[Table_Main] 行业研究|工业 证券研究报告 周度行情回顾 2025 年 4 月 20 日至 4 月 25 日，人形机器人概念指数上涨 5.73%， 相较沪深 300 指数跑赢 5.35pct；年初至今累计涨跌幅来看，人形机 器人概念指数上涨 28.97%，相较沪深 300 指数跑赢 29.84pct。 周度热点回顾 工业行业周报、月报 2025 年 04 月 28 日 [Table_Title] 小鹏 IRON 亮相上海车展，具身智能机 器人运动会开幕 ——人形机器人产业周报 [Table_Summary] 报告要点： 资料来源：Wind [Table_ 相关研究报告 DocReport] 政策端，山东省制造业创新中心培育认定启动，重点面向人工智能、 量子科技、人形机器人等未来产业；上海市经信委开展 2025 年通用 人工智能创新任务揭榜挂帅工作，聚焦具身智能等五大方向，对异构 人形机器人等进行技术攻关。 产品技术迭代方面，宇树科技将于 2025 年 5-6 月举办全球首场"人形 机器人格斗大赛"；日本 Ainos 公司成功将 AI 鼻子系统装入人形机器 人，拓展感知能力；特斯拉公开 Optimu ...

行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2025 年 04 月 28 日 [Table_Title] 电动智能持续，关注欧洲新动向 [Table_Summary] 报告要点： 4 月下半月销量优于上半月 与上半月相比，进入四月下半月后乘用车与新能源车销量同比增速扩大， 环比上月负增长收窄，行业进入月底发力期。批发仍然保持高增速，新能 源渗透率达到 53.3%。 乘用车：4 月 1-20 日，全国乘用车市场零售 89.7 万辆，同比去年 4 月 同期增长 12%，较上月同期下降 9%，今年以来累计零售 602.4 万辆，同 比去期增长 7%；4 月 1-20 日，全国乘用车厂商批发 99.3 万辆，同比去 年 4 月同期增长 14%，较上月同期下降 12%，今年以来累计批发 727.1 万 辆，同比增长 12%。 新能源：4 月 1-20 日，全国乘用车新能源市场零售 47.8 万辆，同比去 年 4 月同期增长 20%，较上月同期下降 11%，零售渗透率 53.3%，今年 以来累计零售 289.8 万辆，同比增长 33%；4 月 1-20 日，全国乘用车厂 商新能源 ...

本周永安药业、舒泰神和尔康制药等表现较好 [Table_Main] 行业研究|医疗保健 证券研究报告 医疗保健行业周报 2025 年 04 月 28 日 [Table_Title] 即将进入业绩真空期，关注基本面向上板块 ——医药生物行业周报（2025.4.21-2025.4.25） [Table_Summary] 报告要点： 医药板块本周小幅跑赢沪深 300 指数 2025 年 4 月 21 日至 4 月 25 日，申万医药生物指数上涨 1.16%，跑 赢沪深 300 指数 0.78pct，在 31 个申万一级行业指数中排名第 15。 2025 年初至今，申万医药生物指数下跌 0.31%，跑赢沪深 300 指数 3.45pct，涨跌幅在 31 个申万一级行业指数中排名第 13。截至 2025 年 4 月 25 日，医药板块估值为 26.37 倍（TTM 整体法，剔除负值）， 相对于沪深 300 估值溢价率为 141.60%。 医药行业政策风险，产品降价风险，研发进度不及预期风险。 [Table_Invest] 推荐|维持 [Table_ 过去一年PicQuote 市场行情] -19% -10% -1% 8% ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company demonstrated stable high growth with a revenue of 5.118 billion yuan in 2024, up 19.16% year-on-year, and a net profit of 1.628 billion yuan, up 11.41% year-on-year [2]. - The company has a rich reserve of products and intellectual properties (IPs), with successful game titles and a strong pipeline of 13 games in development [3]. - The company is actively exploring AI technology applications, enhancing game development efficiency through its AI model [3]. Financial Performance - In Q1 2025, the company achieved a revenue of 1.353 billion yuan, a year-on-year increase of 3.46%, and a net profit of 518 million yuan, up 21.57% year-on-year [2]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 426 million yuan, which accounts for 26.18% of the net profit [2]. - The projected earnings per share (EPS) for 2025-2027 are 1.00, 1.14, and 1.29 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 16, 14, and 13 times [4]. Product and IP Development - The company has established a competitive barrier in retro-themed games and has diversified its portfolio with innovative titles [3]. - The overseas game revenue reached 375 million yuan in 2024, marking a significant growth of 221.48% year-on-year [3]. - The company holds several well-known IPs, which support its product development and commercialization efforts [3]. Strategic Focus - The company is focusing on three main business areas: research and development, publishing, and investment in the gaming industry [4]. - It is strategically investing in five companies, including a lead investment in an AI companionship application, which has garnered significant industry attention [3].

[Table_Main] 行业研究|有色金属 证券研究报告 有色金属行业双周报 2025 年 04 月 28 日 [Table_Title] 黄金价格续创新高，关注战略小金属投资机会 ——有色金属行业双周报 [Table_Summary] 报告要点： 行情回顾：近 2 周申万有色金属指数上涨 2.43% 近 2 周（2025.4.14-2025.4.25），有色金属行业指数强势上涨 2.43%， 跑赢沪深 300 指数涨幅 1.46 个百分点，在 31 个申万一级行业中排名 第十一。从细分领域看，能源金属（4.34%）、工业金属（3.84%）和 贵金属（1.74%）涨幅居前，小金属和金属新材料涨幅分别为-1.66%、 -1.78%。 金属价格：黄金价格续创新高，稀土价格有所下调 截至 4 月 25 日，COMEX 黄金收盘价为 3330.2 美元/盎司，近 2 周上 涨 2.31%；COMEX 银收盘价为 33.34 美元/盎司，近 2 周上涨 3.56%； LME 铜现货结算价为 9364 美元/吨，近 2 周上涨 2.00%；LME 铝现 货结算价为 2412 美元/吨，近 2 周上涨 5.56%；黑钨精 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company demonstrated stable high growth with a revenue of 5.118 billion yuan in 2024, up 19.16% year-on-year, and a net profit of 1.628 billion yuan, up 11.41% year-on-year [2]. - The company has a rich reserve of products and intellectual properties (IPs), with significant performance in retro-themed games and innovative titles, alongside a strong focus on AI technology applications [3]. Financial Performance - In 2024, the company achieved a revenue of 51.18 billion yuan, with a year-on-year increase of 19.16%, and a net profit of 16.28 billion yuan, reflecting an 11.41% increase [2]. - For Q1 2025, the revenue was 1.353 billion yuan, up 3.46% year-on-year, and the net profit was 518 million yuan, up 21.57% year-on-year [2]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 426 million yuan, which is 26.18% of the net profit [2]. Product and IP Development - The company has established a competitive barrier in the retro game category with successful titles like "Original Legend" and "Dragon Valley World" [3]. - It has a diverse portfolio of games, including new releases and 13 games currently in development, showcasing a strong IP acquisition and commercialization capability [3]. - The overseas game revenue reached 375 million yuan, a significant increase of 221.48% year-on-year, indicating successful international expansion [3]. Investment Strategy and Forecast - The company focuses on three main business areas: research and development, publishing, and investment in IPs, aiming for stable growth in its core gaming business while expanding into innovative categories and international markets [4]. - The earnings per share (EPS) forecast for 2025-2027 is projected at 1.00, 1.14, and 1.29 yuan, with corresponding price-to-earnings (P/E) ratios of 16, 14, and 13 times [4].

[Table_Main] 行业研究|信息技术|软件与服务 证券研究报告 计算机行业周报 2025 年 04 月 28 日 [Table_Title] 政策助推 AI 发展，AI 应用逐步落地 ——计算机行业周报 [Table_Summary] 报告要点： 本周(2025.4.21-2024.4.25)市场回顾 1) 本周(2025.4.21-2024.4.25)计算机（申万）指数维持底部波动态势， 小幅上涨 0.99%。上证指数上涨 0.56%，深证成指上涨 1.38%，创业 板指上涨 1.74%。 2) 细分板块方面，申万二级行业指数：计算机设备(801101.SL)、软件 开发(801104.SL)、IT 服务Ⅱ(801103.SL)涨跌幅分别为 0.27%、 0.59%、2.04%，均呈现上涨趋势，软件子板块的表现优于硬件。 业绩汇总 1) 汉得信息发布《2024 年年度报告》，2024 年，公司实现营业收入 32.35 亿元，同比增长 8.57%；实现归属于上市公司股东的净利润 1.88 亿元；实现归属于上市公司股东的扣除非经常性损益的净利润 1.37 亿 元。 2) 科远智慧发布《2024 年年度报 ...

[Table_Main] 行业研究|信息技术|软件与服务 证券研究报告 计算机行业周报 2025 年 04 月 28 日 [Table_Title] 政策助推 AI 发展，AI 应用逐步落地 ——计算机行业周报 [Table_Summary] 报告要点： 本周(2025.4.21-2024.4.25)市场回顾 1) 本周(2025.4.21-2024.4.25)计算机（申万）指数维持底部波动态势， 小幅上涨 0.99%。上证指数上涨 0.56%，深证成指上涨 1.38%，创业 板指上涨 1.74%。 2) 细分板块方面，申万二级行业指数：计算机设备(801101.SL)、软件 开发(801104.SL)、IT 服务Ⅱ(801103.SL)涨跌幅分别为 0.27%、 0.59%、2.04%，均呈现上涨趋势，软件子板块的表现优于硬件。 业绩汇总 资料来源：Wind [Table_ 相关研究报告 DocReport] 1) 汉得信息发布《2024 年年度报告》，2024 年，公司实现营业收入 32.35 亿元，同比增长 8.57%；实现归属于上市公司股东的净利润 1.88 亿元；实现归属于上市公司股东的扣除非经常性 ...

Investment Rating - The industry investment rating is maintained as "Recommended" [7] Core Insights - The overseas AI chip index increased by 10% this week, driven by rising expectations of interest rate cuts in the US and a continued recovery in semiconductor demand [1][10] - The domestic AI chip index decreased by 0.6%, with significant divergence in the performance of constituent stocks [1][10] - The global generative AI server share is expected to rise from 19.6% in 2023 to 37.7% by 2028, an increase of 18.1 percentage points [2][27] - The Chinese AI server market is projected to grow by approximately 87% in 2024, with annual growth rates around 30% from 2025 to 2028 [2][28] - Apple plans to increase iPhone production in India by 10% by the end of this year, aiming to produce at least 50 million units [3][35] Market Indices - The overseas chip index rose by 10% this week after a 7% decline last week, reflecting a positive market sentiment [10] - The domestic A-share chip index showed stability but experienced a 0.6% decline this week, with significant variations among constituent stocks [10] - The server ODM index increased by 4.4%, benefiting from the positive outlook in the semiconductor sector [1][10] - The storage chip index rose by 1.6%, supported by the lack of tariff reductions on US storage chips, which is expected to boost domestic demand [1][10] Major Events - TSMC's 2nm process is expected to enter mass production in the second half of this year, with plans to launch the A16 process by the end of 2026 [3][39] - TI reported Q1 2025 revenue of $4.07 billion, an 11% year-over-year increase, with operating profit of $1.324 billion [3][37] - Apple is restructuring its Siri development team and plans to produce a significant portion of its MacBook and iPad in Vietnam for the US market [3][35]

Macro Economic Insights - The first quarter of 2025 showed a strong economic performance, with retail sales exceeding expectations and stable growth in passenger car sales[4] - However, the sales data for commercial housing in 30 major cities showed a month-on-month decline, indicating potential weaknesses in the investment sector[4] - Export pressures are expected to increase in the second quarter due to external uncertainties, necessitating counter-cyclical policy support[4] Fixed Income Market Outlook - The recommendation is to seek structural opportunities while maintaining a defensive stance, particularly in short-duration bonds due to stable funding conditions[5] - It is advised to avoid ultra-long-term bonds due to supply pressures, while considering 10-year government bonds for potential entry points after policy-driven fluctuations[5] - Focus on high-grade municipal bonds and central enterprise bonds in the credit sector, with caution regarding liquidity risks from increased supply in the second quarter[5] Equity Market Analysis - The equity market is experiencing a rebound, with the CSI 300 index rising by 1.32% and the Hang Seng Index increasing by 5.94%[12] - Despite a 16.1% decrease in average daily trading volume to 1.15 trillion yuan, there is a recovery in short-term risk appetite supported by passive and bottom-fishing funds[6] - A cautious optimism is recommended, focusing on policy-driven consumption sectors and undervalued blue-chip stocks while being wary of external tariff disruptions[6] Overseas Market Perspective - Concerns over U.S. fiscal sustainability and policy uncertainty are leading to increased risk aversion in dollar assets, with a potential rebound in U.S. Treasury yields expected to face challenges[7] - The 10-year U.S. Treasury yield is anticipated to remain volatile, with a potential range of 4.6%-4.8% if market panic escalates[7] - The dollar index is under pressure amid weak market confidence and uncertain trade negotiations[7] Overall Asset Allocation Strategy - Current asset allocation should balance defensive positioning with structural opportunities, focusing on short-term government bonds as a defensive base[8] - In equities, three main themes are highlighted: consumption driven by marginal policy easing, export-oriented industries affected by tariff negotiations, and technology trends in AI and semiconductor sectors[8] - Caution is advised in overseas allocations, particularly in dollar assets, while emphasizing stable cash flow assets in Europe to hedge against policy uncertainties[8]