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].

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [1] Core Insights - The offshore wind power projects in Zhejiang province are accelerating, with 13GW of projects' products and services being opened for bidding [1] - Six regions have released new mechanism electricity price policies, indicating a higher proportion of market-oriented transactions; no new mechanism electricity projects are planned for Inner Mongolia East and West [1] - Huadian New Energy plans to raise 18 billion RMB through an IPO, targeting investments in 11.3GW of photovoltaic and 3.9GW of wind power [1] - The national plan during the 14th Five-Year Plan period includes 253GW of photovoltaic projects for desertification control [1] - Powin, a leading U.S. energy storage integrator, has filed for Chapter 11 bankruptcy protection [1][5] Summary by Sections Offshore Wind Power - Zhejiang's deep-sea development is accelerating, with multiple offshore wind farm projects announced, including a 5000MW project and others totaling 4000MW and 2000MW [2] Photovoltaic - Six regions have issued new mechanism electricity price policies, significantly increasing the market-oriented transaction ratio and raising revenue uncertainty [3] - Huadian New Energy's IPO aims to raise 18 billion RMB for various projects, including 8.5GW of centralized photovoltaic and 3.88GW of wind power [3] National Planning - The national plan for the 14th Five-Year Plan period includes a target of 253GW of photovoltaic installations to combat desertification by 2030 [4] Energy Storage - Powin, a major player in the U.S. energy storage market, has filed for bankruptcy, affecting several Chinese companies that are among its largest unsecured creditors [5] Company Profit Forecasts - Key companies' profit forecasts indicate varying growth, with Daikin Heavy Industries projected to achieve a net profit of 4.7 billion RMB in 2024, while Dongfang Cable is expected to reach 10.1 billion RMB [7]

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]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - This week, the China Securities REITs Index closed down. The average weekly price changes of property - type REITs and franchise - type REITs were - 2.1% and - 1.8% respectively. From the comparison of the weekly price changes of major indices, CSI Convertible Bonds > CSI 300 > CSI All - Bond > CSI REITs. The average daily turnover rate of REITs throughout the week increased slightly compared to the previous week. All types of REITs in the entire market closed down, with energy, ecological, and municipal facilities REITs having smaller declines. As of June 27, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property REITs was 143BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury bond yield was 209BP. The central bank and other six departments issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption", supporting the issuance of REITs for eligible consumer infrastructure, bringing new opportunities for the development of consumer REITs. China Asset Management Beijing Affordable Housing REIT completed the first domestic rental housing expansion and fundraising, realizing a "first - issuance + expansion - fundraising" closed - loop for rental housing REITs and establishing a paradigm for normalizing refinancing [1]. Summary by Directory Market Trends - **Secondary Market Trends** - As of June 27, 2025, the closing price of the CSI REITs (closing) index was 880.9 points, with a weekly price change of - 1.46%, performing worse than the CSI Convertible Bonds Index (+2.08%), the CSI 300 Index (+1.95%), and the CSI All - Bond Index (- 0.09%). Year - to - date, the price change rankings of major indices were: CSI REITs (+11.6%) > CSI Convertible Bonds (+6.6%) > CSI All - Bond (+1.2%) > CSI 300 (- 0.3%). In the past year, the return rate of the CSI REITs index was 11.4%, with a volatility of 7.0%. The return rate was lower than that of the CSI 300 Index and the CSI Convertible Bonds Index but higher than that of the CSI All - Bond Index. The volatility was lower than that of the CSI 300 Index and the CSI Convertible Bonds Index but higher than that of the CSI All - Bond Index. The total market value of REITs rose to 206.1 billion yuan on June 27, a decrease of 500 million yuan from the previous week. The average daily turnover rate throughout the week was 0.61%, an increase of 0.01 percentage points from the previous week [2][8][14]. - Energy, ecological, and municipal facilities REITs had smaller declines. The average weekly price changes of property - type REITs and franchise - type REITs were - 2.1% and - 1.8% respectively. Among different project - type REITs, all closed down, with the three project types with the smallest average declines being energy (- 0.8%), ecological (- 0.9%), and municipal facilities (- 1.3%). The top three REITs in terms of weekly price increases were AVIC Jingneng Photovoltaic REIT (+0.95%), China Asset Management China Resources Commercial REIT (+0.64%), and CICC Shandong Expressway REIT (+0.47%) [3][19][23]. - In terms of trading activity, municipal facilities REITs were the most active this week, and transportation infrastructure REITs had the highest proportion of trading volume. The former had an average daily turnover rate of 2.4% during the period, accounting for 2.8% of the total REITs trading volume. The latter had an average daily turnover rate of 0.6%, accounting for 25.9% of the total REITs trading volume. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were China Asset Management China Resources Commercial REIT (21.81 million yuan), Penghua Shenzhen Energy REIT (16.2 million yuan), and China Asset Management Heda High - tech REIT (10.79 million yuan) [3][24][25]. - **Primary Market Issuance** - As of June 27, 2025, there were 2 REIT products in the declared stage on the exchange, 3 products had been accepted, 5 products had received feedback, 5 products had passed and were waiting to be listed, and there were 7 first - issued products that had passed and were already listed [27]. Valuation Tracking - REITs have both bond and equity characteristics. From the bond perspective, under the constraint of mandatory high dividends, the average annualized cash distribution rate of public - offering REITs as of June 27 was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. From the equity perspective, the valuation of REITs is judged through relative net - value premium rate, IRR, and P/FFO. The relative net - value premium rate reflects the relationship between the market value and fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated using the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations. The relative net - value premium rate is a long - term perspective, evaluating the secondary - market valuation level from the valuation of underlying assets; P/FFO is a short - term perspective, valuing the distributable cash flow based on the recent asset operation situation to judge the current investment return rate [29]. - Different project types of REITs have different valuation indicators. For example, municipal facilities REITs had a relative net - value premium rate of 79.1%, a P/FFO of 8.7, an IRR of 7.5%, and an annualized dividend rate of 13.6%. In addition, the dividend yield of property - type REITs was compared with the CSI Dividend stock dividend yield, and the internal rate of return of franchise - type REITs was compared with the 10 - year Treasury bond yield. As of June 27, 2025, the dividend yield of property REITs was 143BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury bond yield was 209BP [30]. Industry News - On June 19, the central bank and other six departments issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption", proposing to support the issuance of public - offering REITs for eligible consumer infrastructure, further expanding the "asset pool" for consumer REITs and strengthening the institutional and financial foundation for project implementation [35]. - On June 24, the winning bid results of Jiangxi Water Group's public - offering REITs were announced, with Huatai - PineBridge Fund winning the fund manager qualification. On the same day, the tender for Wenzhou Shanxi Water Conservancy's public - offering REITs was completed, with CICC and CICC Fund's consortium winning the bid [35]. - On June 25, China Asset Management Beijing Affordable Housing REIT completed the first domestic rental housing expansion and fundraising, raising approximately 946 million yuan. The expansion included 4 affordable rental housing projects, and rental housing REITs achieved a "first - issuance + expansion - fundraising" closed - loop [35]. - On June 26, CICC Yizhuang Industrial Park REIT was listed on the Shanghai Stock Exchange, the first domestic infrastructure REIT focusing on the automobile manufacturing industry chain, raising a total of 1.088 billion yuan [35]. - On June 27, CICC China Green Development Commercial REIT was listed on the Shenzhen Stock Exchange and hit the daily limit on the first day, with a 30% increase from the issue price, showing the strong attractiveness of consumer - type commercial assets in the REITs market [36].

Group 1: Industry Investment Rating - No information provided on the industry investment rating Group 2: Core View - The report regularly sorts out the latest private exchangeable bond (private EB) project information available from public channels and conducts basic element tracking on private exchangeable bond projects. The issuance terms and processes may change, and the final prospectus should be referred to. For the issuance progress, consult the relevant lead underwriters [1] Group 3: Summary by Related Catalog New Projects This Week - The 2025 private placement of exchangeable corporate bonds of Fuda Holdings Group Co., Ltd. for professional investors has been accepted by the exchange. The proposed issuance scale is 1.2 billion yuan, the underlying stock is Fuda Co., Ltd. (603166.SH), the lead underwriter is Zhongde Securities, and the exchange update date is June 27, 2025 [2] - The 2025 private placement of exchangeable corporate bonds of Zijin Mining Investment (Shanghai) Co., Ltd. for professional investors has been accepted by the exchange. The proposed issuance scale is 700 million yuan, the underlying stocks are Dunan Environment/Jiangnan Chemical (002011.SZ/002226.SZ), the lead underwriter is CITIC Securities, and the exchange update date is June 24, 2025 [2] Project Status Table - Multiple private exchangeable bond projects are listed in the table, including their bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. Projects are in different statuses such as "Passed", "Feedback Received", and "Accepted" [3]