Group 1: Express Delivery Industry Insights - The express delivery industry is focusing on cost reduction at the terminal stage, with significant potential for cost control as terminal delivery costs account for 60.64% of total costs in 2024 for companies like YTO Express [3][4] - Cost elasticity is high for express delivery companies; for instance, a 0.1 CNY increase in per parcel profit for Zhongtong Express could lead to an additional 34 million CNY in performance, indicating a 34% elasticity [4] - Various cost reduction measures are being explored by express companies, including the use of collection points, direct delivery models, and the introduction of unmanned vehicles for deliveries [4][5] Group 2: Unmanned Vehicle Implementation - The use of unmanned vehicles is gaining traction, with companies like Zhongtong Express and SF Express investing heavily in this technology, aiming to reduce delivery costs significantly [8][9] - Cost reduction potential is substantial; for instance, using unmanned vehicles could lower the transportation cost per parcel from 0.16 CNY to 0.05 CNY, achieving a 69% reduction [9] - The regulatory environment is becoming more favorable for unmanned vehicles, with many cities granting road rights, which is expected to accelerate the adoption of this technology [6][7] Group 3: Agricultural Chemical Market Dynamics - Glyphosate prices have increased, with the current price at 24,800 CNY per ton, reflecting a recovery in demand and inventory depletion in the industry [17][18] - The glyphosate industry is experiencing a demand recovery, with significant inventory reduction observed, dropping by 43,000 tons since April 2025 [19] - The potential bankruptcy of Bayer's glyphosate production could benefit domestic competitors, as Bayer holds a 32% global market share [20][21] Group 4: Investment Opportunities in Glyphosate - The report highlights several key companies in the glyphosate market, such as Jiangshan Chemical and Xingfa Group, which are well-positioned to benefit from the industry's recovery [22][23] - The overall outlook for the agricultural chemical sector is positive, with expectations of continued profit recovery for companies involved in glyphosate production [21] Group 5: Photovoltaic Equipment Industry Developments - The photovoltaic equipment industry is witnessing advancements in perovskite solar cells, with significant efficiency improvements reported by various manufacturers [26][27] - The industry is entering a phase of large-scale production, with at least three GW-level production lines expected to be operational by 2025 [26] - Investment opportunities are emerging in the perovskite equipment sector, with a focus on suppliers of key manufacturing equipment [29]

Core Insights - The report maintains a "recommended" rating for the agricultural chemical industry, highlighting the recovery potential in the pesticide market due to rising glyphosate prices [1][8] - Glyphosate prices have shown a significant recovery, with the raw material price reaching 24,800 CNY per ton as of July 1, 2025, an increase of 1,800 CNY per ton since early April [6][8] Industry Performance - The basic chemical industry has outperformed the CSI 300 index over various time frames, with a 1-month performance of 5.0%, 3-month performance of 3.2%, and a 12-month performance of 16.4% compared to the CSI 300's 2.7%, 1.5%, and 13.6% respectively [4] Investment Highlights - The glyphosate industry is experiencing inventory depletion and demand recovery, leading to a price rebound from its bottom. As of June 27, 2025, glyphosate industry inventory was 40,000 tons, down 43,000 tons since early April [6] - The global largest glyphosate producer, Bayer, faces potential bankruptcy due to ongoing lawsuits related to its glyphosate product "Roundup," which could benefit domestic competitors in the glyphosate market [7] Company Focus - Key companies in the glyphosate sector include: - Jiangshan Chemical, with a production capacity of 70,000 tons/year [9] - Xingfa Group, the leading domestic glyphosate producer with a capacity of 230,000 tons/year [9] - Xin'an Chemical, with a capacity of 80,000 tons/year [10] - Yangnong Chemical, a major player with a capacity of 30,000 tons/year [10] - Guoxin Co., with a capacity of 20,000 tons/year [10] - Hebang Bio, with a capacity of 50,000 tons/year [10] - Lier Chemical, with a capacity of 18,500 tons/year [10] - Limin Co., with a capacity of 5,000 tons of glyphosate and 2,000 tons of refined glyphosate [10] Earnings Forecast - The report provides earnings per share (EPS) estimates for key companies, indicating potential growth in profitability: - Jiangshan Chemical: EPS of 1.10 CNY in 2025E [11] - Xingfa Group: EPS of 1.85 CNY in 2025E [11] - Yangnong Chemical: EPS of 3.44 CNY in 2025E [11] - Guoxin Co.: EPS of 1.12 CNY in 2025E [11] - Lier Chemical: EPS of 0.53 CNY in 2025E [11] - Limin Co.: EPS of 1.05 CNY in 2025E [11]

Group 1 - The report highlights the robust performance of Bosideng, with FY2025 group revenue reaching 25.9 billion RMB, a year-on-year increase of 11.6%, and a net profit of 3.51 billion RMB, up 14.3% year-on-year [3][4] - The gross margin for Bosideng was 57.3%, a decrease of 2.3 percentage points, while the net margin improved by 0.4 percentage points to 13.6% [4] - The brand's down jacket business generated revenue of 21.67 billion RMB, representing an 11% increase year-on-year, accounting for 83.7% of total revenue [4] Group 2 - The report indicates a continuous optimization of channel quality and improvement in store operational efficiency, with a total of 2,421 Bosideng brand stores as of March 31, 2025, an increase of 135 stores year-on-year [5] - Online revenue for Bosideng's brand down jackets increased by 9.4% to 7.48 billion RMB, solidifying its leading position in the market [5] - The company effectively managed expenses, with distribution expenses accounting for 32.9% of revenue, a decrease of 1.8 percentage points year-on-year [6] Group 3 - The report discusses the rising prices of ketone, propylene, and aniline, with ketone prices increasing by 10.27% to 7,250 RMB/ton [17] - The chromium salt market is highlighted as a key area of focus, with expectations of continued demand growth driven by various industries [9] - The supply-demand tension in phosphate rock is expected to persist, with significant expansions planned by companies like Batian Co., which aims to increase its phosphate rock production capacity [10] Group 4 - The report emphasizes the high demand in the pet industry, with the market expected to reach 300.2 billion RMB by 2024, particularly in the pet medical sector [49] - The report suggests that the pig farming sector may experience a price and policy turning point, with recommendations for companies with low costs and strong expansion capabilities [47] - The poultry industry is expected to see price improvements due to a shortage of quality breeding sources, with recommendations for companies like San Nong Development [48]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The central bank's second - quarter monetary policy committee meeting signaled a shift towards domestic demand. The 10Y treasury bond is expected to remain volatile as the downward space for interest rates is not yet open due to limited liquidity and potential fiscal policy impacts [2][18]. Summary by Relevant Catalogs 1. Policy Anchor and Bond Market Trends - **Policy Tone Changes**: In terms of economic situation, domestic economic expectations are more positive, but deflation concerns increase, and external demand contraction pressure rises. Monetary policy enters an observation period. Exchange - rate pressure eases, and policy flexibility increases. Financing support focuses more on domestic demand [10][11][13]. - **Summary**: The meeting emphasizes domestic demand. For the bond market, short - term liquidity is limited, and fiscal policy may cause disturbances, so the 10Y treasury bond is likely to oscillate [2][18]. 2. Institutional Bond Custody No specific content analysis provided in the given text, only mentions of relevant figures about institutional bond custody amounts [19][22][24]. 3. Institutional Fund Tracking - **Fund Price**: Near the end of the quarter, liquidity tightened. R007 closed at 1.92%, up 33BP from last week; DR007 closed at 1.70%, up 20BP; the 6 - month national stock transfer discount rate closed at 1.20%, up 10BP [3][27]. - **Financing Situation**: The balance of inter - bank pledged repurchase increased by 0.4% to 126902.2 billion yuan. Fund companies and bank wealth management had net financing of - 351.4 billion yuan and 1672.6 billion yuan respectively [30]. 4. Quantitative Tracking of Institutional Behavior - **Fund Duration**: The durations of high - performing interest - rate bond funds and general interest - rate bond funds increased by 0.11 and 0.05 respectively compared to last week [40]. - **"Asset Scarcity" Index**: The index decreased, indicating looser liquidity, lower credit - bond supply, and higher credit - bond demand [48]. - **Institutional Behavior Trading Signals**: Trading signals for secondary capital bonds, ultra - long treasury bonds, and 10Y local bonds are provided, with gray areas indicating bullish signals [50][51][55]. - **Institutional Leverage**: The overall market leverage ratio remained basically unchanged at 108.0%. Insurance, fund, and brokerage leverage ratios changed by +4.8, +0.8, and - 1.2 percentage points respectively [58]. - **Bank Self - Investment Comparison Table**: Compares nominal yields, tax costs, and returns after considering tax and risk capital for different investment options [62]. 5. Asset Management Product Data Tracking - **Fund**: Information on weekly fund establishment scale and 2025 fund yield distribution is presented [64]. - **Bank Wealth Management**: The overall market product break - even rate decreased slightly to 1.7% [65]. 6. Treasury Bond Futures Trend Tracking Tracks the inter - period spread trend and the basis level of the next - quarter T contract [73]. 7. General Asset Management Pattern Shows the scale changes of general asset management, including public funds and bank wealth management [77][80].

Investment Rating - The report maintains a positive outlook on the industry, suggesting a focus on high-quality stocks with stable growth and reasonable valuations, particularly in the context of the North Exchange [3][5]. Core Insights - The North Exchange 50 Index experienced a significant increase of 100.53% over the past year, indicating strong market performance compared to other indices [2][10]. - The report highlights the recent listing of Guangxin Technology, which specializes in high-pressure transformers and insulation materials, projecting a revenue of 578 million yuan and a net profit of 116 million yuan for 2024 [27][28]. - The report emphasizes the importance of focusing on companies with stable performance and growth potential, particularly in sectors such as power equipment, computing, and communication, which have shown strong performance recently [21][27]. Summary by Sections North Exchange Market Overview - As of June 27, 2025, the North Exchange A-share component stocks totaled 268, with an average market capitalization of 3.139 billion yuan. The North Exchange 50 Index rose by 6.84% during the week [10][15]. - The trading volume increased, with an average daily turnover of 34.049 billion yuan, up 18.09% from the previous week [24][25]. New Stock Updates - Guangxin Technology was listed on June 26, 2025, focusing on high-pressure and ultra-high-pressure transformer products, with a significant growth trajectory in revenue and profit from 2021 to 2024 [27][28]. - The report notes that one company, Aomeisen, passed the review this week, while another, Jinhua New Materials, is scheduled for review next week [33]. Key Companies and Earnings Forecast - The report identifies several key companies with their respective earnings per share (EPS) and price-to-earnings (PE) ratios, recommending "Buy" for Tongli Co. and Wuxin Tunnel Equipment, and "Hold" for Kaide Quartz and Hualing Co. [5][34]. - For instance, Tongli Co. is projected to have an EPS of 1.99 in 2025 with a PE ratio of 10.84, indicating strong investment potential [5].

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][61]. Core Views - The report highlights that the pig price may experience a turning point due to seasonal factors and policy changes, suggesting a bottoming out phase for the sector [2][12]. - The poultry sector is seeing price declines, but there are signs of marginal improvements in the cycle [3][24]. - The animal health sector is expected to see performance recovery, and there are investment opportunities in the pet medical industry [4][35]. - The planting sector is witnessing a week-on-week rebound in grain prices [5][43]. - The feed sector is experiencing price fluctuations, with a general downward trend [6][46]. - The pet economy is thriving, with domestic brands gaining strength [7][51]. Summary by Sections Pig Industry - The average pig price is currently fluctuating between 14-15 CNY/kg, with a notable increase in average weights compared to previous years [11][12]. - The report recommends focusing on companies with low costs and strong financial health, such as Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [12][61]. Poultry Industry - The poultry prices are declining, with the white feather chicken price at 3.48 CNY/jin, showing a slight decrease [24][25]. - The report recommends companies like San Nong Development and Yisheng Livestock, while suggesting to pay attention to He Feng and Minhe Livestock [25][61]. Animal Health - The animal health sector is expected to recover, supported by the profitability of the pig farming industry [35][36]. - The pet medical market is projected to grow, with a market size of approximately 840 billion CNY, representing 28% of the pet industry [4][35]. Planting Sector - Grain prices are showing a week-on-week increase, with corn priced at 2353 CNY/ton and wheat at 2446 CNY/ton [43][44]. - The report suggests focusing on companies involved in genetically modified seeds, such as Suqian Agricultural Development and Longping High-tech [43][61]. Feed Sector - Feed prices are experiencing a downward trend, with pig feed at 3.36 CNY/kg [46][47]. - The report recommends Hai Da Group and suggests paying attention to He Feng [47][61]. Pet Industry - The pet market is expected to reach a scale of 300.2 billion CNY in 2024, with a growth rate of 7.5% [51][52]. - The report recommends companies in the pet food sector like Guobao Pet and Zhongchong Co., and in the pet medical sector, it recommends Ruipu Biological [55][61].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Insights - The company reported a revenue of 25.9 billion RMB for FY2025, representing a year-on-year growth of 11.6%, and a net profit of 3.51 billion RMB, which is a 14.3% increase year-on-year [4][6] - The gross margin was 57.3%, down by 2.3 percentage points, while the net margin improved by 0.4 percentage points to 13.6% [4][6] - The company continues to enhance its brand image as a leading expert in down jackets through stable and high-quality growth in its main business [6][9] Financial Performance - For FY2025, the brand down jacket business generated revenue of 21.67 billion RMB, a year-on-year increase of 11%, accounting for 83.7% of total revenue [6] - The OEM business saw a revenue increase of 26.4% to 3.37 billion RMB, representing 13% of total revenue [6] - The women's wear segment experienced a decline in revenue by 20.6% to 650 million RMB [6] Channel Optimization - As of March 31, 2025, the company increased its exclusive stores by 135 to a total of 2,421, with direct stores increasing by 38 to 707 [6] - Online sales for the brand's down jackets grew by 9.4% to 7.48 billion RMB, solidifying its leading position in the market [6] Future Projections - The company is expected to achieve revenues of 28.62 billion RMB, 31.48 billion RMB, and 34.46 billion RMB for FY2026, FY2027, and FY2028 respectively, with net profits projected at 3.92 billion RMB, 4.37 billion RMB, and 4.84 billion RMB [8][10] - The estimated P/E ratios for FY2026, FY2027, and FY2028 are 12, 11, and 10 respectively [8][10]

Group 1 - The supply of H acid is tightening, leading to an increase in prices, with the market average price reaching 44,000 RMB/ton as of June 24, 2025, up 2,250 RMB/ton from the previous day and 8,000 RMB/ton since January 1, 2025 [3][4] - Domestic H acid production faces challenges due to high energy consumption, significant waste emissions, and stricter environmental regulations, resulting in some companies halting production or operating at low capacity [4][5] - The demand for active dyes, which rely on H acid as a key raw material, is expected to remain relatively inelastic, supporting the upward trend in H acid prices [4][5] Group 2 - Aopu Technology has announced a stock incentive plan, proposing to grant 6.17 million restricted shares, representing 1.58% of the company's total share capital, to boost employee motivation and confidence in future growth [7][8] - The performance targets for the stock incentive plan include revenue goals of 1.87 billion RMB for 2025, 1.90 billion RMB for 2026, and 1.94 billion RMB for 2027, with corresponding net profit targets [8][9] Group 3 - Zhejiang Rongtai plans to acquire a stake in Jinli Transmission to enhance its competitive position and extend its industrial chain, aiming to hold at least 15% of the target company after the transaction [10][18] - Galaxy General has completed a new round of financing amounting to 1.1 billion RMB, indicating strong investor interest and support for its growth strategy [10][13] Group 4 - The wind power sector is experiencing significant growth, with a 134% year-on-year increase in newly installed capacity from January to May 2025, driven by policy support and market demand [22][24] - The solar power sector also shows robust growth, with newly installed capacity reaching 197.85 GW in the first five months of 2025, a nearly 150% increase year-on-year [22][23][24] Group 5 - The global semiconductor industry is projected to see a compound annual growth rate (CAGR) of 14% from 2024 to 2028 for 7nm and below capacity, driven by the increasing demand for advanced technology applications [35][37] - The photovoltaic sector in China has surpassed 1 billion kW in cumulative installed capacity, accounting for nearly half of the global total, highlighting the country's leadership in renewable energy [35][42] Group 6 - The marketing and sales SaaS industry is poised for rapid growth, with a projected CAGR of 50% from 2024 to 2028, driven by the increasing demand for AI-driven solutions [31][32] - The company Mifushi is positioned as a leader in the domestic marketing and sales SaaS sector, leveraging AI technology to enhance its product offerings and market presence [31][34]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The new materials sector is a crucial direction for the future development of the chemical industry, currently experiencing rapid downstream demand growth. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The report emphasizes that "one generation of materials leads to one generation of industries," highlighting the foundational nature of the new materials industry for other sectors [4][15]. Summary by Relevant Sections 1. Electronic Information Sector - Focus on semiconductor materials, display materials, and 5G materials [5]. - The global semiconductor manufacturing industry is projected to maintain strong growth, with capacity expected to grow at a CAGR of 7% from the end of 2024 to 2028, reaching a record monthly output of 11.1 million wafers. Advanced process capacity (7nm and below) is anticipated to increase from 850,000 wafers per month in 2024 to a historical high of 1.4 million wafers per month by 2028, representing a growth of approximately 69% and a CAGR of about 14%, which is double the industry average [6][28]. 2. Aerospace Sector - Focus on PI films, precision ceramics, and carbon fibers [7]. 3. New Energy Sector - Focus on photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [9]. - As of May 2025, China's cumulative installed photovoltaic capacity has surpassed 1 billion kilowatts, reaching 1.08 billion kilowatts, which is equivalent to about 48 Three Gorges power stations and accounts for 30% of the total installed capacity in China, nearly half of the global photovoltaic installed capacity [10]. 4. Biotechnology Sector - Focus on synthetic biology and scientific services [11]. 5. Energy Conservation and Environmental Protection Sector - Focus on adsorption resins, membrane materials, and biodegradable plastics [13]. Key Companies and Profit Forecasts - The report highlights several key companies with their respective stock prices and earnings per share (EPS) forecasts for 2023, 2024E, and 2025E, along with their price-to-earnings (PE) ratios and investment ratings. For example, Ruihua Tai (688323.SH) has a stock price of 14.45 with an EPS forecast of 0.29 for 2025, rated as "Increase" [17].

Investment Rating - The report does not provide a specific investment rating for the platinum market but discusses the potential for platinum to become a significant investment opportunity, akin to gold [4]. Core Insights - The report identifies key drivers behind the recent surge in platinum prices, noting a 44.1% increase from early May to June 26, 2025, with prices reaching $1,392 per ounce [5][11]. - It highlights the relationship between platinum and other commodities, particularly its correlation with oil prices, and discusses the implications of this for future price movements [25][29]. - The report emphasizes the importance of investor sentiment and speculative demand in driving short-term price increases, as evidenced by a significant rise in net long positions in platinum [24][21]. Summary by Sections Recent Trends - Platinum prices have shown a notable upward trend, with a 1-month performance of 1.4%, a 3-month performance of 12.4%, and a 12-month performance of 24.0% [3]. Demand and Supply Dynamics - Global surface stocks of platinum are expected to decline for two consecutive years (2023-2024), which may not alone drive prices higher without additional demand factors [5][18]. - Domestic imports of platinum have reached a one-year high, indicating a potential increase in demand for investment and jewelry applications [18][19]. Short-term and Long-term Outlook - In the short term, the report suggests that the recovery of the platinum-palladium price ratio may indicate potential upward price movements, driven by investment demand rather than industrial consumption [35][37]. - Long-term challenges include a decline in consumer interest in platinum jewelry and the concentration of platinum supply in a single country, which may limit its appeal as a reserve asset [32][35]. Market Sentiment and Speculation - The report notes a significant increase in speculative demand for platinum, with net long positions reaching an 86% percentile level over the past five years [24][27]. - The volatility in platinum leasing rates, which peaked at 21.0% in June, reflects tight supply conditions in the market [21][22]. Future Considerations - The potential listing of platinum futures in China is highlighted as a significant event that could enhance market awareness and speculative interest [37].