Investment Rating - The report maintains an "Outperform" rating for the semiconductor equipment industry [1]. Core Insights - The demand for advanced packaging continues to grow, primarily driven by AI-related applications, high-performance computing (HPC), and the recovery of mobile and consumer markets, alongside the expansion of automotive advanced packaging solutions. The global advanced packaging market is projected to grow from $37.8 billion in 2023 to $69.5 billion by 2029, driven by the extreme demand for computing power density from AI, HPC, and 5G/6G technologies [3][14]. - Advanced packaging technologies are evolving towards diversification, with 2.5D/3D packaging becoming the core solution for AI chips, while system-in-package (SiP) and fan-out packaging (FOPLP) are gaining traction in wearable devices and consumer electronics [3][5]. Summary by Sections Advanced Packaging - The advanced packaging market is expected to grow from $39 billion in 2023 to $80 billion by 2029, with a compound annual growth rate (CAGR) of 12.7%. The 2.5D/3D packaging segment is anticipated to grow at a rate of 20.9%, becoming a key driver for market expansion [14][17]. Fundamental Technologies - Key technologies for advanced packaging include bumps, redistribution layers (RDL), through-silicon vias (TSV), and hybrid bonding. These technologies are essential for achieving high-density interconnections and improving packaging efficiency [3][41]. Stacking Interconnections - The report highlights four main packaging solutions: Flip Chip (FC), Wafer Level Packaging (WLP), 2.5D, and 3D. These solutions are crucial for the iterative advancement of packaging technology, with FC expected to generate $2.3 billion in revenue by Q2 2024, reflecting a 6.8% quarter-over-quarter growth [5][14]. Equipment Demand - The global advanced packaging equipment market is projected to reach $3.1 billion in 2024, marking a historical high. The demand for equipment related to etching, thin film deposition, and plating is expected to increase rapidly due to advancements in packaging technology [5][39]. Related Companies - The report suggests focusing on domestic equipment manufacturers such as ASMPT, North Huachuang, Zhongwei Company, and others, which are expected to achieve breakthroughs in niche areas of the industry [5][39].

Group 1 - The overall trading heat of the new stock sector remains warm, but structural characteristics are more pronounced [1][13] - The average increase of new stocks listed since 2024 is approximately 0.6%, with about 49.2% of new stocks showing positive returns [1][30] - Recent trading activity indicates a recovery in new stock trading heat, with a diverse range of active stocks beyond just low-priced new stocks [2][13] Group 2 - Last week, there were 2 new stocks available for online subscription, with an average issuance P/E ratio of 15.4X and a subscription success rate of 0.0229% [4][22] - The average first-day increase for newly listed stocks last week exceeded 300%, indicating a significant rise in trading sentiment [5][27] - The average first-day trading increase for new stocks in June is 171.5% for the Sci-Tech Innovation Board and 196.8% for the Main Board, showing a notable increase compared to previous months [18][26] Group 3 - Upcoming new stocks include Huazhi Jie and Xin Heng Hui, with an average issuance P/E ratio of 17.8X for those expected to be listed soon [3][35] - The report suggests a cautious approach to new stocks with fully priced first-day valuations, as they may experience significant volatility in the short term [8][35] - The report highlights specific stocks to watch, including Suzhou Tianmai, Top Cloud Agriculture, and Xingfu Electronics, among others [41][42]

Investment Rating - The report suggests a positive outlook for the A-share market, indicating a potential for continued strong fluctuations and possible upward breakthroughs in the near term [3][6][14]. Core Insights - The report identifies that the end of the "filling pit" market phase is primarily driven by policies and external events, with historical data showing that out of seven instances since 2015, five resulted in market increases post-oscillation [6][14]. - Current short-term economic recovery trends are noted, with improvements in real estate sales and increased operational rates in the construction sector [19][24]. - The report emphasizes a focus on technology and new consumption sectors for investment, suggesting that these areas will continue to outperform in the near term [36][40]. Summary by Sections 1. Ending the Oscillation After the Filling Pit Market - The end of the oscillation phase is driven by policies and external events, with historical oscillation periods averaging 86 trading days, where five out of seven instances led to market increases [6][14]. - Key factors influencing the end of oscillation include policy easing and positive external events, such as geopolitical developments and economic agreements [6][14]. 2. Weekly Strategy: Continued Strong Oscillation in A-Shares - Short-term economic recovery is evident, with real estate sales showing resilience and construction project initiation rates improving [19][24]. - Liquidity remains loose, with significant reverse repos scheduled, indicating a strong willingness from the central bank to maintain liquidity [24][26]. 3. Industry Allocation: Focus on Technology and New Consumption - The report suggests that small-cap stocks may continue to outperform, as current market indicators are significantly below historical thresholds for style switching [33][34]. - Technology and new consumption sectors are highlighted as key areas for investment, with historical trends indicating these sectors perform well during oscillation periods [36][37]. - Valuation attractiveness is noted in sectors such as oil services, textiles, and media, with low PE ratios and high expected growth rates [40].

Investment Rating - The industry is rated as "Outperform" compared to the market [2] Core Insights - The humanoid robot industry is accelerating its industrialization process, with six-dimensional force sensors being a key incremental component for motion control. The opportunities for domestic substitution are noteworthy [1][3] - The market for six-dimensional force sensors is expected to reach CNY 14.442 billion by 2030, with a CAGR of 49.73%, and CNY 27.780 billion by 2035, with a CAGR of 30.6% [3][57] Summary by Sections 1. Importance of Six-Dimensional Force Sensors - Motion control capability is a key area for improvement in humanoid robots, with six-dimensional force sensors potentially being the optimal solution [3][7] - Six-dimensional force sensors can measure ground forces in real-time, aiding in the stability and gait adjustment of humanoid robots [3][16] 2. High Technical Barriers in the Industry - Six-dimensional force sensors are suitable for complex force scenarios, with their main application in high-precision environments like robotics [20] - The current mainstream technology for six-dimensional force sensors is strain gauge sensors, which excel in stability, rigidity, and precision [32] - The core barriers in the industry lie in calibration and testing, requiring extensive sample points for accurate measurement [42][45] 3. Market Growth and Domestic Substitution Opportunities - The humanoid robot sector is projected to be a significant growth market for six-dimensional force sensors, with industrial robots currently being the largest application area [54] - The demand for cost reduction in six-dimensional force sensors is urgent, as their current production costs are high, with significant room for price reduction through optimization and mass production [59][60] 4. Investment Recommendations - Focus on the sensor sector, particularly companies that have made breakthroughs in product development or have completed sample deliveries, such as Lingyun Co., Anpeilong, and others [65]

Investment Rating - The report maintains an investment rating of "Outperform" for the industry [2]. Core Insights - The evolution of eyewear terminals presents significant investment opportunities, particularly in smart interactive glasses, projection glasses, and AR glasses, each with distinct features and market potential [10][5]. - Smart interactive glasses are positioned as AI life assistants, integrating multiple functionalities such as cameras, sunglasses, and Bluetooth headsets, focusing on providing superior audio experiences [10][5]. - The report highlights the importance of ecosystem and model differentiation in smart interactive glasses, as hardware configurations become increasingly standardized [13][5]. - The rise of AI audio glasses is driven by the growing demand for wearable devices and the emergence of generative AI models, suggesting a new market segment for audio experiences [5]. Summary by Sections 1. Investment Opportunities in Eyewear Evolution - Smart interactive glasses are categorized into audio glasses and camera glasses, with the latter being the most mainstream and highest-selling category [10]. - Projection glasses focus on portable screen experiences and entertainment, with advancements in display technology and cost reduction paving the way for future growth [10][5]. - AR glasses, which combine audio and camera functionalities with augmented reality experiences, face challenges in hardware integration and power consumption [10]. 2. Key Features and Upgrades - Smart interactive glasses emphasize social capabilities, allowing users to capture and share content on social media platforms, enhancing their appeal among heavy social media users [17][5]. - The report discusses the fashion aspect of eyewear, noting a shift in consumer behavior towards purchasing frames separately, driven by factors such as self-confidence and personal style [19][5]. - The introduction of limited edition collaborations, such as Ray-Ban Meta x Coperni, aims to position smart glasses in the luxury market, validating the feasibility of high-end smart eyewear [24][5]. 3. Technological Trends - The report identifies silicon carbide and etching technology as key trends in optical development, suggesting a new ecosystem of consumer electronics comprising smartphones, smartwatches, and glasses [4][5]. - The advancements in optical solutions, such as the use of micro LED and waveguide technologies, are expected to enhance the performance and user experience of AR glasses [48][5]. - The report emphasizes the need for high brightness and low weight in AR glasses, highlighting the challenges in achieving these specifications while maintaining a compact form factor [48][5].

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1] Core Insights - Technological breakthroughs are driving the upgrade of solid-state battery industry, with energy density reaching up to 500Wh/kg, making it a mainstream technology to replace traditional lithium batteries [2][3] - The industrialization process of solid-state batteries is accelerating due to policy guidance and capital support, with major players like CATL and EVE Energy planning significant production capacities [2][3] - AI-enabled applications are opening up a new market worth hundreds of billions, particularly in eVTOL and humanoid robots, which require high energy density [2][3] Summary by Sections Section 1: Solid-State Battery Advantages - Solid-state batteries use solid electrolytes instead of liquid, offering higher energy density and safety, with a theoretical limit of over 500Wh/kg [11][12] - Compared to liquid batteries, solid-state batteries exhibit superior thermal stability and can operate safely even when punctured [26][31] - Solid-state batteries maintain better performance in low temperatures, with discharge capacity retention of 90% at -30°C [36][31] Section 2: Industry Trends and Developments - The report highlights that by 2024, the shipment of solid-state batteries is expected to reach 7GWh, with a significant growth phase anticipated by 2027 [2] - Major companies are ramping up their solid-state battery production, with hundreds of GWh of capacity planned or under construction in China [99] - The report emphasizes the importance of policy support, with various government initiatives aimed at accelerating the development and commercialization of solid-state batteries [92][94] Section 3: Investment Recommendations - The report suggests focusing on key players in the battery sector such as CATL, EVE Energy, and Guoxuan High-Tech, as well as equipment manufacturers like Naconor and Manstein [2] - It also highlights opportunities in solid-state electrolytes and upstream materials, recommending companies like Sanxiang New Materials and Xiamen Tungsten [2]

2025 年 05 月 25 日 策略类●证券研究报告 分歧加剧致做多意愿暂时降温，但新股板块重启活跃周期或依然可期 新股专题 投资要点 新股周观点：在连续约五个交易周强势震荡之后共识突破依然尚未达成，上周新股 板块调整压力有所加大。但考虑到市场托底预期依然较强，且新股板块休整底部特 征较为明显，我们依然倾向于认为新股板块新一轮活跃周期开启可期，质变或只是 时间问题。短期，建议谨慎求证之余灵活应变，低位优质新股次新标的或可提前关 注布局。 （1）上周新股次新板块略有调整；假设以 2024 年以来上市的新股次新板块比较 来看，上周板块平均涨幅-1.5%，实现正收益占比约 27.8%。 （4）本周可能即将上市的新股：古麒绒材等。 上周新股表现： （1）新股发行表现：上周共有 2 只新股网上申购；2 只均为主板新股。从上周网 上申购的新股情况来看，平均发行市盈率为 13.4X。 （2）上周上市新股表现：假设将上周新股首周收益表现拆解为打新收益和二级市 场开板后的上涨收益，1）首先，打新收益来看，上周沪深新股首日平均涨幅约为 137.4%，较此前交易周沪深新股首日平均涨幅 101%再度有小幅提升，新股首日情 绪边际略 ...

新消费和科技行情还能持续吗？ 定期报告 投资要点 2025 年 05 月 24 日 策略类●证券研究报告 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 报告联系人 张欣诺 zhangxinnuo@huajinsc.cn 相关报告 新股休整周期尾端信号或更为清晰，变盘或 只 待 共 识重 建 达 成 - 华 金 证 券新 股 周 报 2025.5.18 短 期 继 续 震 荡 偏 强 ， 科 技 仍 是 主 线 2025.5.17 降低关税大超预期，A 股可能突破上行 2025.5.12 新股二级交投表现趋于向好，但量变到质变 或 仍 待 观 察 确 认 - 华 金 证 券 新 股 周 报 2025.5.11 科技行情短期可能延续 2025.5.10 | 图 | 年以来中信消费指数与沪深 比价有 1：2005 300 11 次明显上升 | 3 | | --- | --- | --- | | 图 | 2：中信消费指数与沪深 300 比价上升期间各指标变化一览 4 | | | 图 | 3：我国消费者收入信心指数有所下滑 5 | | | 图 | 4：房 ...

2025 年 05 月 22 日 行业研究●证券研究报告 5 月游戏版号发放再创纪录，关注优质内容带 来投资机会 电魂网络：在途新品储备丰富，潜在精品或改 善业绩-华金证券-传媒-电魂网络-公司点评 2025.5.2 姚记科技：主业基本盘稳固，"AI+"开辟多元 发展路线-华金证券-传媒-姚记科技-公司点评 2025.4.29 南方传媒：深耕湾区教材建设，AI+政策助力高 质量发展-华金证券-传媒-南方传媒-公司点评 2025.4.29 投资要点 传媒 行业快报 投资评级 领先大市(维持) 首选股票 评级 一年行业表现 资料来源：聚源 | 升幅% | 1M | 3M | 12M | | --- | --- | --- | --- | | 相对收益 | -0.46 | -8.31 | 15.93 | | 绝对收益 | 2.95 | -9.93 | 22.4 | | 分析师 | | | 倪爽 | | SAC | 执业证书编号：S0910523020003 | | | | | nishuang@huajinsc.cn | | | | 报告联系人 | | | 闫誉怀 | | | yanyuhuai@huajinsc. ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company is gradually enriching its AI product matrix, which is expected to efficiently enhance user scale [1] - The launch of the Skywork Super Agents product, which utilizes AI agent architecture and deep research technology, positions the company as a leader in generating multimodal content [6] - The company has established a comprehensive AI business layout, achieving significant results in various AI sectors, including music and short dramas, which are anticipated to drive revenue growth [6] - The projected net profits for the company from 2025 to 2027 are expected to be 0.03 billion, 0.28 billion, and 0.51 billion respectively, with EPS of 0.00, 0.02, and 0.04 per share [6] Financial Data and Valuation - The company's revenue is projected to grow from 4,915 million in 2023 to 7,514 million in 2027, with a year-on-year growth rate of 3.8% in 2023 and 7.0% in 2027 [3] - The net profit attributable to the parent company is expected to recover from a loss of 1,595 million in 2024 to a profit of 51 million in 2027, with a significant year-on-year growth of 774.3% in 2026 [3] - The gross margin is projected to decline from 78.8% in 2023 to 68.8% in 2027, indicating a shift in cost structure [3] - The company's total market capitalization is approximately 46,094.86 million, with a share price of 37.43 yuan as of May 22, 2025 [4]