Investment Rating - The report maintains a "Recommended" rating for companies with significant biodiesel or raw material production capacity, including Zhuoyue Xinneng, Jiaao Environmental Protection, Shanggao Huaneng, Haineng Kexin, and Langkun Environment [4][5]. Core Insights - The biodiesel market is expected to see increased demand and raw material supply due to the cancellation of export VAT refunds on raw materials, which will drive growth in the biodiesel sector [4]. - Recent agreements, such as the one between Cathay Pacific and Sinopec for SAF procurement, indicate a positive trend in the adoption of domestic SAF, enhancing the supply chain for biodiesel [3]. - The average prices for domestic waste cooking oil and gutter oil have increased, with waste cooking oil priced at 6640 CNY/ton and gutter oil at 6180 CNY/ton, reflecting a stable export outlook for UCO to Europe, the US, and Southeast Asia [2][4]. Summary by Sections Price Trends - The report notes a week-on-week increase in external HVO/SAF prices, with SAF at 1884.5 USD/ton (up 4.87%) and HVO at 1960.75 CNY/ton (up 3.46%) [1]. - Domestic price differences for biodiesel exports to Europe have reached 2539 CNY/ton, showing a weekly increase of 163 CNY/ton [1]. Export Expectations - The report anticipates a significant rise in China's HVO/SAF export volumes for May, with estimates nearing 40,000 tons, supported by rising external prices [3]. - The report highlights that the domestic HVO/SAF factories are maintaining strong procurement levels, indicating robust market demand [2]. Company Performance Forecast - The earnings per share (EPS) and price-to-earnings (PE) ratios for key companies are projected, with Zhuoyue Xinneng expected to have an EPS of 3.16 CNY in 2025 and a PE of 14 [5].

Trade Data Overview - In May, China's exports amounted to a year-on-year increase of 4.8%, below the expected 6.2% and previous value of 8.1%[3] - Imports decreased by 3.4% year-on-year, significantly lower than the expected increase of 0.3%[8] Trade Slowdown Signals - The slowdown in trade is indicated by three main factors: 1. Preceding demand from the U.S. led to a front-loading of imports, which has since declined significantly since May[4] 2. The weakening of demand from the U.S. has reduced the support from ASEAN and Latin America for Chinese exports, with a marginal decline of 2.4 percentage points in export growth to these regions[6] 3. The negative year-on-year change in imports reflects the need for domestic demand recovery, which remains insufficient[5] U.S.-China Trade Dynamics - China's exports to the U.S. saw a further decline of 34.5% year-on-year, contrasting sharply with rising container shipping rates, indicating a lag in the impact of tariff adjustments[5] - The tariff "de-escalation" effects on U.S.-China trade have not yet fully manifested in May's data, suggesting potential improvements in June[5] Sector-Specific Insights - The export growth of mechanical and high-tech products has been consistently slowing, with integrated circuits benefiting from tariff exemptions[6] - The overall structure of exports is becoming increasingly differentiated, with significant variations in performance across different product categories[18] Domestic Demand and Import Trends - Domestic demand remains weak, as reflected in the CPI data, which shows a further drag from consumer goods compared to April[21] - The decline in imports is indicative of the ongoing challenges in domestic consumption recovery, with May's import figures falling short of expectations[8]

非银行业深度研究 新旧金融的桥梁：稳定币如何重塑非银金融生态？ 2025 年 06 月 09 日 ➢ 什么是稳定币？稳定币是加密货币的一种特殊类型，其设计的核心目的是维 持加密货币价格的稳定，通常通过将其价值锚定到一种或者一篮子相对稳定的底 层资产来实现，主要锚定资产包括法定货币、其他加密货币、大宗商品以及算法 等。稳定币是加密资产货币生态系统中至关重要的基础设施，是提供价值稳定的 交易媒介，充当法币和加密货币之间交易的核心中介。 ➢ 稳定币的核心机制和分类。稳定币通过与某种类型的稳定资产（如美元、欧 元等法定货币、黄金等实物资产、一揽子资产或者算法等）挂钩，比如 1:1 锚定 美元，来降低相关加密货币的价格波动。从主要的锚定标的类型来看，主要可以 分为 4 类：1）法币抵押型；2）商品抵押型；3）加密货币抵押型；4）算法型。 ➢ 稳定币的核心价值：为何需要稳定币？稳定币在充当支付工具、价值存储、 便利交易等方面应用广泛。稳定币既充当计价单位，为加密世界提供了一个波动 性较低的"价值标尺"，让参与者能够清晰地衡量、比较和结算各种资产和交易的 价值，也充当加密生态中的"现金"等价物，满足相关避险需求，同时还能降 ...

Export Data Analysis - In May, China's export amount decreased by 4.8% year-on-year, below the expected 6.2% and previous value of 8.1%[4] - Exports to the United States saw a significant decline, with a year-on-year drop of 34.5%[5] - The combined export growth to ASEAN and Latin America was only 2.9%, a decrease of 2.4 percentage points from the previous month[5] Import Data Insights - Imports fell by 3.4% year-on-year, significantly lower than the market expectation of a 0.3% increase[7] - The decline in imports reflects ongoing challenges in domestic demand recovery, as indicated by the worsening impact on consumer prices[6] Market Dynamics - The slowdown in U.S. import demand has negatively affected China's export momentum, particularly to ASEAN and Latin America[5] - The global manufacturing new orders index dropped to 49.1%, indicating a contraction in manufacturing activity[5] Structural Changes in Exports - There is a noticeable structural differentiation in export categories, with mechanical and high-tech products experiencing a continuous slowdown in growth rates[6] - Specific categories like integrated circuits have temporarily benefited from tariff exemptions, showing resilience amidst broader declines[6]

Investment Rating - The report maintains a positive outlook on the automotive and automotive parts industry, particularly focusing on intelligent driving and high-end vehicle transitions [6]. Core Views - The report highlights the strong demand for passenger vehicles, with a notable increase in sales and a significant rise in new energy vehicle penetration [3][10]. - It emphasizes the acceleration of intelligent driving technology and its adoption across different market segments, indicating a shift towards efficiency optimization rather than just hardware competition [2][9]. - The report suggests that the automotive sector is experiencing a recovery phase, driven by new vehicle launches and supportive government policies aimed at stimulating consumer demand [11][20]. Summary by Sections 1. Weekly Insights - Passenger vehicle demand is improving, with intelligent driving technology gaining traction and high-end models evolving [9]. - The report recommends focusing on quality domestic car manufacturers such as Geely, BYD, and Xpeng, which are expected to benefit from the ongoing trends in smart and globalized automotive solutions [11]. 2. Market Performance - The automotive sector underperformed compared to the broader market, with a slight decline in stock prices during the reporting period [26]. 3. Weekly Data - In the fifth week of May 2025, passenger vehicle sales reached 466,000 units, marking an 18.3% year-on-year increase and a 16.7% month-on-month increase [3][10]. - The penetration rate of new energy vehicles was reported at 53.1%, indicating a slight decrease from the previous month [3][10]. 4. Key Companies and Recommendations - The report identifies key companies in the automotive parts sector, recommending firms involved in the new energy vehicle supply chain and intelligent driving technologies [4][12]. - Specific recommendations include companies like Berteli, Top Group, and New Spring, which are positioned well within the evolving market landscape [4][12]. 5. Policy Impact - Recent government policies aimed at promoting vehicle upgrades and stimulating demand are expected to support the automotive market, particularly for new energy vehicles [20][39].

Investment Rating - The report maintains a positive outlook on the automotive and automotive parts industry, particularly focusing on intelligent driving and high-end vehicle transitions [6]. Core Viewpoints - The demand for passenger vehicles is improving, with a notable increase in sales and a strong performance from new energy vehicles. The intelligent driving sector is expected to accelerate its adoption, driven by competitive pricing and technological advancements [2][3]. - The report highlights the importance of strong product cycles and recommends focusing on companies with robust fundamentals and intelligent driving capabilities [3][10]. Summary by Sections 1. Weekly Insights - The report emphasizes the synergy between the down-market penetration of intelligent driving and the leap to high-end models, predicting a rapid adoption of intelligent driving technologies [2][9]. - It suggests that companies like Geely, BYD, and Xpeng are well-positioned to benefit from these trends [3][10]. 2. Market Performance - The automotive sector underperformed the market, with a slight decline of 0.01% in the A-share automotive sector during the week of June 3-6, 2025, ranking 25th among sub-industries [26]. 3. Sales Data - In the fifth week of May 2025, passenger vehicle sales reached 466,000 units, marking an 18.3% year-on-year increase and a 16.7% month-on-month increase. New energy vehicle penetration was at 53.1% [3][10]. 4. Key Companies and Recommendations - The report recommends focusing on companies with strong product cycles and intelligent driving capabilities, including Geely, BYD, Xpeng, and Li Auto [3][10]. - For the parts sector, it suggests investing in companies like Top Group and New Spring Co., which are well-positioned in the new energy vehicle supply chain [4][12]. 5. Intelligent Driving and Electric Vehicles - The report anticipates a significant shift in the intelligent driving landscape, with companies like BYD leading the charge in technology and market penetration [13]. - It highlights the importance of the new energy vehicle supply chain and suggests that companies with self-research capabilities will benefit from the evolving market dynamics [12][13]. 6. Motorcycles and Heavy Trucks - The motorcycle market is experiencing growth, particularly in the mid-to-large displacement segment, with companies like Chunfeng Power being recommended [17][19]. - The heavy truck market is expected to recover due to new policies supporting the replacement of older vehicles, with recommendations for companies like China National Heavy Duty Truck Group [20][21]. 7. Tire Industry - The tire industry is projected to benefit from ongoing globalization and demand recovery, with recommendations for leading companies like Sailun Tire and high-growth firms like Senqilin [22][25].

Investment Rating - The report maintains a "Recommended" rating for the financial technology sector, particularly focusing on the stablecoin industry and its related opportunities [4]. Core Insights - The recent enactment of the stablecoin legislation in Hong Kong marks a significant milestone for the development of blockchain and cryptocurrency technologies, reflecting a proactive stance towards financial technology innovation in the region [3][8]. - The IPO of Circle, the second-largest stablecoin issuer globally, saw its stock surge by 168% and 29% in its first two days of trading, indicating strong investor interest in the stablecoin sector [3][8]. - Upcoming financial policies are expected to be announced during the Lujiazui Financial Forum on June 18, 2025, which may further influence the financial technology landscape [3][15]. Summary by Sections Market Review - During the week of June 2-6, 2025, the CSI 300 index rose by 0.88%, the SME index increased by 1.62%, and the ChiNext index saw a rise of 2.32%. The computer sector (CITIC) experienced a growth of 3.26% [24]. Industry News - The stablecoin legislation in Hong Kong officially became law, establishing a licensing system for fiat-backed stablecoin issuers, which is expected to accelerate the development of the stablecoin market [8]. - The U.S. Senate passed the GENIUS Act, which outlines a framework for stablecoin innovation, further positioning the U.S. as a leader in this sector [8]. Company News - Dahua Technology announced a share buyback of 6.4272 million shares, representing 0.19% of its total share capital, with a total transaction amount of approximately 99.99 million yuan [23]. - Yingfang Software reported a reduction in shareholding by its concerted parties, totaling 2,505,000 shares, or 3% of the company's total share capital [23]. Investment Opportunities - The report suggests focusing on several sectors within financial technology, including: 1. Stablecoin industry chain: Zhongke Jincai, Jinzhen Co., Langxin Technology, and others [3]. 2. Securities IT industry chain: Tonghuashun, Guiding Compass, Dongfang Wealth, and others [3]. 3. Cross-border payment industry chain: Newland, New Guodu, Lakala, and others [3][17].

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the non-ferrous metals sector [5]. Core Views - The report expresses optimism for industrial metals due to easing tariff expectations and a favorable domestic macroeconomic environment [2]. - Industrial metal prices have shown resilience, with LME prices for aluminum, copper, zinc, lead, nickel, and tin experiencing increases of +0.12%, +1.83%, +1.25%, +0.51%, +1.21%, and +6.70% respectively [1][2]. - The report highlights a significant decrease in industrial metal inventories, particularly for copper (-11.66%) and aluminum (-2.33%), indicating tightening supply conditions [1][2]. Summary by Sections Industrial Metals - The report notes that the SMM copper concentrate import index increased by $0.27/ton, indicating a slight improvement in supply conditions [2]. - Domestic copper cable manufacturers' operating rates decreased to 76.08%, reflecting seasonal demand weakness [2]. - Aluminum prices are stabilizing after initial volatility due to geopolitical events, with domestic aluminum ingot inventories decreasing by 0.7 thousand tons [2]. Energy Metals - Lithium prices continue to decline but are approaching mining cost levels, while cobalt prices are expected to rise due to potential supply constraints from the Democratic Republic of Congo [3]. - Nickel prices have shown slight recovery, but overall demand remains weak, leading to expectations of continued price fluctuations [3]. Precious Metals - The report indicates a bullish outlook for gold prices due to expectations of U.S. interest rate cuts and ongoing geopolitical tensions [4]. - Silver prices have surged, reaching levels not seen since March 2012, driven by a favorable market environment [4]. - Key companies in the precious metals sector are recommended for investment, including Zijin Mining and Shandong Gold [4]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, with recommendations for investment in companies like Zijin Mining (PE 12), Luoyang Molybdenum (PE 11), and Yunnan Aluminum (PE 6) [4].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for investment opportunities [5]. Core Insights - Major insurance companies are increasingly establishing private equity funds to explore new forms of equity investment and secondary market stock investment, with China Pacific Insurance recently launching two funds totaling 50 billion yuan [1][2]. - The establishment of these funds is supported by recent policies aimed at encouraging long-term capital market participation, which is expected to enhance the investment structure of insurance companies and solidify their dividend bases [2]. - The number of new A-share accounts opened in May 2025 showed a year-on-year increase of 22.86%, indicating a growing interest in the market, driven by favorable monetary policies [3]. Summary by Sections Market Review - Major indices saw increases, with the Shanghai Composite Index rising by 1.13% and the Shenzhen Component Index by 1.42% during the week [9]. - The non-bank financial sector, particularly the multi-financial index, experienced significant growth, with a rise of 2.67% [9]. Securities Sector - The total trading volume in the Shanghai and Shenzhen markets reached 5.88 trillion yuan, with an average daily trading amount of 1.18 trillion yuan, reflecting an 8.50% week-on-week increase [17]. - The IPO underwriting scale for the year reached 31.42 billion yuan, while refinancing underwriting amounted to 246.47 billion yuan [17]. Insurance Sector - The report highlights the establishment of private equity funds by leading insurance companies, which is expected to enhance their investment capabilities and support capital market development [1][2]. - The focus on high-dividend and stable income stocks is anticipated to improve the long-term investment portfolio of insurance companies [2]. Liquidity Tracking - The central bank conducted a reverse repurchase operation of 930.9 billion yuan, with a net withdrawal of 671.7 billion yuan, indicating a tightening liquidity environment [28]. - Interest rates for various financial instruments, including government bonds, have generally declined, with the 1-year government bond yield falling to 1.42% [28]. Investment Recommendations - The report suggests focusing on leading insurance companies such as China Pacific Insurance, New China Life, Ping An, China Life, and China Property & Casualty [37]. - In the securities sector, it recommends attention to top brokers like China Galaxy, CITIC Securities, and Huatai Securities, as well as financial institutions like ZhongAn Online and Hong Kong Exchanges [38].

⚫ 公司动态 ➢ 大华股份：6 月 5 日消息，截至 2025 年 5 月 31 日，公司通过集中竞价方 式累计回购股份642.72万股，占总股本0.19%，成交总金额9998.7954 万元， 最高成交价 15.71 元/股，最低成交价 15.21 元/股。本次回购股份用于依法注销 减少注册资本，资金来源为自有资金，符合《回购股份方案》要求。 ➢ 英方软件：6 月 7 日消息，公司截至本公告披露日，一致行动人好望角启 航、好望角越航、好望角苇航通过集中竞价交易、大宗交易的方式合计减持 2,505,000 股，占公司总股本的 3.00%。本次减持计划实施完毕。 ⚫ 本周观点 计算机周报 20250608 旗帜鲜明看好金融科技 2025 年 06 月 08 日 ⚫ 市场回顾 本周（6.2-6.6）沪深 300 指数上涨 0.88%，中小板指数上涨 1.62%，创业板指 数上涨 2.32%，计算机（中信）板块上涨 3.26%。板块个股涨幅前五名分别 为：汇金股份、恒实科技、御银股份、优刻得-W、汉鼎宇佑；跌幅前五名分别 为：万集科技、创意信息、湘邮科技、乐鑫科技、财富趋势。 ⚫ 行业要闻 香港稳定币法案落地，一方 ...