[Table_Title] 证券研究报告 / 策略专题报告 股吧散户评论是股市的晴雨表吗？ 报告摘要： 随着互联网的发展和普及，越来越多的投资者尤其是散户会在股票网站 或行情软件的评论区发表自己对市场走势的看法和见解，这些观点可能 是股票信息的传递、投资策略的交流，也可能是包含了大量投资者主观 情绪的宣泄。股票相关评论甚至可能会影响部分投资者的交易决策。 [Table_Info1] 证券研究报告 情感分析作为自然语言处理中的一个重要的分支，可以为分析大量的文 本信息提供有效的研究手段。本文将东方财富网上证指数吧的投资者评 论文本信息作为研究的对象，通过观察和分析投资者评论中所透露出来 的信息来对散户评论的特征及其可能存在的与市场行情之间的关系进行 分析。 本文分别尝试了基于机器学习中的 BERT 模型的方法和基于情感词典的 方法来识别各条评论中所包含的投资者情感，并基于评论的情感标签对 散户投资者的评论行为及其价值进行分析。 我们把评论分为"看多评论"、"看空评论"和"中性评论"三类。整体 而言，看空的评论总体多于看多评论。这说明散户在市场行情较差的时 候尤其是发生亏损的时候更倾向于在上证指数吧发帖来发泄自己 ...

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating that the industry index is expected to outperform the market benchmark in the next six months [5]. Core Insights - The emergence of Robotaxi as a trillion-dollar opportunity is highlighted, with significant investments from major players like Haier, Ant Group, and CATL, who have collectively invested over 3 billion yuan in developing L4 autonomous driving technology [2]. - The report notes a rapid decrease in the costs associated with autonomous vehicles, exemplified by a new delivery vehicle priced at 16,800 yuan, making L4 level autonomous delivery feasible [3]. - The commercial rollout of Robotaxi services is accelerating, with Tesla launching its Robotaxi service in Austin, featuring 35 Model Y vehicles operating from 6 AM to 12 AM, and Waymo expanding its fleet to over 1,500 vehicles across multiple cities [4]. Summary by Sections Industry Developments - Major companies are entering the Robotaxi space, with significant collaborations and investments aimed at advancing autonomous driving technology and commercial applications [2]. - The report mentions various partnerships, such as the collaboration between WeRide, Dubai's RTA, and Uber to deploy commercial Robotaxi services in Dubai [2]. Cost Reduction and Operational Efficiency - The report emphasizes the declining costs of autonomous vehicles, with new models being offered at competitive prices, thus enhancing the feasibility of their deployment in logistics and delivery [3]. - The operational efficiency of Robotaxi services is projected to be high, with potential profit margins reaching 70%-80%, significantly higher than traditional automotive business models [4]. Market Potential and Related Companies - The report identifies several companies involved in the Robotaxi and related sectors, including Kele Co., Wanma Technology, and others, although it notes that these companies have not yet been covered by research reports [4].

Investment Rating - The report gives a "Neutral" rating for the company, indicating that the stock price is expected to fluctuate within a range of -5% to 5% relative to the market benchmark over the next six months [17]. Core Insights - The company has seen a decline in revenue for 2024, with total revenue of 1.03 billion yuan, down 11.52% year-on-year, and a significant drop in net profit attributable to shareholders, which fell by 85.16% to 38.63 million yuan [1][3]. - In Q1 2025, the company reported total revenue of 140 million yuan, a year-on-year increase of 3.08%, but a net loss of 49.88 million yuan, although this represents a 44.03% improvement compared to the previous year [1]. - The company's self-developed products have improved gross margin levels, with a gross margin of 47.06% in 2024, an increase of 7.84 percentage points [1]. - The company is focusing on international expansion, particularly in Latin America and the Middle East, with revenue from key overseas markets growing by 50% in 2024 [1]. - The Intewell industrial operating system has been upgraded to version 3.0, enhancing its capability to process large volumes of heterogeneous data efficiently [2]. - The company has launched an AI controller integrated with the Intewell operating system and MaVIEW industrial software, providing a real-time control platform for embodied robots [2]. - The company is expanding its collaboration with well-known automation firms like Schneider and Honeywell to enhance substation automation systems in the Asia-Pacific, Middle East, and Latin American markets [2]. Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are expected to be 1.22 billion yuan, 1.41 billion yuan, and 1.58 billion yuan, respectively, with corresponding net profits of 69 million yuan, 107 million yuan, and 140 million yuan [2][3]. - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 184.24, 118.16, and 90.75, respectively, indicating a high valuation relative to earnings [2][3]. - The gross margin is expected to remain stable, with projections of 46.6% in 2025, 47.7% in 2026, and 47.9% in 2027 [3][14].

[Table_Title] 证券研究报告 / 行业动态报告 机器人大时代趋势明确，关注核心标的&新技术方向 ---人形机器人行业跟踪 20250623 报告摘要： [Table_Summary] 行情回顾：本周万得人形机器人指数表现弱于大盘。万得人形机器人指 数下跌 2.40%，跑输上证指数 1.89 个百分点，跑输沪深 300 指数 1.95 个 百分点，跑输创业板指数 0.74 个百分点，跑赢科创 50 指数 0.85 个百分 点。人形机器人板块主要个股多数下跌，斯菱股份、雷迪克、北特科技 跌幅靠前。 本周机器人板块热度和交易水平处于历史低位，行业受到北美龙头公司 相关传言影响较大，板块交易量位于历史低位，指数震荡下行，关注板 块触底的可能性。 换帅不改变长期产业规划，关注产业技术发展。此前特斯拉 Optimus 人 形机器人项目工程主管米兰·科瓦奇（Milan Kovac）宣布离职，特斯拉 AI 软件副总裁阿肖克·埃卢斯瓦米（Ashok Elluswamy）接任，项目主帅 更换后对原有技术方案和供应商格局可能会有影响，但是机器人的重要 性和趋势预计没有影响。目前软件到硬件的技术方案已经逐步完善，但 是不 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The target price of Huachen Convertible Bonds on the first day of listing is expected to be between 123 - 128 yuan, and investors are advised to actively subscribe. The expected conversion premium rate on the first - day of listing is in the range of 22% - 27% [3][17]. - The expected first - day new - bond subscription winning rate is around 0.0013% - 0.002% [4][18]. Summary According to the Directory 1. Huachen Convertible Bonds New - Bond Analysis and Investment Recommendations 1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Huachen Convertible Bonds are priority placement and online issuance. The bond and issuer ratings are A+. The issuance scale is 460 million yuan, the initial conversion price is 23.53 yuan, and the convertible bond parity on June 19, 2025, is 100.89 yuan. The calculated pure bond value is 84.22 yuan. The game terms are normal. Overall, the bond issuance scale is low, liquidity is poor, the rating is weak, and the bond floor protection is acceptable. It is difficult for institutions to include it in their portfolios, but there is no objection to primary participation [2][13]. 1.2 New - Bond Initial Listing Price Analysis - The company's main business is the R & D, production, and sales of power transmission and control equipment such as energy - saving transformers, box - type substations, and intelligent electrical complete equipment. The funds raised from this issuance are mainly used for the "New Energy Power Equipment Intelligent Manufacturing Industrial Base Construction Project (Phase I)" and the "New Energy Power Equipment Digital Factory Construction Project", which can enhance the company's market competitiveness and optimize its capital structure [3][16]. - The target price of Huachen Convertible Bonds on the first day of listing is 123 - 128 yuan, and investors are advised to actively subscribe. Considering the current market environment and parity level, the conversion premium rate on the first - day of listing is expected to be in the range of 22% - 27% [3][17]. 1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - As of December 31, 2024, the top two shareholders held 62.5% of the company's shares, and the top ten shareholders held 75.75% in total. Assuming the old - shareholder placement ratio is 63% - 76%, the scale of Huachen Convertible Bonds available to the market is 110 million - 170 million yuan. Assuming the online effective subscription number is 8360000 households, the winning rate is around 0.0013% - 0.002% [4][18]. 2. Analysis of the Underlying Stock's Fundamental Situation 2.1 Company's Main Business and the Upstream and Downstream of the Industry - The company's main business is the R & D, production, and sales of power transmission and control equipment. Its main products include dry - type transformers, oil - immersed transformers, etc. [19]. - The company's upstream industries are steel, non - ferrous metals, etc. The downstream industries are traditional power grids, new energy, etc. The upstream affects the industry through raw material price fluctuations, and the downstream affects it through market demand [19][20]. 2.2 Company's Operating Conditions - From 2022 to Q1 2025, the company's operating income showed an overall upward trend, with year - on - year growth rates of 17.62%, 47.4%, 4.69%, and 15.28% respectively. The growth was driven by the increasing demand for power transmission products in the new energy field [21]. - The company's comprehensive gross profit margin first increased and then decreased, being 21.24%, 22.82%, 21%, and 20.33% from 2022 to Q1 2025. The net profit margins were 8.91%, 8.04%, 5.76%, and 7.13% respectively. The gross profit margin was affected by raw material prices and product sales structure [23]. - The company's annual period expenses generally increased, and the R & D expenses gradually rose. The accounts receivable showed small fluctuations, and the accounts receivable turnover rate generally declined [28][29][31]. 2.3 Company's Equity Structure and Major Subsidiaries - As of December 31, 2024, the company's equity structure was relatively concentrated. The top two shareholders held 62.5% of the shares, and the top ten shareholders held 75.75% in total. The company's controlling shareholder and actual controller is Zhang Xiaojin. The company has 3 wholly - owned or holding subsidiaries [35][38]. 2.4 Company's Business Characteristics and Advantages - The company has brand and customer advantages, R & D and technology advantages, marketing and after - sales service advantages, talent and management advantages, and intelligent manufacturing advantages [41][42][43]. 2.5 Allocation of the Funds Raised from This Issuance - The company plans to issue convertible bonds to raise no more than 460 million yuan. Among them, 269 million yuan is planned to be invested in the "New Energy Power Equipment Intelligent Manufacturing Industrial Base Construction Project (Phase I)", and 101 million yuan is for the "New Energy Power Equipment Digital Factory Construction Project". The remaining 90 million yuan is for working capital [11][45].

[Table_Info1] 国防军工 [Table_Date] 发布时间：2025-06-22 $$i k\neq\pm i k$$ 军工周报：全球地缘政治局势紧张，看好军工板块投资机会 报告摘要： [Table_Summary] 板块回顾：上周申万国防军工指数下跌 2.01%，上证指数下跌 0.51%，深 证成指下跌 1.16%，创业板指数下跌 1.66%，沪深 300 指数下跌 0.45%， 国防军工板块涨幅在 31 个申万一级行业中排名第 17。截至周五收盘， 申万国防军工板块 PE(TTM)为 74.63 倍，各子板块中航天装备为 134.59 倍，航空装备为 65.39 倍，地面兵装为 148.10 倍，航海装备为 48.05 倍， 军工电子为 95.40 倍。 全球地缘政治局势紧张，看好军工板块投资机会。6 月 22 日，据伊朗塔 斯尼姆通讯社，伊朗伊斯兰革命卫队已对以色列发起"真实承诺-3"行 动第 19 轮导弹和无人机打击。据 CCTV 国际时讯报道，6 月 22 日美国 总统特朗普通过社交媒体发帖称，"我们成功打击了福尔多、纳坦兹和 伊斯法罕三处伊朗核设施。所有战机现已撤离伊朗领空。针对首要 ...

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告/债券研究报告 锡振转债定价：首日转股溢价率 29%~33% ---东北固收转债分析 报告摘要： [Table_Summary] 6 月 16 日，无锡振华发布公告，拟于 2025 年 6 月 18 日通过网上发行可 转债，公司本次计划发行可转换公司债券募集资金总额不超过 5.2 亿元。 其中 4.2 亿元拟用于投资"廊坊振华全京申汽车零部件项目"，总投资 6.48 亿元；1 亿元拟用于补充流动资金。 锡振转债发行方式为优先配售，网上发行，债项和主体评级 AA-。发行 规模为 5.20 亿元，初始转股价格为 31.98 元，参考 6 月 19 日正股收盘价 格 32.19 元，转债平价 100.66 元，参考同期限同评级中债企业债到期收 益率（6 月 19 日）为 3.66%，到期赎回价 113 元，计算纯债价值为 95.25 元。博弈条款方面，下修条款（15/30，85%）正常、赎回条款（15/30， 130%）正常、回售条款（30/30，70%）正常。综合来看，债券发行规模 一般，流动性一般，评级尚可，债底保护性较好。机构入 ...

[Table_Info1] 江波龙(301308) 电子 [Table_Title] 证券研究报告 / 公司点评报告 市场升温+企业级存储放量，携手闪迪注入新动能 事件： [Table_Summary] 公司发布《关于子公司与 Sandisk(闪迪)签署合作备忘录的公告》，此次 合作将基于江波龙在主控芯片、固件研发和封测制造等方面的领先能 力，以及闪迪在闪存技术和系统设计等领域的领先优势，面向移动及 IOT 市场推出定制化的高品质 UFS 产品及解决方案，提升市场竞争 力。 点评： 看好公司受益存储市场涨价，企业级存储业务快速增长。海外大厂陆 续宣布新一轮减产计划，伴随下游去库接近尾声以及需求持续复苏， 2025 年 3 月以来存储已逐渐迎来全面涨价。存储有望迎来新一轮成长 周期，公司有望持续受益。公司企业级存储产品组合(eSSD 和 RDIMM) 不断取得突破，2024 年公司企业级存储实现营业收入 9.22 亿元，同比 增长 666.30%，已成为新的增长极，当前已在互联网、金融、服务器领 域大规模出货，未来有望持续放量引领增长。 海外布局深耕，全球版图协同增效。公司的全球化战略成效显著，海 外业务成为重 ...

[Table_Info1] 晶泰控股(02228.HK) 医药生物 [Table_Date] 发布时间：2025-06-19 [Table_Title] 证券研究报告 / 港股公司报告 AI for Science 领军者，完成英国 LCC 收购 ---晶泰控股收购点评 [Table_Summary] 事件：晶泰控股宣布完成对 Liverpool ChiroChem（LCC）的收购。LCC 是一家专注于手性分子研发的企业，致力于新型手性分子的设计与合成 技术开发。此次收购将进一步增强晶泰 "AI+机器人" 智能自主实验平 台在化学空间探索领域的实力。 公司是一家"量子物理+AI+机器人"综合平台公司。量子物理算法是公 司的技术底座，结合 AI 和机器人，融合生成式大模型的发散创新、物理 模型的高精确度，形成算法模拟和实验验证的完整闭环。公司营收快速 增长，已突破商业化门槛；2024 年公司实现营业收入 2.66 亿元，同比 +52.75%。 公司客群涵盖初创公司到全球生物技术与制药公司及新材料领域的独 角兽及龙头企业。公司的客户群涵盖全球前 20 大生物技术与制药公司 中的 16 家，公司与辉瑞公司、强生及德 ...

[Table_Info1] 机械设备 [Table_Date] 发布时间：2025-06-16 [Table_Invest] 优于大势 [Table_Title] 证券研究报告 / 行业动态报告 产业端催化频出，关注板块结构性机会 ---人形机器人行业跟踪 20250616 报告摘要： [Table_Summary] 行情回顾：本周万得人形机器人指数表现弱于大盘。万得人形机器人指 数下跌 1.39%，跑输上证指数 1.14 个百分点，跑输沪深 300 指数 1.14 个 百分点，跑输创业板指数 1.60 个百分点，跑赢科创 50 指数 0.50 个百分 点。人形机器人板块主要个股多数上涨，华辰装备、鼎智科技、国茂股 份跌幅靠前。 行业大会叠加华为开发者大会，行业最新进展有望更新。杭州人形机器 人产业链接大会将于 2025 年 6 月 21 日（周六）上午 9:00 在浙江省杭州 大会展中心 8 号馆举办，届时特斯拉（Tesla）、杭州六小龙（宇树科技、 云深处、强脑、群核）、卓益得、卧龙集团、海创人形机器人创新中心 等 200 余家机器人企业均会参会。华为官宣将在 6 月 20 日-22 日在东莞 松山湖举行 ...