Investment Rating - The report assigns an "Overweight" rating for the environmental protection industry [1][30]. Core Insights - The report emphasizes the investment opportunities arising from the resolution of hidden local government debts, which is expected to improve the balance sheets of environmental companies. Since 2018, risks associated with local government hidden debts have been alleviated, with a target to completely resolve these debts by the end of 2028, involving an increase of 6 trillion yuan in local government debt limits to replace existing hidden debts [4][9][11]. Summary by Sections Weekly Investment Perspective - The report highlights the ongoing efforts to limit new local government debt while addressing existing hidden debts, focusing on the investment opportunities this creates for environmental companies. The goal is to resolve all hidden debts by the end of 2028, with a total of 6 trillion yuan in new debt limits to facilitate this process [4][8][9]. Environmental Sector Performance - The environmental sector experienced a slight increase of 0.46% in the week of June 3 to June 6, 2025. In comparison, the gas and water sectors rose by 1.95% and 0.79%, respectively. The report also lists the top five gainers and losers among environmental stocks during this period [12][13][14]. Carbon Neutrality Tracking - The report provides data on carbon market transactions, noting that the national carbon emissions trading quota (CEA) saw a transaction volume of 2.22 million tons, a 5% increase from the previous week, with an average transaction price of 67.21 yuan per ton. Local trading exchanges saw a significant drop in transaction volume, down 74% [16][21]. Investment Recommendations - The report recommends specific companies within the environmental sector based on their potential for growth due to the ongoing debt resolution policies. Key recommendations include: - Solid Waste: China Everbright International, Sanfeng Environment, Green Power, and Hanlan Environment - Water Services: Beijing Enterprises Water Group and Guangdong Investment - Engineering Services: Delin Hai - Environmental Monitoring Equipment: Xuedilong [11][12].

Investment Rating - The report maintains a rating of "Buy" for the company [7] Core Views - The takeaway from the report is that the new product development and the competitive landscape in the food delivery sector are driving short-term demand for the tea beverage industry, with the company enhancing its R&D and supply chain capabilities to improve competitiveness [2][3] Summary by Sections Investment Recommendations - The company is expected to generate revenues of 57.04 billion, 61.84 billion, and 66.84 billion RMB for the years 2025-2027, with growth rates of 16%, 8%, and 8% respectively [11] - Adjusted net profits are projected to be 9.45 billion, 10.60 billion, and 11.61 billion RMB for the same period, with growth rates of 47%, 12%, and 10% respectively [12][14] Industry Dynamics - The tea beverage industry is experiencing high demand driven by a price war and new product cycles, with a marginal improvement in industry dynamics since the second half of 2024 [19] - The health trend is leading to a new product cycle, with consumers increasingly favoring healthier options, such as those featuring superfoods like kale [27][28] R&D and Supply Chain Enhancements - The company has strengthened its R&D capabilities, increasing the frequency of new product launches to 5-8 per month, resulting in a higher rate of successful products [37][38] - A comprehensive supply chain network has been established, ensuring timely delivery of fresh ingredients to stores, which enhances product quality and operational efficiency [39] Revenue Recovery and Cost Control - The company is expected to see a revenue recovery in 2025, driven by a low base effect, accelerated new product launches, and the impact of the food delivery competition, which is estimated to boost same-store sales by approximately 8% [40] - The total number of stores is projected to stabilize and increase in the latter half of 2025, with a net addition of 1,100 stores expected [15][40]

Investment Rating - The report maintains an "Accumulate" rating with a target price of 27.83 yuan, reflecting a positive outlook on the company's performance in the smart transportation sector [2][11]. Core Insights - The company has recently signed contracts for two major projects in Jiangsu and Hunan, totaling approximately 329 million yuan, indicating a significant growth phase for its smart transportation business [3]. - The smart transportation industry is experiencing high demand driven by both policy support and market needs, with government initiatives aimed at digital transformation in transportation infrastructure [11]. - The company is expected to see substantial revenue growth, with projected revenues of 1.35 billion yuan in 2025, representing a 50% year-on-year increase [5][13]. Financial Summary - Revenue is forecasted to grow from 896 million yuan in 2024 to 3.08 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 42.7% [5]. - Net profit attributable to shareholders is expected to increase from 210 million yuan in 2024 to 601 million yuan in 2027, reflecting a strong growth trajectory [5]. - The company's gross margin is projected to remain stable, with slight fluctuations, indicating effective cost management and product optimization [11][13]. Market Data - The company's market capitalization is approximately 9.33 billion yuan, with a current share price of 16.07 yuan [6][11]. - The stock has shown a 52-week price range between 16.04 and 25.90 yuan, indicating volatility but also potential for growth [6]. Projected Financial Performance - The company is expected to achieve earnings per share (EPS) of 0.58 yuan in 2025, increasing to 1.04 yuan by 2027, which supports the positive investment rating [11][12]. - The return on equity (ROE) is projected to improve from 7.7% in 2024 to 17.7% in 2027, indicating enhanced profitability and efficiency [5][12].

Investment Rating - The report maintains an "Accumulate" rating with a target price of 27.83 yuan, reflecting a potential upside based on the company's growth prospects [2][11]. Core Insights - The company is experiencing a surge in orders due to its successful bids for major projects in Jiangsu and Hunan, totaling approximately 329 million yuan, indicating a significant growth phase in its smart transportation business [3][11]. - The smart transportation industry is driven by both policy support and market demand, with the government planning to support the digital transformation of transportation infrastructure over the next three years [11]. - The company reported a revenue of 896 million yuan in 2024, a year-on-year increase of 20.75%, and a net profit of 210 million yuan, reflecting a 9.81% growth [11]. Financial Summary - Revenue projections show a strong upward trend, with expected revenues of 1,346 million yuan in 2025, 2,160 million yuan in 2026, and 3,083 million yuan in 2027, representing growth rates of 50.3%, 60.5%, and 42.7% respectively [5][12]. - The net profit attributable to the parent company is forecasted to reach 338 million yuan in 2025, 461 million yuan in 2026, and 601 million yuan in 2027, with growth rates of 61.2%, 36.3%, and 30.4% respectively [5][12]. - The company's gross margin is projected to be around 44% in 2025, slightly declining to 40% by 2027 [13]. Market Data - The company's market capitalization is approximately 9.326 billion yuan, with a current share price of 16.07 yuan [6][11]. - The stock has shown a 52-week price range between 16.04 and 25.90 yuan, indicating volatility but also potential for growth [6][11]. Order Growth - The company has secured contracts for two major projects in 2025, which are expected to significantly boost its revenue and demonstrate its competitive strength in the smart transportation sector [11].

- The report introduces a macro timing model called "Countercyclical Allocation Model" which predicts macroeconomic environments using proxy variables. For Q2 2025, the model forecasts an "Inflation" environment, with asset returns as follows: CSI 300 (-0.34%), CSI 2000 (0.75%), Nanhua Commodity (-5.60%), and ChinaBond National Debt Total Wealth Index (1.43%) [20][26][33] - A "Macro Momentum Model" is constructed for monthly timing signals, incorporating factors such as economic growth, inflation, interest rates, exchange rates, and risk sentiment. This model is used for timing stock, bond, and gold allocations. For June 2025, returns are CSI 300 (0.88%), ChinaBond National Debt Total Wealth Index (0.23%), and AU9999 gold contract (1.60%) [20][26][33] - The "Industry ETF Rotation Strategy" is based on multi-factor models including historical fundamentals, expected fundamentals, sentiment, technical price-volume factors, and macroeconomic indicators. It matches ETFs with 23 primary industry benchmarks and constructs a rotation strategy. For June 2025, the recommended ETFs are: CSI Securities ETF (512880.SH), CSI Semiconductor ETF (512480.SH), CSI Banking ETF (512800.SH), and CSI Consumer ETF (159928.SZ), each with a 25% weight. Weekly and monthly returns are 1.66% with an excess return of 0.05% over Wind All A Index [21][23][24] - The "Absolute Return Strategy" includes several configurations: - Macro Timing-based "Stock-Bond 20/80 Rebalancing Strategy" with weekly return 0.34%, YTD return -0.52%, annualized volatility 3.03%, max drawdown 1.78%, and Sharpe ratio -0.40 [25][26][27] - Macro Timing-based "Stock-Bond Risk Parity Strategy" with weekly return 0.25%, YTD return 0.14%, annualized volatility 1.81%, max drawdown 1.50%, and Sharpe ratio 0.18 [25][26][27] - Macro Timing-based "Stock-Bond-Gold Risk Parity Strategy" with weekly return 0.37%, YTD return 0.91%, annualized volatility 2.27%, max drawdown 1.49%, and Sharpe ratio 0.95 [25][26][28] - Macro Timing + Industry ETF Rotation-based "Stock-Bond 20/80 Rebalancing Strategy" with weekly return 0.45%, YTD return -0.30%, annualized volatility 3.38%, max drawdown 1.64%, and Sharpe ratio -0.21 [25][26][31] - Macro Timing + Industry ETF Rotation-based "Stock-Bond Risk Parity Strategy" with weekly return 0.29%, YTD return 0.27%, annualized volatility 1.87%, max drawdown 1.45%, and Sharpe ratio 0.33 [25][26][31] - The "Quantitative Fixed Income Plus Strategy" includes stock-side factors such as PB profitability, high dividend yield, small-cap value, and small-cap growth. Performance metrics are as follows: - Non-timing 10/90 monthly rebalancing: PB profitability (YTD 1.43%), high dividend yield (YTD 0.95%), small-cap value (YTD 3.15%), small-cap growth (YTD 2.89%) [33][35][36] - Non-timing 20/80 monthly rebalancing: PB profitability (YTD 2.22%), high dividend yield (YTD 1.26%), small-cap value (YTD 5.71%), small-cap growth (YTD 5.16%) [33][35][36] - Macro Timing 20/80 monthly rebalancing: PB profitability (YTD 2.12%), high dividend yield (YTD 1.49%), small-cap value (YTD 3.40%), small-cap growth (YTD 3.31%) [33][35][38] - Countercyclical 20/80 quarterly rebalancing: PB profitability + small-cap value (YTD 2.22%), PB profitability + small-cap growth (YTD 2.22%) [33][35][38]

Investment Rating - The report maintains an "Overweight" rating for Apple Inc. (AAPL.O) [1][5][7] Core Insights - The opening of foundational models to developers allows third-party developers to integrate built-in LLMs into their apps, further enhancing Apple's ecosystem advantage [5][7] - Apple Intelligence updates include real-time translation and visual intelligence features, while Siri still requires further refinement [5][7] - The introduction of a new "liquid glass" operating system design represents a significant aesthetic innovation for Apple, enhancing user focus on core content [5][7] Financial Summary - Revenue projections for FY2025E, FY2026E, and FY2027E are $409.5 billion, $434.8 billion, and $460.4 billion respectively, with GAAP net profit estimates of $110.1 billion, $117.1 billion, and $124.8 billion [4][5][7] - The projected PE ratio for FY2025 is 37x, reflecting a premium valuation due to Apple's strengths in data, ecosystem, and self-developed hardware and software integration [5][7] - The current market capitalization is approximately $3,008.82 billion, with a current stock price of $201.45 [2][4]

[Table_Industry] 纺织服装业 [Table_Invest] 评级： 增持 | | | [Table_Market] 交易数据 | 52 周内股价区间（美元） | 10.10-34.00 | | --- | --- | | 当前股本（百万股） | 554 | | 当前市值（百万美元） | 20689 | [Table_PicQuote] -25% 25% 75% 125% 175% 2024/6 2024/7 2024/8 2024/9 2024/10 2024/12 2025/2 2025/4 52周内股价走势图 Amer Sports 标普500指数 品牌高端硬核定位，本土股东赋能大中华地区业务快速扩张，Arc'teryx DTC 战略 显著提振盈利，核心品牌仍具较大拓店及店效提升潜力，盈利水平有望持续提升。 投资要点： 逆势高增的高端多品牌户外运动集团 亚玛芬体育(AS) ---- Amer Sports 深度报告 | 财务摘要（百万美元） | 2022 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | -- ...

5 月出口增速回落但韧性仍强 [Table_Industry] 批零贸易业 ——零售出海观察系列第 50 | [table_Authors] 刘越男(分析师) | 陈笑(分析师) | | | | --- | --- | --- | --- | | 021-38676666 | 021-38676666 | [Table_subIndustry] 细分行业评级 | | | 登记编号 S0880516030003 | S0880518020002 | 批发零售业 | 增持 | 本报告导读： 5 月出口受关税及上年高基数影响，随中美贸易谈判取得实质性进展，出海链受益， 部分对美敞口高的公司望迎估值修复。 投资要点： 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 跟 踪 报 告 证 券 研 究 报 告 [Table_Invest] 评级： 增持 股票研究 /[Table_Date] 2025.06.10 贸易 增持 [Table_Summary] 5 月出口增速趋缓。1)海关总署披露 5 月进出口数据，按美元计进 出口增速 1.3%/环比-3.3pct，其中出口增速 4.8%/环比-3.3pct、进口 增 ...

逆势高增的高端多品牌户外运动集团 亚玛芬体育(AS) ---- Amer Sports 深度报告 [Table_Industry] 纺织服装业 [Table_Invest] 评级： 增持 股 票 研 究 海 外 公 司 （ 美 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 | | | [Table_Market] 交易数据 | 52 周内股价区间（美元） | 10.10-34.00 | | --- | --- | | 当前股本（百万股） | 554 | | 当前市值（百万美元） | 20689 | [Table_PicQuote] -25% 25% 75% 125% 175% 2024/6 2024/7 2024/8 2024/9 2024/10 2024/12 2025/2 2025/4 52周内股价走势图 Amer Sports 标普500指数 品牌高端硬核定位，本土股东赋能大中华地区业务快速扩张，Arc'teryx DTC 战略 显著提振盈利，核心品牌仍具较大拓店及店效提升潜力，盈利水平有望持续提升。 投资要点： | 财务摘要（百万美元） | 2022 | 2023 | 2024 | 202 ...

5 月乘用车国内批发销量同环比增长，库存下降 11 万辆，出口表现亮眼。建议关注 自身处于新车周期及智能化领先的车企。 5 月乘用车销量同环比增长，出口表现亮眼 [Table_Industry] 汽车 股票研究 /[Table_Date] 2025.06.11 [Table_Invest] 评级： 增持 | [table_Authors] 刘一鸣(分析师) | 张觉尹(分析师) | 潘若婵(研究助理) | | --- | --- | --- | | 021-38676666 | 021-38676666 | 021-38676666 | | 登记编号 S0880525040050 | S0880525040057 | S0880125042232 | 本报告导读： 投资要点： 行 业 月 报 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 [Table_Summary] "两新"政策下 5 月国内汽车消费表现不错，建议关注自身处于新 车周期及智能化领先的车企。推荐标的：小鹏汽车、零跑汽车、理 想汽车、比亚迪、吉利汽车、长城汽车、长安汽车。 5 月批发销量同环比增长，库存下降 11 万 ...