家家悦(603708) 公司研究/公司深度 深耕山东，把握渠道变革机遇 家家悦坚持品质零售+效率零售+制造零售，以"强一体，稳两翼"为 发展战略。公司通过多业态立体布局，在山东市场继续强化密度，纵 深推进城市社区网络布局；京冀蒙、苏皖"两翼"稳健发展，外延收 购构建省外版图，提高市场竞争力。公司在山东区域密集布局新业态， 近年逐步推出悦记零食店、好惠星折扣店、烘焙店、社区店等，把握 渠道变革机遇，步步为营。 公司三大护城河 （1）山东区域深耕，多业态密集布局，消费者分层，增强市场主导地 位。 （2）并购整合能力强，外延收购逐步构建省外新版图。 （3）区域扩张依托供应链加持赋能，一体化生鲜供应链高筑壁垒。公 司以直采及集采为主，提质降本，自有品牌占比逐步提升，立体物流 实现区域深度覆盖。 把握渠道变革机遇，步步为营 ——家家悦首次覆盖报告 ◼ 核心观点 公司未来增长点 主业超市调改优化升级，增加客流及收入。零食店、折扣店、烘焙店 等新业态密集布局，打开第二增长曲线。省外不断减亏，盈利能力向 上，我们认为公司业绩有较大上行空间。 ◼ 投资建议 公司是胶东区域超市龙头，山东区域多业态深耕，省外版图逐步减亏。 我们看 ...

◼ 核心数据 数据跟踪： 1）行业总量：据中汽协数据，2025 年 5 月汽车销量约 268.6 万辆， 环比约+3.7%，同比约+11.2%。 2）车企端：据乘联会数据，2025 年 5 月，比亚迪、吉利和长安零售 销量位列前三，分别约 29.3 万辆、20.5 万辆和 13.5 万辆，份额分别 约为 15.2%、10.6%和 7.0%。其中吉利汽车、长安汽车分别同比约 +65.7%、+41.4%。 汽车 行业研究/行业周报 小米 YU7 汽车 1 小时大定突破 28.9 万台 ——汽车行业周报（2025/06/23~2025/06/27） ◼ 行情回顾 过去一周(2025/06/23~2025/06/27），申万汽车行业上涨 2.88%，表现 弱于同花顺全 A，所有一级行业中涨跌幅排名第 19。细分板块涨跌 幅：过去一周(2025/06/23~2025/06/27），汽车零部件涨幅最大，乘用 车涨幅最小。汽车零部件上涨 4.62%，汽车服务上涨 4.27%，摩托车 及其他上涨 2.43%，商用车上涨 1.01%，乘用车上涨 0.08%。 公司公告： 亚太股份收到制动钳及 EPB 项目定点。鑫宏业全资子公 ...

3.价格端：6 月购进价格指数 48.4 %（前值 46.9 %），出厂价格指数 46.2 %（前值 44.7 %）。 宏观研究/宏观点评 6 月制造业 PMI：新订单与采购量反弹 ◼ 核心观点 一、制造业 PMI：6 月中国制造业 PMI 回升至 49.7 %（前值 49.5 %）， 其中新订单指数、采购量指数都回归 50%以上的景气区间，生产指数 维持 50%以上，但价格指数仍处于 50%以下。 1.需求侧：6 月新订单指数为 50.2 %（前值 49.8 %），新出口订单指数 为 47.7 %（前值 47.5 %），进口指数为 47.8 %（前值 47.1 %）。 2.供给侧：6 月生产指数 51.0 %（前值 50.7 %），采购量指数 50.2 % （前值 47.6 %）；原材料库存指数 48.0 %（前值 47.4 %），产成品库存 指数 48.1 %（前值 46.5 %）。 4.就业端：6 月制造业从业人员指数为 47.9 %（前值 48.1 %）。此外， 6 月大型企业指数为 51.2 %（前值 50.7 %）；中型企业指数为 48.6 % （前值 47.5 %），小型企业指数为 47.3 % ...

鼎捷数智(300378) 公司研究/公司点评 AI 套件发布，B 端 Agent 从可用迈向生产级 ——鼎捷数智公司点评 ◼ 事件概述 近日，鼎捷数智"AI 创变·破界生长"2025（第四届）数智未来峰会 在武汉落幕。 ◼ 核心观点 产品思维升级重构，带领企业走向数智原生。公司坚持 AI 时代软件 发展以"升级"范式驱动，2015 年提出"智能+"战略，2019 年启动 雅典娜平台研发，并持续拓展数智驱动的 AI 应用，当前已经覆盖企业 "研发设计、生产制造、质量管控、经营管理、服务售后"五大领域。 产品层面，公司构建起了"数据自决驱动+智能生成驱动"的新型驱动 力，带领企业迈向数智原生，实现 AI 从点到面全面普及。 1 套 AI 软基+N 个 AI 套件，创造智变可能。1）智能数据套件：涵盖 企业数据管理全栈（数据引擎、数据治理，智能指标管理，决策智能 和敏捷问数组件等），打造数据底座；2）企业智能体生成套件：专注 企业级的 AI 智能体构建与开发，承载工业化量产 AI；3）四大工业软 件 AI 智能套件：将 AI 数智套件融入 ERP、PLM、MES、WMS，实 现业务自动化和业务洞察，让系统具备思考与 ...

农林牧渔 行业研究/行业周报 猪价继续反弹，关注种植链投资机会 ——农林牧渔行业周报（20250623-0627） 【农产品】小麦、玉米价格环比上涨，豆粕价格回落。截止 2025 年 6 月 27 日，全国小麦现货均价 2446.39 元/吨，周环比上涨 0.19%；全国 粳稻现货均价 2892.00 元/吨，周环比持平；全国玉米现货均价 2352.86 元/吨，周环比上涨 0.43%。豆粕方面，伴随 5-6 月到港大豆陆续通关， 油厂压榨量攀升，豆粕供应量逐步恢复，豆粕价格回落至 2900-3100 元 /吨之间震荡。截止 2025 年 6 月 27 日，全国豆粕现货均价 2906.00 元 /吨，周环比下跌 3.90%。 ◼ 投资建议 本周农业板块我们建议继续关注种植产业链投资机会，在国际地缘政 治冲突不断升温的背景下，粮食安全也将面临更加严峻的挑战，种植 产业链或成为资金"避险港"，建议关注直接受益于农产品涨价的相关 标的，以及产业链上游种业公司。 ◼ 核心观点 【生猪养殖】低成本是上市猪企穿越猪周期的核心竞争力，重点看好 成本管控相对优秀或降本路径清晰的优质猪企，建议关注：牧原股份、 温氏股份、巨星农 ...

——存储芯片周度跟踪（2025.06.23-2025.06.27） ◼ 核心观点 NAND：CFM称部分原厂 NAND 产能转向先进制程，预计 2025年下 半年 1Tb NAND 供应增加。根据 DRAMexchange，上周（20250623- 0627）NAND 颗粒 22 个品类现货价格环比涨跌幅区间为 0.00%至 3.82%，平均涨跌幅为 1.56%。其中 5 个料号价格持平，17 个料号价 格上涨，0 个料号价格下跌。根据 CFM 闪存市场报道，2025 年下半 年起，部分存储原厂产能将陆续切换新制程，推动单 die 1Tb NAND 供应增长，并积极在手机、PC、服务器等应用领域加速客户认证工 作。未来，随着原厂产能向大容量 NAND 逐渐倾斜，加上国内厂商 产能快速爬坡，市场竞争将进一步加剧。 电子 行业研究/行业周报 CFM 称大容量 NAND 供应或增加，DDR4 高位横盘 DRAM：美光在 1-gamma DRAM 技术节点已取得显著进展。根据 DRAMexchange，上周（20250623-0627）DRAM 18 个品类现货价格 环比涨跌幅区间为 0.14%至 24.70%，平均 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Interest rate bonds: Treasury bond yields declined, and the term spread widened. From June 13 to June 20, 2025, the central bank conducted a total of 1,162.8 billion yuan in reverse repurchase operations, with 1,175.2 billion yuan in reverse repurchases maturing, resulting in a net withdrawal of 12.4 billion yuan. Most inter - bank funding prices declined. The primary market for interest - rate bonds issued 854.533 billion yuan, with a net financing of 322.984 billion yuan. Treasury bond yields for 1 - year, 3 - year, 5 - year, 7 - year, and 10 - year terms decreased, and the 10Y - 1Y term spread widened from 24.38BP to 28.44BP [1]. - Credit bonds: Credit bond yields declined. From June 16 to June 22, 2025, the primary market for credit bonds issued 1,292 bonds, with a total issuance scale of 1,708.452 billion yuan, a net financing of 202.349 billion yuan. Asset - backed securities had the largest proportion of issuance by number, and AAA - rated bonds had the largest issuance scale. Credit bond issuance was mainly in the 3 - 5 - year term. The yields of urban investment bonds and medium - and short - term notes declined [2]. - Observation of major asset classes: From June 13 to June 20, 2025, the three major US stock indexes were divided. European stock indexes generally declined, while most Asian - Pacific stock indexes rose. US Treasury yields declined overall. The US dollar index rose, and non - US currencies weakened. Crude oil prices increased, and gold prices decreased [3]. 3. Summary by Relevant Catalogs 3.1 Interest Rate Bonds 3.1.1 Liquidity Observation - The central bank had a net withdrawal of liquidity, and most funding prices declined. From June 13 to June 20, 2025, the central bank's net withdrawal was 12.4 billion yuan. DR001 and DR007 decreased, while exchange - traded funding prices were divided [15]. 3.1.2 Primary Market Issuance - Net financing increased, and local government bond issuance increased. From June 16 to June 22, 2025, the primary market for interest - rate bonds had a net financing of 322.984 billion yuan. Local government bond issuance increased compared to the previous period [27]. 3.1.3 Secondary Market Trading - Treasury bond yields declined, and the term spread widened. From June 13 to June 20, 2025, yields of treasury bonds and China Development Bank bonds declined overall. The 10Y - 1Y term spread of treasury bonds widened, while that of China Development Bank bonds narrowed [34][36]. 3.2 Credit Bonds 3.2.1 Primary Market Issuance - Issuance volume increased month - on - month. From June 16 to June 22, 2025, the primary market for credit bonds issued 1,292 bonds, with a total issuance scale of 1,708.452 billion yuan, a net financing of 202.349 billion yuan. Asset - backed securities had the largest proportion of issuance by number, and AAA - rated bonds had the largest issuance scale. Credit bond issuance was mainly in the 3 - 5 - year term, and the financial industry had the largest number of issuances [50][52]. 3.2.2 Secondary Market Trading - Credit bond yields declined overall. From June 13 to June 20, 2025, the yields of urban investment bonds and medium - and short - term notes declined, with the largest decline in the 7 - year term for AA + - rated urban investment bonds and AAA, AA +, AA - rated medium - and short - term notes [59]. 3.2.3 One - Week Credit Default Event Review - No corporate credit bond defaults occurred from June 16 to June 22, 2025 [63]. 3.3 Observation of Major Asset Classes 3.3.1 Differentiation of European and American Stock Indexes - The three major US stock indexes were divided, European stock indexes declined, and most Asian - Pacific stock indexes rose. The Dow Jones Industrial Average rose 0.02%, the S&P 500 Index fell 0.15%, and the Nasdaq Composite rose 0.21%. European indexes such as the German DAX, French CAC40, and UK FTSE 100 declined. Asian - Pacific indexes like the Nikkei 225, South Korean Composite Index, and Russian Index rose, while the Shanghai Composite Index fell [65]. 3.3.2 Decline in US Treasury Yields - US Treasury yields declined overall. From June 13 to June 20, 2025, yields of 1 - year, 3 - year, 5 - year, 7 - year, and 10 - year US Treasury bonds declined, and the 10Y - 1Y term spread changed by - 1.00BP to 31.00BP [68]. 3.3.3 Strengthening of the US Dollar Index and Weakening of Non - US Currencies - The US dollar index rose 0.63%, and non - US currencies weakened. From June 13 to June 20, 2025, the British pound, euro, and Japanese yen against the US dollar showed different trends [71]. 3.3.4 Increase in Crude Oil and Decrease in Gold Prices - From June 13 to June 20, 2025, COMEX gold futures and London spot gold prices declined, while Brent and WTI crude oil prices increased [75]. 3.4 Investment Recommendations - The impact of geopolitical conflicts on the bond market shows characteristics of "short - term risk - aversion sentiment dominance, medium - term fundamental pricing, and long - term structural reshaping." Investors are advised to dynamically assess the intensity of geopolitical conflicts, policy responses, and market expectation changes, and flexibly adjust portfolio duration and credit exposure. If the Middle East situation escalates, the bond market is expected to strengthen in a volatile manner [4][78].

Investment Rating - The report maintains an "Increase" rating for the pharmaceutical and biotechnology industry [6]. Core Insights - Scholar Rock's EMBRAZE trial results show a significant preservation of lean body mass at 54.9% when Apitegromab is used in combination with Tirzepatide, indicating a notable advancement in muscle preservation during weight loss [2][15][20]. - The safety profile of the combination therapy is comparable to that of Tirzepatide alone, alleviating previous concerns regarding the safety of Bimagrumab in comparison to placebo [4][20]. - The report suggests focusing on companies involved in muscle preservation and growth, specifically mentioning LaiKai Pharmaceutical-B and Genscript Biotech-B as potential investment opportunities [4][20]. Market Review - During the week of June 16-20, 2025, the A-share pharmaceutical and biotechnology sector declined by 4.35%, underperforming the CSI 300 index by 3.9 percentage points [21]. - The Hang Seng Healthcare Index fell by 7.78%, also lagging behind the Hang Seng Index by 6.27 percentage points [21]. Company Dynamics - Recent announcements include the approval of a clinical trial for a tetanus vaccine by Zhifei Biological and the registration of a CO2 testing kit by New Industry [30]. - The report also details the unlocking dynamics of various companies, including Boji Pharmaceutical and Jiutian Pharmaceutical, with significant numbers of shares being released [31].

Investment Rating - The report maintains an "Overweight" rating for the retail industry [5] Core Insights - The "618" shopping festival achieved nearly 2 trillion yuan in online retail sales, marking a year-on-year growth of approximately 9.8% [2] - Major platforms like Tmall/Taobao, JD, Douyin, and Pinduoduo saw positive growth rates, with JD leading at 17% [2] - The report highlights structural growth across various platforms, driven by national subsidy policies and the normalization of promotional events [2] Weekly Market Review - The CITIC retail index fell by 4.07%, underperforming the CSI 300 index by 3.62 percentage points [3][16] - The retail sector ranked 28th among 30 CITIC primary industries this week [3][17] Industry Dynamics Tracking - Walmart announced the closure of its Nanchang Xianghu store, while Yonghui Supermarket released its fifth batch of store adjustment lists [4][40] - JD's "618" sales reached new heights, with a significant increase in user numbers [4][40] - Tmall and Douyin also reported substantial growth in user engagement and sales during the "618" event [4][41] Investment Recommendations - The report suggests focusing on three main investment lines: 1. The recovery of gold and jewelry sales due to the Spring Festival effect and geopolitical risks [5] 2. The gradual recovery of offline sales driven by domestic demand policies [5] 3. The optimization of competition in the e-commerce sector, with a focus on major platforms [5] Industry Data Tracking - In May, the total retail sales of consumer goods reached 4.13 trillion yuan, with a year-on-year growth of 6.4% [27] - The online retail sales for the first five months of the year were 6.04 trillion yuan, reflecting an 8.5% year-on-year increase [28] Company Performance - Among the 104 listed companies in the retail sector, only 5 saw an increase in stock prices this week, with Zhejiang Dongri leading at +48.21% [24] - Conversely, companies like Mankalon and Nanjing Shanglv experienced significant declines [26]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Views - The company has completed its restructuring and is now empowered by its parent company, marking the beginning of a new chapter. It has transformed into a dual-driven healthcare industry group focusing on medical services and pharmaceutical manufacturing [1][19] - The company is actively developing a regional medical institution and is strategically positioning itself in the "silver economy" sector, with plans to enhance its healthcare services for the aging population [2][58] - The company has shown significant improvement in operational metrics, with a projected revenue of 3.799 billion yuan and a net profit of 115 million yuan for 2024, reflecting a year-on-year growth of 296.13% [1][5] Summary by Sections Company Overview - The company, formerly known as Gansu Duyiwei Biopharmaceutical Co., Ltd., was listed in 2008 and underwent a name change in 2014. After filing for bankruptcy in 2020, it successfully restructured in 2022 with the help of strategic investors [1][19] - The company has developed a "1+N" innovative service model, combining general hospitals with specialized branches, and is focusing on establishing a new type of elderly care model [1][16] Medical Services - As of May 2025, the company operates 4 tertiary hospitals and 13 secondary specialized hospitals, with a focus on creating regional medical centers [2][34] - The company is enhancing its service model by integrating elderly hospitals with care centers, targeting diseases prevalent among the elderly [34][61] Pharmaceutical Manufacturing - The pharmaceutical segment, led by the "Duyiwei" brand, has expanded its product matrix to include 82 varieties, with a revenue increase from 419 million yuan in 2019 to 753 million yuan in 2024 [2][63] - The company has made strategic acquisitions to broaden its business scope, forming a complete pharmaceutical industry chain [2][63] Financial Forecast and Valuation - The company is expected to achieve net profits of 167 million yuan, 202 million yuan, and 235 million yuan from 2025 to 2027, with corresponding PE ratios of 45.82, 37.83, and 32.63 [3][5] - Revenue projections for 2024 to 2027 indicate a stable growth trajectory, with expected annual growth rates of 7.8% to 10% [5][68]