Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [1] Core Insights - The flu virus is a highly pathogenic pathogen, and the development of new mechanism drugs is imperative [4] - The flu is a common respiratory infectious disease with a high transmission rate, affecting approximately 1 billion people globally each year, with 300,000 to 500,000 severe cases and 290,000 to 650,000 deaths due to flu-related respiratory diseases [4][15] - The domestic flu drug market has exceeded 10 billion yuan, with Oseltamivir holding over 80% market share, while Baloxavir has seen rapid growth from 0.07 billion yuan in 2022 to 0.63 billion yuan in 2023 [6][36] Summary by Sections 1. Flu Virus and Drug Development - The flu virus is categorized into four types: A, B, C, and D, with A and B being the primary types responsible for widespread outbreaks [17][20] - The main drug targets during flu infection include the surface proteins Hemagglutinin (HA) and Neuraminidase (NA), with RNA polymerase inhibitors emerging as the mainstream research target in antiviral drug development [5][26] 2. Market Dynamics - The flu drug market in China is projected to grow significantly, with new domestic drugs expected to launch in 2025, enhancing sales potential and company performance [7][36] - The sales of flu drugs in the domestic market reached 11.405 billion yuan in 2023, with Oseltamivir accounting for 86.48% of the market share [36] 3. Investment Recommendations - Recommended stocks include Jichuan Pharmaceutical and Health元, with beneficiaries including Zhongsheng Pharmaceutical and Xiansheng Pharmaceutical [7]

Group 1: AH Premium Dynamics - The report discusses the current state of the AH premium, indicating that it has significantly narrowed and may have further room to decline, potentially returning to the lower levels seen between 2016-2019 [1][10][30] - The narrowing of the AH premium is attributed to two main factors: a record net inflow of southbound funds and a temporary improvement in liquidity conditions, which have alleviated pressure on H-share valuations [1][10][24] - The report highlights that as of June 12, 2025, the AH premium index was at 128.05, notably below the established mid-point of 140.68 since 2020, with the overall premium of A-shares over H-shares dropping to 27%, a five-year low [10][12][30] Group 2: Consumer Sector Insights - The report emphasizes that the core driver of the current consumer market rally is not merely a dichotomy between "new consumption" and "traditional consumption," but rather a deeper structural change, with Delta G (marginal change in profit growth) being a key indicator [2][32][36] - Three investment themes are proposed based on Delta G: focusing on sectors with improved economic forecasts, sectors with significant upward revisions in profit forecasts, and industries showing signs of profit recovery, particularly those transitioning from negative to positive growth [2][41][56] - Specific sectors highlighted for their structural opportunities include beverages, e-commerce, motorcycles, personal care products, and packaging, with notable profit growth expected in these areas [2][41][56] Group 3: Investment Strategy Recommendations - The report suggests a diversified investment strategy focusing on domestic consumption, technology growth, cost improvement sectors, and structural opportunities in international markets, particularly in light of easing geopolitical risks [3][64] - The recommended sectors for investment include clothing, automobiles (including electric two-wheelers), general retail, personal care products, food and beverage, and new retail, with a focus on areas showing marginal profit growth improvement [3][64] - The report also advises caution regarding exposure to high geopolitical risk sectors, suggesting a preference for stable dividend stocks and gold as long-term holdings [3][64]

Group 1 - 17 automotive companies have committed to a payment term of no more than 60 days, highlighting the focus on scarce automotive parts in the North Exchange [2][12][13] - The current automotive industry chain in the North Exchange consists of 24 companies, with a total market capitalization of 63.517 billion [15][12] - Lin Tai New Material (920106.BJ) provides wet-type paper-based friction plates for automatic transmissions, with significant collaboration with leading domestic brands like BYD [17][18] Group 2 - The high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology sectors showed average weekly changes of +1.58%, -1.39%, +3.00%, +0.83%, and -2.30% respectively [3][23] - The median price-to-earnings (P/E) ratio for the high-end equipment sector decreased to 44.3X, while the chemical new materials sector's median P/E ratio increased to 44.1X [24][27] Group 3 - In the technology new industry, 61 out of 149 companies saw an increase, with a median price change of -1.06%, and the total market capitalization rose from 459.574 billion to 460.324 billion [4][39] - The median P/E ratio for the technology new industry increased from 54.8X to 54.9X [38][39] Group 4 - The automotive sector's median P/E ratio rose to 35.7X, with companies like Tongxin Transmission (833454.BJ) and Huayang Transmission (839946.BJ) showing significant market performance [51][53] - The information technology sector's median P/E ratio decreased to 93.6X, with companies like Luqiao Information (837748.BJ) and Huaxin Yongdao (837592.BJ) leading in market performance [56][49] Group 5 - Recent announcements include Biyang Technology winning a bid for 518,100 tons of quartz sand for hydraulic fracturing, and Oputai establishing a third-party testing agency [57]

油煤比大幅走扩，煤价拐点渐近重视煤炭配置 ——行业周报 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-06 2024-10 2025-02 煤炭 沪深300 相关研究报告 《焦煤期货大涨和动力煤去库，否极 泰来重视煤炭配置 —行业周报》- 2025.6.8 《国内及蒙古焦煤临近成本线，焦煤 加速探底或近底部—行业点评报告》 -2025.6.4 《煤价企稳和环渤海港去库，否极泰 来 重 视 煤 炭 配 置 — 行 业 周 报 》- 2025.6.2 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 本周要闻回顾：油煤比大幅走扩，煤价拐点渐近重视煤炭配置 （1）动力煤方面：从价格端来看，截至 6 月 13 日，秦港 Q5500 动力煤平仓价为 609 元/吨，环比持平，CCTD 动力煤现货价（Q5500）为 618 元/吨，环比持平。从 供给端来看，国内生产方面，截至 6 月 8 日，晋陕蒙三省 442 家煤矿开工率 80.7%，环比下跌 0.6 个百分点，其中山西省煤矿开工率 69.8%，环比 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the price cycle, AI industry trends, and tariffs are expected to drive continuous increases in storage chip prices. DRAM and NAND prices have shown an upward trend, with significant price increases reported in May and June 2025. Major storage manufacturers have announced production cuts, while demand from cloud service providers remains robust, leading to a sustained expansion of the storage market [3][4]. Summary by Sections Price Trends - DRAM prices have risen significantly, with the price of 8GB DDR4 memory chips increasing from $1.65 in April to $2.10 in May, representing a 27% increase. In June, prices continued to rise, with Micron reporting a 50% price jump for DDR4. Samsung's 8GB DDR4 chips reached $4.8, well above the average of $3.3. The report anticipates a quarterly price increase of 18%-23% for server DDR4 and 13%-18% for PC DDR4 due to production cuts and tariffs [4]. Demand Drivers - The storage module is crucial in the AI industry, with strong demand from data centers and servers. Overseas cloud providers maintain high capital expenditures, and domestic cloud firms are increasing their investments, which is expected to boost the market for storage modules. The report highlights that the domestic market is likely to see a dual benefit of market scale and increased localization rates [5]. Beneficiary Companies - The report identifies several companies that are expected to benefit from these trends, including storage module manufacturers such as Demingli, Jiangbolong, and Baiwei Storage, as well as advanced storage firms like Zhaoyi Innovation and Hengshuo Co. Additionally, edge-side NAND/Nor flash manufacturers such as Zhaoyi Innovation and Beijing Junzheng are also highlighted [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The acquisition of Shenzhen Tongzhan Precision has been finalized, marking an acceleration in the company's robotics business. The company has invested 104 million yuan to acquire 51% of the equity, which is expected to leverage its 20 years of precision manufacturing capabilities to drive the industrialization of the screw rod business. The projected net profits for 2025-2027 are 156 million, 194 million, and 237 million yuan respectively, with corresponding P/E ratios of 62.4, 50.1, and 41.1 times [6][7][9]. Financial Summary - The total market capitalization of the company is 9.742 billion yuan, with a circulating market capitalization of 8.743 billion yuan. The current stock price is 73.03 yuan, with a 1-year high of 91.27 yuan and a low of 16.34 yuan. The turnover rate over the past three months is 314.61% [1][6]. - Revenue projections for 2023A to 2027E are as follows: 652 million, 740 million, 1.115 billion, 1.543 billion, and 2.039 billion yuan, with year-on-year growth rates of 0.6%, 13.5%, 50.6%, 38.4%, and 32.1% respectively. The net profit attributable to the parent company is projected to grow from 120 million yuan in 2023A to 237 million yuan in 2027E [9][11]. Business Development - Tongzhan Precision, established in 2012, specializes in automation products such as ball screws and precision linear modules. The company has a strong reputation and financial health, with 2024 revenue of 53.97 million yuan and a gross margin of 33.7% [7][8]. - The screw rod business is critical for humanoid robots, characterized by high barriers and value. The collaboration with Tongzhan Precision is expected to enhance the company's capabilities in this area, leveraging existing resources and customer networks to expand into new markets [8][9].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a significant increase in overseas HVO/SAF prices, with European prices rising by 13.97% and 11.60% respectively since the lowest points in Q2 2025, driven by strong seasonal demand [5] - The EU is gradually implementing a 2% SAF blending policy, which is expected to enhance the demand for SAF and subsequently increase the price of UCO, benefiting the entire UCO-HVO/SAF industry chain [6] - The demand for UCO is anticipated to grow steadily due to the increasing SAF demand, with domestic UCO prices rising as a result of heightened procurement levels from SAF and biodiesel plants [7] Summary by Sections Industry Trends - The report indicates a positive outlook for the basic chemical industry, with a maintained investment rating [1] - A notable trend is the increase in UCO prices in China, with prices for gutter oil and waste oil rising by 3.31% and 2.31% respectively since Q2 2025 [5] Market Dynamics - The report discusses the EU's measures to support the SAF market, including subsidies for airlines purchasing sustainable aviation fuel, which is expected to drive up costs and demand [6] - The report notes that China's SAF production costs are lower due to abundant and cheaper UCO resources, positioning China to capture a significant market share in the EU [6] Company Insights - The report provides a table of companies involved in HVO/SAF production, highlighting their planned capacities and market valuations, with 嘉澳环保 leading with a planned capacity of 740,000 tons [10] - The report identifies key beneficiaries of the SAF demand increase, including 嘉澳环保, 海新能科, 卓越新能, and 鹏鹞环保 [6][10]

Group 1: Macro Economic Insights - The overall inflation in the US has started to rebound, with May CPI increasing by 2.4% year-on-year and 0.2% month-on-month, while core CPI rose by 2.8% year-on-year and 0.1% month-on-month, indicating a potential upward trend in inflation despite core inflation remaining stable [6][7][8] - Energy inflation continues to be negative, with energy prices decreasing by 3.5% year-on-year in May, while food prices increased by 2.9% year-on-year, suggesting a shift in inflation contributions towards core goods [7][8] - The impact of tariffs on inflation is expected to become more pronounced, with less than 30% of companies opting not to pass on costs to consumers, indicating a potential for sustained inflationary pressure [8][9] Group 2: Agriculture and Livestock Industry - In May, the release of large pigs has put pressure on prices, with the average selling price of live pigs at 14.61 yuan/kg, down 1.31% month-on-month and 7.49% year-on-year, indicating a bearish outlook for pig prices in the short term [12][13] - The structure of pig sales shows an increase in the proportion of large pigs being sold, with the proportion of pigs over 150kg at 4.94%, slightly higher than the same period last year, suggesting a shift in supply dynamics [13] - The average selling price of major listed pig companies decreased in May, with prices ranging from 14.02 to 14.87 yuan/kg, reflecting a downward trend across the board [15] Group 3: Communication Industry Insights - The launch of the Doubao large model 1.6 has seen a significant increase in token usage, with daily usage exceeding 16.4 trillion tokens, a 137-fold increase since its release, indicating strong demand for AI applications [17][18] - The Doubao model has been upgraded to support multi-modal understanding and has been adopted by major industries, with 80% of mainstream automotive companies integrating the model into their systems [18][19] - The report highlights the importance of the AIDC computing power industry chain, recommending focus on seven key areas including AI chip production and cloud computing platforms, suggesting a robust growth outlook for the sector [19]

Group 1 - The report highlights that as of June 8, 2025, the Beijing Stock Exchange (BSE) has accepted 98 companies, covering various sectors including high-end equipment manufacturing, TMT, chemical new materials, consumption, and biomedicine [3][12][13] - The focus is on selecting "back-up troops" from the new productivity sector, particularly those in intelligent connected new energy vehicles, hydrogen energy, new materials, innovative drugs, and commercial aerospace [3][4] - The report identifies six key companies: Yatu High-tech, Yuelong Technology, Daya Co., Yongli Precision, Haiseng Medical, and Haode CNC, which are recognized as national-level specialized and innovative "little giant" enterprises [5][23] Group 2 - Yatu High-tech specializes in high-performance industrial coatings, with a projected revenue of 742 million yuan and a net profit of 149 million yuan for 2024, reflecting a year-on-year revenue growth of 16.68% [28][34] - Yuelong Technology focuses on flexible pipelines for fluid transport, expecting a revenue of 262 million yuan and a net profit of 84 million yuan in 2024, with a revenue growth of 19.62% [5][24] - Daya Co. is a leader in metal surface treatment, with a projected revenue of 1.199 billion yuan and a net profit of 150.93 million yuan for 2024, showing a revenue increase of 23.86% [6][24] - Yongli Precision specializes in automotive shock absorber components, anticipating a revenue of 568 million yuan and a net profit of 94.81 million yuan in 2024, with a revenue growth of 11.72% [6][24] - Haiseng Medical produces anesthesia and monitoring medical devices, with expected revenue of 304 million yuan and a net profit of 70.92 million yuan for 2024, indicating a slight decline in revenue [6][24] - Haode CNC is recognized for its machinery used in panel furniture production, with a projected revenue of 458 million yuan and a net profit of 66.69 million yuan in 2024, reflecting a decrease in revenue [6][24]

农林牧渔 2025 年 06 月 12 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -19% -10% 0% 10% 19% 29% 2024-06 2024-10 2025-02 农林牧渔 沪深300 相关研究报告 《生猪降重或进一步抬升 2025H2 猪 价，供给收缩及需求支撑驱动牛价稳 步上移—行业周报》-2025.6.8 ——行业点评报告 | 陈雪丽（分析师） | 王高展（联系人） | 朱本伦（联系人） | | --- | --- | --- | | chenxueli@kysec.cn | wanggaozhan@kysec.cn | zhubenlun@kysec.cn | | 证书编号：S0790520030001 | 证书编号：S0790123060055 | 证书编号：S0790124060020 | 行业：5 月大猪出栏释放，2025H2 猪价不悲观 情绪催化大猪出栏致 5 月猪价承压，供给压力前置释放叠加缺口传导将至， 2025H2 猪价不悲观。据涌益咨询，2025 年 5 月全国生猪销售均价 14.61 元/公斤， 环比-1.31%，同比-7.49%。涌益监控样本 ...