Group 1: New Stock Market Insights - The new stock market activity has decreased, with the first-day gains and opening valuations of new stocks in May declining across the three major boards [5][4] - In the past week, 10 new stocks recorded positive gains, accounting for 20.83% of the total, down from 26.53% previously [5] - The main board saw a new stock, Guqi Textile Materials, debut with a first-day gain of 148.34% and an opening valuation of 34.86 times [5] Group 2: Automotive Industry Developments - Multiple companies are accelerating their layouts to compete in the trillion-level unmanned logistics market, with significant growth in the sector [6][8] - As of 2024, the scale of unmanned delivery vehicles has exceeded 6,000 units, delivering over 100 million orders across more than 100 sub-segments [8] - The unmanned delivery vehicle industry is expected to see a substantial increase in production, with New Stone Technology delivering over 1,000 unmanned vehicles monthly, projecting a monthly delivery of 2,000 units in the second to third quarters of 2025 [9] Group 3: Aviation Industry Insights - The development of China's large aircraft has faced challenges but has ultimately succeeded with the C919, marking a significant milestone in the country's aviation industry [13][14] - The demand for large aircraft is shifting towards the Asia-Pacific region, with China projected to receive 9,323 new aircraft over the next 20 years, representing 21.3% of global deliveries [13] - China Commercial Aircraft Corporation (COMAC) is positioned as a potential disruptor in the duopoly of Boeing and Airbus, benefiting from domestic demand and the successful rollout of the C919 [13][16] Group 4: Non-Banking Financial Sector - The regulatory body is developing evaluation methods for financial services, emphasizing technology finance as a key assessment indicator [15][17] - The evaluation framework includes a scoring system that prioritizes technology-related financing activities, reflecting the regulatory focus on enhancing services for technology enterprises [17] - Recent regulatory changes aim to improve corporate governance among listed companies, promoting better practices and protecting minority investors [17]

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [2][15]. Core Insights - The report highlights the rapid growth of the unmanned logistics vehicle market, with significant advancements in autonomous driving technology and increasing market demand [11]. - It emphasizes the competitive landscape, noting that multiple companies are vying for a share of the trillion-yuan unmanned logistics market, with projections indicating substantial growth in the coming years [11]. - The report identifies key players in the industry, including both leading autonomous driving companies and traditional automotive manufacturers that are actively exploring unmanned vehicle applications [11]. Summary by Sections Market Performance - The automotive industry has shown strong performance over the past year, with preferred stocks such as Jingwei Hengrun (688326.SH) and Jiangling Motors (000550.SZ) rated as "Buy-A" [4]. Technological Developments - Jiusi Intelligent launched its E-series unmanned logistics vehicle platform, marking a strategic upgrade with L4-level autonomous driving technology [5]. - New Stone's monthly delivery of unmanned vehicles has exceeded 1,000 units, with expectations to reach 2,000 units per month in the second and third quarters of 2025 [6]. - Yushi Technology submitted its prospectus to the Hong Kong Stock Exchange, reporting significant revenue growth and positioning itself as an industry unicorn [7]. Investment Recommendations - The report suggests focusing on leading autonomous driving companies and traditional automakers that are exploring unmanned vehicle applications, such as Pony.ai, WeRide, Jiangling Motors, and Dongfeng Motor Group [11]. - It also highlights the potential for growth in the smart driving chip sector and the importance of domestic replacements in the Tier 1 supply chain [11].

Investment Rating - The report indicates a decline in the investment rating for new stocks, with the first-day gains and opening valuations for new stocks in May across the three major boards showing a downward trend [2][3][13]. Core Insights - The new stock market activity has decreased, with only 10 stocks (20.83%) recording positive gains in the past week, down from 26.53% previously [2][13]. - The report highlights that the first-day gains and opening valuations for new stocks in May have decreased across all three boards: the STAR Market, the ChiNext, and the Main Board [3][30][32]. - Specific stocks such as Guqi Textile and Zhongli Co. have shown significant fluctuations, with Guqi Textile experiencing a first-day gain of 148.34% but later a drop exceeding 10% [2][30]. Summary by Sections New Stock Market Activity - In May, the STAR Market had no new listings, while the ChiNext and Main Board saw new stocks with varying performance, including a notable drop for Tai Li Technology and Hong Gong Technology [2][23][30]. - The STAR Market's first-day opening valuation decreased to 50.90 times, down from 154.01 times in March [19][32]. Key New Stocks - The report lists key new stocks that have recently been issued or are pending approval, including Yitang Co. and Kaipulin, which are expected to perform well [42][44]. - The report emphasizes the performance of stocks like Shengke Nano and Xidian Co., which have shown promising revenue and profit growth projections for 2024 [50][51]. Valuation Trends - The report notes a decrease in the TTM-PE (Trailing Twelve Months Price to Earnings) ratios for new stocks across all boards, indicating a general decline in market sentiment [19][32][39]. - The ChiNext's first-day opening valuation for new stocks fell to 43.44 times in May, down from 58.65 times in April [23][32]. Market Comparisons - The report compares the valuation of the Wind Near-term New Stock Index to the ChiNext, indicating a discount status with a ratio of 0.69, down from 0.73 [39][41]. - The report also highlights the competitive landscape in the global panoramic camera market, where companies like Yingshi Innovation are gaining market share [47][48].

Group 1 - The new stock market activity has declined, with the first-day gains and opening valuations of new stocks in May decreasing across the main boards [2][12][31] - In the past week, there was only one new stock listed on the market, and 10 stocks recorded positive gains, accounting for 20.83% of the total, down from 26.53% [2][12] - The Science and Technology Innovation Board had no new listings last week, while the ChiNext Board also saw no new stocks listed [2][22] Group 2 - The first-day gain of the newly listed stock on the main board, Guqi Textile Materials, was 148.34%, with an opening valuation of 34.86 times [2][29] - The weekly gain of Zhongli Co., Ltd. exceeded 20%, while Guqi Textile Materials recorded a weekly decline of over 10% [2][29] - The first-day opening valuation for new stocks on the main board in May was 39.90 times, down from 42.27 times in April [31] Group 3 - The first-day gain of new stocks on the ChiNext Board in May was 131.03%, a decrease from 230.33% in April, with an opening valuation of 43.44 times [22][31] - The first-day gain of new stocks on the Science and Technology Innovation Board in May was 115.20%, down from 241.41% in March, with an opening valuation of 50.90 times [18][31] Group 4 - The report highlights key new stocks that have recently been listed, including Shengke Nano, Xidian Co., and Hongjing Optoelectronics, with significant revenue and profit projections for 2024 [50][51] - The report also identifies new stocks awaiting listing, such as Yingshi Innovation, which has a projected revenue growth of over 53% in the coming years [45][46]

Investment Rating - The report maintains an investment rating of "Outperform-A" for the defense and aerospace industry, specifically highlighting the domestic large aircraft sector [1]. Core Insights - The report emphasizes that China's large aircraft development has faced numerous challenges but has ultimately succeeded with the C919, marking a significant milestone in the country's aviation industry [3]. - It predicts that the demand for large aircraft will shift towards the Asia-Pacific region, with China becoming the largest aviation service market globally within the next two decades [4][50]. - The report identifies China Commercial Aircraft Corporation (COMAC) as the most promising player to disrupt the existing duopoly of Boeing and Airbus in the large aircraft market [5][59]. Summary by Sections 1. Development History of Large Aircraft - The journey of China's large aircraft development began with the Y-10 in the 1970s, which faced numerous setbacks until the successful development of the C919 [20][31]. - The C919 project represents a comprehensive approach to developing a full range of commercial aircraft, including the ARJ21 and the upcoming C929 [36][39]. 2. Global Large Aircraft Market Size and Structure - The report notes that the global demand for large aircraft is increasingly centered around the Asia-Pacific region, driven by robust economic growth and infrastructure development in China [47]. - It forecasts that over the next 20 years, China's airlines will receive 9,323 new aircraft, accounting for 21.3% of global deliveries, with a market value of approximately $1.4 trillion [50]. 3. Domestic Large Aircraft Industry Chain and Recommended Stocks - The report recommends key companies in the large aircraft supply chain, including AVIC Xi'an Aircraft Industry Group (000768.SZ), AVIC Shenyang Aircraft Corporation (600760.SH), and AVIC High-Tech (600862.SH) [2][8]. - These companies are positioned to benefit from the increasing demand for the C919 and other new aircraft models, as well as the growing domestic aviation market [8].

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1]. Core Insights - The non-bank financial industry is encouraged to enhance its technology financial services, with a focus on the evaluation of the "Five Major Articles" by the China Securities Association, emphasizing the importance of technology finance [7][14]. - Recent regulatory developments aim to improve corporate governance and enhance the operational mechanisms of enterprises, which is expected to positively impact the capital market ecosystem [15][27]. Summary by Sections Investment Recommendations - The evaluation framework for securities firms includes a total score of 100 points, with technology finance accounting for 50 points, highlighting the regulatory emphasis on this sector [14][29]. Market Review - During the week of May 26 to June 1, 2025, the CSI 300 Index and the ChiNext Index experienced declines of 1.08% and 1.40%, respectively, while the non-bank financial index rose by 0.17%, ranking 16th among 31 sectors [16][19]. - The total trading volume in A-shares was 5.47 trillion yuan, with an average daily turnover of 1.09 trillion yuan, reflecting a decrease of 6.77% week-on-week [16][21]. Industry Key Data Tracking 1) Market Performance and Scale: Major indices showed varying degrees of decline, with the Shanghai Composite Index down by 0.03% [16][21]. 2) Credit Business: As of May 30, 2025, the market had 3,123.03 million shares pledged, accounting for 3.86% of total equity, with a margin balance of 1.80 trillion yuan [21][24]. 3) Fund Issuance: In May 2025, new fund issuance totaled 657.59 billion units, a decrease of 28.90% from the previous month [21][23]. 4) Investment Banking: The equity underwriting scale in May 2025 was 16.795 billion yuan, with IPOs amounting to 3.456 billion yuan [21]. 5) Bond Market: The total price index of bonds decreased by 0.94% since the beginning of the year, with the 10-year government bond yield at 1.67%, up by 6.35 basis points [21][27]. Regulatory Policies and Industry Dynamics - The central government has issued opinions to enhance the modern enterprise system, aiming for significant improvements in corporate governance and operational efficiency by 2035 [27][28].

Core Insights - The report highlights the strong performance of Nvidia, with Q1 FY26 revenue reaching $44 billion, a 69% year-over-year increase, driven by a 73% increase in data center revenue to $39 billion. Despite a $2.5 billion order loss due to U.S. government policy changes, Nvidia has successfully transitioned from Hopper to Blackwell architecture, improving manufacturing yields and ramping up cabinet shipments to major CSP customers [6][7]. Industry Commentary - Nvidia's focus on edge computing is emphasized, with record gaming revenue of $3.8 billion in Q1, a 48% quarter-over-quarter increase. New products like RTX 5060 are driving a wave of upgrades among gamers. The introduction of tools like DGX Spark and DGX Station aims to support AI developers and research institutions, facilitating the deployment of local intelligent agents [6][7]. - The Ministry of Industry and Information Technology (MIIT) has issued the "Computing Power Interconnection Action Plan," aiming to establish a comprehensive standard and rule system for computing power interconnection by 2026. This initiative is expected to enhance the utilization of domestic computing power cards and support the sustainability of computing power leasing businesses [6][7]. Market Trends - The overall market experienced a decline during the week of May 26 to May 30, 2025, with the Shenwan Communications Index rising by 1.53%. Notable stock performances included HaiGe Communication and New Yi Sheng, with increases of 16.34% and 7.03%, respectively. Conversely, Dongtu Technology and Ruikeda saw declines of 4.96% and 3.52% [9].

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected increase in stock prices exceeding the benchmark index by more than 10% [1]. Core Insights - Nvidia's FY26Q1 financial report shows a revenue of $44 billion, a 69% year-over-year increase, with data center revenue reaching $39 billion, up 73% year-over-year. The transition from Hopper to Blackwell has improved production yields significantly, and Nvidia is ramping up the production of GB200 and GB300 [3][14]. - The Ministry of Industry and Information Technology released the "Computing Power Interconnection Action Plan," aiming to establish a comprehensive standard and rule system for computing power interconnection by 2026, which is expected to enhance the utilization of domestic computing power resources [5][16]. Summary by Sections Industry Dynamics - Nvidia's network business achieved $5 billion in revenue for Q1, a 64% quarter-over-quarter increase, driven by the shipment of NVLINK products and strong growth in Scaleout network products like SpectrumX, which has an annualized revenue exceeding $8 billion [3][14]. - The focus on edge computing by Nvidia is expected to drive growth in local intelligent deployments, particularly in sectors like autonomous driving and robotics, as costs for sensors decrease [4][15]. Market Performance - The overall market saw a decline during the week of May 26 to May 30, 2025, with the Shenwan Communication Index rising by 1.53%, while major indices like the Shanghai Composite Index and the ChiNext Index experienced slight declines [7][18]. - The top-performing sectors included wireless RF (+8.17%), satellite communication (+4.82%), and operators (+2.32%) [7][18]. Recommended Companies - Key companies to watch include: - Overseas Computing Power: New Yisheng, Zhongji Xuchuang, Cambridge Technology, Yuanjie Technology, Shijia Photon, Tengjing Technology, Wolong Nuclear Materials, Dingtong Technology, Shenghong Technology [6][18]. - Autonomous Vehicles/Robotics: Guanghetong, Meige Intelligent, Huagong Technology, Tianzhun Technology, Zhongke Chuangda, Chuangyao Technology, Yutai Micro, Suteng Juchuang, Hesai Technology [6][18]. - Computing Power Network: China Mobile, China Telecom, Shengke Communication, Changfei Optical Fiber, Bochuang Technology, Dekeli, Guangxun Technology [6][18].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating an expected increase in stock prices exceeding the benchmark index by more than 10% [1][44]. Core Insights - Nvidia's FY26Q1 revenue reached $44 billion, a 69% year-over-year increase, with data center revenue at $39 billion, up 73% year-over-year. The company faced a $2.5 billion order delivery issue due to U.S. government policy changes regarding H20, leading to a potential $8 billion revenue loss in Q2. However, Nvidia has successfully transitioned from Hopper to Blackwell, with improved manufacturing yields and strong cabinet shipments to major CSP customers [2][3][15]. - Nvidia emphasizes edge computing and has introduced tools to support the development of robotics and autonomous driving ecosystems. The gaming revenue hit a record $3.8 billion, growing 48% quarter-over-quarter and 42% year-over-year, driven by new products like RTX 5060. The company is also focusing on local AI deployment through platforms like Omniverse and Isaac [4][16]. - The Ministry of Industry and Information Technology released the "Computing Power Interconnection Action Plan," aiming to establish a comprehensive standard and rule system for computing power interconnection by 2026 and achieve nationwide public computing power standardization by 2028. This initiative is seen as crucial for enhancing the utilization of domestic computing power cards and sustaining government and enterprise computing leasing businesses [5][17]. Summary by Sections Industry Dynamics - Nvidia's transition to Blackwell has received positive market feedback, with expectations for continued valuation recovery in supporting sectors like optical modules and power supply units [3][15]. - The edge computing focus is expected to drive growth in sectors such as robotics and autonomous vehicles, with significant opportunities in control systems and sensors [4][16]. Market Performance - The overall market saw a decline during the week of May 26 to May 30, 2025, with the Shenwan Communications Index rising by 1.53%. The top-performing sectors included wireless RF (+8.17%) and satellite communications (+4.82%) [8][19]. - Individual stocks such as Haige Communications and Xinyi Technology led the gains, while companies like Dongtu Technology and Ruikeda experienced notable declines [31][19]. Recommendations - The report suggests focusing on companies in various sectors, including overseas computing (e.g., Xinyi Technology, Zhongji Xuchuang), robotics and autonomous vehicles (e.g., Guanghetong, Meige Intelligent), and computing networks (e.g., China Mobile, China Telecom) [19][7].

Market Overview - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,376.20, up by 0.42% [2] - The Shenzhen Component Index and the ChiNext Index also experienced gains of 0.87% and 1.11% respectively [2] Macro Strategy - The report highlights the uncertainty surrounding U.S. tariff policies, with expectations for the Federal Reserve to lower interest rates by 25 basis points in September and December [4] - Initial jobless claims in the U.S. rose to 240,000, indicating a cooling job market, while Q1 GDP was revised to a -0.2% annualized rate, primarily affected by net exports [4] - The report suggests that inflation concerns in the U.S. are limited, with consumer spending showing signs of stability [4] Agricultural Sector Analysis - The agricultural sector, particularly the pig farming industry, is showing signs of recovery with pig prices increasing. As of May 30, the average price for live pigs in key provinces was reported at 14.15, 15.64, and 14.40 CNY/kg, reflecting increases of 0.71%, 1.62%, and 1.05% respectively [6] - The report is optimistic about Haida Group's investment opportunities due to improving feed industry conditions and potential growth in overseas feed business [6] - The report emphasizes the cyclical nature of the pig farming industry, noting that while profitability is expected to improve, the industry still faces challenges related to debt reduction [6] Robotics Industry Insights - The report identifies 2025 as a pivotal year for the humanoid robot industry, which is expected to experience significant growth supported by favorable policies [8] - A total of 28 convertible bonds related to the humanoid robot supply chain have been identified, with specific recommendations for ten key bonds that are well-positioned in this sector [8][10] Photovoltaic Industry Update - The report tracks the photovoltaic industry, noting that battery prices remain stable while component prices are experiencing structural declines [9] - The average price for N-type battery cells is reported at 0.25 CNY/W, with a slight decrease in component prices due to inventory pressures [9] - The report recommends several companies in the photovoltaic sector, including Aiko Solar and Longi Green Energy, based on their technological advancements and market positioning [11]