1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Amidst minor fluctuations in the domestic macro - economy and uncertainties in external trade, local governments are actively constructing a full - scale industrial chain system. Based on the construction progress of this system, different investment strategies for local government urban investment platforms and industrial investment platform bonds are proposed [1][2]. - For industrial bonds, attention can be paid to 2 - 3 - year industrial bonds with good liquidity and 1 - year - or - less industrial bonds in specific industries. For long - term bonds, appropriate duration extension can be considered for certain industries. The issuance of inter - bank science and technology innovation bonds by private enterprises has a significant demonstration effect [3][66]. - In the financial bond market, most financial product yields declined this week, and credit spreads mostly widened. For Tier 2 and perpetual bonds, different investment suggestions are given according to different maturities and credit ratings [4][71]. 3. Summary by Relevant Catalogs 3.1 From Another Perspective on Local Economy 3.1.1 Local Governments Actively Build a Full - Scale Industrial Chain System to Stimulate Innovation and Long - Term Development - Local governments are constructing a full - scale industrial chain system including national key laboratories, R & D incubators, etc., aiming to promote local economic development and move local industrial chains towards the high - end of the global value chain [10]. - In May 2025, China's economic indicators showed positive trends. The manufacturing PMI improved, and the decline in manufacturing exports slowed down. The service industry PMI also increased, but the comprehensive PMI output index was affected by the manufacturing industry [11][12]. - China's foreign trade negotiations with the US, Europe, and South Asian countries have made new progress, which is conducive to stabilizing the external trade environment and ensuring the stability of the import and export industrial chain [16][17]. 3.1.2 Investment Suggestions - **First Type**: Regions that have basically completed the full - scale industrial chain system construction. Their local governments have strong economic strength and anti - risk ability. Long - duration bonds issued by local urban investment platforms, industrial investment platforms, and state - owned enterprises can be mainly considered, such as Shanghai, Suzhou, Guangzhou, and Shenzhen [2][39]. - **Second Type**: Regions with "national/ provincial advanced manufacturing industrial clusters" and "international logistics hub centers/ commodity resource allocation hubs", which are currently building other chain links. Medium - to - long - term bonds can be appropriately considered, such as Foshan, Guangdong [2][39]. - **Third Type**: Regions that have completed the layout of one or two chain links due to special resource endowments. Their economic strength needs further observation, and short - duration bonds can be appropriately considered, such as Huaihua High - tech Zone [2][43]. 3.2 Weekly Views on Industrial and Financial Bonds 3.2.1 Industrial Bonds - Pay attention to 2 - 3 - year industrial bonds with good liquidity in industries such as industrial investment, public utilities, transportation, state - owned real estate, and cultural tourism. For 1 - year - or - less industrial bonds, focus on industries like local refineries and steel [66]. - For long - term bonds, appropriate duration extension can be considered for coal, transportation, public utilities, and industrial investment bonds. Private enterprises such as Luxshare Precision, Muyuan Foods, Geely Holding, and Shandong Hongqiao have announced the issuance of inter - bank science and technology innovation bonds, with a significant demonstration effect [3][67]. - In the steel industry, pay attention to bonds of Shandong Iron and Steel and HBIS Group within two years. Steel enterprises need to control production rhythm and implement production - limiting policies [67]. 3.2.2 Financial Bonds - This week, most financial product yields declined, and credit spreads mostly widened. The credit spreads of Tier 2 and perpetual bonds and securities firms' short - term financing narrowed, while the credit spread of non - perpetual sub - bonds of insurance companies widened the most [4][71]. - For Tier 2 and perpetual bonds, currently, the valuation of 2 - 3Y AAA - and AA+ Tier 2 and perpetual bonds is at a historical percentile of 12% - 16% in the past year, with reduced cost - effectiveness. Different investment suggestions are given according to different maturities and credit ratings [71]. 3.3 Primary Market Tracking The report provides charts on the issuance, net financing, subscription, and registration of credit bonds, financial bonds, urban investment bonds, and industrial bonds this week, but specific numerical analyses are not elaborated in the text [78][80][82]. 3.4 Secondary Market Observation 3.4.1 Volume of Secondary Transactions The report presents charts on the trading volume and number of credit bonds, urban investment bonds, and industrial bonds in the secondary market, but specific numerical analyses are not elaborated in the text [92][95]. 3.4.2 Price of Secondary Transactions No relevant content provided.

Investment Rating - The industry rating is "Outperform the Market" [6][67] Core Views - The report highlights that the downward trend in cement and glass prices continues, while urban renewal initiatives are actively promoted. The Ministry of Housing and Urban-Rural Development reported that 5,679 old urban residential areas were newly started for renovation from January to April, with over 50% opening rates in six regions [2][11] - Central government financial support for urban renewal is expected to exceed 20 billion yuan, with various local governments implementing measures to stimulate real estate market demand [2][11] - Short-term factors include the emphasis on stabilizing the real estate market amid growth pressures and the gradual alleviation of risks associated with major real estate companies, which is beneficial for the building materials sector [2][11] - Long-term factors suggest that the opening of the interest rate reduction channel in Europe and the US may provide more room for monetary and fiscal policies in China, with expectations for policies to stabilize real estate transactions and prices [2][11] Summary by Sections Recent High-Frequency Data - As of June 6, 2025, the average price of bulk P.O 42.5 cement in China is 372.6 yuan/ton, down 0.6% week-on-week and down 4.6% year-on-year [3][12] - The average factory price of glass (5.00mm) is 1,205.7 yuan/ton, down 2.0% week-on-week and down 27.3% year-on-year [3][20] Investment Recommendations - The report suggests focusing on three main lines for investment: 1. High-quality companies benefiting from stock renovation, such as Weixing New Materials, Beixin Building Materials, and Tubao [4] 2. Undervalued stocks with long-term alpha attributes, such as Sankeshu, Dongfang Yuhong, and Jianlang Hardware [4] 3. Leading cyclical building materials companies with bottoming fundamentals, such as Huaxin Cement, Conch Cement, China Jushi, and Qibin Group [4] Market Performance - The Shanghai Composite Index rose by 1.13%, and the Shenzhen Composite Index rose by 1.82%. The building materials index increased by 0.63% [3][55] - Sub-sectors showed varied performance, with fiberglass manufacturing up by 2.08% and cement manufacturing down by 0.97% [3][55]

Investment Rating - The industry rating is "Outperform the Market" [8][16] Core Viewpoints - The automotive sector is focusing on luxury vehicles and unmanned logistics, with a recommendation to pay attention to leading companies such as BYD, Geely, and Xiaomi for overall vehicle production, and to Seres and Li Auto for luxury vehicles [3][4] - The robotaxi segment has experienced significant adjustments, primarily influenced by trading factors rather than fundamental issues, with a focus on the upcoming operational effects of Tesla's robotaxi on June 12 [4][5] - The low-altitude economy is highlighted, particularly the unmanned aerial vehicle (UAV) sector, which is expected to shift from being part of unmanned logistics to an independent market leader if relevant policies are implemented in June [6] Summary by Sections Automotive Sector - The report emphasizes the ongoing pressure in the domestic market and the increasing competition, suggesting a focus on leading automotive companies and luxury vehicle manufacturers [4][3] - Key companies to watch include BYD, Geely, Xiaomi, Seres, and Li Auto [4] Robotaxi and Robotics - The report notes a significant adjustment in the robotaxi market, with a focus on the upcoming Tesla robotaxi operations and the potential for new market trends [4][5] - Recommendations include focusing on large-cap stocks related to Tesla and companies with strong industrial logic and future potential [5] Low-altitude Economy - The report suggests that the UAV sector is poised for growth, particularly if low-altitude policies are enacted, with a focus on companies like Zongheng and Green Energy Hui充 [6]

Group 1 - The S&P 500 index has returned above 6000 points for the first time since February, indicating a significant recovery in market risk appetite [8][9] - The overall performance of major global asset classes was mixed, with NYMEX platinum (+11.64%) showing the largest increase, while the Japanese yen against the RMB saw the largest decline (-1.05%) [30][41] - The U.S. non-farm payrolls for May increased by 139,000, slightly above the expected 130,000, while the unemployment rate remained at 4.2%, aligning with market expectations [8][9] Group 2 - The global equity markets exhibited varied performance, with the Korean Composite Stock Price Index rising by 4.24%, while the Nikkei 225 saw a decline of 0.59% [33][45] - In the U.S. equity market, the communication services sector experienced the highest gain at +2.96%, while the consumer discretionary sector faced the largest drop at -0.85% [40] - The major commodities market showed mixed results, with NYMEX platinum leading the gains, while CBOT corn recorded the largest decline at -0.34% [47][49] Group 3 - The report highlights the importance of upcoming economic data, particularly the June CPI data, which could influence interest rate expectations and further impact technology stocks [8][9] - The Federal Reserve's internal discussions reflect a cautious dovish tone, with officials indicating the possibility of rate cuts later in the year [9][10] - The report tracks significant economic indicators, including the ISM manufacturing PMI for May at 48.5, which is below both the previous value and market expectations [8][9]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [7] Core Insights - The report highlights that the Chinese innovative drug sector is poised to capitalize on the patent cliff faced by multinational corporations (MNCs), with a potential market space exceeding $240 billion due to the expiration of patents on 31 major drugs by 2037 [5][18] - It emphasizes that China has the largest number of innovative drug pipelines globally, particularly in cell therapy, ADCs, and bispecific antibodies, which positions it as a key player in the global market [5][32] - The report suggests that the ongoing trend of licensing out Chinese innovations to MNCs could lead to significant profit opportunities, estimating a net profit of approximately $8.2 billion from authorized projects between 2020 and 2025, translating to a potential market capitalization increase of $81.7 billion [5][46][47] Summary by Sections Market Review - The report notes that the CITIC Pharmaceutical Index rose by 1.2% during the week of June 3-6, 2025, outperforming the CSI 300 Index by 0.3 percentage points [4][48] - The pharmaceutical sector has shown a year-to-date increase of 8.3%, surpassing the CSI 300 Index by 9.9 percentage points [4][48] MNC Patent Cliff - The report identifies that 27 drugs with projected sales exceeding $4 billion in 2024 will face patent expiration by 2037, leading to a potential loss of approximately $244.3 billion for MNCs [18][19] - Specific drugs mentioned include Merck's Keytruda and Pfizer's Eliquis, which are expected to face significant sales declines post-patent expiration [19][20] Supply and Demand Dynamics - China leads globally in the number of innovative drug pipelines, particularly in cell therapy and ADCs, with 58% of these drugs currently in clinical phase I trials [32][33] - The report indicates that Chinese companies are involved in 716 research tracks, ranking first in development progress [32][33] Transaction Trends - The report highlights a significant increase in global pharmaceutical transactions, with the number of deals rising from 358 in 2015 to 743 in 2024, and total transaction value increasing from $56.9 billion to $187.4 billion [36][39] - Chinese companies accounted for 30% of global transaction value in 2024, with a total of $57.1 billion in deals [39][40] Investment Recommendations - The report suggests focusing on companies with strong overseas clinical progress and those with potential for significant licensing deals, including Innovent Biologics, Eddingpharm, and others [5][6] - It also recommends monitoring companies that have received approval for commercialization, such as BeiGene and Kingsoft Biopharma [5][6]

投资要点： 行 华福证券 农林牧渔 2025 年 06 月 08 日 业 研 究 农林牧渔 养殖出栏加速，猪价跌破 14 元 行 业 定 期 报 告 生猪养殖：养殖出栏加速，猪价跌破 14 元。（1）本周猪价下跌。端 午假期后，养殖端出栏加速，叠加气温升高大猪需求下降，二育补栏积极 性下降，猪价宽幅下调，已跌破 14 元/公斤。6 月 8 日猪价 13.91 元/公斤， 周环比-0.51 元/公斤。（2）节后消费回落，屠企宰量下滑。端午节后消费 惯性回落，5 月 31 日-6 月 6 日涌益样本屠企日均宰杀量为 14.58 万头，周 环比-2.21%。（3）本周生猪出栏均重继续下降。随气温升高，大猪需求量 减少，肥标价差缩窄，养殖端压栏增重情绪减弱，6 月 5 日当周生猪出栏 均重 129.17kg，周环比-0.01kg。展望后市，短期来看，涌益/钢联/卓创监测 6 月样本企业日均出栏预计环比+4.39%/+2.84%/+3.88%，供应压力预计增 大。叠加气温升高抑制养殖端压栏增重意愿，行业去库存开启，猪价预计 承压下行，关注行业降重情况。中期来看，全国能繁母猪存栏缓慢回升， 2025 年猪周期下行背景下， ...

行 电力设备 2025 年 06 月 08 日 究 报 告 风险提示：电动车消费复苏不及预期、海外政策风险等；光伏下游需 求不及预期；行业竞争加剧；上游原材料价格大幅波动；风电装机不及预 期；政策落地不及预期；国际政治形势风险，市场规模不及预期；电网投 资进度不及预期；氢能技术路线、成本下降尚存不确定性等。 业 研 究 行 业 电力设备 产业周跟踪：宁德发布锂金属研究进展，能源局 启动七大新型电力系统领域试点 投资要点： 锂电板块核心观点：宁德时代锂金属电池成果登上 Nature，固态电池 设备集中亮相欧洲电池展。1）宁德时代发表锂金属电池研究成果；2）固 态设备亮相 2025 欧洲电池展，上海洗霸发布 eVTOL 固态电池。 定 期 报 告 光伏板块核心观点：6 月组件排产预计继续下降，关注下周 SNEC 展 新品发布。近期终端需求不断下降，6 月国内组件排产预计继续下降至不 足 45GW；受组件排产下降影响，上游硅片、电池片以及胶膜等辅材环节 排产相应下调，我们认为当前产业链排产及价格情况主要为国内短期需求 支撑有限，建议关注下半年国内集中式项目以及海外需求进展。下周第十 八届 SNEC 光伏&储能展预计 ...

策 略 研 究 华福证券 TMT 板块多主题出现优秀形态 团队成员 投资要点： 策 略 定 期 报 告 主题投资数据库旨在筛选优秀量价形态的主题机会，把握热门主题的 见顶节奏、龙头股的调整程度。在 3/9 发布的《主题投资的下半场决胜法 则》中，我们构建了主题投资的数据追踪体系。我们专注于 2 方面：1）4 种形态量化筛选，高赔率的主题机会；2）构建交易热度指标，把握热门主 题的见顶节奏，并最新增加了龙头股的调整程度观察。后续，我们将定期 更新主题投资数据体系。我们希望通过这种偏量化的方式，给予投资者更 客观的参考，把握住主题投资的行情节奏。 TMT 板块多主题出现优秀形态。本期走出见底、突破、主升、加速的 主题指数数量分别有 1、15、20、2 只。其中，1 只见底形态的主题指数属 于电力设备行业，15 只突破形态的主题指数中，行业多为计算机（7 只）。 20 只主升形态的主题指数中包含通信行业（6 只）、电子行业（4 只）和 有色行业（3 只），而 2 只加速形态的主题指数分别属于通信行业、电子 行业。 人形机器人主题交易热度下降，Deepseek 主题交易热度回升；对应龙 头股收盘价仍低于 MA60 的 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [20]. Core Insights - The company has announced a strategic partnership with Tencent Video to launch new products based on popular domestic animation IPs, enhancing product value through a combination of strong IP and functionality [3][4]. - The collaboration aims to tap into the growing demand for domestic cultural products among the youth, with a significant portion of the target demographic expressing interest in purchasing products that incorporate national elements [5]. - The company is expected to see steady growth in net profit, with projections of CNY 1.55 billion, CNY 1.74 billion, and CNY 1.96 billion for the years 2025, 2026, and 2027 respectively, reflecting growth rates of 11.3%, 11.9%, and 12.8% [6]. Company Strategy - The company is focusing on an IP-driven strategy, having previously collaborated with various domestic and international IPs, and aims to leverage this partnership to enhance its product offerings across multiple categories [5]. - The retail segment, particularly through its brand "Jiumu Zawush", is expected to see an increase in the proportion of IP-related products, with membership surpassing 10 million [5]. - The company is actively engaging with new consumer trends, particularly in the context of the back-to-school season, which is anticipated to drive sales of its new IP-based products [5]. Financial Projections - Revenue forecasts for the company are set at CNY 26.69 billion, CNY 29.82 billion, and CNY 33.21 billion for the years 2025, 2026, and 2027, with growth rates of 10%, 12%, and 11% respectively [7]. - The projected earnings per share (EPS) for the same period are CNY 1.69, CNY 1.89, and CNY 2.13, indicating a positive trend in profitability [7].

行 业 华福证券 国防军工 国防军工 2025 年 06 月 08 日 研 究 军工本周观点：继续看多军工 本周核心观点： 行 业 定 期 报 告 6 月 5 日，根据新华社报道，中央军委主席习近平日前签署命令，发布《军 事设施建设条例》，条例深入贯彻习近平强军思想，深入贯彻新时代军事 战略方针，聚焦服务备战打仗，适应新的领导指挥体制和保障模式。 6 月 6 日，根据巴基斯坦政府官方推特宣布，宣布在总理的领导下取得多 项重大外交成就，包括对中国 40 架歼-35 隐形战机、空警﹣500 预警机、 红旗﹣19 防空反导系统的采购。 投资要点： 此外，近期俄乌冲突进一步升级。6 月 1 日，乌克兰安全局内部人士消息 称，乌克兰代号"蛛网"的特别行动历时 18 个月的策划和实施，成功摧毁 41 架俄军战略轰炸机。6 月 6 日，俄罗斯国防部称，俄军对乌克兰目标发 布了大规模袭击，俄方当天共出动逾 400 架无人机，并发射了 40 余枚导弹。 资金层面，本周被动基金规模及杠杆资金均相较上周略有提升，考虑到军 工行业 2025 年的强需求恢复预期及确定性，看好后续资金面进一步优化。 估值层面，截至 6 月 6 日，申万 ...