Group 1 - The A-share market is expected to show stronger resilience, reflecting a "self-centered" approach, with positive signals from the easing of Sino-US trade tensions [1] - The recent joint statement from the Sino-US Geneva economic and trade talks has alleviated potential pressures on domestic economic growth, leading to an upward revision of corporate profit expectations [1] - Investment recommendations include focusing on defensive dividend sectors, technology narratives, and consumer sectors supported by policy initiatives [1] Group 2 - After the release of short-term profit-taking pressure, the A-share market is anticipated to return to a trend of oscillation and upward movement [2] - The introduction of floating rate funds marks the practical phase of fee reform, with a recovery in real financing demand expected to be reflected in upcoming social financing data [2] - The issuance of special government bonds and the increase in central bank support for financial companies indicate that market downside risks are manageable [2] Group 3 - The index is expected to continue oscillating, with sector rotation likely to persist due to easing trade tensions and domestic demand expansion policies [3] - Short-term focus areas include export chains, self-sufficiency sectors, and consumer sectors benefiting from domestic demand expansion, particularly in services [3] - High dividend sectors are projected to maintain investment value, with attention on banking, coal, public utilities, and transportation following recent monetary easing [3]

电子周观点： 关注 2025 台北国际电脑展 AI 新动向。以"AI Next"为主题的 COMPUTEX 2025 将于 5 月 20-23 日在台北南 港展览中心举行。此次活动将吸引近 1400 家参展商，展示人工智能与机器人、新一代技术、未来移动三大主题。 英伟达 CEO 黄仁勋将发表主题演讲，包括 GeForce、AI 加速器及 Omniverse 平台的最新进展。英伟达与联发 科合作开发的 Arm 架构 PC 处理器有望正式亮相，标志着英伟达加速布局 Windows-on-Arm 生态体系，英伟达 首席执行官黄仁勋与联发科执行长蔡力行将发表演讲，预计将正式宣布 N1X 与 N1 系列处理器，这些新品将结 合联发科的 Arm 架构 CPU 与 Nvidia 的 Blackwell 架构 GPU，面向高性能 AI 桌面与笔电设备，构建代号为 GB10 的新平台。AMD CEO 苏姿丰博士也将发表演讲，展示公司在 GPU、AI 和数据中心领域的整体布局。高通公司 总裁兼 CEO 安蒙也将在 COMPUTEX 2025 上发表演讲，分享骁龙 X 系列平台在 AI 时代取得的显著进展与未 来规划，并展示终端侧 ...

► 核心观点&投资建议 中美关税谈判取得重大进展，后续保持谨慎乐观。本周，据新华 社，中美经贸高层会谈于瑞士日内瓦达成实质性共识，双方宣布 将分阶段调整加征关税：美国暂停24%中国商品关税90天，保留 剩余 10%，并取消此前两项行政令对华关税；中国同步暂停 24% 美国商品关税，保留 10%，取消非关税反制措施。两国同意建立 常态化经贸磋商机制，并于5月12日发布联合声明。我们认为， 此次协议释放中美阶段性缓和信号，关税"政策底牌"初步明 晰，短期或缓解出口链压力并推动部分产业链修复，后续协商不 确定性仍存，我们判断可以谨慎乐观。 三大外卖平台被约谈，看好行业规范发展。本周，据央视新闻， 市场监管总局联合四部门约谈京东、美团、饿了么等外卖平台， 要求严格落实主体责任，禁止"二选一"、大数据杀熟等不正当 竞争行为，强化骑手权益保障与食品安全管理，推动行业公平有 序竞争。我们认为，竞争加剧和政策约束将倒逼平台聚焦服务体 验优化（如配送时效、商户质量）与生态协同能力（如本地生活 全链路整合），推动行业健康度与规范度双升。 证券研究报告|行业研究周报 [Table_Date] 2025 年 5 月 18 日 [Ta ...

随着中美关税冲突缓和，公募基金调研节奏显著加快。高端制造、半导体、医疗健康三大领域成为资金聚焦的 核心赛道，百济神州- U（688235.SH）、安集科技（688019.SH）、恒而达（300946.SZ）等龙头企业获超 200 家机构扎堆调研，凸显机构对技术突破与政策红利的强烈关注。 鹏华基金闫思倩、景顺长城基金农冰立等明星基金经理现身恒而达调研现场，闫思倩、申万菱信基金付娟、华 泰柏瑞基金赵楠共同调研祥鑫科技（002965.SZ），显示出基金经理对先进制造企业的密集关注。 硬科技公司获基金经理调研 数据显示，5月以来公募基金调研呈现"量质齐升"特征。 5月以来，A股市场机构调研热度持续攀升，已有超2000家上市公司获调研。其中，公募基金调研节奏显著 加快。 券商中国记者注意到，2025年5月以来，公募基金对上市公司的调研活动呈现显著的结构性分化，高端制造、 半导体及医疗健康领域成为机构资金布局的核心方向。数据显示，工业机械、半导体设备及创新药企的调研频 次占比超六成，头部企业的技术突破与政策红利成为基金经理关注的重点方向。 从行业分布看，机构调研呈现鲜明的赛道偏好，计算机、通信和其他电子设备制造业以超过3 ...

Core Insights - Shanghai KST Semiconductor Co., Ltd. announced that its domestic low-energy high-current ion implanter for 12-inch wafers has surpassed a shipment volume of 5 million pieces, marking a significant milestone in its development and production capabilities [1][3][5] - The company has achieved a leap from prototype development to large-scale production over five years, breaking the international monopoly in this field through independent innovation of key core technologies [1][8] - The ion implanter is one of the three critical equipment in chip manufacturing, with the low-energy high-current ion implanter being the largest market segment and the most challenging to industrialize [1] Company Developments - KST has supported over 10 domestic mainstream 12-inch integrated circuit production lines, covering four core areas: advanced logic, advanced memory, contact image sensors (CIS), and power chips, laying a foundation for self-sufficiency in China's chip manufacturing [1][5] - The company has made significant progress in various capabilities, including technology research and development, on-site service, production capacity, supply chain management, and quality control [5] - KST's production volume has increased from several thousand pieces per year to 500,000 pieces per month, demonstrating a transition from "usable" to "well usable" products [5][8] Strategic Focus - KST aims to continue focusing on customer needs and accelerate the core technology development of ion implanters, enhancing equipment performance to meet the mass production demands of domestic integrated circuit customers [3][5] - The achievement of 5 million pieces is seen as a testament to KST's independent research and development capabilities and a reflection of the company's systemic capability enhancement [5][8]

Core Viewpoint - The U.S. Department of Commerce has revoked the "AI Diffusion Rule" established during the Biden administration and initiated new regulations to strengthen AI chip export controls, indicating a continuation of the global competition for AI dominance [1][2]. Group 1: Policy Changes and Market Reactions - The previous "AI Diffusion Rule" categorized countries into three tiers for AI chip procurement, with the highest tier allowing 18 U.S. allies to purchase freely under supervision, while countries like China and Russia were banned from accessing advanced chips [1]. - Following the cancellation of the rule, stocks related to Nvidia surged, with companies like Jingsheng Electronics and Huajin Technology seeing significant gains [3]. - The new measures, however, restrict the global application of Huawei's Ascend chips, presenting short-term challenges but potentially accelerating the domestic chip industry's self-sufficiency in the long run [3]. Group 2: Industry Dynamics and Investment Trends - A surge in investment in computing power infrastructure is noted, with major Chinese firms like Alibaba and ByteDance planning capital expenditures reaching hundreds of billions by 2025 [1][6]. - The global competition for AI infrastructure is intensifying, with major cloud providers like Amazon, Google, Microsoft, and Meta projected to spend over $230 billion in 2024 [6][7]. - The demand for AI infrastructure is driving significant capital expenditures, with a projected increase in global cloud infrastructure spending to $3.213 trillion in 2024, up 20% from 2023 [7]. Group 3: Technological Innovations and Market Shifts - The introduction of DeepSeek's open-source strategy is reshaping the industry by significantly reducing model deployment costs, leading to an increase in demand for domestic AI chips [5][8]. - The shift from reliance on imported hardware to a model of "algorithm-computing power collaborative innovation" is redefining China's AI industry landscape [8]. - As domestic chip manufacturers like Cambrian and Haiguang Information innovate and optimize their architectures, they are positioned to benefit from the accelerated demand for self-sufficient computing power solutions [5][8].

Group 1 - The Shanghai Composite Index fell by 0.40% to 3367.46 points, while the Shenzhen Component Index decreased by 0.07% to 10179.60 points, and the ChiNext Index dropped by 0.19% to 2039.45 points, indicating a significant loss effect in the market [1] - The total trading volume of the two markets reached 1.09 trillion yuan, reflecting a relatively active trading environment despite the declines [1] - The Aerospace ETF (159227) rose by 0.20% to a closing price of 0.99 yuan, with a trading volume of 28.6024 million yuan, indicating strong investor interest [1] Group 2 - The military industry is showing significant signs of performance recovery, with expectations for gradual improvement in fundamentals and sentiment as the 14th Five-Year Plan approaches its conclusion [1] - The military sector is expected to experience substantial domestic demand growth from 2025 to 2027, driven by multiple catalysts including the "14th Five-Year Plan" and the "Centenary of the Army" goals [1] - The National Aerospace Index (CN5082) has a high concentration in the military industry, with 99.2% of its coverage dedicated to core companies in the military sector, particularly in aviation and aerospace equipment [2] - The top ten weighted stocks in the National Aerospace Index account for 52.89% of the index, highlighting the dominance of key players in the aerospace sector [2]

Market Overview - The market experienced a slight decline with the Shanghai Composite Index down by 0.4%, the Shenzhen Component down by 0.07%, and the ChiNext Index down by 0.19% [1] - The trading volume in the Shanghai and Shenzhen markets was 1.09 trillion yuan, a decrease of 62.9 billion yuan compared to the previous trading day [1] - Over 3,000 stocks rose in the market, indicating a mixed performance among individual stocks [1] Automotive Industry - The automotive supply chain saw significant gains, with the automotive parts sector recording a five-week consecutive increase, nearing historical highs from late March [2][4] - The sales data for the automotive market showed a cumulative sales figure of 6.872 million units from January to April, representing a year-on-year growth of 7.9% [6] - The new energy vehicle market also performed well, with sales reaching 3.324 million units in the same period, marking a year-on-year increase of 35.7% [6] Investment Trends - Institutional investors are increasingly allocating funds to the automotive sector, with public fund holdings reaching a historical high and showing a continuous increase over five quarters [6] - High-quality companies in the automotive sector, such as BYD, Li Auto, and Leap Motor, are attracting significant investment [6] - ETFs related to automotive parts and vehicles have shown strong performance, with several leading in gains today [4][5] Regulatory Developments - The Ministry of Industry and Information Technology has completed the drafting of technical requirements for automatic emergency braking systems, which is expected to transition from a recommended standard to a mandatory requirement [6] - This regulatory change is anticipated to lead to a significant increase in the adoption of such systems in the automotive market [6] Market Sentiment and Future Outlook - Analysts suggest that the market is currently in a phase of uncertainty, with funds seeking new directions and themes for investment [9] - High expectations for sectors such as AI, robotics, and autonomous control remain, indicating potential for future rebounds [9] - Goldman Sachs has raised its 12-month targets for the MSCI China Index and the CSI 300 Index, suggesting an 11% and 17% potential upside, respectively [9]

美国商务部调整 AI 芯片出口政策 证券研究报告 行业点评 电子 2025 年 05 月 14 日 评级 领先大市 评级变动： 维持 行业涨跌幅比较 % 1M 3M 12M 电子 3.51 -5.59 35.65 沪深 300 5.14 0.97 7.60 何晨 分析师 执业证书编号:S0530513080001 hechen@hnchasing.com -14% 6% 26% 46% 66% 2024-05 2024-08 2024-11 2025-02 电子 沪深300 袁鑫 研究助理 yuanxin@hnchasing.com 相关报告 1 人工智能行业报告：AI 资本开支提速，AIDC 产业迎投资机遇 2025-05-12 2 电子行业双周报：贸易摩擦背景下，芯片国产 替代有望提速 2025-04-28 3 电子行业双周报：美国加征关税加速国产替代 进程，看好科技自主可控 2025-04-14 投资要点 此报告 考 请务必阅读正文之后的免责条款部分 行业研究报告 评级系统说明 | 类别 | 投资评级 | 评级说明 | | --- | --- | --- | | 股票投资评级 | 买入 | 投资收益率超 ...

中美科技博弈，自主可控仍旧是产业主旋律 模型成熟加速端侧AI渗透，终端创新精彩纷呈 模型能力日趋成熟，AI赋能下，端侧硬件创新浪潮开启。为了满足手机、PC等端侧算力需求，处理 器、内存、散热、软硬板和电池等环节都要大幅升级，同时未来苹果新产品折叠机的推出，将推动3D 打印和UTG玻璃的机会，特别是3D打印，具备减重、减薄、散热优势，随着成本优化，在3C领域空间 市场规模有望超千亿。新应用场景方面，AR眼镜、辅助驾驶平权、人形机器人等渗透，将拉动新型显 示、摄像头、控制芯片等多个产业链。 国产算力建设方兴未艾，AI驱动产业链欣欣向荣 兴业证券发布研报称，2024年以来，电子板块收益率呈现显著上行趋势，与之匹配的是，板块业绩持续 改善，主要得益于算力、自主可控、以及手机、消费、工业需求的恢复，同时AI的叙事提供了估值扩 张的基础。站在当前时间点，该行认为随着模型成熟，端侧AI创新有望加速，由于国内外算力投资的 错位，国产算力需求将持续爆发;另外，中美科技的博弈，自主可控、模拟芯片等板块国产化进程有望 加速。 兴业证券主要观点如下： 海外算力高投入已经超过两年时间，2025年初Deepseek爆火出圈，随后国内云厂 ...