Group 1: Company Performance and Financials - The company achieved a revenue of 959,848,668.68 CNY in Q1 2025, representing a year-on-year growth of 27.89% [8] - The net profit attributable to shareholders for the same period was 116,773,485.23 CNY, showing an increase of 83.60% compared to the previous year [8] - The company’s revenue growth in 2024 was 104.56%, primarily driven by drilling equipment, which accounted for 62.84% of total revenue [22] Group 2: Market Trends and Industry Outlook - The global PCB industry is expected to grow by 6.8% in 2025, with a compound annual growth rate (CAGR) of 5.2% projected from 2024 to 2029 [19] - The demand for PCB products is increasing due to advancements in AI, 5G technology, and the recovery of consumer electronics [7][22] - The company is focusing on high-tech products such as high-layer boards and IC packaging substrates to meet market demands [15] Group 3: Strategic Initiatives and Future Plans - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its capital base [13] - There is an emphasis on expanding into Southeast Asian markets, leveraging partnerships with local clients to adapt to regional supply chain dynamics [11][16] - The company is committed to developing energy-efficient PCB equipment in response to green manufacturing demands [6] Group 4: Customer Base and Market Position - The company serves 80% of the top 100 global PCB companies and has established relationships with numerous domestic and international clients [4] - It ranks first in the CPCA Top 100 list for specialized equipment for 15 consecutive years, indicating a strong market position [18] Group 5: Challenges and Responses - The company acknowledges the impact of stock price decline since its IPO, with a 40% drop from the issue price, and is focused on improving operational management [3] - In response to raw material supply challenges, the company is enhancing its procurement strategies and building relationships with key suppliers [10]

Market Overview - The A-share market experienced fluctuations with the Shanghai Composite Index closing at 3288.41, down 0.20% [2] - The total market capitalization of the Shanghai Composite Index is 6344.43 billion, with a PE ratio of 11.70 and a PB ratio of 1.22 [3] - The overall market sentiment is cautious, with a significant number of stocks declining [10] Economic Policies - The central bank will continue to implement a moderately loose monetary policy to support the real economy [15][16] - Measures to stabilize employment and promote high-quality economic development are set to be introduced [17][18] - The central bank conducted a 279 billion 7-day reverse repurchase operation, injecting liquidity into the market [19] Industry Dynamics - The engineering machinery export maintained growth momentum in Q1 2025, with total exports reaching 13.61 billion USD, up 7.6% year-on-year [27][28] - The export of excavators saw a significant increase, with a total of 2.34 billion USD, up 21.4% year-on-year [28] - The industrial vehicle sector experienced a slight decline in exports, totaling 2.06 billion USD, down 1.3% year-on-year [29] Company Performance - Keda Li (002850.SZ) reported a Q1 2025 net profit of 387 million, up 25.51% year-on-year, with revenue of 3.022 billion, reflecting a 20.46% increase [34][35] - Jin Lei Co., Ltd. (300443.SZ) achieved a net profit of 55.91 million in Q1 2025, up 91.2% year-on-year, with revenue of 505 million, up 97.5% [36] - Qingsong Co., Ltd. (300132.SZ) turned a profit with a net profit of 54.68 million in 2024, compared to a loss in the previous year [38] - Hualing Cable (001208.SZ) reported a net profit of 28 million in Q1 2025, up 101.34% year-on-year, driven by improved gross margins [46] Investment Opportunities - The banking sector is highlighted as a defensive investment due to its stable dividend yields amid market volatility [10][11] - The energy sector, particularly electric power, is expected to see increased demand as summer approaches, presenting potential investment opportunities [11] - Companies in the AI industry chain and those benefiting from domestic consumption expansion are recommended for long-term investment [11]

2、 《 煤价跌倒，火电吃饱 》摘要 ■ 今年4月21日，国务院新闻办公室举行的发布会再度提到"游戏"行业，这标志着游戏行业再次被纳 ■ 经济增速不如预期，但用电增速已在3月得到改善，表明用电量进入底部区域，市场对用电量的负 面预期已大幅钝化。 ■ 发改委和能源局发布了煤电升级专项行动方案，推动煤电机组改造升级，增强灵活调节能力，预计 煤电在现货市场中的表现将大幅提升。 ■ 煤价下跌对火电企业构成明显利好，尽管电价有所下调，但电价下跌幅度远小于煤价带来的成本降 低，火电企业的盈利能力因此得到提升。 ■ 预计到2027年，AI产业链的用电量将达到三峡水电站全年的发电量，这为电力需求提供了强劲的增 长动力。 ■ 随着煤价下跌，火电企业的成本降低，股息率有望提升，特别是对于一些高股息的火电企业（如华 电国际、华能国际等），将吸引更多的长线资金。 ■ 尽管绿电板块普遍回调，但部分优质绿电PE仍具备较好的底部价值，A股和港股的部分绿电公司如 龙源电力H、中闽能源具有不错的投资潜力。 ■ 由于煤价下跌，火电企业股息率有望提升，投资者可以关注股息率较高的火电公司，如华电国际 （H股25E股息率6.5%）、华能国际（H股股息 ...

邮箱： XUBYUN372@pingan.com.cn 2025年4月28日 请务必阅读正文后免责条款 证券研究报告 受益于"国补政策" ，25Q1中国智能手机 市场出货量正增长 电子行业 强于大市（维持） 平安证券研究所 电子团队 分析师： 徐碧云 S1060523070002（证券投资咨询） 行业动态 "国补"叠加春节旺季，推动中国手机市场开年延续同比增长趋势 2020年1月10日 根据IDC报告，2025年第一季度，中国智能手机市场出货量在"国补"政策叠加春节销售旺季的共同推动下，同比增长3.3%，达到7160万 部，延续了过去五个季度的增长趋势，Android市场中更多价位段的产品可以进入到"国补"行列中，因此市场表现相对更好，同比增长 5.3%；iOS市场第一季度同比下降9.0%。 核心摘要 风险提示： 1）供应链风险上升。2）市场需求可能不及预期。3）国产替代不及预期。 行业要闻及简评： 1）根据IDC报告，2025Q1，中国智能手机市场出货量在"国补"政策叠加春节销售旺季的共同推动下 ，同比增长3.3%，达到7160万部，延续了过去五个季度的增长趋势；2）根据IDC报告，2025Q1中国折叠屏手 ...

Core Viewpoint - The semiconductor industry in China is expected to accelerate domestic substitution due to new customs regulations regarding the origin of integrated circuits, which will recognize the wafer fabrication location as the origin for import declaration [1][5]. Market Overview - From April 8 to April 22, 2025, the CSI 300 Index increased by 5.42%, while the Shenwan Electronics Index rose by 4.06%, ranking 29th among Shenwan's primary industry indices [2]. - The global semiconductor sales reached $54.92 billion in February, showing a year-on-year increase of 19.0% but a month-on-month decrease of 2.8% [2]. - China's semiconductor sales in February amounted to $15.06 billion, reflecting a year-on-year growth of 6.6% and a month-on-month decline of 3.2% [2]. Storage Industry Insights - The DRAM market is entering a new price increase cycle, with average spot prices for DDR3, DDR4, and DDR5 rising by 1.15%, 2.25%, and 2.81% week-on-week as of April 22, 2025 [3]. - NAND product prices for 256GB and 512GB SSDs remained stable week-on-week, but year-to-date prices increased by 11.84% and 11.45%, respectively [3]. - Major storage manufacturers, including SanDisk, plan to raise product prices due to recovering demand driven by AI and smart terminals [3]. End-user Demand Trends - In February 2025, domestic smartphone shipments reached 19.66 million units, a year-on-year increase of 37.9% [4]. - In March 2025, China's automobile sales totaled 2.92 million units, up 8.2% year-on-year, with new energy vehicle sales growing by 40.1% [4]. - Global PC shipments in Q1 2025 were 58.95 million units, reflecting a year-on-year increase of 4.8% [4]. Industry Events - The China Semiconductor Industry Association announced new customs regulations on April 11, 2025, which will impact the import declaration of integrated circuits [5]. - NVIDIA's H20 GPU has been banned from export to China and Israel without a license, as per U.S. government regulations [5]. - TrendForce predicts that the contract prices for memory chips will see an expanded increase in Q2 2025 due to changes in supply and demand strategies [5]. Investment Recommendations - The electronic industry is rated as "outperforming the market," with a focus on AI-related companies, domestic substitution in semiconductor equipment, and potential price increases in the storage sector [6].

规模方面，科创综指ETF华夏最新规模达33.72亿元，创成立以来新高，位居可比基金1/12。 截至2025年4月28日 10:37，上证科创板综合指数(000680)上涨0.08%，成分股深科达(688328)上涨16.51%，联测科技(688113)上涨8.90%，神工股份(688233)上 涨8.58%，博瑞医药(688166)上涨6.80%，艾迪药业(688488)上涨6.43%。科创综指ETF华夏(589000)多空胶着，最新报价0.93元。 流动性方面，科创综指ETF华夏盘中换手1.83%，成交6131.23万元。拉长时间看，截至4月25日，科创综指ETF华夏近1周日均成交2.14亿元，排名可比基金 第一。 数据显示，截至2025年3月31日，上证科创板综合指数(000680)前十大权重股分别为海光信息(688041)、寒武纪(688256)、中芯国际(688981)、金山办公 (688111)、中微公司(688012)、传音控股(688036)、联影医疗(688271)、百利天恒(688506)、澜起科技(688008)、晶科能源(688223)，前十大权重股合计占比 22.34%。 科创综指ET ...

截至2025年4月28日 10:49，上证科创板100指数(000698)上涨0.84%，成分股博瑞医药(688166)上涨9.51%，派能科技(688063)上涨5.94%，荣昌生物(688331)上 涨5.94%，翱捷科技(688220)上涨5.57%，芯动联科(688582)上涨5.49%。科创100指数ETF(588030)上涨0.63%，最新价报0.96元。拉长时间看，截至2025年4月 25日，科创100指数ETF近1周累计上涨0.85%，涨幅排名可比基金3/10。 流动性方面，科创100指数ETF盘中换手1.56%，成交9542.30万元。拉长时间看，截至4月25日，科创100指数ETF近1年日均成交4.54亿元，居可比基金第 一。 消息面上，4月25日政治局会议召开，分析研究当前经济形势和经济工作。此外，科创板2024年度业绩说明会专设"科创热点行业周"，将于4月28日至5月9日 举行。"科创热点行业周"将发挥科创板产业集聚优势，在半导体设备、人工智能及软件、低空经济、机器人、智能消费、创新药、新能源等市场关注度较高 的细分行业依次举办集体业绩说明会。 中银国际指出，本次政治局会议后，市场短期 ...

Core Viewpoint - The A-share market shows signs of differentiation, with the Shanghai Composite Index declining while the ChiNext Index rises over 1% [1][7]. Market Overview - The trading volume in the two markets continues to expand, exceeding 1.23 trillion yuan, with the precious metals sector declining due to falling gold prices, while the robotics sector experiences significant gains [3][7]. - Analysts believe that the downside risk in the A-share market is manageable, and there is potential for upward movement, enhancing the value of allocations [3]. Fund Management Insights - The active fund size has rebounded, increasing by 35.6 billion yuan to 3.46 trillion yuan in the first quarter, driven by a recovery in the A-share market and improved investor risk appetite [5][7]. - The latest top 20 heavy stocks held by funds reveal a focus on technology, with Ningde Times, Kweichow Moutai, and Tencent Holdings being the top three holdings, valued at 146.8 billion yuan, 142.8 billion yuan, and 111.5 billion yuan respectively [8][9]. Sector Allocation Trends - Funds have increased their positions in technology stocks, with notable additions in Hong Kong-listed tech giants such as Tencent, Alibaba, and Xiaomi [11]. - The active management funds have also increased allocations in sectors such as automobiles, non-ferrous metals, and electronics, while reducing exposure to power equipment and telecommunications [13][14]. Future Investment Directions - Key areas for potential investment include: 1. Domestic demand assets: Increased allocations in sectors like liquor, building materials, steel, beauty care, and retail [15]. 2. Recovery sectors: Increased positions in military, pharmaceuticals, and wind power components [16]. 3. Export chains: High positions maintained in sectors with strong performance expectations [17]. 4. Dividend assets: Reduced allocations to low levels, with potential for future increases [18]. Investment Strategy Recommendations - Investors are advised to maintain a balanced allocation between stocks and bonds, and to flexibly adjust their portfolios to mitigate risks and seize opportunities [19].

Macro and Industry - The first batch of technology-themed funds has revealed their adjustment trends, with fund companies like Yongying, Zhongou, and Changcheng continuing to increase their positions in the AI industry chain in the first quarter, focusing heavily on information technology and manufacturing sectors [3] - Fund managers predict that the commercialization breakthrough of AI agents is accelerating, while the continuous iteration of large models is underestimated, and the mass production and short-term growth capabilities of humanoid robots are overestimated [3] Capital Markets - A-shares rebounded from a low point, with the Shanghai Composite Index closing up 0.15% at 3267.66 points, while the Shenzhen Component Index and the ChiNext Index saw slight declines of 0.27% and 0.13% respectively. The banking sector saw collective gains, and consumer stocks remained active [4] - The Hong Kong Hang Seng Index rose 0.23% to 21466.27 points, marking six consecutive days of gains, while the Hang Seng Technology Index fell 0.67% [4] - The US stock indices experienced slight declines, with the Dow Jones down 0.38% at 40368.96 points, and the S&P 500 down 0.17% at 5396.63 points. Notably, Boeing and Caterpillar led the declines in the Dow [5] Commodity Market - The IEA's monthly report has lowered the global oil demand growth forecast for 2025 to 730,000 barrels per day from a previous estimate of 1,030,000 barrels per day, with further slowdown expected in 2026 [7] - Domestic commodity futures saw most contracts decline in the night session, with energy and chemical products generally down, while black metals showed mixed results [8] - The precious metals market saw gold and silver prices rise, with gold reaching a high of 766.74, up 0.73%, driven by rising expectations of interest rate cuts [10][11] Specific Sectors - In the black metal sector, rebar and hot-rolled coil prices showed slight declines, with current steel demand remaining weak due to ongoing contraction in the real estate sector [11] - The agricultural products market saw fluctuations, with soybean meal prices declining while palm oil prices rebounded due to stable export tax rates [11] - The oil market continued to experience sideways movement, with geopolitical and fundamental factors being closely monitored [12]

本文作者：刘晨明/郑恺 报告摘要 扫描下图二维码，进入今晚20:30的路演链接 一、本周一情绪集中risk-off，大盘指数跌幅较大，我们整理了2000年以来大盘单日暴跌5%以上的后续走势： 如下图，历史上单日跌超5%的后续走势可以分为两种情形： 情形一 ：一轮牛市后，会有连续多次超过5%的单日下跌，对市场没有指示意义。 情形二 ：红色五角星，一轮熊市或者震荡市后，一般不会有连续多次超过5%的单日下跌，单日大跌超过5%后，指数即接近底部，本轮更接近于情形二。 二、19年5月关税升级也带来了指数单日跌幅超过5%，后续走势对今年有参考意义 在上周周报 《不可胜在己，可胜在敌》中（点击可查看） ，我们详细论述，与上一轮中美贸易摩擦刚开始的18年相比，中美当前境遇已"今时不同往日"。 不过19年5月关税骤然升级，和今年较为相似，随后的市场表现对当前具备参考意义 ——①对关税已有心理准备，但都面临关税超预期后的业绩减记压力；②政 策基调均已转向、宏观对冲有望加码；③新一轮的科技创新周期正在孕育。 体现在关税对于指数的冲击上，18年阴跌、影响持续（也叠加了国内金融去杠杆等因素），但19年5月短期受影响后指数逐渐对关税升级 ...