 17.9 billion, 18.6 billion, and 19.6 billion HKD, resulting in PE valuations of 29.2, 28.0, and 26.6 times respectively [2][44]. Summary by Sections Market Performance - The Hong Kong stock market has shown a significant increase, with the Hang Seng Index and Hang Seng Tech Index rising by 16.1% and 15.7% respectively compared to the end of 2024. The average daily trading (ADT) for the Hong Kong stock market in May was 210.3 billion HKD, reflecting a year-on-year increase of 50.4% but a month-on-month decrease of 23.4% [7][10][15]. IPO Market - The IPO market in Hong Kong has experienced substantial growth, with 10 new stocks listed in May, raising a total of 55.8 billion HKD, which is a remarkable increase of 3150.6% year-on-year and 1830.4% month-on-month. For the first five months of 2025, a total of 28 new companies were listed, with a cumulative scale of 77.4 billion HKD, representing a year-on-year increase of 707.2% [25][27][28]. Revenue and Profit Forecast - The company is expected to generate revenues and other income of 29.8 billion, 31.0 billion, and 32.5 billion HKD for 2025, 2026, and 2027 respectively, with net profits projected at 17.9 billion, 18.6 billion, and 19.6 billion HKD. The corresponding PE ratios are estimated to be 29.2, 28.0, and 26.6 times [2][44][46]. Investment Income - As of the end of May, the relevant interest rates for investment income have decreased compared to the previous month. The 6-month HIBOR was 2.16%, the 1-month HIBOR was 0.59%, and the overnight HIBOR was 0.03% [23][31][44]. Macro Environment - The domestic economic climate has shown signs of recovery, with the manufacturing PMI for May at 49.50%, indicating a slight improvement. Meanwhile, overseas liquidity has tightened due to the postponement of interest rate cuts by the Federal Reserve, which is expected to maintain the federal funds rate at 4.25%-4.50% [32][36].

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [2]. Core Insights - The ongoing conflicts in the Middle East, driven by long-standing geopolitical tensions, are expected to increase demand for military preparedness, thereby facilitating the export of advanced Chinese military equipment [8][17]. - The report highlights the significant role of the Middle East in global military trade, accounting for 26.03% of the world's military trade orders from 1985 to 2024, due to its complex religious and ethnic composition [17]. - The report identifies key companies such as AVIC Xi'an Aircraft Industry Group, which is positioned to benefit from the growing demand for large aircraft and military equipment, particularly in the context of the C919 project and military aircraft production [54][60]. Summary by Sections Section 1: Geopolitical Tensions and Military Demand - The report discusses the escalation of conflicts in the Middle East, particularly the recent Israel-Iran tensions, which are expected to drive military trade demand [11][20]. - It notes that the military trade orders in the Middle East are closely linked to local security situations, with historical conflicts leading to increased military procurement [24]. Section 2: Military Trade Dynamics - The report outlines that the U.S. has dominated military trade in the Middle East for nearly 40 years, with a market share of 50.92%, while China's share stands at 3.14%, indicating significant growth potential for Chinese military exports [28][30]. - It emphasizes that aircraft constitute the largest segment of military trade in the region, accounting for 46.20% of total orders from 1985 to 2024 [42]. Section 3: Key Companies and Opportunities - AVIC Xi'an Aircraft Industry Group is highlighted for its strategic position in the domestic large aircraft industry, benefiting from both military and civilian demand [54][60]. - The report suggests that companies with strong military aircraft models, such as AVIC Chengfei and AVIC Shenyang Aircraft Corporation, are well-positioned to capitalize on the growing military trade opportunities [50][51]. Section 4: Technological Advancements - The report discusses the advancements in military technology, particularly the development of high-end military aircraft and the increasing importance of radar systems in modern warfare [43][46]. - It notes that the demand for advanced military equipment is expected to rise due to the ongoing geopolitical conflicts, with a focus on the need for high-performance aircraft and precision-guided munitions [50].

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry [12] Core Insights - Xiaomi Group's 2023 "Human-Vehicle-Home Ecosystem" strategy integrates mobile phones, home appliances, and automobiles through the Surge OS system, promoting seamless connectivity of smart hardware [4][24] - Xiaomi's home appliance business has achieved significant growth, particularly in air conditioning, with sales volume ranking among the industry leaders [4][7] - The IoT and consumer products segment is projected to account for 28.45% of Xiaomi's total revenue in 2024, with air conditioning sales expected to exceed 6.8 million units, a year-on-year growth of over 50% [7][21] Summary by Sections Overview: Building the Human-Vehicle-Home Ecosystem - Xiaomi has rapidly expanded its home appliance market share by leveraging its competitive pricing strategy and innovative technology [7][8] - The company has increased its offline retail presence, with plans to open over 100 "Human-Vehicle-Home" integrated stores in 2024 [27][29] Rise: Three Strategies Driving High Growth in Home Appliances - Xiaomi's market share has surged due to its focus on creating popular products, differentiated competition, and enhancing user loyalty through an integrated ecosystem [8][54] - The company has adopted a low-price strategy similar to that of its competitors, attracting price-sensitive consumers while maintaining a focus on quality [9][62] Impact: Leading Brands Maintain Advantage, Xiaomi's Entry Sparks Change - Xiaomi's entry into the air conditioning market has prompted established brands to adapt their strategies, although the latter still hold significant market share [9][62] - The competitive landscape is evolving, with Xiaomi's low-price strategy posing challenges to traditional leaders like Gree and Midea [9][63] Investment Recommendations: Focus on Certainty Growth Leaders - The report suggests investing in quality leaders with low exposure to the U.S. market, such as Gree Electric, Midea Group, and Hisense Home Appliances, which are expected to benefit from domestic demand trends [10][13]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [11]. Core Insights - The geopolitical tensions in the Middle East, particularly the recent conflict between Israel and Iran, have led to increased oil prices and heightened demand for oil transportation. The report anticipates that oil shipping rates will rise due to panic-driven stockpiling and disruptions in shipping efficiency [2][19]. - Historical analysis of the Iran-Iraq War indicates that oil shipping rates experienced fluctuations due to supply chain disruptions, high oil prices suppressing demand, and eventual recovery in demand leading to increased shipping rates [22][23]. - The report suggests that while short-term disruptions may benefit oil shipping, the long-term closure of the Strait of Hormuz is unlikely, with more focus on disruptions rather than complete closures, which will affect shipping efficiency [30][31]. Summary by Sections Oil Transportation - The report highlights that the geopolitical situation has led to a significant increase in oil prices, with prices rising from $66.87 per barrel to $74.23 per barrel within a few days. The forward freight agreements (FFA) for oil shipping have also seen a daily increase of 12% [19][30]. - It is recommended to focus on leading oil shipping companies such as COSCO Shipping Energy and China Merchants Energy due to their potential to benefit from the current market conditions [2][37]. Passenger Transportation - The report notes a seasonal decline in domestic passenger transport due to the examination period, with a 1% year-on-year increase in domestic passenger volume, while international passenger volume has increased by 14% [8][42]. - The report indicates that domestic ticket prices are under pressure, with a 5.6% decline in average ticket prices due to fuel surcharges and seasonal factors [48]. Shipping and Logistics - The report mentions that the average TCE for VLCC has increased by 51.8% to $32,000 per day, reflecting strong demand for oil shipping amid geopolitical tensions [9][25]. - The report also discusses the decline in container shipping rates, with the SCFI index dropping by 6.8% to 2,088 points, indicating a cooling demand in the container shipping market [9][10]. - The logistics sector shows a continued high growth rate in express delivery, with a 16.2% year-on-year increase in the volume of express deliveries [10].

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company has entered a new development stage with the signing of a strategic cooperation agreement with PIVI, which plans to purchase construction materials and other new materials valued at approximately 302 million RMB over three years [2][4]. - The company is focusing on new material platforms, including a joint venture with Micro Era to develop "quantum + AI" materials and a partnership with the University of Science and Technology of China to establish a research platform for new materials [9]. - The company anticipates significant revenue contributions from its new material developments, with projected net profits of 80 million, 200 million, and 300 million RMB from 2024 to 2026, respectively [9]. Summary by Sections Company Overview - The current stock price is 15.83 RMB, with a total share capital of 36,882 million shares and a net asset per share of 6.10 RMB [7]. Financial Projections - Total revenue is projected to grow from 2,526 million RMB in 2024 to 4,060 million RMB in 2027, with gross profit increasing from 641 million RMB to 1,181 million RMB over the same period [14]. - The net profit is expected to rise from 86 million RMB in 2024 to 340 million RMB in 2027, indicating a strong growth trajectory [14]. Market Position - The company is positioned to benefit from overseas market growth, particularly in the Philippines and potentially in the Middle East, as it expands its new material offerings [9].