交银国际每日晨报-20250606

Internet and Education Industry - The outlook for the second half of 2025 suggests that policy support for consumption and service consumption will continue, with investment opportunities in the internet sector depending on the operational performance of sub-industries, competition, and AI development progress [1] - Companies with strong performance certainty, reasonable valuations with upside potential, and strong business and technological barriers are favored, while undervalued quality companies with turnaround potential should also be monitored [1] Technology Industry - AI development and monetization are expected to remain the main investment themes in the second half of 2025, with overseas CSP capital expenditures rising further and exceeding market expectations [4] - The domestic CSP in China is positively influenced by the rise of DeepSeek, with capital expenditures expected to continue to grow [4] - The semiconductor industry is anticipated to benefit from domestic substitution, particularly in key markets such as computing chips [5] - Investment recommendations focus on AI and domestic substitution, suggesting that semiconductor design companies will be the biggest beneficiaries of AI infrastructure development [5] Automotive Industry - The second half of 2025 will see multiple hybrid models launched, with the penetration rate of new energy vehicles in China expected to reach 55% [6] - The heavy truck market is projected to achieve sales of 950,000 units (including exports) for the year, with a year-on-year growth of 5% [6] - The two-wheeler market is expected to reach sales of 56 million units in 2025, driven by new national standards and trade-in policies [6] Gaming Industry - In May, the tracked top mobile games showed a year-on-year revenue increase of 6%, with Tencent's domestic revenue growing by 4% and NetEase's domestic revenue declining by 2% [8][9] - Tencent's long-standing games are performing well, and new games are expected to further drive revenue growth, maintaining a 17% growth forecast for mobile game revenue in Q2 [9] - NetEase's mobile game revenue is expected to stabilize year-on-year in Q2, with a positive growth outlook for the second half of the year [9]