1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week (from June 23 to June 27, 2025), the median weekly return of equity ETFs was 3.04%. Among broad - based ETFs, the median return of ChiNext - related ETFs was 5.93%, the highest. By sector, the median return of technology ETFs was 4.17%, the highest. By theme, the median return of securities ETFs was 7.46%, the highest [1][13]. - Last week, equity ETFs had a net redemption of 15.863 billion yuan, but the overall scale increased by 72.659 billion yuan. Among broad - based ETFs, A500ETF had the largest net subscription of 7.703 billion yuan; by sector, consumer ETFs had the largest net subscription of 1.839 billion yuan; by theme, bank ETFs had the largest net subscription of 3.078 billion yuan [2][29]. - As of last Friday, the valuation quantiles of ChiNext - related ETFs among broad - based ETFs were relatively low; by sector, the valuation quantiles of consumer ETFs were relatively moderate; by sub - theme, the valuation quantiles of wine and photovoltaic ETFs were relatively low. Compared with the previous week, the valuation quantiles of CSI 1000, chip, technology, A500, securities, cyclical, AI, and CSI 500 ETFs increased significantly [3]. - From Monday to Thursday last week, the margin trading balance of equity ETFs increased from 40.772 billion yuan in the previous week to 41.052 billion yuan, and the short - selling volume decreased from 2.086 billion shares in the previous week to 2.084 billion shares. Among the top 10 ETFs with the highest average daily margin trading purchases and short - selling volumes, the average daily margin trading purchases of STAR Market ETFs and chip ETFs were relatively high, and the average daily short - selling volumes of A500ETF and CSI 300ETF were relatively high [4]. - Last week, 4 new ETFs were established. This week, 8 ETFs, including Huaxia Shanghai Stock Exchange Smart Selection STAR Market Value 50 Strategy ETF, will be issued [5]. 3. Summary by Relevant Catalogs ETF Performance - Last week, the median weekly return of equity ETFs was 3.04%. Among broad - based ETFs, ChiNext - related, CSI 1000, CSI 500, STAR Market, A500, CSI 300, and SSE 50 ETFs had median returns of 5.93%, 4.72%, 4.07%, 3.69%, 2.62%, 2.22%, and 1.69% respectively. Cross - border, bond, money - market, and commodity ETFs had median returns of 2.91%, 0.02%, 0.02%, and - 1.82% respectively [13]. - By sector, the median returns of technology, cyclical, large - finance, and consumer sector ETFs were 4.17%, 3.60%, 3.34%, and 1.15% respectively. By theme, securities, military, and new energy vehicle ETFs had median returns of 7.46%, 6.32%, and 5.52% respectively, showing relatively strong performance, while wine, bank, and dividend ETFs had median returns of - 1.01%, 0.85%, and 0.97% respectively, showing relatively weak performance [17]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, bond, money - market, and commodity ETFs were 2,998.2 billion yuan, 581.4 billion yuan, 376 billion yuan, 160.4 billion yuan, and 155.6 billion yuan respectively. Among broad - based ETFs, CSI 300 and A500ETF had relatively large scales. By sector, the technology sector ETF had a scale of 245.5 billion yuan, and the consumer sector ETF had a scale of 142.9 billion yuan. By theme, chip, pharmaceutical, and securities ETFs had the highest scales [20][26]. - Last week, equity ETFs had a net redemption of 15.863 billion yuan, and the overall scale increased by 72.659 billion yuan; money - market ETFs had a net redemption of 12.584 billion yuan, and the overall scale decreased by 12.570 billion yuan. Among broad - based ETFs, A500ETF had the largest net subscription of 7.703 billion yuan, and CSI 300ETF had the largest net redemption of 6.480 billion yuan. By sector, consumer ETFs had the largest net subscription of 1.839 billion yuan, and technology ETFs had the largest net redemption of 2.224 billion yuan. By theme, bank ETFs had the largest net subscription of 3.078 billion yuan, and securities ETFs had the largest net redemption of 5.081 billion yuan [29][31]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of SSE 50, CSI 300, CSI 500, CSI 1000, ChiNext - related, and A500ETF were at the 76.26%, 66.69%, 85.16%, 72.05%, 37.51%, and 98.40% quantiles respectively, and the price - to - book ratios were at the 38.83%, 40.31%, 67.93%, 32.23%, 26.96%, and 76.40% quantiles respectively. Compared with the previous week, the valuation quantiles of CSI 500, CSI 1000, and A500ETF increased significantly [33][37]. - As of last Friday, the price - to - earnings ratios of cyclical, large - finance, consumer, and technology sector ETFs were at the 47.65%, 45.42%, 2.89%, and 52.76% quantiles respectively, and the price - to - book ratios were at the 35.61%, 50.04%, 20.28%, and 49.88% quantiles respectively. Compared with the previous week, the valuation quantiles of technology and cyclical ETFs increased significantly [38]. - As of last Friday, the price - to - earnings quantiles of dividend, bank, and military ETFs were relatively high. Compared with the previous week, the valuation quantiles of securities, chip, and AI ETFs increased significantly. Overall, among broad - based ETFs, ChiNext - related ETFs had relatively low valuation quantiles; by sector, consumer ETFs had relatively moderate valuation quantiles; by sub - theme, wine and photovoltaic ETFs had relatively low valuation quantiles [40][41]. ETF Margin Trading - As of last Thursday, the margin trading balance of equity ETFs increased from 40.772 billion yuan in the previous week to 41.052 billion yuan, and the short - selling volume decreased from 2.086 billion shares in the previous week to 2.084 billion shares. Among the top 10 ETFs with the highest average daily margin trading purchases, STAR Market ETFs and chip ETFs had relatively high average daily margin trading purchases. Among the top 10 ETFs with the highest average daily short - selling volumes, A500ETF and CSI 300ETF had relatively high average daily short - selling volumes [44][50]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non - money ETFs, followed by E Fund and Huatai - PineBridge Fund. Last week, 4 new ETFs were established, and this week, 8 ETFs will be issued [51][54].

Investment Rating - The report maintains an "Outperform" rating for the mechanical equipment industry [5] Core Viewpoints - The human-shaped robot sector is experiencing significant investment and development, with key players focusing on various components such as joint modules, dexterous hands, and sensors [3][4] - AI infrastructure is expected to see continued growth in capital expenditure driven by demand for data centers, benefiting companies involved in gas turbines and chillers [3] - The low-altitude economy is rapidly advancing, with initiatives to standardize air traffic management and promote core components like engines and motors [4] Summary by Sections Industry Dynamics - On June 23, Galaxy General completed a financing round of 1.1 billion RMB [16] - The Nanjing government is reviewing a development plan for the humanoid robot industry from 2025 to 2027 [22][23] - Guangzhou aims for over 90% of new cars to be L2 or higher level intelligent connected vehicles by 2027 [24] Company Dynamics - On June 27, Yuejiang launched a new high-load collaborative robot CR30H with a joint speed of 300°/s [29][30] - On June 26, Leisai Intelligent unveiled a "20-degree of freedom" dexterous hand solution [31] - On June 26, Lingyi Intelligent Manufacturing held a strategic release event showcasing its robot industry strategy [28] Key Companies and Investment Outlook - Focus on companies with strong positions in the humanoid robot supply chain, including joint module suppliers like Hengli Hydraulic and Huichuan Technology [3] - AI infrastructure investments are expected to benefit companies such as Hanzhong Precision and Ice Wheel Environment [3] - The report highlights key companies with favorable earnings forecasts, including Green's Harmonic and Mingzhi Electric, both rated as "Outperform" [9][33]

Investment Rating - The report maintains an "Outperform" rating for the media and internet sector [5][4][40]. Core Insights - The media sector has shown a positive performance with a 3.21% increase, outperforming the CSI 300 index but underperforming the ChiNext index [12][4]. - The issuance of gaming licenses reached a new high in June, with 147 domestic and 11 imported licenses granted [16][2]. - Key developments include ByteDance's launch of the ProtoReasoning framework to enhance reasoning capabilities in large language models, and Xiaomi's introduction of AI glasses priced from 1999 yuan [2][18]. Summary by Sections Market Performance - The media sector increased by 3.21% from June 23 to June 27, outperforming the CSI 300 index (1.95%) but underperforming the ChiNext index (5.69%) [12][4]. - Notable gainers included Huayi Brothers and Iceberg Network, while significant losers included Lianjian Optoelectronics and Perfect World [12][4]. Key Developments - The number of gaming licenses issued in June reached a record high, with 147 domestic and 11 imported licenses [16][2]. - ByteDance and Shanghai Jiao Tong University launched the ProtoReasoning framework to improve cross-domain reasoning in AI [2][17]. - Xiaomi announced its AI glasses, featuring first-person shooting and voice assistant capabilities, weighing only 40g and starting at 1999 yuan [2][18]. - OpenAI's upcoming developer conference is scheduled for October 6, 2025, in San Francisco, expected to attract over 1500 developers [18]. Investment Recommendations - The report suggests a positive short-term performance outlook, with a focus on AI applications and IP trends in the medium to long term [4][40]. - It highlights potential investment opportunities in gaming, advertising media, and film sectors, recommending specific companies such as Kaiying Network and Mango Super Media [4][41]. - The report emphasizes the importance of capitalizing on the improving fundamentals in the media sector, particularly in advertising and content production [4][41].

证券研究报告 | 2025年06月30日 相关研究报告 宏观经济专题研究 去美元化下的央行购金行为研究 去美元化下的储备资产重分配。（1）GDP 与货币国际地位的关联及例外 情况。理论上，各国 GDP 份额与外汇交易份额应呈相关性。但中国和美 国是明显例外，中国 GDP 占比 16.67%，外汇储备占比仅 2.29%；美国 GDP 占比 26.10%，外汇储备占比却达 58.42%，两国货币化水平均大幅偏离 经济地位。（2）金价与美元储备地位的关系。中长期看，金价与美元 储备地位高度相关，美元储备占比上升时金价往往下降，反之则上涨。 （3）央行购金行为的趋势。2022 年以来，各国央行黄金需求大增， 2011-2021 年央行年均黄金需求 509.1 吨，2022-2024 年平均达 1072.3 吨。2024 年各国央行持有的黄金储备接近布雷顿森林体系时代水平，按 市场价格计算，黄金成为全球第二大储备资产，仅次于美元。买入黄金 的央行主要是波兰、土耳其、印度和中国等新兴国家央行，2022 年后新 兴国家央行大幅增持黄金。 如何观测央行购金行为。（1）官方黄金储备数据的局限性。人民银行官 方黄金储备数据存在延 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][73]. Core Views - The food and beverage sector has shown a slight increase of 0.02% this week, underperforming the Shanghai Composite Index by 1.89 percentage points [21]. - The report highlights that the price of Feitian Moutai has shown signs of stabilization, while the fundamentals of the liquor industry may accelerate to a bottom [2][11]. - The report emphasizes the importance of new channels and products in the consumer goods sector, particularly as beer and beverage consumption enters a peak season [3][14]. Summary by Sections Liquor Industry - The liquor industry is experiencing pressure on demand, with the white liquor index down by 1.7% this week. The report anticipates a subdued performance in the second quarter [2][13]. - Key recommendations include focusing on leading companies with strong risk resistance such as Guizhou Moutai, Shanxi Fenjiu, and Wuliangye, as well as companies like Luzhou Laojiao that are showing signs of valuation recovery [2][13]. Consumer Goods - The beer sector is benefiting from warmer weather, which is expected to boost consumption. The report suggests monitoring alpha-type stocks like Yanjing Beer and Zhujiang Beer for potential investment opportunities [14][15]. - The snack food sector is undergoing a trend of differentiation, with recommendations for companies that are innovating in new products and channels, such as Weilong and Yanjinpuzi [16]. - In the seasoning industry, the report notes resilience in basic seasoning leaders and suggests focusing on policy developments that could impact the sector [17]. Frozen Food - The frozen food sector is stable during the off-season, with companies actively developing new products. The report highlights the upcoming IPO of Anjins Food as a significant event [18]. Dairy Products - The dairy sector is expected to see a gradual recovery in demand, with potential policy catalysts aiding in supply-demand improvements by 2025 [19][20]. Beverage Sector - The beverage industry is entering a peak season, with leading companies expected to maintain positive growth. The report recommends focusing on companies like Dongpeng Beverage that are accelerating national and platform expansion [20].

海上风电 浙江深远海发展加速推进：6 月 27 日，浙能集团发布浙江 A 海上风电场项目（5000MW）、浙江 B 海上风电 场项目（4000MW）、浙江 D 海上风电场项目（2000MW）勘察测量（初勘）技术服务中标候选人公示的公告。 6 月 13 日，浙能集团发布《浙江海风某项目风力发电机组及附属设备（含塔筒）中标结果公告》，东方电 气、运达股份、电气风电分别中标 1/0.5/0.5GW，总容量 2GW。 光伏 六地发布机制电价新政：5 月以来，六地已经分别下发新能源电力机制电价政策，分别为蒙东、蒙西、新 疆 136 号文省级细则正式下发，山东、广东、湖南 136 号文省级细则征求意见稿下发。其中蒙东、蒙西暂 时新增项目不安排机制电量。从已经公布省份情况来看，入市后短期市场化交易比例大幅上升，收益不确 定性明显提升。 证券研究报告 | 2025年06月30日 优于大市 电力设备新能源行业点评 浙江省深远海项目陆续启动前期工作，六地机制电价新政落地 |  | 行业研究·行业快评 | |  电力设备  | 投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | ...

Industry Overview - The real estate industry is experiencing a continuous downturn in fundamentals, with sales volume declining further in May compared to April. The year-on-year price decline for new and second-hand homes in 70 cities has narrowed, but the month-on-month decline has expanded [1][10] - In June, the cumulative transaction volume of new residential properties in 30 cities was 42.43 million square meters, a year-on-year decrease of 1%. Major cities like Beijing, Shanghai, Guangzhou, and Shenzhen saw year-on-year increases of 2%, 5%, 15%, and 27% respectively [1][10] - The transaction volume of second-hand residential properties in 18 cities also saw a slight year-on-year decline, with a cumulative total of 410,000 units sold in June, reflecting a 17% increase year-on-year in major cities like Beijing and Shenzhen [1][16] Price Trends - As of June 2025, the month-on-month price changes for second-hand homes were -1.1% for first-tier cities, -1.2% for strong second-tier cities, -1.3% for weak second-tier cities, and -0.8% for third-tier cities. The price decline in first-tier cities has accelerated to levels comparable to August of the previous year [2][23] Market Performance - The real estate sector underperformed the CSI 300 index by 1.0 percentage points in the current month. Since the last strategy report, the sector has risen by 1.2%, ranking 19th among 31 industries. The dynamic PE ratio for the sector is projected to be 62.6 times for 2025 [2][28] Investment Strategy - The report indicates that the real estate sector's fundamentals remain weak, with the market sentiment returning to levels seen in August of the previous year. Given the low market sentiment, macroeconomic pressures, and expectations of a US dollar interest rate cut, there is potential for policy support, creating a window for speculation in real estate stocks. Recommended stocks for July include China Resources Land, China Resources Mixc Lifestyle, China Jinmao, Beike-W, and Wo Ai Wo Jia [2][34]

去美元化下的储备资产重分配。（1）GDP 与货币国际地位的关联及例外 情况。理论上，各国 GDP 份额与外汇交易份额应呈相关性。但中国和美 国是明显例外，中国 GDP 占比 16.67%，外汇储备占比仅 2.29%；美国 GDP 占比 26.10%，外汇储备占比却达 58.42%，两国货币化水平均大幅偏离 经济地位。（2）金价与美元储备地位的关系。中长期看，金价与美元 储备地位高度相关，美元储备占比上升时金价往往下降，反之则上涨。 （3）央行购金行为的趋势。2022 年以来，各国央行黄金需求大增， 2011-2021 年央行年均黄金需求 509.1 吨，2022-2024 年平均达 1072.3 吨。2024 年各国央行持有的黄金储备接近布雷顿森林体系时代水平，按 市场价格计算，黄金成为全球第二大储备资产，仅次于美元。买入黄金 的央行主要是波兰、土耳其、印度和中国等新兴国家央行，2022 年后新 兴国家央行大幅增持黄金。 如何观测央行购金行为。（1）官方黄金储备数据的局限性。人民银行官 方黄金储备数据存在延迟，如 2022 年 5-10 月英国对华黄金出口逐步放 量至 7.34 万千克，但中国人民银行公布的官 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The penetration of silicon carbide (SiC) vehicles is increasing, with applications expanding across various scenarios [4] - The market for power modules is evolving, with a notable shift towards higher power outputs in electric vehicles [18] - The growth of charging infrastructure is significant, with a year-on-year increase in the number of charging stations [52] Summary by Relevant Sections New Energy Vehicles - In May 2025, the sales of new energy vehicles reached 1.31 million units, a year-on-year increase of 36.9% [15] - The penetration rate of new energy vehicles in the market reached 48.7% [15] - The share of main drive power modules in vehicles with power above 200kW increased from 9% in 2022 to 25% in early 2025 [18] Power Modules - The penetration rate of SiC MOSFETs in new energy vehicles reached 18.6% in early 2025 [21] - The competition among domestic suppliers of IGBT modules is intensifying, with local manufacturers holding approximately 86.9% of the market share [21] - The market for SiC modules is becoming increasingly competitive, with a growing number of manufacturers entering the space [25] Charging Infrastructure - The number of charging stations increased by 158.3 million units in the first five months of 2025, representing a year-on-year growth of 19.2% [52] - Public charging stations saw a significant increase of 56% year-on-year [52] - The demand for high-efficiency SiC products is expected to rise with the expansion of ultra-fast charging stations [52] Photovoltaic Inverters - The prices of 20kW, 50kW, and 110kW photovoltaic inverters remained stable as of June 2025 [56] - The export value of inverters in May reached 5.97 billion yuan, reflecting an 8% year-on-year increase [56] Market Trends - The industry is entering a stable phase, with steady growth expected in demand from consumer electronics and industrial control sectors [6] - The growth in electric vehicle production and the increasing use of power devices in data centers are key drivers for market expansion [6]

Macro and Strategy - The report discusses the shift from "investment-driven growth" to a potential "efficiency cliff," emphasizing the need for a balance between investment and consumption to sustain economic growth [9][10][12] - It highlights that China's capital-output ratio (K/GDP) has been rising since the 2009 financial crisis, indicating declining investment efficiency, which is linked to insufficient consumer demand [11][12] - The report suggests that to overcome structural issues caused by declining investment efficiency and weak consumer demand, China should transition from an "investment-driven" model to a "consumption-led" growth strategy [12] Industry and Company Insights - The report notes that the high-tech manufacturing macro diffusion index has slightly weakened, with specific sectors like semiconductors showing improved conditions while others like new energy and aerospace are declining [13][14] - In the electric power industry, the report indicates that the domestic offshore wind power development is progressing steadily, with significant government auctions planned for 2024 [3][12] - The report highlights the increasing importance of solid-state battery technology, with companies like QuantumScape making significant advancements in production efficiency [13][32] Fixed Income and REITs - The report outlines that the public REITs index has seen a decline, with the average cash distribution rate significantly higher than mainstream fixed-income assets, indicating potential opportunities in consumption-related REITs [24][22] - It mentions that the market for convertible bonds is currently favorable, with many individual bonds experiencing price increases, suggesting a strong performance outlook [20][21] - The report also notes that the issuance of long-term bonds has increased, reflecting a more active trading environment despite slight price adjustments [18][19]