Investment Rating - The report maintains a "Recommended" investment rating for the industry [6]. Core Insights - The low-altitude economy is transitioning from policy-driven to a multi-dimensional resonance phase involving technology, capital, and scenarios, with five major trends expected to reshape urban transportation, logistics, and tourism industries over the next 3-5 years [3]. - The mechanical equipment sector is showing resilience, with excavator sales increasing by over 20% year-on-year as of January-February 2025, and the engineering machinery import-export trade amounting to 8.426 billion USD [3]. - The government work report for 2025 highlights deep-sea technology, indicating that related industries are expected to catalyze gradually [3]. Summary by Sections Weekly Market Review - From March 30 to April 3, 2025, the Shanghai Composite Index fell by 0.28%, the Shenzhen Component Index by 2.28%, and the ChiNext Index by 2.95%. The Shenwan Mechanical Equipment Index decreased by 2.51%, underperforming the CSI 300 Index by 1.14 percentage points, ranking 26th among 31 Shenwan primary industries [2][11]. Key Sector Tracking - **Low-altitude Economy**: Expected to become a trillion-level new track, driven by the mass production of flying cars and the opening of airspace trials [3]. - **Mechanical Equipment**: The sector remains competitive despite external factors like tariffs, with strong domestic sales and export resilience. The overall industry is expected to continue its recovery [3]. Investment Recommendations - **Low-altitude Economy**: Recommended companies include Deep City Transportation, Sujiao Science and Technology, and Wan Feng Ao Wei among others [4]. - **Mechanical Equipment**: Suggested companies include Sany Heavy Industry, XCMG, and Huazhong CNC [4].

供给端，全球钨精矿产量整体成下降趋势，2024 年全国钨精矿开采总量控 制指标为 11.4 万吨，较 2023 年的 11.1 万吨上升 0.3 万吨，指标增速维持 较低水平，上游供给收紧有望持续提振钨价。需求端，随着全球制造业的持 续增长，尤其是航空航天、新能源汽车、电子信息等高端制造业的快速发展， 钨需求量保持稳定增长，硬质合金和钨丝是主要驱动力。价格端，钨精矿均 价逐年攀升，2024 年黑钨精矿均价 13.65 万元/吨，同比上涨 14.16%。 柿竹园优质资产注入上市公司，后续资产注入预期强烈 公司于 2023 年底停牌并策划实施收购柿竹园公司 100%股权项目，并于 2024 年年内完成资产交割，柿竹园公司正式纳入上市公司合并报表范围。 本次收购重组之后，公司的钨产业布局向上游资源端延申，形成了集钨矿 山、钨冶炼、硬质合金及深加工为一体的完整钨产业链。后续公司积极筹划 托管的其余 4 家矿山资产的注入，优质资产注入预期强烈。 [Table_Main] 公司研究|材料|材料Ⅱ 证券研究报告 中钨高新(000657)公司研究报告 2025 年 04 月 07 日 [Table_Title] 矿山到智造： ...

Investment Rating - The report maintains a "Hold" rating for the media industry [5] Core Insights - The media industry (Shenwan) experienced a weekly decline of 1.28%, ranking 22nd among sub-industries, while the Shanghai Composite Index fell by 0.28% and the Shenzhen Component Index dropped by 2.28% during the same period [10][16] - The best-performing stocks in the media sector included Chuanwang Media (+8.26%), Zhongnan Media (+7.45%), and Hengdian Film and Television (+7.11%) [16] - The report highlights the rapid iteration of domestic AI applications, with five Chinese AI applications among the top ten globally by monthly active users (MAU) [20][21] - The gaming sector saw "Honor of Kings," "Peacekeeper Elite," and "Endless Winter" as the top three bestsellers during the week of March 31 to April 6, 2025 [29] - The domestic box office reached 462 million yuan, with the Qingming Festival period contributing 378 million yuan [32][34] Summary by Sections Market Performance - The media industry saw a decline of 1.28% from March 31 to April 6, 2025, with the publishing sector increasing by 1.50% while other sub-sectors like gaming and advertising fell [10][12] Key Industry Data - In March 2025, Chinese AI applications captured half of the top ten global MAU rankings, with ChatGPT leading at 446 million MAU, showing a growth of 11.20% [20][21] - The gaming sector's performance was bolstered by the Qingming Festival, with several interactive games seeing significant ranking improvements [29] - The total domestic box office for the week was 462 million yuan, with "My World Movie" leading the box office during the Qingming Festival [32][34] Key Events and Announcements - The report notes significant advancements in AI technology, including the release of Meta's Llama 4 series and OpenAI's plans for GPT-5 [38][40] - The introduction of new gaming titles is anticipated, with four new games set to launch in the week following April 7, 2025 [31]

[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 4 月 7 日 [Table_Title] 特朗普"对等关税"落地，OFC 新技术多点开花 个股方面：本周（2025.3.31-2025.4.4）通信板块涨幅板块分析方 面 ， 恒 宝 股 份 （ 12.35% ） 、 东 土 科 技 （ 9.31% ） 、 ST 高 鸿 （8.23%）涨幅分列前三。 特朗普"对等关税"落地，中方发起反制 ——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（2025.3.31-2025.4.4）上证综指回调 0.28%，深证成 指回调2.28%，创业板指回调 2.95%。本周申万通信回调0.79%。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（2025.3.31-2025.4.4）通信板块三级子行业中，其 他通信设备上涨幅度最高，涨幅为 1.71%，通信线缆及配套回调幅度 最高，跌幅为 3.35%，本周各细分板块主要呈回调趋势。 2025 年 4 月 ...

Investment Rating - The report assigns a "Buy" rating to the company [4][7]. Core Views - The tungsten supply-demand landscape is tightening, supporting an upward shift in tungsten prices. Global tungsten concentrate production is on a downward trend, with the 2024 national tungsten concentrate mining total control indicator set at 114,000 tons, a slight increase from 111,000 tons in 2023, indicating a low growth rate. This tightening supply is expected to continue boosting tungsten prices. On the demand side, the ongoing growth in global manufacturing, particularly in high-end sectors such as aerospace, new energy vehicles, and electronic information, is driving stable growth in tungsten demand, with hard alloys and tungsten wires being the main drivers. The average price of tungsten concentrate is rising annually, with the average price for black tungsten concentrate expected to reach 136,500 yuan/ton in 2024, a year-on-year increase of 14.16% [2][4]. Summary by Sections Company Overview - The company is a leading player in the tungsten industry, backed by China Minmetals Corporation, and operates a complete tungsten industry chain from mining to manufacturing. The acquisition of Shizhu Garden Company is expected to enhance the company's upstream resource layout, integrating tungsten mining, smelting, hard alloy, and deep processing [2][14]. Product and Market Position - The company maintains a leading position in the production of CNC cutting tools, with a steady increase in output. In the first half of 2024, the company produced 60 million CNC cutting blades, a year-on-year increase of 20%. The company is also expanding its production capacity for photovoltaic tungsten wires through its subsidiary Changcheng Tungsten Molybdenum [3][24]. Financial Performance and Forecast - The company is expected to see stable growth in net profit, with forecasts of 880 million yuan, 993 million yuan, and 1.126 billion yuan for 2024, 2025, and 2026 respectively. The current stock price corresponds to P/E ratios of 23.62, 20.94, and 18.46 for the same years [4][6]. Industry Dynamics - The tungsten industry is characterized by a tightening supply-demand balance, with global tungsten resources increasing while production is declining. The global tungsten resource reserve is projected to reach 460,000 tons in 2024, with China holding the largest share at 240,000 tons [47][61]. The average price of tungsten concentrate is expected to rise, with significant increases noted in both black and white tungsten concentrates [50][51].

Market Performance - On April 7, 2025, the Shanghai Composite Index fell by 7.34%, the Shenzhen Component Index dropped by 9.66%, and the ChiNext Index decreased by 12.50%[2] - The total market turnover reached 15,870.80 billion CNY, an increase of 4,496.20 billion CNY compared to the previous trading day[2] - Out of 5,472 stocks, only 106 rose while 5,366 declined, indicating a strong bearish sentiment in the market[2] Sector and Style Analysis - Among the 30 sectors, the top performers were Agriculture, Forestry, Animal Husbandry, and Fishery (-2.24%), Food and Beverage (-4.48%), and Banking (-4.63%)[19] - The worst-performing sectors included Computer (-12.84%), Comprehensive Finance (-12.39%), and Machinery (-12.33%)[19] - In terms of investment style, large-cap value stocks outperformed mid-cap value and large-cap growth stocks[19] Capital Flow - On April 7, 2025, the net outflow of main funds was 1,700.38 billion CNY, with large orders contributing a net outflow of 910.40 billion CNY and 789.99 billion CNY respectively[25] - Small orders continued to see a net inflow of 1,368.47 billion CNY, indicating retail investor interest despite the overall market decline[25] Global Market Trends - Major Asia-Pacific indices closed lower, with the Hang Seng Index down 13.22% and the Nikkei 225 down 7.83%[4] - European indices also fell, with the DAX down 3.01% and the CAC40 down 3.31%[5] - In the US, the Dow Jones Industrial Average decreased by 3.98%, while the S&P 500 and Nasdaq fell by 4.84% and 5.97% respectively[5] ETF Trading Activity - On April 7, 2025, trading volumes for major ETFs increased significantly, with the Huaxia SSE 50 ETF seeing a rise of 76.73 billion CNY and the Huatai-PB CSI 300 ETF increasing by 199.03 billion CNY[30] - The total trading volume for ETFs reached notable levels, indicating a shift in investor focus towards these instruments amid market volatility[30]

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [5] Core Insights - The media industry (Shenwan) experienced a weekly decline of 1.28%, ranking 22nd among sub-industries, while the Shanghai and Shenzhen 300 index fell by 1.37% [10][16] - The best-performing stocks in the media sector included Chuanwang Media (+8.26%), Zhongnan Media (+7.45%), and Hengdian Film and Television (+7.11%) [16] - The report highlights the rapid iteration of domestic AI applications, with Chinese AI applications occupying half of the top ten global monthly active users (MAU) in March 2025 [20][21] - The gaming sector saw "Honor of Kings," "Peacekeeper Elite," and "Endless Winter" as the top three bestsellers during the week of March 31 to April 6, 2025 [29] - The domestic box office reached 462 million yuan, with the Qingming Festival period contributing 378 million yuan [32][34] Summary by Sections Market Performance - The media industry (Shenwan) fell by 1.28% during the week of March 31 to April 6, 2025, with the publishing sector rising by 1.50% while other sub-sectors like gaming II and advertising marketing declined [10][12] Key Industry Data AI Application Data - In March 2025, five out of the top ten global AI applications by MAU were Chinese, with ChatGPT leading at 446 million MAU, showing a 11.20% increase [20][21] - Domestic AI applications are increasingly competitive, with significant user engagement and rapid updates [20][21] Gaming Data - The gaming sector's performance was bolstered by the Qingming Festival, with several interactive games seeing improved rankings [29][30] Movie Data - The total domestic box office for the week was 462 million yuan, with "My World Movie" leading the Qingming Festival box office [32][34] Key Industry Events and Announcements - Meta released the Llama 4 series AI models, enhancing its capabilities in visual understanding [38] - OpenAI announced a new round of funding amounting to 40 billion USD, raising its valuation to 300 billion USD [38]

Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor industry [6]. Core Insights - The semiconductor sector is facing pressure due to the U.S. imposing additional tariffs, particularly affecting the AI chip market, with a notable drop in stock prices for key players like NVIDIA [2][11]. - The semiconductor market is projected to see a significant revenue increase of approximately 25% in 2024, reaching $683 billion, driven by strong demand for AI-related chips [3][33]. - The report highlights a mixed performance across various semiconductor indices, with declines observed in AI chip indices and storage chip indices, while some companies like Quanta have shown resilience [2][11][22]. Market Indices Summary - The overseas AI chip index fell by 13.6% this week, influenced by U.S. tariffs, with NVIDIA's stock dropping nearly 14% [2][11]. - The domestic AI chip index decreased by 1.6%, with companies like SMIC and Changdian Technology seeing declines over 4% [2][11]. - The NVIDIA mapping index dropped by 5.0%, with most component stocks experiencing declines [2][14]. - The server ODM index fell by 3.0%, with Supermicro's stock down nearly 13% [2][14]. - The storage chip index decreased by 2.6%, with companies like Shannon Microelectronics and Dongxin Co. seeing declines over 6% [2][17]. - The power semiconductor index saw a slight decline of 0.5% [2][18]. Industry Data Summary - NVIDIA is set to launch several new data center products, with the GB200 NVL72 cabinet expected to be mass-produced in Q1 2025 and the GB300 NVL72 cabinet in Q4 2025 [3][27]. - The monthly shipment of laptops in February 2025 saw only a 7% increase month-on-month, reflecting a year-on-year decline compared to February 2024 [3][30]. - The semiconductor market is expected to achieve record revenues in 2024, largely due to the demand for AI GPUs and high-bandwidth memory (HBM), which is projected to grow at a rate of 74% [3][33]. Major Events Summary - Lens Technology submitted an application for issuing H shares, not exceeding 7% of the total share capital post-issue [4][38]. - Huawei reported a revenue of 862.1 billion yuan for 2024, a year-on-year increase of 22.42%, while net profit decreased by 28.05% [4][40]. - AAC Technologies reported a revenue of 27.33 billion yuan for 2024, a year-on-year increase of 33.8%, with a gross margin improvement [4][41]. - OFILM Technology achieved a revenue of 20.437 billion yuan for 2024, a year-on-year increase of 21.19%, but net profit decreased by 24.09% [4][42]. - Meta is set to launch a new smart glasses product priced over $1,000, expected to debut by the end of the year [4][42].

[Table_Title] 低空经济正当时，深海科技迎催化 ——机械行业周报 [Table_Summary] 报告要点： 周度行情回顾 [Table_Main] 行业研究|工业 证券研究报告 工业行业周报、月报 2025 年 04 月 07 日 2025 年 3 月 30 日至 4 月 3 日，上证综指下跌 0.28%，深证成指下跌 2.28%，创业板指下跌 2.95%。其中申万机械设备下降 2.51%，相较 沪深 300 指数跑输 1.14pct，在 31 个申万一级行业中排名第 26。细 分子行业来看，申万通用设备/专用设备/轨交设备Ⅱ/工程机械/自动化 设备分别涨跌-3.81%/-2.26%/-2.16%/-2.04%/-1.61%。 重点板块跟踪 低空经济板块：低空经济正从政策驱动转向技术、资本、场景多维共 振阶段，呈现"政策标准化、技术电动化、场景多元化、产业集群化、 人才专业化"五大趋势。未来 3-5 年，随着飞行汽车量产、空域开放 试点推进及跨区域协同深化，低空经济有望成为万亿级新赛道，重塑 城市交通、物流、文旅等产业格局。 机械设备板块：特朗普关税政策后续导向仍为当前出口行业重要影响 因素，但 ...

[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 4 月 7 日 [Table_Title] 特朗普"对等关税"落地，OFC 新技术多点开花 ——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（2025.3.31-2025.4.4）上证综指回调 0.28%，深证成 指回调2.28%，创业板指回调 2.95%。本周申万通信回调0.79%。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（2025.3.31-2025.4.4）通信板块三级子行业中，其 他通信设备上涨幅度最高，涨幅为 1.71%，通信线缆及配套回调幅度 最高，跌幅为 3.35%，本周各细分板块主要呈回调趋势。 个股方面：本周（2025.3.31-2025.4.4）通信板块涨幅板块分析方 面 ， 恒 宝 股 份 （ 12.35% ） 、 东 土 科 技 （ 9.31% ） 、 ST 高 鸿 （8.23%）涨幅分列前三。 特朗普"对等关税"落地，中方发起反制 2025 年 4 月 ...