[Table_IndustryInfo] 2025 年 05 月 25 日 强于大市(维持) 证券研究报告•行业研究•机械设备 低空经济行业双周报（0512-0525） 世界无人机大会暨 UASE 无人机展开幕，Archer 助力奥运出行 投资要点 西南证券研究院 [Table_QuotePic] 行业相对指数表现 | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 443 | | 行业总市值（亿元） | 36,653.45 | | 流通市值（亿元） | 34,093.76 | | 行业市盈率 TTM | 31.2 | | 沪深 300 市盈率 TTM | 12.5 | 相关研究 请务必阅读正文后的重要声明部分 -18% -8% 2% 12% 22% 32% 24/5 24/7 24/9 24/11 25/1 25/3 25/5 机械设备 沪深300 数据来源：聚源数据 [Table_Summary 行情回顾：本期（] 5月 12日- 5月 25日）低空经济板块跑输大盘。万得低空经 济指数下跌 2.12%，跑输上证指数 2.31个百分点，跑输沪深 300指数 ...

Investment Rating - The report maintains an "Outperform" rating for the robotics industry [1][30]. Core Insights - The robotics index underperformed the market, with the CSI Innovation and Entrepreneurship Robotics Index declining by 2.7%, lagging behind the Shanghai Composite Index by 2.1 percentage points and the CSI 300 Index by 2.5 percentage points [5][11]. - Tesla showcased the capabilities of its Optimus robot in household tasks, including taking out the trash and using household appliances, with significant advancements in learning from internet videos [5][17][18]. - The first humanoid robot combat competition, organized by Yushu Technology, is set to be broadcast live, featuring both demonstration and competitive matches [5][19]. - A global standard for humanoid robot intelligence classification has been established, providing a framework for evaluating capabilities across four dimensions [5][22]. - Xiaopeng Motors plans to launch its fifth-generation humanoid robot by 2026, enhancing its AI capabilities through advanced hardware [5][23]. - The first humanoid robot "Tianbing No. 1" was unveiled in Tianjin, designed for industrial applications [5][23]. Summary by Sections Market Review - The robotics index experienced a decline of 2.7% from May 19 to May 25, underperforming major indices [11]. - The industry has a total market capitalization of 366.53 billion yuan and a circulating market value of 340.94 billion yuan, with a TTM P/E ratio of 31.2 compared to the CSI 300's 12.5 [2]. Industry Dynamics - Tesla's Optimus robot demonstrated various household tasks, with plans to enhance learning through internet video data [17][18]. - Yushu Technology is hosting a humanoid robot combat competition, showcasing the integration of robotics in traditional sports [19]. - The first global standard for humanoid robot intelligence has been published, offering a comprehensive evaluation framework [22]. Financing Dynamics - The embodied intelligence robotics company Magic Atom completed a new round of strategic financing, aimed at advancing core technology and promoting industrial applications [26]. - JD.com and the Shanghai Embodied Intelligence Fund are investing in Zhiyuan Robotics, marking a significant investment in the sector [26].

投资要点 西南证券研究院 [Table_Author] 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 联系人：伍云逍 电话：15910951252 邮箱：wyxiao@swsc.com.cn BING 2025 年 05 月 24 日 证券研究报告•行业研究•医药生物 医药行业周报（5.19-5.23） 关注 AI 医疗、ASCO 的结果与催化 | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 368 | | 行业总市值（亿元） | 49,139.03 | | 流通市值（亿元） | 47,443.43 | | 行业市盈率 TTM | 33.3 | | 沪深 300 市盈率 TTM | 12.5 | 相关研究 请务必阅读正文后的重要声明部分 行情回顾： [Table_Summary 本周医药生物指数上涨 ] 1.78%，跑赢沪深 300指数 1.96个百分点， 行业涨跌幅排名第 1。2025 年初以来至今，医药行业上涨 4.30%，跑赢沪深 300 指数 6.64 个百分点，行业 ...

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry as of May 25, 2025 [1]. Core Insights - The low-altitude economy sector has received significant attention from the national government, with policies aimed at fostering development and financial integration in technology sectors, particularly focusing on low-altitude economy projects [6][20]. - The industry has seen a decline in performance, with the Wande Low Altitude Economy Index dropping by 2.12%, underperforming compared to major indices such as the Shanghai Composite and CSI 300 [6][14]. - Key events include the World Drone Conference and UASE Drone Exhibition, showcasing advancements in low-altitude technologies and applications across various sectors [6][26]. Summary by Sections Market Review - From May 12 to May 25, 2025, the low-altitude economy sector underperformed the market, with significant declines in relevant indices compared to the Shanghai Composite and CSI 300 [6][14]. Policy Dynamics - The Ministry of Industry and Information Technology emphasized the importance of the low-altitude economy, announcing initiatives to deepen financial integration and support for high-quality project development [20]. - Local governments, such as Sichuan and Tianjin, have introduced policies to support low-altitude economic development, including funding for infrastructure and technology advancements [21][22]. Industry Dynamics - The Civil Aviation Administration of China reported a 15.4% year-on-year increase in drone flight hours, indicating growth in the sector [23][24]. - The establishment of the International Low Altitude Economy Cooperation Alliance aims to enhance global collaboration and resource integration within the low-altitude economy [38]. Investment Recommendations - The report suggests focusing on four main lines of investment: components, complete machines, infrastructure support, and air traffic management operations, highlighting specific companies within these categories [8].

Investment Rating - The report maintains an "Outperform" rating for the robotics industry [1]. Core Insights - The robotics index underperformed the market, with the CSI Innovation and Entrepreneurship Robotics Index declining by 2.7%, lagging behind the Shanghai Composite Index by 2.1 percentage points and the CSI 300 Index by 2.5 percentage points [5][11]. - Tesla showcased the capabilities of its Optimus robot in household tasks, demonstrating various skills such as taking out the trash and using household appliances. The team aims to enhance the robot's learning through internet videos, achieving significant breakthroughs in task initiation and skill acquisition [5][17][18]. - Yushun Technology is set to host the first humanoid robot combat competition, featuring both exhibition and competitive matches, which will be broadcasted live [5][19]. - The world's first humanoid robot intelligence grading standard has been released, providing a framework for evaluating robot capabilities across four dimensions and five levels of intelligence [5][22]. - Xiaopeng Motors plans to launch its fifth-generation humanoid robot by 2026, focusing on industrial and commercial applications [5][23]. - The first humanoid robot "Tianbing No. 1" was unveiled in Tianjin, designed for industrial use with significant load-bearing capabilities [5][23]. Summary by Sections Market Review - The robotics index underperformed the broader market during the week of May 19-25, with a decline of 2.7% [11]. Industry Dynamics - Tesla's Optimus robot demonstrated various household tasks, with plans to improve learning through internet video data [17][18]. - Yushun Technology's humanoid robot combat competition is scheduled for May 25, featuring multiple combat formats [19]. - The first humanoid robot intelligence grading standard was established, offering a comprehensive evaluation framework [22]. Financing Dynamics - Magic Atom, a company focused on embodied intelligence robots, completed a new round of strategic financing to enhance core technology and accelerate market deployment [26]. - JD.com and the Shanghai Embodied Intelligence Fund invested in Zhiyuan Robotics, marking the fund's first investment in the sector [26].

Trade Wars Overview - The United States has initiated six major trade wars since 1890, using tariffs as a core economic strategy to protect domestic industries and as a diplomatic tool[3] - Historical trade wars include the McKinley Tariff Act (1890), Smoot-Hawley Tariff Act (1930), Nixon Shock (1971), US-Japan trade war (1980s), Bush steel tariffs (2002), and the US-China trade war (2018)[3] Impact on Trade - Tariff wars typically lead to a decline in global trade volume, with the Smoot-Hawley Act causing a 26% drop in global trade from 1929 to 1933[22] - Despite short-term declines, trade wars have not significantly altered the long-term trade deficit of the US, with the trade deficit with China increasing from $297 billion in 2000 to $336.5 billion in 2023[26] Economic Consequences - Trade wars generally result in reduced economic growth rates; for instance, the Smoot-Hawley Act saw US GDP growth fall from 6.2% in 1889 to -2.9% in 1894[28] - The Trump 2.0 trade war is projected to decrease the US GDP growth rate by 0.7% in 2025, with a corresponding 16% drop in exports from China to the US[46] Currency and Monetary Effects - Currency fluctuations are often a cause rather than a result of trade tensions, with the dollar's appreciation typically leading to increased trade friction[40] - The dollar's dominance as a reserve currency has been challenged, but its position remains strong despite ongoing "de-dollarization" trends[41] Asset Class Outlook - Historical trends indicate that during trade tensions, gold prices tend to rise while the dollar often depreciates[10] - Current negotiations and potential tariff reductions could lead to a recovery in global risk assets, although persistent tariffs may continue to exert downward pressure on economic fundamentals[10]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 9.96 CNY over the next six months, compared to the current price of 6.75 CNY [1]. Core Insights - The company is expanding its non-American markets, with strong demand for smart cabinet financial devices. It has achieved significant revenue growth in various segments, including smart self-service terminals and financial equipment [6][31]. - The company has successfully reduced its reliance on major clients, leading to a turnaround in profitability, with a projected revenue of 2.376 billion CNY in 2024, representing an 8.52% year-on-year growth, and a net profit of 48.54 million CNY, reflecting a 151.95% increase [19][57]. - The company emphasizes technological innovation, with annual R&D expenditures averaging over 10% of revenue, and a workforce of over 1,000 R&D personnel [6][59]. Summary by Sections Financial Performance - Projected revenues for 2024, 2025, 2026, and 2027 are 2.376 billion CNY, 2.647 billion CNY, 2.887 billion CNY, and 3.120 billion CNY, respectively, with corresponding growth rates of 8.52%, 11.40%, 9.07%, and 8.06% [2]. - The net profit attributable to the parent company is expected to grow from 48.54 million CNY in 2024 to 106.18 million CNY in 2027, with growth rates of 151.95%, 31.93%, 29.42%, and 28.13% [2]. Market Expansion - The company has achieved a 24% year-on-year increase in overseas revenue, which now accounts for 42% of total revenue, marking a historical high [6][38]. - The company has established significant partnerships in overseas markets, particularly in Central Asia and Europe, contributing to its revenue growth [44][46]. Product Development - The company has seen a 34% increase in revenue from smart self-service terminals and a 26% increase from smart financial devices in 2024 [6][31]. - The gross margin has improved, with a comprehensive gross margin of 28.2% in 2024, reflecting a recovery from previous declines [33]. R&D and Innovation - The company invested 3.48 billion CNY in R&D in 2024, representing 14.6% of its revenue, and continues to focus on cost control and efficiency improvements across various business segments [59]. - The company is actively developing new business lines, including logistics automation and new retail operations, which are expected to drive future growth [51][54]. Valuation and Forecast - The company is projected to achieve net profits of 64 million CNY, 83 million CNY, and 106 million CNY from 2025 to 2027, with corresponding book values per share of 4.98 CNY, 5.02 CNY, and 5.07 CNY [66]. - The report suggests a price-to-book ratio of 2.0 for 2025, leading to a target price of 9.96 CNY [66].

Investment Rating - The report indicates a positive trend in the pharmaceutical sector, with a notable increase in holdings by public funds, particularly in chemical preparations [2][3]. Core Insights - The pharmaceutical sector's public fund holdings have shown a recovery, with significant increases in the chemical preparations sub-sector, which saw a rise of 9.3 percentage points to 24.8% [3][14]. - The total market capitalization of the pharmaceutical sector held by public funds reached 624.11 billion yuan, with a market share of 6.25%, reflecting a 0.19 percentage point increase [9][15]. - The top five stocks by public fund holdings include 恒瑞医药 (Hengrui Medicine) with 32.3 billion yuan, 药明康德 (WuXi AppTec) with 27.6 billion yuan, and 迈瑞医疗 (Mindray) with 25.6 billion yuan [2][29]. Summary by Sections Public Fund Holdings - The proportion of public funds in the pharmaceutical sector is 9.05%, with a quarter-on-quarter increase of 0.37 percentage points [2][9]. - The top five stocks by the number of public funds holding are 恒瑞医药 (528 funds), 药明康德 (376 funds), and 迈瑞医疗 (313 funds) [2][29]. Sub-sector Performance - The sub-sectors with the largest increases in public fund holdings include: - Chemical preparations: 24.8%, up 9.3 percentage points - Other biological products: 7.1%, up 5.7 percentage points - Raw materials: 2.0%, up 1.4 percentage points [3][14]. - The sub-sectors with the largest decreases include: - Medical devices: 2.8%, down 3.8 percentage points - Traditional Chinese medicine: 2.5%, down 2.2 percentage points - Vaccines: 0.0%, down 1.2 percentage points [3][14]. Foreign Investment - The foreign investment in the pharmaceutical sector remains stable, with a total market capitalization of 149.32 billion yuan, reflecting a slight decrease of 8.7 billion yuan [5][10].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Cross - border situation is favorable, leading to outstanding performance of cross - border ETFs. S&P Consumer ETF ICBC (159378) had a 13.15% increase last week, while S&P 500ETF (159612) and Nasdaq Technology ETF (159509) both rose over 6% [2][15]. - Central bank's reserve requirement ratio cut and interest rate cut directly benefit the financial and technology sectors. In the financial sector, it boosts bank loan business and brokerage commission. In the technology sector, it reduces financing costs for science - tech enterprises and attracts capital inflow [3][16]. Summary by Directory 1. ETF and Index Product Focus - Cross - border ETFs perform well due to positive signals from Sino - US economic and trade talks, tariff benefits, and eased geopolitical situation. S&P Consumer ETF ICBC leads with a 13.15% increase, and S&P 500ETF and Nasdaq Technology ETF rise over 6% [2][15]. - Reserve requirement ratio cut and interest rate cut benefit financial and technology sectors. In finance, it increases bank loanable funds and trading activity. In technology, it reduces financing costs and supports R & D [3][16]. 2. Market Review 2.1 Main Asset Index Performance - Domestic equity broad - based indices are mixed. ChiNext, SSE 50, and CSI 300 rise by 1.38%, 1.22%, and 1.12% respectively, while CSI 500 and STAR 50 fall by 0.1% and 1.1% respectively [4][17]. - Bond indices all decline. ChinaBond Aggregate Wealth (3 - 5 years), ChinaBond Medium - Short - Term Bond Net Price, ChinaBond Treasury Bond Net Price, and ChinaBond Long - Term Bond Net Price fall by 0.22%, 0.26%, 0.44%, and 0.96% respectively [4][17]. - Overseas equity indices all rise. Nasdaq, S&P 500, Dow Jones Industrial, Hang Seng, Hang Seng Tech, Hang Seng China Enterprises, Germany DAX, and Nikkei 225 rise by 7.15%, 5.27%, 3.41%, 2.09%, 1.95%, 1.92%, 1.14%, and 0.67% respectively [4][17]. - Commodity indices are mixed. ICE Brent and NYMEX WTI crude oil rise by 2.22% and 1.49% respectively, while COMEX silver and COMEX gold fall by 1.47% and 4.15% respectively [4][17]. 2.2 Shenwan Primary Industry Performance - Shenwan primary industries are mixed. Beauty care, non - bank finance, and automobile lead with increases of 3.08%, 2.49%, and 2.4% respectively, while computer, national defense and military industry, and media lead with decreases of 1.26%, 1.18%, and 0.77% respectively [20]. 3. Valuation Situation - Valuation quantiles of major equity broad - based indices are mixed. SSE 50, CSI 800, CSI 300, Wind All - A, ChiNext, and CSI 500 rise by 3.3pp, 2.92pp, 2.61pp, 1.03pp, 0.53pp, and 0.21pp respectively, while CSI 1000 falls by 4.78pp [5][23]. - Most valuation quantiles of Shenwan primary industries rise. Non - bank finance, bank, and basic chemicals rise by 7.22pp, 3.77pp, and 3.44pp respectively, while media, national defense and military industry, and computer fall by 1.52pp, 1.23pp, and 0.58pp respectively [30]. 4. ETF Scale Change and Trading Volume 4.1 ETF Scale Change - Non - monetary ETF scale decreases by 8352 million yuan, with a net inflow of - 30703 million yuan. Stock - type ETF scale decreases by 9191 million yuan, commodity - type ETF scale decreases by 12303 million yuan, bond - type ETF scale increases by 8775 million yuan, cross - border Hong Kong stock ETF scale decreases by 2882 million yuan, and cross - border non - Hong Kong stock ETF scale increases by 7249 million yuan [6][34]. - Among equity broad - based ETFs, CSI 300 theme ETF scale increases the most by 6961 million yuan, and CSI A500 theme ETF scale decreases the most by 2396 million yuan. STAR 50 theme ETF has the largest net inflow of 2023 million yuan, and CSI 300 theme ETF has the largest net outflow of 5158 million yuan [7][34]. - By industry, A - share large - finance sector ETF scale increases the most by 1094 million yuan, and A - share technology sector ETF scale decreases the most by 1715 million yuan. A - share technology sector ETF has the largest net inflow of 721 million yuan, and Hong Kong stock technology sector ETF has the largest net outflow of 2574 million yuan [36]. - By theme, the top 5 themes with net inflow are semiconductor & chip ETF, STAR 50 theme, cross - border broad - based, Shenzhen 100 theme, and national defense and military industry theme ETF. The top 5 themes with net outflow are CSI 300 theme, CSI A500 theme, ChiNext theme, dividend theme, and free cash flow theme [36]. 4.2 ETF Trading Volume - Compared with the previous week, the cross - border non - Hong Kong stock ETF with the largest increase in average daily trading volume is Southern Fund Southern Dongying Saudi Arabia ETF, the cross - border Hong Kong stock ETF is E Fund CSI Hong Kong Securities Investment Theme ETF, the stock - type ETF is Huaxia CSI A500ETF, the commodity - type ETF is Harvest Shanghai Gold ETF, and the bond - type ETF is Haifutong CSI Short - Term Financing ETF [46]. 5. ETF Performance - The best - performing cross - border non - Hong Kong stock ETF is Invesco Great Wall S&P Consumer Select ETF (+13.15%), the best - performing cross - border Hong Kong stock ETF is GF CSI Hong Kong Stock Connect Automobile Industry Theme ETF (+6.42%), the best - performing stock - type ETF is E Fund CSI 300 Non - Banking ETF (+2.68%), the best - performing commodity - type ETF is CCB Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF (+2.74%), and the best - performing bond - type ETF is Bosera CSI Convertible Bond and Exchangeable Bond ETF (+0.41%) [8][49]. 6. ETF Margin Trading and Short Selling - Last week, the total margin purchase amount was 62008 million yuan, an increase of 11530 million yuan from the previous week. The total margin selling volume was 235 million shares, an increase of 51 million shares from the previous week [52]. 7. Current ETF Market Scale - As of last Friday (2025 - 05 - 16), there are 1161 listed ETFs with a total scale of 4108643 million yuan. Among stock - type ETFs, scale index ETF has the largest scale of 2239142 million yuan, followed by theme index ETF with a scale of 456349 million yuan [54]. - 52 fund companies manage ETFs. The top 10 and top 20 fund companies in non - monetary ETF management scale account for 80.23% and 95.51% respectively. The top 5 are China Asset Management Co., Ltd. (718306 million yuan, 18.14%), E Fund Management Co., Ltd. (648164 million yuan, 16.37%), Huatai - Peregrine Fund Management Co., Ltd. (487849 million yuan, 12.32%), Southern Fund Management Co., Ltd. (265195 million yuan, 6.7%), and Harvest Fund Management Co., Ltd. (257760 million yuan, 6.51%) [58]. - By sector, A - share technology and A - share large - finance have the largest scales of 221331 million yuan and 117136 million yuan respectively. By theme, CSI 300 theme and CSI A500 theme have the largest scales of 1056990 million yuan and 212856 million yuan respectively [61]. 8. ETF Listing and Issuance - Last week, 13 ETFs were listed for trading. 9 new ETFs were established, all of which are passive index funds except Cathay China Bond Preferred Investment - Grade Credit Bond Index A, which is a passive index bond fund [9][64].

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of May 18, 2025 [1] Core Insights - The automotive industry is experiencing a positive retail trend, with passenger car retail sales reaching 574,000 units from May 1 to May 11, 2025, representing a year-on-year increase of 12% and a month-on-month increase of 34% [7][61] - The cumulative retail sales for the year have reached 7.446 million units, showing an 8% year-on-year growth [61] - The report highlights the significant impact of the "old-for-new" vehicle subsidy policy, with applications exceeding 10 million since its implementation in 2024, and 3.225 million applications recorded by May 11, 2025 [7][48] - The report emphasizes advancements in smart vehicles, particularly the launch of Horizon's L2 urban assisted driving system, which is expected to enhance vehicle computing platforms [7][64] Summary by Sections Passenger Vehicles - Retail sales for passenger vehicles from May 1 to May 11, 2025, were 574,000 units, up 12% year-on-year and 34% month-on-month [61][62] - Cumulative wholesale for the year reached 8.932 million units, with a 12% year-on-year increase [62] - Key companies to watch include BYD, Geely, Xpeng, SAIC, Changan, GAC, and Leap Motor [62] New Energy Vehicles - Retail sales of new energy passenger vehicles reached 294,000 units from May 1 to May 11, 2025, marking a 32% year-on-year increase [63] - The retail penetration rate for new energy vehicles is 51.3%, with cumulative sales of 3.618 million units for the year, reflecting a 35% year-on-year growth [63] - Recommended companies include BYD, Geely, Huayu Automotive, and others [63] Smart Vehicles - The report discusses the launch of Horizon's L2 urban assisted driving system, which will be mass-produced in September 2025 [64] - Companies with technological advancements in smart driving algorithms and sensors are highlighted, including BYD, Geely, and various component manufacturers [64] Heavy Trucks - In April, heavy truck sales were approximately 88,000 units, with a year-on-year increase of 6.5% [11][65] - The report notes a significant rise in new energy heavy truck sales, which reached 15,800 units, a 245% year-on-year increase [11][65] - Companies to monitor include Weichai Power, China National Heavy Duty Truck Group, and Tianrun Industrial [65] Robotics - The report mentions the "Digital China Construction 2025 Action Plan," which aims to enhance AI applications and develop intelligent manufacturing equipment [66] - Companies involved in humanoid robotics and AI technology are recommended, including Top Group, Sanhua Intelligent Controls, and others [66]