Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Viewpoints - The new housing transaction area has decreased both year-on-year and month-on-month, prompting an increase in the recovery of idle land [4][59] - The sales performance has shown initial stabilization in 2025, with supportive policies expected to continue, aiding the industry's steady development [4][59] Summary by Sections Sales Performance - In the 28th week of 2025, the transaction area of new residential properties in 68 cities was 169 million square meters, a year-on-year decrease of 19% and a month-on-month decrease of 44% [6][18] - The cumulative transaction area from the beginning of the year to date in 68 cities reached 67.28 million square meters, with a year-on-year decrease of 9% [6][18] - The transaction area of second-hand houses in 20 cities was 186 million square meters, with a year-on-year growth rate of -8% [35] Investment Performance - In the 28th week of 2025, 100 major cities launched land planning with a total area of 29.91 million square meters, and the transaction area was 26.68 million square meters, a year-on-year increase of 49% [38] - The premium rate for land transactions was 4.9% [38] - The land market in Wuhan was active, with four residential land parcels sold, one of which had a premium of over 15% [4][59] Financing Performance - In the 28th week of 2025, the issuance of credit bonds was 15.4 billion yuan, a year-on-year increase of 61% and a month-on-month increase of 72% [47] - The cumulative issuance of credit bonds reached 200.5 billion yuan, a year-on-year decrease of 13% [47] Market Overview - The real estate index rose by 6.12% in the week of July 7-13, 2025, outperforming the Shanghai and Shenzhen 300 index, which increased by 0.82% [52][54] - The real estate sector ranked first among 28 sectors in terms of performance [52][54]

《券商中报向好叠加公募欠配，看好 板块机会—行业点评报告》-2025.6.25 险企考核周期再拉长，券商中报超预期继续推荐 非银金融 非银金融 2025 年 07 月 13 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 60% 72% 2024-07 2024-11 2025-03 非银金融 沪深300 相关研究报告 《6 月新开户同比高增，头部券商受益 于港股高景气—行业周报》-2025.7.6 《稳定币主题催化券商板块上涨，中 报 有 望 延 续 高 景 气 — 行 业 周 报 》 -2025.6.29 ——行业周报 高超（分析师） 卢崑（分析师） gaochao1@kysec.cn 证书编号：S0790520050001 lukun@kysec.cn 证书编号：S0790524040002 周观点：险企考核周期再拉长，券商中报超预期继续推荐 7月10日上海市国资委党委召开中心组学习会，围绕加密货币与稳定币的发展趋 势及应对策略开展学习。本周券商板块上涨4.46%，交易量持续活跃、稳定币主 题和中报预告窗口均带来催化。继续看好券商板块机会 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The supply contraction and macroeconomic catalysts are expected to resonate positively, with strong support for pig prices in Q3 2025 [4][5] - The leading pig companies are reporting significant profit increases for Q2 2025, with a notable rise in pig output and a decrease in production costs, indicating a potential for sustained profitability [4][13] - The beef cycle remains supported by rising calf prices and a decrease in cattle inventory, suggesting a favorable outlook for beef prices in the latter half of 2025 and into 2026 [6][29] Summary by Sections Weekly Observation - Leading pig companies are expected to report substantial profit growth for H1 2025, with estimates for Muyuan Foods indicating a net profit of 10.2-10.7 billion yuan, a year-on-year increase of 1129.97% to 1190.26% [4][13] - The average cost of production for Muyuan Foods has decreased to below 12.1 yuan/kg, supporting profitability through the cycle [4][13] Market Performance - The agricultural index has risen by 1.09% in the week of July 4-11, 2025, aligning with the overall market performance [39][41] - The pig farming sector is experiencing a supply contraction, which is expected to drive pig prices upward after a period of fluctuation [5][14] Price Tracking - As of July 11, 2025, the average price of pigs is 14.81 yuan/kg, reflecting a decrease of 0.54% from the previous week, while the price of piglets has increased by 1.79% to 31.89 yuan/kg [48][49] - The wholesale price of beef is reported at 69.82 yuan/kg, showing a slight increase of 0.07% [56] Recommendations - The report recommends investment in leading companies such as Muyuan Foods, Wens Foodstuffs, and others in the pig farming sector due to improving investment logic and favorable market conditions [6][35] - In the feed sector, companies like Haida Group and New Hope are recommended due to strong domestic and overseas demand [35]

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Viewpoints - The report continues to favor investment opportunities in stablecoins and Real World Assets (RWA), emphasizing the potential for the development of RMB stablecoins to enhance the global influence of the RMB [6][12] - The implementation of the Hong Kong Stablecoin Regulation on August 1, 2025, will require licenses for issuing stablecoins, which is seen as a key entry point for traditional banks and fintech companies [7][13] - The market for stablecoins is rapidly expanding from cryptocurrency trading to broader payment applications, with significant growth in market size and trading activity anticipated [8][14] Summary by Sections Weekly Perspective - The report highlights the ongoing positive outlook for stablecoins and RWA investment opportunities, suggesting a combined development model for domestic and offshore RMB stablecoins [6][12] - The report notes that the Hong Kong Stablecoin Regulation will officially take effect on August 1, 2025, requiring licenses for stablecoin issuance, which will impact market dynamics [7][13] Company Dynamics - Companies such as iFlytek are forecasting a revenue increase of 15%-20% for the first half of 2025, while other firms like Rui Ming Technology expect a net profit increase of 53.64% to 77.90% [17] - Strategic collaborations are being formed, such as the partnership between Zhongke Xingtou and Zhongke Shuguang to advance technology in the space sector [22] Industry Dynamics - The report mentions that the AI unicorn Zhipu AI is preparing for simultaneous listings in Hong Kong and A-shares, indicating strong market interest [27] - Amazon is considering a significant investment in AI startup Anthropic, which reflects ongoing trends in the AI sector [30]

Group 1 - The report highlights the positive signals in the merger and acquisition (M&A) market since 2024, driven by new policies such as the "National Nine Articles" and "M&A Six Articles" [3][12][19] - The report emphasizes the trend of vertical mergers, particularly the acquisition of 51% of Tongyihe by Yishi Precision for 163 million yuan, aimed at enhancing cost efficiency and supply chain integration [4][26] - As of July 11, 2025, a total of 30 significant investment and M&A events have been disclosed on the Beijing Stock Exchange [22][24] Group 2 - Yishi Precision's acquisition strategy focuses on integrating upstream suppliers to reduce costs and improve efficiency, with Tongyihe being a key supplier for precision molds [4][30] - The report outlines the performance commitment for Tongyihe, targeting a total net profit of 96 million yuan from 2025 to 2027, with specific annual targets set for each year [5][50] - The report notes that Tongyihe is a leading player in the domestic precision stamping mold industry, collaborating with major automotive parts manufacturers to enhance its product offerings [46][47] Group 3 - The report discusses the broader trend of M&A in strategic emerging industries such as semiconductors and biomedicine, which are becoming mainstream in the market [13][19] - It highlights the importance of cash acquisitions and the focus on synergistic relationships between acquiring and target companies in the current M&A landscape [20][19] - The report indicates that the Beijing Stock Exchange is positioned to support innovative small and medium enterprises, facilitating M&A opportunities in advanced manufacturing and modern services [19][24]

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Views - The Ministry of Housing and Urban-Rural Development emphasizes the importance of stabilizing the real estate market, which is expected to lead to significant improvements in the fundamentals of the real estate chain. Recommended stocks in the consumer building materials sector include Sankeshu, Dongfang Yuhong, Weixing New Materials, and Jianlang Hardware. Beneficiary stocks include Beixin Building Materials [3] - The National Development and Reform Commission has issued a special action plan for energy conservation and carbon reduction in the cement industry, aiming to control cement clinker capacity at around 1.8 billion tons by the end of 2025, with a target of reducing comprehensive energy consumption per unit product by 3.7% compared to 2020 [3] - The "equal tariff" policy is expected to benefit fiberglass leaders with overseas production bases, allowing them to raise prices and consolidate profitability [3] Market Performance - The construction materials index rose by 3.34% in the week from July 7 to July 11, 2025, outperforming the CSI 300 index by 2.52 percentage points. Over the past three months, the CSI 300 index increased by 6.41%, while the construction materials index rose by 6.60%, indicating a slight outperformance of 0.18 percentage points [4][13] - In the past year, the CSI 300 index increased by 15.62%, and the construction materials index rose by 15.80%, also showing a slight outperformance of 0.18 percentage points [4][13] Cement Sector - As of July 11, 2025, the average price of P.O42.5 bulk cement nationwide was 282.89 CNY/ton, a decrease of 3.48% month-on-month. The clinker inventory ratio was 65.89%, down 2.29 percentage points [6][23][24] - The price of cement varied by region, with notable declines in Northeast (-4.76%), North China (-2.33%), East China (-2.98%), South China (-5.74%), Central China (-3.41%), and Southwest (-4.93%) regions [23][29] Glass Sector - The average price of float glass as of July 11, 2025, was 1205.63 CNY/ton, with a slight increase of 0.17%. The average price of photovoltaic glass remained stable at 116.02 CNY/weight box [6][71][78] - The inventory of float glass decreased by 970,000 weight boxes nationwide, a decline of 1.66% [73][74] Fiberglass Sector - The price of non-alkali 2400tex direct yarn ranged from 3400 to 4100 CNY/ton, with flexible pricing based on regional differences [6] Consumer Building Materials - As of July 11, 2025, the price of crude oil was 70.63 USD/barrel, down 0.39% week-on-week. The price of asphalt was 4570 CNY/ton, up 1.11% week-on-week [6]

北交所研究团队 诸海滨（分析师） 北交所策略专题报告 2025 年 07 月 13 日 掘金北交所半年报：聚焦预约时点靠前的企业业绩高增与股价弹性 ——北交所策略专题报告 zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：北证公司 2025 年半年报披露预约完成，披露时间靠前业绩增速优秀 截至 2025 年 7 月 11 日，北交所公司已预约 2025 年半年报披露时间。其中，海 能技术发布 2025 年上半年业绩预告，预计 2025 年上半年实现营业收入约 1.36 亿元，同比增长约 35%；预计实现归母净利润扭亏为盈，归母净利润达 500-600 万元，同比增长 135.67%-142.80%，公司四大系列产品收入均实现增长。从过去 营收增长角度来看，2021-2024 披露半年报时间前 30 企业的营收总体增速均值 分别为+39.96%、+8.25%、+10.17%、+12.09%，高于北交所整体增速+7.69pcts、 +1.41pcts 、+1.55pcts、+8.46pcts；增速中值高于北交所整体+1.25pcts、+2.53pcts、 +1.55pcts、+8 ...

Group 1 - The report highlights the acquisition of a 37% stake in Shangwei New Materials by Zhiyuan Robotics, emphasizing the significance of humanoid robotics in the North Exchange market [2][12][14] - As of July 11, 2025, there are eight companies related to humanoid robotics in the North Exchange, with a total market capitalization of 34.41 billion yuan [20][21] - Zhiyuan Robotics has achieved a milestone by producing its 1,000th general-purpose humanoid robot in January 2025, marking a record in the industry [2][15] Group 2 - The report indicates that five major industries in the North Exchange experienced average gains, with the chemical new materials sector showing a rise of 2.60% and consumer services up by 3.59% [3][26] - The median price-to-earnings (P/E) ratio for the high-end equipment industry increased to 44.5X, while the information technology sector reached 93.4X [3][27] - The medical and biological industry saw a decrease in its median P/E ratio to 47.5X, indicating a shift in market dynamics [3][38] Group 3 - In the technology sector, 100 out of 150 companies reported gains, with a median increase of 0.96%, and the total market capitalization rose from 464.664 billion to 469.729 billion yuan [4][41][46] - The median P/E ratio for the electronic industry increased to 68.5X, reflecting positive investor sentiment [4][55] - The automotive industry saw a decrease in its median P/E ratio to 35.5X, indicating potential valuation adjustments [4][57] Group 4 - The report mentions that Jiexian Co. plans to invest in a project to produce 1,000 tons of electronic material intermediates annually, aiming to enhance its product range and profitability [5][64] - Qiuguan Cable has won a bid for a project with the Southern Power Grid worth approximately 509.3263 million yuan [5][65] - The report also highlights various companies receiving patents, indicating ongoing innovation within the sector [5][64]

Economic Growth - The Central Financial Committee emphasized the need to deepen the construction of a unified national market and regulate "involution" competition among enterprises[3] - President Xi Jinping highlighted the importance of guiding enterprises to improve product quality and promoting the orderly exit of backward production capacity[3] - The State Council issued a notice to enhance employment support policies, including expanding special loans and increasing unemployment insurance return ratios[3] Infrastructure and Industry Policies - The China Cement Association released guidelines to promote "anti-involution" and "stable growth" in the cement industry, with many industries issuing production reduction notices[4] - A collective production cut of 30% was announced by leading photovoltaic glass companies to alleviate "involution" competition[4] - Some steel mills have received notices for production reduction and emission limits[4] Consumer Policies - Shanghai optimized the environment for outbound tax refunds, and Taobao launched a 50 billion RMB subsidy for consumer vouchers to stimulate consumption[4][16] - The initiative by Taobao is expected to benefit more small and medium-sized businesses and stimulate greater consumption[16] Financial Regulation - Recent financial regulatory policies focus on optimizing capital market mechanisms and exploring the development of RMB stablecoins in Shanghai and Hong Kong[19] - The government aims to guide insurance companies towards long-term stable investments[19] Trade Policies - The U.S. has lifted certain trade restrictions on China, including the requirement for government licenses for major chip design software suppliers[5][22] - The U.S. plans to implement new tariffs ranging from 10% to 70% on countries without trade agreements starting August 1[6][25] Overseas Macro Policies - The U.S. Federal Reserve members largely expect another interest rate cut later this year, with the "Big Beautiful Act" extending tax cuts set to expire in 2025, potentially increasing the fiscal deficit by 3 to 4 trillion USD over the next decade[6][25] - The U.S. Treasury plans to increase its cash reserves significantly, from approximately 313 billion USD to 500 billion USD by the end of July[27]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The global healthcare industry financing stabilized in H1 2025, with a total financing amount of approximately $28.2 billion, a slight year-on-year decline of 8.6% [6][14] - The average R&D investment of the top 30 global pharmaceutical companies in 2024 was approximately $6.011 billion, reflecting a year-on-year growth of 10.39% [6][16] - In China, the number of new drug IND applications in H1 2025 was approximately 914, showing a year-on-year increase of 2.47% [6][21] Summary by Sections Industry Performance - In the second week of July, the pharmaceutical and biotechnology sector rose by 1.82%, outperforming the CSI 300 index by 1 percentage point [26][30] - The medical R&D outsourcing sector had the highest increase, up 9.29%, while other biopharmaceuticals saw the largest decline, down 1.55% [31][32] Company Performance - WuXi AppTec and Boteng Co. reported H1 2025 earnings that exceeded expectations, with WuXi AppTec projecting revenue of approximately 20.8 billion yuan, a year-on-year increase of 20.64% [7][23] - Boteng Co. expects revenue between 1.55 billion and 1.62 billion yuan, with a year-on-year growth of 15% to 20% [7][24] Recommended Stocks - Recommended stocks in the pharmaceutical and biopharmaceutical sector include: Heng Rui Medicine, East China Medicine, Sanofi, and others [8] - In the CXO sector, recommended stocks include WuXi AppTec, WuXi Biologics, and Boteng Co. [8]