Investment Rating - The report maintains an "Accumulate" rating for the industry, indicating a positive outlook for the next 6 to 12 months [1][35]. Core Insights - The North Exchange (北交所) is set to launch a specialized index for "specialized, refined, characteristic, and innovative" companies, which will include the top 50 companies based on market capitalization [5][33]. - The North Exchange's overall market performance is expected to improve in 2025, following significant adjustments in previous indices [6][31]. - The report highlights key sectors to watch, including data centers, robotics, semiconductors, consumer goods, and military information technology [6][31]. Summary by Sections North Exchange Market Overview - As of June 6, 2025, there are 274 constituent stocks in the North Exchange, with an average market capitalization of 3.074 billion [3][11]. - The North Exchange 50 Index increased by 1.23% during the week, closing at 1427.06 points, while other indices like the Shanghai and Shenzhen 300 also showed positive growth [3][11]. - The average daily trading volume for the North Exchange constituents was 24.834 billion, a decrease of 2.38% from the previous week [15][16]. Sector Performance - The top-performing sectors from June 3 to June 6, 2025, include pharmaceuticals, banking, media, computing, and textiles, with respective gains of 12.12%, 10.56%, 9.54%, 9.4%, and 9.16% [20][24]. Individual Stock Performance - Out of 267 stocks listed on the North Exchange, 183 stocks rose, 74 fell, and 5 remained unchanged, resulting in an increase ratio of 68.54% [4][24]. New Stocks and Regulatory Updates - No new stocks were issued during the week, but several companies updated their review statuses, with one company submitting registration and five under inquiry [30][29]. Investment Strategy - The report suggests focusing on high-quality development in the North Exchange for 2025, with specific recommendations for companies in data centers, robotics, semiconductors, consumer goods, and military information technology [6][31].

Investment Rating - The report does not explicitly state an investment rating for the cloud computing industry in the AI era. Core Insights - The essence of cloud computing lies in the allocation of computing resources and services, with the importance of edge computing becoming increasingly prominent. The value of cloud computing is reflected in the unified scheduling of computing resource pools, providing downstream users with flexible, high-performance, and low-cost computing resources. The explosive demand for data processing and real-time computing is driving the significance of edge computing [4]. - The industrial logic of cloud computing in the AI era can be summarized as supply-side cloud computing power becoming more accessible and demand-side expansion of downstream enterprise needs creating overall opportunities. On the supply side, cloud service providers are experiencing large-scale cost reductions, while on the demand side, generative AI is driving increasing demand [4]. Summary by Sections 1. Cloud Computing Overview - Cloud computing is defined as a technology that provides computing resources and services over the internet, allowing users to access and utilize data, software, and hardware resources anytime and anywhere. It enables data centers to operate like a single computer, offering computing, storage, and network resources on a pay-as-you-go basis [10][12]. - The cloud computing deployment models include public cloud, private cloud, and hybrid cloud, each with distinct characteristics and target users [16]. 2. Industry Status - The global public cloud market is rapidly growing, with SaaS dominating the market share. In 2023, SaaS revenue reached $133.4 billion, accounting for approximately 45% of the total market [55]. - In China, the overall cloud service market size reached 475.8 billion yuan in 2023, with a growth rate of 19.2%. The market is transitioning from "enhancing comprehensive capabilities" to "building integrated capabilities" driven by AI technologies [61]. 3. Supply and Demand Dynamics - The supply side is characterized by the democratization of cloud computing power, which is crucial for driving the AI industry revolution. The demand side is influenced by multiple factors, including the increasing need for AI-driven services and applications [84]. - The IaaS market in China reached 312.1 billion yuan in 2023, with a growth rate of 17.1%, while the PaaS market grew by 29.5% to 75 billion yuan [92]. 4. Competitive Landscape - The global cloud infrastructure market is dominated by a few key players, with AWS, Microsoft Azure, and Google Cloud holding significant market shares. In China, major players include Alibaba Cloud, Huawei Cloud, and Tencent Cloud, with Alibaba Cloud accounting for 26.1% of the market [72]. 5. Future Outlook - The global data center market is expected to continue expanding, with projections indicating a market size of approximately $2,356.5 billion by 2025. In China, the number of standard racks in data centers is expected to exceed 8.8 million by the end of 2024, supporting high-density computing demands [101].

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months compared to the benchmark index [1][5]. Core Insights - The company reported Q1 2025 results that met expectations, with a revenue of 168 million yuan, a year-on-year decrease of 3.1%, and a net profit attributable to shareholders of 5.93 million yuan, down 69.04% year-on-year. The decline in profit is attributed to increased management and financial expenses, reduced other income, and decreased investment income [3][4]. - The company is actively developing PEEK materials, focusing on applications in high-end sectors such as medical and humanoid robotics, which are expected to contribute to future revenue growth [3][4]. - The company is projected to achieve net profits of 40.85 million yuan, 50.16 million yuan, and 59.15 million yuan for the years 2025, 2026, and 2027 respectively, reflecting a recovery in profitability after a challenging Q1 2025 [3][4]. Financial Performance Summary - For 2023A, the company achieved a revenue of 580 million yuan, with a growth rate of 24%. The forecast for 2024A is 818 million yuan, with a growth rate of 41%. The revenue is expected to reach 900 million yuan in 2025E, with a growth rate of 10% [1][3]. - The net profit attributable to shareholders is forecasted to be 36 million yuan in 2024A, with a significant drop of 34% year-on-year, followed by a recovery to 41 million yuan in 2025E, representing a 13% growth [1][3]. - The company's earnings per share (EPS) is projected to be 0.26 yuan in 2024A, increasing to 0.29 yuan in 2025E and further to 0.36 yuan in 2026E [1][3]. Market Position and Strategy - The company is positioned as a leader in the modified plastics industry, benefiting from steady market growth and its own technological innovations. It is focusing on expanding into high-value product areas such as new energy, 5G communication, and humanoid robotics [3][4]. - The company is also enhancing its product offerings in traditional markets like home appliances and automotive parts while exploring new applications for PEEK materials [3][4].

Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - The first batch of floating management fee public funds has been launched, with approximately 70% of new products being floating fee funds, aligning with the "Action Plan for Promoting the High-Quality Development of Public Funds" [5][8] - The floating management fee model links fees to fund performance and investor holding periods, emphasizing investor protection over manager incentives [13][15] - The average management fee across the 24 floating fee funds is 1.27%, with 40% of funds charging 1.2% and 52% charging 1.5% [20] Summary by Sections 1. Floating Fee Fund Management Fee Methods and Historical Comparisons - The floating management fee structure is designed to align with fund performance, reducing fees when performance is below benchmarks and increasing fees when performance exceeds benchmarks significantly [14][15] - The historical fee rates for floating fee funds are consistent with previous fund fee structures, with a 0.2% custody fee across all funds [17] 2. Overview of Pilot Fund Companies and Fund Managers - The 25 fund managers of the floating fee funds have an average tenure of 6.51 years, with a history of managing an average of 7.08 funds [18][20] - The historical performance of these fund managers is generally better than their peers, with an average annualized return of 5.89% [20][22] 3. Comparison of Floating Fee Fund Benchmark Indices - The floating fee funds utilize 17 benchmark indices, with stock indices accounting for 79.08% of the benchmarks, primarily including the CSI 300 and CSI 800 [29][32] - The allocation to the CSI 300 has decreased compared to historical benchmarks, while allocations to the CSI 800 Growth and CSI A500 have increased [32] 4. Investment Recommendations - The report suggests focusing on underrepresented sectors such as non-bank financials, recommending stocks like New China Life Insurance and China Pacific Insurance for potential growth [36]

营收持续增长，信创 PC 加强投入 软件开发 执业证书编号：S0740520060001 Email：suyi@zts.com.cn 分析师：刘一哲 执业证书编号：S0740525030001 Email：liuyz03@zts.com.cn 基本状况 | 总股本(百万股) | 216.98 | | --- | --- | | 流通股本(百万股) | 216.92 | | 市价(元) | 41.51 | | 市值(百万元) | 9,006.91 | | 流通市值(百万元) | 9,004.39 | 确立信创新增长路径》2025-04-14 诚迈科技（300598.SZ） 证券研究报告/公司点评报告 2025 年 06 月 11 日 公司点评报告 分别为 24.93/31.28/38.00 亿元（2025-2026 年前预测值为 26.27/33.03 亿元），归母 净利润分别为 0.10/0.81/1.46 亿元（2025-2026 年前预测值为 0.10/0.78 亿元）。我 们看好公司在信创、智能网联汽车业务上的快速发展，经营管理优化后，利润有望实 现扭亏为盈，整体维持"增持"评级。 风险提示：政策落地不 ...

汽车零部件 精密注塑隐形冠军，平台化延展加速机器人布局 ——肇民科技首次覆盖报告 肇民科技（301000.SZ） 证券研究报告/公司研究简报 2025 年 06 月 09 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | | 营业收入（百万元） | | 591 | 756 | 956 | 1,237 | 1,619 | | | | 增长率 yoy% | | 11% | 28% | 27% | 29% | 31% | | 执业证书编号：S0740523020004 | | 归母净利润（百万元） | | 103 | 142 | 186 | 243 | 324 | | Email：hejy02@zts.com.cn | | 增长率 yoy% | | 10% | 37% | 31% | 31% | 33% | | | | 每股收益（元） | | ...

工业金属 矿服主业稳健成长，资源板块打开空间 金诚信（603979.SH） 证券研究报告/公司深度报告 2025 年 06 月 10 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：谢鸿鹤 | | 营业收入（百万元） | | 7,399 | 9,942 | 12,124 | 13,241 | 15,557 | | | | 增长率 yoy% | | 38% | 34% | 22% | 9% | 17% | | 执业证书编号：S0740517080003 | | 归母净利润（百万元） | | 1,031 | 1,584 | 2,056 | 2,458 | 3,059 | | Email：xiehh@zts.com.cn | | 增长率 yoy% | | 69% | 54% | 30% | 20% | 24% | | | | 每股收益（元） | | 1 ...

2025年6月9日 中泰证券研究所 证券研究报告 信用业务周报 中美元首通话后市场或如何演绎？ 分析师：徐驰 执业证书编号：S0740519080003 分析师：张文宇 执业证书编号：S0740520120003 请务必阅读正文之后的信息披露和重要声明 【市场回顾】 图表：市场表现回顾 数据来源：Wind，中泰证券研究所 2 【市场观察】中美元首通话对市场影响几何？ • 一、中美元首通话对市场影响几何？ 3 • 中美元首会谈如期举行。北京时间2025年6月5日晚，中国国家主席应约与美国总统特朗普通电话。根 据双方发布的通稿，双方同意"尽快举行新一轮会谈"，并互相发出访问邀请。此次通话在当前中美关 系复杂的背景下，为双边关系注入了稳定因素。 • 短期内风险升级的概率较低。从中美元首通话的官方通稿来看，本轮沟通达成的直接成果是双方同意" 尽快举行新一轮会谈"。但通稿中并未提及新一轮的谈判时间或磋商议题，表明双方在核心问题上仍需 进一步沟通。因此，预计双方在近期内将以落实现有共识和推进谈判为主，短期内进一步升级对抗的 可能性较低。 • 中美双方结构性分歧依然存在。尽管双方同意重启谈判，但在关键性结构性问题上，如稀土 ...

北交所发布北证专精特新指数，开启"双指数"时代 ——北交所点评报告 分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 分析师：杨帅 业发展，北交所交易热度持续》 2025-05-27 北交所 证券研究报告/行业点评报告 2025 年 06 月 09 日 执业证书编号：S0740524040002 Email：yangshuai01@zts.com.cn | 上市公司数 | 266 | | --- | --- | | 行业总市值(亿元) | 8,250.35 | | 行业流通市值(亿元) | 4,967.15 | 1、《首次修订《北证指数计算与维护 细则》，北证 50 成分迎来调整》 2025-06-04 2、《北证 50 周涨幅超三大指数，国 家级经开区为"投资中国"首选》 2025-06-03 评级： 增持（维持） 报告摘要 北交所发布北证专精特新指数 1）2025 年 6 月 6 日，北交所公告称将联合中证指数公司于 6 月 30 日正式发布北证 专精特新指数，为市场提供多维度投资标的和业绩基准。 2）经流动性筛选后，北证专精特新指数从符合条件 ...

白银补涨，金银比高位回调 ——黄金行业周报 评级： 增持（维持） 分析师：任恒 执业证书编号：S0740525010001 Email：renheng@zts.com.cn 分析师：谢鸿鹤 执业证书编号：S0740517080003 Email：xiehh@zts.com.cn 风险提示：宏观波动、政策变动、金属价格波动风险、产业政策不及预期的风险、下游消 费不及预期的风险、研究报告中使用的公开资料可能存在信息滞后或更新不及时的风险等。 请务必阅读正文之后的重要声明部分 投资建议：白银补涨，金银比高位回调，维持行业"增持"评级。 美国经济数据不及预期，市场对美联储降息预期提升，但中美贸易缓和使得避险需求 下行，黄金价格短期预计维持震荡。中长期来看，美国粘性通胀挥之不去，2025 年已 然进入"滞胀-衰退"阶段，且日债大跌背后更多是央行持债占比过高带来的市场流动 性问题，美元信用体系的重塑已经成为趋势，金价有望持续走高，维持行业"增持" 评级。 基本状况 行情回顾：贵金属板块跑赢沪深 300 指数 2.70pct。本周贵金属板块环比上涨 3.58%， 跑赢沪深 300 指数 2.70pct；跑输申万有色金属指数 ...