Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [37]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, rising by 4.35% from May 16 to May 29, 2025, exceeding the CSI 300 index by approximately 5.59 percentage points [6][13]. - Most sub-sectors within the industry recorded positive returns during the same period, with other biological products and raw materials leading with increases of 6.57% and 4.92%, respectively [6][16]. - Approximately 81% of stocks in the industry achieved positive returns, with notable performers including Sanofi's stock, which surged by 123.90% [17][19]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 47.77 times as of May 29, 2025, indicating a rise in industry valuation [22][31]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a rise of 4.35% from May 16 to May 29, 2025, surpassing the CSI 300 by about 5.59 percentage points [13]. - Most sub-sectors recorded positive returns, with other biological products and raw materials leading at 6.57% and 4.92% increases, while hospitals and in vitro diagnostics faced declines of 2.93% and 0.62% [16]. - About 81% of stocks in the industry posted positive returns, with the highest gain being 123.90% for Sanofi [17][19]. 2. Industry News - The Hainan Health Commission announced a meeting regarding the procurement of 313 medical devices with a budget of 126.77 million yuan [29]. - The report highlights the increasing demand for various medical devices, including automated chemical immunoassay analyzers and blood cell analyzers [29]. 3. Company Announcements - Renfu Pharmaceutical announced that its RFUS-949 tablet received clinical trial approval, aimed at treating acute and chronic pain, with a total R&D investment of approximately 15 million yuan [30]. 4. Industry Outlook - The report suggests continued focus on the innovative drug industry chain, with recent collaborations and licensing agreements indicating a positive trend for innovative drug companies [31][33]. - Key sectors to watch include medical devices, pharmaceutical commerce, aesthetic medicine, scientific services, hospital and diagnostic services, traditional Chinese medicine, innovative drugs, biological products, and contract research organizations (CROs) [31][33].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on the NVIDIA supply chain and PCB/CCL sectors due to strong performance expectations [25]. Core Insights - NVIDIA reported FY26Q1 revenue of $44.1 billion, exceeding market expectations of $43.3 billion, with data center revenue at $39.1 billion, slightly below the forecast of $39.2 billion. The transition from Hopper to Blackwell products is nearly complete, and the demand for reasoning computing power is expected to continue growing due to the acceleration of applications like Chatbot and Agents [25][18]. - The semiconductor diffusion rule cancellation is anticipated to further boost sovereign AI demand, indicating a robust global demand for computing power [25]. - Xiaomi Group achieved a record revenue of RMB 111.3 billion in Q1 2025, a 47.4% year-on-year increase, with adjusted net profit reaching RMB 10.7 billion, up 64.5% [18]. - The SW Electronics sector's PE TTM is 41.79 times, placing it in the 71.37% percentile over the past five years and 60.59% over the past ten years, indicating a relatively high valuation [12][10]. Summary by Sections Market Review and Valuation - The SW Electronics sector experienced a cumulative decline of 0.82% over the past two weeks (05/16-05/29), outperforming the CSI 300 index by 0.43 percentage points. For May, the sector fell by 1.02%, underperforming the index by 3.36 percentage points [10][11]. Industry News - Significant developments include Xiaomi's record earnings, NVIDIA's new computing platform announcement, and OpenAI's Stargate UAE project, which will establish a 1GW data center cluster in Abu Dhabi [18][15]. Company Announcements - Notable announcements include the planned share transfer by Shenghong Technology and the successful completion of a share transfer inquiry involving institutional investors [19][16]. Industry Data - Global smartphone shipments reached 305 million units in Q1 2025, marking a 1.53% year-on-year increase. In China, smartphone shipments totaled 21.43 million units in March 2025, up 5.99% [20][22].

Investment Rating - The report maintains a "Market Weight" rating for the automotive industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [55]. Core Insights - BYD has launched a new round of limited-time promotional activities, which may intensify competition in the automotive industry [2][49]. - The automotive sector has shown resilience, with the automotive index outperforming the CSI 300 index by 2.10 percentage points over the past two weeks [5][12]. - In April, China's automotive production reached 2.619 million units, a year-on-year increase of 8.9%, while sales were 2.590 million units, up 9.8% year-on-year [20][21]. Summary by Sections Automotive Industry Trends and Valuation Review - As of May 29, 2025, the automotive sector index has increased by 0.86% over the past two weeks, outperforming the CSI 300 index by 2.10 percentage points, ranking 10th among 31 industries [12][14]. - Year-to-date, the automotive sector has risen by 10.69%, ranking 2nd among the 31 industries [12][14]. Industry Data Tracking - In April, automotive exports totaled 517,000 units, reflecting a year-on-year growth of 2.6% [20][21]. - The dealer inventory warning index for April was 59.8%, up 0.40 percentage points year-on-year and 5.20 percentage points month-on-month [20][21]. Industry News - The China Passenger Car Association reported that from January to April, the automotive industry generated revenues of 32.552 billion yuan, a year-on-year increase of 7% [32]. - In April, sales of Chinese brand passenger cars reached 1.571 million units, a year-on-year increase of 23.5% [35]. Corporate News - Xiaomi's SU7 Ultra has received over 23,000 orders, indicating strong market interest [40]. - BYD's promotional activities could enhance sales but may also lead to increased competition in the automotive sector [49][43]. Investment Recommendations - The report suggests focusing on companies that enhance brand competitiveness through intelligent processes, such as BYD and Changan Automobile [49]. - It also highlights the potential growth in the intelligent driving industry chain, recommending companies like Baolong Technology, Huayang Group, and Bertel [49].

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][43]. Core Insights - The communication industry has shown resilience, with the Shenwan communication sector rising by 0.89% over the past two weeks, outperforming the CSI 300 index by 2.14 percentage points [4][12]. - The report highlights a focus on low-altitude economy development, with communication infrastructure playing a crucial role in supporting drone communication needs and regulatory requirements [4][40]. - The industry is entering a phase of technological iteration and policy benefits, with growth drivers from AI, quantum communication, and low-altitude economy initiatives [4][40]. Summary by Sections 1. Industry Market Review - The Shenwan communication sector's performance over the past two weeks (5/16-5/29) was a 0.89% increase, with a 5.19% rise in May, while the year-to-date performance shows a decline of 3.00% [12][4]. - Among the six sub-sectors, "Other Communication Equipment" led with a 4.17% increase, while "Communication Application Value-Added Services" saw a decline of 1.06% [4][17]. 2. Industry News - Alibaba's Qwen team launched a new AI model that excels in long-text reasoning tasks, showcasing advancements in AI technology [17]. - Tencent Cloud announced upgrades to its AI infrastructure, enhancing capabilities for AI model training and deployment [19]. - China led global growth in the mobile core network market in Q1 2025, with a remarkable 122% year-on-year increase [20]. 3. Company Announcements - China Mobile announced a dividend payout ratio of 73% for 2024, reflecting strong financial performance [23]. - Tianfu Communication plans to distribute a cash dividend of 5 yuan for every 10 shares [24]. - Yiyuan Communication will distribute a cash dividend of 0.42 yuan per share [25]. 4. Industry Data Updates - As of April 2025, the mobile phone user base reached approximately 1.803 billion, a year-on-year increase of 2.75% [26]. - The internet broadband access user base was about 680 million, reflecting a 5.05% year-on-year growth [28]. - The total length of optical cable lines reached approximately 72.88 million kilometers, a 13.31% increase year-on-year [29]. 5. 5G Development Status - By April 2025, the number of 5G base stations reached 4.439 million, with a net increase of 188,000 from the previous year [36]. - The number of 5G mobile service users for major operators was reported as 552 million for China Mobile, 351 million for China Telecom, and 287 million for China Unicom [34]. 6. Investment Recommendations - The report suggests focusing on companies that align with the themes of "technology commercialization, policy catalysis, and performance certainty," recommending stocks such as China Telecom, FiberHome, Yangtze Optical Fibre, and Weisheng Information [40][41].

Investment Rating - The semiconductor industry is rated as "Overweight" (maintained) [3] Core Viewpoints - The supply-demand dynamics in the semiconductor industry are improving, with expectations for storage prices to rise due to production cuts by major manufacturers and strong AI-driven demand for enterprise-level storage [39][18] - Domestic storage companies are expected to gain market share through technological innovations and localization strategies, significantly increasing their market presence compared to 2023 [39] - The recent launch of new features by ByteDance indicates the commercialization of multimodal perception technology, which is anticipated to boost demand for upstream computing chips and AI terminal SoC chips [39] Industry Performance Review - As of May 29, 2025, the semiconductor industry index has decreased by 1.59% over the past two weeks, underperforming the CSI 300 index by 0.35 percentage points [5][12] - Year-to-date, the semiconductor industry index has remained flat, while outperforming the CSI 300 index by 1.93 percentage points [5][12] - Among sub-sectors, the performance varied, with discrete devices up by 1.02% and digital chip design down by 3.16% [14][15] Industry News and Company Developments - Major NAND manufacturers, including Samsung and Micron, have initiated production cuts of 10%-15%, leading to expectations of a rebound in memory prices in Q2 [18] - Google announced a partnership with XREAL to launch a new AR glasses platform, with support from domestic suppliers [19] - Huawei has released two new HarmonyOS computers, indicating ongoing innovation in the tech space [20] - The Central Cyberspace Affairs Commission and other departments have outlined goals for IPv6 deployment by 2025, aiming for significant user and connection growth [21] - The AI demand is expected to drive significant growth in enterprise SSDs, with projections for NAND Flash prices to rise in Q3 2025 [24] Semiconductor Industry Data Updates - Global smartphone shipments in Q1 2025 reached 305 million units, a year-on-year increase of 1.53% [31] - In April 2025, domestic new energy vehicle sales reached 1.226 million units, a year-on-year increase of 44.2% [33] - Global semiconductor sales in March 2025 amounted to $55.9 billion, a year-on-year increase of 18.8% [36] Investment Recommendations - The report suggests focusing on storage chip design, storage modules, and DDR5 segments as potential beneficiaries of the improving market conditions [39] - Recommended stocks include: - Semiconductor Equipment: North China HuaChuang, Zhongwei Company, Huahai Qingke, Changchuan Technology, Shengmei Shanghai [40] - Semiconductor Materials: Dinglong Co., Jiangfeng Electronics, Yake Technology [40] - IC Design: Zhaoyi Innovation, Lanke Technology, Baiwei Storage, Lexin Technology, Shengbang Co., Sirui Technology, Weier Co., Sirui Technology, Haiguang Information [40]

证券研究报告 2025 年 5 月 30 日 星期五 后市展望： 周四，市场全天震荡反弹，创业板指领涨。早盘三大指数集体高开，随后市场继续 走强，午后大盘保持窄幅震荡。截至收盘，三大指数全线收红，创业板指领涨。盘面上， 无人车辆、智能驾驶概念股集体爆发，数字货币概念股震荡走强，创新药概念股再度活跃。 下跌方面，黄金股展开调整。总体上个股涨多跌少，计算机、医药生物、电子、国防军工 和通信等行业表现靠前；美容护理、银行、食品饮料、石油石化和家用电器等行业表现靠 后。概念指数方面，数字货币、电子身份证、跨境支付(CIPS)、移动支付和 EDR 概念等板 块表现靠前；草甘膦、黄金概念、供销社、代糖概念和社区团购等板块表现靠后。 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 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 计算机 | 3.62% | 美容护理 | -0.59% | 数字货币 | 6.50% | 草甘膦 | -1.65% | | ...

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% in the next six months [3][7]. Core Views - The company's performance is under short-term pressure, but it continues to advance its dual-sea strategy, focusing on expanding its offshore wind power market and overseas markets [3][5]. - The company reported a revenue of 48.38 billion yuan for 2024, a year-on-year increase of 0.52%, while the net profit attributable to shareholders decreased by 37.77% to 1.82 billion yuan [6]. - The company has a growing order backlog, with total orders amounting to 49.17 billion yuan by the end of 2024, reflecting a year-on-year increase of 27.97% [6][7]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 48.38 billion yuan and a net profit of 1.82 billion yuan, with a gross margin of 13.83%, down 6.26 percentage points year-on-year [6][8]. - For Q1 2025, the company reported a revenue of 7.95 billion yuan, a year-on-year increase of 21.01%, and a net profit of 0.45 billion yuan, down 17.47% year-on-year [6][8]. Market Strategy - The company is actively expanding its production capacity and has established a European sales center in Germany to tap into international market opportunities [6][7]. - The company is also focusing on technological innovation, developing new products such as floating offshore wind turbine platforms and high-capacity offshore wind equipment [6][7]. Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 0.37 yuan, 0.47 yuan, and 0.59 yuan, respectively, with corresponding price-to-earnings (PE) ratios of approximately 17, 13, and 11 [7][8].

电力设备及新能源行业 增持（首次） 2025Q1 现金流显著改善，ABC 组件快速放量 公 司 点 评 爱旭股份（600732）2024 年年报及 2025 年一季报点评 2025 年 5 月 29 日 投资要点： 事件：公司发布了2024年年报及2025年一季报。 点评： 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：刘兴文 SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱： liuxingwen@dgzq.com.cn 股价走势 资料来源：东莞证券研究所，Wind 分析师：苏治彬 SAC 执业证书编号： 公司2025Q1盈利能力改善，经营活动现金流转正。公司2024年实现营收 11.55亿元，同比-58.94%；实现归母净利润-53.19亿元，同比-802.92%； 实现扣非归母净利润-55.53亿元，同比-1819.98%。公司2025Q1实现营收 41.36亿元，同比+64.53%；实现归母净利润-3.00亿元，同比-229.35%； 实现扣非归母净 ...

2025 年 5 月 29 日 军贸规模增长可期 北交所专题报告 0% 19/09 19/11 20/01 20/03 20/05 20/07 分析师：吕子炜 SAC 执业证书编号： S0340522040001 电话：0769-23320059 邮箱： lvziwei@dgzq.com.cn 行业指数走势 -20% 资料来源：东莞证券研究所，iFinD 相关报告 20% 40% 投资要点： ◼ 关注2家军工行业相关企业。 创远信科：公司的主营业务是研发射频通信测试仪器和提供整体测 试解决方案。2024年，公司归母净利润为0.12亿元，同比下降 62.90%；2025年一季度，公司归母净利润为0.06亿元，同比增长 244.81%。公司2025年一季度业绩实现大幅增长。 星辰科技：公司的主营业务是随动控制总成、伺服驱动器、伺服电 机等装备自动化及智能化产品的研发、生产、销售。2024年，公司 归母净利润为0.16亿元，同比增长26.24%；2025年一季度，公司归 母净利润为0.06亿元，同比增长18.44%。公司业绩持续增长。 ◼ 风险提示。军贸市场需求低于预期；产能不及预期风险；市场竞争 加剧的风险。 北 ...

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） 原厂推动减产+AI 需求刺激，存储价格有望上涨 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 29 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 | | 事件一：据财联社《科创板日报》5月20日援引《台湾工商时报》报道，五大NAND原厂同步减产，供 研 | | 给面收缩，助攻内存市场行情，根据调查，全球市占前五大NAND Flash制造商，包括三星、SK海力士、 究 | | 美光、铠侠与威腾，皆在2025年上半年启动减产计划，幅度在10%～15%，以调节供过于求的市场结构。 | | 预计第二季存储器价格，出现优于预期的反弹走势。 | | 事件二：据财联社26日援引集邦咨询调查，以北美大厂为主的云端服务业者(CSP)持续加强AI投资 ...