Market Overview - The Wande All A index closed at 5156.21 on June 6, 2025, up 1.61% from May 30, 2025, while the China Convertible Bond index rose by 1.08% during the same period[1] - Since the beginning of 2025, the Wande All A index has increased by 2.68%, and the China Convertible Bond index has risen by 4.67%[1] U.S.-China Relations - The recent U.S.-China summit led to a positive market response, with expectations of easing trade tensions, although the U.S. raised steel and aluminum tariffs to 50%[2][34] - Non-farm payrolls data showed an increase of 139,000 jobs, slightly above expectations, leading to a decrease in interest rate cut expectations for the year[35] Investment Strategy - The report suggests maintaining a rotation strategy, focusing on technology opportunities, as the technology sector shows low crowding and potential for upward movement[3][40] - The TMT sector's crowding index rose from 8.7% at the end of May to 27.5%, indicating increased interest in technology stocks[43] Convertible Bonds - Convertible bond valuations have improved across various price levels, with the valuation center for 80 yuan parity rising by 0.81 percentage points to 47.28%[27] - The report emphasizes the importance of monitoring stock performance and credit events for potential investment opportunities in convertible bonds[55] Risks - The report highlights risks associated with accelerated style rotation in equity markets and unexpected adjustments in convertible bond market rules[5]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a turnaround in profitability in FY24, with a revenue of 10.99 billion yuan, down 17.49% year-on-year, and a net profit attributable to shareholders of 0.22 billion yuan, compared to a loss of 1.54 billion yuan in the same period last year [2][6] - The company is actively adjusting its business structure, focusing on the development of the prepared food segment, which is expected to grow significantly in the future [7][8] Revenue and Profit Analysis - In FY24, the company reported revenues from various segments: fresh and frozen meat (8.99 billion yuan), cooked food (0.215 billion yuan), prepared food (1.687 billion yuan), and others, with declines of 6.65%, 10.06%, and 14.98% respectively [3] - The company’s gross margin for FY24 was 3.98%, an increase of 5.56% year-on-year, indicating improved profitability despite revenue pressures [4] - The net profit margin for FY24 was 0.20%, showing a significant recovery from the previous year's losses [6] Cost and Expense Management - The company’s selling, general, and administrative expenses as a percentage of revenue were 0.94%, 2.28%, and 0.07% respectively for FY24, reflecting a strategic focus on cost control [5] - In Q4 FY24, the company recorded a significant asset impairment loss of 0.57 billion yuan, but also realized an investment gain of 0.63 billion yuan from the sale of a subsidiary [5] Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted to 11.73 billion yuan and 12.66 billion yuan respectively, with an expected EPS of 0.10 yuan and 0.14 yuan [9] - The company aims to expand its market presence in the prepared food sector, targeting a market size of around 5 billion yuan [8]

证券研究报告|行业研究周报 [Table_Date] 2025 年 06 月 08 日 [Table_Title] 周专题：国补政策调整是控量而非结束，后续资金积极拨 付中 [Table_Title2] 家电行业周报 [Table_Summary] ► 周专题： 国补资金消耗超预期，多地转向限额限流甚至暂停。根据奥 维云网，2025 年以来消费市场回暖与密集促销节点共振，国 补资金消耗速度超预期。截至 5 月底，全国范围内已有超 1500 亿资金被消耗，进入 6 月，叠加 618 大促、端午促销等 购物节点，预计 6 月资金消耗将攀升至 500 亿元，推动 1- 6 月累计消耗规模达 2100 亿元，占 3000 亿国补资金池的 70%。多地因资金透支开始进入国补限额模式，甚至是暂停 国补。如消费大省江苏省商务厅市场运行和消费促进处工作 人员表示，从 6 月 1 日开始，江苏"国补"线上线下都将采 取限额管理，活动将持续到年底。 国补政策调整是控量而非结束，后续资金积极拨付中。根据 中国能源网，发改委于 1.6、4.28 各下发两笔 810 亿消费品 换新资金，剩余 1400 亿资金等待下发，考虑到地方配套 ...

Investment Rating - Industry Rating: Recommended [5] Core Views - The approval of the Three Gorges Waterway project, with a total investment of 76.6 billion yuan, is expected to benefit companies in the civil explosives and engineering sectors, such as Zhongyan Dadi and Chongqing Construction [4][8] - The civil explosives industry is experiencing high demand, with consolidation expected among leading companies, benefiting firms like Guangdong Hongda and Xuefeng Technology [8] - The carbon fiber market is seeing price increases and emerging demand, with recommendations for companies like Zhongfu Shenying and Jilin Chemical Fiber [8] - There is a strong focus on resilient companies with high dividends in the consumer building materials sector, recommending firms like Dongfang Yuhong and Weixing New Materials [8] - The expectation for increased domestic investment is strong, with recommendations for China State Construction and China Communications Construction [8] - The trend of domestic substitution is accelerating, with recommendations for Maijia Xincai and Songji Coatings [8] Summary by Sections Building Materials - Beneficiaries include Zhongyan Dadi and Chongqing Construction due to major projects like the Three Gorges Waterway and Yarlung projects [8] - The civil explosives sector is consolidating, with a target of reducing the number of producers to 50 by 2025, benefiting companies like Guangdong Hongda and Xuefeng Technology [8] - Carbon fiber prices are rising, with a projected annual capacity of 135,500 tons by the end of 2024, benefiting companies like Zhongfu Shenying and Jilin Chemical Fiber [8] Market Trends - The new housing and second-hand housing market is showing a downward trend, with new housing transaction area down 24% year-on-year and 40.21% month-on-month in major cities [2][24] - Cement prices are under downward pressure, with a national average price of 363.5 yuan/ton, down 1.2% week-on-week [3][26] - The glass market continues to decline, with float glass prices averaging 1,250.27 yuan/ton, down 1.63% week-on-week [3][26] Investment Opportunities - The report highlights the potential for investment in infrastructure and civil engineering projects, with a focus on companies that can benefit from increased domestic demand and government support [8][11] - The "Belt and Road" initiative is expected to catalyze international engineering projects, benefiting companies like China State Construction and China Metallurgical Group [11]

证券研究报告|行业研究周报 [Table_Date] 2025 年 6 月 7 日 缅甸地区供应持续缩减，供应收紧预期对锡价 或有支撑 [Table_Title2] 有色-能源金属行业周报 [Table_Summary] 报告摘要: ►本周沪镍价格环比上涨，沪镍大幅去库 截止到 6 月 6 日，LME 镍现货结算价报收 15225 美元/ 吨，较 5 月 30 日上涨 0.5%，LME 镍总库存为 200106 吨，较 5 月 30 日增加 0.36%；沪镍报收 12.2 万元/吨，较 5 月 30 日上 涨 0.89%，沪镍库存为 25,616.00 吨，较 5 月 30 日减少 5.39%；截止到 5 月 30 日，硫酸镍报收 28,500.00 元/吨，较 5 月 30 日价格持平。根据 SMM，从供给端来看，国内方面的情 况是，虽然菲律宾镍矿的发运量持续增加，国内冶炼厂的原材 料库存也较为充足，但主产区苏里高以及巴拉望的中高品位镍 矿品位有所下滑，这可能导致国内冶炼厂的金属产量出现一定 程度的下降。印尼方面，尽管当前内贸火法镍矿的升水依然较 为坚挺，冶炼厂因此面临较高的成本压力，成品价格的疲软导 致冶 ...

Investment Rating - The report rates the defense and military industry as "Recommended" [1] Core Viewpoints - The J-10C fighter jet is expected to lead China's military trade, becoming a prominent symbol of China's military exports [11] - The potential demand and development space in the military trade market are anticipated to exceed market expectations, with various companies positioned to benefit [11] Summary by Sections Events - Indonesia is evaluating the feasibility of purchasing Chinese-made J-10 fighter jets, influenced by the aircraft's performance in the India-Pakistan conflict and its competitive pricing compared to Western counterparts [2] - Recent reports highlight the J-10's development and achievements, with significant interest shown at the Langkawi International Maritime and Aerospace Exhibition [2] - Pakistan's government announced the acquisition of 40 J-35 fifth-generation stealth fighters and other military equipment from China [2] Analysis and Judgments - The J-10 is poised to continue the success of previous Chinese military exports, moving from low-end markets to mid-high-end markets [3] - The J-10CE is recognized as China's most advanced fighter jet export, indicating China's capability for comprehensive high-performance fighter jet exports [4] - The J-10CE is seen as a cost-effective option for developing countries, competing against established models like the F-16 and MiG series [4] Market Dynamics - The global military trade landscape is shifting towards integrated solutions rather than just hardware sales, with increasing demand for comprehensive military systems [6] - Countries like South Korea are emerging as competitors in the arms market, leveraging their military-industrial capabilities [6] Industry Development - The J-10CE's export is expected to drive significant growth in the military supply chain, with advancements in materials, engines, and avionics systems enhancing its performance [7][9] - The report emphasizes the importance of domestic aerospace manufacturers in achieving technological self-reliance and innovation [10] Investment Recommendations - Key beneficiaries identified include: - AVIC Chengdu Aircraft Industry Group, a core manufacturer of fighter jets, expected to gain from increased international interest in the J-10CE [11] - Zhongjian Technology, a leader in high-end carbon fiber materials crucial for aircraft performance [11] - Guorui Technology, a leader in military radar systems, showing positive growth in military trade orders [11] - Other companies like AVIC Shenyang Aircraft Corporation and Hongdu Aviation are also highlighted for their export potential in various military aircraft and systems [12]

Investment Rating - Industry rating: Recommended [5] Core Viewpoints - Zhou Li Fu has passed the Hong Kong Stock Exchange hearing and has over 4,000 stores, maintaining a top five position in the Chinese jewelry market from 2017 to 2024 [1][21] - The company’s revenue for 2024 is projected to be CNY 5.718 billion, an increase of 11.0%, with a net profit of CNY 706 million, up 7.1% [2] - The product mix includes 91% gold jewelry and 9% diamond-set jewelry, with a diverse range of product series [1][2] Summary by Sections Industry & Company Dynamics - Zhou Li Fu operates a comprehensive business model integrating product development, supply chain, franchising, and brand management [1] - The company has a strong offline sales network with 4,129 stores across 31 provinces and cities in China, and 4 overseas stores [2][21] - Online sales are rapidly growing, with a CAGR of 46.1% from 2022 to 2024 [2] Macroeconomic & Industry Data - In April, the total retail sales of consumer goods increased by 5.1% year-on-year, with jewelry retail sales growing by 25.3% [27][41] - National gold consumption in Q1 2025 was 290.49 tons, a decrease of 5.96% year-on-year, with jewelry demand particularly affected by high gold prices [43][44] Investment Recommendations - Five investment themes are suggested: 1. Recovery of offline traffic benefiting traditional retail [54] 2. Continuous upgrades in AI technology [54] 3. Increased consumer willingness to pay for emotional value in new retail [54] 4. Recovery of cyclical sectors under domestic demand promotion [54] 5. Opportunities for domestic brands to expand overseas [54]

Investment Rating - The report rates the defense and military industry as "Recommended" [1] Core Viewpoints - The J-10C fighter jet is expected to lead China's military trade, becoming a prominent symbol of China's military exports [11] - The potential demand and development space in the military trade market are anticipated to exceed market expectations, with various companies positioned to benefit [11] Summary by Sections Events - Indonesia is evaluating the feasibility of purchasing Chinese-made J-10 fighter jets, influenced by the aircraft's performance in the India-Pakistan conflict and its competitive pricing compared to Western counterparts [2] - Recent reports highlight the J-10's development and achievements, with significant interest shown at the Langkawi International Maritime and Aerospace Exhibition [2] - Pakistan's government announced the acquisition of 40 J-35 fifth-generation stealth fighters and other military equipment from China [2] Analysis and Judgments - The J-10 is poised to continue the success of previous Chinese military exports, moving from low-end markets to mid-high-end markets [3] - The J-10CE is positioned as a cost-effective option for developing countries, competing against established models like the F-16 and MiG series [4] - The J-10CE is expected to gain more international interest, particularly in Southeast Asia, South America, and the Middle East [5] Global Military Trade Landscape - The military trade landscape is shifting towards integrated solutions rather than just hardware sales, with increasing demand for comprehensive military systems [6] - Countries like South Korea are emerging as significant players in the global arms market, challenging traditional military powers [6] Industry Development - The J-10CE's capabilities, including advanced avionics and weapon systems, are expected to drive growth in the military supply chain [7] - The use of advanced materials and engines in the J-10CE enhances its performance and operational capabilities [7][8] Investment Recommendations - Key beneficiaries of the J-10's success include: - AVIC Chengdu Aircraft Industry Group, a core manufacturer of fighter jets [11] - Zhongjian Technology, a leader in high-end carbon fiber for aerospace applications [11] - Guorui Technology, a leader in military radar systems [11] - AVIC Shenyang Aircraft Corporation, known for its advanced fighter jets [12] - Hongdu Aviation, a core manufacturer of training aircraft with significant export potential [12]

Global Market Overview - The US stock market continued its rebound, with the S&P 500, Nasdaq, and Dow Jones Industrial Average increasing by 1.5%, 2.18%, and 1.17% respectively [2][11] - The Hong Kong stock market also saw gains, with the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Hong Kong Chinese Enterprises Index rising by 2.16%, 2.34%, and 1.93% respectively [2][23] - The TAMAMA Technology Index has a P/E ratio of 32.2, indicating it remains in a high valuation zone above 30 [1][16] - The Philadelphia Semiconductor Index's P/E ratio increased to 45.8, also indicating a high valuation above 45 [1][16] - The Nasdaq Index's P/E ratio is at 39.9, nearing the high zone of 40 [1][16] US Market Insights - The S&P 500 Shiller P/E ratio has risen to 36.91, significantly above historical averages [1][16] - The uncertainty in US economic policies and high valuations are putting pressure on sectors such as finance, consumer, communication services, and industrials [1][16] - Major individual stocks within growth and value sectors are experiencing notable daily corrections [1][16] European Market Insights - European markets have shown a rebound, but rapid valuation increases combined with weak economic fundamentals may lead to volatility in indices such as the FTSE 100, CAC40, DAX, and STOXX50 [1][2] Hong Kong Market Insights - The Hong Kong market is experiencing further differentiation, with previously overheated assets beginning to cool down [1][38] - There is an expectation of continued differentiation in the Hong Kong market, with potential for stage corrections in assets that have seen significant gains in the first half of the year [1][38] - Structural opportunities may exist in low-valuation assets with good fundamentals and minimal trade impact, as the market has not yet formed a comprehensive bull market [1][38] Emerging Markets Insights - Emerging markets such as Istanbul ISE100, India SENSEX30, and others are likely to experience volatility due to economic fundamentals and policy uncertainties [1][2]

US Market Insights - The S&P 500 index, Nasdaq, and Dow Jones Industrial Average all increased by 1.5%, 2.18%, and 1.17% respectively this week[2] - The TAMAMA technology index has a P/E ratio of 32.2, indicating it remains in a high valuation zone above 30[1] - The Philadelphia Semiconductor Index's P/E ratio rose to 45.8, also indicating a high valuation above 45[1] - The S&P 500 Shiller P/E ratio increased to 36.91, significantly above historical averages[1] Hong Kong Market Insights - The Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Hong Kong Chinese Enterprises Index rose by 2.16%, 2.34%, and 1.93% respectively this week[2] - The Hang Seng Technology Index increased by 2.25% this week[3] - The market is experiencing further differentiation, with previously overheated assets beginning to cool down[1] - Structural opportunities exist in low-valuation assets with good fundamentals and minimal trade impact[1] Economic Indicators - Eurozone CPI year-on-year growth was 1.9% in May, down from 2.2%[3] - Eurozone core CPI year-on-year growth was 2.3%, down from 2.7%[3] - The US unemployment rate remained stable at 4.2% in May[42]