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 [22]. Core Insights - As of Q1 2025, the accumulated fund scale of enterprise annuities reached 3.73 trillion, reflecting a quarter-on-quarter growth of 2.38% from the end of 2024, although the growth rate has decreased by 1.2 percentage points [2][4]. - The newly disclosed three-year cumulative return rate for enterprise annuities stands at 7.46%, primarily driven by long-term investment behavior influenced by relevant policy guidance [4][10]. - The number of enterprises establishing annuities has increased to 168,200, a rise of 5.62% from the end of 2024, with the number of participating employees growing by 1.51% to 32.91 million [2][10]. Summary by Sections Fund Scale and Growth - The enterprise annuity fund scale reached 3.73 trillion as of Q1 2025, with a quarter-on-quarter growth of 2.38% [2]. - The number of enterprises with annuities increased to 168,200, marking a 5.62% rise from the previous year [2]. Cumulative Returns - The three-year cumulative return rate for enterprise annuities is 7.46%, with single plans showing a return of 7.42% and collective plans at 7.82% [5][10]. - Fixed income portfolios yielded a return of 10.54%, outperforming the average by 3.08 percentage points, while equity-inclusive portfolios returned 7.06%, slightly below the average [5]. Market Outlook - The enterprise annuity sector is expected to continue its growth trend, benefiting from a structural market favoring small-cap growth and technology stocks in Q1 2025 [10]. - The long-term assessment of returns is anticipated to drive investment behaviors towards a balanced approach between absolute and relative returns, leading to a "steady progress" investment style [10].

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].

Employment Market - The employment market is showing structural weakness, with a significant cooling in supply-demand relationships. The job vacancy rate is currently at 4.4%, which is at the 12th percentile since 2018, slightly below the 4.5% average from 2018-2019[3] - The labor force participation rate is at 62.4%, at the 38th percentile since 2018, indicating weaker labor supply compared to pre-pandemic levels[3] - The ratio of job vacancies to unemployment (V/U) is currently at 1.0, at the 6th percentile since 2018, reflecting a significant cooling in labor market supply-demand relationships[3] Inventory and Investment - The U.S. is currently in a weak inventory replenishment cycle, with inventory year-on-year growth turning positive in 2024 but at a weak pace[5] - Leading indicators suggest that non-residential investment may continue to decline in the next six months, as manufacturing PMI and new orders are both weak[6] - The probability of large-scale inventory replenishment by businesses in the U.S. is low, as indicated by three leading indicators: manufacturing PMI, OECD leading indicators, and the self-inventory to customer inventory ratio[8] Consumer Spending - Consumer spending capacity is weakening, with disposable income growth slowing to 4.2% in Q1 2025, below the 5.2% average from 2018-2019[10] - The wealth effect has diminished significantly, with excess wealth dropping from $14.9 trillion in Q4 2024 to $11.1 trillion in Q1 2025, a decline of 26%[10] - Despite reduced spending capacity, the risk of consumer liquidity issues is low due to healthy household balance sheets and low interest payment pressures[11] Financial Conditions - Financial conditions are currently in a loose state, as indicated by the Bloomberg Financial Conditions Index and the Chicago Fed National Financial Conditions Index (NFCI)[12] - Recent fluctuations in financial conditions were influenced by tariff policies, but conditions have returned to a more accommodative stance since early May 2025[12]

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].

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@ ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [6][57]. Core Insights - The report expresses a positive outlook on the aviation sector, particularly regarding the upcoming summer travel season, driven by improved demand and operational metrics [8]. - Key factors supporting this outlook include resilient domestic demand, ongoing recovery in international routes, and supply constraints in the market [8]. - The report highlights specific airlines, such as Huaxia Airlines and Spring Airlines, as leaders in the domestic regional market, while also noting the potential for China National Aviation to release elasticity in operations [8]. Summary by Sections Airline Data Analysis - In May, the overall ASK (Available Seat Kilometers) growth rates were led by Spring Airlines (11.5%), followed by Eastern Airlines (9.3%) and Southern Airlines (5.0%) [2]. - For RPK (Revenue Passenger Kilometers), Eastern Airlines showed the highest growth at 15.4%, with Spring Airlines at 11.7% [2]. - Cumulative data from January to May indicates Spring Airlines leading in ASK growth (8.9%) and Eastern Airlines in RPK growth (12.7%) [2]. Domestic and International Routes - Domestic routes in May saw Spring Airlines with an ASK growth of 10.9% and RPK growth of 12.0% [3]. - Internationally, Juneyao Airlines led with an ASK growth of 50.1% and RPK growth of 66.7% in May [3]. - Cumulative data for international routes from January to May shows Juneyao Airlines with a significant ASK growth of 69.5% and RPK growth of 71.2% [3]. Load Factor and Fleet Size - The load factor in May was highest for Spring Airlines at 91.1%, with a year-on-year increase of 0.1 percentage points [4]. - The total fleet size of the five listed airlines increased by 6 aircraft in May, with a year-on-year growth of 3.1% [4]. Market Performance - The aviation sector's total market capitalization is reported at 730.725 billion yuan, with a circulating market value of 514.519 billion yuan [6]. - The absolute performance of the sector over the last month was -3.3%, while the relative performance was +2.8% [6].

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints The report is a daily tracking of the convertible bond market on June 16, 2025. It shows that the convertible bond market had an incremental increase with a rising valuation. The market sentiment was positive, and different market segments and industries had varying performance [1]. 3. Section Summaries Market Overview - Index performance: The CSI Convertible Bond Index rose 0.25%环比, the Shanghai Composite Index rose 0.35%环比, the Shenzhen Component Index rose 0.41%环比, the ChiNext Index rose 0.66%环比, the SSE 50 Index rose 0.32%环比, and the CSI 1000 Index rose 0.68%环比 [1]. - Market style: Large-cap value stocks were relatively dominant. Large-cap growth stocks decreased 0.07%环比, large-cap value stocks rose 0.60%环比, mid-cap growth stocks decreased 0.46%环比, mid-cap value stocks decreased 0.05%环比, small-cap growth stocks rose 0.19%环比, and small-cap value stocks rose 0.12%环比 [1]. - Fund performance: The trading sentiment in the convertible bond market heated up. The trading volume of the convertible bond market was 69.048 billion yuan, a 10.96%环比 increase. The total trading volume of the Wind All A was 1.243641 trillion yuan, a 17.31%环比 decrease. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 2.73 billion yuan, and the yield of the 10-year treasury bond decreased 0.08bp环比 to 1.64% [1]. Convertible Bond Price and Valuation - Bond price: The central price of convertible bonds increased, and the proportion of high-price bonds rose. The weighted average closing price of convertible bonds was 119.96 yuan, a 0.23%环比 increase. Among them, the closing price of equity-biased convertible bonds was 164.50 yuan, a 0.60%环比 increase; the closing price of debt-biased convertible bonds was 111.58 yuan, a 0.11%环比 increase; the closing price of balanced convertible bonds was 121.14 yuan, a 0.13%环比 increase. The proportion of bonds with a closing price above 130 yuan was 24.47%, a 0.9pct环比 increase [2]. - Bond valuation: The valuation increased. The fitted conversion premium rate of 100-yuan par value was 22.85%, a 0.15pct环比 increase; the overall weighted par value was 89.88 yuan, a 0.58%环比 increase. The premium rate of equity-biased convertible bonds was 4.58%, a 0.20pct环比 increase; the premium rate of debt-biased convertible bonds was 91.56%, a 0.52pct环比 increase; the premium rate of balanced convertible bonds was 19.24%, a 0.40pct环比 decrease [2]. Industry Performance - Stock market: Among the A-share markets, the top three industries with the highest increases were media (+2.70%), communication (+2.11%), and computer (+1.99%); the top three industries with the highest decreases were agriculture, forestry, animal husbandry and fishery (-0.76%), beauty care (-0.49%), and non-ferrous metals (-0.43%) [3]. - Convertible bond market: A total of 22 industries in the convertible bond market rose. The top three industries with the highest increases were computer (+2.30%), building materials (+1.97%), and basic chemicals (+1.10%); the top three industries with the highest decreases were environmental protection (-1.56%), light industry manufacturing (-0.46%), and petroleum and petrochemicals (-0.25%) [3]. Industry Rotation Media, communication, and computer led the rise in the industry rotation. The report also provides detailed information on the daily, weekly, monthly, and year-to-date increases of stocks and convertible bonds in various industries, as well as the valuation quantiles of stocks [55].

Investment Rating - The report maintains a "Recommended" rating for the wind power industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [33]. Core Insights - The report highlights significant developments in the wind power sector, including a total of 48.5GW of wind turbines awarded in 2025, with offshore and onshore projects accounting for 6.8GW and 41.7GW respectively [10][17]. - The average bidding price for offshore wind turbines is reported at 2357 CNY/kW, while onshore turbines average 1977 CNY/kW [10][13]. - The report identifies three main investment themes: high domestic offshore wind project reserves, increased onshore wind bidding activity, and regional growth in overseas installations [18]. Summary by Sections Wind Turbine Data - In the week of June 9-15, 2025, 0.5GW of offshore wind projects were awarded in Guangdong, with an average price of 2357 CNY/kW [10][8]. - The total awarded wind turbines for 2025 so far is 48.5GW, with a breakdown of 6.8GW offshore and 41.7GW onshore [10][17]. Offshore Wind Progress - As of June 15, 2025, there are 68GW of competitive allocation, 16GW approved, 7GW of turbine bidding, 9GW of submarine cable bidding, and 15GW under construction for offshore wind projects [17][18]. - Guangdong, Shandong, and Fujian are noted for having the highest number of existing projects [17]. Investment Recommendations - The report suggests focusing on three investment lines: high reserves of domestic offshore wind projects, increased bidding for onshore wind, and growth in overseas installations [18]. - Companies to watch include Mingyang Smart Energy, Oriental Cable, Zhongtian Technology, and others [18].

Funding Supply - The newly established shares of equity public funds decreased significantly to 1.1 billion yuan, down from 9.5 billion yuan, representing a 29% percentile over the past three years[4] - The net inflow of margin financing increased to 7.9 billion yuan, compared to 6.9 billion yuan, maintaining a 72% percentile over the past three years[4] - The net subscription of stock ETFs was -18.1 billion yuan, marking a low of 6% over the past three years[4] Funding Demand - Equity financing rose to 5.7 billion yuan, reaching a 30% percentile over the past three years[4] - The net outflow of industrial capital increased to 4.6 billion yuan, representing a 56% percentile over the past three years[4] - The net inflow of southbound funds was 14.2 billion yuan, continuing a trend of over 10 billion yuan weekly for four consecutive weeks, with a 69% percentile over the past three years[4] Market Trends - The total market value of restricted shares released was 62.4 billion yuan, significantly up from 28.9 billion yuan, at a 56% percentile over the past three years[4] - The trading heat in the medical services sector rose to a high of 92%, while the military industry saw a significant drop of 14 percentage points to 77%[39][42] - The overall sentiment in ETF funding is at a low point, with a notable outflow indicating bearish market conditions[19]

Policy Developments - The Chinese government is promoting the replication of pilot measures from the Shanghai Free Trade Zone to enhance institutional openness while maintaining risk control[2] - Shenzhen is set to expand its reform and innovation tasks in finance, low-altitude economy, data, and pharmaceuticals, allowing companies from the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange[2][3] - The Ministry of Commerce plans to revise and expand the "Encouragement Directory for Foreign Investment" to facilitate foreign investment and reinvestment in China[3] Economic Measures - The government aims to stabilize the real estate market by activating demand and optimizing supply, with a focus on risk mitigation[7][22] - The Ministry of Industry and Information Technology is addressing issues in the automotive sector, including reducing "involution" in the new energy vehicle industry and ensuring payment terms do not exceed 60 days[7] - A new policy aims to improve social security and public services, including raising the minimum wage and expanding access to quality education[8][27] Trade Relations - The U.S. has agreed to impose a 55% tariff on Chinese goods, while China will maintain a 10% tariff on U.S. imports, continuing to export magnets and rare earth materials to the U.S.[8][30] - The Chinese government emphasizes the importance of maintaining fair competition and equal treatment for foreign enterprises operating in China[32]