Investment Rating - The report does not explicitly state an investment rating for the industry or companies discussed Core Insights - China's economy appears stable with a focus on boosting demand and improving consumer sentiment, despite challenges in the property market [1][4] - The property market remains fragile but stable, with government policies aimed at stimulating demand rather than supply [5][10] - Exporters are shifting production to Southeast Asia and Mexico due to high costs in the US, leading to potential price increases for Chinese products [1][5] - Industrial technology is advancing, with Chinese companies catching up to Western suppliers in automation and AI [1][28] - Datacenter construction is expected to significantly increase in 2025 due to AI adoption, with a potential doubling in compute buildout [1][6] Summary by Sections Economic Overview - The macroeconomic environment in China is stable, with minimal panic regarding tariffs and a notable focus on demand-side stimulus [4][8] - Consumer sentiment is increasingly important, with government efforts to boost consumption following trade negotiations [4][10] Property Market - The property market is stabilized by demand-side policies, but improvement is fading, and the government is focused on fixing this part of the economy [5][11] - Transaction volumes in the secondary housing market are performing better than new housing, with a notable divergence between luxury and ordinary homes [7][10] Export and Production Shifts - Exporters are moving production to existing hubs in Southeast Asia and Mexico, avoiding the US due to high costs [5][18] - Chinese appliance companies are successfully penetrating overseas markets, particularly in the EU and North America [13][19] Industrial Technology - The discrete automation market is showing signs of recovery, with Chinese companies developing competitive technologies in software and AI [28][39] - Shenzhen Inovance is gaining market share in industrial automation, focusing on customized solutions and responsiveness to customer demands [30][32] Datacenter and AI Adoption - AI adoption is accelerating, with significant investments expected in datacenter infrastructure by 2025 [6][39] - Companies are taking a pragmatic approach to AI integration, looking for validated use cases before large-scale implementation [6][39] Company-Specific Insights - Midea's domestic sales are expected to see single-digit growth, driven by a replacement cycle rather than new demand [13][21] - Haier is experiencing growth in overseas markets, particularly in Southeast Asia, while maintaining a focus on the US and EU [19][24] - Hisense is benefiting from subsidy policies, leading to revenue growth in both domestic and international markets [24][25]

12 May 2025 | 7:53AM CST NARI Technology (600406.SS) 1Q25 order intake 50%+ yoy, expecting UHV revenue to double in 2025E; Buy (on CL) Following Nari Tech's results announced on Apr 28, in-line FY24 and above-expectation 1Q25 results (report link), we attended the company's earnings call on May 9. We expect 13% revenue yoy growth in 2025E, above its target of 12% yoy growth, which marks the first time in eight years when the company has guided only 10% revenue yoy growth. This is reinforced by its current b ...

2025年的春天，全球资本市场的硝烟从未如此浓烈。当美债收益率在政策摇摆中剧烈震荡，当A股在产 业博弈中反复筑底，黄金价格却以摧枯拉朽之势突破每盎司3200美元大关，品牌金店的足金报价更是一 度冲破千元/克门槛。这场持续两年的避险狂潮，正在重塑全球资产的底层逻辑——当"不确定性"成为 新常态，谁能在黄金霸权之外开辟新的价值锚点？ 美联储货币政策转向已进入倒计时。历史数据显示，首次降息后3个月内，铜、白银等工业属性贵金属 平均涨幅达18%，远超黄金的7%。而中美贸易协议的落地可能催生新主线：受益于关税减免的新能源 汽车、跨境支付、生物科技板块，或复制2024年鸿蒙智行产业链的爆发轨迹。更隐秘的机会藏在"非对 称风险"中——当市场集体押注降息时，做多波动率指数（VIX）的衍生品可能成为黑天鹅保险。 黄金神话背后的三重裂痕 黄金的暴涨绝非偶然：美联储降息预期、地缘冲突升级、数字货币体系动荡共同编织了这张避险之网。 但细察市场肌理，黄金的"绝对安全"已显疲态。5月中旬，中美关税谈判取得突破性进展，黄金ETF单 日跌幅近2%，暴露出传统避险资产对政策转向的脆弱性。更值得警惕的是，全球央行连续17个月的黄 金增持潮背后， ...

Equity Research Report Sineng Electric (300827 CH) Overseas Expansion Boosted Earnings, Demand Poised to Rise | Huatai Research | Company Update | Rating (Maintain): | BUY | | --- | --- | --- | --- | | 14 May 2025 │ China (Mainland) | Power Equip & New Energy | Target price (RMB): | 34.00 | Sineng Electric's 2024 revenue/attributable net profit (NP) were RMB4,773/419mn (-3.2/+46.5% yoy), the latter missing our prior estimate of RMB503mn, mainly due to weaker shipments of PV inverters to domestic ground-moun ...

2024年，我国经济运行总体平稳，创业板上市公司的年度答卷也显得"亮眼"。 近日，南都.湾财社记者从深交所处获悉，截至2025年4月30日，创业板1376家上市公司披露了2024年年 报。总体来看，创业板上市公司业绩稳步修复，1376家上市公司合计实现营业收入4.03万亿元，平均营 业收入29.29亿元，整体营业收入持续增长。 创新驱动总体业绩稳步增长现金分红创历史新高 从盈利上来看，2024年，1376家创业板公司平均营收达29.29亿元；归母净利润总额2074.57亿元，超七 成公司盈利，近五成公司净利润同比增长，77家实现扭亏为盈。板块整体毛利率提升0.23个百分点至 23.39%，经营活动现金净流量同比增长7.68%至4556.85亿元，造血能力进一步增强。 大市值公司成为板块"压舱石"。市值前百公司合计贡献营收1.80万亿元(占比近五成)，净利润1786.97亿 元(占比超八成)，其中93家盈利、60家净利润增长，34家增速超30%。宁德时代（300750）、阳光电源 （300274）等龙头企业的稳健增长，为板块健康发展提供关键支撑。 创业板公司坚持创新引领，全年研发投入达2036.84亿元，研发强 ...

Core Points - The Annual General Meeting (AGM) of Husqvarna AB was held on April 29, 2025, where shareholders could attend physically or via advance voting [1] - The profit and loss statements and balance sheets were adopted, with a dividend of SEK 1.00 per share approved, to be paid in two installments [1] - The Board of Directors' proposal for the composition of the Board was approved, with nine members elected, including new members Claes Boustedt, Marlies Gebetsberger, and Magnus Jarlegren [2] - The total remuneration for the Board was set at SEK 8,490,000, with specific amounts allocated to the Chair and other members [3] - KPMG was elected as the auditor for the period until the next AGM, with fees based on approved invoices [4] - The AGM approved the renewal of remuneration guidelines for Group Management and the Remuneration Report [5] - A performance-based long-term incentive program for 2025 was approved, along with authorization for equity swap arrangements to hedge obligations [6] - The Board was authorized to issue up to approximately 57.6 million new B-shares for acquisitions, with pricing based on market value [7] Company Overview - Husqvarna Group is a global leader in innovative solutions for managing forests, parks, and gardens, as well as cutting equipment and diamond tools for construction and stone industries [9] - The company reported net sales of SEK 48.4 billion in 2024 and employs approximately 12,300 people in 40 countries [9]

Market Overview - The Shanghai Composite Index rose by 0.56% to close at 3295.06 points, with a weekly high of 3313.51 points [1] - The Shenzhen Component Index increased by 1.38% to 9917.06 points, reaching a peak of 9990.03 points [1] - The ChiNext Index saw a 1.74% rise, closing at 1947.19 points, with a maximum of 1962.68 points [1] - Global markets also experienced gains, with the Nasdaq Composite up by 6.73%, the Dow Jones Industrial Average up by 2.48%, and the S&P 500 up by 4.59% [1] - In the Asia-Pacific region, the Hang Seng Index rose by 2.74% and the Nikkei 225 Index increased by 2.81% [1] New Stock Subscription - No new stock issuances occurred last week [2] Margin Financing and Securities Lending - The total margin financing and securities lending balance in the Shanghai and Shenzhen markets was 1.797371 trillion yuan, with a financing balance of 1.786215 trillion yuan and a securities lending balance of 11.156 billion yuan [2] - The total margin financing and securities lending balance decreased by 1.192 billion yuan compared to the previous week [2] - The Shanghai market's margin balance was 917.657 billion yuan, down by 3.729 billion yuan, while the Shenzhen market's balance was 879.714 billion yuan, up by 2.538 billion yuan [2] - A total of 3428 stocks had financing funds buying in, with 35 stocks having buy amounts exceeding 1 billion yuan, led by Shenghong Technology, Xinyi Sheng, and Dongfang Fortune [2] Fund Issuance - Fourteen new funds were issued last week, including various types such as mixed funds and ETFs [3][4] Company Buyback Amounts - A total of 21 companies announced share buybacks last week, with the highest amounts executed by Ningde Times, Lishi Group, and Huagong Technology [5] - The highest buyback amounts were in the electric equipment, machinery, and food and beverage industries [5][6]

- ■■- 核心摘要 2022年12月ChatGPT发布，引发全球市场对于AI发展的关注。伴随美国头部云厂商不断提升资本开 支，AI基建领域产生众多投资机会。涉及产品包括变压器、UPS（不间断电源）、服务器电源、液 冷；甚至由于AIDC（AI数据中心）建设的火爆，导致电网接入点稀缺，核电成为AIDC的优质电 源，包括核电公司以及可控核聚变公司均受到关注。 我们复盘ChatGPT发布后，海外AIDC基建类产业链股价走势，可以发现各区间段收益率靠前的细分 赛道，基本对应当时AI产业演进中的核心矛盾或进展。从规律来看，大致可以分为四个阶段：1） ChatGPT出现带来算力需求高增，期间服务器电源关注度攀升；2）算力高增推动芯片技术迭代，相 应导致功耗提升，服务器电源、液冷需求提升；3）AIDC进入实际建设阶段，AI基建（备用电源、 变压器需求增加）；4）AIDC建设导致电网接入点难寻，燃气轮机、核电相应概念热度提升。 综合以上分析，对于中国AIDC各细分产业链，我们观点如下： 传统备用电源有望享受量价齐升红利。 海外头部企业整体指引2025年营业利润率有望提升。我们认 为主要原因有（1）需求量端，AI数据中心建设浪 ...