Investment Rating - The report maintains a "Buy" rating for multiple companies in the pharmaceutical sector, including Junshi Bioscience, Hualing Pharmaceutical-B, and others [2]. Core Insights - The report emphasizes the broad market for lipid-lowering treatments, particularly focusing on the competitive landscape of PCSK9-targeted drugs, with approximately 500 million adults in China suffering from dyslipidemia, including 120 million with high cholesterol [3][15]. - The pharmaceutical sector saw a 1.60% increase this week, underperforming the CSI 300 index by 0.35 percentage points, with sub-sectors like medical infrastructure and life sciences performing better than generics and innovative drugs [4][31]. Summary by Sections 1. Industry Perspective and Investment Recommendations - The lipid-lowering market is vast, with intense competition in PCSK9-targeted drugs [15]. - Investment strategies should focus on innovative drugs, particularly in the context of increased liquidity and risk appetite in the market [4][31]. 2. Pharmaceutical Sector Performance - The pharmaceutical sector's performance was mixed, with medical infrastructure and life sciences leading, while generics and innovative drugs lagged [4][37]. - The overall P/E ratio for the pharmaceutical industry is 27.69, with a premium of 35.26% compared to the broader A-share market [37]. 3. Company Dynamics - Notable company announcements include Baiyoutai's licensing agreement for BAT2406 in Latin America and Yifan Pharmaceutical's approval for clinical trials of a growth hormone injection [38][40]. - Companies like WuXi AppTec and Lijun Group have made significant moves, including share buybacks and new product approvals [39][41]. 4. Industry Trends - The report highlights the upcoming patent expirations for major small molecule drugs, which could lead to increased demand for raw materials [5][32]. - The report also notes the expected recovery in overseas demand, which may improve the performance of CXO companies [34]. 5. Research and Development Focus - The report discusses the clinical progress of various PCSK9-targeted therapies, including monoclonal antibodies and gene editing approaches, indicating a strong pipeline in this area [3][23][25]. - The competitive landscape for PCSK9 drugs in China is characterized by pricing and adherence challenges, with several products already on the market [27].

Investment Rating - The report does not provide specific ratings for sub-industries such as white goods, black goods, small appliances, and kitchen appliances [3] Core Insights - The white goods production is expected to face short-term pressure in Q3 2025, with production volumes for air conditioners, refrigerators, and washing machines projected to decline by 1.9%, 2.4%, and 4.2% respectively in July 2025 [4] - The report anticipates a recovery in the white goods sector due to the implementation of domestic replacement policies and inventory buildup in overseas channels, which may help improve the sector's performance [4] - Xiaomi has launched AI glasses with a starting price of 1999 yuan, indicating innovation in the consumer electronics space [5] Market Performance - The home appliance sector saw a 2.02% increase in the week of June 23-27, 2025, while the year-to-date performance shows a decline of 1.44%, ranking 18th among the Shenwan primary industries [11][12] - Notable stock performances include Springlight Technology, He Sheng New Materials, and Rongtai Health, with Springlight Technology achieving a year-to-date increase of 96.50% [11] Real Estate and Raw Material Data - In May 2025, the transaction area and number of transactions for commercial housing in 30 major cities in China were 8.21 million square meters (-4.95%) and 83,700 units (-2.16%) respectively, indicating a slight recovery in demand [17][20] - Raw material prices show mixed trends, with LME copper and aluminum prices increasing by 6.67% and 5.06% year-on-year, while steel and plastic prices have decreased [21][24] Investment Recommendations - The report suggests that the white goods sector is likely to benefit from ongoing replacement policies and a recovery in real estate transactions, making it a favorable investment opportunity [29] - Key companies recommended for investment include Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances, all of which have strong production capabilities to mitigate the impact of U.S. tariff policies [29][30]

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [11]. Core Insights - The report highlights the implementation of six optimized housing provident fund policies in Shenyang starting July 1, 2025, which includes extending the minimum down payment ratio for housing loans to 15% until December 31, 2025, and increasing loan limits for high-quality new residential properties [6]. - The report notes a decline in the equity market on June 26, 2025, with the Shanghai Composite Index and Shenzhen Composite Index falling by 0.22% and 0.34%, respectively, while the Shenwan Real Estate Index decreased by 0.43% [4]. - The report identifies significant individual stock performances within the real estate sector, with notable gains from companies such as Nandu Property and Bright Real Estate, while companies like China International Trade and Jintou City Development experienced substantial declines [5]. Summary by Sections Market Conditions - As of June 26, 2025, the overall equity market is experiencing a downturn, with major indices showing declines, particularly in the real estate sector [4]. Policy Developments - Shenyang's housing provident fund management committee approved six policy measures aimed at optimizing housing loans, including extending the minimum down payment period and increasing loan limits for certain demographics [6]. Company Performance - The report lists the top five gainers in the real estate sector, with Nandu Property leading at a 5.16% increase, while the largest decliners include China International Trade with an 8.37% drop [5].

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - The pharmaceutical sector experienced a slight increase of +0.41% on June 25, 2025, underperforming the CSI 300 index by 1.03 percentage points, ranking 23rd among 31 sub-industries in the Shenwan classification [4]. - Among sub-industries, medical consumables (+1.34%), medical devices (+1.24%), and hospitals (+1.23%) performed well, while offline pharmacies (-0.10%), blood products (+0.10%), and in vitro diagnostics (+0.12%) lagged behind [4]. - AstraZeneca's two new drugs, AZD6234 and AZD9550, received clinical trial approval in China for long-term weight management in overweight or obese adults with at least one obesity-related comorbidity [5]. Summary by Sections Market Performance - On June 25, 2025, the pharmaceutical sector's performance was +0.41%, underperforming the CSI 300 index by 1.03 percentage points [4]. - The top three gainers were Huachang Technology (+13.48%), Shuyuan Pingmin (+6.80%), and Huitai Medical (+6.07%), while the top three losers were Yiming Pharmaceutical (-8.56%), Yong'an Pharmaceutical (-7.87%), and Beilu Pharmaceutical (-7.35%) [4]. Industry News - AstraZeneca's AZD6234 is a long-acting insulin receptor agonist approved for clinical trials in China, while AZD9550 is a synthetic GLP-1/glucagon dual receptor agonist, marking its first clinical approval in China [5]. - Yifan Pharmaceutical announced the approval for clinical trials of its biosimilar insulin injection [6]. - Shenzhou Cell and Hanyu Pharmaceutical also received approvals for their respective clinical trials and drug listings [6].

Group 1: Market Overview - The stock market has seen a significant upward trend, with the Shanghai Composite Index breaking through resistance levels and reaching a year-to-date high, supported by increased trading volume of 1.6 trillion yuan, up by 188.2 billion yuan from the previous trading day [4][20]. - The bond market is expected to experience high-level fluctuations, influenced by the performance of the stock market, which may continue to suppress bond market performance if it remains strong [4][16]. - The US stock market is anticipated to challenge new highs as speculative sentiment returns, with reduced risks from rising oil prices and US Treasury yields [5][27]. Group 2: Sector Performance - In the A-share market, sectors such as military, securities, internet finance, and insurance have shown strong performance, while oil and gas, pesticides, and film sectors have lagged [20][21]. - The commodity market has seen a decline in the Wenhua Commodity Index by 0.5%, with energy sectors leading the downturn, while non-ferrous and ferrous metals recorded gains [6][35]. Group 3: Policy and Economic Developments - Domestic policies emphasize expanding domestic demand and boosting consumption to promote high-quality economic development, as highlighted by the Vice Premier's recent remarks [7][41]. - Internationally, the EU is preparing to implement additional tariff countermeasures against the US, indicating ongoing trade tensions [7][42].

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [10]. Core Insights - The report highlights a significant land auction in Beijing, where a plot was sold for 2.08 billion yuan, indicating active market participation [5]. - The report notes that the real estate sector is experiencing a general upward trend, with the Shanghai Composite Index and Shenzhen Composite Index rising by 1.15% and 1.79% respectively on June 24, 2025 [3]. - The report mentions that the issuance of housing vouchers in Huizhou has accelerated, with 513 vouchers issued covering 230 projects, reflecting a rapid implementation of real estate policies [5]. Market Performance - The report lists the top five performing stocks in the real estate sector, with gains of 4.28%, 4.17%, 4.00%, 3.77%, and 3.66% for Zhongtian Service, Jintou City Development, Phoenix Holdings, Chunlan Holdings, and Zhongzhou Holdings respectively [4]. - Conversely, the report notes declines in stocks such as Wantong Development and Shibei Gaoxin, with losses of -5.48% and -0.21% respectively [4]. Company Announcements - China Railway Real Estate Group announced a reduction in the coupon rate of its bond from 3.4% to 2.36% [8]. - Vanke reported a loan application of 1.7 billion yuan, with a current balance of 1.217 billion yuan, and an extension of the loan term by two years [8].

投资策略 策略日报（2025.06.24）：突破 策 略 研 究 太 平 2025 年 06 月 24 日 相关研究报告 洋 证 券 股 份 有 限 公 司 证 券 动>>--2025-06-23 跌>>--2025-06-20 << 策 略 日 报 （ 2025.06.19 ） 调 整>>--2025-06-19 期：金融、周期领涨>>--2025-06-16 期：资金转流出>>--2025-06-16 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 E-MAIL：xuzm@tpyzq.com 分析师登记编号：S1190525050001 大类资产跟踪 <<策略日报（2025.06.23）反者道之 <<策略日报（2025.06.20）缩量下 债券市场：利率债低开低走，股债跷跷板效应明显。今日上证指数 放量突破颈线压制，且呈均线排列结构，虽然基本面的疲弱仍将支撑债市， 但股市若继续走强仍将压制债市表现，预计债市后续将高位震荡运行。后 续展望：股市大盘突破，债市预计高位震荡。 研 究 报 告 <<估值与盈利周观察——6 月第 2 <<流动性与仓位周观察——6 月第 ...

Group 1 - The report indicates a continued net outflow of funds from the market, with total A-share trading volume at 6.08 trillion yuan, a decrease from the previous week, and a turnover rate of 6.87%, also down from the prior week. The total net outflow of market funds was 389.12 billion yuan, indicating weakened liquidity [7][8][10]. - In the domestic liquidity context, the report notes a net injection of 102.1 billion yuan through open market operations, with the DR007 rate declining and the R007 rate rising, leading to an expanded interest rate spread between the two [10][11]. - The report highlights that the yield on 10-year government bonds decreased by 5 basis points, while the yield on 1-year bonds fell by 1 basis point, resulting in an expanded yield spread between different maturities [10][11]. Group 2 - The report details that the issuance scale of equity funds reached 25.674 billion yuan last week, an increase compared to the previous week, with the top three sectors for fund accumulation being banking, electronics, and food and beverage [22][25]. - It notes a net outflow of 4.216 billion yuan in margin financing, with the margin trading volume accounting for 8.56% of the total A-share trading volume [30][31]. - The report states that the IPO financing for the week was 1.264 billion yuan, with a total of 5 companies involved in refinancing, amounting to 423.828 billion yuan [39][40]. Group 3 - The report indicates that the major sectors where institutional investors increased their positions included banking (+0.47%), electronics (+0.29%), and food and beverage (+0.16%), while the sectors with the largest reductions were pharmaceuticals (-0.92%), non-ferrous metals (-0.20%), and agriculture, forestry, animal husbandry, and fishery (-0.14%) [25][41]. - The report also mentions that the total amount of restricted shares released last week was 44.944 billion yuan, with the textile and apparel, electric power equipment, and basic chemicals sectors having the highest release amounts [44][45].

Group 1: Investment Strategy Overview - The report emphasizes that the stock market is at a technical support level, but volatility has reached a new low since 2024, indicating that a trend change may be imminent [5][21]. - The A-share market's trading volume reached 1.12 trillion, an increase of 54.9 billion compared to the previous trading day, with market focus on stablecoins, port shipping, and solid-state batteries [21]. - The report suggests that the probability of an upward trend in the index is low, and managing positions is the best strategy [21]. Group 2: Bond Market Insights - The bond market is expected to benefit from inflows of risk-averse capital, as the overall market remains volatile with a lack of positive news [18][8]. - The report notes that the bond market may regain upward momentum due to increased demand for safe-haven assets [8]. Group 3: Foreign Exchange Market Analysis - The onshore RMB against the USD was reported at 7.1876, an increase of 91 basis points from the previous close, indicating a potential strengthening of the RMB [33]. - Despite short-term fluctuations, the long-term trend for the USD remains bearish [33]. Group 4: Commodity Market Trends - The Wenhua Commodity Index fell by 0.13%, with strong performance in the energy sector but poor performance in agricultural and chemical products [38]. - The report advises caution for investors who have not participated at lower levels, suggesting a wait-and-see approach due to high volatility in oil and related products [38].

Group 1: Major Asset Tracking - The bond market shows an overall increase in interest rate bonds, with long-term bonds outperforming short-term ones. The report suggests that the stock market's low volatility and weak fundamentals will limit upward potential, indicating a likely downward adjustment in the future. The bond market is expected to benefit from inflows of risk-averse capital due to increasing geopolitical tensions [18][6][22]. Group 2: A-Share Market - The A-share market experienced a volume decline, with the ChiNext index falling by 0.84%. The total trading volume was 1.09 trillion, down by 0.19 trillion from the previous day, with 1,465 stocks rising and 3,455 stocks falling. The report emphasizes that under weak fundamentals, the probability of a bullish index is low, and future market movements are likely to amplify volatility downward. Investors are advised to take profits and shift to lower-priced dividend and agricultural stocks [22][24][27]. Group 3: U.S. Stock Market - The U.S. stock market is currently in a state of consolidation, with the potential for a second adjustment. The report notes that the long-term U.S. Treasury bond issuance is facing challenges, with rates briefly exceeding 5%. The report anticipates that as U.S. Treasury rates rise, recession narratives may regain market focus, suggesting that investors should wait for better buying opportunities [27][8][29]. Group 4: Foreign Exchange Market - The onshore RMB against the USD was reported at 7.1843, a decline of 80 basis points from the previous close. The report indicates that the RMB has appreciated significantly due to unexpectedly positive trade data between China and the U.S. The offshore RMB shows signs of strengthening, with the previous high of 7.42 potentially marking the peak of this depreciation cycle. The RMB is expected to rise to around 7.1 [31][32]. Group 5: Commodity Market - The Wenhua Commodity Index remained flat, with coal, polyester, and construction materials leading gains, while precious metals, coal chemicals, and non-ferrous sectors lagged. Given the high volatility in oil prices and geopolitical uncertainties, the report recommends a cautious approach. However, it notes a technical trend indicating stabilization at the bottom, suggesting that optimistic investors may consider light positions [36][10][37].