Investment Rating - The report maintains a "Buy" recommendation for the companies involved, specifically Jianghuai Automobile, Seres, and Wuxi Zhenhua [9]. Core Insights - The launch of the Hongmeng Zhixing Zun Jie S800 sedan has achieved over 6,500 pre-orders in its first month, breaking the monopoly of foreign brands in the million-level sedan market [4][6]. - The vehicle features advanced technology, including a high-pressure silicon carbide motor and a comprehensive range of 1,333 km for the range-extended version, and 702 km for the pure electric version [5][6]. - The report highlights the continuous high growth in pre-order numbers, with daily increments of 100-200 units recently [4]. Summary by Sections Market Performance - The automotive sector has shown a 30.5% increase over the past 12 months, while the Shanghai and Shenzhen 300 index has increased by 13.2% [1]. Investment Highlights - The Zun Jie S800's pre-order milestones include 1,000 units in the first hour, 1,600 in the first 24 hours, and 5,000 in 19 days, indicating strong market demand [4]. - The vehicle's dimensions are 5480×2000×1542 mm with a wheelbase of 3370 mm, and it offers various color options [4]. Company Focus and Earnings Forecast - Jianghuai Automobile is projected to have an EPS of 0.12 in 2024, increasing to 0.25 in 2025, with a PE ratio of 334.08 for 2024 [9]. - Seres is expected to have an EPS of 3.84 in 2024, rising to 4.61 in 2025, with a PE ratio of 34.98 for 2024 [9]. - Wuxi Zhenhua is forecasted to have an EPS of 1.41 in 2024, increasing to 1.80 in 2025, with a PE ratio of 24.23 for 2024 [9].

Investment Rating - The report maintains a "Buy" recommendation for the companies involved, specifically Jianghuai Automobile, Seres, and Wuxi Zhenhua [9]. Core Insights - The report highlights that Hongmeng Intelligent's offline layout has reached a new high, with 32 new user centers established in April and May 2025. Currently, there are over 290 Aito user centers, 160 Hongmeng Intelligent user centers, and 710 experience centers [4][5]. - Hongmeng Intelligent's sales are expected to continue breaking records due to ongoing channel expansion and the new vehicle cycle. The total number of stores has exceeded 1,000, and weekly sales surpassed 12,497 units, achieving over 44,454 vehicle deliveries in May 2025 [5][6]. - The launch of the high-end model, Zun Jie S800, has seen significant demand, with over 6,500 pre-orders in its first month, indicating a potential shift in market dynamics against foreign brands [6]. Summary by Sections Market Performance - The automotive sector has shown a 30.5% increase over the past 12 months, while the Shanghai-Shenzhen 300 index has increased by 13.2% [2]. Company Focus and Earnings Forecast - Jianghuai Automobile (600418.SH) is projected to have an EPS of 0.25 in 2025, with a PE ratio of 160.36, and is rated as a "Buy" [9]. - Seres (601127.SH) is expected to have an EPS of 4.61 in 2025, with a PE ratio of 29.14, also rated as a "Buy" [9]. - Wuxi Zhenhua (605319.SH) is forecasted to have an EPS of 1.80 in 2025, with a PE ratio of 18.98, rated as a "Buy" [9].

2025 年 07 月 01 日 券 研 究 报 告 小米 YU7 正式发布，开售 1 小时大定突破 28.9 万辆 推荐(维持) 事件 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 汽车(申万) 0.3 -1.4 30.5 沪深 300 2.5 1.2 13.2 市场表现 -20 -10 0 10 20 30 40 50 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《汽车行业周报：小米 YU7 上市 18 小时锁单突破 24 万台，特斯拉 ModelY 首次实现全自动驾驶交付》 2025-07-01 2、《汽车行业点评报告：马斯克公 布脑机接口进展，Neuralink 估值快 速上升》2025-06-30 3、《汽车行业点评报告：商务部开 展 2025 年千县万镇新能源汽车消费 季活动，政策加码新能源车下乡再 提速》2025-06-29 6 月 26 日，小米正式发布旗下首款 SUV 车型 YU7，开售一小 时后大定突破 28.9 万辆。 投资要点 ▌小米首款 SUV 正式发布 6 月 26 日小米首款 ...

2025 年 07 月 01 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：86 分（过热） 最近一年大盘走势 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 资料来源：Wind，华鑫证券研究 相关研究 ▌ 华鑫市场情绪温度指标：（过热） 今日热点主题：储存、能源金属、稳定币 1、储存主题：据《科创板日报》报道，继韩系两大存储 原厂先后放出 DDR4 停产时间，美光确定已向客户发出信件通 知 DDR4 将停产，预计未来 2~3 个季度陆续停止出货。Trend Force 数据显示，5 月 DDR4 单月涨幅 53%，创 2017 年以来最 大涨幅。相关标的：江波龙（ 301308 ）、兆易创新 （603586） 2、能源金属主题：刚果金公布，2025 年 6 月 21 日起， 战略矿产市场监管局(ARECOMS)董事会采取了重大监管措施， 鉴于市场上库存量持续高企，已决定将临时禁令的期限自本 决定生效之日起再延长三个月，适用于刚果所有源自采矿的 钴 出 口 。 相 关 标 的 ： 华 友 钴 业 （ 60379 ...

1、《6 月地方债发行计划已披露 8612 亿元，新增专项债占半数》 2025-06-03 2、《二季度地方债发行计划已披露 22624 亿元》2025-05-09 3、《二季度地方债发行计划已披露 22369 亿元，新增专项债占比近半》 2025-04-18 投资要点 截至 2025 年 6 月 30 日，三季度地方债发行已披露计划如 下： 各省、计划单列市披露发行计划总计 25499 亿元，其中新增 一般债、再融资一般债、新增专项债、再融资专项债占比分 别为 8%（2080 亿元）、17%（4395 亿元）、54%（13854 亿 元）、15%（3754 亿元）。 分月度来看，四、五、六月地方债发行计划占比分别为 51% （12970 亿元）、28%（7135 亿元）、21%（5395 亿元）。各 月新增专项债占比分别为 53%（7324 亿元）、28%（3873 亿 元）、19%（2657 亿元）。 2025 年 06 月 30 日 三季度地方债发行计划已披露 25499 亿元 分析师：罗云峰 S1050524060001 luoyf2@cfsc.com.cn 分析师：杨斐然 S105052407000 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [8]. Core Insights - The company is experiencing short-term performance pressure, but new generation products are expected to drive revenue growth [4]. - The company launched AI products WiNGPT 2.8 and WiNEX Copilot 2.1, enhancing its digital transformation solutions for healthcare institutions [5]. - The company has been focusing on technological innovation and deepening its medical information strategy since its establishment [6]. Financial Performance - In 2024, the company achieved revenue of 2.782 billion yuan, a year-on-year decrease of 12.05%, and a net profit of 88 million yuan, down 75.45% [4]. - For Q1 2025, the company reported revenue of 345 million yuan, a decline of 30.24%, and a net profit of 5 million yuan, down 68.18% [4]. - Revenue forecasts for 2025-2027 are 3.144 billion, 3.585 billion, and 4.088 billion yuan, respectively, with corresponding EPS of 0.18, 0.22, and 0.27 yuan [8][10]. Growth Projections - The company anticipates a revenue growth rate of 13.0% in 2025, followed by 14.0% in 2026 and 14.1% in 2027 [10]. - The net profit is expected to rebound significantly in 2025, with a growth rate of 356.4%, followed by 22.1% in 2026 and 20.7% in 2027 [10]. Market Position - The company has a total market capitalization of 24 billion yuan and a current stock price of 10.83 yuan [1]. - The stock has a 52-week price range of 5.15 to 13.24 yuan, indicating potential volatility [1].

Investment Rating - The report maintains a "Buy" rating for the computer industry, indicating a positive outlook for investment opportunities in this sector [2][54]. Core Insights - The report highlights significant advancements in AI technology, particularly with the release of Google's multimodal model Gemma 3n, which is optimized for edge devices, marking a shift from cloud-based models [16][17]. - The introduction of the AI model DAMO GRAPE by Alibaba's DAMO Academy represents a breakthrough in early gastric cancer detection using standard CT scans, showcasing the potential of AI in medical applications [28][32]. - The report emphasizes the growing trend of AI financing, with Harvey completing a $300 million Series E funding round, significantly increasing its valuation to $5 billion [39][41]. Summary by Sections Computing Power Dynamics - The report notes stable pricing in computing power rentals, with specific configurations such as Tencent Cloud's A100-40G priced at 28.64 CNY/hour and Alibaba Cloud's A800-80G at 6.03 CNY/hour, reflecting a 12.77% decrease from the previous week [15][19]. - Google's Gemma 3n model is designed for efficient operation on devices like smartphones and laptops, supporting various input types including audio and video [16][17]. AI Application Dynamics - Kimi's average weekly stay duration increased by 58.70%, indicating growing user engagement [27]. - The DAMO GRAPE model has shown promising results in clinical trials, significantly improving the detection rates of gastric cancer compared to traditional methods [28][30]. AI Financing Trends - Harvey's recent funding round has positioned it as a leading player in legal AI, with a reported annual recurring revenue of $75 million, up from $50 million earlier this year [39][40]. Investment Recommendations - The report suggests focusing on domestic computing power opportunities, particularly with Huawei's new AI cloud service, which enhances computational efficiency and supports a wide range of applications [51]. - Long-term investment is recommended in companies like 嘉和美康 (Jiahe Meikang), 科大讯飞 (iFlytek), and 寒武纪 (Cambricon), which are positioned to benefit from advancements in AI and computing technologies [52].

Investment Rating - The report maintains a "Buy" rating for the automotive industry, indicating a positive outlook for the sector [7]. Core Insights - Neuralink has showcased new product directions aimed at linking the biological brain with external machines, with plans to implant devices in the speech cortex by Q4 2025 to decode silent "intent speech" [4][5]. - The ultimate goal of Neuralink is to create a "full-brain interface" that allows high-bandwidth connections between the biological brain and external machines, achievable through fully automated surgeries [5]. - Neuralink's recent funding round raised $650 million, bringing its valuation to over $10 billion, following a previous valuation of $9 billion [5]. Summary by Sections Market Performance - The automotive sector has shown varied performance, with a 1-month decline of 0.4%, a 3-month decline of 3.0%, and a 12-month increase of 30.0% compared to the CSI 300 index [1]. Investment Highlights - By 2026, the number of implanted electrodes is expected to increase to 3,000, with the first participant in the "Blindsight" project, which aims to help the blind regain vision [6]. - By 2027, the electrode count will rise to 10,000, enabling simultaneous implants in multiple brain areas, and by 2028, it is projected to exceed 25,000 electrodes for deeper brain area access [6]. - The report emphasizes the potential of humanoid robots and new technologies in the automotive industry, recommending component manufacturers with strong technological capabilities and cost control [7]. Company Focus and Earnings Forecast - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, all rated as "Buy": - Shuanglin Co., Ltd. (300100.SZ): EPS of 1.24 in 2024, PE of 38.67 [9]. - Rongtai Co., Ltd. (605133.SH): EPS of 0.88 in 2024, PE of 47.59 [9]. - Kaidi Co., Ltd. (605288.SH): EPS of 1.24 in 2024, PE of 41.72 [9]. - Kait Co., Ltd. (832978.BJ): EPS of 0.82 in 2024, PE of 31.06 [9].

2025 年 06 月 30 日 择券空间继续收窄 分析师：罗云峰 S1050524060001 luoyf2@cfsc.com.cn 分析师：杨斐然 S1050524070001 yangfr@cfsc.com.cn 相关研究 1、《6 月财政发债力度超预期—— 资产配置周报》2025-06-29 2、《本轮资金面高点的预估——资 产配置周报》2025-06-22 3、《6 月边际缩表概率进一步上升 ——资产配置周报》2025-06-15 投资要点 ▌ 股债、转债市场回顾 上周 A 股情绪和资金为推动震荡上行但分化显著，金融科 技、小盘成长及微盘股表现强势，金融权重股承压。板块轮 动加速，算力产业链受英伟达创新高提振，数字货币概念在 香港数字资产政策刺激下涨停，小米 SU7 预售刺激消费电子 链，军工股周中开始走强，霍尔木兹海峡航运风险以及美元 走弱和出口枪炮等因素刺激有色金属板块。港股分化，创新 药承压，虚拟资产牌照概念股暴涨。避险资产承压，中东局 势缓和致黄金止盈下跌，WTI 原油暴跌创 27 个月新低。国内 债市受股债跷跷板效应震荡，长债卖出压力较大，30 年国债 期货出现短线跳水行情。 上周正股走强 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][7]. Core Insights - The company is a leading provider of electrochemical energy storage systems in China, benefiting from industry growth and increasing demand for energy storage solutions [5]. - The company has a higher gross margin than the industry average due to its focus on technology cost reduction and strategic procurement [5]. - The company is expanding its overseas business, with significant contributions expected from Europe and Southeast Asia [6]. - Revenue forecasts for 2025-2027 are projected at 103.41 billion, 123.89 billion, and 142.33 billion yuan, respectively, with corresponding EPS of 4.52, 5.56, and 6.67 yuan [7][10]. Summary by Sections Company Overview - The company specializes in providing comprehensive energy storage solutions for various sectors, including traditional and renewable energy generation [5]. - The company has established a strong presence in major global markets, including the US, Germany, and Australia, with certifications for its products [6]. Financial Performance - The company’s revenue for 2024 is expected to be 82.7 billion yuan, with a growth rate of 18.4% [10]. - The net profit for 2024 is projected at 648 million yuan, with a growth rate of 12.1% [10]. - The company’s gross margin is expected to remain stable at around 18.2% over the forecast period [11]. Market Position - The company is well-positioned to benefit from the increasing demand for energy storage systems, particularly in light of regulatory changes that encourage the integration of storage with renewable energy sources [5][6]. - The company aims to achieve parity in revenue between its domestic and overseas operations within the next 3-5 years [6].