Investment Rating - The industry investment rating is maintained as "Positive" [1] Core Viewpoints - The REITs market is expected to continue to provide good investment opportunities due to the downward pressure on bond market interest rates and the expectation of increased allocations from social security and pension funds [3][5] - The market transaction scale for REITs reached 599 million shares, a year-on-year increase of 20.04%, with a transaction amount of 2.895 billion yuan, up 49.92% year-on-year [25][27] - The overall performance of various REITs sectors showed mixed results, with housing REITs experiencing a weekly decline of 1.94% but a monthly increase of 5.98% [36][52] Summary by Sections 1. Policy Support - Six departments, including the People's Bank of China and the National Development and Reform Commission, jointly issued guidelines to support the issuance of REITs for eligible consumer infrastructure [4][12] - The China Green Development Commercial REIT was officially listed on the Shenzhen Stock Exchange, marking the 68th product in the public REIT market [13][14] 2. Market Review - The CSI REITs closing index was 880.9, up 11.83% year-on-year but down 1.46% month-on-month; the CSI REITs total return index was 1109.13, up 18.46% year-on-year but down 1.38% month-on-month [15][20] - Year-to-date, the CSI REITs closing index has increased by 16.45%, outperforming the CSI 300 index, which has risen by 14.3% [15][20] 3. Weekly Tracking - The weekly performance of various REIT sectors showed declines: housing (-1.94%), environmental (-0.88%), highway (-1.83%), industrial park (-1.06%), warehousing logistics (-2.37%), energy (-0.30%), and consumer REITs (-1.93%) [36][52] - The monthly performance for housing REITs was positive, with a 5.98% increase [36] 4. Market Activity - There are currently 16 REITs waiting to be listed, indicating a vibrant issuance market [6][36] - The average turnover rate over the past 30 days was 0.62%, down 10.11% year-on-year [30][34]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the importance of focusing on bottom opportunities in the liquor sector while pursuing growth in consumer goods. The liquor industry is currently experiencing a downturn, particularly in high-end consumption scenarios, leading to a decline in demand. The report suggests that leading liquor companies with strong brands and distribution channels are likely to adapt and transform successfully [3][11][12] Summary by Sections Weekly Insights - From June 23 to June 27, the food and beverage index declined by 0.9%, ranking 28th among primary sub-industries, underperforming the CSI 300 by approximately 2.8 percentage points. The health products (+3.6%), baked goods (+2.7%), and seasoning and fermentation products (+1.2%) sectors performed relatively well [11][13] Market Performance - The liquor sector remains at a low point, with the impact of the "ban on alcohol" still felt. The lack of high-end consumption scenarios has further depressed industry demand. The report anticipates increased pressure on liquor companies' performance in the second quarter due to sluggish terminal sales and high channel inventory levels [3][11][12] Upstream Data - Some upstream raw material prices have decreased, which may alleviate cost pressures for companies in the beverage sector. For instance, the price of imported barley fell by 4.3% year-on-year in May 2025, and the quantity imported dropped by 47.8% [31][33] Recommended Companies - The report recommends gradually increasing positions in liquor stocks at low valuations, particularly focusing on leading companies such as Guizhou Moutai and Shanxi Fenjiu. It also highlights opportunities in consumer goods companies like Ximai Food, Youyou Food, Wancheng Group, and Bairun Shares, which are expected to benefit from new consumption trends [4][12][46]

Investment Rating - Investment rating for the power equipment industry is "Positive (Maintain)" [1] Core Insights - The solid-state battery sector is transitioning from laboratory to mass production validation, with expectations for small-scale vehicle trials by the end of 2025 and widespread trials in 2026-2027 [22] - The solid-state battery index increased by 8.3% from June 23 to June 27, 2025, with a cumulative increase of 19.1% since December 31, 2024 [11][12] - QuantumScape has achieved a breakthrough in its Cobra separator manufacturing process, significantly improving production efficiency and laying the groundwork for commercialization [29] Summary by Sections 1. Weekly Sector Review - The solid-state battery index rose by 8.3%, with a notable increase in trading volume by 130.5% compared to the previous week [11] - The electrolyte composite film segment led the gains with a 17.4% increase, while other segments also performed well [12][16] 2. Industry Dynamics - Ion Storage Systems in the U.S. has begun producing solid-state batteries, potentially accelerating large-scale commercialization [24] - The first "Lithium Sulfide and Sulfide Solid-State Battery Forum" was held, focusing on material innovation and industrialization paths [26] - A pilot project for electric bicycle solid-state battery swapping was launched, marking a significant step in commercialization [27] 3. Individual Company Developments - QuantumScape has integrated its Cobra separator technology into its baseline battery production, enhancing production speed and efficiency [29] - Greenme has achieved ton-level shipments of precursor materials for solid-state batteries, including high-nickel and lithium-rich manganese-based cathodes [30] - Ganfeng Lithium has established a comprehensive layout for solid-state batteries, covering key components such as sulfide electrolytes and lithium metal anodes [35]

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - Multiple heavyweight new cars are launched, with the Xiaomi YU7 and Tesla Robotaxi being highlights. The Xiaomi YU7 has a strong market response, with over 240,000 orders locked within 18 hours of its release, indicating significant consumer interest [3][24] - The Tesla Robotaxi has been officially launched in Austin, Texas, with a price of $4.20 per ride, showcasing advancements in autonomous driving technology and nearing Level 4 capabilities [3][22] - The automotive industry is experiencing intensified competition, with a focus on creating blockbuster models and penetrating the luxury market as potential strategies for differentiation [3][23] - There is optimism regarding strong original equipment manufacturers (OEMs) in intelligent driving and the supply chain for blockbuster vehicles, with recommendations for various automotive companies and parts suppliers to be monitored for growth opportunities [5][38] Summary by Sections New Vehicle Launches - The Xiaomi YU7 was launched with a price range of 253,500 to 329,900 CNY, featuring advanced specifications such as a maximum range of 835 km and a fast-charging capability of 800V [3][25] - The Ideal i8, a pure electric SUV, is expected to be released in July, targeting family users with its long range and spacious design [3][24] Market Trends - The automotive sector is seeing a shift towards intelligent driving and electric vehicles, with significant sales growth in the new energy vehicle segment, which accounted for over half of retail sales in May [4] - The competition in the luxury car market is relatively favorable, with companies that have strong product layouts expected to achieve better profitability [3][23] Investment Recommendations - Recommended OEMs include XPeng Motors, SAIC Motor, BYD, Changan Automobile, Great Wall Motors, and Leap Motor, while parts suppliers such as Huayang Group, Desay SV, and Junsheng Electronics are also highlighted for their growth potential [5][38]

Domestic Macro Policy - New reserve policies will be gradually implemented to mitigate external shocks and promote sustainable economic growth[2] - The proportion of labor remuneration in the "work-for-relief" program will increase from over 30% to over 40% to boost local employment[8] - The central bank suggests increasing the intensity of monetary policy adjustments to lower overall financing costs and stabilize the foreign exchange market[11] Infrastructure and Industry - Policies focus on managing technology enterprise incubators and ensuring safety in the new energy vehicle sector, prohibiting "involution" competition among manufacturers[8] - The government plans to issue 500 billion yuan in loans for service consumption and elderly care to stimulate consumption[14] Financial Regulation - The China Securities Regulatory Commission is promoting the establishment of a growth tier on the Sci-Tech Innovation Board to lower the listing threshold for unprofitable companies[18] Trade Relations - China and the U.S. have confirmed details of the London Framework, with China approving certain controlled item export applications and the U.S. planning to lift some restrictions[20] Overseas Macro Policy - The Federal Reserve has maintained the benchmark interest rate at 4.25%-4.5%, with a projected GDP growth of 1.4% for 2025 and an inflation expectation of 3%[22] - There is an increasing divergence within the Federal Reserve regarding potential interest rate cuts, with discussions on the impact of tariffs on inflation[22] Market Trends - Major stock indices, including the S&P 500 and Nasdaq, saw increases of 3.44% and 4.25% respectively over the past week[25] - Brent crude oil prices fell by 14.05% to $67.77 per barrel, while gold prices decreased by 2.79% to $3,269.20 per ounce[25]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - New housing transaction area has increased month-on-month, while the year-on-year decline continues. The housing provident fund policies have been optimized in multiple regions [5][6] - The land transaction area has increased year-on-year, with a hot land auction market in Hangzhou, where all six residential land parcels sold at over 20% premium [5][42] - The issuance scale of domestic credit bonds has decreased year-on-year, indicating a tightening financing environment [8][47] Summary by Sections 1. Housing Market - In the 26th week of 2025, the transaction area of commercial residential properties in 68 cities was 3.62 million square meters, a year-on-year decrease of 37% but a month-on-month increase of 41%. Cumulatively, the transaction area from the beginning of the year to date is 62.44 million square meters, down 8% year-on-year [19][30] - The transaction area of second-hand houses in 20 cities was 2.12 million square meters, with a year-on-year growth rate of -5% [36] 2. Investment Sector - In the 26th week of 2025, 100 major cities launched land planning with a total area of 20.85 million square meters, and the transaction area was 23.18 million square meters, an increase of 1% year-on-year. The average transaction premium rate was 7.3% [42] - In Hangzhou, six residential land parcels were auctioned, totaling 178,983 square meters, with a total planning area of 388,218.2 square meters and a starting price of 11.585 billion yuan. All parcels were sold at over 20% premium, with three parcels exceeding 50% premium, generating a total revenue of 15.115 billion yuan [5][42] 3. Financing Sector - In the 26th week of 2025, the issuance of credit bonds was 4.49 billion yuan, a year-on-year decrease of 38% and a month-on-month decrease of 37%. The cumulative issuance scale was 175.16 billion yuan, down 20% year-on-year [8][47] 4. Market Performance - The real estate index rose by 3.07% in the week of June 23-27, 2025, outperforming the CSI 300 index, which increased by 1.95% [53]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights that the stablecoin theme has catalyzed a significant increase in the brokerage sector, with a notable 7.62% rise in the brokerage sector this week. The trading volume has shown a substantial increase, with daily average stock fund transaction amounting to 1.80 trillion, up 23.1% month-on-month. The brokerage sector is expected to maintain high prosperity in the mid-year reports, supported by low valuations and institutional underweighting [5][6] - The report emphasizes three main stock selection themes: retail brokers with strong earnings elasticity, Hong Kong Exchanges benefiting from IPO expansion and increased activity, and financial technology targets [5] Summary by Sections Non-Bank Financial Sector - The report indicates that the non-bank financial sector is experiencing a positive trend, with a focus on the brokerage segment due to improved trading activity and favorable macroeconomic conditions [5][6] - The insurance sector has shown improvement in premium growth, with life insurance premiums reaching 24,473 billion, up 3.72% year-on-year, and property insurance premiums at 6,129 billion, up 3.98% [6] Recommended and Beneficiary Stocks - Recommended stock combinations include Jiangsu Jinzheng, Hong Kong Exchanges, China Pacific Insurance, and others such as Dongfang Securities and China Life Insurance [7][8] - Beneficiary stocks highlighted in the report include Guosen Securities, CICC, and others [8]

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the real estate market policies are continuously tightening, creating investment opportunities in building materials. Recent policies from the central bank and local governments aim to support home purchases and improve safety in construction sites, indicating a shift towards a balanced supply-demand dynamic in the real estate market [3][4] - Recommended stocks in the consumer building materials sector include Sankeshu (channel penetration and retail expansion), Dongfang Yuhong (waterproof leader with optimized operational structure), Weixing New Materials (high-quality operations with a significant retail business), and Jianlang Wujin. Beneficiary stocks include Beixin Building Materials (gypsum board leader with diversified expansion in coatings and waterproof sectors) [3] - The report also notes that the National Development and Reform Commission has issued a plan for energy conservation and carbon reduction in the cement industry, aiming to control cement clinker capacity to around 1.8 billion tons by the end of 2025, which is expected to accelerate the iteration of energy-saving and efficient equipment [3][4] Market Performance - The building materials index increased by 2.41% in the week from June 23 to June 27, 2025, outperforming the CSI 300 index, which rose by 1.95%, resulting in a 0.46 percentage point advantage [4][13] - Over the past three months, the CSI 300 index has risen by 0.88%, while the building materials index has decreased by 3.79%, indicating a 4.67 percentage point underperformance [4][13] - In the past year, the CSI 300 index has increased by 13.29%, while the building materials index has only risen by 7.19%, showing a 6.11 percentage point underperformance [4][13] Cement Sector - As of June 27, 2025, the average price of P.O42.5 bulk cement nationwide was 284.72 yuan/ton, a decrease of 4.47% month-on-month. The price trends varied by region, with Northeast China seeing a significant drop of 21.95% [6][24] - The clinker inventory ratio reached 69.36%, an increase of 1.27 percentage points from the previous month [6][25] Glass Sector - The report indicates that the spot price of float glass as of June 27, 2025, was 1200.53 yuan/ton, reflecting a slight increase of 0.13%. The inventory of float glass decreased by 2.51%, with a total of 59 million weight boxes [6][75] - The average price of photovoltaic glass was 120.70 yuan/weight box, down by 3.44% [6][78] Fiberglass Sector - The report notes that the price of fiberglass remains stable, with various types of fiberglass priced between 3400 to 6600 yuan/ton depending on the type and region [6][3] Consumer Building Materials - The report tracks the prices of key raw materials for consumer building materials, noting slight fluctuations. For instance, the price of asphalt remained stable at 4520 yuan/ton, while the price of acrylic acid increased by 1.87% to 6825 yuan/ton [6][3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes a strong outlook for the global AI computing power industry chain, driven by advancements in AI applications and infrastructure [13][16] - The report highlights the increasing demand for computing power, particularly in the context of AI applications and the education sector, as evidenced by the surge in usage of the Quark system during the college entrance examination period [6][14] Summary by Sections 1. Investment Insights - The report discusses the launch of HiAgent 2.0 by Volcano Engine, which integrates development, operations, and testing processes for AI applications, enhancing efficiency and delivery [13] - The Quark system has generated over 3 million volunteer reports, indicating a significant spike in demand for computing resources, with Alibaba allocating 100 times more computing power than in 2024 to support this surge [6][14] - The report suggests that the acceleration of AI model iterations and improvements in inference performance will drive demand for AI computing resources across various sectors [15] 2. Investment Recommendations - The report identifies seven key industry directions for investment: AIDC data center construction, IT equipment, network devices, computing power leasing, cloud computing platforms, AI applications, and satellite internet & 6G [16][18] - Recommended stocks include New Idea Network Group, ZTE Corporation, and Unisplendour for AIDC data center construction and IT equipment [18][19] 3. Market Review - The communication index rose by 4.53% during the week of June 23-27, 2025, ranking second among TMT sectors [26] 4. Communication Data Tracking - As of April 2025, the total number of 5G base stations in China reached 4.439 million, with a net increase of 188,000 stations compared to the end of 2024 [27] - The number of 5G mobile phone users reached 1.081 billion, reflecting a year-on-year growth of 21.6% [27] - The report notes a slight decrease in the shipment of 5G mobile phones, with 19.889 million units shipped in April 2025, a year-on-year decrease of 1.7% [27]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [2] Core Insights - The report highlights the emergence of multiple promising weight loss drugs showcased at the 2025 ADA conference, focusing on AMYR and ActRII target drugs, which exhibit excellent clinical data and are expected to become core targets for future weight loss drug development [6][15] - The report emphasizes the potential of oral and ultra-long-acting drugs in the weight loss and glycemic control market, which are anticipated to open new incremental market opportunities [8][31] - The report recommends several pharmaceutical and biotechnology companies as investment targets, including Heng Rui Medicine, East China Medicine, and others across various segments such as CXO, research services, traditional Chinese medicine, raw materials, medical devices, and retail pharmacies [9] Summary by Sections 1. Weight Loss Drug Developments - The 2025 ADA conference showcased several potential pipeline drugs for weight loss, with a focus on AMYR and ActRII target drugs, which are expected to lead future developments in this area [15] - AMYR-targeted drugs, such as eloralintide from Eli Lilly, demonstrated superior efficacy and safety compared to GLP-1 drugs, indicating a promising future for this class of drugs [16][18] - ActRII-targeted drugs, particularly Bimagrumab, showed significant weight loss results, with 100% of weight loss coming from fat, suggesting a new standard for high-quality weight loss therapies [28][29] 2. Oral and Ultra-Long-Acting Drugs - The report identifies oral GLP-1RA drugs as a new trend in the weight loss and glycemic control market, with several companies presenting promising clinical data at the 2025 ADA conference [31][32] - The ultra-long-acting drug Maridebart cafraglutide demonstrated effective weight loss results with extended dosing intervals, enhancing patient compliance and treatment simplicity [33][34] 3. Recommended Investment Targets - The report lists various companies across different segments as recommended investment targets, including pharmaceutical and biotechnology firms, CXO companies, research service providers, traditional Chinese medicine manufacturers, raw material suppliers, medical device companies, and retail pharmacies [9]