- The report focuses on the performance of Smart Beta portfolios, specifically Value, Growth, and Small-cap styles, constructed based on high beta elasticity and long-term stable excess returns objectives[7][8][10] - Value Smart Beta portfolios include "Value 50 Portfolio" and "Value Balanced 50 Portfolio", with weekly returns of 1.13% and 0.32%, respectively, and annual returns of 5.80% and 1.55%[4][8][10] - Growth Smart Beta portfolios include "Growth 50 Portfolio" and "Growth Balanced 50 Portfolio", with weekly returns of 1.27% and 1.59%, respectively, and annual returns of 0.86% and 6.05%[4][8][16] - Small-cap Smart Beta portfolios include "Small-cap 50 Portfolio" and "Small-cap Balanced 50 Portfolio", with weekly returns of 1.39% and 1.49%, respectively, and annual returns of 8.87% and 10.70%[4][8][22] - Performance metrics for Smart Beta portfolios include absolute returns, excess returns relative to benchmarks, and maximum relative drawdowns, with detailed data provided for each portfolio[8][10][22]

Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - Malaysia is leading the deployment of Ascend GPUs, enhancing national AI sovereignty through localized deployment of large language models like Deepseek [3] - The continuous iteration of domestic computing power hardware and software architecture is expected to accelerate overseas market expansion [4] - The performance of Ascend 910C single card is approximately 780 TFLOPS, nearing 80% of H100's performance, indicating a significant upgrade in domestic computing power competitiveness [4] - The CloudMatrix 384 super node achieves single card decode throughput of 1920 tokens/s, comparable to H100 performance [4] - The report highlights the potential for accelerated overseas expansion of domestic chips, supported by the Malaysian government's AI infrastructure strategy [4] Summary by Sections Investment Recommendations - Recommended stocks include SMIC, Huafeng Technology, Xingsen Technology, and Chipone Technology, with a focus on their competitive positioning in the market [4][5] - Related stocks mentioned are Nanya Technology and Liyang Chip [4] Market Developments - The Malaysian government is advancing its AI infrastructure strategy, with the first sovereign generative AI server, AlterMatic DT250AI, outperforming industry averages by 20% [4] - Skyvast and Liyang Chip plan to deploy 3,000 advanced GPUs in various infrastructure areas by 2026 [4] Performance Metrics - The report provides estimated EPS and PE ratios for recommended stocks, indicating growth potential and investment attractiveness [5]

Investment Rating - The report suggests a long-term positive outlook for the military industry, with specific companies recommended for investment, including 中航沈飞, 航天南湖, and 中航西飞, among others [12][9]. Core Viewpoints - The intensification of great power competition is seen as a long-term trend, leading to increased defense spending and a favorable outlook for the military industry. The report emphasizes the need for enhanced national defense capabilities to ensure peace and security [9][3]. - Recent successful satellite launches by China, including the communication technology test satellite and the space computing satellite constellation, highlight advancements in aerospace capabilities [28][11]. - The report notes that the defense industry index has underperformed the broader market, indicating potential investment opportunities in specific sectors [15][10]. Summary by Sections Investment Highlights - Key investment areas include: 1. Assembly: 中航沈飞, 航天南湖, 中航西飞 2. Components: 中航光电, 航天电器, 国博电子 3. Subsystems: 中航机载, 北方导航 4. Materials and Processing: 抚顺特钢, 中航重机, 菲利华, 光威复材, 图南股份, 华秦科技, 铂力特, 西部材料 [12][4]. Market Review - The defense industry index fell by 1.61%, underperforming the Shanghai Composite Index, which rose by 0.76%, and the ChiNext Index, which increased by 1.38%. The defense sector ranked last among 29 sectors [15][16]. - Ground weaponry and aviation sectors performed relatively well during the same period [20][22]. Major News in the Military Industry - Domestic news includes the successful launch of the communication technology test satellite and the space computing satellite constellation, showcasing China's advancements in satellite technology [28][11]. - International developments include the U.S. State Department's approval of a $1.4 billion arms sale to the UAE and President Trump's announcement of the development of the F-55 fighter jet, indicating ongoing military advancements and collaborations [38][34].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The carbon quota trading prices in the European and American carbon markets decreased last week, while the KAU24 spot price in the South Korean market increased. The trading volumes in the American and South Korean carbon markets rose, and the cumulative trading volume of carbon emission allowances in the national carbon market in China increased significantly. The weekly trading volume in domestic pilot carbon markets also increased [2]. - Two important events occurred in the field of international green development cooperation: China and CELAC reached a cooperation plan, and RE100 unconditionally recognized Chinese green certificates, which shows China's continuous improvement in green rule - guiding ability and technology export capacity [2]. Summary by Directory 1. International Carbon Trading Market Tracking 1.1 European Carbon Quota Price and Volume - EUA spot price dropped from 72.31 euros/ton on May 12 to 69.94 euros/ton on May 16, a weekly decline of 3.28%. The trading volume was 7.1 tons last week, a 44.96% decrease from the previous week. EUA futures price fell from 73.41 euros/ton to 70.99 euros/ton, a 3.3% decline, and the trading volume was 279.1 tons, a 35.94% decrease [6]. 1.2 American Carbon Quota Price and Volume - EUA futures price decreased from 73.41 euros/ton on May 12 to 70.99 euros/ton on May 16, a 3.3% weekly decline. The total trading volume of EUA futures was 180.02 million tons, a 15.03% increase from the previous week. UKA futures price dropped from 52.71 pounds/ton to 48.36 pounds/ton, an 8.25% decline [10]. 1.3 South Korean Carbon Quota Price and Volume - KAU24 spot price rose from 8810 won/ton on May 12 to 8910 won/ton on May 16, a 1.14% weekly increase. The trading volume was 47.48 tons, a 107.79% increase from the previous week [16]. 2. Domestic Carbon Market Tracking 2.1 National Carbon Market Carbon Quota Volume and Average Transaction Price - The cumulative trading volume of carbon emission allowances (CEA) in the national carbon market last week was 3.672 million tons, and the cumulative transaction amount was 265.7224 million yuan, with increases of 212.14% and 222.83% respectively from the previous week. As of May 16, the average daily transaction price of CEA last week was 71.16 yuan/ton, a 1.71% increase [19]. 2.2 Weekly Average Transaction Price of Carbon Quotas in Domestic Pilot Provincial and Municipal Carbon Markets - Except for Guangdong Province, the weekly average transaction prices of carbon quotas in domestic pilot carbon markets showed a downward trend last week, with the largest decline of 5.66% in Fujian's FJEA. Compared with the same period last month, except for Beijing, Tianjin, Hubei, and Shenzhen, the prices in other pilot markets declined, with the largest decline of 28.69% in Chongqing's CQEA [23]. 2.3 Carbon Quota Volume and Transaction Amount in Domestic Pilot Provincial and Municipal Carbon Markets - The carbon quota trading in domestic pilot carbon markets last week was mainly concentrated in Chongqing, Shenzhen, Tianjin, and Shanghai, accounting for 96.47% of the total weekly trading volume and 94.90% of the total weekly transaction amount. The total weekly trading volume in domestic pilot carbon markets was 181,600 tons, a 71.19% increase from the previous week [25]. 3. Double - Carbon Frontier Technology Tracking 3.1 China - CELAC Cooperation Plan: Exploring Cooperation and Investment Opportunities in Energy Transition and Advanced Energy Storage Technology - On May 13, China and CELAC jointly formulated a cooperation plan (2025 - 2027), emphasizing cooperation and investment opportunities in energy transition and advanced energy storage technology to promote green and low - carbon energy transformation [28]. 3.2 RE100 Announces Unconditional Recognition of Chinese Green Certificates - Recently, RE100 announced unconditional recognition of Chinese green certificates. This is a major achievement of China's green certificate system improvement, which will boost confidence in Chinese green certificate consumption, expand demand, and enhance the green competitiveness of Chinese enterprises [28].

Investment Rating - The report maintains a "Buy" rating with a target price of 5.20 CNY [6][12]. Core Views - The company's performance is under pressure due to declining electricity prices and impairment losses, but the sale of hydropower assets in 2025 is expected to reverse the performance trend. As a leader in green electricity, the company has a solid foundation for sustained growth due to ample project reserves [2][12]. Financial Summary - **Revenue**: - 2023A: 26,502 million CNY - 2024A: 29,717 million CNY (YOY +12.1%) - 2025E: 34,772 million CNY (YOY +17.0%) - 2026E: 37,586 million CNY (YOY +8.1%) - 2027E: 40,302 million CNY (YOY +7.2%) [4][13] - **Net Profit (attributable to parent)**: - 2023A: 7,174 million CNY - 2024A: 6,111 million CNY (YOY -14.8%) - 2025E: 7,523 million CNY (YOY +23.1%) - 2026E: 7,456 million CNY (YOY -0.9%) - 2027E: 7,782 million CNY (YOY +4.4%) [4][13] - **Earnings Per Share (EPS)**: - 2023A: 0.25 CNY - 2024A: 0.21 CNY - 2025E: 0.26 CNY - 2026E: 0.26 CNY - 2027E: 0.27 CNY [4][12] - **Return on Equity (ROE)**: - 2023A: 8.7% - 2024A: 7.0% - 2025E: 8.2% - 2026E: 7.7% - 2027E: 7.6% [4][13] Market Data - **Current Price**: 4.40 CNY - **Market Capitalization**: 125,922 million CNY - **52-week Price Range**: 4.05 - 4.93 CNY [7][12] Project Reserves - As of the end of 2024, the company has 16.44 GW of projects under construction, including 4.87 GW of wind power, 7.45 GW of solar power, and 3.60 GW of pumped storage. The company has also approved or filed for a total of 12.20 GW of new installations in 2024, indicating a strong foundation for future growth [12][13].

Economic Resilience - In April, despite external shocks, the domestic economy showed resilience with production and consumption growth rates at 6.1% and 5.1% respectively[4] - The easing of tariffs in May is expected to lead to a short-term recovery in external demand, benefiting domestic production and investment[4] Production Insights - Industrial added value grew by 6.1% year-on-year in April, a slight decrease from 7.7% in March, but still maintaining a high growth rate[8] - Emerging industries such as power generation equipment and industrial robots continue to show strong performance, with some sectors exceeding 100% year-on-year growth[11] Consumption Trends - Retail sales growth in April was 5.1%, with a decline from March's figures, indicating a mixed performance across different categories[19] - Categories benefiting from government policies, such as home appliances, saw growth rates above 25%, while sectors like automobiles faced challenges due to high base effects[21] Investment Dynamics - Fixed asset investment growth for January to April was 4.0%, with April's growth at 3.6%, reflecting a slight decline from March[24] - Real estate investment continued to drag on the economy, with a year-on-year decline of 11.3% in April[24] Risk Factors - Increased uncertainty in external demand poses risks to the economic outlook, necessitating continued policy support for domestic demand[30]

Investment Rating - The investment rating for the company is "Accumulate" [10][18] Core Views - The company has expanded its overall scale after acquiring Tongtuo Technology, and there is optimism about expanding new channels and regions while enhancing AI capabilities, indicating potential for future growth [2][3] Financial Summary - Revenue for 2023 was 6,518 million, projected to grow to 9,022 million in 2024 (+38.4%) and further to 10,972 million in 2025 (+21.6%) [4] - Net profit attributable to the parent company for 2023 was 332 million, expected to decline to 170 million in 2024 (-48.8%) but recover to 276 million in 2025 (+62.3%) [4] - Earnings per share (EPS) is projected to be 0.42 in 2024 and 0.68 in 2025, with a growth rate of 62% [4][10] - The company’s gross margin is expected to be 33.9% in 2024, down 3.1 percentage points from the previous year [10] Market Data - The company's current stock price is 11.45, with a target price set at 14.89 [10][12] - The market capitalization is 4,635 million, with a 52-week price range of 9.77 to 19.52 [5][10] Business Segments - The company reported a revenue of 80.7 billion from cross-border e-commerce, growing by 41.6%, with significant contributions from various product categories [10] - The company is actively enhancing its operational efficiency through AI-driven solutions, which is expected to strengthen its competitive advantage in the market [10]

- The report includes high-frequency factors such as intraday skewness, downside volatility proportion, post-open buying intention proportion, post-open buying intention intensity, large order net buying proportion, large order net buying intensity, improved reversal factor, end-of-day transaction proportion, average single transaction outflow proportion, and large order-driven price increase factor[3][5][6] - Deep learning factors include GRU(50,2)+NN(10), residual attention LSTM(48,2)+NN(10), multi-granularity model with 5-day labels, and multi-granularity model with 10-day labels[3][5][6] - AI-enhanced portfolios are constructed based on deep learning factors, including CSI 500 AI-enhanced wide constraint portfolio, CSI 500 AI-enhanced strict constraint portfolio, CSI 1000 AI-enhanced wide constraint portfolio, and CSI 1000 AI-enhanced strict constraint portfolio[3][67][68] - The construction of high-frequency factors involves specific methodologies such as realized volatility decomposition and machine learning-based low-frequency application of high-frequency data[13][18][23] - Deep learning factors are built using models like GRU and LSTM combined with neural networks, and multi-granularity models are trained using bidirectional AGRU[57][60][62] - AI-enhanced portfolios optimize expected returns with constraints on stock weight, industry weight, market capitalization, and other financial metrics[67][68][69] - High-frequency factors show varying IC values, rank MAE, and multi-long-short returns across historical, 2025, and May data[6][7][9] - Deep learning factors demonstrate strong multi-long-short returns and excess returns, with GRU(50,2)+NN(10) achieving 17.68% multi-long-short return in 2025[3][9][57] - AI-enhanced portfolios deliver positive excess returns, with CSI 1000 AI-enhanced strict constraint portfolio achieving 10.89% excess return in 2025[3][10][88]

Investment Rating - The investment rating for Geely Automobile is "Buy" [1] Core Views - The report expresses an optimistic outlook for Geely Automobile's performance in Q1 2025, driven by the launch of several key models, which supports a positive sales and operational performance forecast for the entire year [2] - The company's brand structure is considered reasonable and clear, with expectations for continued revenue and net profit growth as the "Smart Geely 2025" strategy is gradually implemented [7] - The report anticipates Geely's net profit for 2025-2027 to be 16.3 billion RMB, 18.2 billion RMB, and 23.7 billion RMB respectively, with corresponding EPS of 1.62 RMB, 1.81 RMB, and 2.35 RMB [7] Financial Summary - In Q1 2025, Geely's sales reached 704,000 units, a year-on-year increase of 48%, with revenue of 72.5 billion RMB, up 25% year-on-year, and a net profit of 5.67 billion RMB, reflecting a 264% increase year-on-year [7] - The company plans to launch 10 new energy models in 2025, with a sales target of 2.71 million units, including 1.5 million units from new energy vehicles [7] - The financial projections indicate a significant increase in revenue from 240.2 billion RMB in 2024 to 321.8 billion RMB in 2025, representing a growth rate of 34% [9]

产业观察 [table_Header]2025.05.20 【智能车产业跟踪】卡尔动力获 3 亿元 A 加 轮投资，加速自动驾驶重卡货运商业化 产业研究中心 摘要：产业最新趋势跟踪，点评产业最新风向 [Table_Summary] 信息速递 5 月第 2 周（5/5-5/11）品牌终端销量榜前三名为比亚迪（6.91 万辆，环比 16.53%）、大众（4.59 万辆，环比 10.07%）、丰田（3.15 万辆，环比-2.48%）。 新车发布： 5/10-5/16 发布的新车：蔚来新 EC6、ES6，东风风神 L7 纯电版，长城魏牌高 山 8、高山 9。 锂电资讯 据 Wind，SMM 数据，近期电芯、模组、PACK 价格平衡震荡，电池级碳酸锂 价格继续下行，5 月 16 日均价报 6.45 万元/吨 。预计碳酸锂价格整体仍将呈 现易跌难涨的低位震荡走势。 汽车周度销量榜： 5 月第 2 周（5/5-5/11）新势力终端销量榜前三名为理想（0.82 万辆，环比-28.1%）、 零跑（0.78 万辆，环比 25.8%）、问界（0.75 万辆，环比 11.9%）。 投融资事件 2025 年 5 月 10 日至 5 月 ...