Group 1: Investment Value of the Sci-Tech Innovation Board - The Sci-Tech Innovation Board is experiencing significant reforms that will accelerate technological breakthroughs in core sectors, transitioning the capital market from a "blood transfusion" model to a "blood production" model [9][10] - The macroeconomic recovery is ongoing, with a notable increase in social retail sales, which rose by 6.4% year-on-year in May, benefiting from the release of new policies [11][12] - The semiconductor industry is on an upward trend driven by AI competition and domestic substitution, with a significant increase in demand for high-performance computing chips [16][17] Group 2: Investment Value Analysis of the Sci-Tech 100 Index - The Sci-Tech 100 Index selects 100 medium-sized and liquid securities from the Sci-Tech Innovation Board, reflecting the overall performance of different market capitalizations [20][21] - The index focuses on sectors such as electronics, pharmaceuticals, and computing, with an expected average revenue growth rate of approximately 24.88% and a net profit growth rate of 270% for 2025 [26][27] - The index has shown strong performance, with a return of 11.77% year-to-date, outperforming other indices like the Sci-Tech Comprehensive Index and the CSI 300 [20][34] Group 3: Analysis of the Bosera Sci-Tech Innovation Board 100 ETF - The Bosera Sci-Tech Innovation Board 100 ETF, with the code 588030, was launched on September 15, 2023, and aims to closely track the performance of the Sci-Tech 100 Index [38][39] - Bosera Fund Management has extensive experience in managing ETF products, overseeing 54 ETFs with a total scale exceeding 160 billion yuan as of June 30, 2025 [40][41] - The ETF is designed to minimize tracking deviation and tracking error, providing investors with a reliable passive investment tool [38][39]

Group 1: Overview of "Anti-Involution" Concept - The "Anti-Involution" concept was first introduced by the Central Committee a year ago, and it is expected to enter a new phase during the upcoming July Politburo meeting[1] - The focus of the upcoming meeting will be on addressing low-price and disorderly competition among enterprises, indicating a shift in strategy[1] - The "14th Five-Year Plan" is anticipated to be released in the second half of the year, emphasizing the strengthening of domestic circulation and integrating "Anti-Involution" as a key topic[1] Group 2: Gains and Losses in the Past Year - The "Anti-Involution" initiative has gained traction at the top-level design, appearing in several important national meetings, suggesting it will be a main theme in the "14th Five-Year Plan" period[2] - However, issues related to "involutionary" competition remain unresolved, with industrial capacity utilization rates still low, and a significant decline observed in the first quarter of this year[2] - The industrial profit margin has dropped to 5.3% in May, indicating negative impacts on operational efficiency due to "involutionary" competition[2] Group 3: Focus Areas for Current "Anti-Involution" Efforts - Current efforts should concentrate on addressing macroeconomic supply-demand imbalances, particularly in sectors like new energy vehicles, photovoltaic components, and e-commerce platforms[3] - Manufacturing sectors, especially electrical machinery, computer communications, and automotive industries, are identified as having more pronounced "involution" issues[3] - The government is expected to implement targeted measures in these key industries to mitigate "involution" challenges[3] Group 4: Future Directions and Risks - Future "Anti-Involution" strategies will rely on industry self-regulation, but progress may be slow; specific plans for resolving structural contradictions in key industries are anticipated post-July Politburo meeting[4] - Historical experiences from the "Supply-Side Reform" period suggest that quantitative KPIs for capacity reduction will be introduced for key industries[4] - Risks include potential policy shortcomings, unexpected changes in the domestic economic landscape, and unforeseen fluctuations in exports[4]

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company has achieved a record high in overseas sales, with a total of 90,000 units exported in June, marking a year-on-year increase of 12.0% in total new energy vehicle wholesale sales [1][2]. - The company is expected to see significant revenue growth driven by its high-end product offerings, with projected revenues of 990.8 billion, 1,188.97 billion, and 1,397.04 billion yuan for 2025, 2026, and 2027 respectively [3][4]. - The company is actively expanding its global footprint, with plans to establish factories in Brazil, Uzbekistan, Hungary, Turkey, and Indonesia, which is anticipated to enhance profitability [2][3]. Summary by Sections Sales Performance - In June, the company sold 378,000 new energy passenger vehicles, a year-on-year increase of 11.0% and a month-on-month increase of 0.2% [1]. - The breakdown of sales includes 343,000 units from the Dynasty and Ocean series, 15,783 units from Tengshi, 18,903 units from Fangchengbao, and 205 units from Yangwang [1]. Export Growth - The company’s overseas sales reached 90,000 units in June, benefiting from increased demand in Turkey, Brazil, and Europe [2]. - The company plans to enhance its shipping capacity with the introduction of additional roll-on/roll-off ships, expanding its fleet to 8 vessels by January 2026 [2]. Product Development - 2025 is projected to be a significant year for the company’s high-end products, with flagship models like Han L and Tang L featuring advanced driving systems and fast-charging technology [2]. - The Fangchengbao Titanium 7 is set to launch in Q4 2025, targeting family users with its spacious design and advanced technology [2]. Financial Projections - The company forecasts revenues of 990.8 billion yuan in 2025, with net profits expected to reach 55.2 billion yuan, translating to an EPS of 10.05 yuan [3][4]. - The projected PE ratios for 2025, 2026, and 2027 are 33, 28, and 24 respectively, indicating a favorable valuation trend [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4]. Core Views - The company has set an ambitious annual sales target of 3 million vehicles, reflecting confidence in its growth trajectory, particularly in the new energy vehicle (NEV) segment, which has shown significant year-on-year growth [2][4]. - The company reported a total wholesale volume of 236,000 vehicles in June, a year-on-year increase of 42.1%, with NEV sales reaching 122,367 units, up 85.5% year-on-year [1][2]. - The introduction of new models, such as the Galaxy A7 and M9, is expected to enhance the company's market position and drive sales growth in the coming years [2][3]. Summary by Sections Sales Performance - In the first half of the year, the company achieved a total wholesale volume of 1.409 million vehicles, representing a 47.4% increase year-on-year [1]. - The NEV segment accounted for 725,000 units sold in the first half, marking a 126.5% increase compared to the same period last year [2]. Product Development - The Galaxy A7 is set to launch in Q3 2025, featuring advanced hybrid technology and a comprehensive range of 2,100 kilometers on a full charge [2]. - The Galaxy M9, a large six-seat plug-in hybrid SUV, is also expected to debut in Q3 2025, equipped with cutting-edge driving assistance systems [2][3]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 404.8 billion, 489.7 billion, and 572.8 billion RMB, respectively, with net profits expected to reach 16.2 billion, 22.1 billion, and 26.0 billion RMB [4][5]. - The earnings per share (EPS) is anticipated to grow from 1.61 RMB in 2025 to 2.58 RMB by 2027, reflecting a positive trend in profitability [4][5]. Strategic Moves - The company plans to privatize its high-end brand, Zeekr, to streamline operations and enhance resource allocation, which is expected to improve overall efficiency and competitiveness [3][4].

Group 1: Interest Rate Expectations - The market anticipates three interest rate cuts within the year and five by the end of 2026, according to CME's FedWatch tool[3] - The Federal Reserve's rate cut pace may be more complex than the market's linear expectations due to unaccounted input inflation from a weaker dollar[4] - A 10% depreciation of the dollar could increase U.S. imports to approximately $3.6 trillion and widen the trade deficit beyond $1.2 trillion, raising inflationary pressures[4] Group 2: Inflation Dynamics - Historical data indicates that a declining dollar often leads to increased input inflation, which may have a lagging effect on prices[5] - The U.S. CPI year-on-year low point likely occurred in April or May, with expectations for inflation to rise above 3% by year-end if monthly CPI growth remains around 0.2%[5] - The impact of tariffs on inflation may take time to manifest, complicating the inflation outlook further[4] Group 3: Demand Response to Rate Cuts - Rate cuts may not stimulate demand as effectively as anticipated, as evidenced by the slow recovery in the Eurozone despite over 200 basis points of cuts since 2024[6] - The wealth effect from rate cuts could differ this time, as a significant portion of U.S. Treasury bonds is now held by the private sector, potentially dampening the positive impact on asset values[6] - If the Fed's rate cuts are insufficient, the net financial cost for companies may actually increase, countering the intended benefits of lower rates[7]

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company has shown strong sales growth, particularly in the WEY brand, with a significant year-on-year increase of 247.0% in June [4]. - The introduction of new models and the enhancement of existing ones are expected to drive sales further, particularly with the upcoming SUV and plug-in hybrid vehicles [4]. - The company is actively expanding its global presence, with overseas sales showing a year-on-year increase of 5.2% in June [5]. - The financial forecasts indicate a steady growth in revenue and net profit from 2025 to 2027, with projected revenues of 226.78 billion, 261.70 billion, and 296.25 billion yuan respectively [6][7]. Summary by Sections Sales Performance - In June 2025, the company reported a wholesale volume of 111,000 vehicles, a year-on-year increase of 12.9% and a month-on-month increase of 8.3% [3]. - The Haval brand sold 62,000 vehicles in June, up 30.7% year-on-year, while the WEY brand saw a remarkable increase of 247.0% [3][4]. Product Development - The company is set to launch new models, including a new SUV equipped with advanced technology and a high-capacity battery, enhancing its product lineup [4]. - The Haval brand is also preparing for the launch of a mid-term facelift model and a new flagship model, which are expected to boost overall sales [5]. Global Expansion - The company is making strides in its global strategy, with plans to launch models in markets such as Thailand and Mexico, and to enhance its presence in the Middle East, Africa, and Latin America [5]. - The overseas wholesale volume for the first half of 2025 was 198,000 vehicles, reflecting a slight decline of 1.9% year-on-year [5]. Financial Projections - The company forecasts revenues of 226.78 billion yuan for 2025, with a net profit of 14.09 billion yuan, reflecting a growth rate of 11.0% [6][7]. - The projected earnings per share for 2025 is 1.65 yuan, with a price-to-earnings ratio of 13 times [7].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.59 CNY [5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.25-1.56 billion CNY for the first half of 2025, representing a year-on-year growth of 61-100%. The non-recurring net profit is projected to be 0.67-0.88 billion CNY, with a growth of 4-36% [1][2]. - The company's traditional business is showing steady growth, while the AI and elderly care sectors are opening new avenues for development. The management is optimistic about future growth and is increasing investments in high-growth industries [1][2]. - The introduction of AI smart bodies and the Guomai coin aims to create a closed-loop ecosystem for AI-driven elderly care services, aligning with national policies [2]. Summary by Sections Financial Performance - The company forecasts revenue of 718 million CNY for 2025, with a growth rate of 30.7%. The net profit attributable to shareholders is expected to be 244 million CNY, reflecting a growth rate of 44.8% [4][10]. - The earnings per share (EPS) for 2025 is projected at 0.24 CNY, with a price-to-earnings (PE) ratio of 48 [4][10]. Business Strategy - The company is focusing on integrating education and technology, expanding its training scale, and enhancing operational efficiency through its "Guomai University Elderly Care" initiative [1][2]. - The AI smart bodies are designed to meet the full cycle of elderly care needs, transitioning from traditional tools to service executors, thus enhancing user engagement and service delivery [2]. Future Outlook - The projected net profits for 2025-2027 are 2.4 billion CNY, 3.1 billion CNY, and 3.9 billion CNY, respectively, with corresponding PE ratios of 48, 37, and 30 [3][4]. - The company is actively seeking high-quality technology acquisition targets to foster a second growth curve [1][2].

Investment Rating - The report maintains a "Recommended" rating for the nuclear fusion industry, indicating a potential stock price increase of over 15% relative to the benchmark index within the next 12 months [4]. Core Insights - The commercialization of nuclear fusion is accelerating, highlighted by the record agreement between Commonwealth Fusion Systems (CFS) and Google to supply 200MW of power from the first commercial fusion power plant, ARC, in the early 2030s [1]. - CFS has raised over $2 billion since its inception in 2018 and is currently leading in funding within the nuclear fusion sector, with significant investments from notable entities such as Tiger Global Management, Bill Gates, and Google [2]. - The global controllable nuclear fusion market is projected to grow from $331.49 billion in 2024 to $351.11 billion in 2025, with an expected compound annual growth rate (CAGR) of 8.1% reaching $479.5 billion by 2029 [2]. Summary by Sections Financing Situation - From 2010 to 2024, U.S. nuclear fusion companies have accumulated $5.63 billion in funding, leading globally, followed by China with $2.49 billion and Canada with $321 million [3]. Investment Recommendations - The report suggests continuous monitoring of the nuclear fusion industry, particularly focusing on companies involved in vacuum chambers, high-power electronic tubes, superconducting materials, and capacitors, including Guoguang Electric, Hexagon Intelligent, and Yongding Co., among others [3].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for investment opportunities [6]. Core Insights - The land market in 23 key cities in China saw a total of 139 residential land plots offered in June 2025, with a planned construction area of 9.26 million square meters, reflecting an 18.3% month-on-month decrease in supply [1]. - The total land transaction amount reached 150.57 billion yuan, with a significant increase in the average land premium rate, which rose to 9.06% in June 2025 [3]. - Major developers are actively acquiring land, with China Jinmao being highlighted for its aggressive land purchases, which are expected to benefit from improved corporate governance and substantial land acquisitions [4]. Summary by Sections Land Supply and Transactions - In June 2025, the supply of residential land in 23 key cities decreased by 18.3% compared to the previous month, with 139 plots offered and 176 plots successfully sold [1]. - The total area sold was 7.24 million square meters, generating a total land transfer fee of 150.57 billion yuan [1]. Premium Rates and Developer Activity - The average land premium rate in June 2025 was reported at 9.06%, showing a significant recovery compared to earlier in the year [3]. - China Overseas Land & Investment was noted for acquiring the largest number of plots, totaling 6 plots with a total expenditure of 11.03 billion yuan [3][4]. Investment Recommendations - The report suggests focusing on China Jinmao due to its recent large-scale land acquisitions and improvements in corporate governance, which are expected to enhance its market position [4].

Investment Rating - The report maintains a "Cautious Recommendation" rating for the biodiesel industry, indicating a potential increase in stock prices relative to the benchmark index within the next 12 months [5][30]. Core Insights - The price center for HVO and SAF continues to rise, with domestic Ucome prices slightly narrowing. The international SAF landed price is reported at $2065.90 per ton, a slight decrease of 2.90% from the previous week, while the HVO offshore price is at 2146.65 yuan per ton, down 4.01% [1]. - Domestic waste oil and gutter oil prices have increased, with average prices for waste oil at 6940 yuan per ton (up 130 yuan) and gutter oil at 6500 yuan per ton (up 80 yuan) [2]. - The international crude oil market has shown volatility, impacting biodiesel prices. Despite cost-driven increases in Ucome, the price rise is insufficient to cover raw material costs, leading to reduced enthusiasm among producers [3]. - Recent export data for May indicates a subdued performance, with Ucome export volumes around 60,000 tons, and a notable trend of re-importing Ucome from Hong Kong [3]. - Germany has introduced a draft law to revise biofuel targets, aiming to curb fraud in the sector, which may lead to significant price increases for biofuels and compliance certificates [3]. Summary by Sections Price Trends - The report highlights the upward movement in HVO and SAF prices, with domestic Ucome prices influenced by raw material costs. The price dynamics in Europe show a slight decrease in FAME prices, while the demand in the HVO/SAF market remains supportive [1][3]. Export Performance - The report notes that the export performance of biodiesel products has been lackluster, with specific attention to the role of Hong Kong as a key transit point for Ucome [3]. Regulatory Developments - The introduction of new regulations in Germany is aimed at enhancing the integrity of the biofuel market, which could lead to increased prices and stricter compliance requirements [3]. Investment Recommendations - The report suggests focusing on companies with significant biodiesel or raw material production capacity, such as Zhuoyue New Energy, Jiaao Environmental Protection, and others, as they are expected to benefit from increased demand and improved raw material supply [4].