日经225指数大涨超2% 5月13日早间，日本股市大幅高开，随后直线拉升，日经225指数大涨超2%，站上38000点，为3月 26日以来首次。 （图片来源：东方财富APP，统计截至2025/5/13，不作投资推荐） 个股方面，三菱日联金融集团、丰田、东京电子均涨超4%。 | 三菱重工 | 2,724.0 | | --- | --- | | © 8:14:48 日本东京 | -12.5 (-0.46%) | | 三菱日联金融集团 | 1,933.5 | | ⊙ 8:14:48 日本东京 | +94.0 (+5.11%) | | Advantest Corp. | 7,478.0 | | © 8:14:47 日本东京 | +178.0 (+2.44%) | | 川崎重工 | 8,611.0 | | © 8:14:48 日本东京 | -41.0 (-0.47%) | | 东京电子 | 23.980.0 | | 58.14.48 日本车章 | +1 090 0 (+4 76%) | 5月13日早间，国际金价小幅调整，截至发稿，现货黄金报3238美元/盎司；COMEX黄金期货涨 0.53%，报3245.1美元/盎司。 ...

Core Insights - The Apple supply chain is not a guaranteed profit zone, with companies facing significant risks from order cuts and market fluctuations [3][4] - Recent developments indicate a shift in the supply chain dynamics, with companies adapting to new policies and market demands [5][6] Group 1: Key Signals - Signal 1: Technological upgrades are crucial for maintaining competitive advantage, with companies like Luxshare Precision benefiting from higher margins on premium products [4][5] - Signal 2: The tariff policies in the U.S. create both challenges and opportunities, as companies balance between Chinese R&D and overseas assembly to mitigate costs [5][6] - Signal 3: The trend of "de-Apple-ization" is accelerating, with Apple cutting suppliers annually, but those that survive are often diversifying into other sectors like automotive [7][8] Group 2: Investment Strategies - Avoid companies overly reliant on Apple, particularly those with over 70% dependency, as they are vulnerable to order cuts [8][9] - Focus on companies providing unique technologies or products that are not easily replaceable, such as specialized components for electric vehicles [8][9] - Monitor financial reports for new business growth and order allocations before major Apple product launches to identify potential investment opportunities [9]

Market Overview - The recent US-China talks exceeded market expectations, leading to a significant surge in the Hang Seng Index by 2.98% with trading volume reaching 322.4 billion [1] - The ceasefire agreement between India and Pakistan has positively impacted both countries' stock markets, with Pakistan's KSE-30 index soaring by 9.2%, marking its largest increase since 2008 [1] US-China Trade Relations - The US announced a suspension of a 24% tariff set to take effect on April 2, 2025, while maintaining a 10% tariff, effectively reducing the overall tariff on Chinese goods from 145% to 30% [2] - This significant concession from the US is attributed to several factors, including the need to replenish dwindling inventories and the urgency to achieve results ahead of the upcoming elections [3] Sector Performance - The consumer electronics sector, particularly companies within Apple's supply chain, benefited the most from the tariff reductions, with stocks like Highway Electronics and AAC Technologies rising over 13% [4] - Automotive parts suppliers with significant North American business exposure, such as Minth Group and Quanfeng Holdings, saw stock increases of nearly 10% [4] Financial Sector Response - Major financial institutions, including Hongye Futures and CITIC Securities, experienced stock price increases of over 6%, reflecting positive market sentiment following the trade talks [5] Individual Company Highlights - Midea Group reported a record revenue of 128.4 billion yuan in Q1 2025, a 20.61% year-on-year increase, and plans to enhance its overseas presence through strategic partnerships [10] - The company is also making strides in the commercial air conditioning sector and aims to expand its robotics division with new product testing scheduled for May [11] International Relations and Infrastructure - Brazilian President Lula's visit to China aims to strengthen bilateral relations and discuss infrastructure projects, including a railway connecting Brazil to China, which could reshape international trade logistics [8]

Core Viewpoint - The company has demonstrated steady growth in revenue and net profit for 2024 and Q1 2025, with a focus on optimizing business structure to navigate external challenges [2][3][4]. Financial Performance - In 2024, the company achieved revenue of 268.8 billion, a year-on-year increase of 15.91%, and a net profit of 13.366 billion, up 22.03% [2][14]. - For Q1 2025, revenue reached 61.788 billion, growing 17.9% year-on-year, with a net profit of 3.044 billion, reflecting a 23.17% increase [2][21]. - The company projects a net profit range of 6.475-6.745 billion for the first half of 2025, indicating a growth of 20-25% [4]. Business Segments Consumer Electronics - Revenue from consumer electronics in 2024 was 224.1 billion, with a growth rate of 13.65%, driven by stable Apple business and rapid growth in non-Apple segments [3][22]. - The company is focusing on vertical integration and expanding its product lines to cover smart home, health care, and other areas [5][22]. Communication - The communication segment generated 18.359 billion in revenue for 2024, with a growth of 26.29%, primarily from component business [6][31]. - The company is enhancing its competitive edge through a "five-in-one" strategy, integrating electrical, optical, thermal, power, and system solutions [6][31]. Automotive - The automotive business achieved revenue of 13.7 billion in 2024, marking nearly 50% growth, with Q1 2025 continuing this trend [7][35]. - The company is expanding its product lines in automotive wiring harnesses and connectors, aiming to become a leading Tier 1 supplier [7][35]. Strategic Initiatives - The company has proposed a stock incentive plan for 2025, aiming to grant 221.5 million stock options to enhance long-term growth [8]. - The management emphasizes the importance of AI and technological innovation in driving future growth across all business segments [13][28]. Market Outlook - The company remains optimistic about its growth trajectory, with expectations of continued expansion in consumer electronics, communication, and automotive sectors [4][5][6]. - The strategic focus includes enhancing supply chain resilience and leveraging AI technologies to improve operational efficiency [28][34].

Investment Rating - The report maintains a "Strong Buy" investment rating with a target price of 60.00 CNY, while the current stock price is 32.08 CNY [2][10]. Core Views - The company is expected to achieve a revenue of 268.8 billion CNY in 2024, representing a year-on-year growth of 15.91%, and a net profit of 13.366 billion CNY, up 22.03% year-on-year [5][15]. - For Q1 2025, the company forecasts a revenue of 61.8 billion CNY, a 17.9% increase year-on-year, and a net profit of 3.044 billion CNY, reflecting a 23.17% growth [5][15]. - The company is optimistic about its performance in the first half of 2025, projecting a net profit range of 6.475 to 6.745 billion CNY, which corresponds to a growth of 20-25% [5][10]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 268.8 billion CNY, with a net profit of 13.366 billion CNY, aligning with market expectations [5][15]. - The Q4 2024 revenue was 91.6 billion CNY, showing a year-on-year increase of 20.5% [5][15]. - The company reported a gross margin of 10.41% for 2024, down from 11.58% in 2023, primarily due to underutilization of capacity and losses in certain product lines [15][16]. Business Segments - The consumer electronics segment generated 224.1 billion CNY in revenue in 2024, with a growth rate of 13.65% [6][15]. - The communication segment saw a revenue of 18.359 billion CNY, growing by 26.29% year-on-year, driven by component business growth [7][30]. - The automotive segment reported a revenue of 13.7 billion CNY, with a growth rate nearing 50% [8][30]. Strategic Initiatives - The company is implementing a stock option incentive plan for 2025, aiming to grant 221.5 million options, which is about 3.06% of the total share capital [9][10]. - The company is focusing on vertical integration and expanding its product lines across various sectors, including smart home, health care, and automotive [19][20]. - The communication business is expected to benefit from the growing demand for AI infrastructure, with significant investments anticipated in the coming years [27][30]. Future Outlook - The company projects revenues of 321.7 billion CNY for 2025, with a net profit of 16.211 billion CNY, indicating a continued growth trajectory [11][10]. - The automotive business is expected to grow significantly, with plans to become a leading Tier 1 supplier in the global automotive parts market [8][30]. - The company is well-positioned to capitalize on trends in AI and smart technologies, enhancing its competitive edge in the market [26][30].

5月10日至11日的周末，全世界都关注着在瑞士日内瓦举行的中美经贸高层会谈。于瑞士时间5月12日上午9时，双方 发布《中美日内瓦经贸会谈联合声明》。 商务部新闻发言人就此发表谈话：双方在联合声明中达成多项积极共识，美方承诺取消根据2025年4月8日第14259号 行政令和2025年4月9日第14266号行政令对中国商品加征的共计91%的关税，修改2025年4月2日第14257号行政令对中 国商品加征的34%的对等关税，其中24%的关税暂停加征90天，保留剩余10%的关税。 相应地，中方取消对美国商品加征的共计91%的反制关税；针对美对等关税的34%反制关税，相应暂停其中24%的关 税90天，剩余10%的关税予以保留。中方还相应暂停或取消对美国的非关税反制措施。 双方一致同意建立中美经贸磋商机制，就经贸领域各自关切保持密切沟通，开展进一步磋商。 受此消息带动，全球资产出现异动。 富时中国A50期货一度涨超2%。 据指美国对冲基金期望中美贸易谈判取得进展，而看好中资股，增加了对中资股的押注。 另一方面，美股期货也飙升，其中标普500期货指数攀升2.8%，纳斯达克100期货上涨3.78%，道琼斯期货也一度大涨 90 ...

央广网北京5月12日消息（记者 樊瑞）今日港股三大指数集体高开，在中美日内瓦经贸会谈联合声明发 布后，港股尾盘继续飙升。12日收盘时，香港恒生指数收涨2.98%，报23549.46点，创3月27日以来收盘 新高。恒生科技指数涨5.16%。恒生中国企业指数涨3.01%。全日大市成交额3224亿港元，较前一交易 日大幅上升。南向资金净卖出额185.28亿港元，单日净卖出额创2021年2月以来新高。 其中，舜宇光学科技涨超14%，小鹏汽车涨超10%，阿里巴巴涨超6%，腾讯控股涨超4%。 据Wind数据，黄金概念股随金价下挫，灵宝黄金、赤峰黄金跌超11%，山东黄金跌超6%。医药股疲 软，百济神州跌近9%，翰森制药、先声药业、三生制药跌超7%。消息面上，特朗普称寻求大幅降低药 品价格。 港股其他涨跌幅较大个股方面，龙蟠科技暴涨41.4%，成交10.65亿港元，锂电业务再获新订单，合同总 销售额预计超50亿元。金利来集团私有化计划已告失效，股价复牌暴跌超33%，成交2265.86万港元。 沪上阿姨上市第三日跌超12%。 此外，5月12日，美股盘前行情显示，三大股指期货集体大涨，纳斯达克100期货小型涨3.43%，道琼斯 ...

Core Viewpoint - Sharp is selling its second factory at the Kameyama plant to its parent company, Hon Hai Precision Industry, in response to deteriorating profitability in the liquid crystal panel business due to increased production by Chinese companies and falling panel prices [1]. Group 1 - The Kameyama plant was previously known for producing televisions that enhanced the Sharp brand's visibility [1]. - The second factory's operating rate has decreased to about 80% of its original capacity as of June 2024 [1]. - Sharp aims to improve the profitability of its liquid crystal panel business by divesting from less profitable facilities [1]. Group 2 - The Kameyama plant currently focuses on producing small to medium-sized panels for smartphones, tablets, and personal computers [1]. - The decision to sell the second factory is part of Sharp's strategy to restructure its liquid crystal panel operations and enhance overall performance [1].

军工股又爆发了。 今天上午A股市场整体强劲上涨，其中国防军工板块走势强劲，一度大涨逾6%，多股盘中涨停，其中华如科技（301302）早盘9:38直线拉升，9:39涨停。 港股市场今天上午整体上行。恒生指数盘中重新突破23000点整数关口。 港股通标的股中，龙蟠科技港股暴涨，盘中涨幅一度超过50%。 国防军工板块爆发 今天上午A股市场整体强劲上涨，主要指数不同程度上涨。截至中午收盘，上证指数上涨0.37%，深证成指上涨1.06%，创业板指上涨1.72%，北证50指数上涨 2.27%。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3354.53 | 10234.09 | 1410.60 | | +12.53 +0.37% | +107.27 +1.06% | +31.29 +2.27% | | 科创50 | 创业板指 | 万得全A | | 1006.18 | 2046.39 | 5109.72 | | -0.14 -0.01% +34.63 +1.72% | | +38.61 +0.76% | | 沪深300 | 中证500 ...

无需港股通，A股账户就能T+0买港股>> 港股苹果概念股拉升，舜宇光学科技涨超10%，瑞声科技、丘钛科技涨超8%，高伟电子涨超6%、比亚 迪（002594）电子涨超5%。 ...