证券研究报告 | 行业周报 gszqdatemark 2025 06 02 年 月 日 电力设备 江苏海风海缆敷设，看好新能源车后服务市场需求放量 光伏：推动绿电直连发展，提高产业链低碳化转型。5 月 21 日，国家能 源局印发《关于有序推动绿电直连发展有关事项的通知》，《通知》指出， 绿电直连是指风电、太阳能发电、生物质发电等新能源不直接接入公共电 网，通过直连线路向单一电力用户供给绿电，可实现供给电量清晰物理溯 源的模式。目前并网型项目应按照"以荷定源"原则科学确定新能源电源 类型和装机规模。现货市场连续运行地区可采取整体自发自用为主，余电 上网为辅的模式;现货市场未连续运行地区，不允许向公共电网反送。项目 整体新能源年自发自用电量占总可用发电量的比例应不低于 60%，占总 用电量的比例应不低于 30%，并不断提高自发自用比例，2030 年前不低 于 35%。上网电量占总可用发电量的比例上限由各省级能源主管部门结 合实际确定，一般不超过 20%。绿电直连项目有望提高我国制造业低碳化 国际竞争实力。核心关注两大方向：1）供给侧偏刚性、后续需求复苏后价 格弹性更大的硅料和玻璃，核心关注协鑫科技、通威股份、福莱 ...

证券研究报告 | 行业周报 gszqdatemark 2025 06 02 年 月 日 增持（维持） 通信 谷歌的 AI 一体化——"硬件、大模型、应用生态"三体一体 市场预期差——与其内耗"杀手级应用何时诞生"，不如聚焦确定性高、 布局完善的科技巨头。在 AI 浪潮席卷全球的当下，市场亟需明确一个 核心问题：AI 投入如何实现商业回报？我们认为，与其频繁追问"杀 手级应用何时落地"，不如聚焦于具备完整 AI 战略闭环的科技龙头， Google 作为全球少数具备"AI 基础硬件+大模型+终端应用群"全面 布局的科技巨头，正逐步验证其 AI 战略的可行性与商业化路径。 基础财务数据验证 AI 驱动增长，云业务引领商业化突破。25Q1 总营收 902.3 亿美元（YoY +12%），净利润 345 亿美元（YoY +46%），营业 利润率 33.9%；其中，谷歌云营收 123 亿美元（YoY +28%），增速领 跑全业务，25 年初至 25Q1 期末 Vertex AI Studio 和 Gemini API 的活 跃用户数量增长了超过 200%；广告业务 AI Overview 功能覆盖 15 亿 月活用户，使 ...

证券研究报告 | 行业周报 gszqdatemark 2025 06 02 年 月 日 本周行情回顾：本周（5.26-5.30）上证指数报收 3347.49 点，下跌 0.03%，沪深 300 指数报收 3840.23 点，下跌 1.08%。中信电力及公用事业指数报收 2942.76 点，上涨 0.58%，跑赢沪深 300 指数 1.66pct，位列 30 个中信一级板块涨跌幅榜 第 14 位。 本周行业观点： 增持（维持） 行业走势 -20% -12% -4% 4% 12% 20% 2024-05 2024-09 2025-01 2025-05 电力 沪深300 作者 分析师 张津铭 电力 绿电直连政策出台，蒙东明确新能源增量项目完全市场化 执业证书编号：S0680520070001 邮箱：zhangjinming@gszq.com 分析师 高紫明 执业证书编号：S0680524100001 邮箱：gaoziming@gszq.com 分析师 刘力钰 执业证书编号：S0680524070012 邮箱：liuliyu@gszq.com 研究助理 廖岚琪 执业证书编号：S0680124070012 邮箱：lia ...

纺织服饰 展望 FY2026：公司预计自由现金流为 3.13 亿美元，同比 FY2025 基本持平（不 考虑非核心资产出售带来的现金流入），针对 FY2026Q1，公司预计营收同比下降 5%至下降 3%。 证券研究报告 | 行业周报 gszqdatemark 2025 06 02 年 月 日 周专题：VF 公司发布 FY2025 年报，营收下滑 4%，业绩改善 【本周专题】 VF 公司发布 FY2025 年报，营收下滑 4%，业绩改善。VF 公司披露截至 2025 年 3 月末的 FY2025 年报，公司营收同比下降 4%至 95 亿美元，毛利率同比提升 1.9pcts 至 53.5%，根据公司披露毛利率的提升主要系生产成本的降低以及库存质 量的优化；OPM 为 3.2%（FY2024 同期为-1.5%），FY2024 同期公司针对 Timberland、Dickies 以及 Icebreaker 业务计提商誉减值损失约为 5.1 亿美元，综 合来看 FY2025 公司持续经营净利润为 6930 万美元（FY2024 亏损约为 10 亿美 元）。截至 FY2025 末公司库存同比下降 8%至 16.3 亿美元 ...

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Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Viewpoints - The report emphasizes the urgent need for transformation and upgrading in the steel structure industry, highlighting the demand for intelligent automation to address pain points in production processes [1][16] - The company has significantly increased its investment in welding robots, with R&D expense ratios rising to 2.97% and 3.44% for 2023 and 2024 respectively, indicating a commitment to technological advancement [2][17] - The welding robots are expected to enhance quality, reduce costs, increase production capacity, and create new revenue streams through external sales of robotic products [4][23] Summary by Sections Industry Overview - The steel structure processing industry faces challenges due to its reliance on manual labor, leading to high costs and inconsistent product quality. The national policy aims to promote intelligent construction, with a target of over 50% automation in key processes by 2035 [1][16] Company Development - The company has developed and deployed welding robots, with nearly 2000 units expected to be operational by the end of 2024. The robots are designed to handle complex welding tasks, leveraging accumulated production data for continuous improvement [2][17] Technical Milestones - The company has successfully overcome the second of four technical hurdles in welding robot development, with patents filed for advanced welding technologies [3][21] Economic Benefits - The introduction of welding robots is projected to lower costs by approximately 88 CNY per ton, with an annual cost reduction of 400 million CNY anticipated from replacing manual labor [9][24] - Increasing production capacity to 936 million tons through enhanced utilization of welding robots could lead to a theoretical net profit of 21.3 billion CNY, representing a 343% increase compared to 2024 [10][26] Financial Projections - The company’s projected net profits for 2025-2027 are 8.7 billion, 10.4 billion, and 12.5 billion CNY respectively, with corresponding growth rates of 13%, 20%, and 20% [11][27]

证券研究报告 | 行业周报 gszqdatemark 2025 06 01 年 月 日 A、中长期贷款：工业、服务业、基础设施相关行业的中长期贷款分别增 加 1.46 万亿、增加 3.03 万亿元、增加 1.74 万亿元，分别同比少增 1400 亿元、少增 1.59 万亿元、少增 1900 亿元。 B、对公房地产贷款：开发贷增加 3100 亿元，同比少增 5700 亿元。 3）重点领域：政策支持下，普惠小微、绿色信贷、科创贷款继续保持较 高增速，截至 25Q1，普惠小微、高新技术企业贷款分别同比增长 12.2%、 8.5%，绿色贷款较年初增长 9.6%，均高于各项贷款增速。 二、板块观点 银行 本周聚焦—25Q1 信贷投向：住房贷款同比、环比明显多增 一、25Q1 信贷投向 人民银行公布 2025 年一季度信贷投向报告，截至 2025 年一季度末，金 融机构人民币各项贷款余额 265.4 万亿元，同比增长 7.4%，25Q1 增加 9.7 万亿元（余额变动口径，下同），其中： 1）个人贷款：25Q1 增加 1.04 万亿元，同比少增 3014 亿元，其中住房贷 款增加 2200 亿元，同比多增 2000 亿元 ...

证券研究报告 | 行业研究简报 gszqdatemark 2025 06 01 年 月 日 煤炭开采 印尼 2025 年原煤产量或将下降 本周全球能源价格回顾。截至 2025 年 5 月 30 日，原油价格方面，布伦 特原油期货结算价为 63.9 美元/桶，较上周下跌 0.88 美元/桶（-1.36%）； WTI 原油期货结算价为 60.79 美元/桶，较上周下跌 0.74 美元/桶（- 1.20%）。天然气价格方面，东北亚 LNG 现货到岸价为 11.80 美元/百万 英热，较上周下降 0.77 美元/百万英热（-6.1%）；荷兰 TTF 天然气期货 结算价 33.75 欧元/兆瓦时，较上周下降 2.90 欧元/兆瓦时（-7.9%）；美 国 HH 天然气期货结算价为 3.45 美元/百万英热，较上周上涨 0.11 美元/ 百万英热（+3.4%）。煤炭价格方面，欧洲 ARA 港口煤炭（6000K）到岸 价 91 美元/吨，较上周下跌 0 美元/吨（-0%）；纽卡斯尔港口煤炭（6000K） FOB 价 218.9 美元/吨，较上周上涨 0 美元/吨（+0%）；IPE 南非理查兹 湾煤炭期货结算价 88.40 美 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Viewpoints - The report emphasizes the urgent need for transformation and upgrading in the steel structure industry, highlighting the demand for automation and intelligent upgrades due to the challenges of manual welding processes [1][16] - The company has significantly increased its investment in welding robots, with R&D expense ratios rising to 2.97% and 3.44% for 2023 and 2024 respectively, indicating a commitment to technological advancement [2][17] - The welding robots are expected to enhance product quality, reduce costs, increase production capacity, and create new revenue streams through external sales of robotic products [4][23] Summary by Sections Industry Overview - The steel structure processing industry faces challenges such as high labor costs, resource shortages, and inconsistent product quality due to reliance on manual welding [1][16] - The Chinese government has set goals for the development of intelligent construction, aiming for over 50% CNC rate in key processes by 2035 [1][16] Company Development - The company has been actively developing and deploying welding robots, with nearly 2000 units expected to be operational by the end of 2024 [2][17] - The company has successfully developed its own "arc welding robot control system," which is now in use across its production bases [2][17] Technical Milestones - The company has overcome significant technical barriers in welding robot development, having recently applied for a patent for a new type of welding robot [3][21] - The report outlines four levels of welding complexity, with the company currently having surpassed the second level [3][21] Economic Benefits - Cost reduction is projected at 88 RMB per ton, with an annual savings of 400 million RMB from replacing manual welders with robots [9][24] - Production capacity is expected to double, potentially reaching 936 million tons, leading to an estimated increase in net profit of 12.5 billion RMB [10][25] Financial Projections - The company’s projected net profits for 2025-2027 are 8.7 billion, 10.4 billion, and 12.5 billion RMB, reflecting growth rates of 13%, 20%, and 20% respectively [11][27] - The current stock price corresponds to a P/E ratio of 15, 12, and 10 for the years 2025, 2026, and 2027 [11][27]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [6]. Core Insights - The report highlights the strong performance of the pharmaceutical sector, with the Shenwan Pharmaceutical Index increasing by 2.21% during the week of May 26-30, outperforming both the ChiNext Index and the CSI 300 Index [11][12]. - It emphasizes the ongoing bullish trend in innovative drugs, suggesting that they are becoming a "reverse asset" in the current market environment, and encourages investors to continue buying into innovative drugs [13][14]. - The report outlines three main investment themes: "China Supermarket," "Revaluation of Generic Big Pharma," and "Small and Medium-Sized Value Pipeline" [13][14]. Summary by Sections Industry Performance - The pharmaceutical sector has shown resilience and strong performance amidst market fluctuations, particularly in innovative drugs and CRO/CDMO segments [12][13]. - The report notes that innovative drugs are expected to remain a focal point for market performance due to their underlying industry trends [13]. Future Outlook - The report anticipates a positive trading atmosphere for the pharmaceutical industry in 2025, with structural bull markets being a high probability [14]. - Key investment strategies include focusing on innovative drugs, new technologies like brain-computer interfaces, and self-sufficiency in the supply chain [14]. Investment Strategy - Specific recommendations for innovative drugs include major players such as Kelun Pharmaceutical, Innovent Biologics, and BeiGene, as well as small and medium-sized companies like Sihuan Pharmaceutical and Zai Lab [15]. - The report also identifies new technology investments in brain-computer interfaces and AI in healthcare, with companies like Weisi Medical and JD Health highlighted [16]. - For self-sufficiency and supply chain restructuring, companies such as BGI Genomics and Mindray Medical are recommended [16]. Key Areas of Focus - The report identifies three major areas for potential out-licensing deals: PD-(L)1 Plus, TCE bispecific antibodies, and weight loss drugs, which are expected to generate significant future transactions [22][25]. - It emphasizes the potential of FGF21 as a promising target in weight loss, metabolic syndrome, and lipid-lowering therapies [28].