第一创业晨会纪要-20250610

Macroeconomic Analysis - In May, China's exports in USD terms grew by 4.8% year-on-year, down from 8.1% in April, while imports decreased by 3.4% compared to a decline of 0.2% in April. The trade surplus for May was $103.2 billion, the second highest in history, only lower than January's $138.5 billion [3][4] - Cumulative year-on-year trade data shows ASEAN as China's largest trading partner, accounting for 16.8% of total trade with a growth of 9.1%. The EU is the second largest partner at 12.8% with a growth of 2.9%, while the US is third at 9.6% with a decline of 8.1% [4] Industry Insights - The US-China trade talks in London appear to be positive, with reports indicating a relaxed atmosphere and potential easing of export controls, which could benefit domestic electronic export chain companies [10] - The excavator sales data for May shows a total of 18,202 units sold, a year-on-year increase of 2.12%. Domestic sales decreased by 1.48%, while exports surged by 542%. Cumulatively, from January to May, excavator sales reached 101,700 units, a growth of 17.4% [11] Advanced Manufacturing - In May, retail sales of passenger vehicles reached 1.932 million units, a year-on-year increase of 13.3%. New energy vehicle production reached 1.167 million units, growing by 30.2% year-on-year [13] - Solid-state batteries are unlikely to achieve large-scale production in the short term, as companies like Desay Battery are still in the R&D phase without clear mass production plans [14][15] Consumer Sector - The "Su Chao" concept stocks have seen significant price increases, with Jinling Sports rising by 156% over seven trading days. However, the actual impact on their performance is limited due to the small scale of their businesses [17][18]