Group 1 - The Hang Seng Index and Hang Seng Tech Index experienced fluctuations, with the Hang Seng Healthcare Index rising by 2.88% and the Hang Seng Healthcare Index ETF (159557) increasing by 2.82% with a turnover rate exceeding 3% [1] - Notable stocks in the healthcare sector included Federated Pharmaceutical, which rose over 8%, along with other companies like CSPC Pharmaceutical and Kangzheng Pharmaceutical also showing gains [1] - The upcoming American Society of Clinical Oncology (ASCO) annual meeting from May 30 to June 3, 2025, is expected to showcase over 70 research results from Chinese pharmaceutical companies, highlighting innovative drug candidates with potential for best-in-class status [1] Group 2 - Citic Securities indicated a clear trend of performance and valuation recovery in the healthcare industry, with a focus on innovation-driven strategies and internationalization, as well as reforms in outpatient marketing models for the second half of the year [2] - The A-share pharmaceutical sector and Hong Kong's innovative drug sector are currently at five-year low positions, with public fund holdings in the pharmaceutical industry reaching their lowest point since Q2 2020 in Q4 2024, but showing signs of recovery in Q1 2025 [2] - The global pharmaceutical investment and financing scale has shifted from a downward trend to a low-level oscillation upwards, with many growth-oriented pharmaceutical companies currently having PEG levels below 1, indicating potential for performance and valuation improvements [2] Group 3 - China’s innovative drug licensing out (Lisence out) total amount is projected to exceed $50 billion in 2024, reaching $51.9 billion, a year-on-year increase of 27.4%, accounting for 30% of the global total in similar transactions [3] - The record licensing amount for SSGJ-707 is expected to accelerate the trend of Chinese pharmaceutical companies expanding internationally, with a noticeable increase in the number and value of licensing out agreements in recent years [3]

Group 1 - The issuance of equity funds is experiencing a surge, with nearly 80 equity funds currently or soon to be launched, indicating a potential influx of new capital into the market [1] - Among the newly issued equity funds, 52 are currently in the issuance process, while 27 are set to be launched soon, showcasing a diverse range of investment options including broad-based and thematic index funds [1] - The new floating management fee funds have gained significant attention, with 26 funds approved and 16 set to launch on May 27, marking a shift in the industry focus from "scale" to "returns" [1][2] Group 2 - Several high-performing fund managers are leading the new floating management fee funds, with a mix of growth and value investment styles, aligning performance benchmarks with their investment strategies [2] - Many of the new floating management fee funds have set fundraising caps between 2 billion to 8 billion, suggesting a competitive issuance environment [2] - Fund companies are emphasizing the importance of fund retention rates and sustainable management post-issuance, indicating a strategic focus on long-term investment ecosystems [3] Group 3 - Fund managers are optimistic about equity assets, identifying numerous structural opportunities, particularly in the context of AI-driven technological innovation and evolving consumer demands [4] - The current economic resilience and ongoing policy support contribute to a positive long-term market outlook, as expressed by fund managers [5]

Summary of Conference Call for Aisen Co., Ltd. Industry Overview - The focus for investment this year (2025) is on self-sufficiency, particularly in the equipment and materials sectors, with domestic companies actively replacing foreign products [2][3] - The advanced packaging sector is trending towards higher integration and heterogeneous integration, with 2.5D and 3D packaging becoming key directions for GPU and AI chip development [2][4] Company Insights - Aisen Co., Ltd. has launched mass production of its positive DNQ series photoresist products, with a high market share expectation, while the negative acrylic series holds about a low double-digit percentage [2][6] - The company is conducting chemical amplification RDL photoresist tests, with client validation expected in the second half of the year, aiming for a comprehensive product layout [2][6] - Aisen's positive DNQ and negative acrylic series have gained market share in the domestic advanced packaging sector, which primarily uses JSR's post-film revival photoresist [2][7] Market Dynamics - The HBM memory market is currently dominated by international giants, but domestic companies are gradually entering this space [2][7] - Due to international political factors, the supply of HPV3 and subsequent products is limited, necessitating independent development of related technologies in China [2][8] - The TSV (Through-Silicon Via) technology is crucial in HBM structures, and Aisen is developing TSV photoresist and high-speed copper plating products [2][9] Product Development and Strategy - Aisen is focusing on developing new PSPI materials to meet the diverse needs of advanced packaging, with plans to become a leading supplier in this area within two to three years [2][4][14] - The company has established a strategic partnership with Shenghe Jingwei, focusing on electroplating and photoresist products, with significant sales growth expected [2][26] - Aisen's business performance in the advanced packaging sector is projected to grow rapidly, with a target of achieving significant sales in the wafer and advanced packaging fields [2][14][31] Challenges and Opportunities - The ongoing trade tariff war has increased material procurement costs for several packaging and testing companies, prompting a shift towards domestic materials [2][33] - The domestic PSPI market is still in its infancy, with a market size of approximately 1.5 billion RMB, and Aisen is working to increase its market share through product development and client validation [2][17][22] - The company is addressing supply chain challenges by developing multiple alternative solutions to mitigate reliance on single products [2][19] Future Outlook - Aisen anticipates structural growth driven by increasing demand from domestic clients, particularly in the HBM sector, and plans to expand its product offerings to meet market needs [2][28] - The company aims to enhance its domestic replacement rate and market share through improved risk control and technology advancements [2][25]

Group 1 - The core point of the news is the significant asset restructuring plan between Zhongke Shuguang and Haiguang Information, where Haiguang plans to absorb and merge with Zhongke through a share exchange, aiming to strengthen its main business in the information technology industry [1][3]. - Haiguang Information is the only high-end processor manufacturer based on x86 architecture in China, focusing on CPUs and DCUs, while Zhongke Shuguang specializes in high-end computers, storage, security, and data center products [3]. - As of March 2025, Zhongke Shuguang holds 650 million shares of Haiguang Information, representing a 27.96% stake, making it the largest shareholder of Haiguang [3]. Group 2 - The merger is expected to create a larger entity that can achieve valuation premiums, similar to Pfizer's acquisition of Wyeth, which increased its market valuation significantly [4]. - The strategic merger is anticipated to reshape the industry landscape by enhancing technological collaboration, accelerating the iteration of domestic CPUs and GPUs, and improving the capabilities of key industry solutions [4]. - The new entity will compete with major players like Huawei and Inspur, while also addressing potential monopoly risks and enhancing supply chain security [4].

Core Viewpoint - The military industry sector is experiencing significant investment interest, particularly in military ETFs, driven by global geopolitical conflicts and advancements in China's military trade capabilities [1][2]. Group 1: Investment Trends - Military ETF (512660) has seen a net inflow of over 750 million yuan in the past five days, with a current scale of nearly 14 billion yuan, marking a nearly 40% increase in shares this year, making it the largest in its category [1]. - The military ETF closely tracks the CSI Military Index, which includes companies in aerospace, military electronics, shipbuilding, and weaponry, reflecting the overall performance of the military industry [2]. Group 2: Military Trade Developments - China's military trade products are gaining global attention due to their comparative advantages and improved production capabilities, with a focus on performance, cost-effectiveness, and production capacity [2]. - Pakistan, a key military trade partner, has sourced 81.15% of its military imports from China over the past five years, showcasing the high performance and cost-effectiveness of Chinese military equipment during recent conflicts [2]. Group 3: Industry Outlook - The military sector is expected to see strong domestic demand growth driven by the "14th Five-Year Plan," "Centenary of the Army," and "self-reliant domestic substitution" strategies, indicating a positive industry outlook [2].

证券研究报告·行业跟踪周报·燃气Ⅱ 燃气Ⅱ行业跟踪周报 库存大幅增长美国气价回落，需求偏弱国内 气价回落，库存偏低欧洲气价微增 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：经济增速不及预期、极端天气、国际局势变化、安全经营风险。 2025 年 05 月 26 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 谷玥 执业证书：S0600524090002 guy@dwzq.com.cn 行业走势 -13% -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 2024/5/27 2024/9/24 2025/1/22 2025/5/22 燃气Ⅱ 沪深300 相关研究 《需求偏弱美国&国内气价回落，库 存同比偏低欧洲气价微增；对美 LNG 关税降至 25%》 2025-05-19 《产量或下降美国气价提升，库存同 比偏低欧洲气价提升》 2025-05-12 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 ◼ 价格跟踪：库存大幅增长美国气价回落 ...

Core Viewpoint - The semiconductor equipment and components sector is expected to exhibit both resilience and growth due to the acceleration of domestic equipment adoption and replacement in China [1] Group 1: Domestic Equipment Expansion - Downstream industries are actively expanding production, with the domestic semiconductor equipment localization rate projected to be only 21% in 2024. However, based on guidance from AMAT, TEL, and KLA, the revenue share is expected to return to normal levels by 2025, indicating a rapid increase in market share for local equipment manufacturers [1] Group 2: Component Replacement Acceleration - Domestic equipment manufacturers have been collectively placed on the entity list, making it difficult for American components to be obtained (presumed denial). This reshapes the market landscape, benefiting local component manufacturers as they accelerate the replacement of foreign parts [1] Group 3: Strengthened Demand for Self-Sufficiency - There is a reinforced demand for self-sufficiency, with investment in the sector showing both resilience and growth potential. Key areas of focus include gas/liquid paths, RF power supplies, and optical components, which are predominantly led by American companies but have significant room for growth. Relevant manufacturers are expected to benefit from performance elasticity due to sanctions [1] - In addition to American companies, Japanese and Korean manufacturers also hold substantial market shares in components. Domestic equipment leaders are accelerating the complete localization of their supply chains, with expectations for rapid market share growth in specific leading players within the sector [1] Group 4: Investment Opportunities - The semiconductor equipment ETF (code: 159516) tracks the semiconductor materials and equipment index (code: 931743), which includes publicly listed companies in the semiconductor materials and equipment manufacturing sector. This index reflects the overall performance of securities in the industry, characterized by high growth potential and significant technical barriers, with a focus on upstream segments of the semiconductor supply chain, including wafer manufacturing equipment, testing equipment, and photolithography materials [1]

中科院放大招！ 中科曙光也发布了内容相似的公告。 今晚，两只科技大白马突然传来吸收合并的消息，让人始料不及。中科曙光公告，海光信息技术股份有限公司 筹划通过换股方式吸收合并中科曙光，并发行A股股票募集配套资金。海光信息亦发布了类似的公告。两只股 票皆停牌不超过10个交易日。 这两家公司都与人工智能方向的算力和芯片密切相关，且其有股东层面的从属关系（曙光控股海光），而背后 的实际控制人都是中国科学院计算技术研究所。两家公司合并或可优化资源配置，增强海光信息在芯片设计和 中科曙光在服务器、云计算领域的协同效应，符合国家战略方向。 值得注意的是，过去一年发生的吸收合并不在少数。国泰君安与海通证券、中国船舶与中国重工、湘财证券与 大智慧等。而随着新修订的《上市公司重大资产重组管理办法》的发布，《国有企业改革深化提升行动方案 （2023—2025年）》最后一年的到来，类似的重磅并购还可能再度发生。 突发重大合并 周日晚间，A股市场迎来了一件让人意外的事件：中科曙光与海光信息合并。 海光信息发布公告称，为抢抓信息技术产业发展新机遇，做大做强主业，海光信息技术股份有限公司（以下简 称"公司"或"海光信息"）与曙光信息产业股 ...

Market Overview - The US stock market experienced a decline this week, with the Dow Jones falling by 0.61%, the S&P 500 down by 0.67%, and the Nasdaq decreasing by 1% [1] - The dollar index dropped by 0.82%, while copper and aluminum prices rose on the London Metal Exchange [1] Economic Events - Trump threatened to impose a 50% tariff on EU goods starting June 1, which negatively impacted European stock markets [1] - Recent bond auctions in Japan and the US were poorly received, raising concerns about global market liquidity [4][5] Investment Insights - Analysts are optimistic about sectors such as technology, high-dividend assets, and non-ferrous metals [8][11] - The potential for a decline in the dollar index is seen as beneficial for international non-ferrous metal prices [11] Upcoming Events - Japan will conduct several important bond auctions on May 28, June 3, and June 5, with the June 3 auction of 10-year bonds being particularly significant [4] - The 61st simulated stock trading competition is set to begin, with participants focusing on opportunities in controllable nuclear fusion and the pet economy [2][3]

Core Viewpoint - The semiconductor market is showing signs of recovery, with expectations for increased shipment volumes and prices for silicon wafers, driven by normalizing inventory levels among downstream customers [2] Group 1: Company Performance - In 2024, the company reported a revenue of 3.388 billion yuan and a net loss attributable to shareholders of 971 million yuan; for Q1 2025, the revenue was 802 million yuan with a net loss of 209 million yuan [2] - The company has experienced rapid growth in domestic sales, with limited overseas revenue, resulting in minimal impact from tariff policies on overall sales [2] Group 2: Industry Outlook - The global semiconductor market is undergoing a recovery trend following industry adjustments, but the recovery of silicon wafers is lagging behind the overall market due to a longer transmission cycle from downstream to upstream [2] - The company anticipates an upward trend in sales volume and overall revenue for 2024 and Q1 2025, although price recovery is contingent on further market improvements [2] Group 3: Capacity Expansion and Capital Operations - By the end of 2024, the company's Shanghai plant is expected to achieve a capacity of 600,000 12-inch wafers per month, meeting its construction goals; the Taiyuan plant is also progressing with a capacity of 50,000 wafers per month [3] - The company is pursuing a capital operation plan to acquire minority stakes in several entities for a total of approximately 7.04 billion yuan, which will enhance management integration and resource optimization for its 300mm silicon wafer projects [3]