Investment Rating - The industry investment rating is "Outperform the Market" which indicates an expected performance that exceeds the market by more than 5% over the next six months [33]. Core Insights - The report emphasizes the introduction of the first commercial health insurance innovative drug directory in 2025, which aims to guide the return of innovative drugs to their clinical value by leveraging payment mechanisms [3]. - The National Healthcare Security Administration (NHSA) has initiated the process for the 2025 negotiations, which includes the adjustment of the national medical insurance directory and the commercial health insurance innovative drug directory [3]. - The report suggests focusing on "innovation," "going global," "equipment upgrades," and "consumption recovery" as key investment strategies within the biopharmaceutical sector [5]. Summary by Sections Industry Overview - The NHSA's new policy will include innovative drugs that are highly innovative, clinically valuable, and significantly beneficial to patients, which will be recommended for use in commercial health insurance and medical mutual aid systems [3]. - The commercial health insurance innovative drug directory will be developed with the participation of insurance industry experts, who will have significant decision-making power regarding drug access and pricing negotiations [3]. Investment Strategy - The report recommends focusing on companies with global competitiveness in innovative drugs, such as BeiGene, East China Pharmaceutical, and others [5]. - It highlights potential opportunities in overseas markets and suggests monitoring companies like Mindray Medical and others for long-term growth [5]. - The report also points out the expected support for medical equipment upgrades from central and local government financing, recommending companies like Mindray Medical and others [5]. - It notes that consumption recovery policies may positively impact sectors like ophthalmology, dentistry, and medical aesthetics, suggesting companies like Puri Eye Hospital and others for investment [5]. Market Performance - The biopharmaceutical sector saw a weekly increase of 3.64%, outperforming the CSI 300 index, which rose by 1.54% [8][19]. - The report indicates that the pharmaceutical sector's valuation stands at 28.52 times (TTM), with a premium of 32.16% over the overall A-share market [24].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - In May 2025, the bond custody scale maintained rapid growth, with a year - on - year growth rate of 15.1% in the bond custody balance. The newly added custody scale in that month was 2.3 trillion yuan, 940.2 billion yuan more than the seasonal level [4][5]. - The supply of treasury bonds increased by nearly one trillion, while the supply of inter - bank certificates of deposit and credit bonds declined. The total supply of government bonds (treasury bonds + local bonds) in May was close to 1.4 trillion yuan, with treasury bonds and local bonds at 904.1 billion yuan and 521.6 billion yuan respectively [4]. - Banks and asset management accounts were the main buyers, while foreign investors and securities firms reduced their holdings. After deducting the net repurchase of central bank's outright reverse repurchase, banks' net bond purchases in May still reached 1.6 trillion yuan. Non - legal person products increased their holdings by 833.3 billion yuan, 313.7 billion yuan more than the seasonal level [4]. - The supply of local bonds will accelerate, and the demand from asset management accounts is good. In June, the supply of local bonds accelerated, which is expected to drive government bond financing to remain at a relatively high level. After the reserve requirement ratio cut, the overall inter - bank funds have a strong ability to absorb bond supply [4]. 3. Summary by Relevant Catalogs 3.1 Bond Custody Scale in May 2025 - The bond custody balance in May 2025 had a year - on - year growth rate of 15.1%, and the newly added custody scale was 2.3 trillion yuan, 940.2 billion yuan more than the seasonal level [4][5]. 3.2 By Bond Type - Treasury bonds, local bonds, financial bonds, certificates of deposit, and policy - based financial bonds were the main varieties of new net financing in May, with net financing of 904.1 billion yuan, 521.6 billion yuan, 306.4 billion yuan, 269.4 billion yuan, and 208.4 billion yuan respectively [9]. - The supply of inter - bank certificates of deposit and corporate credit bonds declined. The net supply of inter - bank certificates of deposit in May was 269.4 billion yuan, lower than that in April. Corporate credit bond supply fell to 89 billion yuan [18]. 3.3 By Institution - Banks and non - legal person products (asset management accounts) were the main bond buyers, with their custody volume increasing by 1.8 trillion yuan and 833.3 billion yuan respectively, significantly higher than the seasonal level. Securities firms' proprietary trading and overseas institutions reduced their holdings [21]. - Commercial banks increased their holdings by 1.8 trillion yuan. After considering the net repurchase of central bank's outright reverse repurchase of 200 billion yuan, the actual purchase scale in May was 1.6 trillion yuan. Banks had strong digestion ability for government bonds, and in May, they increased their holdings of government bonds by about 1.3 trillion yuan, accounting for 93% of the government bond supply [25]. - Insurance institutions increased their holdings by 586 million yuan, less than the seasonal level, and mainly increased their holdings of credit bonds. In May, the government bonds they increased their holdings accounted for only 1% of the new government bond supply [27]. - Non - legal person products increased their holdings by 833.3 billion yuan, 313.7 billion yuan more than the seasonal level, mainly increasing their holdings of inter - bank certificates of deposit. Since April 2024, the year - on - year growth rate of wealth management scale has remained above 8% [29]. - In May, fund companies' net bond purchases in the secondary market were 507.7 billion yuan, an increase from April. They mainly increased their holdings of credit bonds and inter - bank certificates of deposit, with a preference for short - term varieties within 3 years [38]. - Foreign investors reduced their holdings by 933 million yuan, mainly reducing their holdings of inter - bank certificates of deposit. The reduction was due to the appreciation of the RMB against the US dollar and the decline in carry - trade returns [41]. - Securities firms reduced their holdings by 1576 million yuan, reducing their holdings of interest - rate bonds, credit bonds, and inter - bank certificates of deposit. The reduction may be related to the closing of positive - carry trades after the reserve requirement ratio cut [41]. 3.4 Outlook - The supply of local bonds will accelerate, driving the supply of government bonds to increase month - on - month. As of June 19, the net financing of local special bonds in June was 347.4 billion yuan [43]. - Banks' liability pressure has eased, and their allocation demand has improved, but they may sell bonds to realize profits at the end of the quarter. As of June 20, commercial banks had net sold 1.7 trillion yuan of bonds in the secondary market, 1.2 trillion yuan more than the seasonal level [49]. - Insurance institutions are expected to maintain a moderately weak bond - allocation intensity. The bond - allocation progress of insurance this year is relatively fast, and the attractiveness of the 10 - year treasury bond yield has decreased. They may focus on ultra - long - term bonds with spreads [55]. - Asset management accounts are expected to maintain a strong bond - allocation intensity. After the deposit interest rate cut, there may be continuous capital inflows into asset management accounts. In the first three weeks of June, funds and wealth management products maintained a strong buying intensity in the secondary market [56].

公 司 报 告 2025年07月07日 计算机 道通科技(688208.SH) 公司全面拥抱AI，上半年利润表现良好 推荐 ( 维持) 股价:31.58元 主要数据 | 行业 | 计算机 | | --- | --- | | 公司网址 | www.auteltech.cn | | 大股东/持股 | 李红京/37.29% | | 实际控制人 | 李红京 | | 总股本(百万股) | 670 | | 流通A股(百万股) | 670 | | 流通B/H股(百万股) | | | 总市值(亿元) | 212 | | 流通A股市值(亿元) | 212 | | 每股净资产(元) | 5.33 | | 资产负债率(%) | 46.8 | 行情走势图 证券分析师 | 闫磊 | 投资咨询资格编号 | | --- | --- | | | S1060517070006 | | | YANLEI511@pingan.com.cn | | 黄韦涵 | 投资咨询资格编号 | S1060523070003 HUANGWEIHAN235@pingan.com.cn 证 券 研究助理 | | S1060123070023 | | --- | -- ...

海外宏观 2025 年 7 月 7 日 宏 观 报 告 海外宏观周报 美国"大而美"法案通过 证券分析师 | 张璐 | 投资咨询资格编号 | | --- | --- | | | S1060522100001 | | | ZHANGLU150@pingan.com.cn | 范城恺 投资咨询资格编号 S1060523010001 FANCHENGKAI146@pingan.com.cn 宏观周报 一、 海外经济政策 平安观点： 海外经济政策。1）政策方面，7 月 1日和 3日，美国参议院和众议院先后通 过了"大而美"税收与支出法案。据 Tax Foundation 在 7 月 3 日的最新分 析，预计法案将抬升美国长期 GDP 增速 1.2 个百分点；预计在未来 10 年 （2025-2034）增加美国赤字 3.0 万亿美元（动态分析）。6 月 30 日，贝森 特表示，预计将在 7 月 9 日前签署一系列新贸易协议；考虑到当前的收益率 水平，美国政府扩大长期国债发行规模并不合理。7 月 3 日，特朗普表示， 美国与越南达成一项新的贸易协议，美国将对来自越南的进口商品征收 20% 关税，越南则将对所有美国商品免徵 ...

Investment Rating - Industry investment rating is "Outperform the Market" (maintained) [31] Core Viewpoints - The white liquor industry is focusing on low-alcohol products and continuous innovation, with companies like Shui Jing Fang and Yanghe actively developing products below 38 degrees to cater to younger consumers [6][4] - The beverage sector is experiencing a shift from "thirst-quenching" to "solution-oriented" consumption, leading to new opportunities in functional drinks and snacks, with companies exploring new consumer needs [6][5] - The food and beverage sector is seeing strong growth in snacks, driven by emotional value and cost-effectiveness, with upstream manufacturers launching new healthy products [6][5] Summary by Sections White Liquor Industry - The white liquor index has a cumulative increase of +1.22% this week, with top performers including Jiu Gui Jiu (+8.82%) and She De Jiu Ye (+2.38%) [6] - Companies are innovating to meet consumer demand for lower alcohol content and new product formats, indicating a positive trend for high-end and next-tier white liquors [6][4] Food Industry - The food index has a cumulative increase of +0.37% this week, with top performers including Ketaobiology (+21.90%) and Huang Shang Huang (+11.71%) [6] - The demand for beverages is diversifying, with a focus on functional drinks tailored to specific scenarios, such as electrolyte water for sports and herbal teas for wellness [6][5] Key Company Earnings Forecasts - Key companies in the sector are projected to have strong earnings growth, with recommendations for stocks like Guizhou Moutai and Wuliangye, indicating a bullish outlook for the industry [30]

Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The report highlights the focus on offshore wind power development and the need to combat price competition in the photovoltaic sector, suggesting a shift towards quality improvement and innovation [6][7]. - The offshore wind market is expected to grow due to supportive policies and decreasing investment costs, while the photovoltaic sector faces challenges with price declines and profitability pressures [6][7]. Summary by Sections Wind Power - The Central Financial Committee's sixth meeting emphasized the importance of developing offshore wind power as part of the marine economy, aiming for orderly construction and quality improvement [11]. - The wind power index increased by 1.3% over the week, underperforming compared to the CSI 300 index by 0.24 percentage points, with a current PE ratio of 19.69 times [12]. - Investment opportunities are identified in domestic offshore wind demand, recovery of profitability, and advancements in floating wind technology, with recommended companies including Mingyang Smart Energy, Goldwind Technology, and Dongfang Cable [7][18]. Photovoltaics - The report discusses the government's focus on addressing price competition in the photovoltaic industry, with expectations of continued price declines in the supply chain [6]. - The current PE ratio for the photovoltaic sector is approximately 31.75 times, indicating a challenging environment for profitability [5]. - Structural opportunities are suggested, with recommended companies including Dier Laser, Aiko Solar, and Longi Green Energy [7]. Energy Storage & Hydrogen - A series of independent energy storage projects have commenced in Inner Mongolia, indicating a push for new energy storage solutions [7]. - The report anticipates a resurgence in demand for new energy storage following a phase of adjustment, with investment opportunities in companies like Sungrow Power and Deye Technology [7]. - The hydrogen sector is highlighted for its potential, with a focus on companies involved in green hydrogen project investments, recommending Jilin Electric Power [7].

Group 1: Economic Growth Drivers - The summer travel season has initiated, with Baidu migration index showing a year-on-year increase of 18.2% and domestic flights up by 2.9%[2] - The production of raw materials is recovering, supported by stable prices, with steel output and apparent demand increasing by 0.5% and 1.4% respectively this week[2][5] Group 2: Industrial Sector Insights - The production of five major steel varieties has increased, with glass and asphalt operating rates also improving[2] - Cement clinker capacity utilization has shown marginal adjustments, while the textile polyester operating rate has rebounded[2] Group 3: Real Estate Market Trends - New home sales in 30 major cities have seen a decline in average daily transaction area, with a month-on-month decrease noted at the beginning of July[2] - The second-hand housing listing price index has decreased by 0.28% as of June 23[2] Group 4: Domestic Demand Indicators - Retail sales of passenger cars reached 2.032 million units in June, marking a 15% year-on-year growth[2] - Major home appliance retail sales increased by 10.9% year-on-year as of June 27, indicating sustained consumer demand[2] Group 5: External Demand and Risks - Port cargo throughput increased by 0.7% year-on-year, while container throughput rose by 3.1%[2] - Risks include potential underperformance of growth stabilization policies, unexpected severity of overseas economic downturns, and escalating geopolitical conflicts[2][32]

债券 2025 年 07 月 07 日 可转债茶话会 银行转债陆续退市，如何选择底仓品种 证券分析师 平安观点 光伏设备之外的替代底仓品种，整体上建议在转债价格低时逐渐建仓。光 伏设备转债风险、收益都相对更高，一是建议筛选龙头个券，如营业收入、 净利润排名在行业前几位的个券；二是为评级下调留有余地，避免被动出 库抛售。 风险提示：底仓品种行业基本面大幅恶化；可转债价格上涨过快，底仓品 种可投范围快速收缩；可转债评级大规模下调。 债 券 动 态 跟 踪 报 告 证 券 研 究 报 告 债 券 报 告 刘璐 投资咨询资格编号 S1060519060001 liulu979@ pingan.com.cn 陈蔚宁 投资咨询资格编号 S1060524070001 chenweining369@ pingan.com.cn 年内银行转债余额或收缩约 1000 亿元，25 年末余额或在 900 亿元左右。 截至 25 年 6 月 30 日，市场上银行转债还有 10 只、余额 1349 亿元。在 此基础上，杭银转债、南银转债已强赎，齐鲁转债接近强赎，浦发转债将 于 10 月到期，25 年末相较于 24 年末，银行转债余额或将 ...

其 他 报 告 2025年07月07日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3472 | 0.32 | 1.91 | | 深证成份指数 | 10509 | -0.25 | 3.73 | | 沪深300指数 | 3982 | 0.36 | 1.95 | | 创业板指数 | 2156 | -0.36 | 5.69 | | 上证国债指数 | 226 | 0.04 | 0.02 | | 上证基金指数 | 6942 | 0.03 | 0.37 | 资料来源:同花顺iFinD | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 23916 | -0.64 | 3.20 | | 中国香港国企指数 | 8609 | -0.45 | 2.76 | | 中国台湾加权指数 | 22548 | -0.73 | 2.42 | | 道琼斯指数 | 44829 | 0.77 | 3.82 | ...

证券研究报告 策略周报："反内卷"引领破局新生 证券分析师 魏 伟 投资咨询资格编号：S1060513060001 陈 骁 投资咨询资格编号：S1060516070001 研究助理 靳旭媛 一般从业资格编号：S1060124070018 2025年7月6日 请务必阅读正文后免责条款 1 ※ 核心观点|"反内卷"引领破局新生 2 • 上周全球风险偏好回温，权益资产多数上行。海外方面，美国就业数据超预期稳健带动风偏回升，美股三大股指上涨1%-3%，10Y美债收益 率上行10BP至4.4%。国内方面，A股整体向上、结构分化。上证指数上涨1.4%，红利表现靠前，小盘有所回调。全A日均成交额录得1.44万 亿元；全周股票型ETF净流出225.3亿元。行业上，钢铁、建筑材料、银行表现靠前；光伏玻璃、CRO、创新药、水产等概念领涨。 • 海外方面，美国就业超预期稳健，全球贸易谈判仍在进行。基本面上，美国制造业景气仍处收缩区间，但劳动力市场韧性延缓降息预期。 美国6月ISM制造业PMI升至49.0%，连续四个月处于收缩区间，新订单连续五个月减少。就业市场来看，美国6月非农就业人口增加14.7万 人，远超预期的11万人，失业率 ...