Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1] Core Views - The construction PMI has shown improvement, particularly in civil engineering, indicating a recovery in project activity [5][10] - The report highlights the growth in overseas contracting, with a completed turnover of USD 47.11 billion in the first four months of 2025, a year-on-year increase of 6.8% [11] - The report emphasizes the structural demand in specific sectors such as water conservancy and cleanroom engineering, which are expected to remain robust [11] Summary by Sections Industry Trends - The construction PMI for May is reported at 51.0%, a decrease of 0.9 percentage points from the previous month, indicating a slowdown in expansion [21] - The civil engineering PMI increased to 62.3%, reflecting accelerated construction activity in infrastructure projects [21] - New order index rose to 43.3%, showing improved project expectations, while the employment index increased to 39.5%, indicating a bottoming out of employment conditions [21] Overseas Expansion - In the first four months of 2025, new contracts signed in Belt and Road countries reached USD 64.54 billion, a year-on-year increase of 17.4% [11] - The report suggests that geopolitical tensions may lead to increased cooperation in infrastructure projects, particularly in Europe and ASEAN regions [11] Investment Opportunities - The report identifies potential investment opportunities in specialized manufacturing sectors, energy-saving, and new energy-related infrastructure, recommending companies like Honglu Steel Structure and Huayang International [11] - The semiconductor cleanroom sector is expected to maintain its growth, with companies like Yaxiang Integration and Bocheng Co., Ltd. being highlighted [11] Market Performance - The construction and decoration sector saw a weekly increase of 1.12%, outperforming the Shanghai Composite Index, which decreased by 1.08% [27] - The report lists top-performing stocks, including Hopu Co., Ltd. and *ST Chuangxing, which showed significant gains [28]

证券研究报告·行业跟踪周报·建筑装饰 建筑装饰行业跟踪周报 建筑 PMI 有所改善，继续关注结构景气的 专业工程领域 增持（维持） [Table_Tag] [投资要点 Table_Summary] （2）出海方向：2025 年前 4 个月我国对外承包工程完成营业额 471.1 亿美元，同比增长 6.8%；新签合同额 765.9亿美元，同比增长 22.4%； 其中在共建"一带一路"国家新签合同额 645.4 亿美元，同比增长 17.4%；美国关税摩擦和全球贸易摩擦升级，后续外交博弈、贸易摩擦 或加剧，一带一路战略推进或加码，预期未来中欧合作、东盟地区合 作有望更加密切，基建合作仍是重要形式，海外工程需求景气度有望 保持，海外工程业务有望受益，后续预计逐渐兑现到订单和业绩层 面。建议关注国际工程板块，个股推荐中材国际、上海港湾，建议关 注中工国际、北方国际、中钢国际等。 （3）需求结构有亮点，新业务增量开拓下的投资机会：部分专业制造 工程细分领域、节能降碳以及新能源相关的基建细分领域景气度较 高，有相关转型布局的企业有望受益，建议关注鸿路钢构、华阳国际 等；半导体洁净室景气度有望延续，关注亚翔集成、柏诚股份等。 ...

证券研究报告·固定收益·固收周报 固收周报 20250602 周观：交易主线缺位，债市难逃脱震荡行情 （2025 年第 21 期） [Table_Tag] [Table_Summary] 观点 ◼ 关税政策反复，半年末时点临近，如何看到当前债券的配置价值？ A：本周（2025.5.26-2025.5.30），10 年期国债活跃券于 5 月 28 日切换， 考虑到连贯性，我们在此仍然以 250004.IB 作为 10 年期国债活跃券来 描述走势情况。10 年期国债活跃券收益率从上周五的 1.689%上行 1.2bp 至 1.701%。 2025 年 06 月 02 日 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 陈伯铭 执业证书：S0600523020002 chenbm@dwzq.com.cn 证券分析师 徐沐阳 周度复盘：周一（5.26），特朗普早盘称将从 6 月 1 日起对进口自欧盟的 商品征收 50%关税，10 年期国债收益率震荡下行。随后欧盟紧急与特 朗普磋商，延期至 7 月 6 日，加之 250011.IB 将 ...

证券研究报告·宏观报告·宏观周报 宏观量化经济指数周报 20250602 基数走高，5 月出口增速或有所放缓 2025 年 06 月 02 日 [Table_Tag] [Table_Summary] 观点 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 李昌萌 执业证书：S0600524120007 lichm@dwzq.com.cn 证券分析师 王洋 执业证书：S0600524120012 wangyang@dwzq.com.cn 相关研究 《市场进入快速轮动末期，行业风格 向稳定板块切换》 2025-05-30 《老龄化进程下的消费变迁和银发经 济》 2025-05-30 东吴证券研究所 1 / 15 | 1. 本周双指数概览 | 4 | | --- | --- | | 1.1. ECI 指数：5 | 月供需两端下行压力有所放缓 4 | | 1.2. ELI | 指数：存款"降息"或加剧银行"负债荒" 5 | | 2. 本周高频数据概览 | 7 | | | 2.1. 工业生产：月末工业生产保持平稳 7 | | | 2.2. 消费：乘用车零售增速保持 ...

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 马斯克回归 Optimus 量产在即，汽车反"内 卷式"竞争 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 06 月 02 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 研究助理 许钧赫 2025-05-18 东吴证券研究所 1 / 43 请务必阅读正文之后的免责声明部分 执业证书：S0600123070121 xujunhe@dwzq.com.cn 行业走势 -17% -13% -9% -5% -1% 3% 7% 11% 15% 19% 23% 2024/6/3 2024/10/1 2025/1/29 2025/5/29 电力设备 沪深300 相关研究 《电力设备行业跟踪周报：人形机器 人量产在即，锂电需求略有好转》 2025-05-26 《电力设备行业跟踪周报：人形机器 人如火如荼，关税下降或带动 ...

证券研究报告 汽车周观点： 5月第4周乘用车环比+2.7%，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年6月2日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.5.26-2025.6.1 2 ◼ 本周复盘总结：五月第四周交强险39.1万辆，环比上周/上月周度+2.7%/-11.5%。 ◼ 本周细分板块涨跌幅排序：SW商用载客车(-0.1%) >SW摩托车及其他(-1.1%) > SＷ商 用载货车(-1.8%) >SW汽车零部件(-1.9%) > SW汽车（-4.1%）>SW乘用车(-9.5%)。 本周已覆盖标的经纬恒润-W、金龙汽车、新泉股份、中国重汽、德赛西威涨幅前五。 （ ◼ 本周团队研究成果：外发继峰股份深度《海外拐点临近，座椅加速放量》，汽车智能 化6月投资策略，客车5月报，理想一季报点评。 ◼ 本周行业核心变化：1）小鹏MONA M03 Max上市，搭载同级最强AI智能辅助驾驶， 让高阶智驾首次触达15万元以下市场；2）理想汽车2025Q1实现营收259.3亿元 ...

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 脑卒中千亿市场，千红制药创新药 106 有望 成为 50 亿大单品 增持（维持） [Table_Tag] [Table_Summary] [Table_Summary] 投资要点 2025 年 06 月 02 日 -16% -13% -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 2024/6/3 2024/10/1 2025/1/29 2025/5/29 医药生物 沪深300 相关研究 《国产创新药闪耀 ASCO 国际舞台》 2025-05-25 《三抗药物研发进入快车道，建议关 注泽璟制药、三生制药等》 2025-05-18 东吴证券研究所 1 / 29 请务必阅读正文之后的免责声明部分 证券分析师 朱国广 本周、年初至今 A 股医药指数涨幅分别为 2.6%、6.6%，相对沪深 300 的超额收益分别为 4.5%、9.0%；本周、年初至今 H 股生物科技指数涨 跌幅分别为 4.2%、41.4%，相对于恒生科技指数跑赢-1.6%、15.7%； 本周 A 股化药（+4.4%）、原料药（+3.2%）、医疗服务（+3.1%）、 ...

增持（维持） [Table_Tag] [投资要点 Table_Summary] 风险提示：政策执行不及预期，电价波动风险，数据中心建设不及预期。 证券研究报告·行业点评报告·环保 环保行业点评报告 全国绿电直连政策发布，打开垃圾焚烧发电 IDC 合作空间 2025 年 06 月 02 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 行业走势 -15% -11% -7% -3% 1% 5% 9% 13% 17% 21% 2024/6/3 2024/10/1 2025/1/29 2025/5/29 环保 沪深300 相关研究 《水污染治理从关注"老大难"到"提 质增效"，固废板块提分红+供热 IDC 拓展提 ROE》 2025-05-27 《《生态环境保护督察工作条例》印 发，固废板块提分红验证+供热 IDC 拓 展提 ROE》 免责声明 东吴证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。 会因接收人收到本报告而视 ...

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The stroke treatment market in China is projected to exceed 100 billion yuan, with QHRD106 from Qianhong Pharmaceutical expected to become a major product with potential sales of 4-5 billion yuan [1][19]. - The A-share pharmaceutical index has shown a year-to-date increase of 6.6%, outperforming the CSI 300 index by 9.0% [4][9]. - The report highlights the importance of secondary prevention in acute ischemic stroke (AIS) treatment, emphasizing the need for effective therapies [18][19]. Summary by Sections Industry Trends - The A-share pharmaceutical index has increased by 2.6% this week, with significant gains in various sub-sectors, including chemical drugs (+4.4%) and raw materials (+3.2%) [4][9]. - The H-share biotechnology index has shown a year-to-date increase of 41.4%, outperforming the Hang Seng Technology Index [4][9]. Market Potential - The number of stroke patients in China is approximately 13 million, with an annual increase of about 4.5%-4.8%, indicating a growing market for stroke medications [19][27]. - The report estimates that the sales peak for QHRD106 could reach 4-5 billion yuan by 2027, positioning it as a potential blockbuster drug [1][19]. R&D Progress and Company Dynamics - QHRD106 is currently in clinical phase II, with data expected to be released in the second half of 2025, potentially outperforming existing similar drugs [1][19]. - The report lists several companies to watch, including Qianhong Pharmaceutical, Hengrui Medicine, and BeiGene, focusing on growth potential in the innovative drug sector [10][11]. Investment Strategy - Recommended sub-sector rankings for investment are: innovative drugs > CXO > traditional Chinese medicine > medical devices > pharmacies > pharmaceutical commerce [10]. - Specific stock selection strategies include focusing on growth in innovative drugs and identifying undervalued stocks in traditional Chinese medicine [10].

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [1] Core Views - The humanoid robot sector is expected to see significant growth, with a projected market space exceeding 15 trillion yuan and a production milestone in 2025 [9][10] - The electric vehicle market is experiencing a price war, with a projected annual sales growth of 30% [11] - The energy storage sector is anticipated to grow significantly, particularly in emerging markets, with a global installation CAGR of 20-40% from 2025 to 2028 [11] Industry Trends - The electric power equipment sector has shown varied performance, with nuclear power up by 3.8% and electric equipment down by 2.44% in the recent week [5] - The humanoid robot industry is witnessing rapid advancements, with multiple companies launching new products and securing significant funding [5] - The energy storage market in China is seeing new projects and installations, with a notable increase in demand for large-scale storage solutions [24][25] Company Insights - Companies like Ningde Times and BYD are highlighted as key players in the battery and electric vehicle sectors, with strong sales performance and growth potential [8] - Tesla's humanoid robot production is set to ramp up, with expectations of thousands of units by the end of the year [9] - The report emphasizes the importance of supply chain players in the humanoid robot sector, recommending companies involved in key components like actuators and sensors [10] Investment Strategy - The report suggests a focus on leading companies in the humanoid robot, electric vehicle, and energy storage sectors, including Ningde Times, BYD, and various component manufacturers [11][8] - It highlights the potential for significant returns in the humanoid robot market, comparing it to the early stages of the electric vehicle market [9][10] - The energy storage market is expected to benefit from policy adjustments and increasing demand, particularly in Europe and emerging markets [11]