Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - A new round of deposit rate cuts has been implemented, leading to capital inflows into bond - related ETFs. The central bank's rate cuts signal a new cycle of monetary easing, driving funds towards bond ETFs such as the Southern Shanghai Stock Exchange Benchmark - Market - Making Corporate Bond ETF [2][15]. - The "12th Fortune Forum" Quantitative Investment Sub - forum discussed investment opportunities in the era of ETFs. It emphasized that the core of Chinese ETF innovation lies in optimizing constituent stocks through quantitative strategies, and the intelligent upgrade of ETFs is reshaping the investment ecosystem with large - model technology [3][16]. Summary by Relevant Catalogs 1 ETF and Index Product Focus - A new round of deposit rate cuts by major banks and a 10 - basis - point cut in LPR have pushed China's monetary policy into a new easing cycle. Bond - related ETFs like the Shanghai Stock Exchange Corporate Bond ETF (511070) have seen capital inflows exceeding 1 billion yuan each [2][15]. - The "12th Fortune Forum" Quantitative Investment Sub - forum explored investment opportunities in the ETF era. It pointed out that Chinese ETF innovation focuses on constituent stock optimization via quantitative strategies, and large - model - empowered ETFs are becoming mainstream. The forum also highlighted opportunities in Hong Kong's structural scarce assets and the advantages of the Smart Beta strategy [3][16]. 2 Last Week's Market Performance Review 2.1 Main Asset Class Index Performance - Domestic equity broad - based indices all declined last week. The Shanghai 50, CSI 300, ChiNext, CSI 500, and STAR 50 fell by 0.18%, 0.18%, 0.88%, 1.1%, and 1.47% respectively. Bond - related indices had mixed performance, with some rising and some falling. Overseas equity indices also showed mixed results, and commodity - related indices had both increases and decreases [4][17]. 2.2 Shenwan Primary Industry Performance - Last week, Shenwan primary industries had mixed performance. The pharmaceutical and biological, comprehensive, and non - ferrous metals sectors led the gains, rising 1.78%, 1.41%, and 1.26% respectively. The computer, machinery, and communication sectors led the losses, falling 3.02%, 2.48%, and 2.31% respectively [19]. 3 Valuation Situation - Last week, the valuation quantiles of major equity broad - based indices all declined. The ChiNext, CSI 300, Wind All - A, Shanghai 50, CSI 800, CSI 1000, and CSI 500 decreased by 0pp, 0.27pp, 0.74pp, 0.91pp, 1.23pp, 1.69pp, and 1.85pp respectively. Most Shenwan primary industries' valuation quantiles also declined [5][23]. 4 ETF Scale Changes and Trading Volume 4.1 ETF Scale Changes - Last week, the scale of non - monetary ETFs decreased by 15.324 billion yuan, with a net inflow of - 7.153 billion yuan. By type, stock - type ETFs' scale decreased by 26.758 billion yuan, while commodity - type ETFs' scale increased by 5.432 billion yuan, and bond - type ETFs' scale increased by 10.846 billion yuan. Among equity broad - based ETFs, the Hang Seng Index theme ETF had the largest scale increase, and the CSI A500 theme ETF had the largest decrease [6][7][32]. 4.2 ETF Trading Volume - Compared with the previous week, the daily average trading volume of some ETFs increased significantly. For example, the GF China Hong Kong Innovative Drug ETF in the cross - border non - Hong Kong stock ETF category had the largest increase in daily average trading volume [45]. 5 ETF Performance - Last week, the best - performing cross - border non - Hong Kong stock ETF was the GF China Hong Kong Innovative Drug ETF (+7.99%), the best - performing cross - border Hong Kong stock ETF was the Invesco Great Wall CSI Hong Kong Stock Connect Innovative Drug ETF (+8.24%), the best - performing stock - type ETF was the Huaxia CSI Shanghai - Hong Kong - Shenzhen Gold Industry Stock ETF (+6.63%), the best - performing commodity - type ETF was the Huaan Gold ETF (+3.86%), and the best - performing bond - type ETF was the Penghang ChinaBond 30 - Year Treasury Bond ETF (+0.31%) [8][48]. 6 ETF Margin Trading and Short - Selling - Last week, the total margin - buying amount was 49.249 billion yuan, a decrease of 15.255 billion yuan from the previous week. The total margin - selling volume was 233 million shares, a decrease of 12 million shares from the previous week [51]. 7 Current ETF Market Scale - As of last Friday (May 23, 2025), there were 1,164 listed ETFs in the market, with a total scale of 4.094487 trillion yuan. Among stock - type ETFs, scale - index ETFs had the largest scale, followed by theme - index ETFs [53]. 8 ETF Listing and Issuance - Last week, 3 ETFs were listed for trading. 18 new ETFs were established, mostly passive index funds, except for two passive index bond funds [9][62].

[Table_Reporto] 2025 年 05 月 26 日 证券研究报告•固定收益定期报告 债券市场跟踪周报（5.19-5.23） 当 50 年国债"发飞"遇上存款搬家 摘要 西南证券研究院 [Table_Author] 分析师：杨杰峰 执业证号：S1250523060001 电话：18190773632 邮箱：yangjf@swsc.com.cn 联系人：叶昱宏 电话：18223492691 邮箱：yeyuh@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 S 市场震荡上行，期限利差有所走扩。上半周市场走势主要围绕存款利率调降展 开：受存款利率下调预期驱动，周一利率整体下行；而国有行正式下调存款利 率后，市场情绪有所消化，周二利率回吐部分下行幅度。下半周交易逻辑重新 回归资金面和财政供给，收益率呈现震荡上行格局：央行 5 月超额续作 3750 亿元 MLF，但资金利率整体仍有上行压力；周五 50年期超长特国发行遇冷， 市场对供给压力的担忧升温，长端利率继续反弹。全周来看，市场呈现"短强 长弱"格局，期限利差有所走扩。 存贷利率非对称降息，存单提价再现。5月 20日，1年期和 5年期 ...

[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 ...

特斯拉展示 Optimus 做家务能力， 宇树开启首个人形机器人格斗大赛 请务必阅读正文后的重要声明部分 投资要点 西南证券研究院 [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 机器人行业周报（0519-0525） [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：周鑫雨 执业证号：S1250523070008 电话：021-58351893 邮箱：zxyu@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn | 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 [Table_QuotePic] ...

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 ...

[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]. 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].

ooo[Table_ReportInfo] 2025 年 05 月 21 日 证券研究报告•宏观专题报告 宏观专题 美国贸易战的历史镜像 ——贸易、经济及货币秩序的影响拆解 摘要 西南证券研究院 [Table_Author] 分析师：叶凡 执业证号：S1250520060001 电话：010-57631106 邮箱：yefan@swsc.com.cn 分析师：刘彦宏 执业证号：S1250523030002 电话：010-55758502 邮箱：liuyanhong@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 | | | | 图 1：1890 年以来美国进口商品有效关税税率走势 3 | | --- | | 图 2：关税战通常导致全球贸易量下滑 4 | | 图 3：贸易战对世界贸易格局中长期影响不大，美国出口在全球中的占比在美日贸易战时期明显抬升，在 2018 年中 | | 美贸易战期间略有上升 5 | | 图 4：在 1890 年以来的贸易战时期，相关国家的 GDP 增速走势 6 | | 图 5：钢铁交易价格变化对钢铁消费行业就业的影响 7 | | 图 6：不同国家和地区热轧卷板价格对比（ ...

[Table_StockInfo] 2025 年 05 月 17 日 证券研究报告•公司研究报告 新 北 洋（002376）计算机 目标价：9.96 元（6 个月） 买入 （首次） 当前价：6.75 元 精拓非美市场，智能柜金融机具需求强劲 请务必阅读正文后的重要声明部分 投资要点 西南证券研究院 [Table_Author] 分析师：胡光怿 执业证号：S1250522070002 电话：021-58351859 邮箱：hgyyf@swsc.com.cn 分析师：王湘杰 执业证号：S1250521120002 电话：0755-26671517 邮箱：wxj@swsc.com.cn [Table_QuotePic] 相对指数表现 -14% -5% 4% 14% 23% 32% 24/5 24/7 24/9 24/11 25/1 25/3 25/5 新北洋 沪深300 数据来源：聚源数据 | 基础数据 | | | --- | --- | | [Table_BaseData] 总股本(亿股) | 8.11 | | 流通 A 股(亿股) | 7.87 | | 52 周内股价区间(元) | 5.01-7.76 | | ...

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].