Investment Rating - The report maintains an "Outperform the Market" rating for the mechanical equipment industry [4][30]. Core Views - The humanoid robot sector is highlighted for its growth potential, with a focus on key suppliers and companies with strong market positions. Specific components such as joint modules, dexterous hands, and reducers are identified as critical areas for investment [2][3]. - AI infrastructure is expected to see continued capital expenditure growth driven by demand for data centers, benefiting companies involved in gas turbines and chillers [2]. - The low-altitude economy is progressing rapidly, with a national low-altitude traffic project initiated to standardize air traffic management [3]. - The smart welding robot market is projected to grow significantly, particularly in the steel structure industry, with a market potential nearing 100 billion [3]. - 3D printing technology is gaining traction in various sectors, including aerospace and consumer electronics, due to its advantages in creating complex structures and reducing development cycles [3]. - X-ray detection equipment is experiencing rapid growth driven by demand in healthcare and industrial sectors, with a focus on domestic production of core components [3]. Summary by Sections Industry Dynamics - Recent developments include the introduction of various humanoid robots and AI infrastructure projects, such as the opening of a new data center by Alibaba Cloud in South Korea [1][19]. - The report notes significant growth in 3D printing equipment production, with a year-on-year increase of 40% in May [20]. Government News - The China Securities Regulatory Commission supports the application of the fifth set of listing standards for companies in cutting-edge technology sectors, including AI and low-altitude economy [21]. Company Developments - Notable partnerships and investments include Demar Technology's strategic agreement with Zhiyuan Robotics and Qinan Co., Ltd.'s investment in Moxian Technology [23][24]. - Midea's humanoid robot has successfully begun operations in its factories, marking a significant step in automation [16]. - The launch of the Star Motion Q5 intelligent robot showcases advancements in flexible joint technology and AI control systems [18]. Key Company Earnings Forecast and Valuation - Several companies are rated as "Outperform the Market," including Green's Harmonics, Huichuan Technology, and Zhaowei Electric, with projected earnings per share (EPS) growth for 2024 and 2025 [7][28].

2025年06月25日 消费增长新范式思考之三 70后至00后的新兴消费变迁史，是轮回还是演进？ 行业研究 · 行业专题 商贸零售 投资评级：优于大市（维持评级） | 证券分析师：张峻豪 | | | --- | --- | | 021-60933168 | 021-60375463 | | zhangjh@guosen.com.cn | | | 执证编码：S0980517070001 | 执证编码：S0980523090004 | 证券分析师：孙乔容若 021-60375463 sunqiaorongruo@guosen.com.cn 执证编码：S0980523090004 证券分析师：柳旭 0755-81981311 liuxu1@guosen.com.cn 执证编码;S0980522120001 n 此轮新消费的崛起，本质上在于这次消费主力在不同于以往的经济社会背景下造就的消费理念发生重大变迁，复盘这轮消费变迁的底层背景来看：1） 居民具备较高经济基础，我国人均不变价GDP从1995年突破万元至2023年8.4万元，买方市场已然确立；2）近些年居民消费能力受到三大件刚性支出和 财富效应挤压，消费预算受限； ...

Core Insights - The report highlights a positive outlook for the non-bank financial sector in the second half of 2025, driven by a shift in deposit behavior and a decline in deposit rates, which encourages investment in risk assets [7] - The insurance industry is undergoing a transformation with a focus on liability cost reduction and improved channel quality, leading to significant growth in new business value (NBV) for major insurers [8] - The securities industry is experiencing a recovery in cross-border investment banking and derivative business, presenting new growth opportunities for leading brokerage firms [9] - The internet sector is witnessing the rise of stablecoins, with Circle's recent IPO marking a significant milestone in the market, which is expected to continue expanding [11][12] Non-Bank Financial Sector - The report discusses the concept of "deposit migration" as a catalyst for increased investment in risk assets, with total household deposits reaching 160 trillion yuan, of which nearly 75% are time deposits [7] - Financial institutions are responding to the demand for higher returns by developing diverse investment products, leading to increased competition and innovation in the market [7] Insurance Industry - The insurance sector is seeing a shift towards more flexible product structures, with a notable increase in the share of participating insurance products [8] - Major insurers like China Life and Ping An are reporting substantial growth in NBV, with increases of 4.8% and 34.9% respectively [8] - The report emphasizes the importance of the bancassurance channel as a new growth driver, with significant premium growth reported by companies like Taiping Life [8] Securities Industry - The report notes an uptick in trading activity in the capital markets, with brokerage firms benefiting from increased margin financing and trading volumes [9] - The recovery of overseas investment banking activities, particularly in Hong Kong IPOs, is highlighted as a key growth area for securities firms [9] - The emergence of over-the-counter derivatives and structured products is seen as a potential growth avenue for brokerage firms [9] Internet Sector - The stablecoin market has surpassed $250 billion, with USDT and USDC dominating the space, holding 84% of the market share [11] - Circle's IPO has significantly boosted its market presence, with a stock price increase of over 675% shortly after listing [11] - The report discusses the strategic partnership between Circle and Coinbase, which is expected to enhance the adoption and utility of USDC [12] Electronic Industry - The report indicates strong investment in AI computing power, with a recommendation for ASICs and storage modules as key areas of focus [14] - The semiconductor industry is witnessing significant expansions, with Texas Instruments announcing over $60 billion in investments to meet future demand [15] - The report highlights the ongoing price recovery in the storage market, with NAND Flash prices expected to rise by 3-8% in Q2 2025 [17] Agricultural Sector - The report emphasizes the potential for a cyclical recovery in the beef market, with expectations for improved pricing in 2025 [24] - It notes the stable supply of poultry and the potential for price increases in the corn market due to tightening supply-demand dynamics [23][24] - The report suggests a focus on undervalued leaders in the livestock sector, particularly in beef and dairy [24]

02 农产品研究跟踪系列报告（164） 优于大市 看好养殖龙头低估值修复，布局肉牛及原奶景气共振 周度农产品跟踪：生猪出栏均重开启下降趋势，橡胶价格短期企稳。 生猪：产能维持低波动，预计 2025 年猪价景气有望延续。6 月 20 日生猪价 格 14.16 元/公斤，周环比+1.22%；7kg 仔猪价格约 446 元/头，周环比-4.98%。 白鸡：中期父母代同比减量且存在结构变化，消费或逐步上移。6 月 20 日， 鸡苗价格 1.23 元/羽，周环比-43%；毛鸡价格 6.84 元/千克，周环比-5%。 黄鸡：供给维持底部，有望率先受益内需改善。6 月 20 日浙江快大三黄鸡/ 青脚麻鸡/雪山草鸡斤价分别为 3.5/4.1/5.9 元，周环比-13%/-7%/-8%。 鸡蛋：在产父母代存栏维持增长，中期供给压力较大。6 月 20 日，鸡蛋主产 区价格 2.90 元/斤，环比+9.85%，同比-35.27%。 肉牛：牛肉价格淡季不淡，看好 2025 年牛周期反转上行。6 月 20 日，国内 牛肉市场价为 59.35 元/kg，环比-0.05%，同比+27.63%。 豆粕：短期到港成本及生物燃料政策支撑，中长期 ...

Market Review - The textile and apparel sector experienced a decline in stock prices since June, influenced by economic fundamentals and external factors such as Middle East conflicts, leading to a drop of 3.1% in A-shares, 3.2% in Hong Kong stocks, and 5.7% in Taiwan stocks [1] - Notable performers in A-shares included Kai Run Co. (+4.0%), Seven Wolves (+3.5%), and Desso Fashion (+2.9%), while in Hong Kong, Tianhong Textile (+12.0%) and Bosideng (+6.4%) led the gains [1] Brand Channel Insights - Retail sales growth for apparel in May showed improvement, with a year-on-year increase of 4.0%, driven by e-commerce promotions [2] - The outdoor and home textile segments saw double-digit growth in May, while personal care products experienced a noticeable slowdown [2] - Leading brands in the outdoor segment included Berghaus (+267%), Kailas (+230%), and Decathlon (+110%) [2] Manufacturing and Export Trends - In May, Vietnam's textile and footwear exports grew by 21.7% and 7.5% year-on-year, respectively, while China's textile and apparel exports showed a decline of 2.0% and a slight increase of 2.5% for garments [3] - The PMI for Indonesia, Vietnam, and China increased, indicating a positive trend, while India's PMI declined [3] - Companies like Yuanyuan and Rihong reported a slowdown in growth due to currency exchange rates and high base effects from the previous year [3] Tmall 618 Sales Insights - The Tmall 618 sales event saw Uniqlo maintaining its top position in the apparel category, with UR and ZARA rising to the top three [4] - In the outdoor segment, Nike, FILA, and Adidas remained the top three brands, with Lululemon and Asics making significant gains [4] - The home textile brand Atour Planet rose to first place in the home textile category [4] Q2 Earnings Forecast - A-shares are expected to show improvement in Q2 compared to Q1 for companies like Hailan and Fuanna, while others like Semir and Bi Yin are anticipated to maintain their Q1 trends [5] - The overall performance of sports apparel in Hong Kong is expected to continue the growth trend seen in Q1, with high-end brands maintaining strong growth [5] Investment Recommendations - The report suggests focusing on companies with improving trends and good valuation during the mid-year reporting period, particularly in the sports and outdoor apparel segments [9] - Key recommendations include Anta Sports, Li Ning, and Xtep International for their growth potential and valuation attractiveness [9]

证券研究报告 | 2025年06月24日 金融工程日报 A 股放量上涨收复 3400 点，固态电池、机器人概念拉升 核心观点 金融工程日报 市场表现：今日(20250624) 市场全线上涨，规模指数中中证 2000 指数表现 较好，板块指数中北证 50 指数表现较好，风格指数中中证 500 成长指数表 现较好。综合、非银、汽车、电新、计算机行业表现较好，石油石化、煤炭、 国防军工、交通运输、银行行业表现较差。锂电负极、炒股软件、ETC、宇 树机器人、锂电电解液等概念表现较好，油气开采、页岩气、天然气、油气 改革、航运精选等概念表现较差。 市场情绪：今日收盘时有 85 只股票涨停，有 19 只股票跌停。昨日涨停股票 今日收盘收益为 1.64%，昨日跌停股票今日收盘收益为 2.14%。今日封板率 77%，较前日下降 0%，连板率 23%，较前日下降 16%。 市场资金流向：截至 20250623 两融余额为 18169 亿元，其中融资余额 18052 亿元，融券余额 117 亿元。两融余额占流通市值比重为 2.3%，两融交易占市 场成交额比重为 8.5%。 折溢价：20250623 当日 ETF 溢价较多的是智能 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3][5] Core Views - The company plans to acquire 30% equity in Rainbow Optoelectronics, which is expected to help consolidate and expand its competitive advantage in the panel industry. This acquisition will enhance the company's product line and diversify its customer base, increasing the market share of the BOE system to over 30% [4][5][11] - The expected revenue growth for the company from 2025 to 2027 is projected at 13.3%, 8.3%, and 9.2%, reaching 2248 billion, 2434 billion, and 2659 billion respectively. The net profit attributable to the parent company is expected to grow by 64.0%, 39.8%, and 20.8%, reaching 87.30 billion, 122.04 billion, and 147.37 billion respectively [5][13] Summary by Sections Acquisition Details - On June 17, the company announced its intention to acquire 30% equity in Xi'an Rainbow Optoelectronics Technology Co., Ltd. from Rainbow Display Device Co., Ltd. at a base price of 4.849 billion [4][6] - Rainbow Optoelectronics is a subsidiary of Rainbow Display, focusing on display panels primarily for televisions, with sizes ranging from 32 to 100 inches. This acquisition is anticipated to enhance the company's product offerings and customer diversity [4][11] Financial Projections - The company is expected to achieve stable profitability in the panel industry, with revenue from display panels projected to reach 102.1 billion in 2024, accounting for 87.5% of total revenue. The net profit for Rainbow Optoelectronics is expected to be 6.51 billion and 13.39 billion for 2023 and 2024 respectively [6][11] - The financial forecast indicates a steady increase in revenue and net profit, with the current price-to-book ratios projected at 1.07, 1.02, and 0.96 for the years 2025, 2026, and 2027 respectively [5][13] Market Positioning - The acquisition is expected to balance the technology and product mix of the BOE system, further diversifying its customer base. The company currently operates an 8.6-generation VA production line, with a significant focus on 50-inch television panels, which are projected to account for 59% of total shipments in 2024 [11][12]

Meta 发布全新 AI 眼镜，关注国产眼镜 SoC 公司。6 月 20 日 Meta 发布与知 名运动眼镜和配件品牌欧克利（Oakley）联名的 Oakley Meta HSTN，起售价 为 399 美元（约合人民币 2900 元）。该款眼镜相机分辨率达 1200 万像素， 视频录制规格为 3K Ultra HD，最高可实现 8 小时连续使用、19 小时待机， 充电眼镜盒可额外提供 48 小时续航。伴随大模型的持续更新迭代，端侧 AI 眼镜的使用体验逐步优化，建议重点关注国产 SoC 产业链公司：恒玄科技、 翱捷科技、炬芯科技、中科蓝讯、晶晨股份、全志科技、北京君正。 二季度存储涨价幅度好于预期，看好产业回暖趋势。根据 Trendforce 数据， 2Q25 NAND Flash 涨幅预计整体为 3-8%，略好于此前预期涨幅 0-5%，原厂 减产策略逐步体现，4 月初由于国际形势变化及终端需求不及预期，原厂产 能控制谨慎，供给端收缩高于预期，叠加近期 CSP 厂商需求扩张持续拉动 SSD 需求，涨价趋势预计将延续至三季度。DRAM 部分，2Q25 DDR4 涨幅预计服务 器 DDR4 为 18-23%、PC ...

2025年06月24日 证券研究报告 | 从Circle上市， 探索稳定币与交易所的合作模式 行业研究 · 行业专题 互联网 · 互联网Ⅱ 投资评级：优于大市（维持） • 全球稳定币市场规模已突破2500亿美元，行业呈现双寡头格局，USDT和USDC两者合计占84%的市场份额。整个加密货币市场总市值达3.35 万亿美元，稳定币占比7.48%，稳定币市场规模过去五年复合增速超80%，应用场景不断拓展。其中，Tether发行的USDT是全球最早也是 最大的稳定币，占60%的市场份额。Circle发行的USDC是全球第二大稳定币，市占率24%。USDC底层为美债与美元1:1储备，以合规性和透 明度为核心优势。 • Circle:作为USDC发行方在2025年6月5日登陆纽交所，作为"稳定币第一股"股价在十余天内累计涨幅超675%。商业模式主要为储备资产 利息收入、占总收入比例超99%。伴随着2025年6月17日美国参议院通过《GENIUS法案》，政策环境逐渐明晰，为稳定币市场发展提供土 壤。本文对稳定币未来市场空间与Circle财务数据进行拆分预测，并对比讨论Circle与其他加密市场相关标的估值情况。 • Cir ...

2025年06月24日 证券研究报告| 存款搬家下的价值回归 ——2025年下半年非银金融投资策略 行业研究·深度报告 非银金融 投资评级：优于大市（维持） | 证券分析师：孔祥 | 证券分析师：王德坤 | 联系人：王京灵 | | --- | --- | --- | | 021-60375452 | 021-61761035 | 0755-22941150 | | kongxiang@guosen.com.cn | wangdekun@guosen.com.cn | wangjingling@guosen.com.cn | | S0980523060004 | S0980524070008 | | 请务必阅读正文之后的免责声明及其项下所有内容 核心观点摘要 请务必阅读正文之后的免责声明及其项下所有内容 -25,000 -20,000 -15,000 -10,000 -5,000 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 2009年3月 2009年9月 2010年3月 2010年9月 2011年3月 2011年9月 2012年3月 2012年9月 201 ...