Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, indicating a positive outlook for the sector [5]. Core Insights - The automotive industry experienced an overall increase of 2.7% from May 11 to May 17, with significant growth in production and sales, marking the first time that cumulative production and sales exceeded 10 million vehicles in the first four months of the year [1][23]. - The introduction of mandatory national standards for automatic emergency braking systems (AEBS) is set to accelerate the adoption of this technology in the Chinese market [33]. - Key companies such as BYD, Geely, and others are highlighted for their strong sales performance and potential for future growth [3][29]. Market Performance Overview - The automotive sector's performance was notably strong, with the passenger vehicle and auto parts segments leading the gains, increasing by 4.4% and 2.2% respectively [11]. - Individual stocks within the automotive sector showed significant volatility, with notable gainers including Chengfei Integration (+61.1%) and Zhaofeng Co. (+34.8%), while some stocks like Suoao Sensor (-9.0%) faced declines [15][19]. Industry Dynamics - The report highlights several key developments, including the establishment of BYD's European headquarters in Hungary, which aims to enhance local operations and create thousands of jobs [29]. - The collaboration between Huawei and UBTECH in the robotics field is expected to drive innovation in humanoid robots for various applications [24]. - The report also notes the successful launch of new models such as Geely's Galaxy Star 8, which achieved over 10,000 pre-orders within six days of its release [30]. Investment Recommendations - The report recommends focusing on companies with strong sales performance or potential blockbuster vehicles, such as BYD, Seres, Great Wall Motors, and JAC Motors [3]. - For commercial vehicles, it suggests investing in Yutong Bus, China National Heavy Duty Truck, and Weichai Power [3]. - In the auto parts sector, companies with cost and product advantages like Fuyao Glass and Top Group are highlighted as key investment opportunities [3].

证券研究报告 | 行业点评报告 2025 年 05 月 18 日 2025 年一季度银行监管数据点评 经营仍承压，估值有希望 总量研究/银行 5 月 15 日，国家金融监督管理总局公布了 25 年一季度银行业主要监管指标。 我们解读如下（详细数据图表见正文）： 第一，整体情况方面，一季度商业银行基本面仍在承压期，但因为前期上市银 行一季报情况已披露，行业监管数据呈现情况与上市银行指标大致类似，所以 市场已有预期。 第二，利润增速方面，板块有所分化，国股行利润增速回落，城农商行波动较 大，或来自口径调整形成的扰动。25Q1 商业银行净利润同比下降 2.32%，其中 国股行单季净利润同比增速分别为+0.08%、-4.53%，相较24Q4分别下降了2.07 和 11.8 个百分点，预计主要是受一季度债市调整导致非息收入下降影响，对债 券类资产投资更多的股份行受影响幅度更大。城农商行单季净利润同比增速分 别为-6.68%、-2.03%，相较 24Q4 大幅上升 80pcts 左右，可能是由于去年四季 度中小银行兼并重组导致区域性银行统计口径发生变化所致。 第三，规模增速方面，信贷增速继续下降，非信贷资产增速上升。25 ...

事件 1：Skild AI 单轮融资 5 亿美元 据知悉融资谈判的人士透露，开发人工智能基础模型以操控多种机器人的 Skild AI，即将以 42 亿美元估值（不含本轮投资额）完成 5 亿美元融资。随着机器人 热潮升温，Skild AI 轮融资估值水涨船高。消息称，软银领投本轮融资，光速创 投、红杉资本、CRV 和 General Catalyst 跟投。Skild 的 AI 基础模型，能指挥 机器狗和双足人形机器人完成从家务到仓库劳动等实体任务。该公司也在向硬 件领域扩张，计划用本轮融资资金制造更多机器人。这些机器人一旦建成，将 有助于收集更多数据来优化其 AI 模型。 事件 2：华为与优必选签署合作协议，推动人形机器人工业与家庭场 景落地 华为与优必选科技在深圳正式签署全面合作协议。双方将围绕具身智能和人形 机器人领域，在产品技术研发、场景应用及产业体系等开展创新合作。协议约 定，双方将通过发挥华为昇腾、鲲鹏、华为云及大模型等能力与华为在研发、 生产供应等经验，结合优必选全栈式人形机器人技术，推动人形机器人从实验 室创新向工业、家庭等场景的效率提升和落地复制。 证券研究报告 | 行业简评报告 2025 年 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Insights - The company's main products have seen both volume and price increases, with significant growth in revenue and net profit for 2024 and Q1 2025 [1][6]. - The successful acquisition of Yubang Mining has opened further growth opportunities, significantly increasing the company's silver reserves [6]. - The company is expanding its international footprint by initiating a takeover of Atlantic Tin Limited, enhancing its tin mining operations [6]. Financial Performance - In 2024, the company achieved a revenue of 4.27 billion yuan, a year-on-year increase of 15.23%, and a net profit of 1.53 billion yuan, up 57.82% year-on-year [1][7]. - For Q1 2025, the company reported a revenue of 1.15 billion yuan, reflecting a year-on-year increase of 50.37%, and a net profit of 374 million yuan, up 63.22% year-on-year [1][7]. - The projected net profits for 2025-2027 are 2.07 billion, 2.39 billion, and 2.75 billion yuan, respectively, with corresponding P/E ratios of 11.7, 10.1, and 8.8 [6][7]. Production and Revenue Breakdown - The company’s mineral production from 2022 to 2024 shows an increase in silver, tin, and zinc output, with significant revenue contributions from these products [6]. - In 2024, the revenue contributions from tin, silver, and zinc were 33.1%, 27.3%, and 23.0%, respectively, with corresponding gross profit margins of 38.2%, 28.6%, and 18.7% [6]. Future Growth Prospects - The acquisition of Yubang Mining is expected to enhance the company's silver resource base significantly, ranking it among the top globally [6]. - The planned acquisition of Atlantic Tin Limited aims to boost the company's tin production capacity, with expected production of around 6,000 tons of tin metal annually post-expansion [6].

Report Industry Investment Rating No relevant content provided. Core View of the Report From May 12th to May 16th, 2025, the A-share market showed divergence, while quantitative funds as a whole recorded gains and their excess returns rebounded. The main stock indices also showed divergence, with the one-week returns of CSI 300, CSI 500, and CSI 1000 being 1.12%, -0.10%, and -0.23% respectively. All types of quantitative funds had positive average returns this week, with active quantitative funds rising 0.60% and market-neutral funds rising 0.11%. The excess returns of index-enhanced funds rebounded, and the average excess returns of CSI 500 index-enhanced and CSI 1000 index-enhanced funds were relatively high, at 0.40% and 0.26% respectively [2][6][8]. Summary by Relevant Catalog 1. Performance of Major Indices and Quantitative Funds in the Past Week - The A-share market showed divergence, and quantitative funds as a whole recorded gains and their excess returns rebounded. The one-week returns of CSI 300, CSI 500, and CSI 1000 were 1.12%, -0.10%, and -0.23% respectively [6]. - All types of quantitative funds had positive average returns this week, with active quantitative funds rising 0.60% and market-neutral funds rising 0.11%. The excess returns of index-enhanced funds rebounded, and the average excess returns of CSI 500 index-enhanced and CSI 1000 index-enhanced funds were relatively high, at 0.40% and 0.26% respectively [8]. 2. Performance of Different Types of Public Quantitative Funds - **CSI 300 Index-Enhanced Funds**: The one-week return was 1.16%, the excess return was 0.04%, the maximum drawdown was -1.20%, the excess maximum drawdown was -0.24%, and the excess return dispersion was 0.26% [12]. - **CSI 500 Index-Enhanced Funds**: The one-week return was 0.30%, the excess return was 0.40%, the maximum drawdown was -1.17%, the excess maximum drawdown was -0.14%, and the excess return dispersion was 0.23% [12]. - **CSI 1000 Index-Enhanced Funds**: The one-week return was 0.04%, the excess return was 0.26%, the maximum drawdown was -1.47%, the excess maximum drawdown was -0.26%, and the excess return dispersion was 0.24% [13]. - **Other Index-Enhanced Funds**: The one-week return was 0.53%, the excess return was -0.02%, the maximum drawdown was -1.47%, the excess maximum drawdown was -0.32%, and the excess return dispersion was 0.41% [13]. - **Active Quantitative Funds**: The one-week return was 0.60%, the maximum drawdown was -1.10%, and the return dispersion was 0.63% [14]. - **Market-Neutral Funds**: The one-week return was 0.11%, the maximum drawdown was -0.21%, and the return dispersion was 0.22% [14]. 3. Performance Distribution of Different Types of Public Quantitative Funds - The report shows the six-month performance trends and the one-week and one-year performance distribution of different types of public quantitative funds, with index-enhanced funds showing excess return performance [15]. 4. High-Performing Public Quantitative Funds - **CSI 300 Index-Enhanced High-Performing Funds**: Include funds such as FURONG CSI 300 Index Enhancement and HUAXIA CSI 300 Index Enhancement Strategy ETF [29]. - **CSI 500 Index-Enhanced High-Performing Funds**: Include funds such as PINGAN CSI 500 Index Enhancement and CHANGXIN CSI 500 Index Enhancement [30]. - **CSI 1000 Index-Enhanced High-Performing Funds**: Include funds such as GUOLIANAN CSI 1000 Index Enhancement and TIANHONG CSI 1000 Enhancement Strategy ETF [31]. - **Other Index-Enhanced High-Performing Funds**: Include funds such as ZHAOSHANG CSI 2000 Enhancement Strategy ETF and YONGYING SSE STAR MARKET 100 Index Enhancement [32]. - **Active Quantitative High-Performing Funds**: Include funds such as PINGAN HK STOCK CONNECT DIVIDEND PREFERRED and NUODE NEW ENERGY VEHICLE [33]. - **Market-Neutral High-Performing Funds**: Include funds such as DACHENG ABSOLUTE RETURN and DEBANG QUANTITATIVE HEDGING STRATEGY [34].

Group 1 - The report introduces a quantitative model solution for addressing the issue of value and growth style switching, based on the combination of odds and win rates [1][8] - The recent performance of the growth style portfolio was 0.82%, while the value style portfolio achieved a return of 1.15% [1][8] Group 2 - The estimated odds for the growth style is 1.09, and for the value style, it is 1.08, indicating a negative correlation between relative valuation levels and expected odds [2][14] - The current win rates indicate that 4 out of 7 indicators favor growth, resulting in a win rate of 58.26% for growth and 41.74% for value [3][18] Group 3 - The latest investment expectation for the growth style is calculated to be 0.22, while the value style has an investment expectation of -0.13, leading to a recommendation for the growth style [4][19] - Since 2013, the annualized return of the style rotation model based on investment expectations is 27.18%, with a Sharpe ratio of 0.98 [4][20]

Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. Core Viewpoints The report focuses on the performance of the ETF fund market, summarizing the past week's performance and fund flows of the overall ETF fund market, different popular sub - type ETF funds, and innovative theme and sub - industry ETF funds for investors' reference [1]. Summary by Relevant Catalogs I. ETF Market Overall Performance - Market performance: From May 12th to May 16th, A - share - focused ETFs showed mixed results. Ultra - large - cap index ETFs had relatively large gains, with an average increase of 1.50% for funds above a certain scale; TMT ETFs had relatively deep losses, with an average decline of 1.34% for funds above a certain scale. QDII - ETFs had the largest gains, with an average increase of 2.46% for funds above a certain scale [2][5]. - Fund flows: There was a significant inflow of funds into bond ETFs, with a net inflow of 9.39 billion yuan for the whole week. Conversely, large - cap index ETFs had a significant outflow of funds, with a net outflow of 9.324 billion yuan for the whole week [3][9]. II. Different Popular Sub - type ETF Funds Market Performance - **Stock ETF - Wide - based Index**: - Ultra - large - cap index: Funds such as Huaxia SSE 50 ETF, Ping An CSI A50 ETF, etc. were listed, with weekly price increases ranging from 1.06% to 1.85%. Most funds had net outflows of funds [15]. - Large - cap index: Funds like Huaxia CSI A500 ETF, Huatai - Berry SSE 180 ETF, etc. were included, with weekly price increases between 0.75% and 1.12%. Some funds had net inflows while others had net outflows [16]. - Mid - and small - cap index: Funds such as Southern CSI 1000 ETF, Southern CSI 500 ETF, etc. were involved, with weekly price changes from - 0.36% to 0.46%. Most funds had net outflows of funds [17]. - Science and technology innovation/growth enterprise market - related index: Funds including Huaxia SSE STAR Market 50 ETF, E Fund ChiNext ETF, etc. were shown, with weekly price changes from - 1.36% to 1.80%. Some funds had net inflows while others had net outflows [18]. - Whole - market index: Funds like Fullgoal SSE Composite Index ETF, Guotai SSE Composite ETF, etc. were listed, with weekly price increases from 0.94% to 1.35%. All funds had net outflows of funds [19]. - Index enhancement: Funds such as Guotai CSI 300 Enhanced Strategy ETF, China Merchants CSI 1000 Enhanced Strategy ETF, etc. were included, with weekly price changes from - 1.56% to 1.23%. Some funds had net inflows while others had net outflows [20]. - **Stock ETF - Industry Theme**: - TMT sector: Funds like Harvest SSE STAR Market Chip ETF, Guolianan CSI All - Index Semiconductor ETF, etc. were involved, with weekly price declines from 0.36% to 2.18%. Some funds had net inflows while others had net outflows [21]. - Mid - stream manufacturing sector: Funds such as Huaxia CSI Robot ETF, Huatai - Berry CSI Photovoltaic Industry ETF, etc. were listed, with weekly price increases from 0.10% to 1.37%. Some funds had net inflows while others had net outflows [22]. - Financial and real - estate sector: Funds including Guotai CSI All - Index Securities Company ETF, Huabao CSI All - Index Securities ETF, etc. were included, with weekly price increases from 1.52% to 2.68%. Some funds had net inflows while others had net outflows [23]. - Pharmaceutical and biological sector: Funds like E Fund CSI 300 Healthcare ETF, Huabao CSI Medical ETF, etc. were shown, with weekly price increases from 0.63% to 1.40%. All funds had net outflows of funds [24]. - Consumption sector: Funds such as Penghua CSI Liquor ETF, Huatai - Berry CSI Main Consumption ETF, etc. were listed, with weekly price changes from - 0.66% to 1.20%. Some funds had net inflows while others had net outflows [25]. - National defense and military industry sector: Funds including Guotai CSI Military Industry ETF, Fullgoal CSI Military Industry Leading ETF, etc. were involved, with weekly price declines from 0.33% to 0.99%. Some funds had net inflows while others had net outflows [26]. - Cyclical sector: Funds like Yongying CSI Shanghai - Hong Kong - Shenzhen Gold Industry Stock ETF, Guotai CSI Coal ETF, etc. were included, with weekly price changes from - 1.98% to 1.61%. Some funds had net inflows while others had net outflows [27]. - Technology theme: Funds such as Huabao CSI Technology Leading ETF, E Fund CSI Technology 50 ETF, etc. were listed, with weekly price declines from 0.38% to 0.39%. Some funds had net inflows while others had net outflows [28]. - **Stock ETF - SmartBeta**: Funds like Huatai - Berry Dividend ETF, Huatai - Berry Dividend Low - Volatility ETF, etc. were involved, with weekly price increases from 0.60% to 1.17%. Some funds had net inflows while others had net outflows [28]. - **Bond ETF**: Funds such as Haifutong CSI Short - Term Financing ETF, Fullgoal ChinaBond 7 - 10 - year Policy - Financial Bond ETF, etc. were listed, with weekly price changes from - 1.19% to 0.04%. All funds had net inflows of funds [29]. - **QDII ETF**: Funds including Huaxia Hang Seng Tech ETF, Huatai - Berry Southern Hang Seng Tech ETF, etc. were included, with weekly price increases from 1.27% to 5.14%. Some funds had net inflows while others had net outflows [30]. - **Commodity ETF**: Funds such as Huaan Gold ETF, E Fund Gold ETF, etc. were shown, with weekly price declines of about 4.7%. All funds had net outflows of funds [31]. III. Innovative Theme and Sub - industry ETF Funds Market Performance - **TMT innovative theme**: Indexes such as Smart Cars, 5G Communications, etc. were involved, with weekly price changes from - 1.84% to 0.41%. Representative funds' weekly price changes ranged from - 1.97% to 0.63% [33]. - **Consumption sub - industry**: Indexes including CSI Tourism, Livestock and Poultry Breeding, etc. were listed, with weekly price changes from - 0.56% to 1.11%. Representative funds' weekly price changes ranged from - 1.02% to 1.20% [34]. - **Pharmaceutical sub - industry**: Indexes such as Vaccine and Biotechnology, Biomedical, etc. were included, with weekly price increases from 0.92% to 2.01%. Representative funds' weekly price changes ranged from 0.63% to 1.86% [35]. - **New - energy theme**: Indexes like New - energy Vehicle Battery, Intelligent Electric Vehicle, etc. were shown, with weekly price increases from 0.19% to 2.72%. Representative funds' weekly price changes ranged from 0.18% to 2.52% [36]. - **Central and State - owned enterprise theme**: Indexes such as Hong Kong - listed Central - SOE Dividend, Mainland - owned Enterprises, etc. were involved, with weekly price changes from - 1.19% to 3.94%. Representative funds' weekly price changes ranged from - 1.32% to 2.76% [37]. - **Steady - growth theme**: Indexes including Transportation, Rare - earth Industry, etc. were listed, with weekly price changes from - 0.49% to 1.75%. Representative funds' weekly price changes ranged from - 0.51% to 1.82% [38]. - **Shanghai - Hong Kong - Shenzhen/Hong Kong - Stock Connect sub - industry**: Indexes such as Hong Kong Securities, Hong Kong - Stock Connect Technology, etc. were included, with weekly price changes from - 0.70% to 3.01%. Representative funds' weekly price changes ranged from - 0.13% to 2.21% [39]. - **Dividend/Dividend Low - Volatility Index Family**: Indexes like CSI 300 Dividend, SSE Dividend, etc. were shown, with weekly price changes from - 0.13% to 1.24%. Representative funds' weekly price changes ranged from 0.18% to 1.17% [40]. - **ChiNext Index Family**: Indexes including ChiNext 50, ChiNext Large - Cap, etc. were involved, with weekly price changes from - 1.29% to 2.00%. Representative funds' weekly price changes ranged from - 1.14% to 1.83% [41][42].

英飞凌 FY25Q2 跟踪报告 TMT 及中小盘/电子 事件： 英飞凌近日发布 FY25Q2 季报（2025 年 1 月 1 日至 2025 年 3 月 31 日），公 司 FY25Q2 营收 35.91 亿欧元，同比-1%/环比+5%；毛利率为 40.9%，同比 -1.4pcts/环比-0.2pct。综合财报及交流会议信息，总结要点如下： 2、ATV 和 GIP 部门营收环比高增，工业市场有望逐步复苏。 评论： 证券研究报告 | 行业简评报告 2025 年 05 月 16 日 1、FY25Q2 营收略低于指引预期，库存持续去化。 消费类业务 FY24H2 或将复苏，SiC 明年营收增 50% 推荐（维持） 下调 FY2025 全年营收指引，FY25H2 市场有望温和复苏 公司 FY25Q2 营收 35.91 亿欧元，略低于此前指引（36 亿欧元），同比-1%/ 环比+5%，销量增长但受价格年降影响；毛利率为 40.9%，同比-1.4pcts/环比 -0.2pct，同环比下滑系闲置成本所致。公司库存略有下降，DOI 177 天/环比-13 天，客户和经销商持续去库；积压订单约 200 亿欧元，环比保持稳定。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company achieved a revenue of 60.32 billion yuan and a net profit of 15.49 billion yuan in 2024, reflecting year-on-year growth of 16.44% and 39.58% respectively [1][7] - The company is expected to experience a slowdown in profit growth in 2025, with a projected net profit of 15.91 billion yuan [7] - The company has completed three new production capacities, which are anticipated to gradually release supply [7] Financial Performance - In 2024, the company's core products, human albumin and intravenous immunoglobulin, generated revenues of 25.10 billion yuan and 27.58 billion yuan, with year-on-year growth of 11.70% and 18.90% respectively [7] - The company’s total revenue is projected to grow from 51.80 billion yuan in 2023 to 72.38 billion yuan in 2025, representing a compound annual growth rate of approximately 20% [2][9] - The net profit is expected to increase from 11.10 billion yuan in 2023 to 15.91 billion yuan in 2025, with a growth rate of 3% [2][10] Production and Supply Chain - The company has expanded its plasma collection stations to a total of 107, with 85 currently operational, collecting 2,781 tons of plasma, a year-on-year increase of 15.15% [7] - The company has acquired a new blood product production enterprise and five additional operational plasma collection stations, increasing annual plasma collection by over 100 tons [7] Future Outlook - The company aims for a revenue target of 74.40 billion yuan and a net profit of 21.96 billion yuan for 2025 [7] - The report anticipates that the new production capacities will drive performance growth in the coming years [7]

2、代工业务收入占比高增，中国大陆地区收入占比持平。 1）按系统拆分：①25Q1 存储收入占比 43%/环比-7pcts，其中 NVM 收入占比 20%/环比-4pcts，非中国大陆 NAND 增长符合预期，主要系 NAND 客户向 256 层升级；DRAM 占比 23%/环比-3pcts，DRAM 支出集中在 1α、1β和 1γ节点 技术升级，支持 D5、LPD5 和 HBM；②代工收入占比 48%/环比+13pcts，GAA 和先进封装出货强劲，同时受益于中国大陆成熟制程支出；③逻辑和其他收入 占比 9%/环比-6pcts，系客户前沿节点支出减少；2）按地区拆分：25Q1 中国 大陆收入 14.7 亿美元，同比-9%/环比+9%，占比 31%/环比持平；韩国收入 11.5 亿美元，同比+25%/环比+6%，占比 24%/环比-1pct；中国台湾地区收入 11.3 亿美元，创历史新高，同比+236%/环比+53%，占比 24%/环比+7pcts。 3、指引 25Q2 代工和 NAND 收入增长，客户尚未因关税提前拉货。 证券研究报告 | 行业简评报告 2025 年 05 月 16 日 中国大陆收入占比持平， ...