Core Viewpoint - The company is focusing on enhancing its technology research and product innovation capabilities to seize opportunities in the thermal management system business as the electric vehicle industry rapidly develops [2]. Group 1: Company Performance - As of June 30, 2025, the company's stock closed at 13.02 yuan, an increase of 5.51%, with a turnover rate of 22.22%, trading volume of 303,800 hands, and a transaction amount of 386 million yuan [1]. Group 2: Business Strategy - The company aims to continuously improve its product delivery and service capabilities, enhance customer satisfaction and brand loyalty, and achieve sustainable development [2]. - The company’s main business segments include integrated AFC systems for rail transit, ETC business for road traffic, and thermal management system equipment [7]. Group 3: Digital Currency and Market Expansion - The company currently does not have any digital currency business and is focusing on integrated projects involving payment scenarios with AFC and ETC devices [4][5][7]. - The company is coordinating with other parties for potential digital currency applications but has not yet launched any related business [13]. Group 4: Technical Advantages - The company's thermal management business includes products such as liquid cooling systems for power batteries, energy storage systems, complete vehicle thermal management systems, and rail transit thermal management systems [10]. Group 5: Investment Activities - The company has made minor investments in related companies through funds, but these holdings do not significantly impact its main business operations [11][12]. Group 6: Market Activity - On June 30, the company experienced a net inflow of 27.57 million yuan from institutional investors, while retail investors saw a net outflow of 30.26 million yuan [14][15].

Investment Rating - The report gives a "Buy" rating for the company, Buke Co., Ltd. (步科股份) [1] Core Views - Buke Co., Ltd. is actively expanding its "Mobile + Collaboration" market and is a leader in the "frameless" torque motor sector, with significant growth potential in the humanoid robot market [1][6][10] - The company has a comprehensive product line in industrial automation, including human-machine interfaces, programmable logic controllers, servo systems, and low-voltage frequency converters, positioning it as a leading supplier in the automation control and robotics sector [6][14] - The report highlights the company's strong market position in mobile robot servo systems, with a significant increase in sales of its servo wheel products and a robust growth forecast for humanoid robot applications [8][9][10] Financial Summary - Projected total revenue (in million) for 2024A is 547, with a year-on-year growth rate of 8.1%, and expected to reach 1,080 by 2027E, with a growth rate of 25.1% [2] - Projected net profit attributable to shareholders (in million) for 2024A is 49, with a year-on-year decline of 19.4%, but expected to rebound to 123 by 2027E, with a growth rate of 19.7% [2] - Earnings per share (in yuan) are projected to increase from 0.58 in 2024A to 1.47 in 2027E [2] Market Position and Growth Drivers - The company has a leading market share in the mobile robot low-voltage servo sector, with cumulative shipments exceeding 1.2 million units, serving over 400,000 AGV/AMR units, making it the top player in the mobile robot industry [6][8][45] - The humanoid robot torque motor market is expected to reach 200 million yuan by 2025, with a compound annual growth rate (CAGR) of 91.7% from 2025 to 2030, indicating substantial growth opportunities [9][66] - The report emphasizes the increasing demand for automation driven by rising labor costs and an aging population, which is expected to boost the industrial automation rate [35][40] Product and Technology Development - Buke Co., Ltd. has developed an integrated servo wheel module that combines a driver, motor, reducer, and wheel, which has seen significant sales growth, with an expected 38,000 units sold in 2024, representing a year-on-year increase of 118.5% [6][50] - The company has received small batch orders for its frameless torque motors in the humanoid robot sector, indicating a strong foothold in this emerging market [9][67] - The report outlines the company's strategic focus on expanding its product offerings in the humanoid robot market, leveraging its existing technology and market position [10][66]

New Stock Offerings - The new stock offering for Xinyu New Materials has a subscription code of 301630, with an issue price of 84.00 yuan per share and a subscription limit of 10,000 shares [1] Government Policies and Economic Indicators - The Ministry of Finance, State Taxation Administration, and Ministry of Commerce announced a tax credit policy for foreign investors, allowing a 10% tax credit on direct investments made with profits distributed by domestic enterprises from January 1, 2025, to December 31, 2028 [3] - The National Bureau of Statistics reported that the manufacturing PMI for June was 49.7%, the non-manufacturing business activity index was 50.5%, and the comprehensive PMI output index was 50.7%, indicating an overall expansion in economic activity [3] Industry Developments - The Hengqin Guangdong-Macao Deep Cooperation Zone Executive Committee released an industrial development plan for 2025-2029, aiming for significant economic integration with Macao and a target for the "Four New" industries to account for approximately 65% of the regional GDP by 2029 [4] - The China Securities Association held a meeting discussing the economic outlook for the second half of 2025, with over 70% of chief economists predicting an increase in CPI, PPI, and fixed asset investment growth rates [4] Company News - JD.com warned users about misleading information regarding partnerships with JD Coin Chain, emphasizing that no stablecoin issuance has begun and all related information may be fraudulent [6] - DJI clarified that new battery inspection requirements from the Civil Aviation Administration do not affect its drone products [6] - Guoxin Technology successfully tested a new 48V automotive electronic airbag ignition chip [7] - Alloy Investment's controlling shareholder plans to change to Jiuzhou Hengchang, with stock resuming trading on July 1 [8] - Jinpu Titanium Industry is planning a major asset restructuring, leading to a suspension of trading starting July 1 [9]

Digital Currency - Sanwei Xinan has participated in virtual currency and stablecoin-related businesses in Hong Kong [1] - First Capital currently has no plans to apply for stablecoin licenses [1] - Huaming Intelligent has not yet engaged in digital currency business [1] Robotics - Xinbo Co., Ltd. focuses on expanding humanoid robot joint modules through a joint venture [1] - Fangzheng Electric is developing robotic joint motor products [1] Defense and Military - AVIC Shenyang Aircraft Corporation's new district construction project is expected to achieve production line connectivity and trial operation by the end of the year [1] Automotive - Beiqi Blue Valley is actively collaborating with partners like Pony.ai to develop Robotaxi models [1] Electronics - Laibao High-Tech is not involved in supplying Xiaomi's newly released AI smart glasses [1] - Jiangbolong has established long-term cooperation with numerous smart glasses manufacturers [1] Chemical Industry - Aoke Co., Ltd. is not currently involved in the large-scale production of semiconductor materials such as photoresists [1] Other - Fangzheng Electric has secured a development project for an electric aircraft drive system in the first quarter [1] - Kouzi Jiu has seen good sales performance for its mid-range low-priced product series [1] - Ojiwah has resumed shipping original orders to American customers [1] - Stik has achieved bulk supply of optical display products to leading terminal manufacturers [1] - Songyuan Safety has the qualifications to participate in the Xiaomi automotive project but has not yet supplied to Xiaomi [1] - Nanji Guang's Switch2 backlight source module products have achieved stable mass delivery [1] - Hongtiansun's main production bases are operating at full capacity [1] - Rongbai Technology's sulfide electrolyte pilot line is expected to be completed by the end of the year [1]

Group 1 - The overall market valuation has increased, with the ChiNext Index performing the best, while the dividend index showed the weakest performance [1][10] - The computer, defense, and non-bank financial sectors experienced the highest gains, while the oil, food and beverage, and transportation sectors performed the weakest [13][35] - The relative PE and PB of the ChiNext Index compared to the CSI 300 have both increased, indicating a shift in valuation dynamics [17][26] Group 2 - The overall valuation of broad market indices has risen, with the majority of indices above the 50% historical percentile [15][26] - The financial and real estate sectors are valued above the 50% historical percentile, while materials, equipment manufacturing, industrial services, transportation, consumption, and technology sectors are at or below the 50% level [28][39] - The valuation of the food and beverage, agriculture, public utilities, and home appliance sectors is currently considered relatively cheap [39][44] Group 3 - The overall profit expectations across industries have shown slight changes, with the largest upward adjustments and the computer sector experiencing the most significant downward revision [50]

基金双周报：ETF市场跟踪报告 证券分析师 | 陈 | 瑶 | 投资咨询资格编号：S1060524120003 | | --- | --- | --- | | 郭子睿 | | 投资咨询资格编号：S1060520070003 | | 任书康 | | 投资咨询资格编号：S1060525050001 | | 研究助理 | | | | 高 | 越 | 一般从业资格编号：S1060124070014 | | 胡心怡 | | 一般从业资格编号：S1060124030069 | 证券研究报告 2025年6月30日 请务必阅读正文后免责条款 报告摘要 2 ETF市场回顾： • 收益表现与资金流向：近两周ETF产品整体表现较好。主要宽基ETF中，创业板指ETF涨幅最大，行业与主题产品中，金融地产行业ETF涨幅最大。近两周， 主要宽基ETF中，中证A500、中证1000、科创50ETF资金净流入，沪深300ETF资金净流出额最大。科技ETF在年初大幅流出后，自3月起转为资金流入，近两 周资金流入速度有所减缓，医药和金融地产ETF资金由净流出转为净流入，军工ETF资金流入速度放缓。债券ETF方面，受债市反弹影响，信用债ETF资金加 ...

Group 1: Company Overview and Operations - The company has two major electronic specialty gas industrial parks in Yichang and Qianjiang, with Qianjiang in the mass production to stable production phase, and Yichang in trial production to mass production to stable production phase [2][3] - The Qianjiang industrial park has most products already in production and generating sales, expected to contribute to revenue in 2025 [2] - The main production lines in Yichang, including trichlorosilane, silicon tetrachloride, and electronic-grade silane (5000 tons unit), have reached stable operation, with other specialty gases and silicon-based materials in trial production [2] Group 2: Market Trends and Future Prospects - The rise of emerging industries such as semiconductors, artificial intelligence, low-altitude economy, robotics, and computing power validates the foresight and correctness of the product planning for the two industrial parks [3] - As the two industrial parks gradually stabilize and reach production capacity, the company's cyclical advantages will become more apparent, enhancing future scale efficiency and reducing customer gas costs [3] - The expected scale efficiency improvements are projected for the years 2025, 2026, and 2027 [3] Group 3: Capital and Risk Management - The controlling shareholder's private placement project is progressing smoothly, with specific details to be confirmed by company announcements [3] - Investors are advised to rationally assess risks, as the communication included project progress and performance forecasts, which should be verified through official disclosures [3]

Group 1 - The core viewpoint of the article highlights the strong performance of the China Securities 2000 Enhanced ETF, which has risen by 29.16% year-to-date, significantly outperforming its peers due to favorable monetary policies and increased liquidity in the market [1] - The recent interest rate cuts and reserve requirement ratio reductions by the central bank have created a low-interest environment, benefiting small-cap stocks that are sensitive to interest rates, thus attracting more capital inflow [1] - The expectation of "quasi-stabilization funds" supporting the market, along with favorable policies in sectors like AI, robotics, innovative pharmaceuticals, and semiconductors, has shifted investor risk appetite towards high-elasticity small and mid-cap stocks [1] Group 2 - The China Securities 2000 Enhanced ETF employs a multi-factor model for stock selection and portfolio optimization, incorporating traditional fundamental and technical factors as well as advanced machine learning factors [2] - The fund aims for long-term stable excess returns while maintaining a balanced and prudent portfolio allocation, with strict control over tracking errors [2] - The quantitative team at the company has extensive experience in the index enhancement field, achieving high and stable long-term excess returns through various enhanced funds [2]

6月30日涨停分析 今日共78股涨停，连板股总数14只，15股封板未遂，封板率为84%（不含ST股、退市股）。焦点股方面，军工股长城军工9天7板、中光防雷20CM3连板， 固态电池概念股兴业股份12天7板、大东南5连板，PCB板块中京电子9天6板，大金融板块弘业期货5连板。 | 股票名称 | 板数 | 涨跌幅 | 涨停时间 | 上涨逻辑 | | --- | --- | --- | --- | --- | | 长城军工 | 9天7板 | 10.00% | 09:58 | 车工 | | 601606 | | | | | | 湖南大雁 | 6天4板 | 10.04% | 10:36 | 军工央企 | | 600698 | | | | +汽配 | | 飞亚达 | 3天3板 | 10.01% | 09:30 | 军工央企 | | 000026 | | | | | | 中光防雷 | 3天3板 | 20.00% | 14:26 | 军工 | | 300414 | | | | | | 中光学 | 4天3板 | 10.00% | 10:07 | 车工+Al | | 002189 | | | | 眼镜 | | 北方导航 | 4天 ...

Group 1 - The 2025 Zhongguancun Graduation Season event was held on June 24, showcasing a series of policy supports for college graduates in areas such as employment, entrepreneurship, housing, and living conditions [1] - Beijing Municipal Education Commission launched an innovation and entrepreneurship action plan for university students, introducing 15 measures across five areas: competition, incubation, investment, transformation, and financing, aimed at supporting students from local and other provinces' universities within five years of graduation [3] - Beijing Haidian District is promoting a collaborative ecosystem involving academic disciplines, talent, industry, and capital to create a youth-friendly city [5] Group 2 - The Haidian District has established the "Haizhi Hui" employment service system, which annually publishes no less than 80,000 job positions and provides one-time expansion subsidies for private and small-medium enterprises hiring young people [5] - The event featured a "Moment of Enlightenment" special roadshow, showcasing over 20 outstanding alumni hard-tech projects, primarily in artificial intelligence, covering future industries such as robotics and quantum computing [7] - A professional empowerment service team consisting of over 60 venture capital institutions, banks, and incubation park representatives provided investment invitations and financial services to support youth innovation and entrepreneurship [7]