Investment Rating - The report assigns an "Outperform" rating for the industry, indicating an expected relative return exceeding the benchmark by over 10% in the next 12-18 months [4][21]. Core Insights - The People's Bank of China has revised the CIPS system rules to enhance the framework for cross-border RMB payments, aiming to facilitate the integration of payment channels and improve clearing efficiency [7][4]. - The updated rules expand the scope of CIPS operations to include additional activities approved by the central bank, thereby supporting the growth and functionality of the CIPS system [7][4]. - The Cross-border Pay Link, launched in Hong Kong, allows for real-time, cost-effective remittances between Mainland China and Hong Kong, significantly improving the efficiency of cross-border transactions [7][4]. Summary by Sections CIPS System Rule Updates - The People's Bank of China released a draft for public comment on the CIPS system rules, focusing on account management, business processing, settlement mechanisms, and risk management [4][7]. - The revisions aim to adapt the rules established in 2018 to current business developments and participant needs, enhancing management standards for CIPS participants [4][7]. Cross-border Payment Innovations - The Cross-border Pay Link, which became operational on June 22, connects the fast payment systems of Mainland China and Hong Kong, allowing residents to conduct cross-border remittances efficiently [4][7]. - This system reduces the remittance process time and costs by minimizing intermediary steps and directly connecting payment infrastructures [4][7]. Investment Recommendations - The report suggests focusing on cross-border payment service providers such as Newland Digital Technology, Xgd Inc, Lakala Payment, and Yeahka Limited, as well as financial IT service providers like Yusys Technologies and Sinodata [7][4].

Investment Rating - The report indicates a bullish outlook for the US Aerospace and Defense (A&D) sector following the passage of the "One Big, Beautiful Bill" [3][11]. Core Insights - The "One Big, Beautiful Bill" allocates an additional $150 billion to the US Department of Defense, addressing chronic underinvestment in the Defense Industrial Base (DIB) and military modernization needs [1][8]. - This funding is a strategic, front-loaded capital injection aimed at signaling long-term demand to the defense industry, encouraging private sector investments in production capacity and supply chain resilience [2][9]. - The bill is expected to create a growth super-cycle in the A&D industry, providing unprecedented certainty for defense contractors' planning and capital expenditures over the next 3-5 years [2][10]. Summary by Sections US A&D Sector - The funding will lead to higher order-to-delivery ratios and earnings growth in the coming years, with management commentary on the impact of new orders being closely monitored [3][11]. - Labor shortages and supply chain bottlenecks are identified as potential execution risks despite a positive demand outlook [11]. European A&D Sector - The substantial funding for US A&D firms will increase competitive pressures on European counterparts, particularly in export orders [12]. - This situation may catalyze European governments to enhance their defense spending to support local champions, necessitating a selective investment approach in the European A&D sector [12]. Investment Recommendations - The report recommends focusing on companies such as Howmet Aerospace, BAE Systems, Rolls-Royce, Safran, GE Aerospace, and Boeing for potential investment opportunities [5][13].

火电无忧：7-8 月电价涨幅或大于煤价 [Table_Industry] 公用事业 [Table_Invest] 评级： 增持 [table_Authors] 本报告导读： 电价煤价都有上涨可能，但我们认为煤机电价上涨空间会大于煤价。今年下半年或 将终结"过去两年下半年电力板块往往下跌"的现象。 投资要点： 股 票 研 究 证 券 研 究 请务必阅读正文之后的免责条款部分 行 业 双 周 报 报 告 股票研究 / [2025.07.07 Table_Date] 2025-07-08 [Table_Summary] 风格再变，煤价反弹，需关注电价反弹幅度或超煤价。上周（6.30- 7.4）电力开始上涨，银行涨幅更大，上周 wind 银行上涨 3.8%，wind 电力上涨 1.9%，wind 煤炭上涨 1.5%，高股息回归强势，我们认为， 电力上涨风格仍然是主因，恰似上周五的下跌。近几周天气都很极 端，暴雨+急热，来水增加的同时，火电需求也将增加，但电厂煤炭 库存有加速上涨迹象，下周全国都将偏热，电价煤价都有上涨可能， 但我们认为煤机电价上涨空间会大于煤价。今年下半年或将终结"过 去两年下半年电力板块往往下跌"的 ...

·········································································································[Table_Title] 研究报告 Research Report 7 Jul 2025 ```··························································································································································································································································· 东南亚可选消费必需消费 Southeast Asia Discretionary Staples 东南亚指数双周报第 2 期：区域市场企稳回升 Southeast Asia Index Tracking: Reg ...

Wang Yi kicks off a week-long visit to Europe as top EU officials may no longer be able to represent attitudes of European countries 周林泓 Amber Zhou amber.lh.zhou@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [Table_Title] 研究报告 Research Report 7 Jul 2025 中国宏观 China Macro 王毅开启一周欧洲访问，欧盟高层或已无法代表欧洲各国态度 [Table_summary] (Please see APPENDIX 1 for English summary) 事件 王毅开启一周欧洲访问，欧盟高层或已无法代表欧洲各国态度 点评 正值中欧建交 50 周年、联合国成立 80 周年，即将举行新一次中欧领导人会晤之际，外交部长王毅于 6 月 30 日开启长达一周的欧洲访问，旨在为双边关系定调。期间王毅外长访问多国，或为了预防欧盟领导人可能在 月末的中欧领导人会晤中传 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies within it [4]. Core Insights - The offline retail sales performance of sportswear brands in Southwest China was under pressure in 2Q25, primarily due to weak consumer spending, with major brands experiencing negative sales growth [2][6]. - NIKE's sales in Southwest China saw a significant year-on-year decline, while ADIDAS performed slightly better with a high single-digit to low double-digit decline [2][6]. - Outdoor brands like Columbia and The North Face showed better performance due to strong demand for outdoor activities, camping, and tourism [2][6]. - The summer sports shoe market is facing sluggish consumption in traditional categories, but there is a rising trend in outdoor and fashion footwear [2][6]. Summary by Sections Offline Retail Performance - In 2Q25, offline retail data for sports brands in Southwest China weakened compared to 1Q25, with all major brands reporting negative sales growth [2][6]. - Store traffic remained stable, but transaction rates and average customer spending declined due to weak consumer purchasing willingness [2][6]. Brand Performance - NIKE's focus on footwear has led to a decline in its apparel market share, while ADIDAS maintained stable discount levels and focused on apparel sales, contributing to its relatively better performance [4]. - FILA's sales decline has narrowed, and the brand is shifting towards professional sports categories, enhancing its market position [4]. - LI-NING has become a partner of the Chinese Olympic Committee, while Anta is expanding into the outdoor cycling market [4]. Inventory and Discounts - Inventory levels are slightly elevated, leading to increased discounting across brands, with LI-NING and Anta offering the highest discount rates [3][4]. - The discount intensity for outdoor brands varies, with PELLIOT offering the highest discounts [3][4]. Future Outlook - The report anticipates that outdoor brands will perform better in the second half of the year, driven by increased sales in outdoor activities [4].

Investment Rating - The report suggests a focus on companies involved in nuclear power, energy infrastructure, and industrial robotics, indicating a positive investment outlook for these sectors. Core Insights - AI is increasingly recognized as a strategic asset in global political and technological competition, highlighting its importance in data centers and energy construction [16][18]. - The U.S. energy market is experiencing a shift, with significant demand for flexible resources due to extreme weather conditions, and the need for infrastructure investment remains strong [18][19]. - The European energy market is adapting to new regulations aimed at improving the integration of renewable energy sources [20]. Summary by Sections Global Infrastructure and Construction Equipment - AI's strategic position is emphasized, particularly in data centers, with significant investments planned in the U.S. [16]. - The PJM load reached 161 GW, exceeding expectations by nearly 5%, indicating strong energy demand [18]. - Texas has granted grid operators the authority to disconnect non-critical large loads during crises, reflecting the need for grid reliability [18]. Global Electrical and Intelligent Equipment - The gas turbine price index increased by 5.3% year-on-year, indicating a tightening supply-demand relationship [22]. - The U.S. transformer export value reached 46.82 billion yuan, growing by 29% year-on-year, showcasing strong demand in Asia and Europe [45][49]. Global Energy Industry - The average retail price of electricity in the U.S. was $0.13/kWh, a decrease of 1.1% month-on-month, reflecting market adjustments [3]. - The WTI crude oil futures price was $66.30 per barrel, up 1.3% from the previous week, indicating fluctuating energy prices [3]. Global New Materials - The global uranium market price was $52.17 per pound, showing a slight increase of 0.7% month-on-month, while rare earth prices experienced minor adjustments [3]. Global Defense and Aerospace - The price index for aircraft engine manufacturing remained stable, with a year-on-year increase of 1.7%, reflecting steady demand in the defense sector [4]. Investment Recommendations - The report recommends focusing on companies like Entergy, Talen Energy, and Constellation Energy in the nuclear power sector, as well as GE Vernova and Siemens Energy in energy infrastructure [5][6]. - The industrial robotics sector is expected to see increased demand due to U.S. industrial resurgence, with ABB highlighted as a key player [5].

Market Overview - The gold stablecoin market is currently dominated by two major players: Tether's XAUT and Paxos' PAXG, each holding nearly half of the market share[8][9]. - As of June 2025, the market capitalization of gold stablecoins is projected to reach $1.6 billion, accounting for approximately 0.67% of the total stablecoin market[8][9]. Advantages of Gold Stablecoins - Gold stablecoins enhance the convenience of gold trading by operating on blockchain technology, allowing for global transactions at any time[11]. - They lower investment barriers by enabling fractional ownership of gold, with the ability to split ownership down to six decimal places (approximately $0.02)[11]. - Transaction costs are significantly reduced, with PAXG charging only 0.02% in fees compared to higher fees associated with gold ETFs and futures[11]. Challenges Facing Gold Stablecoins - There is a fundamental conflict between the monetary functions of gold and stablecoins, as stablecoins focus on payment and settlement while gold serves primarily as a store of value[17]. - Gold stablecoins have not fully realized their value stability, with a low number of holders (less than 50,000 wallets) leading to low trading turnover and shallow market depth[17][19]. - Regulatory uncertainty remains a significant issue, as existing frameworks primarily cover fiat-backed stablecoins, leaving gold stablecoins in a precarious position regarding compliance[17]. Risk Considerations - There is a risk of significant deviation from the current gold price, which poses legal and compliance risks for both investors and issuers[28].

Investment Rating - The report assigns a rating of "Outperform" for Bosideng International Holdings, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [20]. Core Insights - Bosideng Group reported FY25 results with revenue reaching RMB 25.90 billion, an increase of 11.6% year-on-year, and a net profit attributable to the parent company of RMB 3.51 billion, up 14.3% year-on-year, with a net profit margin of 13.6%, reflecting a 0.3 percentage point increase [1][11]. - The company experienced steady growth in its non-women's wear categories, with revenue changes of +11.0% for down jackets and +26.4% for ODM, while women's wear saw a decline of -20.6% [2][12]. - The overall gross profit margin decreased by 2.3 percentage points to 57.3%, primarily due to structural adjustments and increased competition in the women's wear segment [2][12]. - The brand's down jacket business saw a revenue growth of approximately 10%, but the gross profit margins for its brands, including Bosideng and Xuezhongfei, declined [3]. - The company improved its operational efficiency, with a stable inventory turnover period of 118 days, and a reduction in expense ratios leading to an increase in operating profit margin to 19.2% [5]. Summary by Sections Financial Performance - FY25 revenue was RMB 25.90 billion, with a net profit of RMB 3.51 billion, marking increases of 11.6% and 14.3% respectively [1][11]. - FY25H2 revenue reached RMB 17.10 billion, up 8.6%, and net profit was RMB 2.38 billion, up 10.6% [1]. Business Segments - Revenue changes for FY25 included +11.0% for down jackets, +26.4% for ODM, -20.6% for women's wear, and +2.8% for diversified apparel [2][12]. - The gross profit margins for these segments were 63.4% for down jackets, 19.1% for ODM, 63.2% for women's wear, and 21.7% for diversified apparel [2][12]. Operational Efficiency - The company added 253 retail outlets, bringing the total to 3,470, with a focus on enhancing the quality of its retail network [4]. - Online revenue reached RMB 7.58 billion, reflecting a 9.3% year-on-year increase [4]. Strategic Initiatives - The strategic investment in Moose Knuckles, acquiring a 31.6% stake, aims to diversify the brand matrix and expand into international markets [7]. - Future plans include enhancing the brand's presence in both online and offline channels, with a focus on quality and operational efficiency [8].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies involved. Core Insights - OpenAI has signed a significant compute infrastructure agreement with Oracle, leasing up to 4.5 GW of data center capacity, with an annual contract value potentially exceeding $30 billion, effective from FY2028. This partnership is crucial for OpenAI's model training and inference needs and indicates Oracle's growing share in the AI infrastructure market [1][7]. - OpenAI is transitioning towards a multi-cloud strategy, reducing its dependency on Azure and partnering with Oracle, Google, and others. This shift reflects OpenAI's increasing need for diversified compute supply due to the exponential growth in training cycles and parameter scales since the GPT-4 architecture [2][8]. - The agreement marks a pivotal moment for Oracle, enhancing its position in the AI infrastructure sector. Historically a leader in databases, Oracle has lagged in public cloud IaaS competition but is now poised to achieve scale advantages similar to AWS, Azure, and Google Cloud through this partnership [3][9]. Summary by Sections OpenAI's Strategy - OpenAI is no longer reliant solely on Azure for its infrastructure needs, adopting a multi-cloud approach and forming partnerships with Oracle, Google, and CoreWeave [5][11]. - The collaboration with Oracle allows for large-scale deployment capabilities that support OpenAI's commercial-scale inference workloads [5][11]. - OpenAI is expected to take a more active role in infrastructure-level strategic planning, evolving into a dual-role entity that combines model development with platform operations [5][11]. Oracle's Positioning - The deal with OpenAI is a critical turning point in Oracle's decade-long cloud transformation strategy, enabling it to catch up in the IaaS market [3][9]. - The agreement is projected to significantly enhance Oracle's IaaS revenue structure and profitability profile, with an estimated annual revenue of up to $30 billion starting in FY2028 [5][11]. - Oracle is accelerating capital expenditures for hyperscale data center projects, with a projected compound annual growth rate (CAGR) of over 30% from 2H24 to 2027E [5][11]. - As a key customer of NVIDIA, Oracle is well-positioned to secure GPU resources, which will be monetized through high-margin infrastructure leasing [5][11]. - Oracle's focus on AI-first infrastructure and dedicated tenancy aligns well with OpenAI's heterogeneous deployment needs, marking a strategic win against competitors like AWS and Azure [5][11].