证 券 研 究 报 告 通信行业周报（20250623-20250629） Marvell 投资者日指引积极，小米 AI 智能眼镜发 推荐（维持） 布，建议关注 AI 及端侧产业链进展 行业研究 通信 2025 年 06 月 29 日 华创证券研究所 证券分析师：欧子兴 邮箱：ouzixing@hcyjs.com 执业编号：S0360523080007 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 124 | 0.02 | | 总市值(亿元) | 48,433.38 | 4.82 | | 流通市值(亿元) | 21,923.73 | 2.78 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 12.9% | 3.1% | 34.1% | | 相对表现 | 10.8% | 4.6% | 20.6% | -11% 5% 20% 36% 24/06 24/09 24/11 25/01 25/04 25/06 2024-06-28~2025-06-27 通信 沪深300 相关研究报 ...

| 华安研究 2025年7月金股组合 | 归母净利润 | （百万 | ） | 归母净利润增速 | 营业收入 | （百万） | 营业收入增速 | eps | pe(pb有说明 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行业 | 金股代码 | 金股 | 核心推荐逻辑 | 风险提示 | 研究员 | 报告依据 | ...

2025 年 6 月 29 日 行业研究 焦煤矿山库存拐点已现，煤价开启季节性上涨 ——煤炭开采行业周报（2025.6.23~2025.6.29） 要点 焦煤矿山库存拐点已现，煤价开启季节性上涨。（1）5 月以来，Mysteel 统计 的 523 家炼焦煤矿山原煤、精煤库存均持续上升，本周 523 家炼焦煤矿山原煤 库存 683.5 万吨，环比-17.9 万吨，精煤库存 463.1 万吨，环比-36.1 万吨，5 月以来首次出现环比下降；（2）本周（6.23-6.29）秦皇岛港口动力煤平仓价 （5500 大卡周度平均值）为 616 元/吨，环比+7 元/吨，开启季节性上涨； （3）截至 6 月 27 日，焦煤期货收盘价为 847.5 元/吨，周环比+6.6%。 本周港口煤价小幅反弹，海外油、气价格回落。（1）本周（6.23-6.29）秦皇 岛港口动力煤平仓价（5500 大卡周度平均值）为 616 元/吨，环比+7 元/吨 （+1.15%）；（2）陕西榆林动力混煤坑口价格（5800 大卡）周度平均值为 474 元/吨，环比+4 元/吨（+0.85%）；（3）澳大利亚纽卡斯尔港动力煤 FOB 价格 （5500 大 ...

央视网消息：6月28日，新调整组建的三所军队院校成立大会举行。三所院校分别为陆军兵种大学、信息支援部队工程大学和联勤保障部队工程大学，均为 高等教育院校，面向社会招收普通高中毕业生。自调整组建三所军队院校的信息向社会公布以来，3所"新晋高校"就备受关注。 三所军校分别有何亮点 设置了哪些专业？ 陆军兵种大学由原陆军装甲兵学院和炮兵防空兵学院为基础调整组建，是全军唯一一所面向装甲兵、炮兵、防空兵培养主战兵种人才的大学，是"陆战之 王"成长的摇篮。形成涵盖军事学、工学、管理学多门类学科专业布局。 信息支援部队工程大学由国防科技大学信息通信学院、陆军工程大学通信士官学校为基础调整组建，是全新打造的战略性兵种信息支援部队唯一直属大学， 担负军队网络信息体系新域新质人才培养重任。 联勤保障部队工程大学由陆军勤务学院和陆军军事交通学院为基础合并组建，是我军后勤领域人才培养的重要基地，是军队战略战役支援保障的重要支撑。 学科专业涵盖军事学、工学、经济学、管理学4大门类。 今年军校招生四大变化对报考有何影响？ 除了新调整组建3所军队院校外，2025年军校招生在招生计划、专业设置、培养模式等方面都进行了优化。 今年军队院校招生 ...

证券研究报告：传媒|点评报告 传媒行业点评 豆包模型再度升级，增值服务强化大厂竞争 发布时间：2025-06-29 行业投资评级 强于大市|维持 | 行业基本情况 | | --- | | 收盘点位 | 706.9 | | --- | --- | | 52 周最高 | 752.49 | | 52 周最低 | 456.84 | 行业相对指数表现（相对值） -9% -3% 3% 9% 15% 21% 27% 33% 39% 45% 51% 2024-06 2024-09 2024-11 2025-02 2025-04 2025-06 传媒 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com ⚫ 事件回顾 2025 年 6 月 11 日，火山引擎发布了豆包大模型 1.6、豆包视频生 成模型 Seedance 1.0 pro、豆包语音播客模型，并对 Agent 开发平台等 AI 云原生服务进行了升级。 ⚫ 投资要点 伴随豆包 1.6 系列发布，大模型的推理能力、多模态理解与操作 能力在全球范围内进 ...

商保目录首次纳入调整方案，医疗保障法征求意见发布 请务必阅读正文之后的重要声明部分 报告摘要 医药板块跟随市场震荡上涨。本周沪深 300 上涨 1.95%，医药生物上涨 1.60%，处于 31 个一级子行业第 23 位，本周所有子板块均上涨，医疗服务、医疗器械、医药商业、 生物制品、中药、化学制药涨幅分别为 2.92%、2.10%、2.08%、1.97%、1.29%、 0.71%。本周医药各个子板块中，化学制药板块涨幅最小，创新药赛道在前期积累了 较大涨幅后，迎来短期阶段性调整，这也有利于产业逻辑的持续演绎。从基本面来看， 创新药仍是当前医药板块中产业趋势最为明确且具备未来成长空间的子行业，我们认 为全年维度创新药作为医药板块的投资主线不会变化，短暂调整后板块有望在分化中 持续上涨，在调整中建议坚守相对主流的优质创新药标的，以及将有 BD 或是数据催 化的公司。同时建议关注有积极变化的 AI 医疗/医药相关公司；Q2 逐步进入尾声，关 注 Q2 业绩较好，或者有望逐步走出困境的细分板块及个股。 相关报告 1、《回调不改创新药主线，政策助 2、《关注 ADA 会议催化，减重增肌 3、《创新行情持续火热，积极围绕 ...

Group 1: Silicon Material Market Overview - The price of polysilicon remains stable compared to last week, with average transaction prices for N-type materials at 34,400 CNY/ton and 31,900 CNY/ton respectively [1] - Transaction volumes for silicon materials are low, with buyers holding sufficient inventory, leading to a downward pressure on prices, with offers dropping to between 30,000 CNY/ton and 34,000 CNY/ton [1][2] - Manufacturers are facing challenges, with production plans still in place but limited orders, leading to potential further price declines due to inventory and sales pressures [1][2] Group 2: Silicon Wafer and Cell Pricing Trends - The average price of silicon wafers has decreased by 1.11% to 1.92%, with further downward pressure expected as market sentiment remains weak [2] - Battery cell prices have also declined, with average prices for 183N, 210RN, and 210N cells dropping to 0.235 CNY/W, 0.26 CNY/W, and 0.25 CNY/W respectively, reflecting a 2% decrease week-on-week [2][3] - There is a significant decline in direct orders for battery cells in July, leading to inventory accumulation and further price drops anticipated [3] Group 3: Component Market Dynamics - Domestic component prices remain stable, but demand is weak, leading manufacturers to focus on price stability [3] - The market for components is expected to remain low in July and August due to high uncertainty and weak demand [3] - The overall photovoltaic industry is experiencing continuous price declines, with upstream silicon material integration progress being closely monitored [3][4] Group 4: Industry Outlook and Challenges - The silicon industry is witnessing a trend of companies reducing production and limiting shipments, which has had a limited impact on market improvement [4] - There is a push for industry innovation, with low-level repetitive construction expected to become a thing of the past, indicating a potential for healthier long-term development [4]

Investment Rating - The report rates the pharmaceutical industry as "Overweight," indicating an expectation for the industry to outperform the overall market [24]. Core Insights - The pharmaceutical sector saw a weekly increase of 1.6%, while the Shanghai Composite Index rose by 1.9% and the Wind All A Index (excluding financials and petrochemicals) increased by 3.6%. The pharmaceutical index ranked 23rd among 31 sub-industries [4][5]. - The adjustment of the medical insurance catalog will include commercial health insurance innovative drug catalog for the first time, aimed at enhancing the multi-tiered medical security system and accelerating the accessibility of innovative drugs to insured individuals [12]. - Rongchang Biopharma completed a licensing agreement with Vor Biopharma for its drug Taitasip, granting exclusive rights for development and commercialization outside Greater China, with a total deal value exceeding $4 billion [13]. - The actual controller of Shandong Pharmaceutical Glass will change to China National Pharmaceutical Group, following an investment cooperation agreement [13]. - Eli Lilly's drug Bimagrumab showed promising results in a Phase II trial, demonstrating significant weight loss while preserving muscle mass when used in combination with the GLP-1 weight loss drug Wegovy [15]. Summary by Sections Market Performance - The pharmaceutical sector's overall valuation stands at 29.0 times PE (2025E), ranking 5th among 31 primary industries [10][4]. Key Events - The adjustment of the medical insurance catalog is set to enhance the multi-tiered medical security system, with the application process for eligible drugs to begin shortly [12]. - The licensing agreement for Taitasip includes an upfront payment of $125 million and potential milestone payments up to $4.105 billion based on clinical development progress and sales [13]. - The change in control of Shandong Pharmaceutical Glass to China National Pharmaceutical Group is part of a strategic investment [13]. Investment Analysis - The innovative drug sector has maintained rapid growth in product revenue and external licensing over the past three years, with significant business development transactions occurring this year, indicating a trend of expanding interest in innovative drugs [4]. - Companies to watch include Heng Rui Pharmaceutical, Bei Da Pharmaceutical, and WuXi AppTec, among others, due to their potential for large-scale product launches and business development expectations [4].

社会服务 社会服务 泡泡玛特进军家电传递美好生活，第三方即配龙头乘 2025 年 06 月 29 日 投资评级：看好（维持） ——行业周报 | 行业走势图 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 初敏（分析师） 李睿娴（分析师） | | 程婧雅（联系人） | | | 社会服务 | | | 沪深300 | chumin@kysec.cn liruixian@kysec.cn | | chengjingya@kysec.cn | | | 48% | | | | 证书编号：S0790522080008 证书编号：S0790525020004 | | 证书编号：S0790123070033 | | | 36% | | |  | 旅游/潮玩：暑期民航量增价稳，亲子客群仍为出行主力 | | | | | 24% 12% | | | | 旅游：根据航班管家，2025 | 年暑运民航整体旅客运输量预计达 | 1.5 | 亿人次，日均 | | 0% | | | | 240 万人次/同比增长 | 5.4%；票价方面，暑 ...

伊朗首都德黑兰28日举行隆重葬礼，悼念在近期以伊冲突中遇难的60多名高级将领、核科学家等。在伊 朗媒体报道国葬的画面中，沙姆哈尼拄着拐杖赫然现身。以色列《新消息报》说，这是自沙姆哈尼位于 德黑兰的住所本月早些时候遇袭以来，这名伊朗高官首次公开露面。 沙姆哈尼（左）28日出席国葬伊朗媒体 同日，伊朗伊斯兰共和国广播电视台（IRIB）播出对沙姆哈尼的专访。画面中，除了有拐杖伴身，他还 随身携带着肺功能复健用的呼吸辅助装置。 沙姆哈尼 （左）接受采访时使用呼吸辅助装置 伊朗媒体截图 【文/观察者网 邵昀】 当地时间6月28日，原本被传在以色列13日首波空袭中丧生的伊朗最高领袖政治、军事及核事务高级顾 问阿里·沙姆哈尼现身伊朗国家电视台节目，讲述自己在废墟中被埋3小时生还的经历。他说，他清楚以 方此次暗杀的动机，但目前无法公开。 沙姆哈尼住所遇袭情况 IRIB（上）和社交媒体（下） 沙姆哈尼还强调，伊朗领导层对各种局势早有充分准备，"在仅仅12小时内就完成了对（已故指挥官） 的替换"，在以军空袭后伊朗展开的所有行动，也都是依据事先拟定的计划进行的，这些都展现了伊朗 在军事与安全方面应对任何升级或渗透行动的强大能力。 ...