Core Insights - The report maintains a positive investment rating for the sector, highlighting potential growth opportunities driven by recent developments in the electric vehicle market, particularly with Tesla's initiatives in China and the U.S. [2][6] Market Performance - During the week from June 2 to June 6, the Shanghai Composite Index closed at 3385 points, up 1.13%, while the Shenzhen Component Index rose 1.42% to 10184 points. The ChiNext Index increased by 2.66% to 2867 points. The large-cap index closed at 3438 points, up 0.75%, and the small-cap index closed at 4476 points, up 2.05%, with a small-cap to large-cap closing index ratio of 1.30 [10][11]. Key Events - **Tesla China Referral Program**: On June 5, Tesla China launched a referral program offering dual benefits for both referrers and buyers. Referrers can earn up to 8000 yuan in Tesla points for successful referrals, while buyers can receive 8000 yuan off paint options upon delivery [14][15]. - **Tesla's Inclusion in "Rural Electrification" Program**: On June 3, Tesla was included in China's 2025 "Rural Electrification" initiative, which features 124 models, marking the first time Tesla has been listed in this program [16][17]. - **Cybertruck Discount in the U.S.**: On June 6, Tesla announced a 5-year interest-free loan for the Cybertruck, available to customers who purchase the Full Self-Driving (FSD) package for $8000, with the promotion ending on June 30 [17][18]. - **Tesla's May Sales Figures**: In May, Tesla's wholesale sales in China reached 61,662 units, reflecting a year-on-year decrease of 15% but a month-on-month increase of 5.5% compared to April's sales of 58,459 units [20][21]. Investment Recommendations - The report suggests focusing on companies such as Top Group, Sanhua Intelligent Control, Yinlun Holdings, and Hengli Hydraulic, as they are expected to benefit from the ongoing developments in the electric vehicle sector and related technologies [6][20].

Group 1: CPI and Core CPI Trends - In May, the CPI decreased by 0.1% year-on-year, maintaining the same decline as the previous month[10] - The core CPI year-on-year growth rate recorded 0.6%, an increase of 0.1 percentage points from last month[10] - The CPI month-on-month growth rate turned negative at -0.2%, a decrease of 0.3 percentage points from the previous month[10] Group 2: Energy Prices Impact - Energy prices fell by 1.7% month-on-month and decreased by 6.1% year-on-year, contributing approximately 0.13 and 0.47 percentage points to the CPI decline, respectively[10] - The oil and gas extraction industry saw prices drop by 5.6%, while refined petroleum product manufacturing prices fell by 3.5%[28] - The coal mining industry experienced a price decline of 3.0%, with coal processing prices down by 1.1%[28] Group 3: PPI Trends - The PPI year-on-year growth rate recorded -3.3%, with a decline of 0.6 percentage points compared to last month[24] - The PPI month-on-month decline remained at -0.4%, consistent with the previous month[26] - Production material prices decreased by 4.0% year-on-year, while living material prices saw a decline of 1.4%[24] Group 4: Consumer Demand and Price Changes - Consumer demand showed marginal improvement, with seven major categories of prices rising, except for transportation and communication, which fell by 4.3%[10] - Food prices decreased by 0.4% year-on-year, with fresh vegetables and eggs contributing to the decline[17] - Hotel accommodation and tourism prices increased by 4.6% and 0.8%, respectively, exceeding seasonal levels[20]

Employment Data Summary - In May, the U.S. non-farm payrolls increased by 139,000, continuing a downward trend from previous months[2] - The combined downward revision for March and April was 95,000, indicating a potential overestimation of current employment levels[2][5] - The unemployment rate remained stable at 4.2%, while the labor force participation rate decreased by 0.2 percentage points to 62.4%[2][10] Sector Analysis - Job growth in May was primarily driven by the service sector, which added 145,000 jobs, while government employment decreased by 22,000[8] - Manufacturing jobs saw a decline of 13,000, influenced by tariff policies[2][8] - The federal government has reduced employment by 59,000 since January, reflecting ongoing layoffs[5][8] Wage and Hour Trends - Average hourly earnings increased by 0.4% month-over-month, maintaining a year-over-year growth rate of 3.9%[13] - The average workweek remained steady at 34.3 hours, suggesting stable wage growth may support consumer spending[13] Market Expectations - Following the release of the May non-farm data, market expectations for Federal Reserve rate cuts have slightly adjusted to two potential cuts within the year, with the earliest possible in September[21] - Despite the overall stability in unemployment rates, the declining labor force participation and continuous downward revisions in employment data suggest a cooling job market[21] Risks - Potential risks include unexpected inflation increases, tighter monetary policy from the Federal Reserve, and a downturn in the U.S. economy[25][26]

Group 1: Macroeconomic Policy Insights - The current macroeconomic policy framework has significantly changed compared to the past, with a notable impact on risk appetite in the market[2] - Fiscal policy, traditionally seen as a counter-cyclical tool, may exhibit pro-cyclical characteristics due to constraints on government borrowing and spending patterns[4][6] - The growth rate of broad fiscal expenditure has not kept pace with GDP growth in recent years, primarily due to the limitations of land finance[7] Group 2: Fiscal Policy Dynamics - The government debt level in China is relatively low, at less than 90% compared to over 210% in Japan and 110% in the US, indicating room for increased leverage[13] - The fiscal deficit target has been set at 4%, breaking the previous constraint of 3%, allowing for more flexible budget adjustments[16] - The shift in fiscal focus from public investment to public consumption is evident, with a decrease in spending on infrastructure-related projects and an increase in social services[29] Group 3: Investment Strategy Recommendations - Investment strategies should align with fiscal policy directions, particularly focusing on technology and consumption sectors[31] - Fiscal support for consumption is characterized by "inclusive consumption," with policies like the large-scale replacement of old consumer goods driving sales in sectors like automobiles and home appliances[38] - The trend of equity investment replacing debt investment in state-owned capital operations suggests a new direction for fiscal funding, particularly favoring technology leaders[34]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights positive topline results from the clinical trial of STSA-1002 for ARDS, indicating a significant reduction in clinical relief time and mortality rates compared to the control group [6] - The application for the market approval of Bomitase α has been accepted, and the company has completed changes to its drug production license [6] - Revenue projections for 2025-2027 are estimated at 294 million, 448 million, and 1.096 billion respectively, with a forecasted net profit of -76 million, -56 million, and 289 million [6] Financial Performance Summary - Revenue for 2023 is reported at 364 million, with a projected decline to 294 million in 2025 before increasing to 1.096 billion by 2027 [5][8] - The net profit is expected to improve from -399 million in 2023 to a positive 289 million in 2027 [5][8] - The earnings per share (EPS) is projected to rise from -0.84 in 2023 to 0.61 in 2027 [5][8] Clinical Trial Results - The clinical trial for STSA-1002 showed that the low-dose and high-dose groups had risk ratios of 1.04 and 1.55 respectively, with a reduction in the time to clinical relief by 2 to 5 days [6] - The 28-day all-cause mortality rates were 26.67% for the low-dose group, 5.88% for the high-dose group, and 40% for the control group, indicating a significant reduction in mortality [6] Market and Regulatory Developments - The company has received acceptance for the market application of STSP-0601 (Bomitase α), which is a significant regulatory milestone [6] - The report emphasizes the importance of the drug production license changes, which allow for the contracted production of Bomitase α [6]

宏观月报 / 2025.05.31 ——5 月 PMI 数据解读 证券研究报告 分析师 陈兴 SAC 证书编号：S0160523030002 chenxing@ctsec.com 分析师 马骏 SAC 证书编号：S0160523080004 majun@ctsec.com 相关报告 1. 《PMI 节前还比较弱——1 月 PMI 数 据解读》 2024-01-31 2. 《PMI 节后表现如何？——2 月 PMI 数据解读》 2024-03-01 3. 《出口带动需求回暖——3 月 PMI 数 据解读》 2024-03-31 4. 《生产高位扩张，价格持续上行—— 4 月 PMI 数据解读》 2024-04-31 5. 《成本压力上升——5 月 PMI 数据解 读》 2024-05-31 6. 《PMI 还是弱了些——6 月 PMI 数据 解读》 2024-06-30 7. 《出口订单创同期新高——7 月 PMI 数据解读》 2024-07-31 8. 《外需仍有回升——8 月 PMI 数据解 读》 2024-08-31 9. 《PMI 再现背离，经济景气如何？— —9 月 PMI 数据解读》 2024-09 ...

影石创新(688775) / 消费电子 / 新股研究报告 / 2025.05.29 AI 驱动创新引领，智能影像龙头扬帆起航 证券研究报告 核心观点 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 联系人 黄梦龙 huangml@ctsec.com | 财务指标 | 2024 年 | | --- | --- | | 销售毛利率(%) | 52.20 | | 销售净利率(%) | 17.85 | | ROE(%) | 37.07 | | 营业收入增幅(%) | 53.29 | | 净利润增幅(%) | 19.91 | | 资产负债率(%) | 36.64 | | 流动比率 | 2.24 | | 速动比率 | 1.68 | | 每股经营性净现金流量 | 3.26 | | 每股净资产（元/股） | 8.84 | 请阅读最后一页的重要声明！ ❖ 智能影像设备领军者，创新驱动成长：公司 2015 年成立于深圳，以全景 技术为基点专注于运动相机、全景相机等智能影像设备研发、生产、销售，公 司产品不断推陈出新，2019-2024 年公司收入从 5.88 亿元增长至 5 ...

Group 1: Monetary Policy and Market Rates - Since May, policy interest rates have been lowered, leading to a further easing of liquidity, but after the reserve requirement ratio (RRR) cut, funding rates have risen[3] - In May, the average funding rates R007 and DR007 decreased by 16.1 basis points and 14.5 basis points to 1.61% and 1.58% respectively[11] - The central bank's operations included a net liquidity injection of approximately 1 trillion yuan following the RRR cut, but funding rates did not decline further[13] Group 2: Government Debt Issuance - In June, the government is expected to issue approximately 1.38 trillion yuan in treasury bonds, with a net financing scale of around 490 billion yuan[34] - The total issuance of government bonds in June is projected to be nearly 2.3 trillion yuan, with a net financing scale of about 920 billion yuan[42] - The cumulative net financing progress of treasury bonds has reached 40.1%, significantly higher than the historical average for the same period[33] Group 3: Local Government Debt and Financing - Local government debt issuance has been slower, with a total of 1.98 trillion yuan issued in the first five months of the year, which is above last year's pace but below the five-year average[40] - In June, local government debt issuance is expected to total around 9 billion yuan, with a net financing scale of approximately 4.3 billion yuan[42] - Special refinancing bonds issuance is projected to be around 400 billion yuan in June, as issuance slows to accommodate special treasury bonds[42]

证券研究报告 投资评级:看好(维持) 农林牧渔 / 行业投资策略周报 / 2025.05.25 宠物 618 预售亮眼，需求承接一般猪价下行 分析师 肖珮菁 SAC 证书编号：S0160524070005 xiaopj@ctsec.com 相关报告 1. 《大猪出栏增加猪价下行，贸易会谈 缓和宠食出口干扰》 2025-05-18 2. 《惜售情绪猪价震荡偏强，供应偏紧 毛鸡价格上涨》 2025-05-17 3. 《缓和宠食出口订单短期扰动，国货 高端化趋势不变》 2025-05-13 农业重点数据跟踪周报 核心观点 数据来源：wind 5 月 23 日数据，财通证券研究所 请阅读最后一页的重要声明！ 最近 12 月市场表现 -27% -18% -9% 0% 8% 17% 农林牧渔 沪深300 ❖ 风险提示：原材料价格波动风险，动物疾病风险，极端灾害风险。 表 1：重点公司投资评级: 代码 公司 总市值 （亿元） 收盘价 （05.23） EPS（元） PE 投资评级 2024A 2025E 2026E 2024A 2025E 2026E 002714 牧原股份 2,158.34 39.51 3.27 3.63 ...

建筑装饰 / 行业投资策略周报 / 2025.05.25 4 月基建增速环比放缓，资金改善仍需等待 证券研究报告 投资评级:看好(维持) 最近 12 月市场表现 -20% -13% -5% 3% 11% 18% 建筑装饰 沪深300 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 联系人 陈悦明 chenym01@ctsec.com 请阅读最后一页的重要声明！ 流同比改善》 2025-05-05 单击或点击此处输入文字。 ❖ 4 月基建增速环比有所放缓，建筑业订单依旧承压。根据统计局数据， 2025 年 1-4 月狭义/广义基建投资额分别同增 5.80%/10.85%，环比 1-3 月分别 持平/-0.65pct；4 月单月狭义/广义基建投资额分别同增 5.80%/9.57%，增速环 比 1-3 月分别-0.14pct/-3.02pct，基建投资增速相较于一季度有所放缓。细分来 看，2025 年 1-4 月电力、热力、燃气及水生产和供应业投资同增 25.5%，较前 值回落 0.5pct；交通运输、仓储和邮政业投资同增 3.9%，较前值提升 0.1pct； 水利、环 ...