Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Viewpoints - The report highlights that from January to April, the newly installed capacity for wind and solar energy reached 125GW, emphasizing the value of flexible adjustment resources in thermal power [10] - The report suggests focusing on key thermal power stocks such as Huadian International, Huaneng International, Datang Power, and Jiantou Energy, as well as leading thermal power renovation equipment manufacturers like Qingda Environmental Protection [3] - It is recommended to prioritize undervalued green energy sectors, particularly in Hong Kong stocks and wind power operators, with a focus on Xintian Green Energy (H), Longyuan Power (H), Zhongmin Energy, and Funeng Shares [3] Summary by Sections Industry Overview - As of the end of April, the total installed power generation capacity in the country reached 3.49 billion kilowatts, a year-on-year increase of 15.9%. Solar power capacity was 990 million kilowatts, up 47.7%, and wind power capacity was 540 million kilowatts, up 18.2% [10] - In April, the total electricity consumption increased by 4.7%, with total consumption reaching 772.1 billion kilowatt-hours, marking a 4.7% year-on-year growth [10] - The report notes that the growth rate of electricity generation in April was 0.9%, with significant increases in wind and solar power generation [10] Key Stocks - The report lists several key stocks with their respective ratings and earnings per share (EPS) projections for 2024 to 2027, including: - Zhejiang Energy Power (Buy) with an EPS of 0.58 in 2024 - Anhui Energy Power (Buy) with an EPS of 0.91 in 2024 - Guodian Power (Buy) with an EPS of 0.55 in 2024 - Huaneng International (Buy) with an EPS of 0.65 in 2024 - Qingda Environmental Protection (Buy) with an EPS of 0.76 in 2024 [7] Market Performance - The report indicates that during the week of May 19-23, the Shanghai Composite Index closed at 3,348.37 points, down 0.57%, while the CSI 300 Index closed at 3,882.27 points, down 0.18%. The CITIC Power and Utilities Index rose by 0.45%, outperforming the CSI 300 Index by 0.62 percentage points [56]

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for investment opportunities [5]. Core Insights - The AI ecosystem is undergoing a comprehensive upgrade, with significant advancements in models such as Google's Gemini series and Anthropic's Claude 4, which enhance capabilities in coding, reasoning, and multi-modal applications [3][42]. - The demand for computational power is a critical foundation for the deployment of AI agents, driven by the need for long context processing, external data integration, and complex task verification [3][42][51]. Summary by Sections Google I/O Conference Highlights - Google's I/O conference showcased upgrades in the AI ecosystem, including the Gemini series models, which excel in academic benchmarks and multi-modal reasoning [11][12]. - The introduction of new models like Gemini Diffusion and enhancements in video generation capabilities with Veo 3 and Imagen 4 were highlighted [20][21]. Claude 4 Model Release - Anthropic launched Claude 4, featuring Claude Opus 4 and Claude Sonnet 4, which set new standards in coding and reasoning capabilities [31][32]. - Claude Opus 4 is recognized as the leading coding model, excelling in complex tasks and long-duration operations [32][36]. Agent Industry Development - The report emphasizes the accelerated development of the agent industry, with significant breakthroughs in capabilities allowing agents to handle more complex and specialized tasks [3][42]. - The integration of multi-modal capabilities and the introduction of hardware like Android XR smart glasses and Google Beam are expected to enhance agent applications [24][25][43]. Computational Power Focus - A list of companies to watch in the computational power sector includes major players like Alibaba, Cambricon, and Huagong Technology, indicating a strong focus on the infrastructure needed to support AI advancements [4][52]. - The report outlines the substantial computational requirements for training and deploying AI models, emphasizing the need for robust hardware to meet increasing demands [51]. Recommendations - The report suggests a focus on companies involved in computational power and AI agents, highlighting potential investment opportunities in this rapidly evolving sector [4][52].

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for the sector's performance relative to the benchmark index [5]. Core Insights - The AI ecosystem is undergoing a comprehensive upgrade, with significant advancements in models such as Google's Gemini series and Anthropic's Claude 4, enhancing capabilities in coding, reasoning, and multi-modal applications [3][42]. - The demand for computational power is a critical foundation for the deployment of AI agents, driven by the need for complex task handling, external data integration, and multi-modal processing [3][42]. - The report highlights the importance of hardware and software collaboration in promoting the proliferation of AI agents, with new products like Android XR smart glasses and Google Beam enhancing user interaction [42]. Summary by Sections Google I/O Conference Highlights - Google's I/O conference showcased upgrades to the Gemini series, including the Gemini 2.5 Pro model, which achieved a leading ELO score of 1415 in coding benchmarks [11][12]. - The introduction of multi-modal models like Veo 3 and Imagen 4, along with AI tools for video production, marks a significant step in enhancing AI capabilities [20][21]. - AI features are being integrated into Google Workspace, facilitating improved user experiences across applications like Gmail and Meet [27]. Claude 4 Model Release - Anthropic's Claude 4, featuring Claude Opus 4 and Claude Sonnet 4, sets new standards in coding and reasoning capabilities, with Opus 4 excelling in complex tasks and long-duration operations [31][32]. - The models are designed for integration into various development workflows, supporting major IDEs and enhancing coding efficiency [41]. Agent Industry Development - The report emphasizes the accelerated development of the agent industry, driven by advancements in foundational models and the increasing complexity of tasks that agents can handle [3][42]. - The integration of multi-modal capabilities and the introduction of new hardware solutions are expected to expand the application scenarios for AI agents [42]. Recommended Companies to Watch - Companies in the computational power sector include Cambricon, Alibaba, and Inspur, among others, which are positioned to benefit from the growing demand for AI infrastructure [4][52]. - In the agent space, notable companies include Kingsoft Office, Kingdee International, and Yonyou Network, which are actively developing AI-driven solutions [7][52].

Investment Rating - The report indicates a positive outlook for the C-REITs market, suggesting investment opportunities in the context of a low interest rate environment expected by 2025 [5]. Core Insights - The C-REITs market has shown resilience with the C-REITs total return index increasing by 1.20% in the week ending May 23, 2025, outperforming other indices [1][10]. - Year-to-date, the C-REITs total return index has risen by 12.59%, indicating strong performance compared to other market indices [2][10]. - The report highlights that transportation infrastructure and logistics sectors are performing particularly well, while the ecological and environmental sectors have seen slight pullbacks [3][12]. Summary by Sections REITs Index Performance - The C-REITs total return index closed at 1089.7 points, with a weekly increase of 1.20% [1][10]. - Year-to-date performance shows a 12.59% increase in the total return index, while the C-REITs closing index has risen by 10.08% [2][10]. Secondary Market Performance - The secondary market for C-REITs has experienced an upward trend, with a total market capitalization of approximately 196.34 billion yuan and an average market cap of about 3 billion yuan per REIT [3][12]. - A total of 46 REITs increased in value while 18 declined, with an average weekly increase of 1.49% [3][12]. Trading Activity - The logistics sector has shown the highest trading activity, with an average daily trading volume of 2.021 million shares and a turnover rate of 0.9% [4][12]. - The top three REITs by turnover rate include 华夏特变电工新能源 REIT, 国泰君安临港创新产业园 REIT, and 招商基金公路高速公路 REIT [4]. Valuation Performance - The internal rate of return (IRR) for the top-performing REITs includes 华夏中国交建 REIT at 11.1%, 平安广州广河 REIT at 10.7%, and 中金安徽交控 REIT at 8.3% [5]. - The price-to-net asset value (P/NAV) ratio for leading REITs ranges from 0.7 to 1.8, with 中金厦门安居 REIT and 嘉实中国电建清洁能源 REIT both at 1.8 [5].

证券研究报告 | 行业周报 gszqdatemark 2025 05 25 年 月 日 通信 来自 Core Weave 的视角：AI 算力新物种 事件：美国 AI 基础设施服务商 CoreWeave 自 3 月末上市以来，股价 不到两月实现涨幅 156.9%的优异表现；同时 5 月初至 5 月 23 日涨幅 达 148.8%。根据首次上市以来首次披露的财报，公司 25Q1 营收 9.8 亿美元，同比增长 420%，市场预期 8.5 亿美元；公司 25 全年营收指 引为 49-51 亿美元，同比增长超 360%。 【公司定位：英伟达支持，新兴云计算服务提供商】 公司成立于 2017 年，目前为提供 GPU 云服务的 AI 基础设施提供商， 英伟达为其主要支持者之一。公司通过租赁英伟达高端 GPU 芯片（如 H100、Blackwell 架构产品），为 OpenAI、微软、Meta 等客户提供高 性能算力支持。截至 2024 年底，其全球 32 个数据中心部署超 25 万 块英伟达 GPU，接近 Meta 的囤卡规模。根据英伟达最新 13G 报告， 英伟达持有 CoreWeave2418 万股，比例为 7%，为 ...

证券研究报告 | 行业周报 gszqdatemark 2025 05 25 年 月 日 房地产开发 2025W21：本周新房成交同比+1.6%，4 月全国房价延续阴跌 4 月全国房价延续阴跌，二手房价格回到 3 月以前接近普跌的状态。4 月 70 城新房房价环比-0.1%，同比-4.5%。一线、二线、三线城市环比分别 +0.0%、+0.0%、-0.2%。新房价格环比上涨 22 城（-2，较上月变化，下 同），环比下跌 45 城（+4）。二手房方面，4 月 70 城二手房房价环比-0.4%， 跌幅较上月扩大，同比-6.8%。一线、二线、三线城市环比分别-0.2%、- 0.4%、-0.4%。二手房价格环比上涨 5 城（-5），环比下跌 64 城（+8）。 行情回顾：本周申万房地产指数累计变动幅度为-1.5%，落后沪深 300 指 数 1.29 个百分点，在 31 个申万一级行业排名第 23 名。 新房：本周 30 个城市新房成交面积为 215.1 万平方米，环比提升 9.5%， 同比提升 1.6%，其中样本一线城市的新房成交面积为 55.4 万方，环比- 7.8%，同比+20.5%；样本二线城市为 93.7 万方 ...

Investment Rating - The report maintains a "Buy" rating for the non-ferrous metals sector [3]. Core Views - The report highlights the impact of U.S. tariff policies and a weak dollar on gold's safe-haven appeal, suggesting that uncertainty in tariff policies may elevate gold's attractiveness [1][34]. - The copper market is experiencing a period of volatility, with prices remaining in a consolidation phase due to macroeconomic uncertainties and inventory dynamics [2]. - The aluminum market is supported by favorable domestic macro policies and declining social inventories, which are expected to bolster aluminum prices [2]. - The lithium sector is facing challenges with low prices leading to production cuts, indicating that the industry still needs to find a bottom [2]. - The silicon metal market is characterized by weak demand and oversupply, leading to a bearish price outlook in the short term [2]. Summary by Sections Non-Ferrous Metals - Gold: The weak dollar and U.S. tariff uncertainties are expected to support gold prices, with recent declines attributed to market corrections [1][34]. - Copper: The market is observing a mixed macroeconomic environment, with a recent PMI reading of 52.3 indicating resilience, but concerns about future economic prospects persist [2]. - Aluminum: Domestic policies are favorable, and social inventories are decreasing, which is expected to support aluminum prices [2]. Industrial Metals - Copper: Current inventory levels are at 552,000 tons, with a slight decrease of 20,000 tons week-on-week, providing some support for prices [2]. - Aluminum: The theoretical operating capacity of the aluminum industry has increased to 43.865 million tons, with production recovery in certain regions [2]. Energy Metals - Lithium: Prices for lithium carbonate have decreased, with industrial-grade lithium carbonate at 61,000 yuan/ton, reflecting a 2.2% drop [2]. - Silicon Metal: The market is facing a supply-demand imbalance, with social inventory at 582,000 tons, indicating a bearish price outlook [2]. Key Stocks - Recommended stocks include Zijin Mining, Shandong Gold, and Chifeng Jilong Gold for gold; Luoyang Molybdenum and China Hongqiao for aluminum; and Ganfeng Lithium and Tianqi Lithium for lithium [1][2][6].

Investment Rating - The report maintains an "Overweight" rating for the industry [6]. Core Insights - The AI industry is currently in a growth cycle, benefiting from continuous optimization of foundational models and the positive interaction between AI applications and models [1][2]. - Google has launched several AI models and XR devices, emphasizing the deep integration of AI and XR technologies, which accelerates the commercialization process [1][2]. - The Gemini series models have become the core focus, with the 2.5 Pro version leading in academic benchmarks and global rankings [11][12]. Summary by Sections AI Integration and Model Development - Google I/O 2025 showcased the comprehensive upgrades to the Gemini models, particularly the 2.5 Pro, which excels in performance and learning assistance [11]. - The introduction of the Gemini Diffusion model aims to enhance inference speed and creativity in text generation, achieving five times the speed of previous models [15]. - The programming assistant Jules integrates with user codebases to assist in various coding tasks, enhancing developer productivity [17][19]. XR Device Development - Google and XREAL have collaborated to develop Project Aura, a new Android XR device utilizing optical see-through technology and Qualcomm Snapdragon XR chips [3][53]. - The device features Gemini's multimodal assistant, enabling real-time environmental analysis and user interaction [56]. AI Shopping and Search Enhancements - Google has introduced a new AI shopping experience that integrates Gemini with Shopping Graph, providing users with extensive product information and virtual try-on capabilities [44]. - The AI Overviews feature in Google Search has been upgraded to cover over 200 countries and support more than 40 languages, improving user search experiences [35][38]. Future Outlook - The report highlights the potential for Gemini to evolve into a universal AI assistant, capable of managing daily tasks and enhancing user productivity [15]. - The strategic partnerships with fashion brands for Project Aura indicate a focus on the stylish attributes of smart glasses, positioning Google as a strong competitor in the AR hardware market [60].

证券研究报告 | 行业周报 gszqdatemark 2025 05 25 年 月 日 事件：美国 AI 基础设施服务商 CoreWeave 自 3 月末上市以来，股价 不到两月实现涨幅 156.9%的优异表现；同时 5 月初至 5 月 23 日涨幅 达 148.8%。根据首次上市以来首次披露的财报，公司 25Q1 营收 9.8 亿美元，同比增长 420%，市场预期 8.5 亿美元；公司 25 全年营收指 引为 49-51 亿美元，同比增长超 360%。 【公司定位：英伟达支持，新兴云计算服务提供商】 公司成立于 2017 年，目前为提供 GPU 云服务的 AI 基础设施提供商， 英伟达为其主要支持者之一。公司通过租赁英伟达高端 GPU 芯片（如 H100、Blackwell 架构产品），为 OpenAI、微软、Meta 等客户提供高 性能算力支持。截至 2024 年底，其全球 32 个数据中心部署超 25 万 块英伟达 GPU，接近 Meta 的囤卡规模。根据英伟达最新 13G 报告， 英伟达持有 CoreWeave2418 万股，比例为 7%，为其主要支持者之一。 深度绑定微软、英伟达等科技巨头。公司下游 ...

证券研究报告 | 行业周报 gszqdatemark 2025 05 25 年 月 日 电力设备 1-4 月国内光伏装机同增 75%，金龙羽签订无人机固态电池订单 光伏：1-4 月国内光伏新增装机 104.93GW，同比增长 75%。根据国家能源局 发布的 1-4 月份全国电力工业统计数据。今年 1-4 月，国内新增光伏装机 104.93GW，同比增长 75%。单 4 月新增光伏装机 45.22GW，同比增长 215%。 在抢装背景下，行业需求在前四月大幅增长。当下行业抢装减弱，产业链价格回 调。关注后续产业链产能控制情况。整体供给侧减产积极，关注后续价格修企稳时 机。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、福莱特等。2）新技术背景下带来的中长 期成长性机会，核心关注爱旭股份、聚和材料等。 风电&电网：红海湾六海上风电启动 500KV 海缆招标，丹麦政府重启海上风电补 贴，预期 2025 年秋季启动 3GW 招标。5 月 21 日，深圳能源电子招标投标平台 发布《深能汕尾红海湾六海上风电项目 500kV 海底电缆供货及敷设采购项目招标 公告》。 ...