Core Viewpoint - The article emphasizes that a significant opportunity for the development of small and medium-sized enterprises (SMEs) in China is approaching by 2025, driven by two major trends: asset revaluation and industrial intelligence in China [3][4]. Group 1: Opportunities and Trends - The article identifies two national-level opportunities: the revaluation of Chinese assets and the intelligent transformation of industries, which are expected to benefit all enterprises across China [4]. - It highlights that the current era favors early adopters, suggesting that only those who act quickly will seize the upcoming opportunities [7]. Group 2: AI Practical Training - The company is launching an AI practical training program aimed at SMEs, providing resources, methodologies, and connections to suppliers and talent for implementing AI solutions [7]. - The program is designed to help enterprises integrate AI into their core products, services, and processes, thereby enhancing efficiency and commercial viability [6][7]. Group 3: Company Qualifications - The company has developed the "Tianqi Policy Large Model," which has become a key service provider in the national network for policy identification, demonstrating its capability in AI application [8]. - It has established partnerships with major AI research and service companies across China, positioning itself as a leader in the industrial AI transformation [9][10]. Group 4: Call to Action - The article encourages SMEs to take action towards their own intelligent transformation and to participate in the upcoming AI practical training event scheduled for July 18-20 [11][12].

证券研究报告 | 浙商早知道 报告日期：2025 年 06 月 09 日 浙商早知道 2025 年 06 月 09 日 ：张延兵 执业证书编号：S1230511010020 ：021-80106048 ：zhangyanbing@stocke.com.cn 重要推荐 【浙商计算机 刘雯蜀/童非】优刻得（688158）公司深度：从响应 DeepSeek 看优刻得，云计算价值重估进行时— —20250606 重要观点 http://www.stocke.com.cn 1/5 请务必阅读正文之后的免责条款部分 【浙商 ESG 祁星】深度研究：ESG 体系下的 AI 研究（一）：多维投资增效，防范伦理风险——20250605 【浙商固收 覃汉/陈婷婷】债券市场专题研究：对于 6 月资金面的思考——20250605 【浙商固收 覃汉/郑莎】债券市场专题研究：近期焦煤上涨对债市是否有影响？ ——20250606 【浙商策略 廖静池/王大霁/李沛】A 股策略周报："上下两难"盘面焦灼，持原仓、盯券商——20250607 1.1 【浙商计算机 刘雯蜀/童非】优刻得（688158）公司深度：从响应 DeepSeek 看优刻得， ...

Group 1 - The core viewpoint of the news highlights the significant inflow of capital into the Xinchuang sector, particularly the Xinchuang 50 ETF (560850), which saw a net inflow of nearly 180 million yuan and a total of approximately 270 million yuan over the past five days, with trading volume increasing by nearly 200% [1][3] - The strategic merger between Haiguang Information and Zhongke Shuguang is a major focus, being the first listed company absorption merger since the revision of the "Major Asset Restructuring Management Measures" and expected to create synergies across the supply chain [3][8] - The Xinchuang 50 ETF primarily focuses on domestic software and hardware innovation, with significant weight in computer software (43%), cloud services (23%), computer equipment (18%), and semiconductors (13%) [7][9] Group 2 - Haiguang Information and Zhongke Shuguang are the second and eighth largest component stocks of the Xinchuang 50 ETF, collectively accounting for nearly 10% of the ETF's weight [3][5] - The recent surge in the Xinchuang sector is attributed to technological advancements and supportive policies, with a notable emphasis on the importance of domestic alternatives in the context of ongoing geopolitical tensions [8][9] - The DeepSeek concept stocks have a weight of 48.1% in the Zhongzheng Xinchuang Index, indicating strong market interest and potential for growth in the related sectors [9]

Group 1 - The core viewpoint of the articles highlights the significant growth in the AI sector, particularly in relation to its increasing electricity demand, driven by rapid advancements in AI technology and the emergence of DeepSeek, which boosts investment confidence outside the U.S. [1][2] - The China Securities Regulatory Commission has initiated pilot projects for a new power system, focusing on seven key areas including collaborative planning of computing power and electricity projects, which is expected to enhance the development of data centers and renewable energy integration [1][2] - The Data ETF (516000) has shown a recent upward trend, with a 2.05% increase over the past week, indicating strong market interest in AI-related stocks and sectors [1][2] Group 2 - The notification from the National Energy Administration emphasizes the importance of integrating renewable energy resources with data center electricity needs, aiming to increase the proportion of green electricity used in data centers [2] - The Data ETF and its associated funds are closely tracking the China Big Data Industry Index, focusing on popular sectors such as DeepSeek and AI computing power, which are expected to benefit from supportive policies and enhance their competitive edge [2]

Core Viewpoint - The Midea Fresh Air Machine T6 is positioned as a multifunctional air management solution that prioritizes health and comfort, particularly for families with children, by addressing various air quality concerns and providing a holistic approach to indoor air management [1][10]. Group 1: Product Features - The Midea Fresh Air Machine T6 integrates six functions: air conditioning, fresh air, air purification, disinfection, dehumidification, and humidification, making it a versatile "air steward" [3]. - The air conditioning feature utilizes a unique design with irregular micro-holes to soften strong winds, creating a comfortable airflow experience without the sensation of direct wind [3]. - The device includes a 3-liter water tank for independent humidification at a rate of 450ml/h, ensuring continuous moisture for up to 6 hours, and a powerful dehumidification capability of 5.03kg/h to combat humidity [5]. Group 2: Health and Safety - The air purification and fresh air functions can quickly restore a clean atmosphere in the home, effectively removing odors and airborne particles [7]. - The device is capable of eliminating common bacteria such as E. coli and H1N1, ensuring a healthy air environment [8]. - It features DeepSeek technology that automatically senses and adjusts air humidity, temperature, and airflow, enhancing user convenience and health [8]. Group 3: User Experience - The Midea Fresh Air Machine T6 is designed for ease of use, with strong voice interaction capabilities that allow users, including children, to operate it effortlessly [8]. - The product is perceived not just as a machine but as a comprehensive approach to air quality management, reflecting a growing awareness of the importance of air quality in daily life [10].

Investment Rating - The report rates the industry as "Positive" [1][2] Core Insights - The capital market is undergoing comprehensive reforms to deepen investment and financing, with a focus on attracting long-term funds [15][27] - The introduction of DeepSeek has driven a strong rise in Chinese technology stocks, significantly impacting market sentiment and performance [27][85] - The overall performance of listed securities firms has improved, with substantial increases in revenue and net profit [16][22] Summary by Sections 2025 Q1 Performance Review - As of Q1 2025, the total assets of 42 listed securities firms reached 13.11 trillion yuan, an increase of 850 billion yuan from the end of 2024 [16] - The combined operating income for Q1 2025 was 125.93 billion yuan, a year-on-year increase of 19%, while net profit rose by 74.93% to 53.46 billion yuan [16] Industry Development Trends - The report highlights the ongoing reforms aimed at enhancing the capital market's stability and investor confidence, with policies to attract long-term investments [70][72] - The trend towards passive investment products, particularly ETFs, is expected to continue, supported by favorable policies [73][84] Business Line Performance - **Brokerage Business**: The brokerage income for Q1 2025 was 32.736 billion yuan, a 43.16% increase year-on-year, driven by a significant rise in trading volumes [38][39] - **Asset Management**: The asset management business generated 10.131 billion yuan in fees, a slight decrease of 3.32% year-on-year, indicating a shift towards a competitive landscape [45] - **Proprietary Trading**: The proprietary trading income reached 48.566 billion yuan, up 51.02% year-on-year, reflecting a recovery in the equity market [56] - **Investment Banking**: The investment banking revenue was 6.672 billion yuan, a modest increase of 5.39%, with IPO financing down by 30.24% [61] - **Credit Business**: The credit business saw a net interest income of 7.878 billion yuan, a 27.25% increase year-on-year, as the market for margin trading and stock pledges improved [64] Investment Recommendations - The report suggests that the overall performance of the brokerage sector is expected to remain positive, supported by economic recovery and liquidity easing [91]

Investment Rating - The investment rating for the industry is optimistic [1][2] Core Insights - The capital market is undergoing comprehensive reforms to deepen investment and financing, with a focus on attracting long-term funds [15][27] - The introduction of DeepSeek has driven a strong rise in Chinese technology stocks, significantly impacting market sentiment and performance [27][85] - The overall performance of listed securities firms has improved, with substantial increases in revenue and net profit [16][22] Performance Review of Listed Securities Firms - As of Q1 2025, the total assets of 42 listed securities firms reached 13.11 trillion yuan, an increase of 850 billion yuan from the end of 2024 [16] - The combined operating income for Q1 2025 was 125.93 billion yuan, a year-on-year increase of 19%, while net profit rose by 74.93% to 53.46 billion yuan [16] - The top five firms by operating income were CITIC Securities, Guotai Junan, Huatai Securities, China Galaxy, and GF Securities [16] Industry Development Trends - The securities industry is experiencing a significant increase in revenue concentration, with the CR5 for operating income at 41.74% and for net profit at 54.06% as of Q1 2025 [22] - The number of securities practitioners has decreased by 5.83% year-on-year, indicating a trend towards cost reduction and efficiency improvement [32] - The management expense ratio for listed securities firms decreased to 47.01%, down 3.48 percentage points year-on-year [32] Business Line Performance - Brokerage business saw a significant increase in income, with net income from brokerage fees rising by 43.16% year-on-year to 32.736 billion yuan [38] - The asset management business faced challenges, with net income declining by 3.32% year-on-year to 10.131 billion yuan [45] - The proprietary trading business reported a 51.02% increase in income, totaling 48.566 billion yuan, driven by a recovering equity market [56] Investment Recommendations - The report suggests that the securities sector is poised for a positive outlook due to economic recovery, liquidity easing, and improving performance metrics [91] - The valuation of the brokerage sector is currently at a PB of 1.25X, indicating potential for valuation recovery [91]

Summary of Key Points Industry Overview - The report discusses recent high-frequency changes in the macroeconomic environment, indicating that long-term macro logic has remained relatively stable, with factors such as domestic policies, DeepSeek, and tariffs showing little variation. The importance of high-frequency data has increased, revealing a predominantly weak trend in recent data [1][1]. Core Insights and Arguments 1. **Decline in Commodity Prices**: There has been a continuous decline in the prices of black and building materials, with the recent pace of decline accelerating. This trend has persisted for a considerable time [1]. 2. **Real Estate Market Trends**: The sales of second-hand homes in the real estate sector have experienced a seasonal decline, which aligns with the post-peak policy heat. The extent of this decline is currently under observation [1]. 3. **Travel Data During Festivals**: Travel data during the Dragon Boat Festival showed weak growth compared to the May Day holiday, indicating a year-on-year decline [1]. 4. **Stock Market Financing Balance**: Since April, the financing balance in the stock market has remained weak. During the index adjustment period in April, there was a noticeable decline in financing balance, which did not recover even when the index rebounded [1]. 5. **ETF Share Decline**: Following a significant increase in ETF shares during the volatility of March-April, there has been a decline in ETF shares since May as the market stabilized [1]. Additional Important Insights - The market is expected to fluctuate within the range of 3200-3400 from May to July, with a potential significant breakthrough anticipated in Q4 [2].

Core Viewpoints - The article emphasizes that a significant opportunity for the development of small and medium-sized enterprises (SMEs) in China is approaching by 2025, marking a turning point for their growth [3]. - It identifies two major opportunities termed "national fortune-level" opportunities: the revaluation of Chinese assets and the intelligent transformation of Chinese industries [4]. Group 1 - The current era is characterized by a "winner-takes-all" dynamic, where only pioneers can seize the upcoming opportunities [7]. - The company is launching an AI practical training camp aimed at SMEs, providing them with the necessary knowledge, methodologies, resources, and connections to integrate DeepSeek into their core products and services [7][10]. - The company has developed the "Tianqi Policy Big Model," which has become a key service provider in the national network for policy identification, showcasing its capability in AI application [8]. Group 2 - The company collaborates with major AI research and service firms across China, enhancing its resource pool for assisting SMEs in adopting DeepSeek solutions [9][10]. - The company positions itself as a pioneer in the AI transformation of Chinese industries, emphasizing its role in facilitating enterprise-level applications [10]. - A specific event, the Black Horse AI Practical Camp, is scheduled from June 20 to June 22, aimed at helping enterprises overcome growth challenges through AI applications [12].

5月29日早盘，科创200、科创100、北证50等指数领涨A股，EDA、CRO、智能驾驶、光模块CPO等概 念板块盘中活跃。近期热度较高的云计算50ETF(516630)高开高走，持仓股中，新易盛（300502）、千 方科技（002373）、中际旭创（300308）等涨幅居前；此外，受EDA概念股华大九天（301269）、概 伦电子的带动，信创ETF(562570)一度涨超2%。 消息面上，当地时间5月28日美股盘后，英伟达发布了截至4月27日的2026财年第一财季财报：期内实现 营收440.62亿美元，同比上涨69%，高于市场预期的432.8亿美元；美国通用会计准则(GAAP)下净利润 187.75亿美元，同比上涨26%；Non-GAAP下每股摊薄收益为0.81美元，同比上涨33%。作为观察全球AI 产业热度的风向标，英伟达财报有望重燃A股AI产业链行情，以光模块为代表的英伟达产业链或有望直 接受益。 公开信息显示，云计算50ETF(516630)的AI算力含量较高，标的指数成分股覆盖了光模块&光器件、算 力租赁(IDC)、数据储存、服务器、液冷等算力基建概念板块。此外，指数当中DeepSeek概念股含量较 ...