[Table_Main] 行业研究|信息技术|软件与服务 证券研究报告 计算机行业周报 2025 年 06 月 03 日 [Table_Title] 国产 EDA 有望加速发展，产业空间广阔 ——计算机行业周报 [Table_Summary] 报告要点： 本周(2025.5.26-2025.5.30)市场回顾 1) 本周(2025.5.26-2025.5.30)计算机（申万）指数上涨 1.77%，扭转 了前两周持续下跌的趋势，位居涨幅榜第五。本周上证指数下跌 0.03%，深证成指下跌 0.91%，创业板指下跌 1.40%。 2) 细分板块方面，申万二级行业指数：计算机设备(801101.SL)、软件 开发(801104.SL)、IT 服务Ⅱ(801103.SL)涨跌幅分别为 2.14%、 2.04%、1.18%，均呈现上涨趋势。 本周重点公告 1) 新国都发布《2025 年股票期权激励计划（草案）》：本计划授予的 股票期权所涉及的标的股票总数为 1900 万股，占本激励计划草案公 告时公司股本总额 567299123 股的 3.35%，本计划授予的股票期权 的行权价格为 25 元/份，行权考核年度为 2025 ...

[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 2025 年 06 月 02 日 [Table_Title] 英伟达 FY26Q1 业绩超预期，2025 迎来 AI PC 爆 [Table_Invest] 推荐|维持 [Table_Summary] 报告要点： 本周（2025.5.26-2025.6.1）市场回顾 1）海外 AI 芯片指数本周上涨 3.0%，全球贸易紧张局势出现缓和迹 象，欧美将加快贸易谈判进程，海外芯片行情有所回暖。英伟达发布 最新业绩报告，数据中心实现强劲增长，同比增加 73%，数据中心销 售额增长缓解了市场对于供应链问题和贸易限制带来的部分担忧。2） 国内 AI 芯片指数本周续跌 2.6%。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 2.3%，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 2.0%，受英伟达数据中心销售额实现较大涨幅，供应链问题有 所缓解，服务器出货预期增强。5 ...

半导体与半导体生产设 备行业周报、月报 2025 年 06 月 02 日 [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 [Table_Title] 英伟达 FY26Q1 业绩超预期，2025 迎来 AI PC 爆 [Table_Invest] 推荐|维持 [Table_Summary] 报告要点： 本周（2025.5.26-2025.6.1）市场回顾 1）海外 AI 芯片指数本周上涨 3.0%，全球贸易紧张局势出现缓和迹 象，欧美将加快贸易谈判进程，海外芯片行情有所回暖。英伟达发布 最新业绩报告，数据中心实现强劲增长，同比增加 73%，数据中心销 售额增长缓解了市场对于供应链问题和贸易限制带来的部分担忧。2） 国内 AI 芯片指数本周续跌 2.6%。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 2.3%，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 2.0%，受英伟达数据中心销售额实现较大涨幅，供应链问题有 所缓解，服务器出货预期增强。5 ...

[Table_Title] 金股报告 国元证券 2025 年 6 月金股组合及投资逻辑 ——2025 年第 6 期 报告要点： 国元月度金股（2025 年 6 月） |  | 年 国元月度金股（2025 | 月） 6 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行 业 | 公司名称 | 股票代码 | | EPS | | 收盘价 | PE(TTM) | 推荐人 | | | | | 24A | 25E | 26E | | | | | 电新机械 | 杰瑞股份 | 002353.SZ | 2.57 | 2.88 | 3.39 | 34.52 | 13.01 | 龚斯闻 | | 计算机 | 国能日新 | 301162.SZ | 0.93 | 1.21 | 1.56 | 47.07 | 57.83 | 耿军军 | | 汽车 | 银轮股份 | 002126.SZ | 0.94 | 1.31 | 1.62 | 24.90 | 25.84 | 陈烨尧 | | 军工及新材料 | 国科军工 | 688543.SH | 1.13 | ...

Report Industry Investment Rating No industry investment rating information is provided in the report. Core View of the Report On May 30, 2025, the two markets adjusted with shrinking volume, and the breeding stocks strengthened collectively. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all declined, and most industries and concept sectors fell. The main funds had a net outflow, while the southbound funds had a net inflow. The closing prices of major Asia - Pacific stock indexes on May 30 showed mixed performance, and the European and US stock indexes on May 29 also had different trends [2]. Summary by Directory 1. Market News - In Q1 2025, the balance of RMB loans of financial institutions was 265.41 trillion yuan, a year - on - year increase of 7.4%, and the RMB loans increased by 9.78 trillion yuan in Q1 [12]. - In April 2025, China's international balance of payments in goods and services trade had an import - export scale of 43706 billion yuan, a year - on - year increase of 6%, with a trade surplus of 462 billion US dollars [12]. - In June 2025, 1932 kinds of food in Japan will increase in price, and the annual increase may exceed 20,000 kinds, affected by factors such as rising raw material prices and labor costs [12]. - US tariff policies and other uncertainties dragged down corporate performance and the employment market in Q1 2025, with corporate profits falling by 118.1 billion US dollars and the number of initial jobless claims increasing [12]. - Three departments issued a notice to increase the salary distribution incentives for state - owned enterprise skilled talents, including optimizing salary distribution, setting up special allowances, and improving the salary growth mechanism [12]. 2. Overall Market Performance - On May 30, 2025, the two markets adjusted with shrinking volume. The Shanghai Composite Index fell 0.47%, the Shenzhen Component Index fell 0.85%, and the ChiNext Index fell 0.96%. The market turnover was 1138.816 billion yuan, a decrease of 46.415 billion yuan from the previous trading day. There were 1132 rising stocks and 4216 falling stocks in the whole market [2][15]. 3. Market Style and Industry Performance - Style: The order of index gains and losses is 0 > Stable > Financial > Consumption > Cycle > Growth; Large - cap value > Mid - cap value > Small - cap value > Large - cap growth > Small - cap growth > Mid - cap growth; Fund heavy - holdings performed better than the CSI All - Share Index [20]. - Industry: Among the 30 CITIC first - level industries, most declined. The relatively top - performing industries were Agriculture, Forestry, Animal Husbandry and Fishery (1.42%), Banking (0.64%), and Medicine (0.36%); the relatively bottom - performing industries were Automobile (- 1.92%), Computer (- 1.79%), and Electronics (- 1.75%) [20]. - Concept sectors: Most concept sectors fell. The rising sectors included Heparin, Pork, and Alzheimer's, while the sectors with significant declines included Reducers, Molten Salt Energy Storage, and Controllable Nuclear Fusion [20]. 4. Capital Flow Performance - On May 30, the main funds had a net outflow of 50.84 billion yuan, with super - large orders having a net outflow of 25.892 billion yuan and large orders having a net outflow of 24.948 billion yuan. Medium - sized orders had a net inflow of 9.547 billion yuan, and small orders had a continuous net inflow of 38.896 billion yuan [3][24]. - Southbound funds had a net inflow of 9.646 billion Hong Kong dollars on May 30, with a net inflow of 8.167 billion Hong Kong dollars through Shanghai - Hong Kong Stock Connect and 1.479 billion Hong Kong dollars through Shenzhen - Hong Kong Stock Connect [4]. 5. ETF Capital Flow Performance - On May 30, most of the trading volumes of ETFs such as SSE 50, CSI 300, CSI 500, and CSI 1000 increased compared with the previous trading day. On May 29, the main broad - based ETF capital flow showed that funds mainly flowed into the CSI 300ETF, with an inflow amount of 2.213 billion yuan [29]. 6. Global Market Performance - On May 30, the closing prices of major Asia - Pacific stock indexes showed mixed performance. The Hang Seng Index fell 1.20%, the Hang Seng Tech Index fell 2.48%, the Nikkei 225 Index fell 1.22%, the South Korean Composite Index fell 0.84%, and the Australian S&P 200 Index rose 0.30% [33]. - On May 29, the three major European stock indexes generally declined, while the three major US stock indexes generally rose. Among the popular technology stocks in the US, the "Big Seven" had different trends [5].

Investment Rating - The report maintains a "Recommended" investment rating for the renewable energy sector, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7]. Core Insights - The report highlights a structural recovery in the energy sector, with supply and demand pressures being released. The performance of the power equipment sector has lagged behind the broader market indices, with a decline of 0.71% during the review period [2][12]. - The solar energy sector is experiencing a price correction after a surge in demand driven by distributed project procurement. Key components such as silicon materials, wafers, and modules have seen price adjustments, but the overall profitability of the industry remains stable due to effective inventory management [4]. - The wind energy sector is projected to benefit from a high domestic localization rate exceeding 90%, with significant growth expected in offshore wind projects in 2025. The report suggests a positive outlook for domestic wind energy companies [5]. Summary by Sections Weekly Market Review - From May 18 to May 23, 2025, the Shanghai Composite Index fell by 0.57%, while the Shenzhen Component Index and the ChiNext Index decreased by 0.46% and 0.88%, respectively. The Shenwan Power Equipment Index underperformed, declining by 0.71% [12]. - Sub-sectors such as photovoltaic equipment and wind power equipment saw declines of -3.19% and -1.81%, respectively, while battery and grid equipment experienced slight increases [12][15]. Key Sector Tracking - **Ningde Times**: On May 20, 2025, Ningde Times listed on the Hong Kong Stock Exchange, issuing 135 million shares at an initial price of 263.00 HKD per share, with the opening price rising to 296.00 HKD, a 12.55% increase [3][21]. - **Photovoltaic Sector**: The report emphasizes the resilience of demand in the photovoltaic sector, supported by project reserves and technological advancements, with a recommendation to focus on companies like GCL-Poly, JinkoSolar, and Sungrow [4]. - **Wind Power Sector**: The report suggests a favorable outlook for domestic wind power companies, highlighting the competitive advantage in core components and the positive trend in exports [5]. Industry News - **BYD**: Announced the launch of lithium iron phosphate batteries for two and three-wheeled electric vehicles, marking its entry into the low-speed electric vehicle battery market [21]. - **Ningde Times**: The company aims to promote a global zero-carbon economy through its recent listing [21]. - **Market Performance**: BYD achieved a historic breakthrough in Europe, surpassing Tesla in electric vehicle sales for the first time, with a 169% year-on-year increase in registrations [23]. Price Data - The report includes various price trends for key components in the renewable energy sector, indicating fluctuations in silicon material prices and module prices, which are essential for assessing the industry's cost structure [31][34].

Investment Rating - The report maintains a "Buy" rating for the renewable energy sector, indicating a positive outlook for the industry [7]. Core Insights - The report highlights a structural recovery in the energy sector, with supply and demand pressures being released. The performance of the power equipment sector has lagged behind the broader market indices, with a decline of 0.71% during the review period [2][12]. - The solar photovoltaic (PV) industry is experiencing a price correction after a surge in demand, with prices for silicon materials, wafers, and modules adjusting downward but still maintaining a buffer above Q1 lows. The demand side shows structural resilience, supported by domestic project reserves and accelerated inventory depletion in Europe [4]. - The wind power sector is expected to thrive, with over 90% localization in the supply chain and a favorable export trend. 2025 is projected to be a significant year for offshore wind power in China, with various projects accelerating construction [5]. - The electric vehicle (EV) sector continues to grow rapidly, with a focus on battery and structural components benefiting from low raw material prices. Leading companies are expected to benefit from the recovery of the industry as excess capacity is gradually eliminated [5]. Weekly Market Review - From May 18 to May 23, 2025, the Shanghai Composite Index fell by 0.57%, while the Shenzhen Component Index and the ChiNext Index decreased by 0.46% and 0.88%, respectively. The Shenwan Power Equipment Index underperformed, declining by 0.71% [12]. - The sub-sectors of solar equipment, wind power equipment, batteries, and grid equipment experienced varied performance, with solar equipment down by 3.19% and wind power equipment down by 1.81% [12][15]. Key Company Tracking - CATL (宁德时代) successfully listed on the Hong Kong Stock Exchange on May 20, 2025, with an initial public offering price of HKD 263.00 per share, opening at HKD 296.00, a 12.55% increase [3][21]. - BYD has made significant strides in the European market, surpassing Tesla in electric vehicle sales for the first time in April 2025, with a 169% year-on-year increase in registrations [23]. Investment Recommendations - For the solar sector, companies such as GCL-Poly Energy, JinkoSolar, and Sungrow Power Supply are recommended due to their strong supply chain optimization and capacity upgrades [4]. - In the wind power sector, companies like Goldwind and Mingyang Smart Energy are highlighted for their competitive advantages in domestic and international markets [5]. - In the EV sector, companies such as CATL, EVE Energy, and Hozon Auto are suggested for their stable profitability and benefits from the recovery of the industry [5].

Market Performance - On May 29, 2025, the A-share market indices showed a strong upward trend, with the Shanghai Composite Index rising by 0.70%, the Shenzhen Component Index by 1.24%, and the ChiNext Index by 1.37%[2] - The total market turnover reached 1,185.23 billion yuan, an increase of 175.48 billion yuan compared to the previous trading day[2] Sector Performance - Among the 30 major sectors, the top performers included Comprehensive Finance (7.68%), Computer (3.64%), and Medicine (2.33%), while the laggards were Banking (-0.21%), Food and Beverage (-0.20%), and Oil and Petrochemicals (-0.13%)[20] - Growth stocks outperformed value stocks, with small-cap growth leading the performance rankings[20] Capital Flow - On May 29, 2025, the net inflow of main funds was 15.196 billion yuan, with large orders showing a net inflow of 17.828 billion yuan and medium orders showing a net outflow of 18.550 billion yuan[24] - Southbound funds recorded a net inflow of 4.382 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 4.186 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 0.196 billion HKD[26] ETF Activity - Major ETFs such as the Huaxia Shanghai 50 ETF and the Huatai-PB CSI 300 ETF saw significant increases in trading volume, with changes of +1.514 billion yuan and +1.402 billion yuan respectively[29] - The inflow into the Sci-Tech 50 ETF on May 28 was 0.382 billion yuan, indicating a strong interest in technology-focused investments[29] Global Market Trends - On May 29, 2025, major Asia-Pacific indices closed higher, with the Hang Seng Index up 1.36% and the Nikkei 225 Index up 1.88%[33] - In contrast, European indices fell on May 28, with the DAX down 0.78% and the FTSE 100 down 0.59%[33]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - On May 28, 2025, the three major indices experienced fluctuations, with the jewelry and accessories sector continuing to rise significantly. The Shanghai Composite Index fell by 0.02%, the Shenzhen Component Index decreased by 0.26%, and the ChiNext Index dropped by 0.31%. The total market turnover was 1,009.75 billion yuan, an increase of 10.997 billion yuan compared to the previous trading day. A total of 1,792 stocks rose while 3,503 stocks fell [2][16] Market Overview - The market style ranking in terms of performance was: Consumer > 0 > Stability > Cycle > Growth > Finance; Small-cap value > Large-cap value > Mid-cap value > Mid-cap growth > Large-cap growth > Small-cap growth. Fund-heavy stocks outperformed the CSI All Share Index [21] - Among the 30 first-level industries, the top performers were: Comprehensive Finance (1.73%), Retail Trade (1.15%), and Coal (0.73%). The laggards included: Non-Bank Financials (-1.02%), Basic Chemicals (-0.86%), and Agriculture, Forestry, Animal Husbandry, and Fishery (-0.77%) [21] Fund Flow Performance - On May 28, 2025, the main funds had a net outflow of 28.964 billion yuan. Specifically, there was a net outflow of 10.119 billion yuan from large orders, 18.846 billion yuan from big orders, while medium orders saw a net inflow of 1.151 billion yuan, and small orders continued to see a net inflow of 25.926 billion yuan [25] - Southbound funds had a net inflow of 3.578 billion HKD on May 28, 2025, with the Shanghai-Hong Kong Stock Connect seeing a net inflow of 3.924 billion HKD, while the Shenzhen-Hong Kong Stock Connect had a net outflow of 0.346 billion HKD [27] ETF Fund Flow - On May 28, 2025, the trading volume of major ETFs such as the SSE 50, CSI 300, CSI 500, and CSI 1000 decreased compared to the previous trading day. The trading volumes were 0.919 billion yuan, 2.130 billion yuan, 0.643 billion yuan, 0.378 billion yuan, 0.732 billion yuan, 0.851 billion yuan, and 0.162 billion yuan respectively, with changes of -0.231 billion yuan, -0.155 billion yuan, +0.248 billion yuan, +0.025 billion yuan, -0.443 billion yuan, -0.204 billion yuan, and -0.026 billion yuan [30] Global Market Performance - On May 28, 2025, major Asia-Pacific indices closed mixed. The Hang Seng Index fell by 0.53% to 23,258.31 points, while the Nikkei 225 Index decreased by 0.01% to 37,722.40 points. The Korean Composite Index rose by 1.25% to 2,670.15 points [34]

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [5]. Core Insights - The food and beverage sector in A-shares experienced a decline of 0.80% over the past two weeks, underperforming the Shanghai Composite Index by 0.99 percentage points and the Shenzhen Component Index by 0.85 percentage points [2][13]. - In terms of sub-sectors, health products (+7.45%), other alcoholic beverages (+5.50%), and pre-processed foods (+3.63%) showed the highest gains, while liquor (-2.27%), meat products (-0.93%), and beer (-0.11%) faced the largest declines [2][13]. - The report highlights that the retail sales of consumer goods in April grew by 5.1% year-on-year, with significant growth in the retail of grain and oil food (+14.0%), beverages (+2.9%), and tobacco and alcohol (+4.0%) [5][56]. Summary by Sections 1. Market Review - The A-share food and beverage industry has underperformed major indices, with a year-to-date decline of 0.46% [13]. - Individual stocks such as Jiaoda Onlly (+42.75%) and Kweichow Moutai have shown significant gains, while stocks like Yingjia Gongjiu (-8.62%) and Wufangzhai (-7.39%) have declined [2][13]. 2. Key Data Tracking - The average price of fresh milk in major production areas is 3.07 yuan/kg, down 9.2% year-on-year [4][38]. - The price of pork is 25.84 yuan/kg, up 3.8% year-on-year, while the price of yellow soybeans is 4,195 yuan/ton, down 10.3% year-on-year [4][42]. 3. Key Policies and News - The FDA in the U.S. is promoting the replacement of synthetic food colorings with natural alternatives, which may impact global food and beverage formulations [5][56]. - Beer exports from China increased by 9.9% in the first four months of the year, with April exports reaching 6.279 million liters, a 17.8% increase year-on-year [5][56]. 4. Important Company Announcements - Hengshun Vinegar announced a share buyback plan of no less than 50 million yuan and no more than 100 million yuan [57]. - Xianle Health received approval for its production base in Thailand, focusing on modern food production [57]. 5. Investment Recommendations - The report suggests focusing on high-end liquor companies with strong brand and channel power, such as Kweichow Moutai and Wuliangye, as well as regional leaders like Huadong Longshan and Qingdao Beer [9][58]. - For consumer goods, the report highlights the rising interest in yellow wine and the upcoming peak season for beer consumption [9][58].