电力设备及新能源行业 事件：公司发布了2024年年报及2025年一季报。 点评： 买入（维持） 2025Q1 盈利环比改善，业绩扭亏为盈 公 司 点 评 福莱特（601865）2024 年年报及 2025 年一季报点评 2025 年 5 月 28 日 投资要点： 分析师：刘兴文 SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱： liuxingwen@dgzq.com.cn S0340523080001 电话：0769-22110925 邮箱： suzhibin@dgzq.com.cn | 主要数据 2025 | 年 | 5 月 | 27 | 日 | | --- | --- | --- | --- | --- | | 收盘价(元) | | 14.64 | | | | 总市值（亿元） | | 343.00 | | | | 总股本(亿股) | | 23.43 | | | | 流通股本(亿股) | | 19.00 | | | | ROE（TTM） | | 14.50% | | | | 12月最高价(元) | | 30.13 | | | | 12月最低价(元) | | 14 ...

Investment Rating - The report maintains an "Overweight" rating for the drone industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [2][5]. Core Insights - The number of registered drone users and flight hours is increasing, with a focus on low-altitude economic development in various regions [2][4]. - As of the end of 2024, there are 19979 units with drone operation qualifications, and the total number of registered drone users is 1.619 million, an increase of 804,000 from the previous year, with personal users accounting for 1.521 million [4]. - The total number of registered drones reached 2.17 million, reflecting a year-on-year growth of 98.5% [4]. - A total of 273,300 drone operator licenses have been issued, with 247,300 being valid [4]. - In 2024, the cumulative flight hours for drones reached 26.667 million hours, representing a year-on-year growth of 15.4% [4]. - Multiple regions are focusing on the development of low-altitude economies, with initiatives in Shanghai, Tianjin, and Sichuan aimed at enhancing infrastructure and support for drone technology [4]. Market Potential - The low-altitude economy is projected to grow significantly, with the market size exceeding 500 billion yuan in 2023, expected to reach 1.5 trillion yuan by 2025, and potentially surpassing 2 trillion yuan by 2030, with a forecast of 3.5 trillion yuan by 2035 [4]. Investment Strategy - Communication infrastructure is deemed essential for the development of low-altitude economies, particularly in supporting drone communication needs and ground monitoring requirements [4]. - Relevant investment targets include companies like Huace Navigation (300627.SZ) [4].

半导体行业 | 事 件 点 评 半导体行业 | | --- | | 超配 半导体行业事件点评 （维持） 字节豆包上线视频通话功能，有望拉动上游算力需求 | | 并加快 AI 眼镜渗透 刘梦麟（SAC 执业证书编号：S0340521070002） | | 电话：0769-22110619 邮箱：liumenglin@dgzq.com.cn 2025 年 5 月 27 日 | | 陈伟光（SAC 执业证书编号：S0340520060001） | | 电话：0769-22110619 邮箱：chenweiguang@dgzq.com.cn | | 行 事件： 业 | | 研 近日，字节跳动豆包AI上线实时视频通话功能，用户在电话界面开启视频画面后，豆包能基于真实场 | | 究 景与用户进行实时问答互动，视频通话功能还接入了联网搜索能力，用户可实时获取互联网最新信息。 | | 点评： | | 豆包上线"视频通话+联网搜索"功能，AI大模型多模态交互更进一步。近日，豆包官方微信公众号 | | 发文宣布上线实时视频通话功能，用户在电话界面开启视频画面后，模型能基于真实场景与用户进行 | | 实时问答互动，并通过融合视觉与 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2][6] Core Viewpoints - The report highlights that the national economy continues to show a positive trend, with a GDP growth of 5.4% year-on-year in the first quarter. This economic growth is driving an increase in electricity demand, with total electricity consumption reaching 31,566 billion kilowatt-hours, a year-on-year increase of 3.1% [4] - In the first four months, the newly added power generation capacity was 14,052 megawatts, representing a year-on-year growth of 58.21%. The majority of this new capacity came from wind and solar power, indicating a shift towards green and low-carbon energy development [4][5] - The report suggests focusing on renewable energy companies such as Longyuan Power (001289) and Three Gorges Energy (600905) due to the rapid growth in clean energy generation [5] Summary by Sections Electricity Demand - In the first four months, electricity consumption by various sectors was as follows: primary industry 42.4 billion kilowatt-hours (up 10.0%), secondary industry 20,497 billion kilowatt-hours (up 2.3%), tertiary industry 5,856 billion kilowatt-hours (up 6.0%), and urban and rural residents' electricity consumption 4,789 billion kilowatt-hours (up 2.5%) [4] Power Generation Capacity - The newly added power generation capacity breakdown is as follows: thermal power 1,298 megawatts (9.2%), hydropower 265 megawatts (1.9%), wind power 1,996 megawatts (14.2%), and solar power 10,493 megawatts (74.7%) [4] Industrial Power Generation - The industrial power generation for the first four months was 29,839.6 billion kilowatt-hours, with the following year-on-year changes: thermal power -4.1%, hydropower +2.2%, wind power +10.9%, nuclear power +12.7%, and solar power +19.5% [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [5]. Core Insights - The company has received approval for its asset restructuring, which is expected to enhance its asset scale and operational performance [1]. - The restructuring will lead to a significant increase in the company's total assets by 18.37% and an expected increase in operating revenue by 25.07% and net profit by 5.93% based on 2024 data [3][4]. - The company is one of the largest listed power generation companies in China, with a current installed capacity of 59.8186 million kilowatts, which will increase to 75.8786 million kilowatts post-restructuring [3]. Summary by Sections Company Overview - The company operates in 12 provinces and cities across China, showcasing a diverse range of power generation assets and a well-established industrial chain [3]. Financial Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 0.64 yuan, 0.69 yuan, and 0.73 yuan respectively, with corresponding price-to-earnings (PE) ratios of 9, 9, and 8 [4]. Market Position - The restructuring is anticipated to strengthen the company's market share in Jiangsu, Shanghai, Guangdong, and Guangxi regions, further solidifying its competitive advantage [3].

深 度 研 有色金属行业 标配（维持） 工业金属行业专题报告 政策赋能供给优化，需求结构持续升级 2025 年 5 月 27 日 投资策略： S0340523120001 电话：0769-23320072 邮箱： xuzhengkun@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：许正堃 SAC 执业证书编号： 2025年以来铜价走势：整体震荡上行，高位持续博弈。1至2月铜价呈持续 上行态势。3月初，市场对美国加征进口铜关税的预期不断升级，驱动铜 价快速上涨。3月末以来，套利者逐步离场，且美国"对等关税"政策的 实施对全球经济增长蒙上阴影，铜价出现暴跌。因铜被明确纳入豁免清单， 投机资金逐步回流，且新能源需求维持韧性，驱动铜价再度上行。 究 申万有色金属行业指数走势 新能源需求提振，传统需求分化。2025年，全球铜矿产量预计微增，但受 品位下降等影响，铜矿供应或将持续紧张。2025年以来我国精炼铜产量继 续维持较高态势，主要因再生 ...

证券研究报告 2025 年 5 月 27 日 星期二 | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3346.84 | -0.05% | -1.53 | | | 深证成指 | 10091.16 | -0.41% | -41.25 | | | 沪深 300 | 3860.11 | -0.57% | -22.17 | | | 创业板 | 2005.26 | -0.80% | -16.24 | | | 科创 50 | 982.26 | 0.17% | 1.68 | | | 北证 50 | 1396.59 | 1.94% | 26.54 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 传媒 | 2.14% | 汽车 | -1.78% | 可控核聚变 | 5.14% | 仿制药一致性 ...

基 金 研 究 ETF 基金周报（20250519-20150523）： 创新药 ETF 收益亮眼，债券型 ETF 资金流入最多 2025 年 5 月 26 日 投资要点 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：李荣 SAC 执业证书编号： S0340521010001 F4520000001431 电话：0769-26628039 邮箱：lirong@dgzq.com.cn 证 券 研 究 报 告 资料来源：东莞证券研究所，Wind 资讯 各类ETF基金收益及资金流动概览：各类ETF基金中仅股票型ETF基金平 均收益率出现下跌，其他各类型ETF基金平均收益率均录得正收益；ETF 基金总体净流出43.61亿元，其中股票型ETF基金流出最多，为127.31亿 元，涉及具体的指数中中证A500和沪深300指数净流出分别为44.15亿元 和25.45亿元，流出规模靠前。债券型ETF基金净流入115.42亿元，信用 债类ETF基金流入最多。值得关注的是，各类型跨境ETF基金均出现不同 程度的资金流出。 ...

中科曙光是核心信息基础设施领军企业，实现"芯一端-云-算"的算力全产业链布局。中科曙光主要 从事研究、开发、生产制造高性能计算机、通用服务器及存储产品，并围绕高端计算机提供软件开发、 系统集成与技术服务。2014年，公司登陆上交所上市，并在同年参与投资成立海光信息，开始布局国 产高端处理器研发。2022年，公司发布业界首款液冷存储产品，将液冷技术与存储技术深度结合。2024 年，中科曙光子公司曙光数创推出的第三代C8000浸没液冷解决方案单机柜功率密度突破750kW，预期 2025年年内将实现商业化项目落地部署。目前，中科曙光已经完成了"芯一端-云-算"的算力全产业 链布局，与参控股公司全方位覆盖了从上游芯片、服务器硬件、I/O存储、液冷数据中心产品，到中 游计算机平台、大数据平台、算力服务平台，以及下游云服务提供商等产品及业务。 研 究 报 事件： 海光、中科曙光强强联合，有望发挥双方各自优势，加快国产算力整合与国产替代进程。海光主要产 品为"CPU+DCU"高端处理器，而中科曙光主要营收来源为服务器和云基础设施，此次并购有助于强 化双方各自优势，充分发挥系统效应，实现从上游芯片、服务器硬件到下游云服务的产 ...

Group 1: New Stock Performance - Two new stocks were listed last week (May 19 - May 23), with an average first-day price change of 137.37%[2] - One stock, Taili Technology, had a first-day increase exceeding 100%, specifically 218.48%[2] - There were no stocks that experienced a first-day decline last week[2] Group 2: Weekly New Stock Trends - The total fundraising amount for new stocks last week was 1.552 billion yuan, an increase of 287 million yuan compared to the previous week[3] - The number of new stocks listed last week was 2, compared to 3 in the previous week[4] - The average first-day price change for new stocks in the previous week (May 12 - May 16) was significantly higher at 204.63%[4] Group 3: Monthly New Stock Overview - From May 1 to May 23, there were 5 new stocks listed, raising a total of 2.817 billion yuan[8] - The average first-day price change for new stocks in this period was 177.73%[8] - The first-day increase exceeded 100% for 3 stocks during this month[8] Group 4: Upcoming New Stock Subscriptions - This week, there are 3 new stocks available for online subscription across different boards[14] - The expected fundraising for Yuyou Green Energy is 778 million yuan, for Yingstone Innovation is 536 million yuan, and for Jiaoda Tifa is 168 million yuan[17] - The subscription dates for these stocks are May 26 and May 30[17]