Core Viewpoint - Google's signing of the largest fusion power purchase agreement with Commonwealth Fusion Systems (CFS) marks a significant step towards the commercialization of nuclear fusion, indicating growing market recognition of the fusion industry [1][3]. Group 1: Agreement Details - On June 30, 2023, CFS announced that Alphabet, Google's parent company, will purchase 200MW of power from its fusion project in Chesterfield County, Virginia [1]. - The ARC project aims to build the world's first commercial fusion power plant, expected to be operational in the early 2030s, with a lifespan of 20 years or more, generating 400MW of fusion power sufficient to supply 150,000 households [1]. Group 2: CFS's Development Plans - CFS, established in 2018, has raised over $2 billion and is one of North America's largest nuclear fusion commercialization companies [2]. - In addition to the ARC project, CFS is developing the SPARC project, which aims to achieve net energy gain (Q>1) and provide critical knowledge for the ARC project [2]. - SPARC is designed with a plasma major radius of 1.85m, a minor radius of 0.57m, a plasma current of 8.7MA, and a maximum auxiliary heating power of 25MW, with a magnetic field strength of 12.2T [2]. Group 3: Market Recognition - Prior to Google's agreement, Microsoft had already committed to purchasing fusion power, with Helion Energy promising to deliver at least 50MW by 2029 [3]. - The increasing maturity of upstream equipment in the fusion industry and the acceleration of commercialization are evident, as major tech companies like Google and Microsoft sign power purchase agreements, indicating widespread market acceptance of fusion energy [3].

投资建议： 全固态电池产业化进程加速，看好固态电池产业链相关公司。 固态电池产业迭代正式开启，从 0 到 1 加速。 2025 年以来，固态电池产业化进展持续加速： 2 月，比 亚迪 CTO 孙华军在第二届中国全固态电池创新发展高峰论坛透露已经比亚迪开始启动固态电池产业化的 可行性验证，涵盖关键材料技术攻坚、电芯系统开发以及产线建设，计划于 2027 年左右启动全固态电池 批量示范装车应用， 2030 年后实现大规模上车应用； 5 月，国轩高科宣布已建成全固态电池中试线， 设计产能 0.2GWh ，电芯能量密度达 350Wh/kg ，并已开启装车测试。我们认为，头部企业在固态电池 端的"落子"有望吸引更多企业"入局"，产品技术迭代迎来持续向好。 车端、材料端、设备端协同共振，产业化进程加速。 目前我国固态电池发展形成"车企 + 电池厂"协同的 特点，如上汽集团与清陶能源。 材料端从电池到正负极、固态电解质、集流体等主材，以及粘结剂、添加 剂等辅材，均在加速研发与改进。固态电池专用设备方面，包括干法电极、等静压等设备厂商进展顺利。 综合多家车企、电池厂发布的固态电池量产计划，我们预计 2027 年全固态电池或迎 ...

Core Viewpoint - The article discusses the evolution of equity proprietary trading in the context of the changing market environment, highlighting the transition towards the "OCI+" strategy as a new starting point for brokers' proprietary trading business [1][3]. Group 1: Historical Evolution of Equity Proprietary Trading - Equity proprietary trading has undergone two significant phases of transformation: the exploration of multi-strategy trading around 2010, and the recent shift towards high-dividend OCI strategies since 2022 [1]. - Major brokers like CITIC Securities and Huatai Securities were early adopters of multi-strategy and quantitative models to achieve stable and neutral returns [1]. - The adoption of high-dividend OCI strategies has become a consensus in the industry, with brokers increasingly diversifying their asset allocations [1]. Group 2: Current Trends and Strategies - As of Q1 2025, the total investment in other equity instruments by listed brokers reached 506.4 billion, with an estimated 200 to 250 billion attributed to high-dividend OCI strategies, representing over 50% of the industry's equity allocation [2]. - The acceleration in adopting high-dividend OCI strategies is driven by changes in market conditions and regulatory constraints on proprietary trading, making it a favorable option for brokers to enhance their balance sheets and yield [2]. Group 3: Future Outlook and Recommendations - The new mission for equity proprietary trading is to achieve high-quality balance sheet expansion, with "OCI+" expected to be a new starting point [3]. - If brokers allocate OCI strategies to 40% of their net capital, the potential incremental growth could reach 497.2 billion, providing stable income through coupon revenue [3]. - Investment recommendations suggest focusing on leading brokers with significant competitive advantages and considering smaller brokers with strong equity proprietary trading flexibility [3].

Core Viewpoint - After the weakening of tariff frictions, the manufacturing sector shows signs of stabilization, although industry differentiation has intensified, indicating ongoing pressure in the real estate sector [1]. Manufacturing Sector - In June 2025, the manufacturing PMI was 49.7%, an increase of 0.2 percentage points from the previous month, reflecting a seasonal rebound [2]. - The purchasing index rebounded, suggesting that enterprises are gradually adapting to external disturbances, shifting from cautious expansion to a more positive outlook for future production [2]. - There is a notable divergence between large and small enterprises, with large enterprises continuing to expand while small enterprises are further contracting [2]. Supply and Demand - The overall supply and demand index in June showed a seasonal recovery, with certain industries like food, beverages, and specialized equipment in the expansion zone [3]. - The recovery in supply and demand is attributed to the easing of tariff frictions and the positive impact of fiscal policies, particularly in equipment renewal [3]. - Conversely, industries such as non-metallic mineral products and black metal smelting continue to experience contraction due to insufficient end-demand driven by real estate pressures [3]. Price Index - The manufacturing price index increased in June, primarily driven by rising oil prices due to tensions in the Middle East, while the price index for the black metal smelting industry continued to decline [3]. Non-Manufacturing Sector - The service sector's business activity index slightly decreased to 50.1%, indicating stability, but several industries, including retail and transportation, fell below the critical point after the May Day holiday effect faded [3]. - The construction sector showed a seasonal rebound, with civil engineering activities remaining robust, although demand for commercial housing was weak in the second quarter, potentially dragging down overall construction sentiment [3]. Policy Outlook - With the easing of tariff frictions, addressing low inflation internally is crucial. The government plans to issue the third batch of funds for the old-for-new consumer goods program in July, with expectations for positive policy effects [4]. - Future macroeconomic policies are likely to remain proactive, with a steady and loose monetary policy and accelerated fiscal measures anticipated [4].

Core Viewpoint - The article discusses the recent surge in the issuance of science and technology innovation bonds (科创债) since May, highlighting the potential for a corresponding ETF and the benefits of expanding the sample of bonds included in the index [1][2]. Group 1: Issuance and Market Dynamics - From May 7 to June 24, a total of 372 science and technology innovation bonds were issued, amounting to a total issuance scale of 577.67 billion yuan, with 382.23 billion yuan from the interbank market and 195.45 billion yuan from exchanges [1]. - The new issuances are primarily from central state-owned enterprises, with longer maturities and an increase in financial institution issuances [1]. - Five private venture capital institutions have successfully issued science and technology innovation bonds, totaling 1.35 billion yuan, with longer maturities concentrated in the 5-10 year range and flexible redemption terms [1]. Group 2: Interest Rates and Valuation - The newly issued science and technology innovation bonds generally have lower coupon rates, with approximately 72.54% of them being issued at lower valuations compared to similar non-innovation bonds with a remaining maturity of less than one year [2]. - The yield and spread of science and technology innovation bonds show significant differences based on the issuer type, including banks, brokerages, and other industry entities [2]. Group 3: ETF Development and Market Strategy - The science and technology innovation bond ETF is being concentrated in high-grade bonds, with the CSI and SSE AAA bond indices having durations close to 4 years and sample sizes of 1,033.5 billion yuan and 894.6 billion yuan, respectively [2]. - The article suggests that bonds included in both the science and technology innovation bond index and the credit bond benchmark index may experience similar market rotation characteristics, benefiting from the expansion of credit bond ETFs and the issuance of science and technology innovation bond ETFs [3]. - Non-sample science and technology innovation bonds are also expected to benefit from ETF expansion opportunities, particularly those from larger issuers that are not included in the index [3].

Group 1: Xiaomi's Ecosystem Launch - Xiaomi held a comprehensive ecosystem launch event on June 26, introducing several new products including the MIX Flip 2, Pad 7S Pro, K80 Supreme Edition, and the YU7 car model [3] - The YU7 car model achieved over 240,000 locked orders within 18 hours of its launch, with prices ranging from 253,500 to 329,900 yuan [3] - Other notable products included AI glasses priced from 1,999 yuan, and various mobile devices and home appliances [3] Group 2: Tesla's Robotaxi Pilot - Tesla launched its Robotaxi pilot program in Austin, Texas, on June 22, deploying around 10 refurbished Model Y vehicles with strict operational limitations [4] - The service operates from 6 AM to midnight, with a unified fare of $4.20, and includes a front-row safety operator for each vehicle [4] - Tesla aims for a fleet utilization rate exceeding 40 hours per week, with projected profit margins of 70%-80%, and envisions achieving a level of safety in autonomous driving that is ten times safer than human drivers [4] Group 3: Bilibili's 16th Anniversary - Bilibili celebrated its 16th anniversary on June 26, reporting over 107 million daily active users and 368 million monthly active users as of Q1 2025 [5] - The platform's average user age is 26, with over 70% of users being college students, indicating strong user engagement and retention [5] - In 2024, over 3.1 million content creators on Bilibili are expected to generate revenue, with a 28% increase in monthly average transaction volume and a 122% increase in monthly average charging revenue [5]

Group 1 - The core viewpoint is that the upward trend of the stock index is not yet over, with recent geopolitical issues causing only a slight pullback in mid-June, followed by a notable increase in A-shares as geopolitical tensions eased [3] - As of June 27, 2025, the best-performing sectors include banking and telecommunications, while food and beverage and coal industries show weaker performance [3] - The market's observation sentiment has improved with the index rebound, as evidenced by the annualized basis of IM stock index futures decreasing from a previous high of 17% to around 11% [3] Group 2 - The report recommends investing in dividend-paying construction state-owned enterprises at valuation bottoms, driven by market capitalization management and state-owned enterprise reform policies [7] - The report highlights the growth of China's foreign contracting business, with a revenue of 445.08 billion RMB from January to May 2025, marking a 6.6% year-on-year increase, and a new contract amount of 709.08 billion RMB, up 14.4% [8] - The report suggests investing in companies within the new productivity construction industry chain, which combines dividends and growth potential, particularly in areas like low-altitude economy and AI [8]

Core Viewpoint - The article emphasizes that the core trends in the computer industry are driven by AI, localization, and the implementation of robotics, with significant developments from Huawei, Hong Kong's digital asset policies, and Xiaomi's product launches [1][3][4] Group 1: Huawei Developer Conference - The Huawei Developer Conference showcased the HarmonyOS 6 operating system and the launch of Huawei Cloud's Pangu Model 5.5, marking a new phase in the Harmony ecosystem [2] - Over 40 Huawei terminal products are now equipped with HarmonyOS 5, featuring more than 260 new functions and over 9,000 applications involved in system-level innovations [2] - Huawei Cloud aims to integrate embodied intelligence into all connected devices, with the introduction of the CloudRobo platform to enhance innovation in this area [2] Group 2: Hong Kong Digital Asset Policy - Hong Kong's government released the "Digital Asset Development Policy Declaration 2.0," aiming to position the region as a global innovation hub for digital assets [3] - The policy highlights the potential of digital assets in financial technology, promoting efficient and low-cost financial transactions through blockchain technology [3] - The government plans to create a diverse digital asset ecosystem that integrates with the real economy and society, reinforcing Hong Kong's status as an international financial center [3] Group 3: Xiaomi Product Launch - Xiaomi's recent launch event introduced several new products, including the YU7 model, which achieved over 200,000 pre-orders in just three minutes and surpassed 240,000 orders within 18 hours [4] - The company plans to continue investing in advanced driver-assistance systems and aims to upgrade its AI model in the second half of the year [4] - Xiaomi's projected R&D investment of 200 billion over the next five years is expected to enhance its market competitiveness across various technological advancements [4]

Core Viewpoint - The 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War will be marked by a grand military parade, showcasing China's military technology and strategic deterrence capabilities, indicating a sustained high demand in the military industry [1][2]. Group 1: Military Parade Highlights - The military parade will feature a combination of foot formations, equipment formations, and aerial teams, demonstrating the restructured military capabilities and the integration of various armed forces [1]. - The parade will include new-generation traditional weaponry alongside advanced combat forces such as unmanned systems, underwater operations, cyber warfare, and hypersonic technologies, all of which are domestically produced [2]. - Key characteristics of the displayed weaponry include systematic selection from various military branches, comprehensive coverage of military capabilities, and a focus on practical combat scenarios [2]. Group 2: Industry Outlook - The military industry is expected to maintain a high level of demand due to increasing tensions in the Asia-Pacific region and the necessity for enhanced national defense investments [3]. - The goal of achieving a modernized weaponry system by 2027 will drive the acceleration of reforms and innovations within the military sector, particularly in phasing out outdated equipment [3]. - Future military spending is likely to focus more on aerospace and aviation sectors, given the existing gaps in capabilities compared to the U.S. [3].

Market Overview - The overall trading heat in the market has significantly increased, with a notable inflow of financing funds. The average daily trading volume in the A-share market rose from 1.2 trillion to 1.5 trillion, and the turnover rate of the Shanghai Composite Index increased to the 85th percentile [1] - The proportion of stocks that rose increased to 88.6%, with the median weekly return for all A-shares rising to 4.4% [1] Fund Flow Analysis - Public funds saw a decrease in new issuance scale to 15.904 billion, while private equity confidence index slightly declined with a small increase in positions [2] - Foreign capital experienced a net outflow of 370 million USD, with northbound trading volume dropping to 11.0% [2] - The net inflow of financing reached 25.6 billion, with the total margin balance rising to 1.8 trillion [2] Industry Allocation - In the non-bank financial sector, there was a clear divergence in fund flows, with financing funds flowing in while ETF funds flowed out. The computer sector saw a net inflow of 4.94 billion, while real estate experienced a net outflow of 240 million [3] - The banking and pharmaceutical sectors saw net inflows of 1.57 billion and 600 million respectively, while non-bank financials faced a net outflow of 4.03 billion [3] Hong Kong and Global Fund Flow - Southbound funds saw a net inflow of 28.4 billion, reaching the 96th percentile since 2022. The Hang Seng Index rose by 3.2% during this period [4] - Developed markets generally received net inflows of foreign capital, with the UK and Japan leading with inflows of 1.01 billion and 910 million respectively [4]