行业报告 | 行业研究周报 通信 证券研究报告 OpenAI 发布 ChatGPT 智能体，商务部部长会见英伟达 CEO 据商务部网站消息，7 月 17 日商务部部长王文涛会见美国英伟达公司总裁兼首席 执行官黄仁勋。王文涛表示，中国吸引外资政策不会变，开放的大门只会越开越 大。中国市场规模巨大，应用场景丰富，创新创造充满活力，希望包括英伟达在内 的跨国公司为中国客户提供优质可靠的产品和服务。黄仁勋表示，中国市场非常有 吸引力，英伟达愿同中国合作伙伴在人工智能领域深化合作。 本周投资观点： 本周行业动态： OpenAI 发布 ChatGPT 智能体 近日 OpenAI 宣布将在 ChatGPT 中推出一款通用型 AI 智能体，该公司表示该智能 体可以帮助用户完成各种基于计算机的任务。该工具名为 ChatGPT agent，结合了 OpenAI 之前多种智能体工具的功能，包括 Operator 点击网站的能力，以及 Deep Research 从数十个网站中综合信息生成简洁研究报告的能力。OpenAI 表示用户只 需通过自然语言提示 ChatGPT 即可与该智能体进行交互。 商务部部长王文涛会见英伟达 CEO 黄 ...

除上述4家市值千亿公司，江苏另有江苏银行、国电南瑞、华泰证券、南京银行、恒瑞医药、药明康德 等6家进入"市值千亿俱乐部"。这10家公司有1家为酒企，2家来自医药行业，3家为金融企业，另外4家 则是高端制造业，凸显了江苏制造大省的地位。 沪电股份在7月17日股价大涨8.59%，总市值随之达到1022亿元。这家深耕印制电路板（PCB）领域的企 业，2025年上半年预计实现归母净利润16.5亿元至17.5亿元，同比大增44.63%至53.40%，创历史同期新 高。 作为国内知名酒企，洋河股份本就是千亿"常客"，虽然此前因股价下滑短暂退出千亿俱乐部，但是近期 再度回归。目前，公司坚守大单品策略，低政务占比将强化抗风险能力。据了解，公司聚焦海之蓝、梦 之蓝M6+等核心产品，并将海之蓝定位"200亿级超级单品"，目前第七代升级产品已在江苏省内上市， 江苏省外下半年全面推出。同时，海之蓝江苏省内库存已降至10%以下，本土市场仍有进一步提升空 间。公司还计划推出光瓶酒新品，定位50元+，目标是打造第三大单品。 恒立液压自今年1月以来，因人形机器人概念，股价已接近翻倍，市值也再度回归千亿以上。目前，公 司线性驱动器项目进入批量 ...

【宏观经济】上半年进出口数据点评*陈琦 朱启兵。6 月我国出口同比增速 延续正增长。东盟、欧盟对 6 月我国出口同比增速仍有支撑。部分轻工业品 及机电产品出口价格有所改善。 证券研究报告——晨会聚焦 2025 年 7 月 18 日 | 7 月金股组合 股票代码 002244.SZ | 股票名称 滨江集团 | 中银晨会聚焦-20250718 | | --- | --- | --- | | 002352.SZ 1519.HK | 顺丰控股 | ■重点关注 | | | 极兔速递-W | | | 002648.SZ | 卫星化学 | | 【社会服务】社服与消费视角点评 6 月国内宏观数据*李小民 纠泰民。国家 统计局等部门公布了部分 2025 年 6 月及上半年国内宏观数据。其中，6 月社 零总额 4.2 万亿元，yoy+4.8%；6 月餐饮收入 4708 亿元，yoy+0.9%。6 月服 务业 PMI 为 50.1%，位于临界点附近。此外，2025H1 实现 GDP66.05 万亿元， 按不变价格计算 yoy+5.3%。2025H1 居民人均可支配收入 21840 元，实际 yoy+5.4%，人均消费支出实际 yo ...

Core Viewpoint - The recent public fund reports reveal that high-performing funds have achieved impressive returns by focusing on sectors like innovative pharmaceuticals and new consumption, while also highlighting a trend towards thematic funds targeting niche markets [1][2][5]. Fund Performance and Holdings - High-performing funds have seen significant returns, with the Changcheng Pharmaceutical Industry Fund achieving a return rate of 102.52% this year, driven primarily by its focus on innovative pharmaceuticals [2]. - Many top-performing funds in the first half of the year are pharmaceutical-themed, including Zhongyin Hong Kong Stock Connect Pharmaceutical and Huashan Pharmaceutical Biotechnology [2][3]. - The top holdings of several funds have shifted towards technology and pharmaceuticals, with notable new additions like Zhongji Xuchuang and Xin Yisheng in the top ten holdings of the China Europe Digital Economy Mixed Fund [3]. Thematic Funds and Sector Focus - Some actively managed funds have undergone significant portfolio changes, with a complete overhaul of their top holdings to focus on emerging sectors like robotics and short dramas [4]. - The Tongtai Industry Upgrade Mixed Fund increased its stock position from 30% to 90% and shifted its focus to robotics, while the Tongtai Huile Mixed Fund transitioned to short drama and gaming stocks [4]. - Fund companies are launching numerous thematic products targeting specific high-growth sectors, such as controllable nuclear fusion and deep-sea technology, indicating a trend towards specialized investment strategies [5]. Market Outlook - Fund managers maintain a positive outlook for the equity market in the third quarter, with confidence in the performance of related sectors [6]. - The Changcheng Pharmaceutical Industry Fund manager anticipates growth in innovative pharmaceuticals driven by overseas licensing and domestic sales, while the Tongtai Industry Upgrade Fund manager expects significant opportunities in the robotics sector due to increased production and technological advancements [6].

电子 | 证券研究报告 — 调整盈利预测 2025 年 7 月 17 日 002463.SZ 买入 原评级：买入 市场价格:人民币 48.91 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 26.5 21.4 85.0 23.2 相对深圳成指 20.3 15.9 75.3 2.4 发行股数 (百万) 1,923.71 流通股 (百万) 1,922.47 总市值 (人民币 百万) 94,088.90 3 个月日均交易额 (人民币 百万) 2,520.04 主要股东 碧景(英属维尔京群岛)控股有限公司 19.33% (31%) (15%) (0%) 15% 30% 45% Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 沪电股份 深圳成指 资料来源：公司公告， Wind ，中银证券 以 2025 年 7 月 16 日收市价为标准 相关研究报告 《沪电股份》20250410 《沪电股份》20241028 《沪电股份》20240827 中银国际证券股份有限公 ...

Macro and Strategy - June financial data shows a significant rebound in credit, with new social financing reaching 4.20 trillion yuan, exceeding expectations of 3.71 trillion yuan, and new RMB loans at 2.24 trillion yuan, surpassing the forecast of 1.84 trillion yuan [8][9][10] - The M2 money supply grew by 8.3% year-on-year, indicating a recovery in domestic economic momentum as private sector balance sheet expansion improves [8][9] - The "seesaw effect" between government financing and corporate loans has weakened, suggesting a shift in credit dynamics as local governments approach their annual debt targets [9][10] Retail Industry - The jewelry market is projected to grow steadily, with the market size reaching 728 billion yuan in 2024, reflecting a compound annual growth rate of 3.6% since 2019 [11][12] - The top five companies in the jewelry sector hold a market share of 41.4%, indicating increasing industry concentration as consumer preferences shift towards quality and design [11][12] - The retail sector is benefiting from the recent Amazon Prime Day, which generated an estimated $24.1 billion in sales, a 30% increase year-on-year, highlighting the growth potential in cross-border e-commerce [13][14] Food and Beverage Industry - The food and beverage sector saw a 0.92% increase, underperforming the Shanghai Composite Index by 0.17 percentage points [14] - The liquor market is stabilizing, with major brands focusing on brand positioning and market health, while the overall demand remains under pressure [15][16] - Recommendations include leading brands like Kweichow Moutai and Wuliangye, which have shown resilience and potential for recovery [15][16] Construction and Building Materials - The construction materials sector is expected to improve due to a shift towards healthy competition and urban renewal initiatives, with a focus on technological innovation [17][18] - Cement prices have stabilized, with a slight decrease of 0.4% week-on-week, while demand remains steady despite seasonal fluctuations [17][18] - Recommendations include companies like Three Trees and China National Building Material, which are well-positioned to benefit from domestic demand [18] Computer Industry - The AI ASIC market is rapidly expanding, with a projected market size growth from $14.8 billion in 2024 to $83.8 billion by 2030, reflecting a compound annual growth rate of 33.5% [19][20] - The price advantage of AI ASIC chips over GPUs is significant, with average prices of $5,236 compared to $8,001 for GPUs, making them more attractive for specific applications [19][20] - Companies like Google and Amazon are accelerating their development of ASIC chips, indicating strong future demand in this sector [21] Home Appliances - The home appliance sector is experiencing stable growth in domestic sales, driven by government subsidies, while exports face challenges due to high bases and tariff impacts [22][23] - White goods are seeing a slight increase in domestic sales, with air conditioning units showing a 9.5% growth in domestic shipments [22][23] - Recommendations include leading brands such as Midea and Gree, which are expected to maintain strong performance [22][23] Pharmaceutical Industry - Merck's acquisition of Verona for $10 billion aims to enhance its portfolio with a new COPD treatment, indicating strong growth potential in respiratory therapies [27][28] - WuXi AppTec is projected to achieve a 102% increase in net profit for the first half of 2025, reflecting robust operational performance [29] - The pharmaceutical sector is showing resilience, with a focus on innovative treatments and strategic acquisitions [27][28] Coal Industry - The coal market is expected to stabilize as domestic production increases and imports decrease, with a projected production of 4.85 billion tons in 2025, a 2% increase year-on-year [31][32] - Demand for coal is anticipated to improve in the second half of the year, particularly for non-electric uses such as chemical production [33] - Recommendations include leading coal companies like China Shenhua and China Coal Energy, which are well-positioned to benefit from market dynamics [34] Electronics Industry - The electronics sector is experiencing positive momentum, with a 0.93% increase in stock performance, driven by strong demand in the optical and semiconductor segments [34] - The industry is expected to see significant catalysts in the coming months, particularly in the context of AI and cloud computing advancements [34] - Companies involved in ASIC development are likely to benefit from the ongoing trends in computing and data processing [34]

沪士电子股份有限公司关于持股 5%以上股东减持计划实施完成的公告 证券代码：002463 证券简称：沪电股份 公告编号：2025-044 沪士电子股份有限公司 WUS GROUP HOLDINGS CO., LTD. （沪士集团控股有限公司，下称"沪 士控股"）保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 沪士电子股份有限公司（下称"公司）于2025年4月29日披露了《关于持股 （公告编号：2025-035），公司持股5% 以上股东沪士控股自上述公告披露之日起15个交易日后的三个月内，暨2025年5 月26日至2025年8月25日期间，以集中竞价交易的方式减持公司股份不超过1,200 万股。 士控股在2025年6月16日至2025年7月15日期间通过集中竞价交易的方式减持 一、股东减持情况 减持均价 减持股数 减持比例 股东名称 减持方式 减持期间 （元/股） （万股） （%） 沪士控股 集中竞价交易 44.005 1,200 0.624% 注:1、上表中，沪士控股所减持股份来源于首次公开发行股票前持有的 ...

英伟达市值超 4 万亿美元创造历史，持续看好 AI 产业投资机遇。本周五美 股收盘，英伟达上涨 0.5%，连续第四个交易日创下历史新高，总市值升至 4.02 万亿美元，成为首家市值突破 4 万亿美元的公司，刷新全球企业市值最 高记录。此前黄仁勋表示，公司正迈入"十年 AI 基础设施建设周期"的开 端，AI 和机器人技术是最大的两个增长机会，将带来万亿美元级市场。结合 本周工业富联发布 2025 年半年度业绩预告超预期，我们认为 AI 基础设施建 设仍是需求确定性高增长的投资主线，建议持续关注产业链相关公司：工业 富联、华勤技术、沪电股份、龙芯中科、联想集团、立讯精密、晶晨股份等。 小米 AI 眼镜销量超 8 万副，下一代产品进入研发筹划。根据 XR Vision 报 道，小米 AI 智能眼镜目前已完成 8 万副销售量，该销量数据超过小米内部 预期。当前小米 AI 眼镜销量目标已从 30 万副上调 60%至 50 万副，各大电商 平台均出现一定颜色款式无货的情况。此外，小米 AI 眼镜研发团队在迭代 和优化 AI 眼镜功能，同时已开启规划下一代 AI 眼镜的研发。我们认为，伴 随大模型的持续更新迭代，端侧 AI ...

沪士电子股份有限公司关于持股 5%以上股东减持计划实施完成的公告 证券代码：002463 证券简称：沪电股份 公告编号：2025-044 沪士电子股份有限公司 关于持股5%以上股东减持计划实施完成的公告 1、股东减持股份情况 注:1、上表中，沪士控股所减持股份来源于首次公开发行股票前持有的公司股份（含因公司 资本公积金转增股本等股份变动事项而相应增加的股份）。2、上述减持比例以公司目前总股 本1,923,714,885股为基础计算。3、减持价格区间为40.383元/股-50.194元/股。 WUS GROUP HOLDINGS CO., LTD. （沪士集团控股有限公司，下称"沪 士控股"）保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 沪士电子股份有限公司（下称"公司）于2025年4月29日披露了《关于持股 5%以上股东拟减持公司股份的预披露公告》（公告编号：2025-035），公司持股5% 以上股东沪士控股自上述公告披露之日起15个交易日后的三个月内，暨2025年5 月26日至2025年8月25日期间， ...

25H1 业绩预计实现大幅增长，加速产能扩张助力长期发展 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8,938 | 13,342 | 17,344 | 22,200 | 26,640 | | 增长率 yoy（%） | 7.2 | 49.3 | 30.0 | 28.0 | 20.0 | | 归母净利润（百万元） | 1,513 | 2,587 | 3,563 | 4,710 | 5,705 | | 增长率 yoy（%） | 11.1 | 71.1 | 37.7 | 32.2 | 21.1 | | ROE（%） | 15.1 | 21.6 | 24.6 | 25.3 | 24.2 | | EPS 最新摊薄（元） | 0.79 | 1.35 | 1.85 | 2.45 | 2.97 | | P/E（倍） | 61.1 | 35.7 | 25.9 | 19.6 | 16.2 | | P/B（倍） | 9.4 | 7.8 | 6.4 | 5.0 | 3.9 | ...