Investment Rating - The investment rating for the company is "Buy" (首次) [5] Core Viewpoints - The company is a leading manufacturer of high-end casting components, benefiting from trends in AIDC, aerospace technology, and nuclear fusion industries [1][9] - The company has established a complete high-end component production system and is a key member of the high-end equipment manufacturing industry chain in China [18][19] - The company plans to issue 1.5 billion convertible bonds to enhance its production capabilities in turbine blade processing and advanced nuclear materials [9][33] Summary by Relevant Sections Business Overview - The company focuses on aviation engines and gas turbine products, benefiting from the demand for domestic large aircraft and AIDC [18] - The company has a strong presence in the high-end parts, aerospace technology, and advanced materials sectors, serving various high-end equipment fields [18][22] Financial Summary - In 2024, the company expects revenue of 2,513 million yuan, a year-on-year increase of 4.2%, and a net profit of 286 million yuan, a year-on-year decrease of 5.6% [4][25] - The company's sales gross margin is projected to be 34.2%, with a net margin of 10% for 2024 [27][28] Gas Turbine Sector - The global gas turbine market is estimated to be 28.14 billion USD in 2024, with a compound annual growth rate (CAGR) of 7.4% from 2025 to 2034 [46] - The company is recognized as a domestic leader in gas turbine blades, with a significant increase in orders, achieving a 102.8% year-on-year growth in 2024 [2][61] Aerospace Sector - The global aerospace engine market was approximately 113.97 billion USD in 2023, expected to reach 151.20 billion USD by 2030, with a CAGR of 4.12% [67] - The company is positioned to benefit from the doubling of global aircraft numbers over the next 20 years, as predicted by Airbus [68] Nuclear Power Sector - The nuclear power industry is expected to grow, with a projected CAGR of 8.4% for installed capacity from 2023 to 2035 [3] - The company has established joint ventures to engage in nuclear fusion materials and components, enhancing its position in the nuclear energy sector [3][9]

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company is a leading player in the IMU sector, with significant growth potential in the fields of unmanned logistics, intelligent driving, and humanoid robotics [1][4] - The launch of the E6 unmanned logistics vehicle by Jiushi at a price of 20,000 yuan is expected to accelerate the growth of the unmanned logistics market [2] - The company has received multiple certifications, including the German TÜV Rheinland ISO 26262 for automotive functional safety, and is in mass production of high-precision inertial navigation products, indicating a strong position in the passenger vehicle market [3] - The humanoid robotics sector is anticipated to see substantial growth in 2025, with the company already achieving small-scale supply of IMU for humanoid robots [4] - The company reported a revenue of 142 million yuan in Q1 2025, a year-on-year increase of 39.02%, and a net profit of 3 million yuan, marking a significant turnaround [5] Financial Summary - Revenue projections for 2025-2027 are 636 million, 816 million, and 1,003 million yuan, with corresponding growth rates of 50.19%, 28.35%, and 22.89%, respectively [6] - The forecasted net profit for the same period is 56.86 million, 78.44 million, and 94.62 million yuan, with growth rates of - and 37.95%, 20.62% [6] - The company is expected to achieve a compound annual growth rate (CAGR) of 33% from 2025 to 2027 [6]

Group 1: Federal Reserve Policy Outlook - The Federal Reserve remains on hold, maintaining the federal funds target rate at 4.25%-4.50%[1] - The dot plot indicates expectations for 2 rate cuts this year, but there is significant division among officials regarding the timing[3] - Economic growth forecast for 2025 has been revised down from 1.7% to 1.4%, reflecting uncertainties from tariff impacts[3] Group 2: Balance Sheet and Regulatory Adjustments - The current pace of balance sheet reduction is $50 billion for Treasury securities and $350 billion for MBS[2] - The Treasury's replenishment of the TGA account in Q3 may be a key observation window for the Fed to halt balance sheet reduction[7] - Adjustments to the Supplementary Leverage Ratio (SLR) are anticipated, which could enhance banks' capacity to hold U.S. Treasuries[8] Group 3: Market Conditions and Risks - U.S. equity and bond market liquidity is at historical lows, with foreign investors facing potential redemption pressures[6] - The unemployment rate forecast for the end of 2025 is adjusted to 4.5%, up from 4.4%[3] - The year-end PCE inflation forecast has been raised to 3.0%, up from 2.7%, primarily due to tariff impacts[3]

证券研究报告 | 浙商早知道 市场总览 重要观点 报告日期：2025 年 06 月 19 日 浙商早知道 2025 年 06 月 19 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：6 月 18 日上证指数上涨 0.04%，沪深 300 上涨 0.12%，科创 50 上涨 0.53%，中证 1000 下跌 0.1%，创业板 指上涨 0.23%，恒生指数下跌 1.12%。 ❑ 行业：6 月 18 日表现最好的行业分别是电子（+1.5%)、通信（+1.39%)、国防军工（+0.95%)、银行（+0.92%)、 电力设备（+0.32%)，表现最差的行业分别是美容护理（-1.73%)、房地产（-1.35%)、建筑材料（-1.22%)、非银金 融（-1.16%)、轻工制造（-1.13%)。 ❑ 资金：6 月 18 日全 A 总成交额为 12217.64 亿元，南下资金净流入 12.42 亿港元。 ❑ 【浙商煤炭 樊金璐】煤炭 半年行业策略 ...

行业评级：看好 表：黄金行业上市公司的自产金产量预测 | | 表：黄金行业上市公司的自产金产量预测 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司 | 黄金资源量 | 总市值（亿元） | | | | 全口径自产金（吨） | | | | 25E-27E | | 单吨产量市值（亿元/吨） | 单吨资源量市值（亿元） | | PE | | | （2024；吨） | 2025-06-16 | 2021 | 2022 | 2023 | 2024 | 2025E | 2026E | 2027E | 产量CAGR | 2024 | 2027E | 2024A | 2025E | 2027E | | 山金国际 | 277 | 569 | 7 | 7 | 7 | 8 | 8 | 1 3 | 1 5 | 34% | 8 1 | 3 9 | 2.1 | 1 8 | 1 2 | | 招金矿业 | 1304 | 672 ...

Investment Highlights - Financial performance shows commercial expansion and profit improvement, with 2024 sales revenue for 17 commercialized innovative drug companies reaching 91.3 billion yuan, a year-on-year growth of 35% [4][25] - R&D investment for 32 sample innovative drug companies is projected to be 67.2 billion yuan in 2024, reflecting a year-on-year increase of 7.23%, indicating a sustained trend of local innovation investment [4][13] - The sales expense ratio and R&D expense ratio for 22 sample innovative drug companies have been continuously declining from 2021 to 2024, which is expected to drive profit improvement for companies like BeiGene and Innovent [4][15] MNC Strategies - The report highlights the prominent "Chinaization" of IO+ADC strategies, with multinational corporations (MNCs) having strong first-generation IO pipeline layouts, but second-generation IO has not seen significant breakthroughs [4][27] - MNCs are increasingly relying on local innovative drugs as key pipeline assets, with many future potential products being sourced from Chinese companies [4][30] - MNCs are well-capitalized, with ample cash flow supporting the continued enrichment of their pipelines, particularly in the context of the evolving IO+ADC landscape [4][39] Domestic Market Dynamics - The report emphasizes the global innovation and valuation reshaping of Chinese drugs, driven by supportive domestic policies and increasing international competitiveness [4][45] - The value of BD transactions continues to validate the competitiveness of Chinese innovative drugs, with 2024 projected BD transaction income reaching 5.7 billion USD, accounting for 20% of global cooperation authorization total upfront payments [4][45][47] - The commercialization of major products is accelerating, with a rich NDA reserve expected to drive further growth in domestic commercialization [4][50]

Market Overview - On June 17, the Shanghai Composite Index fell by 0.04%, the CSI 300 decreased by 0.09%, the STAR Market 50 dropped by 0.8%, the CSI 1000 declined by 0.1%, the ChiNext Index decreased by 0.36%, and the Hang Seng Index fell by 0.34% [3][4] - The best-performing sectors on June 17 were coal (+0.89%), utilities (+0.82%), oil and petrochemicals (+0.72%), transportation (+0.52%), and retail (+0.51%). The worst-performing sectors were pharmaceuticals and biotechnology (-1.44%), beauty and personal care (-1.24%), media (-1.22%), textiles and apparel (-0.75%), and light industry manufacturing (-0.67%) [3][4] - The total trading volume for the A-share market on June 17 was 1,237.1 billion yuan, with a net inflow of 6.302 billion Hong Kong dollars from southbound funds [3][4] Key Insights - The report emphasizes the selection of "the rose of time" in the current market, recommending improvement-oriented banks in economically developed regions of A-shares: Pudong Development Bank, Shanghai Bank, Nanjing Bank, and Jiangsu Bank. For Hong Kong stocks, it suggests focusing on value-oriented state-owned banks: Hong Kong state-owned banks, CITIC Bank, and China Everbright Bank [5] - The market sentiment indicates concerns that bank stocks may have entered the "second half" of their cycle, but the report argues that the current market is the beginning of a long cycle rather than its end. The underlying logic for this cycle is driven by a low interest rate environment and the revaluation of RMB assets [5][6] - The report highlights a shift in strategy, advocating for a bull market mindset when participating in the current significant bank stock market, with a focus on selecting individual stocks based on microeconomic factors [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Viewpoints - The future growth of the film market's non-ticket revenue is expected to accelerate, with film derivatives being a significant component of this revenue [1] - Leading companies like Light Media are projected to have optimistic sales outlooks for film and other entertainment derivatives, with the "Nezha" series expected to generate substantial sales [1][2] - The potential market capitalization increase from film derivative sales is estimated to be between 75 billion to 200 billion yuan, based on various assumptions regarding sales and profit-sharing [2][3] Summary by Sections Industry Overview - The report highlights the increasing importance of non-ticket revenue in the film market, particularly focusing on film derivatives as a key growth area [1] Company Analysis - Light Media's chairman revealed that the overseas box office for "Nezha" is expected to exceed 100 million USD, marking a significant achievement for Chinese films [1] - The "Nezha" series has already achieved hundreds of billions in sales from derivatives, with projections suggesting it could reach over a trillion yuan [1] Financial Projections - The report estimates that a sales figure of 100 billion yuan in film derivatives could correspond to a revenue of 50 billion yuan for related companies, with an assumed profit-sharing ratio of 5%-10% [2] - Valuation estimates for film derivative sales suggest a market capitalization increase of 75 billion to 200 billion yuan, with a neutral assumption placing it at approximately 131.3 billion yuan [3] Investment Recommendations - The report recommends focusing on leading film derivative companies such as Light Media, while also suggesting attention to other key players in the film and animation sectors, including Guomai Culture, Shanghai Film, and Wanda Film [3]

证券研究报告 | 浙商早知道 报告日期：2025 年 06 月 17 日 浙商早知道 大势：6 月 16 日上证指数上涨 0.35%，沪深 300 上涨 0.25%，科创 50 下跌 0.21%，中证 1000 上涨 0.68%，创业板 指上涨 0.66%，恒生指数上涨 0.7%。 行业：6 月 16 日表现最好的行业分别是传媒（+2.7%)、通信（+2.11%)、计算机（+1.99%)、房地产（+1.85%)、综 合（+1.76%)，表现最差的行业分别是农林牧渔（-0.76%)、美容护理（-0.49%)、有色金属（-0.43%)、纺织服饰（-0.33%)、 医药生物（-0.28%)。 资金：6 月 16 日全 A 总成交额为 12436 亿元，南下资金净流入 57.43 亿港元。 2025 年 06 月 17 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要推荐 【浙商电子 王凌涛/厉秋迪】清溢光电（688138）公司深度：佛山基地扩产顺利，技术创新+国产替代有望驱动公 司快速成长——20250616 http:/ ...

Economic Performance - In May, the industrial added value above designated size increased by 5.8% year-on-year, slightly exceeding market expectations[2] - The service industry production index rose by 6.2% year-on-year in May, indicating positive service sector performance[13] Consumer Trends - The total retail sales of consumer goods in May grew by 6.4% year-on-year, up from 5.1% in April, driven by the early "618" shopping festival[19] - Major categories such as home appliances and communication equipment saw significant growth, with home appliance sales increasing by 53.0% year-on-year[23] Investment Insights - Fixed asset investment (excluding rural households) grew by 3.7% year-on-year from January to May, below the market expectation of 4.0%[4] - Infrastructure investment increased by 5.6% year-on-year, while real estate development investment declined by 10.7%[4] Employment and Labor Market - The urban surveyed unemployment rate in May was 5.0%, a decrease of 0.1 percentage points from the previous month, indicating a stable employment situation[6] - The job market remains sensitive to external economic conditions, with policies aimed at supporting key demographics such as graduates and migrant workers[6] Market Outlook - The second quarter is expected to see a slight economic slowdown compared to the first quarter, with potential non-linear characteristics due to external uncertainties[1] - A dual bull market in stocks and bonds is anticipated in the second half of the year, supported by easing U.S.-China trade relations and risk mitigation funds[1]