晨 会 纪 开源晨会 0703 ——晨会纪要 沪深300 及创业板指数近1年走势 -16% 0% 16% 32% 48% 64% 沪深300 创业板指 数据来源：聚源 2025 年 07 月 03 日 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 钢铁 | 3.375 | | 煤炭 | 1.985 | | 建筑材料 | 1.421 | | 农林牧渔 | 0.837 | | 银行 | 0.754 | | 数据来源：聚源 | | | 行业名称 | 涨跌幅(%) | | --- | --- | | 电子 | -2.011 | | 通信 | -1.963 | | 国防军工 | -1.938 | | 计算机 | -1.640 | | 美容护理 | -1.091 | | 数据来源：聚源 | | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【金融工程】港股量化：南下资金累计流入达 2024 年 91%，7 月增配成长——金 融工程定期-20250702 港股市场 6 月概览：港股震荡上行，有色、电子涨幅亮眼。 港 ...

光伏设备 2025 年 07 月 02 日 官媒&高层接连发声，供给侧改革有望深化 ——行业点评报告 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 58% 2024-07 2024-11 2025-03 光伏设备 沪深300 事件：据新华社，中共中央总书记、国家主席、中央军委主席、中央财经委员会 主任习近平 7 月 1 日上午主持召开中央财经委员会第六次会议，会议强调： 会议主旨高度契合 6 月 29 日人民日报头版文章 人民日报 6 月 29 日头版推出金社平文章《在破除"内卷式"竞争中实现高质量发 展》指出，"要深化要素市场化配置改革，主动破除地方保护、市场分割和'内卷 式'竞争。"政府有引导、行业有自律、企业有行动，综合整治"内卷式"竞争就能 稳步推进、见到成效。本次中央财经委员会的会议主旨高度契合人民日报文章， 表明高层对光伏困境认知清晰，破除内卷、推动行业健康发展的决心明确，后续 光伏供给侧结构性改革力度有望加强。 光伏供给侧改革有望深化 相关研究报告 《破除光伏"内卷式"竞争，关注行 业贝塔修复 — 行 业 点 评 报 告 》 -2025.7.1 殷晟 ...

| 昨日涨跌幅后五行业 | | --- | 2025 年 07 月 02 日 他 研 究 开源晨会 0702 ——晨会纪要 沪深300 及创业板指数近1年走势 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-07 2024-11 2025-03 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 综合 | 2.601 | | 医药生物 | 1.804 | | 银行 | 1.535 | | 有色金属 | 1.489 | | 公用事业 | 1.046 | | 数据来源：聚源 | | | 行业名称 | 涨跌幅(%) | | --- | --- | | 计算机 | -1.182 | | 商贸零售 | -0.788 | | 通信 | -0.452 | | 传媒 | -0.376 | | 电力设备 | -0.373 | 数据来源：聚源 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】"两重"接力支撑 PMI，预计 Q2 GDP 约 5.2%——兼评 6 月 PM ...

| 证券代码：300776 | 证券简称：帝尔激光 | 公告编号：2025-039 | | --- | --- | --- | | 债券代码：123121 | 债券简称：帝尔转债 | | 武汉帝尔激光科技股份有限公司 关于 2025 年第二季度可转债转股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、"帝尔转债"（债券代码：123121）转股期为 2022 年 2 月 11 日至 2027 年 8 月 4 日；最新有效的转股价格为 73.60 元/股。 （二）可转债上市情况 经深圳证券交易所同意，公司 84,000.00 万元可转债于 2021 年 8 月 27 日在 深圳证券交易所挂牌交易，债券简称"帝尔转债"，债券代码"123121"。 （三）可转债转股期限 根据《武汉帝尔激光科技股份有限公司向不特定对象发行可转换公司债券募 集说明书》（以下简称《募集说明书》）的约定，"帝尔转债"转股期自可转债 发行结束之日（2021 年 8 月 11 日）起满六个月后的第一个交易日（2022 年 2 月 11 日）起至可转债到期日（2027 ...

Core Viewpoint - The article highlights the achievements of the "China Semiconductor Industry High-Quality Development Innovation Results Collection" event, showcasing the innovative strength and development outcomes of the domestic integrated circuit industry across the entire supply chain [1]. Group 1: Leading Figures - The list recognizes ten leading figures who have made significant contributions in technology research and development, enterprise management, and industry collaboration, injecting new momentum into the industry through forward-looking strategic layouts and technological breakthroughs [2]. Group 2: Leading Enterprises - Ten enterprises that hold leading positions in their respective segments are acknowledged for their technological innovation and market performance, setting benchmarks for the industry [3]. - The recognized companies include: 1. Haisegao Semiconductor Technology (Suzhou) Co., Ltd. 2. Beijing Pingxin Technology Co., Ltd. 3. Quanxin Intelligent Manufacturing Technology Co., Ltd. 4. Shanghai Zhenxin Microelectronics Technology Co., Ltd. 5. Hebei Kainuo Zhongxing Technology Co., Ltd. 6. Hangzhou Ruisheng Semiconductor Technology Co., Ltd. 7. Qiyimoer (Quzhou) Integrated Circuit Design Co., Ltd. 8. Su Shi Yite (Shanghai) Testing Technology Co., Ltd. 9. Nanjing Hongtai Semiconductor Technology Co., Ltd. 10. Shenzhen Aowei Lingxin Technology Co., Ltd. [4]. Group 3: Excellent Solutions/Products - The list includes ten innovative products and solutions that demonstrate the deep integration of technology and market application, covering popular fields such as AI chips, storage technology, and automotive electronics [5]. - Recognized products include: 1. Best solution for smart headphones by Beijing Ansheng Technology Co., Ltd. 2. Best solution for production line power by Jiangsu Shenzhou Semiconductor Technology Co., Ltd. 3. Best solution for semiconductor processors by Xinlai Zhirong Semiconductor Technology (Shanghai) Co., Ltd. 4. Best product in the semiconductor industry by Jiangsu Zhongde Electronic Materials Technology Co., Ltd. 5. Best product in flash memory chips by Zhuhai Boya Technology Co., Ltd. 6. Excellent product by Hezhizhen Intelligent Technology Co., Ltd. 7. Excellent product by Deyi Microelectronics Co., Ltd. 8. Excellent FPGA product by Jingwei Qili (Beijing) Technology Co., Ltd. 9. Innovative product in storage by KOWIN Semiconductor Technology Co., Ltd. 10. Excellent automotive electronic product by Shenzhen Wensian Microelectronics Co., Ltd. [6]. Group 4: About the China IC Unicorn Alliance - The China IC Unicorn Alliance was established in 2021, initiated by over 90 well-known enterprises and organizations in the semiconductor industry, aiming to integrate resources across the supply chain and promote technological innovation, ecological collaboration, and industrial upgrading [7]. - The alliance currently has over 1,000 member enterprises covering all aspects of the industry chain, including design, manufacturing, packaging, testing, materials, and equipment [8].

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The report highlights significant growth in the photovoltaic sector, with a 150% year-on-year increase in new installations, reaching 197.85 GW from January to May 2025 [4] - Wind power installations also saw substantial growth, with a 801% year-on-year increase in May, totaling 26.32 GW, supported by policy incentives [4] - The report emphasizes the ongoing advancements in the lithium battery supply chain, particularly in solid-state battery development, indicating a strong future outlook for the sector [7] Summary by Sections Photovoltaic Sector - New installations in the photovoltaic sector reached 197.85 GW from January to May 2025, marking a 150% increase year-on-year [4] - In May alone, 92.92 GW of new capacity was added, reflecting a 105.48% month-on-month increase and a 388.03% year-on-year increase [4] - The report suggests focusing on companies involved in material innovation and high-efficiency battery technologies [4] Wind Power Sector - The report notes that wind power installations reached 46.28 GW in the first five months of 2025, a 134% year-on-year increase [4] - The significant growth in installations is expected to support the performance of companies in the supply chain during Q2 [4] - The report recommends monitoring companies involved in offshore wind projects, as government policies are expected to catalyze further growth [4] Lithium Battery Sector - Companies in the lithium battery supply chain are advancing solid-state battery technologies, with several firms achieving significant milestones in energy density and production [7] - The report highlights that Ganfeng Lithium has established a comprehensive solid-state battery layout, achieving breakthroughs in energy density and cycle life [7] - The report suggests focusing on companies that are well-positioned in the solid-state battery ecosystem and those providing innovative solutions in the supply chain [7] Energy Storage Sector - The report indicates that energy storage markets in Europe are experiencing a surge in policy support, creating structural investment opportunities [7] - Various European countries are implementing significant subsidies and regulatory changes to enhance energy storage capabilities [7] - The report recommends focusing on companies that are positioned to benefit from these developments in the energy storage market [7] Overall Industry Outlook - The report concludes that the electric power equipment industry is experiencing positive fundamental changes and potential catalysts, maintaining an overall "Recommended" rating for the sector [4]

Key Points - The Ministry of Water Resources has organized flood prevention measures in response to a forecast of heavy rainfall across various regions in China from June 29 to July 1 [1] - The Shanghai Stock Exchange reported a 15% year-on-year increase in asset restructuring proposals since the implementation of the "Six Merger Rules," with major asset restructurings up by 200% [2] - The Shenzhen Stock Exchange is planning reforms for the ChiNext board to support high-quality innovative companies and enhance financing flexibility [2] - The China Logistics and Purchasing Federation reported that the medical device industry is expected to reach a market size of 1.2 trillion yuan by 2024, with significant growth in logistics and warehousing [3] - The Zhengzhou International Land Port has officially commenced operations, aimed at enhancing the economic development of the Henan region and supporting the Belt and Road Initiative [5] - Tencent and Taikang Insurance Group have entered a new strategic cooperation to enhance collaboration in cloud services and health-related sectors [6] - The United Nations reported that global public debt is projected to reach a historic high of 102 trillion USD in 2024, with developing countries being the most affected [7] - Ecuador's cocoa and chocolate exports to China have surged by 161% in the first quarter of this year, driven by trade agreements that facilitate market access [8]

其 他 报 告 2025年06月24日 研究分析师 : 郭子睿 投资咨询资格编号 : S1060520070003 研究分析师 : 陈瑶 投资咨询资格编号 : S1060524120003 研究分析师 : 任书康 投资咨询资格编号 : S1060525050001 研究助理 : 高越 一般证券从业资格编号 : S1060124070014 研究助理 : 胡心怡 一般证券从业资格编号 : S1060124030069 核心观点 : 基金投顾组合总体情况：截至2025年5月末，上线天天基金APP的基 金投顾组合共441只，相比上月末增加11只组合；新增股债中枢型中稳健型组合5 只、进取型和货币型组合各2只、平衡型组合1只，赛道型中的科技组合1只。 投 顾组合业绩表现跟踪：股债中枢型基金，过去一年，各类中枢型组合的收益率中 位数均跑赢同类型FOF产品。月内，进取型、平衡型、稳健型组合的收益率中位 数均跑赢同类型FOF产品。与基准业绩比较，月内，进取型、平衡型、稳健型、 货币型组合的收益率中位数均跑赢基准。 持仓基金仓位跟踪：稳健型投顾组合减 持主动债券基金，增持固收+基金；平衡型投顾组合减持量化基金，增持主动权 益 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Views - The report highlights the continuous increase in wind turbine prices and the extension of the ITC subsidy for energy storage in the United States, indicating a positive outlook for the power equipment industry [4][6] Summary by Sections Recent Trends - The power equipment sector has shown a performance of -3.8% over the last month, -11.0% over the last three months, and a positive 9.0% over the last year, compared to the CSI 300 index which has seen -1.3%, -3.2%, and 9.8% respectively [3] Key Events and Insights - In the photovoltaic sector, there is a notable cautious sentiment regarding terminal demand, with a focus on the trend of replacing precious metals and new technological catalysts. The SNEC photovoltaic exhibition held in Shanghai from June 11-13, 2025, is expected to drive inquiries for distributed orders, although actual transaction prices have not increased [4][5] - In the wind power sector, turbine prices have continued to rise, with the average bidding price for new turbine models increasing by 5% to 8% compared to previous bids. The report anticipates a recovery in profitability for main manufacturers starting in the second half of 2025 [4][5] - The energy storage segment is bolstered by favorable policy changes, such as the U.S. Senate's revision of the "Big and Beautiful" bill, extending the ITC phase-out date to 2034, which supports long-term economic viability [6][7] Company Recommendations - The report suggests focusing on companies involved in high-efficiency battery technologies and those benefiting from the rising demand in the wind and energy storage sectors, including names like New Strong Union, Weili Transmission, and Goldwind [4][5][6]

Core Viewpoint - The distribution of cash dividends among 26 listed companies in the laser industry reflects the varying survival states and performance of different segments within the industry, with 19 companies distributing cash dividends, 6 suspending them, and 1 opting for stock conversion, indicating a 23% non-dividend ratio [1] Summary by Sections Dividend Distribution - As of June 18, 2024, 26 companies in the laser industry disclosed their dividend plans, with 19 companies issuing cash dividends and 6 suspending them [1] - The top five companies by cash dividend per 10 shares are: 1. Baichu Electronics: 21.60 CNY, total 445 million CNY 2. Jiepu Technology: 4.2 CNY, total 39.82 million CNY 3. Dier Laser: 3.9 CNY, total 106 million CNY 4. Han's Laser: 3.5 CNY, total 360 million CNY 5. Huagong Technology: 2 CNY, total 200 million CNY [2][3] Company Performance - Baichu Electronics, a leader in industrial laser cutting systems, holds a 60% market share and is projected to achieve over 800 million CNY in net profit for 2024, showcasing strong profitability with a gross margin of nearly 80% and a net profit margin of 40% [4] - Dier Laser maintains over 80% market share in PERC laser ablation equipment, demonstrating stable profitability and consistent high dividends since its listing [4] - Han's Laser and Huagong Technology have both maintained over ten years of continuous dividends, reflecting their strong profitability and risk resilience [5][6] Industry Challenges - The laser industry is undergoing a deep adjustment cycle, with significant price wars in the upstream market and fluctuating demand in the midstream, leading to stark performance disparities among companies [8] - Companies like Ruike Laser are facing severe pressure from price wars, resulting in a 38.24% decline in net profit for 2024, with dividends dropping from 5 CNY per 10 shares in 2018 to 0.5 CNY in 2024 [9] - Longguang Huaxin and other companies have suspended dividends due to losses, highlighting the challenges faced by non-leading firms during industry downturns [11] Strategic Responses - Jiepu Technology has successfully differentiated itself by focusing on the MOPA pulsed fiber laser segment, achieving nearly 100% growth in dividends from 1.44 CNY in 2020 to 4.2 CNY in 2024, demonstrating effective market positioning [10] - Companies like Yifei Laser are choosing to reinvest profits into R&D rather than distribute dividends, indicating a strategic shift towards technology upgrades and sustainable growth [11] Conclusion - The disparity in dividend capabilities among laser industry companies reflects their technological barriers and sustainable business models, with those possessing strong customer relationships and unique technologies showing better resilience and profitability [12]