证券研究报告 | 行业周报 gszqdatemark 2025 06 02 年 月 日 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，使用 Deman ...

Group 1: Food and Beverage Industry Overview - The report emphasizes embracing new trends and leading new consumption patterns in the food and beverage sector, with a focus on health upgrades and emerging channels [1] - Investment recommendations include three main lines for liquor: leading brands, high-certainty regional wines, and elastic targets benefiting from recovery [1] - For mass-market products, the report suggests focusing on high growth and strong recovery, identifying companies with high growth logic and those benefiting from policy improvements [1] Group 2: Liquor Sector Insights - Water Margin is optimizing its brand system and product matrix, aiming for a dual-brand strategy targeting different price segments, with a significant increase in consumer engagement [2] - Shede Liquor is focusing on base markets and channel strategies, with expectations of gradual sales improvement despite current pressures [2] - Jiu Gui Jiu is enhancing its sales quality and optimizing product structure, with a strategic focus on key products to improve sales performance [3] Group 3: Beer and Beverage Developments - Chongqing Beer is advancing high-end product offerings and diversifying its beverage portfolio, with a stable performance in beer sales [7] - China Resources Beverage is increasing its self-produced capacity and focusing on developing new beverage products to meet market demand [7] - Guyue Longshan is adjusting prices to enhance brand value and is pursuing a national expansion strategy alongside international market penetration [8] Group 4: Food Sector Trends - Zhongju High-tech is reforming its operations and exploring mergers to enhance revenue in the competitive seasoning market [9] - Richen Foods is focusing on customer needs and pursuing both organic growth and acquisitions to drive its business strategy [9] - Ganyuan Foods is expanding its product channels and exploring overseas markets, with gradual results expected [9] Group 5: Health and Functional Products - Jia Biyou is enhancing its market share in infant formula and expanding overseas partnerships with major clients [10] - Zhou Hei Ya is stabilizing its single-store performance and expanding its distribution channels, with plans for further market expansion [11] - Anji Foods is shifting its sales strategy towards product-driven growth, focusing on high-margin products to improve profitability [11]

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 ...

Investment Rating - The report maintains an "Overweight" rating for the electricity industry [3]. Core Viewpoints - The introduction of the green electricity direct connection policy aims to facilitate the consumption of green electricity, allowing renewable energy sources to connect directly to users without going through the public grid [6][11]. - The Inner Mongolia region has officially released a market-oriented pricing scheme for renewable energy, allowing negative electricity prices in the real-time market [7][11]. - The report highlights the importance of flexible adjustment power sources as the electricity market continues to deepen its marketization [7]. Summary by Sections Industry Overview - The report notes that the Shanghai Composite Index closed at 3347.49 points, down 0.03%, while the CSI 300 Index closed at 3840.23 points, down 1.08%. The CITIC Power and Utilities Index rose by 0.58%, outperforming the CSI 300 by 1.66 percentage points [5][55]. Green Electricity Policy - The green electricity direct connection policy was launched to address the consumption of green electricity, allowing renewable energy to be supplied directly to users through dedicated lines [6][11]. - The policy categorizes market participants into new loads, existing loads, export-oriented enterprises with carbon reduction needs, and projects unable to connect to the grid [6][11]. - The report specifies that the self-consumption of renewable energy should account for at least 60% of the total available generation by 2030, with a maximum of 20% allowed for grid feed-in [6][11]. Market Dynamics - The report indicates that the coal price remains stable at 620 yuan per ton [12]. - The Three Gorges Reservoir's inflow and outflow have decreased by 17.97% and 30.86% year-on-year, respectively [33]. - The report mentions a decline in silicon material prices, with the current price at 36 yuan/kg, down by 1 yuan/kg, while mainstream silicon wafer prices remain stable at 1.12 yuan/piece [43]. Carbon Market - The national carbon market saw a 1.37% decrease in trading prices, with a total trading volume of 2.1223 million tons and a total transaction value of 146 million yuan for the week [52]. Key Stocks - The report recommends focusing on stocks with high proportions of existing projects and short-term revenue certainty, as well as those with long-term cost reduction and efficiency advantages in the green electricity sector [7]. - Specific stocks highlighted include Huadian International, Huaneng International, Datang Power, and Jianou Energy, among others [7][8].

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 ...

Investment Rating - Maintain "Add" rating for the industry [7] Core Insights - NVIDIA's FY26Q1 performance exceeded expectations, validating the long-term demand for AI computing power, with revenues reaching $44.1 billion, a 12% increase quarter-over-quarter and a 69% increase year-over-year [12][13] - The demand for AI infrastructure is rapidly increasing, as evidenced by CoreWeave's stock price surge from $44.32 to $111.31 within a month, highlighting the strong market for high-performance computing [18] - Major cloud providers are enhancing their capabilities to accelerate AI application deployment, with significant upgrades in computing power and infrastructure [21][27][36] Summary by Sections NVIDIA Performance - NVIDIA reported $44.1 billion in revenue for FY26Q1, with data center revenue growing 73% year-over-year, driven by the Blackwell chip contributing 70% of this segment's income [12][13] - The company is expanding its data center footprint, including a new facility in the UAE [12] Cloud Providers' Upgrades - Fire Mountain Engine launched new AI models and is set to hold a major conference to showcase further advancements [21] - Alibaba Cloud upgraded its ECS to the ninth generation, achieving a 20% increase in computing power while reducing prices by 5% [27] - Huawei Cloud introduced the CloudMatrix 384 super node, enhancing its computing architecture to meet AI demands [36] Demand for Computing Power - The report emphasizes that the demand for computing power is critical for the development of AI agents, which require substantial resources for training and real-time processing [40][48] - The increasing complexity of AI models and the need for multi-modal data processing are driving up the demand for computing resources [44][48] Investment Opportunities - Suggested companies to watch in the computing sector include Cambricon, Alibaba, and Inspur Information, among others [4][50] - In the AI agent space, companies like Kingsoft Office and Yonyou Network are highlighted as potential investment opportunities [4][50]

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 ...