[Table_Title] 证券研究报告 / 港股公司报告 AI+机器人赋能"生物制药+新材料开发" [Table_Summary] 事件：根据公司公告，晶泰控股子公司收购四维医学 90%的股权，交易 对价为 2.5 亿元，且以现金方式结清。 点评 2024 年营收突破商业化门槛，亏损持续收窄，现金流储备充足 2024 年，公司实现营收 2.66 亿元（同比+52.8%），主要系智能机器人解 决方案收入同比增长 87.8%和药物发现解决方案收入同比增长 18.2%。 同时，公司已提前达成联交所对已商业化公司的收入门槛要求（2.5 亿港 元），标志着在公司步入商业化发展的新阶段。2024 年，公司实现经调整 净亏损 4.57 亿元（同比收窄 12.5%），未来随着公司营收规模持续增长， 公司有望实现扭亏为盈；截至 2024 年 12 月 31 日，公司现金储备达 31.23 亿元，如计入 2025 年 Q1 的两次配售募集所得款项净额 29.68 亿元，预 计可支持未来 10 年运营，为研发投入和业务拓展提供坚实保障。 AI+机器人赋能生命科学，合作管线实现里程碑跨越 2024 年，公司药物发现解决方案实现收入 ...

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 电化转债定价：首日转股溢价率 32%~37% ---东北固收转债分析 报告摘要： [Table_Summary] 6 月 12 日，湘潭电化发布公告，拟于 2025 年 6 月 16 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 4.87 亿 元。其中 4.85 亿元拟用于投资"年产 3 万吨尖晶石型锰酸锂电池材料项 目"，总投资 4.85 亿元；0.02 亿元拟用于补充流动资金。 电化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 4.87 亿元，初始转股价格为 10.1 元，参考 6 月 12 日正股收盘价格 10.24 元，转债平价 101.39 元，参考同期限同评级中债企业债到期收益 率（6 月 11 日）为 2.43%，到期赎回价 110 元，计算纯债价值为 99.52 元。博弈条款方面，下修条款（15/30，80%）较严、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 偏低，流动性较差，评级尚可， ...

[Table_Title] 证券研究报告 / 公司点评报告 Agent+机器人赋能工业智能化，看好自研产品发展 事件： [能科科技发布 Table_Summary] 2024 年年报&2025 年一季报。2025Q1 公司营业总收入 3.37 亿元，同比下降 16.65%，归母净利润 4899.28 万元，同比下降 12.07%；2024 年公司实现营业收入 15.10 亿元，同比增长 7.47%；实现 归母净利润 1.92 亿元，同比下降 15.17%。 点评： ➢ 短期业绩承压，看好公司自研产品更新带来的毛利率提升 1）2024 年公司实现营业收入 15.10 亿元，同比增长 7.47%；实现毛利 率 49.46%，增加 0.81 个百分点；实现归属于上市公司股东净利润 1.92 亿元，同比下降 15.17%；2025Q1 公司营业总收入 3.37 亿元，同比下 降 16.65%，归母净利润 4899.28 万元，同比下降 12.07%。公司构建了 完整的自研数智化产品线，涵盖"乐系列"和"灵系列"两大核心产 品体系，对应 2024 年毛利率提升 0.81pct，2025Q1 毛利率同比提升 3.72pc ...

[Table_Title] 证券研究报告 /金融工程研究报告 公募量化发展的回首与展望 报告摘要： 海外历史：虽然作为金工/量化学科奠基的相关理论大约于 19 世纪才发 展起来，但翻阅衍生品发展和应用数学进行投资或交易的历史可以发现， 量化的思维早在千年之前已有萌芽。进入 19 世纪后，理论研究百花齐 放，为当前量化投研发展奠定了基础。2000 年后，计算机的普及，云计 算、大数据、机器学习技术的发展，为量化研究和投资注入新的活力。 从简单的机器学习，例如决策树、随机森林、SVM，到更为复杂的深度 学习模型，量化研究和投资在不断探索和进步。从各方口径得到的全球 对冲基金总管理规模数据并不统一，但较为一致的结论是由于对冲基金 策略的多元性，如股票多空/CTA/宏观对冲/多策略等，以及更高的灵活 性和长期相对稳定的收益能力，近年来对冲基金总管理规模增持续攀升， 其中的量化管理公司更是长期霸榜规模排名前列。在整体规模占比中， 北美市场对冲基金管理规模全球最高，占比约 7 成，其次是欧洲、中东 及俄罗斯等地。当前，AI 策略的采纳率迅速提高，基金经理越来越多地 应用人工智能和机器学习技术来提高运营效率并提高回报。随着 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The overseas building materials business is experiencing rapid growth, with revenue expected to reach 4.7 billion yuan in 2024, reflecting a year-on-year increase of 29%. The company has established production bases in six countries in sub-Saharan Africa, with a projected population growth of 79% in the region by 2054 [1][2]. - The building materials machinery business shows significant competitive advantages, achieving revenue of 5.6 billion yuan in 2024, a 25% increase year-on-year. The company is expanding its core technology applications into various fields, including cookware and lithium battery production [2]. - The lithium battery business has a comprehensive competitive edge, with a business structure that includes negative electrode materials, lithium battery equipment, and lithium salt investments. The company has established an annual production capacity of 90,000 tons for graphite [2]. Financial Summary - The company forecasts revenue growth from 12.6 billion yuan in 2024 to 18.3 billion yuan in 2027, with corresponding net profits increasing from 1.0 billion yuan to 1.9 billion yuan during the same period. The projected P/E ratios are 13, 12, and 10 for the years 2025, 2026, and 2027 respectively [3][4][10]. - The financial projections indicate a significant recovery in net profit, with a forecasted growth of 42% in 2025, followed by 14% and 17% in the subsequent years [3][10].

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 [4]. Core Insights - The humanoid robot market is undergoing significant transformation, with a potential market size reaching trillions. Predictions suggest that humanoid robots could achieve a market scale comparable to the automotive and smartphone industries, with a future market space estimated at 12.8 trillion to 1156 trillion [15][16]. - Major international players are on the verge of mass production, with Tesla's Optimus project expected to begin small-scale production in 2025, indicating a strong performance for Tesla's sector in the coming years [15]. - The report emphasizes the importance of domestic production and the potential rise of Chinese brands in the humanoid robot sector, particularly highlighting Huawei's capabilities in competing with international giants [16]. Market Overview - The WenDe humanoid robot index outperformed the broader market, increasing by 2.24%, surpassing the Shanghai Composite Index by 1.11 percentage points and the CSI 300 Index by 1.36 percentage points [12][14]. - Key companies in the humanoid robot sector, such as Leidi Ke and Buke Co., saw significant stock price increases, indicating positive market sentiment [12][13]. Industry Dynamics - Recent developments include Tesla's leadership change in the Optimus project and the launch of Pepsi's humanoid robot "Pepsi Blue Treasure," showcasing the growing interest and investment in humanoid robotics [2][31]. - Amazon is testing humanoid robots for package delivery, with plans to deploy them from its Rivian electric delivery vehicles, indicating a shift towards automation in logistics [3][31]. Related Companies - The report identifies several key companies involved in the humanoid robot industry, including: - Actuators: Sanhua Intelligent Control, Top Group - Sensors: Keli Sensor, Anpeilong, Donghua Testing - Reducers: Green Harmonic, Shuanghuan Transmission - Motors & Dexterous Hands: Zhaowei Electromechanical, Mingzhi Electric [4][13].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [3][5]. Core Insights - The company, specializing in aerospace measurement and control, has over 20 years of experience and is expanding from specialized fields into civilian and commercial aerospace sectors. It provides comprehensive space management solutions, supporting the entire aerospace mission process [1]. - The domestic progress in reusable rockets and the rapid development of the satellite internet industry are expected to drive demand for measurement and control services, leading to increased revenue and profitability for the company [2]. - The company is projected to benefit significantly from the accelerating growth in the satellite industry, with expected revenues of 3.86 billion, 5.34 billion, and 7.54 billion yuan for the years 2025 to 2027, respectively [3]. Financial Summary - Revenue and profit forecasts for the company are as follows: - 2025: Revenue of 386 million yuan, net profit of 115 million yuan - 2026: Revenue of 534 million yuan, net profit of 163 million yuan - 2027: Revenue of 754 million yuan, net profit of 241 million yuan - The company is expected to achieve a compound annual growth rate (CAGR) of 33.93% in revenue and 35.03% in net profit from 2025 to 2026 [4][10].

Market Performance - Micro盘 and dividend strategies have outperformed the market since April due to ample liquidity and weak fundamentals, leading to high valuations that cannot be digested[3] - The trading volume remains above 1 trillion, indicating an active market, with only banks maintaining an advantage in the dividend style[3] Dividend Strategy Challenges - In June, dividend strategies face volatility due to dividend-related price fluctuations, making it difficult to achieve excess returns[3] - Historically, June tends to favor large-cap growth styles, making dividend styles less appealing[3] Micro盘 Strategy Challenges - High turnover rates in micro盘 make it impractical for average investors, leading to excessive trading costs[3] - Many micro盘 stocks have small market capitalizations, limiting visibility for investors[3] Rotation Strategy Insights - Micro盘 strategies have shown consistent performance since 2020, with significant drawdowns occurring due to fundamental shocks like the dual hit of profit and credit in 2022[3] - The smallest market cap rotation has proven more effective than valuation rotation, which has not shown significant results[3] Future Outlook - After August 2024, the technology rotation strategy is expected to become more effective relative to micro盘 strategies, driven by a preference for technology manufacturing[3] - Weekly frequency rotation shows some excess performance but is less effective than daily frequency rotation, particularly after liquidity shocks in 2024[4] Risk Factors - Potential data statistical errors and economic recovery not meeting expectations pose risks to the strategies discussed[5]

Investment Rating - The report initiates coverage with a rating of "Accumulate" for the company, indicating a positive outlook for the stock over the next six months [10]. Core Insights - The company has demonstrated robust growth in its core business, achieving a revenue of 1.918 billion yuan in 2024, a year-on-year increase of 35.52%, and a net profit of 80.6174 million yuan, up 93.78% year-on-year [1][2]. - The company is actively expanding into the robotics sector and enhancing its international presence, with plans to establish a production base in Thailand, aiming for an annual capacity of 4,500 tons [2]. - The financial forecasts predict revenues of 2.594 billion yuan, 3.412 billion yuan, and 4.313 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 199 million yuan, 152 million yuan, and 207 million yuan [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 1.918 billion yuan, with a growth rate of 35.52% compared to the previous year. The net profit attributable to shareholders was 80.6174 million yuan, reflecting a significant increase of 93.78% [1][3]. - For Q1 2025, the total revenue reached 586 million yuan, with a net profit of 95.4352 million yuan, indicating a strong start to the year [1]. Business Development - The company is focusing on upgrading traditional materials and developing new aluminum composite soldering materials, which has led to substantial growth in various sectors, including home appliances and electric power [1][2]. - The company is also investing in advanced welding technologies, including robotic laser welding and induction soldering, to enhance its capabilities in new markets such as semiconductors and electric vehicles [2]. Market Position and Future Outlook - The report highlights the company's leading position in the refrigeration industry, with a nearly 30% increase in revenue driven by a recovery in the home appliance market [1][2]. - The anticipated revenue growth rates for the next few years are projected at approximately 35% for 2025 and gradually decreasing to around 26% by 2027, indicating a strong growth trajectory [3].

Investment Rating - The report assigns a "Buy" rating for the company [4]. Core Views - The acquisition of Ningbo Semiconductor by Guokewai marks a new phase for the company, enhancing its capabilities in the semiconductor industry [2][40]. - Ningbo Semiconductor is a leading domestic foundry specializing in RF front-end, MEMS, and high-voltage analog devices, with significant technological advancements in BAW filter manufacturing [2][28]. - The report estimates Ningbo Semiconductor's valuation to be between 7.34 billion to 9.18 billion yuan based on its production capacity [3][48]. Summary by Sections Acquisition Details - Guokewai plans to acquire 94.366% of Ningbo Semiconductor through a combination of share issuance and cash payment [1][16]. - The acquisition is expected to enhance Guokewai's production capabilities in high-end filters and MEMS, creating a dual-driven model of digital chip design and analog chip manufacturing [46]. Ningbo Semiconductor Overview - Ningbo Semiconductor focuses on specialized process semiconductor foundry services, providing customized chip solutions in RF front-end, MEMS, and high-voltage analog devices [20][26]. - The company has established strategic partnerships with leading domestic mobile communication terminal companies, breaking through technological barriers in BAW filter manufacturing [28][30]. Financial Projections - Revenue projections for Guokewai from 2024 to 2026 are estimated at 2.406 billion, 2.907 billion, and 3.485 billion yuan, respectively, with net profits of 148 million, 236 million, and 308 million yuan [3][40]. - The report anticipates a significant increase in revenue and profit margins as the company capitalizes on the acquisition and expands its market presence [42][46]. Market Potential - The global RF filter market is valued at approximately 10 billion USD, with a low domestic production rate, indicating substantial growth potential for Ningbo Semiconductor [32][34]. - The demand for RF filters is expected to rise significantly with the proliferation of 5G technology, which requires more filters per device compared to previous generations [33][34].