Investment Rating - The report maintains an "Outperform" rating for the light industry sector [6][10]. Core Insights - The light industry exports continued to weaken in May, while U.S. furniture retail sales showed resilience with a year-on-year increase of 8.8%. Domestic furniture retail sales in China rose by 25.6% year-on-year, supported by the progress of the "old-for-new" subsidy program, which has reached 54% [2][3][18]. - Meta has launched a new AI sports eyewear product, Oakley Meta HSTN, which is expected to catalyze industry innovation [4][30]. Summary by Sections 1. Core Insights and Investment Recommendations - The report highlights the recovery of the home furnishing sector as the "old-for-new" subsidy program is implemented in key cities, improving customer traffic and order data. It recommends leading companies in customized home furnishing, such as Oppein Home, Sophia, and Kuka Home, as well as Bull Group and Good Wife for their growth potential in smart home products [16][17]. 2. Research Tracking and Investment Thoughts - In May, light industry exports fell by 9.4% year-on-year, with the decline accelerating compared to April. The U.S. furniture retail sector remains robust, reflecting strong demand [2][19]. - The "old-for-new" subsidy program has driven significant retail sales growth in furniture, with a total of 1.1 trillion yuan in sales supported by 1.75 billion subsidies issued [3][25]. - The launch of Meta's AI eyewear is seen as a potential catalyst for innovation in the industry [4][30]. 3. Market Review - The light industry sector experienced a decline of 3.06% last week, underperforming the broader market [31]. 4. Key Data Tracking - In May, furniture retail sales in China reached 170 billion yuan, up 25.6% year-on-year, while building materials sales fell by 2.9% [34]. - The report notes a decrease in domestic prices for various paper products, with significant drops in packaging paper prices [42][50]. - Real estate data indicates a 3.3% year-on-year decline in property transaction volumes in 30 major cities [58]. - The furniture export value in May was 5.64 billion USD, down 9.4% year-on-year, while paper and paper products exports also saw a slight decline [67].

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][7][81]. Core Views - The home appliance retail sector experienced strong growth during the 618 shopping festival, with major brands like Midea achieving over 20% year-on-year retail growth [2][3][39]. - The domestic retail sales of home appliances saw a significant increase, with May's sales growing by over 50% year-on-year, driven by the 618 promotion and government subsidy policies [2][18]. - Despite a decline in exports, certain categories like washing machines and vacuum cleaners showed resilience, with washing machine exports increasing by 3.9% and vacuum cleaner exports rising by 14.7% in May [4][50]. Summary by Sections Investment Rating - The report provides an "Outperform the Market" rating for key companies in the home appliance sector, including Midea, Gree, Haier, and others [6][81]. Market Performance - The home appliance sector's retail sales in May increased by 53.0% year-on-year, with significant growth across major categories such as air conditioners and washing machines [2][18]. - The overall market performance for the home appliance sector showed a relative return of +0.22% compared to the broader market [5][58]. Company Performance - Midea's retail sales during the 618 festival grew by over 20%, with a notable increase in customer numbers [3][39]. - Haier maintained the top market share in several categories, including refrigerators and washing machines, during the 618 period [3][41]. - Gree ranked first in air conditioner sales during the same period, showcasing strong competitive positioning [3][43]. Export Trends - In May, the overall export value of home appliances decreased by 7.6% year-on-year, with specific categories like air conditioners and refrigerators experiencing declines [4][50]. - The U.S. announced a 50% import tariff on several categories of home appliances, which may further impact export dynamics [51]. Key Data Tracking - The report highlights that the prices of raw materials such as copper and aluminum have increased, which may affect production costs in the home appliance sector [5][61]. - The shipping index for major routes has shown an upward trend, indicating potential changes in logistics costs [5][74]. Company Recommendations - The report recommends investing in leading companies such as Gree, Midea, and Haier for white goods, and Stone Technology and Bear Electric for small appliances, based on their strong market positions and growth potential [5][14][17].

Group 1: Economic Reform and Innovation - Shenzhen's R&D investment as a percentage of GDP increased from 4.93% in 2020 to 6.46% in 2024[4] - The number of national high-tech enterprises in Shenzhen exceeds 25,000, with 1,025 classified as "little giant" enterprises[4] - Strategic emerging industries' value added as a percentage of GDP rose from 37.1% in 2020 to 42.3% in 2024[10] Group 2: Talent and Education Reform - Shenzhen introduced a talent service company, with nearly 44,000 new talents registered in the first five months of 2025[4] - High-skilled talents in Shenzhen reached 1.59 million, accounting for 39.2% of skilled talents[4] - The city aims to establish a comprehensive talent support system, including housing and office space[4] Group 3: Financial and Data Empowerment - Shenzhen's financial measures include "Tengfei Loan" and "Park Loan" to support tech and small enterprises[10] - The establishment of the Shenzhen Data Exchange in 2022 aims to enhance data trading and management[10] - The issuance of the first targeted technology innovation bond post-implementation of the reform opinions indicates practical outcomes[3] Group 4: Open Economy and Trade - Shenzhen's total foreign trade volume reached 4.5 trillion yuan in 2024, a year-on-year increase of 16.4%[20] - The city has established a cross-border fund pool pilot, reducing cross-border fund transfer time from 2 days to 5 minutes[20] - Shenzhen aims to adapt to high-standard trade rules like CPTPP and RCEP to enhance its open economy[20] Group 5: Governance and Public Services - Public spending on people's livelihoods increased from 68% of the general public budget in 2020 to nearly 70% in 2024[24] - The number of three-tier hospitals in Shenzhen rose from 22 at the end of 2020 to 33 by the end of 2024[24] - PM2.5 concentration decreased from 20 micrograms per cubic meter in 2020 to 17.3 micrograms per cubic meter in 2024[24]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The equity market is expected to continue the pattern of index fluctuations and internal theme rotations. The convertible bond market shows good resilience in the volatile equity market, and its valuation is still supported. Recently, non - bank convertible bond targets have successively proposed downward revisions, reflecting a strong willingness to promote conversion of near - maturity convertible bonds. It is recommended to focus on the downward revision game opportunities of near - maturity convertible bonds and select bonds from three aspects: performance - driven, event - catalyzed, and dividend and defensive [2][3][19][20]. 3. Summary by Relevant Catalogs Market Focus Last Week (June 16 - 20, 2025) Stock Market - The equity market fluctuated and declined last week. Affected by the end of the "618" promotion and media public opinion, the consumer sector was weak, while the bank and technology sectors performed well. Most Shenwan primary industries closed down, with only banking, communication, and electronics closing up [9][10]. - Specific daily performance: On Monday, the three major A - share indexes rose collectively; on Tuesday and Thursday, they fell collectively; on Wednesday, they rose collectively; on Friday, they fell collectively [9]. Bond Market - The capital market remained relatively loose last week. Events such as the release of May economic data and the Lujiazui Financial Forum did not have a significant impact on the bond market, which continued to fluctuate throughout the week. The 10 - year Treasury bond yield closed at 1.64% on Friday, down 0.44bp from the previous week [10]. Convertible Bond Market - Most convertible bond issues closed down last week. The CSI Convertible Bond Index fell 0.17% for the whole week, the median price fell 0.48%, and the calculated arithmetic average parity fell 2.08%. The overall market conversion premium rate increased by 2.39% compared with the previous week [10]. - In terms of industries, non - bank finance, banking, public utilities, and electronics performed well, while social services, media, building decoration, and beauty care performed poorly [13]. - At the individual bond level, Jingrui, Liande, Tianchuang, Xuerong, and Shouhua convertible bonds led the gains, while Jinling, Zhite, Jindan, and Dongshi convertible bonds led the losses [14]. - The total trading volume of the convertible bond market last week was 30.6524 billion yuan, with an average daily trading volume of 6.1305 billion yuan, a decrease from the previous week [18]. Views and Strategies (June 23 - 27, 2025) - The economic data in May showed differentiation, with strong consumption but a decline in investment and export growth. The market hotspots rotated rapidly, and the popular themes of innovative drugs and new consumption declined. The equity market is expected to continue the pattern of index fluctuations and internal theme rotations [2][19]. - The issuance of convertible bonds has accelerated slightly in the past two weeks. With low bond market interest rates, the demand for convertible bond allocation is strong, and the valuation of convertible bonds is still supported. Although some large - scale convertible bond issues have had their ratings downgraded, the overall impact on the market is relatively controllable [2][19]. - Ruida and Caitong convertible bonds have proposed downward revisions, reflecting the strong willingness of near - maturity convertible bonds to promote conversion. It is recommended to focus on the downward revision game opportunities of near - maturity convertible bonds and pay more attention to convertible bonds with negative YTM and good underlying stock credit quality [3][20]. - When selecting bonds, take advantage of the inconsistent driving factors of the dividend and technology sectors to reduce portfolio fluctuations, and select targets with performance support or valuation drivers from three aspects: performance - driven, event - catalyzed, and dividend and defensive [3][20]. Valuation Overview - As of June 20, 2025, for equity - biased convertible bonds, the average conversion premium rates for different parity ranges are as follows: 39.12% for 80 - 90 yuan, 28.66% for 90 - 100 yuan, 18.06% for 100 - 110 yuan, 13.67% for 110 - 120 yuan, 9.87% for 120 - 130 yuan, and 4.18% for over 130 yuan, at the 79%/56%, 76%/55%, 61%/29%, 68%/44%, 66%/46%, and 63%/26% percentile values since 2010/2021 respectively [21]. - For bond - biased convertible bonds, the average YTM for convertible bonds with a parity below 70 yuan is 0.4%, at the 11%/3% percentile values since 2010/2021 [21]. - The average implied volatility of all convertible bonds is 31.17%, at the 54%/31% percentile values since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks is - 16.67%, at the 14%/21% percentile values since 2010/2021 [21]. Primary Market Tracking - Last week (June 16 - 20, 2025), Xizhen and Huachen convertible bonds announced their issuance, and Hengshuai convertible bonds were listed [30][31][32]. - As of the announcements on June 20, there are no convertible bonds announced for issuance or listing in the next week (June 23 - 27, 2025) [33]. - Last week, the exchanges accepted applications from 2 companies (Naipu Mining Machinery and Jingda Co., Ltd.), and the general meetings of shareholders approved the plans of 2 companies (Benchuan Intelligent and Maiwei Co., Ltd.). There are no new companies approved for registration by the exchanges, passed by the listing committees, or with board - proposed plans. As of now, there are 78 convertible bonds to be issued, with a total scale of 125.18 billion yuan, including 6 approved for registration with a total scale of 13.45 billion yuan and 4 passed by the listing committee with a total scale of 2.93 billion yuan [34].

Group 1: Report Overview - The report regularly tracks the latest private exchangeable bond (private EB) projects from public sources and provides basic element tracking [1] Group 2: New Project Information - Liaoning Chengda Co., Ltd.'s 2025 private placement of exchangeable corporate bonds for professional investors has received feedback from the exchange, with an intended issuance size of 5 billion yuan, underlying stock being GF Securities (000776.SZ), and the lead underwriter being CITIC Construction Securities. The exchange updated the information on June 16, 2025 [2] Group 3: Project Status Table - Lists various private EB projects, including bond names, lead underwriters, issuance sizes, underlying stocks, project statuses, and update dates. Projects are in different statuses such as "Passed" and "Feedback Received" [3] Group 4: Related Research Reports - Lists related research reports on private EB weekly tracking from different time periods [4]

证券研究报告 | 2025年06月23日 ETF 周报 本周近 50 亿元资金流入金融 ETF，其中证券 ETF 净申购超 30 亿元 核心观点 金融工程周报 ETF 业绩表现 上周（2025 年 06 月 16 日至 2025 年 06 月 20 日，下同）股票型 ETF 周度 收益率中位数为-0.87%。宽基 ETF 中，上证 50ETF 涨跌幅中位数为 0.13%， 收益最高。按板块划分，科技 ETF 涨跌幅中位数为-0.70%，跌幅最小。按 主题进行分类，银行 ETF 涨跌幅中位数为 3.09%，收益最高。 ETF 规模变动及净申赎 上周股票型 ETF 净申购 127.95 亿元，总体规模减少 105.01 亿元。在宽基 ETF 中，上周科创板 ETF 净申购最多，为 30.38 亿元；按板块来看，大金 融 ETF 净申购最多，为 45.60 亿元；按热点主题来看，证券 ETF 净申购最 多，为 33.74 亿元。 上周新成立 8 只 ETF，为华安中证 A500 增强策略 ETF、国联安中证 A500 增强策略 ETF、富国恒指港股通 ETF、东财中证沪港深互联网 ETF、中证 A100 指数 ET ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The equity market is expected to continue the pattern of index fluctuations and internal theme rotation, with the convertible bond market showing good resilience [2][19] - Recently, Ruidah and Caitong convertible bonds have proposed downward revisions, reflecting the strong willingness of near - maturity convertible bonds to promote conversion. It is recommended to pay attention to the downward - revision game opportunities of near - maturity convertible bonds and those with good underlying stock credit quality [3][20] - When selecting bonds, in a stage of high macro uncertainty, one can use the inconsistent driving factors of dividend and technology sectors to reduce portfolio volatility and select targets from three aspects: performance - driven, event - catalyzed, and dividend and defensive [3][20] Summary by Relevant Catalogs Market Trends (2025/6/16 - 2025/6/20) Stock Market - The equity market fluctuated and declined last week. The consumer sector was weak, while the bank and technology sectors performed well. The A - share market showed different trends on each trading day, with significant changes in trading volume and sector performance [9] - Most Shenwan primary industries closed down, with beauty care, textile and apparel, and pharmaceutical biology among the top decliners, while only the bank, communication, and electronics sectors closed up [10] Bond Market - The capital market remained relatively loose last week. Events such as the release of May economic data and the Lujiazui Financial Forum did not have a major impact on the bond market, which continued to fluctuate. The 10 - year Treasury bond yield closed at 1.64% on Friday, down 0.44bp from the previous week [10] Convertible Bond Market - Most convertible bond issues closed down last week. The CSI Convertible Bond Index fell 0.17% for the whole week, the median price dropped 0.48%, and the calculated arithmetic average parity dropped 2.08%. The overall market conversion premium rate increased by 2.39% compared with the previous week [10] - Most industries in the convertible bond market closed down. Non - bank finance, banks, public utilities, and electronics performed well, while social services, media, building decoration, and beauty care performed poorly [13] - The top - rising convertible bonds included Jingrui, Liande, Tianchuang, Xuerong, and Shouhua, while the top - falling ones were Jinling, Zhite, Jindan, and Dongshi [14] - The total trading volume of the convertible bond market last week was 30.6524 billion yuan, with an average daily trading volume of 6.1305 billion yuan, a decrease from the previous week [18] Valuation Overview - As of June 20, 2025, for equity - biased convertible bonds, the average conversion premium rates in different price ranges were at different percentile levels since 2010 and 2021 [21] - For debt - biased convertible bonds, the average YTM of those with a parity below 70 yuan was 0.4%, at the 11%/3% percentile since 2010/2021 [21] - The average implied volatility of all convertible bonds was 31.17%, at the 54%/31% percentile since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was - 16.67%, at the 14%/21% percentile since 2010/2021 [21] Primary Market Tracking Last Week (2025/6/16 - 2025/6/20) - Xizhen Convertible Bond and Huachen Convertible Bond announced their issuance, and Hengshuai Convertible Bond was listed. Information about the underlying stocks, business, financial performance, production capacity, issuance scale, and use of funds of these three convertible bonds was provided [30][31][32] - The exchanges accepted applications from 2 companies (Naipu Mining Machinery and Jingda Co., Ltd.), and the general meetings of shareholders approved the applications of 2 companies (Benchuan Intelligence and Maiwei Co., Ltd.). There were no new companies approved for registration by the exchanges, passed by the listing committee, or with board proposals [34] - As of now, there are 78 convertible bonds awaiting issuance, with a total scale of 125.18 billion yuan. Among them, 6 have been approved for registration, with a total scale of 13.45 billion yuan, and 4 have passed the listing committee, with a total scale of 2.93 billion yuan [34] Future Week (2025/6/23 - 2025/6/27) - As of the announcement on June 20, there are no convertible bonds announced for issuance or listing in the coming week [33]

Investment Rating - The report maintains an "Outperform" rating for the food and beverage sector [4] Core Views - The sentiment in the liquor and restaurant chain markets has improved, with a focus on the performance of beer and beverages during the peak season [11] - The retail sales of tobacco and alcohol in China reached 278.7 billion yuan from January to May, showing a year-on-year growth of 6.7%, with May's sales at 48.2 billion yuan, up 11.2% year-on-year [2] - The white liquor index rose by 1.1% this week, indicating a marginal recovery in market sentiment [13] - The report suggests three investment themes: leading companies with proven risk resilience, those showing digital transformation benefits, and companies with market share growth potential [13] Summary by Sections 1. Weekly Insights - The food and beverage sector saw a slight decline of 0.02% this week but outperformed the Shanghai Composite Index by 0.49 percentage points [19] - The top gainers in the food and beverage sector included Morning Light Biological (13.43%), Huangtai Liquor (11.41%), and Jinzhongzi Liquor (9.78%) [19] 1.1 White Liquor - The white liquor production from January to May totaled 1.597 million kiloliters, down 7.6% year-on-year, with May's production at 291,000 kiloliters, a 13.4% decline [2] - The report highlights the importance of adjusting policy execution methods to support normal consumption demands [2] - Key recommendations include leading brands like Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, as well as companies like Luzhou Laojiao and Jiangsu Yanghe [2][13] 1.2 Consumer Goods - The sentiment in the consumer goods sector has slightly improved, with a focus on the supply-demand dynamics [14] - The beer sector is expected to perform well during the peak season, with recommendations for stocks like Yanjing Beer and Zhujiang Beer [14] - The snack sector is experiencing differentiation, with a focus on companies that are innovating in products and channels [15] 2. Key Data Tracking - The report tracks significant events and market movements, including the performance of various companies and their stock prices [19][68] - The report notes that the high-end liquor prices continue to face downward pressure, with Moutai's price at 1,935 yuan per bottle, down 55 yuan from the previous week [12][30] 2.1 Market Review - The food and beverage sector's performance is closely monitored, with specific attention to the fluctuations in stock prices and market sentiment [19][20] 2.4 Important Events - The report lists significant corporate events, including stock pledges and management changes within key companies in the sector [68][69]

Investment Rating - The report maintains an "Outperform" rating for the media sector [5][40]. Core Views - The short-term performance cycle is expected to improve, with a long-term positive outlook on AI applications and IP trends [4][40]. - The report highlights the importance of focusing on individual stocks within the gaming, advertising media, and film sectors, as the fundamentals show signs of recovery [4][40]. Summary by Sections Industry Performance - The media sector experienced a decline of 1.78% during the week of June 16-20, underperforming both the CSI 300 index (-0.45%) and the ChiNext index (-1.66%) [12][14]. - Notable gainers included Lianjian Optoelectronics, Baina Qiancheng, and ST Huatong, while major decliners were Yue Media and Yuanlong Yatu [12][13]. Key Developments - OpenAI signed a $200 million contract with the U.S. Department of Defense and launched a new feature called "ChatGPT Record" [2][17]. - ByteDance introduced the AI video generation model Seedance 1.0, outperforming Google's latest model [2][18]. - MiniMax launched a video agent tool that generates videos from text commands and maintains character consistency using uploaded images [2][19]. - Beijing introduced support measures for the gaming and esports industry, offering up to 5 million yuan for outstanding projects [2][19]. Important Data Tracking - The box office for the week of June 16-22 reached 366 million yuan, with the top three films being "Sauce Garden Case" (150 million yuan), "New Dragon Trainer" (73 million yuan), and "Breakup List" (32 million yuan) [3][21]. - The top-grossing mobile games in May 2025 were "Whiteout Survival," "Gossip Harbor: Merge & Story," and "PUBG MOBILE" [28][29]. Investment Recommendations - The report suggests focusing on gaming, advertising media, and film sectors, with specific stock recommendations including Kaiying Network, Giant Network, and Yaoji Technology [4][40]. - The report emphasizes the potential of AI applications across various sectors, including marketing, education, and gaming, and recommends companies like Bubble Mart and Yaoji Technology for IP trends [4][40].

The provided content does not contain any quantitative models or factors, nor does it include any related construction processes, formulas, evaluations, or backtesting results. The documents primarily focus on fund performance, asset flows, and market observations without delving into quantitative finance methodologies.