Investment Rating - The report maintains an investment rating of "Recommended" for the automotive industry [2][5]. Core Insights - The establishment of a new central automotive enterprise by the China Ordnance Equipment Group is expected to accelerate the consolidation of the passenger vehicle industry, enhancing operational efficiency and decision-making autonomy for Changan Automobile [5][15]. - The passenger vehicle market is entering a phase of accelerated elimination, and the new central enterprise is anticipated to strengthen the competitiveness of state-owned enterprises in the new energy market [5][15]. Industry Dynamics - Notable industry news includes NIO's plans to enter seven European markets between 2025 and 2026, and BYD's collaboration with Xiaojuchongdian and Xindian to build megawatt fast-charging stations [5][16]. - The automotive sector's performance from June 3 to June 6, 2025, shows that the automotive index underperformed the CSI 300 index by 0.71 percentage points, with a slight increase of 0.17% in the automotive sector [5][38]. Data Tracking - In April 2025, retail sales of passenger vehicles reached 1.75 million units, a year-on-year increase of 14.46%, while retail sales of new energy passenger vehicles reached 905,000 units, up 33.67% year-on-year [5][67]. - The penetration rate of new energy vehicles in retail sales reached 51.6%, an increase of 7.35 percentage points year-on-year [5][67]. - The inventory level of automotive dealers in April 2025 was at a reasonable range, with a comprehensive inventory coefficient of 1.41, down 17.06% year-on-year [5][80].

Investment Rating - The industry investment rating is "Recommended" (maintained) [2][4]. Core Viewpoints - The construction machinery operating rate has decreased, while export sentiment continues to recover. In May 2025, the average operating rate for major construction machinery products was 59.5%, down 5.01 percentage points year-on-year and 2.45 percentage points month-on-month. However, in April 2025, the sales of various excavators reached 22,142 units, a year-on-year increase of 17.6% [4][49]. - The mechanical equipment industry is driven by policy support, technological iteration, and globalization, presenting structural opportunities. The report suggests focusing on sectors with lower crowding, such as semiconductor equipment, scientific instruments, and humanoid robots, as well as domestic demand-driven sectors like construction machinery and general equipment [4][48]. - The manufacturing PMI in May 2025 was 49.5%, indicating a slight recovery in production and new orders, which is expected to improve business expectations and operational activities [50][21]. Summary by Sections Industry Performance - The mechanical equipment index rose by 1.18% from June 3 to June 6, 2025, ranking 18th among 31 primary industries. Sub-industries such as laser equipment (+5.08%) and construction machinery components (+3.46%) performed well, while textile and apparel equipment (-1.77%) and construction machinery complete machines (-1.16%) saw declines [4][48]. - In April 2025, the production of metal cutting machine tools was 74,000 units, a year-on-year increase of 15.6%, maintaining double-digit growth for five consecutive months [25][29]. Key Data - As of April 2025, fixed asset investment increased by 4% year-on-year, with manufacturing investment up by 8.8% and infrastructure investment up by 10.85% [21][38]. - The production of industrial robots in April 2025 reached 71,547 units, a year-on-year increase of 51.5%, driven by the "old-for-new" policy and effective loan interest subsidies [51][29]. Company Focus - Recommended companies include XCMG (000425.SZ), Sany Heavy Industry (600031.SH), and Zoomlion (000157.SZ) for construction machinery, and Huazhong CNC (300161.SZ), Neway CNC (688697.SH), and Haitian Precision (601882.SH) for general equipment [49][50]. - The report highlights the importance of focusing on high-tech segments such as reducers and servo systems, as well as system integrators benefiting from diversified downstream applications [51][5].

Investment Rating - The report maintains an investment rating of "Recommended" for the humanoid robot industry [3][28]. Core Insights - The humanoid robot application scenarios are accelerating, driven by high-profile events that boost orders for manufacturers [2][28]. - The humanoid robot index increased by 2.24% from June 3 to June 6, 2025, outperforming major indices such as the CSI 300, which rose by 0.88% [6][13]. - Companies like Amazon are establishing training centers to enhance humanoid robot delivery capabilities, indicating a significant shift in package delivery methods [6][22]. - Strategic collaborations, such as that between Yuejiang Technology and Yaoshi Bang, are exploring the application of humanoid robots in the pharmaceutical sector [6][25]. - The demand for humanoid robots surged after the success of the "Little Mischief" robot from Songyan Power, which received over 1,000 orders in a month, totaling more than 2,000 units and exceeding 100 million yuan in contract value [6][24]. Summary by Sections Market Review - The humanoid robot index saw a rise of 2.24% from June 3 to June 6, 2025, while the CSI 300 index increased by 0.88% [6][13]. Industry Dynamics - Amazon has set up a training center for humanoid robots to test their performance in delivery tasks, marking a significant advancement in warehouse automation [6][22]. - The second-generation tactile products from Fulei New Materials were launched, featuring true flexibility and three-dimensional force sensing capabilities [18][19]. - Songyan Power's humanoid robot received a silver medal in a marathon event, leading to a spike in orders [6][24]. Company Developments - Yuejiang Technology and Yaoshi Bang have signed a strategic cooperation agreement to deploy humanoid robots in pharmacies [6][25]. - Softcom Power has partnered with Zhiyuan Robotics to develop various humanoid robots and intelligent computing platforms [27]. Investment Recommendations - The report suggests focusing on companies with high certainty and incremental technology, particularly tracking Tesla's Optimus production progress and developments in domestic supply chains [28]. - Key companies to watch include those in the Tesla chain, such as Sanhua Intelligent Control and Top Group, and those in the Huawei chain like Zhaowei Electric and Zhongjian Technology [28][29].

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][26] Core Viewpoints - The AI industry continues to show high prosperity, with a focus on application and computing power investment opportunities [1][26] - The recent updates to the DeepSeek-R1 model significantly enhance reasoning, writing, and programming capabilities, indicating ongoing iterations in domestic large models [26] - The domestic computing power industry is shifting from "single-point breakthroughs" to full industry chain collaboration, strengthening integrated development trends [26] Summary by Sections Recent Trends - The computer industry index rose by 2.79% from June 3 to June 6, 2025, with notable stock performances from companies like Huijin Co. and Qingyun Technology [11][12] Key Company Announcements - Companies such as Siwei Map and Zhizhen Technology have announced strategic partnerships and financing plans, indicating active developments in the sector [15][16] AI Model Updates - The DeepSeek-R1-0528 model update improved accuracy from 70% to 87.5% in the AIME2025 test, with a significant increase in token usage, reflecting deeper reasoning capabilities [5][21][22] - The model's hallucination rate has decreased by 45-50%, enhancing reliability in tasks such as rewriting and reading comprehension [18][21] Computing Power Catalysts - The stock price of US cloud computing company COREWEAVE has surged by 250.4% this year, indicating strong momentum in the cloud computing sector [22] - The proposed merger between Haiguang Information and Zhongke Shuguang aims to complete the full industry chain from chips to cloud, enhancing domestic computing power collaboration [23][24] - Recent announcements from computing power service providers reflect a high demand for computing resources, with significant contracts and procurement plans indicating ongoing industry growth [25] Investment Recommendations - The report suggests focusing on AI application companies such as Zhuoyi Information and Dingjie Zhizhi, as well as computing power companies like Zhongke Shuguang and Inspur Information [26][27]

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]