国金证券近日发布电力设备与新能源行业研究：广大特材发布中报业绩预告，Q2业绩同 环比增长230%/69%，拉开风电板块强势半年报大幕，关注量价齐升背景下零部件业绩弹性 释放；国内5月新增风电装机26.3GW，同比+801%，环比+393%，看好下半年风电需求继续 强势。 本周重要行业事件： 风光储：《三北沙漠戈壁荒漠地区光伏治沙规划（2025-2030年）》、《上海市海洋产 业发展规划（2025-2030）征求意见稿》印发；光伏/风电5月新增装机高增；国信大丰 850MW海风项目首批机组成功并网；大金重工公告筹划赴港上市。 以下为研究报告摘要： 子行业周度核心观点： 风电：广大特材发布中报业绩预告，Q2业绩同环比增长230%/69%，拉开风电板块强势 半年报大幕，关注量价齐升背景下零部件业绩弹性释放；国内5月新增风电装机26.3GW，同 比+801%，环比+393%，看好下半年风电需求继续强势。本周我们发布风电板块中期策略， 当前时点风电板块具备值得坚定看好的短、中、长期三重逻辑，持续重点推荐。 锂电：关注液相法锂金属、液相法硫化锂环节变化。锂金属工艺路线除了压延、蒸镀 外，还有液相熔融法，相较压延法，其能制 ...

欧盟近期对华上演的"三连击"堪称国际外交舞台的荒诞剧——G7峰会上与特朗普唱双簧渲染"稀土威胁论"，驻华大使同步打出"企业恐慌"苦情牌，北约秘书 长吕特更在台湾问题上玩火挑衅。三路并进的强硬姿态看似来势汹汹，实则如泥牛入海，连个政策涟漪都未激起。这种精妙算计却打在空气里的尴尬，恰似 挥舞三板斧的莽夫撞上了铜墙铁壁，徒留国际社会看客般的哂笑。 欧盟三板斧砍在棉花上：当对华施压沦为战略自嗨 施压戏码背后的致命软肋 冯德莱恩在G7会场将中国稀土政策扣上"武器化"帽子的表演堪称拙劣。当她声嘶力竭指控中国"不公平竞争"时，欧洲工业界早已在稀土断供的寒风中瑟瑟发 抖。从新能源车的电机到风力发电的磁铁，中国掌控着全球90%稀土永磁材料的命脉，这让欧盟的指控如同乞丐抱怨富翁不肯施舍金条——既荒谬又虚伪。 更讽刺的是，这位欧盟掌门人前脚在国际场合抹黑中国，后脚就急不可耐安排访华行程，这种"先泼脏水再求合作"的套路，活脱脱是市井无赖的现代翻版。 双面戏法难掩战略焦虑 驻华大使豪尔赫·托莱多的"恐惧论"表演更具黑色幽默。他一面强调稀土短缺"非常非常严重"，一面又寄望中国在冯德莱恩到访前主动让步。这种"既要施压 又要让利"的精分逻辑 ...

汇添富基金陈健玮：今年下半年港股走势或呈现"震荡上行+结构分化"格局。 【导读】公募基金经理把脉港股下半年走势：港股或呈现"震荡上行+结构分化"格局 中国基金报记者 李树超 曹雯璟 王思文 今年上半年，港股市场走势强劲。截至6月27日，恒生指数年内累计涨幅超21%，恒生科技涨近20%，领跑全球主要市场。 如何看待今年上半年港股市场的整体表现？目前港股整体估值情况如何？展望下半年，港股市场行情将如何演绎？哪些行业投资机会值得关注？对此，中 国基金报记者采访了汇添富基金经理陈健玮、中欧港股通精选基金经理付倍佳、富国基金旗下港股通互联网ETF基金经理田希蒙、博时基金境外投资部基 金经理赵宪成、汇丰晋信港股通精选基金经理许廷全、平安医药精选股票基金经理周思聪、诺安精选价值基金经理唐晨， 共同把脉下半年港股市场行情 和投资机会。 中欧基金付倍佳：上半年聚焦波动率资产估值提升的机会，下半年逐步聚焦顺周期盈利改善的机会。 汇丰晋信基金许廷全：尽管相较去年低点已有回升，但港股整体估值均仍低于长期历史平均水平，相对亚洲其他市场及欧美市场更具投资性价比。 富国基金田希蒙：尽管部分板块经历上涨后估值回归历史中枢，但港股整体仍处于" ...

每经品牌价值研究院付克友 毫无疑问，小米YU7成为中国新能源车的现象级产品。当然，它的爆单也引来"靠营销成功"的质疑。 比如，某车企高管就在微博说，小米YU73分钟大定20万台，这种数据的背后意味着用户交车时间要等 待一年以上，"任何国家都没有这种愚忠的品牌粉丝"，再次验证"群体会降低智慧"。 在小米发布会上，雷军说的一段话令人印象深刻。YU7是为谁设计的？是为那些无法容忍平庸的人，是 为那些始终走在时代前列的人；也是为那些双肩扛着责任、内心仍有远方的人，那些清晨送孩子上学， 顺路也给自己买束花的妈妈，那些周末带着全家去露营，也在后备箱中为自己留一套钓具的爸爸，就是 那些在柴米油盐的烟火气中，内心仍有星辰大海的人。 这封所谓"写给所有热爱生活的人最深情、最硬核的情书"，不只是用华丽的语言讲一个品牌故事，或者 在煽情中提供情绪价值，更重要的精准描摹了用户画像。 小米YU7是营销的胜利吗？雷军的回应是"能力建设是首位"，但他并没有否认营销的功劳。 其实不必讳言营销。在成熟的市场经济，在面向C端的消费市场，只要守住法律底线和道德标准，营销 并不是什么原罪。哪个品牌不进行营销呢？品牌是长期资产与信任基础，营销是传递品 ...

消息面上，小米于昨晚发布首款SUV小米YU7，三分钟大定20万台，一小时大定突破28.9万台，相当于 公司之前宣布的2025年全年出货目标的82.5%，超出市场预期。华泰证券认为，小米YU7标准版/PRO 版/MAX版定价25.35/27.99/32.99万元，同等车型低于特斯拉定价（起售价26.35万元），符合市场预 期。浙商证券认为，YU7有较大可能复制SU7的成功，获得该价格带Tesla Model Y系列车型的大部分份 额。 近期固态电池概念热度较高。申万宏源证券认为，行业全固态电池有望于2025年年底实现产品定型， 2026年逐步验车测试，2027年产业链进入规模化降本阶段。随着未来全固态电池量产装车，新能源车的 续航里程有望得到较大突破，相较于燃油车的市场竞争力也有望大幅提升。在没有"里程焦虑"的情况 下，新能源车或加速普及，渗透率有望再上一个台阶。 6月27日午后，港股三大指数悉数下跌。盘面上，科网股涨跌不一，AI医疗概念股普涨，有色金属概念 涨幅居前，中资券商股活跃。近期热度较高的恒生科技指数ETF（513180）跟随指数震荡，持仓股中， 小鹏汽车、蔚来、比亚迪股份等跌幅居前，阿里健康、小米集 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 军工新材料：价格持平 （1）本周电解钴价格23.60 万元/吨，环比+0%。本周电解钴和钴粉价格比值0.93 ，环比+0.1%；电解钴和硫酸 钴价格比值为5.02 ，环比+1.4%。（2）碳纤维本周价格83.8元/千克，环比+0%。毛利-8.56元/千克。（3）铍价 格本周持平。 新能源车新材料：氢氧化锂价格下跌 （1）本周Li2O 5%锂精矿中国到岸价540美元/吨，环比 -0.92%。（2）本周电碳、工碳和电池级氢氧化锂价格 分别为6.06 、5.98 和5.96 万元/吨，环比-0.1%、+1.21%和-2.3%。电碳与工碳价差为2024年11月以来新低，或 代表锂电景气度相较工业领域有所减弱。（3）本周硫酸钴价格4.7 ...

Group 1 - The Hong Kong stock market showed a recovery in consumer sectors such as automotive, blind boxes, cultural tourism, and short videos, with significant gains in stocks like Zhongsheng Holdings, Pop Mart, and Samsonite, which rose over 3% [1] - The Hong Kong Consumer ETF (159735) has seen an average daily trading volume exceeding 53 million HKD over the past five trading days, indicating high market interest [1] - The government plans to implement the third batch of subsidies for the "trade-in" policy for consumer goods in July, emphasizing the importance of this policy in boosting consumption, which is a primary task for the government this year [1] Group 2 - Huajin Securities highlighted that the issuance of guidelines for financial support to boost and expand consumption provides strong backing for the investment value of the consumer sector [2] - The policy emphasizes the role of credit support as a main channel, enhancing structural monetary policy tools, increasing bond market financing support, and promoting equity financing to lower financing thresholds and costs for quality consumer enterprises [2]

智通财经APP获悉，西部证券发布研报称，2025年1-4月我国汽车整体出口增速同比6%，其中新能源车 出口保持53%的高增长，占比提升至33%，预计将成为新的增长动力。建议重视中东北非及南美洲乘用 车空间扩容叠加新能源车渗透率提升的机会以及欧洲销量基数大、新能源车渗透率天花板高带来的机 会。预计在性价比优势以及不断升级的产品竞争力优势下，我国新能源车出口量将保持较高速的增长， 该行看好新能源车占比高的自主品牌出口销量持续高增。 中东北非/南美市场扩容，欧洲销量基数大、新能源车渗透率天花板高 过去几年我国传统油车、纯电车和插混车出口的重点区域有所区别，其中传统油车主要在俄罗斯和中 东，纯电车主要在欧盟和东南亚，插混车主要在中南美及俄罗斯;从乘用车的市场空间来看，中东北非 及南美洲的乘用车市场空间增速及增长绝对值都较高，乘用车市场仍然扩容;从新能源车的市场空间来 看，目前全球各地区新能源车渗透率均处于相对低位，未来渗透率及销量均有望有较高速的增长，其中 欧洲销量基数大、新能源车渗透率天花板高。该行建议重视中东北非及南美洲乘用车空间扩容叠加新能 源车渗透率提升的机会以及欧洲销量基数大、新能源车渗透率天花板高带来的机 ...

Core Viewpoint - The recent "624" rally is reminiscent of last year's "924" event, with Hong Kong's tech index outperforming the Hang Seng Tech index significantly since April 2023 [1][4]. Performance Comparison - Since the "924" rally, the Hong Kong tech index has increased by 49.75%, outperforming the Hang Seng Tech index by nearly 6 percentage points; since the low on April 8, 2023, it has risen by 21.54% [3][4]. - The Hang Seng Tech index has shown a growth of 20.37% since April 8, 2023, and 43.26% since September 24, 2022 [4]. Sector Analysis - The Hong Kong tech index benefits from a larger number of constituent stocks (50) compared to the Hang Seng Tech index (30), which contributes to its superior performance [4]. - The strong performance of innovative pharmaceuticals within the Hong Kong tech index, which accounts for 8.5% of the index, has also contributed to its outperformance [4]. Investment Recommendations - For investors looking to invest in Hong Kong stocks, the Hong Kong tech index should be prioritized over the Hang Seng Tech index [5]. - The Hong Kong Tech 50 ETF (159750) has gained 0.69% recently and is a popular choice among investors, offering T+0 trading convenience [5][6]. ETF Performance - The Hong Kong Tech 50 ETF has increased by 50.15% since the "924" rally and 12.78% since April 8, 2023, with multiple recent highs [6][8]. - The Hong Kong Dividend Low Volatility ETF (520550) has also performed well, with a 17.69% increase since the "924" rally and 19.86% since April 8, 2023, achieving 35 new historical highs this year [6][8].

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints - The credit spreads of the entire industry have recently declined slightly, but there are risks such as unexpected economic policies and global geopolitical conflicts [3]. - Upstream: International oil prices dropped significantly yesterday, and egg prices have recently rebounded [3]. - Midstream: The operating rates of polyester, PTA, and urea in the chemical industry have seasonally declined, while the PX operating rate has remained stable [3]. - Downstream: The sales of commercial housing in first - and second - tier cities have seasonally declined and are at a near - three - year low, and the number of domestic flights has periodically decreased [3]. 3. Summary by Relevant Catalogs 3.1 Market Pricing - The credit spreads of the entire industry have recently declined slightly [3]. 3.2 Upstream - **Energy**: International oil prices dropped significantly compared to the previous day [3]. - **Agriculture**: Egg prices have recently rebounded [3]. 3.3 Midstream - **Chemical Industry**: The operating rates of polyester, PTA, and urea have seasonally declined, while the PX operating rate has remained stable [3]. 3.4 Downstream - **Real Estate**: The sales of commercial housing in first - and second - tier cities have seasonally declined and are at a near - three - year low [3]. - **Service Industry**: The number of domestic flights has periodically decreased [3]. 3.5 Industry Credit Spreads - The credit spreads of various industries have generally declined. For example, the credit spreads of the agriculture, forestry, animal husbandry, and fishery industry decreased from 56.87BP last week to 56.12BP this week; the chemical industry decreased from 50.48BP to 47.16BP [47]. 3.6 Key Industry Price Indicators - **Agriculture**: The spot price of eggs increased by 4.46% year - on - year to 5.9 yuan/kg on June 24, while the spot price of corn was 2345.7 yuan/ton, up 0.43% year - on - year [48]. - **Energy**: The spot price of WTI crude oil was 68.5 dollars/barrel on June 24, down 4.54% year - on - year; the spot price of Brent crude oil was 71.5 dollars/barrel, down 2.39% year - on - year [48]. - **Chemical Industry**: The spot price of PTA was 5114.0 yuan/ton on June 24, up 1.37% year - on - year; the spot price of urea was 1804.0 yuan/ton, down 0.88% year - on - year [48]. - **Real Estate**: The cement price index nationwide was 137.8 on June 24, down 1.95% year - on - year; the building materials composite index was 111.0, down 0.75% year - on - year [48].