1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report updates the high - frequency data of the national economic fundamentals from June 9th to June 13th, 2025, covering various aspects such as overall, production, demand, prices, inventory, transportation, and financing, and analyzes their trends and changes [9]. 3. Summary by Directory 3.1 Total Index: Stable Fundamental High - Frequency Index - The current Guosheng fundamental high - frequency index is 126.1 points (previous value: 126.0 points), with a week - on - week increase of 0.1 points and a year - on - year increase of 5.1 points, and the year - on - year increase has expanded. The long - short signal of interest - rate bonds is long, with a signal factor of 5.0% (previous value: 5.4%) [9][11]. 3.2 Production: Decline in Electric Furnace and Polyester Operating Rates - The industrial production high - frequency index is 125.6 (previous value: 125.5), with a week - on - week increase of 0.1 points and a year - on - year increase of 4.8 points, and the year - on - year increase remains unchanged. The electric furnace operating rate is 62.8% (previous value: 64.7%); the polyester operating rate is 88.6% (previous value: 88.9%) [9][11][13]. 3.3 Real Estate Sales: New Home Sales Turn Positive Year - on - Year - The commercial housing sales high - frequency index is 44.5 (previous value: 44.6), with a week - on - week decrease of 0.1 points and a year - on - year decrease of 6.5 points, and the year - on - year decrease remains unchanged. The transaction area of commercial housing in 30 large and medium - sized cities is 245,000 square meters (previous value: 213,000 square meters); the premium rate of land transactions in 100 large and medium - sized cities is 1.0% (previous value: 3.6%) [9][11][21]. 3.4 Infrastructure Investment: Recovery of Petroleum Asphalt Operating Rate - The infrastructure investment high - frequency index is 118.4 (previous value: 118.1), with a week - on - week increase of 0.2 points and a year - on - year increase of 1.9 points, and the year - on - year increase has expanded. The operating rate of petroleum asphalt plants is 31.5% (previous value: 31.3%) [9][11][33]. 3.5 Exports: Continuous Recovery of Export Container Freight Rate Index - The export high - frequency index is 144.3 (previous value: 144.3), with a week - on - week decrease of 0.1 points and a year - on - year increase of 5.8 points, and the year - on - year increase has narrowed. The CCFI index is 1243 points (previous value: 1155 points); the export price index of Yiwu small commodities is 106 points (previous value: 104 points); the RJ/CRB index is 303.3 points (previous value: 297.6 points) [9][11][37]. 3.6 Consumption: Decline in Passenger Car Retail and Wholesale - The consumption high - frequency index is 119.3 (previous value: 119.3), with a week - on - week increase of 0.0 points and a year - on - year increase of 1.5 points, and the year - on - year increase has expanded. The retail volume of passenger car manufacturers is 42,835 units (previous value: 95,364 units); the wholesale volume of passenger car manufacturers is 38,836 units (previous value: 156,618 units); the average daily box office is 39.01 million yuan (previous value: 82.57 million yuan) [9][11][50]. 3.7 CPI: Continued Decline in Pork Prices - The CPI monthly - on - monthly forecast is 0.0% (previous value: 0.0%). The latest average wholesale price of pork is 20.3 yuan/kg (previous value: 20.6 yuan/kg) [10][11][55]. 3.8 PPI: Recovery of Crude Oil Futures Prices - The PPI monthly - on - monthly forecast is - 0.1% (previous value: - 0.1%). The closing price of thermal coal at Qinhuangdao Port (from Shanxi) is 609 yuan/ton (previous value: 609 yuan/ton); the settlement price of Brent crude oil futures is 69 US dollars/barrel (previous value: 65 US dollars/barrel) [10][11][61]. 3.9 Transportation: Decline in Passenger Transport and Flights - The transportation high - frequency index is 128.0 (previous value: 127.8), with a week - on - week increase of 0.2 points and a year - on - year increase of 8.2 points, and the year - on - year increase has expanded. The subway passenger volume in first - tier cities is 36.98 million person - times (previous value: 37.17 million person - times); the highway logistics freight rate index is 1050 points (previous value: 1050 points); the number of domestic flights is 12,420 flights (previous value: 12,451 flights) [10][11][73]. 3.10 Inventory: Continuous Recovery of Aluminum Ingot Inventory - The inventory high - frequency index is 160.3 (previous value: 160.2), with a week - on - week increase of 0.1 points and a year - on - year increase of 9.8 points, and the year - on - year increase remains unchanged. The aluminum ingot inventory is 179,000 tons (previous value: 165,000 tons); the soda ash inventory is 1.682 million tons (previous value: 1.627 million tons) [10][11][79]. 3.11 Financing: Decline in Net Financing of Local Government Bonds and Credit Bonds - The financing high - frequency index is 229.1 (previous value: 228.5), with a week - on - week increase of 0.6 points and a year - on - year increase of 29.3 points, and the year - on - year increase has expanded. The net financing of local government bonds is - 4.3 billion yuan (previous value: 5.05 billion yuan); the net financing of credit bonds is 9.96 billion yuan (previous value: 12.37 billion yuan); the 6M national - share bank draft rediscount rate is 1.05% (previous value: 1.08%) [10][11][89].

证券研究报告 | 朝闻国盛 gszqdatemark 2025 06 16 年 月 日 朝闻国盛 5 月社融有喜有忧，怎么看、怎么办？ 今日概览 ◼ 重磅研报 【宏观】高频半月观—地产、价格等内需指标进一步走弱——20250615 【宏观】5 月社融有喜有忧，怎么看、怎么办？——20250613 【金融工程】中证 500、中证 1000 确认日线级别上涨——20250615 【金融工程】择时雷达六面图：信用方向转为上行趋势——20250614 【固定收益】新的做多力量会来自何方？——20250615 【固定收益】资金宽松，曲线下移——流动性和机构行为跟踪—— 20250614 【固定收益】融资弱资金宽，债市继续走强——20250614 【家用电器】从绿联科技、安克创新看"浅海品类"明星公司的成长之路 ——20250615 【银行】本周聚焦—5 月社融数据：政府债支撑社融，新发放贷款利率保 持不变——20250615 【电子】胜宏科技（300476.SZ）-全球 AI PCB 龙头，深度受益 GPU+ASIC 需求提升——20250615 ◼ 研究视点 【能源】跨省跨区电力应急调度新规出台，"疆电入渝"首批电源 ...

Investment Rating - The industry maintains a "Buy" rating for key companies such as Shenzhou International, Huayi Group, and others, with specific PE ratios projected for 2025 [11][39][41]. Core Insights - The apparel manufacturing sector has shown short-term revenue fluctuations, with companies like Feng Tai and Yu Yuan experiencing declines in May 2025, while Ru Hong reported a slight increase [1][15]. - Vietnam's apparel exports have accelerated since Q2 2025, primarily due to changes in U.S. tariff policies, with significant growth in textile and footwear exports [2][24]. - The report emphasizes the importance of focusing on companies with strong fundamentals and quality brands, anticipating performance recovery and valuation increases in 2025 [3][38]. Summary by Sections Weekly Topic - In May 2025, Feng Tai's revenue decreased by 23.4%, Yu Yuan's increased by 0.5%, and Ru Hong's decreased by 8.6% year-on-year. Cumulatively from January to May 2025, Feng Tai's revenue fell by 4.3%, while Yu Yuan and Ru Hong saw increases of 5.6% and 14.3%, respectively [1][15]. Industry Level - Vietnam's textile and footwear exports saw year-on-year increases of 20% and 27% in April 2025, with further growth in May. In contrast, China's apparel exports grew by 2.5% in May 2025 [2][24]. Weekly Perspective - The report suggests prioritizing brands with solid fundamentals, expecting a performance recovery in 2025. Key companies in the sports sector are projected to outperform the broader apparel market [3][38]. Apparel Manufacturing - The easing of tariff policies is expected to positively impact company valuations in the apparel manufacturing sector. Companies with integrated and international supply chains are likely to gain market share [4][39]. Key Recommendations - Recommended companies include Shenzhou International (2025 PE of 11), Huayi Group (2025 PE of 15), and Weixing Co. (2025 PE of 17), among others, indicating a focus on firms with strong growth potential and competitive advantages [39][41].

证券研究报告 | 行业周报 gszqdatemark 2025 06 15 年 月 日 电力 跨省跨区电力应急调度新规出台，" 疆电入渝"首批电源项目投产 本周行情回顾：本周（6.9-6.13）上证指数报收 3377.00 点，下跌 0.25%，沪深 300 指数报收 3864.18 点，下跌 0.25%。中信电力及公用事业指数报收 2947.49 点，上涨 0.29%，跑赢沪深 300 指数 0.54pct，位列 30 个中信一级板块涨跌幅榜 第 10 位。 本周行业观点： ➢ 跨省跨区电力应急调度新规出台，优先市场化，应急保供托底。6 月 13 日， 国家发改委发布公告，就《跨省跨区电力应急调度管理办法（征求意见稿）》 向社会公开征求意见。提出当电力运行中存在安全风险、电力电量平衡缺口 时，优先通过跨省跨区电力中长期交易、现货交易等市场化手段配置资源和 形成价格。当市场化手段不能完全解决问题时，电力调度机构方可在日前、 日内阶段组织实施应急调度。 应急调度电价结算规则： 投资建议：迎峰度夏已至，煤价持续下降，建议关注季度业绩具备弹性的火电板 块。随着电力市场化不断加深，辅助服务需求有望进一步提升，建议重视 ...

Group 1 - The coal mining sector is experiencing a slight decline, with the CITIC coal index at 3,236.71 points, down 0.34%, underperforming the CSI 300 index by 0.09 percentage points [2][85] - The report highlights a significant business transformation opportunity for Anyuan Coal Industry due to its change in controlling shareholder to Jiangxi Tungsten Holdings, which may enhance the company's non-coal resource integration [2] Group 2 - In the coking coal market, prices are under pressure due to a combination of weak demand from steel companies and high inventory levels, with the average price for main coking coal reported at 1,070 CNY/ton [42][43] - The supply side is tightening slightly, but overall demand remains weak, leading to a continued accumulation of inventory in the coking coal sector [42][48] - The report emphasizes that the future performance of coking coal prices will depend on several factors, including domestic production cuts due to losses, significant disruptions in coking coal imports, and the implementation of strong stimulus policies [8][9] Group 3 - The thermal coal market is stable, with prices for thermal coal at the North Port reported at 618 CNY/ton, showing no change week-on-week [7][38] - The report notes that while supply is slightly tightening due to environmental inspections and production cuts, overall demand remains subdued, leading to limited price increases [19][39] - The report suggests that the coal market is currently buyer-driven, with procurement strategies significantly influencing coal price movements [7][39] Group 4 - The report identifies key investment targets in the coal sector, recommending companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and Xinji Energy, among others, based on their performance and potential for recovery [12][11] - The focus is on companies that are expected to benefit from the ongoing structural changes in the coal industry, particularly those with strong financial performance and operational resilience [12][11]

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Shandong Gold, and Chifeng Jilong Gold Mining [6]. Core Views - The report highlights that gold prices have rebounded strongly due to expectations of interest rate cuts and rising geopolitical tensions, particularly following the breakdown of negotiations between the U.S. and Iran [1][34]. - Industrial metals, particularly copper, are experiencing price fluctuations due to weakening demand and ongoing negotiations between mining companies and smelters, with significant declines in processing fees [1][2]. - The lithium market is characterized by a stalemate in supply and demand, with prices showing slight fluctuations but overall remaining under pressure [2]. Summary by Sections Non-Ferrous Metals - **Gold**: Strong rebound in prices driven by lower inflation expectations and geopolitical tensions, with gold reaching new highs [1][34]. - **Copper**: Demand is weakening, leading to price stabilization; global copper inventory is at 515,000 tons, down by 22,400 tons week-on-week [1][2]. - **Aluminum**: Improved trading atmosphere due to eased trade tensions, with social inventory continuing to decline, supporting aluminum prices [1][2]. Energy Metals - **Lithium**: Prices are fluctuating within a range, with slight increases in supply but weak demand from downstream manufacturers [2]. - **Metal Silicon**: The market remains oversupplied, with prices under pressure due to high inventory levels and reduced production costs [2]. Key Companies to Watch - **Gold Sector**: Recommended companies include Zijin Mining, Shandong Gold, Chifeng Jilong Gold Mining, and others [1]. - **Industrial Metals**: Companies such as Luoyang Molybdenum, China Hongqiao, and Nanshan Aluminum are highlighted for potential investment [1][2]. - **Energy Metals**: Companies like Ganfeng Lithium and Tianqi Lithium are noted for their positions in the lithium market [2][6].

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry, indicating a positive outlook for selected stocks within the sector [5]. Core Insights - The white liquor segment is experiencing short-term price pressure, but the industry is gradually bottoming out, with leading brands like Kweichow Moutai and Wuliangye expected to show long-term value [2]. - The beverage sector is seeing intensified competition as companies like Uni-President re-enter the soda market, while new product launches continue to drive growth [3]. - The overall fast-moving consumer goods (FMCG) market in China is projected to grow by 0.8% in sales and 4.4% in volume in 2024, with a notable trend towards "affordable alternatives" [4]. Summary by Sections White Liquor - Short-term price pressures are evident, with the industry expected to stabilize as inventory levels decrease and consumer demand shifts back to business and mass-market needs [2]. - Leading brands are anticipated to maintain their market share, providing a solid foundation for long-term investment opportunities [2]. Beer and Beverage - The beer sector is entering a peak season with increased competition, and companies are advised to focus on those with strong product momentum and stable operations [3]. - The beverage segment is characterized by a resurgence in product innovation, with Uni-President launching new flavors targeting the restaurant channel [3]. Food Sector - The food industry is witnessing significant innovation, with companies like Anjuke Foods successfully navigating the Hong Kong Stock Exchange listing process and launching new products to enhance revenue [4][8]. - The report highlights the importance of exploring new market channels and product opportunities, particularly in lower-tier cities where consumer spending is on the rise [4].

Investment Rating - The report maintains an "Increase" rating for the media industry, indicating a positive outlook for the sector [6]. Core Insights - The media sector has shown a 1.38% increase during the week of June 9-13, driven by themes such as new consumption [10][18]. - Key areas of growth for 2025 include AI applications, IP monetization, and mergers and acquisitions, with a focus on multi-modal industry directions and companies with IP advantages [1][18]. - The report highlights the upcoming summer film season in 2025, with over 60 films scheduled for release, including a diverse range of genres [2][20]. - ByteDance's release of the Doubao model 1.6, a leading multi-modal model, marks a significant advancement in AI capabilities within the industry [3][20]. Summary by Sections Market Overview - The media sector's performance is buoyed by new consumption trends, with a notable increase in stock prices for companies like Yuanlong Yatu and Chuanwang Media [10][13]. - The report identifies the top-performing stocks in the media sector, with Yuanlong Yatu leading at a 42.9% increase [13][16]. Sub-sector Insights - **Resource Integration**: Companies such as China Vision Media and Guangxi Broadcasting are highlighted for their potential in resource consolidation [18]. - **AI Focus**: Companies like Rongxin Culture and Aofei Entertainment are noted for their advancements in AI applications [18]. - **Gaming Sector**: Strong recommendations are made for companies with solid performance, including Shenzhou Taiyue and Giant Network [18]. - **State-owned Enterprises**: Companies like Ciweng Media and Anhui New Media are emphasized for their growth potential [18]. - **Education Sector**: Xueda Education is mentioned as a key player in the education sub-sector [18]. Key Events Recap - The report discusses the launch of the "China Film Consumption Year" initiative, aimed at boosting audience engagement during the summer film season [20]. - The performance of the domestic film market is highlighted, with significant box office figures reported for recent releases [22][24]. Data Tracking - The report provides insights into the gaming sector, noting popular upcoming games and their expected impact on the market [21]. - It also tracks viewership data for television series and variety shows, indicating audience preferences and trends [25][26].

证券研究报告 | 行业周报 gszqdatemark 2025 06 15 年 月 日 当前为何要重视建筑央企港股投资机会？ 央企港股估值极低，A/H 价差大，股息率具备较强吸引力 。截至 2024/6/13，中国中铁、中国铁建、中国交通建设的 H 股 PE（ TTM）均小 于 4 倍；中国中铁、中国铁建、中国交通建设、中国中冶、中国能源建设 PB（ MRQ）均小于 0.4 倍，建筑央企港股估值处于极低位置。从 A 股与 H 股的价差看，两地上市的中国中铁、中国铁建、中国交通建设、中国中冶、 中国能源建设 5 家公司 A/H 价差平均为 86% 所有两地上市公司 A/H 价 差平均为 73%），其中中国中冶、中国能源建设 A/H 价差超过 100%。从 股息率看，我们统计的 7 家建筑央企 见表 1）H 股的平均股息率 TTM） 为 5.16%，其中中国中铁、中国铁建、中国交通建设、中石化炼化工程 H 股股息率 TTM）均高于 5%，具备较强吸引力。 对保险等长周期资金来说，建筑央企港股配置性价比凸显。监管政策积极 引导中长期资金入市，证监会等六部委印发《关于推动中长期资金入市工 作的实施方案》，预计增量中长 ...

Investment Rating - The industry maintains a "Buy" rating for specific stocks, including Xining Steel, Nanjing Steel, Hualing Steel, and Baosteel, among others [8][7]. Core Viewpoints - The report emphasizes that the financial attributes of commodities are strengthening, driven by geopolitical tensions and the long-term challenges faced by dominant reserve currencies [2]. - The steel industry is expected to see a recovery in profitability, primarily influenced by supply-side adjustments and the optimization of production capacity [2][7]. - The report highlights a significant increase in steel exports, with a net export of 45.916 million tons in the first five months of 2025, reflecting a year-on-year increase of 10.3% [4][12]. Supply Analysis - The average daily pig iron production has decreased by 0.2 million tons to 2.415 million tons, indicating a slight decline in long-process production [11]. - The capacity utilization rate for blast furnaces is reported at 90.6%, a decrease of 0.1 percentage points week-on-week but an increase of 2.4 percentage points year-on-year [3][17]. - Total steel inventory has decreased by 0.7%, with a more pronounced decline in the rate of decrease compared to the previous week [25][27]. Demand Analysis - Apparent consumption of the five major steel products has continued to weaken, with rebar consumption down by 4.0% week-on-week [42][43]. - The average weekly transaction volume for construction steel has decreased to 100,000 tons, reflecting a 4.0% decline [44][42]. Price and Profitability - Steel prices are running weakly, with the Myspic comprehensive steel price index at 119.3, down 0.6% week-on-week and down 14.0% year-on-year [71]. - The current spot prices for rebar in Beijing and Shanghai are reported at 3,200 yuan/ton and 3,070 yuan/ton, respectively, with slight fluctuations observed [72][73]. Key Stocks - Recommended stocks include: - Hualing Steel (600782.SH) with a projected EPS of 0.29 yuan for 2024 and a PE ratio of 17.20 [8]. - Nanjing Steel (600282.SH) with a projected EPS of 0.37 yuan for 2024 and a PE ratio of 11.60 [8]. - Baosteel (600019.SH) with a projected EPS of 0.34 yuan for 2024 and a PE ratio of 19.80 [8].