行业研究 证 券 研 究 报 告 化工行业新材料周报（20250512-20250518） 4 月动力及其他电池同比+49%/环比-0.03%； 推荐（维持） 本周电子级氮气、氧气涨价 基础化工 2025 年 05 月 18 日 华创证券研究所 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：郑轶 邮箱：zhengyi@hcyjs.com 执业编号：S0360522100004 证券分析师：王鲜俐 邮箱：wangxianli@hcyjs.com 执业编号：S0360522080004 证券分析师：吴宇 邮箱：wuyu1@hcyjs.com 执业编号：S0360524010002 证券分析师：申起昊 邮箱：shenqihao@hcyjs.com 执业编号：S0360525030001 联系人：陈俊新 邮箱：chenjunxin@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 486 | 0.06 | | 总市值(亿元) | 42,655.61 | 4.31 | | 流通市值( ...

证券研究报告|投资策略月报 [Table_Date] 2025 年 05 月 05 日 [Table_Title] 人民币升值有助提振"中国资产"，AI+成 5 月 配置主线 [Table_Title2] 投资策略月报 [Table_Summary] ·市场回顾： 4 月初美国宣布实施"对等关税"以来，全球多数股指快速探底后实现回升，其中巴西、印度、澳洲、日韩、美股 纳斯达克指数均已收复关税冲击前点位。A 股价值、稳定类风格表现偏强，成长风格跌幅居前，ETF 净申购为 4 月 重要的边际增量资金；一级行业中，4 月以来，电力设备指数大跌 8%，通信、计算机、电子、机械设备等跌幅超 4%；大宗商品方面，黄金表现一枝独秀，原油、铜铝、黑色系商品纷纷下跌；汇率方面，美元指数显著下行，离 岸人民币兑美元汇率自 4 月中旬持续升值，当前已收复 7.2 关口。 ·市场展望：人民币升值有助提振"中国资产"，AI+成 5 月配置主线。五一假期期间，中美经贸缓和预期促使全 球风险偏好回暖，人民币汇率快速升值并带动中国权益资产大幅反弹，节后 A 股"开门红"值得期待。结构上， AI+有望成为 5 月重要主线。一方面，海外厂商 A ...

Group 1 - ByteDance has accumulated approximately 100,000 GPU modules, valued at around 100 billion yuan, primarily for its own large model and cloud services, although these only account for less than 10% of the resource usage [3][4] - ByteDance's computing power resources have reached a scale that ranks among the world's top tiers, with about 1 million cards currently in use [4][5] - The demand for computing power is expected to surge due to the recent export controls on NVIDIA's H20 chips, which will further increase domestic demand [5] Group 2 - The Ministry of Commerce is supporting local development of automotive modifications and related markets, aiming to enhance consumption's role in economic growth [6][8] - Specific initiatives include promoting automotive circulation reform, stabilizing and expanding automotive consumption, and improving the efficiency of second-hand car transactions [7][8] Group 3 - Apple is developing two significant new models to celebrate the 20th anniversary of the iPhone, including its first foldable phone and a new Pro model, with production likely to remain in China due to complexity [9] Group 4 - Porsche's CEO indicated that the company may stop selling electric vehicles in China within the next two to three years due to declining sales, with a reported 28% drop in sales in 2024 [22] Group 5 - Vivo has adjusted the default color temperature of its X series screens to 6800K, aligning closer to professional standards, which is expected to reduce visual fatigue [24][25] Group 6 - Geoffrey Hinton, a Nobel laureate, expressed concerns about AI potentially surpassing human control, predicting that AI agents could pose significant risks to decision-making power [32][33]