Group 1: Market Trends - The implementation of algorithmic trading regulations began on July 7, 2025, with detailed provisions for reporting, trading behavior, information systems, and high-frequency trading management [7] - Major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 1.40% and the Shenzhen Component Index increasing by 1.54% [7] - The total trading volume in A-shares reached 7.21 trillion yuan, with an average daily trading volume of 1.44 trillion yuan, reflecting a week-on-week decrease of 3.05% [7] Group 2: Company Analysis - Kaili New Materials (688269.SH) - Kaili New Materials announced a cash dividend of 0.3 yuan per share, totaling 39.21 million yuan, as part of its commitment to shareholder returns [8] - In Q1 2025, the company achieved revenue of 626 million yuan, a year-on-year increase of 105.25%, and a net profit of 22 million yuan, up 90.48% year-on-year [11] - The company is expected to maintain high growth rates in core product sales, with projected revenues of 2.037 billion yuan, 2.487 billion yuan, and 2.918 billion yuan for 2025 to 2027, reflecting year-on-year growth rates of 20.8%, 22.1%, and 17.3% respectively [9] Group 3: Investment Recommendations - The report maintains a "Buy-B" rating for Kaili New Materials, with projected earnings per share (EPS) of 1.22 yuan, 1.73 yuan, and 2.21 yuan for 2025 to 2027, corresponding to price-to-earnings (PE) ratios of 26.8, 18.9, and 14.8 [9] - The company is expected to benefit from rising palladium prices, which have increased by 23.28% from their lowest point earlier in the year, potentially enhancing sales prices and profitability [11] - The company plans to distribute a total cash dividend of 0.5 yuan per share for the 2024 fiscal year, amounting to 65.35 million yuan, indicating a strong commitment to shareholder returns [11]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1]. Core Insights - The implementation of the programmatic trading rules aims to regulate high-frequency trading behaviors, thereby reducing market volatility and protecting the interests of retail investors [4][11]. - Recent rankings in the brokerage industry show an improvement in cultural construction, with 14 A-class companies and 36 B-class companies identified among 105 evaluated brokerages [12][24]. - Major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 1.40%, the CSI 300 by 1.54%, and the ChiNext by 1.50% during the week [12][14]. Summary by Sections Investment Recommendations - The report emphasizes the significance of the newly implemented programmatic trading management rules, which include detailed regulations on trading behavior and reporting requirements [11][4]. Market Review - The report notes that the A-share trading volume reached 7.21 trillion yuan, with an average daily trading amount of 1.44 trillion yuan, reflecting a week-on-week decrease of 3.05% [14][17]. Industry Key Data Tracking 1) Market Performance and Scale: The report highlights the recent performance of major indices, with the Shanghai Composite Index increasing by 1.40% and the CSI 300 by 1.54% [14][17]. 2) Credit Business: As of July 4, the market had 3,087.84 billion shares pledged, accounting for 3.77% of the total share capital, with a margin balance of 1.85 trillion yuan [17][20]. 3) Fund Issuance: In June 2025, new fund issuance reached 1,221.24 billion shares, with a significant increase in the number of funds issued [17][18]. 4) Investment Banking: The report states that the equity underwriting scale in June 2025 was 5,530.18 billion yuan, with IPO amounts at 91.53 billion yuan [17][18]. 5) Bond Market: The report notes a 0.47% decline in the total price index of bonds since the beginning of the year, with the 10-year government bond yield at 1.64% [17][25]. Regulatory Policies and Industry Dynamics - The report discusses the results of the brokerage cultural construction evaluation, indicating a notable increase in A-class brokerages compared to previous years [24][26]. - It also mentions that 12 Chinese brokerages have been selected as the first distributors for the Hong Kong Stock Exchange's comprehensive fund platform, enhancing their role in connecting mainland and Hong Kong capital markets [24][26].

Investment Rating - The report maintains a "Buy-B" rating for Kaili New Materials (688269.SH) [1] Core Views - The company has demonstrated a strong commitment to shareholder returns through stable dividends, with a total cash dividend of 0.5 yuan per share for the 2024 fiscal year, amounting to 65.35 million yuan [4] - In Q1 2025, the company achieved a record revenue of 626 million yuan, representing a year-on-year growth of 105.25%, and a net profit of 22 million yuan, up 90.48% year-on-year [4] - The company is expected to maintain high growth in sales of core products, supported by sufficient production capacity of 3,000 tons from its Tongchuan facility, which is gradually coming online [4] - The price of palladium, a key raw material for the company's catalyst sales, has shown a recovery trend, which is anticipated to enhance the company's sales prices and profitability [5] Financial Performance and Forecast - The company is projected to achieve revenues of 2.037 billion yuan, 2.487 billion yuan, and 2.918 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20.8%, 22.1%, and 17.3% [6] - The net profit forecast for the same years is 159 million yuan, 226 million yuan, and 289 million yuan, with growth rates of 72.1%, 42.1%, and 27.5% [6] - The earnings per share (EPS) are expected to be 1.22 yuan, 1.73 yuan, and 2.21 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 26.8, 18.9, and 14.8 [6] Market Data - As of July 8, 2025, the closing price of the stock is 32.70 yuan, with a year-to-date high of 35.75 yuan and a low of 20.86 yuan [2] - The circulating A-shares amount to 131 million, with a total market capitalization of 4.274 billion yuan [2]

Market Overview - The report highlights a positive trend in the agricultural sector, particularly in the aquaculture, other agricultural product processing, pig farming, food and feed additives, and seed industries, with the agricultural sector index rising by 2.55% during the week of June 30 to July 6, 2025 [3] - The Shanghai Composite Index closed at 3,497.48, reflecting a 0.70% increase, while the Shenzhen Component Index rose by 1.47% to 10,588.39 [2] Key Investment Insights - The report identifies Haida Group as a promising investment opportunity due to the expected recovery in the feed industry, driven by declining upstream raw material prices and improving conditions in the breeding sector [3] - The average price of live pigs in key provinces showed a week-on-week increase, with prices in Sichuan, Guangdong, and Henan rising by 6.83%, 10.04%, and 1.68% respectively, indicating a positive trend in pig prices [3] - The report suggests that the current market may be overly pessimistic regarding the impact of pig production capacity recovery on profitability, while also overlooking the potential positive effects of declining raw material costs and macroeconomic demand recovery in 2025 [3] Industry Dynamics - The report discusses the cyclical nature of the pig farming industry, emphasizing that the current recovery phase may last longer than market expectations due to the industry's financial constraints and the need for debt reduction rather than rapid capacity expansion [3] - It is noted that the chicken industry may see performance driven by new demand recovery in 2025, with companies like Shengnong Development positioned at the bottom of their performance and valuation cycles, presenting good investment opportunities [3] Recommendations - The report recommends several pig farming stocks, including Wens Foodstuff Group, Shennong Group, Juxing Agriculture, Tangrenshen, and New Hope, based on the anticipated recovery in profitability [3] - For the pet food sector, the report highlights the importance of brand profitability and suggests focusing on leading domestic brands like Guibao Pet Food, which maintain strong sales performance [3][4]

Core Insights - The report highlights the strong performance of the U.S. job market, with June non-farm employment data showing an increase of 147,000 jobs and a decrease in the unemployment rate from 4.2% to 4.1% [4] - The report notes the significant growth of the jewelry brand Zhou Li Fu, which went public on the Hong Kong Stock Exchange, raising approximately HKD 1.292 billion [5][6] - The report discusses the rapid expansion of 361 Degrees, which opened 49 new stores, establishing itself as a new landmark in urban sports consumption [6][7] Market Trends - The U.S. economy is experiencing a mild cooling phase, with concerns about the job market being alleviated by strong employment data [4] - The textile and apparel sector saw a 1.36% increase, while the light industry manufacturing sector rose by 0.58% [6] - The gold and jewelry retail sector reported a year-on-year growth of 21.8% in May, indicating a robust demand for gold and jewelry products [7] Company Performance - Zhou Li Fu's revenue is projected to grow from CNY 3.102 billion in 2022 to CNY 5.718 billion in 2024, with a compound annual growth rate (CAGR) of 35.8% [5] - The net profit of Zhou Li Fu is expected to increase from CNY 575 million in 2022 to CNY 706 million in 2024, with a CAGR of 10.8% [5] - Tao Tao Vehicle's net profit for the first half of 2025 is projected to be between CNY 310 million and CNY 360 million, representing a year-on-year growth of 70.34% to 97.81% [14][16] Industry Developments - The global regulatory framework for stablecoins is advancing, with significant legislative actions in the U.S., EU, and Hong Kong [9][10] - The report emphasizes the entry of traditional financial institutions and tech giants into the stablecoin market, enhancing the ecosystem [9] - The report also highlights the potential for Real World Assets (RWA) to create new growth opportunities for stablecoins [10] Investment Recommendations - The report recommends focusing on companies with strong mid-year performance, particularly in the textile and apparel sector, such as Anta Sports and 361 Degrees [6][7] - In the gold and jewelry sector, companies like Lao Pu Gold and Chao Hong Ji are highlighted as having strong mid-year performance potential [7] - The report suggests monitoring the progress of virtual asset licensing in Hong Kong and the core application scenarios for stablecoins in the long term [12]

摩托车及其他Ⅲ 涛涛车业（301345.SZ） 买入-A(首次) 中报利润高增，布局人形机器人领域 2025 年 7 月 7 日 公司研究/公司快报 公司近一年市场表现 事件描述 涛涛车业发布了 2025 年半年度业绩预告，预计 2025 年上半年归母净利 润为 3.1 亿-3.6 亿之间，比上年同期增长为 70.34%-97.81%，其中，预计非经 常性损益对归母净利润的影响金额约为 280 万元，扣非后的净利润为 3.07-3.57 亿元，比上年同期增长 71.97%-99.96%。 事件点评 市场数据：2025 年 7 月 7 日 收盘价（元）： 135.99 销售收入和利润双增，经营效率提升。公司 Q2 归母净利润为 2.24-2.74 亿，同比增长 71%-109%，延续一季度利润高增的趋势，公司上半年主力产 品的毛利率提升，规模效应显现，再叠加费用管控良好，促成了公司净利润 的快速增长。展望下半年，欧美地区有圣诞节、感恩节等购物旺季，加之公 司目前的新品迭代、品牌影响力、渠道拓展、海外产能的不断提升，预计下 半年业绩还会持续增长。 电动高尔夫球车产品不断迭代，覆盖多客户多场景。公司电动高尔夫球 车 ...

纺织服装 行业周报（20250629-20250705） 同步大市-A(维持) 361 度超品店达 49 家，周六福 6 月 26 日登陆港交所 2025 年 7 月 7 日 行业研究/行业周报 纺织服装行业近一年市场表现 【山证纺织服装】周大福公布 2025 财 年年度业绩，经营质量显著提升-【山证 纺服】行业周报 2025.6.16 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 本周观察：6 月 26 日，周六福于港交所上市 6 月 26 日，周六福于港交所上市。公司成立于 2004 年 4 月，首家加盟店于中国新疆维吾 尔自治区开业；2009 年，公司推出第一代门店形象；2012 年，公司于中央电视台首次亮 相；2013 年，公司开始通过线上渠道进行销售；2019 年，全国门店突破 3000 家；2022 年，全国门店突破 4000 家。2024 年，周六福品牌连续九年获得"中国 500 最具价值品 牌证书"。 管理团队方面，公司执行董事共四名。董事长李伟柱先 ...

资料来源：最闻 【山证计算机】AI 算力专题报告：AI 产 业高景气持续，算力国产化大势所趋 2025.5.27 【山证计算机】机器人产业趋势持续强 化，重视上下游投资机会 2025.5.14 分析师： 计算机 行业快报 领先大市-A(维持) 2025 年 7 月 7 日 行业研究/行业快报 计算机行业近一年市场表现 方闻千 执业登记编码：S0760524050001 邮箱：fangwenqian@szxq.com 研究助理： 邮箱：zouxinchen@sxzq.com 全球稳定币监管框架建立，产业将迎来爆发时刻 事件描述： 首选股票 评级 全球稳定币监管立法正快速推进：今年 6 月 17 日，美国参议院以 68 票 比 30 票正式通过 GENIUS 法案，明确了支付型稳定币的定义并提出了稳定 币的发行资质和抵押品要求等，为美元稳定币制定监管框架，目前 GENIUS 法案正递交众议院审议；欧盟 MiCA 法案已于 24 年 12 月 30 日全面生效； 今年 5 月 21 日，香港通过《稳定币条例草案》，并将于 8 月 1 日正式生效， 该条例明确稳定币发行人需在香港金管局申请牌照，并符合储备资产管理、 ...

生物医药 创新药动态更新 领先大市-B(维持) 2025 年 7 月 7 日 行业研究/行业快报 生物医药行业近一年市场表现 资料来源：最闻 首选股票 评级 IBI363：实现免疫耐药 NSCLC、结直肠 癌 、黑 色素 瘤 临床 突 破性 生存 获 益 2025.7.2 【山证生物医药Ⅱ】创新药动态更新： iza-bren 肺癌更新：EGFR 野生型、EGFR 突变等 NSCLC 疗效突出，SCLC 后线 OS 疗效显著 2025.6.25 分析师： 魏赟 执业登记编码：S0760522030005 邮箱：weiyun@sxzq.com 邓周宇 执业登记编码：S0760524040002 邮箱：dengzhouyu@sxzq.com 研究助理： 张智勇 邮箱：zhangzhiyong@sxzq.com sac-TMT 在 TNBC 一线Ⅱ期、后线Ⅲ期临床及后线 HR+/HER2-mBC Ⅰ/Ⅱ期临床 PFS 获益突出。一线 TNBC 中(N=41)，sac-TMT 单药治疗 ORR 为 70.7%，DCR 为 92.7%，DoR 为 12.2 个月，mPFS 为 13.4 个月。在 PD-L1 CPS＜10 ...

研究早观点 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,472.32 | 0.32 | | 深证成指 | | 10,508.76 | -0.25 | | 沪深 | 300 | 3,982.20 | 0.36 | | 中小板指 | | 6,590.53 | -0.21 | | 创业板指 | | 2,156.23 | -0.36 | | 科创 | 50 | 984.80 | -0.01 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 2025 年 7 月 7 日 星期一 资料来源：最闻 国内市场主要指数 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 市场走势 【今日要点】 【山证煤炭】煤炭行业 2024 年报及 2025 年一季报综述：-盈利能力尚 可，红利价值仍有交易空间 【行业评论】通信：周跟踪（20250623-20250629）-——再论昇腾 cloudmatrix384 创新性，算力板块迎来业绩情绪双击 【公司评论】大全能源(688303.SH)：大全能源点评报告-在 ...