Core Viewpoint - AI technology is accelerating the transformation of the consumer electronics and intelligent driving industries, with hardware innovation and scenario expansion as the core driving forces [1] Group 1: Consumer Electronics Industry - AI empowers traditional smart terminals, leading to higher performance demands on hardware such as heat dissipation, storage, and battery life [2] - Innovations in optical technology, including periscope lenses and large-format sensors, are expected to drive upgrades in smartphone optics [2] - The entry of Apple into the foldable smartphone market is anticipated to accelerate the maturity of the foldable smartphone supply chain [2] Group 2: New Intelligent Hardware - AI is creating incremental demand for new intelligent hardware, with smart glasses emerging as a significant application [3] - Global sales of AI smart glasses are projected to reach 1.52 million units in 2024 and potentially 10 million units by 2026 [3] - The integration of AI with AR is seen as a trend, enhancing user interaction and product experience across various devices [3] Group 3: Intelligent Driving Industry - AI is driving the "intelligent driving equality" process, with companies like BYD expected to enter a new era of high-level intelligent driving by 2025 [4] - The number of cameras in vehicles is projected to increase significantly, with pixel requirements rising from 2-3M to 5-8M for high-level driving assistance [4] - The demand for high-frequency and high-speed connectors and advanced driving chips is expected to double as the industry evolves [4] Group 4: Investment Recommendations - Focus on stable performance leaders in the consumer electronics supply chain, such as Luxshare Precision, GoerTek, and Lens Technology [5] - In the AI new hardware chain, key companies include GoerTek, Longqi Technology, and Huakong Technology [5] - For the AI-enabled intelligent driving chain, attention should be given to companies in the camera, connector, lidar, and chip segments, including Yutong Optical and Horizon Robotics [5]

2025 年 05 月 09 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：77 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -20 -15 -10 -5 0 5 10 15 20 (%) 沪深300 相关研究 | 1、《双融日报》2025-05-08 | | --- | | 2、《双融日报》2025-05-07 | | 3、《双融日报》2025-05-06 | ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 77 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：机器人、稀土、苹果链 1、机器人主题：五一假期期间，山岳型景区迎来大批游 客。在八达岭长城、黄山、泰山这些热门景点，游客们体验 到了一种别样的登山方式一穿戴外骨骼机器人登山。这种设 备被形容为"登山外挂"，通过机械结构或电机驱动，能够 降低 20%-40%的体能消耗，瞬间在户外圈爆火。相关标的： 伟思医疗(688580)、精工科技(002006) 2、稀土主题：近日，据相 ...

1. Report Industry Investment Rating No relevant information provided in the text. 2. Core View of the Report - In the current market context, increasing the allocation of convertible bonds related to popular themes may be the key action for the portfolio to achieve excess returns. Although overseas tariff factors disrupt the domestic economic recovery process and the profit side of listed companies may not recover rapidly in the short term, after the end of the intensive performance disclosure period in May, the previous negative factors have been gradually priced in. The government has released liquidity to support the economy and the securities market. It is expected that the market will likely show characteristics of increasing risk appetite, and the valuation side will be the main support for the strengthening of the market [2][6]. - To benefit from the increase in the market valuation level, it is advisable to appropriately increase the allocation of convertible bonds related to themes. Although the profit side of some theme - related convertible bonds has not yet reached an inflection point, stock pricing often leans towards future long - term growth. The negative factors on the profit side of some targets have been fully priced in by the market in the early stage, and investors tend to give a higher valuation premium to stocks related to new productive forces. Therefore, under the current background, convertible bonds related to popular themes are more cost - effective in creating excess returns [2][9]. - By analyzing the excess return performance of the CSI 2000 and the Wind AA - rated and below index from 2020 to the present, it is found that when the market trading volume exceeds 1.5 trillion yuan, the CSI 2000 shows relatively obvious excess returns compared to the Wind All - A Index in the stock dimension, and the trend is more obvious in the convertible bond dimension. Convertible bonds related to popular themes are more characteristic of small - cap stocks and low - rated convertible bonds, and are more likely to create excess returns when the trading volume recovers [2][9]. - Relevant convertible bonds can be mined by combining annual reports and public research records. The real economy has been gradually transforming towards new productive forces in recent years. Listed companies will disclose new investment and transformation directions in their annual reports and conduct communication and research activities with the capital market after the disclosure of regular reports. Therefore, the 2024 annual reports and public research records since 2025 are important for mining relevant theme - related convertible bonds [2][13]. 3. Summary by Directory 3.1 Wind Risk Preference Recovery, Theme - Related Convertible Bonds May Be the Key to Winning Excess Returns in the Future Market - The current market trading volume has gradually recovered since early April. After the end of the performance disclosure period, the previous negative factors have been priced in, and the government's liquidity release is expected to drive the market risk preference upwards, with the valuation side supporting the market [6][9]. - It is recommended to increase the allocation of theme - related convertible bonds. Some theme - related convertible bonds are more likely to create excess returns due to factors such as future growth expectations and market pricing [2][9]. - Popular themes such as robotics, computing power, Huawei Ascend, HarmonyOS, brain - computer interfaces, and controllable nuclear fusion are analyzed, and relevant convertible bonds are recommended [13]. 3.2 Humanoid Robots - Multiple companies are involved in the humanoid robot field. For example, Keli Convertible Bond (Kedali) focuses on the R & D and production of harmonic reducers and joint modules; Haoneng Convertible Bond (Haoneng Co., Ltd.) is developing high - precision reducers; Lingyi Convertible Bond (Lingyizao) is expanding its business from component supply to assembly and aims to become a robot body assembly manufacturer [18][19][20]. 3.3 Computing Power - Many companies are actively involved in the computing power business. Zhongbei Convertible Bond (Zhongbei Communication) has completed the national business layout of intelligent computing clusters, with an operating computing power scale of over 15,000P and significant revenue growth [32]. 3.4 Huawei Ascend - Haohan Convertible Bond (Haohan Shendu) is exploring AI and large - model applications, and has completed the v1.1 version of the Haohan Morning Star large model, enhancing its capabilities and achieving API interface docking [35]. 3.5 HarmonyOS - CoreHi Convertible Bond (CoreHi Technology) has consolidated its leading position in the HarmonyOS ecosystem, with over 300 business opportunities for HarmonyOS - connected projects and 115 SKUs of products connected [38]. 3.6 Brain - Computer Interfaces - Rongtai Convertible Bond (Rongtai Health) has established a "Brain - Computer Interaction Joint Laboratory" with Shanghai Aoyi Information Technology Co., Ltd. to promote the application of brain - computer fusion technology and bionic manipulators in the intelligent health field [39]. 3.7 Controllable Nuclear Fusion - Guangda Convertible Bond (Guangda Special Materials) is developing and supplying materials related to controllable nuclear fusion, with batch - supply of relevant materials and significant orders [40].

广东领益智造股份有限公司 | 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-059 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | | 公司分别于 2025 年 3 月 27 日、2025 年 4 月 22 日召开第六届董事会第十次 会议、第六届监事会第九次会议及公司 2024 年度股东大会，审议通过了《关于 2024 年度利润分配方案的议案》，决定向权益分派股权登记日深交所收市后在中 国证券登记结算有限责任公司深圳分公司登记在册的本公司全体股东派发现金 红利，按分配比例不变的原则，本次向全体股东实施每 10 股派发现金红利 0.2 元 （含税），不送红股，不以公积金转增股本。股权登记日为 2025 年 5 月 6 日，除 权除息日为 2025 年 5 月 7 日。根据公司《回购报告书》的规定，若公司在股份 回购期间发生派息、送股、资本公积转增股本等除权除息事项的，自股票除权除 息之日起，按照中国证监会及深圳证券交易所的相关规定相应调整回购股份价格 上限及数量，拟回购股份数量和占公司总股本的比例相应变化。所以公司对本次 回购股份的价 ...

Group 1 - The core viewpoint indicates that the rare earth ETF fund is experiencing significant liquidity and growth, with a recent trading volume of 41.64 million yuan and a one-year average daily trading volume of 42.51 million yuan, ranking first among comparable funds [2] - The rare earth ETF fund's latest scale reached 1.746 billion yuan, marking a one-month high and also ranking first among comparable funds, with a notable increase of 44 million shares in the past two weeks [2] - The fund has seen a net inflow of 29.71 million yuan recently, accumulating a total of 40.69 million yuan over the last seven trading days, indicating strong investor interest [2] Group 2 - The valuation of the rare earth ETF fund, tracking the CSI Rare Earth Industry Index, shows a price-to-earnings ratio (PE-TTM) of 29.43, which is in the 9.41% percentile over the past year, suggesting it is undervalued compared to 90.59% of the time in the last year [2] - The rare earth industry is expected to see improved performance in Q1 2025, with Northern Rare Earth forecasting a net profit attributable to shareholders of 429 million to 439 million yuan, representing a year-on-year increase of 11,468.78% to 11,738.45% [2] - The rare earth prices are at a cyclical bottom, with import minerals under control, leading to a more concentrated supply structure and potential price increases, especially with the anticipated mass production of humanoid robots starting in 2025 [3] Group 3 - The top ten weighted stocks in the CSI Rare Earth Industry Index as of April 30, 2025, include Northern Rare Earth, Wolong Electric Drive, China Rare Earth, and others, collectively accounting for 57.42% of the index [3] - Investors can also access rare earth investment opportunities through linked funds, such as fund 011036 [3]

Core Insights - The report indicates a current market sentiment score of 79, categorizing it as "relatively hot," suggesting a positive market outlook supported by recent improvements in market sentiment and policy support [6][10][20]. Market Themes Tracking - **Robotics Theme**: The report highlights the rising popularity of exoskeleton robots for hiking, which can reduce physical exertion by 20%-40%. Related companies include Weisi Medical (688580) and Jinggong Technology (002006) [7]. - **Rare Earth Theme**: Following China's export controls on seven categories of heavy rare earths, prices have surged, with dysprosium prices in Europe doubling to $850 per kilogram since early April. Key players in this sector are Northern Rare Earth (600111) and Shenghe Resources (600392) [7]. - **Apple Supply Chain Theme**: The anticipated launch of Apple's first foldable iPhone in 2026 is expected to impact the product release schedule, affecting companies like Lingyi Technology (002600) and Changying Precision (300115) [7]. Major Capital Inflows - The report lists significant net inflows for various companies, with Zongshen Power (001696.SZ) leading at 734.18 million yuan, followed by AVIC Chengfei (302132.SZ) at 464.83 million yuan, and CATL (300750.SZ) at 376.67 million yuan [11]. Industry Analysis - The report provides insights into the net inflows and outflows across different industries, with the defense and military industry seeing a net inflow of 409.27 million yuan, while the electronics sector experienced a significant outflow of 653.65 million yuan [16][21].

Summary of Key Points from the Conference Call Industry Overview - The humanoid robot sector is experiencing significant growth, with companies like Shuanglin Co. achieving a 500% revenue increase in 2024 and a 105.49% increase in Q1 2025, driven by profits from lead screws and attracting investor attention [1][3] - The joint assembly segment, including companies like Top Group and Hengli Hydraulic, is facing slower growth due to macroeconomic impacts, while Zhengyu Technology shows strong recovery in its mold business and has secured a significant order [1][4] - In the reducer segment, companies like Landai Technology and Fujing Precision are expected to see profit growth exceeding 100% in 2024, although most companies are experiencing profit fluctuations between -20% and 20% [1][5] - The lead screw segment is highlighted by Shuanglin Co.'s remarkable growth, while most related companies have not shown significant performance improvements [1][6] Key Companies and Financial Performance - Tesla is noted for significant year-on-year growth in sensors and lightweight materials, with net profit growth close to 3% in various fields [1][8] - The robot industry is expected to see a surge in domestic players like Huawei, Xiaopeng, Xiaomi, and Midea from May 2024 to 2025, indicating a strong investment focus in the secondary market for the next 3-5 years [1][9] - The performance of Tesla's third-generation robot has been delayed, facing challenges such as high costs and technical issues, which need to be addressed for successful commercialization [1][11] Investment Opportunities and Trends - Investment should focus on innovative solutions and addressing pain points, such as lightweight materials and thermal management, which significantly impact endurance [2][15] - Companies like Redik, Lixin Co., and Zhejiang Rongtai are recommended for their potential in the robot sector and their ability to recover in their main businesses [2][16] - The robot industry has seen rapid technological advancements, with many robots now capable of complex movements that were previously unachievable [15] Challenges and Risks - The joint assembly segment is experiencing a decline in gross profit margins, primarily due to price reductions from Tesla and government policy disruptions [8] - The complexity of industrialization in the slope reducer segment poses challenges for many companies, affecting their profitability [5] Noteworthy Developments - Figure Robot is emerging as a significant player in the North American market, potentially setting trends for T-chain and F-chain robots [12] - The domestic robot industry is rapidly evolving, with companies like Yuzhou Zhiyuan and others gaining attention for their innovative capabilities [13][14] Conclusion - The humanoid robot sector is poised for substantial growth, with key players showing impressive financial performance and technological advancements. Investment strategies should focus on companies that address industry pain points and demonstrate strong recovery potential in their core businesses.

Core Viewpoint - The increasing acceptance of index investing among investors has led to a significant growth in the scale of index funds, reaching a total of 3.26 trillion yuan as of March 31, 2025 [1][8]. Index Predictions CSI 300 Index - Predictions indicate that seven stocks, including Guohang Airlines, Lingyi Technology, and Softcom Power, will be added to the CSI 300 Index, while seven stocks, such as Hualan Biological and 37 Interactive Entertainment, will be removed [2]. SSE 180 Index - Twelve stocks, including Yutong Bus and Shengyi Technology, are expected to be added to the SSE 180 Index, while twelve stocks, such as China Satellite and Zhangjiang Hi-Tech, are predicted to be removed [3]. SSE 50 Index - Four stocks, including AVIC Shenfei and China Aluminum, are forecasted to be added to the SSE 50 Index, while four stocks, such as Tongwei Co. and China Railway, are expected to be removed [4]. STAR 50 Index - It is predicted that Hengxuan Technology will be added to the STAR 50 Index, while Zhongfu Shenying will be removed [5]. CSI 500 Index - Fifty stocks, including GeKong Micro and HuaiBei Mining, are expected to be added to the CSI 500 Index, while fifty stocks, such as Goodway and Guangqi Technology, are predicted to be removed [6]. ChiNext Index - Eight stocks, including Changying Precision and Jiejie Micro, are forecasted to be added to the ChiNext Index, while eight stocks, such as Anke Bio and Dongfang Risheng, are expected to be removed [7].

在科技领域，华为一直是创新的代名词。近期，华为又有大动作吸引了全球目光 —— 即将推出鸿蒙PC，这一消息犹如一颗重磅炸弹，在科技圈引发广泛热 议。 从市场影响来看，华为鸿蒙PC的发布远不止在折叠屏领域再创新高这么简单。它不仅是华为在操作系统领域实现全场景覆盖的关键一步，更承载着打破 Windows与macOS长期垄断局面、构建国产自主生态的重大使命。 根据华为"1+8+N"战略，鸿蒙PC将与手机、车机、智能家居等设备实现无缝互联，有望带动超2000亿元的PC产业链增量市场。在这一过程中，众多产业链 企业将迎来发展机遇。 众多科技博主如 @数码闲聊站 和 @超维界 纷纷预测，此次华为鸿蒙PC 产品线将呈现双惊喜，不仅有传统设计风格的PC，更令人期待的是一款折叠PC产 品。博主@定焦数码 也爆料称："具有颠覆性的H牌折叠PC本月下旬发布会或将亮相。"这无疑预示着华为将在折叠屏领域再创新高，进一步拓展其在智能 终端的版图。 据快科技5月7日消息，华为将于5月8日上午在深圳举办鸿蒙电脑技术与生态沟通会，届时鸿蒙电脑将正式揭开神秘面纱。此次沟通会内容涵盖鸿蒙电脑全方 位介绍、实际体验展示，以及自研和三方生态的精彩呈现， ...

Group 1 - The report indicates that the current market sentiment score is 91, categorizing it as "overheated," suggesting a high level of investor optimism and potential market resistance at this level [6][11][23] - The report highlights three key investment themes: robotics, rare earths, and the Apple supply chain, each showing significant market interest and potential for growth [7][8][9] - In the robotics sector, exoskeleton robots are gaining popularity for outdoor activities, reducing physical exertion by 20%-40%, with related companies including Weisi Medical and Jinggong Technology [7] - The rare earth metals market has seen prices surge, particularly dysprosium, which has doubled to $850 per kilogram following China's export controls, with companies like Northern Rare Earth and Shenghe Resources being key players [7] - The Apple supply chain is preparing for the launch of the first foldable iPhone in 2026, impacting product release schedules and involving companies such as Lingyi Technology and Changying Precision [7] Group 2 - The report provides a detailed analysis of net capital inflows and outflows for various stocks, indicating strong investor interest in companies like Yanshan Technology and Hainan Huate, with net inflows exceeding 76 million [12][13] - It also lists the top ten industries by net capital inflow, with the computer and electronics sectors leading, suggesting a favorable investment climate in these areas [18][20] - The report emphasizes the importance of monitoring market sentiment and capital flows to identify potential investment opportunities and risks in the current market environment [11][24]