证券研究报告 计算机 报告日期：2025 年 06 月 03 日 香港稳定币条例落地，关注数字资产相关环节 ——计算机行业点评报告 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 执业证书编号：S0230124010005 邮箱：zhulx@hlzq.com 的实体资产通过区块链技术代币化，从而进行链上交易、分割或 投资。我们认为，稳定币对 RWA 的影响主要在于：（1）稳定币 通过锚定法币等保持价格稳定，能够成为 RWA 的可靠交易媒介， 推动 RWA 拓展交易场景；（2）稳定币提高跨境支付效率，吸引 全球资金，为 RWA 增加流动性。 节奏—计算机行业周报》2025.05.26 信号出现—计算机行业 2024 年年报及 2025 年一季报综述》2025.05.15 2025.05.12 华龙证券研究所 事件： 2025 年 5 月 30 日，香港特别行政区政府在宪报刊登《稳定币条 例》，《稳定币条例》正式成为法例。 观点： 稳定币+RWA，实体资产或加速货币化。RWA 是指将现实世界中 请认真阅读文后免责条款 分析师：孙伯文 香港《稳定 ...

Investment Rating - The report maintains a "Recommended" investment rating for the solid-state battery industry [1]. Core Insights - The development of solid-state batteries is essential for industrialization and a necessary step in global competition, with advantages over traditional liquid batteries such as intrinsic safety, high energy density, and wide temperature range [8][18]. - The demand for solid-state batteries is driven by multiple sectors including electric vehicles, low-altitude economy, and robotics, with expectations for mass production starting in 2026 [18][26]. - The global patent application rankings for solid-state batteries as of April 2024 show Japan leading, followed by China, the USA, South Korea, and Europe, indicating a competitive landscape [25]. Summary by Sections 1. Development of Solid-State Batteries - Solid-state batteries are recognized as a disruptive technology to replace existing lithium-ion batteries, addressing safety and energy density issues [17][18]. - The transition from liquid to solid-state batteries involves replacing liquid electrolytes with solid electrolytes, enhancing safety and performance [12][14]. 2. Industry Chain and Key Material Trends - The solid-state battery industry is still in its early stages, with various technological routes being explored, including polymer, oxide, sulfide, and halide electrolytes [40][44]. - Sulfide electrolytes currently have the highest ionic conductivity and are seen as a potential mainstream route, while halide electrolytes are gaining attention for their comprehensive performance [40][44]. - The production process for solid-state batteries differs significantly from traditional liquid batteries, requiring new equipment and techniques such as dry electrode manufacturing and isostatic pressing [63]. 3. Investment Recommendations and Key Companies - The report suggests focusing on companies involved in solid-state electrolyte materials, negative electrode technologies, conductive agents, and equipment manufacturing [9]. - Specific companies highlighted include: - For solid-state electrolytes: Sanxiang New Materials, Shanghai Xiba, and Yuyuan New Materials [9]. - For negative electrode technologies: Shanghai Xiba and Yuanli Technology [9]. - For conductive agents: Tianai Technology and Daoshi Technology [9]. - For equipment: Nakanor and Manst [9]. - For battery production: CATL, Guoxuan High-Tech, and Penghui Energy [9].

Economic Performance - In April, industrial added value increased by 6.1% year-on-year, maintaining a rapid growth rate[6] - Retail sales of consumer goods rose by 5.1% year-on-year in April, supported by consumption upgrade policies[6] - From January to April, fixed asset investment grew by 4.0% year-on-year, with equipment investment increasing by 18.2%[6] Financial Indicators - Social financing stock increased by 8.7% year-on-year as of April, with a net cash injection of 319.3 billion RMB in the first four months[6] - As of the end of April, M2 money supply grew by 8% year-on-year, while M1 increased by 1.5%[6] - The balance of RMB loans reached 265.7 trillion RMB, growing by 7.2% year-on-year[6] External Factors - The U.S. April CPI rose by 2.3%, below the expected 2.4%, while core CPI increased by 2.8%, meeting expectations[18] - The probability of the Federal Reserve maintaining interest rates in June is 94.4%, with a 5.6% chance of a 25 basis point cut[18] Market Outlook - The A-share market is experiencing normal fluctuations, with the Shanghai Composite Index showing a slight increase of 0.19% from May 12 to May 23[22] - Structural opportunities are expected to arise despite uncertainties from U.S.-China trade policies and tariff conflicts[22] Sector Focus - Emphasis on technology innovation and advanced manufacturing, particularly in electronics and digital economy sectors[26] - Domestic demand sectors such as home appliances, automobiles, and machinery are highlighted for investment opportunities[26] - External demand strategies focus on new production capabilities and low-altitude economy[26]

Investment Rating - The report maintains an investment rating of "Recommended" for the machinery equipment industry [2][51]. Core Views - The machinery industry is experiencing structural opportunities driven by policy support, technological iteration, and globalization, despite recent market underperformance [4][51]. - April excavator sales increased by 17.6% year-on-year, indicating a recovery in both domestic and export markets, supported by new replacement cycles and favorable policies [52][53]. - The manufacturing PMI recorded at 49, reflecting a slight decline, but the report suggests potential structural opportunities amidst a weak recovery [53][54]. Summary by Sections Industry Performance - The machinery equipment index fell by 2.22% from May 19 to May 23, ranking 30th among 31 primary industries, with all sub-industries showing declines [4][51]. - Notable declines were observed in automation equipment (-3.42%) and general equipment (-3.45%) [4][51]. Excavator Sales - In April 2025, a total of 22,142 excavators were sold, marking a 17.6% increase year-on-year, with domestic sales at 12,547 units (up 16.4%) and exports at 9,595 units (up 19.3%) [52][53]. - From January to April 2025, total excavator sales reached 83,514 units, a 21.4% increase year-on-year, with domestic sales up 31.9% and exports up 9.02% [52][53]. Manufacturing PMI - The manufacturing PMI for April 2025 was recorded at 49, down 1.4 percentage points year-on-year and 1.5 percentage points month-on-month [53][54]. - New orders PMI was at 49.2, and production PMI at 49.8, indicating a contraction in manufacturing activity [53][54]. Industrial Robot Production - In April 2025, industrial robot production surged by 51.5% year-on-year, totaling 71,547 units, attributed to government policies promoting equipment upgrades [54][54]. - The report suggests potential investment opportunities in high-tech segments such as reducers and servo systems, as well as system integrators benefiting from diverse application scenarios [54]. Key Companies to Watch - The report highlights several companies for potential investment, including XCMG Machinery (000425.SZ), Sany Heavy Industry (600031.SH), and Zoomlion Heavy Industry (000157.SZ) in the excavator segment [52][53]. - For the machine tool sector, companies like Huazhong CNC (300161.SZ) and Neway CNC (688697.SH) are recommended due to expected demand growth from government support [53][54].

Investment Rating - The industry investment rating is "Recommended" (maintained) [2] Core Views - In April, the electricity production showed steady growth, with industrial power generation reaching 711.1 billion kWh, a year-on-year increase of 0.9%. The average daily generation was 23.7 billion kWh. From January to April, the total industrial power generation was 298.4 billion kWh, with a year-on-year growth of 0.1% [5] - The electricity consumption in April increased by 4.7%, totaling 772.1 billion kWh, with a cumulative total of 3156.6 billion kWh from January to April, reflecting a year-on-year growth of 3.1% [5] - The first industry saw a significant increase in electricity consumption, with a year-on-year growth of 13.8% in April, while the second and third industries grew by 3.0% and 9.0%, respectively [5] Summary by Sections Electricity Generation - In April, the growth rates varied by energy source: coal power decreased by 2.3%, hydropower fell by 6.5%, nuclear power grew by 12.4%, wind power increased by 12.7%, and solar power surged by 16.7% [5] Electricity Consumption - The breakdown of electricity consumption in April showed that the first industry consumed 11 billion kWh, the second industry consumed 528.5 billion kWh, the third industry consumed 139 billion kWh, and residential consumption was 93.6 billion kWh [5] Investment Recommendations - The report suggests focusing on companies in the thermal and renewable energy sectors such as Huaneng International, Huadian International, Guodian Power, and Datang Power. For hydropower, recommended companies include Huaneng Hydropower, Guotou Power, Chuan Investment Energy, and Yangtze Power. In the nuclear power sector, China National Nuclear Power and China General Nuclear Power are highlighted [5]

Investment Rating - The investment rating for the non-ferrous metals industry is "Recommended" (maintained) [2][3] Core Views - The report indicates that metal prices are expected to continue fluctuating due to multiple factors, including changes in U.S. interest rate expectations and U.S.-EU tariff negotiations. The recent downgrade of the U.S. sovereign credit rating by Moody's has also contributed to increased volatility in major metal prices [3][24] - Precious metals are experiencing upward fluctuations, influenced by short-term events. The report highlights that the current gold price is in a volatile phase, susceptible to short-term events and sentiment catalysts [23][24] - The long-term logic for gold prices remains unchanged despite short-term fluctuations, and the report suggests focusing on companies like Zijin Mining (600988.SH) and Chifeng Jilong Gold Mining (601899.SH) [3][4] Summary by Sections 1.1 Market Trends - From May 19 to May 23, 2025, the Shenwan Non-Ferrous Metals Index increased by 1.26%. Among the sub-industries, industrial metals rose by 1.86%, while precious metals saw a significant increase of 5.58% [11][14] 1.2 Major Metal Prices and Inventory Changes - The report provides detailed price changes for major industrial metals as of May 25, 2025, including: - LME Copper: $9,614 per ton, down 1.84% week-on-week - LME Aluminum: $2,379 per ton, down 6.63% week-on-week - LME Nickel: $14,758 per ton, down 9.90% week-on-week - Domestic gold: ¥780 per gram, up 2.42% week-on-week [16][19] 1.3 Key Company Announcements - Yunnan Copper announced plans to acquire a 40% stake in Liangshan Mining through a share issuance and to raise matching funds from China Aluminum Group and China Copper [22] - Zhongjin Gold announced plans to acquire stakes in several gold mining companies from its controlling shareholder, China National Gold Group [22]

Investment Rating - The industry investment rating is "Recommended" (maintained) [2][5] Core Viewpoints - The report highlights significant growth in renewable energy installations, with solar power adding 45.22 GW in April, a year-on-year increase of 215%. Cumulatively, as of the end of April 2025, solar capacity reached 990 million kW, up 47.7% year-on-year. For the first four months of 2025, solar installations totaled 104.93 GW, reflecting a 75% increase year-on-year [5] - Wind power installations also saw substantial growth, with 5.34 GW added in April, marking a 299% year-on-year increase. The total wind capacity reached approximately 540 million kW by the end of April 2025, up 18.2% year-on-year. In the first four months of 2025, wind installations amounted to 19.96 GW, a 19% increase year-on-year [5] - The report suggests that the demand for new energy installations is expected to continue growing in the long term, with potential solutions for consumption pressure through energy storage and virtual power plants [5] Summary by Sections Solar Power - In April, solar power added 45.22 GW, a 215% increase year-on-year. Cumulative solar capacity reached 990 million kW, a 47.7% increase year-on-year. For January to April 2025, solar installations totaled 104.93 GW, a 75% increase year-on-year [5] Wind Power - Wind power installations in April reached 5.34 GW, a 299% increase year-on-year. Total wind capacity was approximately 540 million kW by the end of April 2025, an 18.2% increase year-on-year. For the first four months of 2025, wind installations totaled 19.96 GW, a 19% increase year-on-year [5] Investment Insights - Power investment from January to April 2025 increased by 1.6% year-on-year, while grid investment rose by 14.6% year-on-year. The average utilization hours for power generation equipment decreased by 103 hours compared to the previous year [5]

Investment Rating - The industry investment rating is "Recommended" (maintained) [2] Core Viewpoints - The report indicates that metal prices are likely to continue fluctuating due to multiple factors, including changes in U.S. interest rate expectations and U.S.-EU tariff negotiations. The recent downgrade of the U.S. sovereign credit rating by Moody's has also contributed to increased volatility in major metal prices [3][24] - Precious metals are experiencing upward fluctuations and are susceptible to short-term event-driven catalysts. The report highlights that the current gold price is in a volatile phase influenced by short-term events and market sentiment [23][24] - The investment suggestion includes a focus on Zijin Mining (600988.SH) and Chifeng Jilong Gold Mining (601899.SH) [3] Summary by Sections 1.1 Market Trends - From May 19 to May 23, 2025, the Shenwan Nonferrous Metals Index increased by 1.26%. Among the sub-industries, industrial metals rose by 1.86%, precious metals by 5.58%, while small metals decreased by 1.9% [11] 1.2 Major Metal Prices and Inventory Changes - The report provides detailed price changes for major industrial metals, with LME copper at $9,614 per ton, down 1.84% week-on-week, and LME aluminum at $2,379 per ton, down 6.63% week-on-week [16] - For precious metals, COMEX gold is priced at $3,056 per ounce, down 1.99% week-on-week, while domestic gold is at ¥780 per gram, up 2.42% week-on-week [19] 1.3 Key Company Announcements - Yunnan Copper announced plans to acquire a 40% stake in Liangshan Mining through a share issuance and to raise matching funds from China Aluminum Group and China Copper [22] - Zhongjin Gold announced plans to acquire stakes in several gold mining companies from its controlling shareholder, China National Gold Group [22] 2. Precious Metals - The report emphasizes that precious metals are currently in an upward trend, influenced by U.S. monetary policy and tariff negotiations. The recent comments from the Atlanta Fed President indicate a shift towards a more hawkish stance on interest rates [23][24] 3. Industrial Metals - The report notes a slight recovery in China's electrolytic copper inventory, which remains low, providing good support for copper prices. However, downstream demand is still weak. Aluminum inventory continues to decline, leading to a slight increase in electrolytic aluminum prices [33]

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][19]. Core Insights - Major companies are actively advancing their AI strategies, focusing on the pace of AI application implementation. The report emphasizes the importance of AI application commercialization as a key component of the current AI industry, with expectations for revenue growth as AI applications become more established [4][15][19]. - Tencent's AI application summit highlighted the push for AI democratization, proposing a "four accelerations" strategy to transition AI from technical exploration to large-scale application. Tencent's mixed model demonstrates differentiated advantages in multi-modal capabilities and industry application progress [4][15]. - Alibaba's investment in Meitu, amounting to $250 million in convertible bonds, signifies a trend of generative AI penetrating vertical markets, particularly in e-commerce [16][18]. Summary by Sections Recent Market Performance - From May 19 to May 23, 2025, the Shenwan Computer Index fell by 3.02%. The top five gainers included Huibo Yuntong and *ST Diwei, while the top five losers included Binhang Technology and Hanxin Technology [7][9]. Industry News - The Google I/O conference showcased the Gemini model's cross-platform application capabilities, emphasizing its reasoning abilities and the introduction of the Gemini SDK [11]. - Tencent's AI summit focused on accelerating model innovation, smart agent applications, knowledge base construction, and infrastructure upgrades, aiming to enhance enterprise operational efficiency [13][14][15]. Key Company Announcements - 京北方 announced plans for share reduction by its executives, while 大华股份 reported a share buyback of 2.06 million shares [11][12]. Investment Recommendations - The report suggests focusing on vertical AI application companies, maintaining the "Recommended" rating for the computer industry. Specific companies to watch include 卓易信息, 鼎捷数智, 赛意信息, 汉得信息, 新大陆, 京北方, 泛微网络, and 金桥信息 [19].

Investment Rating - The investment rating for the computer industry is "Recommended" [2][19] Core Insights - Major companies are actively advancing their AI strategies, focusing on the pace of AI application implementation [4][19] - Tencent's AI application summit emphasizes the commercialization of AI applications, which is crucial for the current AI industry [4][15] - Alibaba's investment in Meitu highlights the trend of generative AI penetrating vertical markets, with a focus on data-driven e-commerce tools [16][18] Summary by Sections Recent Market Performance - From May 19 to May 23, 2025, the Shenwan Computer Index fell by 3.02% [7] - The top five gainers in the sector included Huibo Yuntong, *ST Diwei, and Shengshi Technology [7] Industry News - The 2025 Google I/O conference showcased the Gemini model's cross-platform capabilities, enhancing AI applications [11] - Tencent's AI summit introduced strategies to accelerate AI model innovation and application [13][14] Key Company Announcements - Meitu announced a $250 million convertible bond agreement with Alibaba, which will promote Meitu's AI e-commerce tools [16][18] - Jingbeifang's executives plan to reduce their shareholdings, indicating potential changes in company dynamics [11] Investment Recommendations - The report suggests focusing on vertical AI application companies, maintaining the "Recommended" rating for the computer industry [19] - Specific companies to watch include Zhuoyi Information, Dingjie Zhizhi, and Siyi Information [19]