Investment Rating - The report maintains an "Accumulate" rating for the electronic industry [1] Core Insights - The report compares the self-developed SoC chips of OPPO and Xiaomi, highlighting the competitive landscape and the challenges faced by both companies in their chip development efforts [11][12] - OPPO's Zheku team faced significant challenges, including high R&D costs and limited market demand, leading to the project's eventual shutdown [18][19] - Xiaomi's Xuanjie team has shown promising results with its 3nm SoC, indicating a more sustainable path forward due to strategic long-term investments and a growing market presence [25][36] Summary by Sections 1. Introduction: Comparison of Zheku and Xuanjie - The report emphasizes the intense competition among major smartphone brands in developing self-made SoC chips, with OPPO and Xiaomi as focal points [11] 2. OPPO Zheku: Ambitions and Challenges - Zheku was established in August 2019, rapidly expanding to 3,300 employees by May 2023, with a focus on high-end chip design [12][14] - The team faced a significant setback with the 4nm flagship chip, which failed to progress due to low market demand and declining sales [18][19] 3. Xiaomi Xuanjie: Steady Progress - Xiaomi's self-developed team was founded in 2014, with a commitment to invest 500 billion yuan over ten years, leading to the successful launch of the 3nm SoC Xuanjie O1 [23][25] - The Xuanjie O1 chip has outperformed expectations in performance benchmarks, indicating a strong competitive position [25][29] 4. Economic Analysis of R&D Investments - Zheku's R&D expenditures totaled approximately 10 billion yuan over three years, with high personnel costs contributing to financial strain [17][18] - Xiaomi's Xuanjie team has invested over 135 billion yuan in R&D, with a focus on achieving economies of scale to reduce chip costs [33][34]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The domestic leader is expected to benefit significantly from the restart of capacity expansion and the entry of overseas automakers, with the company positioned to gain from these trends [7] - The company has a unique advantage in the solid-state battery sector, being the only provider of complete solid-state battery production lines globally [7] - The company has fully accounted for impairment losses, with a significant recovery in cash flow expected as new orders accelerate [7] - The forecast for net profit from 2025 to 2027 is set at 10.57 billion, 17.02 billion, and 22.28 billion respectively, with a corresponding dynamic PE ratio of 29, 18, and 14 times [7] Summary by Sections Section 1: Electric Vehicle Trends - The electric vehicle market is experiencing a significant shift, with domestic and international battery manufacturers actively expanding production [9][33] - The global automotive electrification trend remains strong, with traditional automakers planning their electric transitions [17][22] Section 2: Solid-State Battery Development - Solid-state batteries are identified as a crucial future direction for power batteries, with the company making significant advancements in this area [7][30] Section 3: Financial Performance and Forecast - The company has projected total revenue for 2023 at 16.628 billion yuan, with a net profit of 1.775 billion yuan, reflecting a year-on-year decrease of 23.45% [1] - The company anticipates a recovery in profitability, with net profit expected to rebound significantly in 2025 [7] Section 4: Market Position and Competitive Advantage - The company is strategically positioned to capture high-margin orders from overseas clients, enhancing its cash flow and overall profitability [7][38] - The report highlights the company's strong relationships with major clients, including significant orders from leading automakers [7][34]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the context of tightened local government debt supervision and narrowed traditional financing channels, ABS, with its advantages of revitalizing stock assets and innovating financing models, is becoming an option for urban investment platforms to break through financing bottlenecks. However, the urban investment ABS market also faces various challenges such as underlying asset compliance, cash - flow stability, and investor recognition [2][8]. - The development of the urban investment ABS market is mainly policy - oriented, evolving through four stages: exploration and start - up (2005 - 2013), transformation and expansion (2014 - 2017), contraction and adjustment (2018 - 2020), and transformation and upgrading (2021 to present) [2]. 3. Summary by Related Catalogs 3.1 Exploration and Start - up Stage (2005 - 2013) - Policy: In 2005, the "Administrative Measures for the Pilot Project of Credit Asset Securitization" and "Regulations on Accounting Treatment for the Pilot Project of Credit Asset Securitization" were issued, marking the official start of asset securitization business. In 2012, the CSRC restarted the pilot project of enterprise asset securitization by securities companies. In 2013, the regulatory framework for enterprise ABS was first clarified [9][11]. - Market: The total issuance scale of urban investment ABS was less than one billion yuan, far lower than that of urban investment bonds. Product types and underlying assets were relatively single. The market acceptance was low, and the coupon rate was high. This stage laid a cognitive foundation and opened an initial market for the rapid development of enterprise ABS [2][12]. 3.2 Transformation and Expansion Stage (2014 - 2017) - Policy: In 2014, the "Guiding Opinions on Strengthening the Management of Local Government - related Debts" and the "Guidelines for the Negative List of Underlying Assets in Asset Securitization Business" were issued. The filing system was implemented, and supporting systems were released by the SSE and SZSE. Subsequently, policies were introduced to strengthen market supervision and standardize financing behaviors [14][15]. - Market: The market scale of urban investment ABS grew rapidly, and the degree of marketization increased significantly. The types of underlying assets became more diversified, and the issuance efficiency was greatly improved. ABS gradually became an important financing tool for urban investment platforms [15][16]. 3.3 Contraction and Adjustment Stage (2018 - 2020) - Policy: In 2018, the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions" was issued, strengthening the requirements for underlying asset compliance and information disclosure. In 2019, policies prohibited urban investment enterprises from raising debts through non - standard means. In 2020, policies were issued to promote the standardization of ABS business [17][18][19]. - Market: The issuance of urban investment ABS was strictly restricted. The regulatory requirements forced urban investment platforms to transform to market - oriented operations. The issuance scale shrank, and high - quality urban investment platforms gradually dominated the issuance [20]. 3.4 Transformation and Upgrading Stage (2021 to present) - Policy: Policies have unified the information disclosure standards for credit bonds, refined the negative list of underlying assets for urban investment ABS, and promoted the transformation of ABS business from "policy - based financing" to "market - based financing". They also support urban investment enterprises in financing infrastructure construction through ABS and encourage product innovation [21][23]. - Market: Urban investment ABS has gradually transformed from policy - based financing to market - based financing. The policy promotes the combination of ABS with REITs, corporate bonds, etc., forming a multi - level financing system and promoting the healthy development of the market [24].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The domestic leader is expected to benefit significantly from the restart of capacity expansion and the entry of overseas automakers, with the company positioned to gain from these trends [7] - The company has a unique advantage in the solid-state battery sector, being the only provider of complete solid-state battery production lines globally [7] - The company has fully accounted for impairment losses, with a significant recovery in cash flow expected as new orders accelerate [7] - The forecast for net profit from 2025 to 2027 is set at 10.57 billion, 17.02 billion, and 22.28 billion respectively, with the current stock price corresponding to dynamic P/E ratios of 29, 18, and 14 times [7] Summary by Sections Section 1: Electric Vehicle Trends - The electric vehicle market is experiencing a significant shift, with domestic and international battery manufacturers actively expanding production [9][33] - The global automotive electrification trend remains strong, with traditional automakers planning their electric transitions [17][22] Section 2: Solid-State Battery Development - Solid-state batteries are identified as a crucial future direction for power batteries, with the company making significant advancements in this area [7][30] Section 3: Financial Performance and Forecast - The company has projected total revenue for 2023 at 16.628 billion yuan, with a year-on-year growth of 19.35% [1] - The net profit for 2023 is forecasted at 1.775 billion yuan, reflecting a year-on-year decrease of 23.45% [1] - The company has reported a significant increase in orders and cash flow recovery, indicating a positive trend in operational performance [7][54]

Market Positioning Signals - CSI 300: 3 indicators signal bullish, 20 indicators signal reduction; optimal single indicator signals reduction; both rolling momentum and rolling conservative strategies signal reduction[2] - CSI 500: 4 indicators signal bullish, 19 indicators signal reduction; optimal single indicator signals reduction; both rolling momentum and rolling conservative strategies signal reduction[2] - CSI 1000: 5 indicators signal bullish, 18 indicators signal reduction; optimal single indicator signals reduction; both rolling momentum and rolling conservative strategies signal reduction[2] Performance Metrics - The average excess annualized return from a single technical indicator based on volume-price divergence across 34 indices is 3.75%[3] - The 5-signal strategy achieved an annualized return of 2.54% on the CSI 1000, with an excess annualized return of 11.27%[3] - The rolling conservative strategy, with a rebalancing frequency of T+10, yields an average excess annualized return of 3.99%[3] Strategy Outcomes - In May, the rolling momentum strategy recorded excess returns of -0.13% for CSI 300, -0.04% for CSI 500, and 0.00% for CSI 1000[9] - The rolling conservative strategy showed a return of 0.17% for CSI 300, -0.04% for CSI 500, and -0.36% for CSI 1000[12] Risk Considerations - All statistical results are based on historical data, and future market conditions may change significantly[26] - Single-factor returns may exhibit substantial volatility, necessitating the integration of risk management methods[26] - Model calculations may contain relative errors and do not constitute actual investment advice[26]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1]. Core Views - The non-ferrous metals sector experienced a decline of 2.40% during the week of May 26 to May 30, ranking low among all primary industries. Precious metals fell by 3.55%, industrial metals by 2.56%, energy metals by 3.18%, small metals by 0.69%, and new materials by 1.09% [1][15]. - The macroeconomic sentiment has weakened due to declining U.S. consumer spending and escalating trade tensions, impacting industrial metals negatively. However, gold is expected to strengthen due to rising inflation expectations in the U.S. [1][4]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.03%, with the non-ferrous metals sector declining by 2.40%, underperforming the index by 2.38 percentage points [15]. - All sub-sectors within non-ferrous metals saw declines, with precious metals leading the drop [15]. Industrial Metals - **Copper**: Prices remained volatile due to seasonal demand declines and macroeconomic sentiment. As of May 30, LME copper was at $9,497/ton, down 1.22% week-on-week, while SHFE copper was at ¥77,600/ton, down 0.24% [2][34]. - **Aluminum**: Prices decreased slightly, with LME aluminum at $2,449/ton (down 0.71%) and SHFE aluminum at ¥20,070/ton (down 0.42%). Social inventory fell to 549,600 tons, down 6.47% [3][38]. - **Zinc**: LME zinc was at $2,630/ton, down 3.06%, while SHFE zinc was at ¥22,225/ton, up 0.05%. Inventory levels decreased for both exchanges [41]. - **Tin**: Prices fell significantly, with LME tin at $30,230/ton (down 7.45%) and SHFE tin at ¥250,300/ton (down 5.40%). Supply expectations have increased due to resumed operations in certain mines [45]. Precious Metals - **Gold**: The COMEX gold price rose to $3,313.10/oz (up 0.55%), while SHFE gold fell to ¥771.80/g (down 1.06%). The market anticipates a rise in U.S. inflation, providing a bullish outlook for gold [4][50]. Economic Indicators - U.S. durable goods orders fell by 6.3% in April, indicating weakening consumer spending and investment sentiment. The PCE price index showed a year-on-year increase of 2.1%, the lowest since March 2021 [4][28]. Supply and Demand Dynamics - The report highlights a tightening supply for copper due to disruptions in production and a seasonal decline in demand. The macroeconomic environment is expected to exert more influence on copper prices in the short term [2][34]. Inventory Trends - Copper inventories showed mixed trends, with LME stocks at 149,900 tons (down 9.02%) and SHFE stocks at 105,800 tons (up 7.22%) [34]. This summary encapsulates the key insights and data from the industry report, providing a comprehensive overview of the current state and outlook for the non-ferrous metals sector.

Group 1 - The report focuses on adjusting index positions based on technical indicators to achieve excess returns, utilizing a variety of indicators derived from volume and price data [3][8]. - A total of 27 technical indicators were constructed and tested under specified backtesting conditions across three broad indices: CSI 300, CSI 500, and CSI 1000, as well as 31 Shenwan first-level industry indices [3][8]. - The average excess annualized return from the technical indicators designed based on the concept of volume-price divergence reached 3.75% across 34 indices [3][8]. Group 2 - The report outlines the latest performance statistics, indicating that the rolling momentum strategy achieved excess returns of -0.13% for CSI 300, -0.04% for CSI 500, and 0.00% for CSI 1000 in May [9][12]. - The rolling momentum strategy showed a strong performance in the CSI 1000 index, yielding an annualized return of 2.54% and an excess annualized return of 11.27% [3][10]. - The report distinguishes between two strategies: the rolling momentum strategy, which is suitable for investors with higher risk tolerance, and the rolling conservative strategy, which is more appropriate for those with lower risk tolerance [8][9]. Group 3 - As of early June, the model's position and signal judgments indicated that for CSI 300, 3 indicators signaled bullish, while 20 indicated a reduction in positions; similar trends were observed for CSI 500 and CSI 1000 [18][22]. - The report provides a detailed analysis of the number of bullish and bearish indicators across various sectors, highlighting the varying market conditions and potential investment opportunities [23][25]. - The report includes a comprehensive summary of the model's excess returns across different sectors, indicating performance variations and potential areas for investment focus [12][13].

证券研究报告·金融工程·金工定期报告 金工定期报告 20250603 从微观出发的五维行业轮动月度跟踪 202506 2025 年 06 月 03 日 [Table_Tag] [Table_Summary] 报告要点 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 凌志杰 执业证书：S0600525040007 lingzhj@dwzq.com.cn 相关研究 2025-05-06 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 ◼ 模型多空对冲绩效：以 2015/01/01-2025/05/31 为回测区间，五维行业轮 动模型在申万一级行业中，六分组多空对冲的年化收益率为 21.64%，年 化波动率为 10.82%，信息比率为 2.00，月度胜率为 73.11%，历史最大 回撤为 13.30%；多头对冲全市场行业等权组合的年化收益率为 10.43%， 年化波动率为 6.62%，信息比率为 1.58，月度胜率 70.59%，历史最大回 撤为 9.36%。 ◼ 5 月模型多空收益统计：在申万一级 31 个行业中， ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Viewpoints - The domestic home textile industry is experiencing new development opportunities driven by the sleep economy, self-care consumption, and content platforms. The memory pillow category has shown significant market potential, indicating a large expansion space in the domestic home textile market. As a leading company, the report expects the company to further increase its market share through simultaneous efforts in research and marketing [3][54]. - The sales of the company's memory pillows are projected to increase significantly, from 114 million yuan in 2025 to 644 million yuan by 2027. The report has adjusted the net profit forecasts for 2025 and 2026 upwards, reflecting a positive outlook for the company's performance [3][54]. Summary by Sections 1. New Opportunities in the Home Textile Industry - Sleep issues are a significant health concern for the population, with a sleep disturbance rate of 48.5% among individuals aged 18 and above in China. This issue is primarily driven by self-recognition anxiety, work challenges, and health concerns [13][18]. - Self-care consumption is becoming a new trend in domestic consumption, with consumers increasingly willing to pay for emotional value and personal experiences [20][21]. - Content platforms like Douyin and Xiaohongshu are accelerating market education for bedding products, enhancing consumer awareness and stimulating potential demand [24][25]. 2. Market Potential of Memory Pillows - The memory pillow category is expected to drive market expansion, with the domestic pillow market estimated to reach approximately 250 billion yuan in 2024. The market for memory pillows could exceed 400 billion yuan by 2030, with a compound annual growth rate (CAGR) of 50% [43][49]. - The report highlights that leading brands in the home textile industry are increasingly focusing on the pillow category, with significant sales growth observed in this segment [42][43]. 3. Company Strategy and Market Position - The home textile market is characterized by low concentration, with the leading brands' market shares being 1.3% for the company, 1.1% for a competitor, and 0.9% for another. The report indicates a slight upward trend in the market share of leading companies [55][59]. - The company is focusing on both research and marketing to embrace new industry opportunities, with a strategy that includes launching new products and enhancing brand visibility [61][62]. - The company maintains a competitive price positioning among leading brands, which is expected to attract a broader consumer base during the market expansion phase [54][66].

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [1] Core Views - The construction materials sector is experiencing fluctuations at the bottom of the PMI range, with expectations for a gradual recovery in demand driven by government policies and market dynamics [4][16] - The report highlights the potential for recovery in the home decoration materials sector, particularly with the implementation of "old-for-new" subsidies and service consumption stimulus policies [4][16] Summary by Sections 1. Sector Overview - The building materials sector has shown a slight increase of 0.18% in the past week, outperforming the CSI 300 and the Wind All A indices, which decreased by -1.08% and -0.02% respectively, resulting in excess returns of 1.26% and 0.20% [4] - The construction industry PMI has shown signs of improvement, indicating a potential recovery in new orders due to eased tariffs [4][16] 2. Bulk Building Materials Fundamentals and High-Frequency Data 2.1 Cement - The national average price for high-standard cement is 367.8 RMB/ton, down by 3.0 RMB/ton from last week and 6.3 RMB/ton from the same period last year [20][21] - The average cement inventory among sample enterprises is 65.7%, with an average shipment rate of 47.8%, reflecting a slight increase in demand [25][19] - The report anticipates a stabilization or slight rebound in cement prices due to improved supply discipline among leading companies [12][19] 2.2 Glass Fiber - The report notes that the profitability of mid-range glass fiber remains resilient, with demand in domestic wind power and thermoplastics continuing to grow [13] - The industry is expected to see a gradual recovery in supply-demand balance, supported by the growth in high-end products [13] 2.3 Glass - The glass sector is facing weak terminal demand, with prices under pressure as the industry enters a seasonal downturn [14][15] - The report suggests monitoring production line adjustments to gauge future price recovery potential [14][15] 3. Industry Dynamics Tracking - The report emphasizes the importance of government policies aimed at stimulating domestic demand and stabilizing the real estate market, which are expected to positively impact the building materials sector [16] - The anticipated recovery in consumer confidence and the ongoing implementation of national subsidies are expected to drive demand for home decoration materials [16] 4. Weekly Market Review - The report provides a detailed analysis of price changes and inventory levels across various regions, indicating a mixed performance in the cement market with some areas experiencing price increases while others see declines [19][20][21]