行 业 及 产 业 2025 年 06 月 03 日 产业化进程加速，中国领航开启聚 行 业 研 究 / 行 业 深 度 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 券 研 究 报 告 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 研究支持 田昕 A0230124060003 tianxin@swsresearch.com 联系人 田昕 (8621)23297818× tianxin@swsresearch.com 证 国防军工 变元年 看好 ——可控核聚变行业系列报告之一 相关研究 - ⚫ 可控核聚变："人造太阳"进展或将突破"永远的"五十年。1）核聚变原理：氘氚（D- T）反应为目前主流方案；2）技术路线：磁约束路线锁定主导，惯性约束并行探索； 3）发展现状：可控核聚变技术迈入工程化验证阶段；4）政策指引：各国规划明确聚变 能源发展地 ...

Group 1 - Baili Electric's revenue from controlled nuclear fusion business is small and will not significantly impact its performance [1] - Debang has not yet applied autonomous logistics vehicles in practice, and the related concept will not affect its performance [2] - Cuiwei's retail and acquiring business revenues have decreased significantly, and the company is currently in a loss state [3] Group 2 - Seres reported a 19.46% year-on-year increase in cumulative sales of the Wanjie M9 from January to May [4] - Sinovac's multiple innovative drug projects are still in the pre-clinical stage, with high uncertainty regarding future developments [5] - Citic Bank has been approved to establish a financial asset investment company with a registered capital of RMB 10 billion [6] Group 3 - Four-dimensional Map signed a strategic cooperation framework agreement with Alibaba Cloud to explore collaboration in various fields [7] - Longi Green Energy's HPBC2.0 product orders have significantly increased, with over 50% coming from overseas customers [8] - Shutai Shen's application for conditional marketing approval of STSP-0601 has been accepted by the National Medical Products Administration [9] Group 4 - Gongchuang Lawn's products are primarily for export, and there is significant uncertainty regarding U.S. tariff policies [10] - Zhongheng Design's income from low-altitude economy and commercial aerospace projects is currently very small [11] - Wanrun's chairman Huang Yiwu has resigned due to work adjustments [12] Group 5 - Guokai Military Industry's shareholder plans to reduce holdings by no more than 2.97% [13] - Guangkang Biochemical's shareholders plan to reduce holdings by no more than 6% [13] - Far East Holdings' shareholder plans to reduce holdings by no more than 2.30% [13] - Industrial Fulian has repurchased 7.6974 million shares, using a total of RMB 147 million [13]

百利电气（600468）发布股票交易异常波动公告，公司关注到"可控核聚变"热点概念。经自查，公司控 股子公司辽宁荣信兴业电力技术有限公司(简称"荣信兴业公司")仅参与了国际热核聚变试验堆(ITER)项 目电力系统中无功补偿以及滤波(RPC&HF)设备的设计制造，起到控制电能质量、减少电力损耗的作 用。目前相关业务收入金额较小，2024年度相关业务收入占公司整体收入比重不足1%，不会对公司业 绩产生重大影响。 ...

Market Performance - Major stock indices in Shanghai and Shenzhen opened lower on June 3 but experienced upward fluctuations during the morning session, with the Shanghai Composite Index and ChiNext Index consolidating at relatively high levels in the afternoon [1] - By the close, the Shanghai Composite Index was at 3361.98 points, up 0.43%, with a trading volume of approximately 468.3 billion; the Shenzhen Component Index closed at 10057.17 points, up 0.16%, with a trading volume of about 673.1 billion; the ChiNext Index ended at 2002.70 points, up 0.48%, with a trading volume of around 307.1 billion [1] Sector Performance - The beauty care and immunotherapy sectors saw significant gains, while other sectors such as precious metals, innovative drugs, CRO concepts, cultivated diamonds, COVID-19 drug concepts, pet economy, weight loss drugs, gaming, dairy, and small banks also experienced notable increases [1] - Conversely, sectors like steel, home appliances, and coal faced declines, although the overall drop was not substantial [1] Institutional Insights - Jifeng Investment Advisory noted that the market is gradually finding a bottom, with medium to long-term investment opportunities emerging, particularly in sectors benefiting from policy support such as consumer goods, semiconductors, and robotics [2] - Guojin Securities highlighted opportunities in gold and innovative drugs, emphasizing the potential for margin improvement and revenue growth in the pharmaceutical sector due to policy guidance [2] - Dongwu Securities recommended focusing on technology growth sectors, thematic catalysts, and areas with improving fundamentals, such as innovative drugs and military electronics [3] Industry Developments - The National Federation of Automobile Dealers Association called for a resistance against "involution-style" competition primarily driven by price wars, advocating for high-quality development in the automotive industry [4] - The National Energy Administration announced measures to optimize the electricity market access environment and enhance the effectiveness of qualification management, including exemptions for new business models in distributed energy [5]

2025 年 06 月 03 日 我国新一代人造太阳再创记录，EDA 巨头或将断 供中国 推荐(维持) 投资要点 分析师：高永豪 S1050524120001 gaoyh7@cfsc.com.cn 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 电子(申万) | -2.9 | -11.6 | 28.5 | | 沪深 300 | 1.8 | -1.3 | 7.3 | 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 (%) 电子 沪深300 相关研究 1、《电子行业周报：雷军官宣小米 自研手机 SoC，英伟达调整对华芯片 出口》2025-05-20 2、《电子行业周报：中芯国际与华 虹披露 2025 年第一季度财报，合肥 BEST 项目建设取得关键性进展》 2025-05-12 3、《电子行业周报：北美云厂商巨 头 2025 年 Q1 云业务业绩超市场预 期，全球 AI 算力或迎来新一轮共 振》2025-05-05 ▌上周回顾 5 月 26 ...

2025 年 06 月 03 日 我国新一代人造太阳再创记录，EDA 巨头或将断 供中国 推荐(维持) 投资要点 分析师：高永豪 S1050524120001 gaoyh7@cfsc.com.cn 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 电子(申万) | -2.9 | -11.6 | 28.5 | | 沪深 300 | 1.8 | -1.3 | 7.3 | 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 (%) 电子 沪深300 相关研究 1、《电子行业周报：雷军官宣小米 自研手机 SoC，英伟达调整对华芯片 出口》2025-05-20 2、《电子行业周报：中芯国际与华 虹披露 2025 年第一季度财报，合肥 BEST 项目建设取得关键性进展》 2025-05-12 3、《电子行业周报：北美云厂商巨 头 2025 年 Q1 云业务业绩超市场预 期，全球 AI 算力或迎来新一轮共 振》2025-05-05 ▌上周回顾 5 月 26 ...

核聚成能，众志成城—— 可控核聚变行业专题报告 长江证券研究所军工&机械研究小组 2025-06-03 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • %% %% 分析师及联系人 SAC执业证书编号：S0490520110004 SAC执业证书编号：S0490517110001 SAC执业证书编号：S0490518070005 SAC执业证书编号：S0490525040001 SFC执业证书编号：BUX462 SFC执业证书编号：BRP550 SFC执业证书编号：BVO790 分析师 王贺嘉 分析师 赵智勇 分析师 臧雄 分析师 杨继虎 %% %% research.95579.com 2 01 可控核聚变安全高能解决终极能源问题， 惯性约束和磁力约束多条技术途径并进 02 核聚变装置从铜基磁体到高温超导演进， 中美欧日韩竞争又合作推动商业化进程 03 现行关注聚变装置中游构件及上游环节， 典型项目各环节价值量拆分及标的梳理 目 录 %% research.95579.com 3 01 可控核聚变安全高能解决终极能源问题， 惯性约束和磁力约束多条技术途径并 ...

Group 1 - The U.S. has announced an increase in tariffs on imported steel and aluminum from 25% to 50%, causing a strong global reaction and leading to a drop in steel stocks in Asia [2] - South Korea's trade ministry held an emergency meeting with industry leaders to discuss the potential impact of these tariffs on steel exports, which accounted for 13.1% of South Korea's total steel exports in 2024 [2] - Major steel trading partners of the U.S., including Canada and the EU, condemned the tariff increase and warned of possible retaliatory measures [2] Group 2 - In June, brokerage firms have released their "golden stocks," with over a hundred stocks recommended, particularly in the machinery and pharmaceutical sectors [3] - The machinery sector is optimistic about investment opportunities arising from the development of controlled nuclear fusion, while the pharmaceutical sector suggests focusing on CXO, specialty raw materials, and pharmacies [3] Group 3 - The second round of negotiations between Russia and Ukraine concluded with an agreement to exchange the remains of fallen soldiers and a new round of prisoner swaps [4] - Russia plans to unilaterally transfer 6,000 fallen soldiers' remains to Ukraine next week, and both sides will establish a medical committee for regular exchanges of severely injured soldiers [4] Group 4 - A surge in interest around "stablecoins" has led to numerous broker calls focusing on this topic, with several stablecoin-related stocks showing strong performance [5] - Despite the potential applications of stablecoins, there are concerns about market speculation and a lack of in-depth research from major institutions [5] Group 5 - Insurance companies have been actively increasing their stakes in high-dividend assets, particularly bank stocks, with 15 instances of stake increases reported by seven insurance firms by the end of May [6] - The current wave of stake increases is driven by the need for stable cash returns in a low-interest-rate environment [6] Group 6 - An announcement from the White House indicated that the U.S. and China are expected to hold talks regarding tariff issues [7] - The U.S. International Trade Court has blocked a tariff policy announced by Trump, stating that such powers belong exclusively to Congress [7] Group 7 - An announcement from Annier indicated that the company is planning a change in control, with the current major shareholders proposing to transfer 13.03% of their shares to a counterparty [8][17] - The stock of Annier will be suspended from trading starting June 3, with the suspension expected to last no more than two trading days [8][17] Group 8 - BYD reported a total of 382,500 new energy vehicle sales in May 2025, with overseas sales accounting for 89,000 units [28] - BAIC BluePark's subsidiary saw a 215.11% year-on-year increase in sales in May 2025, totaling 17,100 units [29] - Great Wall Motors reported May sales of 102,200 vehicles, marking an 11.78% year-on-year increase, with 32,600 of those being new energy vehicles [30]

从近期券商整体推荐频次看，青岛啤酒在最近3个月内共获得15家券商推荐，其6月入围了东海证券、东 吴证券、华安证券3家券商月度"金股"，投资价值持续获得看好。对于青岛啤酒，东海证券推荐的理由 包括公司优化资源配置、积极发展南方市场，补库存空间较大以及成本红利持续释放、具备业绩弹性 等。 尽管近期出现阶段性调整，但港股市场今年以来的出色表现仍吸引了大量资金和投资机构的关注，一些 港股标的也出现在了券商6月月度"金股"中。以甬兴证券为例，公司6月看好腾讯控股的配置价值，认为 公司游戏业务持续复苏同时加大对AI的投入，有望为公司各个业务板块赋能，推动公司业绩持续增 长。此外，其还推荐了小米集团-W，看好公司产品高端化带来的毛利率提升，以及汽车业务持续发 展。 券商此前推荐的5月月度金股"成色"如何？Wind数据显示，截至5月30日收盘，272只券商5月月度"金 股"有132只在当月取得正收益，占比接近一半。从单只标的情况看，天风证券推荐的潮宏基表现最好， 5月累计涨幅高达45.30%，5月30日公司盘中股价还创出阶段新高；科兴制药、新易盛、益方生物-U、 五新隧装等标的也有不错表现，5月累计涨幅均在30%以上，推荐券 ...

Market Outlook - A-shares are expected to experience a structural market in June, with a focus on core assets despite short-term downward pressure [1][2] - Institutions suggest maintaining dividend assets as a base while exploring growth and consumption opportunities, particularly in banking, computing industry chain, card games, and innovative pharmaceuticals [1][5] Market Performance Review - In May, the three major indices saw gains, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 2.09%, 1.42%, and 2.32% respectively [1] - Daily trading volume in A-shares remained above 1 trillion yuan [1] Economic and Policy Factors - Economic recovery and positive domestic policies are expected to enhance market risk appetite, leading to a potential upward trend in June [2] - The stability of the Chinese economy and policy expectations may continue to favor Chinese assets, even amid global uncertainties [2] Sector Performance - In May, 25 out of 31 Shenwan first-level industries saw gains, with environmental protection, pharmaceuticals, defense, and banking leading the way [3] - There is a divergence among institutions regarding market style and focus for June, with some favoring technology growth while others lean towards large-cap value stocks [3][4] Investment Strategies - Suggested strategies include focusing on technology growth sectors, consumer sectors benefiting from domestic policies, and banking sectors with stable earnings and high dividends [5][6] - Specific recommendations include investing in robotics, artificial intelligence, and sectors with recent thematic catalysts, such as innovative pharmaceuticals and military electronics [5][6]