平安证券晨会纪要-20250617

Group 1: PCB Industry Insights - The rapid development of AI technology is driving the upgrade of CCL/PCB products towards high-end specifications, significantly increasing their value [3][7][8] - The demand for AI is expected to maintain a high growth trend, with domestic companies gradually becoming important suppliers in the high-end market due to long-term strategic positioning [3][7] - The PCB industry is projected to see continuous profit growth as high-value products like AI PCBs experience sustained demand, with recommended companies including Nan Ya Plastics, Shenghong Technology, and others [3][7][8] Group 2: Real Estate Market Analysis - National real estate investment and sales showed overall stability in May, with investment amounting to 3.6 trillion yuan, a year-on-year decrease of 10.7% [4][10][12] - The sales area of new commercial housing in May was 70.53 million square meters, down 3.3% year-on-year, indicating a slight decline in market activity [10][12] - The report suggests a focus on companies with lighter historical burdens and strong product capabilities, such as China Overseas Development and Poly Developments, as well as those in the valuation recovery phase like New Town Holdings [4][10][12] Group 3: Food and Beverage Sector - The liquor sector is undergoing adjustments, with the liquor index dropping by 5.31% recently, and expectations for improvement in the future [4][13] - The report highlights three main lines of focus: high-end liquor with relatively strong demand, mid-range liquor with ongoing national expansion, and real estate liquor products [4][13][14] - In the broader consumer goods market, structural prosperity is emerging, with new consumption categories driven by emotional value and health needs gaining traction [14]