Investment Rating - The report maintains an "Outperform" rating for the consumer electronics sector [8] Core Insights - The electronic sector index increased by 0.73% during the week of June 9 to June 13, 2025, outperforming the Shanghai Composite Index by 0.98 percentage points [1][15] - The brand consumer electronics segment saw significant growth, with a notable increase of 65.19% [1][17] - The report highlights the successful listing of Ying Shi Innovation Technology on the STAR Market, with a first-day opening price of 182 CNY per share, representing a 285% increase from the issue price [88] Summary by Sections 1. Weekly Performance - The electronic sector index rose by 0.73%, outperforming the Shanghai Composite Index by 0.98 percentage points [1][15] - The brand consumer electronics, printed circuit boards, and other electronics III sectors had the highest increases, at 65.19%, 2.22%, and 1.64% respectively [1][15] 2. Consumer Electronics Demand - In Q1 2025, global smartphone shipments increased by 1.53% year-on-year, totaling 305 million units [27] - Global PC shipments in Q1 2025 grew by 4.98% year-on-year, reaching 63.2 million units [41] - The wearable market saw a 13% increase in global shipments of wearable wristbands in Q1 2025, totaling 47 million units [53] - AI smart glasses shipments surged by 215.79% year-on-year in Q1 2025, reaching 600,000 units [74] 3. Industry Dynamics - Ying Shi Innovation Technology's listing on June 11, 2025, raised 1.938 billion CNY, marking the highest fundraising scale on the STAR Market for 2025 [88] - The company reported a revenue of 1.355 billion CNY in Q1 2025, reflecting a year-on-year growth of 40.7% [88] - The report notes that Ying Shi Innovation has a strong focus on R&D, with a cumulative investment of 1.48 billion CNY over the past three years [89] 4. Key Company Announcements - Ying Shi Innovation's successful listing and significant first-day performance highlight the potential for growth in the consumer electronics sector [88] - The report emphasizes the importance of continuous investment in R&D to maintain competitive advantages in technology [89]

相关报告 | 1、中东冲突升级、美再加征关税,美联储还能降 | | --- | | 息吗? ——宏观周报(第8期)——2025.06.13 | | 2、降息当月为何贷款偏少？——金融数据速评 | | (2025.5) -- 2025.06.13 | | 3、美国核心 CPI 会连续走低吗?——美国 CPI | 点评(2025.5) -- 2025.06.12 2025年06月16日 消费强地产弱分化加剧,货币财政或将先后加码 -- 经济数据点评(2025.5) 投资要点: > 社零增速回升创阶段新高,家电通讯补贴效果强化。5月社会消费品 零售总额同比增长 6.4%,较前月回升 1.3个百分点,创 2024年以来阶段性 新高。家电通讯两大类消费补贴效果再度得到强化是主要推升因素,当月 家电音像、通讯器材同比分别增长达 53.0%和 33.0%,增速分别较前月上行 达 14.2 和 13.1个百分点。房地产市场再度趋弱导致对后地产链条耐用品消 费的持续拖累,汽车尽管同样享受以旧换新补贴但同比1.1%第二个月低位 徘徊,建筑装潢材料、家具同比增速分别下滑 3.9、1.3个百分点;此外油 价走低亦拖累石油制品同比跌幅 ...

行 华福证券 业 研 究 行 业 定 期 报 告 汽车 周观点（0609-0613）：整车关注豪华车整车+无 人物流；机器人等催化；低空关注无人机+低空 安全 投资要点： 汽车板块：关注豪华车整车+无人物流 整车仍然认为整体β偏弱，若配置需求建议关注整车龙头+豪华车整车：整 车龙头【比亚迪+吉利汽车+小米集团】，豪华车整车【赛力斯+理想汽车】。 如上周观点汇报，无人物流板块建议关注。特斯拉 Robotaxi 预计 6 月 22 日公开试运营，6 月 28 日开始从工厂到用户全程自动驾驶交付；中国邮政、 顺丰等头部物流企业开始规模化布局无人物流配送；九识智能、新石器等 无人物流车厂商已有订单在手，行业 0-1 或将正式开启，中邮科技等龙头 标的股价开始企稳反弹。仍然建议关注产业逻辑清晰的龙头标的：【中邮 科技】。 人形机器人：等右侧催化 整体观点维持上周，机器人板块等右侧催化。目前从位置看，想交易机器 人的资金在增加，但是由于行业没有较大的边际变化，资金仍然以等待为 主。近期最重要的事件是特斯拉的股东大会，若有超预期的东西，板块或 能迎来行情。核心跟踪股东大会上：特斯拉能否发布类似 19 年电车 model3 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - Since April 29, the interest rates of credit bonds have been oscillating downward. The 5-year, 6-year, and 7-year medium-term notes have performed well. The historical percentile of the valuation of industrial bonds with a maturity of over 5 years is generally between 3% and 7% [15]. - Local governments are implementing various measures to boost economic development, aiming to transform into "service-oriented governments" and enhance the competitiveness of local enterprises and cities [5][67]. - In the financial bond market, the yields of various financial bond varieties have declined, and the credit spreads have actively narrowed. The current preferred strategy is the coupon strategy. For Tier 2 perpetual bonds, institutions with stable liability ends can consider extending the duration in advance [5][6][87]. Summary by Related Catalogs 5y+ Industrial Bonds Selection - Consider central state-owned enterprises with significant social responsibilities and influence, such as China Chengtong and China Guoxin. For example, 25 Chengtong Holdings MTN001 has a remaining term of 9.9836 years and a ChinaBond exercise valuation of around 2.17% [15]. - Focus on provincial state-owned enterprises with investment or both urban investment and industrial attributes, like Nantong Metro, Shandong Hi-Speed, and Yuexiu Group. Institutions with high return requirements can consider Shuidi Group and Shaanxi Tourism Group. For instance, 25 Shuidi Group MTN007 has a remaining term of 2.9479 + 2 years and a ChinaBond exercise valuation of around 2.56%, and 25 Shaanxi Tourism V1 has a remaining term of 9.8603 years and a ChinaBond exercise valuation of around 3.27% [16]. - Pay attention to large provincial comprehensive investment entities, such as Fujian Investment & Development Group, which is involved in industries like electricity, gas, financial services, and railways [16]. - Focus on high-grade long-term credit bonds with good liquidity, such as Kunpeng Capital, Hengjian Holdings, and China Everbright Group. China Everbright Group has over 10-year outstanding bonds worth 3 billion yuan and a valuation of about 2.2% [17]. Urban Investment Bonds and Regional Macroeconomics Local Governments Stimulate the Economy with Various Measures - Local governments are implementing measures in various aspects, including boosting consumption, talent cultivation, salary mechanisms, institutional opening, attracting foreign investment, urban renewal, debt resolution, platform transformation, and supporting private enterprises, to enhance local market cultivation, guide enterprise transformation, and encourage scientific research innovation [5][67]. - Examples include Guangzhou's plan to boost consumption, Shenzhen's deepening of reform and opening up, Shanghai's promotion of the replication and implementation of pilot measures in the free trade zone, Shandong's support for the high-quality development of the private economy, and the improvement of the development index of small and medium-sized enterprises [46][51][56][60][66]. Investment Recommendations - Focus on "major economic provinces" with good development momentum and debt management, such as Guangdong, Jiangsu, Zhejiang, Fujian, Anhui, Shanghai, and Beijing. Consider extending the duration to 5 years [71]. - Pay attention to regions where significant policies or substantial funds for debt resolution have been implemented, such as Chongqing, Tianjin, Guangxi, Inner Mongolia, Liaoning, Jilin, Heilongjiang, Gansu, Guizhou, and Yunnan. Consider a duration of 3 - 5 years [72]. - Focus on prefecture-level cities with strong industrial bases and financial support, such as cities in Hunan, Hubei, Henan, Sichuan, Chongqing, Shaanxi, Guangxi, Shanxi, and Jiangxi. Consider a duration of 2 - 3 years [73][76][78]. Financial Bond Weekly Views - The yields of various financial bond varieties have declined, and the credit spreads have actively narrowed. The current preferred strategy is the coupon strategy. For Tier 2 perpetual bonds, institutions with stable liability ends can consider extending the duration in advance. There is still a certain positive carry in short- and medium-term Tier 2 perpetual bonds, and opportunities for spread compression can be explored [6][87]. - The credit spreads of commercial bank bonds with a maturity of over 4 years are at a historical percentile of over 20% since 2022, with greater room for compression. The credit spreads of Tier 2 perpetual bonds with a maturity of over 5 years are also at a historical percentile of over 20%, with potential for spread compression and the possibility of obtaining excess returns in a downward interest rate cycle [6]. - The yield curves of 4-year and 6-year bonds have convex points, providing good riding effects [6].

宏 观 研 究 华福证券 投资要点： 宏 观 点 评 社零增速回升创阶段新高，家电通讯补贴效果强化。5 月社会消费品 零售总额同比增长 6.4%，较前月回升 1.3 个百分点，创 2024 年以来阶段性 新高。家电通讯两大类消费补贴效果再度得到强化是主要推升因素，当月 家电音像、通讯器材同比分别增长达 53.0%和 33.0%，增速分别较前月上行 达 14.2 和 13.1 个百分点。房地产市场再度趋弱导致对后地产链条耐用品消 费的持续拖累，汽车尽管同样享受以旧换新补贴但同比 1.1%第二个月低位 徘徊，建筑装潢材料、家具同比增速分别下滑 3.9、1.3 个百分点；此外油 价走低亦拖累石油制品同比跌幅扩大 1.3 个百分点。限额以上必需品、必 需品占比较高的限额以下商品零售、餐饮收入同比分别增长 9.6%、5.3%、 5.9%，分别较 4 月上行 0.7、1.3、0.7 个百分点，显示必需品和餐饮等服务 消费增长稳健。 固定投资增速降至年内新低，房地产和传统基建是两大拖累。5 月固 定资产投资同比 2.7%，连续第二个月回落 0.8 个百分点，降至年内增速新 低。房地产开发投资同比-12.0%，跌幅较前月扩大 ...

业 研 究 基础化工 新材料周报：生物基 LCP 量产在即，广汽、比亚 迪、吉利等集体宣布缩短至 60 天内 投资要点： 行 业 定 期 报 告 本周行情回顾。本周，Wind 新材料指数收报 3654.03 点，环比上涨 0.68%。 其中，涨幅前五的有泛亚微透(22.02%)、阿科力(16.69%)、博迁新材(15.64%)、 蓝晓科技(9.63%)、久日新材(9.02%)；跌幅前五的有奥克股份(-12.92%)、东材 科技(-6.69%)、飞凯材料(-5.83%)、鼎龙股份(-5.81%)、金宏气体(-5.68%)。六 个子行业中，申万三级行业半导体材料指数收报 5925.79 点，环比下跌 0.72%； 申万三级行业显示器件材料指数收报 1026.78 点，环比下跌 1.5%；中信三级行 业有机硅材料指数收报 5588.22 点，环比下跌 1.71%；中信三级行业碳纤维指 数收报 1112.42 点，环比下跌 4.87%；中信三级行业锂电指数收报 1719.62 点， 环比上涨 1.62%；Wind 概念可降解塑料指数收报 1867.27 点，环比下跌 0.64%。 生物基 LCP 量产在即。全球液晶聚 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The report highlights a divergence in performance among e-commerce platforms for personal care products in May, with sanitary napkins on Tmall declining by 18% year-on-year, while Douyin saw a growth of 32% [6] - The report emphasizes the potential recovery in the home furnishing sector due to government policies aimed at boosting consumption, particularly in first-tier cities [6] - The report notes the introduction of new products by companies like Blokus and the launch of the glo Hilo heated tobacco device by British American Tobacco in Japan, indicating innovation and market expansion [6][10] Summary by Sections Home Furnishing - The Ministry of Commerce reported that the "old-for-new" consumption policy has significantly boosted sales, with a total of 1.1 trillion yuan in sales and 175 million subsidies issued by May 31, 2025 [6] - The report suggests that the home furnishing industry is expected to gradually recover as most companies are currently valued at historical lows, recommending leading companies such as Oppein Home, Sophia, and Zhihong Home [6] Paper and Packaging - As of June 13, 2025, the prices for various paper products showed mixed trends, with double glue paper at 5162.5 yuan/ton (unchanged) and corrugated paper at 2543.13 yuan/ton (down 38.12 yuan/ton) [6] - The report recommends companies like Sun Paper and Huawang Technology, which are expected to benefit from improved industry dynamics [6] Light Industry Consumption - The report indicates that personal care e-commerce sales are diverging, with sanitary napkins on Tmall down 18% year-on-year, while Douyin saw a 32% increase [6] - The report highlights the strong performance of domestic brands during the 618 shopping festival, suggesting a favorable outlook for local brands [6] Export Chain - In May, the export value of key light industrial products decreased by 5.4% year-on-year, with ongoing negotiations between China and the US potentially leading to reduced tariffs [6] - The report notes an increase in shipping costs, with the CCFI and SCFI indices rising by 11.2% and 8.1% respectively [6] New Tobacco Products - The glo Hilo device was launched in Japan at a price of approximately $23.44, with a significant improvement in product features compared to previous models [6][10] - The report suggests that the introduction of new heated tobacco products may drive user transition to these innovations [10] Textile and Apparel - The textile and apparel sector showed resilience, with the industry index outperforming the market, indicating a positive trend for brands like HLA and Anta [26][29]

策 略 研 究 华福证券 策略定期研究 2025 年 6 月 15 日 行业热点：暑假电影档即将拉开序幕，SNEC 大会开幕。（1）暑假电 影档即将拉开序幕，中外影片供给多元。（2）SNEC 大会开幕，行业"反 内卷"共识强化。（3）多家车企承诺账期不超 60 天，产业链资金状况有 望优化。 相关报告 如何看 3400 点拉锯战？ 投资要点： 本周（6/9-6/13）市场先扬后抑，全 A 收跌-0.27%。从指数情况看， 仅创业板指收涨，中证 1000、科创 50 领跌。从风格情况看，医药医疗、 周期领涨，科技、消费领跌。本周 31 个申万行业涨少跌多，有色金属、石 油石化、农林牧渔领涨，建筑材料、家用电器、食品饮料领跌。 策 略 定 期 报 告 市场观察：股债收益差小于+1 标准差，市场情绪提振。（1）市场估 值：股债收益差下降至 1.3%，小于+1 标准差。估值分化系数有所下降。（2） 市场情绪：市场情绪提振，行业轮动强度上升。市场大盘风格占优，微盘 股指数跑赢市场，主题热度主要聚集在稀土永磁、黄金珠宝、油气开采。 （3）市场结构：市场量能环比上升，非银金融、有色金属、传媒多头个股 占比居前，美容护理、计 ...

电力设备 2025 年 06 月 15 日 行 华福证券 业 研 究 行 业 定 电力设备 产业周跟踪：SNEC 聚焦新技术，国家能源局组 织氢能试点 投资要点： 锂电板块核心观点：车市反内卷举措逐步落地，5 月新能源车出口渗 透率同比大增 17pct。1）车市反内卷举措逐步落地，多家车企宣布压缩账 期；2）5 月新能源车国内零售同环比高增，5 月新能源车出口渗透率同比 大增 17pct。 期 报 告 光伏板块核心观点：十八届 SNEC 光伏展收官，各大头部公司发布新 品。2025 年 6 月 11-13 日，国际太阳能光伏与智慧能源（上海）大会暨展 览会（SNEC）于上海国家会展中心举办。各大公司均发布新品—隆基 HIBC 量产组件功率达 700W+、爱旭 78 版型满屏 ABC 组件功率可达 800W 至 810W、天合全球首块 829W 钙钛矿叠层组件产业化、晶科 TigerNeo3.0 双 玻组件最高效率达 24.8%、通威 TNC 2.0 双面率突破 88%+等。我们认为， 此次 SNEC 展光伏新技术表现仍然亮眼，其中 BC、钙钛矿新品关注度较高， TOPCon 逐步聚焦性能提升、多场景应用等方面 ...

行 业 研 华福证券 国防军工 2025 年 06 月 15 日 资金层面，本周被动基金规模相较上周略有提升，且持续净流入趋势，杠 杆资金相较上周略有下调，考虑到军工行业 2025 年的强需求恢复预期及确 定性，看好后续资金面进一步优化。 估值层面，截至 6 月 13 日，申万军工指数五年维度看，当前市盈率 TTM（剔 除负值）66.71 倍，分位数 91.76%，叠加 2025 年行业基本面强恢复预期， 当下时点军工板块具备较高配置价值比。 综上，25-27 年在【十四五任务冲刺】＋【建军百年目标】+【自主可控国 产替代】+【军贸快速发展】等多重催化下内需外需均增长幅度巨大，且主 题型机会层出不穷，我们认为，发展军工或为未来重中之重，强烈推荐【内 贸】+【外贸】+【自主可控】三主线，建议关注如下： 华福证券 1）内贸： 证 券 ①陆装：【天秦装备】、【佰奥智能】、【高德红外】、【理工导航】、【光电股份】、 【中兵红箭】； 究 军工本周观点：看多陆军装备 投资要点： 本周核心观点： 行 业 定 期 报 告 近期，以色列伊朗冲突再次爆发。6 月 14 日晚，以色列军方发表声明称， 以军当晚空袭了伊朗国防部总部、 ...