丨证券研究报告丨 战略数据研究丨专题报告 [Table_Title] TMT 板块涨幅居前，东数西算领涨主题—— W112 市场观察 报告要点 [Table_Summary] 当周非基金重仓领涨；市场动速方面，风格、行业轮动速度仍在较高位；行业板块方面，TMT 板块涨幅居前，通讯业务板块领涨行业；风格方面，小微盘、高估值占优，创业板成长领涨风 格；主题方面，东数西算、碳中性领涨主题。 分析师及联系人 [Table_Author] 陈洁敏 SAC：S0490518120005 SFC：BUT348 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 丨证券研究报告丨 更多研报请访问 cjzqdt11111 [Table_Title TMT 板块涨幅居前，东数西算领涨主题 2] —— W112 市场观察 战略数据研究丨专题报告 [Table_Summary2] 机构赚钱效应：非基金重仓领涨 市场动速：风格、行业轮动速度仍在较高位 行业板块：TMT 板块涨幅居前，通讯业务领涨行业 风格跟踪：小微盘、高估值占优，创业板成长领涨风格 主题热点：东数西算、碳中性领涨主题 风险提 ...

投资策略 | 定期报告 纷扰于外，求诸于内 报告发布日期 2025 年 06 月 08 日 | 张志鹏 | zhangzhipeng@orientsec.com.cn | | --- | --- | | 17 | 执业证书编号：S0860522020002 | | 张书铭 | 021-63325888*5152 | | | zhangshuming@orientsec.com.cn | | | 执业证书编号：S0860517080001 | | 美国"薛定谔式"关税扰动金融市场：— | 2025-06-02 | | --- | --- | | —策略周报 0531 | | | 进入政策观察期：——策略周报 0525 | 2025-05-25 | | 关税降级提振市场风险偏好：——策略周 | 2025-05-19 | | 报 0518 | | | 逆周期政策提振市场信心：——策略周报 | 2025-05-12 | | 0512 | | | 物来顺应：——策略周报 0505 | 2025-05-06 | 研究结论 风险提示 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代 ...

"可享受国家补贴""国补再减15%"……如今，无论是线上店铺，还是线下卖场，百姓在购买消费品时， 都可常见这些标语。 去年以来，我国持续实施消费品以旧换新政策，实打实的"真金白银"惠及消费者，激发消费活力。这 些"国补"资金是如何抵达消费者的？ 今年以来，财政等相关部门加快推进超长期特别国债的发行使用。截至目前，2025年超长期特别国债已 下达两批到地方，共计1620亿元。 从地方来看，各省份根据中央资金分配情况按比例安排配套资金，强化资金保障，优化资金管理。 "山东多措并举，多渠道筹措资金，认真落实地方15%的配套要求，切实提升对消费品以旧换新的资金 保障能力。"山东省财政厅有关处室负责人说。 这位负责人介绍，在省级层面的资金分配上，综合考虑常住人口、地区生产总值、汽车保有量等因素， 合理确定对各市支持资金规模，向人口多、经济活跃、消费潜力大的地区倾斜。 图为位于山东省泰安市的三源家电线下卖场里展示的"国补"政策。新华社记者申铖 摄 资金从哪来？ 根据去年和今年的政府工作报告及相关部署，实施消费品以旧换新政策的相关资金来自财政资金，中央 和地方都有"出资"。 具体来看，家电以旧换新、汽车报废更新等领域补贴资 ...

当一家公司的市销率（市值/预期销售额）达到70倍时，历史表明只有两种可能：要么是下一个改变世界的科技巨头，要么是即将破灭的泡沫。美国大 数据分析公司Palantir目前正站在这个危险的十字路口上。 研究机构Trivariate Research的最新报告揭示了一个令人震惊的事实：Palantir已成为美国历史上估值最高的大盘股之一。这家由前对冲基金经理、摩根士 丹利前首席美股策略师Adam Parker创立的机构很少关注个股，但当他们出手时，数据总是令人印象深刻。 Palantir目前3140亿美元的市值使其跻身标普500指数前30大成分股，夹在可口可乐和美国银行之间。其市盈率已经足够疯狂——静态市盈率达565倍， 动态市盈率为228倍。 $$\mathbb{H}{\stackrel{\pm\pm}{=}}{\underset{\mathbb{H}\mathbb{R}}{\overline{{\mathbb{H}}}}}\mathbb{X}$$ 79.9倍的市销率更加疯狂。根据Trivariate对2000家成熟美国非金融股票的筛选数据，该数据库可追溯至本世纪初，只有6家美国公司的市销率曾经超过 Palant ...

Economic Overview - The economy of Tai'an City is showing a stable and improving trend, with continuous efforts to implement various policies aimed at production, consumption, and growth [5] Industrial Production - The industrial production has slightly rebounded, with the added value of industrial enterprises above designated size increasing by 8.3% year-on-year from January to April, an increase of 0.3 percentage points compared to the first quarter [1] - The manufacturing sector leads with an added value growth of 10.8%, contributing 98.5% to the growth of industrial enterprises [1] - Among 37 major industrial categories, 25 achieved year-on-year growth, resulting in a growth coverage of 67.6% [1] - Out of 154 major industrial products, 79 saw an increase in production, with a growth coverage of 51.3% [1] Investment Trends - Fixed asset investment in Tai'an City grew by 5.8% year-on-year from January to April, with the primary industry increasing by 3.5%, the secondary industry by 26.7%, and the tertiary industry decreasing by 6.8% [1] - Industrial investment accelerated with a year-on-year increase of 26.6%, and manufacturing investment grew by 19.6% [2] - New momentum investments, particularly in high-tech industries, saw significant growth, with "Four New" investments increasing by 17.1% and high-tech industry investments rising by 47.6% [2] Consumer Market - The retail market showed positive growth, with retail sales of units above designated size reaching 16.92 billion yuan, a year-on-year increase of 13.2% [2] - Categories such as household appliances, food, and clothing saw substantial retail sales growth, contributing significantly to the overall retail sales increase [2] - The "old-for-new" policy has effectively boosted sales in sectors like automobiles and household appliances, with respective year-on-year growth rates of 8.9% and 45.2% [2] - Online retail sales also accelerated, achieving a year-on-year growth of 25.2%, contributing 13.7% to the overall retail growth [2] Service Sector - The service sector showed stable growth, with revenue from large-scale service enterprises reaching 8.99 billion yuan, a year-on-year increase of 7.0% [3] - Among 615 large-scale service enterprises, 379 reported positive revenue growth, resulting in a growth coverage of 61.6% [3] - The top 30 enterprises contributed significantly to the overall revenue growth of the service sector, accounting for 55.1% of total revenue [3] Fiscal and Financial Indicators - The general public budget revenue reached 10.63 billion yuan from January to April, a year-on-year increase of 5.5% [3] - Financial institutions reported a total deposit balance of 723.8 billion yuan, growing by 10.5%, and a loan balance of 519.53 billion yuan, increasing by 9.9% [3] - Total electricity consumption reached 95.0 billion kilowatt-hours, a year-on-year increase of 2.8%, with industrial and tertiary sector electricity consumption growing by 3.7% and 7.1%, respectively [3] Consumer Price Index - The Consumer Price Index (CPI) remained stable at 99.7, with a year-on-year decrease of 0.3% [4] - Among eight major categories, five saw price increases while three experienced declines [4]

位于泸州泸县的某智能技术有限公司是典型获益者，该公司是一家在泸州深耕多年通讯终端制造的的高 新技术企业。随着市场需求的不断增长，其在推进通讯终端产品生产智能化数字化升级以及ERP、MES 系统集成过程中面临资金缺口。泸州银行迅速与企业对接，启动专项服务机制。2025年3月，为企业量 身定制 "担保 + 信用" 组合贷款 990 万元。"有了泸州银行的资金支持，公司数字化布局、智能化升级改 造等得到了有力推进，项目建成后，公司将实现生产过程可视化、智能化管理。"该公司相关负责人谈 及转型发展之路时，对泸州银行的支持赞不绝口。在他看来，金融支持为企业数字化转型按下 "加速 键"。 绿色通道提效能，精准滴灌助远航。? 在"中国制造2025"战略纵深推进的关键阶段，泸州这座西南地区制造业的重要城市，正以"智能化改 造、数字化转型"为引擎，掀起制造业高质量发展的新浪潮。作为区域金融主力军，泸州银行在经信局 指导下，创新构建"政策+金融+科技"服务矩阵，通过政银协同搭台、金融创新赋能、绿色通道提效等 多维举措，为传统制造业智能化改造、数字化转型注入强劲动能，全力构筑泸州智造新生态。 政银协同搭台，构建智造服务新生态 泸州 ...

贯彻落实中央政治局会议精神，相关部门加快推出稳就业稳经济推动高质量发展的若干举措，有力有效 应对外部冲击，国民经济顶住压力稳定增长，延续向新向好发展态势。 6月5日，新华社推出第十八期"中国经济圆桌会"大型全媒体访谈节目，邀请国家发展改革委综合司副司 长丁琳、人力资源社会保障部就业促进司副司长陈勇嘉、中国人民银行金融研究所所长丁志杰，共 话"四稳"最新进展。 各项举措加快出台实施，对经济形成有力支撑 "稳就业稳经济推动高质量发展的若干举措，是应对外部环境变化、做强国内大循环的重要举措。在一 季度实现良好开局的基础上，我国经济延续了稳中向新向好的发展态势。"丁琳在接受"中国经济圆桌 会"访谈时说，目前，各项举措正在加快出台实施，政策组合效应不断释放： 经济有韧性——尽管外部环境复杂严峻，但工业生产、服务业发展、国内需求、对外出口等都保持了较 快增速。 内需有潜力——前4个月家电、通讯器材等商品零售额保持20%以上增速，设备工器具购置投资增长 18.2%，"两重""两新"政策效应持续显现。 创新有活力——4月份高技术制造业增加值同比增长10%、比全部工业快近4个百分点，新能源汽车、人 工智能大模型、人形机器人等产 ...

2025年，按照国家和内蒙古自治区加力扩围消费品以旧换新政策要求，内蒙古自治区财政厅坚决落实中 央和自治区决策部署，迅速行动，做好资金保障。近日，内蒙古自治区财政厅再次下达第二批消费品以 旧换新资金15.79亿元，截至目前，共下达31.58亿元，支持全区各地接续实施消费品以旧换新，保障年 中消费旺季、"6·18"促销等市场需求。 消费品以旧换新政策的持续推进，不仅为消费者带来了实实在在的实惠，也为自治区经济高质量发展提 供了机遇。2025年1—4月，全区社会消费品零售总额实现1658.8亿元，同比增长6.9%，高于全国2.2个 百分点。其中：汽车、家电、通讯器材限上零售额同比分别增长20.5%、30.4%、86.3%，分别高于全国 增速的21个、6.5个、60.9个百分点。随着两批以旧换新资金的陆续投入和政策的深入实施，预计将进一 步拉动消费增长，促进经济循环，为高质量发展注入强劲动力。 今年以来，自治区财政厅会同自治区发展改革委主动对接国家相关部门，积极展示自治区政策实施成 果，全力争取国家加大对自治区的补助资金投入，为全区消费品以旧换新工作提供更坚实的保障。 下一步，自治区财政厅将继续加强政策宣传和引导， ...

Event Overview - The 2025 MWC Shanghai Mobile Communication Conference will be held from June 18 to 20, 2025, serving as a key platform for showcasing the latest developments and strategies in the mobile industry in China and the Asia-Pacific region [1] - MWC is one of the largest and most influential exhibitions in the global mobile communication field, featuring leading companies, experts, government departments, and decision-makers [1] Key Themes and Agenda - The conference will focus on four main themes: Artificial Intelligence+, 5G Integration, Empowering Connectivity, and Industry Connectivity, with industry leaders delivering keynote speeches [1] - A detailed agenda includes various summits and sessions, such as the IoT Summit and Open Gateway Summit, scheduled throughout the event [2] Industry Growth Projections - According to the GSMA's report on the mobile economy in the Asia-Pacific region, the mobile industry is expected to contribute over $1 trillion by 2030, with growth rates in the region anticipated to exceed the global average due to the accelerated application of 5G technology [3] Historical Performance of Leading Companies - ZTE Corporation announced ten innovative products and solutions related to 5G-A during the MWC 2024, experiencing a continuous rise in stock prices before and during the conference [4] Participating Companies - Notable speakers at the conference will include executives from major companies such as Meige Intelligent, Unisoc, ZTE, China Mobile, and China Unicom, among others [6]

Group 1 - Shandong Bank has significantly increased financial support for foreign trade enterprises in Shandong, serving over 15,000 companies and handling nearly 35 billion USD in international settlement by the end of April [1] - The bank has tailored guarantee services for Jerry Group, providing 430 million CNY in cross-border guarantees to support their international bidding efforts across 19 countries [3] - Since 2024, Shandong Bank has provided nearly 6 billion CNY in guarantee financial services to 87 local enterprises involved in the Belt and Road Initiative, benefiting 41 countries and regions [4] Group 2 - Shandong Bank has launched various online settlement products to enhance the efficiency of cross-border fund transfers for import and export enterprises, facilitating nearly 10 billion USD in convenient services for over a thousand companies since 2025 [6] - The bank has pioneered several innovative cross-border financial services, including the first cross-platform electronic document business and the first domestic cross-border interconnectivity business, significantly improving trade processes and reducing fraud risks [7] - Shandong Bank actively engages with foreign trade enterprises through policy transmission and support activities, organizing multiple seminars and one-on-one services to address trade challenges and provide tailored financial solutions [9][10]