银河证券晨会报告-20250530

Macro Insights - The U.S. International Trade Court ruled to suspend the tariff policy announced by the Trump administration on April 2, stating that the imposition of certain tariffs under the International Emergency Economic Powers Act (IEEPA) was unconstitutional [2][3] - The ruling clarifies the boundaries of IEEPA's powers, limiting the executive branch's authority in trade matters and reinforcing the system of checks and balances [9] - The ruling may lead to a temporary return of the "American exceptionalism" narrative, although the foundational elements supporting it are showing significant cracks [9] M&A and Restructuring Trends - Since the release of the "M&A Six Guidelines," there have been 3,237 M&A events involving listed companies, a 4.25% increase year-on-year, with significant restructuring events rising by 114% to 137 [12] - The participation of private enterprises in major restructuring events has surged from 34 to 90, accounting for 65.69% of the total [12] - The number of restructuring events in the ChiNext and Sci-Tech Innovation Board has increased significantly, indicating heightened activity in these sectors [12] Company Focus: Shengyi Technology (600183.SH) - Shengyi Technology ranks second globally in rigid copper-clad laminate sales, maintaining a market share of approximately 14% [20][23] - The company has experienced steady revenue and net profit growth, with compound annual growth rates of 11.89% and 11.71% from 2005 to 2024 [20] - The demand for copper-clad laminates is expected to rise due to the increasing penetration of AI infrastructure and the growth of the electric vehicle market [21][22] High-End Product Development - Shengyi Technology is focusing on high-end products, particularly in the PTFE copper-clad laminate sector, where it aims to fill the technological gap in China [22] - The company has a unique national-level engineering technology research center, which supports its R&D efforts and product development [22] - The anticipated growth in AI infrastructure and electric vehicles is expected to drive demand for high-end copper-clad laminates [22][23]