丨证券研究报告丨 行业研究丨专题报告丨汽车与汽车零部件 [Table_Title] 汽车行业周报：政策持续优化， Robotaxi 商业 化落地加速 报告要点 [Table_Summary] 政策法规的持续迭代保证智能驾驶行业快速发展，目前已对高级别方案的车辆要求、人员要求、 安全要求等方面做出明确规定，未来全国性法规的持续完善有望推动智能驾驶的全面升级。国 内外重点企业规模化加速，均已部署规模超千辆运营车。国内主要关注百度（萝卜快跑）、小马 智行、文远知行等，海外主要关注 Waymo 和特斯拉。 汽车与汽车零部件 cjzqdt11111 %% %% %% %% research.95579.com 1 分析师及联系人 [Table_Author] 高伊楠 SAC：S0490517060001 SFC：BUW101 请阅读最后评级说明和重要声明 [Table_Title 汽车行业周报：政策持续优化， 2] Robotaxi 商业 化落地加速 [Table_Summary2] 一周车市 汽车销量：5 月 19 日-5 月 25 日交强险上牌数据显示，汽车销量 39.95 万辆，较 5 月 W3（5.12- 5. ...

Investment Rating - The report maintains a "Positive" investment rating for the gaming industry [7] Core Insights - The Chinese gaming market continues to experience rapid growth, with a market size of 27.351 billion yuan in April 2025, reflecting a year-on-year increase of 21.93% and a month-on-month increase of 2.47% [2][4] - Long-standing products such as "Honor of Kings," "Naruto," and "Honkai: Star Rail" have shown stable growth, contributing to the industry's high growth rate [2] - The overseas performance of self-developed games is impressive, with a 9.62% year-on-year increase in actual sales revenue from overseas markets, amounting to 1.554 billion USD in April 2025 [9] - The new game product cycle for listed gaming companies is underway, with several new titles performing well in May, indicating a positive outlook for the gaming sector [9] - The gaming sector's valuation remains relatively low, with potential for upward elasticity, suggesting continued investment opportunities in the gaming sector [9] Summary by Sections Market Performance - The Chinese gaming market size reached 27.351 billion yuan in April 2025, with mobile gaming accounting for 20.424 billion yuan, showing a year-on-year growth of 28.41% [9] - Key growth drivers include seasonal events and updates for existing games, which have significantly boosted their revenue [9] Overseas Expansion - The overseas market for self-developed games generated 1.554 billion USD in April 2025, with notable contributions from long-term products [9] - "Honkai: Star Rail" and "Kingshot" ranked among the top revenue-generating games in overseas markets [9] New Game Launches - Several new games from listed companies have shown promising performance, with titles like "Staff Sword Legend" and "Supernatural Action Group" gaining traction in the market [9] - Major gaming companies have a rich pipeline of upcoming products, indicating a robust new game cycle [9] Valuation and Investment Opportunities - The gaming sector's valuation is positioned for potential recovery, driven by stable policies and the introduction of new games [9] - Recommended stocks for investment include Giant Network, Kaiying Network, G-bits, Perfect World, and Yaoji Technology [9]

Investment Rating - The report does not explicitly state an investment rating for the controlled nuclear fusion industry. Core Insights - Controlled nuclear fusion is considered a strategic energy source that is safe, clean, low-carbon, and has high energy density, potentially solving humanity's energy problems [12][18]. - The energy balance is a critical indicator for the commercial viability of controlled nuclear fusion, with future energy gain indicators expected to exceed 10 [22]. - The global timeline for achieving operational demonstration reactors is set for 2050, with significant advancements expected in the coming years [54][56]. Summary by Sections Section 1: Energy Solutions - Controlled nuclear fusion is a promising solution to energy needs, utilizing abundant fuel sources like deuterium from seawater, which could support humanity's energy demands for thousands of years [18][20]. - The energy gain (Q value) is a key metric, with a threshold of Q=1 indicating feasibility for scientific and engineering applications [22][23]. Section 2: Technological Progress - The report highlights the transition from copper-based magnets to high-temperature superconductors in fusion devices, which enhances efficiency and reduces costs [52][73]. - Major global projects like ITER are pivotal in advancing fusion technology, with significant international collaboration [59][62]. Section 3: Industry Structure - The current focus is on the midstream components of fusion devices and upstream materials, with a detailed breakdown of the value chain [98][100]. - Key materials include low-temperature superconductors, high-temperature superconductors, tungsten, and stainless steel, which are essential for the construction of fusion reactors [100][103]. Section 4: Market Opportunities - The report identifies upstream material suppliers and midstream equipment manufacturers as core beneficiaries of the fusion industry, with specific companies highlighted for their roles [114][117]. - The downstream segment includes research institutions and private fusion companies, indicating a growing market for fusion technology applications [117].

Investment Rating - The report maintains a "Buy" rating for key companies in the home appliance industry, including Midea Group, Gree Electric, Haier Smart Home, Hisense Home Appliances, Hisense Visual, Anker Innovations [11]. Core Insights - The report analyzes the recent decline in air conditioning prices in the domestic market, addressing concerns about the competitive landscape and profitability within the air conditioning industry [3][21]. - The decline in air conditioning prices is attributed to a combination of rational consumer behavior and proactive pricing strategies adopted by manufacturers in response to a cautious consumption environment [6][49]. Summary by Sections Factors Leading to Price Fluctuations - The slowdown in domestic economic growth has led to a decline in consumer income expectations, resulting in a more cautious consumption attitude among residents [6][22]. - The air conditioning market has seen a significant increase in the sales proportion of mid-to-low-priced products, with sales of air conditioners priced below 1,500 yuan rising to 6.2% in the first four months of 2025 [26][29]. Current Competitive Landscape - The overall air conditioning market has not formed a trend of price competition, with online average prices showing a limited decline of 3.0% year-on-year in the first four months of 2025, while offline prices have increased by 1.5% [52][54]. - Major brands have adopted aggressive pricing strategies, with some brands like Xiaomi achieving a price increase of 24.4% due to expanding into higher price segments [66][72]. Impact on Profitability - Historical analysis of the 2019-2020 price war indicates that while gross margins were affected, operational profit margins remained relatively stable due to cost-cutting measures [8][72]. - The current price adjustments are seen as strategic moves by manufacturers to stimulate demand rather than a reaction to a significant drop in consumer demand [72][49]. Investment Recommendations - The report suggests focusing on companies with low exposure to the U.S. market and benefiting from domestic sales trends, such as Gree Electric, Hisense Home Appliances, and Midea Group [9]. - Companies like Aima Technology and Yadea Holdings are recommended for their strong growth potential driven by domestic demand and government incentives [9].

Group 1: Dividend Performance Analysis - Historically, the China Securities Dividend Index significantly underperformed in June and October since 2010, with excess return rates against the CSI 300 and the entire A-share market around 33%[16] - In June 2015 and 2018, dividends showed excess returns relative to the CSI 300 and the entire A-share market, benefiting from high volatility environments[8] - The Hong Kong Stock Connect High Dividend Index has consistently outperformed the CSI 300 Total Return Index and the Hong Kong Stock Connect Index, with monthly winning rates of 30% in January and October, which are the lowest for the year[27] Group 2: Seasonal Effects and Industry Performance - The months of March to May and August to December are favorable periods for the Hong Kong Stock Connect High Dividend Index to outperform the CSI 300 and the Hong Kong Stock Connect Index[28] - Most industries, except for consumer sectors like automobiles and home appliances, showed no excess returns in June and October since 2010, with utilities performing relatively better in June[22] - The banking and transportation sectors, along with high-weight industries like construction materials and real estate, experienced significant drawdowns in June[22] Group 3: Reasons for Seasonal Effects - The low winning rates for dividends in June and October are linked to the completion of annual and semi-annual reports, leading to a rise in market risk appetite post-reporting periods[30] - The phenomenon of "抢权行情" (right grabbing market) occurs around the ex-dividend dates, where stock prices may decline post-ex-dividend due to preemptive buying behavior[31] - The market's risk appetite tends to recover after the financial reporting periods, which negatively impacts the overall performance of dividend stocks[40]

[Table_Summary] 6 月 2 日-6 月 8 日地方债披露发行 1095.95 亿元。其中新增债 159.80 亿元（新增一般债 86.76 亿元，新增专项债 73.04 亿元），再融资债 936.15 亿元（再融资一般债 600.79 亿元，再融资 专项债 335.36 亿元）。 丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 新增专项债发行进度 36.30% ——政府债周报（6/1） 报告要点 %% %% research.95579.com 1 [Table_Title 新增专项债发行进度 2] 36.30% ——政府债周报（6/1） 5 月 26 日-6 月 1 日地方债共发行 2282.12 亿元。其中新增债 1815.57 亿元（新增一般债 235.91 亿元，新增专项债 1579.66 亿元），再融资债 466.55 亿元（再融资一般债 415.93 亿元，再融 资专项债 50.62 亿元）。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 请阅读最后评级说明和重要声明 SF ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [12]. Core Viewpoints - The company is a core asset of AECC and has established a comprehensive industrial chain covering various aviation component categories, demonstrating strong competitive advantages in both domestic and international markets [4][10]. - The company has a significant growth potential in the domestic market driven by military aircraft upgrades and maintenance demands, with a projected market space of approximately 792 billion yuan for aviation engine components over the next five years [8][51]. - The company has maintained strong customer loyalty through over 20 years of collaboration with leading international aerospace firms, positioning itself for stable growth in its foreign trade business [8][62]. - The company is strategically positioned to benefit from the domestic production of commercial aircraft engines, particularly in the reverse thrust nacelle systems, which are critical components of the propulsion system [9][10]. Summary by Sections Company Overview - The company is a key player in the aviation engine and gas turbine component manufacturing sector, with a history dating back to the "First Five-Year Plan" in China [22]. - It has multiple subsidiaries that cover nearly the entire industrial chain, enhancing its ability to supply a full range of aviation components [4][7]. Domestic Market Potential - The domestic military aircraft market is expected to provide long-term growth opportunities due to ongoing upgrades and new deployments [8][49]. - The aviation engine is classified as a high-value consumable, creating a sustained demand for replacement and maintenance services [49]. International Market Dynamics - The company has established high barriers to entry in the international market, with a lengthy qualification process for international commercial aviation engine customers [56][59]. - The foreign trade business has shown robust growth, with revenues increasing from 0.63 billion yuan to 15.19 billion yuan over 17 years, reflecting a compound annual growth rate (CAGR) of 21% [62]. Financial Projections - The company is expected to achieve net profits of 0.92 billion yuan, 1.47 billion yuan, and 2.29 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 34.0%, 59.8%, and 55.3% [10]. Key Competitive Advantages - The company possesses advanced manufacturing capabilities and technologies, including high-efficiency adaptive processing and fatigue resistance techniques, which are essential for producing high-performance aviation components [28][31]. - The subsidiary, AECC Harbin Bearing, is the only aviation bearing product platform under AECC, highlighting its unique asset value in the market [62].

Investment Rating - The report maintains a "Positive" investment rating for the industry [3]. Core Viewpoints - The overseas wind power market is experiencing a recovery, with most companies reporting revenue growth and improved profitability in Q1 2025. The report highlights the optimistic outlook for the wind power industry, particularly in the areas of wind turbines, submarine cables, and pipe piles [11][94]. Summary by Sections Wind Turbines - Most companies in the wind turbine segment reported year-on-year revenue growth and improved profitability in Q1 2025. Vestas, Nordex, and Siemens Energy achieved revenues of €3.5 billion, €1.4 billion, and €10 billion respectively, with year-on-year growth rates of 29%, -9%, and 20% [17][15]. - Vestas' wind turbine revenue reached €2.5 billion, up 43% year-on-year, while Siemens Energy's wind turbine revenue increased by 17% to €2.7 billion. The increase in revenue is attributed to higher shipment volumes and prices [15][18]. - The order book for wind turbines remains at historical highs, with Vestas, Nordex, and Siemens Energy reporting backlogs of €32.9 billion, €8.2 billion, and €36 billion respectively [28][30]. Submarine Cables - Submarine cable companies reported revenue growth, with Prysmian, Nexans, and NKT achieving revenues of €4.77 billion, €1.82 billion, and €630 million respectively, reflecting year-on-year growth rates of 29.4%, 7.3%, and 17.5% [46]. - The EBITDA for Prysmian's submarine cable business reached €120 million, up 100% year-on-year, indicating strong project deliveries and high-value order execution [47][46]. - The order book for submarine cables is robust, with Prysmian, Nexans, and NKT reporting backlogs of €16.3 billion, €8.1 billion, and €14.2 billion respectively, indicating high demand in the market [61][62]. Pipe Piles - Sif, a leading pipe pile manufacturer, reported a revenue increase of 24% year-on-year, reaching €13 million in Q1 2025, driven by higher product prices despite a decrease in shipment volume [73][72]. - The company’s EBITDA was approximately €1 million, with an EBITDA margin of 7%, slightly down from the previous year [73][76]. - Sif's order book increased to approximately 46,500 tons, with contract liabilities reaching €18.5 million, the highest since 2019, indicating a solid foundation for future deliveries [87][88]. Investment Recommendations - The report suggests that the overseas wind turbine, submarine cable, and pipe pile sectors are poised for growth, particularly as submarine cable companies report increased order books. The overall market conditions are favorable for domestic industry leaders to expand their presence in overseas markets [94].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9]. Core Viewpoints - The company is a core asset of China Aviation Engine Corporation (AECC) and has established a comprehensive industrial chain covering various aviation component categories. It has a strong competitive edge in the manufacturing of aviation engine parts, particularly in domestic and international markets [2][6]. - The company is expected to benefit from the domestic market's shift towards self-sufficiency in aviation engines, particularly in the context of large aircraft development, which presents significant market opportunities for domestic replacements [8][9]. - The company has a robust long-term growth outlook, driven by both domestic demand for military aircraft upgrades and international trade relationships that have been cultivated over two decades [7][9]. Summary by Sections Company Overview - The company is a key player in the aviation engine parts sector, with multiple subsidiaries that cover nearly the entire industrial chain. It specializes in components such as blades, casings, and sheet metal parts, and has a unique position as the only aviation bearing platform under AECC [2][6][19]. Domestic Market Potential - The domestic military aircraft market is expected to drive long-term growth for the company, with an estimated market space of approximately 792 billion yuan for aviation engine components over the next five years. The company is well-positioned to capitalize on the ongoing upgrades and maintenance needs of existing aircraft [7][52]. International Market Dynamics - The company has established strong customer loyalty through over 20 years of collaboration with leading international aviation firms, which is expected to support stable growth in its international business. The barriers to entry in this market are high, ensuring a competitive advantage [7][9][60]. Financial Projections - The company is projected to achieve significant profit growth, with net profits expected to reach 0.92 billion yuan in 2025, 1.47 billion yuan in 2026, and 2.29 billion yuan in 2027, reflecting year-on-year growth rates of 34.0%, 59.8%, and 55.3% respectively [9].

Investment Rating - The report maintains a "Positive" investment rating for the healthcare industry [10] Core Insights - Recent strategies in cancer immunotherapy focus on selectively delivering cytokines to tumor sites to extend their half-life and reduce systemic toxicity. This has led to the development of antibody-cytokine fusion proteins known as "immunocytokines," with significant potential in drug development. The most notable immunocytokines currently under development are IL-2, IL-12, and IL-15, with several domestic companies actively pursuing these therapies [2][6][24] Summary by Sections Immunocytokines and Their Development - Cytokine-based cancer immunotherapy aims to activate immune cells and enhance anti-tumor responses by modulating internal immune signaling. Commonly used cytokines include IL-2, IL-15, IL-12, and IFN-α, which can activate T cells and NK cells to improve tumor cell recognition and elimination [6][17] - The report highlights the emergence of a new strategy that selectively delivers cytokines to tumor sites, which has garnered clinical interest. This approach aims to enhance therapeutic efficacy while minimizing side effects [6][24] Domestic Company Developments - Several domestic pharmaceutical companies, including Innovent Biologics, Ascentage Pharma, and Junshi Biosciences, are making significant strides in the development of immunocytokine therapies. For instance, Innovent's IBI363, a novel PD-1/IL-2α-bias fusion protein, has shown promising clinical results in melanoma, colorectal cancer, and non-small cell lung cancer [7][44][48] - The report notes that IBI363 has demonstrated an overall response rate (ORR) of 26.4% in melanoma patients who previously failed immunotherapy, indicating its potential in treating resistant tumors [48] Market Outlook and Investment Opportunities - The macroeconomic environment has shifted, and by 2025, the report anticipates significant opportunities in the pharmaceutical sector driven by innovation and domestic demand recovery. Key investment themes include the international expansion of innovative drugs and the recovery of domestic healthcare services [8][67] - The report emphasizes the importance of selecting companies with strong cash flows, innovative capabilities, and established research platforms, particularly in the context of breakthrough therapies and technological advancements in the industry [67]