Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - Stablecoins are positioned as the cornerstone of a new financial system centered around blockchain technology, addressing limitations of traditional financial services such as high costs, inefficiencies, and lack of inclusivity [11][12] - Circle is the second-largest stablecoin issuer globally, with a circulating supply of nearly $60 billion for USDC, capturing a market share of 29% as of March 31, 2025 [2][17] - The future applications of stablecoins are primarily in two areas: payment scenarios focusing on cross-border payments and trading scenarios centered on decentralized finance (DeFi) and real-world asset (RWA) tokenization [16][39] Summary by Sections Industry Overview - Traditional financial systems face challenges including high transaction costs, inefficiencies in fund transfers, regulatory constraints, and limited access for underserved populations [11] - Blockchain technology offers a decentralized, transparent, and efficient alternative, enabling rapid transactions and significantly lower costs [12] Circle's Position - Circle's USDC has seen substantial growth, with the number of active wallets increasing from 1.3 million in Q1 2022 to 4.883 million in Q1 2025 [2][20] - The company maintains a strong compliance framework, with its stablecoin redeemable 1:1 with USD and backed by reserve assets [21][22] Revenue Generation - Circle's primary revenue source is derived from reserve income, which accounted for 95%-99% of total revenue from 2022 to 2024, closely tied to the size of reserve assets and macro interest rates [2][24] - The company is diversifying its revenue streams through on-chain developer services, tokenized funds, and other innovative financial products [3][25] Future Growth Opportunities - Circle is expanding its product offerings, including Circle Wallets, Circle Contracts, and Circle Paymaster, to enhance user experience and facilitate seamless transactions across different blockchain networks [26][29][32] - The acquisition of Hashnote and the launch of the USYC tokenized multi-asset fund represent strategic moves to enhance interoperability and liquidity in the digital asset space [33] Market Trends - The report highlights the potential for stablecoins to disrupt traditional financial systems and emphasizes the importance of partnerships with entities like Coinbase to drive growth and market penetration [36][39] - The overall performance of the computer industry, including segments like fintech and AI, has shown resilience and growth, indicating a favorable environment for companies like Circle [40][44]

Investment Rating - The report maintains an investment rating of "Outperform the Market-B" for the construction industry [5]. Core Viewpoints - The launch of the Three Gorges Waterway New Channel project marks a significant step forward, with an estimated static total investment of approximately 76.6 billion yuan and a total construction period of 100 months, excluding a 12-month preparatory period [1][15]. - The project includes two main components: the Three Gorges Hub New Channel Project and the Gezhouba Navigation Capacity Expansion Project, which are expected to stimulate demand across the upstream and downstream industrial chains [2][17]. - The report suggests focusing on investment opportunities in water conservancy construction, particularly in companies like China Communications Construction, China Electric Power Construction, and China Energy Construction [9][17]. Summary by Sections Industry Dynamics - The Three Gorges Waterway New Channel project has initiated its bidding process, indicating a substantial release of demand in the upstream and downstream industrial chains [15][17]. - In the first four months of the year, national water conservancy construction investment reached 294.36 billion yuan, with 26,800 projects implemented, including 11,149 new projects [2][17]. Market Performance - The construction industry saw a weekly increase of 1.25%, underperforming the Shenzhen Composite Index but outperforming the Shanghai Composite Index and the CSI 300 [18]. - The report highlights that 121 companies in the construction sector recorded increases, with 73.78% of companies showing positive performance [20]. Key Focus Stocks - The report identifies key stocks to watch, including China Communications Construction, China Electric Power Construction, and China Energy Construction, which are expected to benefit from the ongoing projects [9][26]. - The report also emphasizes the importance of state-owned enterprises in the construction sector, suggesting that their fundamentals are likely to improve due to macroeconomic policies [10][11].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the environmental and public utility sector [5]. Core Insights - The recent national policy on direct green electricity connection promotes "source-load coordination," allowing market participants to choose their green electricity connection model, enhancing the consumption of renewable energy and reducing transmission losses [14][16]. - The policy is expected to benefit high-energy-consuming enterprises by providing more options for green electricity and potentially lowering electricity costs, particularly for data centers [20][17]. Summary by Sections 1. National Green Electricity Direct Connection Policy - The policy allows renewable energy sources like wind and solar to connect directly to single electricity users, bypassing the traditional grid system, which enhances the physical traceability of electricity supply [14]. - It aims to balance interests among stakeholders and ensure sustainable development, improving local consumption of renewable energy [14][15]. 2. Market Review - From May 24 to June 6, the Shanghai Composite Index rose by 1.1%, while the public utility index fell by 0.31%, underperforming the overall market [21]. - The environmental index increased by 3.9%, outperforming the Shanghai Composite Index by 2.8 percentage points [21]. 3. Market Information Tracking - In June 2025, the average electricity transaction price in Jiangsu was 312.8 CNY/MWh, down 20% from the benchmark price, while in Guangdong, it was 372.7 CNY/MWh, down 17.73% [35]. - The price of thermal coal continued to decline, with domestic coal prices at 609 CNY/ton, down 2 CNY from the previous period [38]. 4. Investment Portfolio and Recommendations - For public utilities, the report suggests focusing on thermal power companies due to improved profitability from lower coal prices and seasonal demand increases [9]. - In the green electricity sector, companies that integrate generation, sales, and consumption are recommended, particularly those involved in virtual power plants and market trading [9]. - The report highlights the potential for waste incineration companies to improve cash flow and profitability through direct sales to high-energy consumers [10]. 5. Company Dynamics - The report notes various companies in the environmental sector, such as Weiming Environmental, Junxin Co., and Wangneng Environment, as key players to watch due to their operational stability and potential for increased dividends [10][20].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the industry, indicating an expected return that will exceed the performance of the CSI 300 Index by 10% or more over the next six months [4]. Core Insights - Broadcom reported a revenue of $15.004 billion for Q2 FY25, reflecting a year-on-year increase of 20.2% and slightly exceeding the company's guidance and market expectations. The adjusted EBITDA margin was approximately 67%, higher than the previous guidance of 66% [1]. - AI revenue for Broadcom exceeded $4.4 billion, accounting for over 52% of semiconductor revenue, with a year-on-year growth of 46%. Non-AI revenue was $4 billion, showing a decline of 5% year-on-year [1]. - The upcoming WWDC event by Apple is set to provide insights into the latest tools and technologies, with over 100 sessions planned for developers [2][20]. - The U.S. Trade Representative extended tariff exemptions on certain products from China, impacting nearly 200 items, including components relevant to the semiconductor and electronics sectors [3][9]. Summary by Sections Industry Performance - The electronic sector saw a relative return of -3.3% over one month, -9.8% over three months, and a positive 24.2% over twelve months. Absolute returns were -1.6% over one month, -11.9% over three months, and 32.0% over twelve months [6]. Financial Metrics - As of June 8, 2025, the electronic index PE ratio was 50.38, with a 10-year PE percentile of 65.84%. The semiconductor sub-sector had a PE of 81.96, while consumer electronics had a PE of 26.49 [10][37][38]. Investment Recommendations - The report suggests focusing on companies within the computing power supply chain, such as Shenghong Technology and Huadian Technology, as well as storage companies like Zhaoyi Innovation and Bawei Storage [11].

Group 1 - The report highlights that the A-share market is currently in a "new victory over old" phase of the new and old kinetic energy conversion, with a focus on new consumption and new technology sectors [4][55] - The market is expected to experience a structural rotation similar to 2019, characterized by a dual momentum in consumption and technology, with new consumption and new technology showing a "seesaw" effect [2][57] - The report emphasizes the importance of external factors, such as the upcoming US tariff negotiations and significant financial policy announcements expected from the Lujiazui Forum on June 18 [1][3] Group 2 - The report notes that the A-share market has shown resilience, with a strong performance in small-cap stocks and a daily average trading volume of 1.2088 trillion yuan, indicating increased market activity [14][19] - It discusses the structural divergence in capital flows, particularly the slowdown in southbound capital inflows, which reflects a cautious sentiment among investors regarding the realization of previously priced-in benefits [19][22] - The report identifies key sectors for investment, including new consumption represented by the New Consumption 50 index and new technology sectors such as AI and robotics, which are expected to drive future growth [4][40]

2025 年 06 月 08 日 震荡偏强，科技板块仍具性价比 金融工程定期报告 证券研究报告 本期要点：震荡偏强，科技板块仍具性价比 正如上周所述，当前市场走势比 2024 年 6 月要强一些，结构上可以 考虑在均衡的基础上偏向低吸科技板块，目前来看基本符合预期。 上周市场表现相对较强，上证则是再度形成了向上一笔，有挑战 5 月 高点的迹象。但在有效突破 5 月高点之前，上证也有可能因存在日线 顶背离的压制而出现调整的可能性。因此，我们当下维持市场震荡偏 强的判断，但将密切关注在前高附近市场是否展现出有效突破的迹 象；而如果一旦确认突破失败，那么后续或将迎来真正的调整。 上周四盘后，我们的四轮驱动模型再次发出 TMT 方向的多个看多信 号。从相对于市场的低频温度计角度看，目前 TMT 板块仍处于相对低 位；而从拥挤度的角度看，TMT 板块在 5 月底下探两年来的低点之后， 又有再度小幅上行的迹象。这两个因素或使得至少未来一两周内 TMT 是一个值得认真关注的方向。 具体而言，行业上，除了电子、计算机、传媒等板块外，还可以关注 非银、食品饮料、纺织服饰、通信、机械、军工等板块的机会。 风险提示：根据历史数据构 ...

2025 年 06 月 08 日 生物医药Ⅱ 新药周观点：下一个重磅 PD-1 升级产 品 PD-1/IL-2α偏向性双抗潜力验证 本周新药行情回顾： 2025 年 6 月 2 日-2025 年 6 月 6 日，新药板块涨幅前 5 企业：君圣 泰医药-B（24.29%）、再鼎医药（23.28%）、信达生物（18.08%）、 迈威生物（17.72%）、神州细胞（17.24%）；跌幅前 5 企业：德琪医 药-B（-12.68%）、加科思-B（-11.90%）、和铂医药-B（-10.86%）、 康宁杰瑞制药-B（-10.75%）、药明巨诺-B（-8.54%）。 本周新药行业重点分析： PD-(L)1 单抗市场规模庞大，当前全球范围内多家企业正在开发有望 迭代 PD-(L)1 单抗的 PD-1 类升级产品，包括 PD-1/VEGF 双抗、PD- 1/IL-2 双抗、PD-1/4-1BB 双抗、PD-1/TIGIT 双抗、PD-1/IL-15 双抗 等。从 ASCO 2025 披露数据来看，信达生物 PD-1/IL-2α-bias 双抗 IBI363 有望成为继 PD-1/VEGF 双抗之后下一个验证的重磅 PD-1 ...

2025 年 06 月 05 日 医药 国投证券医药产业链数据库之：创新药 投融资，2025 年 5 月全球市场创新药 VC&PE 投融资维持同比正增长 为了更前瞻和领先地观测 CXO 行业的景气度变化，我们借助创新药 VC&PE 投融资情况作为先行指标，从年度、季度、月度等不同时间维 度进行观察。2025 年 5 月全球市场创新药 VC&PE 投融资同比正增长。 年度维度观察：2024 年全球和美国创新药 VC&PE 投融资情况已 恢复正增长 2024 年全球和美国创新药 VC&PE 投融资情况已恢复正增长。根据 Crunchbase 的数据，2024 年 1-12 月全球和美国创新药 VC&PE 投融 资金额分别同比增长 1.93%和 5.29%，较 2023 年分别同比改善 30.51 个百分点和 35.12 个百分点。 季度维度观测：2025Q1 全球市场创新药 VC&PE 投融资增速同比 改善明显 2025Q1 全球市场创新药 VC&PE 投融资增速同比改善明显。根据 Crunchbase 的数据，2025Q1 全球、美国、国内创新药 VC&PE 投融资 金额分别同比增长 20.57%、同比下降 4 ...

Core Insights - The report highlights the coexistence of pressure on the profit and loss statement and resilience in the balance sheet of banks in Q1 2025, with revenue and profit growth rates slightly declining compared to previous periods, indicating a low growth environment for the banking sector in 2023 [2][4] - The report emphasizes that understanding the long-term trends in credit policy is crucial for avoiding tail risks, as the direction of credit policy is expected to remain stable, benefiting state-owned enterprises and banks primarily serving government-related clients [2][18] - The report suggests that the valuation changes in the banking sector are driven more by fundamental economic conditions and the shift in funding sources from active public funds to passive long-term funds, which is expected to continue influencing bank stock prices positively [2][16] Industry Performance - In Q1 2025, the average revenue growth rate for 39 listed banks was -1.68%, with a decline in pre-provision profit growth of -2.11% and a net profit growth rate of -1.20%, reflecting seasonal pressures on performance [4][16] - The total asset growth rate for listed banks remained steady at 7.5% year-on-year, with state-owned banks experiencing a slight decline in growth due to high base effects, while smaller banks, particularly city commercial banks, accelerated their expansion [18][20] - The report indicates that the growth in net profit for listed banks in Q1 2025 was primarily driven by scale expansion and growth in middle-income, while net interest margins contracted and other non-interest income growth slowed, contributing to performance challenges [16][18] Investment Recommendations - The report recommends focusing on specific banks such as China Merchants Bank, state-owned banks, and Chengdu Bank, which are expected to benefit from the ongoing trends in the banking sector [2][18]

Economic Indicators - The manufacturing PMI for May increased to 49.5, up by 0.5 percentage points from the previous month, indicating a moderate recovery in manufacturing activity[4] - The service sector PMI rose slightly to 50.2, reflecting a mild improvement, while the construction PMI fell to 51, down by 0.9 percentage points[4] - During the Dragon Boat Festival, domestic travel reached 119 million trips, a year-on-year increase of 5.7%, with total spending of 42.73 billion yuan, up by 5.9%[7] Market Trends - Since the joint statement on May 12, the stock and bond markets have entered a phase of volatility, with rapid rotation among sectors and a dispersion of market leadership[2] - The overall economic volatility is decreasing, with expectations stabilizing, influenced by the easing of tariffs and the implementation of growth policies[2] - The bond market has also shown relative calm, with the 10-year government bond yield remaining significantly below levels prior to tariff increases[16] Tariff and Trade Developments - The U.S. International Trade Court ruled on May 28 that Trump's tariff policy was illegal, leading to a temporary suspension of tariffs, although the government has appealed this decision[5][23] - The U.S. Trade Representative extended the exemption period for the 301 investigation into China's technology transfer practices until August 31, 2025, indicating ongoing trade negotiations[6] Consumer Behavior - Consumer spending is showing signs of moderate recovery, with the growth rate of personal disposable income in the U.S. at 5.2%, up by 0.8 percentage points from the previous month[20] - The impact of tariffs on consumer prices in the U.S. is still unfolding, with inflation levels needing close monitoring in the coming months[19][22]