Investment Rating - The industry rating is "Recommended" indicating a positive outlook for the sector [4]. Core Insights & Investment Recommendations - The report highlights the upcoming deadline for tariff negotiations, which may increase external trade uncertainties. However, there remains a cautious optimism regarding the substantive implementation of existing trade agreements [2][23]. - The film box office for the first half of 2025 reached 29.231 billion yuan, marking a 22.91% year-on-year increase and the best performance in six years. The top five films were all domestic productions, showcasing the resilience of domestic entertainment consumption and the strengthening of the content ecosystem [2][24]. - The report suggests focusing on investment opportunities in the following areas: 1) Hong Kong internet leaders, 2) the gaming industry, and 3) the film and cultural tourism sector, driven by consumption policies that promote recovery [3][24]. Summary by Sections Market Overview - In the week of June 30 to July 4, 2025, the Shanghai Composite Index rose by 1.4%, while the SW Media Index increased by 2.7%, ranking 6th among 31 industries [10][16]. Sub-industry Data Film Industry - The top three films for the week were "Jurassic World: Rebirth" with a box office of 18.175 million yuan, "Detective Conan: The Lone Eye's Residue" with 8.402 million yuan, and "F1: Speeding" with 7.569 million yuan [25][26]. Gaming Industry - The top three iOS games were "Honor of Kings," "Peacekeeper Elite," and "Delta Force," while the top three Android games were "Heartbeat Town," "Honkai: Star Rail," and "Staff Sword Legend" [25][26]. TV Series - The top three TV series based on broadcast index were "In the Name of the Law," "Splendid Blossoms," and "Book Roll Dream" [28][29]. Variety Shows & Animation - The top variety show was "Ha Ha Ha Ha Season 5," followed by "Run, Brother Season 9" and "New Rap 2025" [30]. The leading animation was "Cang Yuan Tu: The Beauty Award" [31].

证券研究报告|行业研究周报 [Table_Date] 2025 年 07 月 06 日 [Table_Title] 周专题：美国与越南达成最新贸易协议，关注家电行业的 越南产能布局 [Table_Title2] 家电行业周报 [Table_Summary] ► 周专题：美国与越南达成最新贸易协议，关注 家电行业的越南产能布局 据美国当地时间 7 月 2 日，美国总统特朗普宣布，美国与越 南达成贸易协议，美国将对进口越南的商品征收 20%关税， 对通过越南转运输美国的其他国家商品征收 40%关税，而越 南将对美国"完全开放市场"。其中，本次贸易协定的 20% 基础关税适用于所有从越南直接出口到美国的商品，高于此 前 10%的临时税率，但低于今年 4 月初特朗普宣布征收的 "对等关税"中针对越南出口美国商品进口关税税率 46%； 而 40%的惩罚性关税适用于"转口贸易"商品，包括仅在越 南进行简单加工或直接进行转运以规避原产国关税的第三国 商品。 我们认为，本次美国与越南达成新的贸易协议，相较于"对 等关税"时的税率有所好转，对有越南本土产能建设的企业 而言，关税成本得到一定程度上的降低，此前对相关企业的 担忧或 ...

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - This week (June 30 - July 4, 2025), the CSI REITs Total Return Index closed at 1116.42 points, rising 0.66% weekly, rebounding after a 1.38% correction last week. The CSI REITs (Closing) Index closed at 886.60 points, rising 0.65% weekly. The total market capitalization of China's listed REITs projects reached 207.9 billion yuan this week, a 0.87% increase from the previous week [1][8]. - In terms of major asset classes, A - shares, convertible bonds, and gold and silver performed well this week. The CSI 300, CSI 500, CSI Convertible Bonds, COMEX Gold, SHFE Gold, and SHFE Silver all outperformed REITs, while the Hang Seng Tech Index performed poorly [1][8]. Group 3: Summary According to the Table of Contents 1. Secondary Market 1.1 Price: Transportation Sector Stopped Falling and Led the Rise - Only the warehousing and logistics sector among the seven REITs sectors declined this week, while other assets rebounded. The transportation facilities sector, which had the largest decline of 2.19% last week, led with a 1.16% increase this week, driven by the strong rebound of road assets in the eastern economically developed regions. The traffic volume and toll revenue of these road assets also increased significantly year - on - year [2][15]. - The decline of the warehousing and logistics sector was mainly due to a 1.45% drop in CICC Puluosi, the largest - market - cap REIT in this sector. Taikang Life Insurance reduced its holdings of CICC Puluosi by a total of 1.38112 million shares, accounting for 0.71% of the total fund shares [18]. - At the individual bond level, CICC China Greentown Commercial Asset and E Fund Huayi Market, two consumer facilities REITs, led the gainers, with increases of 6.50% and 5.25% respectively. China Southern Beijing Affordable Housing and Guotai Junan Lingang Innovation Industrial Park led the decliners, mainly due to the correction after the recent rise of the expansion concept [19]. 1.2 Liquidity: Municipal and Environmental Protection Turnover Still Led - The overall trading activity in the market increased compared with last week. The average daily trading volume was 666 million yuan, the average daily trading volume was 148 million shares, and the average daily turnover rate was 0.74%, with a month - on - month increase of 14.96%, 23.47%, and 0.13 percentage points respectively [2][23]. - By sector, the sectors with the highest average daily turnover rates this week were municipal and environmental protection (1.70%), consumer facilities (1.18%), and industrial parks (0.82%). The municipal and environmental protection sector has been highly active for three consecutive weeks [26]. - At the individual bond level, the top three in terms of trading activity this week were CICC China Greentown Commercial Asset REIT, CICC Yizhuang Industrial Park REIT, and China Southern Jinmao Commercial REIT, with average daily turnover rates of 8.7%, 8.3%, and 2.5% respectively [28]. 1.3 Valuation: Transportation, Warehousing, and Industrial Park Valuations Led - The valuation of REITs projects remained differentiated. From the perspective of ChinaBond valuation yields, the transportation (5.17%), warehousing and logistics (4.93%), and industrial park (4.60%) sectors were at the forefront, with significant differences in project valuations, indicating potential for individual bond exploration [2][35]. 2. Primary Market 2.1 Jiashi JD Warehouse REIT Plans to Expand Two Logistics Projects in Xi'an and Hefei - On July 5, Jiashi JD Warehouse Infrastructure REIT announced plans to expand two projects in Xi'an and Hefei, becoming the third warehousing and logistics REIT project to initiate expansion after Hongtu Innovation Yantian Port and CICC Puluosi. The Xi'an project has a construction area of 107,200 square meters, and the Hefei project has a construction area of 145,600 square meters [3][43][44]. 2.2 Other Important News This Week - [Cinda Shougang Green Energy REIT] Temporarily used 40 million yuan of the reserved capital expenditure historically accumulated during the infrastructure project's life cycle to pay the relevant service fees of the operation management agency and will replenish it after receiving the domestic waste disposal fee from the Municipal Urban Management Commission in July 2025 [51]. - [CITIC Construction Investment State Power Investment New Energy REIT] Released its second - quarter operating data. The power generation, on - grid power, and settlement power of the infrastructure project increased by 34.06%, 33.53%, and 36.43% year - on - year respectively. The tax - free income and gross profit margin of the project company were approximately 243 million yuan and 54.35%, increasing by 40.03% and 20.16% year - on - year respectively [51]. - [AVIC Yishang Warehouse Logistics REIT] The original equity holder, Yishang Group, was privatized in the Hong Kong stock market [51]. - [Hua'an Waigaoqiao REIT] A tenant in Block W4 - 3, Warehouse 14, terminated the lease early, and the project company signed contracts with two new tenants. The new contract rent was basically the same as the expected income of the original tenant in the same period [53]. - [Jiashi JD Warehouse Infrastructure REIT] Plans to hold an investor relations event on July 11, 2025, from 14:30 to 16:30 [53].

Group 1: Liquidity Overview - As of early July, the liquidity in the market has turned loose as expected, with a significant net withdrawal by the central bank exceeding 2500 billion CNY daily since July 1, reaching over 4500 billion CNY on some days[1][11] - The overnight funding rate has dropped below the OMO rate, with R001 decreasing from 2.30% on June 30 to 1.37% by July 4, while DR001 fell from 1.51% to 1.31%[1][11] - The issuance rate for one-year time deposits from state-owned banks has declined to below 1.60%, marking the lowest point since the Spring Festival this year[2][15] Group 2: Market Outlook - The liquidity is expected to stabilize in the upcoming week (July 7-11), with funding prices likely to remain low, and overnight rates fluctuating around OMO ±5bp[3][17] - A significant amount of 1.2 trillion CNY in reverse repos is set to mature in July, with 300 billion CNY in MLF also maturing, creating a potential liquidity gap of 1.3 trillion CNY until the MLF rollover[3][20] Group 3: Government Bonds and Bills - Government bond net payments increased to 2511 billion CNY from 341 billion CNY the previous week, with both national and local bonds seeing a rise in net payments[6][32] - The bill rates have generally increased, with the 1M bill rate rising by 32bp to 1.22% and the 3M rate up by 10bp to 1.20%[5][28] Group 4: Interbank Certificates of Deposit - The weighted issuance rate for interbank certificates of deposit fell to 1.62%, down 2bp from the previous week, while the total maturity pressure increased to 5213 billion CNY for the week of July 7-11[7][40] - The total maturity scale for July is projected to be 2.8 trillion CNY, significantly lower than June's 4.2 trillion CNY[7][40]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights that the import volume of tin from Myanmar has remained below the warning line of 10,000 tons for several months, leading to expectations of tight supply which may support tin prices [10][21] - Nickel prices have increased week-on-week, driven by traders' replenishment needs, with LME nickel spot settlement price reported at $15,120 per ton, up 0.6% from June 27 [21] - Cobalt prices have also risen, with electrolytic cobalt priced at 251,800 yuan per ton, up 0.6% from June 27, although downstream demand has not shown significant improvement [25][32] - The report notes a decrease in antimony ingot prices and production, with domestic antimony ingot average price at 192,500 yuan per ton, down 2.53% from June 26 [33][36] - Lithium carbonate prices have increased slightly, with the average market price at 62,300 yuan per ton, up 1.81% from June 27, but the market is expected to maintain a low-level fluctuation pattern [41][46] Summary by Sections Nickel Industry - Nickel prices have risen due to replenishment demand from traders, with LME nickel total inventory decreasing by 0.89% [21] - Domestic production costs for nickel smelters have increased significantly due to high CIF prices of Philippine nickel ore [21] - The report indicates that the suspension of production lines by Qingshan Holding Group may further impact local nickel mining in Indonesia [13][24] Cobalt Industry - Cobalt prices have increased, supported by the extension of a temporary export ban by the Democratic Republic of Congo, which accounts for about 75% of global electric vehicle battery supply [25][32] - Despite the price increase, downstream demand remains weak, with most manufacturers maintaining a just-in-time purchasing strategy [25][32] Antimony Industry - Antimony ingot prices have decreased, with a significant drop in production expected in July due to ongoing supply tightness [33][36] - The report suggests that domestic raw material supply remains tight, which may support future antimony prices [36] Lithium Industry - Lithium carbonate prices have seen a slight increase, but the market is still characterized by oversupply, with inventory pressures not effectively alleviated [41][46] - The report anticipates that lithium prices will continue to fluctuate at low levels due to ongoing supply-demand imbalances [41][46] Tin Industry - The report indicates that the import volume of tin from Myanmar is below the warning line, leading to expectations of tight supply which may support tin prices [10][21] - The overall supply situation is expected to remain tight due to slow recovery in Myanmar's tin mining operations [10][16] Rare Earth Industry - Following the recent US-China trade negotiations, China has partially relaxed its export controls on rare earths, which may alleviate some supply pressures for Western companies [15][19] - The report notes that the rare earth market is experiencing price increases driven by demand from major manufacturers, although actual transaction volumes remain low [9][15]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core View of the Report The real - estate market shows a mixed performance. Second - hand housing transactions have weakened, with the year - on - year decline of 15 - city second - hand housing transactions continuing for four weeks and the decline rate expanding this week. New housing transactions are still affected by the end - of - quarter push, with the month - on - month increase for three consecutive weeks but the year - on - year still negative. Different cities at various levels also show different trends in second - hand and new housing transactions [1][3]. 3. Summary According to Related Catalogs 3.1 Second - hand Housing Transaction Situation - **Overall 15 - city situation**: From June 27th to July 3rd, the transaction area of 15 - city second - hand housing was 2.18 million square meters, a month - on - month decline of 9% and a year - on - year decline of 12%, with the decline rate expanding by 8 percentage points [1]. - **By city level**: - **First - tier cities**: The weekly transaction area of second - hand housing in first - tier cities increased slightly after six consecutive weeks of decline, with a month - on - month increase of 6% this week. However, it has declined year - on - year for four consecutive weeks, with a 13% decline this week. Among them, Beijing and Shanghai decreased by 13% and 18% respectively year - on - year, while Shenzhen increased by 5% [1]. - **Second - tier and third - tier cities**: The month - on - month of second - hand housing in second - tier and third - tier cities both changed from increase to decrease, with a decline of 18% and 21% respectively this week. Year - on - year, second - tier and third - tier cities' second - hand housing transactions decreased by 12% and 9% respectively [2]. 3.2 New Housing Transaction Situation - **Overall 38 - city situation**: This week, the transaction area of 38 - city new housing was 4.56 million square meters, a month - on - month increase of 20% and a year - on - year decline of 17% [3]. - **By city level**: - **First - tier cities**: The month - on - month of new housing in first - tier cities increased for three consecutive weeks, with an increase of 34% this week. However, it has declined year - on - year for four consecutive weeks, with a 10% decline this week. Among them, Guangzhou increased by 24% year - on - year, while Shanghai, Beijing, and Shenzhen decreased by 14%, 17%, and 47% respectively [3][4]. - **Second - tier and third - tier cities**: The month - on - month of new housing in second - tier cities increased for two consecutive weeks, and in third - tier cities for four consecutive weeks, with growth rates of 13% and 18% respectively this week. Year - on - year, second - tier and third - tier cities' new housing transactions decreased by 19% and 22% respectively [4]. 3.3 Key City Observation - **First - tier cities**: For second - hand housing, the weekly transaction area of Beijing, Shanghai, and Shenzhen increased by 4%, 21%, and 5% respectively month - on - month. For new housing, Beijing, Shanghai, and Guangzhou increased by 77%, 10%, and 44% respectively month - on - month, while Shenzhen decreased by 8% [23]. - **Hangzhou and Chengdu**: Hangzhou's second - hand and new housing transaction areas decreased by 5% and increased by 150% respectively compared with the previous week. Chengdu's second - hand and new housing transaction areas decreased by 16% and increased by 1% respectively compared with the previous week [25]. 3.4 Housing Price Observation From June 23rd to 29th, the weekly listing prices of second - hand housing in Shanghai and Shenzhen increased by 0.15% and 0.39% respectively month - on - month, while that in Beijing decreased by 0.06%. Compared with the week before the "924" policy last year, the second - hand housing listing prices in Beijing, Shanghai, and Shenzhen still decreased, with declines of 5.9%, 0.8%, and 4.5% respectively [49].

Investment Rating - The report provides a "Buy" rating for the industry, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the next six months [101]. Core Insights - Real World Assets (RWA) leverage tokenization technology to enhance asset liquidity, lower barriers to entry, and introduce smart contract mechanisms, enabling unprecedented participation in the financial system for both individuals and institutions [3][4]. - The RWA market is on the brink of explosive growth, with high-frequency assets like U.S. Treasuries, real estate, and credit rapidly moving on-chain, although challenges such as cross-border compliance and pricing mechanisms remain critical [5][4]. Summary by Sections 01 RWA: Connecting Tradition and Future - RWA has experienced explosive growth since 2021, with the total value of global on-chain RWA assets surpassing $23.3 billion by June 2025 [14]. - RWA significantly lowers investment barriers, allowing previously illiquid assets like real estate and art to enter the market in a more flexible form, thus promoting inclusive finance [19][20]. 02 China RWA: Vast Blue Ocean Market Potential - The RWA sector in China is poised to become a key component of the "digital-physical integration" national strategy, with significant potential in carbon assets, green energy, and industrial data [4][29]. - The regulatory framework in Hong Kong is evolving to support RWA, with the introduction of a stablecoin regulatory sandbox and a focus on compliance and innovation [30][38]. 03 Global RWA: Merging Old Order with New Paradigms - The global RWA market is witnessing a surge in participation from various countries, with significant initiatives in the U.S., EU, Singapore, and UAE aimed at integrating RWA into financial systems [75][76]. - The market for tokenized real estate is projected to reach $30 trillion by 2030, with a compound annual growth rate exceeding 60% [86]. 04 Investment Recommendations - Beneficial stocks in the RWA sector include companies like Xiexin Energy Technology, Longxin Group, and others, with specific price targets and market capitalizations provided [98].

Investment Rating - The report rates the computer industry as "Recommended" [2] Core Insights - The People's Bank of China is seeking public opinion on the revised rules for the Cross-Border Interbank Payment System (CIPS), aiming to enhance the system's adaptability for participant expansion and functional upgrades, thereby supporting the internationalization of the Renminbi [1] - The dual upgrade of the "system + account" is expected to attract more global banks and payment institutions to join the CIPS network, accelerating the globalization of Renminbi cross-border payment infrastructure [2] - The implementation of the "Stablecoin Regulation" in Hong Kong on August 1, 2025, is anticipated to create a new channel for Renminbi cross-border payments, independent of the SWIFT system, facilitating the internationalization of the Renminbi [2] Summary by Sections Participant Management Mechanism Optimization - The draft rules enhance the participant management mechanism and clarify detailed processes for account management, funding, and settlement, which is expected to attract more global participants to the CIPS network [2] - The modernization of rules is projected to shift CIPS from "scale expansion" to "quality and efficiency collaboration" [2] Settlement Efficiency Improvement - The draft rules specify the settlement mechanism and standardize various business behaviors, which will reduce error rates and manual intervention costs [3] - Streamlined processes and enhanced automation in the settlement phase are expected to significantly shorten the cross-border Renminbi payment cycle and improve capital turnover efficiency [3] - The establishment of a high-efficiency and secure settlement mechanism in Hong Kong aims to address payment efficiency and security issues in high-risk areas [3] Expanded Application Scope - The draft rules support mixed settlement models to meet diverse funding settlement needs, which will broaden financial support for cross-border trade settlements [4] - These measures are designed to consider the specific needs of overseas participants, further promoting the internationalization of the Renminbi [4] Investment Recommendations - Beneficiary companies include Sifang Jingchuang, Jingbeifang, Chutianlong, Xinguodu, Newland, Lakala, Huafeng Superfiber, Yuxin Technology, Xincheng Technology, Hengbao Co., and Changliang Technology [5]

- The report uses Mahalanobis distance to measure industry crowding based on weekly price and transaction volume changes[3][17][18] - The construction process involves identifying industries where price and transaction volume deviate significantly, with industries outside the ellipse in quadrant 1 indicating short-term significant crowding[17] - Last week, the building materials industry showed significant trading crowding[18]

Global Market Overview - European and Asia-Pacific markets experienced significant fluctuations this week, with Hong Kong stocks showing further volatility. The US stock market continued its rebound, while some trading days saw notable volatility in US stock futures. The TAMAMA Technology Index's price-to-earnings (P/E) ratio rose to 34.9, indicating a high valuation, while the Philadelphia Semiconductor Index's P/E surged to 51.1, remaining above 50. The Nasdaq Index's P/E increased to 42.4, also above the 40 threshold, suggesting potential for valuation corrections in US tech stocks due to high valuations and uncertain fundamentals [1][3][10]. US Market Performance - The S&P 500, Nasdaq, and Dow Jones Industrial Average all saw gains this week, with increases of 1.72%, 1.62%, and 2.3% respectively. The S&P 500's Shiller P/E ratio further rose to 38.31, significantly above historical averages. The VIX index is currently around 16, indicating a low volatility environment, but it may face upward pressure, leading to potential market fluctuations [2][10][14]. Hong Kong Market Performance - The Hang Seng Index and the Hang Seng China Enterprises Index both declined, with drops of 1.52% and 1.75% respectively. The Hang Seng Technology Index fell by 2.34%. The market is experiencing reduced trading volume, and high-valued assets are undergoing a rotation decline. The Hang Seng Index's P/E ratio has risen quickly, indicating a need for adjustment. There are expectations for further corrections in high-valued assets, while structurally sound low-valued assets may present buying opportunities amid volatility [1][22][26][34]. Economic Data - In May 2025, the Eurozone's Producer Price Index (PPI) year-on-year growth was 0.3%, down from 0.7%. In June 2025, Germany's Consumer Price Index (CPI) year-on-year growth was 2%, slightly lower than the previous 2.1%. The US ISM Manufacturing PMI for June was 49, up from 48.5, and the unemployment rate decreased to 4.1% from 4.2% [3][36][39][42].