Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [4] Core Insights - The food and beverage sector in A-shares has shown a mixed performance, with a 1.53% increase over the past two weeks, underperforming the Shanghai Composite Index by 0.26 percentage points and the Shenzhen Component Index by 2.33 percentage points [12] - The retail sales growth in June was 4.8%, indicating a slowdown compared to May, with total retail sales amounting to 42,287 billion yuan [55] - The report highlights the resilience of high-end liquor companies and the growing consumption trends in various segments such as beer and snacks [57] Summary by Sections 1. Market Review - A-shares in the food and beverage industry increased by 1.53% in the last two weeks, lagging behind major indices [12] - Within the sector, liquor (+2.30%), meat products (+1.27%), and dairy (+0.86%) performed well, while soft drinks (-2.11%), snacks (-1.86%), and baked goods (-1.33%) saw declines [12] - Notable stock performances included Huangshi Group (+18.11%), Huang Shang Huang (+13.54%), and Liangpinpuzi (+12.95%) [12] 2. Key Data Tracking - The average price of fresh milk in major production areas was 3.04 yuan/kg, down 6.2% year-on-year [37] - The national market price for pork was 25.46 yuan/kg, down 11.9% year-on-year [40] - The price of PET for packaging was 6,100 yuan/ton, down 16.4% year-on-year [40] 3. Key Events Tracking - June retail sales data showed a total of 245,458 billion yuan for the first half of the year, with a year-on-year growth of 5.0% [55] - PepsiCo reported a net sales revenue of 22.726 billion USD for Q2 2025, with stable growth in its Chinese market share [55] - The World Health Organization initiated a health tax proposal aimed at increasing the prices of tobacco, alcohol, and sugary drinks by at least 50% by 2035 [55] 4. Important Company Announcements - Liangpinpuzi's actual controller is set to change to the Wuhan State-owned Assets Supervision and Administration Commission [56] - Yanjing Beer expects a net profit of 1.062 to 1.137 billion yuan for the first half of 2025, a year-on-year increase of 40% to 50% [56] 5. Investment Recommendations - Focus on high-end liquor companies with strong brand and channel capabilities, such as Kweichow Moutai and Wuliangye [57] - The report suggests monitoring companies in the beer and snack segments, as well as dairy firms like Yili and New Dairy [57]

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week (July 14-20, 2025) saw the Shanghai Composite Index rise by 0.69%, the Shenzhen Component Index by 2.04%, and the ChiNext Index by 3.17%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 7.56% [2][10]. - Within the telecommunications sub-sectors, the highest increase was seen in communication network equipment and devices, which rose by 15.82%. Conversely, the communication engineering and services sector experienced a slight decline of -0.14% [12][13]. - Notable individual stock performances included Xinyi Technology with a rise of 39.01%, followed by Zhongji Xuchuang at 24.33% and Shijia Guangzi at 22.43% [14][15]. Summary by Sections Market Overview - The telecommunications sector is experiencing a high growth phase, with significant contributions from AI and advanced communication technologies [2][3]. - The report highlights the strong performance of the telecommunications index and individual stocks, indicating a positive market sentiment [10][12]. Sub-sector Performance - The communication network equipment and devices sub-sector showed the most significant growth, while communication engineering and services faced minor setbacks [12][13]. - The report emphasizes the importance of the computing power supply chain, particularly in hardware segments benefiting from domestic and international demand [3]. Company Announcements - Key announcements from companies in the telecommunications sector include significant earnings forecasts, with some companies like Xinyi Technology expecting a substantial increase in net profit by 327.68% to 385.47% [21][22]. - Other companies, such as Yiwai Communication, are forecasting a decline in earnings due to global economic slowdowns and trade tensions [21][22]. Future Outlook - The report suggests that the demand for computing power will continue to expand, driven by advancements in AI and related technologies, which will positively impact hardware sales and services [4][3]. - The anticipated recovery of H20 GPU sales in the Chinese market is expected to alleviate supply bottlenecks and accelerate data center construction [3][19].

[Table_Summary] 报告要点： 医药板块本周小幅跑赢沪深 300 指数 2025 年 7 月 14 日至 7 月 18 日，申万医药生物指数上涨 4.00%，跑 赢沪深 300 指数 2.91pct，在 31 个申万一级行业指数中排名第 2。 2025 年初至今，申万医药生物指数上涨 16.59%，跑赢沪深 300 指数 13.45pct，涨跌幅在 31 个申万一级行业指数中排名第 3。截至 2025 年 7 月 18 日，医药板块估值为 29.88 倍（TTM 整体法，剔除负值）， 相对于沪深 300 估值溢价率为 153.54%。 本周博瑞医药、力生制药和南新制药等表现较好 涨幅排名前十的个股分别为：博瑞医药（+42.35%）、力生制药 （+41.68%）、南新制药（+34.95%）、奥赛康（+32.77%）、一品红 （+32.13%）、维康药业（+30.11%）、昂利康（+29.50%）、成都先导 （+28.55%）、千红制药（+26.67%）、莱美药业（+26.18%）。 [Table_Main] 行业研究|医疗保健 证券研究报告 医疗保健行业周报 2025 年 07 月 21 日 [Ta ...

[Table_Main] 行业研究|工业 证券研究报告 周度行情回顾 2025 年 7 月 13 日至 7 月 18 日，人形机器人概念指数上涨 4.57%， 相较沪深 300 指数跑赢 3.48pct；年初至今累计涨跌幅来看，人形机 器人概念指数上涨 44.57%，相较沪深 300 指数跑赢 38.34pct。 A 股人形机器人指数（iFinD 概念）相关个股中，中大力德周涨幅 最大（+30.62%），豪森智能周跌幅最大（-11.73%)。 周度热点回顾 政策端，广东省将加快发展具身机器人产业前瞻布局生物制造量子科 技、具身智能、6G 等未来产业；上海市召开市政府常务会议同意《具 身智能"模力聚申"行动计划》，部署实施具身智能"模力聚申"行动 计划，打造具身智能产业发展高地。 产品技术迭代方面，优必选 Walker S2 全球首创自主换电系统，实现 7×24 小时不间断作业，打造智能制造"永不停机"新质生产力；北京人 形机器人创新中心正式发布国内首个一站式具身智能公共服务平台， 整合一系列全链条服务能力，解决行业长期存在的瓶颈。智元将携手 德马科技于 WAIC 展示作业。 工业行业周报、月报 2025 年 ...

[Table_Main] 行业研究|信息技术|软件与服务 证券研究报告 计算机行业周报 2025 年 07 月 21 日 [Table_Title] 国内外 AI 创新加速，行业有望持续受益 ——计算机行业周报 [Table_Summary] 报告要点： 本周(2025.7.14-2025.7.18)市场回顾 1) 本周(2025.7.14-2025.7.18)计算机（申万）指数上涨 2.12%，延续 上周的上涨态势，涨幅位居前列。本周上证指数上涨 0.69%，深证成 指上涨 2.04%，创业板指上涨 3.17%。 2) 细分板块方面，申万二级行业指数：计算机设备(801101.SL)、IT 服 务Ⅱ(801103.SL)、软件开发(801104.SL)涨跌幅分别为+1.68%、 +2.79%、+1.86%，均有较好的表现。 本周重点公告 1) 品茗科技发布《2025 年半年度业绩预告的自愿性披露公告》：经公 司财务部门初步测算，预计公司 2025 年半年度：实现归属于母公司 所有者扣除非经常性损益后的净利润为 2330.00 万元到 2930.00 万 元，与上年同期相比，将增加 2000.33 万元至 2 ...

行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2025 年 7 月 20 日 [Table_Title] 智驾持续前行，领先车企落地事件密集 ——汽车行业周报 [Table_Summary] 报告要点： 七月淡季，上半月乘用车销量增速趋缓 乘用车：7 月 1-13 日，全国乘用车市场零售 57.1 万辆，同比去年 7 月 同期增长 7%，较上月同期下降 5%，今年以来累计零售 1,147.3 万辆，同 比增长 11%；7 月 1-13 日，全国乘用车厂商批发 55.5 万辆，同比去年 7 月同期增长 34%，较上月同期下降 7%，今年以来累计批发 1,383.5 万辆， 同比增长 13%。 新能源：7 月 1-13 日,全国乘用车新能源市场零售 33.2 万辆，同比去年 7 月同期增长 26%，较上月同期下降 4%，新能源市场零售渗透率 58.1%， 今年以来累计零售 580.1 万辆，同比增长 33%；7 月 1-13 日，全国乘用 车厂商新能源批发 31.6 万辆，同比去年 7 月同期增长 37%，较上月同期 增长 1%，新能源厂商批发渗透率 56.9%，今年以来累 ...

Market Performance - On July 18, 2025, the Shanghai Composite Index reached a new closing high for the year, rising by 0.50% to 3,534.48 points[15] - The Shenzhen Component Index increased by 0.37% to 10,913.84 points, while the ChiNext Index rose by 0.34% to 2,277.15 points[15] - The total market turnover was 15,708.56 billion yuan, an increase of 317.40 billion yuan from the previous trading day[15] Sector and Style Analysis - The top-performing sectors included non-ferrous metals (up 2.17%), steel (up 1.34%), and basic chemicals (up 1.14%)[20] - The weakest sectors were media (down 0.78%), comprehensive finance (down 0.69%), and electronics (down 0.47%)[20] - In terms of investment style, consumer stocks outperformed, followed by cyclical and financial stocks[20] Fund Flow - On July 18, 2025, the net outflow of main funds was 296.24 billion yuan, with large orders contributing to the outflow of 179.36 billion yuan[24] - Small orders saw a continuous net inflow of 289.27 billion yuan, indicating retail investor interest[24] Global Market Trends - On July 18, 2025, the Hang Seng Index rose by 1.33% to 24,825.66 points, while the Nikkei 225 fell by 0.21% to 39,819.11 points[32] - European markets also showed positive performance, with the DAX Index up 1.51% and the CAC40 Index up 1.29%[33] ETF Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant increases in trading volume, with changes of +8.59 billion yuan and +4.98 billion yuan respectively[29] - The inflow into the SSE 50 ETF on July 17 was 3.09 billion yuan, indicating strong institutional interest[29]

Market Performance - On July 17, 2025, the market opened low and closed high, with the ChiNext Index leading the gains, up 1.75%[3] - The Shanghai Composite Index rose by 0.37%, and the Shenzhen Component Index increased by 1.43%[3] - Total market turnover reached 15,391.16 billion yuan, an increase of 972.63 billion yuan from the previous trading day[3] Sector and Style Analysis - All 30 sectors in the CITIC first-level industry index saw gains, with the top performers being Defense and Military (3.06%), Communication (2.45%), and Electronics (2.14%)[19] - The laggards included Electric Power and Utilities (-0.31%), Banking (-0.28%), and Transportation (-0.16%)[19] - Growth stocks outperformed value stocks across various market capitalizations, with the order of performance being: Growth > Consumption > Cyclical > Financial[19] Capital Flow - On July 17, 2025, the net inflow of main funds was 68.80 billion yuan, with large orders seeing a net inflow of 147.98 billion yuan[4] - Small orders continued to see a net inflow of 59.95 billion yuan, while medium and large orders experienced net outflows of 131.40 billion yuan and 79.18 billion yuan, respectively[4] Global Market Overview - Major Asia-Pacific indices showed mixed results, with the Hang Seng Index down 0.08% and the Nikkei 225 up 0.60%[30] - European indices generally declined, with the DAX down 0.21% and the CAC40 down 0.57%[31] - In the US, major indices rose, with the Dow Jones Industrial Average increasing by 0.53%[31]

Market Performance - On July 16, 2025, the Shanghai Composite Index fell by 0.03%, the Shenzhen Component Index decreased by 0.22%, and the ChiNext Index also dropped by 0.22%[3] - The total market turnover was 1,441.85 billion yuan, a decrease of 169.95 billion yuan compared to the previous trading day[3] - Out of 5,276 stocks, 3,329 rose while 1,947 fell[3] Sector and Style Analysis - The top-performing sectors included Automotive (up 1.05%), Consumer Services (up 0.98%), and Pharmaceuticals (up 0.94%)[19] - The worst-performing sectors were Steel (down 1.24%), Banking (down 0.48%), and Construction (down 0.45%)[19] - Fund-heavy stocks outperformed the CSI All Share Index[19] Capital Flow - On July 16, 2025, the net outflow of main funds was 19.67 billion yuan, with large orders seeing a net outflow of 10.11 billion yuan and small orders experiencing a net inflow of 20.75 billion yuan[23] - Southbound capital recorded a net inflow of 1.60 billion HKD, with the Shanghai-Hong Kong Stock Connect seeing a net inflow of 2.01 billion HKD[25] ETF Trading - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -5.32 billion yuan and -13.41 billion yuan respectively[28] - The total trading volume for the CSI 500 ETF was 10.00 billion yuan, showing a slight increase of 0.40 billion yuan[28] Global Market Trends - On July 16, 2025, major Asia-Pacific indices generally declined, with the Hang Seng Index down 0.29% and the Nikkei 225 down 0.04%[5] - European indices also fell, with the DAX down 0.42% and the FTSE 100 down 0.66%[32] - In the U.S., the Dow Jones Industrial Average decreased by 0.98%, while the Nasdaq Composite rose by 0.18%[32]

Market Performance - On July 15, 2025, the three major indices showed mixed results: the Shanghai Composite Index fell by 0.42%, while the Shenzhen Component Index rose by 0.56%, and the ChiNext Index increased by 1.73%[3] - The total market turnover reached 16,118.01 billion yuan, an increase of 1,533.44 billion yuan compared to the previous trading day[3] Sector and Style Analysis - Among the 30 CITIC first-level industries, the telecommunications sector led with a gain of 4.28%, followed by computers at 1.74% and electronics at 0.76%[3] - Conversely, the coal sector declined by 1.87%, agriculture, forestry, animal husbandry, and fishery fell by 1.54%, and retail trade dropped by 1.45%[3] Capital Flow - On July 15, 2025, the net outflow of main funds was 532.95 billion yuan, with large orders contributing a net outflow of 283.88 billion yuan and super large orders a net outflow of 249.07 billion yuan[4] - Small orders continued to see a net inflow of 467.64 billion yuan, indicating retail investor interest[4] ETF Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw changes in turnover, with the former increasing by 3.06 billion yuan to 18.06 billion yuan[4] - The inflow into the Sci-Tech 50 ETF was notable, with a total of 7.86 billion yuan on July 14, 2025[4] Global Market Trends - On July 15, 2025, major Asia-Pacific indices generally rose, with the Hang Seng Index up by 1.60% and the Nikkei 225 Index up by 0.55%[5] - In contrast, European indices showed mixed results, with the DAX down by 0.39% and the FTSE 100 up by 0.64%[6]