[Table_Main] 行业研究|信息技术|软件与服务 证券研究报告 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-2.36%、- 3.05%、-3.47%，均呈现回调趋势。 本周重点公告 1) 华大九天发布《2025 年 5 月 20 日投资者关系活动记录表》：公司 希望，未来 3 年可以完成集成电路设计工具系统的开发和市场推广， 全面实现设计类工具国产化替代，更多产品达到国际领先水平。同时 与产业协同实现制造、封测工具全流程覆盖，支持国内最先进工艺； 未来 5 年公司可以全面实现集成电路设计、制造和封测领域的 EDA 工 具全流程国产化替代，成为全球 EDA 行业的领导者。 2) 盛视科技发布《2025 年 5 月 21 日投资者关系活动记录表》：公司 积极探索轮足机器人与人形机器人在口岸、园区、港口等场景中的实 际应用，其中轮足机器人凭借其良好的地形适应能力，以期实现在复 杂地面环境中完成安防巡检与辅助查验等任务；人形机器人则结合口 岸垂直领域的行业数据基础与大模型技术，构建多模态交互系统，以 ...

行业研究|可选消费 证券研究报告 可选消费行业点评报告 2025 年 05 月 26 日 [Table_Title] 4 月社零继续稳增，52TOYS 冲刺港股 IPO ——美护商社行业周报 （3）潮玩：泡泡玛特旗下独立珠宝品牌「POPOP」全国首家正式 门店落户上海港汇恒隆广场，将于 5 月 30 日开业。52TOYS 向港交 所递交招股书。名创优品 25Q1 营收 44.3 亿元，同比+19%，平均门 店数量同比+16.5%。调整后净利润同比-4.8%，毛利率维稳。 （4）零售：天猫公布 618 大促第二波节奏。淘宝 618 期间将"全球 包邮计划"扩容至 12 个国家和地区。朴朴超市计划赴港上市。茶百 道官宣法国首家门店即将开业。潮宏基正筹划在香港联交所发行 H 股上市。 [Table_Summary] 报告要点： 市场表现 本周（2025.05.19-2025.05.23），申万商贸零售/社会服务/美容护理 分别-1.61%/-1.60%/-1.48%，在 31 个一级行业中排名第 26/25/24； 同期上证综指-0.57%，深证成指-0.46%，沪深 300 指数-0.18%。 细分子板块来看，本 ...

[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 26 日 家电以旧换新 [Table_Title] 1-4 月带动销售 1745 亿元 ——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（2025.05.10-2025.05.23）上证综指上涨 0.19%， 深证成指上涨 0.06%，创业板指上涨 0.48%；智能家居指数 （399996.SZ）下跌 2.93%，跑输上证综指 3.12pct，跑输深证成指 2.98pct，跑输创业板指 3.41pct。 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 -2.62%、-1.82%、-4.84%、+2.00%；年初至今四个细分板块涨跌幅 分别为+0.63%、-6.05%、-9.85%、+2.06%。 3）个股：近 2 周，智能家居指数中，涨幅前五个股分别为石头科技 （+19.47%）、国科微（+17.33%）、科沃斯（+6.16%）、东山精密 （ ...

[Table_Main] 行业研究|可选消费|耐用消费品与服装 证券研究报告 1）国家数据局印发《数字中国建设 2025 年行动方案》。2）浙江将智 能家居机器人等产品纳入以旧换新补贴范围。 耐用消费品与服装行业周报、月报 2025 年 05 月 26 日 家电以旧换新 [Table_Title] 1-4 月带动销售 1745 亿元 ——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（2025.05.10-2025.05.23）上证综指上涨 0.19%， 深证成指上涨 0.06%，创业板指上涨 0.48%；智能家居指数 （399996.SZ）下跌 2.93%，跑输上证综指 3.12pct，跑输深证成指 2.98pct，跑输创业板指 3.41pct。 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 -2.62%、-1.82%、-4.84%、+2.00%；年初至今四个细分板块涨跌幅 分别为+0.63%、-6.05%、-9.85%、+2.06%。 3）个股：近 2 周，智能家居指数 ...

[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 05 月 25 日 [Table_Title] 5 月发放 144 款游戏版号，昆仑万维发布天 工超级智能体 ——传媒行业周报 [Table_Summary] 报告要点： 市场表现 周度涨跌情况（2025.5.17-2025.5.23：传媒行业（申万）下跌 0.16%， 排名行业第 14 名，同期沪深 300 跌 0.18%，上证指数跌 0.57%，深 证成指跌 0.46%，创业板指跌 0.88%，恒生科技指数跌 0.65%。本周， 传媒（申万）行业中，游族网络、昆仑万维、因赛集团、旗天科技和 奥飞娱乐表现较优，恒生科技成分股中腾讯控股（周涨幅 1.97%）哔 哩哔哩-W（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，谷歌举办 I/O 2025 大会并公布多项 AI 新成果， 包括 Gemini 2.5 与 Flash 模型、AI Studio 全新开发体验、Android 与 Gemini Nano 深度整合、多模态工具 Stitches 和实时部署能力。 OpenAI 扩 ...

Investment Rating - The report maintains a "Buy" rating for the healthcare sector, indicating that the sector is expected to outperform the benchmark index by more than 10% [7]. Core Insights - The pharmaceutical sector significantly outperformed the CSI 300 index during the week of May 19 to May 23, 2025, with the Shenwan Pharmaceutical Bio Index rising by 1.78%, surpassing the CSI 300 by 1.96 percentage points, ranking first among 31 Shenwan primary industry indices [2][12]. - As of May 23, 2025, the valuation of the pharmaceutical sector stood at 27.44 times (TTM overall method, excluding negative values), with a premium of 146.40% compared to the CSI 300 [2][17]. - The report highlights a major collaboration between 3SBio and Pfizer regarding the PD-1/VEGF bispecific antibody SSGJ-707, with a record upfront payment of $1.25 billion, which is expected to boost market enthusiasm for innovative drugs [21]. - The listing of Heng Rui Medicine on the Hong Kong Stock Exchange on May 23, 2025, achieved a closing market value of HKD 364.2 billion, further stimulating investment interest in the innovative drug sector [22]. Summary by Sections 1. Market Performance - The pharmaceutical sector's index rose by 4.30% from the beginning of 2025, outperforming the CSI 300 by 5.64 percentage points, ranking sixth among 31 primary industry indices [14]. 2. Important Events - On May 20, 2025, 3SBio announced a collaboration with Pfizer for the global development and commercialization rights of SSGJ-707, with total potential payments reaching $6.05 billion [21]. - Heng Rui Medicine's IPO on May 23, 2025, attracted significant investment, indicating strong market confidence in innovative pharmaceuticals [22]. 3. Industry Outlook - The report expresses optimism for the innovative drug sector, noting that it has gained recognition from major international pharmaceutical companies, demonstrating its competitive research and development capabilities [23]. - The focus is shifting towards fundamental changes in the industry and companies as the market enters a performance vacuum period, with continued interest in innovative drugs, overseas expansion, and the clearing of centralized procurement [24].

Investment Rating - The report maintains a "Buy" rating for key companies in the media industry, including companies like Kaiying Network and Perfect World, while some companies like Kunlun Wanwei are rated as "Hold" [6][7]. Core Insights - The media industry (Shenwan) experienced a slight decline of 0.16% during the week of May 17 to May 23, 2025, ranking 14th among industries, while the Shanghai Composite Index fell by 0.57% [10][16]. - The issuance of game licenses in May included 130 domestic and 14 imported games, marking a significant increase in the number of licenses issued, which is expected to boost market development [26][29]. - The total box office for the week of May 16 to May 22 was 232 million yuan, with "Dumpling Queen" leading the box office [35][37]. Market Performance - The media industry saw a weekly decline of 0.16%, with the gaming sector showing a positive growth of 1.63%, while advertising, film, digital media, and publishing sectors experienced declines [10][12]. - Notable performers in the media sector included Youzu Network and Kunlun Wanwei, with weekly gains of 16.24% and 15.65% respectively [16][17]. Industry Key Data AI Applications - Recent downloads for AI applications showed a mixed performance, with DeepSeek downloads at approximately 1.03 million, down 4.48%, while Doubao saw a slight increase of 0.41% to 2.09 million downloads [20][21]. Gaming Data - The issuance of game licenses in May reached a total of 144, the highest monthly issuance since 2024, which is expected to enhance the gaming market's growth [26][29]. - Tencent's new game "Victory Goddess: New Hope" performed well, ranking first in the iOS free game chart upon release [24][25]. Film Data - The top three films for the week were "Dumpling Queen," "Hunter Gold: Game," and "Life Opens the Door," with "Dumpling Queen" earning 57.59 million yuan, accounting for 24.7% of the total box office [35][37]. Industry Key Events and Announcements - Tencent announced the upgrade of QQ Browser to an "AI Browser," integrating various AI functionalities [39]. - Meitu Company secured a strategic partnership with Alibaba, receiving a $250 million investment [39]. - Kunlun Wanwei launched the Tian Gong Super AI, which utilizes AI agent architecture for content generation [43].

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [1][4]. Core Insights - The overall market performance for the week (May 19-23, 2025) saw a decline in major indices, with the Shanghai Composite Index down 0.57%, the Shenzhen Component Index down 0.46%, and the ChiNext Index down 0.88%. The telecommunications sector, represented by the Shenwan Communications Index, experienced a decline of 2.31% [1][10]. - In the telecommunications sub-sectors, "Other Communication Equipment" had the highest increase at 1.81%, while "Communication Network Equipment and Devices" saw the largest decline at 3.87%. Overall, most sub-sectors exhibited a downward trend [1][13][14]. - Notable individual stock performances included Dongtu Technology with a rise of 14.45%, Mengwang Technology at 11.67%, and *ST Tianyu at 7.67%, leading the gains in the telecommunications sector [1][15]. Summary by Sections Market Overview - The telecommunications sector's index declined by 2.31% during the week, reflecting a broader market trend of declines across major indices [1][10]. - The highest gain in sub-sectors was seen in "Other Communication Equipment" with a 1.81% increase, while "Communication Network Equipment and Devices" faced a 3.87% decline [1][13][14]. Key Developments - The launch of Kunlun Wanwei's Tian Gong Super Intelligent Agent received positive market feedback, ranking first in deep research capabilities on the GAIA list. However, the service faced user overload, leading to throttling measures due to high demand [2][22][23]. - The deployment of 5G-A is expected to accelerate, particularly in light of the easing of EU restrictions on Chinese communication equipment manufacturers, which is anticipated to positively impact industry scale [2]. Company Announcements - Significant announcements from the telecommunications sector included Gansu Unicom's launch of a dual 10G network, aiming to enhance F5G-A commercial applications [17][19]. - Shanghai's plan to achieve comprehensive communication signal coverage for low-altitude flight routes by 2027 was outlined, with ambitious targets for 5G base station deployment [20]. - AT&T's acquisition of Lumen's consumer fiber business for $5.75 billion was announced, aimed at expanding its fiber service coverage across the U.S. [21][22].

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [1][4]. Core Insights - The overall market performance for the week (May 19-23, 2025) saw a decline in major indices, with the Shanghai Composite Index down 0.57%, the Shenzhen Component Index down 0.46%, and the ChiNext Index down 0.88%. The telecommunications sector, represented by the Shenwan Communications Index, experienced a decline of 2.31% [1][10]. - In the telecommunications sub-sectors, "Other Communication Equipment" had the highest increase at 1.81%, while "Communication Network Equipment and Devices" saw the largest decline at 3.87%. Overall, most sub-sectors exhibited a downward trend [1][13]. - Notable individual stock performances included Dongtu Technology with a rise of 14.45%, Mengwang Technology at 11.67%, and *ST Tianyu at 7.67%, leading the gains in the telecommunications sector [1][15]. Summary by Sections Market Overview - The telecommunications sector's index declined by 2.31% during the week, reflecting a broader market trend of declines across major indices [1][10]. - The highest gain in sub-sectors was seen in "Other Communication Equipment" with a 1.81% increase, while "Communication Network Equipment and Devices" faced a 3.87% decline [1][13]. Key Developments - The launch of Kunlun Wanwei's Tian Gong Super Intelligent Agent received positive market feedback, ranking first in deep research capabilities on the GAIA list. However, the service faced user overload, leading to throttling measures due to high demand [2][22][23]. - The deployment of 5G-A is expected to accelerate, especially with the easing of EU restrictions on Chinese communication equipment manufacturers, indicating a positive trend for the industry [2]. Company Announcements - Key announcements from the telecommunications sector included Gansu Unicom's launch of a dual 10G network, aiming to enhance F5G-A commercial applications, and Shanghai's plans to achieve comprehensive communication signal coverage for low-altitude flight routes by 2027 [17][20]. - AT&T's acquisition of Lumen's consumer fiber business for $5.75 billion is set to expand its fiber service coverage across the U.S., indicating strategic consolidation in the telecommunications market [21][22].

Market Performance - On May 23, 2025, the three major indices experienced a pullback after reaching highs, with the Shanghai Composite Index down 0.94%, Shenzhen Component Index down 0.85%, and ChiNext Index down 1.18%[2] - The total market turnover was 115.54 billion CNY, an increase of 5.28 billion CNY compared to the previous trading day[2] - A total of 1,126 stocks rose while 4,250 stocks fell across the market[2] Sector and Style Analysis - Among the 30 CITIC first-level industries, the automotive sector showed a slight increase of 0.77%, while the comprehensive financial sector fell by 2.45%[21] - The performance ranking of market styles indicated that large-cap growth outperformed mid-cap value and small-cap value[21] Capital Flow - On May 23, 2025, the net outflow of main funds was 38.48 billion CNY, with large orders contributing to a significant portion of this outflow[25] - Small orders continued to see a net inflow of 42.44 billion CNY, indicating retail investor activity[25] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant increases in trading volume, with changes of +0.72 billion CNY and +1.42 billion CNY respectively[30] - The inflow into the Sci-Tech 50 ETF was recorded at 0.18 billion CNY on May 22, 2025[30] Global Market Overview - On May 23, 2025, the Hang Seng Index rose by 0.24%, while the Nikkei 225 Index increased by 0.47%[34] - In contrast, European indices such as the DAX and FTSE 100 experienced declines of 0.51% and 0.54% respectively on May 22, 2025[34]