Investment Rating - The report rates the industry as "Outperform" [5]. Core Insights - The report emphasizes that AI smartphones are set to drive significant innovation in user interaction, with a focus on voice-based AI agents as a key feature for the next generation of smartphones [2][3]. - The development of AI smartphones is expected to occur in three stages: AI app phase, AI functional phase, and AI native phase, with the industry currently in the AI functional phase [3][16]. - The integration of AI capabilities into smartphones is anticipated to enhance user experience, brand value, and drive a continuous upgrade cycle among consumers, similar to the "Andy-Bill Law" observed in the PC industry [3][4]. Summary by Sections AI Smartphone Definition and Characteristics - AI smartphones are defined as devices capable of running large models on-device, equipped with NPU computing power, and meeting specific performance metrics [11][13]. - The report identifies that the minimum requirement for an AI smartphone includes a SoC with dedicated AI processing units and the ability to run large language models (LLMs) efficiently [12][13]. User and Brand Value - AI smartphones offer differentiated user value through personalized assistance, enhanced interaction, and improved safety and privacy [14][15]. - For manufacturers, AI technology can enhance product competitiveness and foster brand loyalty by creating unique hardware offerings [15]. Development Stages of AI Smartphones - The first stage involves simple AI applications, the second stage integrates AI functionalities into pre-installed applications, and the third stage will see the emergence of voice-interactive AI agents [16][25]. - Currently, the industry is in the second stage, with major brands launching AI smartphones that feature similar functionalities [17]. Key Features and Innovations - The report highlights the importance of a hybrid architecture combining edge and cloud computing to address the limitations of mobile device performance and power consumption [34]. - AI smartphones are expected to leverage multi-modal capabilities to enhance user interaction and provide seamless experiences across various applications [25][34]. Investment Opportunities - The report recommends focusing on high-end smartphone manufacturers, particularly those in the Apple supply chain, as they are likely to benefit significantly from the AI smartphone trend [4]. - Specific companies highlighted for investment include Luxshare Precision, Pengding Holdings, Lens Technology, and others [4].

Core Insights - The issuance of long-term special government bonds aims to accelerate high-level technological self-reliance, with a focus on critical areas such as basic software and core industry software, which are expected to receive significant funding [1] - The demand for domestic software and hardware procurement is anticipated to see a rapid increase due to the resolution of funding issues for domestic innovation projects [1] Industry Summary - The government has initiated a series of procurement standards for computers, mandating that CPU and operating systems meet security assessment requirements, which is expected to drive demand in the industry [13] - The procurement scale for PC servers by China Mobile is estimated at approximately 264,500 units, indicating a significant market opportunity [13] - The digital China summit highlighted the focus on the domestic innovation industry, suggesting a favorable environment for growth in this sector [19] - The results of the security reliability assessment for basic hardware and software products are expected to facilitate smoother procurement processes for domestic innovation projects [19] - There is a recommendation to pay attention to domestic CPU/server manufacturers and system software firms, indicating potential investment opportunities in these areas [20]

计算机 | 证券研究报告 — 行业点评 2024年6月6日 强于大市 信创行业事件点评 顶层推动，拐点可期 5月20日，中国信息安全测评中心针对PC和服务器搭载的CPU、操作系统 及数据库等基础软硬件产品的安全可靠测评2.0结果公布；5月24日，第七 届数字中国建设峰会在福州举行，峰会聚焦信创产业，打造数字引擎，赋能 数字中国；6月，多家上市公司在信创领域发力。看好下半年信创迎来新一 轮加速拐点的机会，看多产业链企业发展机遇。 支撑评级的要点  超长国债方针出台，信创注入活水。据新华网消息，财政部5月31日宣 布拟第一次续发行2024年超长期特别国债（一期）（30年期），竞争性 招标面值总额 450 亿元，并将在 6 月 7 日招标。根据中国经济网引用发 改委负责人表述，特别国债一个投入方向是加快高水平科技自立自强。 因此，基础软件、行业核心软件等“卡脖子”环节有望成为特别国债投 向重点领域之一。信创的项目资金来源问题有望得到解决，国产软硬件 采购需求的释放或将迎来加速拐点。  信创重点行业顶层推动有序发展。5月20日，中国信息安全测评中心针 对PC和服务器搭载的CPU、操作系统及数据库等基础软硬件产品的 ...

Core Insights - The report highlights the acceleration of BC battery technology industrialization, driven by cost reduction and improved process maturity, showcasing its high power, low decay, and excellent temperature coefficient performance [2][5]. Industry Overview - The National Energy Administration's recent notification aims to enhance the development of the power grid, emphasizing the acceleration of renewable energy integration and consumption, which is expected to boost the demand for power grid construction [6]. - The notification outlines four key tasks to optimize renewable energy utilization, which may lead to increased investment in the power grid and sustained high demand for power equipment [6]. Market Dynamics - The BC technology is identified as a platform technology that can enhance efficiency by approximately 1 percentage point through structural design changes, making it compatible with other new technologies for continuous efficiency improvement [5]. - The report anticipates that the market for laser equipment related to BC technology could reach approximately 34 billion and 35 billion in 2024 and 2025, respectively, driven by the expected increase in new capacity [26]. Product Insights - BC components are expected to maintain a premium of over $0.20 per watt in the high-end distributed market, reflecting their aesthetic value and potential for increased market share in specific applications [26]. - The economic viability of BC components in centralized markets is gradually improving, with expectations that efficiency gains will offset power generation losses from the back side [26].

光伏设备 | 证券研究报告 — 行业深度 2024年6月5日 强于大市 BC 电池行业深度报告 公 司名称 股票代码 股价 评级 平台型技术优势突显，龙头引领产业化加速 爱 旭股份 600732.SH 人民币11.52 增持 资料来源：Wind，中银证券 BC 产品具备高功率、低衰减、温度系数好、正面美观无栅线等优异性能。 以2024年6月4日当地货币收市价为标准 近期，伴随降本增效与工艺成熟度提升，BC 电池技术产业化加速，建议关 注两条投资主线：1）价值量有望提升的镀膜、激光、热扩散设备环节，2） 在BC技术与产能方面布局领先的企业。维持行业强于大市评级。 支撑评级的要点  xBC路线效率优势显著，有望成为新一代平台型技术：BC技术是一种将 正负两极均放置在电池片背面的技术，其正面无遮挡的结构可以使组件 有效光照面积增加约4%-5%，带动光伏组件转换效率提升约1个百分点。 由于BC电池是通过结构设计改变来提升效率，而其他主流新技术路线则 注重增强钝化、减少复合，因此BC技术可以作为平台型技术与其他新技 术叠加使用，带来效率持续提升。  xBC核心工艺流程差异体现在前表面钝化、图形化、金属化，而xBC之 ...

电力设备 | 证券研究报告 — 行业点评 2024年6月5日 强于大市 电力设备行业动态点评 能源局发文保障新能源高质量发展，能源结构变 化带动电网建设加速 为适应新能源高速增长形势，保障新能源高质量发展，配套电网项目建设亟 待完善，《通知》印发有望推动特高压及主网建设加快，带动相关电网设备 需求维持高景气；同时文件强调构建智慧化调度体系，数字化与智慧化有望 成为后续电网发展方向之一。建议关注有望受益于主网建设加速的特高压设 备等环节，以及电网数字化信息化标的；维持行业强于大市评级。 支撑评级的要点  《国家能源局关于做好新能源消纳工作 保障新能源高质量发展的通知》 （下称《通知》或文件）发布，有望推动电网建设发展：《通知》指出 加快推进新能源配套电网项目建设、积极推进系统调节能力提升和网 源协调发展、充分发挥电网资源配置平台作用、科学优化新能源利用 率目标4项重点任务，或带动我国电网围绕“新能源并网与消纳”加 速建设发展。  加快特高压及主网建设，板块高景气度有望延续：《通知》提出加强规划管 理，为国家布局的大型风电光伏基地、流域水风光一体化基地等重点项目开 辟纳规“绿色通道”；强调加快项目建设，各级能 ...

存储属集成电路重要大宗商品，具有很强的周期属性。展望 2024 年，存储原厂复苏态势持续，AI 手机、AIPC 等为 代表的终端创新推出，同时大基金三期有望进一步发力存储国产化。 AI 需求高景气持续，数据中心复苏在望。1）24 年 HBM3E 将趋向主流，HBM4 正加速赶来，受益 AI 需求的发展，三 大存储原厂动态不断，SK 海力士、三星、美光均表示近两年 HBM 产能已售罄。随着 HBM3E 和 HBM4 的持续推进， 带动行业生态发生变革。2）受全球主要云计算厂商新一轮资本开支增长以及对于高端 AI 服务器需求增加的影响，数 据中心有望迎来修复性增长，配套内存接口芯片或迎来复苏增长机会。 HBM/DDR5 竞争加剧。 2024 年 6 月 5 日 中银晨会聚焦-20240605 3 评级体系说明 增 持：预计该公司股价在未来 6-12 个月内超越基准指数 10%-20%； 强于大市：预计该行业指数在未来 6-12 个月内表现强于基准指数； 风险提示及免责声明 中银国际证券股份有限公司 中国上海浦东 银城中路 200 号 中银大厦 39 楼 邮编 200121 电话：（8621）68604866 传真 ...

电子 | 证券研究报告 — 行业点评 2024年6月4日 电子 | 证券研究报告 — 行业点评 2024年6月3日 强于大市 存储行中业性跟 踪 利基存储企稳回升在望，AI驱动高端需求加速放量 存储属集成电路重要大宗商品，具有很强的周期属性。展望2024年，存储原 厂复苏态势持续，AI手机、AIPC等为代表的终端创新推出，同时大基金三 期有望进一步发力存储国产化。我们认为行业或迎来板块性机会。 支撑评级的要点  存储板块2023年报及2024一季报综述：2023年存储设计业绩承压，但 季度环比已现修复态势，模组收入同比高增，但利润低迷。24Q1存储设 计及模组都趋于复苏。从收入端来看，存储 IC 设计板块 2023 年全年实 现营业收入 40.47 亿元，同比下降 0.09%。存储模组板块实现营收 58.68 亿元，同比增长75.15%。从利润端来看，存储IC设计板块2023年全年 实现归母净利润7.23亿元，同比下降84.90%。存储模组板块实现归母净 利润-14.71亿，同比大幅下滑。相较收入端的下滑，利润端下滑更加明显。 步入 2024 年，24Q1 存储设计与模组板块均呈现收入与利润的同环比修 复， ...

食品饮料 | 证券研究报告 — 行业周报 2024年6月3日 强于大市 食品饮料行业周报 关注大众价格带和二线龙头的投资机会 上周食品饮料板块涨跌幅-2.3%，在各板块中排名第 26。受需求端偏弱的影 响，5月份食品饮料板块跑输沪深300。我们认为现阶段食品饮料有两个重要 特点，关注大众价格带和二线龙头的投资机会。 市场回顾  上周食品饮料板块涨跌幅-2.3%，在各板块中排名第26。食品饮料子板块 中，调味发酵品、保健品涨跌幅排名靠前，分别为-1.2%、-1.4%，预加工 食品、啤酒涨跌幅排名靠后，分别为-3.1%、-3.9%。截至 5 月 31 日，白 酒板块估值（PE-TTM）为22.8X，食品饮料板块估值（PE-TTM）为22.7X。 行业数据  根据今日酒价、百荣酒价及同花顺数据，5.23-5.31整箱飞天批价2727-2750 元，散瓶飞天批价 2518-2523 元。普五批价 940 元，国窖 1573 批价为 875-880元。  截至5月31日，全国生猪出栏价为8.81元/斤，环周+4.6%，同比+20.9%。 全国猪粮比价为 7.21，环周+0.54pct，同比+1.87pct。鸭脖、 ...

Investment Rating - The report rates the transportation industry as "Outperform the Market" [3] Core Insights - The growth in container shipping rates is driven by tightening supply and the Red Sea crisis, with new ship deliveries marginally offsetting the impact of increased capacity [1][16] - Domestic air ticket fuel surcharges have been reduced for the second time this year, while air freight demand increased by 11.1% year-on-year in April [1][17] - The express delivery sector in China has seen a significant boost, with business volume surpassing 50 billion packages in the first four months of the year, driven by e-commerce growth and service enhancements [1][24] Summary by Sections 1. Industry Hot Events - Container shipping rates are expected to continue rising due to an early peak season and insufficient capacity supply, with the Drewry World Container Index increasing by 4% to $4,226 per FEU [16] - Domestic air ticket fuel surcharges have been adjusted downwards, with April air freight demand showing a strong year-on-year growth of 11.1% [17] - The express delivery business in China has surpassed 50 billion packages by April 29, 2024, driven by e-commerce and service improvements [24] 2. High-Frequency Dynamic Data Tracking - Air logistics: Air freight prices have increased overall, with the Shanghai outbound air freight price index at 4,955 points, up 41.5% year-on-year [28] - Shipping ports: The container shipping price index has risen, with the Shanghai export container price index at 3,044.77 points, up 12.63% week-on-week [41] - Express logistics: In April, express delivery volume increased by 22.7% year-on-year, with revenue up by 18.33% [28] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [1] - Pay attention to the bulk commodity supply chain and hazardous goods logistics benefiting from industrial economic recovery, recommending Xiamen Xiangyu and Xiamen Guotai [1] - Explore investment opportunities in the low-altitude economy, recommending SF Holding and CITIC Offshore Helicopter [1] - Consider thematic investments in cruise and ferry services, recommending Bohai Ferry and Straits Shares [1] - Look into e-commerce express delivery opportunities, recommending Zhongtong Express, Shentong Express, and Yunda Holdings [1]