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 ...

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1] Core Views - The life insurance premium growth is recovering, and the value of non-bank financial assets is becoming more prominent [1] - The insurance sector is expected to benefit from economic recovery and rising interest rates, with a significant improvement in the liability side and a long-term positive outlook for health and pension insurance [39] - The securities industry is anticipated to see new business growth opportunities due to market recovery and favorable policy environments [39] Summary by Sections Non-Bank Financial Subsector Performance - All non-bank financial subsectors outperformed the CSI 300 index in the recent five trading days, with the insurance sector rising by 0.51% and the multi-financial sector by 0.62% [8] - Year-to-date, the insurance sector has shown the best performance, with a 0.05% increase, while the multi-financial sector has decreased by 6.02% [9] Non-Bank Financial Subsector Insights Securities - Trading volume has significantly increased year-on-year, with May's average daily stock trading volume reaching 1.3741 trillion yuan, up 46.28% from last year [13] - The margin financing balance as of May 29 was 1.8094 trillion yuan, a year-on-year increase of 18.22% [13] - The average price-to-book (PB) ratio for the securities industry is projected at 1.1x for 2025 [18] Insurance - Life insurance premiums have shown a continuous recovery, with original premiums for personal insurance reaching 2.0966 trillion yuan from January to April, a year-on-year increase of 1.8% [19] - The investment allocation of insurance funds has shifted towards bonds and stocks, with the bond proportion rising to 51.2% [23] - The insurance sector's valuation is currently at 0.55-0.93 times the expected 2025 embedded value (P/EV), indicating a historical low [25] Multi-Financial - The trust industry is entering a stable transition period, with total trust assets reaching 27 trillion yuan, a year-on-year increase of 24.5% [26] - The futures market saw a significant increase in trading volume and value, with April's trading volume at 8.09 billion contracts and a transaction value of 70.18 trillion yuan, up 21.49% and 23.92% year-on-year, respectively [31] Industry Ranking and Key Company Recommendations - The recommended ranking for the industry is insurance > securities > other multi-financial sectors, with key recommendations including New China Life Insurance, China Pacific Insurance, China Life Insurance, China Securities, and Tonghuashun [39]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to issue convertible bonds to raise nearly 2 billion RMB for expanding its production capacity in perovskite tandem solar cells [7] - The perovskite tandem technology is gaining traction, with multiple players entering the market, indicating a robust investment demand [7] - The company has developed the capability to deliver complete production lines for perovskite-silicon tandem solar cells, leveraging its existing technology in heterojunction solar cell manufacturing [7] Financial Projections - Total revenue is projected to reach 9,830 million RMB in 2024, with a year-on-year growth of 21.53%, followed by a decline to 7,561 million RMB in 2025 [1][8] - The net profit attributable to the parent company is expected to be 925.91 million RMB in 2024, with a slight increase of 1.31% from the previous year, and a forecast of 764.86 million RMB in 2025 [1][8] - The earnings per share (EPS) is estimated to be 3.31 RMB in 2024, decreasing to 2.74 RMB in 2025 [1][8] - The price-to-earnings (P/E) ratio is projected to be 20.97 in 2024 and 25.38 in 2025 [1][8]

证券研究报告·行业跟踪周报·煤炭开采 煤炭开采行业跟踪周报 港口库存逐步去化，仍处高位，煤价触底震 荡运行 增持（维持） [Table_Tag] [Table_Summary] 行业近况 本周（5 月 26 日至 5 月 30 日）港口动力煤现货价环比持平，报收 611 元/吨。 供给端，本周环渤海四港区日均调入量 178.60 万吨，环比上周增加 2.80 万吨，增幅 1.59%。矿山产地煤矿正常供应，港口供给略有上升。 2025 年 06 月 02 日 证券分析师 孟祥文 执业证书：S0600523120001 mengxw@dwzq.com.cn 证券分析师 米宇 执业证书：S0600524110004 miy@dwzq.com.cn 需求端，本周环渤海四港区日均调出量204.29万吨，环比上周增加23.71 万吨，增幅 13.13%；日均锚地船舶共 82 艘，环比上周增加 20 艘，增 幅 33.18%。库存端，环渤海四港区库存端 3057.20 万吨，环比上周减少 153.40 万吨，降幅 4.78%。港口本周日均调出量环比回升，库存绝对值 减少，同比仍处高位，煤价震荡运行。 我们分析认为：煤炭价格 ...

证券研究报告·宏观报告·宏观周报 海外周报 20250602 特朗普对等关税能否延续？ 2025 年 06 月 02 日 ◼ 海外政治：对等关税法律依据遭挑战，但未来贸易局势依旧面临较大的 不确定性。美东时间 5 月 28 日，美国国际贸易法院（United States Court of International Trade , CIT）做出裁决，禁止特朗普于 4 月 2 日"解放 日"对全球征收对等关税的行政命令。具体来看，法院认为特朗普援引 《国际紧急经济权利法》（IEEPA）征收对等关税的行为超出了法律本身 的授权范围：一方面，美国长期处于贸易赤字状态，因此特朗普以贸易 逆差为由并不符合 IEEPA 条款中"异常且特殊的威胁（unusual and extraordinary threat）"的启用条件；另一方面，美国宪法规定国会拥有 征收关税的权利，而特朗普在全球范围内大规模征收关税并完全绕开国 会授权的行为从一定程度上违反了宪法中对立法和行政的权利范围划 分。随后特朗普对该判决结果迅速上诉，巡回法院受理后发布了暂缓执 行令（即允许特朗普暂时继续征收对等关税），并要求原告（CIT）于 6 月 5 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Insights - The industry of unmanned logistics vehicles is entering a rapid growth phase, supported by policy initiatives and cost optimization, with commercial viability being validated [8][12] - The market for unmanned logistics vehicles is projected to reach a scale of 6000 units in application by 2024, with significant growth expected in 2025 [11] - The annual freight scale of road logistics in China is estimated at 7 trillion yuan, indicating a substantial market opportunity for automated driving service subscriptions [17] Summary by Sections 1. Industry Entering 1-10 Phase: Policy Support and Cost Optimization - Road rights are being accelerated for opening, leading to a significant increase in operational scale, with over 100 cities granted public road rights for unmanned logistics vehicles [9][11] - Cost optimization is being achieved through improved management efficiency and pricing strategies, with examples showing a reduction in operational costs by up to 40% [13][12] 2. Trillion Yuan Market Space, Leading Manufacturers Strengthening Channel Operations and Multi-Scenario Development - The market for automated driving service subscriptions could reach nearly 500 billion yuan annually, with major players actively expanding both domestically and internationally [17][18] - Leading companies are diversifying their applications beyond traditional logistics to include security, sanitation, and retail delivery, with significant order growth reported [18][19] 3. Investment Recommendations and Related Targets - The report suggests focusing on companies with operational capabilities or relevant scenarios, as well as upstream core components and algorithm platform companies [19][20] - Recommended companies include logistics operators such as Kaile Co., China Post Technology, and Tongxingbao, as well as component and algorithm platform firms like Jingwei Hengrun and Wanjitech [20]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to issue convertible bonds to raise nearly 2 billion RMB for expanding its production capacity in perovskite tandem solar cells [7] - The perovskite tandem technology is gaining traction, with multiple players entering the market, indicating a growing investment demand [7] - The company has developed the capability to deliver complete production lines for perovskite-silicon tandem solar cells, leveraging its existing technology in heterojunction cell manufacturing [7] - The projected annual revenue from the new perovskite tandem solar cell manufacturing equipment is estimated at 4 billion RMB, with a net profit of 600 million RMB [7] Financial Summary - Total revenue forecast for 2023 is 8,089 million RMB, with a year-on-year growth of 94.99% [1] - The net profit attributable to the parent company for 2023 is projected at 913.90 million RMB, reflecting a year-on-year increase of 6.03% [1] - Earnings per share (EPS) for 2023 is estimated at 3.27 RMB, with a price-to-earnings (P/E) ratio of 21.24 [1] - The company expects net profits of 764.86 million RMB in 2025, with a decline of 17.39% year-on-year, followed by a recovery in subsequent years [1][8]

证券分析师 芦哲 [Table_Tag] [Table_Summary] 观点 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 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 请务必阅读正文之后的免责声明部分 ◼ 周度 ECI 指数：从周度数据来看，截至 2025 年 6 月 1 日，本周 ECI 供 给指数为 50.20%，较上周回落 0.03 个百分点；ECI 需求指数为 49.93%， 较上周回升 0.01 个百分点。从分项来看，ECI 投资指数为 49.96%，较 上周环比持平；ECI 消费指数为 49.77%，较 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to issue convertible bonds to raise nearly 2 billion RMB for expanding its production capacity in perovskite tandem solar cells, with a total investment of 2.138 billion RMB for the project [7] - The project aims to produce 20 sets of perovskite tandem solar cell manufacturing equipment annually, generating an expected annual revenue of 4 billion RMB (excluding tax) and a net profit of 600 million RMB [7] - The development of perovskite tandem technology is accelerating, with multiple players entering the market, indicating a growing investment demand in the industry [7] - The company has established the capability for complete line delivery of perovskite-silicon tandem battery equipment, leveraging its experience in heterojunction battery manufacturing [7] - The profit forecast for the company indicates a net profit of 764.86 million RMB in 2025, with a projected growth to 1.097 billion RMB by 2027 [7] Financial Summary - Total revenue is projected to be 8,089 million RMB in 2023, with a year-on-year growth of 94.99%, and is expected to reach 9,830 million RMB in 2024 [1] - The net profit attributable to the parent company is forecasted to be 913.90 million RMB in 2023, with a slight increase to 925.91 million RMB in 2024 [1] - The earnings per share (EPS) is expected to be 3.27 RMB in 2023, slightly increasing to 3.31 RMB in 2024 [1] - The price-to-earnings (P/E) ratio is projected to be 21.24 for 2023 and decrease to 20.97 for 2024 [1]

证券研究报告·行业点评报告·计算机 计算机行业点评报告 无人物流车：迎来商业化落地 2025 年 06 月 02 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 相关研究 《数字中国 2025 强调高质量数据集》 2025-05-18 《算力租赁 2025 年 Q1 率先体现业 绩，海外大厂资本开支持续乐观》 2025-05-05 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 证券分析师 王紫敬 执业证书：S0600521080005 021-60199781 wangzj@dwzq.com.cn 行业走势 -16% -8% 0% 8% 16% 24% 32% 40% 48% 56% 2024/6/3 2024/10/1 2025/1/29 2025/5/29 计算机 沪深300 ◼ 各地陆续开放路权，支持无人驾驶运营测试。2024 年 7 月，工业和信息 化部、公安部、自然资源部、住房和城乡建设部、交通运输部等五部门 联合发布《关于公布智能网联汽车"车路云一体化"应用试点城市名单 的通知》，北京、上海、重庆、鄂尔多斯等 20 个城市（联合体）上榜。 各试点 ...