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科创金融组合拳:陆家嘴论坛点评
Huachuang Securities· 2025-06-18 11:02
证 券 研 究 报 告 【策略快评】 科创金融组合拳 ——陆家嘴论坛点评 科技创新和产业创新融合发展,金融服务加力提速,政策重心或将进一步向新 质生产力倾斜。吴清指出当前金融服务科技创新的短板弱项主要体现在"三个 不完善":一是适应创新规律的资本形成机制不完善。二是满足科技企业全生 命周期金融需求的产品服务体系不完善。三是对创新的激励约束机制不完善。 基于以上"三个不完善",证监会从股权、债权、上市公司质量三个视角推动 金融服务创新。这也是针对近期党政要会加强科技创新部署的落地,4/30 习总 书记强调"十五五"时期,必须把因地制宜发展新质生产力摆在更加突出的战 略位置。5/7 国新办新闻发布会上,央行、金融监管总局、证监会分别从货币、 资本市场等角度强调了金融对科技创新的支持。以新质生产力为代表的科技创 新,尤其是人工智能等战略新兴产业,或将成为下一轮政策支持的重点方向。 股权:深化科创板改革"1+6"政策措施,重启未盈利企业适用科创板第五套 标准上市,培育壮大耐心资本、长期资本。吴清表示要推出科创板进一步深化 改革的"1+6"政策措施。"1"即在科创板设置科创成长层,重启未盈利企业 适用科创板第五套标准上 ...
2025Q1企业年金数据点评:首度披露三年累计收益率(7.46%),企业年金提速扩容
Huachuang Securities· 2025-06-18 01:58
行业研究 证 券 研 究 报 告 2025Q1 企业年金数据点评 首度披露三年累计收益率(7.46%),企业年 推荐(维持) 金提速扩容 华创证券研究所 证券分析师:徐康 电话:021-20572556 邮箱:xukang@hcyjs.com 执业编号:S0360518060005 联系人:陈海椰 邮箱:chenhaiye@hcyjs.com 事项: 6 月 13 日,人社部发布《2025 年一季度全国企业年金基金业务数据摘要》。截至 2025Q1,企业年金积累基金规模达到 3.73 万亿。首度披露近三年累计收益率数据,为 7.46%。 评论: 企业年金稳步增长。截至 2025Q1,企业年金积累基金规模达到 3.73 万亿,环比 2024 年 末增长 2.38%,季度间环比增速降低 1.2pct。从覆盖面来看,建立企业数量达到 16.82 万 个,环比 2024 年末增加 5.62%,季度间环比增速提升 3.18pct;参加职工环比+1.51%至 3291 万人,季度间环比增速提升 0.79pct。 保险Ⅲ 2025 年 06 月 18 日 (1) 分计划类型看,单一计划资产金额占比 89.7%,近三年累计收 ...
人形机器人行业周报(20250609-20250615):全球首个人形机器人智能化分级标准正式发布,武汉设立10亿人形机器人专项基金-20250617
Huachuang Securities· 2025-06-17 14:53
Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [17]. Core Insights - The world's first intelligent grading standard for humanoid robots has been officially released, which is expected to promote the large-scale application of humanoid robots in various sectors such as petrochemical inspection and emergency rescue [4]. - Wuhan has established a special fund of 1 billion yuan to support the humanoid robot industry, aiming to break through innovation risk bottlenecks and enhance the industry's development [4]. - The humanoid robot industry is experiencing rapid advancements, with new technologies being developed and production processes accelerating [4]. Industry Data - The humanoid robot industry consists of 302 listed companies, with a total market value of 48,908.77 billion yuan and a circulating market value of 42,633.07 billion yuan [1]. - The absolute performance of the industry over the past 12 months has increased by 9.8%, while the relative performance has shown a slight increase of 0.2% [2]. Related Developments - The second-generation humanoid robot Codroid 02 was unveiled, showcasing advanced capabilities for industrial tasks and online learning [4]. - Ningbo has introduced policies to promote the humanoid robot industry, including financial support for innovation centers and insurance subsidies for enterprises [4]. - Investment suggestions include companies involved in various components of humanoid robots, such as actuators, sensors, and motors, indicating a broad interest in the sector [4].
美国经济的前瞻指标们
Huachuang Securities· 2025-06-17 12:42
宏观研究 证 券 研 究 报 告 【宏观专题】 美国经济的前瞻指标们 核心结论:近期美国经济硬数据与软数据之间的分歧开始收敛,越来越多的硬 数据开始指向经济下行。本文通过对美国就业、库存、投资、消费、金融条件 五个维度的前瞻指标拆分,总结了当前美国经济的现状与前景:经济呈下行趋 势,但爆发风险的概率不大,结构来看:①就业市场呈结构性弱化,供需关系 显著降温;②当前处于补库存周期,未来大规模补库概率不大;③投资方面企 业投资或继续下行,地产投资难有起色;④居民消费能力减弱,但爆发风险的 概率小;⑤金融条件:处于宽松状态。 1、美国就业市场:呈结构性弱化,供需关系显著降温 就业市场现状:薪资偏强,但就业呈现结构性弱化。根据亚特兰大联储对就业 数据的拆分,将就业数据划分为 5 个维度。从目前的就业数据来看,尽管薪资 增长依然较快(衡量薪资的三个指标均处于过去 10 年 50%-75%分位数水平), 但就业市场的结构性数据提示就业市场已经在弱化,例如就业市场信心指标、 雇主行为指标等普遍弱于过去 10 年 50%分位数。 从就业市场供需关系来评估当前的就业市场现状,可以看到劳动力市场供需 关系显著降温,工作变得不那么 ...
2024全球车企成本分拆:国内车企盈利能力提升,追赶海外车企高盈利
Huachuang Securities· 2025-06-17 10:14
Investment Rating - The report maintains a recommendation for the domestic automotive industry, indicating an improvement in profitability and a pursuit to catch up with overseas automakers [2]. Core Insights - Overseas automakers have a higher average adjusted net profit margin than domestic independent brands by approximately 5 percentage points (PP) in 2024. The trend shows that while overseas automakers experienced a decline in 2023, domestic automakers improved, reflecting similar trends in gross margins [3][21]. - The report highlights that overseas automakers have higher gross margins than domestic independent brands by about 7PP in 2024, with the gap narrowing over recent years [19][21]. - The analysis indicates that domestic automakers are benefiting from the scale-up of new energy vehicle sales, leading to improvements in both gross and net profit margins [10][21]. Summary by Sections 1) Profitability - In 2024, overseas ordinary vehicles are projected to sell 4.79 million units, domestic independent brands 1.7 million units, and overseas luxury vehicles 1.42 million units, showcasing the larger sales volume of overseas automakers [18]. - The report notes that the average adjusted gross margin for overseas luxury vehicles is 21%, overseas ordinary vehicles 20%, and domestic independent brands 13%, with overseas automakers maintaining a significant margin advantage [21][26]. 2) Cost Structure: Input Perspective - The total cost structure for automakers is approximately 100% = COGS 86% + sales expenses 6% + management expenses 3% + R&D expenses 5% + financial expenses 0% [12]. - The report indicates that overseas automakers have higher management and sales expense ratios, primarily due to significantly higher labor costs [4][12]. 3) Cost Structure: Transformation Perspective - The report emphasizes that domestic automakers have increased their investment in sales and R&D, while overseas automakers have seen a decrease in these ratios due to rising material costs [12][22]. - The analysis suggests that despite the current profitability and product structure advantages of overseas automakers, domestic brands are enhancing their competitiveness through electric and intelligent transformations [11][12]. 4) Summary and Investment Recommendations - The report concludes that domestic automakers have substantial growth potential in terms of sales, market share, average selling price (ASP), and profitability, driven by advancements in electric and intelligent vehicle technologies [10][11]. - Recommended stocks include BYD, Geely, Li Auto, and JAC Motors, with a focus on structural opportunities in the short term [10].
多行业联合人工智能6月报:AI与康波-20250617
Huachuang Securities· 2025-06-17 05:45
证 券 研 究 报 告 【策略专题】 AI 与康波——多行业联合人工智能 6 月报 策略研究 策略专题 2025 年 06 月 17 日 华创证券研究所 证券分析师:姚佩 邮箱:yaopei@hcyjs.com 执业编号:S0360522120004 证券分析师:耿琛 电话:0755-82755859 邮箱:gengchen@hcyjs.com 执业编号:S0360517100004 证券分析师:岳阳 邮箱:yueyang@hcyjs.com 执业编号:S0360521120002 证券分析师:吴鸣远 邮箱:wumingyuan@hcyjs.com 执业编号:S0360523040001 证券分析师:刘欣 电话:010-63214660 邮箱:liuxin3@hcyjs.com 执业编号:S0360521010001 证券分析师:欧子兴 邮箱:ouzixing@hcyjs.com 执业编号:S0360523080007 证券分析师:黄麟 邮箱:huanglin1@hcyjs.com 执业编号:S0360522080001 证券分析师:张程航 电话:021-20572543 邮箱:zhangchenghang@ ...
航空行业2025年5月数据点评:5月航空量价向好,积极看待暑运旺季表现
Huachuang Securities· 2025-06-17 05:13
1~5 月累计:ASK 同比:春秋(8.9%) > 东航(7.7%) > 南航(5.7%) > 吉祥(4.7%) > 国航(3.5%) ,RPK 同比:东航(12.7%) > 南航(8.8%) > 春秋(7.9%) > 国航 (5.5%) > 吉祥(5.2%)。 证 券 研 究 报 告 2)国内线:5 月:ASK 同比:春秋(10.9%) > 东航(4.9%) > 国航(2.4%) > 南航 (1.5%) > 吉祥(-11.4%),RPK 同比:春秋(12.0%) > 东航(10.5%) > 国航(6.0%) > 南航(4.7%) > 吉祥(-7.6%); 1~5 月累计:ASK 同比:春秋(2.3%) > 东航(0.9%) > 南航(0.3%) > 国航(- 1.5%) > 吉祥(-9.9%) ,RPK 同比:东航(6.2%) > 南航(3.4%) > 春秋(2.2%) > 国航(1.4%) > 吉祥(-8.0%)。 行业研究 航空行业 2025 年 5 月数据点评 5 月航空量价向好,积极看待暑运旺季表现 ❑ 航司 5 月数据分析: 1)整体来看:5 月:ASK 同比:春秋(11.5%) > 东航(9.3 ...
转债市场日度跟踪-20250616
Huachuang Securities· 2025-06-16 15:13
证 券 研 究 报 告 指数表现:中证转债指数环比上涨 0.25%、上证综指环比上涨 0.35%、深证成 指环比上涨 0.41%、创业板指环比上涨 0.66%、上证 50 指数环比上涨 0.32%、 中证 1000 指数环比上涨 0.68%。 市场风格:大盘价值相对占优。大盘成长环比下降 0.07%、大盘价值环比上涨 0.60%、中盘成长环比下降 0.46%、中盘价值环比下降 0.05%、小盘成长环比 上涨 0.19%、小盘价值环比上涨 0.12%。 资金表现:转债市场成交情绪升温。可转债市场成交额为 690.48 亿元,环比 增长 10.96%;万得全 A 总成交额为 12436.41 亿元,环比减少 17.31%;沪深 两市主力净流出 27.30 亿元,十年国债收益率环比降低 0.08bp 至 1.64%。 转债价格:转债中枢提升,高价券占比提升。转债整体收盘价加权平均值为 119.96 元,环比昨日上升 0.23%。其中偏股型转债的收盘价为 164.50 元,环比 上升 0.60%;偏债型转债的收盘价为 111.58 元,环比上升 0.11%;平衡型转债 的收盘价为 121.14 元,环比上升 0.13 ...
风电行业周报(20250609-20250615):周内广东0.5GW风机开标,均价为2357元/kW-20250616
Huachuang Securities· 2025-06-16 13:13
证 券 研 究 报 告 风电行业周报(20250609-20250615) 周内广东 0.5GW 风机开标,均价为 2357 元/kW 风机数据跟踪:周内海/陆中标均价分别为 2357/1977 元/kW 重点公司盈利预测、估值及投资评级 | | | | EPS(元) | | | PE(倍) | | PB(倍) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 股价(元) | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 东方电缆 | 49.50 | 2.29 | 2.94 | 3.65 | 21.60 | 16.86 | 13.57 | 4.21 | 推荐 | | 中天科技 | 13.50 | 1.04 | 1.17 | 1.29 | 12.98 | 11.55 | 10.49 | 1.21 | 推荐 | | 明阳智能 | 10.04 | 0.71 | 0.94 | 1.16 | 14.12 | 10.70 | 8.66 | 0.88 ...
流动性、交易拥挤度周报:ETF资金情绪低点,南向持续放量-20250616
Huachuang Securities· 2025-06-16 10:16
证 券 研 究 报 告 ETF资金情绪低点,南向持续放量 ——流动性&交易拥挤度周报 2025年6月16日 证券分析师:姚佩 执业编号:S0360522120004 邮箱:yaopei@hcyjs.com 证券分析师:林昊 执业编号:S0360523070007 邮箱:linhao@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点,并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 核心结论 证 券 研 究 报 告 | 资金供给 | | | | | --- | --- | --- | --- | | 资金供给主体(亿元) | 上 期 | 本 期 | 近3年分位 | | 偏股型公募新发份额 | 95 | 11 | 29% | | 两融资金净流入 | 69 | 79 | 72% | | 股票型ETF净申购 | -32 | -181 | 6% | | 上市公司回购 | 80 | 10 | 25% | | 合 计 | 132 | -91 | | | 资金需求 | | | | | 资金需求主体(亿元) | 上 ...