Investment Rating - The report maintains an "Overweight" rating for the industry [7] Core Insights - The sales of new energy vehicles (NEVs) in China showed stable growth, with June 2025 sales reaching 1.329 million units, a year-on-year increase of 26.7%, resulting in a penetration rate of 45.8% [15] - The total installed capacity of power batteries in June 2025 was 58.2 GWh, reflecting a year-on-year growth of 36%, with a cumulative total of 300 GWh for the first half of 2025, up 47% year-on-year [16] - Lithium iron phosphate (LFP) battery installations saw significant growth, with June 2025 installations at 47.4 GWh, accounting for 81% of total installations, and a year-on-year increase of 50% [24] - Leading companies in the power battery sector, such as CATL and BYD, reported substantial growth in installed capacity, with CATL achieving 25.4 GWh in June 2025, a 33% increase year-on-year [38] Summary by Sections 1. New Energy Vehicle Sales - NEV sales in June 2025 reached 1.329 million units, a 26.7% increase year-on-year, with a penetration rate of 45.8% [15] - Cumulative NEV sales for the first half of 2025 were 6.937 million units, up 40.3% year-on-year, with a penetration rate of 44.3% [15] 2. Overall Power Battery Installation - The total power battery installation in June 2025 was 58.2 GWh, a 36% year-on-year increase [16] - Cumulative installations for the first half of 2025 reached 300 GWh, reflecting a 47% year-on-year growth [16] 3. Different Types of Power Battery Installations - LFP battery installations in June 2025 were 47.4 GWh, representing 81% of total installations, with a year-on-year growth of 50% [24] - In the first half of 2025, LFP battery installations totaled 243.9 GWh, also 81% of total installations, with a year-on-year increase of 73% [24] - In contrast, ternary battery installations were 10.7 GWh in June 2025, accounting for 18% of total installations, down 3.6% year-on-year [24] 4. Leading Companies' Power Battery Installations - In June 2025, CATL's battery installations were 25.4 GWh, making up 44% of total installations, with a year-on-year increase of 33% [38] - BYD's battery installations reached 12.5 GWh in June 2025, accounting for 21% of total installations, with a year-on-year growth of 17% [38] - For the first half of 2025, CATL's cumulative installations were 128.6 GWh, a 38% increase year-on-year, while BYD's were 70.4 GWh, up 39% [38]

行 业 研 究 小米 YU7 正式上市 订单充盈 ——汽车行业研究周报 投资摘要： 每周一谈：小米 YU7 正式上市 订单充盈 近期，小米公司正式发布了小米 YU7 汽车。据财联社消息，小米 YU7 上市后订 单火爆，3 分钟订单破 20 万台，1 小时达 28.9 万台，18 小时锁单量达 24 万台， 是产品力、定价策略、品牌势能及生态协同共同作用的结果。 小米 YU7 一共有三款配置，分别是小米 YU7 标准版，售价 25.35 万元，续航 835 km；小米 YU7 Pro 版，售价 27.99 万元，续航 770 km；小米 YU7 Max 版，售价 32.99 万元，续航 760 km。小米 SU7 Ultra 选配赛道专业套装，售价 62.99 万元，还有小米 SU7 Ultra 纽北限量版，售价 81.49 万元。 小米 YU7 的性能和续航实力也非常优秀，它全系搭载小米超级电机 V6s Plus， 最高转速提升到 22000rpm，峰值扭矩提升到 528N·m，峰值功率提升到 288kW。最大马力达 690PS；零百加速时间 3.23 秒，最高时速 253km/h。 小米 YU7 全系采用 ...

Investment Rating - The report maintains an "Accumulate" rating for the securities industry [6] Core Views - The securities industry index fell over 1.7%, significantly exceeding the decline of the CSI 300 index, indicating further internal differentiation within the sector [4][29] - The overall trend of the securities sector is expected to remain in a volatile pattern, influenced by external factors, with some stocks potentially experiencing pulse-like fluctuations [4][29] Summary by Sections Weekly Economic Overview - In May 2025, the industrial added value above designated size grew by 5.8% year-on-year, with a month-on-month increase of 0.61% [7][10] - From January to May 2025, the industrial added value increased by 6.3% year-on-year [7][10] Market Review - For the week of June 16-20, the CSI 300 index decreased by 0.45%, while the securities industry index dropped by 1.73%, with only 2 stocks rising and 47 falling [2][13] Securities Sector Performance - The top five stocks by price change were Dongwu Securities, Guotai Junan, Guosen Securities, China Merchants Securities, and Shouguang Securities [3][14] - The bottom five stocks were Xiangcai Securities, Jinlong Securities, Tianfeng Securities, Northeast Securities, and Everbright Securities [15][20] Investment Strategy - The report suggests that the securities sector may be influenced by external factors, leading to a volatile market environment, while the overall trend is expected to remain oscillatory [4][29]

Investment Summary - The report indicates that market confidence has fluctuated, with four out of five tracked indices experiencing slight declines and one showing a minor increase [2][23]. - The price-to-earnings (PE) ratio percentiles for the CSI 300 and Shanghai Composite Index are analyzed, revealing that as of June 13, 2025, the CSI 300's PE percentile is approximately 35.76%, indicating a relatively low valuation state, while the Shanghai Composite's PE percentile is around 60%, suggesting it is higher than 60% of the time since January 1, 2019, but not at an extreme overvaluation [2][25]. Index Performance Overview - The performance of major indices last week was as follows: CSI 300 Index decreased by 0.25%, Shanghai Composite Index decreased by 0.25%, Shenzhen Component Index decreased by 0.60%, ChiNext Index increased by 0.22%, and the CSI 500 Index decreased by 0.38% [8][14]. - Among the 31 primary industry indices tracked, 13 experienced gains while 18 saw declines, with the top five performing sectors being non-ferrous metals, oil and petrochemicals, agriculture, media, and pharmaceuticals, while the bottom five were food and beverage, household appliances, building materials, computers, and electronics [8][14]. Market Trading Data - The total trading volume last week was 557.263 billion shares, with a total transaction value of 6,858.389 billion yuan. There were 1,859 stocks that rose and 3,473 that fell [17][18]. - As of the end of last week, 32 stocks reached historical highs, while 7 stocks hit historical lows. The number of stocks reaching new highs over the past 30, 60, and 120 days were 528, 438, and 258 respectively, while the new lows were 816, 302, and 60 respectively [17][19]. Margin Trading Data - Margin trading data indicates that the weekly financing balance increased by approximately 8.016 billion yuan, while the weekly margin balance rose by about 0.086 billion yuan [19][20].

Investment Rating - The report maintains an "Accumulate" rating for the securities industry [6] Core Viewpoints - The securities industry index increased by over 2% last week, outperforming the Shanghai and Shenzhen 300 index, with 47 stocks rising and only 2 falling, indicating a bullish trend within the sector [4][26] - The high elasticity of the securities sector is expected to remain evident in the short term, although the intensity of this trend requires close monitoring [4][26] Market Review - During the week of June 3 to June 6, the Shanghai and Shenzhen 300 index experienced a change of 0.88%, while the securities industry index saw a change of 2.39% [2][12] - The top five performing stocks in the securities sector were Guotai Junan, Everbright Securities, Huaxin Securities, Dongwu Securities, and Caida Securities [3][13] - The bottom five performing stocks were Guoxin Securities, Xiangcai Securities, Huatai Securities, Changcheng Securities, and Nanjing Securities [14][22] Weekly Performance Summary - The report highlights that the securities sector's strong performance reflects a bullish sentiment, with a significant number of stocks showing positive movement [4][26] - The report also notes the importance of monitoring the strength of this bullish trend in the coming weeks [4][26]

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [7] Core Insights - The recent announcement by the National Development and Reform Commission and the National Energy Administration clarifies the framework for "Green Power Direct Connection," which allows renewable energy sources like wind, solar, and biomass to supply power directly to single users without connecting to the public grid [1][16] - The "Green Power Direct Connection" model ensures that the power source can be physically traced, enhancing the consumption of renewable energy and reducing transmission losses [2][20] - The initiative aims to meet the green energy needs of enterprises, particularly export-oriented companies facing international carbon barriers [11][20] Summary by Sections Green Power Direct Connection Framework - The framework allows for investment primarily by load enterprises, with private companies and non-grid entities also permitted to invest [3][18] - The operational and technical requirements include maintaining a self-consumption ratio of at least 60% of the total available generation and 30% of total consumption for grid-connected projects [20][21] Market Performance - The electric power equipment industry experienced a weekly decline of 2.44%, ranking 30th among 31 primary industries in the Shenwan classification [5][22] - The industry underperformed compared to the CSI 300 index, which saw a decline of 1.08% during the same period [5][22] - Notable stock performances included gains from companies like Changcheng Electric and Huijin Tong, while losses were observed in companies such as Weiguang and Jiangsu Leili [22][29]

Investment Rating - The report does not explicitly state an investment rating for the industry [6] Core Insights - The number of breeding sows remained stable month-on-month in April, with a total of 40.38 million breeding sows as of the end of April, reflecting a year-on-year increase of 1.3% [4][31] - The average selling price of commodity pigs decreased by 2.40% week-on-week, reaching 14.21 CNY/kg as of May 23, indicating a continued weak market trend [9][23] - The average profit for self-bred pigs was 48.21 CNY per head, down by 32.45 CNY from the previous week, while the profit for purchased piglets showed a loss of 16.06 CNY per head, a decrease of 64.26 CNY week-on-week [32][37] Summary by Sections 1. Breeding Sows and Market Trends - The breeding sow inventory was stable month-on-month in April, with a total of 40.38 million sows, reflecting a year-on-year increase of 1.3% [4][31] - The planned slaughter volume for May is expected to increase by 1.98% month-on-month, with an actual slaughter volume increase of 4.03% in April [31] 2. Pricing and Profitability - The average price of commodity pigs decreased by 2.40% week-on-week, while the average price of piglets fell by 0.28% [9][23] - The average profit for self-bred pigs was 48.21 CNY per head, down 32.45 CNY from the previous week, and the profit for purchased piglets was a loss of 16.06 CNY per head, down 64.26 CNY week-on-week [32][37] 3. Market Performance - The industry average price-to-earnings ratio is 16.9, compared to the market average of 12.5 [6] - The report indicates that the industry index underperformed the market index, with a decline of 0.36% for the agricultural sector compared to a 0.18% decline in the market index [39]

Investment Rating - The report maintains an "Overweight" rating for the securities industry [6] Core Views - The national economy has shown resilience and stable growth in April, despite external shocks and internal challenges, supported by proactive macro policies [8][17] - The securities industry index underperformed the CSI 300 index, with only one stock rising and 48 stocks declining during the last week [19][33] Summary by Sections Market Review - From May 19 to May 23, the CSI 300 index decreased by 0.18%, while the securities industry index fell by 2.26% [19] - Within the sector, only one stock increased in value, while 48 stocks experienced declines [19] Securities Sector Performance - The top five performing stocks were Xiangcai Securities, Founder Securities, Guosen Securities, Southwest Securities, and Huaxi Securities [20] - The bottom five performing stocks were Jinlong Securities, Xinda Securities, Guosheng Financial Holdings, China Galaxy Securities, and Dongfang Caifu [21] Investment Strategy - The report suggests that the securities industry may continue to maintain a consolidation pattern, as the sector's performance has lagged behind the broader market [33]

Investment Rating - The report maintains an "Overweight" rating for the securities industry [6] Core Views - The national economy has shown resilience and stable growth in April, despite external shocks and internal challenges, supported by proactive macro policies [8][17] - The securities industry index underperformed the CSI 300 index, with only one stock rising and 48 stocks declining during the last week [19][33] Summary by Sections Market Review - From May 19 to May 23, the CSI 300 index decreased by 0.18%, while the securities industry index fell by 2.26% [19] - Within the sector, only one stock increased in value, while 48 stocks experienced declines [19] Securities Sector Performance - The top five performing stocks were Xiangcai Securities, Founder Securities, Guosen Securities, Southwest Securities, and Huaxi Securities [20] - The bottom five performing stocks were Jinlong Securities, Xinda Securities, Guosheng Jinkong, China Galaxy, and Dongfang Caifu [21] Investment Strategy - The report suggests that the securities industry may continue to maintain a consolidation pattern, as the sector's performance has lagged behind the broader market [33]

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [8] Core Insights - The recent market-oriented reform in Shandong's renewable energy sector aims to eliminate institutional barriers for renewable energy participation, accelerating the establishment of a "clean, low-carbon, safe, and efficient" modern energy system, with a target to fully achieve market-based trading of renewable energy by the end of 2025 [17][20] - The reform will lead to a shift in revenue models for renewable energy companies, with existing projects facing reduced guaranteed purchase ratios and new projects encountering increased market uncertainties [20] - Long-term benefits are expected as the reform encourages renewable energy companies to focus on technological innovation, cost control, and management optimization, transitioning the industry from subsidy dependence to technology-driven growth [20] Summary by Sections 1. Market Overview - The electric power equipment industry experienced a weekly increase of 4.02%, ranking third among 31 primary industries, outperforming the Shanghai and Shenzhen 300 indices [21] - The weekly performance of major indices was as follows: Shanghai Composite Index at 1.92%, Shenzhen 300 at 2.00%, Shenzhen Component Index at 2.29%, and ChiNext Index at 3.27% [21] 2. Impact on Renewable Energy Companies - By the end of 2025, wind and solar projects will fully participate in electricity market trading, with the first auction scheduled for June 2025 [20] - Existing projects will trade all electricity generated, with a mechanism price capped at 0.3949 yuan per kilowatt-hour, while new projects will determine prices through competitive bidding [20] - The reform is expected to create short-term challenges for companies but will ultimately provide a broader development space for competitive renewable energy firms [20] 3. Investment Strategy - The report suggests focusing on companies likely to benefit from electric power system construction, such as Sungrow Power Supply and DeYuan Co., Ltd. [20]