Investment Rating - The report does not provide specific investment ratings for the sub-industries within the power equipment and new energy sector [6]. Core Insights - The overall strategy for the industry emphasizes the AI upgrade of electric vehicles and the establishment of a solid foundation for photovoltaics [3][4]. - The new energy and AI sectors remain the primary focus, with the AI transformation of electric vehicles and related extensions being central to the current trends [3][4]. Summary by Relevant Sections New Energy Vehicle Industry Chain - The electric vehicle sector is undergoing a triple transformation of electrification, intelligence, and AI integration, benefiting companies with advantages in AI technology, such as Xiaomi and XPeng [4]. - Xiaomi's YU7 model features a maximum range of 835 km, with a net profit of 10.7 billion yuan in Q1 2025, a year-on-year increase of 64.5% [4]. - XPeng's M03 Max was launched at a starting price of 129,800 yuan, equipped with advanced AI systems [4]. Battery Enterprises - Battery companies are continuously upgrading, focusing on ecosystem development and solid-state technology, with CATL being a key beneficiary [4]. - CATL signed an agreement with the Lanzhou government to collaborate on new energy battery markets and zero-carbon city initiatives [4]. Photovoltaic and Energy Storage Industry Chain - The energy storage market is accelerating, with significant growth in new energy storage bidding, reaching 27.1 GW/132.3 GWh in the first four months of 2025, a year-on-year increase of 281% [5]. - Aiko's ABC components have seen significant sales premiums, with a first-quarter shipment of 4.54 GW, a quarter-on-quarter increase of over 40% [5]. AI and New Energy - The integration of AI with new energy and humanoid robots presents new opportunities, with successful mass production of solid-state batteries for construction robots [6]. - The report highlights the potential of humanoid robots to significantly change human perspectives and work-life patterns [6]. Industry News Tracking - The report notes that the new energy and AI sectors are experiencing rapid developments, with significant events such as CATL's collaboration with the Lanzhou government and the delivery of solid-state batteries by Factorial to drone clients [21][37].

[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 ...

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [41]. Core Viewpoints - The report highlights that the banking sector remains attractive as a dividend asset under a moderately loose monetary policy environment. It suggests focusing on companies benefiting from incremental policy improvements and those with strong fundamentals and regional advantages [6][39]. Summary by Sections Market Review - The Shanghai Composite Index and CSI 300 Index experienced slight declines of -0.03% and -1.08%, respectively, while the Shenwan Banking Index rose by 0.04%, outperforming the CSI 300 by 1.12 percentage points [4][10]. - Among the major banking sectors, state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks had varying performances, with the rural commercial banks showing a positive change of 0.41% [12][13]. Data Tracking - As of May 30, 2025, the banking sector's PB-LF valuation stands at 0.67 times, placing it in the 74.50 percentile over the past five years. The median dividend yield for individual stocks is 4.40%, exceeding the 10-year government bond yield by 2.73 percentage points [5][23]. - The total social financing stock reached 424 trillion yuan, reflecting a year-on-year increase of 8.70%. The loan and deposit balances of Chinese banks were 258.36 trillion yuan and 293.94 trillion yuan, respectively, with year-on-year growth rates of 7.73% and 7.99% [5][39]. Industry Dynamics - The report notes the establishment of the Inner Mongolia Rural Commercial Bank, marking the completion of rural financial institution reforms in ten provinces. This bank has a registered capital of 58 billion yuan and represents a significant milestone in local financial reform [40]. - The National Development and Reform Commission announced a reduction in credit report inquiry fees, which is expected to save users approximately 1.1 billion yuan annually [39][40]. Recommended Companies and Ratings - The report recommends the following companies with respective ratings: - CITIC Bank: "Increase" - China Merchants Bank: "Buy" - Chongqing Bank: "Increase" - Yunnan Rural Commercial Bank: "Buy" [3][40].

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 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].

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 industry rating is optimistic, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next 6 months [6] Core Insights - Xiaomi Group reported a record high revenue of RMB 111.3 billion for Q1 2025, a year-on-year increase of 47.4%, with adjusted net profit reaching RMB 10.7 billion, up 64.5% year-on-year [1] - Xiaomi's electric vehicle, the SU7, has surpassed the Model 3 in sales, with 75,869 units delivered in Q1 2025, making it the best-selling vehicle in its price range [1] - The new luxury SUV, YU7, is set to challenge the Model Y, featuring three versions with a maximum power of 690PS and advanced charging capabilities [2][3] Summary by Sections Financial Performance - Total revenue for Xiaomi in Q1 2025 was RMB 111.3 billion, with a net profit of RMB 10.7 billion, marking significant growth compared to the previous year [1] Product Development - The SU7 series has achieved cumulative deliveries of over 258,000 units, with a strong monthly delivery rate exceeding 20,000 units for six consecutive months [1] - The YU7 features a maximum range of 835 km and can accelerate from 0-100 km/h in 3.23 seconds, showcasing its competitive performance [2] Technological Advancements - The YU7 is equipped with the NVIDIA DRIVE AGX Thor™ platform, providing 700 TOPS of computing power, enhancing its autonomous driving capabilities [3]