中银晨会聚焦-20250627

Core Insights - The report highlights a focus on specific stocks for June, including 顺丰控股 (SF Holding), 安集科技 (Anji Technology), and 佰仁医疗 (Bairen Medical) among others, indicating potential investment opportunities in these companies [1] - The overall market indices showed slight declines, with the Shanghai Composite Index closing at 3448.45, down 0.22% [1] Strategy Research - The report discusses a traditional multi-factor scoring industry rotation strategy that prioritizes low valuation, low crowding, and upward economic momentum, achieving an annualized return of 19.64% during the backtest period from April 1, 2014, to June 6, 2025, compared to a benchmark return of 7.55% [2][8] - The strategy involves selecting two single factors from four dimensions: valuation, quality, liquidity, and momentum, and forming a composite factor through equal weighting [8][9] Mechanical Equipment Sector - 芯碁微装 (Chipbond Technology) announced a new contract worth 146 million yuan, representing approximately 15% of its projected 2024 revenue, indicating strong demand driven by the AI infrastructure boom [10][11] - The company reported a revenue of 242 million yuan in Q1 2025, with a quarter-over-quarter increase of 3% and a year-over-year increase of 22%, alongside a gross margin of 41.3% [11][12] - The AI infrastructure trend is expected to significantly boost the demand for high-end PCB products, with major tech companies like Meta and Microsoft increasing their capital expenditures for AI-related infrastructure [12]