国信证券晨会纪要-20250613

Group 1: Macro and Strategy - The report analyzes the performance of active equity funds, finding that most can outperform the market, but their excess returns are not significant, with annualized excess returns ranging from 0.216% to 3.05% [7][8] - Active funds show a preference for large-cap and high-valuation stocks, with significant negative impacts from exposure to size and value factors on performance [8] - Growth factors yield high annualized returns, with excess returns significantly exceeding 10% when considering short-term earnings growth [8][9] Group 2: Industry and Company Insights - In the power equipment and new energy sector, there is a focus on the progress of HVDC applications in data centers and the ongoing advancements in solid-state battery technology [10][11] - The solid-state battery industry is seeing significant developments, including the establishment of pilot production lines and strategic partnerships aimed at industrialization [11] - The offshore wind sector is expected to see a record year for bidding in 2025, with numerous projects set to commence, indicating a robust growth outlook [12] - The media industry is experiencing growth, with the gaming sector showing strong revenue increases and a focus on AI applications and IP-driven opportunities [13][14] - The food and beverage sector, particularly the liquor segment, is entering a traditional off-season, with pricing pressures and a potential bottoming out of valuations [16][17] - Mingyang Smart Energy is experiencing rapid revenue growth, with a focus on product upgrades and expansion into data center and overseas markets [19][20] - Huazhong Microelectronics is seeing improvements in revenue, particularly in the automotive electronics segment, with a steady increase in market share [22][23]