Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Viewpoints - The H-acid market is experiencing significant price increases, with a current price of 41,750 RMB/ton, reflecting a month-on-month increase of 3.09% and a year-on-year increase of 22.79%, marking a three-year high [4][6] - The active dye market price is currently 23 RMB/kg, with a month-on-month increase of 4.55% and a year-on-year increase of 9.52% [4][6] - The H-acid industry faces long-term supply-demand gaps due to environmental pressures, leading to the elimination of many small producers and a gradual increase in industry concentration [6] Summary by Sections Market Performance - The report indicates a market performance trend with a range from -22% to +22% for the period from June 2024 to February 2025 [3] Industry Dynamics - H-acid is a key intermediate for producing over 90 types of dyes, which are essential for dyeing wool and cotton fabrics, as well as for pharmaceutical production [6] - The production of H-acid generates complex and toxic wastewater, leading to high treatment costs and significant environmental pressures [6] - As of May 2025, the effective domestic production capacity of H-acid is less than 60,000 tons, indicating a supply gap of over 10% [6] Price Trends - The price of H-acid has been rising, which supports the upward price trend of active dyes, as H-acid constitutes 30-50% of the production cost of active dyes [6] - The active dye industry in China has a high concentration, with a CR4 of 64.91%, suggesting that leading companies have a strong pricing power [6] Recommended Stocks - The report suggests focusing on the following companies: Jinchicken Co., Jihua Group, Runtu Co., Haisheng Pharmaceutical, and Zhejiang Longsheng [6]

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2]. Core Insights - The report highlights the regulatory advancements in stablecoin policies in the US and Hong Kong, indicating a shift towards the formalization of cryptocurrency applications, particularly stablecoins [10][11]. - It emphasizes the growing adoption of stablecoins for cross-border payments and the increasing demand for AI applications, which are driving the need for enhanced computational liquidity [12][13]. Summary by Sections Investment Strategy - The US Senate has advanced the "Stablecoin Unified Standards Guarantee Act" with a vote of 66 to 32, mandating that all stablecoins must be backed 1:1 by high-quality, low-risk liquid assets [10]. - Hong Kong has introduced the "Stablecoin Ordinance," effective August 1, 2025, requiring entities to obtain licenses for issuing stablecoins, with stringent financial and compliance requirements [14]. - The global issuance of stablecoins has surpassed $240 billion as of May 3, 2025, indicating a significant market presence [11]. - AI applications are experiencing rapid growth, with ChatGPT reaching 620 million monthly active users, surpassing traditional social media platforms [12][13]. Industry News - The "Stablecoin Ordinance" in Hong Kong aims to regulate stablecoin activities and establish a licensing system, which is expected to accelerate the compliance and formalization of stable currencies [14]. - The Ministry of Industry and Information Technology has released the "Computational Power Interconnection Action Plan," aiming to standardize and enhance the interconnectivity of computational resources by 2026 [15][16]. - China Mobile has announced the winners of its AI general computing device procurement, with a total estimated procurement of 7,058 units [17]. - The successful launch of the fourth batch of low-orbit satellites for the "GW Constellation" marks a significant step in China's satellite internet capabilities [18]. Market Review and Focus - The telecommunications sector saw a 5.06% increase this week, outperforming major indices, with significant gains in optical modules and AI computing indices [19][20]. - The report suggests focusing on investment opportunities in the digital currency and computational power sectors, highlighting companies such as Chutianlong and Hengbao [23].

[Table_Main] 证券研究报告 | 行业周报 市场表现 -29% -22% -15% -7% 0% 7% 15% 22% 2024-05 2024-09 2025-01 有色金属 沪深300 有色金属 优于大市（维持） 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 资料来源：德邦研究所，聚源数据 相关研究 1.《盛达资源：金银上行，扩产在即》， 2025.4.30 2.《锡业股份：原料自给上行，行业 持续景气》，2025.4.30 3.《有色金属周报：黄金剧震，持续 看好》，2025.4.27 4.《天山铝业：利润高企，成长性明 显》，2025.4.20 5.《有色金属周报：特朗普连续喊话 美 联 储 ， 关 注 贵 金 属 表 现 》 ， 2025.4.20 有色金属周报：国际局势莫测下 应坚守贵金属避风港 [Table_Summary] 投资要点： 有色金属 2025 年 06 月 09 日 请务必阅读正文之后的信息披露和法律声明 贵金属 ...

[Table_Main] 证券研究报告 | 行业周报 计算机 优于大市（维持） 证券分析师 陈涵泊 市场表现 -29% -15% 0% 15% 29% 44% 59% 73% 2024-06 2024-10 2025-02 计算机 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《海光拟吸收合并曙光，关注中科 系上市公司隐含价值和协同价值》， 2025.5.26 2.《博睿数据：拥抱华为与字节，新 产品或进放量周期》，2025.5.12 3.《中科星图：对标 PLTR，AI+数据 分析之王》，2025.5.8 4.《24 年报&25Q1 季报总结： 盈利 反转之年，AI 产业率先体现》， 2025.5.7 资格编号：S0120524040004 邮箱：chenhb3＠tebon.com.cn 研究助理 王思 邮箱：wangsi＠tebon.com.cn 5.《鼎捷数智：业绩稳健增长，AI 加 速 外 部 商 业 化 与 内 部 赋 能 》， 2025.4.28 计算机 2025 年 06 月 09 日 稳定币法案&Circle IPO，关注 全球货币变局机遇 [Table_Summary] 投资要点 ...

优于大市（维持） 证券分析师 [Table_Main] 证券研究报告 | 行业周报 通信 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 市场表现 -20% -10% 0% 10% 20% 29% 39% 49% 59% 2024-06 2024-10 2025-02 通信 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《算力卫星与金穹系统，低轨卫星 基础设施加速落地》，2025.6.3 2.《美国对昇腾禁用遭反制，生态竞 赛掀开帷幕》，2025.5.26 3.《美国 BIS 加强 AI 芯片出口管制， 算力供需将向国内回归》，2025.5.19 4.《中美将开始接触，出海产业链预 期向好》，2025.5.10 5.《国内需求回归，国产算力深度布 局》，2025.5.5 通信 2025 年 06 月 09 日 美国推出稳定币，中国数字货币已应 用推广 [Table_Summary] 投资要点： 1. 投资策略 请务必阅读正文之后的信息披露和法律声明 1.1 美国、中国香港更新稳定币政策，加密货币向"正规军"转化。美国推进稳定 币法案，中国香港也随 ...

证券研究报告 | 固定收益点评 2025 年 6 月 9 日 固定收益点评 证券分析师 吕品 [Table_Main] 资格编号：S0120524050005 邮箱：lvpin＠tebon.com.cn 严伶怡 资格编号：S0120524110003 邮箱：yanly＠tebon.com.cn 研究助理 苏鸿婷 邮箱：suht＠tebon.com.cn 相关研究 大行买短债 流动性与机构行为跟踪 [Table_Summary] 投资要点： 本周（6.03-6.06）关注要点：本周资金利率下行，大行融出日均环比上行，基金杠 杆小幅上行；存单净融资减少，各期限存单到期收益率表现分化；现券成交来看， 买盘主力来自其他产品类，主要增持存单，农商行转为增持存单，保险增持 15-30Y 超长利率债，基金各期限利率债均有增持，大行买入 1-3Y 利率债。 货币资金面 请务必阅读正文之后的信息披露和法律声明 固定收益点评 本周（6.3-6.6，下同）共有 16026 亿元逆回购到期。周二至周五央行分别投放逆 回购 4545、2149、1265 和 1350 亿元，期间累计投放 9309 亿元逆回购，全周净 回笼流动性 671 ...

海外市场周报 证券研究报告 | 海外市场周报 2025年06月09日 证券分析师 薛威 资格编号: S0120523080002 邮箱:xuewei@tebon.com.cn 谭诗吟 资格编号:S0120523070007 邮箱:tansy@tebon.com.cn 投资要点: ● 上周全球股市涨多跌少。韩国综合指数领涨全球主要市场。美股三大指数集体上 涨,纳指、标普 500和道指涨跌幅分别为+2.2%、+1.5%和+1.2%;欧洲市场三大 主要指数集体上涨;亚太地区涨多跌少,仅越南 VN30和日经 225 指数回调。 | 会议,有望带来好消息。特朗普在国内遭遇马斯克冲击、海外对日对欧谈判踌躇难 | | --- | | 进的背景下,做出一些让步与妥协来寻求共识的诉求预计将有所加强。 | | ● 策略应对:布局风偏走高,警惕波动加剧。在全球市场有望迎来中美首轮磋商利好 | | 的背景下,布局风险偏好走高的思路值得关注,但同时也应警惕可能的波动加剧带 | | 来的潜在风险。从大类资产角度看,权益类是最优选择,特别是中美双方的权益市 | | 场，受可能利好的推动最强,而固收类与商品类则相对左侧,美债布局机会佳,金 ...

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2]. Core Viewpoints - Precious metals are expected to perform well in the long term, with gold prices rising by 1.42% recently due to increasing geopolitical tensions [5]. - Industrial metal prices have mostly increased, influenced by easing trade tensions between China and the U.S. [5]. - The report highlights a positive outlook for the non-ferrous metals sector, particularly in precious metals, driven by anticipated monetary easing from the Federal Reserve and domestic fiscal policies [5]. Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Gold prices have shown a slight increase, with a focus on long-term growth potential due to geopolitical instability [5]. 1.2 Industrial Metals - Prices for copper, aluminum, lead, zinc, tin, and nickel have varied, with copper increasing by 1.4% and tin by 2.6% [27]. 1.3 Minor Metals - Prices for rare earth metals, particularly praseodymium-neodymium oxides, have risen, indicating a recovery in manufacturing demand [29]. 1.4 Energy Metals - Lithium prices have decreased, while nickel prices have shown some resilience, suggesting a need to monitor future demand growth [34]. 2. Market Data - The non-ferrous metals sector has outperformed the broader market, with a 3.74% increase compared to the Shanghai Composite Index's 1.13% rise [36]. 3. Important Events Review - Recent geopolitical events, including tensions involving the U.S. and Russia, have influenced market sentiment and commodity prices [43].

[Table_Main] 海外市场周报 证券分析师 薛威 资格编号：S0120523080002 邮箱：xuewei＠tebon.com.cn 谭诗吟 资格编号：S0120523070007 邮箱：tansy＠tebon.com.cn 证券研究报告 | 海外市场周报 2025 年 06 月 09 日 破裂与修复 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 上周全球股市涨多跌少。韩国综合指数领涨全球主要市场。美股三大指数集体上 涨，纳指、标普 500 和道指涨跌幅分别为+2.2%、+1.5%和+1.2%；欧洲市场三大 主要指数集体上涨；亚太地区涨多跌少，仅越南 VN30 和日经 225 指数回调。 美国 5 月非农数据分化。美国 5 月非农部门新增就业 13.9 万人，失业率仍为 4.2%， 连续三个月环比持平。数据好于市场普遍预期，但低于过去 12 个月 14.9 万人的 月均增幅。同时，美劳工部大幅下修 3 月和 4 月的就业数据，抵消了美国 5 月份 劳动力市场的积极面；美国 5 月 ADP 小非农仅新增 3.7 万个就业岗位，低于 4 月 份向下修正后的 6 万个 ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Views - The basic chemical sector is expected to benefit from a new round of supply-side reforms, with a focus on price increases for products like chlorantraniliprole and SAF [5][32] - The report highlights the resilience of major companies in the sector, suggesting that core assets are entering a long-term value zone [16][17] Summary by Sections 1. Core Views - The report emphasizes that policies initiated since September 2024 are likely to improve supply-demand dynamics in the chemical sector, potentially boosting demand for end-use chemical products [16] - It identifies chlorantraniliprole as a key product to watch due to supply constraints and rising prices, with a significant price increase of 123.9% noted recently [32] - SAF prices are also recovering, driven by improved procurement conditions in Europe and rising costs of raw materials [33][34] 2. Overall Performance of the Chemical Sector - The basic chemical industry index rose by 2.6% in the week of May 30 to June 6, outperforming both the Shanghai Composite Index and the ChiNext Index [19][20] - Year-to-date, the basic chemical industry index has increased by 5.8%, significantly outperforming the broader market indices [19][25] 3. Individual Stock Performance - Among 424 stocks in the basic chemical sector, 347 stocks rose, with notable gainers including Lianhua Technology (+39.1%) and Lingpai Technology (+29%) [28][29] - Conversely, stocks like Hengtian Hailong (-15.9%) and Suzhou Longjie (-12.6%) experienced significant declines [28][29] 4. Key News and Company Announcements - The report highlights the price surge of chlorantraniliprole and SAF, indicating a favorable market environment for these products [32] - It discusses the supply constraints faced by chlorantraniliprole producers, particularly due to the dominance of a few key players in the market [32] - The report also notes the potential for SAF companies in China to benefit from increased demand and improved procurement conditions in Europe [34]