Group 1 - The pharmaceutical and biotechnology index rose by 2.21%, outperforming the CSI 300 index by 3.30 percentage points and the ChiNext index by 2.00 percentage points, ranking second among 31 sub-industries [3] - Recent IND applications have been initiated for drugs such as BG-60366 from BeiGene and RFUS-949 from Renfu Pharmaceutical, while clinical applications for BGB-C354 and SSS55 injection have also been newly undertaken [4] Group 2 - The upcoming 2025 ASCO conference is expected to showcase Chinese innovative pharmaceutical companies, with a notable global licensing deal of $6.05 billion between 3SBio and Pfizer, enhancing the focus on PD-1 (PD-L1)/VEGF dual antibody products [5] - There are currently 14 PD-1 (PD-L1)/VEGF products in clinical stages globally, all associated with Chinese companies, with the fastest progress seen in the drug Ivorisumab from CanSino Biologics, which has been approved in China [5] Group 3 - Companies such as Zhenzhen Cell, Rongchang Biopharmaceutical, Junshi Biosciences, and Huahai Pharmaceutical have clinical products progressing quickly but have not yet established business development partnerships [6] - Huahai Pharmaceutical's HB0025 for endometrial cancer is expected to start Phase III clinical trials in the second half of 2025, while Zhenzhen Cell's SCTB14 has initiated Phase II/III clinical trials in March 2025 [6] Group 4 - The investment strategy for 2025 emphasizes structural selection of investment opportunities based on payment willingness and ability, focusing on three payment channels: in-hospital payments, out-of-pocket payments, and overseas payments [7] - The strategy highlights three key directions: policy support for innovative drugs and devices, expanding public demand for blood products and home medical devices, and the upward cycle of overseas sales for products like heparin and respiratory-related treatments [7]

Group 1 - The total outstanding credit bond balance in China reached 29.69 trillion yuan as of May 31, 2025, with a net financing of 692.04 billion yuan in May 2025 after issuing 809.3 billion yuan and repaying 740.1 billion yuan [2] - The outstanding local government financing bonds (LGFB) amounted to 15.36 trillion yuan, with a total issuance of 261.6 billion yuan in May 2025, reflecting a month-on-month decrease of 52.38% and a year-on-year decrease of 9.81% [2] - The outstanding industrial bonds balance was 14.33 trillion yuan, with an issuance of 547.7 billion yuan in May 2025, showing a month-on-month decrease of 39.94% but a year-on-year increase of 25.76% [2] Group 2 - The transaction volume of local government financing bonds in May 2025 was 801.15 billion yuan, with a turnover rate of 5.22%, indicating a decline both month-on-month and year-on-year [3] - The transaction volume of industrial bonds was 1.288 trillion yuan in May 2025, with a turnover rate of 8.99%, also reflecting a decrease compared to previous periods [3] - The credit spreads for various grades of local government financing bonds and industrial bonds narrowed compared to the previous month [3]

Group 1 - OPEC+ has decided to increase oil production by 411,000 barrels per day for the third consecutive month, aiming to boost its market share and counteract the low oil prices affecting US shale oil production [2] - The geopolitical situation, particularly the ongoing tensions related to Russia and Ukraine, is leading to stricter sanctions on Russian oil, which is expected to increase compliance demand for oil transportation [2] - The demand for oil transportation is anticipated to rise due to OPEC+'s strong willingness to increase production and the tightening sanctions on Russia and Iran's shadow fleets [2] Group 2 - The shipping rates for routes to the US have surged significantly, with average rates for the West and East coasts reaching $5,172 and $6,243 per FEU respectively, marking increases of 57.9% and 45.7% compared to the previous week [3] - The ongoing trade tensions and tariff uncertainties, particularly regarding steel tariffs, may impact long-term shipping rates despite the current high demand [3] - The transportation sector has shown resilience, with the transportation index experiencing a slight increase of 1.5% over the past five trading days, while all sub-sectors within transportation reported gains [3]

这一表态再次搅动美国目前的双边贸易谈判，欧盟对此表示，特朗普最新的关税举措破坏了为达成协议所做的 持续努力，欧盟并就反制措施发出警告。外贸环境的不确定性增加或将对出口链相关企业的经营带来扰动。 财联社5月30日讯，上证50、沪深300等多条指数样本股名单将迎来调整 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 5月30日，美国总统特朗普表示，将上调进口钢铝关税至50% 免责声明 日前，中证指数有限公司宣布将调整沪深300、中证500、中证1000、中证A50、中证A100、中证A500等指数 样本，此次调整为指数样本的定期例行调整，定期调整方案将于6月13日收市后正式生效。其中以下建筑建材 上市公司涉及到样本调整：1）东方雨虹被调出沪深300指数；2）冀东水泥、金隅集团被 ...

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].

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: 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]

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]