Market Overview - The market experienced a significant adjustment with the ChiNext index leading the decline, as all major indices closed in the red [1][4] - The Shanghai Composite Index closed at 3384.82, down 0.44%, while the ChiNext index fell by 1.17% to 2037.27 [2][4] Sector Performance - The top-performing sectors included Beauty Care (up 1.10%), Banking (up 0.48%), and Pharmaceutical Biology (up 0.33%), while the worst performers were Defense Industry (down 1.97%) and Computer (down 1.87%) [3][4] - Concept sectors such as Genetically Modified Organisms (up 3.15%) and Sino-Korean Free Trade Zone (up 2.30%) showed strong performance, whereas EDR Concept (down 2.63%) and MLOps Concept (down 2.56%) lagged [3][4] Future Outlook - The market is expected to maintain a volatile trend, with potential structural opportunities arising from positive policy implementations and breakthroughs in technology [7] - The report suggests a focus on sectors such as Finance, Public Utilities, Non-ferrous Metals, Pharmaceutical Biology, and TMT for potential investment opportunities [7]

Group 1 - The report emphasizes the improvement in supply-demand dynamics within the basic chemical industry, highlighting structural opportunities in specific sub-sectors such as refrigerants, sweeteners, lubricating oil additives, and modified plastics [5][6][61] - The first quarter of 2025 saw a decline in the scale of ongoing projects in the basic chemical sector, indicating a rationalization of supply as the industry moves away from "involution" competition [18][22] - The basic chemical sector's revenue for Q1 2025 was 605.93 billion yuan, a year-on-year increase of 6.49%, while net profit reached 36.91 billion yuan, up 5.18% year-on-year [21][29] Group 2 - In the refrigerant sector, the supply of second-generation refrigerants is being significantly reduced, while third-generation refrigerants remain under quota restrictions, leading to a favorable demand outlook driven by strong performance in air conditioning and automotive sectors [42][53] - The sweetener market is expected to benefit from the trend towards reduced sugar consumption, with potential growth in demand for products like sucralose and allulose, particularly if domestic approval for allulose is granted [4][6][4] - The lubricating oil additive market is poised for growth due to the increasing emphasis on domestic substitution, as the industry currently relies on significant imports, with 200,000 to 300,000 tons needed annually [6][5][6] Group 3 - The modified plastics sector is projected to grow as the government implements policies to encourage the replacement of old consumer goods, particularly in the automotive and home appliance markets [6][6][6] - The report indicates that the average price of refrigerants such as R134a and R32 has seen significant year-on-year increases, reflecting a high demand environment [59][63] - The overall market sentiment in the basic chemical industry is positive, with expectations of continued demand growth supported by government policies aimed at stabilizing the economy and boosting consumption [38][39][41]

证券研究报告 2025 年 6 月 9 日 星期一 【新股发行跟踪（20250609）】 一、上周新股表现情况 上周（6 月 2 日-6 月 6 日）共有 2 只新股上市，上市首日涨跌幅均值 为 37.74%。其中，无新股上市首日涨幅超 100%。上周无新股首日破发。 资料来源：东莞证券研究所，iFinD 二、周度新股上市情况走势 从周度新股上市规模来看，上周（6 月 2 日-6 月 6 日，下同）较上上 周（5 月 26 日-5 月 30 日，下同）相比，上市新股数量多 1 只，首发募资 金额多 44.03 亿元。 从周度上市新股表现来看，上周与上上周均无新股首日破发，与上上 周相比，上周首日涨幅超 100%的新股数量有所减少，上市首日涨跌幅均 值大幅下降。 资料来源：东莞证券研究所，iFinD 本报告的风险等级为中高风险。 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。 1 表 1：上周新股表现 股票代码 股票简称 上市日期 上市 板块 发行价 格（元） 发行市 盈率 证监会行业 首日收盘 涨跌幅(%) 603049.SH 中策橡胶 ...

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by more than 10% in the next six months [44]. Core Insights - The public utility index has seen a decline of 1.9% over the past two weeks, underperforming the CSI 300 index by 1.0 percentage points, ranking 27th among 31 industries. Year-to-date, the index has decreased by 1.1%, outperforming the CSI 300 index by 0.4 percentage points, ranking 22nd [9][11]. - Among the sub-sectors, three have increased: heating services by 0.4%, photovoltaic power generation by 0.3%, and gas by 0.1%. Conversely, four sub-sectors have decreased: hydropower by 4.4%, thermal power by 1.9%, comprehensive energy services by 0.6%, and wind power by 0.5% [11][14]. - The report highlights significant industry news, including the issuance of 216 million renewable energy green power certificates in April 2025, a 23.94% increase month-on-month, covering 104,300 renewable energy projects [37][39]. Summary by Sections 1. Market Review - As of June 5, the public utility index has decreased by 1.9% in the last two weeks, ranking 27th among 31 industries. Year-to-date, it has decreased by 1.1%, ranking 22nd [9][11]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is 18.4 times. The photovoltaic sector has a P/E ratio of 740.3 times, while thermal power is at 11.9 times [17][18]. 3. Industry Data Tracking - The average price of Shenxi Yulin thermal coal (Q6000) is 560 yuan/ton, down 1.8% from the previous value. The average price of Qinhuangdao port thermal coal (Q5500) is 612 yuan/ton, down 1.4% [29][32]. 4. Key Industry News - The report discusses the promotion of renewable energy and the establishment of a modern electricity business environment, emphasizing the construction of a new power system [40][41]. 5. Industry Weekly Viewpoint - The report suggests focusing on companies like Xin'ao Co., Ltd. and Huadian International, given the ongoing developments in the gas and thermal power sectors [39][41]. 6. Important Company Announcements - Notable announcements include Xinjiang Li New Energy's agreement with Xinjiang Energy Group and Nanfang Energy's planned investment exceeding 3 billion yuan in 2025 [38].

分析师：黄冬祎 S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 农林牧渔行业 超配（维持） 农林牧渔行业双周报（2025/5/23-2025/6/5） 行 业 优质农业龙头推进国际化战略 2025 年 6 月 6 日 投资要点： 风险提示：疫病大规模爆发，价格下行，自然灾害，市场竞争加剧等。 所 本报告的风险等级为中高风险。 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。 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn SW农林牧渔行业跑赢沪深300指数。2025年5月23日—2025年6月5日，SW 农林牧渔行业上涨1.23%，跑赢同期沪深300指数约2.16个百分点；细分板 块中，仅动物保健录得负收益，下跌1.25%；饲料、渔业、养殖业、农产 品加工和种植业均录得正收益，分别上涨2.74%、2.45%、1.14%、0.96%和 0.61%。估值方面，截至2025年6月5 ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, expecting the industry index to outperform the market index by over 10% in the next six months [56]. Core Viewpoints - The white liquor market is experiencing sluggish sales, while attention should be paid to beer and other seasonal consumption [51]. - The SW food and beverage industry index fell by 1.83% from May 23 to June 5, 2025, underperforming the CSI 300 index by approximately 0.90 percentage points [13]. - Most sub-sectors within the industry outperformed the CSI 300 index during the same period, with the soft drink sector seeing the largest increase of 8.72% [15]. - Approximately 70% of stocks in the industry recorded positive returns, with notable gainers including Junyao Health (+62.74%) and Miaokelando (+21.27%) [17]. - The overall industry valuation is below the five-year average, with a current PE (TTM) of approximately 21.40 times, compared to the historical average of 34 times [21]. Summary by Sections Market Review - The SW food and beverage industry index underperformed the CSI 300 index, with a decline of 1.83% from May 23 to June 5, 2025 [13]. - Most sub-sectors outperformed the CSI 300 index, with the soft drink sector leading at an increase of 8.72% [15]. - About 70% of stocks in the industry achieved positive returns, with significant gains from Junyao Health and Miaokelando [17]. Industry Data Tracking White Liquor Sector - The prices of major white liquor brands, such as Feitian and Guojiao 1573, have decreased recently, indicating market pressure [24]. Seasonality and Consumer Trends - The report emphasizes the importance of monitoring seasonal consumption trends, particularly in beer and soft drinks, as the industry enters a peak consumption period [51]. Valuation Metrics - The current industry PE (TTM) is approximately 21.40 times, which is below the five-year average of 34 times, suggesting potential undervaluation [21]. Key Recommendations - The report suggests focusing on high-certainty stocks such as Kweichow Moutai (600519) and other regional liquor brands like Shanxi Fenjiu (600809) and Gujing Gongjiu (000596) [51]. - In the broader consumer goods sector, companies like Haitian Flavoring (603288), Qingdao Beer (600600), and Yili (600887) are highlighted for their growth potential [51].

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by more than 10% in the next six months [1][34]. Core Insights - The report highlights continuous catalysts in the AI sector both domestically and internationally, emphasizing investment opportunities in AI applications and computing power [1][29]. - The computer industry index has shown a cumulative increase of 3.00% over the past two weeks, outperforming the CSI 300 index by 3.93 percentage points, ranking 6th among 31 primary industries [11][21]. - As of June 5, 2025, the SW computer sector's PE TTM (excluding negative values) stands at 51.28 times, positioned at the 79.50% percentile over the past five years and 65.37% over the past ten years [21][23]. Summary by Sections 1. Industry Performance Review - The SW computer sector has increased by 3.00% in the last two weeks, 3.24% in June, and 4.95% year-to-date, all outperforming the CSI 300 index [11][12]. 2. Valuation Situation - The current PE TTM for the SW computer sector is 51.28 times, indicating a high valuation relative to historical performance [21]. 3. Industry News - Significant developments include the enactment of the "Stablecoin Ordinance" in Hong Kong, advancements in AI models such as DeepSeek-R1 and Claude 4, and initiatives to enhance computing power interconnectivity [22][24][29]. 4. Company Announcements - Recent announcements include a successful bid by Chengdi Xiangjiang for a data center project worth 4.4 billion RMB and China Software's participation in a capital increase project for Kirin Software [25][26]. 5. Weekly Perspective - The report emphasizes the rapid development in the AI sector, with notable updates in AI models and applications, suggesting a focus on investment opportunities in AI and computing power [29]. 6. Recommended Focus Stocks - The report suggests monitoring specific companies such as GuoDian YunTong, Shenzhou Digital, and Inspur Information, which are positioned to benefit from trends in financial technology and domestic computing power demand [30].

Investment Rating - The report maintains a standard rating for the construction materials sector [2] Core Views - The real estate market is showing signs of recovery, particularly in high-energy cities, with improved sales of larger residential units. The demand for real estate and construction materials is expected to rise due to accelerated urban renewal initiatives [4][29] - The land market has seen a resurgence, with the top 100 companies acquiring land worth 405.19 billion yuan, a year-on-year increase of 28.8% [4][27] - The report suggests focusing on stable central state-owned enterprises and regional leaders in first and second-tier cities, such as Poly Developments, China Merchants Shekou, and others [4][29] Summary by Sections Real Estate Market Overview - In the first four months of the year, 20 out of 30 representative cities saw an increase in the proportion of residential units over 120 square meters sold, with cities like Nanjing and Qingdao showing increases exceeding 8% [4][27] - New home prices in first-tier cities rose by 0.90% month-on-month in May, while second-tier cities saw a slight increase of 0.06% [4][27] - The report indicates that the recovery in the real estate market will gradually expand from specific points to a broader area, potentially leading to a valuation recovery for the sector [29] Construction Materials Market Overview - National cement production from January to April 2025 was 495 million tons, a year-on-year decrease of 2.8%, marking the lowest level for the same period since 2010 [5][47] - The report highlights that the cement industry is undergoing significant capacity reduction and is pushing for energy-saving and green transformation [6][49] - The construction materials sector is expected to benefit from increased fiscal spending and the issuance of special bonds, which will support demand for construction materials [51] Key Data and Trends - The report notes that the total amount of special bonds planned for issuance in June across 25 regions is approximately 885.64 billion yuan, with new special bonds accounting for 469.49 billion yuan [51] - The construction materials sector has seen a slight increase in prices, with the average cement price at 339 yuan per ton, down 4 yuan from the previous week [36][41] - The report recommends focusing on leading companies in the cement industry, such as Conch Cement and Huaxin Cement, which are expected to benefit from industry consolidation and overseas expansion [6][50]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [45]. Core Viewpoints - The report highlights the initiation of pilot projects for the construction of a new power system by the National Energy Administration, focusing on innovative technologies and models to drive breakthroughs in the sector [3][35]. - The report suggests paying attention to leading companies in virtual power plant technology, which is identified as a key support for the new power system [3][40]. Summary by Sections Market Review - As of June 5, 2025, the Shenwan Power Equipment industry has seen a decline of 2.16% over the past two weeks, underperforming the CSI 300 index by 1.23 percentage points, ranking 28th among 31 industries [11]. - The industry has experienced a year-to-date decline of 5.44%, again underperforming the CSI 300 index by 3.98 percentage points [11]. - The wind power equipment sector increased by 0.10%, while the photovoltaic equipment sector decreased by 2.43% in the last two weeks [11][17]. Valuation and Industry Data - As of June 5, 2025, the overall PE (TTM) for the power equipment sector is 24.42 times, with sub-sectors showing varied valuations: - Electric Motor II: 47.23 times - Other Power Equipment II: 39.92 times - Photovoltaic Equipment: 16.73 times - Wind Power Equipment: 30.46 times - Battery: 24.46 times - Grid Equipment: 23.80 times [26]. Industry News - The National Energy Administration has issued a notice to conduct pilot projects focusing on seven key areas, including virtual power plants and intelligent microgrids, to explore new technologies and models for the new power system [35]. - The report also mentions the promotion of green electricity direct connection development, emphasizing the importance of source-load matching [35]. Company Announcements - The report includes various company announcements, such as the completion of a hydrogen production and refueling station in Wuhai, which is expected to enhance logistics efficiency [38]. - It also notes the share repurchase plans of several companies, indicating ongoing corporate actions in the sector [38]. Weekly Perspective on Power Equipment Sector - The report emphasizes the importance of the new power system construction and suggests focusing on companies that are leading in virtual power plant technology [40]. - It highlights the potential for significant advancements in the sector, driven by government initiatives and technological innovations [40].

Investment Rating - The report maintains a standard rating for the non-ferrous metals and steel industry [2] Core Insights - The report highlights the intensifying resource competition and the prominent position of the rare earth industry chain, driven by changes in national tariff policies and the demand from emerging sectors such as humanoid robots and low-altitude economy [7][54] - The non-ferrous metals sector has shown resilience, with the metal new materials and small metals sub-sectors experiencing significant growth, while the steel sector has faced declines [14][17] - The report suggests focusing on specific companies within the rare earth and gold sectors due to their strong market positions and growth potential [55][56] Market Review - As of June 5, 2025, the non-ferrous metals industry has increased by 0.02% over the past two weeks, outperforming the CSI 300 index by 0.95 percentage points, ranking 19th among 31 industries [14] - The steel industry has decreased by 1.72% in the same period, underperforming the CSI 300 index by 0.79 percentage points, ranking 25th [14] - Year-to-date, the non-ferrous metals industry has risen by 10.87%, while the steel industry has only increased by 0.52% [14] Sub-sector Performance - Within the non-ferrous metals sector, the metal new materials sub-sector rose by 4.60% in the last two weeks, while the industrial metals sub-sector fell by 1.59% [17] - The gold market has seen a significant increase, with COMEX gold prices reaching $3,376.10 per ounce, up $127.80 since early May [36][55] - The aluminum sector is facing supply constraints due to a production cap and varying demand across different applications, particularly in the renewable energy sector [56] Company Focus - The report recommends monitoring companies such as China Rare Earth (000831) and Kinglong Permanent Magnet (300748) for their strong performance and strategic positioning in the rare earth market [55][57] - In the gold sector, companies like Chifeng Jilong Gold Mining (600988) and Zijin Mining (601899) are highlighted for their robust revenue growth and market strategies [55][57]