市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 06 月 12 日 星期四 [Table_Summary] 概览 核心观点 【市场回顾】周三 A 股三大指数集体上涨。截至收盘，上证综指涨 0.52%，深成指涨 0.83%，创业板指涨 1.21%。全市场成交额 12,866 亿元，较上日减少 1,646 亿元。全市场超 3,400 只个股上涨。板块题 材上，稀土永磁、能源金属、汽车零部件板块涨幅居前；CRO 概念、 板块跌幅居前。 【重要新闻】 【中美经贸磋商机制首次会议举行，中美原则上达成协议框架】当地 时间 2025 年 6 月 9 日至 10 日，中美经贸中方牵头人、国务院副总理 何立峰与美方牵头人、美国财政部长贝森特及商务部长卢特尼克、贸 易代表格里尔在英国伦敦举行中美经贸磋商机制首次会议。双方进行 了坦诚、深入的对话，就各自关心的经贸议题深入交换意见，就落实 两国元首 6 月 5 日通话重要共识和巩固日内瓦经贸会谈成果的措施 框架达成原则一致，就解决双方彼此经贸关切取得新进展。 | [Table_InnerMarketIndex] | ...

Core Insights - The A-share market experienced a collective decline on Tuesday, with the Shanghai Composite Index falling by 0.44%, the Shenzhen Component Index by 0.86%, and the ChiNext Index by 1.17%. The total market turnover reached 1,451.2 billion yuan, an increase of 138.6 billion yuan compared to the previous day, with over 4,000 stocks declining across the market. Sectors such as port shipping, innovative pharmaceuticals, solid-state batteries, and football concepts saw the highest gains, while military and semiconductor sectors faced the largest declines [2][6]. Important News - The Central Committee of the Communist Party of China and the State Council issued opinions on advancing the comprehensive reform pilot in Shenzhen, emphasizing the need to improve the incentive and constraint mechanisms for financial services to the real economy. The opinions support Shenzhen in conducting integrated financial pilot projects for the technology industry, enhancing the credit and securitization systems for technology enterprises, and optimizing the coordination mechanisms for debt and equity financing. Additionally, it promotes green finance reforms and allows investment from insurance funds in private equity and venture capital funds targeting specific sectors in Shenzhen. Companies from the Guangdong-Hong Kong-Macao Greater Bay Area listed on the Hong Kong Stock Exchange are permitted to list on the Shenzhen Stock Exchange according to policy regulations [3][7].

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 06 月 10 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】周一 A 股三大指数集体上涨。截至收盘，上证综指涨 0.43%，深成指涨 0.65%，创业板指涨 1.07%。全市场成交额 13,126 亿元，较上日增加 1,355 亿元。全市场超 4,100 只个股上涨。板块题 材上，创新药、足球概念、可控核聚变、互联网金融板块涨幅居前； 贵金属、白酒板块跌幅居前。 【重要新闻】 【国家统计局公布 2025 年 5 月份 CPI 和 PPI 数据】2025 年 5 月份， 全国居民消费价格同比下降 0.1%。其中，城市持平，农村下降 0.4%； 食品价格下降 0.4%，非食品价格持平；消费品价格下降 0.5%，服务 价格上涨 0.5%。1-5 月平均，全国居民消费价格比上年同期下降 0.1%。 5 月份，全国居民消费价格环比下降 0.2%。其中，城市下降 0.2%， 农村下降 0.2%；食品价格下降 0.2%，非食品价格下降 0.2%；消费品 价格下降 0.3%，服务价格持 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 06 月 09 日 星期一 [Table_Summary] 概览 核心观点 【市场回顾】 上周五，A 股三大指数窄幅整理，上证指数收盘涨 0.04%，报 3385.36 点，深证成指跌 0.19%，创业板指跌 0.45%。沪深两市 A 股成交额约 1.15 万亿元人民币，超 2400 股上涨。申万行业方面，有色金属、通 信行业领涨，美容护理行业领跌；概念板块方面，金属锌、天津自贸 区、金属铅涨幅居前。港股方面，恒生指数收盘跌 0.48%，恒生科技 指数跌 0.63%。美国三大股指全线收涨，道指涨 1.05%，标普 500 指 数涨 1.03%，纳指涨 1.20%。欧洲股市三大股指收盘涨跌不一，亚太 股市多数上涨。 【重要新闻】 【上交所召开高分红重回报暨上市公司价值提升座谈会】上交所召开 高分红重回报暨上市公司价值提升座谈会，就进一步提升高分红、高 股息率上市公司估值进行深入交流探讨，充分听取意见建议。上交所 相关负责人表示，我国资本市场体系、结构和制度机制不断完善，高 质量发展的基础和条件不断巩 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating a projected increase of over 10% relative to the market index in the next six months [4][7]. Core Insights - The profits of major industrial enterprises in China continued to improve, with a total profit of 211.7 billion yuan from January to April 2025, reflecting a year-on-year increase of 1.4% [1]. - In the consumer goods manufacturing sector, six out of thirteen major categories showed positive profit growth, with agricultural and sideline food processing profits increasing by 45.6% year-on-year [2]. - The report suggests focusing on sectors such as food and beverage, cosmetics, gold and jewelry, and home appliances, which are expected to benefit from policy support and market demand [3]. Summary by Sections Industrial Profit Trends - From January to April 2025, the total profit of large-scale industrial enterprises reached 211.7 billion yuan, with April profits showing a year-on-year increase of 3.0% [1]. - The total operating revenue for the same period was 4,344.2 billion yuan, reflecting a year-on-year increase of 3.2% [1]. Consumer Goods Manufacturing - In the consumer goods manufacturing sector, agricultural and sideline food processing, food manufacturing, beverage, and printing industries saw profit increases, while furniture and paper industries experienced significant declines [2]. - The report highlights that the home appliance sector benefited from the "old for new" policy, with profits in related industries growing by 17.2% to 15.1% [2]. Investment Recommendations - The report recommends focusing on resilient sectors such as food and beverage, cosmetics, gold and jewelry, and home appliances, which are expected to perform well in the near future [3].

Market Overview - The A-share market experienced an overall increase, with the Shanghai Composite Index closing up 0.42% at 3,376.20 points, the Shenzhen Component Index rising 0.87%, and the ChiNext Index increasing by 1.11%. The total trading volume in the A-share market was approximately 1.15 trillion yuan, with over 3,700 stocks rising [2][7] - In the industry sector, beauty care and comprehensive industries led the gains, while the transportation sector lagged. Concept sectors such as beer, copper cable high-speed connections, and tobacco saw significant increases [2][7] - The Hong Kong market also saw gains, with the Hang Seng Index closing up 0.60% and the Hang Seng Tech Index up 0.57%. In the US, the three major indices had mixed results, with the Dow Jones down 0.22%, the S&P 500 up 0.01%, and the Nasdaq up 0.32% [2][7] Important News - The National Energy Administration has initiated the first batch of pilot projects for the construction of a new power system, focusing on seven areas including grid-type technology and intelligent microgrids, aiming to explore new technologies and models for power system construction [3][8] - The Ministry of Industry and Information Technology is promoting the development of the artificial intelligence industry to empower new industrialization, emphasizing the need to strengthen the industrial foundation and enhance computing power supply [3][8] Tourism Industry Insights - During the Dragon Boat Festival holiday, 119 million domestic trips were made, representing a year-on-year increase of 5.7%, with total domestic travel expenditure reaching 42.73 billion yuan, up 5.9% year-on-year [9][10] - The growth rate of the tourism market has slightly declined compared to the May Day holiday, with per capita travel expenditure decreasing by 2.11% to 359.08 yuan per person [10][12] - The implementation of visa-free policies has led to a significant increase in inbound tourism, with a 59.4% year-on-year increase in foreign visitors entering under visa-free policies during the holiday [12][13] - Family travel has seen a notable increase, particularly in parent-child travel products, with bookings for such products rising by 80% year-on-year [12][13] Investment Recommendations - The tourism sector is expected to benefit from the optimization of holiday systems and policies, with potential growth in inbound consumption providing new opportunities for the duty-free industry [13] - The report suggests focusing on leading companies in tourism, duty-free, hotels, catering, and education sectors that are likely to benefit from favorable policies [13]

Investment Rating - The industry investment rating is "Outperform the Market," indicating a projected increase of over 10% relative to the market index in the next six months [4][7]. Core Insights - The tourism market is experiencing overall growth, but the growth rate has slightly declined compared to previous holidays. During the 2025 Dragon Boat Festival, domestic travel reached 119 million trips, a year-on-year increase of 5.7%, with total spending of 42.73 billion yuan, up 5.9% [1][2]. - The implementation of visa-free policies has significantly boosted inbound tourism. During the holiday, hotel search interest for inbound travel on Ctrip surged over 100%, with 5.907 million people entering and exiting the country, a 2.7% increase from last year [2][3]. - Family travel has seen a notable increase due to the overlap of the Dragon Boat Festival and Children's Day, with bookings for family group tours rising by 80% and family room bookings increasing by over 200% on Tongcheng Travel's platform [3]. Summary by Sections Tourism Market Performance - The growth rate of domestic travel and spending during the Dragon Boat Festival has decreased compared to the May Day holiday and the same period last year, with per capita spending dropping by 2.11% to 359.08 yuan per person [2][3]. Inbound Tourism Trends - The introduction of visa-free policies has led to a 59.4% increase in foreign visitors entering the country under these policies, totaling 231,000 during the holiday [2][3]. Consumer Behavior and Investment Opportunities - The report suggests that various sectors within social services are poised for growth, driven by improved holiday policies and increased inbound consumption, particularly benefiting tourism, duty-free, hotel, restaurant, and education sectors [3].

Core Insights - The report indicates a rebound in the A-share market, with the Shanghai Composite Index closing up 0.43% at 3361.98 points, and the Shenzhen Component Index rising 0.16% [1][6] - The report highlights that the manufacturing sector in China has entered a contraction phase, with the Caixin Manufacturing PMI for May dropping to 48.3, marking the first contraction in eight months [2][7] - The report notes that the beauty care and textile industries led the gains in the market, while the home appliance sector lagged behind [1][6] Industry Highlights - The report discusses the significant achievement of Zhiyuan Robotics, whose A2 humanoid robot has received certifications from China, the EU, and the US, making it the first humanoid robot to achieve such recognition globally [8][9] - The A2 robot's certifications reflect a technological breakthrough and have implications for the industry's development and commercialization [9][10] - The report emphasizes that the A2 robot's global certification marks a milestone in safety and reliability, enhancing China's competitiveness in the robotics sector [10][12]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the market in the next six months [4][8]. Core Insights - The recent achievement of simultaneous certifications from China, the EU, and the US for the ZhiYuan A2 humanoid robot signifies a major technological breakthrough and has profound implications for industry development and commercialization [2]. - The CR certification, being the only high-end robot certification promoted by the state, validates the safety and intelligence of the ZhiYuan A2, marking it as the first humanoid robot to receive this certification globally [2]. - The ZhiYuan A2 is also the first humanoid robot in China to obtain the EU CE-MD certification, indicating that its mechanical safety design and risk control systems meet international standards [2]. - The simultaneous acquisition of these three major economic certifications demonstrates that the ZhiYuan A2 meets the highest global standards in mechanical safety, electrical specifications, electromagnetic compatibility, and functional reliability, breaking down compliance barriers in the international humanoid robot market [2]. - The global certification breakthrough signifies that the humanoid robot industry has crossed the "safety and trust" threshold, enhancing China's competitiveness in hard technology on a global scale [2]. - The industry is expected to evolve along the path of "B-end scenario prioritization → sharp decline in core component costs → exploration of household applications," with ZhiYuan leveraging its certification advantage to tackle algorithm generalization and computing cost challenges [2]. Summary by Sections Industry Overview - The humanoid robot industry is experiencing a significant policy upgrade aimed at accelerating supply chain autonomy and global competitiveness, with cost being a major factor limiting large-scale adoption [3]. Future Outlook - The humanoid robot industry is anticipated to witness a dual drive of "technological breakthroughs and mass production" by 2025, with the global certification of the ZhiYuan A2 facilitating its global sales [3]. - There is a recommendation to focus on high-quality domestic component manufacturers that will benefit from the large-scale application of humanoid robots [3].

Core Insights - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.47%, the Shenzhen Component Index by 0.85%, and the ChiNext Index by 0.96% [3][7] - The total market turnover was 1,164.2 billion, a decrease of 49.2 billion from the previous day, with over 4,100 stocks declining [3][7] - The manufacturing Purchasing Managers' Index (PMI) for May was reported at 49.5%, indicating a slight improvement in manufacturing sentiment, while the non-manufacturing business activity index was at 50.3%, showing continued expansion [8] Industry Analysis Power Equipment - In April 2025, the total export value of power equipment reached 7.893 billion, with a month-on-month growth of 27.44% and a year-on-year growth of 52.84% [9] - Cumulative exports from January to April amounted to 26.134 billion, reflecting a year-on-year increase of 35.63% [9] - The transformer export market showed strong growth, with April exports valued at 3.474 billion, a month-on-month increase of 12.22% and a year-on-year increase of 41.94% [9][10] - The cable export market performed exceptionally well, with April exports reaching 2.720 billion, marking a month-on-month increase of 76.21% and a year-on-year increase of 92.88% [12][13] Social Services - The fund's heavy position in the social services sector increased to 0.12%, showing a slight rise from the previous quarter, although still below historical averages [14][16] - The hotel and restaurant sectors maintained low heavy positions, while the tourism and scenic areas saw a slight rebound [14][16] - The implementation of vacation policies is expected to boost the tourism market, contributing to growth in the duty-free sector and benefiting hotel and restaurant industries [14][20] Consumer Sector - The heavy position in the consumer sector continued to decline, with a drop to 7.01%, significantly below the historical average of 11.56% [18][19] - The social services, retail, and beauty care sectors saw slight increases in heavy positions, while other sectors experienced declines [18][20] - The food and beverage sector is expected to recover, driven by government policies aimed at boosting domestic consumption [20] Inverter Exports - In April 2025, inverter exports reached 5.772 billion, with a month-on-month increase of 27.70% and a year-on-year increase of 17.04% [22] - Cumulative exports from January to April totaled 17.924 billion, reflecting a year-on-year growth of 9.37% [22] - The Asian market showed stable growth, particularly in emerging countries like India and Pakistan, while the European market also demonstrated significant recovery [22][24]