多个消费品制造细分行业利润涨幅扩大 [Table_ReportType] ——轻工制造行业点评报告[Table_ReportDate] 投资要点： ⚫ 4 月规模以上工业企业利润持续改善。从利润端来看，2025 年 1-4 月 份，全国规模以上工业企业实现利润总额 21,170.2 亿元，同比+1.4%， 相比 1-3 月提升 0.6 个 pct，工业企业利润延续恢复态势。其中，4 月 份规模以上工业企业利润同比+3.0%，较 3 月加快 0.4 个 pct，企业当 月利润持续改善。从收入端来看，2025 年 1-4 月份，全国规模以上工 业企业实现营业收入 434,419.3 亿元，同比+3.2%，较 1-3 月降低 0.2 个 pct。 ⚫ 多个消费品制造细分行业利润同比涨幅扩大。从消费品制造业细分行 业来看，在 13 个消费品制造大类行业中，农副食品加工、食品制造、 酒饮料茶、烟草制品、纺织、印刷 6 个行业利润同比正增长，其中农副 食品加工利润同比+45.6%，其余 7 个行业利润同比负增长，5 个行业同 比下滑超过 10%。其中，家具制造行业同比-32.2%、造纸同比-23.6%、 文教工美同比-1 ...

[Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 06 月 05 日 星期四 市 场 研 究 [Table_Summary] 概览 核心观点 【市场回顾】 周三，A 股全线上涨，上证指数收盘涨 0.42%，报 3376.20 点，深证 成指涨 0.87%，创业板指涨 1.11%。沪深两市 A 股成交额约 1.15 万亿 元人民币，超 3700 股上涨。申万行业方面，美容护理、综合行业领 涨，交通运输行业领跌；概念板块方面，啤酒概念、铜缆高速连接、 烟草涨幅居前。港股方面，恒生指数收盘涨 0.60%，恒生科技指数涨 0.57%。美国三大股指收盘涨跌不一，道指跌 0.22%，标普 500 指数 涨 0.01%，纳指涨 0.32%。欧洲股市主要股指多数上涨，亚太股市多 数收涨。 【重要新闻】 【国家能源局组织开展新型电力系统建设第一批试点工作】国家能源 局组织开展新型电力系统建设第一批试点工作，提出围绕构网型技 术、系统友好型新能源电站、智能微电网、算力与电力协同、虚拟电 厂、大规模高比例新能源外送、新一代煤电等七个方向开展试点，探 索新型电力系统建设新技术、新模式， ...

端午旅游增速回落，免签政策效果显著 [Table_ReportType]——2025 年端午假期旅游行业数据快评报告[Table_ReportDate] [事件Table_Summary] ： 2025 年端午节假期收官，经文旅部数据中心测算，假期 3 天全 国国内出游 1.19 亿人次，同比增长 5.7%；国内出游总花费 427.30 亿元，同比增长 5.9%。 投资要点： ⚫ 旅游市场整体增长，增速略有下降。相较于五一黄金周（出游人 次、出游总花费同比分别增长 6.4%/8.0%）及去年同期（出游人 次、出游总花费同比分别增长 6.3%/8.1%），2025 年端午节假期 出游人次及旅游收入同比增速均小幅下降。今年端午假期较早， 五一黄金周新增一天法定节假日后居民出游积极性大幅提升，对 端午假期旅游市场产生了一定的挤出效应。今年端午假期人均旅 游支出 359.08 元/人次，同比下降 2.11%。 ⚫ 免签政策落地，入境游持续升温。去年以来，一系列免签政策陆 续落地，外国游客入境旅游的便利性和吸引力不断提升。数据显 示，今年端午假期，携程平台上的入境游酒店搜索热度飙升超 1 倍，"China Travel ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 06 月 04 日 星期三 [Table_Summary] 概览 【5 月财新 PMI 降至收缩区间，制造业景气八个月来首现收缩】尽管 对等关税迎来 90 天暂缓期，但冲击仍在持续，5 月中国制造业景气 由扩张转为收缩，2024 年 10 月以来首次低于荣枯线。6 月 3 日公布 的 5 月财新中国制造业采购经理人指数（PMI）录得 48.3，低于上月 2.1 个百分点，为 2022 年 10 月以来最低。其中生产指数和新订单指 数均从扩张区间降至收缩区间，分别录得 2022 年 12 月和 2022 年 10 月以来最低，新出口订单指数连续两月低于荣枯线，续创 2023 年 8 月以来最低；生产和需求放缓，导致企业减少原材料采购，采购量指 数 2024 年四季度以来首次低于荣枯线。 研报精选 核心观点 【市场回顾】 周二，A 股震荡回升，上证指数收盘涨 0.43%，报 3361.98 点，深证 成指涨 0.16%，创业板指涨 0.48%。沪深两市 A 股成交额约 1.14 万亿 元人民币，超 3 ...

证券研究报告|机械设备 [Table_Title] 智元远征 A2 人形机器人同时获中美欧三方 认证 [Table_ReportType] ——人形机器人行业快评报告[Table_ReportDate] [行业Table_Summary] 事件： 近日，智元机器人旗下远征 A2 型号同步获得中国 CR、欧盟 CE-MD 及 CE-RED、美国 FCC 四项权威认证，成为全球首个同时拥有中、美、欧三 个区域认证的人形机器人。 投资要点： 智元旗下机器人同时获中美欧三方认证不仅体现了其产品本身的技术 突破，更对行业发展和商业化进程具有深远意义。其中，CR 认证是全 球唯一由国家推动的机器人高端认证，要求通过机械电气安全、电磁兼 容性、功能安全及智能化等全方位检测，远征 A2 成为全球首个获得 CR 认证的人形机器人，标志着其安全性和智能化水平获国家级权威认可。 同时，远征 A2 成为中国首款通过欧盟 CE-MD 认证的人形机器人，实现 了具身智能领域的安全认证突破，这一里程碑标志着其机械安全设计与 风险控制体系已达到国际权威标准。同步获得三大经济体认证，证明远 征 A2 在机械安全、电气规范、电磁兼容、功能可靠性 ...

Core Insights - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.47%, the Shenzhen Component Index by 0.85%, and the ChiNext Index by 0.96% [3][7] - The total market turnover was 1,164.2 billion, a decrease of 49.2 billion from the previous day, with over 4,100 stocks declining [3][7] - The manufacturing Purchasing Managers' Index (PMI) for May was reported at 49.5%, indicating a slight improvement in manufacturing sentiment, while the non-manufacturing business activity index was at 50.3%, showing continued expansion [8] Industry Analysis Power Equipment - In April 2025, the total export value of power equipment reached 7.893 billion, with a month-on-month growth of 27.44% and a year-on-year growth of 52.84% [9] - Cumulative exports from January to April amounted to 26.134 billion, reflecting a year-on-year increase of 35.63% [9] - The transformer export market showed strong growth, with April exports valued at 3.474 billion, a month-on-month increase of 12.22% and a year-on-year increase of 41.94% [9][10] - The cable export market performed exceptionally well, with April exports reaching 2.720 billion, marking a month-on-month increase of 76.21% and a year-on-year increase of 92.88% [12][13] Social Services - The fund's heavy position in the social services sector increased to 0.12%, showing a slight rise from the previous quarter, although still below historical averages [14][16] - The hotel and restaurant sectors maintained low heavy positions, while the tourism and scenic areas saw a slight rebound [14][16] - The implementation of vacation policies is expected to boost the tourism market, contributing to growth in the duty-free sector and benefiting hotel and restaurant industries [14][20] Consumer Sector - The heavy position in the consumer sector continued to decline, with a drop to 7.01%, significantly below the historical average of 11.56% [18][19] - The social services, retail, and beauty care sectors saw slight increases in heavy positions, while other sectors experienced declines [18][20] - The food and beverage sector is expected to recover, driven by government policies aimed at boosting domestic consumption [20] Inverter Exports - In April 2025, inverter exports reached 5.772 billion, with a month-on-month increase of 27.70% and a year-on-year increase of 17.04% [22] - Cumulative exports from January to April totaled 17.924 billion, reflecting a year-on-year growth of 9.37% [22] - The Asian market showed stable growth, particularly in emerging countries like India and Pakistan, while the European market also demonstrated significant recovery [22][24]

Investment Rating - The report maintains an "Outperform" rating for the consumer sector [3] Core Insights - The heavy holding ratio in the consumer sector continues to decline, with a decrease of 0.43 percentage points to 7.01% in Q1 2025, significantly below the historical average of 11.56% [6][12] - The heavy holding market value ratio has also decreased, now at 18.81% (down 0.33 percentage points), while the overweight ratio has fallen to 5.83% (down 0.13 percentage points) [6][13] - There is a notable internal differentiation in heavy holding ratios among sub-sectors, with social services, retail, and beauty care seeing slight increases, while other sectors experienced declines [6][16] Summary by Sections Heavy Holding Ratios - The consumer sector's heavy holding ratio has been on a downward trend for four consecutive quarters, reaching a historical low [12] - The top three sectors by heavy holding ratio are food and beverage (4.24%), home appliances (1.70%), and agriculture, forestry, animal husbandry, and fishery (0.40%) [16] Individual Stocks - In the top 20 stocks by heavy holding ratio, the consumer sector occupies four positions, with an increase of one position compared to Q4 2024 [28] - The heavy holding ratios for key consumer stocks are as follows: Kweichow Moutai (2.04%), Midea Group (0.92%), Wuliangye (0.53%), and Shanxi Fenjiu (0.40%) [28][31] Investment Recommendations - The report suggests that domestic consumption demand remains weak, with expanding domestic demand being a key focus for 2025 [6] - Specific recommendations include: 1. Social Services: Expected growth in multiple sectors due to improved holiday policies and inbound consumption [7] 2. Retail: Focus on gold and jewelry as a safe-haven asset, and on domestic beauty brands gaining market share [7][8] 3. Light Industry Manufacturing: Anticipated demand recovery in home appliances due to real estate market stabilization [8] 4. Food and Beverage: The liquor industry is expected to recover due to economic stimulus policies and pent-up demand [8]

Investment Rating - The industry investment rating is "Outperform the Market," indicating a projected relative increase of over 10% in the industry index compared to the broader market over the next six months [39]. Core Insights - The report highlights a robust performance in the power equipment export sector, with April 2025 exports totaling 7.893 billion yuan, reflecting a month-on-month increase of 27.44% and a year-on-year increase of 52.84%. Cumulatively, from January to April 2025, exports reached 26.134 billion yuan, up 35.63% year-on-year [2]. Summary by Category Transformers - The transformer market shows strong growth, with April 2025 exports amounting to 3.474 billion yuan, a month-on-month increase of 12.22% and a year-on-year increase of 41.94%. Cumulative exports from January to April 2025 reached 13.122 billion yuan, up 50.93% year-on-year [3][13]. - Notably, the African market has seen significant growth, with April exports reaching a record high. Exports to Africa in April 2025 were 0.505 billion yuan, reflecting a year-on-year increase of 143.73% [14]. Electric Meters - The electric meter sector performed steadily, with April 2025 exports totaling 0.965 billion yuan, a month-on-month increase of 28.83% and a year-on-year increase of 34.39%. Cumulative exports from January to April 2025 reached 3.462 billion yuan, up 15.32% year-on-year [4][20]. - The Asian and European markets showed strong growth, with exports to these regions in April 2025 amounting to 0.352 billion yuan and 0.350 billion yuan, respectively, with year-on-year increases of 33.59% and 58.67% [21]. Switches - The switch market maintained high growth, with April 2025 exports of 0.734 billion yuan, reflecting a year-on-year increase of 24.71%. Cumulative exports from January to April 2025 reached 2.694 billion yuan, up 26.56% year-on-year [5][23]. - Exports to Asia, Europe, and Latin America performed well, with year-on-year increases of 28.90%, 10.58%, and 144.92%, respectively [28]. Cables - The cable sector exhibited remarkable performance, with April 2025 exports amounting to 2.720 billion yuan, a month-on-month increase of 76.21% and a year-on-year increase of 92.88%. Cumulative exports from January to April 2025 reached 6.857 billion yuan, up 25.93% year-on-year [9][30]. - The European market saw exceptional growth, with exports in April 2025 reaching 1.203 billion yuan, reflecting a year-on-year increase of 1012.31% [32]. Investment Recommendations - In the context of energy transition and rapid growth in global renewable energy installations, along with stable investment in global grid construction, the report suggests that China's power equipment products possess technological and cost advantages. The export of transformers, electric meters, switches, and cables is expected to benefit from this trend. It is recommended to focus on leading companies with successful overseas market expansion and technological leadership [37].

证券研究报告|电力设备 [Table_Title] 逆变器出口：4 月出口高增长，亚非欧市场 表现稳健 [Table_ReportType] ——电力设备行业跟踪报告[Table_ReportDate] ⚫ 核心观点：2025 年 5 月 20 日，海关总署发布 2025 年 4 月逆变器出 口数据。整体来看，4 月全球逆变器出口 57.72 亿元，环比增长 27.70%，同比增长 17.04%，4 月全球逆变器出口数据表现亮眼，同环 比持续回升，实现高增速。2025 年 1-4 月，我国逆变器累计出口金额 为 179.24 亿元，同比增长 9.37%，保持稳定。分地区来看，亚洲市场 延续稳定增长趋势，4 月出口同环比高增长，印度、巴基斯坦等新兴 国家户储需求持续回升；欧洲地区回升趋势显著，出口金额同环比高 增长，德国市场回升趋势较强；美洲地区受关税政策影响，出口金额 有所回落。展望后市，随着市场走向旺季，出口有望保持稳定增势。 当前，新兴市场表现向好，亚非国家户储出口有望保持增势；欧洲地 区市场逐步回暖，需求有望持续回升；美国市场大储需求较强，但受 制于关税政策变动，不确定增加。 投资要点： 2025 年 ...

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% compared to the market index in the next six months [44]. Core Insights - The fund's heavy position in the social service industry has increased to 0.12% in Q1 2025, reflecting a rise of 0.012 percentage points from the previous quarter, indicating significant rebound potential as it remains below the historical average of 0.50% [2][3][41]. - The report highlights that various sectors within social services are poised for growth, particularly tourism, duty-free, hotels, restaurants, and education, driven by policy support and consumption recovery [2][41]. Summary by Sections Heavy Position Recovery - In Q1 2025, 403 funds held positions in the social service sector, an increase of 75 funds, with a total market value of 8.01 billion yuan, up by 0.946 billion yuan from the previous quarter [3][14]. - The current heavy position percentage ranks 28th among 31 first-level industries, indicating a low allocation compared to historical levels [3][14]. Sector Analysis - The hotel and restaurant sector's heavy position remains low at 0.03%, while the tourism and scenic areas have also stabilized at 0.03% [21][23]. - Professional services and education sectors have seen slight increases in heavy positions, with professional services at 0.05% and education at 0.01% [21][23]. Individual Stock Performance - The top ten stocks in the social service sector have a combined heavy position of 0.105%, an increase of 0.01 percentage points from Q4 2024 [5][31]. - Notable increases in heavy positions were observed in stocks like Su Shi Testing and Xiangyuan Cultural Tourism, primarily in the professional services sector [33][36]. Investment Recommendations - The report suggests focusing on leading companies in tourism, duty-free, hotels, restaurants, and education, which are expected to benefit from favorable policies and market conditions [41].