好的 各位领导下午好然后极限这块的话就是本次由我这块来进行发言我是极限团队的首席分析师朱毅那么本次我们主要分享的是极限这块2025年下半年我们核心看好的一些方向就是策略性的方向以及具体的品种 然后我们其实是做了一个下半年的这个策略PPT但是说实话就是这个过后归案相对来说比较费时然后我们这边的话就先展示出来的说我们这个零销售这个报告待会的话在提前部分就这块的具体来做一个这个论述那么简而言之我们在这个下半年策略这块我们列的这个名称叫价值维顿 这个主题为毛这里面我们说的毛它都是它不完全是成长它可能是一些比较强的这种主题性的这种方向那么好那么先讲一下就我们对于上半年的机械的这个复盘吧然后可以总结出机械的这超额收益的两点来源然后呢再去对于这个行业去做一定的论述吧 首先我们复盘了今年的上半年机械的行情涨幅居前的品种是什么呢第一个是核电设备第二个是摩托车第三个是机床第四个是风电这些是今年上半年比较领先的细分方向但我们仔细去看了一下你如果是看这个里面真的是行业龙头它的涨幅居前的品种 这个里面呢其实充斥着大量的这种中小市值的这个品种另外一点非常重要的超额我们从副盘刚刚说到的像这个机床行业还有点像那个核电行业核电行业今天上班的领 ...

Market Performance - Major stock indices in China experienced a significant upward trend, with the Shanghai Composite Index rising by 0.82% to 3369.24 points, the Shenzhen Component Index increasing by 1.72% to 10301.16 points, and the ChiNext Index climbing by 2.63% to 2064.71 points, alongside a total trading volume of 1341 billion yuan, an increase of nearly 120 billion yuan from the previous day [1] Trade Relations and Sector Impact - The recent US-China trade talks resulted in substantial progress, with both sides agreeing to significantly lower bilateral tariff levels, which is expected to benefit sectors such as electric new energy and export chains, particularly in areas like the power battery supply chain and photovoltaic inverters [2][5] - The reduction in tariffs is anticipated to restore business for companies exporting to the US, especially those in the electric new energy sector, which had been adversely affected by previous tariff policies [2] PCB Demand and AI Sector - The easing of US-China tariffs is expected to alleviate pressure on the demand forecast for AI-related PCBs, with positive feedback from downstream ODM manufacturers indicating resilience in PCB demand [3] Gas Turbine Market - The global gas turbine market is entering an upcycle, driven by increased demand for natural gas power generation and the expansion of AIDC in North America, leading to a surge in orders for core components from Chinese manufacturers [4] Strategic Mineral Export Control - The Chinese government is intensifying efforts to combat the smuggling of strategic minerals, with a coordinated action plan involving multiple departments to prevent illegal outflows [6] Financial Support for Nansha Development - A joint opinion from several financial regulatory bodies emphasizes increased financial support for the development of Nansha, aiming to enhance its role in the Guangdong-Hong Kong-Macao Greater Bay Area and support high-end manufacturing industries [7] Brain-Computer Interface Industry Development - Sichuan province has launched an action plan to cultivate the brain-computer interface and human-computer interaction industries, targeting significant breakthroughs and the establishment of a robust industrial ecosystem by 2027 [8] Manus Product Launch - The AI Agent product Manus has announced its open access to all users, introducing a free task execution model and plans for a subscription service to accelerate commercialization [9]

Investment Rating - The investment rating for the electric power equipment industry is "Outperform the Market" [2][6]. Core Viewpoints - The recent US-China trade talks have resulted in significant tariff reductions, which are expected to positively impact the electric new energy sector's exports to the US. Key affected areas include the power battery supply chain, photovoltaic inverters, energy storage batteries, AIDC equipment, grid equipment, consumer lithium batteries, and wind power components. These sectors are anticipated to experience a recovery and acceleration in shipments to the US starting from May [4][5][6]. - The agreement reached during the talks includes the US committing to cancel 91% of tariffs imposed on Chinese goods and modifying 34% of reciprocal tariffs, with a 90-day suspension on 24% of these tariffs. Similarly, China will cancel 91% of its retaliatory tariffs on US goods and suspend 24% of the reciprocal tariffs for 90 days [3][6]. Summary by Relevant Sections - **Tariff Changes**: The US will cancel 91% of tariffs on Chinese goods and modify 34% of reciprocal tariffs, while China will cancel 91% of retaliatory tariffs and suspend 24% of reciprocal tariffs for 90 days [3][6]. - **Market Impact**: The agreement is expected to benefit companies in the electric new energy sector, particularly those involved in the power battery and energy storage battery supply chains, such as Ningde Times, Keda Li, and Xinjubang. Other companies to watch include Sunshine Power, Shenghong Co., and Megmeet [4][7]. - **Market Demand**: The US accounts for 10-15% of global power battery market demand, 30-40% of large energy storage market demand, and 10% of the global photovoltaic market demand. The successful conclusion of the trade talks is expected to enhance the short-term and long-term development prospects for various sectors [7].