Investment Rating - The investment rating for the semiconductor industry is "Positive" (maintained) [1] Core Insights - The semiconductor industry is expected to see a recovery in downstream demand, leading to improved market conditions [3] - The domestic high-end semiconductor packaging and testing leader, Shenghe Jingwei, has entered the guidance acceptance stage for its IPO, focusing on mid-stage silicon wafer manufacturing and advanced packaging [3] - The global semiconductor packaging materials market is estimated to be approximately $21.98 billion in 2023, with a domestic localization rate of about 15% for semiconductor materials and less than 30% for packaging materials [4] Summary by Sections - **Shenghe Jingwei's IPO**: Shenghe Jingwei's IPO guidance status has changed to acceptance, with its 12-inch high-density bumping processing and packaging capabilities reaching world-class levels. The company is also developing advanced three-dimensional system integration chip business [3] - **Market Size and Localization**: The global semiconductor packaging materials market is valued at $21.98 billion, with significant portions allocated to various materials. The localization rate for semiconductor materials in China is around 15%, and for packaging materials, it is less than 30% [4] - **Key Materials and Beneficiaries**: Various materials critical to advanced packaging processes are identified, including electroplating solutions, PSPI, photoresists, polishing materials, masks, and target materials, with specific companies highlighted as beneficiaries [6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The solid-state battery industry is experiencing continuous catalytic events and accelerated industrialization progress, supported by ongoing government policies and improved industry standards [5][14][15] - The demand for solid-state batteries is steadily increasing, with high-performance materials leading the way in industrialization [6][23] Summary by Sections Section 1: Industry Catalysts and Progress - Since 2025, the solid-state battery industry has seen significant policy support, with the release of mandatory national standards and advancements in product development by related companies [14][15] - Key events include the announcement of the first fully solid-state battery experimental line by Guoxuan High-Tech, achieving 100% localization of core equipment and a design capacity of 0.2 GWh [16][20] Section 2: Demand and Material Development - The main challenge for solid-state batteries is high production costs, making cost reduction of high-performance materials a priority [6][23] - Companies like Guanghua Technology and Changyang Technology are making significant progress in material development, with Guanghua's lithium sulfide production capacity expected to expand from 300 tons to 3000 tons [23][24] - Dao's Technology has successfully developed a solid-state electrolyte with a conductivity of 1 mS/cm, reaching kilogram-level production [24][27] Section 3: Beneficiary Companies - Several companies are positioned to benefit from the solid-state battery industry's growth, including: - Guanghua Technology: Focused on lithium sulfide production with a current capacity of 300 tons [28] - Changyang Technology: Specializes in high-performance separators for solid-state batteries [28] - Dao's Technology: Engaged in multiple material solutions for solid-state batteries [28] - Shanghai Xiba: Involved in solid-state electrolyte and silicon-based anode materials [28] - Black Cat: Produces conductive carbon black with a capacity of 30,000 tons [28]

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company, Zhongsheng Pharmaceutical, has a solid foundation in traditional Chinese medicine and is innovating to drive future growth. The company has established a development strategy focusing on traditional Chinese medicine as the base, innovation as the lead, and specialty as the focus. The product pipeline is rich and diverse, covering major therapeutic areas such as cardiovascular, respiratory, ophthalmology, and digestion [4][14] - The company is expected to see steady growth in its traditional Chinese medicine segment and significant potential from its innovative drug pipeline. The projected net profits for 2025-2027 are estimated at 308 million, 345 million, and 392 million yuan, respectively, with corresponding EPS of 0.36, 0.41, and 0.46 yuan [4][6] Summary by Sections Company Overview - Zhongsheng Pharmaceutical was established in 1979 and officially restructured in 2001, becoming a top 100 pharmaceutical company in China. It focuses on drug research, production, and sales, with key products including the Compound Xue Shuan Tong series, Nao Shuan Tong capsules, and Zhongsheng pills [4][14] Business Structure and Strategy - The company has formed a sustainable business structure with innovative drugs as the leading development driver, traditional Chinese medicine as the business foundation, and chemical generic drugs as beneficial support. The core products are expected to maintain steady growth despite short-term challenges from price reductions due to centralized procurement [5][30] Financial Performance and Forecast - The company's revenue for 2023 was 2,611 million yuan, with a projected increase to 2,802 million yuan in 2025, reflecting a year-on-year growth of 13.5%. The net profit is expected to recover from a loss in 2024 to 308 million yuan in 2025, with a net profit margin of 11% [7][30] - The gross margin for 2024 is projected at 56.1%, with a net margin of 11.0%. The company has effectively controlled its expense ratios, which are expected to further decline as the innovative pipeline matures [7][30] Product Pipeline and Innovation - The innovative drug pipeline focuses on major indications, including COVID-19, influenza, weight loss, and MASH. Key products include the globally first peptide-based 3CL inhibitor for COVID-19, which was conditionally approved in March 2023, and an influenza treatment approved in May 2025 [6][14] - The company has a rich product pipeline that covers various diseases and promotes departmental collaboration, enhancing its competitive edge in the market [32][35] Market Position and Competitive Advantage - The company has established a strong market position with its core products, particularly the Compound Xue Shuan Tong series, which has seen a significant increase in market share due to its clinical evidence and academic promotion efforts [36][38] - The sales of the Compound Xue Shuan Tong capsules are expected to stabilize and grow, benefiting from demographic trends and the increasing demand for chronic disease treatments [36][39]

Investment Rating - Investment rating for the industry is "Positive" (maintained) [1] Core Views - The industry is experiencing a dual high growth in store efficiency and number of stores, particularly in the tea and coffee sectors, with significant increases in average store efficiency [27][31][38] - The OTA (Online Travel Agency) market is characterized by high barriers to entry, making it difficult for new entrants like JD to disrupt established players [12][21] - The toy and trendy play market is seeing substantial growth, with brands like Pop Mart leading in sales during promotional events [22][23] Summary by Relevant Sections Travel and Tourism - JD announced an expansion in its OTA layout, launching a "Hotel PLUS Membership Plan" to enhance its hotel booking services [12] - The OTA market is difficult to penetrate due to high customer loyalty and established service standards [21] Trendy Play - During the 618 promotional period, the toy and trendy play sector saw significant sales growth, with Pop Mart topping the sales charts [22][23] - The market for trendy toys is thriving, with numerous brands achieving triple-digit growth in sales [22] Tea and Coffee - As of May 2025, there are 515,500 tea shops in China, with a net increase of 29,300 shops in May alone, and the average monthly store efficiency for tea shops is 212,200 yuan, up 7.6% year-on-year [31][38] - The coffee sector also shows positive trends, with 179,600 coffee shops and an average monthly store efficiency of 503,100 yuan, also reflecting a 7.6% year-on-year increase [31][38] - Major brands like Mixue Ice City and Luckin Coffee are expanding rapidly, with significant net increases in store numbers [37][38]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The gaming industry is entering a recovery phase, with a 9.9% year-on-year growth in the Chinese gaming market as of May 2025, driven by new game releases and upcoming summer titles [5] - AI applications are accelerating in various sectors, including content creation, entertainment, education, and e-commerce, with significant advancements in AI models and tools [4][5] - The report emphasizes the importance of focusing on mid-year performance and new content releases to capitalize on emerging consumer trends in IP [5] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of June 21, 2025 [12][16] - The film "Sauce Garden Case" achieved a weekly box office of 1.37 billion [28] AI Evolution Driving Industry Change - Multiple large AI models have been released or upgraded, enhancing capabilities in various applications [35] - The introduction of the MiniMax-M1 model signifies a shift towards efficient, low-cost AI solutions with strong reasoning capabilities [38] Gaming Sector Insights - The mobile gaming market saw a 12.0% year-on-year growth, with self-developed games generating overseas revenue increasing by 6.9% [5] - New game launches and summer releases are expected to boost the gaming sector's performance in Q2 and Q3 [5] Recommendations for Investment - Key recommendations include Tencent Holdings and Kuaishou-W for large models/agents, with Alibaba-W and SenseTime-W as beneficiaries [4] - The report suggests focusing on mid-year earnings and new content to drive investment in IP new consumption sectors, including gaming, short dramas, films, and trendy toys [5]

Group 1: Macroeconomic Insights - In May, the national general public budget revenue was 16,007 billion yuan, while expenditure was 19,372 billion yuan, indicating a focus on increasing spending in technology and livelihood sectors [4][5] - Public fiscal revenue growth slowed, with a year-on-year increase of only 0.13% in May, down 1.76 percentage points from the previous value [4][5] - Government fund income decreased by 8.2% year-on-year in May, with land transfer income dropping by 15% [6] Group 2: Investment Strategies - The A-share market has been in a narrow range, with the Shanghai Composite Index fluctuating between 3,300 and 3,400 for nearly two months, indicating a lack of strong market momentum [10][11] - Investment strategies suggest focusing on sectors with high growth potential, such as consumer goods, technology, and stable dividend-paying stocks [12][13][14] Group 3: Industry Performance - The retail sector saw a significant increase in sales during the 618 shopping festival, with total e-commerce sales reaching 8,556 billion yuan, a year-on-year increase of 15.2% [21][25] - The food and beverage sector showed resilience, with the food and beverage index declining only 0.1%, outperforming the broader market [45][47] - The real estate sector is experiencing a recovery, with new and second-hand housing transaction areas increasing month-on-month, supported by favorable policies in cities like Xi'an [29][30][31] Group 4: Specific Company Insights - The REITs market is gaining traction, with the first batch of data center REITs registered, indicating a growing interest in this investment vehicle [50][51] - Companies in the beauty and personal care sector, such as international brands and domestic leaders, are showing strong performance during promotional events [21][48]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The 618 shopping festival saw a total e-commerce sales of 855.6 billion yuan, representing a year-on-year growth of 15.2% [23][24] - The beauty sector performed well during the 618 festival, with total GMV across four major platforms reaching 65.9 billion yuan, growing over 10% year-on-year [23][24] - International high-end beauty brands showed signs of recovery, with brands like Lancôme and Estée Lauder maintaining strong positions on platforms like Tmall and Douyin [32] Summary by Sections Retail Market Overview - The retail industry index closed at 2062.20 points, down 2.75% for the week, underperforming the Shanghai Composite Index by 2.24 percentage points [5][14] - The retail sector has seen a year-to-date decline of 7.89%, lagging behind the overall market performance [14][17] 618 Shopping Festival Insights - The 618 shopping festival was extended to the longest duration in history, from May 13 to June 20, 2025 [23] - Tmall's GMV during the festival grew by 10%, marking the largest increase in three years, with 453 brands achieving over 100 million yuan in sales [24][29] - Douyin's e-commerce saw over 60,000 brands doubling their sales, with more than 2,000 products exceeding 10 million yuan in sales [24][29] Investment Recommendations - Focus on high-quality companies in high-growth sectors driven by emotional consumption themes, particularly in gold and jewelry, offline retail, cosmetics, and medical aesthetics [6][35] - Recommended companies include Lao Pu Gold, Chao Hong Ji, Mao Ge Ping, and Pei Lai Ya, among others [38] Company Performance Highlights - Lao Pu Gold reported a revenue of 8.506 billion yuan for FY2024, up 167.5%, with a net profit increase of 253.9% [37] - Mao Ge Ping achieved a revenue of 3.885 billion yuan for FY2024, growing by 34.6%, with a net profit increase of 33% [37] - Pei Lai Ya's revenue for 2024 was 10.778 billion yuan, up 21%, with a net profit increase of 30% [37]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to perform well due to the downward pressure on bond market interest rates, enhancing the attractiveness of REITs as high-dividend, medium-low risk assets. The anticipated increase in social security and pension fund investments is expected to further improve the cost-effectiveness of allocations in this sector [3][5]. Market Overview - As of the 24th week of 2025, the CSI REITs (closing) index was 893.99, up 12.93% year-on-year and 0.87% month-on-month. The CSI REITs total return index was 1124.63, up 20.46% year-on-year and 0.88% month-on-month. Year-to-date, the REITs index has increased by 18.18%, outperforming the CSI 300 index, which has risen by 12.11%, resulting in an excess return of +6.07% [3][5][15][19]. Trading Volume and Performance - The trading volume of the REITs market reached 590 million shares, a year-on-year increase of 27.43%, with a transaction value of 2.844 billion yuan, up 42.06% year-on-year. The turnover rate for the period was 3.01%, down 11.73% year-on-year [3][26][32]. - In the 25th week, the weekly performance of various REITs sectors was as follows: affordable housing REITs rose by 5.32%, environmental REITs by 1.32%, while highway REITs fell by 0.60% [40][58]. Sector Performance - The one-month performance for the sectors was: affordable housing +8.21%, environmental +2.36%, highway +2.08%, industrial park +1.16%, warehousing and logistics +2.41%, energy +4.44%, and consumer +4.05% [40][58]. Upcoming Developments - The first batch of data center REITs has been registered, and public bidding for two 5A scenic area REITs has commenced. The Southern Runze Technology Data Center REIT has received approval from the China Securities Regulatory Commission, marking it as the first data center REIT on the Shenzhen Stock Exchange [4][12][13].

计算机 2025 年 06 月 22 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -22% 0% 22% 43% 65% 86% 2024-06 2024-10 2025-02 计算机 沪深300 相关研究报告 《巨头陆续入局，稳定币前景可期— 行业点评报告》-2025.6.16 《重视AI应用和稳定币投资机会—行 业周报》-2025.6.15 《周观点：AI 创新持续涌现—行业周 报》-2025.6.8 跨境通上线，重视跨境支付机会 ——行业点评报告 | 陈宝健（分析师） | 刘逍遥（分析师） | | --- | --- | | chenbaojian@kysec.cn | liuxiaoyao@kysec.cn | | 证书编号：S0790520080001 | 证书编号：S0790520090001 | liuxiaoyao@kysec.cn 证书编号：S0790520090001 跨境支付通正式上线，内地与香港金融基础设施成功实现互联互通 6 月 20 日上午，中国人民银行与香港金融管理局联合举办内地与香港快速支付 系统互联互通启动仪式。6 月 22 日，跨境支付通正式上线，全国首笔跨境支 ...

Investment Rating - The industry investment rating is maintained as "Positive" [1] Core Viewpoints - The new and second-hand housing transaction area has increased month-on-month, with policies in Xi'an allowing provident fund payments for new home down payments, which is expected to stimulate market activity [4][5] - The report indicates a weak recovery trend in the new housing market, with a focus on stabilizing the real estate market through supportive fiscal and monetary policies [4][6] - The report highlights that land transaction areas have increased month-on-month, with a notable performance in the Shanghai land auction market [6][37] Sales Sector Summary - In the 25th week of 2025, the transaction area of residential properties in 68 major cities was 2.48 million square meters, a year-on-year decrease of 23% but a month-on-month increase of 7% [18][32] - The cumulative transaction area from the beginning of the year to date in 68 cities reached 58.75 million square meters, with a year-on-year decline of 6% [18] - The transaction area of second-hand homes in 20 cities was 2.09 million square meters, with a year-on-year growth rate of -5% [32] Investment Sector Summary - In the 25th week of 2025, 100 major cities launched land planning areas totaling 23.36 million square meters, with a transaction area of 20.71 million square meters, reflecting a year-on-year decrease of 3% [37] - The average transaction premium rate was 1.5%, with notable land sales in cities like Shanghai and Guangzhou [37] Financing Sector Summary - In the 25th week of 2025, the issuance of credit bonds reached 7.88 billion yuan, a year-on-year increase of 126% [45] - The cumulative issuance of credit bonds was 178.75 billion yuan, showing a year-on-year decrease of 16% [45]