Investment Rating - The report maintains a "Positive" investment rating for the AI cloud industry [7]. Core Insights - Major cloud providers are experiencing significant revenue growth driven by AI integration, with Q1 2025 revenues for Amazon AWS, Google GCP, and Microsoft Azure reaching $68.278 billion, a year-over-year increase of 20.4% [1][14]. - The global public cloud market is projected to grow at a CAGR of approximately 24.10% from 2017 to 2023, with a forecasted CAGR of 19.13% from 2023 to 2029 [2][35]. - Microsoft is accelerating its AI cloud revenue contribution, with AI accounting for 16% of Azure's revenue in Q3 FY25, reflecting a significant increase in AI-related product adoption [3][77]. - Google's Gemini model has become a leading player in the industry, with Q1 2025 cloud revenue reaching $12.26 billion, a year-over-year increase of 28.1% [4][64]. Summary by Sections Section 1: AI Driving Cloud Providers' Performance - Major cloud providers are maintaining rapid growth, with Q1 2025 revenues for Amazon AWS, Google GCP, and Microsoft Azure at $29.267 billion, $12.260 billion, and $26.751 billion respectively, showing year-over-year growth of 16.9%, 28.4%, and 20.8% [14]. - The profitability of cloud services is improving, with operating profit margins for Amazon, Google, and Microsoft at 39.45%, 17.76%, and 41.48% respectively [17][18]. Section 2: Microsoft - Accelerating AI Cloud Growth - Microsoft reported a 33% revenue growth for Azure & Other Cloud in FY25Q3, with AI contributions increasing significantly [3][77]. - The company has launched multiple AI agents, enhancing productivity and user engagement across its platforms [3][71]. Section 3: Google - Building the Gemini Model and Agent Ecosystem - Google is actively developing its AgentSpace and A2A protocol, aiming to enhance automation and efficiency in enterprise applications [4][5]. - The Gemini model has shown significant advancements in programming capabilities, outperforming competitors in various benchmarks [5][71]. Section 4: Capital Expenditure Trends - Major cloud providers are increasing their capital expenditures, with a combined Q1 2025 Capex of $77 billion, a year-over-year increase of 67.53% [26][30]. - Microsoft, Google, and Amazon are leading in Capex growth, reflecting their commitment to AI infrastructure [30][33]. Section 5: Market Outlook - The global public cloud market is expected to reach $1.8 trillion by 2029, driven by increasing enterprise adoption of cloud services [35][46]. - The SaaS segment is projected to maintain a significant market share, with expected annual spending per employee reaching $220.3 by 2029 [46][47].

Market Overview - On May 28, the Shanghai Composite Index decreased by 0.02%, the CSI 300 fell by 0.08%, the STAR 50 dropped by 0.23%, the CSI 1000 declined by 0.4%, the ChiNext Index decreased by 0.31%, and the Hang Seng Index fell by 0.51% [3][4] - The best-performing industries on May 28 were textiles and apparel (+1.17%), environmental protection (+0.89%), coal (+0.74%), transportation (+0.71%), and communications (+0.62%). The worst-performing industries were basic chemicals (-0.79%), agriculture, forestry, animal husbandry, and fishery (-0.78%), national defense and military industry (-0.72%), automotive (-0.72%), and real estate (-0.68%) [3][4] - The total trading volume of the A-share market on May 28 was 10,338.73 billion yuan, with a net inflow of 3.578 billion Hong Kong dollars from southbound funds [3][4] Key Recommendations - The report highlights the deep dive into Robotech (300757), which has successfully acquired ficonTEC, a global leader in coupling packaging equipment, positioning itself in the silicon photonics and CPO (Chip-on-Package) market, projected to be worth hundreds of billions [2][5] - The recommendation logic indicates that the accelerating penetration rates of silicon photonics modules and CPO technology will drive the demand for precision coupling packaging equipment, benefiting the company from industry upgrades [5] - The company is expected to see revenue growth from 1,218 million yuan in 2025 to 1,724 million yuan in 2027, with a revenue growth rate of 10.1%, 26.8%, and 11.7% respectively. The net profit attributable to the parent company is projected to grow from 136 million yuan in 2025 to 317 million yuan in 2027, with growth rates of 112.9%, 87.7%, and 24.2% respectively [5]

证券研究报告 | 行业点评 | 机械设备 机械设备 报告日期：2025 年 05 月 28 日 *ST 松发重组成功，向"中国最具成长力造船厂"迈进 ——船舶行业点评报告 投资要点 ❑ *ST 松发重组成功，恒力重工成为国内民船上市第一股 1、2025 年 5 月 26 日盘后，松发股份发布《重大资产置换及发行股份购买资产并 募集配套资金暨关联交易实施情况暨新增股份上市公告书》等公告。本次交易标 的资产的交割事项已实施完毕，具体如下： 1）中坤投资、苏州恒能、恒能投资、陈建华所持有的置入资产恒力重工 100%股权 过户至松发股份名下的工商变更登记手续已办理完毕。 2）松发股份所持松发品牌家居 100%股权过户至中坤投资的工商变更登记手续已 办理完毕。 3）2025 年 5 月 22 日，松发股份与中坤投资、苏州恒能、恒能投资、陈建华等相 关方签署了《资产交割确认书》，约定本次置出资产及置入资产的交割日为 2025 年 5 月 22 日，自置出资产及置入资产的交割日起，即完成交付义务。 2、后续上市公司拟向不超过 35 名特定投资者发行股份募集不超过 40 亿的配套 资金，募集配套资金在扣除发行费用后，拟用于标 ...

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 05 月 28 日 如何理解股债的低波动？ ——债市策略思考 核心观点 我们通过复盘历史上股债低波动状态的典型时期，发现其深层原因是经济增速进入低 波动、政策托而不举。展望未来，我们认为下一阶段破局点可能是：①中美关税谈判 的后续进展；②二季度经济基本面的成色。 分析师：覃汉 执业证书号：S1230523080005 qinhan@stocke.com.cn 分析师：陈婷婷 执业证书号：S1230525050001 chentingting01@stocke.com.cn 相关报告 1 《震荡行情下的应对策略》 2025.05.25 2 《央行延续呵护，资金面迎来 跨月》 2025.05.25 3 《债市脉冲式行情下的应对策 略》 2025.05.24 http://www.stocke.com.cn 1/8 请务必阅读正文之后的免责条款部分 ❑ 回顾过去 5 个股市和债市处于低波动的时期，我们发现几个结论: 1. 股债同时处于低波动时期持续时间一般为 1-2 个季度。历史上股市和债市分别处 于震荡、低波动的时期不少， ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company achieved a slight decline in net profit of approximately 0.2% in 2024, but saw a growth of about 6% in Q1 2025. The revenue for 2024 was 740 million yuan, a year-on-year increase of 13.53%, while the net profit was 120 million yuan [1][5] - The company is expanding into the screw rod sector through the acquisition of 51% of Tongzhan Precision Technology, which is expected to enhance its competitive edge and extend its industrial chain [3] - The growth in the new energy vehicle (NEV) market is anticipated to drive rapid performance growth for the company, with projections indicating a market size of approximately 104.2 billion yuan for wheel hub units and reducer bearings by 2026 [4] Financial Summary - In 2024, the company reported a gross margin of approximately 31.61% and a net margin of 16.24%, both showing a decline compared to the previous year. The gross margin for Q1 2025 was 30.82%, down 4.67 percentage points year-on-year [2] - Revenue forecasts for 2025-2027 are 1.052 billion, 1.483 billion, and 1.740 billion yuan, representing year-on-year growth rates of 42%, 41%, and 17% respectively. The net profit is expected to be 128 million, 147 million, and 154 million yuan for the same period [5][12]

Core Viewpoints - The report suggests that the economic bottom line may have improved compared to the period of increased trade friction, with government investment accelerating and consumer promotion measures continuing to exert influence on demand expansion [1][5][39] - It emphasizes a balanced allocation between growth and value, with a focus on large-cap stocks due to their stronger earnings certainty in the current market environment [1][5][43] Market Style Rotation - The report indicates that large-cap stocks are outperforming small-cap stocks, with a balanced valuation style observed across growth and value indices [2][12] - It highlights that consumer, growth, and large-cap styles are expected to dominate, suggesting a preference for these sectors in the current market [2][13] Industry Allocation - The report recommends focusing on four key sectors: coal, innovative pharmaceuticals, military industry, and finance [3][5] - In the coal sector, prices are expected to stabilize due to supply contraction and the upcoming peak demand season [3][5] - The innovative pharmaceutical sector is highlighted for its potential valuation re-rating, supported by record-breaking investment and favorable policy trends [3][5] - The military industry is noted for its growth potential driven by geopolitical tensions and the need for self-sufficiency [3][5] - In finance, the report points out that both banks and non-bank financial institutions are currently underweighted, with the securities sector showing higher value compared to insurance [3][5] Calendar Effect - Historical data from June 2010 to 2024 indicates that large-cap growth styles tend to outperform during this month, with specific sectors like electronics, home appliances, and food and beverage showing strong performance [4][12] Next Month's Sector Allocation Recommendations - The report maintains a positive outlook on large-cap stocks, suggesting a balanced approach between growth and value, with an emphasis on coal, innovative pharmaceuticals, military, and financial sectors [5][39]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company achieved a slight decline of approximately 0.2% in net profit attributable to the parent in 2024, but saw a growth of about 6% in Q1 2025 [1] - The company is expanding into the screw rod sector through the acquisition of a 51% stake in Tongzhan Precision Technology, which is expected to enhance its competitive edge and extend its industrial chain [3] - The domestic market for hub units and reducer bearings is projected to reach approximately 104.2 billion yuan by 2026, with the company expected to benefit significantly from the growth in the new energy vehicle market [4] - Revenue forecasts for 2025-2027 are 1.05 billion, 1.48 billion, and 1.74 billion yuan, representing year-on-year growth rates of 42%, 41%, and 17% respectively [5] Financial Performance - In 2024, the company reported operating revenue of 740 million yuan, a year-on-year increase of 13.53%, and a net profit of 120 million yuan, which was a slight decline of 0.18% [1] - The gross profit margin for 2024 was approximately 31.61%, down by 0.41 percentage points year-on-year, while the net profit margin was 16.24%, down by 2.23 percentage points [2] - For Q1 2025, the company achieved operating revenue of 186 million yuan, a year-on-year increase of 23.55%, and a net profit of 34.94 million yuan, a growth of 6.22% [1][2] Market Outlook - The company is expected to capture over 20% market share in the domestic new energy vehicle hub unit and reducer bearing front-end market after the third factory reaches full capacity [4] - The company has established partnerships with several major automotive manufacturers, which is expected to translate into significant orders [4]

Market Overview - On May 27, the Shanghai Composite Index fell by 0.18%, the CSI 300 decreased by 0.54%, the STAR 50 dropped by 0.95%, the CSI 1000 declined by 0.34%, the ChiNext Index decreased by 0.68%, while the Hang Seng Index rose by 0.43% [4] - The best-performing sectors on May 27 were textiles and apparel (+1.3%), pharmaceuticals and biotechnology (+0.97%), beauty and personal care (+0.88%), environmental protection (+0.76%), and real estate (+0.63%). The worst-performing sectors were non-ferrous metals (-2.07%), electronics (-1.28%), automotive (-1.05%), machinery and equipment (-0.88%), and telecommunications (-0.82%) [4] - The total trading volume for the A-share market on May 27 was 1,024.1 billion yuan, with a net inflow of 11.975 billion Hong Kong dollars from southbound funds [4] Company Analysis - The report focuses on Wuzhou Xinchun (603667), identified as a leading domestic bearing manufacturer, strategically positioned in high-growth sectors such as humanoid robots and EMB systems [5] - A significant event noted was the visit of the General Secretary to Wuzhou Xinchun's affiliated company, Luozhou Company, on May 19, 2025 [5] - The company is accelerating its layout in humanoid robot components, while also deepening its focus on high-value-added markets in its core bearing business. The EMB system's ball screw is expected to see increased production [5] - Investment opportunities are highlighted, with the company's performance expected to grow rapidly alongside the mass production of humanoid robots and EMB systems [5] - Catalysts for growth include the accelerated mass production of humanoid robots and exceeding market share expectations [5]

Group 1: Industrial Profit Trends - In the first four months of 2025, industrial enterprises achieved a total profit of CNY 21,170.2 billion, a year-on-year increase of 1.4%[3] - The profit growth rate accelerated by 0.6 percentage points compared to the first three months of 2025[3] - In April 2025, profits increased by 3.0% year-on-year, up 0.4 percentage points from March 2025[3] Group 2: Policy Impact and Sector Performance - The "Two New" policies have significantly contributed to the recovery of industrial profits, particularly in high-tech and equipment manufacturing sectors[4] - Specialized equipment and general equipment industries saw profit growth of 13.2% and 11.7% respectively, contributing 0.9 percentage points to overall industrial profit growth[4] - High-tech manufacturing profits grew by 9.0%, surpassing the average industrial growth rate by 7.6 percentage points[6] Group 3: Price and Demand Dynamics - The Producer Price Index (PPI) for industrial products fell by 2.7% year-on-year in April 2025, indicating persistent low prices that hinder profit growth[4] - The revenue profit margin for industrial enterprises was 4.87% in the first four months of 2025, showing a slight recovery but still with significant room for improvement[5] - Industrial profit growth is expected to improve slightly in the second half of 2025, with an annual growth forecast of 2.1%[8] Group 4: Trade and External Factors - The U.S. tariff war is expected to have a controllable impact on overall industrial profits, with an estimated profit loss of CNY 200 billion, accounting for 2.7% of total industrial profits in 2024[8] - Industries with high export exposure to the U.S., such as textiles and footwear, are facing significant pressure, with some experiencing negative growth[8]

证券研究报告 | 宏观深度报告 | 中国宏观 宏观深度报告 报告日期：2025 年 05 月 27 日 工业利润: 新动能引领突出，应对关税战扰动 ——2025 年 1-4 月工业企业盈利数据的背后 核心观点 2025 年 1-4 月工业企业利润延续修复态势， "两新"政策持续发力，新动能行业拉动 工业利润增速作用增强，装备制造业、高技术制造业对利润增长贡献较为显著，积极 应对关税战扰动（部分轻工业承压负增长）。但工业品价格中枢仍处低位，以价换量特 征仍较为显著，工业企业利润增速在价格方面仍有较大改善空间。我们认为，工业企 业利润增速修复的持续性需要有效需求持续助力，同时推动工业品价格合理回升。美 国关税战对工业利润或有所冲击，但在总量层面或较为可控，结构上部分轻工业压力 较大，未来或主要依靠新动能行业持续发力应对。 ❑ "两新"政策持续助力盈利修复，价格偏低是主要拖累 2025 年 1-4 月全国规模以上工业企业实现利润总额 21170.2 亿元，同比增长 1.4%， 利润增速较 1-3 月加快 0.6 个百分点。其中 4 月份，全国规模以上工业企业利润 同比增长 3.0%，较 3 月份加快 0.4 个百分 ...