Macro Overview - The escalation of the Israel-Iran conflict has negatively impacted global risk appetite[1] - The market experienced a significant decline last week, with the Shanghai Composite Index down 0.25% and the Shenzhen Component down 0.60%[9] - May inflation data remains low, with CPI unchanged at -0.1% year-on-year, and PPI widening to -3.3%[10][11] Economic Indicators - May exports (in USD) grew by 4.8%, below the expected 6.2% and previous 8.1%, while imports fell by 3.4%[13] - The "rush to export" momentum was weaker than expected, with exports to the US down 34.5% year-on-year, worsening from the previous decline of 21.0%[14] - In May, new social financing totaled 2.3 trillion CNY, exceeding the market expectation of 2.1 trillion CNY, while new RMB loans were 620 billion CNY, lower than the expected 802 billion CNY[15][17] Market Sentiment - The US stock market saw declines, with the Dow Jones down 1.32% and the S&P 500 down 0.39%[9] - US May CPI rose by 2.4% year-on-year, slightly below the expected 2.5%[9] - The geopolitical tensions have led to increased global risk aversion, impacting risk assets significantly[9]

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Views - The report highlights that the photovoltaic silicon material sector continues to face pressure due to weak demand, with prices for N-type polysilicon declining [2][3]. - The engineering machinery sector is entering a period of equipment replacement, supported by policies such as special bonds and ultra-long-term government bonds, indicating a medium to long-term upward trend [3]. - The automotive sector shows a high penetration rate for new energy vehicles, with a 34.1% year-on-year increase in sales, suggesting significant long-term growth potential despite short-term adjustments [3]. - The report notes that the photovoltaic sector is under pressure due to weak downstream demand, impacting the pricing of silicon materials [3]. Summary by Sections Market Overview - From June 9 to June 13, 2025, the indices for mechanical equipment, electric equipment, and automotive sectors experienced declines of -1.17%, -0.46%, and -0.85% respectively, ranking 21st, 17th, and 19th among 31 first-level industries [1][8]. Industry News and Key Company Announcements - On June 13, during the SNEC 2025 photovoltaic exhibition, JinkoSolar signed strategic cooperation agreements with several companies for the global application of its new N-type TOPCon components [20]. - On June 12, LONGi Green Energy announced a record efficiency for its bifacial solar cells, indicating advancements in solar technology [20]. - On June 10, the National Grid Corporation launched a high-voltage direct current project, which will significantly enhance power supply capabilities in the Chongqing area [18]. Company Performance - The report lists top-performing stocks in the mechanical equipment sector, with North Mining Technology leading at a 61.09% increase, while the worst performer was Lehui International with a -14.78% decline [15][16]. - In the electric equipment sector, Aike Cyber and Jinyin Galaxy both saw a 21.15% increase, while Binhai Energy faced a -19.87% drop [15][16]. - In the automotive sector, Meichen Technology achieved a 40.96% increase, while Chaojie Technology experienced a -23.23% decline [15][16].

Investment Rating - The report indicates a neutral investment rating for the consumer sector, suggesting a cautious approach due to recent market fluctuations and policy adjustments [1]. Core Insights - The adjustment of the "National Subsidy" policy is expected to promote rational competition within the industry. As of May 31, 2025, the total consumption of "National Subsidy" funds reached approximately 1550-1650 billion CNY, with an expected consumption of about 500 billion CNY in June alone, leading to a total of 2100 billion CNY in the first half of the year, which is 70% of the total fund pool of 3000 billion CNY [3][4]. - The implementation of a "quota model" in various regions aims to prevent the misallocation of funds and encourages brands to focus on product quality and functionality rather than relying solely on subsidies. This shift is anticipated to reduce the intensity of price wars in the industry [3][4]. - The inclusion of leading tea beverage companies in the Hong Kong Stock Connect is seen as a positive development, enhancing liquidity in the sector and opening up investment opportunities. The market size for ready-to-drink tea in China is projected to grow from 517.5 billion CNY in 2023 to over 1.16 trillion CNY by 2028, with a CAGR of 17.6% [3][4]. Market Weekly Review - For the week of June 9-13, 2025, the consumer sector, excluding textiles and apparel, experienced declines. The weekly performance of various segments included textiles and apparel (+0.05%), social services (-0.01%), beauty and personal care (-1.22%), commercial retail (-1.49%), home appliances (-3.26%), and food and beverage (-4.37%) [3][4]. - Notable stock performances included Jiao Da Ang Li (+29.55%) and Qing Mu Technology (+30.01%) leading the gains, while Jun Yao Health (-16.89%) and *ST Ren Le (-85.09%) faced significant losses [3][4]. Industry News and Key Company Announcements - The report highlights various industry developments, including the announcement of a 240-hour visa-free transit policy for Indonesian citizens, which is expected to boost tourism and consumption [15]. - Shenzhen's tax authority reported a significant increase in sales of tax refund goods, with a year-on-year growth of over 210% in the first five months of 2025, indicating a strong recovery in consumer spending [15]. - The report also notes the opening of a flagship experience store by Gree Electric in the health and smart home sector, reflecting the company's strategic expansion [17].

Investment Rating - The report provides a positive outlook for the pharmaceutical and biotechnology sector, indicating an optimistic sentiment with a weekly increase of 1.4%, outperforming the Wind All A index and the CSI 300 index, which decreased by 0.27% and 0.25% respectively [2][7]. Core Insights - The report highlights the expected optimization of drug and consumable procurement policies, emphasizing the need for standardized and institutionalized procurement processes to enhance the quality and affordability of medicines [2][12]. - The upcoming ADA (American Diabetes Association) conference from June 21 to 24 is noted, with a focus on developments in weight-loss medications, particularly the clinical data from Eli Lilly's Bimagrumab [2][3]. - The report identifies key stock performances, with notable increases in companies such as Yiming Pharmaceutical (38.5%), Saiseng Pharmaceutical (36.4%), and Aoyang Health (35%) [2][10]. Weekly Market Review - The pharmaceutical and biotechnology sector saw a weekly increase of 1.4%, with the medical research outsourcing sector leading gains at 4.76%, followed by chemical preparations at 4.04% and other biological products at 2.99% [7][8]. - Conversely, the vaccine sector experienced a decline of 3.34%, along with offline pharmacies and hospitals, which fell by 2.53% and 1.04% respectively [7][8]. Industry News and Key Company Announcements - On June 13, the State Council held a meeting to discuss optimizing drug and consumable procurement policies, aiming to enhance the quality and regulatory oversight across the entire supply chain [2][12]. - A strategic research collaboration was established between CSPC Pharmaceutical Group and AstraZeneca to utilize AI-driven drug discovery platforms for developing new oral small molecule candidates [11][13]. - Notable company announcements include the approval of a new drug application for a selective small molecule inhibitor by He Yu Pharmaceutical and a significant investment by Xianjian Technology in Jianhu Medical [14][15].

Group 1: Market Overview - The market experienced a significant increase last week, with a weekly trading volume of 1,208.9 billion CNY, up by 114.9 billion CNY compared to the previous week[12] - The Shanghai Composite Index rose by 1.13%, the Shenzhen Component Index by 1.42%, and the ChiNext Index by 2.32%[12] - The optimism surrounding US-China negotiations was reignited following a direct phone call between President Xi Jinping and President Trump, leading to a rapid appreciation of the RMB[2] Group 2: Monetary Policy and Economic Indicators - On June 6, the central bank conducted a 1 trillion CNY reverse repurchase operation, alleviating upward pressure on deposit rates, with the one-year deposit rate falling to approximately 1.67%[2] - The ADP employment figures for May were below expectations, but the non-farm payroll data released later exceeded expectations, indicating resilience in the job market[3] - The probability of a rate cut by the Federal Reserve in September slightly decreased to 50.7%[3] Group 3: Bond Market and Risks - The bond market saw a decline in yields, with the 10-year government bond yield down by 2 basis points, reflecting a comfortable liquidity environment[13] - The central bank's net withdrawal from the open market was 671.7 billion CNY, indicating a proactive approach to manage liquidity ahead of upcoming bond maturities[13] - Risks remain from potential deterioration in US-China trade relations and unexpected weakness in economic fundamentals[3]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook for certain segments within the consumer sector, particularly in the jewelry and tourism industries. Core Insights - The "old-for-new" policy in the gold and jewelry sector is expected to drive a transformation towards "self-indulgent jewelry" consumption. This policy will lower costs for consumers and stimulate demand, especially among women aged 30-50 for fashionable gold accessories. Over the medium to long term, this will encourage companies to upgrade their product offerings and shift consumer habits from "value preservation" to "regular updates" in jewelry consumption [2][4][15]. - The tourism sector is seeing a rise in domestic travel, with 119 million domestic trips taken during the Dragon Boat Festival, reflecting a 5.7% year-on-year increase. The total spending reached 42.73 billion yuan, up 5.9% year-on-year. The report highlights a trend towards family-oriented and cultural tourism, with expectations for continued growth in travel demand due to supportive policies [4][15]. Summary by Sections Market Weekly Review - The consumer sector showed mixed performance post-Dragon Boat Festival, with sectors like social services and textiles performing well, while food and home appliances lagged. Notable gainers included Junyao Health (+24.43%) and Spring Technology (+28.79%), while major decliners included Kuaijishan (-11.95%) and Midea Group (-4.25%) [4][13][14]. Industry News and Key Company Announcements - The report mentions that the summer tourism market is expected to be robust, with a 70% increase in travelers compared to last year. The focus is on family travel and immersive experiences [15][16]. - Companies like Suning and Anta have reported significant sales increases during the holiday period, with Suning noting a 128% year-on-year growth in sales for new products [15][16].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on specific companies within the NVIDIA supply chain for potential investment opportunities [3]. Core Insights - The TMT sector outperformed the CSI 300 index, with notable weekly gains in sub-industries such as printed circuit boards (9.89%) and communication network equipment (8.33%) [3]. - NVIDIA's upcoming GTC conference is expected to catalyze demand in its supply chain, particularly for B-series chips, which are anticipated to offset revenue losses from export restrictions [3]. - ChatGPT's updates, including support for the MCP protocol and meeting transcription features, indicate its evolution into a comprehensive collaboration platform, suggesting investment interest in related AI tools [3]. Weekly Market Review - The TMT sector's performance from June 3 to June 6 showed significant gains, with communication up 5.27%, electronics up 3.60%, and computers up 2.79%, outperforming the CSI 300 index [3][8]. - Top-performing stocks in the electronics sector included Shengyi Technology (39.78%) and Ruikeda (23.94%), while the computer sector saw ST Huijin (50.54%) and Qingyun Technology-U (38.27%) leading [3][10][12][13]. Industry News and Key Company Announcements - Key events in June include NVIDIA's GTC conference and the launch of AI products by various companies, indicating a busy month for AI advancements [16][18]. - The semiconductor market is projected to reach $700.9 billion in 2025, driven by demand from AI and cloud infrastructure [22]. - Brookfield's investment of up to $9.5 billion in an AI data center in Sweden highlights the growing interest in AI infrastructure [20][23].

[Table_ReportDate] 2025 年 06 月 09 日 [Table_Author] 分析师：李时樟 执业证书：S1030522060001 电话：18065826333 邮箱：lisz@csco.com.cn 分析师：罗晴 执业证书：S1030524110001 电话：13603091122 邮箱：luoqing@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 TMT [Table_Title] 海外算力与应用迎来新催化 TMT 行业周报（6 月第 1 周） [Table_S 行业观点： ummary] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_ReportType] [Table_BaseData] 1) 周度市场回顾。TMT 板块内一级行业上周（6/03-6/06）涨跌 幅为：通信（5.27%）、电子（3.60%）、计算机（2.79%）、 传媒（2.59%），TMT 板块整体跑赢沪深 300（0.88%）。TMT 板 块内涨幅靠前的三级子行业分别为印制电路板（9.89%）、通 信网络设备及器件（8.33%）、通信应用增值服务（6 ...

Investment Rating - The report does not explicitly state an investment rating for the pharmaceutical and biotechnology industry, but it indicates a positive outlook on the innovation drug sector, particularly regarding the international expansion of domestic innovative drugs [3][4]. Core Insights - The report highlights the continuous rise in the enthusiasm for innovative drugs going overseas, with significant collaborations such as the $9 billion partnership between Bristol-Myers Squibb and BioNTech for the development of a PD-L1/VEGF dual antibody [3][4]. - It notes that the domestic innovative drug pipeline is becoming increasingly competitive on a global scale, with a long-term positive outlook for the internationalization of innovative drugs [3][4]. - The report also discusses the recent peak of COVID-19 cases in China, with a positivity rate of 23.8% reported at the end of May, indicating a need for continued monitoring [3][4]. Market Weekly Review - The pharmaceutical and biotechnology sector rose by 1.13% from June 3 to June 6, underperforming compared to the Wind All A index, which increased by 1.61% [9][10]. - Among sub-sectors, raw materials and blood products both saw a rise of 2.89%, while in vitro diagnostics increased by 2% [10]. - Notable stock performances included Yiming Pharmaceutical with a 33.1% increase, while *ST Longjin experienced a significant decline of 36.3% [12]. Industry News and Key Company Announcements - Significant events include the presentation of clinical data for IBI363 by Innovent Biologics at the ASCO conference, showing promising efficacy in treating advanced non-small cell lung cancer [12][13]. - Stone Pharmaceutical received approval for its adenosylcobalamin capsules, expanding its product line in the blood and nervous system treatment areas [13]. - CanSino Biologics announced the approval of a new indication for its PD-1/CTLA-4 inhibitor, filling a gap in the treatment of cervical cancer in China [13]. - The report also mentions various other approvals and collaborations among companies, indicating a vibrant and active industry landscape [13][14].

Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Viewpoints - The "old-for-new" policy in the gold and jewelry sector is expected to drive a transformation towards "self-indulgent" jewelry consumption. This policy will lower costs for consumers and stimulate demand, particularly among women aged 30-50 for fashionable gold jewelry [2][4] - The domestic tourism market during the Dragon Boat Festival showed a slight increase in travel volume and spending, indicating a recovery trend. However, the overall tourism consumption data was relatively flat, with future policies expected to boost demand [4][15] - The report highlights the performance of various consumer sectors, with notable stock price increases in food and beverage, home appliances, and textile sectors, while some companies experienced declines [4][13][14] Summary by Sections Market Weekly Review - The consumer sector showed mixed performance post-Dragon Boat Festival, with social services and textile sectors leading in growth [4] - Specific stocks such as Junyao Health and Springlight Technology saw significant increases of 24.43% and 28.79% respectively, while companies like Kuaijishan and Midea Group faced declines [4][13][14] Industry News and Key Company Announcements - The report mentions a significant increase in summer travel demand, with a 70% rise in travelers compared to last year, indicating a strong recovery in the tourism sector [15][16] - Companies like Suning and Anta Sports reported substantial sales growth during the holiday period, driven by consumer enthusiasm for new products and promotional activities [15][16] - The report also notes various corporate announcements, including acquisitions and stock sales, which may impact market dynamics [16][18]