[Table_Reportdate] 2025年06月11日 [table_invest] 超配 行 业 周 报 [证券分析师 Table_Authors] 王敏君 S0630522040002 wmj@longone.com.cn [table_stockTrend] -31% -19% -6% 6% 18% 31% 43% 24-04 24-07 24-10 25-01 申万行业指数:机械设备(0764) 沪深300 [相关研究 table_product] 1.国产替代趋势持续，外延绘就新成 长曲线——自动化设备研究框架专 题报告 [Table_NewTitle 装备制造业景气向好，机器人企业推进 ] 应用场景领域合作 ——机械设备行业周报（20250602-20250608） [table_main] 投资要点： ➢ 宏观数据跟踪：2025年5月制造业景气水平环比改善。2025年5月制造业PMI为49.5%，较 上月提升0.5pct。分企业规模看，大型企业PMI表现相对较好，5月PMI高于临界点，且较 上月提升。中型、小型企业5月PMI低于临界点，但小型企业5月PMI环比提升0.6pct。从细 分指数 ...

Group 1: Pharmaceutical and Biotechnology Industry - The dual-target antibody sector is experiencing a surge in transactions, with significant interest in innovative pharmaceutical companies. The overall performance of the pharmaceutical and biotechnology sector rose by 1.13% during the week of June 2-8, 2025, outperforming the CSI 300 index by 0.25 percentage points. The current PE valuation for the sector stands at 28.16 times, which is at the historical median level, with a 137% premium over the CSI 300 index [6][7] - BioNTech SE and Bristol-Myers Squibb announced a collaboration to develop and commercialize the dual-specific antibody BNT327, with a total deal value exceeding $9 billion. This antibody targets PD-L1 and VEGF-A and is currently in Phase III clinical trials for small cell lung cancer. The collaboration includes significant upfront payments and milestone payments [7][8] - The report recommends focusing on innovative pharmaceutical companies with differentiated and breakthrough technology routes in the dual-target antibody space, as well as investment opportunities in medical devices, traditional Chinese medicine, chain pharmacies, and medical services [8] Group 2: Food and Beverage Industry - The food and beverage sector saw a decline of 1.06% last week, underperforming the CSI 300 index by 1.94 percentage points. The snack segment performed relatively well, increasing by 4.64%. The top five gainers included Junyao Health, Qinghai Spring, Miaokelando, Youyou Food, and Xiangpiaopiao, with respective increases of 24.43%, 15.38%, 10.11%, 9.57%, and 7.22% [10][11] - The beer sector is entering a peak season, with improved terminal sales. In April, the production of major beer companies in China reached 2.896 million kiloliters, a year-on-year increase of 4.8%. The report anticipates that beer sales will continue to recover as temperatures rise and consumption policies are boosted [12][14] - Investment recommendations include focusing on high-end liquor and regional leaders in the liquor sector, as well as stable operators like Qingdao Beer and growth-oriented companies like Yanjing Beer in the beer sector [14] Group 3: Electronics Industry - Broadcom reported record revenue for Q2 2025, with AI-related revenue growing by 46% year-on-year, becoming a key driver of revenue growth. The company expects continued growth in AI revenue in Q3 2025 [15][16] - SK Hynix surpassed Samsung Electronics for the first time in Q1 2025, achieving a 36% market share in the global DRAM market. The DRAM market is showing signs of recovery, with expectations of price increases in Q2 2025 [17][18] - The report suggests focusing on AIOT, AI-driven sectors, equipment materials, and consumer electronics as key investment themes as the electronics industry experiences a moderate recovery [19] Group 4: Non-Banking Financial Industry - The non-banking financial index rose by 2.0%, outperforming the CSI 300 index by 1.1 percentage points. The securities and insurance indices also saw synchronized increases of 2.4% and 1.0%, respectively [20][21] - The actual controller of several AMC-related securities firms has changed to Central Huijin, which is expected to enhance resource allocation efficiency and promote mergers and acquisitions within the sector [21][22] - Investment recommendations include focusing on large, stable securities firms and comprehensive insurance companies that have competitive advantages [22] Group 5: Basic Chemicals Industry - A major potassium fertilizer contract was signed with India at a price of $349 per ton, reflecting a 23.3% increase from the previous year's price of $283 per ton. This indicates a favorable outlook for the potassium fertilizer market [24][25] - The report highlights the acceleration of consolidation in the carbon fiber industry, suggesting that companies with scale and technological advantages will be key players in the market [25][26] - Investment suggestions include focusing on companies in the agricultural chemicals sector, such as Yanguang Chemical and Guangxin Chemical, which are expected to benefit from favorable market conditions [28]

[Table_Reportdate] 2025年06月10日 [table_invest] 标配 [证券分析师 Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 张晶磊 S0630524090001 zjlei@longone.com.cn 联系人 花雨欣 hyx@longone.com.cn [table_stockTrend] -26% -17% -7% 2% 11% 20% 29% 24-06 24-09 24-12 25-03 申万行业指数:基础化工(0722) 沪深300 [相关研究 table_product] 1.碳纤维行业整合加速，关注具有规 模和技术优势的龙头企业 ——化工 新材料行业简评 2.供给端扰动背景下，关注相关化工 板块配置机会——基础化工行业周 报（2025/05/26-2025/06/01） 3.日本三井化学退出三氟化氮业务， 我国电子特气竞争力有望加强—— 化工新材料行业简评 [Table_NewTitle 印度钾肥大 ...

Trade Data Summary - In May 2025, exports increased by 4.8% year-on-year, down from 8.1% in April, while imports decreased by 3.4% year-on-year, compared to a decline of 0.2% in April[2] - The trade surplus reached $103.22 billion, an increase of $21.85 billion compared to the same month last year[2] - Export growth is expected to remain resilient in June to Q3 due to tariff reductions and pre-Christmas orders, but the overall external demand is still slowing down[2] Export and Import Trends - May exports totaled $316.10 billion, a historical high for the month, but the month-on-month growth was only 0.2%, below the four-year average of 3.48%[2] - The overall external demand is below the boom-bust line, with JPMorgan's global manufacturing PMI at 49.6% in May, indicating a contraction[2] - Imports in May were $212.88 billion, the lowest for the same month since 2021, with a month-on-month decline of 3%[3] Regional Export Performance - Exports to the EU increased by 12.02%, up 3.75 percentage points from April, while exports to the US fell significantly by 34.52%[2] - The ASEAN region saw a decline in exports by 14.84%, reflecting the impact of "export grabbing" on demand[2] Product-Specific Insights - Key products like integrated circuits and automobiles showed significant recovery, while labor-intensive products like toys and footwear remained at low levels due to tariff impacts[2] - The import of crude oil saw a decline of 22.1% year-on-year, while imports of grains and soybeans increased significantly, reflecting a shift in demand[3]

[Table_Reportdate] 2025年06月10日 [table_invest] 标配 [证券分析师 Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 张晶磊 S0630524090001 zjlei@longone.com.cn 联系人 花雨欣 hyx@longone.com.cn [table_stockTrend] -26% -17% -7% 2% 11% 20% 29% 24-06 24-09 24-12 25-03 申万行业指数:基础化工(0722) 沪深300 [相关研究 table_product] 1.碳纤维行业整合加速，关注具有规 模和技术优势的龙头企业 ——化工 新材料行业简评 2.供给端扰动背景下，关注相关化工 板块配置机会——基础化工行业周 报（2025/05/26-2025/06/01） 3.日本三井化学退出三氟化氮业务， 我国电子特气竞争力有望加强—— 化工新材料行业简评 [Table_NewTitle 印度钾肥大 ...

[证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -29% -11% 7% 25% 42% 60% 78% 24-06 24-09 24-12 25-03 申万行业指数:非银金融(0749) 沪深300 [Table_Reportdate] 2025年06月10日 [table_invest] 超配 行 业 周 报 [相关研究 table_product] 1.关注陆家嘴论坛政策发布预期带 来的市场情绪催化——非银金融行 业周报（20250526-20250601） 2.浮动管理费率基金加速推出，LPR 下调有望推动预定利率调整Q3落地 ——非银金融行业周报（20250519- 20250525） 3.修订并购重组管理办法，制度包容 度提升释放市场活力——资本市场 聚焦（三） [Table_NewTitle] AMC系券商实控人变更，把握政策催化 带来的板块配置机遇 ——非银金融行业周报（20250602-20250608） [table_main] 投资要点： 行 业 研 究 证券研究报告 HTTP: ...

行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 [Table_Reportdate] 2025年6月9日 [Table_NewTitle] 博通2025Q2 AI营收大幅增长，存储市场 持续回暖 ——电子行业周报2025/6/2-2025/6/8 [table_main] 投资要点： 电 子 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 行 业 研 究 [table_invest] 标配 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 1. 英伟达Q1数据中心业务成绩亮 眼，美限制EDA龙头对华提供服务 品 — — 电 子 行 业 周 报 ——电子行业周报（2025/5/26- 2025/6/1） （20240923-20240929） 2. 小米发布自研玄戒双芯，华为鸿 蒙电脑正式发布——电子行业周报 （ ...

[Table_Reportdate] 2025年06月10日 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 董经纬 djwei@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20250610 [table_summary] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ➢ 1.政策扰动不改供需回暖趋势，关注AI、半导体设备等结构性机会——半导体行业5月份 月报 ➢ 2.碳纤维行业整合加速，关注具有规模和技术优势的龙头企业 ——化工新材料行业简评 ➢ 3.价格压力持续，亟待政策破局——国内观察：2025年5月通胀数据 ➢ 1.中办、国办印发《关于进一步保障和改善民生 着力解决群众急难愁盼的意见》 ➢ 2.李强主持国务院第十四次专题学习 ➢ 3.海 ...

[Table_Reportdate] 2025年06月09日 [价格Table_NewTitle] 压力持续，亟待政策破局 ——国内观察：2025年5月通胀数据 [证券分析师 Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 联系人 李嘉豪 lijiah@longone.com.cn [table_main] 投资要点 宏 观 简 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 总 量 研 究 评 ➢ 事件：2025年6月9日，统计局发布5月通胀数据。5月，CPI当月同比-0.1%，前值-0.1%； 环比-0.2%，前值0.1%。PPI当月同比-3.3%，前值-2.7%；环比-0.4%，前值-0.4%。 ➢ 核心观点：5月CPI环比虽然符合季节性，但同比已连续4个月为负，PPI同比也突破了此前 持续震荡的区间下限。油价的下跌拖累了CPI中的交通和通信价格，也输入性影响了PPI中 相关产业价格。不过从6月第一周的情况来看，油价出现了明显的反弹，这一限制影响在6 月可能会有所减轻，但拉长时间来看仍存 ...

[Table_Reportdate] 2025年06月09日 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 董经纬 djwei@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20250609 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] 晨会纪要 ➢ 1.OPEC+持续增产，原油或将承压——原油及聚酯产业链月报（2025年6月） ➢ 2.长安汽车（000625）：新能源销量回升，间接控股股东兵装集团重组方案落地——公司 简评报告 ➢ 3.就业表面虽有韧性，背后暗涌不容忽视——海外观察：美国2025年5月非农数据 ➢ 4.宏观预期与微观改善，看好消费服务业、科技、周期龙头反转——资产配置周报 （2025/06/02 ...