一、行情回顾 沪指全天窄幅震荡，创业板指缩量调整。白银概念股集体走强，湖南白银、白银有色、盛达资源等涨停。算力概念股延续反弹，华脉科技、南凌科技、美利 云等封板。农药股继续走强，苏利股份、美邦股份、长青股份涨停。下跌方面，稳定币概念股迎来调整，雄帝科技跌超10%。个股涨跌互现，今日成交1.18 万亿。 二、当日热点 1.白银 白银板块今日大涨，中润资源、白银有色、湖南白银等多股涨停。 数据显示，Comex 7月白银期货周四上涨4%，至每盎司36.03美元，盘中一度升至36.27美元，创自2012年2月以来的最高水平。 过去12个月，受益于美国主导的关税战升级以及各国央行持续大举购金，黄金涨幅高达42%。相比之下，白银涨幅约15%，明显落后。 | 股票名称 | | 最新价 = | 涨跌幅 = | 涨停时间 = | 换手率 = | 流通市值 = | | | --- | --- | --- | --- | --- | --- | --- | --- | | 中润资源 | 2天2板 | 8.92 | +9.99% | 10:17:24 | 9.67% | 82.84亿 | 1、公司主要业务 | | 000506.SZ ...

6月6日，在2025智能经济论坛期间，百度集团执行副总裁、百度智能云事业群总裁沈抖称，"目前已有 65%的央企选择与百度智能云开展深度合作，共同探索AI创新。"此外，百度智能云还正式发布千帆慧 金金融大模型，并推出了覆盖能源、交通、汽车、医疗、环境等领域的精选行业场景智能体家族。 人工智能要真正融入千行百业，切实释放出提升生产力的效能，就需要构建起与人工智能技术—经济范 式相契合的新型生产关系。 百度智能云依托千帆大模型平台，面向企业用户推出覆盖金融、电力、交通、环保、医疗等多个行业 的"场景智能体"解决方案，推动人工智能在具体业务中从试点走向规模化应用。 面对人工智能技术从基础突破走向产业融合的关键阶段，百度智能云以金融行业为突破口，推出千帆慧 金金融大模型。据介绍，该模型在充分吸收海量金融语料基础上，通过构建金融专用数据生成体系，优 化推理与知识增强算法，形成了兼具知识广度与逻辑深度的模型能力。当前，百度智能云已推出千帆慧 金金融知识增强大模型和千帆慧金金融推理增强大模型，提供 8B 和 70B 两个版本，支持最长 32K 上 下文输入，覆盖金融行业多数场景。 沈抖指出，要做出好的智能体、好的AI应用，国 ...

公司报告 | 公司专题研究 中材科技（002080） 证券研究报告 新材料领跑先锋，高端卡位有望迎估值重塑 中材科技当前正处于新材料产业化初期，在低介电/低膨胀电子布、高压储氢气瓶 等关键领域实现技术突破，具备 0 到 1 的强劲发展潜力。我们对公司新材料业务 利润贡献进行综合测算，预计 25-27 年特种玻纤布收入分别为 8.5/16.6/24.5 亿元， 对应净利润分别为 1.8/4.9/8.2 亿元（整体净利率分别为 21%/30%/34%），26/27 年 同比分别+173%/+67%。预计 25-27 年公司氢气瓶归母净利润分别为 0.3/0.7/1.5 亿 元，同比分别+82%/+113%/+106%。 估值角度看，参考可比公司，给予新材料板块 26年 25XPE，我们预计 25-27年新 材料利润分别约在 2/6/10 个亿左右，对应 26 年新材料分部市值在 150亿元附近。 主业给予 26 年 16XPE，我们预计未来三年主业利润在 14~16 亿元附近，对应 26 年主业分部市值在 240 亿元附近。综合看公司 26年合理市值在 390 亿元附近，我 们认为公司未来估值将逐渐由传统周期品向 ...

证券研究报告·行业点评报告·专用设备 专用设备行业点评报告 ◼ 风险提示：下游扩产不及预期，新业务拓展不及预期。 2025 年 06 月 06 日 证券分析师 周尔双 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn 证券分析师 李文意 执业证书：S0600524080005 liwenyi@dwzq.com.cn 行业走势 锂电设备公司充分计提减值，国内外扩产& 固态电池产业化有望充分释放业绩 增持（维持） [Table_Tag] [Table_Summary] 投资要点 -14% -9% -4% 1% 6% 11% 16% 21% 26% 31% 36% 2024/6/6 2024/10/5 2025/2/3 2025/6/4 专用设备 沪深300 相关研究 《锂电设备 2025 年度策略：看好国内 龙头扩产重启&海外整车厂入局，关 注固态电池等新技术产业化进度》 2025-01-02 《宁德发布巧克力标准换电，换电 0- 1 发展利好设备商》 2024-12-22 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 ◼ 国内锂电玩家重回 ...

德尔股份（300473）6月5日接待了中金公司（601995）、国泰海通证券和山西证券等机构投资者调研。 德尔股份是一家全球化布局的综合性汽车零部件供应商，主要生产和销售汽车降噪（NVH）、隔热及 轻量化产品，电泵、电机及机械泵产品和电控、汽车电子产品。公司国内外主要客户包括奔驰、宝马、 奥迪、大众、雷诺、保时捷、通用、福特、斯特兰蒂斯、上汽、吉利、长城、奇瑞等。 本次投资建设项目符合公司的整体战略发展布局，有利于促进公司业务更好的发展，加强公司产业布局 的联动性，优化公司产业结构，丰富公司产品线品种，提升经济效益。 据介绍，合作协议中"智能电机产业化项目"主要系进行智能伺服电机产品的研发及产业化开发。电机本 身是公司成熟产品之一，公司目前具备汽车EPS系统无刷直流电机和离合换挡电机等多种电机的批量化 生产制造和销售能力，在阜新工厂建有完整生产线。 本次智能电机产业化项目，目标是对公司现有电机生产制造能力进行升级换代，以满足机器人、汽车及 其他工业场景市场需求，有助于优化公司产业结构，丰富产品线，拓展电机产品应用领域。 谈及公司液力缓速器产品布局进展时，德尔股份介绍，液力缓速器工作原理是利用液体的阻尼作用给车 ...

Group 1: Passenger Vehicles - The penetration rate of new energy vehicles in China is expected to reach 55% by 2025, with multiple hybrid models launching in the second half of the year [1] - The retail and export of passenger vehicles in mainland China are projected to grow by 2.9% and 10% year-on-year, respectively, in 2025 [1] - The price of intelligent driving models is anticipated to drop below 200,000 RMB, with domestic software like Momenta leading the market [1] - Increased competition in the automotive market is expected in the second half of the year, with a focus on companies like BYD and XPeng Motors [1] Group 2: Heavy Trucks - Heavy truck sales in China are projected to reach 950,000 units (including exports) in 2025, reflecting a year-on-year increase of 5% [1] - The market performance for heavy trucks has been relatively flat, with cumulative sales of 350,000 units in the first four months of 2025 [2] - Local policies are expected to boost market conditions in the second half of the year, enhancing the market share of leading companies [2] Group 3: Two-Wheelers - The new national standards and trade-in policies are expected to support a recovery in the two-wheeler market, with sales projected to reach 56 million units in 2025 [2] - The new standards raise production technology requirements and emphasize the importance of smart technology in the industry [2] - Industry leader Yadea is favored for its strong market position [2] Group 4: Batteries - The trend is shifting towards range-extending large batteries, with a focus on commercial vehicle batteries [2] - The recent phase of tariff agreements between China and the U.S. introduces uncertainties, while South Korean companies are increasing their presence in the North American market [2] - CATL is recommended for its technological advancements and overseas expansion [2] Group 5: Robotics - The industrialization of robotics is approaching, with companies like Tesla and UBTECH announcing mass production plans [2] - Chinese companies are expected to benefit from cost advantages and technological accumulation [2] - Attention is drawn to core components with low domestic production rates and high value proportions, such as planetary roller screws and six-dimensional force sensors [2]

Core Insights - The "Three North" project is a significant ecological initiative in China, with over 10 million acres of construction tasks completed since its launch on June 6, 2023 [1] Group 1: Ecological Transformation - The area near the Taklamakan Desert, previously barren, has been transformed into a rose garden, showcasing successful biological sand control methods [2][4] - The rose industry has become a new income source for local residents, with significant economic benefits [6][14] Group 2: Economic Impact - The rose cultivation spans over 80,000 acres, yielding 11,397 tons annually, with a market value exceeding 200 million yuan [6] - In the village of Wan Fang, direct planting on sandy land yields over 3,000 yuan per acre [8] Group 3: Employment and Investment - The ecological improvements have attracted investments, such as a rose deep processing factory, enhancing local employment opportunities [15][16] - The number of enterprises in the region has increased from over 20 in 2015 to 89 currently, with significant job creation [17] Group 4: Environmental Benefits - Since 2020, dust storm days have decreased from 179 to 128, and sandstorm days from 24 to 7.5, indicating improved living conditions [14]

Core Viewpoint - The red pine mushroom is a rare and nutritious wild edible fungus with specific growth conditions, making it particularly valuable in the market. Its unique taste and rich nutritional components have led to increasing demand, especially in China, which is the largest market for red pine mushrooms globally [1][6]. Industry Definition and Characteristics - The red pine mushroom belongs to the fungal kingdom and is characterized by its high protein content and rich vitamins (B, D, E), amino acids, and essential trace elements (iron, zinc, selenium, manganese) [2]. - It contains 5 types of polysaccharides, 16 amino acids, and 28 fatty acids, with polysaccharides making up approximately 2.47% of its composition [2]. Current Industry Status - In 2024, the domestic production of red pine mushrooms is projected to reach 4,575.66 tons, with demand totaling 4,367.47 tons, resulting in a market size of 555 million yuan [6][8]. - The main production regions in China are Guangxi, Fujian, Sichuan, and Jiangxi, with Guangxi being the largest production base, contributing 95.3% of the total production [8]. Industry Chain - The upstream of the red pine mushroom industry involves wild collection and initial processing, as artificial cultivation is not yet feasible. The midstream includes deep processing into dried products and sauces, while the downstream consists of sales channels such as supermarkets, e-commerce, and wholesale markets [10]. Market Demand and Trends - The demand for red pine mushrooms is expected to grow, with 2025 projections indicating a total demand of 4,676.13 tons and a market size of 609 million yuan [6][17]. - The increasing focus on health and wellness among consumers is driving the demand for natural and organic food products, positioning red pine mushrooms favorably in the market [17]. Competitive Landscape - The red pine mushroom industry in China is primarily based on wild collection, with key companies located in Guangxi, including Guangxi Pubei Longsheng Red Pine Mushroom Co., Ltd. and others [14][15]. Future Development Trends - The growth of e-commerce and logistics is opening new sales channels for red pine mushrooms, allowing access to a broader consumer base and facilitating international market entry [17]. - The increasing global demand for specialty mushroom products presents opportunities for expanding the market size and enhancing international influence [17].

Group 1 - The core viewpoint emphasizes the dual achievement of ecological and economic benefits through the ecological restoration efforts in Fuxin City, particularly in the Keshiketeng Banner area [1][2] - Fuxin City is positioned as a crucial ecological barrier for the Beijing-Tianjin-Hebei region and the central Liaoning urban agglomeration, highlighting its strategic importance in combating desertification [1] - The city has implemented a comprehensive plan for vegetation restoration based on local environmental conditions, creating a "one belt and four networks" ecological strategy to expand green coverage [1] Group 2 - The initiative focuses on developing forestry economies by utilizing sandy land resources, including the cultivation of suitable medicinal herbs, thereby enhancing economic returns [2] - A multi-stakeholder governance model has been established to ensure the sustainability of greening efforts, incorporating government, enterprise, and public participation [2] - Future plans include intensifying efforts in the Keshiketeng Banner area, advancing key projects like the 322-kilometer sand barrier in Liaoning, and fostering innovation in ecological restoration technologies [2]

报告导读： 车端开启路测，全固态电池产业化进程加速，近期催化密集落地，看好全固态 电池产业化趋势，建议持续关注产业链相关企业进展。 投资建议： 全固态电池产业化进程加速，看好固态电池产业链相关公司。 宝马、奔驰等车企开启路测，全固态电池产业化进程加速。 首批搭载全固态电池的宝马电动汽车已经正式 上路进行测试，采用美国 Solid Power 研发的硫化物电解质棱柱电池。 梅赛德斯 - 奔驰全新固态电池技 术已在量产车行开展测试，能量密度高达 450Wh/kg ，满电续航超过 1000km 。 长安汽车预计 2026 年实现固态电池装车验证， 2027 年推进全固态电池逐步量产，能量密度达 400Wh/kg 。 上汽集团新一 代固态电池将于 25 年底在全新 MG4 上量产应用，预计 2027 年上汽首款全固态电池"光启电池"将落 地。 全固态趋势确定，锂电池企业竞速抢位。 国轩高科发布金石全固态电池，建成首条 0.2GWh 中试线，核 心设备 100% 国产化，并且开启装车路测。 宁德时代全固态电池技术行业领先， 2027 年有望实现小批 量生产。 孚能科技充分发挥软包及 SPS 优势，能量密度 400-50 ...