国信证券晨会纪要-20250610

Macro and Strategy - The core CPI in China is expected to turn positive in June, driven by service prices in May, while the PPI continues to show a significant decline [9][10] - China's exports showed resilience with a 4.8% year-on-year increase in May, while imports fell by 3.4%, resulting in a trade surplus of $103.22 billion [10] Transportation Industry - The logistics sector is seeing a reduction in costs and increased efficiency through the adoption of unmanned logistics vehicles, particularly in the last mile of delivery [10][12] - The shipping industry is experiencing a rebound in freight rates due to increased demand from U.S. companies resuming supply chains, leading to a significant supply-demand gap [10][12] - The aviation sector is entering a low season, with domestic passenger flights seeing a decrease, but there is potential for price stabilization in 2025 due to ongoing demand optimization policies [11][12] Public Utilities and Environmental Protection - The National Energy Administration is initiating pilot projects for new power systems, focusing on innovative technologies and models [15][16] - In April 2025, China exported 228,148 tons of industrial-grade mixed oil (UCO), a 7.46% increase year-on-year, with an average export price of $1,069.34 per ton, up 21.01% year-on-year [15][16] Mechanical Industry - The humanoid robot sector is gaining traction, with strong orders from TSMC and the official launch of the Tian Gong Robot 2.0 [10][18] - The AI infrastructure is expected to drive continued growth in capital expenditure for data centers, benefiting companies involved in gas turbines and chillers [19] Home Appliances - The demand for kitchen small appliances is accelerating, with significant growth observed during the 618 shopping festival [21][22] - The domestic sales of major home appliance categories showed positive growth in April, with air conditioners and washing machines leading the way [22][23] Food and Beverage - The white liquor sector is facing continued pressure during the off-season, while beer and beverage categories are entering a peak demand period [33][34] - High-end liquor prices have slightly decreased, with companies like Kweichow Moutai and Luzhou Laojiao adjusting strategies to maintain market presence [34] Media and Internet - The media sector is experiencing growth, with companies like Keling AI collaborating with NetEase Games, indicating a positive trend in AI applications and IP development [33]