Investment Rating - The report maintains a "Market Perform" investment rating for the consumer services industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [34]. Core Insights - The consumer services industry index rose by 2.02% from May 30, 2025, to June 12, 2025, outperforming the Shanghai and Shenzhen 300 index by approximately 1.15 percentage points [9]. - The report highlights that domestic travel during the Dragon Boat Festival saw 119 million trips, a year-on-year increase of 5.7%, with total spending reaching 42.73 billion yuan, up 5.9% year-on-year [22]. - The upcoming summer travel season is expected to reverse the subdued performance observed during the Dragon Boat Festival, with a projected 70% increase in summer travel numbers and an 80% increase in gross merchandise value (GMV) compared to the previous year [34]. Summary by Sections Market Review - The consumer services industry index outperformed the Shanghai and Shenzhen 300 index, with a rise of 2.02% during the reporting period [9]. - The tourism and education sectors showed recovery, while the hotel and comprehensive services sectors experienced declines [10]. - A total of 38 listed companies in the industry reported positive returns, with the top five performers being ST United, Qujiang Cultural Tourism, Jinling Hotel, Changbai Mountain, and Tianmu Lake, with increases ranging from 11.86% to 55.13% [14]. - The overall price-to-earnings (PE) ratio for the consumer services industry was approximately 30.92 times, reflecting an increase compared to previous periods [18]. Industry News - The report notes significant trends in the tourism market, including a focus on family-oriented travel and deep experiential offerings, as highlighted in the 2025 Summer Travel Trend Report by Zhongxin Tourism [24]. - The popularity of the Jiangsu Super League has led to a surge in tourism bookings in Jiangsu, with an increase of over 300% in reservations [26]. - Haichang Ocean Park announced plans to introduce Xiangyuan Holdings as a new controlling shareholder [27]. Company Announcements - The report suggests monitoring specific companies such as Jinjiang Hotel, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, Jiuhua Tourism, Zhongxin Tourism, and Songcheng Performing Arts for potential investment opportunities due to their favorable positioning in the upcoming summer season [35].

Investment Rating - The report maintains an "Overweight" rating for the electronics industry, expecting the industry index to outperform the market index by more than 10% in the next six months [33]. Core Insights - The Taiwanese ODM manufacturers have seen significant year-on-year revenue growth, primarily driven by the accelerated shipment of GB200 servers. The global AI server shipment is projected to reach 1.811 million units in 2025, representing a year-on-year growth of 26.29%, with high-end AI servers equipped with HBM expected to grow over 40% [2][29]. - The SW electronics sector's PE TTM (excluding negative values) is 42.23 times, which is at the 73.33% percentile for the past five years and 62.75% for the past ten years, indicating a relatively high valuation [2][14]. Market Review and Valuation - The SW electronics sector increased by 0.67% over the past two weeks (05/30-06/12), underperforming the CSI 300 index by 0.20 percentage points, ranking 16th among the Shenwan industries. In June, the sector rose by 2.57%, outperforming the CSI 300 index by 1.21 percentage points, ranking 14th. However, the sector has declined by 2.01% year-to-date, underperforming the CSI 300 index by 0.92 percentage points, ranking 23rd [9][10]. Industry News - Huawei launched the Pura 80 series, featuring the eighth-generation ISP and a one-inch RYYB ultra-large sensor. NVIDIA's CEO announced plans to establish over 20 large AI factories in Europe during the VivaTech conference. OpenAI reported an annual recurring revenue of $10 billion, up from $5.5 billion last year, driven by its consumer products and API revenue [19][21]. - The average daily token usage of the Doubao large model exceeded 16.4 trillion, a 137-fold increase since its launch last year, with a 46.4% market share in China's public cloud model service calls [19][21]. Industry Data - In Q1 2025, global smartphone shipments reached 305 million units, a year-on-year increase of 1.53%. In April 2025, China's smartphone shipments were 22.29 million units, down 1.65% year-on-year [21][25]. - The prices of liquid crystal panels remained stable in May 2025, with 32-inch, 43-inch, 50-inch, 55-inch, and 65-inch panels priced at $39, $65, $104, $130, and $178 per piece, respectively [25][26]. Weekly Perspective - Major Taiwanese ODM manufacturers, including Hon Hai, Quanta, and Wistron, have experienced significant revenue growth, benefiting from the accelerated shipment of GB200 servers. The report suggests focusing on the overseas computing power supply chain, particularly the PCB/CCL sector with high-end capacity and consistent performance [29][30].

Group 1 - The report maintains an overweight rating for the pharmaceutical and biotechnology industry, indicating a potential recovery and growth in the sector [3][7] - The SW pharmaceutical and biotechnology index increased by 6.61% from January to May 2025, outperforming the CSI 300 index by approximately 9.02 percentage points [9][17] - The industry valuation is currently at a relatively low level, with a PE ratio of approximately 50.45 times as of June 12, 2025, which is higher than the beginning of the year but still within the lower range historically [9][24] Group 2 - The report highlights that the 11th batch of national drug procurement is expected to commence in June 2025, with a focus on systemic anti-infection drugs [33][34] - The report emphasizes the ongoing optimization of policies supporting innovative drug development, which is expected to enhance the industry's growth [38][39] - The innovative drug sector is experiencing a significant increase in the proportion of First-in-Class new drug development, indicating improved quality and competitiveness [42][43] Group 3 - The global obesity population is projected to exceed 4 billion by 2035, driving demand for weight loss medications [54][55] - The market for GLP-1 drugs is rapidly expanding, with forecasts suggesting a market size exceeding $140 billion by 2030 [56][59] - GLP-1 drugs are continuously expanding their indications, showing efficacy in various chronic diseases beyond diabetes and weight loss [60][61] Group 4 - The report identifies key companies in the innovative drug sector, such as Heng Rui Medicine, which has shown significant revenue growth and a strong pipeline of innovative drugs [47][48] - The report notes that Heng Rui Medicine's revenue increased from 11.094 billion yuan in 2016 to 27.985 billion yuan in 2024, with a CAGR of 12.26% [48][49] - The company maintains a high level of R&D investment, with R&D expenses rising from 3.896 billion yuan in 2019 to 6.583 billion yuan in 2024, indicating a commitment to innovation [50][51]

行 业 锂电池产业链 锂电池指数走势 锂盐：截至2025年6月12日，电池级碳酸锂均价6.17万元/吨，近两周下 跌1.75%；氢氧化锂(LiOH 56.5%)报价6.63万元/吨，近两周下跌4.47%。 正极材料：磷酸铁锂报价3.03万元/吨，近两周下跌3.81%；NCM523、 NCM622、NCM811分别报价11.25万元/吨、12.10万元/吨、14.55万元/吨， 近两周分别-1.75%、-1.22%、-2.02%。负极材料：人造石墨负极材料高 端、低端分别报价4.85万元/吨和2.10万元/吨，近两周价格持稳；负极 材料石墨化高端、低端分别报价0.96万元/吨和0.80万元/吨，近两周分 别-2.04%和0.00%。电解液：六氟磷酸锂报价5.22万元/吨，近两周下跌 1.32%；磷酸铁锂电解液报价1.78万元/吨，三元电解液报价2.34万元/吨， 近两周分别下跌0.84%和0.43%。隔膜：湿法隔膜均价为0.75元/平方米， 近两周下跌6.25%；干法隔膜均价为0.43元/平方米，近两周价格持稳。 动力电池：方形磷酸铁锂电芯市场均价为0.34元/Wh，方形三元电芯市场 均价为0.44元/Wh，近 ...

| 银行：超配（维持） | | --- | | 证券：标配（维持） | 2025 年 6 月 13 日 分析师：吴晓彤 SAC 执业证书编号： S0340524070001 电话：0769-22119302 邮箱： wuxiaotong@dgzq.com.cn 金融指数走势 金融行业双周报（2025/5/30-2025/6/12） 保险：超配（维持） 银行板块持续活跃，年内南银转债等多只银行可转债触发强赎 资料来源：东莞证券研究所，iFind 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 请务必阅读末页声明。 投资要点： ◼ 证券：今年以来，证券板块整体呈现震荡调整态势，表现弱于 大盘，目前板块PB为1.40，估值处于近5年45.96%分位点。短期来看，目 前中美谈判处于真空期，政策催化不足，市场主线尚未明晰，整个大盘 缺少向上突破的驱动力。展望下半年，从外围扰动看，若后续美国关税 政策进一步缓和，有望提振全球风险偏好，为券商自营业务创造更稳定 的外部环境；政策层面，资本市场改革持续深化。政府工作报告明确提 ...

Investment Rating - The report maintains a positive outlook on the semiconductor industry, emphasizing the potential for growth driven by artificial intelligence and domestic self-sufficiency initiatives [42][43]. Core Insights - The global semiconductor market is projected to reach USD 700.9 billion in 2025, reflecting a year-on-year growth of 11.2%, primarily fueled by demand in AI, cloud infrastructure, and advanced consumer electronics [16]. - The semiconductor industry has faced significant external disturbances in 2025, but the first quarter saw a recovery in performance due to AI advancements and government subsidies boosting consumer demand [42]. - The report highlights the importance of domestic substitution in semiconductor equipment and materials, noting that while progress has been made, there are still areas with low localization rates that present investment opportunities [42]. Industry Overview - The semiconductor industry index has seen a decline of 1.43% over the past two weeks, underperforming the CSI 300 index by 2.30 percentage points [12]. - Various sub-sectors within the semiconductor industry have experienced different performance levels, with digital chip design showing a slight increase of 0.14%, while semiconductor equipment saw a decline of 4.21% [14][15]. - The report indicates that the AI smartphone penetration rate is expected to reach 34% by 2025, driven by advancements in chip capabilities and the introduction of new models [18]. Company Announcements and Dynamics - Huawei has launched the Pura80 series smartphones, starting at CNY 6,499, which are equipped with advanced technology [23]. - Roadway Optoelectronics reported that its production is nearing full capacity in the second quarter, with plans to further invest in 14nm semiconductor mask development [30]. - The report mentions that the first quarter of 2025 saw a significant increase in integrated circuit exports from China, amounting to CNY 526.4 billion, a year-on-year growth of 18.9% [21]. Investment Recommendations - The report suggests focusing on companies involved in semiconductor equipment and materials, highlighting specific firms such as North Huachuang, Zhongwei Company, and Huahai Qingke as potential investment targets [43][45]. - It emphasizes the importance of monitoring the domestic substitution process in semiconductor components, particularly in high-value sectors like industrial and automotive applications [42].

汽车行业 超配（上调） 汽车行业双周报（2025/05/30-2025/06/12） 行 业 车企积极响应《保障中小企业款项支付条例》 2025 年 6 月 13 日 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 资料来源：iFinD，东莞证券研究所 分析师：刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 申万汽车行业指数涨跌幅：截至2025年6月12日，申万汽车板块近两周 下跌0.61%，跑输沪深300指数1.47个百分点，在申万31个行业中排名第 26名；申万汽车板块从6月初至今上涨1.33%，跑输沪深300指数0.02个 百分点，在申万31个行业中排名第19名；申万汽车板块从2025年初至今 上涨10.01%，跑赢沪深300指数11.10个百分点，在申万31个行业中排名 第6名。 周 报 行 业 研 究 研究助理：吴镇杰 SAC 执业证书编号： S0340124020014 电话：0769- ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1] Core Viewpoints - The tension in the Middle East has driven up oil prices, prompting attention to segments with favorable supply-demand dynamics [1][30] - The basic chemical industry index rose by 2.57% in the last two weeks, outperforming the CSI 300 index by 1.7 percentage points, ranking 10th among 30 sectors [3][10] - The report highlights that the PPI in China continued to decline year-on-year in May, influenced by international factors, while domestic energy and raw material prices also saw a temporary decrease [30] - Despite low profitability in the industry, the willingness of companies to expand production is expected to decrease, leading to a more rational supply in the industry [30] Summary by Sections Market Review - As of June 12, 2025, the basic chemical industry has increased by 6.06% year-to-date, outperforming the CSI 300 index by 7.14 percentage points [10] - The top five products with the highest price increases recently include: - Crude Benzene (+8.38%) - Pure Benzene (+7.34%) - Toluene (+7.02%) - Styrene (+6.87%) - Adipic Acid (+6.63%) [19][20] Chemical Product Price Situation - The report notes significant price fluctuations in key chemical products, with the largest declines seen in: - Methyl Chloride (-13.16%) - TDI (-7.00%) - Fatty Alcohols (-6.98%) - Trichloromethane (-6.42%) - Fumed Silica (-5.13%) [19][20] Industry Insights - The report emphasizes the ongoing reduction of quotas for second-generation refrigerants and the continued freeze on third-generation refrigerants, maintaining supply constraints [30] - The demand for refrigerants is expected to grow due to strong production data for air conditioners and new energy vehicles, supported by government initiatives [30] - The report suggests monitoring companies such as Sanmei Co., Ltd. (603379) and Juhua Co., Ltd. (600160) for potential investment opportunities in the refrigerant sector [30] Company Announcements - The report includes various company announcements, such as BASF's new HMD facility in France and the successful launch of a new nylon project by China Pingmei Shenma Group [28][32]

Group 1 - The food and beverage industry outperformed the CSI 300 index from January to May 2025, with a decline of 1.52%, surpassing the index by approximately 0.89 percentage points [6][15][16] - The industry valuation has decreased, with a current PE (TTM) of about 21 times, below the five-year average of 34 times [20][24] - Positive consumer policy signals have been established, with significant government initiatives aimed at boosting consumption and expanding domestic demand [24][27] Group 2 - The liquor sector is experiencing weak demand and internal differentiation, with a notable decline in sales during the Dragon Boat Festival [28] - Liquor companies are controlling supply to maintain prices, with several major brands implementing stock control measures [29][31] - Companies like Kweichow Moutai and Wuliangye are engaging in share buybacks to boost market confidence [34][36] Group 3 - The beer sector is showing stable performance with expectations for marginal improvement in 2025, driven by a recovery in demand [4][14] - The condiment sector is anticipated to benefit from the recovery in the restaurant industry, leading to increased demand for condiments [5][18] - The dairy sector is expected to see improved supply-demand dynamics due to favorable fertility policies [22][24] Group 4 - The snack sector is experiencing steady growth, with a focus on multi-channel penetration to enhance brand influence [25][27] - The overall performance of the snack sector is mixed, with some brands outperforming others [27][45]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [29]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, rising by 5.06% from May 30, 2025, to June 12, 2025, exceeding the CSI 300 index by approximately 4.19 percentage points [10][24]. - Most sub-sectors within the industry recorded positive returns during the same period, with other biological products and raw materials leading with increases of 6.57% and 4.92%, respectively [11][24]. - Approximately 83% of stocks in the industry achieved positive returns, with notable performers such as Yiming Pharmaceutical rising by 94.83% [12][15]. - The overall industry valuation has increased, with the SW pharmaceutical and biotechnology industry index's PE (TTM) at approximately 50.45 times, which is relatively low compared to historical levels [16][24]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a rise of 5.06% from May 30, 2025, to June 12, 2025 [10]. - Most sub-sectors recorded positive returns, with significant gains in other biological products and raw materials [11]. - About 83% of stocks in the industry posted positive returns, with Yiming Pharmaceutical showing the highest increase [12][15]. 2. Industry News - The National Medical Insurance Administration announced that Hunan Province completed its annual medical insurance fund settlement ahead of schedule, distributing 9.22 billion yuan to 31,000 medical institutions [22]. - The report highlights the ongoing positive developments in the innovative drug sector, including a significant collaboration between Sanofi and Pfizer worth 6 billion USD [26]. 3. Company Announcements - Chengdu Kanghong Pharmaceutical Group's subsidiary received approval for a clinical trial of a new drug, which is expected to enhance its market competitiveness [23]. 4. Industry Outlook - The report suggests continued focus on investment opportunities within the innovative drug supply chain and related sectors, including medical devices and traditional Chinese medicine [26].