Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [6][18]. Core Viewpoints - The overseas AI companies have frequently exceeded expectations, indicating the arrival of a resonant era between domestic and foreign AI sectors. This week, companies like Credo and Wistron reported better-than-expected Q1 results, while major players in the copper cable and AI application sectors, such as Amphenol and Palantir, continue to see stock price increases [5][14]. - The domestic AI sector is experiencing a rebound, driven by strong performance metrics, such as the monthly payment amount for Keling AI exceeding 100 million RMB for two consecutive months [5][14]. - The report suggests that the current AI market cycle will see continued valuation recovery in overseas chains, while domestic chains have a straightforward logic with strong upward expectations. Specific recommendations include focusing on Weichai Heavy Machinery, Kehua Data, Tonghe Technology, and others in the HVDC and server power supply segments [6][17]. Summary by Sections Investment Viewpoints - The report emphasizes that both overseas and domestic AI sectors are poised for significant growth, with specific recommendations for companies like Weichai Heavy Machinery and Kehua Data, which are expected to benefit from increasing market penetration and power enhancements [6][17]. Industry Dynamics - The report highlights recent advancements in AI, including the launch of the Qwen3-Embedding series by Alibaba, which has shown exceptional performance in text representation and ranking tasks [5][14]. - It also notes the ongoing developments in the education sector with the introduction of EduBench, a comprehensive evaluation benchmark for educational scenarios [20]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for several key companies, including: - Weichai Heavy Machinery (32.09 RMB, EPS: 0.56 in 2024, PE: 30.99) [19] - Kehua Data (43.5 RMB, EPS: 0.68 in 2024, PE: 42.35) [19] - Yingweike (26.72 RMB, EPS: 0.61 in 2024, PE: 66.43) - Buy rating [19] - Maigemi Te (47.21 RMB, EPS: 1.08 in 2024, PE: 43.71) - Buy rating [19] - Tonghe Technology (18.77 RMB, EPS: 0.13 in 2024, PE: 144.38) - Increase rating [19] - Oulutong (112.04 RMB, EPS: 2.65 in 2024, PE: 40.32) [19] - Shenling Environment (35.54 RMB, EPS: 0.43 in 2024, PE: 82.65) - Buy rating [19]

Investment Rating - The report maintains a "Recommended" investment rating for the media industry, indicating an expected outperformance of over 10% compared to the benchmark index [9]. Core Insights - The report highlights the significant growth potential of AI applications in the media sector, with a focus on the commercialization of AI technologies across various domains, including digital marketing, content generation, and education [3][7]. - The report notes that the global generative AI market is projected to reach $208.8 billion by 2032, with a compound annual growth rate (CAGR) of 35.3% from 2024 to 2032, particularly strong in the Asia-Pacific region [7]. - The report emphasizes the successful launch of China's first AIGC-adapted sci-fi short drama, showcasing the potential of AI in content creation and its ability to reshape traditional media formats [4]. Summary by Sections Industry Performance - The media sector has shown a 33% performance increase over the past 12 months, significantly outperforming the Shanghai and Shenzhen 300 index, which only increased by 8.4% [1]. AI Application Trends - AI applications are gaining traction, with notable monthly active users for various AI products, including 30.65 million for Jimeng AI, reflecting a 39.86% month-over-month growth [5]. - The report discusses the ongoing exploration of AI applications across different sectors, including 2G, 2B, and 2C, indicating a broadening scope for AI commercialization [3]. Company Focus and Earnings Forecast - The report provides earnings forecasts for several companies, all rated as "Buy," including Wanda Film, Shanghai Film, and Mango Super Media, with projected earnings per share (EPS) growth in the coming years [9].

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company plans to acquire Zhongxin Ningbo to build a full industry chain capability of "chip design + wafer processing" [1][6] - In 2024, the company experienced a significant revenue decline of 53.26% due to market demand slowdown and intensified competition, but managed to achieve a slight profit increase of 1.13% [5] - The company has a diverse chip design capability and aims to transition to a full industry chain model post-acquisition [6][9] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 197,789.18 million yuan, a decrease of 53.26% year-on-year [5] - The net profit attributable to shareholders was 9,715.47 million yuan, an increase of 1.13% year-on-year, with an overall gross margin of 26.29%, up by 13.85 percentage points [5] - R&D investment reached 67,532.16 million yuan in 2024, growing by 10.26% year-on-year, laying a solid foundation for future high-quality development [5] Strategic Initiatives - The company possesses multiple chip design capabilities and has launched various chips in fields such as ultra-high-definition smart displays, AI, automotive electronics, and IoT [6] - The acquisition of Zhongxin Ningbo, a leading domestic semiconductor wafer foundry, is expected to enhance the company's capabilities in chip design and wafer processing [6][8] Market Outlook - The company forecasts revenues of 23.35 billion yuan, 28.04 billion yuan, and 35.23 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.58, 1.00, and 1.32 yuan [9][11] - The projected growth rates for revenue are 18.1%, 20.1%, and 25.6% for the years 2025, 2026, and 2027 respectively [11]

Investment Rating - The report maintains a "Recommended" rating for the power equipment sector [6][18]. Core Viewpoints - The overseas AI companies have frequently exceeded expectations, indicating the arrival of a resonant era between domestic and foreign AI sectors. This has catalyzed a rebound in the domestic AI sector [5][14]. - The report suggests that the valuation of overseas AI chains is likely to continue recovering, while the domestic chain logic is relatively straightforward, both showing strong upward potential [6][17]. - The report highlights the performance of key companies in the power equipment sector, recommending specific stocks based on their growth potential and market conditions [9][19]. Summary by Sections Investment Insights - The report emphasizes that the current AI market is witnessing a strong recovery in valuations, with specific recommendations for companies such as Weichai Heavy Machinery, Kehua Data, and others in the HVDC and server power supply segments [6][17]. Industry Dynamics - The report discusses the recent performance of the power equipment sector, noting a decline of 0.54% in the last week, ranking it 15th among 28 sub-industries [40]. - It also tracks the performance of various companies within the sector, highlighting significant gains for companies like Shun Sodium and Kehua Data [42]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several companies, including: - Weichai Heavy Machinery (EPS: 0.56 in 2024, 0.98 in 2025E, 1.52 in 2026E) [19] - Kehua Data (EPS: 0.68 in 2024, 1.3 in 2025E, 1.7 in 2026E) [19] - Yingweike (EPS: 0.61 in 2024, 0.64 in 2025E, 0.83 in 2026E) with a "Buy" rating [19] - Maigemi Te (EPS: 1.08 in 2024, 1.51 in 2025E, 2.07 in 2026E) with a "Buy" rating [19] - Tonghe Technology (EPS: 0.13 in 2024, 0.38 in 2025E, 0.69 in 2026E) with an "Increase" rating [19] - Shunling Environment (EPS: 0.43 in 2024, 1.05 in 2025E, 1.33 in 2026E) with a "Buy" rating [19]. Market Performance - The report notes that the power equipment sector has shown resilience, with a 1.38% increase in the previous week, outperforming the Shanghai Composite Index by 0.25 percentage points [40].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - China is in a marginal de - leveraging process, with the government aiming to stabilize the macro - leverage ratio. The fiscal policy is front - loaded, and the monetary policy is generally neutral. The stock - bond ratio is trending towards bonds, and the equity style is trending towards value. The report recommends a portfolio of the dividend index (40% position), the Shanghai Composite 50 Index (40% position), and the 30 - year Treasury Bond ETF (20% position) [6][15][21] - The performance of the US economy is closely watched, especially whether and when the quarterly real GDP growth rate will fall below the trend level. The current situation in the US is similar to that during the burst of the Internet bubble in 2001 [6] - In the de - leveraging cycle, the stock - bond ratio favors equities to a limited extent, and the value style is more likely to outperform. A + H dividend - type stocks with characteristics of non - expansion, good profitability, and survival are recommended [7][15][63] 3. Summary by Relevant Catalogs 3.1 National Balance Sheet Analysis 3.1.1 Liability Side - In April 2025, the liability growth rate of the real - sector was 9.0%, up from 8.7% previously, in line with expectations. It is expected to stabilize around 9.0% in May and then decline. By the end of the year, it is projected to drop to around 8% [1][16] - Last week, the financial sector's capital situation eased marginally, but a monthly high may occur. The government's debt (including national and local bonds) increased by 219.5 billion yuan last week (higher than the planned 128.3 billion yuan). The planned increase this week is 176.2 billion yuan. The government's liability growth rate was 14.8% at the end of April 2025, up from 13.9% previously, and is expected to stabilize around 14.8% in May and then decline to around 12.5% by the end of the year [2][17] 3.1.2 Monetary Policy - Last week, the capital trading volume increased week - on - week, the capital price decreased, and the term spread widened. After excluding seasonal effects, the capital situation eased marginally. The one - year Treasury bond yield trended downwards, closing at 1.41% at the weekend. The estimated lower bound of the one - year Treasury bond yield is about 1.3%. The term spread between the ten - year and one - year Treasury bonds widened to 24 basis points. The estimated central level of the term spread is adjusted downwards to 40 basis points, corresponding to a lower bound of the ten - year Treasury bond yield of about 1.7%. The central level of the spread between the thirty - year and ten - year Treasury bonds is estimated at 20 basis points, corresponding to a lower bound of the thirty - year Treasury bond yield of about 1.9% [2][17] 3.1.3 Asset Side - In April, the physical - quantity data weakened compared to March. The 2025 government work report set the annual real economic growth target at around 5%, and the nominal economic growth target at around 4.9% when calculated backwards from the deficit and deficit ratio. It remains to be seen whether 5% will become the central target for China's nominal economic growth in the next 1 - 2 years [3][18] 3.2 Stock - Bond Ratio and Stock - Bond Style - Last week, the capital situation eased marginally, resulting in a bull market for both stocks and bonds, with the growth style outperforming expectations. Bond yields declined across the board, and the stock - bond ratio shifted towards stocks. The ten - year Treasury bond yield dropped by 2 basis points to 1.65%, the one - year Treasury bond yield dropped by 5 basis points to 1.41%, and the thirty - year Treasury bond yield dropped by 2 basis points to 1.88% [5][20] - In the de - leveraging cycle, the stock - bond ratio trends towards bonds, and the equity style trends towards value. Currently, long - term bonds have a slightly better cost - performance than value - type equity assets. If value - type equity assets continue to fall, a good entry opportunity may emerge [6][21] 3.3 Industry Recommendation 3.3.1 Industry Performance Review - This week, the A - share market rose with increased volume. The Shanghai Composite Index rose 1.13%, the Shenzhen Component Index rose 1.42%, and the ChiNext Index rose 2.32%. Among the Shenwan primary industries, communications, non - ferrous metals, electronics, composites, and computers had the largest increases, while household appliances, food and beverages, transportation, coal, and steel had the largest declines [27] 3.3.2 Industry Crowding and Trading Volume - As of June 6, the top five industries in terms of crowding were electronics, computers, pharmaceutical biology, machinery and equipment, and power equipment, with crowding levels of 10.4%, 9.8%, 7.9%, 7.2%, and 7% respectively. The bottom five were composites, steel, coal, petroleum and petrochemicals, and beauty care, with levels of 0.2%, 0.5%, 0.5%, 0.6%, and 0.7% respectively [30] - This week, the top five industries with increased crowding were communications, non - ferrous metals, electronics, basic chemicals, and computers, with increases of 2.1%, 1.8%, 1.4%, 1%, and 0.4% respectively. The bottom five with decreased crowding were pharmaceutical biology, automobiles, machinery and equipment, environmental protection, and banks, with changes of - 1.9%, - 1.7%, - 0.9%, - 0.7%, and - 0.6% respectively [30] - The average daily trading volume of the entire A - share market this week was 1.2 trillion yuan, up from 1.09 trillion yuan last week. The industries with the highest year - on - year growth in trading volume were social services, non - bank finance, building materials, media, and non - ferrous metals, while composites, commercial retail, petroleum and petrochemicals, basic chemicals, and machinery and equipment had the smallest increases [31] 3.3.3 Industry Valuation and Earnings - This week, among the Shenwan primary industries, communications, electronics, non - ferrous metals, composites, and computers had the largest increases in PE(TTM), while household appliances, food and beverages, transportation, coal, and steel had the largest declines [35] - As of June 6, 2025, industries with high 2024 full - year earnings forecasts and relatively low current valuations compared to history include insurance, petroleum and petrochemicals, transportation, pharmaceutical biology, and consumer electronics [36] 3.3.4 Industry Prosperity - In terms of external demand, there were mixed trends. The global manufacturing PMI in May fell from 49.8 to 49.6, while most of the disclosed PMI of major economies in May rebounded. The CCFI index rose 3.34% week - on - week. South Korea's export growth rate rose to 3.7% in April and then dropped to - 1.3% in May. Vietnam's export growth rate slightly decreased from 21% in April to 20.7% in May [40] - In terms of domestic demand, the second - hand housing price remained flat last week, and quantity indicators showed mixed trends. The highway truck traffic volume declined. The capacity utilization rate of ten industries in March 2025 rose to a relatively high level in history, declined significantly in April, and rebounded slightly in May. Automobile trading volume was at a relatively high level compared to the same period in history, new - home trading volume remained at a historical low, and second - hand housing trading volume declined significantly compared to the historical seasonality [40] 3.3.5 Public Fund Market Review - In the first week of June (June 3 - 6), most active public equity funds outperformed the CSI 300. The 10%, 20%, 30%, and 50% weekly returns were 3.6%, 2.8%, 2.3%, and 1.5% respectively, while the CSI 300 rose 0.9% [57] - As of June 6, the net asset value of active public equity funds was estimated to be 3.46 trillion yuan, slightly down from 3.66 trillion yuan in Q4 2024 [57] 3.3.6 Industry Recommendation - In the de - leveraging cycle, the stock - bond ratio favors equities to a limited extent, and the value style is more likely to outperform. The recommended A + H dividend portfolio includes 20 A + H stocks, and the A - share portfolio includes 20 A - shares, mainly concentrated in industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [7][63]

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for investment opportunities in this sector [9]. Core Insights - The report emphasizes the significant potential of AI applications in driving new growth in the media industry, with a notable increase in monthly active users for AI products such as "Jimeng AI," which surpassed 30 million [5][4]. - The global generative AI market is projected to reach $208.8 billion by 2032, with a compound annual growth rate (CAGR) of 35.3% from 2024 to 2032, highlighting the robust growth potential in this area [7]. - The report identifies various sectors where AI can be integrated, including digital marketing, content creation, education, and more, suggesting a broad scope for investment [7]. Summary by Sections Industry Performance - The media sector has shown a 33% increase over the past 12 months, outperforming the Shanghai and Shenzhen 300 index, which only increased by 8.4% [1]. AI Application Trends - AI applications are evolving from hardware to content, with significant advancements in commercial viability across various sectors, including 2G, 2B, and 2C [3]. - The report highlights the successful launch of China's first AIGC adapted sci-fi short drama, showcasing the potential of AI in content creation [4]. Company Focus and Earnings Forecast - Several companies are highlighted with a "Buy" rating, including Wanda Film, Shanghai Film, and Mango Super Media, with projected earnings per share (EPS) growth in the coming years [9]. - The report provides specific EPS and price-to-earnings (PE) ratios for these companies, indicating strong future performance expectations [9].

Investment Rating - The report maintains a "Buy" rating for several companies in the AI and computing sector, indicating a positive outlook for their performance [14][49]. Core Insights - The AI sector is witnessing significant advancements, particularly with the upgrade of DeepSeek R1-0528, which enhances performance and reduces hallucination rates by 45%-50% [6][20]. - The introduction of new features in ByteDance's AI collaboration platform, Douyin Space, allows for the generation of high-quality podcast audio, marking a shift in AI's role from merely content generation to effective communication [30][32]. - Grammarly has secured $1 billion in non-dilutive funding from General Catalyst, aiming to expand its AI product line and transform into a comprehensive productivity platform [35][36]. Summary by Sections 1. Computing Power Dynamics - The report notes slight fluctuations in computing power rental prices, with specific rates for various configurations [19]. - The DeepSeek R1-0528 upgrade has improved capabilities in mathematics, programming, and general logic, making it competitive with leading models [20][21]. 2. AI Application Dynamics - Gemini's average traffic increased by 19.39%, indicating growing user engagement [29]. - Douyin Space's new podcast feature can generate audio that closely mimics human speech, enhancing content delivery [30][32]. 3. AI Financing Trends - Grammarly's recent funding will support its transition to a broader AI-driven productivity tool platform, reflecting a significant shift in its business model [35][36]. 4. Market Review - The AI computing index and application index showed varying performance, with notable fluctuations in specific companies' stock prices [39][40]. 5. Investment Recommendations - The report suggests focusing on companies like Jiahe Meikang, iFlytek, and Cambricon, which are positioned to benefit from advancements in AI technology [48][49].

Investment Rating - The report maintains a "Buy" rating for the industry [1] Core Insights - The AI sector is witnessing significant advancements, particularly with the upgrade of DeepSeek R1-0528, which enhances performance and reduces hallucination rates by 45%-50% [6][7] - The introduction of new features in ByteDance's AI collaboration platform, Douyin Space, allows for seamless podcast audio generation, marking a significant step in AI's role in content creation [30][32] - Grammarly has secured $1 billion in non-dilutive financing from General Catalyst, aiming to expand its AI product line and transform into a comprehensive productivity platform [35][36] Summary by Sections Computing Power Dynamics - The rental prices for computing power have shown slight fluctuations, with specific configurations priced at 28.64 CNY/hour for Tencent Cloud and 31.58 CNY/hour for Alibaba Cloud [19] - The DeepSeek R1-0528 upgrade has improved its capabilities in mathematics, programming, and general logic, making it competitive with leading models [20][21] AI Application Dynamics - Gemini's average traffic increased by 19.39% week-on-week, indicating growing user engagement [29] - Douyin Space's new podcast feature generates natural-sounding audio, enhancing the user experience in content delivery [30][32] AI Financing Trends - Grammarly's recent funding will be used for sales, marketing, and strategic acquisitions, reflecting a strong commitment to AI-driven productivity tools [35][36] Investment Recommendations - The report suggests focusing on companies like Jiahe Meikang, iFlytek, and Cambricon, which are positioned to benefit from advancements in AI technology [48][49]

2025 年 06 月 06 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：68 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 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 68 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：人工智能、机器人、无人驾驶 1、人工智能主题：OpenAI 日前宣布以 65 亿美元全股收 购由苹果前首席设计师 JonyIve 创立的 AI 硬件初创公司 io，并计划推出一款革命性的 AI"伴侣"设备，目标在 2026 年底前发货 1 亿台。这款设备旨在成为一款环境感知智能 体，可放置在口袋或书桌上，通过多模态 AI 无缝融入用户日 常生活。相关标的：荣信文化(301231)、汤姆猫(300459) 2、机器人主题：据"中科院之声"消息，中国科学院沈 阳自动化研究所日前研发了一套"刚柔耦合"的下肢多关节 康复外骨骼机器人 ...

Market Sentiment - The current market sentiment score is 72, indicating a "relatively hot" market condition, which suggests increasing investor confidence and potential upward market trends [6][11][22]. 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 by the end of 2026, targeting sales of 100 million units. 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 (2025-2027)," emphasizing the need for green technology innovation and the transformation of traditional industries. Related stocks include Deen Precision (300780) and Antai Technology (000969) [7]. - **Autonomous Driving**: Tesla is set to launch its long-awaited Robotaxi service on June 12, marking a significant milestone in its business transformation around autonomous vehicles and AI. Related stocks include Meilixin (301307) and Lianchuang Electronics (002036) [7]. Capital Flow Analysis - The top ten stocks with the highest net inflow include Huadian Co. (002463) with a net inflow of 539.27 million, followed by Zhongji Xuchuang (300308) with 397.12 million, and Lepu Medical (300003) with 396.68 million [12]. - The top ten stocks with the highest net outflow include Qianhong Pharmaceutical (002550) with a net outflow of -495.85 million, followed by Zhangqu Technology (300315) with -413.92 million, and BYD (002594) with -313.55 million [14][23]. Industry Insights - The top sectors with significant net inflows include Electronics, Communication, and Power Equipment, while sectors like Pharmaceuticals, Defense, and Machinery show notable net outflows [17][18][23].