[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2025 年 06 月 03 日 [Table_Title] 4 月游戏市场高增长，关注暑期档影片定档 ——传媒行业周报 [Table_Summary] 报告要点： 市场表现 周度涨跌情况（2025.5.24-2025.5.30）：传媒行业（申万）上涨 1.74%， 排名行业第 6 名，同期沪深 300 跌 1.08%，上证指数跌 0.03%，深证 成指跌 0.91%，创业板指跌 1.40%，恒生科技指数跌 1.46%。元隆雅 图、时代出版、游族网络、*ST 返利和*ST 大晟表现较优，恒生科技 成分股中快手-W（周涨幅 9.33%）、网易-S（周涨幅 1.11%）表现较 好。 行业重点数据及动态更新 AI 应用：海外方面，Claude 聊天机器人推出语音模式；国内方面， 昆仑万维上线天工超级智能体 APP，通义千问团队发布 QwenLong- L1-32B 模型，腾讯开源混元语音数字人模型，DeepSeek R1 模型完 成小版本试升级，快手可灵 AI 上线 2.1 系列模型。5 月 27 日，快 手公布 Q1 业绩， ...

[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2025 年 06 月 03 日 [Table_Title] 4 月游戏市场高增长，关注暑期档影片定档 ——传媒行业周报 [Table_Summary] 报告要点： 市场表现 周度涨跌情况（2025.5.24-2025.5.30）：传媒行业（申万）上涨 1.74%， 排名行业第 6 名，同期沪深 300 跌 1.08%，上证指数跌 0.03%，深证 成指跌 0.91%，创业板指跌 1.40%，恒生科技指数跌 1.46%。元隆雅 图、时代出版、游族网络、*ST 返利和*ST 大晟表现较优，恒生科技 成分股中快手-W（周涨幅 9.33%）、网易-S（周涨幅 1.11%）表现较 好。 行业重点数据及动态更新 AI 应用：海外方面，Claude 聊天机器人推出语音模式；国内方面， 昆仑万维上线天工超级智能体 APP，通义千问团队发布 QwenLong- L1-32B 模型，腾讯开源混元语音数字人模型，DeepSeek R1 模型完 成小版本试升级，快手可灵 AI 上线 2.1 系列模型。5 月 27 日，快 手公布 Q1 业绩， ...

证券研究报告 国内流动性边际改善，海外基本面预期低位反弹 ——大类资产周报（20250526-20250601） 分析师：朱定豪 SAC执业资格证书编码: S0020521120002 邮箱：zhudinghao@gyzq.com.cn 2025年6月3日 资产配置与金融工程 增持美股（评分7）：美国增长超预期（经济意外指数强势反转），聚焦科技/消费板块。 增持短久期债券（评分6）：通胀疲软+流动性改善利好债市，优选6-12个月AAA级信用债。 中性配黄金（评分6）：增长分化为支撑，但避险情绪回落形成短期压制。 减持大宗商品（评分3）：增长与通胀双压制，工业品需求疲软趋势延续。 A股谨慎观望（评分4）：盈利预期仍弱，流动性改善难抵增长/通胀压力，暂避高波动板块。 衍生品策略中性（评分5），商品动量有效但基差因子拖累显著。 风险提示： 政策调整风险；市场波动风险；地缘政治冲击；经济数据验证风险；流动性传导风险。 请务必阅读正文之后的免责条款部分 分析师：汤静文 SAC执业资格证书编码: S0020524060001 邮箱：tangjingwen@gyzq.com.cn 联系人：黄雯瑜 邮箱：huangwenyu ...

[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 06 月 03 日 [Table_Title] 国产 EDA 有望加速发展，产业空间广阔 ——计算机行业周报 [Table_Summary] 报告要点： 本周(2025.5.26-2025.5.30)市场回顾 1) 本周(2025.5.26-2025.5.30)计算机（申万）指数上涨 1.77%，扭转 了前两周持续下跌的趋势，位居涨幅榜第五。本周上证指数下跌 0.03%，深证成指下跌 0.91%，创业板指下跌 1.40%。 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 2.14%、 2.04%、1.18%，均呈现上涨趋势。 本周重点公告 1) 新国都发布《2025 年股票期权激励计划（草案）》：本计划授予的 股票期权所涉及的标的股票总数为 1900 万股，占本激励计划草案公 告时公司股本总额 567299123 股的 3.35%，本计划授予的股票期权 的行权价格为 25 元/份，行权考核年度为 2025 ...

[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 06 月 03 日 [Table_Title] 国产 EDA 有望加速发展，产业空间广阔 ——计算机行业周报 [Table_Summary] 报告要点： 本周(2025.5.26-2025.5.30)市场回顾 1) 本周(2025.5.26-2025.5.30)计算机（申万）指数上涨 1.77%，扭转 了前两周持续下跌的趋势，位居涨幅榜第五。本周上证指数下跌 0.03%，深证成指下跌 0.91%，创业板指下跌 1.40%。 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 2.14%、 2.04%、1.18%，均呈现上涨趋势。 本周重点公告 1) 新国都发布《2025 年股票期权激励计划（草案）》：本计划授予的 股票期权所涉及的标的股票总数为 1900 万股，占本激励计划草案公 告时公司股本总额 567299123 股的 3.35%，本计划授予的股票期权 的行权价格为 25 元/份，行权考核年度为 2025 ...

[Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 半导体与半导体生产设 备行业周报、月报 2025 年 06 月 02 日 [Table_Title] 英伟达 FY26Q1 业绩超预期，2025 迎来 AI PC 爆 [Table_Invest] 推荐|维持 [Table_Summary] 报告要点： 本周（2025.5.26-2025.6.1）市场回顾 1）海外 AI 芯片指数本周上涨 3.0%，全球贸易紧张局势出现缓和迹 象，欧美将加快贸易谈判进程，海外芯片行情有所回暖。英伟达发布 最新业绩报告，数据中心实现强劲增长，同比增加 73%，数据中心销 售额增长缓解了市场对于供应链问题和贸易限制带来的部分担忧。2） 国内 AI 芯片指数本周续跌 2.6%。国内芯片公司股价持续调整，成分 股均出现下滑。3）英伟达映射指数本周上涨 2.3%，英伟达一季度营 收高于市场预期，同时，数据中心业务实现较大幅度增长，部分市场 担忧得到缓解，带动英伟达供应链开始回暖。4）服务器 ODM 指数本 周上涨 2.0%，受英伟达数据中心销售额实现较大涨幅，供应链问题有 所缓解，服务器出货预期增强。5 ...

半导体与半导体生产设 备行业周报、月报 2025 年 06 月 02 日 [Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 [Table_Title] 英伟达 FY26Q1 业绩超预期，2025 迎来 AI PC 爆 [Table_Invest] 推荐|维持 [Table_Summary] 报告要点： 本周（2025.5.26-2025.6.1）市场回顾 1）海外 AI 芯片指数本周上涨 3.0%，全球贸易紧张局势出现缓和迹 象，欧美将加快贸易谈判进程，海外芯片行情有所回暖。英伟达发布 最新业绩报告，数据中心实现强劲增长，同比增加 73%，数据中心销 售额增长缓解了市场对于供应链问题和贸易限制带来的部分担忧。2） 国内 AI 芯片指数本周续跌 2.6%。国内芯片公司股价持续调整，成分 股均出现下滑。3）英伟达映射指数本周上涨 2.3%，英伟达一季度营 收高于市场预期，同时，数据中心业务实现较大幅度增长，部分市场 担忧得到缓解，带动英伟达供应链开始回暖。4）服务器 ODM 指数本 周上涨 2.0%，受英伟达数据中心销售额实现较大涨幅，供应链问题有 所缓解，服务器出货预期增强。5 ...

[Table_Title] 金股报告 国元证券 2025 年 6 月金股组合及投资逻辑 ——2025 年第 6 期 报告要点： 国元月度金股（2025 年 6 月） |  | 年 国元月度金股（2025 | 月） 6 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行 业 | 公司名称 | 股票代码 | | EPS | | 收盘价 | PE(TTM) | 推荐人 | | | | | 24A | 25E | 26E | | | | | 电新机械 | 杰瑞股份 | 002353.SZ | 2.57 | 2.88 | 3.39 | 34.52 | 13.01 | 龚斯闻 | | 计算机 | 国能日新 | 301162.SZ | 0.93 | 1.21 | 1.56 | 47.07 | 57.83 | 耿军军 | | 汽车 | 银轮股份 | 002126.SZ | 0.94 | 1.31 | 1.62 | 24.90 | 25.84 | 陈烨尧 | | 军工及新材料 | 国科军工 | 688543.SH | 1.13 | ...

Report Industry Investment Rating No industry investment rating information is provided in the report. Core View of the Report On May 30, 2025, the two markets adjusted with shrinking volume, and the breeding stocks strengthened collectively. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all declined, and most industries and concept sectors fell. The main funds had a net outflow, while the southbound funds had a net inflow. The closing prices of major Asia - Pacific stock indexes on May 30 showed mixed performance, and the European and US stock indexes on May 29 also had different trends [2]. Summary by Directory 1. Market News - In Q1 2025, the balance of RMB loans of financial institutions was 265.41 trillion yuan, a year - on - year increase of 7.4%, and the RMB loans increased by 9.78 trillion yuan in Q1 [12]. - In April 2025, China's international balance of payments in goods and services trade had an import - export scale of 43706 billion yuan, a year - on - year increase of 6%, with a trade surplus of 462 billion US dollars [12]. - In June 2025, 1932 kinds of food in Japan will increase in price, and the annual increase may exceed 20,000 kinds, affected by factors such as rising raw material prices and labor costs [12]. - US tariff policies and other uncertainties dragged down corporate performance and the employment market in Q1 2025, with corporate profits falling by 118.1 billion US dollars and the number of initial jobless claims increasing [12]. - Three departments issued a notice to increase the salary distribution incentives for state - owned enterprise skilled talents, including optimizing salary distribution, setting up special allowances, and improving the salary growth mechanism [12]. 2. Overall Market Performance - On May 30, 2025, the two markets adjusted with shrinking volume. The Shanghai Composite Index fell 0.47%, the Shenzhen Component Index fell 0.85%, and the ChiNext Index fell 0.96%. The market turnover was 1138.816 billion yuan, a decrease of 46.415 billion yuan from the previous trading day. There were 1132 rising stocks and 4216 falling stocks in the whole market [2][15]. 3. Market Style and Industry Performance - Style: The order of index gains and losses is 0 > Stable > Financial > Consumption > Cycle > Growth; Large - cap value > Mid - cap value > Small - cap value > Large - cap growth > Small - cap growth > Mid - cap growth; Fund heavy - holdings performed better than the CSI All - Share Index [20]. - Industry: Among the 30 CITIC first - level industries, most declined. The relatively top - performing industries were Agriculture, Forestry, Animal Husbandry and Fishery (1.42%), Banking (0.64%), and Medicine (0.36%); the relatively bottom - performing industries were Automobile (- 1.92%), Computer (- 1.79%), and Electronics (- 1.75%) [20]. - Concept sectors: Most concept sectors fell. The rising sectors included Heparin, Pork, and Alzheimer's, while the sectors with significant declines included Reducers, Molten Salt Energy Storage, and Controllable Nuclear Fusion [20]. 4. Capital Flow Performance - On May 30, the main funds had a net outflow of 50.84 billion yuan, with super - large orders having a net outflow of 25.892 billion yuan and large orders having a net outflow of 24.948 billion yuan. Medium - sized orders had a net inflow of 9.547 billion yuan, and small orders had a continuous net inflow of 38.896 billion yuan [3][24]. - Southbound funds had a net inflow of 9.646 billion Hong Kong dollars on May 30, with a net inflow of 8.167 billion Hong Kong dollars through Shanghai - Hong Kong Stock Connect and 1.479 billion Hong Kong dollars through Shenzhen - Hong Kong Stock Connect [4]. 5. ETF Capital Flow Performance - On May 30, most of the trading volumes of ETFs such as SSE 50, CSI 300, CSI 500, and CSI 1000 increased compared with the previous trading day. On May 29, the main broad - based ETF capital flow showed that funds mainly flowed into the CSI 300ETF, with an inflow amount of 2.213 billion yuan [29]. 6. Global Market Performance - On May 30, the closing prices of major Asia - Pacific stock indexes showed mixed performance. The Hang Seng Index fell 1.20%, the Hang Seng Tech Index fell 2.48%, the Nikkei 225 Index fell 1.22%, the South Korean Composite Index fell 0.84%, and the Australian S&P 200 Index rose 0.30% [33]. - On May 29, the three major European stock indexes generally declined, while the three major US stock indexes generally rose. Among the popular technology stocks in the US, the "Big Seven" had different trends [5].

Investment Rating - The report maintains a "Recommended" investment rating for the renewable energy sector, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7]. Core Insights - The report highlights a structural recovery in the energy sector, with supply and demand pressures being released. The performance of the power equipment sector has lagged behind the broader market indices, with a decline of 0.71% during the review period [2][12]. - The solar energy sector is experiencing a price correction after a surge in demand driven by distributed project procurement. Key components such as silicon materials, wafers, and modules have seen price adjustments, but the overall profitability of the industry remains stable due to effective inventory management [4]. - The wind energy sector is projected to benefit from a high domestic localization rate exceeding 90%, with significant growth expected in offshore wind projects in 2025. The report suggests a positive outlook for domestic wind energy companies [5]. Summary by Sections Weekly Market Review - From May 18 to May 23, 2025, the Shanghai Composite Index fell by 0.57%, while the Shenzhen Component Index and the ChiNext Index decreased by 0.46% and 0.88%, respectively. The Shenwan Power Equipment Index underperformed, declining by 0.71% [12]. - Sub-sectors such as photovoltaic equipment and wind power equipment saw declines of -3.19% and -1.81%, respectively, while battery and grid equipment experienced slight increases [12][15]. Key Sector Tracking - **Ningde Times**: On May 20, 2025, Ningde Times listed on the Hong Kong Stock Exchange, issuing 135 million shares at an initial price of 263.00 HKD per share, with the opening price rising to 296.00 HKD, a 12.55% increase [3][21]. - **Photovoltaic Sector**: The report emphasizes the resilience of demand in the photovoltaic sector, supported by project reserves and technological advancements, with a recommendation to focus on companies like GCL-Poly, JinkoSolar, and Sungrow [4]. - **Wind Power Sector**: The report suggests a favorable outlook for domestic wind power companies, highlighting the competitive advantage in core components and the positive trend in exports [5]. Industry News - **BYD**: Announced the launch of lithium iron phosphate batteries for two and three-wheeled electric vehicles, marking its entry into the low-speed electric vehicle battery market [21]. - **Ningde Times**: The company aims to promote a global zero-carbon economy through its recent listing [21]. - **Market Performance**: BYD achieved a historic breakthrough in Europe, surpassing Tesla in electric vehicle sales for the first time, with a 169% year-on-year increase in registrations [23]. Price Data - The report includes various price trends for key components in the renewable energy sector, indicating fluctuations in silicon material prices and module prices, which are essential for assessing the industry's cost structure [31][34].