2025 年 04 月 06 日 [Table_Title] 加关税市场动荡，遇事故智驾遄行 [Table_Summary] 报告要点： 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 特朗普汽车业加征 25%关税政策落地，零部件或受冲击 美国总统特朗普宣布自 4 月 2 日起对非美国制造的汽车征收 25%的进口 关税。25%的关税将适用于进口乘用车（轿车、运动型多功能汽车等） 和轻型卡车，以及关键汽车零部件（发动机、变速箱等），并将在必要 时扩展至其他零部件。同时规定在美墨加协定框架下，汽车进口商将有 机会认证其美国产部分，相应机制将确保 25%的关税仅适用于非美国产 部分。全球范围内广泛的汽车征税，将带动全球产业链格局变化。对于 中国厂商而言，由于国内整车直接出口美国较少且以合资返销美国为 主，自主品牌涉及数量较少，故对整车影响不大。但由于国产汽车零部 件深入全球汽车产业链，关税增加将对部分零部件厂商产生冲击。 小米汽车智驾事故发酵，智驾发展曲折中仍呈快速突进趋势 3 月 29 日晚，一辆开启高速 NOA 的小米 SU7 标准版在高速公路上与隔 离带水泥桩发生碰撞。受 ...

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 受以旧换新政策及车企端降价推动，3 月数据继续保持强劲，批发数和 零售数增长幅度呈现增速接近趋势，显示市场需求仍然较强。 乘用车：3 月 1-31 日，全国乘用车市场零售 188.9 万辆，同比去年同期 增长 12%，较上月增长 36%，今年以来累计零售 506.4 万辆，同比增长 5%；3 月 1-31 日，全国乘用车厂商批发 241 万辆，同比去年同期增长 10%，较上月同期增长 37%，今年以来累计批发 627.5 万辆，同比增长 12%。 新能源：3 月 1-31 日，全国乘用车新能源市场零售 98.8 万辆，同比去 年同期增长 39%，较上月同期增长 44%，今年以来累计零售 241.4 万 辆，同比增长 37%；3 月 1-31 日，全国乘用车厂商新能源批发 113 万 辆，同比去年同期增长 40%，较上月同期增长 36%，今年以来累计批发 284.9 万辆，同比增长 44%。 特朗普汽车业加征 25%关税政策落地，零部件或受冲击 美国总统特朗普宣布自 4 月 2 日起对非美国制造的汽车征收 25%的进口 关税。 ...

Market Performance - On April 3, 2025, the market experienced a downward trend, with the ChiNext Index leading the decline, falling by 1.86%[2] - The Shanghai Composite Index decreased by 0.24%, and the Shenzhen Component Index dropped by 1.40%[2] - The total market turnover reached 1,137.46 billion yuan, an increase of 163.16 billion yuan compared to the previous trading day[2] Sector and Style Analysis - Among the 30 CITIC first-level industries, the top performers were Agriculture, Forestry, Animal Husbandry, and Fishery (+1.76%), Utilities (+1.49%), and Food & Beverage (+1.28%)[20] - The worst performers included Electronics (-2.48%), Home Appliances (-2.38%), and Machinery (-2.13%)[20] - Market style performance ranked as Stable > Financial > Consumer > 0 > Cyclical > Growth[20] Capital Flow - On April 3, 2025, the net outflow of main funds was 39.443 billion yuan, with large orders seeing a net outflow of 22.646 billion yuan[25] - Small orders continued to see a net inflow of 37.603 billion yuan, 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 +0.851 billion yuan and +1.906 billion yuan respectively[30] - The total trading volume for ETFs on April 3 was notably higher than the previous day, reflecting increased investor interest[30] Global Market Trends - On April 3, 2025, major Asia-Pacific indices closed lower, with the Hang Seng Index down 1.52% and the Nikkei 225 down 2.77%[33] - In contrast, US indices showed positive performance on April 2, with the Dow Jones Industrial Average rising by 0.56%[34]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a turnaround in its annual performance, reporting a revenue of 5.012 billion yuan, a year-on-year increase of 47.9%, and a net profit of 812 million yuan, marking a significant recovery from losses [2][4]. - The gaming business saw substantial growth, with revenues reaching 3.434 billion yuan, up 64.2% year-on-year, driven by the successful launch of new games [3][4]. - The TapTap platform demonstrated a growing brand effect, with an average monthly active user (MAU) count of 44 million, reflecting a 23% increase year-on-year [3][4]. Financial Performance Summary - The company reported a gross profit of 3.479 billion yuan, with a gross margin of 69.4%, an increase of 8.4 percentage points compared to the previous year [2]. - Sales and R&D expense ratios were 27.88% and 18.34%, respectively, with sales expenses rising due to increased marketing for new game launches [2][3]. - The company plans to continue focusing on self-developed games and enhancing operational efficiency, with projected net profits of 999 million yuan, 1.194 billion yuan, and 1.343 billion yuan for 2025, 2026, and 2027, respectively [4][6].

[Table_Main] 行业研究|有色金属 证券研究报告 稀土行业研究报告 2025 年 04 月 02 日 [Table_Title] 供需格局有望改善，把握低位布局时机 ——稀土行业研究报告 [Table_Summary] 报告要点： 稀土是重要的国家战略资源，政策推动行业高质量发展 稀土是全球争夺的战略性矿产资源，在航空航天、国防军工、电子信 息、新能源等高精尖产业发挥着重要作用。随着新一轮科技革命和产 业变革的加速演进，全球供应链安全风险凸显，稀土的战略价值迅速 提升，已经成为大国资源竞争和产业博弈的重要对象。我国作为全球 唯一具备稀土全产业链产品生产能力的国家，系列政策出台推动稀土 产业高质量发展，保障国内稀土安全供给。 供给端：稀土矿资源稀缺，国内总量指标严格控制 [Table_ 过去一年PicQuote 市场行情] -30% -10% 10% 30% 4/1 7/1 9/30 12/30 3/31 有色金属 沪深300 资料来源：Wind [Table_ 相关研究报告 DocReport] 稀土是稀缺资源，世界范围分布极不均匀，中国稀土资源储量和产量 居世界首位。国内稀土开采和冶炼分离实行总量 ...

Investment Rating - The report recommends a "Buy" rating for the semiconductor industry, specifically highlighting the potential for recovery in the IGBT market [5]. Core Insights - The IGBT market is showing signs of recovery, with shipments expected to return to positive growth by Q2 2024, indicating the end of the industry downturn. IGBT prices have stabilized after a nearly 30% year-on-year decline in Q1 2024, suggesting a potential upward trend in prices and continued growth in shipments [1][11]. - China's IGBT self-sufficiency is improving, driven by capacity expansion and technological advancements among domestic manufacturers. The report anticipates a shift in the silicon carbide (SiC) market towards oversupply in 2024, leading to a decline in SiC prices [2][12]. - Demand for IGBT is expected to rise due to increased sales of mid-range electric vehicles (EVs) and the penetration of 800V platforms, which will enhance the adoption of SiC in higher-end models. The price gap between SiC and IGBT modules is projected to narrow significantly by 2026, facilitating broader application [3][13]. Summary by Sections Overall Viewpoint - The IGBT market is entering a recovery phase, with signs of demand resurgence and price stabilization. The report highlights the importance of the automotive sector in driving IGBT demand, particularly in the context of electric vehicles [11][20]. IGBT Industry Improvement and SiC Adoption - The report emphasizes the critical role of power semiconductors in various applications, including electric vehicles and industrial control. The IGBT market is expected to grow significantly, with a projected CAGR of 11.23% from 2023 to 2030 [16][23]. Capacity Side: China's IGBT Self-Sufficiency and SiC Price Decline - China's IGBT production is forecasted to increase from 15.5 million units in 2019 to 39 million units by 2024, with a self-sufficiency rate expected to rise as domestic manufacturers enhance their capabilities [31][33]. The SiC market is anticipated to experience a shift towards oversupply, leading to price reductions [12][33]. Demand Side: Mid-Range Vehicle Demand Boosting IGBT and SiC Adoption - The report notes a significant increase in global and Chinese EV sales, with projections indicating continued growth. The demand for IGBT is expected to be bolstered by the rising sales of mid-range EVs, which are more cost-sensitive and likely to continue using IGBT technology in the short term [44][45]. The penetration of 800V platforms is also highlighted as a key driver for SiC adoption in higher-end models [50]. Competitive Landscape - The report outlines the competitive dynamics in the IGBT market, noting that while overseas manufacturers currently dominate, Chinese companies are gradually increasing their market share through technological advancements and capacity expansions [13][15]. Companies to Watch - The report suggests monitoring companies such as Sijia Semiconductor, Times Electric, Silan Microelectronics, China Resources Microelectronics, Sanan Optoelectronics, and others for potential investment opportunities [4].

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical industry, indicating a positive outlook for the sector [6]. Core Insights - The low-altitude economy is being integrated into national strategies, signaling a significant growth opportunity for urban economies and the global consumer market. The market size for low-altitude economy is expected to reach trillions, driven by policy support and infrastructure development [3]. - The mechanical equipment sector is showing resilience, with excavator sales experiencing rapid growth. The total trade volume for engineering machinery reached $8.426 billion, a year-on-year increase of 7.27%, indicating a recovery in industry sentiment [3][4]. Weekly Market Review - From March 23 to March 28, 2025, the Shanghai Composite Index fell by 0.40%, while the ShenZhen Component Index and the ChiNext Index dropped by 0.75% and 1.12%, respectively. The Shenwan Mechanical Equipment Index decreased by 3.49%, underperforming the CSI 300 Index by 3.5 percentage points, ranking 28th among 31 sectors [11][12]. - Within the mechanical equipment sub-sectors, general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment saw declines of -3.94%, -3.69%, -2.36%, -3.06%, and -3.35%, respectively [11][14]. Key Sector Tracking - The low-altitude economy is now a key driver for urban economic growth and consumption expansion, transitioning from pilot exploration to full-scale implementation [3]. - The mechanical equipment sector remains competitive despite external pressures such as tariffs, with domestic leading companies showing strong resilience in both supply and demand [3]. Investment Recommendations - For the low-altitude economy, recommended companies include ShenZhen Urban Transport, SuJiaoKe, and WanFeng AoWei among others [4]. - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui HeLi [4].

Investment Rating - The report maintains a "Recommended" investment rating for the optional consumption industry [6] Core Insights - The report highlights a focus on performance realization and improvement in market conditions as annual reports are being disclosed [2] - The optional consumption sector has shown varied performance, with specific segments like tourism benefiting from the Qingming holiday, while others like education and professional chains have seen declines [12][14] Summary by Sections Market Performance - For the week of March 24-28, 2025, the performance of the Shenwan retail, social services, and beauty care sectors was -2.05%, -1.96%, and -1.64% respectively, ranking them 23rd, 20th, and 16th among 31 primary industries [12][14] - The Shanghai Composite Index decreased by 0.40%, while the Shenzhen Component Index fell by 0.75%, and the CSI 300 Index remained flat at +0.01% [12] Key Events and Announcements - Beauty Care: - Juzhibio reported a revenue of 5.539 billion yuan in 2024, up 57.2% year-on-year, with a net profit of 2.152 billion yuan, a 46.5% increase [21] - Kefu Mei achieved a revenue of 4.54 billion yuan, growing 62.9% year-on-year [21] - Maogeping's revenue reached 3.885 billion yuan, a 34.6% increase, with a gross margin of 84.4% [21] - Retail: - Pop Mart's revenue surpassed 10 billion yuan for the first time in 2024, with a year-on-year growth of 106.9% [20] - Chinagoods platform registered over 4.8 million buyers, and Yiwu International Trade City saw a 12.15% increase in daily foot traffic [22] - Social Services: - Meixue Ice City reported a revenue of 24.829 billion yuan, up 22.3% year-on-year, with a net profit of 4.454 billion yuan, a 39.8% increase [24] - Bawang Tea Ji submitted an IPO application, reporting a GMV of 29.5 billion yuan and revenue of 12.405 billion yuan in 2024 [25]

[Table_Main] 行业研究|能源|新能源 证券研究报告 新能源行业周报、月报 2025 年 04 月 1 日 [Table_Title] 政策驱动与去库共振，市场化交易实施 ——电力设备新能源行业周报 新能源车：我国新能源汽车链持续保持快速增长，经过两年价格下行 低端产能快速出清，行业边际改善。建议优先关注成本端受益于上游 原材料价格低位，盈利稳定的电池及结构件环节，建议关注宁德时代、 亿纬锂能、豪鹏科技及科达利、震裕科技；其次，随着供给端结构改 善，行业过剩产能逐步去化， 建议关注优先受益于行业复苏的领军企 业如湖南裕能、龙蟠科技、万润新能、璞泰来、天赐材料、新宙邦、 星源材质等公司。 周度行情回顾 2025 年 03 月 23 日至 03 月 28 日，上证综指下降 0.4%，深证成指下 降 0.75%，创业板指下降 1.12%。其中申万电力设备下降 0.75%，较 沪深 300 跑输 0.76pct。细分子行业来看，申万光伏设备/风电设备/电 池/电网设备分别涨 0.25%/-5.02%/-0.41%/-0.69%。 重点板块跟踪 2024 年度，新宙邦实现营业收入 78.47 亿元，同比增长 ...

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [28]. Core Insights - The humanoid robot concept index experienced a decline of 3.90% from March 23 to March 28, 2025, underperforming the CSI 300 index by 3.91 percentage points. However, year-to-date, the humanoid robot index has increased by 38.26%, outperforming the CSI 300 index by 35.78 percentage points [2][11]. - The report highlights significant developments in the humanoid robot sector, including advancements in technology, policy support, and substantial investments in the industry [3][5]. Weekly Market Review - The humanoid robot index's performance from March 23 to March 28, 2025, showed a decline of 3.90%, while the year-to-date performance indicates a rise of 38.26% [11]. - The report notes that the humanoid robot industry is gradually ramping up production, with major manufacturers providing guidance for thousands of units, benefiting component suppliers and upstream equipment manufacturers [5]. Weekly Hotspots Policy Developments - The Ministry of Commerce announced the establishment of a new consumption technology exhibition area at the upcoming Consumer Expo, focusing on cutting-edge technologies including humanoid robots [3][19]. - Policies from Chongqing and Guangxi emphasize the development of intelligent driving technologies and the humanoid robot industry [3][20]. Product and Technology Iteration - The report mentions various technological advancements, including the introduction of emotional support humanoid robots and significant production orders for domestic manufacturers [3][21][22]. - Notable achievements include the demonstration of complex movements by humanoid robots, showcasing their advanced capabilities [3][21]. Investment and Financing - Significant investments in the humanoid robot sector include a $120 million angel round financing for TARS and nearly 100 million yuan in B-round financing for Cheng Tian Technology [3][24][25]. - Companies like Qiangrui Technology are expanding their supply chains through strategic acquisitions [3][24]. Key Company Announcements - Meihu Co. reported a design capacity of 50,000 sets per year for its harmonic reducer production line, indicating a strong market outlook [4][25]. - The report also highlights various collaborations and contracts signed by companies in the humanoid robot sector, including partnerships with academic institutions for technology development [4][25].