Group 1 - The mechanical equipment index experienced a decline of -0.67% during the week of June 9 to June 13, 2025, with a focus on technological innovation in humanoid robots, recovery in domestic engineering machinery sales, and strengthened demand for semiconductor equipment autonomy [1] - In the robotics sector, a cautious short-term outlook is advised, while a strong long-term optimism is maintained, as the current valuation increase is perceived to be outpacing actual industry progress [1] - The engineering machinery sector shows a cyclical recovery trend, with significant long-term investment value. In May 2025, the average working hours for major products was 84.5 hours (down 3.86% year-on-year, down 6.25% month-on-month), and excavator sales reached 18,202 units (up 2.12% year-on-year), with cumulative sales from January to May at 101,716 units (up 17.4% year-on-year) [1] Group 2 - In the low-altitude economy, accelerated industrial collaboration is expected to benefit the power system sector, enhancing core technology development and industrialization processes through deeper cooperation with eVTOL manufacturers [2] - In the controlled nuclear fusion sector, intensive bidding for fusion reactor components is anticipated to accelerate benefits for power supply and detection systems, supported by increased policy backing and technological breakthroughs [2] - In the export chain, consumer-grade export equipment companies with high demand certainty and low technical dependency are expected to benefit first from the backdrop of fluctuating trade tensions, with short-term order recovery and valuation boosts [2]

Summary of Key Points from the Conference Call on Giant Star Technology Company Overview - **Company**: Giant Star Technology - **Industry**: Hand Tools and Manufacturing Core Insights and Arguments - **Market Share Growth**: Giant Star Technology has consistently increased its market share during the trade war, benefiting from low price elasticity of demand for hand tools and production capacity advantages. The easing of tariff conflicts and the intensification of technology wars serve as favorable catalysts for long-term growth potential [2][5][8]. - **Stock Price Reaction**: The stock price of Giant Star Technology has experienced significant declines, attributed to market concerns over its high exposure to the U.S. market and its role as an export bellwether. However, the company's fundamentals remain robust, indicating that the tariff impacts have been overreacted [2][11][7]. - **Response to Tariffs**: Historical experience from 2018-2019 shows that Giant Star Technology can quickly restore profitability in response to tariffs. The company has improved its response strategies, including overseas factory setups and supply chain management, minimizing the impact of tariffs on its fundamentals [9][10]. - **U.S. Market Projections**: It is anticipated that Giant Star Technology's revenue in the U.S. market will grow to $1.5-1.6 billion by 2025, driven by the release of capacity from new projects in Southeast Asia and ongoing investments in capacity expansion [2][14]. Additional Important Insights - **Demand Resilience**: The impact of terminal price increases on tool consumption demand is limited. Despite a downturn in the U.S. real estate market, strong maintenance demand for aging homes mitigates the negative effects on tool consumption [2][16][17]. - **Channel Trends**: The sales channels expect a trend of low growth in the first half of the year followed by stronger growth later, supported by robust maintenance demand due to aging homes and potential release of delayed home improvement demand from interest rate cuts [3][18]. - **Competitive Landscape**: The U.S. hand tools import market is dominated by Mainland China and Taiwan, accounting for over 50% of imports. Giant Star Technology plans to increase its U.S. procurement while reducing reliance on single-country imports, positioning itself to capture more market share [12][13]. - **Future Growth Catalysts**: The company is expected to see significant growth in 2025, with Q2 and Q3 showing strong support due to optimistic channel conditions. Despite potential currency exchange impacts on profit growth, overall revenue growth remains promising [19]. Conclusion Giant Star Technology is positioned favorably within the hand tools industry, with strong fundamentals, strategic responses to market challenges, and a clear path for revenue growth in the coming years. The company's proactive measures in capacity expansion and market adaptation are likely to enhance its competitive edge and market share.

轻工制造 GLO 日本试销推进，新型烟草趋势向上 投资要点： 【周观点】5 月 12 日日本 GLO 官网公布新品 HILO 信息，新品预期将于 6 月 9 日在日本宫城县试销限定发售，若日本市场试销良好，产品力进一 步验证，思摩尔 HNB 业务成长空间有望进一步打开；本周中美贸易冲突暂 缓，优质低估出口链、以及前期受外销业务担忧的包装龙头迎来布局窗口； 出口情绪好转带动包装纸企涨价潮，玖龙、山鹰、理文等集体发布提价函。 强于大市（维持评级） 一年内行业相对大盘走势 -0.30 -0.20 -0.10 0.00 0.10 0.20 5/20 7/31 10/11 12/22 3/4 5/15 轻工制造 沪深300 团队成员 | 分析师： | 李宏鹏(S0210524050017) | | --- | --- | | lhp30568@hfzq.com.cn | | | 分析师： | 汪浚哲(S0210524050024) | | wjz30579@hfzq.com.cn | | | 分析师： | 李含稚(S0210524060005) | | lhz30597@hfzq.com.cn | | 华福证券 轻工制 ...

上天天基金APP搜索【777】开户即可领98元券包 ，优选科技基金10元起投！ 限量发放！ 先到 先得！ 自《中美日内瓦经贸会谈联合声明》后，5月14日，跨境支付与航运板块行情作为直接受益的板块领涨两 市，多只个股涨停，千亿市值龙头个股也迎来大涨。 展望后市，多家公募认为，建议关注消费电子、机械和汽车零部件等出口链行业，这部分行业在4月初跌幅较 多，短时间内有望呈现补涨行情。除了国际动态以外，投资更需要"以我为主"，有公募指出，当前做多力量会 凝聚，以AI终端与应用为核心的产业趋势并未止步，科技等产业景气方向有望占优。 跨境概念大涨 5月14日，A股整体低开高走，午后跨境电商板块多股直线拉升。截至收盘，嘉诚国际、华贸物流、集泰股 份、跨境通等多股涨停，跨境支付方面，青岛金王成功走出2连板，浔兴股份涨幅超5%，小商品城、飞天诚 信、艾融软件等也纷纷跟涨。 此外，航运概念也领涨两市，国航远洋、华光源海收获30cm涨停，飞力达录得20cm涨停，收盘涨停的还有中 远海发、宁波海运、嘉诚国际、长久物流、中创物流等，而这已是航运股连续两日实现大涨。 除了前述两个直接受益的板块，"出口链"也是未来需要关注的重要方向，华夏基 ...

自《中美日内瓦经贸会谈联合声明》后，5月14日，跨境支付与航运板块行情作为直接受益的板块领涨两 市，多只个股涨停，千亿市值龙头个股也迎来大涨。 展望后市，多家公募认为，建议关注消费电子、机械和汽车零部件等出口链行业，这部分行业在4月初跌幅较 多，短时间内有望呈现补涨行情。除了国际动态以外，投资更需要"以我为主"，有公募指出，当前做多力量会 凝聚，以AI终端与应用为核心的产业趋势并未止步，科技等产业景气方向有望占优。 跨境概念大涨 5月14日，A股整体低开高走，午后跨境电商板块多股直线拉升。截至收盘，嘉诚国际、华贸物流、集泰股 份、跨境通等多股涨停，跨境支付方面，青岛金王成功走出2连板，浔兴股份涨幅超5%，小商品城、飞天诚 信、艾融软件等也纷纷跟涨。 此外，航运概念也领涨两市，国航远洋、华光源海收获30cm涨停，飞力达录得20cm涨停，收盘涨停的还有中 远海发、宁波海运、嘉诚国际、长久物流、中创物流等，而这已是航运股连续两日实现大涨。 除了前述两个直接受益的板块，"出口链"也是未来需要关注的重要方向，华夏基金认为，出海板块、外需占比 较高方向错杀，或迎补涨机会。 "上述板块对美国及海外市场依赖性高，在关税冲突面 ...

Market Overview - US CPI shows signs of cooling, with April CPI at 2.3%, the lowest since February 2021, while core CPI is at 2.8% [3][9] - Chip stocks support S&P 500, with a rise of over 3% in chip index after the Trump administration lifted AI chip restrictions [2][3] - Nvidia shares rose over 5% for two consecutive days, while UnitedHealth's sudden CEO resignation led to an 18% drop [2][3] - JD.com's Q1 revenue exceeded expectations at 301.08 billion RMB, with new business revenue growing by 18.1% despite increased losses [12][20] Key Developments - After the US-China tariff agreement, foreign investment banks raised China's GDP growth forecasts, with Morgan Stanley predicting accelerated exports [9] - Saudi Arabia commits to invest $600 billion in the US, covering military, technology, and infrastructure sectors, including $800 million in advanced technology investments [10] - The EU faces collective action issues in trade negotiations, as highlighted by US Treasury Secretary [11] Company Insights - JD.com reported a significant increase in its core retail business profitability, with operating profit margin rising from 4.1% to 4.9% year-on-year [20] - The AI sector is expected to see substantial growth, with Nvidia supplying 18,000 chips for Saudi AI projects [10] - SoftBank's Q4 net profit surged by 123.9% year-on-year, driven by strong AI demand [22] Industry Trends - The PCB industry is expected to benefit from reduced tariff pressures, with a positive outlook for AI-related PCB demand [23] - The AI Agent market is projected to expand significantly, potentially transforming the software landscape [23] - The export chain sector may see a rebound as tariff concerns ease, presenting opportunities for recovery [23]

Group 1: Strategy Overview - The report discusses the supply-demand dynamics, identifying industries experiencing "supply clearance" or "strong expansion" [3] - It analyzes the export chain, detailing the overseas revenue and revenue from the U.S. for various industries [3] - The report highlights a noticeable increase in dividend yields in certain transportation and consumer sectors [3] Group 2: Market Performance - A-share market shows a stable upward trend, driven by policy catalysts, with a recovery in risk appetite and marginal improvement in sentiment [3] - Global equity markets exhibit mixed performance, with A-shares leading in gains [3] - The report notes a rise in gold prices followed by a pullback, alongside the appreciation of the Renminbi [3] Group 3: Industry Insights - The automotive sector, particularly Xingyu Co., Ltd. (601799.SH), is noted for its strong domestic market performance and steady growth in overseas markets [6] - The company is expected to achieve revenue of 165 billion, 205 billion, and 254 billion yuan for 2025-2027, with respective growth rates of 25%, 24%, and 24% [6] - The projected net profit for the same period is 19 billion, 25 billion, and 31 billion yuan, with growth rates of 36%, 30%, and 26% [6]

机械设备行业 标配（维持） 关注出口链及科技成长等细分领域 机械设备行业 2024 年报及 2025 年一季报业绩综述 投资要点： ◼ 业绩：2025Q1归母净利润环比显著改善。2024年申万机械设备板块营收 为199957.67亿元，同比增长4.99%；归母净利润为1053.07亿元，同比下 降8.07%。2025Q1营收为4540.09亿元，同比增长10.16%，环比下降22.35%； 归母净利润为328.14亿元，同比增长24.44%，环比增长172.67%。2024年 营收同比保持小幅增长，利润端承压。从季度来看，2025Q1归母净利润 环比改善明显。行业连续三个季度盈利能力环比下降后回升，2025Q1毛 利率、净利率分别环比提升0.76pct、5.41pct。 ◼ 投资建议：维持标配评级。 自动化设备：25Q1业绩压力仍存，多因素助力景气回暖。2025Q1自动化 设备整体业绩仍承压，工控、机器人、激光设备等细分领域利润端环比 改善，归母净利润分别环比增长26.65%、113.81%、86.88%；毛利率分别 环比提升2.21pct、6.71pct、3.21pct；净利率分别环比提升4.18pct、 ...

证券研究报告 | 策略研究 gszqdatemark 2025 05 12 年 月 日 投资策略 财报过后，供给出清、出口链与高股息再梳理 一、策略专题：供给出清、出口链与高股息再梳理 4 月 30 日，A 股 2024 年报与 2025 一季报披露完毕，我们结合最新数据 对供给出清、出口链与高股息行业进行再梳理。 从供需格局的角度，有两类行业值得关注，第一类是左侧思路的"供给出 清"行业，即库存与产能均处于较为明显的出清状态，在需求能够保持稳 定甚至高速增长的背景下，上述行业有望凸显盈利弹性，25Q1 具备上述 特征的行业主要包括塑料、通用设备、游戏、种植业、小金属、光学光电 子、通信服务。 即国内需求存在压力的情况下，海外收入占比较高的出口链有望取得独立 景气，我们结合 2024 年上市公司主营构成与海关总署披露的出口数据对 各行业海外收入占比进行测算，当前全球出口链重点行业包括其他家电、 消费电子、航运港口、小家电、工程机械等。 第二类行业是右侧思路的"强势扩产"行业，即营收高速增长反映需求旺 盛，同时产能扩张处于较高水平，未来有望通过提高产量推动利润扩张， 25Q1 具备上述特征的行业主要包括其他电子 ...

Group 1: Supply and Demand Dynamics - Two categories of industries are highlighted: "supply clearing" industries with significant inventory and capacity reduction, and "strong expansion" industries with high revenue growth and capacity expansion [2][15]. - Industries exhibiting "supply clearing" characteristics include plastics, general equipment, gaming, agriculture, small metals, optical electronics, and communication services [2][15]. - Industries showing "strong expansion" characteristics include other electronics, leisure food, motorcycles, precious metals, and shipping ports [2][17]. Group 2: Export Chain Analysis - Industries with high overseas revenue ratios are expected to maintain independent growth despite domestic demand pressures, including other home appliances, consumer electronics, shipping ports, small appliances, and engineering machinery [3][20]. - The report notes that industries with high revenue from the U.S. face uncertainties until U.S.-China trade relations improve, with potential valuation recovery for sectors like entertainment products, textile manufacturing, and lighting equipment if tariff issues ease [3][23]. Group 3: High Dividend Yield Industries - High dividend yield industries identified include coal mining, oil and gas extraction, refining and trading, shipping ports, and white goods [4][26]. - Notably, the dividend yield for transportation and consumer sectors has significantly increased compared to the previous year, particularly in shipping ports, logistics, and white goods [4][26]. Group 4: Market Performance and Strategy - The A-share market shows resilience, with a net outflow of ETFs indicating reduced support from protective funds, yet the market remains stable with transaction volumes exceeding 1 trillion [5][29]. - The report suggests a cautious approach to position management due to ongoing uncertainties, with a focus on potential support levels for the index [5][29]. - A balanced allocation strategy is recommended to navigate uncertainties, with a renewed interest in technology sectors, particularly in AI, and a shift towards high-growth industries such as feed, motorcycles, and plastics [5][30].