天风证券指出，2025Q1主动型基金前十大军工股持有流入总市值绝对值的前十中，军工电子板块标的 占80%。 过去三年军工电子板块较其他军工子板块超跌较多，在长尾效应下周期反弹锐度或将凸显，板块景气度 修复时或成为先选，军工电子持仓占比有望持续提升。2025Q1航空发动机产业相关标的在主动型基金 前十大军工股持有流出总市值占公司总市值前十中占比30%，我们认为，航发产业或受制于2025年周期 相对底部的影响，伴随国产商发持续加速，新型号装备型号持续成熟，航发子板块有望企稳修复。 军工板块相关企业港股： 中航科工（02357）、中船防务（00317） 智通财经APP获悉，据知情政府官员透露，美国总统特朗普将为10月1日开始的下一财年申请创纪录的 1.01万亿美元国家安全支出，比当前财年的数字高出13%以上。 美国国防预算将为金穹导弹防御项目、造船和核现代化、边境安全提供资金。其中包括3.8%的军人加 薪。其中一位要求不具名的官员说，13%的增幅与里根总统领导下的国防建设相呼应。作为埃隆·马斯 克削减成本努力的一部分，特朗普政府试图削减五角大楼的一些开支，但表示希望提高总体国防预算。 中国银河证券研报表示，新质筑基 ...

Core Viewpoint - The article highlights the performance and recommendations of various stocks by securities firms, emphasizing the strong returns of selected stocks and the sectors favored by analysts, particularly in domestic consumption, growth technology, and dividend assets [1][4][13]. Group 1: Stock Recommendations - As of May 1, 16 securities firms recommended a total of 115 stocks, with a focus on sectors such as domestic consumption, growth technology, self-sufficiency, and dividend assets [1][4]. - Notable stocks recommended by multiple firms include Haida Group and Dongpeng Beverage (4 firms), and Kaiying Network, Zhaoyi Innovation, Gree Electric, and Proya (3 firms) [6][7]. - Wanchen Group saw a significant increase of approximately 82% in its stock price in April, making it the best-performing stock among the recommended ones [1][3]. Group 2: Performance and Financials - Wanchen Group reported a net profit of 215 million yuan in Q1 2025, a year-on-year increase of 3344.13%, attributed to enhanced scale advantages in its snack business and improved operational efficiency [3]. - Haida Group is recognized as a leading player in the domestic agricultural and animal husbandry industry, with significant growth potential due to the recovery of livestock production capacity and market share expansion [7]. - Dongpeng Beverage is preparing for a Hong Kong listing, with analysts noting its stable performance in the beverage sector and rapid growth in its electrolyte drink segment [7]. Group 3: Market Outlook - Analysts expect the market to stabilize and trend upwards in May, driven by positive economic indicators and policy support [13][14]. - The focus remains on sectors such as new technology, industry themes, and domestic consumption, with a recommendation for a "barbell" investment strategy that balances growth technology and stable dividend assets [15].

证券研究报告 | 策略深度报告 | 中国策略 关税冲击，是"危"更是"机" ——论当前形势与 2018 年的差异 核心观点 2018 年，A 股在内生性调整压力、极致市场分化、经济转型压力和资管新规等"多重 约束"下，受到特朗普发起的三轮贸易战影响，全年市场震荡下行、跌幅较大。时隔 7 年，中国再次遇到美国关税冲击。与 2018 年相比，当前 A 股在微观结构、政策环境、 经济内力、流动性和科技创新 5 大维度下更加乐观，市场或形成"下有支撑，上有压 力"新格局，上证指数大概率于 3000-3350 点附近展开震荡。我们预计市场最快有望 在今年三季度重启上行攻势。配置方面，建议关注三大方向：1）自主可控：芯片/信 创/稀土/军工等；2）扩内需：地产建材/航空机场/酒饮/家具/调味品等；3）红利：大 金融/交运/饮料乳品等。 ❑ 2018 年：内生性调整压力叠加中美贸易摩擦 内部看，权重指数经过 2016-2017 年上涨，存在内生性调整压力，2018 年初大小 盘走势极致分化表明内生稳定性不足。结构性去杠杆与资管新规并存，压制风险 偏好，全年保证金余额、主动权益基金和两融余额均下降，市场流动性承压。外 部看， ...

Group 1: A-shares Market Outlook - The A-share market has shown relative stability despite significant fluctuations in external markets, with low volatility and turnover rates [2][3] - Recent economic data indicates a stable and improving macroeconomic environment in China, supporting long-term growth for A-shares [2] - The export structure in China has been optimizing since 2018, with increased exports of intermediate and high-value-added products, enhancing resilience against risks [2] Group 2: Investment Strategies - The domestic consumption sector, particularly daily consumer goods, is expected to demonstrate strong resilience against risks, making it a key investment focus [3] - There is a notable increase in overseas investors' interest in Chinese assets, with a rising allocation ratio since the third quarter of last year [3] Group 3: Currency and Global Financial Dynamics - The RMB is expected to maintain stability amidst global financial system restructuring, enhancing its trust and usage in international trade [4][5] - Investors are diversifying their currency allocations, increasing exposure to currencies like the Euro and Yen due to concerns over the US dollar's dominance [4] Group 4: US Market and Technology Stocks - The US stock market has experienced significant volatility, particularly in the consumer goods sector, while leading technology companies maintain strong profit prospects [6][7] - Despite short-term uncertainties, technology stocks are viewed as a long-term investment opportunity, with upcoming earnings reports being crucial for future market direction [7] Group 5: Gold as an Investment - Gold retains long-term value as a hedge against currency credit risk and global economic uncertainty, although short-term price volatility necessitates caution [8] - The relationship between gold and equities may shift, with potential downward pressure on gold prices if market sentiment improves [8] Group 6: Multi-Asset Investment Approach - Fidelity's multi-asset fund has gained attention, emphasizing cross-market and cross-asset diversification to reduce volatility and enhance portfolio stability [9] - Investors are encouraged to maintain a balanced asset allocation, incorporating various investment vehicles to hedge against risks in a low-interest-rate environment [9]

Investment Rating - The report assigns a rating of "Cautious Recommendation" for the semiconductor industry, indicating a potential growth of 5% to 20% relative to the benchmark index [3][32]. Core Insights - Global semiconductor sales are projected to reach $617.3 billion in 2024, marking a year-on-year growth of 19.1%. The Americas, China, and other Asia-Pacific regions are expected to see sales increases, while Japan and Europe may experience declines [6][9]. - The primary contributors to the sales growth in 2024 will be logic circuits and memory, with logic circuit sales estimated at $212.6 billion and memory sales at $165.1 billion, reflecting a significant year-on-year increase of 78.9% for memory products [9]. - Domestic wafer foundries are expanding capacity, with major players like SMIC and Hua Hong Semiconductor maintaining high capacity utilization rates [12][17]. - The semiconductor industry is expected to see a 11.2% year-on-year growth in sales by 2025, driven by consumer stimulus policies and a shift towards domestic supply chains [18]. Industry Dynamics - As of April 28, the semiconductor index underperformed the CSI 300 index by 11.15 percentage points, with a monthly decline of 14.11% compared to a 2.96% decline in the CSI 300 index [20]. - Year-to-date, the semiconductor index has increased by 51.77%, significantly outperforming the electronic index and the CSI 300 index [20]. Investment Recommendations - The report suggests focusing on domestic semiconductor companies that are self-sufficient, such as Haiguang Information and Cambrian, as well as companies in the RF and analog IC sectors like Shengbang and Naxinwei [22]. - It also highlights the potential for AI to drive demand for consumer electronics and related hardware, recommending companies like Hengxuan Technology and Ruixin Micro [22][23].

中证报中证网讯(记者刘丽靓)国家电投4月29日消息，27日，第十六届中国国际核电工业展览会在北京 国家会议中心开幕。国家电投国核自仪和睿全系列产品亮相第十六届中国国际核电工业展览会。 在中国核学会副秘书长高克立，中国电机工程学会核能发电分会专家委主任周士荣，上海市核电办公室 党组书记、主任陆海宾及媒体的见证下，国家电投集团国家核电党委书记、董事长叶元伟，国家电投集 团国核自仪党委书记、董事长方舟，国家电投集团核能部副主任张鹏飞，国家电投集团电投核能党委副 书记、工会代主席刘志达，共同开启"和睿"品牌产品矩阵发布的高光时刻。这标志着"和睿"品牌布局三 大平台、八大产品体系战略已迈入成熟化产业应用全新阶段，不仅在核电站数字化仪控系统这一核心产 品领域高效落地，也已在大型火电机组、风能等多元能源产业领域完成了产品战略布局。 "自主可控、性能卓越、安全可靠"是"和睿"产品品牌的核心价值。此次发布的八大产品，已实现从核心 部件国产化到全面国产化的重大跨越。全球首个基于FPGA技术的高安全性、高可靠性、可验证性的核 电站反应堆保护系统平台(和睿保护)、首个内置商密技术的智能化控制系统(和睿控制)、国内首个应用 到三代非能 ...

4月最后一个交易日落下帷幕，从A股主要宽基指数表现来看，除了wind微盘股指数，其余宽基指数全数收绿，三大指数月线集体收跌，K线均为长下影阴 线。 其中，上证指数跌1.7%报3279点，深证成指跌5.75%报9899点，创业板指跌7.4%报1948点。偏爱成长风格的指数跌幅较小，科创50、科创综指、科创100在4 月分别跌1%、1.18%、1.35%。沪深300、中证A50、中证A500在4月均跌3%。创业板50、创业板指表现最差，4月分别跌7.4%和8.4%。 港股4月也是震荡回调，恒指、恒生科技指数截至4月29日分别跌4.8%和6.95%。 | 序号 | 指数代码 | 指数名称 | 4月涨跌幅% | | --- | --- | --- | --- | | 1 | 8841431.WI | 万得微盘股指数 | 4.99 | | 2 | 932047.CSI | 中证REITs全收益 | -0.81 | | 3 | 000688.SH | 科创50 | -1.01 | | 4 | 000680.SH | 科创综指 | -1.18 | | 5 | 000922.CSI | 中证红利 | -1.22 | | 6 ...

Market Overview - The A-share market showed a slight decline with major indices experiencing minor fluctuations, indicating a cautious market sentiment ahead of the May Day holiday [4][9] - The total market capitalization of the Shanghai Composite Index is 633796 billion, with a PE ratio of 11.61 and a PB ratio of 1.20, while the Shenzhen Component Index has a market cap of 209389 billion, with a PE ratio of 19.48 and a PB ratio of 2.04 [3] Industry Dynamics - In May 2025, China's battery production is expected to increase by 14.8% month-on-month, with energy storage cell production accounting for approximately 26% of total output [27] - The report highlights the growth in the AI application sector, particularly following advancements from major companies like Alibaba, which is expected to drive market interest in AI-related investments [10] Company Performance - CITIC Securities (600030.SH) reported a Q1 2025 revenue of 177.61 billion, a year-on-year increase of 29.1%, and a net profit of 65.45 billion, reflecting a 32.0% increase [28] - Zhejiang Rongtai (603119.SH) achieved a total revenue of 11.35 billion in 2024, a 41.8% increase year-on-year, with its new energy business contributing significantly to growth [31] - WuXi AppTec (603259.SH) reported Q1 2025 revenue of 96.55 billion, a 20.96% increase year-on-year, with strong performance in its chemical business [33] - Defang Nano (300769.SZ) faced significant losses in 2024, with a net profit of -5.16 billion in Q4, indicating challenges in the market [35] - Xingyuan Material (300568.SZ) reported a Q1 2025 net profit of 0.47 billion, a decrease of 56.39% year-on-year, despite a significant quarter-on-quarter increase [37]

Summary of the Conference Call for 卓胜微 (Zhuosheng Microelectronics) Company Overview - **Company**: 卓胜微 (Zhuosheng Microelectronics) - **Industry**: Semiconductor, specifically focusing on wireless communication and short-range communication chips Key Points and Arguments Financial Performance - In Q1 2025, the company reported revenue of 756 million yuan, a year-on-year decrease of 36.47% [3] - Net profit attributable to shareholders was a loss of 46.62 million yuan, a decline of 124% year-on-year [3] - The gross margin for the period was 31%, down 11.76% year-on-year and 34% quarter-on-quarter [3] - The company expects significant performance improvement in the second half of the year, projecting full-year results to exceed the previous year [2][9] R&D and Production Capacity - R&D expenses in Q1 2025 were 178 million yuan, a decrease of 33.94% year-on-year, primarily due to reduced costs after the 12-inch production line reached mass production [4] - The 12-inch wafer utilization rate has reached over 80%, with expectations to approach full capacity by year-end [4][12] - The company has initiated expansion projects and is in the process of increasing equipment to enhance production capacity [13] Product Development and Market Position - The AlphaMiner series has achieved a fully domestic supply chain and is expected to see mass shipments in 2025 [7] - WiFi 7 products have begun large-scale shipments, with expectations for significant year-on-year growth [7] - The company is actively expanding into IoT applications, including smart home and automotive electronics [7] Competitive Landscape and Challenges - The company faces intense market competition and has noted that the recent tariff policy changes have created psychological impacts on the industry [11] - Competitors like Skyworks and CONVANO are expected to struggle in the Chinese market, while 卓胜微 has competitive advantages in PA modules [11] - The company is addressing patent issues with a major Korean client, which has affected product shipments but is confident in resolving these disputes [27][29] Strategic Focus and Future Directions - The company is focusing on enhancing its manufacturing capabilities and integrating advanced technology platforms to improve efficiency and product offerings [8] - Plans to expand into AI robotics, smart driving, and other intelligent device sectors are underway [8] - The company aims to maintain a strong R&D investment to ensure long-term competitiveness in the semiconductor industry [10] Market Outlook - The company anticipates that the revenue from its key product lines, including LPM and WiFi 7, will contribute significantly to growth in 2025 [26] - The overall market for video and communication technologies is expected to evolve, with potential consolidation among major operators in China similar to the U.S. market [18] Miscellaneous - The company maintains a strong focus on technology innovation and collaboration with clients to enhance product differentiation and market competitiveness [17] - Despite short-term fluctuations in financial performance, the company believes in the long-term value of its technology and strategic positioning [30] This summary encapsulates the essential insights from the conference call, highlighting the company's current status, challenges, and future strategies in the semiconductor industry.

在经历近两年的调整后，科大讯飞（002230.SZ）营收重返双位数增长。 近日，科大讯飞披露2024年年报及2025年一季报。财报显示，2024年科大讯飞实现营收233.43亿元，同 比增长18.79%。而归母净利润为5.6亿元，同比下降14.78%。 在财报业绩说明会上，科大讯飞董事长刘庆峰表示，公司有能力把底座模型做到业界最好，并指出在关 税战与科技竞争背景下，对科大讯飞而言，将迎来更多自主可控的市场机遇，当下的挑战有望在未来实 现优劣势转换，逐步发展为战略优势。 营收重返双位数增长 财报显示，科大讯飞2024年实现营业总收入233.43亿元，相较于2023年的196.50亿元，增长了18.79%， 毛利较上年同期增长了15.68亿元。 当前，科大讯飞主要业务包括智慧教育、智慧医疗、开放平台及消费者业务（开放平台、智能硬件、移 动互联网产品及服务）、智慧城市（信息工程、智慧政法、数字政府）、运营商、智慧汽车、企业AI 解决方案以及其他业务。 在大模型加持下，科大讯飞多项核心赛道业务保持快速增长，智慧教育、智慧医疗、开放平台、智能硬 件、智慧汽车、企业AI解决方案的营业收入分别同比增长29.94%、28.1 ...