Group 1 - The article discusses the potential impact of President Trump's announcement to raise import tariffs on steel and aluminum to 50%, which has increased uncertainty in the foreign trade environment and may disrupt the operations of export-related companies [2] - The adjustment of various stock indices, including the Shanghai 50 and CSI 300, is set to take effect on June 13, with several construction and building materials companies being removed from key indices, which may lead to stock price impacts for those companies [3]

Group 1: New Stock Market Trends - In May 2025, a total of 6 new stocks were listed, raising 34.56 billion yuan, a decrease of 58.20% month-on-month [3] - The average first-day increase for main board new stocks was 110.58%, while the double innovation board new stocks saw an average increase of 140.15% [3] - The monthly new stock subscription yield for accounts with a scale of 5 billion was approximately 0.045% for Class A and 0.043% for Class C, indicating low returns [3] Group 2: Credit Bond Market Observations - As of the end of May 2025, the total outstanding credit bond balance in China was 29.69 trillion yuan [4] - In May 2025, a total of 809.3 billion yuan in credit bonds were issued, a month-on-month decrease of 44.62% [4] - The issuance of urban investment bonds was 261.6 billion yuan, down 52.38% month-on-month and down 9.81% year-on-year, while industrial bonds reached 547.7 billion yuan, a month-on-month decrease of 39.94% but a year-on-year increase of 25.76% [4] Group 3: Chemical Industry Developments - The third round of central ecological environment protection inspections has commenced, focusing on the pesticide and pigment sectors [5] - The pesticide industry is experiencing an optimization of its capacity structure, with supply disruptions in chlorantraniliprole due to an explosion at Youdao Chemical [5] - The organic pigment industry is undergoing consolidation, with a positive outlook for high-performance organic pigment domestic replacements [5] Group 4: Transportation Sector Insights - OPEC+ has decided to increase oil production by 411,000 barrels per day for the third consecutive month, positively impacting oil transportation demand [6] - The average shipping rates for the US routes saw significant increases, with rates for the West and East coasts reaching 5,172 and 6,243 USD/FEU, respectively, up 57.9% and 45.7% from the previous week [7] Group 5: Construction and Building Materials - The China Securities Index Company announced adjustments to the sample stocks of indices such as the CSI 300 and CSI 500, effective June 13 [8] - Notable changes include the removal of Dongfang Yuhong from the CSI 300 index and the addition of Jianlang Hardware and Shenzhen Urban Transportation to the CSI 1000 index [8] - The adjustments may impact the stock prices of the companies removed from the indices, necessitating attention to related risks [8] Group 6: Pharmaceutical Industry Innovations - There are currently 14 PD-1 (PD-L1)/VEGF dual antibody products in clinical stages globally, all associated with Chinese companies [9] - The fastest progress is seen with Kangfang Biotech's Ivosidenib, which has been approved for market in China, while other companies like Zhenhua Cell and Rongchang Biotech are in advanced clinical trials [9] Group 7: Company Performance Overview - Op Lighting (603515.SH) reported a revenue of 1.49 billion yuan in Q1 2025, a year-on-year decrease of 5.8% [10] - The company achieved a total revenue of 7.1 billion yuan in 2024, down 9.0% year-on-year, with Q4 2024 revenue at 2.03 billion yuan, a year-on-year decline of 11.1% [10] - The company continues to optimize its channels to strengthen its competitive position [10]

Core Viewpoint - The real estate market is experiencing a decline in sales, with significant year-on-year decreases in both sales amounts and areas sold among top companies, indicating ongoing challenges in the sector [2][3][4]. Group 1: Sales Performance - In May 2025, the top 10 real estate companies reported total sales of 157.3 billion yuan, a year-on-year decrease of 9.4%, while the sales area decreased by 23.5% [2]. - Cumulatively from January to May 2025, the top 10 companies had total sales of 676.3 billion yuan, down 10.1% year-on-year, with a sales area decline of 23.1% [3]. - The top 100 companies in May 2025 had total sales of 317.8 billion yuan, reflecting a year-on-year decrease of 10.4% [2][4]. Group 2: Median Sales Data - Among the top 50 companies, 46 reported a median year-on-year sales change of -9.0% in May 2025, while the cumulative median for January to May was +0.2% [4]. - In May 2025, 7 out of 20 major companies reported positive year-on-year sales growth, with notable performances from China State Construction (up 455%) and Sunac China (up 128%) [4]. Group 3: Cumulative Sales Trends - The cumulative sales for the top 100 companies from January to May 2025 totaled 1,411.3 billion yuan, representing an 8.4% year-on-year decline [3]. - The average year-on-year sales growth for the top 50 companies in May was +37.5%, with a median of -9.0% [4].

Core Viewpoint - The article introduces a "Five-Dimensional Industry Comparison Framework" that evaluates industries based on market style, fundamentals, capital flow, trading, and valuation, emphasizing the need for a comprehensive analysis to guide investment decisions [2][3]. Group 1: Five-Dimensional Framework - The framework assigns equal weight to the five dimensions during non-earnings seasons, while increasing the weight of fundamentals during earnings seasons [2]. - Historical backtesting from 2016 to February 2025 shows that industries with higher scores in the framework tend to perform better, with annualized returns of 11.8% for the top group and -10.5% for the bottom group [3]. Group 2: June Subjective Judgments - The market style is expected to lean towards defensive sectors due to anticipated economic weakness and potential market sentiment decline [4]. - Capital flow is projected to be dominated by ETFs, with public funds likely to see net outflows, leading to higher scores for ETF-heavy industries [4]. - Low-valuation industries are expected to perform better in a declining market sentiment environment [4]. Group 3: June Industry Allocation Views - The article suggests a focus on defensive and low-valuation sectors for June, highlighting industries such as coal, utilities, banking, non-bank financials, construction decoration, and oil and petrochemicals as worthy of investor attention [5].

Market Sentiment Tracking - As of May 30, 2025, the proportion of rising stocks in the CSI 300 has increased month-on-month, with the rising stock ratio above 50%, indicating high market sentiment [2] - Momentum sentiment indicators show a downward trend in both fast and slow lines over the past month, with the fast line below the slow line, suggesting a cautious outlook in the near term [2] - The short-term CSI 300 index is currently in a non-prosperous sentiment zone [2] Fund Separation Degree Tracking - As of May 30, 2025, the degree of fund separation has slightly decreased, indicating a strengthening of fund clustering [3] - The excess returns of clustered stocks and funds have slightly declined over the past month [3] PB-ROE-50 Strategy Tracking - In May 2025, the PB-ROE-50 strategy achieved positive excess returns across various stock pools [4] - The strategy based on the CSI 500 stock pool gained an excess return of 2.39% [4] - The strategy based on the CSI 800 stock pool achieved an excess return of 1.30% [4] - The strategy based on the overall market stock pool obtained an excess return of 1.33% [4] Institutional Research Strategy Tracking - In May 2025, the private equity research tracking strategy generated positive excess returns [5] - The public fund research stock selection strategy relative to the CSI 800 had an excess return of -0.44% [5] - The private equity research tracking strategy relative to the CSI 800 achieved an excess return of 2.57% [5] Negative List - As of May 30, 2025, among the top 30 stocks with high interest-bearing debt ratios, several companies such as Zhongyida, Guiding Compass, and Modern Investment ranked 100 or lower under traditional metrics [6] - Stocks with high financial cost burden ratios include companies like Liaoning Chengda and Yinbao Shanyin, with all indicators exceeding 10 times [6]

Group 1: Market Strategy and Industry Outlook - The article suggests that the market style is expected to lean towards defensive and undervalued sectors, with high scores for industries such as coal, public utilities, banking, non-bank financials, construction decoration, and oil and petrochemicals, indicating potential investment opportunities [3] - The PB-ROE-50 strategy has outperformed the CSI 500, CSI 800, and the overall market by 2.39%, 1.30%, and 1.33% respectively, reflecting a strong performance in the current market environment [4] Group 2: Real Estate Sector - In May, the total sales amount of the top 100 real estate companies reached 317.8 billion, with a month-on-month increase of 2.9% but a year-on-year decrease of 10.4%. The cumulative sales from January to May showed a year-on-year decline of 8% [5] - Notable performers in May included China State Construction with a 455% increase, Sunac China with a 128% increase, and China Jinmao with a 72% increase, indicating some recovery in high-capacity cities [5] Group 3: Automotive Industry - The automotive market remained stable in May, with new forces expected to lead the industry in intelligent driving innovations. A new round of price wars is causing short-term disruptions, but the outlook for domestic sales in 2025 remains positive due to trade-in incentives [6] - The theme of intelligence in vehicles is anticipated to continue to develop, with a focus on companies capable of high-level autonomous driving and their supply chains [6] Group 4: Company-Specific Analysis - Up Beauty Co., listed in Hong Kong in 2022, has transformed from a single brand to a multi-brand, all-channel group, with its main brand, Han Shu, ranking second among domestic beauty brands in online GMV for 2024 and showing the fastest growth among leading beauty brands [7] - Peak Technology achieved a revenue of 600 million in 2024, a year-on-year increase of 45.94%, and a net profit of 222 million, up 27.18%. In Q1 2025, the company reported a revenue of 171 million, a 47.34% year-on-year increase, indicating sustained growth momentum [8]

Company Overview - Shangmei Co., Ltd. is a multi-brand cosmetics group established in 2004, listed on the Hong Kong Stock Exchange in 2022, covering skincare, maternal and infant care, personal care, and makeup products [2] - The main brand, Han Shu, launched in 2003, is the second largest domestic beauty brand by GMV in online channels for 2024 and has the highest growth rate among leading beauty brands [2] - The company has capitalized on the growth of the Douyin platform, achieving rapid revenue growth with a compound annual growth rate (CAGR) of 59.3% in revenue and 130.5% in net profit from 2022 to 2024 [2] Industry Analysis - The Chinese cosmetics industry has shown fluctuating growth since 2020, with a projected market size of 537.2 billion yuan in 2024, reflecting a 2.0% year-on-year decline [3] - Mass-market positioning is outperforming high-end positioning, indicating a consumer preference for cost-effectiveness [3] - Subcategories such as makeup and infant care are performing better than the overall cosmetics industry [3] - Domestic brands are leveraging online channels to gain market share, with Douyin emerging as a significant player, where Han Shu ranked first in GMV for beauty products in 2023 [3] Brand Growth Strategies - Han Shu focuses on mass-market positioning and scientific anti-aging, targeting a broad user base and enhancing profitability through new product launches and channel diversification [4] - The brand "Yi Ye" is capitalizing on the children's care market with triple-digit growth for two consecutive years, supported by endorsements from well-known actors and parenting experts [4] - Other potential brands include a hair care brand targeting hair loss and a makeup brand in collaboration with makeup artists, indicating a strategy to build multiple growth curves [4]

Group 1 - The article highlights the importance of tracking key economic data releases through a financial calendar provided by Everbright Research [1] - It mentions the availability of two types of mobile phone wallpapers designed for different screen types, indicating a focus on user experience and accessibility [2]

Core Viewpoint - The article discusses the stable performance of the automotive market in May, highlighting the delivery volumes of various electric vehicle manufacturers and the impact of new models and pricing strategies on market dynamics [2][5]. Group 1: Delivery Performance - Li Auto's delivery volume increased by 16.7% year-on-year and 20.4% month-on-month to 40,856 units [2] - Xpeng's delivery volume surged by 230.4% year-on-year but decreased by 4.3% month-on-month to 33,525 units [2] - NIO's delivery volume rose by 13.1% year-on-year but fell by 2.8% month-on-month to 23,231 units, with specific models like the L60 and Firefly showing notable performance [2] Group 2: New Model Launches - On May 28, Xpeng launched the Mona M03 with four new models, including the Max version, which features dual Orin chips and is priced below 150,000 yuan, achieving over 10,000 pre-orders within an hour [3] - On May 8, Li Auto released the upgraded L series, maintaining prices while upgrading chips from J5 to J6M and from dual Orin to Thor-U [3] Group 3: Purchase Incentives - Tesla maintains a delivery cycle of 1-3 weeks for the domestic Model 3 and 2-5 weeks for the upgraded Model Y, with ongoing financial incentives [4] - Li Auto's L series has a delivery cycle of 3-5 weeks, with the MEGA model's cycle reduced to 7-12 weeks [4] - NIO's various models have delivery cycles ranging from 2-5 weeks, with ongoing financial incentives [4] - Xpeng's delivery cycles for new models have also been shortened, indicating improved supply chain efficiency [4] Group 4: Market Dynamics and Price Wars - BYD has introduced up to 53,000 yuan in limited-time subsidies for 22 smart driving models, indicating a new round of price competition that may affect market sentiment [7] - Tesla plans to launch Robotaxi services in June, which could further stimulate the smart driving theme and benefit companies with advanced autonomous driving capabilities [7]

Industry Overview - The BLDC motor drive control chip industry has a broad market space due to the advantages of BLDC motors such as high reliability, low vibration, high efficiency, low noise, and energy saving. The penetration rate of BLDC motors in downstream applications continues to increase across various sectors including computing and communication devices, transportation, power tools, and industrial and automotive fields [2]. Company Focus - The company specializes in the research and development of high-performance motor drive control chips. The domestic integrated circuit industry started relatively late, and this specific segment has long been dominated by international giants like Texas Instruments (TI), STMicroelectronics (ST), Infineon, and Cypress. The company has developed a proprietary motor control processor core architecture through long-term R&D investment and technical accumulation, achieving widespread application of its products due to its technological and system-level service advantages [3]. Expansion into Emerging Fields - In 2024, the company is expected to benefit from increased server cooling demands driven by data center computing power needs, alongside continuous R&D investments in the industrial sector. The company is making proactive arrangements in the industrial servo field and is actively engaging in technical exchanges with downstream customers or Tier 1 manufacturers to promote the gradual mass production of industrial servo products [4]. Revenue Growth - The company achieved a revenue of 600 million yuan in 2024, representing a year-on-year growth of 45.94%. The net profit attributable to the parent company was 222 million yuan, up 27.18% year-on-year. In Q1 2025, the company reported a revenue of 171 million yuan, a year-on-year increase of 47.34%, while the net profit attributable to the parent company was 50 million yuan, a slight decrease of 0.29% year-on-year. This indicates a sustained growth in revenue levels and strong growth momentum for the company [5]. Competitive Advantages - The company possesses core advantages in three areas: chip technology, motor drive architecture, and motor technology. 1. Chip Technology: Unlike most domestic MCU manufacturers that use ARM Cortex-M processor core architecture, the company employs its proprietary ME core architecture specifically designed for motor control. 2. Motor Drive Architecture Technology: The company has made forward-looking arrangements in mainstream sensorless algorithms and motor vector control algorithms, expanding the application fields of high-performance motors. 3. Motor Technology: The company can propose specific driving methods tailored to the characteristics of customers' motors, optimizing the performance of motor systems [6].