Investment Rating - The report assigns an "Accumulate" investment rating for the company, with a current stock price of 75.5 HKD [2]. Core Insights - The company, UBTECH, is a leading player in the humanoid robot sector in China, focusing on the commercialization of its products. It is expected to enter small-scale production and delivery this year, aiming for early commercialization [1][6]. - Revenue has shown consistent growth, with a compound annual growth rate (CAGR) of 15.0% from 2020 to 2024, driven primarily by consumer-grade and intelligent logistics robots. However, the company faces short-term profitability pressure due to high R&D and market expansion costs [6][22]. - The company has a comprehensive technology layout in humanoid robots, with six models currently available, including the Walker S series for industrial applications and others for commercial and household services. The industrial sector is a key focus for future applications [6][37]. Summary by Sections Company Overview - UBTECH is the first publicly listed company in China focused on humanoid robots, with products catering to family, commercial, and industrial applications. The company has expanded its product matrix since its establishment in 2012 [11][12]. Financial Performance - Revenue increased from 740 million CNY in 2020 to 1.295 billion CNY in 2024, with a net loss narrowing from 1.234 billion CNY in 2023 to 1.124 billion CNY in 2024. The net profit margin improved from -120.8% to -88.9% due to cost control measures [6][22][28]. Product and Technology Development - The company has developed a full range of humanoid robots, with a focus on the Walker S series for industrial applications. The robots are equipped with advanced perception, control, and execution systems, enhancing their operational capabilities in various environments [6][37][49]. - UBTECH's R&D investment has consistently exceeded 35% of revenue, supporting technological breakthroughs in humanoid robotics. The company holds 2,680 authorized patents, with over 480 overseas patents [29][33]. Market Outlook - The report forecasts revenue growth for the company, estimating revenues of 1.891 billion CNY, 2.662 billion CNY, and 3.621 billion CNY for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 45%, 41%, and 36% [6][7][22].

证券研究报告 | 宏观专题报告 2025 年 06 月 24 日 守得云开见月明 ——2025 年海外宏观中期展望 口探究——非美市场出口研究 （二）》2025-06-14 张静静 S1090522050003 zhangjingjing@cmschina.com.cn 王泺宾 S1090523070007 wangluobin@cmschina.com.cn 张玉书 研究助理 zhangyushu@cmschina.com.cn 敬请阅读末页的重要说明 ❑ 上半年全球三大"突变"改变了经济与资产运行逻辑。 ❑ 全球叙事逻辑的变化对全球跨境资本流动产生趋势性影响。美国关闭国际 开发署令美国在舆论战层面不再占优，全球叙事逻辑顺势由"美国例外 论"转向"美元体系崩溃论"。在此叙事下，全球跨境资本降低了对美国 资产的关注度，开始转向部分非美国家。 ❑ 特朗普关税政策不确定性加剧全球资本市场波动。今年以来特朗普推出三 大类关税：基于芬太尼和移民问题加征的关税、对等关税、特定行业关 税。关税政策不确定性显著放大全球资本市场波动。 ❑ 财政积极论变成债务风险论。金融危机后美国通过资产型通胀"化债"， 美联储扩表配合财政扩 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [7] Core Views - Recent price fluctuations of Feitian Moutai are primarily due to short-term impacts from e-commerce and policy changes, suggesting the company should take multiple measures to restore market confidence [6] - The company is transitioning from selling liquor to selling a lifestyle, positioning Moutai as a key participant in high-quality living [6] - The focus is on shareholder returns and the ability to navigate through economic cycles rather than short-term growth [6] Summary by Sections Investment Rating - The current stock price is 1420.0 CNY with a target valuation set [2] Financial Data - Total market capitalization is 1783.8 billion CNY with a total share capital of 1256 million shares [2] - The company has a return on equity (ROE) of 34.5% and a debt-to-asset ratio of 14.1% [2] Price Performance - The stock has shown a decline of 10% over the past month, 7% over six months, and 4% over twelve months [4] Market Dynamics - The report highlights that the current environment is characterized by a "corporate endurance phase" with declining profitability and weak demand, leading to a fragile confidence among distributors [6] - The company aims for a 9% growth target while managing supply to stabilize prices [6] Shareholder Returns - The average dividend payout ratio over the past three years is 85%, significantly higher than the 38% average from 2013-2015 [6] - The company has been actively repurchasing shares, with a total repurchase amount of 5.1 billion CNY since September 2024 [6] Financial Projections - Projected total revenue for 2025 is 190.1 billion CNY, with a year-on-year growth of 9% [8] - The projected earnings per share (EPS) for 2025 is 74.78 CNY, with a price-to-earnings (PE) ratio of 19x [8] Conclusion - Despite short-term fluctuations, the report expresses confidence in the company's ability to navigate through economic cycles, reaffirming the "Strong Buy" rating [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the continuous innovation trends in mobile optical technology, with strong growth momentum in automotive, XR, and robotics sectors [1] - The company is expected to benefit from a mild global economic recovery and the ongoing innovation trends in high-end mobile optical imaging, alongside improvements in its product structure [5][7] - The company aims to become one of the top three global providers of automotive vision solutions within 3-5 years, driven by product upgrades and market expansion [5] Summary by Sections Automotive Sector - The company anticipates that the global demand for automotive lenses will exceed 400 million units by 2025, with the average number of lenses per new vehicle increasing from 3.5 to over 4.3 [5] - The company is focusing on expanding its market share through product structure upgrades and international market penetration [5] Mobile Sector - The global smartphone shipment is expected to grow by 0.2% year-on-year to 1.175 billion units in 2025, with the Chinese market growing by 2.2% to 284 million units [5] - The demand for mobile camera modules is projected to increase by 7.1% year-on-year, driven by trends towards miniaturization and high-performance video [5] XR and Robotics - The XR market is entering a rapid development phase, with expected shipments of MR headsets and smart glasses surpassing 10 million units by 2025-2026 [5] - The company has been progressively expanding its robotics portfolio since 2014, targeting a transition from functional robots to intelligent robotic systems [5] Financial Projections - The company forecasts total revenues of 431 billion, 489 billion, and 549 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 35 billion, 41 billion, and 47 billion yuan [7] - The projected EPS for 2025, 2026, and 2027 is 3.18, 3.77, and 4.32 yuan respectively, with corresponding PE ratios of 18.7, 15.8, and 13.7 [7][9]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [7][93]. Core Insights - The report highlights the impact of escalating geopolitical conflicts on crude oil prices, which have been rising significantly, affecting the chemical sector [2][89]. - The overall performance of the chemical sector saw a decline of 2.49% in the fourth week of June, lagging behind the Shanghai A-share index by 1.98 percentage points [3][15]. - Key stocks that performed well included Keheng Co. (+30.3%) and Jinniu Chemical (+27.43%), while stocks like Jiaao Environmental and Hongyang New Materials faced significant declines [3][15]. Industry Performance - In the fourth week of June, five sub-industries within the chemical sector experienced gains, with the top performers being oil trading (+7.24%) and inorganic salts (+4.2%). Conversely, 26 sub-industries saw declines, with daily chemical products dropping by 8.92% [4][19]. - The dynamic PE ratio for the chemical sector was reported at 24.02 times, which is lower than the average PE of 11.88 times since 2015 [3][15]. Price and Spread Trends - The report noted significant price increases for several products, with Brent crude oil rising by 13.68% and PX by 10.53%. In contrast, liquid chlorine saw a drastic drop of 60% [5][23]. - The report also highlighted substantial changes in price spreads, with the melamine spread increasing by 54.61% and the PX (naphtha-based) spread decreasing by 144.12% [5][39]. Inventory Changes - Notable inventory changes included a decrease in polyester chips by 19.44% and an increase in epoxy propane by 16.49% [6][61]. Recommendations - The report suggests focusing on leading compound fertilizer companies, specifically recommending Xinyangfeng [6].

Group 1 - The report highlights that the market has shown a "V" shaped performance over the past month, with the major indices experiencing declines, particularly in the consumer sector, while financial and cyclical sectors performed better [21][22]. - The report anticipates a peak in earnings forecasts from listed companies in mid-July, focusing on sectors with improving or turning performance in their interim reports [1][3]. - Recommended sectors for investment include electronics (semiconductors), machinery (automation equipment), pharmaceuticals (chemical drugs), defense and military, non-ferrous metals (industrial metals, precious metals, minor metals), and computers [1][6]. Group 2 - The report indicates that the semiconductor industry is experiencing high demand, with DDR4 prices rising due to supply constraints and a strong recovery in consumer electronics demand [19][20]. - The automation equipment sector is expected to see improved earnings due to increased production of industrial robots and supportive government policies [19][20]. - The pharmaceutical sector is benefiting from a surge in innovative drug approvals and international collaborations, leading to improved earnings expectations [19][20]. - Non-ferrous metals are projected to perform well due to rising gold prices driven by geopolitical tensions and low inventory levels in industrial metals [19][20]. - The defense and military sector is entering a growth phase due to increased global military spending and ongoing geopolitical conflicts [19][20]. - The computer sector is expected to see continued growth driven by advancements in AI and domestic demand for computing power [19][20].

Investment Rating - The report maintains a "strongly recommend" rating for key companies in the e-commerce and tourism sectors, including Alibaba, JD Group, Pinduoduo, and Meituan [15][18][19]. Core Insights - The restaurant and tourism sector index decreased by 2.13%, underperforming the Shanghai Composite Index (down 0.45%) and the ChiNext Index (down 1.66%) [5][7]. - JD Group has entered the hotel market with a zero-commission policy for hotels participating in the "JD Hotel PLUS Membership Program," aiming to optimize supply chain costs and enhance service quality [5][23]. - The upcoming summer travel season is expected to maintain high demand in the tourism sector, with strong short-distance and family travel trends observed [5][15]. Summary by Sections Industry Scale - The report indicates a total of 133 stocks in the industry, with a total market capitalization of 1,121.2 billion and a circulating market capitalization of 1,028.2 billion [3]. Industry Index Performance - The absolute performance over the last month is -0.4%, with a 6-month performance of 34.6% and a 12-month performance of 25.6% [4]. Key Company Recommendations - E-commerce: The competitive landscape is overly pessimistic, with expected profit growth for major players like Alibaba, JD Group, Pinduoduo, and Vipshop [15]. - Local Life Services: Meituan's long-term competitiveness remains intact despite short-term competitive pressures [16]. - Shared Mobility: Didi Chuxing is recommended due to its stable market share and potential for profit growth [17]. Major News in the Industry - JD Group's announcement of a zero-commission policy for hotels aims to enhance the hotel industry's operational efficiency [23]. - The 618 shopping festival saw 453 brands on Tmall surpassing 100 million in sales, a 24% increase year-on-year [24]. - JD Group's overall order volume exceeded 22 billion during the 618 festival, with user numbers growing over 100% [25].

证券研究报告 | 债券点评报告 2025 年 06 月 23 日 关注地方债利差压缩机会 ——地方债周报 一、一级市场情况 【净融资】本周地方债共发行 2618 亿元，净融资增加。本周地方债发行量为 2618 亿元，偿还量为 1374 亿元，净融资为 1243 亿元。发行债券中，新增一 般债 272 亿元，新增专项债 425 亿元，再融资一般债 631 亿元，再融资专项债 1290 亿元。 【发行期限】本周 10Y 地方债发行占比最高（34%），10Y 及以上发行占比为 53%，与上周相比有所下降。7Y、10Y、15Y、20Y 和 30Y 地方债发行占比分 别为 26%、34%、2%、6%和 12%，其中 10Y 地方债发行占比下降较多，环比 下降约 13 个百分点。 【发行利差】本周地方债加权平均发行利差为 8.9bp，较上周有所收窄。其中 30Y 地方债加权平均发行利差最高，达 21.2bp。本周除 10Y 和 15Y 地方债加 权平均发行利差有所收窄外，其余期限均有所走阔。本周云南、甘肃、广西等 地方债加权平均发行利差较高，超过 11bp，而上海、黑龙江、北京、湖北发行 利差相对较低。 【募集资金投向】 ...

证券研究报告 | 公司深度报告 2025 年 06 月 23 日 威胜信息（688100.SH） 领航配网数字化升级，全球业务版图加速扩张 TMT 及中小盘/通信 ❑ 风险提示：市场波动风险、关联交易风险、宏观波动风险、存货跌价风险、 客户集中风险、市场发展风险。 资料来源：公司数据、招商证券 强烈推荐（维持） 目标估值：NA 当前股价：33.4 元 基础数据 | 总股本（百万股） | 492 | | --- | --- | | 已上市流通股（百万股） | 492 | | 总市值（十亿元） | 16.4 | | 流通市值（十亿元） | 16.4 | | 每股净资产（MRQ） | 6.4 | | ROE（TTM） | 20.8 | | 资产负债率 | 37.3% | | 主要股东 | 威胜集团有限公司 | | 主要股东持股比例 | 37.34% | 股价表现 % 1m 6m 12m 绝对表现 -3 -8 -11 相对表现 -2 -6 -21 -20 -10 0 10 20 30 40 Jun/24 Oct/24 Feb/25 May/25 (%) 威胜信息 沪深300 资料来源：公司数据、招商证券 相关报告 财 ...

证券研究报告 | 行业定期报告 2025 年 06 月 22 日 证券研究报告 | 行业定期报告 2025 年 06 月 22 日 火电发电量由降转增，第二产业用电量增速环比下滑 环保公用事业行业周报（2025/06/22） 周期/环保及公用事业 本周环保与公用事业板块均有下跌。环保（申万）行业指数下跌 2.51%，相对 行业整体跌幅较大；公用事业（申万）行业指数下跌 1.13%，跌幅相对较小。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 240 | 4.7 | | 总市值（十亿元） | 3770.3 | 4.4 | | 流通市值（十亿元） | 3513.5 | 4.5 | 行业指数 % 1m 6m 12m 绝对表现 -0.8 1.1 17.4 相对表现 0.5 3.1 7.6 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Jun/24 Oct/24 Feb/25 May/25 (%) 环保及公用事业 沪深300 luxiangxue@cmschina.com.cn 敬请阅读末页的重要说明 ❑ 本周环保与公用事业板块均有 ...