2025 年 06 月 03 日 行业周报 看好/维持 电力设备及新能源 电力设备及新能源 新能源+AI 周报（第 10 期 20250525-20250531）：电动车 AI 化 升级，光伏铸大底 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/6/3 24/8/14 24/10/25 25/1/5 25/3/18 25/5/29 ◼ 推荐公司及评级 相关研究报告 <<【太平洋新能源】新能源+AI 周报 （第 9 期 20250518-20250524）：宁 德时代引领中国科技制造向上>>-- 2025-05-26 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 证券分析师：梁必果 电话： E-MAIL：liangbg@tpyzq.com 分析师登记编号：S1190524010001 证券分析师：钟欣材 电话： E-MAIL：zhongxc@tpyzq.com 分析师登记编号：S1190524110004 证券分析师：谭甘露 报告摘要 ⚫ 行业整体策略：电动车 AI 化升级，光伏铸大底 新能源+AI 仍是目 ...

证券分析师：刘强 2025 年 06 月 03 日 行业周报 看好/维持 电力设备及新能源 电力设备及新能源 新能源+AI 周报（第 10 期 20250525-20250531）：电动车 AI 化 升级，光伏铸大底 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/6/3 24/8/14 24/10/25 25/1/5 25/3/18 25/5/29 ◼ 推荐公司及评级 相关研究报告 <<【太平洋新能源】新能源+AI 周报 （第 9 期 20250518-20250524）：宁 德时代引领中国科技制造向上>>-- 2025-05-26 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 证券分析师：梁必果 电话： E-MAIL：liangbg@tpyzq.com 分析师登记编号：S1190524010001 证券分析师：钟欣材 电话： E-MAIL：zhongxc@tpyzq.com 分析师登记编号：S1190524110004 证券分析师：谭甘露 报告摘要 ⚫ 行业整体策略：电动车 AI 化升级，光伏铸大底 新能源+AI 仍是目 ...

[Table_Message] 2025-06-02 行业周报 看好/维持 传媒互联网 [Table_Title] 传媒互联网 游戏 看好 ◼ 相关研究报告 《国产多模态模型持续加速迭代》 《即梦 3.0 文生图开启灰度测试，VAST 开源两大 3D 生成模型》 ◼ 证券分析师：郑磊 E-MAIL：zhenglei@tpyzq.com 执业资格证书编码：S1190523060001 ◼ 联系人：李林卉 E-MAIL：lilh@tpyzq.com 执业资格证书编码：S1190123120023 DeepSeek R1 版本更新，稳定币监管落地 (2025.05.26-06.01) ◼ 走势对比 ◼ 子行业评级 [Table_Summary] 报告摘要 ➢ DeepSeek-R1 完成版本更新，深度思考能力显著提升 DeepSeek-R1 完成小版本升级，最新版本号 DeepSeek-R1-0528。该 版本沿用 V3 Base 模型作为基座，通过改进后训练方法并投入更多 算力，实现多能力提升：1）深度思考能力强化：模型在解题过程中 进行更详尽深入的思考，显著提升思维深度和推理能力。在数学、编 程与通用逻辑等多个 ...

银行周报（0526-0601）：全国农信社改革再下一城 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 24/6/3 24/8/14 24/10/25 25/1/5 25/3/18 25/5/29 ◼ 子行业评级 | 国有银行 | 看好 | | --- | --- | | 股份制银行 | 看好 | | 区域性银行 | 看好 | | ◼ 推荐公司及评级 | | | 中信银行 | 增持 | | 招商银行 | 买入 | | 重庆银行 | 增持 | | 渝农商行 | 买入 | 相关研究报告 <<银行周报（0519-0525）：存款挂牌 利率调降呵护银行息差>>--2025- 05-26 <<银行周报（0512-0518）：公募改革 深化有望提升板块配置比例>>-- 2025-05-20 报告摘要 行情回顾：1）大盘方面，本周上证指数、沪深 300 指数涨跌幅分别 为-0.03%、-1.08%；中证全债、中证全债（净）指数涨跌幅分别为-0.01%、 -0.06%。2）板块方面，申万银行指数涨跌幅为 0.04%，跑赢沪深 300 指 数 1.12pct，在申万一级行业中排名第 18；国有行、股份行、城商 ...

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - Bayer's Sevabertinib has received FDA priority review status for treating advanced non-small cell lung cancer (NSCLC) with HER2 mutations, highlighting significant advancements in drug development [5]. - The pharmaceutical sector showed a slight increase of +0.37% on May 30, 2025, outperforming the CSI 300 index by 0.85 percentage points, ranking third among 31 sub-industries [4]. - Among sub-industries, in vitro diagnostics (+0.44%), pharmaceutical distribution (+0.27%), and medical research outsourcing (+0.22%) performed well, while hospitals (-0.68%), medical devices (-0.49%), and other biological products (-0.42%) lagged [4]. Sub-industry Summary - Chemical Pharmaceuticals: No rating [3] - Traditional Chinese Medicine: No rating [3] - Biopharmaceuticals II: Neutral [3] - Other Pharmaceutical Industries: Neutral [3]

Investment Rating - The industry is rated as "Neutral," indicating that the expected overall return in the next six months will be between -5% and 5% compared to the CSI 300 index [10]. Core Insights - The model assumes that the price movements of the underlying assets exhibit good local continuity, with trend reversals occurring less frequently than trend continuations. It also posits that during narrow consolidations, the previous trend will likely continue [3]. - The model's performance from March 7, 2023, to January 26, 2024, showed fluctuations around the original value without achieving significant cumulative returns. However, a short-term sharp increase was observed from January 26 to February 6, 2024, followed by a prolonged downtrend [4]. - The model's annualized return was -7.36%, with a volatility of 16.87%, a Sharpe ratio of -0.44, and a maximum drawdown of 27.58% [3]. Summary by Sections Model Overview - The model is designed to track the relative value of the Shenwan Level 1 Light Industry Manufacturing Index against the CSI 300 index, using a multi-directional signal approach [3]. - The tracking period for the model is set from March 7, 2023, to March 18, 2025 [3]. Performance Evaluation - The model's net value fluctuated around the original value during the initial tracking period, indicating a lack of strong cumulative returns. The model is deemed unsuitable for direct application to the Shenwan Level 1 Light Industry Manufacturing Index relative value [4]. - The model's performance metrics include a total return rate of -15.60% during the index period [3].

Quantitative Models and Construction Methods 1. Model Name: Industry Crowdedness Monitoring Model - **Model Construction Idea**: This model is designed to monitor the crowdedness levels of Shenwan First-Level Industry Indices on a daily basis, identifying industries with high or low crowdedness levels to guide investment focus[4] - **Model Construction Process**: The model calculates the crowdedness levels of various industries based on daily data. It identifies industries with significant changes in crowdedness levels and tracks the inflow and outflow of main funds over different time windows (e.g., one day, three days)[4] - **Model Evaluation**: The model provides a useful tool for identifying industries with significant fund movements, which can help in making tactical allocation decisions[4] 2. Model Name: Premium Rate Z-Score Model - **Model Construction Idea**: This model is used to screen ETF products with potential arbitrage opportunities by calculating the Z-score of their premium rates over a rolling window[5] - **Model Construction Process**: The Z-score is calculated as follows: $ Z = \frac{(P - \mu)}{\sigma} $ - Where $ P $ is the premium rate of the ETF, $ \mu $ is the mean premium rate over the rolling window, and $ \sigma $ is the standard deviation of the premium rate over the same window[5] - **Model Evaluation**: The model is effective in identifying ETFs with significant deviations from their historical premium rates, which may indicate arbitrage opportunities or potential risks[5] --- Backtesting Results of Models 1. Industry Crowdedness Monitoring Model - **Top crowded industries (previous trading day)**: Textile & Apparel, Light Manufacturing, Environmental Protection[4] - **Least crowded industries (previous trading day)**: Real Estate, Electronics, Coal, Social Services, Steel[4] - **Industries with significant changes in crowdedness (previous trading day)**: Agriculture, Forestry, Animal Husbandry & Fishery; Petroleum & Petrochemicals; Computers[4] - **Main fund flows (previous trading day)**: - Inflows: Computers, Electronics, Non-Banking Financials - Outflows: Machinery Equipment, Electrical Equipment, Retail[4] - **Main fund flows (last 3 trading days)**: - Increased allocation: Computers, Beauty & Personal Care, Environmental Protection - Decreased allocation: Machinery Equipment, Electrical Equipment, Electronics[4] 2. Premium Rate Z-Score Model - **Application**: The model identifies ETFs with potential arbitrage opportunities and highlights the need to be cautious of potential pullback risks[5] --- Quantitative Factors and Construction Methods No specific quantitative factors were explicitly mentioned in the report content provided --- Backtesting Results of Factors No specific backtesting results for quantitative factors were explicitly mentioned in the report content provided

Group 1: Major Asset Tracking - The bond market shows an overall increase in interest rate bonds, with long-term bonds rising more than short-term ones. The outlook suggests that due to the fluctuating trade disputes, the government bond futures are expected to enter a consolidation phase [16] - The A-share market experienced a day of fluctuation and adjustment, with the ChiNext index dropping nearly 1%, leading the market decline. The total trading volume for the day was 1.16 trillion, slightly down from the previous day, with nearly 4,000 stocks declining. The market is expected to enter a consolidation phase, with technology, dividend, and consumer sectors rotating upwards [19][21] - The U.S. stock market saw slight gains, with the Dow Jones up 0.28%, Nasdaq up 0.39%, and S&P 500 up 0.4%. The narrative of recession may become a focal point for market trading in the future, especially if the volatility of U.S. stocks can be successfully amplified [23] - The foreign exchange market indicates that the onshore RMB against the USD closed at 7.1963, up 75 basis points from the previous day. The RMB is expected to rise to around 7.1 [26] - The commodity market saw the Wenhua Commodity Index drop by 0.91%, with most sectors declining. The overall technical structure remains bearish, suggesting a wait-and-see approach [27] Group 2: Important Policies and News - The Ministry of Human Resources and Social Security and other departments issued a notice to enhance the salary distribution incentives for skilled talents in state-owned enterprises [32] - The Shanghai Stock Exchange and the China Securities Index Company will officially launch the SSE 580 Index on June 16, 2025, providing a richer set of investment targets [33] - China's shipbuilding industry leads globally in new orders, with some companies' orders extending to 2029, indicating strong market resilience and competitiveness [35]

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - Gilead's SG (TROP2 ADC) combined with Keytruda (K drug) has achieved a significant improvement in progression-free survival (PFS) compared to chemotherapy combined with Keytruda in the treatment of PD-L1+ triple-negative breast cancer (TNBC) [4][5]. - The ASCENT-04 study, a global phase III clinical trial, included 443 patients with untreated locally advanced or metastatic TNBC, demonstrating that the experimental group had a statistically and clinically significant extension in PFS [4]. - SG is expected to become the new standard for first-line treatment of mTNBC, with potential expansion into adjuvant and neoadjuvant settings [5]. Summary by Sections Sub-industry Ratings - Chemical Pharmaceuticals: No rating - Traditional Chinese Medicine: No rating - Biopharmaceuticals II: Neutral - Other Pharmaceuticals: Neutral [3]. Recommended Companies and Ratings - Specific company ratings were not provided in the report [3]. Market Competition - The first-line treatment market for PD-L1 negative TNBC is highly competitive, with major competitors including Dato, SKB264, and BL-B01D1 [6]. - SG has been approved for later-line TNBC and HR+/HER2- indications, with projected sales of $1.3 billion in 2024, reflecting a 24% year-over-year growth [6].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 57.05 CNY per share, compared to the last closing price of 44.31 CNY [1]. Core Insights - The company, Bid Pharma, specializes in providing drug molecular building blocks and scientific reagent products and services, focusing on early-stage drug development. It has established a strong market presence and aims to enhance its product offerings through horizontal and vertical expansion strategies [4][15]. - The global and Chinese pharmaceutical R&D market is expected to grow significantly, reaching 417.7 billion and 76.6 billion USD by 2030, respectively. The molecular building block market is projected to expand to 54.6 billion USD by 2026, driven by continuous R&D investments [5][51]. - The company's overseas revenue has been increasing, with a notable rise from 1.02 billion CNY in 2019 (41.12% of total revenue) to 6.16 billion CNY in 2024 (55.89% of total revenue), indicating improved profitability potential [5][67]. Summary by Sections Company Overview - Bid Pharma was established in 2007 and focuses on the front end of the new drug development industry chain, providing a wide range of drug molecular building blocks and scientific reagents [4][15]. - The company has developed a comprehensive technical system for drug molecular building blocks, ensuring a large and diverse product library to meet customer demands [14][17]. Market Potential - The molecular building block market is expanding, with a significant shift towards domestic alternatives in the high-end scientific reagent market, where foreign brands currently dominate [5][59]. - The company is positioned to benefit from the increasing demand for innovative drugs and the ongoing trend of domestic substitution in the pharmaceutical industry [51][59]. Financial Performance - The company has shown rapid revenue growth, with a compound annual growth rate (CAGR) of 34.69% from 2019 to 2024, and is projected to continue this trend with expected revenues of 13.42 billion CNY in 2025 [19][77]. - Profit margins are stabilizing, with gross margins expected to improve as the company increases its overseas market share [5][67]. Investment Highlights - The company is expanding its product categories and enhancing its brand system, serving a diverse range of clients including multinational pharmaceutical companies, domestic enterprises, CROs, and academic institutions [6][72]. - The report forecasts significant growth in both revenue and net profit from 2025 to 2027, with net profit expected to reach 2.33 billion CNY by 2027 [77].