证券研究报告|行业点评报告 [Table_Date] 2025 年 06 月 22 日 [Table_Title] Marvell 上调预期，拉动海外算力链持续上涨 [Table_Title2] 通信行业 [Table_Summary] 1、Marvell 上调数据中心 Capex 与 ASIC 预期指引，引发海外算 力链持续上涨 美东时间 6 月 18 日，Marvell 举办 AI 投资者日，预计 2028 年 数据中心资本开支将超过一万亿美元。同时进一步上调数据中 心市场规模 2028 年预期至 940 亿美元，较 2024 年 4 月的预期 750 亿美元上调 26%，其中上调定制计算芯片（XPU 和 XPU 配套 芯片）市场规模指引 37%。 2、投资建议 算力需求在过去两年受益于算力芯片催生一波跳跃式需求增 长，受数据源限制、密度功耗、Scaling Law 效率递减等多重 因素影响下开源与闭源模型效用逐渐达到同一等级，在 DeepSeek 影响下训练算力成本大幅下降，对于主权算力以及算 力资本开支下滑的担忧不止。 尽管如此，OpenAI 其营收规模与商用付费客户也持续呈现快速 增长，包括 Ora ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 06 月 22 日 [Table_Title] 周专题：5 月家电社零同比加速，第三、四批国补资金分别 7、10 月发放 [Table_Title2] 家电行业周报 [Table_Summary] ► 周专题： 5 月限额以上家电零售额同比高增，增速领先。根据 wind， 2025 年 1-5 月限额以上单位的家用电器和音像器材类累计商 品零售额同比+30.2%，累计零售额为 4641 亿元，其中单 5月 实现同比+53%（4 月为+39%），单 5 月零售额为 1166 亿元。 根据国家统计局，5 月家电和音响器材类零售额同比增速大 幅领先文化办公用品类（+31%）、家居类（+25.6%）、通讯 器材类（+33%）。 关税政策波动、下游需求不及预期、行业竞争加剧、上游原材 料成本波动等风险等。 评级及分析师信息 [Table_IndustryRank] 行业评级：推荐 [Table_Pic] 行业走势图 -11% -5% 2% 8% 15% 21% 2024/06 2024/09 2024/12 2025/03 2025/06 家用电器 沪 ...

Investment Rating - Industry rating: Recommended [5] Core Insights - The beauty sector experienced a stable conclusion during the 618 shopping festival, with significant changes in platform and brand dynamics driven by reduced commission policies and interest-based content ecosystems [1][2] - The total GMV for beauty products across four major e-commerce platforms (Taobao, JD, Douyin, Kuaishou) during the 618 period was between 600-700 billion yuan, reflecting a year-on-year growth of over 10% [1] - Taobao maintained the largest market share at 41.3%, followed by Douyin at 35.7%, JD at 14.8%, and Kuaishou at 8.2% [1][13] Summary by Sections E-commerce Platform Dynamics - Douyin's beauty segment is rapidly growing, supported by merchant subsidies and interest-driven consumer engagement, achieving double-digit growth [2] - Douyin's promotional strategies included a 1.4 billion yuan subsidy for merchants in May, with individual merchant reductions reaching up to 2.99 million yuan [2] Skincare and Makeup Categories - In the skincare category, domestic brands like Proya and Han Shu led the market, maintaining their top positions on Taobao and Douyin [3] - The top five brands in the skincare category on Taobao remained stable, with Proya and Han Shu continuing to dominate [3] - In the makeup and fragrance category, new domestic brands are emerging, with Ti Luo Wei achieving rapid growth by focusing on base makeup products [4] International and Domestic Brand Strategies - International brands are performing well due to localized marketing strategies and a willingness to engage with local consumers [8] - Domestic brands are expected to break out of the competitive cycle focused on ingredients and efficacy, emphasizing brand influence and comprehensive user experience [8] Investment Recommendations - Focus on domestic companies with strong brand equity and comprehensive channel strategies, particularly Proya and Han Shu [9] - Highlight technology-driven skincare brands like Betaini and Juzi Biology that target specific consumer needs [9] - Consider daily chemical brands with strong cost-performance ratios and excellent management of emerging channels, such as Runben and Dengkang [9]

证券研究报告|宏观研究报告 [Table_Date] 2025 年 06 月 22 日 [Table_Title] 满弓，待旦 [Table_Summary] ►资金面舒适的背景下，债市已然"卷到极致" 6 月中旬，资金面跨过税期考验。过去一周，仅 19日出现了借贷成本 波动，原因或与临近跨季相关，20 日隔夜与 7 天资金利率重新由高转低， 进一步传递了积极信号。在此背景下，债市已然"卷到极致"。 首先在策略层面，交易盘久期与杠杆均走向较大幅度拉升，策略进入 "满弓"状态。据模型测算结果，截至 6 月 20 日，利率型债基久期中位 数已攀升至 5.25 年，为历史新高；中长信用债基久期中位数为 2.43 年， 同样处于历史最高点附近。杠杆情形与之类似，非银杠杆率约 113.9%， 虽不及历史高点的 118.5%，但较 2 月中旬 113.5%低点已有抬升。 其次在券种层面，新老利差被充分挖掘。以长久期利率债为参考，6 月以来投资活跃券的体验不太好。背后原因可能也与过去一段时间，新老 券利差过大，市场更偏好老券的性价比。此外，不同券种间的品种利差同 样被压缩。"卷利差"的叙事由信用板块进一步拓展至利率板块，且 ...

► 美团订单增长与格局稳固，行业迈向服务竞争时代 事件：据雷峰网 6月 17日独家报道，自 6 月中旬开始，美 团外卖日均支付订单始终维持在9000 万量级以上。从单日 GMV 和餐食外卖市场单量等角度看，美团外卖市占率稳居 70%左右，尽管京东外卖与饿了么（淘宝）通过激进补贴 策略推动订单增长，但美团领先地位依然稳固，市场格局 保持"7:2:1"的稳定态势。 竞争格局：美团壁垒深厚。剔除茶饮订单后，美团在餐食 外卖的订单量与 GMV 市占率均超 70%。核心壁垒体现在， 一方面，美团具有履约服务优势，据高见观潮，其履约准 时率达 99.5%。另一方面，美团商家生态深度高，2024 年 美团活跃商户数 1450 万家，远超饿了么 400 万家与京东 45 万家，正餐品类 SKU 丰富度形成碾压优势。此外，京 分析师 证券研究报告|投资策略周报 [Table_Date] 2025 年 06 月 22 日 [Table_Title] 拼多多试水即时零售，行业竞争格局再添变量 [Table_Title2] 海外周报 [Table_Summary] 核心结论: ► 拼多多试水即时零售，行业竞争格局再添变量 事件：据晚 ...

Group 1 - The report highlights the "1+6" policy system focusing on hard technology, aiming to enhance the inclusiveness and adaptability of the capital market, particularly for high-quality core technology enterprises [2][3] - The introduction of the Sci-Tech Growth Layer and the restart of the fifth listing standard on the Sci-Tech Innovation Board are significant breakthroughs in the capital market's inclusiveness and adaptability [3][4] - The fifth listing standard does not impose revenue or net profit requirements, facilitating the entry of non-profitable but competitive enterprises into the capital market [3][4] Group 2 - The report indicates that all non-profitable technology enterprises will be included in the Sci-Tech Growth Layer, with a unified special identifier "U" for their stock names, enhancing risk disclosure [4] - A new pre-review mechanism for IPOs targeting quality technology enterprises is introduced, which aims to improve IPO efficiency while protecting corporate information and technological security [4]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The launch of the "Cross-Border Payment Link" and the rise of stablecoins are reshaping the cross-border payment landscape, enhancing efficiency and supporting the internationalization of the RMB [11][12] - JD Group is actively pursuing stablecoin licenses globally, aiming to reduce cross-border payment costs by 90% and transaction times to under 10 seconds [41][48] - The U.S. Senate has passed the "GENIUS Act," establishing a federal regulatory framework for stablecoins, which mandates full backing by high-quality liquid assets [51][52] Summary by Sections Cross-Border Payment Innovations - The "Cross-Border Payment Link" officially launched on June 22, 2025, connecting payment systems between mainland China and Hong Kong, facilitating efficient cross-border transactions [11][12] - The People's Bank of China and the Hong Kong Monetary Authority are collaborating to enhance cross-border payment services, which will significantly reduce transaction costs and time [22][23] JD Group's Stablecoin Strategy - JD Group plans to issue a stablecoin pegged to the Hong Kong dollar and U.S. dollar, with a focus on cross-border trade settlements [41][49] - The stablecoin project is currently in a regulatory sandbox in Hong Kong, with expectations to launch in the fourth quarter of 2025 [49][50] U.S. Regulatory Developments - The "GENIUS Act" passed by the U.S. Senate requires stablecoins to be fully backed by liquid assets, with strict auditing and compliance measures for issuers [51][52] - This legislation aims to provide a clear regulatory framework, enhancing the legitimacy of stablecoins and potentially increasing their adoption in everyday transactions [56][57]

证券研究报告|行业研究周报 [Table_Date] 2025 年 06 月 22 日 [Table_Title] 科创板重启未盈利企业第五套上市标准；监 管发文规范分红险 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周（2025. 6.15-2025. 6.21）A 股日均交易额 12,1 50 亿元，环比减少 11.4%，同比增加 60.1%。2025 年二季度至今 日均成交额 12,3 70 亿元,较 2024 年二季度日均交易额增加 49.4%。202 5 年至今日均成交额 13,91 7 亿元,较 2024 年日均 交易额增加 59.9 %。投行：本周发行新股 2 家，募集资金 8 .7 亿元；本周上市新股 2 家，募集资金 12.6 亿元。2025 年至 今，A 股 IPO 上市 50 家，募集金额 371.3 亿元。2024 年，A 股 IPO 上市 100 家，募集金额 6 73.5 亿元。两融：截至 2 025 年 6 月 1 9 日，两市两融余额 18,20 8.61 亿元，环比减少 0.03%，较 20 24 年日均水平增加 16 .19%。 ...

证券研究报告|行业研究周报 刚果金政府宣布延长 3 个月钴的临时禁令，全 球钴供应预期有所收紧或对钴价有所支撑 [Table_Title2] 有色-能源金属行业周报 [Table_Summary] 报告摘要: ►本周沪镍价格环比下跌，青山停产或进一步冲击印尼 本土镍矿开采 截止到 6 月 20 日，LME 镍现货结算价报收 14,770.00 美 元/吨，较 6 月 13 日下跌 1.34%，LME 镍总库存为 205,140.00 吨，较 6 月 13 日增加 3.85%；沪镍报收 11.87 万元/吨， 较 6 月 13 日下跌 1.16%，沪镍库存为 25,304.00 吨，较 6 月 13 日减少 1.51%；截止到 6 月 20 日，硫酸镍报收 28,500.00 元/ 吨，较 6 月 13 日价格持平。根据 SMM，从供给端来看，国内 和国际市场都显现出各自的复杂变化。国内方面，菲律宾镍矿 价格由于印尼需求增长，持续保持强劲运行态势。与此同时， 国内冶炼厂面临成本上升的压力，在成本倒挂的背景下，华东 地区的冶炼厂计划进入检修期，这将导致国内产量可能有所减 少。而在印尼方面，火法矿升水依然坚挺，冶炼 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - From June 16 - 20, 2025, the China Securities REITs Total Return Index closed at 1124.63 points, up 0.88% week - on - week, with the market rising for seven consecutive weeks since April 30, 2025. The China Securities REITs (Closing) Index closed at 893.99 points, up 0.87% week - on - week. The total market value of China's REITs market reached 206.6 billion yuan, up 1.21% month - on - month after exceeding 200 billion yuan in early June, mainly driven by the rental housing and warehousing logistics sectors [1][8]. - In terms of major asset classes, the transportation infrastructure sector of REITs declined this week, while other assets rose, outperforming stocks, bonds, and futures [1][8]. 3. Summary by Related Catalogs 3.1 Secondary Market 3.1.1 Price - Among the seven REITs sectors this week, the highway sector fell 1.10%, while other asset types had positive growth. The rental housing sector led with a 4.41% increase, and REITs with expansion plans continued to be favored. The municipal environmental protection sector rose 3.27%, ranking second, mainly driven by the 8.10% increase of the Guotai Junan Jinan Energy Heating REIT [13]. 3.1.2 Liquidity - The overall market trading remained highly active this week, with an average daily trading volume of 569 million yuan, an average daily trading volume of 118 million shares, and an average daily turnover rate of 0.60%, up 3.80%, - 0.79%, and 0 pct respectively week - on - week [21]. - The sectors with the highest average daily turnover rates this week were rental housing (0.85%), municipal environmental protection (0.83%), and energy facilities (0.78%). The high trading activity in the consumer facilities sector this week was mainly driven by the Huaan Bailian Consumer REIT [24]. 3.1.3 Valuation - The rental housing sector's valuation yield is currently at a historical low, with a relatively consistent valuation among projects, averaging 2.67%. The consumer sector REITs are still in a high - valuation state, with the ChinaBond valuation yield of the Jiashi Wumei project turning negative. The valuations of the industrial park infrastructure, municipal environmental protection, transportation infrastructure, and warehousing logistics sectors are more differentiated [29]. 3.2 Primary Market 3.2.1 Initial Offerings - Since 2025, 8 projects have been listed, raising 13.4 billion yuan. As of June 20, 2025, there are about 12 - 15 potential issuance projects this year, with an expected total issuance scale of over 20 billion yuan, and the market total scale is expected to exceed 220 billion yuan [3][37]. - Four REITs were approved this week. On June 18, the 2025 Lujiazui Forum announced that the CSRC would approve the registration of the first two data center REITs in the country. On June 19, the Huaxia Huadian Clean Energy REIT and the Chuangjin Hexin Shounong Industrial Park REIT were also officially approved [3][39]. 3.2.2 Other News This Week - Multiple cultural and tourism public REITs projects were launched. On June 12, a tender was issued for the Qingcheng Mountain - Dujiangyan Scenic Area Infrastructure REITs project. The Lijiang Tourism Development Investment Group Co., Ltd. announced a tender to issue cultural and tourism infrastructure public REITs based on the Yulong Snow Mountain, with an intended issuance scale of no less than 2.5 billion yuan [50].