Group 1 - The core viewpoint of the report indicates that Huaxia Fund's Huaxia China Resources Commercial REIT plans to initiate a second round of fundraising to acquire infrastructure projects, which include the Hangzhou Xiaoshan Mixc Project, Shenyang Changbai Mixc Project, and Zibo Mixc Project, effectively expanding the fund's coverage of consumer infrastructure across different cities [1][7] - The new acquisitions are expected to diversify the fund's asset portfolio, reduce risks, and enhance the growth potential while ensuring stable cash flow [1][7] Group 2 - In the market performance section, the report notes that during the week of July 7 to July 11, 2025, the CSI REITs total return index fell by 1.12%, with the total REITs index down by 1.68% [2][17] - The report highlights that the total REITs index underperformed compared to the CSI 300 index by 2.50 percentage points and the CSI All Bond index by 1.57 percentage points [2][17] - Individual REITs such as the Jiashi JD Warehouse Infrastructure REIT, CICC China Green Development Commercial REIT, and Southern SF Logistics REIT showed gains of 4.25%, 1.01%, and 0.79% respectively [2][17] Group 3 - The liquidity analysis reveals that the total trading volume of REITs decreased to 550 million yuan, a 17.4% decline from the previous week [3][39] - The report details that the trading volumes for property and operating rights REITs were 331 million yuan and 213 million yuan, reflecting decreases of 12.6% and 14.1% respectively [3][39] - Among various REIT categories, the traffic infrastructure REITs had the highest trading volume, accounting for 23.4% of the total [3][39] Group 4 - The report states that as of July 11, 2025, the total issuance scale of listed REITs reached 177.1 billion yuan, with 68 REITs issued [8][10] - It mentions that the issuance pace of C-REITs has slowed down in 2023 but is expected to accelerate in 2024, indicating a normalization in the issuance process [15][16] Group 5 - The valuation section provides insights into the bond yield and P/NAV ratios for various REITs, indicating that the Huaxia China Resources Commercial REIT has a bond yield of 2.95% and a P/NAV of 1.51, both in the 99th percentile historically [44] - The report includes a comparative analysis of different asset types, showing varying yields and historical percentiles for P/NAV across multiple REITs [44]

金融工程 | 金工定期报告 金融工程 证券研究报告 因子跟踪周报：波动率、Beta 因子表现较好- 20250712 因子 IC 跟踪 IC 方面，最近一周，1 月特异度、bp 三年分位数、Fama-French 三因子 1 月残差波动率等因子表现较好，股息率、季度 roa、季度毛利率等因子表 现较差；最近一月，1 月特异度、1 个月超额收益率波动、Fama-French 三因子 1 月残差波动率等因子表现较好，一致预期 EPS 变动、季度 roa、 季度毛利率等因子表现较差；最近一年，小市值、1 个月反转、Fama- French 三因子 1 月残差波动率等因子表现较好，一年动量、股息率、前 五大股东持股比例合计等因子表现较差。 因子多头组合跟踪 多头组合方面，最近一周，Beta、季度净利润同比增长、季度 roe 同比等 因子表现较好，财报超研报预期程度、90 天内预期调整均值、90 天净上 调预期占比等因子表现较差；最近一月，Beta、1 月特异度、1 个月超额 收益率波动等因子表现较好，财报超研报预期程度、90 天分析师覆盖 度、90 天内预期调整均值等因子表现较差；最近一年，小市值、1 个月换 手率波 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.86 CNY, indicating an expected return of over 20% within the next six months [6]. Core Viewpoints - The company is focusing on the development trends of cryptocurrencies and stablecoins, emphasizing innovation and the integration of digital currency research into its operations [1]. - The company has a significant operational asset base from its investment projects, generating substantial traffic data assets, with projected revenue from four highway projects reaching 1.31 billion CNY in 2024 [1]. - The company is actively expanding into new business areas such as low-altitude economy and smart transportation, with digital information business revenue expected to grow from 317 million CNY in 2023 to 401 million CNY in 2024 [2]. - The company has signed new orders worth 1,030 billion CNY in 2024, reflecting an 8.01% year-on-year increase, with significant growth in municipal and energy sectors [3]. Financial Summary - The company's revenue for 2023 is projected at 74.19 billion CNY, with a growth rate of 13.66%, followed by a decline to 68.82 billion CNY in 2024 [5]. - The net profit attributable to the parent company is expected to be 2.94 billion CNY in 2023, with a slight decrease to 2.84 billion CNY in 2024, before rising to 3.10 billion CNY in 2025 [5]. - The company’s earnings per share (EPS) is forecasted to be 0.93 CNY in 2023, decreasing to 0.90 CNY in 2024, and then increasing to 0.98 CNY in 2025 [5]. - The company’s price-to-earnings (P/E) ratio is projected to be 6.75 in 2023, slightly increasing to 6.98 in 2024, and then decreasing to 6.41 in 2025 [5].

Group 1 - The core conclusion of the report indicates that the current consolidation in the consumer sector is a pause rather than an end, drawing parallels from the long transformation processes in the US and Japan [1][10]. - The report identifies a common trend in consumer behavior shifting from family-oriented consumption to individual-focused consumption, with a transition from optional consumption in urban lifestyles to personal spiritual consumption, often accompanied by a decline in GDP growth rates [2][4]. - It is noted that China is currently transitioning from high-speed growth to high-quality growth, with economic indicators resembling the later stages of Japan's third consumption society and the latter half of the US brand consumption phase [4][26]. Group 2 - For essential consumption, the investment strategy is based on a "bottom warehouse" thinking, focusing on undervalued quality growth stocks with high dividend yields, particularly in the food and beverage and textile sectors [5][40]. - The report emphasizes that the essential consumption sector is largely in a mature stage, characterized by stable low growth, and suggests that the investment approach should prioritize low valuation and high ROE [5][40]. - In the optional consumption sector, the report suggests that the configuration strategy should focus on operational improvement indicators from financial reports, aligning investments with macroeconomic data improvements [6][51]. Group 3 - The report highlights that the current consumer data may indicate a fundamental turning point, with macroeconomic data showing positive signals, particularly in the optional consumption sector [6][51]. - It is suggested that the configuration strategy for optional consumption should involve selecting companies with operational improvements based on financial reports and macroeconomic data trends [6][51]. - Specific sectors to focus on include motorcycles and home appliances, with an emphasis on identifying companies that show marginal improvements in ROE and profit growth [6][51].

行业报告 | 行业点评 非银金融 证券研究报告 这次有什么不一样 事件： 2025 年 7 月 11 日上午，券商指数（801193.SW）上涨 3.96%，多元金融 指数（801191.SW）上涨 2.37%，上证指数上涨 1.05%。 一、本轮行情和"924 行情"外部政策催化存在显著差异 （一）2024 年 9 月 24 日至 11 月 8 日期间（以下简称"924 行情"），总量政 策是行情演绎中最为重要的催化，外部政策的驱动因子集中出现，着眼于宏观预期 的改善包括但不限于： （1）9 月 24 日，国新办新闻发布会"货币+财政+资本市场工具"三箭齐发； （2）9 月 26 日，政治局会议明确通过"稳楼市稳股市"实现"稳预期"的目 标。 （二）本轮行情中，政策"化抽象为具体"，剑指"结构性改革"。潜在的催化 因素包含： （4）7 月 1 日，中财委会议明确整治低价无序竞争的"反内卷"式供给侧改革。 二、外部环境差异带来未来行情演绎方向的差异 第一，此次上涨"内生动力"占据主导。"924 行情"以"外部催化"为主导， 此次突然性的外部政策刺激较小。我们认为，此次行情政策并非密集，而是缓步推 动市场形成共 ...

Industry Rating - The report maintains an "Outperform" rating for the scientific instruments industry, consistent with the previous rating [1]. Core Insights - The scientific instruments market in China surpassed 220 billion yuan in 2023, with a growth rate exceeding 12%. The market is dominated by high-end foreign brands, and there is a significant push for domestic alternatives driven by government policies [2][12]. - The domestic market for mass spectrometers reached 16.712 billion yuan in 2023, with foreign companies holding over 90% of the global market share. The import rate for mass spectrometers has decreased from 89% in 2018 to 81% in 2023, indicating a gradual shift towards domestic production [3][41]. - The electronic measurement instruments market is projected to exceed 40 billion yuan in 2024, with a notable focus on mid-to-high-end products. The market for oscilloscopes is expected to reach 650 million USD by 2025 [4]. Summary by Sections 1. Scientific Instruments Industry - The scientific instruments industry is characterized by high-end foreign brands dominating the market, while domestic brands struggle to gain market share. The government has introduced various policies to promote domestic innovation and application of scientific instruments [2][24]. 2. Scientific Analysis Instruments - The market for scientific analysis instruments is vast, with mass spectrometers and chromatographs showing low domestic production rates. The mass spectrometer market is expected to grow significantly, with a focus on high-resolution and triple quadrupole models as key areas for domestic manufacturers to target [25][50]. 3. Electronic Measurement Instruments - The electronic measurement instruments market is rapidly expanding, with a projected market size of 16.307 billion USD globally by 2024. The domestic market is expected to exceed 40 billion yuan, with a significant portion of high-end products still being imported [4][6]. 4. Policy Guidance - Recent government policies have aimed to support the development of domestic scientific instruments, including tax exemptions for imported instruments used in research and education, which will lower costs for research institutions [21][24].

Group 1 - The core conclusion of the report indicates that the current consolidation in the consumer sector is a pause rather than an end, drawing parallels from the long transformation processes in the US and Japan [1][9] - The report identifies a common trend in consumer behavior shifting from family-oriented consumption to individual-oriented consumption, with a focus on spiritual consumption, often accompanied by a decline in GDP growth rates [2][10] - It is noted that China is transitioning from high-speed growth to high-quality growth, with economic indicators resembling the later stages of Japan's third consumption society and the latter half of the US brand consumption phase [2][25] Group 2 - For essential consumption, the investment strategy is based on a "bottom warehouse" thinking, focusing on undervalued quality growth stocks with high dividend yields, particularly in the food and beverage and textile sectors [3][33] - The essential consumption sector is characterized by low growth and moderate to low valuations compared to other mature industries, indicating a defensive attribute [3][39] - The optional consumption strategy emphasizes identifying companies with operational improvements, leveraging macroeconomic data to guide investment decisions, particularly in the motorcycle and home appliance sectors [4][40]

Group 1 - The report highlights high-growth potential sectors for Q2 2025, including optical modules, diesel generators, innovative pharmaceuticals, and deep-sea technology, driven by increasing demand and supportive policies [2][22][23] - Key themes identified include anti-involution for high-quality industry development, deep-sea technology as a pillar of marine economic strategy, and the acceleration of global stablecoin regulatory frameworks [2][23] - The report notes that the central bank is enhancing financial support for the real economy and expanding the technical standard system for emerging industries [2][23] Group 2 - The report on interest rates indicates that the net issuance of government bonds will remain relatively high in the second half of the year, with a more uniform monthly issuance pattern expected [3][28] - It is anticipated that the central bank will continue to use various tools to stabilize the funding environment, with potential for a reserve requirement ratio cut in the third quarter [3][30] - The bond market is experiencing a shift from a bear to a bull market, with a notable correlation between stock and bond performance observed in the second quarter [5][31] Group 3 - The report on Chip Dynamics (688582) indicates that the company is a leader in MEMS sensors, with projected revenues of 4.05 billion yuan and a net profit of 2.22 billion yuan for 2024, maintaining a gross margin above 70% [9][35] - The company has achieved a 23.45% market share in MEMS gyroscopes, reflecting a 14 percentage point increase since 2019, and is positioned to benefit from the growth in smart driving and industrial automation [9][35][36] - The IMU segment is expected to grow rapidly, with a CAGR of 175.8% from 2021 to 2024, driven by demand in low-altitude economy, smart driving, and humanoid robots [9][36][37] Group 4 - The report on Kangnait Optical (02276) forecasts a net profit increase of no less than 30% for the first half of 2025, driven by global strategic expansion and product structure optimization [11] - The company is enhancing its supply chain resilience by establishing a new high-end lens production line in Japan, which will mitigate tariff risks and ensure stable supply to the U.S. market [11] - The report anticipates continued growth in the resin lens market, with a focus on functional and customized lenses, leading to improved profitability [11] Group 5 - The report on Jinhui Industrial (002597) highlights the approval of D-alloheptulose as a food ingredient, marking a significant step in aligning domestic applications with international standards [12][16] - The company is positioned as the second approved enzyme manufacturer for D-alloheptulose in China, showcasing its technological leadership in functional sweeteners [12][16] - The projected net profits for Jinhui Industrial are 1.171 billion yuan, 2.118 billion yuan, and 2.365 billion yuan for 2025-2027, maintaining a "buy" rating [12][16]

Investment Rating - Industry rating is maintained at "Outperform" [6] Core Insights - The liquor sector is experiencing pressure from graduation banquets, but the stabilization of Moutai prices may boost confidence [2][13] - The approval of D-allohexose and the implementation of childcare subsidies are key investment opportunities in the consumer goods sector [4][15] Summary by Sections Market Performance Review - From June 30 to July 4, the food and beverage sector increased by 0.62%, while the Shanghai and Shenzhen 300 index rose by 1.54% [1][24] - Specific segments include meat products (+1.22%), liquor III (+1.20%), baked goods (+0.92%), and beverages (-1.64%) [1][24] Liquor Sector Insights - The liquor sector saw a 1.20% increase, outperforming the overall food and beverage industry but underperforming the Shanghai and Shenzhen 300 index [2][13] - The price of 25-year Moutai (original) is 1935 yuan, up by 65 yuan from the previous week, indicating a potential recovery in industry confidence [2][13] Consumer Goods Sector Insights - The approval of new food raw materials and the rollout of childcare subsidies are expected to catalyze growth in the health products, soft drinks, snacks, and dairy sectors [4][15] - The childcare subsidy program provides 3600 yuan per child annually, which may positively impact the dairy sector [4][15] Investment Recommendations - For the liquor sector, focus on companies benefiting from concentration and strong alpha, such as Shanxi Fenjiu and Guizhou Moutai [5][22] - In the consumer goods sector, recommend companies that align with cost reduction and market share growth strategies, including Lihigh Food and Dongpeng Beverage [5][22]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report analyzes the current issuance progress of interest - rate bonds in 2025, predicts the issuance rhythm in the second half of the year, and evaluates its impact. It is expected that the central bank will use various tools to maintain the stability of the capital market, and the overall impact of the issuance of special refinancing bonds on the capital market is controllable [2][3][5]. 3. Summary According to Relevant Catalogs 3.1 Current Issuance Progress - **Treasury Bonds**: As of July 7, 2025, the cumulative net issuance of treasury bonds was 32955 billion yuan, with a progress of 53.5%, the fastest in the same period in the past five years. The issuance scale of major - term coupon - bearing treasury bonds increased year - on - year. The issuance progress of special treasury bonds exceeded half, with the first issuance peak in May [10][16]. - **Local Bonds**: The issuance rhythm of local bonds in the first half of the year was faster than that in 2024 but slower than that in 2022 - 2023. General bonds showed the characteristics of "accelerating from January to March, slow issuance from April to May, and accelerating again in the last week of June". The issuance of special bonds was relatively even, and the progress slightly exceeded that of the same period in 2024. The issuance of special refinancing bonds was concentrated in the first quarter and gradually ended in the second quarter. The issuance of special new special bonds exceeded half, with a large volume in the second quarter [23][32]. - **Policy - Financial Bonds**: Since 2020, the issuance scale of policy - financial bonds has basically remained in the range of 5 - 6 trillion yuan. As of June 30, 2025, the cumulative issuance of policy - financial bonds was 34968 billion yuan, with a cumulative issuance progress of 58%, generally higher than the same - period level in the past five years [36]. 3.2 Issuance Rhythm in the Second Half of the Year - **Treasury Bonds**: The net issuance scale in the second half of the year remains relatively high. The issuance of ordinary treasury bonds may be more evenly distributed monthly, with a slower rhythm but a high net issuance scale. For special treasury bonds, as of July 7, 2025, there were still 10 bonds to be issued, with a remaining quota of 6220 billion yuan, and the average issuance scale per bond was about 622 billion yuan. August - September may be the peak issuance months [40][44]. - **Local Bonds**: In the case of new local bonds, two scenarios are considered. In both scenarios, the third quarter may see a supply peak. If 2 trillion yuan of debt - resolution quota for next year is advanced to this year's fourth quarter, the supply pressure in October may increase significantly, and the pressure in November - December will decrease. The issuance of policy - financial bonds is expected to maintain a balanced rhythm, with the total issuance amount remaining in the range of 5 - 6 trillion yuan, and the rhythm tends to be front - loaded [3][4][48]. - **Policy - Financial Bonds**: The total issuance amount is expected to remain in the range of 5 - 6 trillion yuan since 2020. The rhythm tends to be front - loaded, estimated by referring to the average issuance in the same period from 2020 - 2024 [72]. 3.3 Impact Assessment It is expected that the central bank will use various tools to maintain the stability of the capital market. If there is a reserve requirement ratio cut, the third quarter may be a good observation period. If not, the central bank may increase the investment of outright reverse repurchases and MLF or restart treasury bond trading operations. Referring to the situation in the fourth quarter of 2024, if special refinancing bonds are issued in advance in the fourth quarter of this year, the overall impact is expected to be controllable [5][77].