1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the equity market showed differentiation, with the BeiZheng 50 leading the gains and the small - cap value style outperforming. In terms of industries, comprehensive finance led, and national defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery also performed well. The bond market declined overall, while the convertible bond market rose. The average return of active equity funds in the whole market was - 0.41%; the average return of short - term bond funds was - 0.01%, and that of medium - and long - term bond funds was - 0.03%; the average return of bond funds with equity exposure was negative, and the average return of convertible bond funds was positive [1][2]. 3. Summary According to the Directory 3.1 Market Review - The equity market was differentiated, with the BeiZheng 50 leading and the small - cap value style dominant. Comprehensive finance led the industry performance, and national defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery also performed well. As of the close this week, the CSI 300 Index closed at 3840 points, down 1.08%; the Shanghai Composite Index closed at 3347 points, down 0.03%; the Shenzhen Component Index closed at 10041 points, down 0.91%; the ChiNext Index closed at 1993 points, down 1.4%. In the Hong Kong stock market, the Hang Seng Index fell 1.32%, and the Hang Seng Tech Index fell 1.46% [6]. - In terms of industry performance, comprehensive finance led with a gain of over 10%. National defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery performed well, while the automobile, non - ferrous metals, power equipment and new energy sectors declined by over 2% [8]. - As of May 30, 2025, there were 5413 stocks in the A - share market, of which 3228 stocks rose this week. The number of rising stocks on the BeiZheng, ChiNext, Science and Technology Innovation Board, and Main Board was 194, 816, 343, and 1875 respectively [11]. 3.2 Key Fund Tracking 3.2.1 Active Equity - **Fund Performance**: The average return of the whole - market funds in the sample was - 0.41%. Funds with better performance were heavily invested in industries such as medicine, non - ferrous metals, and food and beverages. Among industry - themed funds, medical sector funds had the highest average return, while mid - stream manufacturing and cyclical sector funds lagged [17][20]. - **Position Estimation**: This week, the positions of ordinary stock - type funds increased slightly, while those of partial - stock hybrid funds decreased slightly. Compared with the previous week, the positions of ordinary stock - type funds increased by 0.22 percentage points, and those of partial - stock hybrid funds decreased by 0.60 percentage points. Actively managed partial - stock funds increased their allocation to cyclical and stable sectors and reduced their allocation to financial, consumer, and growth sectors [23]. 3.2.2 Bond - type Funds - **Bond Market Performance**: The bond market declined overall this week. The ChinaBond Total Wealth Index closed at 245.89, down 0.07% from last week; the ChinaBond Treasury Bond Index closed at 246.62, down 0.07% from last week; the ChinaBond Credit Bond Index closed at 223, down 0.01% from last week. The CSI Non - Pure Bond Fund Index closed at 2184.93 on Thursday, down 0.02% from last Thursday. The CSI Convertible Bond Index closed at 429.31, with a weekly increase of 0.46% and a trading volume of 277.1 billion yuan, an increase of 2.093 billion yuan from last week [29][31]. - **Fund Performance Overview**: The average return of short - term bond funds was - 0.01%, and the median was - 0.01%. The average return of medium - and long - term bond funds was - 0.03%, and the median was - 0.04%. The average return of first - tier bond funds was 0%, and the median was - 0.01%. The average return of second - tier bond funds was - 0.02%, and the median was - 0.01%. The average return of partial - bond hybrid funds was - 0.03%, and the median was - 0.02%. The average return of low - position flexible allocation funds was - 0.07%, and the median was - 0.05%. The average return of convertible bond funds was 0.28%, and the median was 0.22% [34][37][40]. 3.2.3 New - share Subscription Funds - **New - share Overview**: One new stock was listed this week, with a total raised capital of 604 million yuan. There was no break - even on the first day of listing, and the expected total入围 income was 35,400 yuan [41]. - **New - share Subscription Income Calculation**: Assuming weekly participation in offline new - share subscriptions and successful入围, the weekly new - share subscription return sequence of an 800 - million - yuan account was calculated [42]. - **Fund Company New - share Subscription Overview**: Eight fund companies with more than two new - share subscription funds were selected. This week, the new - share subscription return rate of an 800 - million - yuan account was 0.004%. The optimal scale for weekly and annual new - share subscriptions was 400 million yuan [44]. - **New - share Subscription Fund Performance**: The average return of new - share subscription funds in the sample this week was - 0.18% [46]. 3.2.4 FOF Fund Performance - The average returns of low - risk, medium - risk, and high - risk FOF funds in the sample this week were - 0.28%, - 0.88%, and - 1.45% respectively [48]. 3.2.5 QDII Funds - During the statistical period, partial - stock and index QDII funds declined by 0.71% and 0.83% on average respectively, while alternative and bond QDII funds rose by 0.02% and 0.37% on average respectively [2][49]. 3.2.6 REITs Funds - This week, REITs declined by 0.02% on average. The Huaxia TBEA New Energy REIT led the gains, rising 4.26% this week. The Huatai Suzhou Hengtai Rental Housing REIT had the highest liquidity, with a trading volume of 130.2489 million yuan this week [51].

本报告来源于"慧博投研",请勿外传! 稳定币除了用作加密市场交易媒介、新型金融基础设施、资产配置工具之外, 最重要的用途是去中心化金融,发挥借贷协议抵押物和流动性池核心资产功 能,链上去中心化应用服务提供商与其原生代币会随着稳定币市场发展有较大 增长空间。 □ 风险提示:法案实施进度不及预期,宏观政策超预期。 核心观点: 结论与启示: 稳定币的本质就是将现实世界法定货币或资产进行链上代币化,成为联通现实 世界与虚拟世界的价值桥梁,兼顾现实资产稳定性和加密资产技术性。因其价 值稳定,在链上金融领域中扮演着重要的角色,美国、中国香港、欧盟正在积 极推进各自的稳定币法案,试图抢占全球稳定币市场先机。其中,美国稳定币 法案侧重维护美元在数字经济中的领导地位,将美元稳定币打造成全球数字支 付的工具,延续美元霸权;中国香港稳定法案目标则是提升国际金融中心竞争 力,后续很可能发行离岸人民币稳定币,推动人民币国际化和人民币资产估值 重构。 证券研究报告 | 宏观专题报告 2025 年 05 月 31 日 专题报告 稳定币的本质与投资价值 加密资产系列报告之三 在比特币等加密资产受到市场关注的当下,另一类数字资产 -- 稳定币 ...

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [5]. Core Insights - Marvell reported record revenue of $1.895 billion for FY26Q1, representing a year-over-year increase of 63% and a quarter-over-quarter increase of 4%, driven by strong demand in the data center market [14][25]. - The company announced the sale of its automotive Ethernet business to Infineon for $2.5 billion in cash, expected to be completed in 2025, which will provide greater flexibility for capital allocation [4][28]. - The data center segment achieved record revenue of $1.44 billion, up 76% year-over-year and 5% quarter-over-quarter, fueled by the rapid ramp-up of custom AI chip projects [2][16]. - The guidance for FY26Q2 indicates expected revenue of $2 billion, a 57% year-over-year increase, with a non-GAAP gross margin forecast of 59.5% [3][27]. Summary by Sections Financial Performance - FY26Q1 revenue reached $1.895 billion, exceeding guidance, with a gross margin of 59.8% [14][25]. - Operating cash flow was $333 million, and the company repurchased $340 million in stock during the quarter, reflecting strong shareholder returns [26][28]. Market Segments - Data Center: Revenue of $1.44 billion, with expectations for continued growth in FY26Q2 [2][16]. - Automotive and Industrial: Revenue of $76 million, with automotive growth offset by declines in industrial [22]. - Consumer: Revenue of $63 million, expected to increase by approximately 50% in FY26Q2 due to seasonal and gaming demand [21]. Strategic Developments - The partnership with NVIDIA to integrate NVLink Fusion technology into Marvell's custom platform enhances flexibility for next-generation AI infrastructure [4][18]. - The introduction of a new multi-chip packaging platform aims to improve chip interconnect efficiency and reduce power consumption by 30% [4][18]. Future Outlook - The company anticipates continued strong performance in the data center segment, with AI-related revenue expected to become a significant portion of total revenue in the coming years [24][38]. - The automotive Ethernet business sale is expected to enhance capital allocation strategies and provide substantial returns to shareholders [4][28].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [2][7]. Core Insights - The report highlights that autonomous sanitation robots are expected to become a significant application for advanced autonomous driving, with a potential market size exceeding 100 billion yuan. The year 2025 is projected to see a surge in sales of new energy sanitation equipment, contributing to performance growth [1]. - The report notes that multiple high-level autonomous driving projects have already been implemented in the sanitation sector, with L4 autonomous driving models being developed for various operational scenarios [5]. - The potential market for autonomous sanitation vehicles is vast, with a projected market size of 280 billion yuan by 2025, driven by policy support and market demand [5]. - The report emphasizes the expected increase in sales of new energy sanitation vehicles, with a notable year-on-year growth of 72.71% in the first four months of 2025 [5]. Industry Overview - The sanitation vehicle market in China saw sales of approximately 2.45 million units in early 2025, with new energy vehicles accounting for 3,570 units sold, reflecting a penetration rate of 14.55% [5]. - The report indicates that the first batch of public sector vehicle pilot zones has been initiated, with expectations for accelerated promotion of new energy vehicles in trial cities [5]. - The report suggests that investors should focus on companies that are early adopters of autonomous sanitation robots, as well as leading sanitation equipment manufacturers that are likely to benefit from increased sales [5].

Investment Rating - The report maintains a recommendation to focus on NVIDIA and its supply chain opportunities, particularly in the server hardware sector [9]. Core Insights - NVIDIA's FY26Q1 revenue reached $44.062 billion, a year-on-year increase of 69.18% and a quarter-on-quarter increase of 12.03%, exceeding guidance expectations [1][16]. - The impact of the H20 export ban was less than anticipated, with a reported $4.5 billion in related costs, which was lower than the company's initial expectations [1][17]. - The data center segment showed strong growth, with revenue of $39 billion, up 73% year-on-year and 10% quarter-on-quarter, driven by demand for AI applications [2][17]. - The company expects a revenue guidance midpoint of $45 billion for FY26Q2, reflecting an anticipated loss of approximately $8 billion in H20 revenue [3][32]. Summary by Sections Financial Performance - FY26Q1 revenue was $44.062 billion, with a non-GAAP gross margin of 61% and a margin of 71.3% after excluding H20-related costs [1][31]. - The company reported a GAAP gross margin of 60.5% and a non-GAAP operating expense growth of 6% due to increased compensation and staffing [31]. Data Center and Product Segments - Data center revenue was $39 billion, with a significant contribution from Blackwell architecture products, which accounted for nearly 70% of data center computing revenue [2][18]. - The gaming and AI PC segment achieved record revenue of $3.8 billion, driven by the Blackwell architecture and new product launches [2][27]. - The automotive and robotics segment reported revenue of $567 million, a 72% year-on-year increase, primarily due to sales of autonomous driving platforms [2][29]. Market Outlook - The Chinese AI chip market is estimated to be around $50 billion, but the H20 export ban has significantly impacted NVIDIA's ability to capitalize on this market [4][34]. - The company anticipates a recovery in gross margins to 75% by the end of the year, driven by improved profitability from Blackwell products [3][32]. Strategic Developments - NVIDIA is expanding its manufacturing capabilities in the U.S., with significant investments in new facilities to support AI infrastructure [34][35]. - The company is exploring options to comply with new export regulations while maintaining its competitive edge in the AI market [34][47].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report combines policy understanding with overseas market experience to propose a methodology for reconstructing the performance comparison benchmarks of active equity funds. It aims to design more suitable benchmarks for different investment - style active equity funds, considering the impact on holders, fund managers, and fund companies, and evaluates the results of the benchmark reconstruction [1][3][61]. 3. Summary According to the Directory 3.1 Performance Comparison Benchmark Selection Rules - **Impact on Stakeholders**: The "Action Plan for Promoting the High - Quality Development of Public Offering Funds" strengthens the role of performance comparison benchmarks. For holders, it affects fund - selection and fee levels; for fund managers, it impacts strategy adaptability, operation boundaries, and compensation; for fund companies, it influences compensation fairness and long - term stability [6][9]. - **Benchmark Selection Rules**: The report proposes three rules: benchmarks should be investable and market - recognized, effectively reflect the fund's Beta, and provide room for active excess returns. It also refers to some standards from overseas literature but adapts them to the domestic situation [3][13]. 3.2 Performance Comparison Benchmark Selection Process - **Index Candidate Pool Construction**: As of Q1 2025, 168 indices were selected into the candidate pool, covering A - shares, Hong Kong stocks, and various index types such as broad - based, SmartBeta, industry, and theme indices, based on investability and market recognition [3][17]. - **Active Equity Fund Pool Construction**: The target is non - pre - defined industry - theme and non - quantitative all - market stock - picking equity funds, with 3474 samples. The report also distinguishes post - hoc track funds and all - market funds [3][21]. - **Performance Comparison Benchmark Adaptability Evaluation**: Six indicators are designed: position overlap, industry deviation, style deviation, market risk consistency, excess return standard deviation, and excess return independence [3][24]. - **Performance Comparison Benchmark Reconstruction Plan**: The industry and style deviations are used as constraints, market risk consistency, excess return standard deviation, and excess return independence are used as optimization goals after appropriate transformation, and position overlap is used as an auxiliary tool to build an optimization model [3][32]. 3.3 Performance Comparison Benchmark Reconstruction Results Display - **Adaptability Evaluation of Reconstructed Benchmarks**: In the preferred pool, the number of funds with single - index, double - index, and triple - index benchmarks increases. Most funds show good performance in the six adaptability indicators [35][36][40]. - **Fund Return Performance Relative to the New Benchmark**: From 2022/6/30 - 2025/5/18, the excess return of funds in the preferred pool slightly increased after benchmark reconstruction. The annual excess return is more stable, and the fund returns are closer to the benchmark returns [50]. - **Display of Some Fund Samples after Benchmark Reconstruction**: The new benchmarks cover a wider range of indices and reflect more specific risk characteristics compared to the old benchmarks [55]. 3.4 Summary and Outlook The report provides a complete methodology for reconstructing performance comparison benchmarks for active equity funds. The reconstruction results are positive, but the model needs adjustment according to future regulatory details and practical factors [59][61][62].

Group 1 - The report focuses on the performance of actively managed equity funds in relation to their performance benchmarks, highlighting a significant underperformance with an average excess return of -7.17% over the past three years, and 48% of funds lagging their benchmarks by more than 10 percentage points [4][12][15] - A strong correlation exists between most funds and their benchmarks, with over 80% of funds having a correlation coefficient above 0.7, indicating a high degree of alignment in performance [4][20][22] - The report identifies 35 funds with a correlation coefficient below 0.1, suggesting a significant mismatch between the funds' investment strategies and their chosen benchmarks, often using fixed deposit rates as benchmarks [4][24][23] Group 2 - The report analyzes the difficulty of enhancing performance benchmarks for actively managed equity funds, utilizing a multi-factor and portfolio optimization model to assess various indices [25][36] - The results indicate that broad market indices like CSI 500 and CSI 1000 are easier to enhance for excess returns, while sector-specific indices show limited enhancement potential [4][36][38] - A comprehensive list of 19 stock selection factors is provided, covering various dimensions such as valuation, quality, growth, and momentum, which are used to construct enhanced portfolios [25][26][30]

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding benchmark indices [4]. Core Insights - The company reported a significant reduction in losses for Q1 2025, with a GAAP net loss of -0.18 billion yuan, down from -1.07 billion yuan in Q1 2024, reflecting improved operational efficiency and cost control [1][30]. - Revenue for Q1 2025 reached 5.25 billion yuan, representing a year-over-year increase of 46.27%, aligning with the company's guidance [1][29]. - The company achieved a Non-GAAP net profit of 0.09 billion yuan, marking its second consecutive quarter of profitability [1]. - The gross margin for Q1 2025 was reported at 41.74%, an increase of 2.97 percentage points year-over-year, attributed to strict operational discipline [1][30]. Revenue and Profitability Outlook - For Q2 2025, the company expects revenue to be in the range of 6.8 billion to 7.2 billion yuan, reflecting a year-over-year growth of 48% to 57% [1][33]. - The full-year revenue guidance for 2025 remains at 30 billion to 35 billion yuan, with a GAAP net profit forecast of 2 billion to 3.5 billion yuan [1][31]. - The company anticipates maintaining a gross margin of around 40% for the year [1][31]. Laser Radar Delivery and Market Expansion - In Q1 2025, the total delivery of laser radars reached 195,800 units, a year-over-year increase of 231.33%, with strong growth in the ADAS and robotics sectors [2][29]. - The company delivered 146,100 units in the ADAS sector and 49,700 units in the robotics sector during the same period [2]. - For Q2 2025, the company projects total deliveries to exceed 300,000 units, with ATX products expected to account for 50% to 60% of total deliveries [2][33]. Strategic Partnerships and Product Development - The company has established partnerships with major domestic and international automotive manufacturers, enhancing its market presence [3][23]. - New product launches include the AT1440, ETX, and FTX laser radar products, aimed at L2-L4 scenarios, with positive feedback from OEMs [3][39]. - The company is also expanding its JT series products, with a strategic agreement to supply 300,000 units to a leading robotics manufacturer over the next 12 months [28]. Supply Chain and Production Capacity - The company plans to enhance its supply chain resilience through new production lines and an overseas factory in Southeast Asia, expected to be operational by late 2026 or early 2027 [8][35]. - The projected capital expenditure for 2025 is between 30 million to 50 million USD, with an annual production capacity expected to reach 2 million units by the end of the year [8][35]. Market Position and Competitive Landscape - The company holds a leading position in the global LiDAR market, with a 33% share in the automotive LiDAR market and a 61% share in the Robotaxi LiDAR market [23][28]. - The shift from traditional mechanical radars to more cost-effective ADAS LiDAR solutions is expected to drive revenue growth in the Robotaxi sector [45][46].

1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core View of the Report The report anticipates that the convertible bond market will generally trend upward in the future. The equity market is expected to strengthen with fluctuations, and since May, the implementation of counter - cyclical financial policies and the easing of Sino - US tariff frictions have boosted market risk appetite, supporting the convertible bond market. In terms of supply and demand, the recent supply of convertible bonds is limited, while the demand remains strong in a low - interest - rate environment. Regarding valuation, the current valuation of convertible bonds is below the historical median since 2021, offering relative value and limited motivation for active valuation compression [1][2][4]. 3. Summary According to the Directory 3.1 Convertible Bond Overview - **Basic Concepts and Terms**: Convertible bonds are special corporate bonds that can be converted into common stocks. Their issuance terms include basic elements, conversion terms, pure - bond terms, and additional terms. Key basic elements to focus on are the underlying stock information, issuance scale, and credit rating. Since 2020, most newly - issued convertible bonds have been small - scale and medium - to - low - rated. The conversion terms determine the conversion value, the pure - bond terms determine the pure - bond value, and the additional terms include call, put, and downward - adjustment clauses [1][8][10]. - **Characteristics**: Convertible bonds combine equity and bond features, resulting in a unique asymmetric price pattern. The pure - bond value limits the downside risk, while the equity feature provides upward potential as the underlying stock price rises [1][25]. 3.2 Convertible Bond Market Overview - **Historical Evolution and Current Status**: The Chinese convertible bond market originated in 1992 with the issuance of "Ba'an Convertible Bond" but remained small until 2017. After 2017, due to tightened private placements and rising credit - bond default risks, the market expanded rapidly. As of May 14, 2025, there are 495 convertible bonds with a total outstanding balance of 687.186 billion yuan [1][26][30]. - **Issuance, Listing, and Exit**: The issuance and listing process involves multiple steps, with an average cycle of about one year. Most convertible bonds are redeemed and converted into stocks upon exit [1][46][49]. - **Supply and Demand**: Since 2024, the supply of convertible bonds has contracted, with negative net financing. It is estimated that there will be about 120.8 billion yuan of new supply in the next year. The main institutional investors are funds, enterprise annuities, and insurance institutions. Although investors' holdings have slightly decreased this year, demand remains strong compared to the supply decline. Among them, public funds are more active, preferring large - scale and high - rated convertible bonds, mainly in the banking, power equipment, and non - ferrous metals industries [1][51][59]. - **Secondary - Market Performance**: Since September 2024, convertible bond prices have been rising, and as of May 14, 2025, they have outperformed both the equity and bond markets. Valuation is below the historical median since 2021. Trading has been active, with increasing monthly turnover and rising turnover rates. The risk - return profile of convertible bonds lies between pure bonds and equities [2][83][89]. 3.3 Driving Factors of Convertible Bond Prices The rise in the underlying stock price is the key driver of convertible bond price increases, but its impact varies depending on the bond's equity and bond characteristics. For equity - biased convertible bonds, the underlying stock price and conversion premium rate are important determinants, with the underlying stock price being the core variable. For bond - biased convertible bonds, the bond floor provides strong support, and price increases come from significant rises in the underlying stock price and clause - related games [3][93][96]. 3.4 Outlook for Convertible Bonds The report expects the convertible bond market to trend upward. The equity market is expected to strengthen with fluctuations, and the supply - demand imbalance and relatively low valuation will support the market's upward movement [4][99].

Investment Rating - The report maintains a recommendation to focus on NVIDIA and its supply chain, highlighting investment opportunities in server hardware components and domestic GPU/CPU manufacturers [4][9]. Core Insights - NVIDIA's FY26Q1 revenue reached $44.062 billion, a year-over-year increase of 69.18% and a quarter-over-quarter increase of 12.03%, exceeding guidance expectations [1][16]. - The impact of the H20 export ban was less severe than anticipated, with a reported $4.5 billion in related costs, which was lower than the company's initial expectations [1][17]. - The data center segment showed strong growth, with revenue of $39 billion, up 73% year-over-year and 10% quarter-over-quarter, driven by demand for AI applications [2][17]. - The company expects a revenue guidance midpoint of $45 billion for FY26Q2, reflecting an anticipated loss of approximately $8 billion in H20 revenue [3][32]. Summary by Sections Financial Performance - FY26Q1 revenue was $44.062 billion, with a non-GAAP gross margin of 61% and a margin of 71.3% after excluding H20-related costs [1][31]. - The company reported a 6% increase in non-GAAP operating expenses due to rising compensation and employee numbers [1][31]. Data Center and AI Growth - Data center revenue was $39 billion, with a significant contribution from Blackwell architecture products, which accounted for nearly 70% of data center computing revenue [2][18]. - The demand for AI applications, particularly in large language models and generative AI, is driving the growth of NVIDIA's data center segment [2][20]. Market Outlook - The Chinese AI chip market is estimated to be around $50 billion, but the H20 export ban has significantly impacted NVIDIA's ability to capitalize on this market [4][34]. - The company anticipates a recovery in gross margins to 75% by the end of the year, driven by improved profitability from Blackwell products [3][32]. Product Developments - The GB300 system is expected to begin shipping to commercial customers later this quarter, featuring enhancements over the previous GB200 architecture [2][19]. - NVIDIA's new AI models and infrastructure are being adopted across various industries, indicating a robust demand for AI-driven solutions [22][23]. Strategic Initiatives - NVIDIA is investing heavily in domestic manufacturing capabilities, including partnerships with TSMC and Foxconn to build advanced semiconductor facilities in the U.S. [34][35]. - The company is also focusing on expanding its AI infrastructure globally, with numerous AI factories under construction [22][46].