Market Review - The A-share market rose by 1.22% during the week of June 30 to July 4, with strong performance in the glass and innovative drug sectors [2] - The average daily trading volume for the A-share market was 1.4384 trillion yuan, a decrease of 45 billion yuan from the previous week, indicating high market activity [2] - The average number of rising stocks decreased to 2,610, down by 1,012 from the previous week, reflecting a weakening profit effect [2] High Prosperity Sectors Outlook for Q2 2025 - High-growth potential sectors identified for Q2 2025 include optical modules, diesel generators, innovative drugs, and deep-sea technology [2] - The optical module sector is expected to maintain high growth due to increased data transmission rate requirements [29] - The diesel generator market is anticipated to see a rise in both volume and price as AIDC construction accelerates [37] - The innovative drug sector is benefiting from BD transactions and supportive policies, which are expected to enhance growth opportunities [39] - Deep-sea technology is showing high prosperity trends supported by policy initiatives [43] Key Themes - The "anti-involution" policy aims to promote the orderly exit of backward production capacity, facilitating high-quality industry development [3][47] - Deep-sea technology is positioned as a critical pillar of the marine economy, driving economic acceleration [3][54] - The global regulatory framework for stablecoins is rapidly taking shape, providing new opportunities for the internationalization of the renminbi [3][50] Policy Dynamics - The central bank is enhancing financial support for the real economy, with a focus on emerging industries and technology standards [4] - Recent policies emphasize the importance of high-quality development in the marine economy and the establishment of a unified national market [4][59] Industry Trends - The artificial intelligence sector is advancing with initiatives like the global multi-center plan for AI pathology models [5] - The TMT sector is seeing the introduction of the first national 6G industry policy in Beijing [5] - The biopharmaceutical sector is experiencing growth with increased clinical trials and innovations in brain-machine interfaces [5] - The deep-sea economy is being reinforced by the establishment of leadership groups to enhance industry coordination [5] - The high-end manufacturing sector is benefiting from the lifting of EDA export restrictions to China [5]

智通财经APP获悉，市场调研消息，字节开标，苏美达进了，玉柴价格报到300万; 潍柴与腾讯近期谈 标，潍柴价格报到280万，后续也可能涨超300万; 英伟达B30芯片即将出台，大厂近期已经准备开始启 动招标，下半年招明年的标，以国产柴发为主。 从外资涨价到内资引领、供需紧张时长或超预期。此前柴发涨价的核心逻辑在于外资排产拉长价格提 升，内资则是逐步导入市场，价格跟随策略为主。 市场消息：柴油发电机板块调整，主要受到芯片禁令影响下国内大厂的capex强度和节奏低于预期，目 前看，随着B卡的投放预期市场情绪有望缓解。 从近期调研看，机构预计25H2开始，随着内资排产周期拉长至明年，内资主机厂开始主导涨价旋律。 据第三方媒体快科技，NV正开发中国特供新芯片B30，计划今年生产逾100万颗。 此外，近期从海外巨头的业绩和CAPEX指引看，海外算力需求仍保持高景气，且新一轮中美会谈预期 下，市场风偏也有望改善，核心AIDC电气设备公司近期调整后性价比凸显。 柴油发电机相关港股： 潍柴动力（02338）：在机构调研中表示，2024年，公司M系列大缸径发动机销售8100余台，海外销量 占比62%。收入同比增20%，主要是数 ...

今天上午，A股延续反弹态势，大金融、国防军工板块领涨。 大金融方面，多元金融、证券、互联网保险等板块涨幅居前。东方财富（300059）上涨4.63%，成交额 为122.45亿元，再居A股第一，同时还是最近一段时间内，首只半日成交额过百亿元的个股。 港股券商板块上午大涨，龙头股国泰君安国际上涨68.55%，第一上海涨超25%。 消息面上，国泰君安国际获香港证监会批准，将现有证券交易牌照升级为可提供虚拟资产交易服务，以 及在提供虚拟资产交易服务的基础上提供意见。牌照升级后，客户将可在国泰君安国际平台直接交易加 密货币、稳定币等虚拟资产。国泰君安国际成为首家可提供全方位虚拟资产相关交易服务的香港中资券 商。 银行股盘中探底回升。中国银行、农业银行、工商银行、建设银行、江苏银行、杭州银行盘中股价集体 刷新历史新高。 国防军工板块方面，军工装备、军工电子等板块大涨。 截至上午收盘，上证指数上涨0.28%，深证成指上涨0.64%，创业板指上涨1.34%。 业绩线浮出水面 最近，中报业绩线开始崭露头角。 今天上午，泰凌微迎来"20CM"涨停。公司昨日晚间公告称，预计今年上半年实现营业收入5.03亿元左 右，同比增加37%左 ...

证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 推荐基本面困境反转&固态电池催化的锂电 设备板块 增持（维持） [Table_Tag] [Table_Summary] 1.推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天国际、柏 楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、迈为股份、先导智能、长川科技、华测检 测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精工、杭可科技、伊之密、新莱 应材、高测股份、纽威数控、华中数控。 2.投资要点： 【锂电设备】固态电池 0-1 产业化加速，设备商优先受益 政策端来看 2025 年 4 月工信部印发建立全固态电池标准体系，此前投入 60 亿全固态专项研发资 金；应用端来看终端路试&电池龙头中试逐步落地，宝马、奇瑞等车企接连启动路试，商业化进 展超预期，同时宁德时代、清陶等电池厂商全固态中试线搭建。工信部项目预计 2025 年底前进行 中期审查，目前固态电池难点主要在于制造环节，预计 2025-2026 年进入中试线落地关键期，设 备迎来持续迭代优化阶段。与传统液态相比，全固态设备变化集中在前道&中道，全固态特别是 硫化物 ...

AIDC 景气上行，装备投资还有哪些催化？20250511 摘要 • 英伟达 H20 芯片预计 7 月推出，缓解国内算力供给紧张，叠加阿里云栖大 会蔡崇信强调 AI 驱动业务，以及腾讯、阿里财报预期上修资本开支，国内 算力建设需求强劲，市场悲观情绪修复。 • IDC 设备领域，长期算力需求确定，机柜功率密度提升，柴发供需偏紧格 局不变。国内算力需求增加、卡禁令缓解、大厂资本开支超预期等因素推 动算力需求持续加码。 • 腾讯反馈第三方 IDC 占比或超 50%，CAPEX 和 OPEX 有上修空间。海外 外资原厂柴发机组紧缺，后续招标依赖进口发动机与国产 OEM 厂商，五 六月份大厂招标加剧紧缺程度，释放价格弹性。 • 泰豪公司与互联网大厂对接，拥有 MTU 柴油发动机资源，盈利弹性大。与 玉柴合作全面，覆盖各功率段柴油发电机组。关注东南亚市场出口柴油发 电机组及柴储一体化方案。 • 潍柴公司 3 月份在大厂批量签单或框架协议，一季度柴油发电机组贡献利 润增量，导入大厂节奏加快，国产替代确定性强，未来放量预期可观。 Q&A 近期海外大厂的财报发布对 IDC 设备板块有何影响？ 近期海外大厂陆续发布财报，资本开支 ...

Core Viewpoint - The company, Sumida, reported a revenue of 117.17 billion yuan in 2024, a decrease of 4.75% year-on-year, while net profit attributable to shareholders increased by 11.69% to 1.15 billion yuan, indicating a focus on enhancing operational efficiency and resilience in a challenging economic environment [28]. Company Overview - Sumida operates in various sectors including shipbuilding and shipping, diesel generator sets, outdoor power equipment, clean energy, ecological environmental protection, and textile and apparel [4][14]. Industry Situation Shipbuilding and Shipping - In 2024, China's shipbuilding completion volume reached 48.18 million deadweight tons, a year-on-year increase of 13.8%, with new orders rising by 58.8% to 113.05 million deadweight tons, and the hand-held order volume increasing by 49.7% to 208.72 million deadweight tons [4]. - The Baltic Dry Index (BDI) averaged 1,754.7 points in 2024, up 27.3% year-on-year, with the Capesize Index (BCI) seeing the largest increase of 37.85% [5]. Diesel Generator Sets - The diesel generator set market is benefiting from the implementation of national initiatives like "new infrastructure" and "East Data West Computing," leading to significant growth opportunities [6]. Outdoor Power Equipment (OPE) - The global OPE market is dominated by North America and Europe, accounting for over 85% of demand, with a steady growth trajectory under the dual carbon goals [7]. Clean Energy - In 2024, China's newly installed photovoltaic capacity reached 277.57 GW, a year-on-year increase of 28.3%, while the export value of photovoltaic products fell by 33.9% to approximately 32.02 billion USD [8]. Ecological Environmental Protection - The government continues to promote pollution prevention and ecological restoration, with a focus on reducing emissions and enhancing green transformation [9]. Textile and Apparel - China's textile and apparel export value reached 301.1 billion USD in 2024, a year-on-year increase of 2.8%, with textile exports growing by 5.7% and apparel exports by 0.3% [11]. Financial Performance - The company achieved a total import and export volume of 12.93 billion USD in 2024, a year-on-year increase of 5%, with exports amounting to 5.48 billion USD, up 12% [28]. - The company's supply chain segment generated a revenue of 83.51 billion yuan, contributing significantly to overall performance [32]. Strategic Initiatives - The company is focusing on dual circulation development, enhancing international and domestic market capabilities, and leveraging the Belt and Road Initiative to boost exports to participating countries [33]. - The company is also investing in digital transformation and innovation to improve operational efficiency and customer engagement [39].