Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [15]. Core Insights - In May, both domestic and imported game licenses were issued normally, with 130 domestic games and 14 imported games receiving approval [2][3]. - Notable game releases include Giant Network's "Supernatural Action Group," which has seen a rapid increase in rankings since its launch, reaching 33rd in the sales chart by May 30 [4][5]. - Jibite's "Sword Legend," featuring a Q-version art style, has resonated well with younger audiences, achieving a sales ranking of 12 by June 4 after its launch on May 29 [6]. - Perfect World’s "Yihuan" has garnered significant attention, with nearly 5.4 million views on its recruitment video by June 4 [7]. Company Summaries - **Giant Network**: "Supernatural Action Group" launched a million incentive plan, leading to a significant rise in its sales ranking [5]. - **Jibite**: "Sword Legend" targets young players with its appealing art style and has quickly climbed the sales rankings [6]. - **Perfect World**: "Yihuan" has high engagement metrics, indicating strong market interest ahead of its testing phase [7]. - **Investment Suggestions**: The report recommends focusing on companies such as Jibite, Baotong Technology, Shenzhou Taiyue, Giant Network, Yaoji Technology, Shengtian Network, Xinghui Entertainment, Perfect World, and Zhangqu Technology for potential investment opportunities [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The scale of bond ETFs will continue to expand significantly this year, with ample room for future development. Their holding income and trading attributes are prominent, and the market has broad growth potential [13][22]. - Credit - bond ETFs are expected to attract more capital inflows, and their net asset value will grow rapidly, enhancing their investment value [5][61]. - Benchmark - market - making credit - bond ETFs may be a preferred choice for allocation in a low - interest - rate environment, worthy of investors' attention [67]. 3. Summary by Relevant Catalogs 3.1 Bond ETFs - **Market Scale**: As of May 28, 2025, there were 29 bond ETFs in the market, with a total net asset value of 281.404 billion yuan. This year's scale growth has caught up with that of the whole of last year [2][12][13]. - **Performance**: Since 2024, treasury bond ETFs, local government bond ETFs, and convertible bond ETFs have higher absolute returns, while local government bond ETFs and benchmark - market - making credit - bond ETFs have stronger risk - resistance capabilities. In terms of risk - return ratio, local government bond ETFs have the highest Sharpe ratio [3][21]. - **Comparison with Bond Funds**: In 2024, bond ETFs had stronger return capabilities and faster share growth compared to active/passive bond funds [22]. 3.2 Credit - bond ETFs - **Scale and Growth**: Short - term financing ETFs have obvious scale advantages and the fastest growth rate. The combined net asset value of 8 newly - established benchmark - market - making corporate bond ETFs has exceeded 60 billion yuan, with a growth rate of 185.64% compared to their inception [4][27]. - **Performance**: As of May 28, 2025, the cumulative returns of urban investment bond ETFs, short - term financing ETFs, and corporate bond ETFs were 5.16%, 2.83%, and 4.11% respectively. In the past month, 4 benchmark - market - making corporate bond ETFs and 1 urban investment bond ETF had annualized returns of over 6.20% [5][35]. - **Liquidity**: The 8 benchmark - market - making credit - bond ETFs have higher turnover rates, and their liquidity is expected to further improve [5][62]. 3.3 Credit - bond ETF Investment Strategies - **Characteristics of Benchmark - Market - Making Credit - bond ETFs**: They have high - quality underlying assets, wide - range maturity coverage, significant cost advantages, and flexible trading mechanisms [66][67]. - **Investment Advantages**: For investors with liquidity management requirements, purchasing long - term credit bonds through bond ETFs can enhance portfolio flexibility and reduce liquidity risks [6][71].

Group 1 - The report emphasizes the importance of a thematic investment database aimed at identifying high-potential opportunities and monitoring peak trends in popular themes, along with the adjustment levels of leading stocks [2][9] - The report outlines a quantitative screening process focusing on four types of patterns to identify high-odds thematic opportunities and the construction of trading heat indicators to track peak trends [2][9] - The current thematic index shows 27 breakout patterns, primarily in the defense and military industry (6 stocks) and non-ferrous metals (5 stocks), while 20 stocks exhibit main rising patterns, including 8 in the pharmaceutical and biological sector and 7 in the computer industry [12] Group 2 - The trading heat for the humanoid robot and Deepseek themes has declined, with humanoid robots at 67% and Deepseek at 53%, indicating a downward trend in interest [3][17] - Leading stocks in these themes, such as Changsheng Bearing and Daily Interaction, are trading below their 60-day moving average by -16% and -14.9% respectively, suggesting a bearish sentiment [3][17]

Investment Rating - The industry rating is "Outperform the Market" [7] Core Viewpoints - The report indicates that the real estate market is gradually stabilizing, supported by policies aimed at boosting housing demand and improving purchasing power. This is expected to enhance the overall market sentiment and reduce credit risks for companies in the construction materials sector [5][12] - Short-term pressures for growth have led to renewed emphasis on stabilizing the real estate sector, while medium to long-term monetary and fiscal policy adjustments are anticipated to further support the market [12] - The report highlights that the construction materials sector has limited room for further deterioration compared to the end of 2022, with expectations for both fundamental recovery and valuation improvement [5] Summary by Sections 1. Weekly Insights - As of Q1 2025, the balance of real estate loans in RMB reached 53.54 trillion, with a year-on-year increase of 0.04%. Personal housing loans decreased by 0.8% year-on-year, but the growth rate improved by 0.5 percentage points compared to the end of the previous year [12] - Various local governments have introduced measures to stimulate housing consumption and support the real estate market, including tax adjustments and incentives for home purchases [12] 2. Weekly High-Frequency Data - The average price of bulk P.O 42.5 cement nationwide is 375 RMB/ton, down 0.6% week-on-week and down 5.7% year-on-year [3][13] - The factory price of glass (5.00mm) is 1230 RMB/ton, down 0.3% week-on-week and down 25.9% year-on-year [3][22] 3. Sector Review - The construction materials index increased by 0.18% this week, while the overall market indices saw slight declines [4][54] - Among sub-sectors, other building materials and cement products showed positive performance, while cement manufacturing and glass manufacturing experienced slight declines [4][54] 4. Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from inventory upgrades, undervalued stocks with long-term potential, and leading cyclical building material companies showing signs of bottoming out [5]

行 业 研 究 机械设备 3C 设备周观点：特朗普威胁对非美制造手机加征 关税，关注折叠屏等新产品进展 投资要点： 特朗普威胁对苹果等手机征收 25%关税 行 业 定 期 报 告 根据央视新闻报道，美国总统特朗普在其社交媒体平台上发文表 示，他期待苹果公司在美国销售的 iPhone 将在美国制造和生产，而不 是在印度或其他地方。特朗普称，如果苹果、三星的相关产品不在美 国制造，将征收 25%关税。若苹果公司、三星在美国建厂，将免征关 税。相关政策预计从 6 月底开始实施。 华为发布首款鸿蒙折叠电脑 华为发布全球首款鸿蒙折叠电脑华为 MateBook Fold 非凡大师。 这款折叠电脑整机重 1.16kg，展开时 18 英寸 3.3K 分辨率 4:3 英寸比例； 折叠的时候单面比例 3:2，整体 13 英寸，配备全球最大双层 OLED 显 示屏，号称是电脑行业首次商用 LTPO 技术屏幕使用碳纤维支撑层， 号称抗冲击能力提升 3 倍。此外，华为折叠电脑还用了全球最大尺寸 玄武水滴铰链，超高精度一体式承重主轴，超高密度锆基液态金属。 苹果或将于 26 年秋季发布首款折叠屏 iPhone 据中国基金报报道，苹果首款 ...

行 业 研 究 入 华福证券 医药生物 2025 年 06 月 02 日 医药生物 A/H Pharma 估值水平如何？管线+商业化值得 重估 投资要点： 行 业 定 期 报 告 行情回顾：本周（2025 年 5 月 26 日- 2025 年 5 月 30 日） 中信医药 指数上涨 2.2%，跑赢沪深 300 指数 3.3 pct，在中信一级行业分类中排名第 3 位；2025 年初至今中信医药生物板块指数上涨 7.0%，跑赢沪深 300 指数 9.4pct，在中信行业分类中排名第 5 位。本周涨幅前五的个股为：舒泰神 （+60.41%）、华森制药（+42.08%）、常山药业（+35.91%）、华纳药厂 （+32.70%）、益方生物（+30.51%）。 Pharma 价值重估正当时，"商业化能力+创新平台"值得重视：通过 梳理港股和A股主要 Pharma公司后，我们发现港股和A股仍有部分 Pharma 被低估。我们认为站在当前时点，医保端和创新药产业链方面的支持都有 望为 Pharma 长期增长奠定基础，无论是 Pharma 的商业化能力和研发创新 平台价值，都值得重估。（1）医保资金腾笼换鸟，创新药产业支持政 ...

团队成员 投资要点： 【周观点】近期各大电商平台 618 大促预热，看好个护品牌突围，持续推 荐登康口腔、稳健医疗、百亚股份，建议关注豪悦护理；5 月 25 日李未可 在合肥举办首次线下发布会，发布 3 款 AI 眼镜，关注智能眼镜子板块新品 催化。 一年内行业相对大盘走势 行 业 华福证券 | 分析师： | 李宏鹏(S0210524050017) | | --- | --- | | lhp30568@hfzq.com.cn | | | 分析师： | 汪浚哲(S0210524050024) | | wjz30579@hfzq.com.cn | | | 分析师： | 李含稚(S0210524060005) | | lhz30597@hfzq.com.cn | | 轻工制造 2025 年 06 月 02 日 相关报告 研 究 行 业 定 期 报 轻工制造 618 大促看好个护国牌崛起，关注智能眼镜 新品催化 1、轻工纺服行业周报：浆系纸发布涨价函，新消 费子板块景气向上——2025.05.25 2、【华福商社】卡游：卡牌行业龙头，全产业链 打造 IP 泛消费聚合平台——2025.05.20 3、轻工纺服行业周报： ...

行 华福证券 家用电器 2025 年 06 月 02 日 业 研 究 行 业 定 期 报 家用电器 家电 618 迎来开门红，小家电中高端升级明显— —25W22 周观点 投资要点： 家电 618 迎来开门红，多品类表现靓丽，相比 1-4 月明显提振 根据奥维云网，25W20-W21（5 月 12 日-25 日）618 初始阶段， 家电多品类线上表现优异，大家电方面，空调、冰箱、洗衣机、彩电 线上销额同比+50%、+20%、+60%、+57%；清洁电器方面，扫地机、 洗地机线上销额同比+51%、+54%；小家电景气度提升明显，电饭煲、 破壁机、空气炸锅、剃须刀线上销额同比+41%、+6%、+32%、+39%。 告 6-8 月白电排产数据放缓。据产业在线数据，6 月空调、冰箱和洗 衣机排产合计总量共计 3515 万台，较去年同期生产实绩+7.3%，家用 空调排产 2050 万台，较去年同期生产实绩+11.5%；冰箱排产 790 万台， 较去年同期生产实绩+3.6%；洗衣机排产 675 万台，较去年同期生产实 绩持平。 行情数据 投资建议 证 券 政策支持下内需有望迎来复苏，建议关注以下方向：1）大家电预 计继续 ...

有色金属 2025 年 06 月 02 日 行 业 研 究 有色金属 20250602 周报：美国关税政策反复，黄金中长期 配置价值不改 投资要点： 行 业 定 期 报 告 贵金属：美国关税政策反复，黄金长期配置价值不改。特朗普将对欧 洲额外关税推迟至7月9日，恢复与欧盟为期90天的贸易谈判窗口，此前欧 盟委员会主席冯德莱恩主动与之联系。本周全球多处地缘局势再度升温， 提振贵金属避险需求。短期而言，美"对等关税"的潜在风险及不确定性 引发市场避险情绪支撑金价，整体呈现易涨难跌格局；中长期而言，全球 关税政策和地缘政治的不确定性背景下，避险和滞涨交易仍是黄金交易的 核心，长期配置价值不改。个股：黄金建议关注中金黄金、山东黄金、赤 峰黄金，低估弹性关注株冶集团和玉龙股份，其他关注银泰黄金、湖南黄 金及招金矿业；白银建议关注兴业银锡、银泰黄金、盛达资源。 工业金属：供需偏紧格局不改，整体易涨难跌。铜，从供给端来看， 目前依然有较大的隐患来自铜冶炼原料市场，基本面对铜价依然有较为明 显的支撑。短期，美联储降息预期仍在，基本面偏紧格局延续支撑铜价； 中长期，随美联储降息加深提振投资和消费，同时打开国内货币政策空间， 叠 ...

行 业 华福证券 国防军工 2025 年 06 月 02 日 资金层面，本周被动基金规模及杠杆资金均相较上周略有提升，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 5 月 30 日，申万军工指数五年维度看，当前市盈率 TTM（剔 除负值）65.05 倍，分位数 88.24%，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 报 告 ②元器件&航天：【火炬电子】、【成都华微】、【楚江新材】、【航天 电器】； ③信息化升级：【新劲刚】、【四创电子】、【兴图星科】、【七一二】。 2）外贸：【广东宏大】、【航天彩虹】、【国睿科技】、【航天南湖】。 研 ...