Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the continuous optimism towards investment opportunities in stablecoins and AI applications, driven by recent regulatory advancements and significant growth in the AI sector [5][6][12][14] Summary by Sections Market Review - During the week of June 16-20, 2025, the CSI 300 index decreased by 0.45%, while the computer index fell by 1.83% [4][12] Stablecoin Developments - The U.S. Senate passed the Stablecoin Innovation Act, marking a significant step in regulatory legislation for stablecoins. This is complemented by the EU's Crypto Asset Market Regulation and Hong Kong's Stablecoin Ordinance, which is set to take effect on August 1, 2025. These developments are expected to foster a compliant and robust growth environment for the stablecoin industry [5][13] AI Application Growth - OpenAI reported an ARR of $10 billion in June 2025, nearly doubling year-over-year. Other AI tools like Cursor and Kuaishou also reported significant revenue growth, indicating a strong commercial momentum in AI applications across the U.S. and China [6][14] Investment Recommendations - For stablecoins and RWA, recommended companies include Longxin Group and Zhuoyi Information, with beneficiaries such as Sifang Jingchuang and Jinqiao Information. In AI applications, recommended companies include Kingsoft Office and iFlytek, with beneficiaries like Meitu and Hanbang High-Tech. In the computing power sector, recommended companies include Zhongke Shuguang and Chunzhi Technology [7][15]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the importance of identifying bottom opportunities in the liquor sector, with May retail sales data showing steady improvement [3][11] - The food and beverage index experienced a slight decline of 0.1% from June 16 to June 20, ranking 4th among primary sub-industries and outperforming the CSI 300 by approximately 0.3 percentage points [3][13] - The report highlights that the recent ban on alcohol consumption has significantly impacted liquor demand and market sentiment, leading to a continuous decline in stock prices. However, recent media clarifications have provided a slight rebound in the liquor sector [3][11] Summary by Sections 1. Weekly Insights - The liquor sector is focusing on bottom opportunities, with May retail sales data showing a steady upward trend [3][11] - The food and beverage index outperformed the market, with beer and liquor showing relative strength [3][11] 2. Market Performance - The food and beverage index had a decline of 0.1%, ranking 4th among 28 industries, with beer (+1.9%) and liquor (+1.1%) leading the performance [3][13] 3. Upstream Data - Some upstream raw material prices have decreased, which may alleviate cost pressures for beverage companies [16][33] 4. Liquor Industry News - The report notes that the liquor industry is currently in a bottoming phase, with expectations for gradual recovery as valuations become more attractive [4][12] 5. Recommended Companies - Recommended companies include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Wancheng Group, and Bairun Co. [5][12]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Viewpoints - The refrigerant market is experiencing an upward trend, supported by a well-defined business model and ongoing validation of industry logic [4] - The fluorochemical industry is entering a long-term prosperity cycle, with significant growth potential across the entire supply chain, from raw materials like fluorite to high-end fluorinated materials and fine chemicals [20] Summary by Sections 1. Fluorochemical Market Overview - The fluorite market is under pressure, with the average market price for 97% wet fluorite at 3,387 CNY/ton as of June 6, down 3.09% week-on-week and 9.85% year-on-year [6][17] - The market is characterized by weak demand and a surplus of supply, leading to a negative feedback loop that suppresses immediate purchasing needs [17][32] 2. Refrigerant Market Trends - As of June 20, refrigerant prices are on an upward trend: R32 at 52,000 CNY/ton (+0.97% week-on-week), R125 at 45,500 CNY/ton (unchanged), R134a at 48,500 CNY/ton (unchanged), R410a at 48,500 CNY/ton (unchanged), and R22 at 35,000 CNY/ton (-2.78%) [7][18][45] - The external trade market for refrigerants shows stability, with R32 external reference price at 51,000 CNY/ton (unchanged) and R22 at 32,000 CNY/ton (unchanged) [7][18] 3. Beneficiary Companies - Recommended beneficiary companies include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhou Bang [9][20]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights that the non-bank financial sector is expected to benefit from policy changes, particularly the marginal easing of IPO regulations on the Sci-Tech Innovation Board, which will favor brokerage investment banking and direct investment businesses [3] - The report emphasizes the importance of regulatory measures that link the dividend levels of insurance products to investment returns and risk ratings, which is expected to enhance the performance of large insurance companies [3] - The brokerage sector is anticipated to see continued growth in performance, supported by low valuations and institutional holdings, with a focus on retail brokers and financial technology companies [3] Summary by Sections Industry Trends - The non-bank financial sector is projected to outperform the overall market, with a focus on the positive impact of regulatory reforms and market conditions [1][3] - The average daily trading volume for stock funds was 1.46 trillion, showing a week-on-week decrease of 7.7% [3] Regulatory Developments - The China Securities Regulatory Commission (CSRC) has introduced new measures to deepen reforms on the Sci-Tech Innovation Board, which includes the establishment of a growth tier to support technology companies that are not yet profitable [3] - New regulations on the classification of brokerages aim to promote differentiated development and enhance the functional assessment of brokerages [3] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzheng, Hong Kong Stock Exchange, and China Pacific Insurance [4] - Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, and China Galaxy Securities [4]

2025 年 06 月 22 日 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：国企改革下相关企业增长潜力有望释放，关注低估值的北证国企股 2024 年 12 月 17 日，国务院国资委发布《关于改进和加强中央企业控股上市公 司市值管理工作的若干意见》，共九条。其中特别指出引导控股上市公司牢固树 立投资者回报意识，增加现金分红频次、优化现金分红节奏、提高现金分红比例； 推动中央企业和控股上市公司建立常态化股票回购增持机制，规范减持行为，积 极解决控股上市公司长期破净问题。截至 2025 年 6 月 20 日，北交所有 6 家央企， 21 家地方国企。从业绩情况来看， 2020-2024 年 27 家北证国企上市公司营收规 模从 156.55 亿元增长至 221.95 亿元，复合增速达 9.12%，其中 2025Q1 营收 50.48 亿元，同比增长 9.43%。2020-2024 年 27 家企业归母净利润规模从 18.61 亿元增 长至 22.19 亿元，复合增速达 4.50%，其中 2025Q1 归母净利润 4.30 亿元，同 ...

Group 1 - The report highlights that the escalation of geopolitical conflicts in the Middle East has led to a significant increase in international oil prices, with Brent crude oil futures exceeding $78.5 and WTI prices surpassing $77 on June 13, marking the largest daily increase since the Ukraine crisis began [2][10][11] - As of June 20, 2025, Brent crude oil prices reached $77.01 per barrel, reflecting an increase of $7.65 per barrel, or over 10%, since the onset of the Israel-Iran conflict [2][10] - The rising international energy prices are expected to benefit the oil and gas extraction industry, prompting domestic companies to increase capital expenditures, with the "Big Three" oil companies projected to have capital expenditures at historically high levels in 2024 [2][11][16] Group 2 - The report notes that the North Exchange's chemical new materials sector experienced a decline of 3.57% during the week, with the North Exchange 50 index closing at 1347.46 points, down 2.55% [3][18][19] - Specific companies within the chemical new materials sector, such as Ningxin New Materials and Keli Co., saw significant stock price increases of 46.75% and 25.26%, respectively, during the same week [3][24][25] - The report identifies several companies involved in oil and gas extraction, including Keli Co., Bingyang Technology, and Wande Co., which are positioned to benefit from the high oil prices and increased capital expenditures in the industry [2][16][17]

数据来源：聚源 -19% 0% 19% 38% 58% 77% 2024-06 2024-10 2025-02 非银金融 沪深300 相关研究报告 《科创板 IPO 边际宽松，利好券商投 行 、 直 投 业 务 — 行 业 点 评 报 告 》 -2025.6.18 非银金融 2025 年 06 月 22 日 投资评级：看好（维持） 非银金融 行业走势图 《关注陆家嘴金融论坛表态，港交所 受益于金融开放 — 行 业 周 报 》 -2025.6.15 《5 月新开户数延续增长，非银持续受 益于基准回补—行业周报》-2025.6.8 重视功能性，优化指标加分项，券商马太效应延续 ——券商分类评价新规点评 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 券商分类评价规定更新，重视功能性导向，完善制度框架 （1）监管导向重视功能性：新规明确"引导证券公司更好发挥功能作用，提升 专业能力"（第一条），根据服务实体经济和国家战略成效考察功能发挥状况，将 评价框架从传统的"风险管理+合规状况+业务 ...

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Views - The real estate market is showing marginal improvement, with a continued loose policy from both central and local governments. In May, the overall real estate market remained stable, with some indicators showing marginal improvement. Housing prices are experiencing a complex trend of "month-on-month decline, year-on-year decline narrowing." Data from the National Bureau of Statistics indicates that the sales prices of commercial and second-hand residential properties in various cities are declining month-on-month but showing a narrowing year-on-year decline. First-tier cities have relatively stable housing prices, with the lowest year-on-year decline in both commercial and second-hand residential prices. The inventory of real estate is slowly decreasing, particularly in first-tier and core second-tier cities, indicating a potential balance in supply and demand in the real estate market [3][4][6]. Summary by Sections Market Overview - The building materials index fell by 1.42% in the week from June 16 to June 20, 2025, underperforming the CSI 300 index by 0.97 percentage points. Over the past three months, the CSI 300 index has decreased by 2.18%, while the building materials index has dropped by 6.84%, underperforming by 4.66 percentage points. In the past year, the CSI 300 index has risen by 10.04%, while the building materials index has only increased by 1.99%, underperforming by 8.05 percentage points [4][13][19]. Cement Sector - As of June 20, 2025, the average price of P.O42.5 bulk cement nationwide was 296.97 yuan/ton, a month-on-month decrease of 2.55%. The price trends varied by region, with Northeast China down by 3.01%, North China down by 0.69%, East China down by 3.93%, South China down by 4.12%, Central China down by 0.33%, Southwest China down by 5.66%, and Northwest China remaining unchanged [6][24][25]. Glass Sector - As of June 20, 2025, the spot price of float glass was 1199.00 yuan/ton, down by 19.00 yuan/ton or 1.56% month-on-month. The average price of photovoltaic glass was 125.00 yuan/weight box, down by 2.30 yuan/weight box or 1.81% month-on-month [6][72][79]. Fiberglass Sector - The price of non-alkali 2400tex direct yarn is reported at 3400-4100 yuan/ton, with various other fiberglass products showing stable pricing trends. The market for non-alkali fiberglass is generally stable, with average prices holding steady across different product categories [6][15][17]. Consumer Building Materials - As of June 20, 2025, the price of crude oil was 78.40 USD/barrel, showing a week-on-week increase of 6.19%. The price of asphalt remained stable at 4290 yuan/ton, while acrylic acid was priced at 6750 yuan/ton, with a year-to-date decrease of 13.46% [6][19].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights recent positive developments in the high-quality weight loss sector, particularly focusing on myostatin pathway clinical trial results from Regeneron and Scholar Rock, which demonstrate significant reductions in lean body mass loss when combined with GLP-1 medications [4][12] - The pharmaceutical and biotechnology sector experienced a decline of 4.35% in the third week of June 2025, underperforming the CSI 300 index by 3.9 percentage points, ranking 29th among 31 sub-industries [5][16] - The report emphasizes the potential of Activin receptor drugs, such as Eli Lilly's Bimagrumab and Lai Kai's LAE-102, to retain lean body mass and even promote muscle gain, with promising safety and pharmacokinetic data [4][12] Summary by Sections 1. Recent Developments in Weight Loss Sector - Regeneron's myostatin antibody Trevogrumab combined with semaglutide showed a 50.8% reduction in lean body mass loss over 24 weeks, compared to a 7.9 lbs loss with semaglutide alone [4][12] - Scholar Rock's myostatin antibody Apitegromab combined with Tirzepatide demonstrated a 54.9% reduction in lean body mass loss [4][12] 2. Market Performance - The pharmaceutical and biotechnology sector's decline of 4.35% in June's third week was the largest among all sectors, with the vaccine sector experiencing the smallest drop of 0.4% [5][21] - Other sub-sectors, such as blood products and medical consumables, also faced declines, with the largest drop seen in other biological products at 6.7% [5][21] 3. Recommended Stocks - Recommended stocks include major pharmaceutical and biotechnology companies such as Heng Rui Medicine, East China Medicine, and Innovent Biologics, among others [6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The supply contraction has reached a point that supports the rise in pig prices, with the average price of live pigs in China at 14.19 CNY/kg as of June 19, 2025, showing a week-on-week increase of 0.18 CNY/kg but a year-on-year decrease of 4.05% [4][14] - The pet food sector is experiencing strong performance, particularly during the 618 shopping festival, with leading domestic brands achieving significant sales [6][22] - The investment logic for live pigs is improving marginally, driven by both fundamental and policy factors, with recommendations for companies such as Muyuan Foods, Wen's Foodstuffs, and others [6][30] Summary by Sections Supply and Price Trends - The supply gap in live pigs is expected to provide strong support for prices in June and Q3 2025, with forecasts indicating a continued upward shift in price levels [4][14] - The average weight of pigs being sold is 128.28 kg, with a week-on-week decrease of 0.54 kg but a year-on-year increase of 2.29 kg [5][17] Pet Food Market - In May 2025, China's pet food export value was 127 million USD, showing a year-on-year decrease of 0.39% but a month-on-month increase of 12.81% [6][22] - The average export price of pet food was 4.40 USD/kg, reflecting a year-on-year increase of 5.43% and a month-on-month increase of 8.69% [6][22] Market Performance - From June 13 to June 20, 2025, the agricultural index underperformed the broader market by 2.63 percentage points, with the agricultural index declining by 3.13% [7][33] - Notable stock performances included Bangji Technology (+24.71%), Xuelong Biological (+7.81%), and ST Jinggu (+3.77%) [7][33] Price Tracking - As of June 20, 2025, the average price of live pigs was 14.22 CNY/kg, up 0.20 CNY/kg from the previous week, while the price of piglets was 31.85 CNY/kg, down 1.04 CNY/kg [8][45] - The price of corn futures was 2407.00 CNY/ton, reflecting a week-on-week increase of 1.56% [41][55]