过去一个月，无论是美股、港股还是 A 股，市场都受到宏观关税变量的影响。 然而，美股在两周前已经不再受到关税变量的显著影响，转而关注中观产业层 面和微观企业业绩层面。相比之下，A 股仍然受关税影响较大，需要时间修复 到关税前的状态。短期来看，果链受益于关税修复，但这只是开始，更重要的 是苹果新产品预期和长期 AI 创新。 苹果在 AI 创新方面有哪些进展？ 持续看好果链：关税修复只是开始 20250512 摘要 • A 股市场受关税影响修复需时，短期果链受益于关税修复，但更应关注苹 果新产品预期和长期 AI 创新，WWDC 大会或将公布苹果 AI 新战略。 • 美国暂缓对中国商品加征的部分关税，但对半导体类产品的 232 调查仍在 进行中，需持续关注其进展，新华社消息发布后，港股相关标的已有所反 应。 • 苹果产品在中国地区降价，如 iPhone 16 系列和 AirPods Pro 2，降幅明 显，预计将有助于提升国内市场销量，但需关注对利润的影响。 • 苹果在 AI 领域有三项进展：Safari 整合 AI、中国区 AI 进展（与百度、阿 里合作），以及折叠屏手机等新产品，发布节奏将更均匀，硬件创新加速。 ...

Group 1 - Baichuan Energy plans to reduce its shareholding by up to 26.82 million shares, accounting for 2% of the total share capital, due to personal investment and funding needs [1] - Jinhong Gas intends to distribute a cash dividend of 1.00 yuan per 10 shares, with the record date on May 15, 2025 [2] - Jiahe Meikang's shareholder plans to reduce its stake by up to 1% of the total share capital due to liquidity needs [2][3] Group 2 - Jiadu Technology will cancel 10.20 million repurchased shares, reducing its total share capital from 2.143 billion shares to 2.133 billion shares [4] - ILE Home's shareholder plans to reduce its stake by up to 154,250 shares, accounting for 0.4778% of the total share capital, due to funding needs [5] - Lai Yifen has fully removed related batches of its honey date dumpling products from shelves due to consumer health concerns [6][7] Group 3 - CATL's vice chairman Li Ping and spouse plan to donate 4.05 million shares to Fudan University for establishing a research fund, reducing Li Ping's shareholding from 4.58% to 4.48% [8] - Shuanghuan Transmission's shareholders completed their reduction plan, selling a total of 6.69 million shares, accounting for 0.789% of the total share capital [9] - Chengfei Integration reported no significant changes in its business operations or external environment despite stock price fluctuations [10] Group 4 - Guizhou Tire's controlling shareholder plans to increase its stake by no less than 50 million yuan and no more than 100 million yuan within six months [11] - *ST Youshu's application to revoke the delisting risk warning has been approved, and its stock will resume trading under a new name [13] - Jingwei Huikai's shareholders plan to reduce their stake by up to 3% of the total share capital due to funding needs [14] Group 5 - Hualan Biological's major shareholder plans to reduce its stake by up to 3% of the total share capital due to funding needs [15] - Huyou Pharmaceutical's shareholder plans to reduce its stake by up to 2.997% of the total share capital due to funding needs [16] - Dongpeng Holdings' shareholders plan to reduce their stake by up to 1.5% of the total share capital due to funding needs [17] Group 6 - Keleke's controlling shareholder plans to reduce its stake by up to 3% of the total share capital due to funding needs [18] - Dongfang Ocean's major shareholder plans to reduce its stake by 1% of the total share capital due to investor redemption requests [19] - Yisheng Shares reported a sales revenue of 141 million yuan from white feather chicken seedlings in April, with a year-on-year decrease of 7.28% [20] Group 7 - Qujiang Cultural Tourism's controlling shareholder's 12 million shares are set to be auctioned due to contractual disputes, representing 4.70% of the total share capital [21] - Duople's shareholder plans to reduce its stake by up to 123,800 shares, accounting for 2% of the total share capital, due to personal funding needs [22][23]

Group 1 - The core viewpoint of the news is that the private equity firm Yuanlesheng Asset Management has conducted research on a listed company, focusing on the MiniLED television market and the company's growth prospects in both traditional and automotive display sectors [1] - The MiniLED television shipment volume is projected to reach 8.2 million units in 2024, with a penetration rate of 3.8%, and is expected to grow by approximately 50% to 11.56 million units in 2025 [1] - The company primarily serves global top 10 brand clients, and the unit value of MiniLED backlight modules varies significantly based on technical solutions [1] - The company has successfully integrated orders following the government's subsidy policy for replacing old consumer goods, which has accelerated order intake [1] - The traditional display terminal business has achieved its strategic goals, and the company plans to focus on expanding its automotive display business [1] - The company's net profit margin for Q1 2025 is reported at 18.05%, with revenue from MiniLED backlight modules expected to exceed 1 billion to 1.5 billion yuan, and automotive display revenue projected at 50 million yuan [1]

点击 最 下方 " 推荐"、"赞 "及" 分享 "，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 半导体设备：加速追赶，锋芒渐展 根据SEMI 数据预计2025 年全球半导体设备市场将达1210 亿美元，中国大陆扩产动能较强，引领全球半导体设备市场，全球半导体晶圆制造产能预计2025 年增长 7%，达每月产能3370 万片（8 英寸当量）， 中国大陆保持两位数产能增长，2025年增至1010 万（wpm） 。当前国内高端设备仍依赖进口，在国内政策利好及外部 制裁刺激下，国产厂商正加速追赶，逐步渗透高端设备领域。选取部分设备公司，25Q1 营业总收入合计达169.7 亿元，同比增长35.7%，归母净利润合计达到24.9 亿元，同比增长34.8%。回顾国产核心半导体设备公司2019-2024 年业绩发展，2019 年14 家公司合计营收138.1 亿元，2024 年增长至683.5 亿元，CAGR 达37.7%， 国产设备公司不断完善产品品类，国产化率持续提升。 半导体材料：国产厂商平台化布局，做大做强 2024 年全球晶圆制造材料和封装材料的销售额分别为429 亿美元和246 亿美元，受益于先进 ...

业 及 产 业 基础化工 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 05 月 11 日 氯氰菊酯反倾销落地，氮肥出口或 有序放开，重点关注低估值高成长 标的 看好 ——《化工周报 25/05/06-25/05/09》 证 券 研 究 报 告 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 邵靖宇 A0230524080001 shaojy@swsresearch.com 任杰 A0230522070003 renjie@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 周超 A0230123090004 zhouchao@swsresearch.com 李绍程 A0230124070001 lisc@swsresearch.com 联系人 马昕晔 (8621)23297818× maxy@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 行 业 ...

Group 1: Semiconductor Industry - SMIC achieved a record sales revenue of $2.2472 billion in Q1 2025, representing a year-on-year growth of 28.4%, with a gross margin remaining stable and an operating profit of $395.71 million, up 12,766.6% year-on-year [3] - For Q2, SMIC projects a revenue decline of 4% to 6% and a gross margin of 18% to 20%, indicating a mixed outlook for the second half of the year [3] - Hua Hong Semiconductor reported Q1 sales revenue of $540.9 million, a year-on-year increase of 17.6%, with a gross margin of 9.2%, up 2.8 percentage points year-on-year [4] - Hua Hong expects Q2 sales revenue to be between $550 million and $570 million, with a gross margin between 7% and 9%, amid uncertainties in customer demand and procurement costs [5] Group 2: Display Panel Industry - In May, domestic panel manufacturers increased production control and reduced utilization rates to stabilize prices, leading to a forecast of stable panel prices for the month [6] - Analysts believe that while end-market demand may experience temporary adjustments, domestic panel companies are well-prepared to respond through dynamic capacity adjustments and product optimization [6] - BOE indicated that the average utilization rate in the LCD industry has been above 80% since Q1 2025, but anticipates flexible adjustments in production lines in response to declining demand in Q2 [7] - The consolidation of the industry is accelerating, with BOE open to acquiring shares in Huacai and TCL completing the acquisition of LGD's Guangzhou factory, which will optimize the industry structure [7] Group 3: Automotive Industry - Geely Auto announced plans to fully merge with Zeekr Technology, aiming to enhance competitiveness in the smart electric vehicle sector through resource integration and cost reduction [8] - Post-merger, Geely's brands will maintain independent positioning while seeking collaborative development in technology, products, and supply chains [8] - Geely's chairman emphasized the importance of adapting to market competition and economic conditions to enhance innovation and profitability, creating long-term value in the global smart electric vehicle market [8]

【WitsView】 5月9日，友达、群创、彩晶、凌巨、铼宝、华凌6家台湾地区面板厂商公布2025年4 月营收。具体情况如下： 友达光电 友达光电2025年4月营收为亿新台币231.38亿元（约人民币55.37亿元），同比减少2.65%；2025年 累计营收新台币952.40亿元（约人民币227.91亿元），同比增长14.41%。 | 项目 | 营业收入净额 | | | --- | --- | --- | | 本月 | | 23,137,814 | | 去年同期 | | 23,767,101 | | 增减金额 | | -629,287 | | 增减百分比 | | -2.65 | | 本年累计 | | 95,239,685 | | 去年累计 | | 83,244,432 | | 增减金额 | | 11,995,253 | | 增减百分比 | | 14.41 | | 备注/ 营收变化原因说明 | | | 4月初，友达光电宣布旗下子公司达擎与E Ink元太科技签署投资条件书，拟以资本额新台币3.9亿 元（约人民币0.93亿元）设立合资公司，由达擎持股51%、元太持股49%，将于友达桃园龙科厂区 共同打造大型电子纸模 ...

超配 （维持） 电子行业 2024 及 2025Q1 业绩综述 业 绩 综 终端需求复苏及 AI 创新驱动，2024 及 25Q1 业绩向好 2025 年 5 月 9 日 投资要点： 投资建议：受终端需求复苏及AI创新推动，电子行业2024年及2025Q1 业绩向好，消费电子、PCB/CCL、面板制造等细分领域业绩表现亮眼。 后续重点关注在AI算力硬件高景气驱动下，业绩持续释放的PCB/CCL领 域。近期全球贸易摩擦虽有扰动，但中长期来看，消费电子结构创新永 不停歇，AI加持的手机、PC、眼镜等智能终端有望加快落地。面板制造 也有望通过按需定产策略维持市场供需动态平衡，实现面板价格挺价。 告 风险提示：全球贸易摩擦加剧；终端需求不及预期；技术推进不及预期； 行业竞争加剧等。 请务必阅读末页声明。 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：东莞证券研究所，Wind 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 电子行业 罗炜斌 SAC 执业证 ...

深天马指出，泰国显示模组厂的设立是为了更好地落实公司发展战略。 图片来源：深天马 值得注意的是，面板行业的全球化布局已成为行业共识。近年来，面板厂商纷纷加快海外扩张步 伐，通过"本地化生产+本地化服务"模式提升市场响应能力。 【WitsView】 近日，深天马宣布拟投资10.8亿元人民币在泰国建设显示模组工厂。 根据公告，深天马计划通过在新加坡设立两家子公司，再由其在泰国设立控股子公司实施该项 目。总投资中，5.4亿元由公司自有资金出资，剩余5.4亿元拟通过泰国子公司银行贷款解决。 面板厂商加速全球布局：产业链深度整合 除深天马外，目前多家面板企业已实现在海外的产业布局，其中印度、东南亚等地区成为主要投 资目的地。 在面板端， 2023年2月， 群创 与Vedanta集团签订TFT-LCD技术转让协议，后者将凭借群创旗下技 术在印度建设一座第8.6代面板厂。 该工厂原计划投资40亿美元，采用2250mm*2600mm玻璃基 板，初期产能设定为60K/月。 2024年初，群创在法说会表示，公司已完成所有印度授权的准备程 序，仅需印度政府的批准。 而在模组端，早在2018年， TCL华星 便成立了印度模组项目。项 ...

每日市场观察 2025 年 5 月 7 日 【今日关注】 周二是五月份的第一个交易日，A 股三大股指跳空高开，全天走势稳健 上扬，三大股指都以全日最高点位收盘；收盘沪指涨 1.13%，深证成指 涨 1.84%，创业板指涨 1.97%。沪深两市成交额达到 1.336 万亿，较前 一交易日放量 1600 多亿元，行业板块基本呈现全线上涨，计算机、机 械设备、通信、电子、传媒、电力、汽车等行业涨幅居前，概念板块方 面可控核聚变、超导、稀土永磁、华为鸿蒙、信创、光通信等板块市场 全面开花，两市上涨股票数量超过 4900 多只。 五一长假期间美国重启贸易谈判意愿增强，外围市场表现较好，A 股长 假后首日的表现显示出 A 股市场抵御外部冲击的基础稳固，三大股指同 步上扬显示出市场反弹力度在提升。技术面上，沪指自 4 月 23 日连续 调整结束后再度冲击 60 日均线，深成指和创业板指在四月份的市场表 现一直弱于沪指，周二盘中表现强于沪指，预示 A 股市场的风险偏好在 提高；技术上看，三大股指均收出有跳空缺口的阳线，技术走势转强， 从日 K 线上分析，深成指和创业板距离 60 日均线的幅度较大，后期市 场的反弹空间可以期待 ...