Investment Rating - The investment rating for the automotive industry is "Positive" [2] Core Insights - The automotive industry is experiencing significant developments, including the launch of new models and advancements in technology, which are expected to drive growth [3][4] - Xiaomi's new model, the YU7, features a battery capacity of 96.3 kWh and 101.7 kWh, with a maximum range of 820 km, indicating a strong entry into the electric vehicle market [3][7] - XPeng Motors reported Q1 revenue of 15.81 billion RMB, a year-on-year increase of 141.5%, and aims to achieve profitability by Q4 2025 [3][7] - SAIC Group is restructuring its parts division into two main entities to enhance communication and efficiency [3][7] - Tesla plans to launch autonomous taxi services in Austin, Texas, by the end of June, with an initial fleet of 10 vehicles [3][4] - Great Wall Motors introduced a versatile intelligent platform compatible with five power types, showcasing innovation in luxury vehicle design [3][7] - The introduction of a new standard for all-solid-state batteries is expected to streamline the industry and enhance safety and energy density [3][8] Summary by Sections Industry News Highlights - Xiaomi's YU7 model was launched on May 22, featuring advanced battery technology and a significant range [3][7] - XPeng Motors' Q1 revenue reached 15.81 billion RMB, with a 141.5% year-on-year growth, and plans for new model releases [3][7] - SAIC Group is reorganizing its parts division to improve project communication [3][7] - Tesla's autonomous taxi service is set to begin trials in Austin, with plans for rapid expansion [3][4] - Great Wall Motors launched a new intelligent platform for luxury vehicles, compatible with multiple power types [3][7] - A new standard for all-solid-state batteries was introduced, aiming to clarify definitions and testing methods in the industry [3][8] Market Performance - The automotive sector outperformed the market, with a 1.80% increase, ranking third among major sectors [10] - The passenger vehicle sector saw a slight increase in PE ratios, while the automotive parts sector experienced a decline [14] Company Performance - Notable stock performances include Jianghuai Automobile with a 14.8% weekly increase and XPeng Motors with a 127.6% annual increase [9][11] - The commercial vehicle sector saw *ST Hanma and Dongfeng shares leading in performance [12]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights a potential divergence in new consumption performance, suggesting a focus on leading companies and undervalued targets [2][3] - The report emphasizes the importance of supply chain digitalization as a core barrier in the mother and baby industry, indicating a shift towards a "content + community" ecosystem [4][5] Summary by Sections Pulp and Paper - Supply chain disruptions continue, with pulp prices recovering rapidly; needle pulp prices are at $740 (down $30 MoM) and unbleached kraft pulp at $620 (down $30 MoM) [2] - Short-term pulp prices are expected to remain low due to ongoing pressure from downstream demand [2] - Recommendations include focusing on companies like Sun Paper and Xianhe Shares for profit improvement [2] Exports - April export data shows a stable overall performance with a YoY increase of 8.1%, but regional disparities are evident [2] - Exports to the US decreased by 21%, while those to ASEAN increased by 20.8% [2] - Companies like Jiangyi Shares and Hars are recommended for short-term performance recovery [2] New Tobacco - Increased scrutiny from the FDA on illegal e-cigarette products, with a warning issued to 24 importers [3] - The report suggests that compliance suppliers will become increasingly scarce, benefiting compliant brands like Smoore International and China Tobacco Hong Kong [3] Home Furnishing - Stabilization in second-hand housing prices is noted, with 52% of key city neighborhoods seeing price increases [3] - Recommendations include companies like Gujia Home and Mousse Shares for their strong market positions [3] Consumer Goods - The pet brand sector shows strong growth, with Petty's sales during the 618 shopping festival exceeding 12 million [3] - 52TOYS has submitted an IPO application, indicating a growing trend in the collectible toy sector [3] Packaging - Yongxin Shares and Yutong Technology show stable operations with robust overseas orders [3] - The report anticipates a double-digit growth recovery in Q2 for these companies [3] Two-Wheelers - Ninebot's sales during the 618 pre-sale reached 210 million, showing a significant YoY increase [3] - Aima Technology's stock incentive plan reflects confidence in future growth [3] Jewelry - Chaohongji is planning an H-share issuance to enhance its global strategy [4] - Recommendations include brands like Laopuhuangjin and Chaohongji for their brand value [4] Cross-Border E-commerce - Increased pressure on low-value package tariffs is anticipated, with G7 discussions on imposing tariffs on Chinese products [4] - TikTok's new policies in Europe may provide growth opportunities for cross-border sellers [4] IP Retail - Pop Mart's jewelry brand is set to open its first store in Shanghai, indicating a new growth avenue [4] - Miniso's Q1 revenue reached 4.43 billion, with a notable increase in overseas store openings [4] Mother and Baby - The industry is transitioning towards a digital supply chain model, focusing on efficiency and flexibility [4] - Recommendations include leading companies like Kidswant and Goodbaby for their growth potential [4] E-commerce - Huitongda's self-branding strategy shows promising results, with significant growth in orders [5] - The report highlights the potential of AI-driven live commerce strategies [5] Electrical and Lighting - Bull Group continues to innovate with new products meeting national standards for charging stations [5] - Op Lighting is exploring new applications for LED technology in agriculture [5] Tools - The report notes a recovery in profit expectations for tool companies, despite weak global demand [5] - Recommendations include companies like Juxing Technology for their market positioning [5]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights a potential divergence in new consumption performance, suggesting a focus on leading companies and undervalued targets [2][3] - The report emphasizes the importance of supply chain digitalization as a core barrier in the mother and baby industry, indicating a shift towards a "content + community" ecosystem [4][5] Summary by Sections Pulp and Paper - Supply chain disruptions continue, with pulp prices recovering rapidly; needle pulp prices are at $740 (down $30 month-on-month) and unbleached kraft pulp at $620 (down $30 month-on-month) [2] - Short-term pulp prices are expected to remain low due to ongoing pressure from downstream demand [2] - Recommendations include focusing on companies like Sun Paper and Xianhe Shares, which are improving profitability [2] Exports - April export data shows a stable overall performance with a year-on-year increase of 8.1%, but regional disparities are evident [2] - Exports to the U.S. decreased by 21%, while exports to ASEAN increased by 20.8% [2] - Companies with strong global layouts and those experiencing short-term performance relief are recommended [2] New Tobacco - Increased scrutiny from the FDA on illegal e-cigarette products, with a warning issued to 24 importers [3] - The report suggests that compliance suppliers will become increasingly scarce, benefiting compliant brands [3] Home Furnishing - Stabilization in second-hand housing prices, with 52% of key city neighborhoods seeing price increases [3] - Recommendations include companies like Gujia Home and Mousse Shares, which are expected to benefit from updated demand [3] Consumer Goods - Strong growth in pet brands, with Petty Co. achieving over 12 million in GMV during the 618 shopping period [3] - The report notes the upcoming IPO of 52TOYS, indicating a significant growth opportunity in the trendy toy sector [3] Packaging - Companies like Yongxin Shares and Yutong Technology are experiencing steady growth and improved profitability [3] - The report anticipates a recovery in sales growth in Q2, driven by new product launches and declining raw material prices [3] Two-Wheelers - Ninebot's sales during the 618 pre-sale reached 210 million, showing a year-on-year increase of 641% [3] - Aima Technology's stock incentive plan reflects confidence in future growth [3] Jewelry - Chao Hong Ji is planning an H-share issuance to enhance its global strategy [4] - Recommendations include brands like Lao Pu Gold and Chao Hong Ji, which are expected to see growth despite market challenges [4] Cross-Border E-commerce - Increased pressure on low-value package tariffs discussed at the G7 meeting, potentially raising costs for small cross-border sellers [4] - TikTok's new policies in Europe may provide growth opportunities for cross-border sellers [4] IP Retail - Pop Mart's jewelry brand is set to open its first store in Shanghai, indicating a new growth avenue [4] - Miniso's Q1 revenue reached 4.43 billion, with significant growth in overseas markets [4] Mother and Baby - The industry is transitioning towards a more integrated ecosystem, focusing on supply chain digitalization [4] - Companies like Kidswant and Goodbaby are highlighted as leaders in this transformation [4] E-commerce - Hui Tong Da's self-owned brand strategy is showing promising results, with significant growth in orders [5] - The report notes the strategic partnership between Jiao Ge Peng You and Baidu, enhancing their AI-driven live commerce strategy [5] Electrical and Lighting - Bull Group is launching new products in line with new national standards for charging piles, indicating a focus on quality and safety [5] - Op Lighting is exploring new applications for LED lighting in agriculture [5] Tools - The report indicates a recovery in profit expectations, although global demand remains weak [5] - Companies like Juxing Technology are recommended as they enhance production capabilities [5]

小米发布 3nm 处理器玄戒 O1，国产 SoC 再添新军 [Table_ReportDate] 2025 年 5 月 25 日 证券研究报告 行业研究 [行业周报 Table_ReportType] | [Table_StockAndRank] 电子 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮箱：yangyuxuan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [小米发布 Table_Title] 3nm 处理器玄戒 O1，国产 SoC 再添新军 [Table_ReportDate] 2025 年 5 月 25 日 本期内容提要: [Table_S [Table_Summary ummary] ] 请阅读最后一页免责声明及信息披露 ...

Investment Rating - The investment rating for the automotive industry is "Positive" [2] Core Insights - The report highlights significant developments in the automotive sector, including the launch of the Xiaomi YU7 model, which features a battery capacity of 96.3 kWh and 101.7 kWh, with a maximum range of 820 km [3][7] - XPeng Motors reported Q1 revenue of 15.81 billion RMB, a year-on-year increase of 141.5%, with a delivery volume of 94,008 vehicles, reflecting a growth of 330.8% [3][7] - SAIC Group is restructuring its parts division into two main entities, focusing on enhancing communication and project management [3][7] - Tesla plans to launch autonomous taxi services in Austin, Texas, by the end of June, with an initial fleet of 10 vehicles [3][7] - Great Wall Motors introduced a versatile intelligent platform compatible with five powertrain types, aimed at luxury vehicles [3][7] Summary by Sections Industry News - Xiaomi's YU7 model was unveiled on May 22, featuring advanced technology and significant battery capacity [3][7] - XPeng Motors' Q1 financial results indicate strong growth, with expectations for profitability by Q4 [3][7] - SAIC Group is integrating its parts businesses to improve efficiency [3][7] - Tesla's autonomous taxi service is set to begin trials in Austin, with plans for expansion [3][7] - Great Wall Motors launched a new intelligent platform for luxury vehicles [3][7] Market Performance - The automotive sector outperformed the market, with a 1.80% increase in the A-share automotive index [10] - The passenger vehicle sector saw a slight increase in PE ratios, while the automotive parts sector experienced a decline [14] Key Data Tracking - The report includes tracking of key material prices, noting slight decreases in steel and rubber prices, while aluminum prices have risen [15]

高炉吨钢利润整体可观，普钢公司利润修复或加速兑现 【】【】 钢铁 [Table_Industry] [Table_ReportDate] 2025 年 5 月 25 日 证券研究报告 行业研究——周报 [Tabl 行业周报 e_ReportType] [Table_StockAndRank] 钢铁 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 能源、钢铁行业研究助理 邮 箱：liubo1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [高炉吨钢利润整体可观，普钢公司利润修复或加速兑现 Table_Title] [Table_ReportDate] 2025 年 5 月 25 日 本期内容提 ...

持续看好创新药械、自主可控和消费复苏三 大主线 [Table_Industry] 医药生物行业周报 [Table_ReportTime] 2025 年 5 月 25 日 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 章钟涛 医药行业分析师 执业编号：S1500524030003 邮 箱：zhangzhongtao@cindasc.com 证券研究报告 行业研究 [Table_ReportType] 行业周报 医药生物 医药生物 投资评级 看好 上次评级 看好 [Table_A 唐爱金 uthor 医药首席分析师 ] 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin@cindasc.com 赵丹 医药行业分析师 执业编号：S1500524120002 邮 箱：zhaodan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights that the semiconductor industry is experiencing a downturn, with various segments showing negative year-to-date performance, particularly consumer electronics which has declined by 11.12% [2][8] - Xiaomi has launched its first self-developed flagship processor "Xuanjie O1," which utilizes a second-generation 3nm process, featuring a 10-core CPU and a 16-core GPU, with a transistor count of 19 billion and a chip area of 109mm² [2][29][30] - The report emphasizes Xiaomi's significant investment in chip development, with over 13.5 billion yuan invested to date and an expected investment of over 6 billion yuan this year, as part of a long-term plan to invest at least 50 billion yuan over the next decade [31] - The introduction of the Xuanjie O1 positions Xiaomi as the fourth company globally to mass-produce 3nm SoC chips, indicating a shift in the global mobile SoC chip landscape and enhancing the competitiveness of domestic SoC chips [31] Summary by Sections Industry Performance - The report notes a decline in the Shenwan Electronics Index, with specific segments like semiconductors down by 0.66% year-to-date and consumer electronics down by 11.12% [2][8] - In the past week, major North American tech stocks also saw declines, with Apple down by 7.57% and Tesla down by 3.04% [2][11] Xiaomi's Processor Launch - Xiaomi's Xuanjie O1 processor features advanced architecture with two Arm Cortex-X925 super-large cores, four A725 performance cores, and two A520 ultra-efficient cores [30][31] - The report suggests that Xiaomi's entry into the 3nm SoC market could disrupt the existing market dynamics and enhance the global competitiveness of Chinese semiconductor firms [31] Investment Opportunities - The report recommends monitoring companies involved in computing power chains such as Industrial Fulian, Shennan Circuit, and others, as well as domestic computing power firms like Cambrian and Haiguang Information [2]

Investment Rating - The report maintains an investment rating of "Positive" for the steel industry, consistent with the previous rating [2]. Core Viewpoints - The overall profit from blast furnace steel production is considered satisfactory, and the profit recovery for general steel companies may accelerate [3]. - Despite facing supply-demand contradictions, the steel industry's overall profit is expected to decline, but with the implementation of various "stability growth" policies, steel demand is anticipated to remain stable or slightly increase [4]. - The report highlights that general steel companies, which are less affected by export tariffs, may see significant performance improvements due to the marginal recovery in demand from the real estate and infrastructure sectors [4]. Summary by Sections 1. Market Performance - The steel sector declined by 0.94% this week, underperforming the broader market, with specific declines in special steel (0.28%), long products (0.36%), and flat products (1.21%) [3][11]. 2. Supply Data - As of May 23, the average daily pig iron production was 2.436 million tons, a week-on-week decrease of 1.17 tons, but a year-on-year increase of 6.71 tons [28]. - The capacity utilization rate for blast furnaces was 91.3%, down 0.44 percentage points week-on-week, while electric furnace utilization increased by 2.93 percentage points to 59.5% [28]. 3. Demand Data - The consumption of five major steel products was 9.046 million tons, a week-on-week decrease of 92,000 tons, reflecting a 1.01% decline [37]. - The transaction volume of construction steel by mainstream traders was 95,000 tons, down 1.47 tons week-on-week, marking a 13.33% decrease [37]. 4. Inventory Data - Social inventory of five major steel products was 9.606 million tons, a week-on-week decrease of 331,000 tons, or 3.33% [45]. - Factory inventory increased slightly to 4.38 million tons, up 0.99 tons week-on-week, but down 6.67% year-on-year [45]. 5. Price Trends - The comprehensive index for general steel was 3,452.2 yuan/ton, down 33.36 yuan/ton week-on-week, a decrease of 0.96% [51]. - The comprehensive index for special steel was 6,652.6 yuan/ton, down 3.32 yuan/ton week-on-week, a decrease of 0.05% [51]. 6. Profitability - The profit for rebar from blast furnaces was 88 yuan/ton, down 15 yuan/ton week-on-week, a decline of 14.56% [59]. - The average profit margin for 247 steel companies was 59.74%, an increase of 0.4 percentage points week-on-week [59]. 7. Investment Recommendations - The report suggests focusing on regional leading companies with advanced equipment and environmental standards, as well as companies benefiting from the new energy cycle and those with strong cost control [4].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [11][12] - The coal price is expected to stabilize at a new level, supported by a slowdown in coal production growth, particularly in high-cost regions like Xinjiang, and a decrease in coal imports [11][12] - The coal sector is characterized by high profitability, cash flow, return on equity (ROE) between 10-20%, and dividend yields exceeding 5%, indicating strong core asset attributes [11][12] Summary by Sections 1. Coal Price Trends - As of May 24, the market price for Qinhuangdao port thermal coal (Q5500) is 613 RMB/ton, down 5 RMB/ton week-on-week [3][30] - The price for coking coal at Jing Tang port is 1320 RMB/ton, down 30 RMB/ton week-on-week [3][32] - International thermal coal prices show a mixed trend, with Newcastle thermal coal at 68.0 USD/ton, down 1.0 USD/ton week-on-week [3][30] 2. Supply and Demand Dynamics - The utilization rate of thermal coal mines increased to 97.1%, while coking coal mine utilization decreased to 86.3% [11][12] - Daily coal consumption in coastal provinces rose by 7.10 thousand tons/day (+3.93%) and in inland provinces by 6.00 thousand tons/day (+1.93%) [11][12] - The April coal production in China was 390 million tons, reflecting a 5 million ton decrease from March, indicating a contraction in supply [11][12] 3. Investment Strategy - The report emphasizes the importance of investing in high-quality coal companies with stable operations and strong performance, such as China Shenhua, Shaanxi Coal, and others [12][13] - The coal sector is expected to maintain high performance and cash flow, with a favorable outlook for the next 3-5 years due to ongoing supply constraints [12][13] 4. Market Performance - The coal sector saw a 0.98% increase this week, outperforming the broader market, which saw a 0.18% decline [15][18] - The thermal coal segment rose by 1.62%, while the coking coal segment experienced a slight decline [15][18]