计算机行业 行业研究 | 动态跟踪 香港《稳定币条例》正式成为法例，行业 生态加速构建 核心观点 事件： 2025 年 5 月 21 日，香港立法会正式通过《稳定币条例草案》（以下简称《草 案》），为稳定币提供了完整的监管框架；5 月 30 日，香港特别行政区政府在宪报刊 登《稳定币条例》，这意味着《稳定币条例》正式成为法例。 投资建议与投资标的 我们认为，香港通过《稳定币条例》并正式成为法例，将对稳定币相关产业链公司 带来更多的投资者关注和未来业务发展机遇，建议关注有望参与其中的数字技术提供 者、支付服务商及积极探索现实世界资产代币化(RWA)的企业。 支付领域，建议关注新大陆(000997，未评级)、新国都(300130，未评级)、拉卡拉 (300773，未评级)。 数字技术领域，建议关注京北方(002987，未评级)、四方精创(300468，未评级)、宇 信科技(300674，未评级)、神州信息(000555，增持)、天阳科技(300872，未评级)。 RWA 相关企业，建议关注朗新集团(300682，买入)。 风险提示 稳定币行业发展不及预期；行业竞争过于激烈风险。 国家/地区 中国 行业 计算机行业 ...

尊界 S800 上市 48 小时大定超 2100 辆， 继续关注华为链相关公司 ——汽车行业周报（0526-0601） 核心观点 投资建议与投资标的 从投资策略上看，继续关注华为链整车及汽零，2025 年具备竞争力的自主品牌及在智驾 技术方面领先的新势力企业将继续扩大市场份额；预计部分央国企通过自身改革及加强 对外合作等，实现困境反转。建议持续关注部分汽车行业央国企及人形机器人链、华为 产业链、小米产业链、T 链、智驾产业链公司。 建议关注：上汽集团、江淮汽车、比亚迪、长安汽车、中国重汽、广汽集团、宇通客 车；新泉股份、银轮股份、岱美股份、拓普集团、嵘泰股份、经纬恒润、爱柯迪、沪光 股份、保隆科技、精锻科技、贝斯特、瑞鹄模具、上声电子、双林股份、华阳集团、华 域汽车、伯特利、德赛西威、科博达、星宇股份、三花智控、继峰股份、上海沿浦、福 耀玻璃、浙江荣泰等。 风险提示 宏观经济下行影响汽车需求、上游原材料价格波动影响、车企价格战压力。 汽车与零部件行业 行业研究 | 行业周报 国家/地区 中国 行业 汽车与零部件行业 报告发布日期 2025 年 06 月 02 日 中性（维持） | 姜雪晴 | jiangxue ...

电子行业 行业研究 | 动态跟踪 存储需求回暖，NAND Flash 和 DRAM 价 格上涨持续 核心观点 投资建议与投资标的 ⚫ AI 服务器和 AI 终端有望持续带动存储需求增长，同时叠加国产替代机遇，建议关注 兆易创新、北京君正、复旦微电、德明利、朗科科技、东芯股份、江波龙、佰维存 储、恒烁股份、万润科技、深科技、同有科技、普冉股份、聚辰股份等。 | AI 算力浪涌，PCB 加速升级 | 2025-04-01 | | --- | --- | | 国产芯驱动 Deepseek 一体机，AI 加速赋 | 2025-03-06 | | 能各行各业 | | | AI 大模型提升电视使用体验，智能电视进 | 2025-02-10 | | 入新纪元 | | 风险提示 ⚫ 下游需求增长不及预期；AI 端侧落地不及预期。 国家/地区 中国 行业 电子行业 报告发布日期 2025 年 06 月 02 日 看好（维持） | 蒯剑 | 021-63325888*8514 | | --- | --- | | | kuaijian@orientsec.com.cn | | | 执业证书编号：S0860514050005 | | ...

金融工程 | 动态跟踪 Growth 风格登顶，EPTTM 一年分位点因 子表现出色 ——东方因子周报 杨怡玲 yangyiling@orientsec.com.cn 执业证书编号：S0860523040002 研究结论 风格表现监控 本周市场正收益风格集中在 Growth 风格上，负收益风格表现在 Size 风格上。 EPTTM 一年分位点是中证全指成分股中，本周表现最好的因子。 因子表现监控 公募基金指数增强产品表现跟踪 风险提示 量化模型失效风险、 市场极端环境冲击。 | Neural ODE：时序动力系统重构下深度学 | 2025-05-27 | | --- | --- | | 习因子挖掘模型：——因子选股系列之一 | | | 一六 | | | 广发中证全指电力公用事业 ETF 投资价值 | 2025-05-20 | | 分析：——FOF 系列研究之七十五 | | | DFQ-diversify：解决分布外泛化问题的自 | 2025-05-07 | | 监督领域识别与对抗解耦模型：——因子 | | | 选股系列之一一五 | | | FOF 专业买手偏好哪些基金之 2025Q1 季 | 2025-04- ...

广西基地成型与强化市值管理，有望驱动 公司价值重估 核心观点 盈利预测与投资建议 ⚫ 我们认为公司盈利有望在广西基地三期全面投产、煤价下跌、景气度修复等作用下 保持稳健增长。我们预测公司 2025-2027 年每股收益分别为 0.43、0.60、0.60 元， 按照可比公司 2025 年 20 倍 PE，对应目标价为 8.60 元，首次给予买入评级。 风险提示 ⚫ 宏观经济波动风险；新项目投产低于预期；能源品价格波动；假设条件变化影响测 算结果。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 40,856 | 44,645 | 44,438 | 47,234 | 47,969 | | 同比增长 (%) | 6.1% | 9.3% | -0.5% | 6.3% | 1.6% | | 营业利润(百万元) | 1,594 | 1,493 | 1,442 | 2,163 | 2,265 | | 同比增长 (%) | -21.9% | -6.4% | -3. ...

计算机行业 行业研究 | 动态跟踪 香港《稳定币条例》正式成为法例，行业 生态加速构建 核心观点 事件： 2025 年 5 月 21 日，香港立法会正式通过《稳定币条例草案》（以下简称《草 案》），为稳定币提供了完整的监管框架；5 月 30 日，香港特别行政区政府在宪报刊 登《稳定币条例》，这意味着《稳定币条例》正式成为法例。 投资建议与投资标的 我们认为，香港通过《稳定币条例》并正式成为法例，将对稳定币相关产业链公司 带来更多的投资者关注和未来业务发展机遇，建议关注有望参与其中的数字技术提供 者、支付服务商及积极探索现实世界资产代币化(RWA)的企业。 支付领域，建议关注新大陆(000997，未评级)、新国都(300130，未评级)、拉卡拉 (300773，未评级)。 数字技术领域，建议关注京北方(002987，未评级)、四方精创(300468，未评级)、宇 信科技(300674，未评级)、神州信息(000555，增持)、天阳科技(300872，未评级)。 RWA 相关企业，建议关注朗新集团(300682，买入)。 风险提示 稳定币行业发展不及预期；行业竞争过于激烈风险。 国家/地区 中国 行业 计算机行业 ...

报告发布日期 2025 年 06 月 02 日 | | | 杨怡玲 | yangyiling@orientsec.com.cn | | --- | --- | --- | --- | | 研究结论 | | 1111111111 | 执业证书编号：S0860523040002 | | | | 邱蕊 | 021-63325888*5091 | | ⚫ | 基金市场热点跟踪：1.多只信用债 ETF 纳入回购质押库申请获批：5 月 29 日晚间， | | qiurui@orientsec.com.cn | | | 信用债 ETF 博时（159396）、上证公司债 ETF(511070）、公司债 ETF（511030） | | 执业证书编号：S0860519020001 | | | 等多只信用债 ETF 纳入回购质押库申请已收到中登审批函。据悉，日前中国结算发 | | 香港证监会牌照：BSW115 | | | 布《关于信用债券交易型开放式指数基金产品试点开展通用质押式回购业务有关事 | 陶文启 | taowenqi@orientsec.com.cn | | | | | 执业证书编号：S0860524080003 | 卡 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 25.6 CNY, maintaining the current rating [2][4]. Core Views - The company is experiencing robust growth in performance, driven by globalization and new product launches. The revenue for 2024 is projected to reach 5.063 billion CNY, reflecting a year-on-year increase of 23.6% [2][10]. - The company has successfully implemented a global strategy, with overseas revenue growing by 27.45% in 2024, accounting for 27.54% of total revenue [10]. - The injection molding machine sector is seeing a recovery, with revenue from this segment reaching 3.555 billion CNY, a year-on-year increase of 28.8% [10]. Financial Performance Summary - **Revenue Forecast**: - 2023: 4.096 billion CNY - 2024: 5.063 billion CNY (23.6% growth) - 2025: 5.847 billion CNY (15.5% growth) - 2026: 6.705 billion CNY (14.7% growth) - 2027: 7.741 billion CNY (15.4% growth) [6][12] - **Net Profit Forecast**: - 2023: 477 million CNY - 2024: 608 million CNY (27.4% growth) - 2025: 751 million CNY (23.6% growth) - 2026: 907 million CNY (20.7% growth) - 2027: 1.101 billion CNY (21.4% growth) [6][12] - **Profitability Ratios**: - Gross Margin: Expected to improve from 31.5% in 2023 to 33.2% in 2027 - Net Margin: Expected to increase from 11.6% in 2023 to 14.2% in 2027 [6][12]. - **Earnings Per Share (EPS)**: - 2023: 1.02 CNY - 2024: 1.30 CNY - 2025: 1.60 CNY - 2026: 1.93 CNY - 2027: 2.35 CNY [6][12]. Market Performance - The company's stock price as of May 29, 2025, is 20.84 CNY, with a 52-week high of 28.91 CNY and a low of 16.28 CNY [2].

Investment Rating - The investment rating for the company is "Buy" with a target price of 25.6 CNY, maintaining the current rating [2][4]. Core Views - The company is experiencing robust growth in performance, driven by globalization and new product launches. The revenue for 2024 is projected to reach 5.063 billion CNY, reflecting a year-on-year increase of 23.6% [2][10]. - The company has successfully implemented a global strategy, with overseas revenue growing by 27.45% in 2024, accounting for 27.54% of total revenue [10]. - The injection molding machine sector is seeing a recovery, with revenue from this segment reaching 3.555 billion CNY, a year-on-year increase of 28.8% [10]. Financial Performance Summary - Revenue (CNY million): - 2023A: 4,096 - 2024A: 5,063 (23.6% YoY growth) - 2025E: 5,847 (15.5% YoY growth) - 2026E: 6,705 (14.7% YoY growth) - 2027E: 7,741 (15.4% YoY growth) [6][12] - Net Profit Attributable to Parent Company (CNY million): - 2023A: 477 - 2024A: 608 (27.4% YoY growth) - 2025E: 751 (23.6% YoY growth) - 2026E: 907 (20.7% YoY growth) - 2027E: 1,101 (21.4% YoY growth) [6][12] - Gross Margin (%): - 2023A: 31.5% - 2024A: 31.9% - 2025E: 32.5% - 2026E: 32.9% - 2027E: 33.2% [6][12] - Net Margin (%): - 2023A: 11.6% - 2024A: 12.0% - 2025E: 12.8% - 2026E: 13.5% - 2027E: 14.2% [6][12] Market Performance - The company's stock price as of May 29, 2025, is 20.84 CNY, with a 52-week high of 28.91 CNY and a low of 16.28 CNY [2].

Investment Rating - The report maintains a "Positive" outlook for the media industry in China [5] Core Insights - The short drama sector is experiencing significant growth globally, with opportunities for small and medium enterprises to establish a strong presence overseas [3][10] - The domestic market is dominated by the "Red Fruit" platform, which has seen a dramatic increase in user engagement and advertising revenue, surpassing traditional long-video platforms [8][31] - The competition landscape is shifting, with traditional long-video platforms adapting to include short dramas to retain users and counter the rise of independent short drama apps [13][37] Summary by Sections Domestic Market - The short drama app usage time increased by 442% year-on-year in Q1 2025, indicating a robust growth trajectory [17] - The regulatory changes in 2024 allowed more platforms to gain self-review permissions, leading to a surge in short drama content availability [20][21] - The advertising revenue per user (ARPU) for short drama platforms like "Red Fruit" has reached 29 yuan per month, exceeding that of long-video platforms [31][32] Overseas Market - The overseas market presents a favorable environment for small and medium enterprises, with a balanced risk-reward scenario for short drama platforms [10][12] - Companies like "Maple Leaf Interactive" and "Drama Box" are positioned to become leading players in the overseas short drama market [12] - The report highlights that the competition from ByteDance's Melolo in Southeast Asia has not yet matched the growth of established platforms, indicating potential for smaller companies to thrive [10][12] Investment Recommendations - For the overseas market, the report suggests focusing on companies like "Chinese Online," "Kunlun Wanwei," and "Zhangyue Technology" due to their potential to become market leaders [3][12] - In the domestic market, traditional platforms like "Mango Super Media" are recommended for their stable user base and potential for growth in short drama offerings [13][37] - The report anticipates that the profitability of production companies will improve in the short term due to increased revenue sharing from platforms competing for exclusive content [3][13]