Report Title - Fixed Income Weekly Report (2025/07/14 - 2025/07/18) [2] Report Industry Investment Rating - Not provided in the report Core Views - The bond market has been in a volatile and weak pattern recently, with the 10-year Treasury yield fluctuating narrowly around 1.65%. Attention should be paid to the upcoming Politburo meeting in July, which is expected to continue the policy tone of "stabilizing growth, employment, and prices", but the probability of large-scale stimulus is low [6]. - The stock-bond seesaw effect has significantly strengthened recently, and the trend of the equity market has become a key marginal driving factor for the bond market. The central bank maintains a precise regulatory approach of "smoothing peaks and filling valleys". In the future, due to factors such as the increased supply of government bonds, the central bank may continue refined regulation, and the capital market will maintain a stable and slightly tight pattern [7]. - In terms of operation strategy, it is recommended to maintain a trading mindset. The 10-year Treasury yield above 1.70% can be considered an attractive allocation area, and 1.80% is a strong upper pressure limit. In the short term, the market may remain volatile, and investors should wait patiently and focus on the equity market trend, the actual intensity of the central bank's liquidity operations, and the policy signals released by the Politburo meeting [7]. Summary by Relevant Catalogs 1. One-week View - The Politburo meeting in July is expected to continue the policy direction of "stabilizing growth, employment, and prices", but the probability of large-scale strong stimulus is low. Fiscal policy may focus on implementing existing policies, real estate policy may optimize purchase and sale restrictions, consumption policy may continue trade-in subsidies, and "anti-involution" policies may drive the recovery of PPI [6]. - The stock-bond seesaw effect has strengthened, and the equity market trend is a key factor for the bond market. The central bank maintains precise regulation, and the capital market will remain stable and slightly tight. It is recommended to maintain a trading mindset and wait for opportunities [7]. 2. Weekly Bond Market Review - On July 14, macro data and capital market disturbances led to bond market fluctuations. The 10-year Treasury yield first rose and then fell due to factors such as export data, equity market strength, and central bank operations [8]. - On July 15, the divergence of economic data and the failure of policy expectations dominated the market. The 10-year Treasury yield declined as the central city work conference did not release unexpected policy signals [8][9]. - On July 16, the tight balance of the capital market restricted the bond market performance, and the 10-year Treasury yield fluctuated narrowly [9]. - On July 17, the stock-bond seesaw effect was evident. The bond market was under pressure due to the strength of the equity market and high capital prices [9]. - On July 18, policy expectations caused market fluctuations. The 10-year Treasury yield first rose and then returned to normal as the market interpreted the central bank's bond repurchase new regulations [9]. 3. Treasury and CDB Bond Yields - Most Treasury and CDB bond yields declined. As of July 18, the 1-year Treasury yield decreased by 2.12bp to 1.3490%, and the 10-year decreased by 0.01bp to 1.6652%. The 1-year CDB bond yield decreased by 1.57bp to 1.4789%, and the 10-year decreased by 0.05bp to 1.7171% [3][10]. - The key term spreads of Treasury and CDB bonds generally widened. The 10Y - 1Y spread of Treasury bonds widened by 2.11bp to 31.62bp, and the 30Y - 10Y spread widened by 1.45bp to 22.33bp. The 10Y - 1Y spread of CDB bonds widened by 1.52bp to 23.82bp, and the 30Y - 10Y spread narrowed by 0.20bp to 31.00bp [3][14][15]. 4. Liquidity Tracking 4.1 Funding: Central Bank Net Injection, Slight Increase in Funding Rate Center - From July 14 to July 18, the central bank's open market operations had a net injection of 12,011.00 billion yuan. The central bank conducted 17,268.00 billion yuan of reverse repurchases, with 4,257.00 billion yuan maturing. The MLF had a net withdrawal of 1,000.00 billion yuan. Next week, 17,268.00 billion yuan of reverse repurchases will mature, with a larger maturity volume than the previous week [16][17]. - Due to the tax period, funding prices increased. R001 rose by 8.43bp to 1.4881%, R007 rose by 1.21bp to 1.5329%, and DR007 rose by 2.78bp to 1.5223%, remaining higher than the OMO7D rate. The R007 - DR007 spread narrowed, indicating a缓解 of the funding stratification phenomenon [17]. - The FR007S5Y - FR007S1Y term spread turned positive for the first time this year, suggesting a缓解 of the market's expectation of medium - and long - term interest rate cuts [17]. 4.2 Bond Supply: Total Issuance and Net Financing Decreased - From July 14 to July 18, the total issuance of interest - rate bonds decreased, and the net financing amount decreased compared to the previous week. The total issuance scale was 7,078.43 billion yuan, a decrease of 2,139.07 billion yuan from the previous week. The total repayment scale was 5,597.60 billion yuan, an increase of 2,249.89 billion yuan from the previous week. The net financing scale was 1,480.83 billion yuan, a decrease of 4,388.96 billion yuan from the previous week [3][35]. - The issuance scale of government bonds decreased, and the net financing amount decreased. Treasury bond net financing was 581.50 billion yuan, a decrease of 1,349.90 billion yuan from the previous week, while local government bond net financing was 1,504.99 billion yuan, an increase of 402.70 billion yuan from the previous week [3][36][37]. - The issuance scale of inter - bank certificates of deposit increased, the net financing amount increased, and the issuance interest rate rose. The total issuance was 9,471.80 billion yuan, an increase of 5,207.50 billion yuan from the previous week. The net financing amount was 1,443.70 billion yuan, an increase of 2,284.60 billion yuan from the previous week [38]. 5. Global Asset Class Observation - The US dollar index continued to rise, and precious metals and crude oil prices all declined. The long - term US Treasury yield increased, and the term spread widened. The 10Y/30Y yields increased by 1/4bp to 4.44%/5.00% respectively, and the 10Y - 2Y spread widened by 3bp to 56bp [3][50]. - The US dollar index rose 0.62% to 98.4712, and the US dollar - RMB central parity rate slightly increased by 0.03% to 7.1498. Gold fell 0.31% to 3,349.40 US dollars per ounce, silver fell 1.75% to 38.25 US dollars per ounce, WTI crude oil fell 1.95% to 67.33 US dollars per barrel, and Brent crude oil fell 1.98% to 69.23 US dollars per barrel [3][50][55]

Investment Rating - The current investment rating for the humanoid robot sector is high in terms of configuration cost-effectiveness, especially with the upcoming mid-year report window [2][3]. Core Insights - The report highlights that the high demand for computing power continues, with expectations that the release of high-end computing and storage chips will significantly benefit key equipment companies [3]. - Solid-state battery technology is transitioning from verification to pilot and small-scale production, with system integration equipment companies likely to benefit first from early breakthroughs in the industry [3]. - The report emphasizes the acceleration of capital processes for domestic semiconductor equipment and storage leading companies, indicating a robust growth trajectory [4][28]. Summary by Sections Industry Performance - During the week of July 7-11, 2025, the Shanghai Composite Index increased by 0.82%, while the mechanical equipment sector rose by 1.87%, ranking 15th out of 31 in the Shenwan industry classification [10][12]. - The best-performing sub-sector was other automation equipment, which saw a growth of 4.09% [10][14]. Key Company Developments - Zhiyuan Robotics and Yushu Technology secured a combined order worth 124 million yuan for humanoid biped robots, marking the largest single order in the domestic humanoid robot sector [4][25]. - Yitang Technology officially listed on the STAR Market, focusing on wafer processing equipment, with its core products ranking second globally in dry stripping and rapid thermal processing equipment [4][28]. Semiconductor Equipment - The report notes that the capital process for domestic semiconductor equipment and storage leading companies is accelerating, with Longxin Storage starting its IPO guidance with a valuation of approximately 140 billion yuan [4][28]. Solid-State Battery Equipment - The report indicates that solid-state battery technology is moving towards industrialization, with companies like Liyuanheng and Xingyun successfully delivering key equipment and production lines [31][32][33]. Controlled Nuclear Fusion - The report mentions that the pace of mainstream nuclear fusion project construction is accelerating, with several new bidding projects recently announced [29][30].

Investment Rating - The report rates the food and beverage industry as "Outperforming the Market" [1][51]. Core Insights - The beer industry is entering a consumption peak, with expectations for recovery due to rising temperatures and improved consumption policies [2][31]. - The white liquor sector is still in a bottoming phase, with a focus on structural opportunities in mass-market products [2][20]. - The soft drink sector continues to show high growth potential, driven by new product launches and expanded consumption scenarios [3][38]. - The food processing sector is experiencing a capital globalization phase, with significant fundraising for capacity and channel upgrades [3][33]. Summary by Sections 1. Market Review - The food and beverage sector increased by 0.62% in the week of June 30 to July 4, underperforming the CSI 300 index, which rose by 1.54% [6][7]. 2. Core Data Tracking 2.1. White Liquor - The white liquor industry is in a bottoming phase, with a cumulative production of 159.7 million liters from January to May 2025, down 7.6% year-on-year [20][41]. - The price of Feitian Moutai increased by 65 yuan to 1935 yuan, while the price of Guojiao 1573 remained stable at 835 yuan [20][22]. 2.2. Beer - In May 2025, the beer production reached 358.4 million liters, showing a year-on-year growth of 1.4% [31][32]. 2.3. Dairy Products - The production of dairy products in May 2025 was 243.3 million tons, with a notable increase in fresh milk prices showing signs of stabilization [33][35]. 2.4. Soft Drinks - The beverage production in May 2025 was 1,613.1 million tons, reflecting a year-on-year growth of 2.4% [38][39]. 2.5. Other - The approval of D-allohexose as a new food ingredient signals policy support for synthetic biological technology in food materials [40]. 3. Important Company Dynamics - Anjiu Foods officially listed on the Hong Kong Stock Exchange on July 4, raising 2.3 billion HKD for capacity and channel upgrades [3][48].

Investment Rating - The automotive industry is rated as "Outperforming the Market" [2][13]. Core Insights - The automotive sector experienced a slight increase of +0.1% this week, with the A-share automotive index closing at 6,947.9 points, ranking 25 out of 31 sectors, while the CSI 300 index rose by +1.5% to 3,982.2 points [2][4]. - The top-performing stocks in the A-share automotive sector this week included Taotao Automotive (+29.8%), Hunan Tianyan (+21.0%), and Zhengyu Industrial (+18.3%) [2][7]. - New energy vehicle sales are expected to benefit from seasonal consumption activities, particularly in lower-tier markets [2]. - The sales performance of new energy vehicle brands is influenced by pricing strategies in the short term, while product intelligence will be a key factor in the long term [2]. Summary by Sections Market Performance - The A-share automotive sector's weekly performance was +0.1%, with sub-sectors showing varied results: motorcycles and others (+5.1%), commercial vehicles (+1.5%), automotive services (+1.1%), passenger vehicles (+0.4%), and automotive parts (-0.7%) [2][6]. - The cumulative sales data for the first half of 2025 indicates that Xpeng Motors achieved a completion rate of 56.3% of its annual sales target, while other brands like Li Auto and NIO lagged behind [2]. Key Developments - Xpeng G7 was launched with a strong initial response, achieving over 10,000 pre-orders in just 9 minutes, indicating its potential as a hot-selling model [2]. - The G7 features advanced computing capabilities with a total vehicle computing power of 2,250 TOPS, which is expected to enhance user experience and differentiate it from competitors [2]. - JD Logistics introduced its self-developed unmanned logistics vehicle, which is anticipated to accelerate the development of unmanned logistics vehicles [2]. Investment Recommendations - The report suggests focusing on leading smart automotive brands like Xiaomi Group and Xpeng Motors, which are expected to establish user experience differentiation [3]. - In the automotive parts sector, attention is drawn to companies transitioning from single component suppliers to integrated system providers, such as Baolong Technology [3]. - The report also highlights the growing demand for testing and inspection services due to the rapid development of smart vehicles, recommending companies like China Automotive Research [3].

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1] Core Viewpoints - The printed circuit board sector continues to lead the electronic industry, with a weekly increase of 8.31% [2] - The global market for mobile power banks is projected to grow from USD 16.3 billion in 2024 (up 8.7% year-on-year) to USD 32.9 billion by 2033, with a CAGR of 8.2% [5][9] - The implementation of 3C certification is expected to accelerate the development of leading brands in the mobile power bank market, as it enforces quality control and compliance [6][22] Summary by Sections 1. Mobile Power Bank 3C Certification Overview - Mobile power banks are portable energy storage devices primarily using lithium-ion batteries, which have safety concerns due to their short lifespan and risk of overheating [7] - The demand for mobile power banks is driven by the increasing frequency of mobile device usage and the need for continuous power supply in various scenarios [5][9] 2. Certification Development - The Chinese government has initiated a top-level design for the electronic and electrical industry, including mandatory 3C certification for mobile power banks starting August 2024 [6][16] - The non-compliance rate for mobile power banks was over 20% from 2019 to 2021, but is expected to drop significantly to 4.0% by 2024 due to the new certification requirements [6][20] 3. Market Dynamics - Major brands like Anker Innovation and Ugreen Technology are recalling products to comply with the new standards, which reflects their commitment to quality and consumer safety [6][24] - The report suggests focusing on leading brands in the mobile power bank sector, as the market is shifting from price competition to brand consolidation [6][27] 4. Industry Performance - The SW electronic industry index increased by 0.74% in the week of June 30 to July 4, 2025, ranking 18th out of 31 sectors [2][42] - The semiconductor equipment sector also showed positive growth, with a weekly increase of 1.88% [46] 5. Global Industry Trends - The report highlights the recent lifting of EDA export restrictions by the U.S., which is expected to benefit China's chip design industry [30][32] - Baidu's open-sourcing of its Wenxin large model series is noted as a significant development in AI technology [33]

Investment Rating - The report rates the electronic industry as "stronger than the market" [1] Core Insights - The integrated circuit manufacturing sector continues to be strong, leading the electronic industry with a weekly increase of 4.61%, outperforming the CSI 300 index which increased by 1.95% [2] - The AI Glasses market is experiencing explosive growth, with global sales expected to reach 2.34 million units in 2024, a year-on-year increase of 588.2%, and projected to reach 90 million units by 2030, with a CAGR of 83.7% [6][13] - Xiaomi's AI Glasses, launched on June 26, 2025, are positioned as a new entry point in the smart wearable market, featuring advanced AI capabilities and lightweight design [5][20] Summary by Sections 1. AI Glasses Overview - AI Glasses are smart wearable devices that integrate AI technology for enhanced reality experiences and personalized services [8] - The market is characterized by a focus on lightweight design and scenario-based functionality, differentiating from AR, VR, and XR devices [11] 2. Global AI Glasses Market Growth - The global AI Glasses market is projected to grow significantly, with Ray Ban Meta expected to capture over 90% of the market share by Q4 2024 [6][13] - Competition is intensifying between international brands like Meta and domestic manufacturers focusing on localized scenarios [16] 3. Performance Comparison of Xiaomi AI Glasses - Xiaomi's AI Glasses feature a Qualcomm Snapdragon AR1 dual-core architecture, weighing 40g, and a battery capacity of 263mAh, outperforming competitors in several key specifications [20][21] - The AI functionality of Xiaomi's product is enhanced through localized semantic understanding, differentiating it from Ray Ban's offerings [20] 4. Investment Recommendations - The report suggests investors focus on upstream suppliers related to AI Glasses, specifically Tianyue Advanced and Kangnate Optical, which are key players in the supply chain [22][23]

Investment Rating - The automotive industry is rated as "Outperform" compared to the market [4] Core Insights - The automotive sector is experiencing a decline in sales expectations due to the reduction of local subsidies and the traditional off-peak season in June, leading to a 2.56% drop in the automotive index [4] - The compression of payment terms is expected to restructure the distribution of funds within the industry, with an estimated transfer of 49.4 billion yuan from automakers to parts suppliers [8][9] - Companies with strong financial resilience and sales volume advantages are favored as the market stabilizes [4][12] Summary by Sections Market Overview - The automotive sector underperformed against the CSI 300 index, with a 2.56% decline, ranking 23 out of 31 sectors [4][16] - The passenger vehicle segment saw a decrease of 2.08%, while the automotive services segment dropped by 4.98% [4][16] Financial Metrics - The average turnover days for automakers is approximately 166 days, with a new payable turnover rate projected at 6 after payment term compression [8][9] - The cash coverage ratios for companies like Li Auto, BAIC Blue Valley, GAC Group, Changan Automobile, and XPeng Motors are 3.49, 3.12, 2.86, 2.83, and 2.74 respectively, indicating strong financial health [12] Sales Data - In June, the average daily retail sales of passenger vehicles reached 53,000 units, marking a year-on-year increase of 23% [32] - Cumulative retail sales for the year reached 9.52 million units, reflecting a 10% year-on-year growth [32] Key Developments - The launch of the Geely Galaxy A7, featuring advanced AI hybrid technology, is expected to enhance competitive positioning in the energy-saving segment [4] - Strategic partnerships, such as the one between Jiangqi Group and Huawei, are being formed to bolster technological advancements in the industry [55] Investment Recommendations - Focus on companies with autonomous vehicle technology and smart cabin advancements, such as XPeng Motors and Xiaomi Group [4] - In the parts sector, companies like KEBODA, Baolong Technology, and Hexing Co. are recommended due to their core technology capabilities [4]

证券研究报告 行业研究 / 行业点评 2025 年 06 月 18 日 机械设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《【爱建智造】周观点：存储厂景气延续，重 视清洗设备需求》2025-06-08 《【爱建智造】周观点：机器人执行层迭代， 走向场景实用适配》2025-06-03 《【爱建智造】周观点：机器人格斗赛带来动 捕系统新增量》2025-05-26 《Optimus 运动智能突破，T 链催化密集—— 爱建智能制造周报 （2025/05/12-2025/05/16）》2025-05-17 《国产半导体设备加速验证，关注先进制程投 产进度——爱建智能制造周报 （2025/05/06-2025/05/09）》2025-05-12 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 行业及产业 具身认知智能与运动控制协同进阶 ——爱建智能制造周报（2025/06/09-2025/06/13） 投资建议： 1）建议关注 T 链中业绩确定性较强的核心公司，【拓普集团】【震裕科技】【隆盛科技】； 2） ...

Investment Rating - The report rates the pharmaceutical and biotechnology industry as "Outperform" compared to the market [1]. Core Insights - The innovative drug market is expanding, with a notable performance in the pharmaceutical sector, which outperformed the CSI 300 index by 1.40% during the week of June 9-15, 2025 [2][5]. - The driving force behind the current bull market in innovative drugs is the significant improvement in China's pharmaceutical innovation capabilities, with a focus on international collaboration and market expansion [2][10]. - The report emphasizes the importance of focusing on core competitive areas and industry catalysts, particularly in ADC and PD-1 bispecific antibodies, as well as the upcoming ADA 2025 conference showcasing innovative weight-loss drugs [15][18]. Summary by Sections Market Overview - The pharmaceutical sector has shown resilience, with a 1.40% increase, ranking 5th among 31 sectors, while the CSI 300 index decreased by 0.25% [2][5]. - The innovative drug market is experiencing a broad expansion, with significant interest in weight-loss drugs and other innovative therapies [2][10]. Investment Opportunities - The report identifies key areas for investment, including ADC and PD-1 bispecific antibodies, which have potential for international business development (BD) [15][10]. - Companies such as Mawei Biotech, Lepu Biotech, and others are highlighted for their potential in the ADC space, while companies like Zai Lab and Junshi Biosciences are noted for their PD-1 bispecific antibodies [15][10]. - The upcoming ADA 2025 conference is expected to be a significant event for showcasing innovative weight-loss drugs, with companies like Innovent Biologics and Zhenge Biopharma being of particular interest [18][20]. Industry Trends - The report discusses the shift in profit models for Chinese pharmaceutical companies, moving from low-margin raw material exports to high-margin new drug development collaborations with multinational corporations (MNCs) [14][10]. - The report anticipates that the innovative drug market will continue to grow, driven by advancements in research and development capabilities and increasing global recognition of Chinese pharmaceutical innovations [10][16]. Upcoming Events - The 85th ADA Scientific Conference is scheduled for June 20-23, 2025, and is expected to highlight significant advancements in GLP-1 receptor agonists and other innovative therapies [18][20]. - Key data releases from companies like Eli Lilly and others regarding their innovative weight-loss drugs are anticipated during this conference [20][25].

证券研究报告 汽车 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 行业研究 / 行业点评 2025 年 06 月 17 日 《汽车行业周报：长安汽车分立成央企，电动 智能自主品牌加速成长》2025-06-10 《新势力新车周期来临，高端智能竞争加速— —汽车行业周报（20250526-20250601）》 2025-06-04 《小米 YU7 发布，智能配置普及加速——汽车 行业周报（2025/05/19-2025/05/25）》 2025-05-27 《小鹏官宣全新 P7，智能汽车发展加速——汽 车行业周报（2025/05/12-2025/05/18）》 2025-05-19 《央行定向降准，激发汽车消费潜力——汽车 行业周报（2025/05/05-2025/05/11）》 2025-05-12 证券分析师 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 联系人 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 行业及产业 ...