A股复盘 | 以退为进 / 2025.06.11 今天一大早， 跟昨天跳水完全相反的剧情出现了， 不但没有谈崩，还谈得不 错，大致是框架方案出来了，要给各自老大过目审核！ 中国商务部国际贸易谈判代表兼副部长李成钢当地时间6月10日向记者表示，经 过2天的谈判， 中方与美方团队已经在原则上达成了一个协议框架。 美国商务部长霍华德·勒特尼克（Howard Lutnick）周二在伦敦为期两天的激烈 谈判结束时表示，中美官员已就一项框架协议达成一致，以使双方的贸易停战重 回正轨， 并解决中国对稀土矿物和磁体的出口限制问题。 勒特尼克在记者会上表示，该框架为上个月在日内瓦达成但因中国对关键矿产出 口的限制而陷入僵局的削减报复性关税协议"增添了实质内容"。他说， 该协议 还将取消美国最近实施的部分出口限制。 "我们已经就落实日内瓦共识以及两国元首通话的内容达成了一个框架，"勒特尼 克说。"我们要回去跟特朗普总统沟通，确保他批准。如果批准了，我们就会开 始实施这个框架。" Lutnick表示，预计特朗普将最快在周三或周四批准该协议。 看中国的通稿！ 5月12日（日内瓦）：会谈是坦诚、深入和建设性的，取得了实质性进展，达成 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [20]. Core Insights - The report highlights the completion of a minor version upgrade for the DeepSeek R1 model, which has shown significant improvements in complex reasoning tasks and overall performance, making it competitive with top international models [3][4]. - NVIDIA's revenue for Q1 FY26 reached $44.1 billion, reflecting a quarter-over-quarter increase of 12% and a year-over-year increase of 69%, indicating strong global demand for AI computing power [5][6][8]. - The report emphasizes the potential for dual growth in performance and valuation within the computer industry, driven by the recovery of demand and the importance of new productivity [16]. Summary by Sections Industry News and Commentary - DeepSeek R1's upgrade enhances its reasoning capabilities, achieving a 87.5% accuracy in the AIME 2025 test, up from 70% in the previous version, by utilizing more computational power [4]. - NVIDIA's Q1 FY26 revenue breakdown includes $39.1 billion from data centers, $3.8 billion from gaming, and $567 million from automotive and robotics, showcasing diverse revenue streams [7]. Weekly Market Review - The computer industry index rose by 1.77% this week, outperforming the CSI 300 index, which fell by 1.08%, indicating a strong relative performance [10]. - The overall P/E ratio for the computer industry stands at 49.8 times, with 255 out of 360 A-share stocks in the sector experiencing price increases [13]. Investment Recommendations - The report recommends focusing on several sectors within the computer industry, including: 1. **New Infrastructure Sector**: Strong recommendations for companies like Longxin Zhongke and Zhongke Shuguang [16]. 2. **Huawei Supply Chain**: Recommendations include Digital China and Softcom Power [16]. 3. **AI Sector**: Strong recommendations for companies like Zhongke Chuangda and Shengshi Technology [16]. 4. **Financial IT Sector**: Strong recommendations for Hengsheng Electronics [16]. 5. **Low-altitude Economy Sector**: Recommendations for Daotong Technology and others [16].

证券研究报告 DeepSeek R1完成小版本升级， 英伟达1Q FY26收入持续高速增长 计算机行业 强于大市（维持） 平安证券研究所计算机团队 分析师：闫磊S1060517070006(证券投资咨询)YANLEI511@pingan.com.cn 黄韦涵S1060523070003(证券投资咨询)HUANGWEIHAN235@pingan.com.cn 研究助理：王佳一S1060123070023（一般证券从业资格）WANGJIAYI446@pingan.com.cn 2025年6月3日 请务必阅读正文后免责条款 核心摘要 行业要闻及简评：1）DeepSeek R1完成小版本升级，复杂推理任务表现提升。5月29日，深度求索宣布DeepSeek R1模型已完成小版本升级， 当前版本为DeepSeek-R1-0528。据深度求索介绍，DeepSeek-R1-0528在后训练过程中投入了更多算力，显著提升了模型的思维深度与推理 能力。更新后的R1模型在数学、编程与通用逻辑等多个基准测评中取得了当前国内所有模型中首屈一指的优异成绩，并且在整体表现上已 接近其他国际顶尖模型，如OpenAI-o3与Gemini-2. ...

从投资策略上看，继续关注华为链整车及汽零，2025 年具备竞争力的自主品牌及在智驾 技术方面领先的新势力企业将继续扩大市场份额；预计部分央国企通过自身改革及加强 对外合作等，实现困境反转。建议持续关注部分汽车行业央国企及人形机器人链、华为 产业链、小米产业链、T 链、智驾产业链公司。 尊界 S800 即将发布，继续关注华为链及机 器人产业链公司 ——汽车行业周报（0519-0525） 核心观点 投资建议与投资标的 风险提示 宏观经济下行影响汽车需求、上游原材料价格波动影响、车企价格战压力。 建议关注：上汽集团、江淮汽车、比亚迪、长安汽车、中国重汽、广汽集团、宇通客 车；新泉股份、银轮股份、岱美股份、拓普集团、嵘泰股份、经纬恒润、爱柯迪、保隆 科技、精锻科技、贝斯特、瑞鹄模具、上声电子、双林股份、华阳集团、华域汽车、伯 特利、德赛西威、科博达、星宇股份、三花智控、继峰股份、上海沿浦、福耀玻璃、浙 江荣泰等。 汽车与零部件行业 行业研究 | 行业周报 国家/地区 中国 行业 汽车与零部件行业 报告发布日期 2025 年 05 月 26 日 中性（维持） | 姜雪晴 | jiangxueqing@orientsec ...

创业板指涨超1%，沪指涨0.09%，深成指涨0.63%，华为产业链、智谱AI、信创、算力等方向领涨，沪 深京三市上涨个股超3900只。 ...

Investment Rating - The investment rating for the automotive and parts industry is maintained at Neutral [5] Core Insights - The report emphasizes the continued focus on the Huawei supply chain and the performance of companies in the first quarter, highlighting the competitive advantage of domestic brands and new forces in intelligent driving technology [2][3][14] - The report suggests that some central state-owned enterprises may reverse their difficulties through reforms and enhanced cooperation [3][14] Summary by Sections Investment Recommendations and Targets - The report recommends ongoing attention to the Huawei supply chain, autonomous brands with competitive advantages by 2025, and companies leading in intelligent driving technology [3][14] - Suggested companies for investment include SAIC Motor, JAC Motors, BYD, Changan Automobile, China National Heavy Duty Truck Group, GAC Group, Yutong Bus, and various parts suppliers such as Newquay, Yinlun, Daimay, and others [3][15][16] Market Performance - The automotive sector outperformed the CSI 300 index, with a weekly increase of 5.0%, ranking second among 29 primary industries [17] - The automotive parts sector saw a significant increase of 6.72%, while other segments also reported positive returns [17] Quarterly Performance Highlights - BYD reported a first-quarter revenue increase of 36.3% and a net profit increase of 100.4% year-on-year [12] - Changan Automobile's net profit increased by 16.8%, while its non-recurring net profit surged by 601.3% [12] - Tesla's first-quarter revenue decreased by 9.2%, with a notable drop in net profit by 70.6% [13] Sales Tracking - In April 2025, the wholesale sales of passenger cars reached 993,000 units, a year-on-year increase of 14% [28] - Cumulative wholesale sales for the year reached 7.271 million units, reflecting a 12% year-on-year growth [28] Industry Dynamics - The Shanghai Auto Show showcased approximately 1,300 vehicles, with over 100 global debuts, indicating a vibrant market environment [11] - New models from various manufacturers, including Huawei's ADS 4 technology, are expected to boost sales for collaborative models [11][12]