Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The real estate market continues to show signs of weak recovery, with sales data in May indicating a slight improvement compared to April [8] - The overall sales area of commercial housing in the first five months of 2025 decreased by 2.9% year-on-year, with sales amounting to 3.41 trillion yuan, down 3.8% year-on-year [5][14] - The new housing market is expected to maintain a weak recovery trend in June, driven by increased marketing efforts from real estate companies and a rise in supply [32] Summary by Sections Sales Data - In the first five months of 2025, the national commercial housing sales area was 353 million square meters, with a year-on-year decrease of 2.9% [5][14] - The sales area in May alone saw a year-on-year decline of 3.3%, while the sales amount dropped by 6.0% [5][14] - The average sales price in May decreased by 2.8% year-on-year but increased by 2.5% month-on-month, indicating a trend of price adjustments [5][14] Construction Data - The new housing starts in the first five months of 2025 totaled 232 million square meters, down 22.8% year-on-year [6][21] - The completion area for housing was 184 million square meters, reflecting a year-on-year decline of 17.3% [6][21] Investment Trends - Real estate development investment in the first five months of 2025 reached 3.62 trillion yuan, down 10.7% year-on-year [7][24] - The funding available to real estate developers decreased by 5.3% year-on-year, with various funding sources showing significant declines [28][29] Investment Recommendations - Recommended stocks include strong credit real estate companies that understand customer demand, such as Greentown China, China Overseas Development, and China Merchants Shekou [32] - Companies benefiting from both real estate recovery and consumption promotion policies include China Resources Land and Longfor Group [32]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The automotive industry is experiencing intensified competition, with companies committing to optimize supplier payment terms, which is expected to lead to a more standardized industry [5][24] - The high-end vehicle market is showing a favorable competitive landscape, with domestic automakers improving their product offerings and profitability [5][26] - There is a strong outlook for leading manufacturers in intelligent driving and component companies transitioning to robotics, with significant growth opportunities anticipated [5][26] Summary by Sections Industry Trends - The automotive sector has seen a 0.85% decline this week, ranking 20th among primary industries, while the cumulative increase since 2025 is 7.83%, ranking 4th [14][13] Recent Developments - Multiple automakers have pledged to limit supplier payment terms to no more than 60 days, alleviating cash flow pressures for suppliers and promoting healthy industry development [5][33] - The Ministry of Industry and Information Technology supports the 60-day payment commitment from automakers, emphasizing its importance for sustainable industry growth [33] Investment Recommendations - Recommended automakers include XPeng Motors, SAIC Motor, BYD, Changan Automobile, Great Wall Motors, and Leap Motor, with component companies like Huayang Group, Desay SV, and Junsheng Electronics highlighted for their growth potential [7][37]

行业走势图 化债对信贷影响或减弱，资金延续活化 ——行业点评报告 2025 年 06 月 16 日 投资评级：看好（维持） 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-06 2024-10 2025-02 银行 沪深300 相关研究报告 《本轮存款降息的成因与影响—银行 0520 下 调 存 款 挂 牌 利 率 点 评 》 -2025.5.23 《低基数下的大行存贷增速差改善— 4 月 央 行 信 贷 收 支 表 要 点 解 读 》 -2025.5.15 《存款读数改善，政府债提速支撑社 融—4 月金融数据点评》-2025.5.14 刘呈祥（分析师） 丁黄石（分析师） liuchengxiang@kysec.cn dinghuangshi@kysec.cn 证书编号：S0790524040004 需求端及政策影响信贷读数，化债对信贷替代未来或减弱 5 月人民币贷款新增 6200 亿元，同比少增 3300 亿元，余额同比增速 7.1%，较 4 月下降 0.1pct。Q1 开门红过后，4、5 月信贷数据延续放缓，需求端及政策面 均影响读数。需求层面，信贷仍以短贷冲量为主，人民币中长 ...

计算机 2025 年 06 月 16 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -38% -19% 0% 19% 38% 58% 77% 2024-06 2024-10 2025-02 计算机 沪深300 相关研究报告 《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 《稳定币巨头 Circle 成功 IPO，持续关 注数字货币 — 行 业 点 评 报 告 》 -2025.6.7 巨头陆续入局，稳定币前景可期 稳定币巨头 Circle 于 6 月 5 日在美国纽交所（NYSE）成功上市，这是稳定币领 域的首个 IPO，上市以来股价继续上涨，截至 6 月 13 日市值达 295 亿美金。Circle 成立于 2013 年 10 月，由 Jeremy Allaire 和 Sean Neville 创立，2018 年 Circle 与 Coinbase 共同创立 Centre 联盟推出 USDC，由美元 1:1 担保，对标泰达公司 （Tether）的 USDT。2023 年，Centre 联盟解散，Circle 成为 USD ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the strong growth in the creative tools market driven by AI, with the global creative cloud market expected to grow from $63 billion in 2024 to $91 billion by 2027, achieving a CAGR of 13% [18][21] - The traditional Chinese medicine (TCM) beauty sector is emerging as a new trend, with the market projected to exceed 50 billion yuan in 2024, reflecting an annual growth rate of over 15% [48][59] Summary by Sections 1. Trend in Toy Sales - In May 2025, online sales of trendy toys reached 1.219 billion yuan, marking a 16% year-on-year increase [10] - Specific categories such as plush toys and blind boxes showed significant growth, with increases of 40% and 52% respectively [10][11] 2. Creator Economy Focus - The global creative cloud market is projected to grow significantly, with a user base of approximately 900 million creators [25] - Canva, a leading visual communication platform, is expected to generate $2.7 billion in revenue in 2024, with a user base growing to 220 million [28][37] - The introduction of Aippy by Chi Zi Cheng Technology aims to cater to the creator economy, targeting small business owners and content creators [39] 3. TCM Beauty Market - The TCM beauty market is experiencing high demand, with a projected market size of over 50 billion yuan in 2024, driven by holistic approaches to beauty [48][59] - Guo Shengtang, a leading TCM healthcare service provider, is expanding its presence with 79 stores and plans for international expansion [59] 4. Industry Performance - The A-share social service sector outperformed the market, with a 0.01% increase in the social service index from June 9 to June 13, 2025 [5] - The report recommends several stocks across various sectors, including tourism, education, and beauty care, indicating a diversified investment approach [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [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, the "asset shortage" logic, and the expected entry of social security and pension funds into the market [3][5][6] Market Overview - As of the 24th week of 2025, the CSI REITs (closing) index was 886.31, up 11.69% year-on-year and up 0.51% month-on-month; the CSI REITs total return index was 1114.86, up 18.95% year-on-year and up 0.69% month-on-month [5][15][20] - The trading volume of the REITs market reached 595 million shares, a year-on-year increase of 21.18%; the trading amount reached 2.74 billion yuan, a year-on-year increase of 43.08% [27][29][32] Sector Performance - Weekly and monthly performance of various REITs sectors for the 24th week of 2025: - Affordable housing REITs increased by 2.45% weekly and 4.57% monthly - Environmental REITs increased by 0.70% weekly and 1.24% monthly - Highway REITs increased by 0.02% weekly and 5.08% monthly - Industrial park REITs increased by 0.88% weekly and 1.29% monthly - Warehousing and logistics REITs increased by 0.50% weekly and 3.56% monthly - Energy REITs increased by 0.54% weekly and 4.81% monthly - Consumer REITs increased by 0.52% weekly and 3.91% monthly [38][52]

Group 1 - The report indicates that the North Exchange has accelerated its IPO approvals, with a total of 9 companies approved from January to June 2025, suggesting an increase in listing pace as companies finalize their 2024 annual reports [3][11]. - The average number of effective online subscription accounts reached 460,100, with an average of 475.2 billion yuan in frozen funds during the same period, reflecting heightened market activity [3][12]. - The average fundraising amount per company in the North Exchange for the first half of 2025 was 396 million yuan, representing a 94.55% increase compared to 2024, indicating a trend towards larger fundraising efforts [3][20]. Group 2 - The North Exchange's overall PE ratio decreased to 50.12X, with the North 50 Index closing at 1,382.74 points, down 0.71% for the week, highlighting a volatile market environment [4][30][32]. - The report notes that 143 companies in the North Exchange have a PE ratio exceeding 45X, with 71 companies exceeding 105X, indicating a significant portion of the market is highly valued [4][35]. - The average maximum online subscription limit was 9.81 million yuan, with a notable increase to 16.13 million yuan in the first half of 2025, suggesting improved investor capacity for participation [3][24]. Group 3 - The report highlights that from January 1, 2024, to June 13, 2025, the average subscription rate for companies raising over 200 million yuan was 0.14%, compared to 0.06% for those raising less, indicating a correlation between fundraising size and subscription success [3][17]. - The average subscription threshold for 100 shares was 1.5827 million yuan, which increased to 1.8591 million yuan in the first half of 2025, reflecting rising entry costs for investors [3][27]. - The report emphasizes the importance of focusing on companies with reasonable valuations and strong performance potential, particularly those that align with new industrial and technological trends [4][44].

Core Insights - The report highlights the recent performance of various industries, with notable growth in the oil and petrochemical sector, while the beauty care and media sectors experienced significant declines [2][3][4] - The macroeconomic environment is influenced by the recent U.S.-China dialogue, which aims to enhance cooperation and stabilize trade relations [6][8] - The real estate market shows signs of recovery, particularly in Guangzhou, where restrictions have been lifted to stimulate housing demand [22][24] Industry Analysis Real Estate and Construction - New housing and second-hand housing transaction areas have increased month-on-month, with Guangzhou fully lifting purchase and sale restrictions [22][23] - The government is expected to maintain a supportive stance towards the real estate market, with more positive fiscal and monetary policies anticipated [22][24] Agriculture, Forestry, Animal Husbandry, and Fishery - The CPI has been declining for four consecutive months, impacting pork prices, which are expected to stabilize despite short-term pressures [28][29] - The report suggests that policies will be implemented to control pork supply and support price increases, which may affect the overall CPI [29][30] Food and Beverage - The food and beverage sector has seen a decline, with a focus on new product launches such as whiskey and the growth potential of konjac products [37][38] - The konjac segment is identified as a rapidly growing niche within the snack food market, driven by health trends [38][39] Pharmaceuticals - SYS6010 is highlighted as a promising broad-spectrum anti-tumor drug, with early clinical data showing positive results for NSCLC treatment [41][42] - The drug is in the registration phase for NSCLC in China and has received multiple designations from regulatory bodies, indicating its potential in the market [42][43] Communication and Technology - The report discusses advancements in AI and cloud computing, with significant investments from companies like Oracle and ByteDance, indicating a robust growth trajectory for the AIDC industry [46][47][49] - The domestic AI industry is expected to benefit from increased demand and technological advancements, with several companies positioned to capitalize on these trends [49]

Domestic Macro Policy - China and the US have reached a framework to implement the consensus from the Geneva talks, emphasizing the importance of professional and rational communication between both sides[5] - The State Council has initiated measures to replicate and promote pilot programs from the China (Shanghai) Free Trade Zone, focusing on new models for real estate development[3] - The central government is pushing for state-owned capital to concentrate in key industries related to national security and the economy's lifeblood[13] Monetary Policy - The People's Bank of China (PBOC) may consider further reserve requirement ratio (RRR) cuts to ensure liquidity remains reasonably ample in the second half of the year[4] - A 1 trillion yuan reverse repurchase operation was announced to maintain liquidity in the banking system, with a total of 4.2 trillion yuan in interbank certificates maturing in June[16] Consumption and Regulation - Local authorities are intensifying regulation of trade-in programs due to frequent cases of subsidy fraud, with measures in place until December 31, 2025[4] - The regulatory emphasis includes strict compliance checks on pricing and promotional practices to prevent fraudulent activities[18] Financial Regulation - Financial regulatory policies are increasingly focused on enhancing financial support for technological innovation and refining new insurance contract accounting standards[19] - The government encourages banks to collaborate with investment institutions to support early-stage, small, long-term, and hard technology investments[21] International Trade - The US has raised tariffs on imported steel and aluminum products from 25% to 50%, effective June 4, 2025, impacting various consumer goods[27] - The first meeting of the China-US economic and trade consultation mechanism took place in London, with both sides expressing a commitment to deepening cooperation[22]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has a rich pipeline in small nucleic acids and mRNA, marking the beginning of an innovative transformation [4] - The company has established an international R&D team of over 500 people and built eleven major technology platforms focusing on nucleic acid drugs, cell and gene therapy drugs, peptide drugs, high-end traditional Chinese medicine, and AI drug development [4] - The company is optimistic about the long-term development potential brought by its innovative pipeline layout despite short-term performance pressure during the transformation period [4] Financial Summary and Valuation Indicators - The company's projected net profit for 2025-2027 is expected to be 0.51 billion, 2.06 billion, and 5.61 billion respectively, with corresponding EPS of 0.11, 0.46, and 1.25 [4][7] - The current stock price corresponds to a PE ratio of 151.4 for 2025, 37.7 for 2026, and 13.8 for 2027 [4][7] - Revenue for 2025 is projected at 3.545 billion, with a year-over-year decline of 6.3%, followed by a recovery in 2026 and 2027 with growth rates of 35.1% and 24.7% respectively [7][9]