银河证券每日晨报-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 cracks supporting this concept have emerged, particularly regarding the status of U.S. debt as a "global safe asset" [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 purpose of major restructurings has diversified, with horizontal integration still prevalent but a notable increase in other purposes such as shell acquisitions and vertical integration [12] - Private enterprises have significantly increased their participation in major restructuring events, rising from 34 to 90, accounting for 65.69% of the total [12] Company Focus: Shengyi Technology (600183.SH) - Shengyi Technology is a leading global supplier of copper-clad laminates, ranking second in global sales with a market share of approximately 14% [20][23] - The company has experienced steady growth, with a compound annual growth rate (CAGR) of 11.89% in revenue and 11.71% in net profit 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, which uses significantly more PCBs than traditional vehicles [21][22] High-End Product Development - Shengyi Technology is focusing on high-end copper-clad laminates, where Taiwanese and Japanese companies currently dominate the market [22] - The company has established a national-level engineering technology research center and is increasing its R&D expenditure, which is expected to exceed 1 billion yuan in 2024 [22] - The growth in AI infrastructure and the automotive sector is anticipated to drive demand for high-end products, providing opportunities for the company to expand its market share [22][23]