| 证券代码 | 证券名称 | | 区间漆跌幅 | | | 区间涨跌幅 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | [起始交易日期] | 20250102 | | [起始交易日期] | 20240101 | | | | | | [截止交易日期] | 20250506 | | [截止交易日期 | 20241231 | | | | | | [中国] 豪 | | | [dr (x) * | | | | HSTECH.HK | | 恒生科技指数 ☑ | | | 17.2643 | | | 18.6973 | | 31574CNY00.CSI | | 港股科技CNY | | | 22.7154 | | | 20.7522 | 指数强势推动ETF持续表现。5月7日午盘收盘，热门T+0品种$港股科技50ETF(SZ159750)$换手率高达 25%，两融标的交投十分活跃。数据显示，该ETF2025年年内涨幅高达24%，份额增长了300%！ | 证券代码 | 证券名称 | | 区间涨跌幅 | | 基金份额变化率 | | | | - ...

5月6日，A股市场全天高开高走、迎节后开门红，创业板指领涨，沪指收盘重回3300点上方。截至收 盘，沪指涨1.13%，深成指涨1.84%，创业板指涨1.97%。沪深两市全天成交额1.34万亿，较上个交易日 放量1668亿。盘面上，市场热点良性轮动，个股涨多跌少，全市场近5000只个股上涨。板块方面，可控 核聚变、稀土永磁、鸿蒙、CPO等板块涨幅居前，银行等少数板块下跌。 | 名称 | 最新点位 | - 涨跌幅 | | --- | --- | --- | | 上证指数 | 3316.11 | +37.08(1.13%) | | 深证指数 | 10082.34 | +182.52(1.84%) | | 创业板指 | 1986.41 | +38.38(1.97%) | | | 日期:5月6日 制图:21投资通 | | 纽约股市三大股指5月6日下跌。截至当天收盘，道琼斯工业平均指数比前一交易日下跌389.83点，收于 40829.00点，跌幅为0.95%；标准普尔500种股票指数下跌43.47点，收于5606.91点，跌幅为0.77%；纳斯 达克综合指数下跌154.58点，收于17689.66点，跌幅为0.87%。 ...

2025 年 5 月 6 日 电力设备与新能源行业研究 买入（维持评级） 行业月报 证券研究报告 新能源与电力设备组 分析师：姚遥（执业 S1130512080001） yaoy＠gjzq.com.cn 锂电 4 月洞察：电车储能销量持续走高，钴价止涨正极盈利企稳 本月行业重要变化： 1）锂电：4 月 30 日，碳酸锂报价 7.0 万元/吨，较上月下降 4.8%；氢氧化锂报价 7.0 万元/吨，较上月下降 0.4%。 2）整车：2025 年 3 月国内新能源乘用车批发销量达 113 万辆，同比+35.5%，环比+35.9%；1～3 月累计批发 285 万辆， 同比+43%。 行情回顾： 2025 年 4 月以来，锂电关联板块中除新能源车环节外，均有不同幅度的下跌，磷酸铁锂正极、锂电铜箔和柴发产业链 等环节跌幅较大，相对沪深 300 的涨跌幅超额分别为-8%、-7%和-5%。多数环节月度成交额较上月大幅下跌，只有新 能源车的月度成交额环比提升，市场关注度不减。锂电关联版块多数环节 3 年历史估值分位处于低值，锂电电解液、 负极和智能驾驶的 3 年历史估值分位仅个位数区间，未来存在估值修复的空间。 本月研究专题： ...

Investment Rating - The report maintains a positive investment rating for the photovoltaic and wind energy sectors, highlighting a recovery in profitability and growth potential in these industries [2][8]. Core Insights - The report emphasizes the importance of government policies in promoting the use of advanced photovoltaic components, which is seen as a viable solution to address the issue of excess production capacity in the solar industry [7][8]. - The wind energy sector is experiencing a significant uptick in construction activity, with the first offshore wind project in Shandong officially commencing, indicating a positive trend in the industry [2][8]. - The report notes that the performance of the photovoltaic and storage sectors is stabilizing, with signs of a turning point in profitability expected in the near future [2][7]. Summary by Relevant Sections Photovoltaic & Energy Storage - The National Energy Administration has issued a notice to encourage the use of advanced photovoltaic components in large-scale projects, which is expected to enhance the competitiveness of the domestic photovoltaic manufacturing industry [7][8]. - The photovoltaic sector is projected to maintain high demand in 2024, with an expected 277 GW of new installations, representing a 28% year-on-year increase [7][8]. - The first quarter of 2025 saw a significant increase in new installations, with 60 GW added, marking a 31% year-on-year growth [7][8]. Wind Energy - The Shandong Peninsula North L offshore wind project has officially started construction, contributing to the acceleration of offshore wind development in China [2][8]. - The wind energy sector reported a net profit of 12.5 billion yuan in the first quarter of 2025, marking the first year-on-year profit increase in three years [2][8]. - The report highlights three main investment themes in the wind energy sector: improvement in profitability of turbine manufacturers, rising demand for offshore wind, and the release of profit elasticity in component prices [2][8]. Power Grid - The State Grid's second batch of bidding results for transmission and transformation equipment reached 17.64 billion yuan, a 13% year-on-year increase, indicating accelerated main grid construction [3][9]. - The report mentions the release of new bidding projects for distribution transformers and integrated products, with an estimated total bidding amount exceeding 6.5 billion yuan [3][9]. - The introduction of the basic rules for the auxiliary service market marks a significant step towards the market-oriented reform of power services in China [9][10]. New Energy Vehicles - The launch of the Lynk & Co 900, a six-seat plug-in hybrid SUV, has exceeded market expectations with a competitive pricing strategy [14][16]. - The report notes a significant increase in the sales of new energy vehicles, with a retail penetration rate of 52.3% in April 2025 [14][16]. Hydrogen Energy and Fuel Cells - The report indicates that hydrogen energy policies are expected to continue, with a focus on quality development and the promotion of the entire hydrogen industry chain [12][15]. - The hydrogen production capacity is projected to reach 120,000 tons per year by 2025, with significant growth in fuel cell vehicle production [12][15].

Core Viewpoint - The market is experiencing a rebound, with expectations for further upward movement in the index, particularly with a focus on small-cap stocks and technology sectors [2][3]. Index Analysis - The index opened at 3295, with a pressure point identified at 3313, which was surpassed, reaching 3316-3317 by the end of the trading day [2]. - The next resistance level is projected at 3326, aligning with the 60-day moving average, indicating a potential for further gains [2][3]. - The overall market sentiment is positive, with most sectors showing gains, except for the banking sector, which was in the red [2]. Sector Performance - A shift in market style is noted, transitioning from large-cap to small-cap stocks, and from defensive to aggressive sectors, with controllable nuclear fusion leading the gains [2][3]. - Other sectors showing strong performance include humanoid robots, consumer electronics, and semiconductors [2][3]. Investment Opportunities - Two main investment opportunities are highlighted: 1. Core sectors such as computing power and humanoid robots, which are expected to lead the market [3]. 2. Potential rebound sectors that have lagged behind, such as deep-sea technology, which may catch up in the coming days [3]. Trading Strategy - The current market position suggests an opportunity to increase positions, with a focus on strong performers and avoiding distractions from weaker stocks [4]. - Emphasis is placed on aligning trading strategies with market trends rather than following popular sentiment [4]. ETF Insights - Food and Beverage ETF (515170) has seen a slight decline of 0.67% over the past five days, with a market cap of 56.9 billion and a net outflow of 247.4 million [7]. - Gaming ETF (159869) has increased by 4.17% recently, with a market cap of 62.1 billion and a net outflow of 572.3 million [7]. - Semiconductor ETF (588170) has gained 1.50%, with a market cap of 2.3 billion and a net inflow of 641.2 million [8]. - Cloud Computing ETF (516630) has risen by 5.13%, with a market cap of 5.3 billion and a net inflow of 177.8 million [8].

Investment Rating - The report maintains a "Buy" recommendation for key companies in the electric new energy sector, including 宁德时代 (CATL), 科达利 (Kodali), and 中科电气 (Zhongke Electric) among others [3][24]. Core Insights - The overall fund holding ratio in the electric new energy sector has decreased, with a fund holding ratio of 9.20% as of Q1 2025, down by 1.35 percentage points quarter-on-quarter [1][7]. - The electric new energy sector's market capitalization accounted for 5.29% of the total market capitalization, reflecting a slight increase of 0.18 percentage points quarter-on-quarter [1][7]. - The report highlights a shift in fund holdings towards the electric vehicle and power equipment sectors, while the renewable energy generation sector has seen a deeper adjustment [2][14]. Summary by Sections Overall Sector Analysis - As of Q1 2025, the fund holding ratio for the electric new energy sector is 11.87%, down by 0.56 percentage points quarter-on-quarter [1][7]. - The market capitalization of electric new energy stocks in the A-share market is 7.78%, up by 0.61 percentage points quarter-on-quarter [1][7]. Subsector Analysis - The fund holding ratio for the electric vehicle sector is 8.65%, up by 0.11 percentage points quarter-on-quarter, while the renewable energy generation sector's holding ratio is 1.82%, down by 0.67 percentage points [2][14]. - The power equipment and industrial control sector has a fund holding ratio of 1.50%, up by 0.06 percentage points quarter-on-quarter [2][14]. Investment Recommendations - Recommended stocks in the electric vehicle sector include 宁德时代 (CATL), 科达利 (Kodali), and 中科电气 (Zhongke Electric) [2][24]. - For the power equipment and industrial control sector, recommended stocks include 许继电气 (XJ Electric), 平高电气 (Pinggao Electric), and 思源电气 (Siyuan Electric) [2][24]. - In the renewable energy sector, recommended stocks include 东方电缆 (Oriental Cable), 海力风电 (Haili Wind Power), and 阳光电源 (Sungrow Power) [2][24]. Key Company Forecasts - 宁德时代 (CATL) is projected to have an EPS of 11.58 yuan in 2024, with a PE ratio of 20, and is rated as a "Buy" [3][24]. - 科达利 (Kodali) is expected to have an EPS of 5.44 yuan in 2024, with a PE ratio of 24, and is also rated as a "Buy" [3][24]. - 中科电气 (Zhongke Electric) is forecasted to have an EPS of 0.44 yuan in 2024, with a PE ratio of 34, and is rated as a "Buy" [3][24].

以下文章来源于e公司 ，作者证券时报 毛军 e公司 . Wind实时监测数据显示，电子、计算机均获得超百亿元主力资金净流入，机械设备获得逾73亿元净流入，通信、电 力设备、有色金属也都获得超40亿元净流入，轻工制造则连续9个交易日获得净流入。仅银行、石油石化两个行业出 现主力资金净流出现象，分别净流出16亿元和2298万元。 展望后市，中银国际指出，往后看，A股走势需要更加关注内需政策节奏及关税进展。短期来看，在二者尚未明朗化 之前，A股或延续震荡格局，市场风格轮动加快。配置方向上，内需与自主可控仍是当前配置两大主线。 招商证券认为，由于汇金发挥类平准基金作用，市场向下调整空间不大，将会强化风险偏好，融资余额有望回归。 总的来看，市场在五月有望呈现"权重指数回升，科技成长活跃"的格局，风格方面，偏科技、中小风格有望重新回 归。 市场热点方面，新能源车概念掀涨停潮，板块指数放量高开高走涨逾2%，创1个月来新高。精进电动连续第3日20% 涨停，股价创近1年半来新高，奕东电子也20cm封板，电光科技、迪生力等多股一字涨停，力星股份、中恒电气等近 40股也强势涨停或涨超10%。 今年以来，国家及地方层面密集出台的提振 ...

2025 年 4 月行业信息跟踪月报 大宗消费品、光伏行业的制造端景气度回落，厂商生产信心不强 2025 年 05 月 06 日 ➢ 4 月行业信息思考：大宗消费品、光伏行业的制造端景气度边际回落明显，政策加码 鼓励的必要性正在增强 4 月制造业景气度回落，其中，消费品行业和装备制造业的制造业 PMI 数值下跌至不景 气区间。从 4 月行业高频数据来看，我们确实看到属于消费品行业和装备制造业的大宗消 费品（家电、汽车）以及光伏的制造端在 4 月景气度回落明显。具体来看：①汽车方面， 尽管 4 月汽车销量在上海车展举办、大量热点新车扎堆上市的推动下预期维持较优增长， 但生产端已现走弱迹象，与乘用车关联度更高的汽车半钢胎开工率较 3 月回落显著，且回 落幅度大于季节性。②家电方面，尽管销售端数据维持相对亮眼的表现，但排产端来看， 4 月三大白电（空调、冰箱、洗衣机）排产同比增速较 3 月显著回落。除此以外，与汽车、 家电制造业关联度较强的钢铁细分项：热轧、冷轧，自 3 月中旬以来，表观需求量呈现从 近些年高位持续回落的趋势。③光伏方面，受"新老划断"政策影响，今年以来厂商纷纷 加速建设和备案，短期推高需求。然而 ...

Group 1 - The Hang Seng Technology HKETF (513890) has seen a 2.59% increase, with a trading volume of 59.68 million yuan and a turnover rate of 14.33%, indicating active market participation [1] - The Hang Seng Technology Index (HSTECH) has decreased by 0.22%, with mixed performance among constituent stocks; Meituan-W (03690) led the gains with a 3.47% rise, while NIO-SW (09866) experienced the largest drop at 5.82% [1] - As of April 30, the latest scale of the Hang Seng Technology HKETF reached 407 million yuan, marking a new high since its inception, with a total inflow of 18.42 million yuan over the last 18 trading days [1] Group 2 - CICC notes that domestic internet companies' valuations have recovered from a pessimistic outlook in 2024, but recent external tariff changes have led to a valuation pullback [2] - The domestic internet sector is currently viewed as being in a reasonable low valuation range, with a safety margin still present [2] - AI potential is seen as an option value for domestic internet companies, with investments in AI being relatively rational compared to US tech leaders, thus maintaining controllable profit impacts [2] Group 3 - Morgan Asset Management has integrated its "Global Vision Investment Technology" product line to help investors capture investment opportunities in quality tech companies amid the AI-driven tech wave [3] - The firm offers various actively managed funds focusing on emerging industry trends, AI-related opportunities, and sectors like new energy vehicles and humanoid robotics [3] - Passive investment options include the Morgan Hang Seng Technology ETF (513890) and other ETFs targeting Chinese innovative pharmaceuticals and global tech leaders [4]

制造·掘金 年报一季报总结电话会议 20250504 摘要 • 风电行业一季度景气度回升，收入同比增长 15%，归母净利润同比增长 3%，为近三年首次。零部件环节盈利显著修复，全产业链存货和应收账款 周转加速，看好 2025 年量利齐升与业绩估值双击。 • 光伏主产业链仍处于景气筑底状态，但储能逆变器环节表现亮眼。一季度 硅片、电池片及硅片组件辅材环节毛利率明显修复，电池片环节率先实现 毛利转正。建议关注经营稳健的头部公司及供需关系良好的核心辅材。 • 新能源车受益于以旧换新政策和出海加速，一季度销量稳定增长。锂电板 块自去年二季度进入复苏阶段，今年一季度逐步进入繁荣期，库存周期从 被动去库向主动补库转移。推荐具备低成本路线和强爆款打造能力的车企。 • 锂电产业链中，高压实密度材料的磷酸铁锂和六氟磷酸锂，以及电芯结构 件、辅材、负极铁锂、三元前驱体隔膜等细分赛道值得重点关注。关注固 态电池产业化进度及布局机器人、半导体等第二增长曲线的公司。 • 电网板块稳步增长，2024 年营收增速约 12%-13%，净利润保持稳定增 长。出海和主网设备环节资本开支高速增长，2025 年一季度电力设备出 口同比增长 17%。 ...