Investment Rating - The report maintains a "Recommended" rating for the communication industry [3] Core Insights - Space-based computing is transforming the traditional "ground-based computing" model into a new paradigm where data processing occurs in orbit, significantly enhancing efficiency and reducing data wastage [8][19] - The market for space computing is vast, with applications expanding from remote sensing to real-time scenarios like vehicle networking and drone clusters, potentially opening up a trillion-dollar market [5][19] - The report highlights the advantages of space computing, including energy efficiency, superior thermal management, and modular deployment, which collectively address the challenges of energy consumption, density, and scalability in AI infrastructure [19][25][26] Summary by Sections 1. Breakthrough in Space Infrastructure - Space-based computing allows satellites to evolve from mere sensing platforms to intelligent entities capable of data processing and storage [8] - Traditional models waste significant amounts of data due to bandwidth limitations, with only about 4% of data from solar monitoring satellites being utilized effectively [8][11] - The transition to "space-based computing" enhances real-time task capabilities and has broad strategic value [8][12] 2. Domestic and International Case Studies - Starcloud, a U.S. startup, plans to launch the first AI satellite equipped with NVIDIA H100 by 2025, aiming to create a gigawatt-scale orbital data center [5][39] - The "Three-Body Computing Constellation" in China, launched in May 2025, features 12 intelligent satellites with a total computing power of 5 POPS, marking a significant advancement in space computing capabilities [5][44][49] 3. Outlook for Ground Communication Operators - Putian Technology is transitioning to become a provider of space-based information infrastructure, focusing on low-orbit satellite communication and high-reliability satellite manufacturing [5][30] - The report suggests that space computing can provide new perspectives for industries like finance and disaster monitoring, with significant market potential [5][19] 4. Investment Recommendations - The report recommends focusing on satellite ground operators like Putian Technology, which show significant marginal improvements [5][19]

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting its value for long-term investment [5][29]. Core Insights - The recent adjustments in insurance fund management are expected to enhance the dividend value of bank stocks, promoting long-term and stable investments [5][8]. - The banking sector's performance has been relatively weak compared to the broader market, with a decline of 1% in the banking sector against a 0.82% increase in the CSI 300 index [5][9]. - As of July 11, 2025, the banking sector's price-to-book (PB) ratio stands at 0.70, with a dividend yield of 5.54%, indicating attractive valuation levels [5][20]. Summary by Sections Latest Research Insights - The Ministry of Finance issued a notice on July 11, 2025, to guide insurance funds towards long-term stable investments, adjusting performance evaluation metrics for state-owned commercial insurance companies [7][8]. - The new evaluation method emphasizes a combination of annual and multi-year performance indicators, aiming to enhance the stability and growth of insurance capital [7][8]. Weekly Market Performance - The banking sector saw a 1% decline, while the CSI 300 index rose by 0.82%. Notably, state-owned banks increased by 1.31%, while city commercial banks and joint-stock banks experienced declines of 2.69% and 1.53%, respectively [5][9]. - Individual bank performances varied, with Xiamen Bank leading with an 8.73% increase, while several banks like Shanghai Bank and Jiangsu Bank faced notable declines [9][16]. Valuation and Company Analysis - As of July 11, 2025, the banking sector's PB ratio is 0.75, reflecting a 45.73% discount compared to the overall A-share market [20][25]. - The report lists key banks with their respective valuations, indicating a general decline in revenue and net profit for Q1 2025 compared to the previous year [25][28]. Investment Recommendations - The report suggests that the enhanced evaluation of insurance funds will lead to increased allocation towards equity assets, benefiting the banking sector [5][29]. - Specific banks recommended for investment include Industrial and Commercial Bank of China, Agricultural Bank of China, Postal Savings Bank of China, and others, indicating a positive outlook for their performance [5][29].

Group 1: Macro Overview - The report highlights the potential for increased tariffs by the US, with effective tariff rates possibly returning to around 20%, raising global trade friction risks [2][8] - The anticipated GDP growth for China in Q2 is projected at 5.4%, with a focus on the upcoming economic data releases [2][8] - The report notes that the real estate and anti-involution topics are expected to be discussed in the upcoming high-level meetings in July, aligning with high-quality development frameworks [2][8] Group 2: Anta Sports (2020.HK) - Anta Sports is positioned as a leading multi-brand sports company with a global layout, focusing on professional sports and lifestyle markets, expecting a revenue of 70.826 billion RMB in 2024, a 13.58% increase year-on-year [23][24] - The company’s main brand is diversifying, optimizing channel quality through a "thousand stores, thousand faces" strategy, enhancing its market coverage with various store types [24][25] - The outdoor segment is expected to contribute significantly, with FILA projected to achieve revenue of 26.626 billion RMB in 2024, a 6.1% increase, while the professional sports segment is anticipated to grow by 53.7% to 10.68 billion RMB [25][26]

上半年收官,关注政策接续 -宏观周报（7 月 7 日-7 月 13 日） 2025 年 7 月 13 日 分析师 张迪 ☎：010-8092-7737 ☑: zhangdi_yj@chinastock.com.cn 分析师登记编码：S0130524060001 詹璐 ☎: 0755-8345-3719 国：zhanlu @chinastock.com.cn 分析师登记编码：S0130522110001 日雷 ☎：010-8092-7780 ☑: lvlei_yj@chinastock.com.cn 分析师登记编码：S0130524080002 赵红蕾 ☎: 010-8092-7606 网：zhaohonglei_yj@chinastock.com.cn 分析师登记编码：S0130524060005 于金潼 ☎：136-8324-0373 極: tieweiao_yj@chinastock.com.cn 分析师登记编码：S0130525060002 研究助理:薄一程 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 ● 本周关注:本周,特朗普重提 ...

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Group 1: Computer Industry - The overseas demand for AI token continues to grow, creating a positive cycle between AI computing power and applications, suggesting a focus on domestic NV chain-related companies [5][2] - ByteDance has established a relative advantage in the AI application ecosystem, recommending attention to ByteDance's ecosystem partners [5][3] - The business model of AI Agents is shifting from "providing tools" to "delivering value," enhancing investment opportunities in vertical industry know-how companies, particularly leading SAAS firms in AI Agent deployment [5][4] Group 2: Machinery Industry - In June, domestic excavator sales showed a year-on-year recovery (+6.2%), with exports increasing significantly (+19.3%), indicating resilience in domestic demand supported by government initiatives [8][12] - The average working hours for major construction machinery products in China decreased year-on-year, while Indonesia's market showed strong growth, suggesting a structural recovery in overseas demand [10][12] - The export growth of excavators to emerging markets like Africa and the Middle East continues, compensating for declines in exports to the US and Canada [11][12] Group 3: Media Industry - The film market in June showed a box office of 1.906 billion yuan, a year-on-year decline of 35.39%, but a month-on-month increase of 9.60%, indicating a recovery trend driven by quality films [15] - The gaming market continues to grow, with actual sales revenue reaching 28.051 billion yuan in May, reflecting a year-on-year increase of 9.86% [16] - The IP derivative market is gaining attention, with several companies preparing for IPOs, indicating a shift in consumer demographics and preferences [17] Group 4: Public Utilities - The newly released renewable energy consumption responsibility weights for 2025 indicate a clear demand for green electricity, with most provinces seeing an increase in responsibility targets compared to previous expectations [21][22] - The introduction of green electricity consumption targets for high-energy industries like steel and data centers is expected to foster new business models and alleviate current industry challenges [24][26]

Group 1: Macroeconomic Insights - In June, the Consumer Price Index (CPI) rose by 0.1% year-on-year after four consecutive months of decline, while the Producer Price Index (PPI) continued to face downward pressure with a year-on-year decline of 3.6% [2][8] - The core CPI remained stable, with a year-on-year increase of 0.7%, indicating limited recovery space due to weak internal consumption dynamics [6][8] - The outlook for July suggests that the CPI may remain under pressure due to tail effects, with a projected decline from 0.1% to -0.4% [8] Group 2: Commodity Prices and Trends - Pork prices in June experienced a significant decline, with a month-on-month drop of 1.2%, influenced by seasonal factors and weak demand during the traditional consumption off-season [4][8] - Energy prices showed a slight recovery, with international oil prices rising due to geopolitical factors, impacting gasoline prices positively [3][7] - The prices of fresh vegetables increased by 0.7% month-on-month, driven by adverse weather conditions and rising transportation costs [4][6] Group 3: Financial Market Dynamics - The U.S. Treasury market saw fluctuations, with a decrease in yields for both 10-year U.S. Treasuries and Chinese dollar bonds, attributed to mixed economic data and dovish signals from the Federal Reserve [16][18] - The outlook for July indicates potential interest rate cuts, which may lead to a decrease in the yield center for Chinese dollar bonds to 5.21% [21][22] - The real estate sector continues to face credit risk, with widening credit spreads for real estate bonds due to weak investment data [17][19] Group 4: Industry-Specific Developments - The construction materials sector is experiencing a seasonal downturn, with cement prices declining due to reduced demand during the summer months [24][25] - The glass fiber market is witnessing a structural differentiation in demand, with expectations for price stability in high-end products despite overall market weakness [26][27] - The non-bank financial sector is showing signs of recovery, with an increase in margin financing balances, supported by government policies aimed at stabilizing the capital market [29][32]

北交所日报 北交所日报(2025.07.09) 2025 年 07 月 09 日 核心观点 分析师 范想想 ☎: 010-8092-7663 网：fanxiangxiang_yj @chinastock.com.cn 分析师登记编码：S0130518090002 2025-07-09 相对沪深 300 表现图 资料来源:iFinD,中国银河证券研究院 相关研究 资料来源：中国银河证券研究院 1. 【银河北交所】2025 年度策略_并购重组助高质 发展，抓两新两重投资机遇 2. 【银河北交所】2024 中期策略_新质生产力赋能 北证,关注国央企投资价值 3. 【中国银河证券】Deepseek 冲击波:北交所_ 中小企业的智能化赋能 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ７月９日，北证 50 涨跌幅为-0.75%,收于 1410.36点。北证 50 指数开 ● 盘点位为 1426.22点，最高点位达 1439.39点,最低点位为 1405.14点。同 日,上证指数收于 3493.05 点,涨跌幅为-0.13%;沪深 300 收 3991.4 ...

☎：010-8092-7780 ☑: lvlei_yj@chinastock.com.cn 分析师登记编码：S0130524080002 宏观动态报告 核心 CPI 继续回升, PPI 同比降幅走阔 6 月物价数据解读 2025 年 7 月 9 日 分析师 张迪 ☎：010-8092-7737 网: zhangdi_yj@chinastock.com.cn 分析师登记编码：S0130524060001 目雷 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 6 月 CPI 环比下降 0.1%（前值-0.2%），同比上涨 0.1%（前值-0.1%），过 去五年（春节在１月份,下同）的季节性环比均值为-0.2%,其中食品价格环 比下降 0.4%(前值-0.2%),过去五年环比均值为-0.7%;非食品价格持平(前 值-0.2%），过去五年环比均值为 0。核心 CPI 环比继续持平,同比继续回升 至 0.7%,涨幅比上月扩大 0.1 个百分点。PPI 环比下降 0.4%（前值-0.4%）, 同比下降 3.6%（前值-3.3%），环比持平、同比降幅走阔。 能 ...

数字经济系列专题研究报告 厘清一个问题:稳定币是货币吗? 稳定币系列报告之一 核心观点 在加密生态系统中,稳定币已基本实现货币三大职能。作为数字资产连结传统 金融的桥梁,稳定币具有流动性、稳定性优势,已成为链上金融可靠的交易媒 介、记账单位和价值储藏手段，广泛应用于加密货币交易。 在现实世界,稳定币部分实现了记账单位与价值储藏功能,但作为交换媒介还 有所受限。1）记账单位与价值储藏:法币稳定币因可以 1:1 兑换法币,价值 相对稳定,拥有与法币相同的价值尺度,以及保值、抗通胀功能。这种稳定性 依赖资产储备与私人信用,并不具备制度保障。2）交换媒介:在实体经济中 使用稳定币支付,意味着绕开各国央行体系并放大金融风险。因此稳定币面临 更高的监管壁垒及跨境流通障碍,难以大规模实现支付结算功能。 分析师 传统跨境支付与稳定币支付模式对比 收敷人 沂散人 版數人 资料来源:中国银河证券研究院 章俊 首席经济学家 ☎： 010-8092 8096 网: zhangjun_yj @chinastock.com.cn 分析师登记编码：S0130523070003 许冬石 ☎： 010-8357 4134 网: xudongs ...