Group 1 - The report indicates that all tracked major indices experienced an increase last week, with the CSI 300 index rising by 2.37%, the Shanghai Composite Index by 1.70%, the Shenzhen Component Index by 4.55%, the ChiNext Index by 8.58%, and the CSI 500 by 3.88% [10][17][20]. - Among the 31 primary industry indices tracked, 22 saw an increase while 9 experienced a decline. The top five performing industries were communication, electronics, non-bank financials, electric equipment, and computers, while the bottom five were banking, steel, textiles and apparel, coal, and public utilities [18][19]. - The total trading volume reached 6,961.20 billion shares, with a trading value of 105,094.59 billion yuan. There were 2,968 stocks that rose and 2,370 that fell [19][22]. Group 2 - The report highlights that the price-to-earnings (PE) ratio percentiles for the CSI 300 and Shanghai Composite Index indicate that as of January 1, 2021, the CSI 300's PE percentile was approximately 44%, while the Shanghai Composite's was around 82%. By January 1, 2019, the Shanghai Composite's percentile was 82.95%, indicating it was higher than 70% of the time historically, while the CSI 300's percentile was 45.77%, suggesting it is in a relatively low range [6][26]. - The report provides data on historical highs and lows, noting that as of last week, 89 stocks reached historical highs while 6 reached historical lows. The number of stocks reaching new highs over 30, 60, and 120 days were 658, 557, and 498 respectively, while the new lows were 313, 108, and 35 [22][23]. Group 3 - Margin trading data shows that the weekly financing balance increased by approximately 53.24 billion yuan, while the margin short balance decreased by about 0.11 billion yuan [24].

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]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [5] Core Insights - The launch of Xiaomi YU7 has seen overwhelming demand, with over 200,000 orders in just 3 minutes and 289,000 in 1 hour, indicating strong product capability, pricing strategy, brand influence, and ecosystem synergy [1][13] - The Xiaomi YU7 comes in three configurations, priced at 253,500 CNY, 279,900 CNY, and 329,900 CNY, with impressive range and performance metrics [1][13] - The vehicle features advanced technology, including an 800V silicon carbide high-voltage platform and a comprehensive suite of high-level driving assistance hardware [2][14] Summary by Sections 1. Product Launch and Performance - Xiaomi YU7's performance includes a maximum power of 288 kW, peak torque of 528 N·m, and a 0-100 km/h acceleration time of 3.23 seconds [1][13] - The vehicle's configurations offer ranges of 835 km, 770 km, and 760 km, showcasing its competitive edge in the electric vehicle market [1][13] 2. Investment Strategy and Focus Areas - The report highlights opportunities in the supply chain, particularly for core technology suppliers like CATL and Huichuan Technology, which are expected to benefit from increased orders as Xiaomi's sales grow [3][15] - It also emphasizes the potential for smart driving and cockpit system suppliers, such as Desay SV and Huayang Group, to gain from the rising demand for automotive intelligence [3][15] - Companies specializing in integrated die-casting and lightweight components, like Top Group, are noted for their technological leadership and existing partnerships with Xiaomi [3][15] 3. Market Review - The automotive sector experienced a weekly increase of 2.88%, ranking 19th among 31 sectors, outperforming the Shanghai Composite Index and CSI 300 [4][16] - The report provides detailed performance metrics for various automotive sub-sectors, including automotive services and components, indicating a positive trend in the market [4][16]

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]