Summary of Key Points from Conference Call Records Industry or Company Involved - **Military Trade and Defense Industry**: The discussion revolves around the military trade sector and its market dynamics, particularly focusing on companies like 成飞集成 (Chengfei Integration) and its role in the defense supply chain [1][3]. - **Tungsten Industry**: The records highlight the tungsten market, emphasizing its strategic importance in defense and the impact of geopolitical factors on supply and demand [4]. - **AI and Edge Computing**: 瑞芯微 (Rockchip) is mentioned in the context of AI applications and edge computing, indicating its role in the technology sector [5]. Core Points and Arguments - **Market Sentiment and Trends**: The market is experiencing fluctuations with a shift in sentiment, particularly in the military trade sector, where expectations remain unclear. The focus is on whether high-profile stocks will rebound [1][3]. - **Chengfei Integration's Role**: As a key supplier for Chengfei Group, the company is crucial in the aviation parts manufacturing sector, specifically for the J-10 fighter jet, indicating its strategic importance in the defense supply chain [3]. - **Tungsten Price Surge**: The price of tungsten has reached a three-year high, driven by supply constraints and increased demand due to geopolitical tensions. The market is characterized by a "mining-led rally" affecting the entire industry chain [4]. - **Geopolitical Impact on Tungsten Supply**: Export controls and reduced mining quotas in China are tightening tungsten supply, while the EU's strategic reserve initiatives are exacerbating resource shortages [4]. - **AI Chip Demand**: The demand for specialized AI chips for edge computing is rising, with 瑞芯微 positioned to benefit from the growing market for AI applications in smart industries and cities [5]. Other Important but Possibly Overlooked Content - **Market Dynamics**: The records indicate a defensive posture in the market, with a focus on high-dividend stocks like banks, while technology stocks are underperforming [1]. - **Potential for Military Stocks**: There is speculation about the potential for military-related stocks to rebound, particularly in light of government commentary on enhancing military capabilities [1]. - **Tungsten's Strategic Importance**: The records emphasize tungsten's critical role in national defense, highlighting its classification as "the soul of the defense industry" and its extensive applications in weapon manufacturing [4]. - **Edge Computing Growth**: The anticipated growth in edge computing and AI applications is expected to drive significant increases in product shipments for 瑞芯微, reflecting broader trends in technology adoption [5].

Investment Rating - The industry investment rating is "Neutral" with an expected industry index increase of -5% to 5% relative to the CSI 300 index over the next six months [22]. Core Insights - The market is currently in a downtrend, with a focus on when the profit effect will turn positive. The current profit effect is around -1% [2][10]. - The report suggests maintaining a neutral position until the 30-day moving average of the wind All A index is breached, considering the low valuation levels [4][10]. - The industry configuration model recommends focusing on "dilemma reversal" sectors, particularly in healthcare and consumer sectors related to export chains such as light industry and home appliances [3][10]. - The TWO BETA model continues to recommend the technology sector, emphasizing domestic substitution in the fields of information technology and AI chips [3][10]. - Despite a significant drop on Friday, the banking sector, which is still in an upward trend, remains worthy of attention [3][10]. Summary by Sections Market Overview - The wind All A index is currently in a downtrend, with the 20-day moving average at 4908 and the 120-day moving average at 5092.8, indicating a distance of -3.63% [2][9]. - The market's current environment is characterized by uncertainty due to upcoming Federal Reserve meetings and the release of April import and export data [4][10]. Valuation Metrics - The overall PE ratio of the wind All A index is around the 50th percentile, indicating a medium level, while the PB ratio is around the 20th percentile, indicating a relatively low level [3][10]. Positioning Recommendations - The report advises a 50% allocation in absolute return products based on the wind All A index as the main stock allocation [3][10].

计算机行业 行业研究 | 动态跟踪 透过财报看算力产业落地进度 核心观点 投资建议与投资标的 我们认为，从上市公司财报中，我们已经可以看出 AI 芯片与服务器行业受益于 AI 行业的 迅猛发展而呈现指标加速，此外，算力租赁服务企业订单的密集落地和预付账款的增 加，也预示着相关业务的落地指日可待，而 IDC 行业由于业务落地周期长，目前从行业 整体而言尚未看到财务数据变化但我们对前景也较为乐观。 风险提示 技术落地不及预期、政策落地不及预期、美国进一步制裁风险 国家/地区 中国 行业 计算机行业 报告发布日期 2025 年 05 月 05 日 看好（维持） | 浦俊懿 | 021-63325888*6106 | | --- | --- | | | pujunyi@orientsec.com.cn | | | 执业证书编号：S0860514050004 | | 陈超 | 021-63325888*3144 | | | chenchao3@orientsec.com.cn | | | 执业证书编号：S0860521050002 | | 宋鑫宇 | songxinyu@orientsec.com.cn | | | 执 ...

金融工程 | 金工定期报告 2025 年 05 月 05 日 作者 吴先兴 分析师 SAC 执业证书编号：S1110516120001 wuxianxing@tfzq.com 相关报告 1 《金融工程：金融工程-因子跟踪周 报 ： Beta 、换手率因子表现较好 -20250504》 2025-05-04 2 《金融工程：金融工程-哪些行业进 入高估区域？——估值与基金重仓股配 置监控 2025-05-03》 2025-05-03 3 《金融工程：金融工程-净利润断层 本周超额基准 0.92%》 2025-05-03 金融工程 证券研究报告 量化择时周报：突破压力位前保持中性 突破压力位前保持中性 上周周报(20250427)认为：全 A 指数的 30 日均线构成压力位，但考虑到估 值不高，建议在压力位突破前维持中性仓位。最终 wind 全 A 维持原状。 市值维度上，上周代表小市值股票的中证 2000 上涨 0.84%，中盘股中证 500 上涨 0.08%，沪深 300 下跌 0.43%，上证 50 下跌 0.59%;上周中信一级行业中， 表现较强行业包括传媒、计算机，传媒上涨 2.86%，综合金融、房地产 ...

Market Analysis - Historical reference to the market performance post-2018 tariffs indicates that industries focused on self-sufficiency, domestic demand expansion, and stable dividends performed well[4] - Future market risk appetite is expected to rise, contingent on policy changes, including potential liquidity releases from the Federal Reserve due to U.S. bond and stock market liquidity issues[4] Recommended Industries - Key industries recommended for investment include metals, chemicals, electricity, military, non-banking financials, banking, retail, social services, automotive, and computing[4] - The report emphasizes the importance of focusing on industries with self-sufficiency, domestic demand expansion, and stable dividends amid macroeconomic disturbances[4] Stock Recommendations - **Metals**: Chifeng Jilong Gold Mining Co., Ltd. (EPS forecast: 1.92 in 2025, PE: 13.8) shows strong performance potential[22] - **Chemicals**: Yara International ASA (EPS forecast: 2.42 in 2025, PE: 12.2) is positioned for significant growth due to its overseas potassium mining operations[22] - **Electricity**: Zhongmin Energy (EPS forecast: 0.36 in 2025, PE: 15.7) benefits from favorable wind resources in Fujian Province[22] - **Military**: AVIC Shenyang Aircraft Corporation (EPS forecast: 1.44 in 2025, PE: 29.7) is expected to see steady growth driven by new aircraft models[22] - **Non-Banking Financials**: New China Life Insurance Co., Ltd. (EPS forecast: 7.36 in 2025, PE: 6.5) has a strong leverage position in the market[22] - **Banking**: Jiangsu Bank (EPS forecast: 1.74 in 2025, PE: 6.0) offers high dividend yield and stable growth prospects[22] - **Retail**: Yiwu Small Commodity City (EPS forecast: 0.75 in 2025, PE: 20.7) is set to benefit from international trade reforms[22] - **Social Services**: Core International (EPS forecast: 1.46 in 2025, PE: 22.5) is leveraging AI for enhanced operational efficiency[22] - **Automotive**: Xiaomi Group (EPS forecast: 1.37 in 2025, PE: 34.7) is expected to see significant sales growth in electric vehicles[22] - **Computing**: Cambricon Technologies (EPS forecast: 2.74 in 2025, PE: 257.5) is positioned to benefit from the growing AI chip market[22]

一、停止口号降准降息！择机降准降息，给个明确时间吧！大A现在"失血"严重，急需增量资金的加入，流动性的注入。媒体已经多次报道要降准降息，但 到底啥时候来个准信儿呢？ 同时，会议强调要"加紧实施更加积极有为的宏观政策"，这"加紧实施"四个字，说明政策肯定不会缺席，而且落地速度可能会加快。目前A股市场不缺资金 和政策支持，真正缺的是信心。所以，逢高减仓吧，这波行情估计快到头了。 二、跟昨天走势差不多，开盘先分歧后修复，然后窄幅震荡一天。 尾盘收盘3286点，跌幅0.05%，这控盘是不是太精准了？按理说今天应该是修复行情。出金压力小了；假期虽然有不确定性，但也不会比现在更糟糕； 除非破区间的下沿，否则节后方向选择向上的概率更高，仓位不要过度轻了，怕有概率踏空。操作方面，小长假期间，外盘的走势充满变数，其波动可能会 给节后的A股市场带来不同程度的影响。中长线而言，市场虽然在窄幅震荡，但依旧处于20日线上，可以稳步进场。 撰稿、收集数据不易，觉得有帮助的朋友可以点击关注、分享♝、点赞，支持一下，谢谢！也可点击收藏，方便日后翻查。 三、A股窄幅整理，依旧维持地量震荡格局。 三大指数均微幅收跌，市场成交额1.04万亿元，为 ...

Key Recommendations - Ant Group's subsidiary Ant Wealth has made a tender offer to acquire 50.55% of Yao Cai Securities at HKD 3.28 per share, totaling HKD 28.14 billion, which is expected to create a new competitive model by combining internet leadership with traditional brokerage services [7][6] - The recent Politburo meeting emphasized the need to stabilize and invigorate the capital market, mentioning the introduction of a "technology board" in the bond market and new structural monetary policy tools [7] Non-Bank Financial Industry - The non-bank financial index rose by 1.2%, outperforming the CSI 300 by 0.8 percentage points, with brokerage and insurance indices increasing by 0.9% and 1.35% respectively [6] - The average daily trading volume of stock funds increased by 2% week-on-week to CNY 1.3786 trillion, while the margin financing balance slightly decreased by 0.1% to CNY 1.8 trillion [6] AI Chip Industry - The AI chip sector is experiencing strong performance driven by AI industry growth and domestic substitution trends, with notable revenue increases reported by companies like Cambricon and Haiguang Information [11][12] - Google's Q1 capital expenditure grew by 43.4% year-on-year, indicating a strong commitment to AI and cloud computing, with a full-year guidance of USD 75 billion [13] Home Furnishing Industry - The company Jiangxin Home reported a 32.63% year-on-year increase in total revenue to CNY 2.548 billion for 2024, with a net profit growth of 67.64% to CNY 683 million [16][19] - The company’s gross margin improved to 39.35%, up 5.74 percentage points from the previous year, driven by strong sales of smart electric sofas and beds [17] Pet Food Industry - Guai Bao Pet achieved a revenue of CNY 5.245 billion in 2024, a 21.22% increase year-on-year, with a net profit growth of 45.68% [20][21] - The company is focusing on high-end product development, with its own brand revenue growing significantly, leading to improved gross margins [22][23]

将投中网设为"星标⭐"，第一时间收获最新推送 速览投资风口，掌握资本律动。 作者丨 长风 来源丨 东四十条资本 大家好，我是长风。今天给大家带来上周资本市场的专业投研信息。 上周焦点回顾： 硬科技赛道，红杉连续加注具身机器人。 上周，灵心巧手宣布完成超亿元种子轮融资。本轮融资由红杉种子基金、万凯新材领投，力合资本、力合金 融、华仓资本、鞍羽跟投。此外，穹彻智能成功完成数亿元Pre-A++轮融资。本轮融资由盛宇投资、嘉御资本、云启资本、上海科创集团等多家知名投 资机构联合投资，同时老股东Prosperity7、红杉中国、小苗朗程、璞跃中国等持续追投。 镁源动力完成数千万元融资 4月7日消息，固态镁基储氢材料量产企业镁源动力宣布完成数千万元股权融资，本轮融资由中财融商、合肥创新投共同投资。 云象机器人完成A轮融资 大健康赛道，iPSC成重点。 上周，中盛溯源宣布在 B 轮融资中再获数千万元资金支持。至此，中盛溯源 B 轮融资圆满收官，本轮累计融资金额达 2.35 亿元。本次追加融资由广药资本、科金控股、合肥产投、菡源资产知名投资机构联合参与。 4月11日，聚焦iPSC化学诱导平台的睿健医药新宣布 完成了近亿元B+ ...

Investment Rating - The report indicates a stable market outlook with potential upward movement, suggesting a positive investment sentiment in the near term [1]. Core Insights - The market has shown stability with a slight upward trend, although short-term momentum appears limited. The K-line has consistently closed above the 5-day moving average, indicating a potential for further upward movement if supported by increased trading volume [1]. - Various sectors are experiencing rotation, with technology, consumer goods, non-bank financials, home appliances, and metals showing activity, while a clear leading sector has yet to emerge [1]. - The report highlights the importance of observing market dynamics as different capital forces engage in various sectors, leading to a lack of a definitive market leader [1]. Market Overview - On March 18, the market experienced a slight increase, with the Shanghai Composite Index rising by 0.11%, the Shenzhen Component by 0.52%, and the ChiNext Index by 0.61% [3]. - The net inflow of capital was significant, with the Shanghai Stock Exchange seeing a net inflow of 55.49 billion and the Shenzhen Stock Exchange 89.20 billion [4]. Industry Dynamics - The Ministry of Industry and Information Technology has issued guidelines for the construction of digital energy and carbon management centers, aiming to enhance energy efficiency and carbon reduction capabilities in industrial enterprises [5]. - The OECD has revised down its global economic growth forecasts for the next two years, citing trade tensions and rising inflationary pressures [6]. - The National Energy Administration reported a year-on-year increase of 8.6% in total electricity consumption for February, indicating robust industrial activity [8]. Sector Developments - The China Real Estate Industry Association is set to hold a conference to discuss the real estate market trends and explore new development models [9]. - Suzhou is actively seeking support for its AI chip industry, aiming to attract investment and promote innovation in this sector [10]. - AMD has announced plans to expand its partnerships in China, expecting to reach 170 ISV partners by the end of 2025, highlighting growth in the AI PC ecosystem [11]. Fund Dynamics - Over 90% of large private equity funds reported positive returns, with an average gain of over 3% as of the end of February, indicating a strong recovery in the market [12]. - The Economic Daily emphasizes the need for capital markets to support new industrialization, focusing on attracting long-term investment to foster technological innovation [13]. Buyer Perspectives - Silver华基金 suggests that the current market may face technical pressure due to high profit-taking levels, while the consumer sector could see structural opportunities supported by low valuations and policy backing [15].

将投中网设为"星标⭐"，第一时间收获最新推送 速览投资风口，掌握资本律动。 作者丨长风 来源丨东四十条资本 大家好，我是长风。今天给大家带来上周资本市场的专业投研信息。 上周焦点回顾： 新消费赛道，跨境电商悄然翻红。 上周，跨境电商企业艾姆诗宣布顺利完成近亿元人民币 Pre-IPO 轮融资，本轮融资由同创伟业独家投资。此外，跨境电商AI企业杭州斗兽场数字智能技术公司 （LynxAI）获跨境电商大卖数百万人民币天使轮投资。 硬科技赛道，两个首投受关注。 3月12日，中金保时捷基金宣布完成国内首笔投资，参投智能驾驶 系统供应商智驾大陆的数亿元天使轮融资。本轮融资由高瓴投资领投，浙江金控共同跟投。此外，上 周，上海国投先导人工智能产业母基金联合领投AI 芯片独角兽壁仞科技，数家知名投资机构及产业 资本跟投，金额为数亿元人民币。据悉，这是上海国投先导人工智能产业母基金首个直投项目。 大健康赛道，AI创新药。 上周，新樾生物宣布完成由AI+自动化技术平台公司晶泰科技领投的A+轮 战略投资。3月13日消息，AI生物医药企业英矽智能宣布已完成由惠理集团旗下私募股权基金、浦东 创投和浦发集团、锡创投和宜兴国控联合领投的1.1 ...