Investment Rating - The report gives a "Buy" rating for the company [3] Core Views - The company is gradually becoming a world-class potash enterprise, focusing on potash as its main business and leveraging its resources in Laos [1][12] - The potash industry is experiencing an upturn, with Laos expected to become a significant source of imports for China [2][35] - The company has ambitious plans to expand its potash production capacity to 5 million tons per year and is also exploring new growth areas such as bromine [2][46] Summary by Sections Company Overview - The company has undergone several transformations, focusing on potash production since acquiring Zhongnong International in 2015 [12] - It has become the largest potash producer in Southeast Asia, with significant resources in Laos [14][16] Potash Industry Analysis - The global potash industry is characterized by oligopoly, with major producers in Canada, Russia, and Belarus [25][29] - Potash demand is expected to grow, driven by population growth and food security concerns [30][34] Production and Expansion Plans - The company aims to achieve a production capacity of 5 million tons of potash per year, with ongoing projects to expand its capacity [44] - The company is also developing bromine production as a complementary business, with significant potential for growth [46][47] Financial Projections - Revenue forecasts for 2025-2027 are projected at 58.35 billion, 79.80 billion, and 98.70 billion yuan, with corresponding net profits of 17.32 billion, 24.50 billion, and 32.13 billion yuan [3][52] - The company is expected to benefit from improved potash prices and increased production capacity [52]

Report Industry Investment Rating - The report indicates a continued optimistic view of the bond market and A-share structural opportunities, but does not explicitly provide a specific industry investment rating [12] Core Viewpoints - The report predicts that the substantial price increases of commodities are driven by the dual positive factors of heightened expectations for supply-side reform and increased demand from the Yarlung Zangbo River Hydropower Project. The bond market is not significantly affected by the commodity price hikes, and the short - term adjustment presents an opportunity to go long on the bond market. In the stock market, the Politburo meeting at the end of July may introduce pro - growth policies, and the upcoming Sino - US economic and trade talks in Sweden are expected to keep investors' risk appetite at a relatively high level. There are still investment opportunities in sectors such as rare earths, artificial intelligence, innovative drugs, and commodities [12] Summary by Related Content Stock Market Performance - **US Stocks**: In the past week (20250721 - 20250727), the Nasdaq, S&P 500, and Dow Jones Industrial Average changed by 1.02%, 1.46%, and 1.26% respectively. The Nasdaq China Technology Index changed by 1.91%, and the Hang Seng Index changed by 2.27% [3] - **A - shares**: The Wind All - A Index rose 2.21%. Among them, the CSI A100, CSI 300, CSI 500, CSI 1000, CSI 2000, and Wind Micro - cap stocks changed by 2.29%, 1.69%, 3.28%, 1.81%, and 3.63% respectively. In terms of sector styles, both blue - chip and growth stocks in the Shanghai and Shenzhen markets rose, with the Shanghai Composite 50 and STAR Market 50 changing by 1.12% and 4.63% respectively, and the Shenzhen Component 100 and ChiNext Index changing by 2.12% and 2.76% respectively. The North Exchange 50 Index changed by 2.85% [4] - **Industry Performance**: Among the 30 CITIC industries, 4 declined and 26 rose. Leading industries included coal, steel, non - ferrous metals, building materials, and construction, with weekly gains exceeding 6%. In terms of ETF performance, rare metals, coal, building materials, non - ferrous metals, and Hong Kong securities performed well, with weekly gains above 7% [4] Bond Market Performance - **Interest - rate Bonds**: In the past week (20250721 - 20250727), the 10 - year Treasury bond futures main contract fell 0.56% compared to July 18, 2025. The yield of the 10 - year active Treasury bond rose 6.72 BP to 1.7324%. Yields of maturities of 6 months and above increased, with longer - term yields rising more, making the yield curve steeper [5] - **Funding Costs**: As of July 25, 2025, R007 was 1.6937%, up 18.65 BP from July 18, 2025, and DR007 was 1.6523%, up 14.56 BP. The spread between them widened. The central bank conducted a net withdrawal of 70.5 billion yuan through open - market operations (reverse repurchase operations and central bank bill swaps) in the past week [6] - **Bond Market Leverage**: The bond market leverage level increased. The 5 - day average of inter - bank pledged repurchase volume increased from 7.24 trillion yuan on July 18, 2025, to 7.70 trillion yuan on July 25, 2025. As of July 25, 2025, the spreads between the yields of 5Y, 10Y, and 30Y Treasury bonds and IRS007 were - 14.52, - 1.76, and 22.25 BP respectively [7] - **US Treasury Bonds**: In the past week (20250721 - 20250727), US Treasury yields showed a pattern of short - term increases and long - term decreases. As of July 25, 2025, the 10 - year US Treasury yield fell 4 BP to 4.40%. Yields of maturities of 3 years and below increased, while those of other maturities decreased, making the yield curve flatter [7][9] Currency and Commodity Markets - **US Dollar**: The US dollar index fell 0.80% in the past week (20250721 - 20250727). The US dollar against the euro, pound, and yen changed by - 1.00%, - 0.19%, and - 0.76% respectively. The US dollar against the offshore and onshore RMB exchange rates fell 0.18% and 0.12% respectively [10] - **Gold**: In the past week (20250721 - 20250727), international gold prices fell, with the London gold spot price down 0.35% to $3343.5 per ounce and the COMEX gold futures price down 0.61% to $3329.1 per ounce. Domestic gold prices rose, with the Shanghai gold spot up 0.09% to 774.21 yuan per gram and the futures up 0.01% to 774.70 yuan per gram [10] Trade Negotiations - The US has reached trade agreements with the Philippines, Japan, and the EU. The US and the EU reached a 15% tariff agreement on July 27, 2025. Sino - US economic and trade talks will be held in Sweden from July 27 - 30, 2025, and their progress is worthy of attention [11]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The industry and market are increasingly focusing on multi - asset ETFs as an innovative product offering one - stop asset allocation solutions. The report explores the development of US multi - asset ETFs to provide insights for domestic market innovation [2][11]. - US multi - asset ETFs have shown significant growth in recent years, with distinct characteristics such as strong head - effects in scale, rapid development of actively managed products, and extensive application of FOF - type products [2][20][31]. - The development of US multi - asset ETFs offers important lessons for the domestic market, including deepening multi - asset index development, diversifying allocation strategies, and broadening underlying asset investment tools [5]. 3. Summary by Directory 3.1 Two Action Plans Mentioned, Multi - asset ETFs Are Approaching - The "Public Offering Plan" emphasizes increasing the creation of asset - allocation products to meet the needs of investors with different risk preferences and promote the coordinated development of equity and fixed - income investments [8]. - The "Index Plan" proposes researching and launching innovative index products such as multi - asset ETFs and expanding the underlying asset categories of ETFs. Recent releases of multi - asset indices indicate growing market attention [10][11]. 3.2 Analysis of the Development History and Current Situation of US Multi - asset ETFs - In 2005, BlackRock issued the world's first multi - asset ETF in Canada. In 2006, Invesco launched the first US multi - asset ETF. After the 2008 financial crisis, multi - asset ETFs evolved rapidly [13][14]. - As of March 31, 2025, there are 181 multi - asset ETFs in the US market, with a total scale of $36 billion, ranking first globally. However, their scale accounts for only 0.35% of all US ETFs, indicating significant growth potential [18]. - The top three fund managers in terms of management scale are BlackRock, Pacer Advisors, and First Trust Portfolios, with a combined scale ratio of 45.35%. The top ten multi - asset ETFs in terms of fund scale account for 51.26% of the total scale [22][25]. - Actively managed multi - asset ETFs have developed rapidly. As of March 31, 2025, 146 out of 181 multi - asset ETFs are actively managed, accounting for 80.66%. Their issuance has increased explosively since 2021 [31]. - FOF - type products are widely used in US multi - asset ETFs. As of March 31, 2025, 73 out of 181 multi - asset ETFs are marked as FOF - type, accounting for nearly 40%, with a fund scale of $13.041 billion, about 36% of the total [34]. - The expense ratios of US multi - asset ETFs vary significantly. The average expense ratio of all 181 multi - asset ETFs is 0.80%, with actively managed and passively managed products having average expense ratios of 0.83% and 0.69% respectively. The expense ratio has generally remained low since 2016 [5][40]. 3.3 Exploration of the Strategy Classification of US Multi - asset ETFs - **Core Allocation Type**: This is the most common strategy type, further divided into target - risk, macro - strategy, and subjective - allocation subtypes. Target - risk type aims to meet pre - designed risk metrics, with 28 products and a scale of $8.176 billion. Macro - strategy type adjusts asset allocation based on macro - economic analysis, with 12 products and a scale of $0.937 billion. Subjective - allocation type gives investment managers high freedom, with 57 products and a scale of $10.402 billion [44][47][51]. - **Trend - Following Type**: These ETFs use momentum factors or trend - following models for asset allocation. As of March 31, 2025, there are 26 products with a scale of $7.193 billion, accounting for about 20% of the total [54][55]. - **Target - Dividend Type**: These ETFs focus on interest (dividend) income, with 22 products and a scale of $6.384 billion. The average historical dividend rate of 17 products issued before 2024 is 7.20%, much higher than other types [58][63]. - **Option - Strategy Type**: These ETFs add option - based derivatives to underlying assets to change the risk - return characteristics. As of March 31, 2025, there are 36 products with a scale of $2.907 billion, accounting for 8.08% of the total [63][64]. 3.4 Suggestions and Insights - **Investor Suggestions**: Different types of investors can choose corresponding multi - asset ETFs. For example, risk - sensitive investors can choose target - risk type; policy - sensitive investors can choose macro - strategy type; investors seeking stable cash flow can choose target - dividend type; those preferring quantitative strategies can choose trend - following type; and investors interested in alternative strategies can choose option - strategy type [68][69][70]. - **Insights for the Domestic Market**: The domestic market should prioritize using existing multi - asset indices as tracking targets, deepen the development of multi - asset indices, focus on stable strategies and diversify allocation strategies, and broaden underlying asset investment tools to promote the development of multi - asset ETFs [72][73][75].

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights that the National Medical Insurance Administration's clarification on not using the lowest price as a reference for centralized procurement is expected to continue promoting and optimizing procurement policies, enhancing the participation of pharmaceutical and medical device companies, and balancing quality and innovation in procurement [7] - LZM012 from Livzon Pharmaceutical has successfully reached its primary research endpoint in Phase III clinical trials, showcasing a dual blockade mechanism that comprehensively inhibits inflammatory responses, providing a new solution for achieving deep clearance of skin lesions and sustained relief [7] Summary by Sections Industry Overview - The report focuses on the pharmaceutical and biotechnology industry, emphasizing the recent developments in centralized procurement and the impact on drug pricing and market dynamics [3][4] Clinical Research Highlights - Livzon Pharmaceutical's LZM012 is the first IL-17A/F dual-target inhibitor to complete Phase III clinical trials in China, demonstrating faster onset and superior efficacy compared to the benchmark drug, Secukinumab [4][6] - Key findings from the clinical trial include: - LZM012 achieved a PASI 75 response rate of 65.7% at week 4, outperforming Secukinumab's 50.3% [4] - At week 12, the PASI 100 response rate for LZM012 was 49.5%, compared to 40.2% for Secukinumab, indicating significant efficacy [4] - Long-term efficacy was sustained, with PASI 100 response rates of 75.9% and 62.6% at week 52 for LZM012 under different dosing regimens, surpassing Secukinumab's 61.6% [4] - Safety profiles were comparable between LZM012 and the control group, with similar rates of adverse events [6] Investment Recommendations - The report suggests focusing on companies such as China National Pharmaceutical Group, Hengrui Medicine, and Livzon Pharmaceutical due to their promising developments and the favorable regulatory environment [7]

Group 1 - The core viewpoint of the report indicates that the construction materials and coal industries performed well during the period, with the Shanghai Composite Index rising by 1.67% and the Shenzhen Component Index increasing by 2.33% [2][9] - In the recent 12 periods, the comprehensive and pharmaceutical industries showed strong performance, suggesting potential investment opportunities in these sectors [9] - Active equity funds focusing on electronics and coal industries also demonstrated superior performance during this period [14] Group 2 - Among various fund types, actively managed stock funds increased by 1.55%, while mixed funds rose by 1.63%, and bond funds saw a slight decline of 0.16% [2] - The average return of convertible bond funds was notably high at 12.46% year-to-date, indicating a strong performance in this category [17] - QDII funds, particularly those focused on Asia-Pacific and emerging markets, led the performance with an increase of 2.56% during the period [19][21]

Report Overview - Report Date: July 28, 2025 - Analyst: Zhang Hesheng - Contact Information: Tel: 021 - 53686158; E - mail: zhanghesheng@shzq.com; SAC No.: S0870523100004 [1] Industry Investment Rating - The report continues to be bullish on the bond market and A - share structural opportunities, but no specific industry investment rating is provided [12] Core Viewpoints - Continue to be optimistic about the bond market and A - share structural opportunities. The rapid price increase of commodities such as coal, steel, and building materials is due to the dual positive catalysts of the increasing expectation of supply - side reform and the incremental demand from the Yarlung Zangbo River Hydropower Project. The bond market is not substantially affected by the commodity price increase, and the short - term adjustment provides an opportunity to go long on the bond market. In the stock market, the Politburo meeting at the end of July may introduce some growth - stabilizing policies, and the upcoming Sino - US economic and trade talks in Sweden are expected to keep investors' risk appetite at a high level. There are still investment opportunities in structural sectors such as rare earths, artificial intelligence, innovative drugs, and commodities [12] Market Performance Summary Stock Market - **US Stocks**: In the past week (July 21 - 27, 2025), the Nasdaq, S&P 500, and Dow Jones Industrial Average changed by 1.02%, 1.46%, and 1.26% respectively, and the Nasdaq China Technology Index changed by 1.91% [2] - **Hong Kong Stocks**: The Hang Seng Index changed by 2.27% in the same period [2] - **A - Shares**: The Wind All - A Index rose 2.21%. Among them, the CSI A100, CSI 300, CSI 500, CSI 1000, CSI 2000, and Wind Micro - cap stocks changed by 2.29%, 1.69%, 3.28%, 2.36%, 1.81%, and 3.63% respectively. In terms of sector styles, both blue - chip and growth stocks in the Shanghai and Shenzhen markets rose, and the North Securities 50 Index changed by 2.85% [3] - **Industry Performance**: Among the 30 CITIC industries, 4 industries declined and 26 industries rose. The leading industries were coal, steel, non - ferrous metals, building materials, and construction, with weekly gains of more than 6%. In terms of ETF performance, rare metals, coal, building materials, non - ferrous metals, and Hong Kong securities performed well, with weekly gains of more than 7% [4] Bond Market - **Domestic Interest - Rate Bonds**: In the past week (July 21 - 27, 2025), the 10 - year Treasury bond futures main contract fell 0.56% compared to July 18, 2025. The yield of the 10 - year Treasury bond active bond increased by 6.72 BP to 1.7324% compared to July 18, 2025. The yield curve became steeper [5] - **Funding Price**: As of July 25, 2025, R007 was 1.6937%, up 18.65 BP from July 18, 2025; DR007 was 1.6523%, up 14.56 BP, and the spread between the two increased. The central bank's open - market operations had a net withdrawal of 70.5 billion yuan in the past week [6] - **Bond Market Leverage**: The bond market leverage level increased. The 5 - day average of the inter - bank pledged repurchase volume increased from 7.24 trillion yuan on July 18, 2025, to 7.70 trillion yuan on July 25, 2025 [7] - **US Treasury Bonds**: In the past week (July 21 - 27, 2025), the long - term US Treasury bond yields decreased while the short - term yields increased. As of July 25, 2025, the 10 - year US Treasury bond yield decreased by 4 BP to 4.40%. The yield curve became flatter [8][9] Foreign Exchange and Commodities - **US Dollar**: The US dollar index fell 0.80% in the past week (July 21 - 27, 2025). The US dollar exchange rates against the euro, pound, and yen changed by - 1.00%, - 0.19%, and - 0.76% respectively. The US dollar exchange rates against the offshore and onshore RMB decreased by 0.18% and 0.12% respectively [10] - **Gold**: The international gold price fell, with the London gold spot price falling 0.35% to $3343.5 per ounce and the COMEX gold futures price falling 0.61% to $3329.1 per ounce. The domestic gold price rose, with the Shanghai gold spot price rising 0.09% to 774.21 yuan per gram and the futures price rising 0.01% to 774.70 yuan per gram [10] Trade Negotiation Progress - The US has reached trade agreements with the Philippines, Japan, and the EU. Sino - US trade talks will be held in Sweden from July 27 - 30, 2025, and the follow - up progress is worthy of attention [11]

Investment Rating - The report maintains an "Overweight" rating for the retail trade industry [1] Core Insights - The gold jewelry industry is experiencing a shift towards younger consumers and a trend towards "Guochao" (national trend) aesthetics, with rising demand for traditional craftsmanship and small-weight gold products [4][5] - The price of gold is expected to maintain an upward trend due to geopolitical factors and increased demand for safe-haven assets, with COMEX gold prices stabilizing between $3,300 and $3,500 per ounce [4] - The retail sales of gold and silver jewelry in China reached CNY 194.8 billion in the first half of 2025, showing a year-on-year growth of 11.3% [20] Summary by Sections Section 1: Gold Price Trends - The gold jewelry industry index is experiencing a synchronized rise, driven by increasing gold prices and product upgrades [20] Section 2: Gold Jewelry Industry - The retail sales of gold jewelry are growing faster than the overall retail market, with a notable increase in demand driven by rising gold prices and seasonal consumption peaks [20][21] - The gold jewelry market is projected to reach CNY 5,688 billion by 2024, with a compound annual growth rate (CAGR) of 11.6% from 2019 to 2024 [26] Section 3: Industry Chain Analysis - The gold jewelry industry value chain includes upstream mining, midstream design and manufacturing, and downstream retail, with a focus on brand value creation [65] - The competitive landscape is characterized by a concentration of market share among leading brands, with the top five companies holding a significant portion of the market [76] Section 4: Investment Recommendations - Recommended companies include Laopuhuangjin, Chow Tai Fook, Lao Feng Xiang, Chao Hong Ji, and Cai Bai Co., Ltd. [6]

Investment Rating - The report maintains an "Overweight" rating for the communication industry [5] Core Insights - The upcoming release of GPT-5 signifies a new wave of competition in large models, with significant investments in computing infrastructure expected to continue [9][10] - NVIDIA's stock price continues to reach new highs, with a market capitalization exceeding $4.2 trillion as of July 18, indicating strong demand in the domestic supply chain [11] Summary by Sections Industry Overview - The communication industry is experiencing a sustained high level of demand, particularly in sectors such as optical modules and PCB manufacturing [11] - Domestic GPU manufacturers are making strides in replacing foreign products, with companies like Lishan Technology set to launch a self-developed 6nm GPU [10] Key Companies to Watch - Suggested companies for investment consideration include: 1. Servers: Industrial Fulian, Huaqin Technology 2. Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Taicheng Light 3. PCB: Shenghong Technology, Huitian Technology, Shengyi Technology 4. Copper Interconnect: Zhaolong Interconnect, Changxin Bochuang 5. GPU: Cambrian, Haiguang Information [11]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Viewpoints - The company focuses on the development of wireless IoT chips, covering multiple application scenarios and mainstream terminal brand customers, with a projected revenue of 844 million yuan in 2024, representing a year-on-year growth of 32.69% [2][11]. - The company has a stable shareholding structure, with the chairman holding a significant stake, which contributes to its operational stability [19]. - The market demand for IoT chips is recovering, driving significant revenue growth, with a compound annual growth rate of 16.78% from 2020 to 2024 [26][29]. Summary by Sections Company Overview - The company specializes in wireless IoT chip technology development, with products applicable in smart retail, consumer electronics, smart lighting, smart home, smart healthcare, logistics, and audio entertainment [2][18]. - The company has established long-term technical accumulation and product layout in low-power Bluetooth, dual-mode Bluetooth, Zigbee, Matter, and WiFi short-range wireless communication chips [2][24]. Industry Situation - The digital transformation is driving the demand for IoT connection chips, with a clear trend of technological iteration [38]. - Wireless IoT applications are broad, with local wireless communication technologies like WiFi, Bluetooth, and Zigbee being particularly suitable for smart home and healthcare applications [38][41]. Product Analysis - The company's main products are IoT chips and audio chips, with a focus on low-power Bluetooth SoC products that support various IoT application protocols [51]. - The company has seen significant growth in its audio chip segment, driven by new customer acquisitions and increased orders from existing clients [32]. Financial Performance - The company expects to achieve a net profit of 195 million yuan in 2025, reflecting a year-on-year increase of 100.5% [11][13]. - The revenue from IoT chips is projected to reach 765 million yuan in 2024, with a gross margin of 47.17% [32][33].

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The report highlights that technology companies are expected to show strong performance in H1 2025, driven by demand in sectors such as PCB, diesel engines, consumer electronics ODM, and optical modules [7][8] - PCB manufacturers are experiencing significant revenue and profit growth, with net profit increases exceeding 40%, particularly for Shengyi Electronics, which reported a revenue growth of 84.98% to 96.73% and a net profit growth of 432.01% to 471.45% [7][8] - Diesel engine companies, such as Weichai Heavy Machinery, are also seeing substantial profit increases, with net profit growth of 40% to 60%, attributed to industry opportunities and demand from emerging sectors [7][8] - Consumer electronics ODM companies are benefiting from global digital transformation and AI advancements, with notable profit growth for companies like Wistron Technology, which reported a profit increase of 178% to 317% [7][8] Summary by Relevant Sections Market Review - The Shanghai Composite Index closed at 3534.48 points, with a weekly increase of +0.69%. The Shenzhen Component Index rose by +2.04%, and the ChiNext Index increased by +3.17% [5] Technology Industry Insights - As of July 20, 2025, technology companies are disclosing their H1 2025 performance forecasts, indicating positive trends in various segments [6][7] - The report emphasizes the importance of focusing on PCB, ODM, AIOT, and AIDC sectors for investment opportunities [7][8] Investment Recommendations - The report suggests focusing on specific companies within the PCB sector, such as Shengyi Technology and Huadian Technology, as well as diesel engine companies like Weichai Heavy Machinery [8] - It also highlights the potential of semiconductor ASIC chips and equipment benefiting from trade barriers, recommending companies like Chipone Technology and Aojie Technology for investment [8]