Investment Rating - The automotive industry is rated as "Outperform the Market" [3][15]. Core Insights - The automotive sector experienced a weekly increase of 1.03%, with the A-share automotive index closing at 7,219.3 points, ranking 25th out of 31 sectors [3][7]. - Tesla's revenue for the first half of 2025 was $41.83 billion, a year-on-year decrease of 10.6%, with a net profit of $1.58 billion, down 43.3% year-on-year [3][6]. - The report highlights the potential growth of Robotaxi and Optimus, which could significantly enhance Tesla's valuation [3][4]. Summary by Sections Market Performance - The A-share automotive sector's weekly performance was +1.03%, with sub-sectors such as commercial vehicles (+4.26%) and automotive services (+1.69%) leading the gains [3][9]. - Top-performing stocks in the A-share automotive sector included Fosa Technology (+28.03%) and Tianpu Shares (+23.73%) [3][10]. Tesla Financials - Tesla's Q2 2025 revenue was $22.50 billion, showing a month-on-month increase of 16.35% but a year-on-year decrease of 11.78% [6]. - The gross profit for Q2 2025 was $3.88 billion, with a gross margin of 17.24%, indicating a stabilization after previous declines [6]. Market Dynamics - The report notes that Tesla's production for 2025 is projected at 773,000 vehicles, with deliveries at 721,000, primarily affected by weak demand in Europe and the U.S. [3][4]. - The Chinese market showed stability, with Tesla's wholesale sales in June 2025 reaching 71,599 units, marking a 0.8% year-on-year increase [3][4]. Future Growth Drivers - The report emphasizes the acceleration of AI-driven growth for Tesla, particularly through Full Self-Driving (FSD) and Robotaxi services, which are expected to expand significantly in the coming years [3][4]. - Optimus, Tesla's humanoid robot, is set to launch prototypes by October 2025, with mass production targeted for early 2026, potentially transforming labor dynamics [3][4]. Investment Recommendations - The report suggests focusing on leading smart vehicle companies like Xiaomi Group, Xpeng Motors, and Li Auto, which are expected to establish user experience barriers [4]. - It also highlights the rise of domestic supply chains transitioning from single component suppliers to integrated smart component system providers, recommending attention to companies like Baolong Technology [4].

Investment Rating - The report rates the industry as "Outperform" compared to the market [1] Core Insights - The integrated circuit manufacturing sector leads the electronic industry, with a weekly increase of 7.55% [2] - The launch of the Yajiang Hydropower Project is expected to accelerate the development of High Voltage Direct Current (HVDC) technology, with a total investment of approximately 1.2 trillion yuan [5][6] - The global HVDC market is projected to grow from $10.94 billion in 2024 to $11.70 billion in 2025, reflecting a year-on-year increase of 6.9% [7][24] - The domestic market for thyristors is expected to grow significantly, from 1.582 billion yuan in 2020 to 3.096 billion yuan in 2024, with a compound annual growth rate of approximately 18.3% [26] Summary by Sections 1. HVDC Overview - The Yajiang Hydropower Station will alleviate the imbalance in water and electricity supply in the region, with the southwestern area holding 70% of China's water energy resources [9][11] - HVDC technology has evolved through three generations, with the second generation (LCC) being the most mature and widely used for ultra-high voltage direct current (UHVDC) applications [17][20] 2. Market Demand for Thyristors - The demand for thyristors in the HVDC market is continuously increasing, driven by the expansion of high-voltage direct current projects [22][26] - The domestic market for thyristors is dominated by companies such as JieJie Microelectronics and Times Electric, which hold significant market shares [27][34] 3. Investment Opportunities - The report suggests focusing on investment opportunities in the thyristor market, particularly with companies like JieJie Microelectronics and Times Electric, which are closely linked to the HVDC industry [8][34] - JieJie Microelectronics has achieved full control over the thyristor supply chain and has recently patented technology to enhance thyristor performance [34] - Times Electric has introduced a new series of high-voltage thyristors, filling a domestic gap and contributing to the localization of ultra-high voltage projects [37]

Investment Rating - The food and beverage industry is rated as "stronger than the market" [1][3] Core Views - The food and beverage sector has shown a weekly increase of 0.74%, underperforming the Shanghai Composite Index which rose by 1.67% [1][7] - The industry is currently at a historical low valuation, with a PE-TTM of 21.41x, placing it in the 16th percentile over the past 15 years [14][17] - The white liquor sector is experiencing a rebound driven by external economic and policy factors, particularly the Ya River hydropower project, which is expected to boost consumption [4][22] - The beer sector faced slight pressure in June, with production down by 0.2% year-on-year, but Qingdao Beer is diversifying into the water market [29][30] - The dairy sector shows a mixed performance, with production up by 4.1% in June, but prices for fresh milk are still under pressure [34][36] - The soft drink market is shifting towards health and functionality, with electrolyte drinks seeing significant sales growth [40][41] Summary by Sections Market Review - The food and beverage sector increased by 0.74% in the week of July 21-25, ranking 26th among 31 sub-industries [1][7] - The sector's performance was better from Monday to Thursday, gaining 2.44%, but saw a significant drop of 1.65% on Friday [1][7] White Liquor - Public funds have significantly reduced their allocation to white liquor, with a heavy reliance on stable pricing and dividends from leading companies like Kweichow Moutai and Wuliangye [3][22] - The Ya River hydropower project is expected to stimulate white liquor consumption due to increased infrastructure investment [22][24] Beer - In June, beer production was 4.12 million kiloliters, a slight decrease of 0.2% year-on-year, attributed to weak dining consumption [29][30] - Qingdao Beer is expanding into the health drink market, leveraging celebrity endorsements to boost sales [30][41] Dairy Products - Dairy production in June reached 254.6 thousand tons, up 4.1% year-on-year, while the average price of fresh milk is stabilizing [34][36] Soft Drinks - The trend towards health and functionality is reshaping the soft drink market, with significant growth in electrolyte drink sales, which increased from 476 million yuan to 1.493 billion yuan year-on-year [40][41]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the week from July 21 - July 25, 2025, ETF funds had the highest average weekly increase of 2.40%. Other types of funds ranked by average weekly returns from high to low were: quantitative funds (2.25%), active equity funds (1.76%), QDII funds (1.12%), FOF funds (0.65%), bond funds (-0.04%), and REITs funds (-1.87%) [2][8]. - Year - to - date, QDII funds led with an average return of 18.73%, followed by REITs funds (16.80%), active equity funds (13.86%), quantitative funds (12.69%), ETF funds (12.46%), FOF funds (6.94%), and bond funds (1.68%) [8]. 3. Summary According to the Table of Contents 3.1 Cross - Category Fund Product Return Overview - This week, ETF funds had the highest average weekly increase of 2.40%, followed by quantitative funds (2.25%), active equity funds (1.76%), QDII funds (1.12%), FOF funds (0.65%), bond funds (-0.04%), and REITs funds (-1.87%) [2][8]. - Year - to - date, QDII funds had an average return of 18.73%, REITs funds 16.80%, active equity funds 13.86%, quantitative funds 12.69%, ETF funds 12.46%, FOF funds 6.94%, and bond funds 1.68% [8]. 3.2 Active Equity Funds - **Performance of Major Broad - based Indexes in A - share and Hong Kong Markets**: This week, all major broad - based indexes in the A - share market rose, with the overall increase lower than last week. The Science and Technology Innovation 50 Index had the best performance with a 4.63% increase, followed by the CSI 500 Index (3.28%), and the SSE 50 Index had the smallest increase of 1.12%. In the Hong Kong market, major broad - based indexes also rose, with the increase lower than last week. The Hang Seng Index and Hang Seng Tech Index increased by 2.27% and 2.51% respectively [12]. - **Performance of Shenwan Primary Industry Indexes**: Most Shenwan primary industry indexes rose this week. The building materials, coal, and steel industry indexes performed relatively well, with weekly increases of 8.20%, 7.98%, and 7.67% respectively. The public utilities, communication, and banking industry indexes performed weakly, with weekly increases of - 0.27%, - 0.77%, and - 2.87% respectively [15]. - **Overview of High - performing Active Equity Funds**: The average weekly return of active equity funds was 1.76%. Jinxin Industry Preferred Hybrid A had the best performance with a weekly return of 11.66%. High - performing funds mostly held stocks in the electronics, non - ferrous metals, and coal industries [17]. - **Overview of Industry - specific Active Equity Funds**: The average weekly return of industry - specific active equity funds was 1.51%, slightly weaker than the overall level of active equity funds. Cyclical industry funds performed brightly this week, with an average return of 4.86%. TMT industry funds had an average weekly return of 2.12%, ranking second. Pharmaceutical industry funds had a relatively weak performance with an average weekly return of - 0.15%. The average returns of other three types of industry funds were: mid - stream manufacturing (1.87%), consumption (1.56%), and financial real estate (1.35%) [19]. - **Overview of Non - industry Active Equity Funds**: The average weekly return of non - industry funds was 1.78%, slightly better than the overall level of active equity funds. The value - style funds significantly outperformed this week, with an average weekly return of 2.43%. The average returns of the other two styles were: growth (1.33%) and balanced (1.80%) [22]. 3.3 Quantitative Funds - **Overview of Quantitative Fund Returns**: The average weekly return of quantitative funds was 2.25%. Huabao CSI Rare Metals Theme A had the highest weekly return of 10.92%. In terms of strategy types, index - enhanced funds had the best performance with an average weekly return of 2.47%. The average weekly returns of the other two types were: active quantitative (2.21%) and stock long - short (0.10%) [24]. - **Overview of Returns of Major Index - enhanced Quantitative Funds**: Among index - enhanced quantitative funds this week, funds tracking the CSI 500 Index performed best, with an average return of 3.18%. The average weekly returns of funds tracking the CSI 300, CSI 1000, and Guozheng 2000 Indexes were 1.75%, 2.42%, and 2.31% respectively. In terms of excess returns, the proportion of funds achieving positive excess returns was 54.13%, similar to last week. Funds tracking the Guozheng 2000 Index had the highest average excess return of 0.19%. The average weekly excess returns of funds tracking the other three indexes were: CSI 300 Index (0.06%), CSI 500 Index (- 0.10%), and CSI 1000 Index (0.06%) [26]. 3.4 Bond Funds - **Performance of Major Bond Indexes**: This week, major bond market indexes declined overall. The CSI Aggregate Bond Index fell 0.49% to close at 260.12, the CSI Treasury Bond Index fell 0.59% to 246.44, and the CSI Credit Bond Index fell 0.37% to 213.20 [28]. - **Performance of Convertible Bond Indexes**: This week, the CSI Convertible Bond Index rose 2.14% to close at 463.57, with the weekly trading volume increasing by 14.16%. The median convertible bond price rose 1.66% to 129.66, and the median conversion premium rate rose 0.93% to 26.77% [30]. - **Overview of Bond Fund Returns**: The average weekly return of bond funds was - 0.04%. Galaxy Zhaoyi 6 - month Holding Hybrid A had the best performance with a weekly return of 9.26%. High - performing bond funds were mostly hybrid bond - type, convertible bond - type, and partial - debt hybrid - type [32]. - **Overview of Pure - bond Fund Returns**: The average weekly return of pure - bond funds was - 0.27%. The returns of short - term and medium - long - term pure - bond funds were - 0.10% and - 0.30% respectively. Fullgoal Dingli Pure Bond Three - month Regular Open Bond - type Initiated Fund performed relatively best, with an average weekly return of 1.43% [34]. - **Overview of Hybrid Bond Fund Returns**: The average weekly return of hybrid bond funds was 0.16%. The return of hybrid bond - type first - level funds was - 0.06%, and that of hybrid bond - type second - level funds was 0.32%. Hongta Hongtu Shengshang One - year Regular Open Bond A performed best, with an average weekly return of 5.92% [36]. - **Overview of Partial - debt Hybrid and Flexible Allocation Bond Fund Returns**: The average weekly return of partial - debt hybrid bond funds was 0.33%, and that of flexible allocation bond funds was 0.19%. Galaxy Zhaoyi 6 - month Holding Hybrid A performed best, with a weekly return of 9.26% [38]. - **Overview of Convertible Bond Fund Returns**: The average weekly return of convertible bond funds was 2.37%. Huashang Convertible Bond A performed best, with an average weekly return of 5.69% [41]. 3.5 ETF Funds - **Overview of ETF Fund Fund Flows**: This week, ETF funds had a net inflow of 2.007 billion yuan, a 96.43% decline from the previous week. Except for bond - type and cross - border ETFs, which had net inflows, other types of ETFs had net outflows. Bond - type ETFs had a net inflow of 9.969 billion yuan, a 86.41% decline from the previous week. Commodity - type ETFs had a net outflow of 5.544 billion yuan, about 3.5 times the change from the previous week. Stock - type ETFs had a net outflow of 4.496 billion yuan. Among them, scale - index ETFs had the largest outflow of 14.341 billion yuan, with a 49.48% change from the previous week [43]. - **Overview of ETF Funds with Top Net Inflows by Index**: Among the tracked indexes, ETFs tracking the Shanghai 30 - year Treasury Bond, CSI 30 - year Treasury Bond Wealth Index, and AAA Sci - tech Innovation Bonds had the top net inflows, with 5.272 billion yuan, 3.673 billion yuan, and 3.483 billion yuan respectively. Among equity indexes, ETFs tracking the Hong Kong Securities and Hong Kong Stock Connect Internet Index had the top total net inflows, with 3.762 billion yuan and 3.705 billion yuan respectively [47]. - **Overview of ETF Funds with Top Net Outflows by Index**: This week, the tracked indexes with top net outflows included bond - type, equity - type, and commodity - type indexes. ETFs tracking the Shanghai Market - made Corporate Bonds had a total net outflow of 2.717 billion yuan. Among equity indexes, ETFs tracking the CSI A500, Science and Technology Innovation Composite Index, and Science and Technology Innovation 50 Index had total net outflows of 6.737 billion yuan, 1.583 billion yuan, and 1.512 billion yuan respectively. ETFs tracking the SGE Gold 9999 Index had a total net outflow of 4.777 billion yuan [48]. - **Overview of ETF Funds with Top Net Inflows**: This week, the ETFs with top net inflows were mostly bond - type ETFs. The 30 - year Treasury Bond ETF Boshi had the largest net inflow of 5.272 billion yuan, followed by the Hong Kong Securities ETF with a net inflow of 3.762 billion yuan. Among theme - index ETFs, the Steel ETF and Chemical ETF also had top net inflows [51]. - **Overview of ETF Funds with Top Net Outflows**: This week, the Yinhuari ETF had the largest net outflow of 3.798 billion yuan. Among scale - index ETFs, the CSI A500ETF Invesco had a relatively large net outflow of 3.252 billion yuan. Among bond - type ETFs, the Short - term Financing ETF had a net outflow of 1.266 billion yuan [53]. - **Overview of High - performing ETF Fund Returns**: This week, the average change of ETF funds was 2.40%. The Rare Metals ETF Fund had the highest weekly increase of 11.80%, mainly driven by the tightening global supply of rare metals and increased demand in the new energy field, which pushed up the sector price. High - performing ETF funds were mostly theme - index ETFs, with investment themes such as rare metals and rare earths. In addition, among industry - index ETFs, the Rare Metals ETF Fund also had a top increase of 9.74% [55]. 3.6 FOF Funds This week, the average return of FOF funds was 0.65%. Guotai Industry Rotation Stock (FOF - LOF) A had the best performance with a weekly return of 7.97%. In terms of types, stock - type FOF funds performed best, with an average return of 2.91%. The average returns of the other two types were: hybrid FOF (0.69%) and bond - type FOF (0.01%) [57]. 3.7 QDII Funds This week, the overall average return of QDII funds was 1.12%. Huaxia Nomura Nikkei 225ETF had the highest weekly return of 5.02%. The average returns of different types of QDII funds were: stock - type (1.39%), hybrid (0.79%), bond - type (0.07%), and other types (0.55%) [59]. 3.8 REITs Funds This week, the average change of REITs funds was - 1.87%. Boshi Jinkai Science and Industry Park REIT had the best performance with a weekly change of 8.49% [61].

Investment Rating - The report rates the food and beverage industry as "stronger than the market" [2][47]. Core Insights - The food and beverage sector has shown a slight increase of 0.68% in the week from July 14 to July 18, underperforming slightly compared to the Shanghai Composite Index, which rose by 0.69% [2][6]. - The white liquor segment is expected to stabilize after a period of decline, with major brands maintaining stable prices [3][21]. - The soft drink sector is entering a peak season, with expectations of continued growth driven by new product launches [3][34]. - The snack food segment has shown mixed performance, with some companies experiencing significant profit declines due to rising costs and increased marketing expenses [3][36]. Summary by Sections 1. Market Performance - The food and beverage sector's performance ranked 14th among 31 sub-industries, with soft drinks leading the gains at +2.02% [2][9]. - The overall valuation of the food and beverage sector is at a historical low, with a PE-TTM of 21.26x, placing it in the 16th percentile over the past 15 years [4][13]. 2. White Liquor - The white liquor industry has seen collective declines in performance, but signs of stabilization are emerging [3][21]. - Major brands like Moutai and Wuliangye have maintained stable pricing, with Moutai's price at 1930 RMB per bottle [21][22]. 3. Beer - Beer production in June 2025 was 4.12 million kiloliters, a slight decrease of 0.2% year-on-year, attributed to weak restaurant consumption [3][26]. 4. Dairy Products - Dairy production in June 2025 reached 254.6 thousand tons, up 4.1% year-on-year, but the industry is experiencing mixed performance among companies [3][28]. 5. Soft Drinks - The soft drink sector is expected to maintain high growth rates, with a production increase of 3.2% in June 2025 [3][34]. 6. Snacks - The snack food sector has shown varied results, with some companies like Ganyuan Foods reporting significant profit declines due to rising costs [3][36].

Investment Rating - The report rates the electronic industry as "Outperforming the Market" [1][31]. Core Insights - The release of the Kimi K2 model marks a significant breakthrough for domestic AI in global competition, showcasing strong coding capabilities and task handling abilities [2][28]. - Kimi K2 features a total parameter count of 1 trillion, activating only 32 billion parameters during inference, which balances performance and cost effectively [22][28]. - The model's training cost is competitive, with input and output prices at $0.6 and $2.5 per million tokens, respectively [22][28]. Summary by Sections 1. Global Largest Parameter Model Kimi K2 Released - On July 11, 2025, Moonshot AI launched the Kimi K2 model and made it open-source, focusing on energy conversion into intelligence [6][28]. 2. In-depth Analysis of Kimi K2 2.1 Technical Breakthroughs from Framework to Training - Kimi K2's framework design is similar to DeepSeek V3/R1 but features significant differences in core parameter configurations, enhancing efficiency and multi-task adaptability [11][12]. - The MuonClips optimizer was utilized for efficient training of 15.5 trillion tokens, ensuring model stability without training peaks [13][15]. 2.2 Industry-Leading Performance of Kimi K2 - Kimi K2 excels in complex tasks such as coding, tool usage, and mathematical reasoning, achieving superior benchmark results compared to mainstream open-source models [18][22]. 2.3 Wide Application Scenarios of Kimi K2 - The model is applicable in various fields, including software development, data reasoning, and creative writing, significantly improving efficiency and output quality [24][26].

Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1] Core Insights - The PCB sector continues to lead the electronic industry, with the SW electronic industry index increasing by 2.15% compared to the 1.09% rise in the CSI 300 index [1] - The report highlights significant advancements in domestic EUV lithography machines, with expectations for trial production in Q3 2025 [4][5] - The global lithography equipment market is projected to reach $29.57 billion in 2024, reflecting a year-on-year growth of 9% [5][15] - The domestic lithography machine industry is gradually taking shape, supported by substantial government funding exceeding 600 billion RMB [25][26] Summary by Sections 1. Lithography Machines: The Core of Semiconductor Industry - Lithography machines are essential for transferring circuit patterns onto silicon wafers, utilizing light sources and masks [6][8] - The technology has evolved significantly, reducing the wavelength used in lithography from 436nm to 13.5nm, enabling the production of 7nm process node chips [11][13] 2. Market Landscape of Lithography Machines - The global lithography equipment market is expected to grow at a CAGR of 5% from 2024 to 2034, reaching $37.81 billion by 2029 [5][15] - ASML dominates the market with a 61% share, followed by Canon and Nikon [18][20] 3. Domestic Lithography Machine Industry Chain - The domestic industry is supported by three national funds, with investments totaling over 600 billion RMB since 2014 [25][26] - Key players include Shanghai Microelectronics and Xinkailai, focusing on advanced EUV lithography machines [25][26] 4. Investment Opportunities - The report suggests focusing on companies involved in the domestic semiconductor supply chain, including optical systems and key materials suppliers [1][25][26]

Report Industry Investment Rating Not provided in the content Core Viewpoints - This week (from July 14 to July 18, 2025), among various types of fund products, active equity funds had the highest weekly average return rate of 3.00%. The other types of funds, ranked by their weekly average return rates from high to low, were QDII funds (2.45%), ETF funds (1.81%), quantitative funds (1.48%), FOF funds (0.55%), bond funds (0.19%), and REITs funds (0.08%) [2][8]. - Year - to - date, REITs funds led with an average increase of 19.07%. The other types of funds, ranked by their return rates from high to low, were QDII funds (17.11%), active equity funds (11.94%), quantitative funds (9.79%), ETF funds (9.75%), FOF funds (4.94%), and bond funds (1.71%) [8]. Summary by Directory 1. Cross - Category Fund Product Return Overview - Selected funds for statistical analysis had a scale of over 0.1 billion yuan at the end of the latest reporting period and were established before 2025. This week, active equity funds had the highest weekly average return rate of 3.00%. Year - to - date, REITs funds led with an average increase of 19.07% [8]. 2. Active Equity Funds 2.1 Performance of Major Broad - Based Indexes in A - share and Hong Kong Markets - This week, all major broad - based indexes in the A - share market except the BeiZheng 50 index rose, with the overall increase slightly lower than last week. The ChiNext Index had the best performance with a weekly change of 3.17%, followed by the Shenzhen Component Index with 2.04%. The BeiZheng 50 index had the weakest performance with a weekly change of - 0.16%. All major broad - based indexes in the Hong Kong market rose this week, with the increase significantly higher than last week. The Hang Seng Index and the Hang Seng Tech Index had changes of 2.84% and 5.53% respectively [11]. 2.2 Performance of Shenwan Primary Industry Indexes - Most Shenwan primary industry indexes rose this week. The communication, pharmaceutical biology, and automobile industry indexes performed relatively well, with weekly changes of 7.56%, 4.00%, and 3.28% respectively. The public utilities, real estate, and media industry indexes performed weakly, with weekly changes of - 1.37%, - 2.17%, and - 2.24% respectively [13]. 2.3 Overview of Returns of High - Performing Active Equity Funds - This week, the overall average return rate of active equity funds was 3.00%. Great Wall Health Mix A had the best performance with a weekly return rate of 16.27%, driven by the launch of the national drug procurement and the total License - out amount approaching 66 billion yuan in the first half of the year. High - performing funds mostly had heavy positions in industries such as pharmaceutical biology and communication [15]. 2.4 Overview of Returns of Industry - Specific Active Equity Funds - This week, the average return rate of industry - specific active equity funds was 5.15%, significantly better than the overall level of active equity funds. Pharmaceutical industry funds performed brightly this week with an average return rate of 8.54%. TMT industry funds had a weekly average return rate of 4.86%. Financial real - estate industry funds had a relatively weak performance with a weekly average return rate of 0.03% [18]. 2.5 Overview of Returns of Non - Industry Active Equity Funds - This week, the average return rate of non - industry funds was 2.72%, slightly weaker than the overall level of active equity funds. The growth - style funds were relatively dominant this week with a weekly average return rate of 3.58% [21]. 3. Quantitative Funds 3.1 Overview of Quantitative Fund Returns - This week, the average return rate of quantitative funds was 1.48%. Huaxia CSI All - Share Pharmaceutical and Healthcare Enhanced had the highest weekly return rate of 8.83%. In terms of strategy types, active quantitative funds had the best weekly average return of 1.66% [23]. 3.2 Overview of Returns of Major Index - Enhanced Quantitative Funds - This week, among index - enhanced quantitative funds, funds tracking the Guozheng 2000 index performed better with an average return rate of 1.69%. The weekly average return rates of funds tracking the CSI 300, CSI 500, and CSI 1000 indexes were 1.10%, 1.06%, and 1.44% respectively. The proportion of funds achieving positive excess returns was 58.72%, slightly higher than last week [25]. 4. Bond Funds 4.1 Performance of Major Bond Indexes - This week, major bond market indexes generally rose. The CSI Aggregate Bond Index rose 0.11% to close at 261.42, the CSI Treasury Bond Index rose 0.04% to close at 247.89, and the CSI Credit Bond Index rose 0.08% to close at 214.00 [27]. 4.2 Performance of Convertible Bond Indexes - This week, the CSI Convertible Bond Index rose 0.67% to close at 453.86, with the weekly trading volume increasing by 3.75%. The median convertible bond price rose 1.07% to close at 127.55, and the median conversion premium rate rose 0.25% to 26.52% [30]. 4.3 Overview of Bond Fund Returns - This week, the average return rate of bond funds was 0.19%. Huashang Shuangyi Balance Mix A had the best performance with a weekly return rate of 5.09%. High - performing bond funds were mostly partial - debt hybrid, convertible bond, and hybrid bond funds [32]. 4.4 Overview of Returns of Pure - Bond Funds - This week, the average return rate of pure - bond funds was 0.07%. The return rates of short - term and medium - long - term pure - bond funds were 0.05% and 0.07% respectively. Huatai Zijin Zhihe Interest - Rate Bond performed relatively best with a weekly average return rate of 1.90% [34]. 4.5 Overview of Returns of Hybrid Bond Funds - This week, the weekly average return rate of hybrid bond funds was 0.26%. The return rates of hybrid bond - type level - 1 and level - 2 funds were 0.14% and 0.35% respectively. Golden Eagle Yuanfeng Bond A performed best with a weekly average return rate of 3.07% [37]. 4.6 Overview of Returns of Partial - Debt Hybrid and Flexible Allocation Bond Funds - This week, the average return rate of partial - debt hybrid bond funds was 0.49%, and that of flexible allocation bond funds was 0.30%. Huashang Shuangyi Balance Mix A performed best with a weekly return rate of 5.09% [39]. 4.7 Overview of Returns of Convertible Bond Funds - This week, the average return rate of convertible bond funds was 1.09%. Southern Changyuan Convertible Bond A performed best with a weekly average return rate of 2.42% [41]. 5. ETF Funds 5.1 Overview of ETF Fund Fund Flows - This week, ETF funds had a net inflow of 56.265 billion yuan, a 265.37% increase compared to the previous period. Except for bond - type and cross - border ETFs, which had net inflows, other types of ETFs had net outflows. Bond - type ETFs had a large - scale net inflow of 73.367 billion yuan, reaching a historical high. Stock - type ETFs had a net outflow of 17.072 billion yuan [43]. 5.2 Overview of ETF Funds with Top Net Inflows by Index - Among the tracked indexes, ETFs tracking the AAA Sci - tech Innovation Bond and Shanghai AAA Sci - tech Innovation Bond indexes in the bond index had the top net inflows, with 48.339 billion yuan and 18.073 billion yuan respectively. Among the equity indexes, ETFs tracking the securities company, Hong Kong securities, and Sci - tech Innovation 50 indexes had relatively large net inflows [47]. 5.3 Overview of ETF Funds with Top Net Outflows by Index - This week, the tracked indexes with top net outflows were all equity indexes, including the CSI A500 index (10.228 billion yuan), the CSI 300 index (7.175 billion yuan), the ChiNext Index (2.904 billion yuan), the CS Artificial Intelligence index (2.410 billion yuan), and the CSI 1000 index (2.235 billion yuan) [50]. 5.4 Overview of ETF Funds with Top Net Inflows - This week, most of the ETFs with top net inflows were Sci - tech Innovation Bond ETFs. Huaxia Sci - tech Innovation Bond ETF had the largest net inflow of 12.296 billion yuan, followed by Harvest Sci - tech Innovation Bond ETF with a net inflow of 11.324 billion yuan. Hong Kong Securities ETF also had a relatively large net inflow of 24.63 billion yuan this week [52]. 5.5 Overview of ETF Funds with Top Net Outflows - This week, most of the ETFs with top net outflows were scale - index ETFs. YinHua RiLi ETF had the largest net outflow of 3.632 billion yuan. Among the scale - index ETFs, CSI 300 ETF had a relatively large net outflow of 3.252 billion yuan. In addition, the Artificial Intelligence ETF in the theme - index ETF also had a relatively large net outflow [54]. 5.6 Overview of Returns of High - Performing ETF Funds - This week, the overall average change rate of ETF funds was 1.81%. Hang Seng Innovative Drug ETF had the highest weekly increase of 13.69%. High - performing ETF funds were mostly cross - border ETFs with investment themes such as innovative drugs. In addition, the ChiNext Artificial Intelligence ETF (Fullgoal) in the theme - index ETF also had a relatively high increase of 10.95% [56]. 6. FOF Funds - This week, the average return rate of FOF funds was 0.55%. Bank of Communications Smart Selection Starlight Mix (FOF - LOF) A had the best performance with a weekly return rate of 5.11%. Among the types, stock - type FOF funds performed best with an average return rate of 1.80% [57]. 7. QDII Funds - This week, the overall average return rate of QDII funds was 2.45%. Huatai - PineBridge Hong Kong Advantage Select Mix (QDII) A had the highest weekly return rate of 15.89%. The average return rates of different types of QDII funds were: stock - type 2.71%, hybrid - type 3.41%, bond - type - 0.04%, and other - type - 0.38% [60]. 8. REITs Funds - This week, the average change rate of REITs funds was 0.08%. China Merchants Sci - tech Innovation REIT had the best performance with a weekly change rate of 3.05% [62].

Investment Rating - The report rates the humanoid robot sector as having high configuration cost-effectiveness, suggesting a focus on core enterprises with performance support [2]. Core Insights - The humanoid robot industry is advancing with significant commercial orders, including a notable contract worth 124 million yuan for humanoid robot manufacturing [23]. - The semiconductor equipment sector continues to thrive, driven by strong demand for advanced processes, particularly in AI and high-performance computing [26][27]. - The low-altitude economy is witnessing accelerated commercialization, highlighted by a major eVTOL export agreement worth 1 billion USD [31]. - The controllable nuclear fusion sector is progressing with the successful ignition of the HHMAX-901, marking a shift from laboratory to application [29]. Summary by Sections Industry Performance - The mechanical equipment sector outperformed the CSI 300 index, with a weekly increase of 2.91% compared to the CSI 300's 1.09% [8][10]. - The printing and packaging machinery sub-sector showed the best performance with a 6.16% increase [12]. Investment Recommendations - Focus on humanoid robot companies like Top Group and Zhenyu Technology, which have strong performance backing [2]. - High-end computing and storage chip demand is expected to benefit key equipment companies, with recommendations for companies like Tuojing Technology and Shengmei Shanghai [2]. - Solid-state battery technology is advancing, with system integration equipment companies like Xian Dao Intelligent and Liyuan Heng likely to benefit [2]. Key Developments - The humanoid robot sector is seeing increased capital activity, with Yushu Technology completing its IPO guidance registration [4]. - ASML and TSMC reported strong Q2 results, with ASML's net sales reaching 7.7 billion euros, a 23.2% year-on-year increase [26][27]. - The low-altitude economy is gaining traction with significant orders for eVTOLs, marking a milestone in China's export capabilities [31]. Market Trends - The semiconductor sales in May showed a year-on-year increase of 18.2% globally and 13.0% in China [38]. - The production of industrial robots in China increased by 35.5% year-on-year in May, indicating robust growth in automation [48].

Investment Rating - The automotive industry is rated as "Outperform" with a weekly increase of +3.28%, outperforming the CSI 300 index which increased by +1.09% [2][3]. Core Insights - The automotive sector is experiencing significant growth, particularly in the commercial vehicle and automotive service segments, which saw weekly increases of +5.98% and +4.53% respectively [2][5]. - The launch of Li Auto's i8, a six-seat pure electric SUV, is expected to open new growth opportunities for electric vehicle products, with a competitive pricing strategy aimed at Tesla's Model Y L version [2][10]. - Tesla's upcoming Model Y L is anticipated to boost sales in the mid-to-high-end six-seat electric SUV market, potentially increasing orders for core battery and thermal management system suppliers [2][10]. Summary by Sections Industry Performance - The automotive sector's index closed at 7,146.0 points, ranking 3rd out of 31 sectors, with notable weekly performance from commercial vehicles and automotive services [2][3]. - The top-performing stocks in the A-share automotive sector included Weichai Heavy Machinery (+45.35%) and Shanghai Womai (+40.13%) [6]. Stock Performance - The top five stocks in the A-share automotive sector for the week were: - Weichai Heavy Machinery: +45.35% - Shanghai Womai: +40.13% - Fosa Technology: +31.16% - Zhejiang Rongtai: +27.97% - Hengshuai Co.: +25.96% [6]. - In the Hong Kong market, the top performers included DCH Holdings (+25.62%) and Dongfeng Motor Group (+19.09%) [8]. Future Outlook - The report suggests a focus on leading smart vehicle companies that are establishing user experience barriers through advanced models and computing power, recommending attention to Xiaomi Group, Xpeng Motors, and Li Auto [2][10]. - The report also highlights the potential for component suppliers transitioning to integrated smart systems, with specific recommendations for Baolong Technology and Huayang Group [2][10].