Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The bond market may continue the range - bound oscillation pattern. The release of the first macro - data PMI after the tariff shock is crucial. If the PMI data weakens, it may drive the market to price the logic of "fundamental weakening - policy easing intensification", leading to a temporary decline in bond yields. Currently, the bond market's long - and short - term factors are in a stalemate, with the policy end having "abundant expectations but restrained implementation", and the impact of tariffs on the fundamentals still needing data verification. As a result, market participants' wait - and - see sentiment is rising, and yields may maintain a narrow - range fluctuation in the short term [4]. 3. Summary by Relevant Catalogs 3.1 Bond Market Weekly Review - **Monday**: The unchanged LPR quote triggered interest rate repricing, and yields of various tenors oscillated upwards. The short - end was affected by the marginal tightening of the tax - period capital, and the ultra - long - end was affected by the increased supply of special treasury bonds [8]. - **Tuesday**: The market speculated on the expectation of monetary policy easing, and bond market sentiment improved. The central bank's net injection of funds led to a full - line decline in interest - rate bond yields, with the long - end performing better than the short - end [8]. - **Wednesday**: The marginal easing of tariff shocks led to an across - the - board increase in yields of various tenors [9]. - **Thursday**: Under the supply shock of ultra - long - term treasury bonds, yields first declined and then rose. The central bank's net withdrawal of funds did not change the overall loose capital situation after the tax period [9]. - **Friday**: The spot - bond market showed policy - speculation - dominated fluctuations. The yield of the 10 - year treasury bond first rose slightly and then declined under the influence of policy signals, but finally ended flat [10]. 3.2 Secondary Market - **Yield Changes**: Most yields of treasury bonds and China Development Bank bonds increased. As of April 25, the 1 - year treasury bond yield was 1.4501%, up 2.01bp; the 10 - year was 1.6606%, up 1.13bp; the 30 - year was 1.9276%, up 2.34bp. For China Development Bank bonds, the 1 - year yield was 1.5684%, down 0.19bp; the 10 - year was 1.6961%, up 1.51bp; the 30 - year was 2.0568%, up 2.34bp [12]. - **Term Spread Changes**: The term spreads of treasury bonds and China Development Bank bonds showed different trends. The 10Y - 1Y spread of treasury bonds narrowed by 0.79bp to 21.05bp, while the 30Y - 10Y spread widened by 1.07bp to 26.70bp. Most term spreads of China Development Bank bonds widened, with the 10Y - 1Y spread widening by 0.82bp to 12.77bp and the 30Y - 10Y spread widening by 0.39bp to 36.07bp [16]. 3.3 Liquidity Tracking - **Funding Side** - **Central Bank Operations**: From April 21 to April 25, the central bank's open - market operations had a net injection of 77.4 billion yuan. Next week, the maturity of reverse repurchases is 88.2 billion yuan, slightly larger than the previous week [18]. - **Funding Rates**: After the tax period, funding rates generally decreased. The R001 decreased by 9.45bp to 1.5843%, and the R007 decreased by 5.29bp to 1.6587%. The difference in funding costs between non - bank institutions and banks increased, and the market's expectation of medium - and long - term interest rates decreased [19]. - **Bond Supply** - **Interest - Rate Bonds**: The total issuance of interest - rate bonds increased, but the net financing decreased. The total issuance scale was 923.383 billion yuan, an increase of 121.246 billion yuan from the previous week, and the net financing was 126.752 billion yuan, a decrease of 480.316 billion yuan [35]. - **Government Bonds**: The issuance scale of government bonds decreased, and the net payment decreased. The issuance of treasury bonds was 326 billion yuan, a decrease of 109 billion yuan, and the issuance of local government bonds was 191.12257 billion yuan, a decrease of 94.9428 billion yuan [38]. - **Inter - bank Certificates of Deposit**: The issuance scale increased, the net financing increased, and the issuance interest rate decreased slightly. The total issuance was 967.78 billion yuan, an increase of 258.18 billion yuan, and the net financing was 177.14 billion yuan, an increase of 180.67 billion yuan [40]. 3.4 Global Asset Classes - **US Treasury Bonds**: Yields generally declined, and the 10Y - 2Y spread widened by 2bp to 55bp. The 10 - year US Treasury yield dropped 15bp to 4.29% [47]. - **Exchange Rates**: The US dollar index rebounded slightly, up 0.34% to 99.57. The US dollar - RMB central parity rate slightly declined by 0.0042% to 7.2066 [47]. - **Commodities**: Gold prices corrected, down 1.53% to $3,272.20 per ounce; silver prices rose significantly, up 4.47% to $33.67 per ounce; crude oil prices fell, with WTI down 2.15% to $63.18 per barrel and Brent down 1.39% to $66.91 per barrel [49][51].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The bond market is expected to continue its narrow - range oscillation pattern. Tariff games are evolving from short - term disturbance variables to long - term asymmetric variables, with an expected impact on the fundamentals in the second quarter. A reserve requirement ratio cut is likely to be implemented in the second quarter as the supply of interest - rate bonds increases. The window for an interest rate cut is difficult to open in the short term due to the pressure on banks' net interest margins. Next week, the bond market may continue to oscillate narrowly due to the neutral impact of capital - side disturbances and low demand for reserve requirement ratio and interest rate cuts [2][4]. 3. Summary According to the Directory 3.1 Bond Market Weekly Review - **Monday**: Loose expectations dominated the spot - bond trend. The central bank conducted a 7 - day reverse repurchase operation to inject 430 million yuan of liquidity, with a net daily withdrawal of 505 million yuan. The 10 - year active bond yield initially rose due to better - than - expected March social financing data, then stabilized after the release of March import and export data, and the yield curve flattened at the end of the day [7]. - **Tuesday**: There was a narrow - range oscillation under loose liquidity. The central bank conducted 1645 million yuan of reverse repurchases to offset 1000 million yuan of MLF maturities, with a net daily withdrawal of 1029 million yuan. The "stock - bond seesaw" effect was present, and the 10 - year Treasury bond yield fluctuated within ±1bp [7]. - **Wednesday**: Affected by economic data and the release of the 2025 Treasury bond issuance plan, the Treasury bond yield fluctuated sharply throughout the day, and the curve showed a bull - flattening trend. The central bank's net withdrawal of 144 million yuan did not change the loose capital situation. The 10 - year active bond yield rose slightly by 1bp at the end of the day [8]. - **Thursday**: Supply shocks and policy games resonated, causing yields of all maturities to oscillate upwards. The central bank increased reverse - repurchase investment, and the capital side remained loose. The planned issuance of ultra - long - term special Treasury bonds and real - estate policy signals suppressed the bond market [8]. - **Friday**: The market maintained a narrow - range oscillation, and the curve flattened. The central bank conducted a 2505 - million - yuan 7 - day reverse - repurchase operation to hedge against tax - payment pressure. The short - end yield rose, and the long - end yield declined [8]. 3.2 Secondary Market - Short - end yields increased while long - end yields decreased, driving the narrowing of the term spread. As of April 18, the 1 - year Treasury bond yield was 1.4300%, up 3.22bp from the previous Friday; the 10 - year Treasury bond yield was 1.6493%, down 0.75bp; the 30 - year Treasury bond yield was 1.9042%, up 4.15bp. Similar trends were observed for China Development Bank bonds [11]. - The term spreads of Treasury bonds and China Development Bank bonds showed different trends. The 10Y - 1Y spread of Treasury bonds narrowed by 2.38bp to 21.93bp, and that of China Development Bank bonds narrowed by 3.16bp to 11.07bp [14]. 3.3 Liquidity Tracking 3.3.1 Capital Side - From April 14 to April 18, the central bank's open - market operations had a net injection of 23.38 billion yuan. The central bank conducted 80.8 billion yuan of open - market reverse repurchases, with 47.42 billion yuan maturing and 10 billion yuan of MLF withdrawn. Next week, 80.8 billion yuan of reverse repurchases will mature, a larger amount than the previous week [16]. - Overnight capital rates increased, while 7 - day capital rates decreased. The R001 increased by 3.8bp to 1.6788%, and the R007 decreased by 4.12bp to 1.7206%. The difference in capital costs between non - bank institutions and banks decreased, and the capital stratification phenomenon eased [17]. - The SHIBOR rates showed a mixed performance. As of April 18, the overnight, 1 - week, 2 - week, 1 - month, and 3 - month SHIBOR rates changed by 5.10bp, 3.50bp, 1.40bp, - 2.40bp, and - 2.50bp respectively compared to April 11 [24]. - The bill rates decreased slightly. As of April 18, the half - year national - share direct - discount rate and the half - year national - share transfer - discount rate decreased by 8.00bp and 12.00bp respectively compared to April 11 [28]. 3.3.2 Bond Supply - From April 14 to April 18, the total issuance of interest - rate bonds decreased compared to the previous week, while the net financing increased. The total issuance scale was 80.6437 billion yuan, a decrease of 608.4 million yuan from the previous week, and the net financing scale was 61.1368 billion yuan, an increase of 72.6598 billion yuan [31]. - The issuance scale of government bonds increased, and the net payment increased. The issuance of Treasury bonds was 43.5 billion yuan, an increase of 10.784 billion yuan, and the issuance of local government bonds was 20.0617 billion yuan, a decrease of 132.4 million yuan [35]. - The issuance scale of inter - bank certificates of deposit increased, the net financing decreased significantly, and the issuance rate decreased slightly. The total issuance was 70.96 billion yuan, an increase of 2.747 billion yuan, and the net financing was - 353 million yuan, a decrease of 12.859 billion yuan [36]. 3.4 Global Major Assets - US Treasury yields declined overall. From April 14 to April 17, the yields of 1, 2, 3, 5, 10, and 30 - year US Treasury bonds decreased by 5.00bp, 15.00bp, 16.00bp, 20.00bp, 14.00bp, and 5.00bp respectively, and the 10Y - 2Y term spread changed by 1.00bp to 53.00bp [45]. - The US dollar index weakened, and the central parity rate of the US dollar against the RMB declined. From April 14 to April 17, the US dollar index fell 0.45% to 99.23, and the central parity rate of the US dollar against the RMB fell 0.08% to 7.2055 [47]. - Gold prices reached new highs, and crude oil prices rebounded significantly. From April 11 to April 17, the COMEX gold futures price rose 2.79% to 3323.10 US dollars per ounce, and the WTI crude oil price rose 4.92% to 64.57 US dollars per barrel [49].

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The ongoing US-China trade tensions are intensifying the urgency for domestic chip production, particularly in high-performance computing [4][12] - The introduction of the NVIDIA H20 chip has led to increased competition among domestic chip manufacturers, highlighting the need for differentiation in performance and capabilities [14][17] - TSMC reported a significant revenue increase of 41.76% year-on-year, with a net profit growth of 60.3%, indicating strong demand for advanced semiconductor processes [24] Summary by Sections Section 1: Chip Export Restrictions - The US government has imposed export restrictions on NVIDIA's H20 chip to China, which has prompted a shift towards domestic chip development [8][12] - The H20 chip, manufactured using TSMC's 4nm process, features 296 TFLOPS FP8 performance and 148 TFLOPS FP16 performance, but faces competition from domestic alternatives like Huawei's Ascend 910B [14][15] Section 2: Global Industry Dynamics - Intel and MAXHUB launched a new enterprise-level AI PC aimed at enhancing AI model deployment at the edge [20] - NVIDIA plans to produce AI supercomputers entirely in the US, indicating a strategic shift in manufacturing and supply chain management [22][23] - TSMC's first-quarter results exceeded market expectations, with advanced process technologies contributing significantly to revenue [24][25] Section 3: Market Performance - The electronic industry experienced a decline of 0.6% in the past week, ranking 26th out of 31 sectors [4][32] - Notable stock performances included Si Rui Pu (+26.0%) and Shi Hua Technology (+22.7%), while stocks like Kai De Quartz (-17.9%) and Min De Electronics (-10.7%) faced significant declines [4][36][37]

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The ongoing U.S.-China trade tensions are intensifying restrictions on high-performance computing chips, particularly affecting the export of NVIDIA's H20 chips to China, which may accelerate the development of domestic alternatives [8][12] - TSMC reported a significant revenue increase of 41.76% year-on-year, with a net profit growth of 60.3%, highlighting the strong performance of advanced process technologies [24][25] - The report emphasizes the urgency for domestic chip manufacturers to innovate and capture market share in the high-performance computing segment due to export restrictions on foreign chips [14][24] Summary by Sections Industry Performance - The electronic industry experienced a decline of 0.6% in the past week, ranking 26th out of 31 sectors, while the Shanghai Composite Index rose by 0.6% [4][32] - The top-performing sub-sectors included analog chip design (+3.1%) and panels (+1.7%) [36] Stock Performance - Notable stock performances included Si Rui Pu (+26.0%) and Shi Hua Technology (+22.7%), while stocks like Kai De Quartz (-17.9%) and Min De Electronics (-10.7%) faced significant declines [4][37] Chip Market Dynamics - The U.S. government has imposed indefinite export licensing requirements for NVIDIA's H20 chips, which has led to a comparative analysis of domestic chips like Huawei's Ascend 910B and Cambricon's MLU370-X8, showcasing their competitive advantages and limitations [14][15][17] - The report highlights the advancements in chip technology from competitors like AMD and Intel, which are also adapting to the changing market landscape [17][19] Global Industry Developments - Intel's collaboration with MAXHUB to launch enterprise-level AI PCs aims to enhance AI model deployment at the edge, reflecting the growing demand for AI capabilities [20][21] - NVIDIA's plans to produce AI supercomputers entirely in the U.S. signify a strategic shift in manufacturing and supply chain management [22][23]

Investment Rating - The report rates the pharmaceutical and biotechnology industry as "Outperforming the Market" [1] Core Insights - The report highlights the strong growth potential in the innovative drug sector, particularly in areas such as ADC (Antibody-Drug Conjugates), dual antibodies, and self-immune therapies, supported by national policies and increasing funding [2][13] - The report emphasizes the importance of capturing opportunities in "hard technology" and "strong demand" within the domestic market amidst uncertainties in the US-China geopolitical landscape [2][12] Summary by Sections 1. Market Review - The pharmaceutical sector experienced a slight decline of 0.36% during the week of April 14-18, underperforming the CSI 300 index, which rose by 0.59% [5][6] - The market is gradually recovering from the impacts of tariff policies, with a shift in focus towards long-term investment opportunities [5][6] 2. Investment Strategy - The report suggests focusing on "hard technology" and "strong demand" sectors, particularly innovative drugs and high-end medical devices, which are expected to benefit from domestic market dynamics [12][13] - The innovative drug sector is identified as the most promising area for growth, with significant support from national policies and funding improvements expected by 2025 [13][14] 3. Company Spotlight: InnoCare Pharma - InnoCare Pharma is recognized as a leading player in the ADC space, with a robust pipeline of 12 self-developed ADC products, six of which are in clinical development [15][18] - The company's core product, DB-1303, is a third-generation HER2 ADC targeting endometrial cancer, with plans to submit for accelerated approval to the FDA in late 2025 [19][20] - InnoCare has established partnerships with major pharmaceutical companies, securing potential milestone payments exceeding $6 billion [18][19] 4. Future Catalysts - The report outlines several upcoming catalysts for InnoCare, including clinical trial advancements for DB-1303 and other ADC products, which are expected to generate significant market interest [28] - The company is also exploring collaborations with BioNTech for combined therapies, indicating a strategic focus on innovative treatment combinations [28][26]

Investment Rating - The report rates the pharmaceutical and biotechnology industry as "Outperforming the Market" [1][36]. Core Insights - The report highlights that the innovative drug sector is the most promising investment opportunity, supported by national policies and expected improvements in payment mechanisms by 2025 [2][13]. - The focus is on "hard technology" and "strong demand" within the domestic market, particularly in innovative drugs and high-end medical devices [2][12]. - The report emphasizes the potential of ADC (Antibody-Drug Conjugates) as a leading area for investment, with companies like Ying'en Biotech recognized for their innovative capabilities and successful partnerships with major pharmaceutical firms [2][15]. Summary by Sections Market Overview - The pharmaceutical sector experienced a slight decline of 0.36% this week, underperforming the CSI 300 index, which rose by 0.59% [5][6]. - The market is recovering from the impacts of tariff policies, with a shift in focus towards long-term investment opportunities [5][12]. Investment Strategy - The report suggests capturing opportunities in "hard technology" and "strong demand" sectors, particularly in innovative drugs and high-end equipment [2][12]. - It notes that the innovative drug sector is recognized for its growth potential, with significant support from the government and increasing recognition from multinational corporations [2][13]. Company Spotlight: Ying'en Biotech - Ying'en Biotech is highlighted as a leading player in the ADC space, with a robust pipeline of 12 self-developed ADC products, six of which are in clinical development [2][15]. - The company has secured over $2 billion in funding through its successful IPO and has established partnerships with major pharmaceutical companies, indicating strong market confidence [2][18]. - The core product, DB-1303, is a third-generation HER2 ADC targeting endometrial cancer, with plans for accelerated approval submission to the FDA in late 2025 [2][19]. Future Catalysts - The report identifies several upcoming catalysts for Ying'en Biotech, including clinical trial advancements for DB-1303 and other ADC products, which are expected to generate significant market interest [2][28]. - The company is also exploring collaborations with BioNTech for combined therapies, enhancing its competitive positioning in the market [2][26].

Investment Rating - The automotive industry is rated as "Outperform" compared to the market [4] Core Insights - The automotive sector experienced a decline of 0.79% this week, underperforming the CSI 300 index which rose by 0.59% [4][12] - Passenger car sales showed a year-on-year increase of 13% in the second week of April, with a total retail of 5.642 million units since the beginning of 2025, reflecting a 6% year-on-year growth [4][12] - The upcoming Shanghai International Auto Show is expected to highlight the acceleration of electric intelligence, with a focus on smart driving technologies [8][10] Summary by Sections Market Overview - The automotive sector's index closed at 6,519.5 points, ranking 28 out of 31 sectors [4][12] - The automotive services sector saw an increase of 1.95%, while passenger vehicles and automotive parts both declined by 0.99% [4][12] Sales Data - In April, the average daily retail of passenger cars was 44,000 units, with leading sales from BYD at 53,400 units [4][12] Regulatory Developments - The Ministry of Industry and Information Technology emphasized the need for automotive companies to conduct comprehensive testing for driving assistance systems, increasing compliance costs and self-research pressures [4][12] Investment Recommendations - For passenger vehicles, the report suggests focusing on companies like Xiaopeng Motors and Xiaomi Group for their advancements in smart driving and intelligent cockpit technologies [4] - In the automotive parts sector, companies such as Kebo Da and Baolong Technology are recommended for their core technology supply chain developments [4] - The report also highlights the growth potential in automotive services, particularly for companies like China Automotive Research [4]

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