Group 1 - The report highlights that the Beijing Stock Exchange (BSE) is focusing on enhancing the quality of its listed companies, particularly by accepting firms in hard technology and advanced manufacturing sectors by 2025 [4][12][13] - As of July 4, 2025, a total of 133 new companies have been accepted, with 44 of them classified as "little giants," representing 33.08% of the total [4][16][29] - The majority of new companies are engaged in core manufacturing components, industrial technology, and key materials, primarily in sectors such as semiconductors, biomedicine, and artificial intelligence [4][16][29] Group 2 - The average revenue of new companies for 2024 is projected to be 799 million, which is higher than the average revenue of existing BSE companies [29][31] - The average net profit for new companies is expected to be 99.15 million, significantly exceeding the average net profit of existing BSE companies [29][33] - New companies are showing higher profitability metrics, with average gross margins of 34.23% and return on equity (ROE) of 20.08%, both above the averages for existing BSE companies [35][36] Group 3 - The report indicates that the BSE's market performance has seen fluctuations, with the BSE 50 index closing at 1,415.04 points, down 1.71% [5][41] - The overall price-to-earnings (PE) ratio for BSE A-shares has decreased from 51.33X to 50.35X, reflecting a broader trend in the market [5][38] - The liquidity of BSE A-shares has declined, with an average daily trading volume of 28.068 billion, down 19.15% from the previous week [5][39]

Group 1 - The report highlights the Ministry of Industry and Information Technology's meeting aimed at addressing disorderly competition in the photovoltaic industry, emphasizing the need for sustainable development and the orderly exit of outdated production capacity [2][12][14] - As of July 4, 2025, there are 8 companies in the photovoltaic sector listed on the Beijing Stock Exchange, with a total market capitalization of 22.719 billion yuan [2][16][17] - Haotai New Energy (835985.BJ) reported a net profit of 182.2136 million yuan for 2024, reflecting a year-on-year growth of 33.56%, driven by a decrease in raw material prices and improved profitability in engineering and support segments [2][18][20] Group 2 - The average weekly performance of the pharmaceutical and biological sector showed a positive change, with an increase of 1.92% [3][21] - The average price-to-earnings (P/E) ratio for the pharmaceutical and biological sector rose to 48.5X, indicating a stronger market performance compared to other sectors [3][22][29] Group 3 - In the technology sector, the average P/E ratio for 150 companies decreased from 57.9X to 53.6X, with a total market capitalization decline from 478.908 billion yuan to 464.664 billion yuan [4][34][36] - The P/E ratio for the smart manufacturing industry increased to 53.2X, while the automotive sector's P/E ratio rose to 36.5X, indicating positive valuation trends in these areas [4][40][48] Group 4 - The report notes that the industrial application of the methyl styrene process package by Ruihua Technology marks a significant milestone, achieving a product purity of over 99.75% [5][57] - Other companies, such as Zhisheng Information and Tianrun Technology, have also made advancements in strategic partnerships and patent acquisitions, indicating ongoing innovation within the sector [5][58]

Group 1 - The market is experiencing an upward shift in the oscillation center, characterized by "top and bottom" dynamics, with a positive outlook for effective index breakthroughs due to monthly momentum reversal and rising trading volume [2][12][13] - Profitability is still in a bottoming phase, with expectations that the profit bottom will not arrive before the end of Q3, limiting the elasticity of the current profit cycle [2][13] - Valuation support is provided by government-backed credit policies, with a focus on stable growth and market stabilization measures [2][13] Group 2 - Structural opportunities are emphasized, particularly in "Deep Sea Technology" and "Newly Listed Stocks," alongside existing themes like "Delta G Consumption" and "Self-Controlled Technology" [3][23] - "Deep Sea Technology" is positioned as a strong thematic opportunity for the second half of the year, aligning with national strategic priorities and policies aimed at enhancing marine economic development [4][24][29] - The deep sea technology industry chain is extensive, covering upstream materials, midstream manufacturing, and downstream resource utilization, indicating a comprehensive growth potential [4][32] Group 3 - Newly listed stocks have regained prominence since September 2024, with a significant upward trend observed in their performance, correlating closely with improvements in economic confidence [5][34] - The performance of newly listed stocks is highly correlated with macroeconomic indicators, suggesting that as economic expectations improve, these stocks are likely to outperform the market [5][38] - A new index, the "Open Source Newly Listed Stock Index," has been created to better track and represent the performance of newly listed stocks, expanding the criteria to include stocks listed for up to six years [5][44] Group 4 - Current investment strategy emphasizes diversification across sectors, focusing on "Delta G Consumption," "Self-Controlled Technology," "Stable Dividends," and "Gold" [6][50] - Specific sector recommendations include domestic consumption, technology growth, cost improvement sectors, and structural opportunities in exports, particularly to Europe [6][50] - The strategy aims to capture the greatest expected differences and domestic certainties while avoiding over-concentration in any single sector [6][50]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The supply contraction and macroeconomic catalysts are expected to provide strong support for pig prices in Q3 2025. The average selling price of pigs on July 4 was 15.37 yuan/kg, reflecting a week-on-week increase of 0.71 yuan/kg and a 4.84% rise [12][13] - The central economic committee's recent meeting emphasized the need to promote high-quality development of the marine economy, which is expected to benefit the aquaculture sector [21][36] - The agricultural index outperformed the market by 1.14 percentage points during the week of June 27 to July 4, with the agricultural index rising by 2.55% compared to a 1.40% increase in the Shanghai Composite Index [32][34] Summary by Sections Supply and Demand Dynamics - The average daily slaughter volume of pigs was 133,800 heads, a decrease of 7,300 heads from the previous week, indicating a seasonal decline in demand due to rising temperatures [12] - The supply side continues to contract due to previous over-culling and losses from piglets after the Spring Festival, which is expected to support prices [12] Price Trends - The average price of pigs increased to 15.35 yuan/kg, with a week-on-week rise of 0.63 yuan/kg. The price of piglets decreased to 31.33 yuan/kg, down by 0.27 yuan/kg [6][39] - The price of corn increased to 2,511 yuan/ton, reflecting a week-on-week increase of 8 yuan/ton, while soybean meal prices decreased to 2,926 yuan/ton, down by 27 yuan/ton [4][16] Investment Recommendations - The report recommends investing in companies such as Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe, which are expected to benefit from the improving investment logic in the pig sector [27] - In the feed sector, companies like Haida Group and New Hope are recommended due to domestic market benefits and strong overseas demand [27] Market Performance - The aquaculture sector led the market gains, with stocks like Guolian Aquatic Products rising by 12.22%, Shennong Technology by 7.31%, and Dongrui Co. by 6.92% during the week [32][35]

Investment Rating - The investment rating for the chemical raw materials industry is optimistic (maintained) [1] Core Viewpoints - The refrigerant market continues its upward trend, with firm pricing observed [4][22] - The fluorochemical industry chain is entering a long-term prosperity cycle, with significant growth potential across various segments [22][23] Summary by Sections 1. Fluorochemical Industry Overview - The fluorochemical index increased by 1.4% during the week of June 30 to July 4, underperforming the Shanghai Composite Index by 0.002% and the CSI 300 Index by 0.14% [6][26] - The index closed at 4161.71 points, outperforming the basic chemical index by 0.73% and the new materials index by 0.12% [6][26] 2. Fluorspar Market - As of July 4, the average market price for 97% wet fluorite powder was 3,200 CNY/ton, down 2.88% from the previous week and down 13.61% year-on-year [7][33] - The market is experiencing a stalemate due to high inventory levels and weak demand, leading to a subdued trading atmosphere [19][34] 3. Refrigerant Market - As of July 4, refrigerant prices showed an upward trend: R32 at 53,000 CNY/ton (+0.95%), R125 at 45,500 CNY/ton (unchanged), R134a at 49,500 CNY/ton (+1.02%), R410a at 49,500 CNY/ton (+1.02%), and R22 at 35,000 CNY/ton (unchanged) [8][20][47] - The market for refrigerants remains stable, with companies raising prices to boost confidence despite seasonal demand challenges [21] 4. Beneficiary Companies - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhou Bang [10][22][23]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the wave of "anti-involution" sweeping through various industries, indicating a new round of supply-side reforms is imminent. The focus is on promoting product quality and orderly exit of outdated capacities [5][22] - The chemical industry is expected to see an optimization of supply-demand dynamics, with leading companies benefiting from improved management and energy control [5][22] Summary by Sections Industry Trends and Events - The chemical industry index underperformed the CSI 300 index by 0.74% this week, with 292 out of 545 stocks in the sector rising [17] - The report tracks price fluctuations in various chemical products, noting that 43 products increased in price while 120 decreased over the past week [18] Key Products Tracking - Refrigerants are experiencing a steady price increase due to quota implementation, with significant price rises observed for R22 (+77%), R32 (+272%), R125 (+107%), and R134a (+115%) since September 2023 [23][24] - The polyester filament industry is seeing a concentration in supply, with the top six companies holding over 80% of the market share. Future capacity growth is expected to slow to 3-4% annually [31] - The metal silicon and organic silicon sectors are witnessing upward price trends, driven by the photovoltaic industry and recent production cuts [35] Recommendations and Beneficiaries - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical, among others [6] - Beneficiaries of the anti-involution trend include companies in the refrigerant sector like Jinshi Resources and Juhua Co., as well as polyester filament producers like Xinfengming and Tongkun [6][31][35]

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Views - The ongoing "anti-involution" initiative is expected to improve the fundamentals of the construction materials industry, with a focus on enhancing product quality and phasing out outdated production capacity [3] - The report highlights specific companies to watch, including SanKeTree, Dongfang Yuhong, Weixing New Materials, and Jianlang Hardware, as well as beneficiaries like Beixin Building Materials [3] - The cement sector is projected to benefit from energy-saving and carbon reduction initiatives, with a target to control cement clinker capacity to around 1.8 billion tons by the end of 2025 [3] Market Performance - The construction materials index increased by 3.96% in the week from June 30 to July 4, outperforming the CSI 300 index by 2.42 percentage points [4][13] - Over the past three months, the CSI 300 index rose by 8.01%, while the construction materials index only increased by 2.47%, indicating a lag of 5.55 percentage points [4][13] - In the past year, the CSI 300 index has risen by 16.06%, compared to an 11.69% increase in the construction materials index, resulting in a 4.38 percentage point underperformance [4][13] Cement Sector - As of July 4, 2025, the average price of P.O42.5 bulk cement was 293.11 RMB/ton, reflecting a 1.97% decrease from the previous period [6][24] - The clinker inventory ratio nationwide was 68.18%, down by 1.18 percentage points [6][25] - Regional price variations were noted, with the Northeast region remaining stable, while other regions like North China and Southwest saw declines of 4.13% and 6.58%, respectively [6][24] Glass Sector - The average price of float glass was 1201.35 RMB/ton as of July 4, 2025, showing a slight increase of 0.07% [6][74] - The inventory of float glass decreased by 1.17%, with a total of 58.31 million weight boxes reported [6][76] - The price of photovoltaic glass fell by 3.88%, with an average price of 116.02 RMB/weight box [6][81] Fiberglass Sector - The price of non-alkali 2400tex direct yarn ranged from 3400 to 4100 RMB/ton, with variations based on specific product types [6] - The fiberglass sector is expected to benefit from favorable tariffs for companies with overseas production bases [3] Consumer Building Materials - The report indicates that raw material prices for consumer building materials have remained relatively stable with slight fluctuations [6][5]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The liquor industry is currently experiencing a bottoming phase, with a focus on the growth opportunities in the konjac segment. The food and beverage index increased by 0.6% from June 30 to July 4, ranking 19th among 28 sub-industries, underperforming the CSI 300 by approximately 0.9 percentage points. The meat products, liquor, and baked goods sub-industries showed relatively strong performance with increases of 1.2%, 1.2%, and 0.9% respectively [3][12][14] - The recent decline in liquor prices is attributed to the impact of e-commerce subsidies and restrictions on consumption due to the "ban on alcohol," which has compressed industry demand. However, liquor manufacturers are controlling market supply, leading to a temporary stabilization of liquor prices. Although there has been a slight accumulation of channel inventory, the overall inventory remains manageable due to a slowdown in shipments from manufacturers. The ongoing effects of the "ban on alcohol" are expected to continue, with increased pressure on liquor industry performance anticipated in the second quarter. The ban may accelerate industry consolidation and bottoming trends [3][12][14] - In the long term, the liquor industry is undergoing a transformation in consumer demand, with companies adapting by launching lower-alcohol products to cater to younger consumers and promoting family gatherings and casual drinking scenarios. Leading liquor companies maintain strong brand and channel competitiveness, which is expected to facilitate their transition during this industry transformation. Current low valuations and high dividend rates of leading liquor companies suggest they possess long-term investment value [3][12][14] Summary by Sections Market Performance - The food and beverage index increased by 0.6%, ranking 19th out of 28 sectors, underperforming the CSI 300 by approximately 0.9 percentage points. The leading sub-industries included meat products (+1.2%), liquor (+1.2%), and baked goods (+0.9%) [12][14] Upstream Data - As of July 1, the GDT auction price for whole milk powder was $3,859 per ton, down 5.5% month-on-month but up 19.9% year-on-year. The domestic fresh milk price was 3.0 yuan per kilogram, unchanged month-on-month but down 7.0% year-on-year. The domestic milk price is expected to continue its downward trend in the short to medium term [19][24] - On July 5, the price of pork was 20.4 yuan per kilogram, down 16.2% year-on-year, while the price of live pigs was 15.2 yuan per kilogram, down 16.5% year-on-year. The number of breeding sows was 40.42 million, up 1.2% year-on-year [27][28] Recommendations - Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Wancheng Group, and Bairun Co. Guizhou Moutai is expected to deepen its reform process and emphasize sustainable development despite short-term demand pressures. Shanxi Fenjiu has high mid-term growth certainty, while Ximai Food is expected to improve profitability due to favorable raw material costs. Wancheng Group continues to expand its store count and target young consumers, and Bairun Co. is seeing improvements in its pre-mixed liquor segment [5][48]

Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [1] Core Viewpoints - The stablecoin and AI industries are continuously catalyzing growth, with major players actively positioning themselves and policies enhancing the landscape, marking a "singularity" moment for stablecoins [5][12] - AI computing power remains robust, with the upcoming release of GPT-5 expected to further enhance reasoning capabilities and stimulate AI application growth [6][13] Summary by Sections Weekly Perspective - The Shanghai Composite Index rose by 1.54% while the computer index fell by 1.28% during the week of June 30 to July 4, 2025 [4][11] Industry Trends - The People's Bank of China is expanding the application scenarios of the digital RMB in foreign trade, while Ant Group and JD.com are advancing into the stablecoin space, aiming to reduce cross-border payment costs by 90% and improve efficiency to within 10 seconds [5][12] - Oracle signed a significant cloud service agreement expected to generate over $30 billion annually starting from the 2028 fiscal year, indicating strong demand for AI computing power [6][13] Investment Recommendations - For stablecoins and RWA, recommended companies include Langxin Group and Zhuoyi Information, with beneficiaries such as Zhongke Software and New Morning Technology [14] - For AI applications, recommended companies include Kingsoft Office and iFlytek, with beneficiaries like Meitu and Hanbang High-Tech [7][14] - In the computing power sector, recommended companies include Zhongke Shuguang and Chunzhi Technology, with beneficiaries such as Cambrian and Unisplendour [7][14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant growth in its 2025 semi-annual performance, with revenue projected to be between 228 million to 278 million yuan, representing a year-on-year increase of 66.04% to 102.45%. The net profit attributable to the parent company is expected to be between 138 million to 169 million yuan, reflecting a year-on-year increase of 144.46% to 199.37% [4] - The company has a strong order backlog and successfully delivered products as planned, contributing to substantial revenue growth in the first half of 2025. The overall net profit margin is anticipated to reach 60.67% [4] - The company has adjusted its profit forecast, expecting net profits for 2025-2027 to be 342 million, 510 million, and 745 million yuan respectively, with corresponding EPS of 0.85, 1.27, and 1.86 yuan per share [4] Financial Summary and Valuation Indicators - Revenue for 2023 is 317 million yuan, with a year-on-year growth of 39.8%. It is projected to reach 1.302 billion yuan by 2027, with a CAGR of 45% [7] - The net profit for 2023 is 165 million yuan, with a year-on-year growth of 41.8%, expected to grow to 745 million yuan by 2027 [7] - The gross margin is expected to be 83% in 2023, improving to 86% by 2027, while the net margin is projected to increase from 52.2% in 2023 to 57.2% in 2027 [10] Market Growth Potential - The eVTOL market is expected to grow significantly, with a projected market size of 9.5 billion yuan by 2026, reflecting a CAGR of approximately 72.3% from 2024 to 2026. The IMU module accounts for about 8% of eVTOL costs [5] - The domestic high-performance MEMS gyroscope market is estimated to reach 1.268 billion yuan in 2023, with a CAGR of approximately 42.3% from 2023 to 2028 [5]