Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [49]. Core Viewpoints - The report expresses a positive outlook on the IP toy sector, highlighting its long-term growth potential driven by diverse product categories. The recent success of the "Jinli Naju" limited edition merchandise from Alibaba Pictures during the Dragon Boat Festival is noted as a significant indicator of market interest [5][6]. - The media sector is currently experiencing a resurgence in AI applications, with a focus on cultural confidence stemming from popular IPs like "Nezha." The report anticipates a reshaping of the application landscape in 2023, particularly in public cloud services and B-end SaaS enterprises [5][6]. - The gaming market is highlighted as a key area of interest, with recommendations to focus on companies like Huatuo, Perfect World, and JiBit, driven by product cycles and deepening AI integration [5][6]. Summary by Sections Market Performance Review - The media sector index rose by 1.74% last week, outperforming the CSI 300 index, which fell by 1.08%, resulting in a relative outperformance of 2.82% [8]. - The total market capitalization of the media sector is approximately 1,569.05 billion yuan, with 140 listed companies [2]. Gaming Market - Tencent's games dominate the iOS sales rankings, with "Honor of Kings" and "Peacekeeper Elite" leading the charts. New releases from other companies are also noted, indicating a competitive landscape [16][17]. Film Market - As of May 30, 2025, the film market has achieved a box office of 24.545 billion yuan, recovering approximately 98% of the box office compared to the same period in 2019. The total number of viewers is around 588 million, recovering about 86% [19][22]. - The top films during the week of May 26 to May 30 include "Mission: Impossible 8" and "Lilo & Stitch," with significant box office contributions [26]. Key Company Announcements - Meituan reported a revenue of 86.6 billion yuan for Q1 2025, exceeding market expectations by 18.1%, with a net profit of 10.95 billion yuan, reflecting a year-on-year growth of 46.2% [33]. - Kuaishou's Q1 2025 revenue reached 32.608 billion yuan, showing an 8.8% year-on-year increase, with a net profit of 3.978 billion yuan [34].

Investment Rating - The report assigns a positive outlook for Marvell Technology, indicating strong growth potential driven by AI demand in the data center market [1][2]. Core Insights - Marvell Technology reported FY26Q1 revenue of $1.895 billion, representing a quarter-over-quarter increase of 4% and a year-over-year increase of 63%, surpassing the guidance midpoint of $1.875 billion [2][8]. - The data center market is a significant contributor, with FY26Q1 revenue of $1.44 billion, accounting for 76% of total revenue, driven by the rapid expansion of custom AI chip projects [3][14]. - The company expects FY26Q2 revenue to be approximately $2 billion, reflecting a year-over-year growth of 57.11% and a quarter-over-quarter growth of 5.54% [4][24]. Revenue Situation - FY26Q1 revenue breakdown includes: - Data Center Market: $1.44 billion (QoQ +5%, YoY +76%) - Enterprise Networking Market: $178 million (QoQ +4%, YoY +16%) - Carrier Infrastructure Market: $138 million (QoQ +31%, YoY +93%) - Consumer Market: $63 million (QoQ -29%, YoY +50%) - Automotive and Industrial Market: $76 million (QoQ -12%, YoY -2%) [3][19]. Gross Margin - The Non-GAAP gross margin for FY26Q1 was 59.8%, slightly down from the previous quarter and year, while the GAAP gross margin was 50.3% [4][9]. Inventory and Cash Flow - Inventory at the end of FY26Q1 was $1.07 billion, an increase of $42 million from the previous quarter [4][12]. - The company returned $52 million to shareholders through cash dividends and increased stock buybacks to $340 million in FY26Q1 [10]. FY26Q2 Guidance - For FY26Q2, Marvell expects revenue of around $2 billion, with Non-GAAP gross margin projected between 59% and 60% and GAAP gross margin between 50% and 51% [4][21]. - The company anticipates moderate single-digit percentage growth in the data center market and significant growth in the consumer market, expected to increase by 50% quarter-over-quarter [4][24].

证 券 研 究 报 告 基础化工行业周报（20250526-20250601） 赛轮轮胎印尼及墨西哥工厂首胎下线；本周 推荐（维持） 盐酸、敌草隆、氯化钾价格涨幅居前 行业研究 基础化工 2025 年 06 月 02 日 华创证券研究所 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：郑轶 邮箱：zhengyi@hcyjs.com 执业编号：S0360522100004 证券分析师：陈俊新 邮箱：chenjunxin@hcyjs.com 执业编号：S0360525040001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 489 | 0.06 | | 总市值(亿元) | 42,141.11 | 4.26 | | 流通市值(亿元) | 37,352.82 | 4.75 | 相对指数表现 证券分析师：王鲜俐 邮箱：wangxianli@hcyjs.com 执业编号：S0360522080004 证券分析师：吴宇 邮箱：wuyu1@hcyjs.com 执业编号：S0360524010002 证券分 ...

证 券 研 究 报 告 钢铁行业周报（20250526-20250530） 推荐（维持） 铁水产量持续下行，关注供给收缩节奏 行业观点：需求仍显韧性，后续关注淡季供需两端变化情况 事件一：截至 5 月 30 日，五大品种螺纹钢、线材、热轧、冷轧、中板价格分 别报收 3217 元/吨、3556 元/吨、3221 元/吨、3650 元/吨、3474 元/吨，周环比 分别变化-1.94%、-1.70%、-2.26%、-2.16%、-1.34%。本周五大品种产量 880.85 万吨，周环比上升 8.41 万吨。247 家钢铁企业日均铁水 241.91 万吨，周环比 下降 1.69 万吨，高炉产能利用率 90.69%，周环比下降 0.63 个百分点，高炉开 工率83.87%，周环比上升 0.18个百分点。短流程企业，电炉产能利用率 59.03%， 周环比下降 0.47 个百分点，电炉开工率 77.78%，周环比上升 0.6 个百分点。 库存方面，本周钢材总库存 1365.60 万吨，周环比下降 32.94 万吨。其中社会 库存环比下降 28.02 万吨至 932.54 万吨；钢厂库存环比下降 4.92 万吨至 433. ...

Investment Rating - The report maintains a "Recommendation" rating for the photovoltaic industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [6][64]. Core Insights - The report indicates an overall decline in production for the photovoltaic industry in June, with price support expected to weaken. The production of polysilicon is projected to see a slight increase, while silicon wafer production is expected to decrease by approximately 4% [12][13]. - The demand for battery cells is weakening, leading to a further increase in the proportion of larger-sized battery cells. The report anticipates a 4% decrease in battery cell production in June [12][13]. - The component production is also expected to decline, with a forecasted 9% decrease in June due to the end of downstream rush installations [3][13]. Summary by Sections 1. Production and Price Trends - Polysilicon prices have slightly decreased, with N-type recycled material averaging 37,500 RMB/ton, down 2.85% month-on-month, and N-type granular silicon at 34,500 RMB/ton, down 4.17% [12]. - Silicon wafer prices remained stable, with an overall operating rate of about 53% for silicon wafer companies. A 4% decrease in silicon wafer production is expected in June [12]. - Battery cell prices have declined, with 182N and 210N battery cells facing profitability pressures, leading to a projected 4% decrease in production [12][13]. 2. Market Performance Review - The report notes a 1.94% decline in the comprehensive index this week, with the photovoltaic equipment sector down 2.25% [14][22]. - Among individual stocks, Changcheng Electric saw a significant increase of 39.22%, while BYD experienced a decline of 13.01% [17][19]. 3. Industry Valuation - As of May 30, the industry PE (TTM) for the photovoltaic sector is reported at 16x, with a valuation percentile of 9.4%, indicating a relatively low valuation compared to other sectors [25][30][35]. - The report highlights that the overall market capitalization of the photovoltaic industry is approximately 807.85 billion RMB, with 36 listed companies [6].

Investment Rating - The report maintains a "Buy" rating for the reusable rocket technology and highlights the broad prospects for satellite applications [1] Core Insights - Breakthroughs in reusable rocket technology have been achieved, marking significant advancements in China's commercial space industry [1][29] - The satellite communication market is opening up to consumer applications, with major telecom companies launching devices that support direct satellite connectivity [9][40] - The report emphasizes the importance of resource integration and innovation in downstream applications within the commercial aerospace sector [46] Summary by Sections Industry Weekly Viewpoint - The computer index increased by 1.66% during the week, while the Shanghai Composite Index decreased by 0.03% and the ChiNext Index fell by 1.40% [7][13] - Notable gains were observed in satellite navigation (+3.69%), commercial aerospace (+3.17%), and military information technology (+3.12%) [7][13] Market Performance (05.26-05.30) - The report notes a significant performance in individual stocks, with Zongheng Co. rising by 25.63% and Digital Government rising by 18.05% [18] - Conversely, companies like Bangyan Technology and Zhongke Star Map experienced declines of 16.09% and 10.26%, respectively [18] Valuation Analysis - The valuation of the low-altitude economy, aerospace equipment, and aviation equipment sectors is reported to be in the ranges of 96-98, 128-131, and 50-51 respectively, indicating high valuation levels compared to historical data [26] Breakthroughs in Rocket Recovery Technology - The successful test flight of the Yuanhang-1 rocket by Arrow元科技 marks a significant milestone in the development of large-scale reusable rockets [29] - The rocket is designed for 20 reuses and aims to support various market needs, including space tourism and deep space exploration [34] Opening of Consumer-Level Satellite Communication Market - The establishment of 5G satellite standards led by China is expected to revolutionize satellite communication, allowing direct connections from mobile devices to satellites [9][40] - As of April 2025, 30 devices supporting satellite connectivity have been launched by major telecom brands, indicating a shift towards consumer applications [9][40] Recent Highlights - The successful launch of the Tianwen-2 probe and the establishment of the Satellite Application Innovation Institute by China Aerospace Technology Group are significant developments in the aerospace sector [41][44] - The report highlights the potential of the drone logistics market, predicting a market size of approximately 300 billion yuan by 2024 [8][20] Investment Recommendations and Beneficiary Companies - The report suggests focusing on companies involved in satellite manufacturing and rocket launches, such as China Satellite and Shanghai Hanhua [46] - It also highlights beneficiaries in satellite operations and applications, including China Satcom and Huace Navigation [46]

行业研究 证 券 研 究 报 告 能源周报（20250526-20250601） OPEC+7 月维持增产幅度，本周油价下跌 风险提示：能源价格波动加大、海外地缘冲突加剧、下游需求不及预期 基础化工 2025 年 06 月 02 日 推荐（维持） 华创证券研究所 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：吴宇 邮箱：wuyu1@hcyjs.com 执业编号：S0360524010002 证券分析师：陈俊新 邮箱：chenjunxin@hcyjs.com 执业编号：S0360525040001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 489 | 0.06 | | 总市值(亿元) | 42,141.11 | 4.26 | | 流通市值(亿元) | 37,352.82 | 4.75 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 2.1% | -4.0% | 2.5% | | 相对表现 | 0.3% | ...

Investment Rating - The report maintains a "Buy" recommendation for the unmanned logistics vehicle sector, highlighting the commercialization phase and cost reduction opportunities [4]. Core Insights - The launch of the Jiushi E6 unmanned logistics vehicle at a price of 19,800 yuan marks a significant reduction below 20,000 yuan, stimulating market enthusiasm and introducing a new era of intelligent delivery [1][12]. - The unmanned logistics vehicle industry has transitioned from "technological feasibility" to "commercialization," with over 100 cities granted road rights for commercial applications [2][12]. - The report emphasizes the economic advantages of unmanned logistics vehicles, with significant cost reductions in delivery operations, potentially lowering per-package costs by 50% [3][19]. Summary by Sections Section 1: Focus on Unmanned Vehicles - Jiushi's E6 model is priced at 19,800 yuan, introducing a subscription service for fully autonomous driving at 1,800 yuan per month, significantly lowering user entry barriers [1][12]. - The industry is witnessing a surge in orders and production capabilities, with Jiushi and New Stone both reporting substantial order backlogs and delivery milestones [2][16]. Section 2: Cost Model and Economic Viability - The operational data from New Stone indicates that a single unmanned vehicle can deliver 2,000 packages daily, with a cost reduction of 2-3 jiao per package when utilizing multiple vehicles [3][19]. - A cost comparison shows that the monthly operational cost of the Jiushi E6 is estimated to be below 3,000 yuan, significantly lower than traditional delivery vehicles [19][20]. Section 3: Investment Recommendations - The report suggests that unmanned logistics vehicles are well-suited for last-mile delivery within a 10 km radius, enhancing efficiency and reducing costs for logistics companies [4][21]. - Continued recommendations for companies like SF Holding and attention to SF City, which is exploring collaborative delivery ecosystems with unmanned vehicles [4][21]. Section 4: Industry Data Tracking - Air passenger volume from May 30 to June 1 showed a year-on-year increase of 1.3%, while domestic ticket prices decreased by 4.6% [22][23]. - The shipping sector experienced a significant increase in the SCFI index by 31%, indicating a robust demand for shipping services [39][43].

Investment Rating - The report maintains a "Buy" recommendation for the automotive industry, indicating a positive outlook for sales recovery and growth in 2025 [2][4]. Core Viewpoints - The automotive industry experienced a sales recovery in May, with expectations for strong terminal sales driven by increased marketing efforts from car manufacturers. The report forecasts a retail growth rate of 5.2% and a wholesale growth rate of 8.4% for the year, supported by stable economic expectations, policy initiatives, and new vehicle launches. Notably, the demand for high-end brands priced above 200,000 yuan is expected to recover, with a projected growth rate of 31% for new energy passenger vehicles, providing a solid foundation for the performance of both complete vehicles and parts manufacturers [2][3][4]. Data Tracking - In April, the wholesale sales of passenger vehicles reached 2.22 million units, showing a year-on-year increase of 11% but a month-on-month decrease of 10%. The retail sales for the same month were 1.59 million units, reflecting a year-on-year growth of 6% and a month-on-month decline of 14%. The inventory increased by 197,000 units, which is a year-on-year increase of 1.9 times [5][10]. - In May, new energy vehicle deliveries from leading companies showed significant growth, with BYD delivering 380,000 units (up 15% year-on-year), Li Auto 40,856 units (up 16.7% year-on-year), and Xpeng 33,525 units (up 230.4% year-on-year) [22][27]. - The average discount rate in the industry rose to 7.8% in late May, an increase of 0.6 percentage points from the previous period and 2.9 percentage points from the same period last year [5][23]. Industry News - As of May 30, 2025, the retail sales of passenger vehicles from May 1 to 25 reached 1.358 million units, marking a year-on-year increase of 16% and a month-on-month increase of 9%. Cumulatively, retail sales for the year reached 8.23 million units, up 9% year-on-year [27]. - The China Automotive Dealers Association reported a decrease in the inventory warning index to 52.7%, indicating improved market conditions in the automotive circulation industry [27]. - The total import and export value of automotive goods in April 2025 was $23.09 billion, with exports amounting to $19.39 billion, reflecting a year-on-year increase of 5.3% [27].

行业研究 证券研究报 告 新疆周报（20250526-20250601） 推荐（维持） 宏大民爆迁址新疆乌鲁木齐 基础化工 2025 年 06 月 02 日 $$\frac{1}{4}\mathbb{E}\mathbb{F}\left(\frac{1}{2}\mathbb{E}\mathbb{F}\right)$$ 华创证券研究所 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：陈俊新 相关研究报告 《新疆周报（20250421-20250427）：国家生态 环境部受理国能准东 20 亿方煤制气项目环评》 2025-04-28 《 化 工 行 业 新 材 料 周 报 （20250421- 20250427）：25 年年底数千台 Optimus 有望入驻 工厂；台积电第二代 GAA 工艺 14A 首次曝光》 2025-04-28 《能源周报（20250421-20250427）：准东煤制 天然气管道一标段正式开工》 邮箱：chenjunxin@hcyjs.com 执业编号：S0360525040001 行业基本数据 | | | 占比% | | -- ...