Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - Robovan, or unmanned logistics vehicles, supports L4 level (highly automated driving) technology and aims to address three major logistics pain points: unmanned transportation, unloading, and handling [2][7] - The unmanned delivery market is primarily focused on the segment from sorting centers to delivery stations, with e-commerce only accounting for 20% of the unmanned delivery market [2][10] - Companies utilizing Robovan have reported significant economic benefits, such as a 30% reduction in per-package costs for Jitu and an increase in delivery efficiency for SF Express [2][16] Summary by Sections Robovan Overview - Robovan is designed to solve logistics challenges, particularly in unmanned transportation and unloading, with a focus on sectors like fresh produce, medical supplies, and fast-moving consumer goods [2][10] Key Manufacturers - **Xinshiqi**: Possesses full-stack self-research capabilities and modular design for various applications, collaborating with major express companies [3][21] - **Jiushi Intelligent**: Offers multiple products for low-speed transport and delivery, enhancing revenue through software algorithm fees [4][22] - **White Rhino**: Collaborates with major logistics and retail companies, leveraging passenger vehicle technology to reduce costs [5][26] Market Potential - The logistics and retail sectors have established numerous partnerships with Robovan companies, leading to increased efficiency and reduced costs [29][32] - The potential market for Robovan is estimated at 5 million vehicles based on current application scenarios [32]

Investment Rating - The industry rating is maintained at "Outperform" [3] Core Insights - Breakthrough therapies (BTD) are defined as drugs that demonstrate significant and reliable clinical significance, aimed at accelerating the treatment of severe diseases or conditions that critically affect survival quality [4][6] - As of June 4, 2025, a total of 126 domestic innovative drugs have been approved for BTD by CDE, with a trend of expanding from traditional targets like PD-1 and HER2 to emerging targets such as PD-1/IL-2 and BCL2 [4][13] - The potential for overseas expansion of BTD drugs is notable, with 25% of domestic BTD molecules having achieved international market entry, compared to only 1% of all domestic molecules [28][29] Summary by Sections Breakthrough Therapy Overview - Breakthrough therapies were introduced in China in 2020 to expedite the development of innovative drugs for severe diseases [4] - The dynamic shift in breakthrough therapies shows a diversification of targets and companies involved, with emerging biotech firms gaining traction alongside established pharmaceutical companies [4][5] Market Dynamics - The CDE has approved 171 BTD products, with a significant portion being domestic innovations, indicating a robust pipeline for future drug development [13] - The distribution of BTD approvals shows that traditional chemical drugs and monoclonal antibodies dominate, while new molecular types like ADCs are gaining prominence [14][17] Company Performance - Leading companies in BTD approvals include Heng Rui Medicine with 17 approvals, followed by Innovent with 10 and CSPC with 8 [17] - Emerging biotech firms such as Shuyou and Legend Biotech are also highlighted for their potential in the BTD landscape [17] Clinical Progress and Global Expansion - Domestic innovative drugs are progressing steadily in clinical trials, with 13 products approved overseas and 60 in clinical stages as of June 4, 2025 [13] - The report identifies several domestic drugs with high potential for international expansion based on their clinical progress and BTD certification [31][32]

Investment Rating - Industry Rating: Outperform the Market (Maintained Rating) [1] Core Insights - The report highlights the upcoming WWDC 2025, emphasizing the integration of AI into system-level experiences and the expected innovations in hardware and software from Apple [12][15][17] - Recent financial performances from companies like Credo, Broadcom, and Nvidia indicate strong growth driven by AI-related demands, with significant revenue increases reported [20][24][29] - The report notes the resurgence of interest in AI glasses, with multiple new products launched, indicating a growing market for augmented reality applications [6][8] Summary by Sections 1. Weekly Perspective - WWDC 2025 is set to showcase AI software and hardware upgrades, with Apple expected to unveil significant updates across its operating systems [12][15] - Credo's stock has surged over 180% due to its focus on AI and high-speed interconnects, with Q4 revenue reaching $170 million, a 25.9% quarter-over-quarter increase [20][22] - Broadcom reported Q2 revenue of $15 billion, a 20% year-over-year increase, driven by strong demand for AI-related products [24][25] - Nvidia's Q1 revenue reached $44.06 billion, a 69% year-over-year increase, with significant contributions from data center and gaming sectors [29][30] 2. AI Glasses Market - The report discusses the launch of new AI glasses by companies like Raybird and Rokid, which are expected to enhance user experiences by integrating smartphone functionalities [6][8] - The AR glasses market is experiencing renewed interest, leading to increased investments in upstream near-eye display projects [6][8] 3. Panel and Display Innovations - The report notes a divergence in the panel market, with display panels maintaining an upward trend due to tariff exemptions and proactive inventory management by brands [7][8] - TCL and Alibaba Cloud have announced a strategic partnership to enhance AI capabilities in semiconductor displays and smart terminals [7][8]

Industry Rating - The industry rating is maintained at "Outperform" [3] Core Insights - Breakthrough therapies (BTD) are defined as drugs that demonstrate significant and reliable clinical significance, aimed at accelerating the treatment of serious diseases or conditions that severely impact the quality of life [4][6] - As of June 4, 2025, a total of 126 domestic innovative drugs have been approved for BTD by CDE, with a trend of expanding from traditional targets like PD-1 and HER2 to emerging targets such as PD-1/IL-2 and BCL2 [4][13] - The potential for overseas expansion of BTD drugs is notable, with 25% of domestic BTD molecules having successfully entered international markets, compared to only 1% of all domestic molecules [28][29] Summary by Sections Breakthrough Therapy Overview - Breakthrough therapies were introduced in China in 2020 to expedite the development of drugs for serious diseases with no effective treatment options [4][6] - The dynamic shift in breakthrough therapies shows a diversification of targets and companies involved, with emerging biotech firms gaining traction alongside established pharmaceutical companies [4][5] Market Potential and Opportunities - The report highlights the increasing global competitiveness of domestic molecules due to their inclusion in the BTD program, which indicates commercial viability and clinical advantages [5][28] - Companies like Kolon Biotech, 3SBio, and others have made significant strides in international markets, achieving record high upfront payments and total deal values [29][30] Clinical Progress and Distribution - As of June 4, 2025, 171 products have been approved for BTD, with 126 being domestic innovative drugs, and a significant number of these are progressing well in clinical trials both domestically and internationally [13][17] - The distribution of BTD approvals shows that companies like Hengrui Medicine lead with 17 approvals, followed by Innovent with 10 and CSPC with 8 [17][18] Target and Molecule Types - The majority of BTD drugs are small molecules, with 49 approved, followed by monoclonal antibodies and antibody-drug conjugates (ADCs), which are gaining popularity [14][23] - Emerging targets such as B7-H4 and B7-H3 are being explored, indicating a trend towards innovative therapeutic approaches [20][23] Future Outlook - The report identifies potential BTD candidates for international expansion based on their clinical progress and whether they have received BTD certification in the U.S. [31][32] - The analysis suggests that the ongoing development of BTD drugs will continue to align with international market trends and demands, enhancing their global market presence [24][28]

Investment Rating - The investment rating for Meituan-W (03690) is "Buy" with a target price not specified [5]. Core Views - Meituan's Q1 2025 performance exceeded expectations with revenue of 86.6 billion yuan, surpassing Bloomberg consensus by 1.3%. Adjusted net profit reached approximately 10.9 billion yuan, exceeding expectations by 12.6% [1]. - The core local commerce segment generated revenue of 64.3 billion yuan, also exceeding expectations by 1.5%, with significant contributions from delivery services and commission income [1]. - The new business segment saw a year-on-year revenue growth of 19.2% to 22.2 billion yuan, indicating a narrowing of operating losses [3][4]. Summary by Sections Overall Performance - In Q1 2025, Meituan reported total revenue of 86.6 billion yuan, EBIT of 10.6 billion yuan, and adjusted net profit of approximately 10.9 billion yuan, all exceeding Bloomberg consensus estimates [1]. Core Local Commerce - Revenue from core local commerce reached 64.3 billion yuan, with delivery service revenue at 25.7 billion yuan, commission income at 24.1 billion yuan, and online marketing revenue at 11.9 billion yuan. Operating profit for this segment was 13.5 billion yuan, surpassing expectations by 9.5% [1]. Food Delivery and Restaurant Services - Meituan is enhancing its food delivery services by diversifying its product line and optimizing delivery networks. The company plans to invest 100 billion yuan over the next three years to support the restaurant service industry [2]. Travel and Hospitality - The company is improving its operational capabilities in the travel and hospitality sector, with a new membership program that integrates various consumer services, enhancing brand recognition and cross-selling opportunities [3]. New Business Developments - The new business segment's revenue growth of 19.2% to 22.2 billion yuan indicates a positive trend, with a reduction in operating losses to 2.3 billion yuan [3][4]. The overseas business has also shown significant progress, particularly in Saudi Arabia [3]. Future Outlook - Despite short-term competitive pressures, Meituan's long-term competitive advantage lies in its strong merchant base and user reviews. Revenue projections for 2025-2027 are 391.3 billion yuan, 463.2 billion yuan, and 542.6 billion yuan respectively [4].

| 投资评级 | | | --- | --- | | 行业评级 | 强于大市（维持评级） | | 上次评级 | 强于大市 | 作者 刘奕町 分析师 SAC 执业证书编号：S1110523050001 liuyiting@tfzq.com 曾先毅 分析师 行业报告 | 行业研究周报 2025 年 06 月 08 日 SAC 执业证书编号：S1110524060002 zengxianyi@tfzq.com 胡十尹 分析师 SAC 执业证书编号：S1110525010002 hushiyin@tfzq.com 吴亚宁 联系人 wuyaning@tfzq.com 金属与材料 证券研究报告 小非农惨淡推升降息预期，地缘冲突共振利好金价上行 基本金属：铜铝价格走势分化，铜价小幅上行。1）铜：本周铜价延续窄幅震荡，沪铜收于 78620元/吨。 随着宏观对铜价影响再度提升，铜价波动率本周有明显提升，进入下周后价格仍有望延续当前相对较强的 波动表现，价格起伏有进一步扩大表现。基本面上，目前铜社会库存去库暂时休止，市场消费呈现下滑趋 势，部分下游企业也表现出对短期消费的悲观预期，市场的高升水、高月差在本周铜价上涨之后有所转弱。 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - The central government is expanding support for urban renewal actions, with a focus on enhancing urban infrastructure and improving living conditions. This includes a planned investment of 2.9 trillion yuan in over 60,000 urban renewal projects in 2024 [2][10][12]. - The report indicates that the real estate market is approaching a turning point, with expectations of incremental policy support to stabilize the industry. There is a growing consensus on the market bottom, suggesting a smoother logic for short-term policy speculation and long-term valuation recovery [14]. Summary by Sections 1. Urban Renewal Support - In June 2025, the Ministry of Finance and the Ministry of Housing and Urban-Rural Development announced support for 20 cities in urban renewal actions, with a focus on infrastructure improvement and urban quality enhancement [9][10]. - The central government plans to provide fixed subsidies for cities undertaking urban renewal, with varying amounts based on regional classifications [10][11]. 2. Market Overview - The new housing market saw a transaction area of 211 million square meters, with a year-on-year decline of 19.53% in May 2025. The inventory reached 105.11 million square meters, with faster absorption in first and second-tier cities compared to third-tier cities [3][18]. - The second-hand housing market recorded a transaction area of 143 million square meters, with a year-on-year decline of 19.93% [26]. 3. Investment Recommendations - The report suggests prioritizing investments in non-state-owned enterprises benefiting from debt relief and policy support, as well as leading real estate companies with product advantages and regional firms with improving market shares [14]. - Specific companies to watch include: Longfor Group, China Overseas Development, Poly Development, and Beike [14][15].

Investment Rating - Industry rating is maintained at "Outperform" [6] Core Insights - British American Tobacco focuses on expanding the Glo product line in the second half of the year, with expectations for revenue growth driven by innovative products [1] - For the fiscal year 2025, British American Tobacco anticipates revenue growth of 1-2% and adjusted operating profit growth of 1.5%-2.5%, indicating strong resilience [1] - The U.S. market is expected to recover revenue and profit growth due to enhanced delivery capabilities of combustible tobacco products and the Velo Plus brand [1] - Despite a 9% year-on-year decline in industry sales, British American Tobacco has solidified its market share in the U.S. [1] - The electronic cigarette export value from China remained stable in April 2025, with a total export value of $8.77 billion, showing a year-on-year decline of 1.84% [4] Summary by Sections Emerging Tobacco Products - Velo is the fastest-growing product in the oral tobacco category, with a market share increase of 270 basis points to 14.3% and a modern oral tobacco share increase of 350 basis points to 29.7% [2] - The U.S. market saw a total volume share increase of 550 basis points to 11.9%, driven by high trial and retention rates [2] - Glo's market share decreased by 90 basis points due to intense competition in Japan, but the launch of Glo Hilo in Serbia showed promising results [2] E-Cigarettes - Vuse maintains its global value share leadership, but the U.S. and Canadian markets are affected by illegal products [3] - The company expects a double-digit revenue decline in the first half of the year, with improvements anticipated in the second half due to the phased launch of the Vuse Ultra product [3] - Long-term goals include revenue growth of 3-5% and adjusted operating profit growth of 4-6% by 2026 [3] Market Performance - The top five export destinations for Chinese e-cigarettes accounted for 65.96% of total exports, with the U.S. being the largest market at $3.34 billion [4] - The UAE market has shown significant growth, surpassing Malaysia to become the fifth-largest destination for Chinese e-cigarette exports [4] Investment Opportunities - Suggested companies to focus on include Smoore International, Yinghe Technology, and others in the vaping supply chain [5]

Group 1 - The report highlights the impact of trade tensions between the US and China, noting that after the US initiated tariff threats in March 2018, multiple high-level talks occurred, but the US frequently changed its stance, leading to a breakdown in negotiations and escalation of conflicts [2][29] - China's trade surplus has been increasing since 2020, with a projected total trade surplus of $1,105.3 billion by April 2025, compared to an average of $385.1 billion from 2018 to 2019 [2][29] - The report suggests that the domestic industrial production index is recovering, with specific sectors like methanol and polyester filament showing improvement, while others like Shandong refining and tires are declining [2][29] Group 2 - The report discusses the Chinese government's comprehensive financial policies aimed at stabilizing the market and expectations, including initiatives to boost the digital economy, with a target for the core digital economy to account for over 10% of GDP by 2025 [3] - The development of multimodal large models in technology is emphasized, with companies like ByteDance and Alibaba making significant advancements in AI capabilities [3] - The report indicates that the self-sufficiency strategy remains a long-term focus, driven by national policies and the need for domestic supply chain resilience, particularly in sectors heavily reliant on imports from the US [4][6] Group 3 - The report identifies key investment opportunities in sectors with low valuations, particularly in defense, pharmaceuticals, and electronics, while suggesting a focus on the rhythm of industry development [6] - The report notes that the semiconductor industry is expected to see continued growth, driven by advancements in AI and the release of new products, particularly in the context of AI glasses and storage solutions [21][22] - The report highlights the performance of the REITs market, with a focus on infrastructure projects and the increasing activity in the sector, indicating a positive outlook for future growth [32]

行业报告 | 行业研究周报 房地产 证券研究报告 城更支持再扩围，关注中央预算内投资增量 行业追踪（2025.5.31-2025.6.6） 2025 年 6 月 4 日，财政部、住房城乡建设部 2025 年度中央财政支持实施城市更新行动评选 宣布，拟支持的 20 个城市为（按行政区划排序）：北京、天津、唐山、包头、大连、哈尔滨、 苏州、温州、芜湖、厦门、济南、郑州、宜昌、长沙、广州、海口、宜宾、兰州、西宁、乌鲁 木齐。自 2024 年起，中央财政支持部分城市实施城市更新行动。2024 年 5 月，财政部《关 于开展城市更新示范工作的通知》，文件提出自 2024 年起，中央财政创新方式方法，支持部 分城市开展城市更新示范工作。2024 年首批拟支持的 15 个城市为（按行政区划排序）：石家 庄、太原、沈阳、上海、南京、杭州、合肥、福州、南昌、青岛、武汉、东莞、重庆、成都、 西安。 2025 年，中央财政继续支持实施城市更新行动，探索建立可持续的城市更新机制，推动补齐 城市基础设施的短板弱项，加强消费型基础设施建设，促进城市基础设施建设由"有没有"向 "好不好"转变。2025 年 4 月，财政部、住房城乡建设部发 ...