Investment Rating - Industry investment rating: Stronger than the market (maintained) [2] Core Viewpoints - Short-term focus on policy developments, while mid-term emphasis on quality enterprises. The real estate sector rose by 4.07%, outperforming the CSI 300 index which increased by 1.69%. The average daily transaction of new homes in 50 key cities increased by 23.7% week-on-week. As important meetings approach, market sentiment is expected to remain optimistic, with attention on the latest policy statements. Mid-term, as some companies exit the market and the central government emphasizes "controlling increments, optimizing stock, and improving quality," the industry is expected to shift towards quality competition, with product strength and financing capabilities becoming key factors for surviving companies [3]. Market Monitoring - Transaction volume rebounded, but future trends remain to be observed. In the week of July 19-25, new home transactions in 50 key cities reached 15,000 units, a 23.7% increase week-on-week. However, the average daily transaction for new homes in July (as of the 25th) decreased by 29% year-on-year and 37.1% month-on-month. The inventory decreased by 1.9% week-on-week, with a de-stocking cycle of 18.8 months, totaling 89.52 million square meters in 16 cities as of July 25 [9][12]. Capital Market Monitoring - The real estate sector saw a 4.07% increase, outperforming the CSI 300 index's 1.69% rise. The current PE ratio for the real estate sector is 42.93 times, placing it in the 99.1 percentile of the past five years [21]. Key Stock Recommendations - China Overseas Development: Valued at 0.38 times PB, with a dividend yield of 4.2%, and a year-to-date increase of 18.6%, below the Hang Seng Index [5]. - CR Land: Benefits from the stabilization of "good houses," providing stable dividend income with a projected dividend of approximately 10 billion from 2021 to 2024 [5]. - Beike-W: Expected to benefit from the recovery in second-hand housing transactions, with a projected net profit growth of 15% in 2025 [5]. Policy Environment Monitoring - The State Council announced the "Housing Rental Regulations," indicating a supportive policy environment for the real estate sector [7].

证券研究报告 海外策略周报：关注贸易协议谈判进程 证券分析师 魏 伟 投资咨询资格编号：S1060513060001、BOT313 陈 骁 投资咨询资格编号：S1060516070001、BWH863 郝博韬投资咨询资格编号：S1060521110001 请务必阅读正文后免责条款 2025年7月28日 1 ※ 核心观点 2 • 海外方面，本周海外市场风险偏好抬升，权益资产多数上涨。美国经济维持韧性，贸易谈判推进，市场风险偏好提升。全 球主要股指多数收涨。其中，MSCI全球股指上涨1.43%，道指、标普500、纳指分别上涨1.26%、1.46%、1.02%。10年 期美债收益率小幅回落4bps，美元指数下跌0.80%，COMEX黄金、ICE布油同步下跌0.51%、2.35%。港股方面，国内政 策催化集中落地，恒生指数继续上涨。国内方面，"反内卷"政策改善市场盈利预期；雅鲁藏布江水电站开工、海南自贸 港封关时间确定，带动相关产业链走强，国际投资者对港股配置意愿增强。恒生指数上涨2.27%，原材料、能源等事件催 化相关行业涨幅最高。 • 海外宏观层面，美国劳动力市场仍有韧性，房地产市场价格仍旧坚挺。1）美国劳动力市 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the CSI 300 Index by more than 5% over the next six months [42]. Core Insights - The predetermined interest rate for life insurance products has decreased to 1.99%, which will help insurance companies in prudent pricing and managing interest rate risks [4][11]. - Securities firms are expected to see significant profit growth in their mid-2025 reports, with 23 out of 25 firms forecasting profit increases [4][15]. Summary by Sections Life Insurance - The predetermined interest rate for ordinary life insurance products has been set at 1.99% as of July 25, 2025, following a meeting by the China Insurance Industry Association [4][11]. - This adjustment aims to guide insurance companies in scientific pricing and enhance risk control related to interest rates [12][11]. Securities - As of July 27, 2025, 23 out of 25 securities firms have forecasted profit increases for their mid-2025 reports, with notable firms like Guotai Junan and China Galaxy leading in expected net profit [4][15]. - Guotai Junan anticipates a net profit of approximately CNY 15.283 billion to CNY 15.957 billion, representing a year-on-year growth of 205% to 218% [4][15]. Regulatory Developments - The China Securities Regulatory Commission (CSRC) held a meeting on July 24, 2025, to summarize the first half of the year and outline key tasks for the second half, focusing on stabilizing the market and enhancing regulatory effectiveness [20][21]. Market Performance - The banking, securities, insurance, and fintech indices experienced changes of -2.87%, +4.82%, +1.83%, and +0.01% respectively, with the CSI 300 Index rising by 1.69% during the same period [10][24]. - The average daily trading volume for stock funds reached CNY 23.151 billion, reflecting a 19.5% increase from the previous week [33][35].

ETF Market Overview - The overall performance of ETF products has been good in the past two weeks, with the largest increase seen in the Sci-Tech 100 ETF among major broad-based ETFs, and the pharmaceutical industry ETF showing the highest increase among industry and thematic products [2][10] - In the past two weeks, major broad-based ETFs such as the Sci-Tech 50, CSI 2000, and CSI 800 saw net inflows, while the CSI A500 ETF experienced the largest net outflow [2][10] - The market saw the establishment of 20 new ETFs in the past two weeks, with a total issuance of 9.371 billion units, all of which are stock ETFs [22] ETF Fund Flow Analysis - Since the beginning of 2025, the fund flow trend for major broad-based ETFs has shifted from outflows to inflows and then back to outflows, with A-series ETFs continuously experiencing outflows [11] - In the past two weeks, the outflow speed of broad-based ETFs has accelerated, particularly for the Shanghai Stock Exchange 50, CSI 1000/CSI 2000, and Sci-Tech/Entrepreneurship ETFs, while the outflow speed for the CSI 300 and CSI 500 ETFs has slowed down [11][15] Thematic ETF Performance - The technology-themed ETFs tracking indices related to cloud computing and artificial intelligence have performed well in the past two weeks, with significant net inflows for products tracking Hong Kong Stock Connect internet indices [26][28] - The dividend-themed ETFs tracking indices such as the National New Hong Kong Stock Connect Central Enterprise Dividend CPR have shown the largest increase in returns over the past two weeks [31] ETF Product Structure and Management - As of July 25, 2025, the total scale of various ETFs has increased compared to the end of 2024, with bond ETFs, commodity ETFs, industry + dividend ETFs, QDII ETFs, and broad-based ETFs seeing increases of 193.44%, 103.65%, 42.98%, 18.92%, and 4.90% respectively [22][19] - The largest ETF management scale is held by Huaxia Fund, with 800.411 billion yuan, while E Fund has expanded its management scale by over 310 billion yuan compared to one year ago [22][23]

Key Points Summary Group 1: Centralized Investment and Policy Developments - In Q2 2025, the Central Huijin Investment Corporation purchased approximately 197.5 billion RMB in ETFs, with over half of the funds directed towards the CSI 300 Index ETF and around 29 billion RMB towards the CSI 1000 Index, which focuses on small-cap stocks [1][6][8] - The establishment of the Governance for Growth Investor Campaign (GGIC) in the UK aims to advocate for better corporate governance standards and investor rights, with initial members managing approximately 150 billion GBP in assets [1][9][10] - The GGIC was formed in response to the Leeds Reforms, which seek to enhance investment attractiveness in the UK and allow pension funds to participate in capital market and governance policy-making [9][10] Group 2: Pension Commission and Economic Impact - The UK has re-established the Pension Commission after nearly 20 years to address the risks of declining pension benefits, with a focus on intergenerational income risks and recommendations for enhancing retirement income [2][11] - The NCPERS report indicates that DB pension plans significantly contribute to economic growth, projecting that without public pensions, U.S. economic activity could decrease by 3 trillion USD by 2025 [13][14] Group 3: International Investment Activities - La Caisse announced a commitment to invest up to 1.7 billion GBP in the Sizewell C nuclear project in the UK, acquiring a 20% stake in the project, which aims to provide clean energy and reduce carbon emissions [14][15] - The Danish AkademikerPension has decided to reinvest in nine European defense companies, reflecting a shift in investment strategy due to current geopolitical conditions [15][16] Group 4: Domestic Pension Policies and Initiatives - The Chinese government plans to issue electronic consumption vouchers to elderly individuals with moderate to severe disabilities, covering 30-60% of their long-term care service costs [26][27] - The Ministry of Human Resources and Social Security is expanding the scale of entrusted investments for basic pension insurance funds and exploring a "default investment" mechanism for personal pensions [28][30]

Group 1: Industrial Production - China's industrial production shows signs of optimization, with marginal improvements in raw material production and utilization rates for steel, cement, and glass[1] - Steel construction material production increased by 0.6% week-on-week, while apparent demand for steel construction materials rose by 2.7%[5] - The operating rate for petroleum asphalt and some chemical products in Shandong has also seen recovery[13] Group 2: Real Estate Market - New home sales in 30 major cities decreased by 8.5% year-on-year, but the growth rate improved by 18.8 percentage points compared to the previous week[1] - The average listing price index for second-hand homes fell by 0.45% week-on-week as of July 14[22] Group 3: Domestic Demand - Movie box office revenue averaged 140.65 million yuan per day, a 39.0% increase week-on-week[29] - Retail sales of major home appliances grew by 12.6% year-on-year, with a 2.3 percentage point increase from the previous week[27] - Passenger car retail sales from July 1-20 reached 978,000 units, a year-on-year increase of 11%[30] Group 4: External Demand - Port cargo throughput increased by 7.5% year-on-year as of July 20, with container throughput growing by 4.3%[32] - South Korea's export value increased by 4.1% year-on-year in the first 20 working days of July, although the growth rate slightly declined compared to June[32] Group 5: Risks - Potential risks include insufficient growth policies, unexpected severity of overseas economic downturns, and escalation of geopolitical conflicts[34]

食品饮料周报 茅五加大研发，推动产业创新 证券研究报告 食品饮料行业 强于大市（维持） 平安证券研究所 食品饮料团队 邮箱：WANGMENG917@pingan.com.cn 分析师：王星云 S1060523100001（证券投资咨询） 邮箱：WANGXINGYUN937@pingan.com.cn 2025年7月28日 请务必阅读正文后免责条款 分析师：张晋溢 S1060521030001（证券投资咨询） 邮箱：ZHANGJINYI112@pingan.com.cn 分析师：王萌 S1060522030001（证券投资咨询） 跌幅TOP5：珠江啤酒（-3.86%）、*ST岩石（-4.28%）、良品铺子（-4.31%）、西麦食品（-5.63%）、皇氏集团（-9.67%）。 食品饮料周报-观点 白酒行业 食品行业 资料来源：Wind，平安证券研究所 本周白酒指数（中信）累计涨跌幅+0.95%。涨跌幅前三的个股为：天佑德酒（+6.80%）、迎驾贡酒（+3.58%）、顺鑫农业 （+2.56%）；涨跌幅后三的个股为酒鬼酒（-1.48%）、皇台酒业（-2.25%）、*ST岩石（-4.28%）。 观点：茅五加大研发，推动 ...

Investment Rating - The report maintains a "Strong Outperform" rating for the computer industry [1] Core Viewpoints - The report highlights the rapid development of domestic automotive-grade SoC chips, driven by architectural innovation and ecological restructuring, creating significant opportunities for localization in the smart driving SoC market [3][17] - The domestic automotive-grade SoC market is projected to reach CNY 102 billion by 2028, with a compound annual growth rate (CAGR) of 42% from 2019 to 2023 [3][19] - The report emphasizes the shift towards centralized integrated vehicle architectures, with the "One Chip" solution being viewed as the ultimate form of integration for cockpit and driving functions [28] Summary by Sections Current Status - The report discusses how the transition from traditional MCU chips to SoC chips is essential for meeting the increasing demands for data processing and throughput in smart connected vehicles [3][6] - The automotive chip market is experiencing a significant increase in value, with the automotive-grade SoC market in China reaching CNY 267 billion in 2023, growing at a CAGR of 42% from 2019 to 2023 [19] Trends - The report notes that the proliferation of smart driving technologies is releasing domestic potential, with policies and market forces driving the rapid rise of domestic SoC manufacturers [3][22] - The report predicts that by 2028, the penetration rate of autonomous passenger vehicles in China will reach 93.5%, with a total sales volume of 27.2 million units [19] Landscape - The smart driving SoC market is characterized by three competitive camps: dedicated smart driving SoC suppliers, general-purpose chip suppliers, and automotive OEMs developing their own solutions [3][17] - Domestic manufacturers like Horizon Robotics and Black Sesame Intelligence are rapidly gaining market share, with Horizon holding a 33.97% share in the domestic automotive-grade smart driving chip market in 2024 [3][19] Investment Recommendations - The report suggests that the smart driving SoC industry is undergoing a historic development opportunity, with strong recommendations for companies like Zhongke Chuangda and recommendations for Desay SV, Horizon Robotics, and Huayang Group [3][19]

银行 2025 年 7 月 25 日 宁波银行(002142.SZ) 盈利增速上行，拨备水平修复 强烈推荐（维持） 股价：27.24 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.nbcb.com.cn | | 大股东/持股 | 宁波开发投资集团有限公司/18.74% | | 实际控制人 | | | 总股本(百万股) | 6,604 | | 流通 A 股(百万股) | 6,600 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 1,799 | | 流通 A 股市值(亿元) | 1,798 | | 每股净资产(元) | 31.83 | | 资产负债率(%) | 93.0 | | 行情走势图 | | 【平安证券】宁波银行（002142.SZ）*季报点评* 盈 利增 速稳健，存贷持续高增*强烈推荐20250429 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 | 投资咨询资格编号 | | | S1060 ...

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Insights - The market for traditional Chinese medicine (TCM) in musculoskeletal diseases is expected to grow significantly due to an aging population and increasing prevalence of related conditions [2][18] - The oral medication segment presents structural opportunities, while external patches are anticipated to continue expanding [3][32] Summary by Sections 1. Demand Growth in Musculoskeletal TCM Market - The aging population in China reached 202 million people aged 65 and above in 2023, leading to a rise in musculoskeletal disorders [2][18] - The penetration rate of musculoskeletal pain among the population aged 56 and above is 60.8%, while it is 42.2% among those aged 35 and below, indicating a younger demographic is increasingly affected [2][23] - The global pain management drug market is projected to reach $110.4 billion by 2030, with significant growth potential in China compared to markets in the US and Japan [2][28] 2. Structural Opportunities in Oral Medications - The oral TCM market is stable, with the top 10 products each generating sales below 1 billion yuan, indicating a lack of large-scale products [3][47] - Three innovative TCM products in the musculoskeletal field are expected to be approved and enter the national medical insurance directory from 2020 to 2024, which may lead to rapid market growth [3][53] - The basic drug policy aims to increase the usage of essential medicines, providing a competitive advantage for unique insurance products [3][69] 3. Expansion of External Patches - Compared to mature markets like Japan and South Korea, China's external patch market has significant room for growth, with external patches likely to gradually replace oral medications [3][30] - The concentration of external patches in public medical institutions and retail pharmacies is high, allowing leading companies to increase their market share [3][30] - Price increases are expected to continue driving growth in the external patch industry [3][32] 4. Investment Recommendations - Companies to watch include Fangsheng Pharmaceutical, Panlong Pharmaceutical, Lingrui Pharmaceutical, and Qizheng Tibetan Medicine, which have significant advantages in musculoskeletal TCM products [4]