Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor and semiconductor production equipment industry [7]. Core Insights - The overseas AI chip index increased by 6.1%, driven by the Trump administration's plans to modify export restrictions on advanced AI chips, leading to significant stock price increases for US AI chip companies [10]. - Domestic AI chip index remained stable, with A-share chip companies experiencing an overall upward trend before the announcement of relaxed export restrictions by the US, which later affected their stock prices [10]. - The Nvidia mapping index rose by 4.0%, supported by enhanced shipment expectations following the US government's plans to ease AI chip export restrictions [10]. - The server ODM index surged by 8.5%, reflecting sustained demand for AI infrastructure from tech companies [10]. - The storage chip index increased by 3.3%, with domestic demand for storage chips boosted by US-China trade tensions [10]. - The power semiconductor index saw a modest rise of 1.4%, while the A-share fruit chain index increased by 2.2%, contrasting with a 2.4% decline in the Hong Kong fruit chain index [10]. Market Data - SMIC reported a 28.4% year-on-year increase in Q1 2025 sales, with a capacity utilization rate of 89.6%. However, it expects a revenue decline of 4%-6% in Q2 2025, with a gross margin between 18%-20% [22]. - Hua Hong Semiconductor's Q1 2025 sales rose by 17.6%, with a gross margin of 9.2%. The company anticipates Q2 2025 sales between $550 million and $570 million, with a gross margin of 7%-9% [27]. - OLED monitor shipments grew significantly, reaching approximately 507,000 units in Q1 2025, a year-on-year increase of 175% [28]. - China's smartphone shipments increased by 9% year-on-year in Q1 2025, marking five consecutive quarters of growth, with Huawei leading the market with a 20% share [33]. Major Events - Samsung is set to launch the ultra-thin Galaxy S25 Edge on May 12, 2025, ahead of Apple's entry into the ultra-thin smartphone market [36]. - AMD has shifted the production of its EPYC servers from Samsung to TSMC's new Arizona facility using 4nm technology [36]. - Intel has signed a large-scale semiconductor foundry contract with Microsoft, utilizing Intel's 18A process technology [36]. - TSMC's Arizona 4nm wafer fab has begun producing processors for Apple's iPad and Apple Watch [36].

Investment Rating - The report maintains a "Buy" rating for the selected companies in the beauty and personal care sector [7][10]. Core Insights - The consumer price index (CPI) showed a slight increase of 0.1% month-on-month in April 2025, indicating a stabilization in consumer prices [3][21]. - During the "May Day" holiday, domestic travel reached 314 million trips, a year-on-year increase of 6.4%, with total spending of 180.27 billion yuan, up 8.0% [4][28]. - The beauty and personal care segment experienced varied sales performance, with Tmall sales for skincare categories at 7.817 billion yuan, down 11.61% year-on-year [3][21]. Market Performance - For the week of May 6-9, 2025, the retail, social services, and beauty care sectors saw increases of 0.88%, 1.12%, and 1.71% respectively, ranking 29th, 25th, and 22nd among 31 primary industries [2][13]. - The Shanghai Composite Index rose by 1.92%, while the Shenzhen Component Index and CSI 300 Index increased by 2.29% and 2.00% respectively during the same period [2][16]. Key Industry Data and News - The beauty care sector's sales on Tmall for April 2025 were 7.817 billion yuan, with notable brand performance variations, such as Proya down 24% and Han Shu up 51% [3][21]. - The travel sector saw significant growth, with key tourist destinations like Emei Mountain and Huangshan experiencing visitor increases of 24.71% and 13.82% respectively during the holiday [4][30]. - The retail sector welcomed new listings, including "Hushang Ayi," marking the fourth new tea drink brand to go public in 2025 [5][34]. Company Announcements - Xiangyuan Cultural Tourism reported a 112.90% increase in visitor numbers during the "May Day" holiday, reaching 623,600 visitors and generating revenue of 40.40 million yuan, up 100.71% year-on-year [36]. - Runben Co. announced a new investment of 600 million yuan for a biotechnology research and production base, adding to its previous investment in the same area [37].

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Viewpoints - The overall market performance for the week (May 5-9, 2025) saw the Shanghai Composite Index rise by 1.92%, the Shenzhen Component Index by 2.29%, and the ChiNext Index by 3.27%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 4.96% during the same period [2][10]. - Among the sub-sectors, the telecommunications network equipment and devices had the highest increase at 8.91%, while telecommunications application value-added services had the lowest at 0.46% [2][13]. - Notable individual stock performances included Fang Technology with a rise of 23.40%, Xin Yisheng at 21.63%, and Wuhan Fangu at 20.99% [2][15]. Summary by Relevant Sections Market Overview - The telecommunications sector is experiencing a high level of prosperity, with significant contributions from AI, 5.5G, and satellite communications [2]. - The report highlights a positive trend in the telecommunications market, with various sub-sectors showing growth [2][10]. Sub-sector Performance - The telecommunications network equipment and devices sub-sector led the growth with an 8.91% increase, while telecommunications application value-added services lagged behind with only a 0.46% increase [2][13]. Stock Performance - The report identifies Fang Technology, Xin Yisheng, and Wuhan Fangu as the top-performing stocks in the telecommunications sector for the week, with respective increases of 23.40%, 21.63%, and 20.99% [2][15]. Suggested Focus Areas - The report suggests focusing on the computing power industry chain and satellite internet, particularly highlighting the potential benefits from changes in AI chip export regulations and the new guidelines for satellite service management [3][20].

[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 5 月 11 日 [Table_Title] AI 芯片或转许可制度，关注国产链及低估值标的 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2025.5.5-2025.5.9）上证综指上涨 1.92%，深证成 指上涨2.29%，创业板指上涨 3.27%。本周申万通信上涨4.96%。考 虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业发 展，我们给予通信行业"推荐"评级。 细分行业：本周（2025.5.5-2025.5.9）通信板块三级子行业中，通 信网络设备及器件上涨幅度最高，涨幅为 8.91%，通信应用增值服务 上涨幅度最低，涨幅为 0.46%，本周各细分板块主要呈上涨趋势。 个股方面：本周（2025.5.5-2025.5.9）通信板块涨幅板块分析方 面 ， 有方科技 （ 23.40% ） 、 新 易 盛 （ 21.63% ） 、 武 汉 凡 谷 （20.99%）涨幅分列前三。 建议关注方向：算力产业链、卫星互联网 1）算力产业链：美国 ...

[Table_Main] 行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2025 年 05 月 11 日 4 月 CPI 环比转增，五一出行消费表现亮眼 ——美护商社行业周报 [Table_Summary] 报告要点： 市场表现 本周（2025.05.06-2025.05.09），申万商贸零售/社会服务/美容护理分 别+0.88%/+1.12%/+1.71%，在 31 个一级行业中排名第 29/25/22；同 期上证综指+1.92%，深证成指+2.29%，沪深 300 指数+2.00%。 细分子板块来看，本周商贸零售/社会服务/美容护理多数子版块均实 现 上 涨 。 化 妆 品 / 专 业 服 务 / 个 护 用 品 分 别 同 比 +2.79%/+2.47%/+2.30%，旅游及景区板块回调 1.30%。 本周行业重点事件及资讯 2025 年 4 月，全国居民消费价格指数（CPI）环比由上月下降 0.4% 转为上涨 0.1%；同比下降 0.1%，降幅与上月相同。其中，城市上 涨 0.2%，农村持平；食品价格上涨 0.2%，非食品价格上涨 0.1%； 消费品价格持平，服务价格上涨 0.3%。核心 ...

[Table_Main] 行业研究|日常消费|食品、饮料与烟草 证券研究报告 食品、饮料与烟草行业 周报、月报 [Table_Title] 五一餐饮活跃，带动食饮消费持续回暖 ——食品饮料行业双周报 [Table_Summary] 行情回顾 1）4 月 21 日-5 月 9 日，A 股食品饮料行业（SW）下跌 0.16%，跑 输上证指数 2.15pct，跑输深证成指 3.69pct，跑输沪深 300 指数 2.11pct。 2）细分行业方面，在 A 股食品饮料各细分行业（SW）中，4 月 21 日 -5 月 9 日，其他酒类（+4.20%）、零食（+3.95%）、软饮料（+3.21%） 涨幅居前，肉制品（-5.17%）、预加工食品（-2.73%）、啤酒（-1.51%） 跌幅居前。 3）个股方面，在 A 股食品饮料行业（SW）所有个股中，4 月 21 日- 5 月 9 日，ST 加加（+43.06%）、万辰集团（+35.53%）、西麦食品 （+20.67%）涨幅居前，岩石股份（-26.47%）、康比特（-18.25%）、 天味食品（-17.54%）跌幅居前。 食饮行业重点数据跟踪 1）白酒：根据同花顺 Ifin ...

[Table_Main] 公司研究|可选消费|汽车与汽车零部件 证券研究报告 公司全面布局人形机器人"第二增长曲线"，打造完整产业链 均胜电子(600699)公司点评报告 2025 年 05 月 11 日 业绩如期兑现，北美整体转盈 降本增效成效显著，加速"第二曲线"布 局 ——均胜电子(600699)公司点评报告 [Table_Summary] 事件： 公司发布 2025 年一季报，业绩符合预期。2025 年第一季度实现营收 145.76 亿元，同比+9.78%，环比-1.04%；实现归母净利润 3.40 亿元，同比+11.08%， 环比+1694.71%；实现扣非归母净利润 3.20 亿元，同比+2.79%，环比- 6.02%。 报告期内公司降本增效措施成效显著，成本持续优化 报告期内，公司降本增效措施成效显著，成本持续优化。公司 2024 年主营 业务毛利率同比提升 1.8pcts 至 16.3%。公司两大主营业务盈利能力均呈现 持续攀升趋势。其中，汽车安全业务与汽车电子业务毛利率分别增长 2.27 和 0.63pcts。分区域来看，国内外区域毛利率均有所改善，尤其欧洲、美洲 两地盈利能力较去年同期改善 ...

[Table_Main] 行业研究|可选消费|耐用消费品与服装 证券研究报告 耐用消费品与服装行业周报、月报 2025 年 05 月 11 日 [Table_Title] 五一假期消费强劲，家用电器翻倍高增 ——智能家居行业双周报 [Table_Summary] 报告要点： 行情回顾 1）双周行情：近 2 周（2025.04.26-2025.05.09）上证综指上涨 1.42%， 深证成指上涨 2.12%，创业板指上涨 3.32%；智能家居指数 （399996.SZ）上涨 2.97%，跑赢上证综指 1.54pct，跑赢深证成指 0.85pct，跑输创业板指 0.35pct。 2）细分板块：近 2 周，智能家居指数中，电子元器件及零部件、内容 /网络服务提供商、软件、智能家居产品及解决方案板块涨跌幅分别为 +2.05%、-1.33%、+6.56%、+3.68%；年初至今四个细分板块涨跌幅 分别为+3.71%、-4.29%、-4.82%、+0.29%。 行业政策跟踪 1）广东省人民政府办公厅印发《广东省提振消费专项行动实施方案》， 加力扩围实施消费品以旧换新，发展人工智能和机器人消费。2）商务 部副部长盛秋平：将 ...

[Table_Summary] 报告要点： [Table_Main] 行业研究|可选消费|耐用消费品与服装 证券研究报告 耐用消费品与服装行业周报、月报 2025 年 05 月 11 日 [Table_Title] 五一假期消费强劲，家用电器翻倍高增 ——智能家居行业双周报 行情回顾 1）双周行情：近 2 周（2025.04.26-2025.05.09）上证综指上涨 1.42%， 深证成指上涨 2.12%，创业板指上涨 3.32%；智能家居指数 （399996.SZ）上涨 2.97%，跑赢上证综指 1.54pct，跑赢深证成指 0.85pct，跑输创业板指 0.35pct。 2）细分板块：近 2 周，智能家居指数中，电子元器件及零部件、内容 /网络服务提供商、软件、智能家居产品及解决方案板块涨跌幅分别为 +2.05%、-1.33%、+6.56%、+3.68%；年初至今四个细分板块涨跌幅 分别为+3.71%、-4.29%、-4.82%、+0.29%。 行业政策跟踪 1）广东省人民政府办公厅印发《广东省提振消费专项行动实施方案》， 加力扩围实施消费品以旧换新，发展人工智能和机器人消费。2）商务 部副部长盛秋平：将 ...

[Table_Main] 行业研究|日常消费|食品、饮料与烟草 证券研究报告 食品、饮料与烟草行业 周报、月报 [Table_Title] 五一餐饮活跃，带动食饮消费持续回暖 ——食品饮料行业双周报 [Table_Summary] 行情回顾 1）4 月 21 日-5 月 9 日，A 股食品饮料行业（SW）下跌 0.16%，跑 输上证指数 2.15pct，跑输深证成指 3.69pct，跑输沪深 300 指数 2.11pct。 2）细分行业方面，在 A 股食品饮料各细分行业（SW）中，4 月 21 日 -5 月 9 日，其他酒类（+4.20%）、零食（+3.95%）、软饮料（+3.21%） 涨幅居前，肉制品（-5.17%）、预加工食品（-2.73%）、啤酒（-1.51%） 跌幅居前。 [Table_Invest] 推荐|维持 [Table_ 过去一年PicQuote 市场行情] -30% -20% -10% 0% 10% 20% 05/13 08/11 11/09 02/07 05/08 食品、饮料与烟草 沪深300 3）个股方面，在 A 股食品饮料行业（SW）所有个股中，4 月 21 日- 5 月 9 日，ST ...