Market Sentiment - The current market sentiment score is 49, indicating a "neutral" sentiment [6][10] - Historical trends show that when the sentiment score is below or close to 30, the market tends to receive support, while scores above 90 may indicate resistance [10] Hot Themes Tracking - **Artificial Intelligence**: OpenAI announced a $6.5 billion acquisition of AI hardware startup io, aiming to launch a revolutionary AI "companion" device with a target of shipping 100 million units by the end of 2026. Related stocks include Rongxin Culture (301231) and Tom Cat (300459) [7] - **Low Carbon**: The State Council recently approved the "Green Low-Carbon Development Action Plan for Manufacturing Industry (2025-2027)", emphasizing the need for green technology innovation and the deep green transformation of traditional industries. Related stocks include Deen Precision (300780) and Antai Technology (000969) [7] - **Nuclear Power**: The U.S. is accelerating nuclear power approvals and construction under Trump, aiming to regain global leadership in nuclear energy. This may lead to a tightening supply and rising prices for natural uranium. Related stocks include Rongfa Nuclear Power (002366) and Atlantic (600558) [7] Capital Flow Analysis - The top ten stocks with the highest net inflow include China Great Wall (000066.SZ) with a net inflow of 1.25 billion, followed by Qingdao Kingking (002094.SZ) with 566 million [11] - The top ten stocks with the highest net outflow include BYD (002594.SZ) with a net outflow of 1.01 billion, followed by Xue Ren Shares (002639.SZ) with 587 million [13] - The top ten industries with the highest net inflow include Food and Beverage with 67 million, while the highest net outflow was seen in the Automotive sector with -198 million [15][17]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][7]. Core Insights - The company is experiencing revenue pressure but is enhancing resilience through structural optimization and business transformation [1][4]. - In 2024, the company reported a revenue of 17.139 billion yuan, a decrease of 10% year-on-year, while the net profit attributable to shareholders was 1.315 billion yuan, a slight decrease of 0.01% [4]. - The company’s gross margin improved by 1 percentage point in both 2024 and Q1 2025, reaching 26.52% and 29.64% respectively, primarily due to a reduction in the proportion of low-margin automotive trading business [5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 4.135 billion yuan, down 2% year-on-year, but net profit increased by 110% to 392 million yuan [4]. - For Q1 2025, revenue was 4.276 billion yuan, a decrease of 12%, while net profit rose by 9% to 475 million yuan [4]. Business Structure and Strategy - The company is optimizing its business structure, with a notable contribution from the fast-moving consumer goods sector driving investment income [5]. - The revenue breakdown for 2024 shows department stores, supermarkets, electrical appliances, and automotive trading generating 1.770 billion, 6.164 billion, 3.303 billion, and 4.288 billion yuan respectively, with varying year-on-year growth rates [6]. Regional Performance - Revenue from the Chongqing, Sichuan, and Hubei regions in 2024 was 15.469 billion, 250 million, and 3 million yuan respectively, reflecting a decline due to weak consumer demand [6]. Earnings Forecast - The company is expected to maintain steady growth, with projected EPS for 2025, 2026, and 2027 at 3.23, 3.52, and 3.78 yuan respectively, corresponding to PE ratios of 9, 9, and 8 times [7][10].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][7]. Core Insights - The company has faced revenue pressure but is enhancing resilience through structural optimization and business transformation [1][4]. - In 2024, the company reported a revenue of 17.139 billion yuan, a decrease of 10% year-on-year, while the net profit attributable to shareholders was 1.315 billion yuan, showing a slight decrease of 0.01% [4]. - The company’s gross margin improved by 1 percentage point in both 2024 and Q1 2025, reaching 26.52% and 29.64% respectively, primarily due to a reduction in the proportion of low-margin automotive trading business [5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 4.135 billion yuan, a decrease of 2%, but the net profit increased by 110% to 392 million yuan [4]. - For Q1 2025, the revenue was 4.276 billion yuan, down 12%, while the net profit rose by 9% to 475 million yuan [4]. Business Structure and Strategy - The company is optimizing its business structure, with a notable contribution from the fast-moving consumer goods sector driving investment income [5]. - The revenue breakdown for 2024 shows department store, supermarket, appliance, and automotive trading revenues of 1.770 billion, 6.164 billion, 3.303 billion, and 4.288 billion yuan respectively, with significant declines in department stores and automotive trading [6]. Profitability Forecast - The company is expected to maintain steady growth in performance, with projected EPS for 2025-2027 at 3.23, 3.52, and 3.78 yuan, corresponding to PE ratios of 9, 9, and 8 times [7][10].

Investment Rating - The report maintains a "Buy" rating for several companies in the AI and computing sector, including Yidao Information, iFlytek, Weike Technology, and others, indicating a positive outlook for their stock performance [13][48]. Core Insights - The AI sector is experiencing significant advancements, particularly with the launch of Claude 4 models, which enhance coding and reasoning capabilities, marking a new era in AI applications [3][20]. - The introduction of the Skywork Super Agents by Kunlun Wanwei signifies a breakthrough in AI office applications, showcasing unique features that differentiate it from competitors [5][27]. Summary by Sections 1. Computing Power Dynamics - The rental prices for computing power remain stable, with specific rates for various configurations such as A100-40G and A100-80G [19][21]. - The Claude 4 model was launched on May 23, featuring two variants: Claude Opus 4 and Claude Sonnet 4, both of which demonstrate significant improvements in performance and accuracy [20][22]. 2. AI Application Dynamics - Gemini's average access volume increased by 4.51% week-on-week, indicating growing user engagement in AI applications [26]. - The Skywork Super Agents were released, offering comprehensive capabilities for content creation and task management, thus enhancing productivity in AI office environments [27][30]. 3. AI Financing Trends - Airwallex secured $300 million in Series F funding, raising its valuation to $6.2 billion, reflecting strong market confidence in its global expansion strategy [35][36]. - The funding round included participation from notable investors, indicating a robust interest in the company's growth potential [35][37]. 4. Market Review - The AI computing index and application index showed fluctuations, with notable gains in specific companies like Kunlun Wanwei, highlighting the dynamic nature of the AI market [40][41]. 5. Investment Recommendations - The report suggests focusing on companies with successful AI product implementations, such as Jiahe Meikang and iFlytek, as well as those with promising technological advancements like Cambrian [11][47].

行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | 0.6 | -16.4 | 30.0 | | 沪深 300 | 1.4 | -3.2 | 5.6 | 2025 年 05 月 27 日 市场表现 -40 -20 0 20 40 60 80 (%) 计算机 沪深300 Claude 4 模型技术升级，天工超级智能体开启 AI 办公新纪元 资料来源：Wind，华鑫证券研究 推荐(维持) 投资要点 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn 1、《计算机行业点评报告：Meta 广告主业稳健增长，AI 与可再生生 态协同驱动长期价值提升》2025- 05-22 2 、 《 计 算 机 行 业 点 评 报 告 ： Spotify AI 驱动内容生态深化，全 球扩张提速助推盈利超预期释放》 2025-05-22 3、《计算机行业周报："星算"计 划开启太空算力时代新篇章， OpenAI 发布云端 AI 编程智能体》 2025-05-20 ▌算力： 算力租赁价格平稳， Claude 4 模型技术升 级 ...

Quantitative Models and Construction Methods 1. Model Name: XinXuan ETF Absolute Return Strategy - **Model Construction Idea**: The strategy aims to achieve absolute returns and long-term relative returns against A-share equities by selecting and holding ETFs from the XinXuan ETF pool[11] - **Model Construction Process**: 1. The strategy uses the "drawer method" to test the in-market equity ETF pool 2. The portfolio is optimized for absolute and relative returns through ETF trading 3. Key metrics include annualized return, maximum drawdown, Sharpe ratio, and volatility[11] - **Model Evaluation**: Demonstrates strong performance with low drawdowns and high Sharpe ratios, outperforming equal-weighted ETF benchmarks[11] 2. Model Name: All-Weather Multi-Asset Multi-Strategy ETF Risk Parity Strategy - **Model Construction Idea**: Combines industry rotation, style rotation, and risk parity to enhance returns while reducing portfolio volatility by diversifying across assets and strategies[15][17] - **Model Construction Process**: 1. Incorporates multiple asset classes: commodities (gold ETFs), US equities (S&P 500 ETFs), domestic equities (industry/style/size rotations), and domestic bonds (10-year and 30-year bond ETFs) 2. Allocates assets based on risk parity principles to balance portfolio risks[17] - **Model Evaluation**: Improves precision in ETF usage and achieves higher returns with lower volatility compared to traditional risk parity strategies[15][17] 3. Model Name: China-US Core Asset Portfolio - **Model Construction Idea**: Combines trend-following RSRS timing strategy and technical reversal strategies to optimize a portfolio of four strong-trend assets: liquor, dividends, gold, and Nasdaq[21] - **Model Construction Process**: 1. Selects assets based on strong trend signals 2. Applies RSRS timing and technical reversal strategies to adjust holdings dynamically 3. Portfolio details and methodology are elaborated in prior reports[21] - **Model Evaluation**: Outperforms equal-weighted indices with high annualized returns and Sharpe ratios, while maintaining moderate drawdowns[21] 4. Model Name: High Prosperity/Dividend Rotation Strategy - **Model Construction Idea**: Rotates between high-growth and dividend strategies based on market signals, dynamically adjusting ETF allocations[24] - **Model Construction Process**: 1. Allocates 50% to Growth ETFs (e.g., ChiNext, STAR 50) during high-growth signals 2. Allocates 50% to Dividend ETFs (e.g., Low Volatility Dividend, Central SOE Dividend 50) during dividend signals 3. Adjusts allocations based on signal changes, with detailed methodology in prior reports[24] - **Model Evaluation**: Demonstrates superior returns and risk-adjusted performance compared to equal-weighted indices, albeit with higher volatility[24] 5. Model Name: Dual Bond LOF Enhanced Strategy - **Model Construction Idea**: Enhances bond-heavy portfolios by dynamically adjusting weights between dual bond LOFs and other assets based on volatility normalization[27] - **Model Construction Process**: 1. Divides assets into dual bond LOFs and other products 2. Calculates weekly returns and volatilities for each group 3. Normalizes the inverse of volatilities to determine weights, ensuring higher allocation to bonds due to their lower volatility[27] - **Model Evaluation**: Achieves stable returns with minimal drawdowns and low volatility, outperforming the dual bond LOF benchmark[27] 6. Model Name: Structured Risk Parity Strategy (QDII) - **Model Construction Idea**: Enhances traditional risk parity by incorporating QDII products, domestic bonds, and dividend ETFs for diversified exposure[28][30] - **Model Construction Process**: 1. Allocates assets across commodities (gold ETFs), QDII equities (e.g., Nasdaq, Nikkei, DAX), domestic bonds (5-year, 10-year, 30-year ETFs), and dividend ETFs 2. Balances risks across asset classes to achieve structural diversification[28][30] - **Model Evaluation**: Delivers high returns with low drawdowns and volatility, showcasing strong risk-adjusted performance[30] --- Model Backtest Results 1. XinXuan ETF Absolute Return Strategy - Total Return: 33.49% - Annualized Return: 24.14% - Maximum Drawdown: -6.30% - Volatility: 17.58% - Sharpe Ratio: 1.20[11][33] 2. All-Weather Multi-Asset Multi-Strategy ETF Risk Parity Strategy - Total Return: 19.69% - Annualized Return: 14.40% - Maximum Drawdown: -3.62% - Volatility: 4.48% - Sharpe Ratio: 2.58[15][33] 3. China-US Core Asset Portfolio - Total Return: 59.80% - Annualized Return: 42.03% - Maximum Drawdown: -10.86% - Volatility: 17.16% - Sharpe Ratio: 2.02[21][33] 4. High Prosperity/Dividend Rotation Strategy - Total Return: 48.99% - Annualized Return: 34.78% - Maximum Drawdown: -22.04% - Volatility: 34.79% - Sharpe Ratio: 0.96[24][33] 5. Dual Bond LOF Enhanced Strategy - Total Return: 9.08% - Annualized Return: 6.73% - Maximum Drawdown: -2.26% - Volatility: 3.41% - Sharpe Ratio: 1.34[27][33] 6. Structured Risk Parity Strategy (QDII) - Total Return: 23.59% - Annualized Return: 17.18% - Maximum Drawdown: -2.38% - Volatility: 4.92% - Sharpe Ratio: 2.84[30][33]

- The "XinXuan ETF Absolute Return Strategy" aims to achieve both absolute returns and long-term relative returns compared to A-share equities through ETF trading within the XinXuan ETF pool[10][11] - The "All-Weather Multi-Asset Multi-Strategy ETF Risk Parity Strategy" combines industry rotation, style rotation, and risk parity strategies to enhance ETF usage precision and increase returns while reducing overall portfolio volatility[15][17] - The "China-US Core Asset Portfolio" incorporates strong trend assets like liquor, dividends, gold, and the Nasdaq index, using RSRS timing and technical reversal strategies to form a combined portfolio[21] - The "High Prosperity/Dividend Rotation Strategy" switches between high-growth and dividend strategies based on signals, adjusting ETF holdings accordingly[24] - The "Dual Bond LOF Enhanced Strategy" adjusts product weights to ensure a higher proportion of bond holdings, enhancing the strategy based on bond volatility[27] - The "Structured Risk Parity (QDII)" strategy replaces the XinXuan ETF pool with a strategy pool that includes QDII equity products, gold, and domestic dividend ETFs, focusing on long-term domestic bond ETFs[28][30] Model Backtest Results - XinXuan ETF Absolute Return Strategy: Total return 33.49%, annualized return 24.14%, maximum drawdown -6.30%, volatility 17.58%, Sharpe ratio 1.20[31] - High Prosperity/Dividend Rotation Strategy: Total return 48.99%, annualized return 34.78%, maximum drawdown -22.04%, volatility 34.79%, Sharpe ratio 0.96[31] - China-US Core Asset Portfolio: Total return 59.80%, annualized return 42.03%, maximum drawdown -10.86%, volatility 17.16%, Sharpe ratio 2.02[31] - Dual Bond LOF Enhanced Strategy: Total return 9.08%, annualized return 6.73%, maximum drawdown -2.26%, volatility 3.41%, Sharpe ratio 1.34[31] - Structured Risk Parity Strategy (QDII): Total return 23.59%, annualized return 17.18%, maximum drawdown -2.38%, volatility 4.92%, Sharpe ratio 2.84[31] - All-Weather Multi-Asset Risk Parity Strategy: Total return 19.69%, annualized return 14.40%, maximum drawdown -3.62%, volatility 4.48%, Sharpe ratio 2.58[15][31]

2025 年 05 月 27 日 双融日报 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：61 分（较热） 最近一年大盘走势 15 20 (%) 沪深300 -15 -10 -5 0 5 10 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：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 61 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：固态电池、黄金、苹果链 1、固态电池主题：第十七届深圳国际电池技术交流会与 博览会(CIBF2025)将于 5 月 15 日至 17 日在深圳举办。 CIBF2025 同期还将举办 CIBF2025 先进电池前沿技术研讨 会，主题为"绿色能源驱动未来"，会议涉及先进锂离子动力 电池技术、电池安全与测评、固态及新体系电池、大功率快 充技术、智能装备与制造数字孪生等内容。相关标的：海顺 新材(300501)、国轩高科(002074) 2、黄金主题：5 月以来，国际金价剧烈波动，大涨大 跌、震荡调整。此前，全球贸易战风险支撑金价，但中美经 贸高层会 ...

2025 年 05 月 26 日 人形机器人催化不断，光伏价格理性回落 推荐(维持) 投资要点 市场表现 -20 -10 0 10 20 30 (%) 电力设备 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《电力设备行业周报：腾讯资本 开支高增，AI 智能体产业持续发 展》2025-05-19 2、《电力设备行业周报：OpenAI 计 划加大海外投资，持续看好 AIDC 环 节》2025-05-12 3、《电力设备行业周报：海外云厂 财报超预期，AI 反弹趋势明确》 2025-05-06 ▌Optimus 学习人类视频完成家务，人形机器人格斗 赛开赛 Optimus 学习人类视频完成家务。5 月 21 日，特斯拉发布 Optimus 最新视频。视频中，Optimus 在单一神经网络下，通 过学习人类视频，完成了诸如扔垃圾、使用扫帚和吸尘器、 撕纸巾、搅拌锅内食物、打开橱柜、关闭窗帘等日常家务， 还成功地将一辆 ModelX 的前连杆捡起并放置到手推车上。 | 分析师：张涵 | S1050521110008 | | --- | --- | | zhanghan3@cfsc.com.cn | | ...

2025 年 05 月 26 日 特朗普再次宣布将对欧盟征收关税，避险情绪升 温推升金价 推荐(维持) 投资要点 分析师：傅鸿浩 S1050521120004 fuhh@cfsc.com.cn 分析师：杜飞 S1050523070001 dufei2@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 有色金属(申万) | 3.1 | 4.3 | 3.5 | | 沪深 300 | 2.5 | -2.0 | 7.8 | 市场表现 -30 -20 -10 0 10 20 (%) 有色金属 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《有色金属行业周报：下游开工 向好以及库存去化，铜铝价格维持 较强走势》2025-04-28 2、《有色金属行业周报：关税影响 美国经济滞涨风险增大，金价支撑 仍然强劲》2025-04-21 3、《有色金属行业周报：美国通胀 持续走弱，降息预期提升支撑金 价》2025-04-14 ▌黄金：特朗普再次宣布将对欧盟征收关税，避险 情绪升温推升金价 数据方面，美国 5 月 Markit 制 ...