基础化工 化工周报（5/12-5/18）： 涤纶长丝价格大幅上涨，孟山都事件提升草甘膦关注度 ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/5/20 24/7/31 24/10/11 24/12/22 25/3/4 25/5/15 相关研究报告 << 化 工 新 材 料 周 报 （ 20250512- 20250518）：制冷剂价格稳中有升，显 影液、蚀刻液价格下滑>>--2025-05- 18 <<川金诺（300505.SZ）：2024 年业绩 大幅改善，2025Q1 盈利同比高增>>- -2025-05-18 << 化 工 新 材 料 周 报 （ 20250505- 20250511）：制冷剂价格维持高位，维 生素价格走弱>>--2025-05-11 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 1.重点行业和产品情况跟踪 涤纶长丝库存大幅下降，价格大幅上涨。中美高层经贸会谈取得 超预期进 ...

2025 年 05 月 18 日 行业周报 看好/维持 非银行金融 非银行金融 非银行业周报（0512-0518）：科技金融体制构建提速 ◼ 走势比较 (20%) (4%) 12% 28% 44% 60% 24/5/20 24/7/31 24/10/11 24/12/22 25/3/4 25/5/15 ◼ 子行业评级 | 证券Ⅱ | 看好 | | --- | --- | | 保险Ⅱ | 看好 | | 多元金融 | 看好 | | ◼ 推荐公司及评级 | | | 方正证券 | 买入 | | 湘财股份 | 买入 | | 中国人寿 | 买入 | | 众安在线 | 增持 | 相关研究报告 <<众安在线 2024 年年报点评：科技 赋能驱动增长，投资收益大幅提 升>>--2025-05-15 <<非银行业周报（0505-0511）：增量 政策出台稳定市场预期>>--2025- 05-12 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 E-MAIL：wangziqin@tpyzq.com 一般证券业务登记编号 ...

金 金融工程点评 汽车指数趋势跟踪模型效果点评 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 研究助理：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 一般证券业务登记编码：S1190123080008 模型概述 结果评估： [Table_Message]2025-05-19 区间年化收益：6.26% 波动率（年化）：25.15% 夏普率：0.25 最大回撤：32.95% 指数期间总回报率：30.17% 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 [Table_Title] [Table_Summary] 融 工 程 点 评 报 告 ◼ 设计原理：模型假定标的价格走势具有很好的局部延续性，标的价格永远处 于某一趋势中，出现反转行情的持续时间明显小于趋势延续的时间，若出现 窄幅盘整的情况，亦假设其延续之前的趋势。当处于大级别的趋势之中时， 给定较短时间的观察窗口，走势将延续观察窗口内的局部趋势。而当趋势发 生反转时，在观察窗口 ...

Investment Rating - The report maintains an "Accumulate" rating for Tianyin Holdings (000829) with a target price based on the last closing price of 9.95 [1] Core Views - The company's terminal business is expected to recover due to national subsidies and AI advancements, while the e-commerce segment is emerging as a second growth driver [1][10] - The company reported a total revenue of 84.038 billion yuan for the year, a year-on-year decrease of 11.38%, and a net profit attributable to shareholders of 3.1 million yuan, down 62.72% year-on-year [4][11] - The intelligent terminal sales business remains the core, with a revenue of 58.48 billion yuan in 2024, accounting for 69.58% of total revenue, although this is a decline from 80.10% in 2023 [5][11] Summary by Sections Terminal Business - The intelligent terminal sales business is bolstered by long-term partnerships with major brands like Apple, Samsung, and Huawei, maintaining a leading market share [5] - The introduction of AI models in terminals is expected to drive a new wave of upgrades in the smartphone industry [5][6] E-commerce Business - The e-commerce segment has seen rapid growth, with revenue reaching 24.66 billion yuan in 2024, a year-on-year increase of 35.09%, contributing 29.34% to total revenue [7][10] - The company has expanded its presence on major platforms like JD, Pinduoduo, and Douyin, with a significant increase in the number of stores [7] Lottery and Repair Services - The lottery business is steadily growing, supported by the company's strategy of integrating various services under the "Easy Repair" brand, which focuses on mobile repair and related services [8][9] - The company plans to invest 1.847 billion yuan in marketing networks and digital platforms to enhance its lottery and mobile repair services [9] Financial Projections - Revenue projections for the next three years are 92.164 billion yuan, 99.662 billion yuan, and 108.474 billion yuan, with net profits expected to rise to 1.11 billion yuan, 1.19 billion yuan, and 1.63 billion yuan respectively [10][11] - The company is expected to benefit from the AI upgrade cycle and national subsidies, leading to a rebound in its core business [10]

2025 年 05 月 18 日 行业周报 看好/维持 基础化工 基础化工 化工新材料周报（20250512-20250518）： 制冷剂价格稳中有升，显影液、蚀刻液价格下滑 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/5/20 24/7/31 24/10/11 24/12/22 25/3/4 25/5/15 基础化工 沪深300 相关研究报告 << 化 工 新 材 料 周 报 （ 20250505- 20250511）：制冷剂价格维持高位，维 生素价格走弱>>--2025-05-11 <<云南能投（002053.SZ）：2024 年营 收规模创新高，持续优化业务结 构>>--2025-05-11 <<金发科技 2024 年报及 2025 年一季 报点评：业绩持续改善，新材料国产 替代打开成长空间>>--2025-04-30 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 1.重点子行业及产品情况 ...

[Table_Message] 2025-05-18 行业周报 看好/维持 传媒互联网 [Table_Title] 传媒互联网 国产多模态模型持续加速迭代 (2025.05.12-05.18) ◼ 走势对比 ◼ 子行业评级 ◼ 相关研究报告 《即梦 3.0 文生图开启灰度测试，VAST 开源两大 3D 生成模型》 《OpenAI 发布 GPT-4o 生图功能，DeepS eek-V3 完成版本升级》 E-MAIL：lilh@tpyzq.com 执业资格证书编码：S1190123120023 [Table_Summary] 报告摘要 ➢ 图像：腾讯发布混元图像 2.0，Manus 上线生图功能 腾讯发布混元图像 2.0 模型，该模型显著提升生图速度，实现输入 即输出的毫秒级响应。同时，基于实时生图的优势，模型推出实时绘 画板功能，可根据创作者的绘图要求，实时生成预览效果，有效提升 图像生成交互体验。此外，Manus 上线图像生成功能。不同于文生图 模型，Manus 生图功能将生图过程嵌入 Agent 工作流，具备理解用户 意图、制定解决方案、并调用包括生图在内的各种工具完成任务的能 力。从测评结果来看，因引入思 ...

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 index by more than 5% in the next six months [38]. Core Insights - Humanoid robots remain the market focus, with attention also on exoskeleton and military robots. Recent developments include partnerships and technological advancements in humanoid robotics, indicating a strong growth trajectory in this sector [9][10][11][12][13][14]. Summary by Sections Industry Viewpoints and Investment Recommendations - The humanoid robot sector is experiencing significant catalysts, including partnerships between major companies like Huawei and UBTECH, and advancements in product applications [9]. - The exoskeleton robot market is also gaining traction, with the launch of consumer-grade models and their use in popular tourist destinations [9]. - Military robots are highlighted as key components for future warfare, with increasing integration of advanced technologies [9]. Key Industry News - The China Securities Index Company announced the launch of the CSI Innovation and Entrepreneurship Robot Index, which will track the performance of companies involved in robotics [11][12]. - Major collaborations in the robotics field, such as between Huawei and UBTECH, aim to enhance the development and application of humanoid robots across various sectors [13][14]. Company Announcements - Companies like XCMG have been recognized for their brand value in the engineering machinery sector, indicating strong market positioning [10]. - Significant contracts have been signed by China Railway and other companies, totaling approximately 547.4 billion RMB, showcasing robust demand in the machinery and transportation sectors [23].

Investment Rating - The industry rating is optimistic, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [13]. Core Insights - The report highlights that the real estate sector is experiencing a mixed performance, with the Shanghai Composite Index and Shenzhen Component Index both declining by 0.40% and 0.06% respectively on May 16, 2025 [4]. - A significant development is the introduction of a plot of land in Hangzhou's Linping District, which is the first to have no price cap, starting at a price of 327 million yuan [10][8]. - The report notes that the real estate sector is undergoing a transformation, with companies like Shanghai Waigaoqiao Group planning to accelerate the liquidation of property sales and reduce capital investments to lower debt ratios [6]. Market Performance - The report lists the top five performing stocks in the real estate sector, with Huaxia Happiness leading at a 10.12% increase, followed by Gree Real Estate at 6.56% [5]. - Conversely, the stocks with the largest declines include China Communications Construction and Bright Real Estate, with decreases of -3.37% and -2.41% respectively [5]. Company Announcements - Poly Developments announced the decision to forgo the redemption option for its 1 billion yuan bond, which has a current coupon rate of 3.00% [11]. - Jianfa Real Estate plans to reduce the coupon rate of its bond from 3.49% to 2.75% [11]. Sub-industry Ratings - The report indicates that there are no specific ratings for real estate development and real estate services [3].

[Table_Title] 金 金融工程点评 [Table_Message]2025-05-16 风险提示：本报告结论完全基于公开历史数据，建议关注的行业指数与 ETF 产品基于 构建的量化模型，仅供大家参考阅读，不构成任何投资建议。 金工 ETF 点评：宽基 ETF 单日净流出 52.58 亿元；标普油气、电池 ETF 可关注 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 研究助理：孙弋轩 电话：18910596766 一、资金流向 二、行业拥挤度监测 ◼ 通过构建行业拥挤度监测模型，对申万一级行业指数的拥挤度进行每日监测， 前一交易日交通运输、纺织服饰、美容护理拥挤度靠前，相比较而言，传媒、 社会服务、房地产、电子、电力设备的拥挤度水平较低，建议关注。此外，农 林牧渔、汽车单日拥挤度变动较大。从主力资金流动来看，前一交易日主力 资金流入医药生物、美容护理、煤炭，流出计算机、电子、非银金融。近三个 交易日主力资金增配美容护理、医药生物、煤炭，减配电子、计算机、国防 军工。 三、ET ...

2025 年 05 月 16 日 行业日报 看好/维持 机械 机械 太平洋机械日报（20250516）：智元机器人灵犀 X2 技能上新 拥有了"内心戏 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/5/16 24/7/28 24/10/9 24/12/21 25/3/4 25/5/16 ◼ 子行业评级 相关研究报告 <<太平洋机械日报（20250515）：中 证指数公司发布中证科创创业机器 人指数>>--2025-05-15 << 太平洋机械日报（20250514）：智 元 机 器 人 联 合 香 港 大 学 推 出 的 UniVLA 入选 RSS >>--2025-05-15 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 证券分析师：刘国清 电话：021-61372597 E-MAIL：liugq@tpyzq.com 分析师登记编号：S1190517040001 证券分析师：张凤琳 电话： E-MAIL：zhangfl@tpyzq.com 分析师登记编号：S1190523100001 ...