[Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 半导体与半导体生产设 备行业周报、月报 明年发售 ——行业周报 [Table_Summary] 报告要点： 本周（2025.6.9-2025.6.13）市场回顾 1）海外 AI 芯片指数本周上涨 0.7%，本周海外芯片指数较为稳定，台 积电股价涨幅约 3%，MPS 下跌约 2%。2）国内 AI 芯片指数本周下 跌 1.7%。国内芯片公司股价持续调整，成分股均出现下滑。3）英伟 达映射指数本周上涨 3.0%，英伟达一季度营收高于市场预期，同时， 数据中心业务实现较大幅度增长，部分市场担忧得到缓解，带动英伟 达供应链开始回暖。4）服务器 ODM 指数本周上涨 4.5%，AI 服务器 需求持续旺盛，预计 2025 年下半年进入量产出货期。5）存储芯片指 数本周下跌 3.1%，本周国内存储芯片指数在受益存储芯片涨价后迎 来一定程度的调整，且成股份表现分化较大。6）功率半导体指数本周 下跌 3.2%；A 股果链指数上涨 0.9%，港股果链指数上涨 0.3%。 行业数据 1）4-5 月，苹果 iPhone 全球销量同比增长 15%，主要得 ...

本文字数：2780，阅读时长大约4.5分钟 据国家统计局网站，5 月份，在以习近平同志为核心的党中央坚强领导下，各地区各部门认真贯彻落 实党中央、国务院决策部署，坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，加快构建新 发展格局，扎实推动高质量发展，加紧实施更加积极有为的宏观政策，国民经济顶住压力平稳运行， 生产需求稳定增长，就业形势总体稳定，新动能成长壮大，高质量发展向优向新。 一、工业生产平稳增长，装备制造业和高技术制造业增长较快 5 月份，全国规模以上工业增加值同比增长 5.8% ，环比增长 0.61% 。分三大门类看，采矿业增 加值同比增长 5.7% ，制造业增长 6.2% ，电力、热力、燃气及水生产和供应业增长 2.2% 。装备 制造业增加值同比增长 9.0% ，高技术制造业增加值增长 8.6% ，分别快于全部规模以上工业增加 值 3.2 和 2.8 个百分点。分经济类型看，国有控股企业增加值同比增长 3.8% ；股份制企业增长 6.3% ，外商及港澳台投资企业增长 3.9% ；私营企业增长 5.9% 。分产品看， 3D 打印设备、工 业机器人、新能源汽车产品产量同比分别增长 40.0% 、 ...

Core Insights - In May, industrial investment in China increased by 11.6% year-on-year, indicating a robust growth trend in the industrial sector [1] - Investment in the manufacturing sector grew by 8.5%, reflecting ongoing expansion in manufacturing activities [1] - The investment in the electricity, heat, gas, and water production and supply industry surged by 25.4%, highlighting significant growth in energy-related investments [1] Investment Breakdown - First industry investment reached 384.7 billion yuan, with a year-on-year growth of 8.4% [1] - Second industry investment totaled 6,799.6 billion yuan, showing an increase of 11.4% [1] - Third industry investment was 12,010.4 billion yuan, experiencing a slight decline of 0.4% [1] Sector-Specific Insights - Mining industry investment rose by 5.8%, indicating steady growth in resource extraction [1] - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 5.6%, demonstrating continued commitment to infrastructure development [1] - Notable growth in specific infrastructure sectors included water transportation investment increasing by 27.2%, and water conservancy management investment rising by 26.6% [1]

分经济类型看，5月份，国有控股企业增加值同比增长3.8%；股份制企业增长6.3%，外商及港澳台投资企业增长3.9%；私营企业增长5.9%。 分行业看，5月份，41个大类行业中有35个行业增加值保持同比增长。其中，煤炭开采和洗选业增长5.5%，石油和天然气开采业增长5.3%，农副食品加工业 增长7.6%，酒、饮料和精制茶制造业增长4.1%，纺织业增长0.6%，化学原料和化学制品制造业增长5.9%，非金属矿物制品业下降0.6%，黑色金属冶炼和压 延加工业增长4.8%，有色金属冶炼和压延加工业增长8.1%，通用设备制造业增长6.3%，专用设备制造业增长2.3%，汽车制造业增长11.6%，铁路、船舶、航 空航天和其他运输设备制造业增长14.6%，电气机械和器材制造业增长11.0%，计算机、通信和其他电子设备制造业增长10.2%，电力、热力生产和供应业增 长2.0%。 分产品看，5月份，规模以上工业623种产品中有326种产品产量同比增长。其中，钢材12743万吨，同比增长3.4%；水泥16500万吨，下降8.1%；十种有色金 属683万吨，增长2.9%；乙烯303万吨，增长14.4%；汽车264.2万辆，增长11.3 ...

比看，5月份固定资产投资（不含农户）增长0.05%。 分产业看，第一产业投资3847亿元，同比增长8.4%；第二产业投资67996亿元，增长11.4%；第三产业投资120104亿元，下降0.4%。 第二产业中，工业投资同比增长11.6%。其中，采矿业投资增长5.8%，制造业投资增长8.5%，电力、热力、燃气及水生产和供应业投资增长25.4%。 第三产业中，基础设施投资（不含电力、热力、燃气及水生产和供应业）同比增长5.6%。其中，水上运输业投资增长27.2%，水利管理业投资增长26.6%， 航空运输业投资增长4.7%。 分地区看，东部地区投资同比增长0.5%，中部地区投资增长4.5%，西部地区投资增长4.9%，东北地区投资增长2.1%。 分登记注册类型看，内资企业固定资产投资同比增长3.7%，港澳台企业固定资产投资增长6.5%，外商企业固定资产投资下降13.4%。 2025年1—5月份，全国固定资产投资（不含农户）191947亿元，同比增长3.7%（按可比口径计算，详见附注7）。其中，民间固定资产投资同比持平。从环 冶 和 延加 业 2025年1—5月份固定资产投资（不含农户）主要数据 指 标 同比增长（%） ...

Group 1 - The core viewpoint emphasizes the importance of technological innovation and a favorable business environment in supporting foreign trade enterprises, particularly in the context of the China (Hebei) Free Trade Pilot Zone established in 2019 [1] - The Zhengding area is highlighted as a key region for high-quality development, focusing on industrial upgrading, open cooperation, and service optimization [1] - The Zhengding Digital Trade Center was officially launched to enhance the digital trade infrastructure and facilitate efficient connections between Hebei's characteristic industries and international resources [1] Group 2 - Zhengding District is positioned as a "bridgehead" for Shijiazhuang's opening-up, leveraging unique advantages and significant potential in digital trade development [2] - The establishment of Zhengding Digital Trade Center Co., Ltd. through collaboration between local and professional entities aims to transform policy dividends into corporate efficiency, promoting regional economic expansion and quality upgrades [2] - The center is designed to integrate intelligent services throughout the trade process, effectively reducing costs associated with trade, finance, and logistics [2][3] Group 3 - The Digital Trade Center model differs from traditional models by focusing on the digitization of physical trade, covering a wide range of trade flow needs beyond just bulk commodities [3] - The center aims to replicate its model across various regions, including the Yangtze River Delta and Pearl River Delta, to establish a smart interconnected digital trade platform [3] - The center is positioned as a crucial market infrastructure to promote the digitalization of physical trade, facilitating cross-border trade through a unified technical foundation and operational rules [3] Group 4 - The digital trade platform is expected to lower counterparty risks, expand trade partner networks, and reduce costs by streamlining the supply chain [4] - The center is developing a domestic and international collection and delivery warehouse system to enhance efficiency and reduce transportation costs [4] - The integration of services such as warehousing, quality inspection, and customs clearance is anticipated to attract various enterprises to engage in trade through the digital platform [4] Group 5 - The Digital Trade Center is seen as a vital tool for enhancing the modern industrial system, facilitating the aggregation of various economic factors within the region [5] - The center's operations are expected to stimulate the development of strategic emerging industries and deepen the integration of financial services with local industries [5] - The establishment of a digital trade flow system is projected to support the use of RMB for cross-border settlements, contributing to a new development pattern that promotes domestic and international dual circulation [5]

Core Viewpoint - The establishment of a wholly-owned subsidiary, "Shenyang Quansheng Thermal Power Co., Ltd.", by Shenyang Huitian Thermal Power Co., Ltd. aims to accelerate the construction of the Quansheng Thermal Power Project, which is expected to enhance the company's operational efficiency and market position in the thermal power industry [1][2]. Group 1: Company Overview - Shenyang Huitian Thermal Power Co., Ltd. primarily provides heating and engineering services to urban residents and non-residential users, holding a significant market share in Shenyang [1]. - The company serves over 1 million heating users with a heating area of 91.7 million square meters in 2024, maintaining a dominant market position [1]. Group 2: Financial Performance - The company's profitability has been challenged due to fluctuations in upstream fuel prices, with net profits being negative in most years since 2019, except for a brief profit in 2023 due to debt waivers and government subsidies [1]. - Since 2016, the company has reported negative non-recurring net profits for nine consecutive years [1]. Group 3: Project Development - The Quansheng Thermal Power Project will involve the construction of two 350,000 kW coal-fired cogeneration units, primarily serving the Tiexi heating network in western Shenyang [2]. - Upon completion, the project will provide heating for an area of 24.36 million square meters and is expected to reduce coal consumption by approximately 690,000 tons per heating season, thereby lowering heating costs and enhancing profitability [3]. Group 4: Strategic Importance - The project aligns with national energy policies and environmental requirements, contributing to reduced coal consumption and pollutant emissions, which supports the company's long-term sustainable development goals [3]. - The establishment of the new subsidiary is intended to facilitate project financing and land acquisition, expediting the construction process [3].

2025年06月15日 国泰君安期货研究周报 观点与策略 | 镍：矿端担忧有所降温，冶炼供应弹性饱满 | 2 | | --- | --- | | 不锈钢：负反馈传导减产增加，供需双弱低位震荡 | 2 | | 工业硅：上游继续复产，空配思路为主 | 11 | | 多晶硅：关注下周仓单注册信息，反弹后空配 | 11 | | 碳酸锂：矿价企稳，产量回升，偏弱震荡，建议反套 | 20 | | 全国碳市场：CEA大幅反弹，CCER活跃度攀升 | 29 | | 棕榈油：美国生柴政策利好，带动油脂上行 | 33 | | 豆油：压榨恢复较好，国内油脂弱于国际 | 33 | | 豆粕：生柴政策利多美豆，偏强震荡 | 38 | | 豆一：豆类市场氛围偏多，偏强震荡 | 38 | | 玉米：高位震荡 | 44 | | 白糖：低位整理 | 50 | | 棉花：商业库存下降快支撑棉价 | 57 | | 生猪：降重路径改变，等待现货印证 | 64 | | 花生：震荡行情 | 70 | 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 国 泰 君 安 期 货 研 究 所 二 〇 二 五 年 度 1）中国精炼社会库存减少 92 ...

政策效应逐步减弱，地产销售正在降温 国内物价压力持续 5 月汽车销售呈现 " 量价分化 " 建筑工地资金到位率有所好转 随着去年"924"政策效应逐渐减弱，地产销售出现明显程度下滑。 1）商品房： 6月第一周，30大中城市商品房总成交面积为20.6万平方米，同比下降17.2%，一线、二线城市下滑显著。 2）二手房： 6月第一周，11个样本城市二手房日均销售面积为19.0万平方米，前值为25.6万平方米，但二手房成交占比有所回升。 01 政策效应减弱，国内地产销售降温 本期Headline 02 关于本栏目 高频数据难懂？挖掘信息不易？【国金高频图鉴】每周一期，与您一同从高频数据库中抽丝剥茧，看懂全球经济的新变化。如需底层数据库，欢迎联系国金宏观团 队。 | | 2024-12 | 2025-01 | 2025-02 | 2025-03 | 2025-04 | 2025-05 | 相比前期变 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 五川 | | CPI同比 | 0 .1 | 0 5 | -0 .7 | -0.1 | ...

Group 1 - Baogang Group successfully completed the supply of 98,000 tons of U71Mn high-speed rails for the Baoyin High-speed Railway project in Inner Mongolia, marking a significant achievement for the company [2][3] - The company has established a comprehensive research and development system for rare earth steel, leveraging the unique properties of rare earth elements to enhance steel performance, resulting in a production capacity of 66 varieties and nearly 300 grades of rare earth steel [5][8] - Baogang's rare earth steel products are widely used in key sectors such as high-speed and heavy-haul railways, new energy wind power, lightweight vehicles, coal mining machinery, and oil extraction, contributing to the company's strong brand value in the steel industry [8] Group 2 - The company has implemented a "Rare Earth +" strategy, focusing on product variety, quality improvement, and brand creation, which has been validated in national major projects [5][8] - Baogang Group's new rare earth welding wire steel products have been successfully supplied to leading domestic welding material companies, showcasing the company's advancements in high-performance welding materials [8] - The brand "Baogang Rare Earth Steel" has consistently ranked among the top 500 Chinese brand values, highlighting its reputation and market recognition in the steel industry [8]