Investment Rating - The industry investment rating is maintained as "Increase" for the agricultural sector [6] Core Viewpoints - The agricultural sector underperformed the market by 2.68 percentage points during the week of June 16-20, 2025, with the index closing at 2,640.23, down 3.13% [1][15] - The report highlights a rebound in pig prices from low levels, with a national average price of 14.22 CNY/kg as of June 20, 2025, reflecting a week-on-week increase of 1.43% but a year-on-year decrease of 22.59% [2] - The report suggests focusing on investment opportunities within the planting industry chain due to increasing geopolitical tensions affecting food security [4] Summary by Sections 1. Market Review - The agricultural sector index decreased by 3.13% and ranked 26th among 31 sectors [1][15] - Sub-sectors such as animal health, feed, and planting experienced declines of 2.27%, 2.43%, and 2.72% respectively [1][17] 2. Industry Dynamics 2.1 Pig Farming - There is an increase in reluctance to sell pigs, leading to a slight price rebound, with self-breeding profits at 19.40 CNY/head, up 22.30 CNY from the previous week [2] 2.2 Poultry - Chicken prices remain under pressure due to high inventory levels, with broiler chick prices dropping by 32.12% week-on-week [2] 2.3 Agricultural Products - Prices for wheat, corn, and soybean meal have shown slight increases, with wheat averaging 2,441.67 CNY/ton, up 0.46% week-on-week [3] 3. Investment Recommendations - The report recommends focusing on companies with strong cost control in pig farming, such as Muyuan Foods and Wens Foodstuffs [4] - In the poultry sector, it suggests looking at integrated leaders like Shengnong Development [4] - For feed, it highlights the potential recovery in demand due to livestock inventory restoration, recommending companies like Haida Group [4] - It emphasizes the importance of food security and suggests monitoring companies in the seed industry [4]

Investment Rating - The industry investment rating is maintained as "Add" [6] Core Insights - The revised classification evaluation rules focus on enhancing the functional orientation of securities companies, optimizing the evaluation framework, and supporting differentiated development for small and medium-sized brokerages [2][5] - The new rules emphasize profitability over scale, encouraging firms to improve return on equity (ROE) and pursue high-quality development [5] - The evaluation system has been adjusted to penalize companies with significant legal violations more severely, while also refining the scoring system to ensure a balanced approach between penalties and rewards [3][4] Summary by Sections Section 1: Regulatory Changes - The new classification evaluation rules were publicly solicited for opinions on June 20, focusing on enhancing the functional capabilities of securities firms [1] Section 2: Business Development Indicators - The revised rules eliminate the revenue ranking bonus, reduce repetitive scale indicators, and increase the emphasis on net asset return [2] - New indicators have been added for proprietary investment in equity assets, fund advisory development, and management scale of equity asset management products [2] Section 3: Evaluation Adjustments - The rules clarify that companies with major legal violations can have their evaluation results directly downgraded [3] - The penalties for disciplinary actions have been increased to enhance self-regulatory measures [3] Section 4: Special Issue Handling - The rules summarize previous evaluation experiences and clarify the handling of special issues, including risk management indicators for bond trading and asset management [4] Section 5: Industry Impact - The new rules favor small and medium-sized brokerages with distinctive operations, promoting a competitive advantage in niche markets [5] - The focus on functional orientation may serve as a significant reference for the effectiveness of securities companies in executing financial strategies [5]

Investment Rating - The report maintains an "Overweight" rating for the industry [5][16]. Core Insights - The first meeting of the China-US economic and trade consultation mechanism was held in London, focusing on future tariff developments. Supply issues from Myanmar persist, leading to continued tightness in the ore market, with tin prices expected to remain strong and volatile [2][3][16]. - The global supply of tin ore faces stability and sustainability challenges, while domestic consumption stimulus policies are expected to drive growth in tin demand. The development of artificial intelligence and new energy vehicles also presents growth potential for global demand [3][16]. Summary by Sections 1. Market Overview - This week, refined tin prices saw a slight increase, with raw material prices also rising. Social inventory increased slightly, while exchange inventory decreased. The closing prices for LME tin (3-month) and SHFE tin (active) were $32,694/ton and ¥263,690/ton, respectively, reflecting increases of 1.09% and 0.03% from last week. The spot tin price (Changjiang Nonferrous) was ¥265,700/ton, up 0.49% from last week [1][18][19]. 2. Industry Situation - The first meeting of the China-US economic and trade consultation mechanism took place in London, with a focus on tariff negotiations. Supply from Myanmar remains problematic, with a continued tightness in the ore market. The operating rate of tin smelting enterprises in Yunnan and Jiangxi has dropped to a low level of 47.05% [2][16]. The import volume of tin ore from the Wa region in Myanmar is expected to decline due to stagnant recovery progress and seasonal transport issues [2][16]. 3. Investment Recommendations - The report suggests maintaining an "Overweight" rating, highlighting the challenges in global tin ore supply stability and sustainability. The domestic demand is expected to grow due to ongoing consumption stimulus policies, while global demand is also projected to increase due to advancements in artificial intelligence and new energy vehicles. Recommended stocks include Xiyang Co., Huaxi Nonferrous, and Xingye Silver Tin [3][16]. 4. Weekly Performance of Tin Stocks - As of June 13, 2025, the closing prices for Xiyang Co., Huaxi Nonferrous, and Xingye Silver Tin were down 1.59%, 0.20%, and 0.43%, respectively, compared to the previous week [17].

Investment Rating - The industry investment rating is "Maintain Buy" [6] Core Viewpoints - The report highlights a positive outlook for the HBM industry chain, driven by the rapid development of advanced computing chips and the semiconductor cycle recovery led by storage [4] - NAND flash demand is expected to increase significantly due to AI data centers, with Kioxia planning to double its production capacity by FY2029 [1][28] - DRAM prices are anticipated to continue rising in Q3 2025, with a reported average increase of 10.50% across 18 product categories [2][28] Summary by Sections NAND Market - Kioxia aims to double its NAND production capacity within five years to meet the growing demand from AI data centers, with current NAND prices showing a weekly fluctuation of -2.86% to 5.14% [1][28] - The supply of old process DRAM resources remains tight, leading to price increases for various memory products [3][28] DRAM Market - DRAM prices have shown a significant upward trend, with an average increase of 10.50% last week, and all monitored product categories experienced price rises [2][28] - Tenxun is optimistic about DRAM price increases continuing into Q3 2025, driven by stable demand from AI and industrial applications [2][28] HBM Market - Micron has delivered samples of its 36GB 12-layer HBM4, which is set to enter mass production in 2026, featuring over 60% performance improvement compared to the previous generation [2][29] - The HBM industry is expected to benefit from increased demand for computing chips, with several companies recommended for investment, including Saiteng Co., Yishitong, and Lianrui New Materials [4] Investment Recommendations - The report recommends focusing on companies benefiting from the HBM industry's growth and the recovery of the semiconductor cycle, including Dongxin Co. and Zhaoyi Innovation [4]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][6]. Core Insights - The report highlights a robust growth in the automotive sector, with May 2025 new energy vehicle sales reaching approximately 1.307 million units, a year-on-year increase of about 36.9% [31][36]. - The overall automotive sales in May 2025 were approximately 2.686 million units, reflecting a month-on-month increase of 3.7% and a year-on-year increase of 11.2% [2][23]. - The report emphasizes the positive impact of government policies on consumer demand, predicting steady growth in domestic automotive consumption [16]. Summary by Sections Market Review - The automotive sector saw a 1.16% increase in the week from June 9 to June 13, 2025, outperforming the overall A-share market [17][20]. - Among sub-sectors, commercial vehicles experienced the highest growth at 8.87%, while passenger vehicles saw a slight decline of 0.21% [20]. Industry Data Tracking - In the first week of June 2025, retail sales of passenger vehicles were approximately 343,000 units, a year-on-year increase of 19% but a month-on-month decrease of 12% [38]. - The market share of new energy vehicles in May 2025 was about 48.7%, indicating a competitive pricing environment [36][31]. Industry Dynamics - The report notes significant collaborations among major automotive manufacturers, including partnerships between GAC Toyota and Xiaomi, as well as BYD's ongoing cooperation with Alibaba Cloud [45]. - The commitment from seven automotive manufacturers to limit payment terms to no more than 60 days is also highlighted [45]. Investment Recommendations - The report suggests focusing on leading companies in the smart and technology-driven vehicle sector, such as XPeng Motors, BYD, Xiaomi Group, and Leap Motor [4][16]. - For the parts sector, it recommends companies involved in electric and intelligent components, particularly those with export potential and new energy supply chains [4][16].

Investment Rating - The industry investment rating is "Increase" [6] Core Insights - The report highlights the launch of Broadcom's new switch, which is expected to further develop the computing power industry chain. The Tomahawk 6 series switch is claimed to be the "world's first 102.4Tbps switch," indicating ongoing innovation that will benefit the AI industry [1][17] - The AI edge sector is seeing continuous innovation, with a positive outlook on investment opportunities. TSMC's subsidiary VisEra is actively developing AR glasses and plans to advance emerging optical technologies in 2025, suggesting that performance in AR glasses will improve [1][18] - The wearable wristband market has shown a year-on-year growth of 13%, with a total shipment of 46.6 million units in Q1 2025. Innovations in products like AirPods, which may monitor heart rates using AI models, are expected to drive industry growth [2][19] - Despite the extension of the 301 tariff exemption period, there is a strong belief in the domestic supply chain's potential. The USTR has extended the exemption for products including chips and semiconductor parts until August 31, 2025, which is seen as supportive for the domestic replacement industry [2][20] Summary by Sections Computing Power Industry Chain - Broadcom's launch of the Tomahawk 6 switch is expected to benefit the industry, with a focus on companies such as Weicai Technology, Zhongfu Circuit, and others [4][21] AI Edge Sector - Continuous innovation in the AI edge sector is noted, with recommendations to focus on companies like Guoguang Electric and others [4][21] Consumer Electronics - The consumer electronics sector is benefiting from a 13% year-on-year increase in wearable shipments, with recommendations for companies like Dongmu Co. and others [4][21] Domestic Replacement - The report maintains a positive outlook on the domestic replacement industry despite tariff extensions, recommending companies like Jiangfeng Electronics and others [4][21] Market Review - The A-share Shenwan Electronics Index rose by 3.6%, outperforming the CSI 300 Index by 2.72 percentage points [22][25]

汽车 行业研究/行业周报 5 月全国乘用车市场零售约 193 万辆，同比+13% ——汽车行业周报（2025/06/03~2025/06/06） ◼ 行情回顾 过去一周(2025/06/03~2025/06/06），申万汽车行业上涨 0.17%，表现 弱于同花顺全 A，所有一级行业中涨跌幅排名第 25。细分板块涨跌 幅：过去一周(2025/06/03~2025/06/06），摩托车及其他涨幅最大，商 用车跌幅最大。摩托车及其他上涨 3.58%，汽车服务上涨 1.15%，乘 用车上涨 0.83%，汽车零部件上涨 0.28%，商用车下跌 5.35%。 ◼ 核心数据 数据跟踪： 1）行业总量：据中汽协数据，2025 年 4 月汽车销量约 259.0 万辆， 环比约-11.2%，同比约+9.8%。 2）车企端：据乘联会数据，2025 年 4 月，比亚迪、奇瑞和长安零售 销量位列前三，分别约 26.88 万辆、11.88 万辆和 6.06 万辆，份额分 别约为 29.7%、13.1%和 6.7%。其中小鹏汽车、吉利汽车分别同比约 +274.0%、+141.7%。 3）周度数据： 据乘联会数据，2025 年 5 月 1- ...

农林牧渔 行业研究/行业周报 猪价继续下探，看好水产料投资机会 ——农林牧渔行业周报（20250603-0606） 本周（2025/6/3-6/6）农林牧渔板块跑赢大盘 0.03 个百分点。本周申万 农林牧渔指数收于 2,682.22，周上涨 0.91%，跑赢沪深 300 指数 0.03 个百分点。在 31 个申万一级行业中，农业板块周涨跌幅排名第 20 位。 从农林牧渔子板块来看，本周（2025/6/3-6/6）渔业板块上涨 1.34%， 表现最佳；其次，种植业、饲料、农产品加工、养殖业板块本周分别 上涨 1.23%、1.15%、1.10%、0.90%；动物保健板块本周下跌 1.51%。 行业动态跟踪： 【生猪养殖】加速降重出栏，猪价继续下探。伴随肥标价差倒挂，近 期规模猪企进入主动降重去库存阶段，市场供给偏宽松，需求端相对 平稳，猪价持续下探，养殖利润进一步收窄。截止 2025 年 6 月 6 日， 全国生猪均价 14.05 元/公斤，周环比下跌 2.43%，较 2024 年同期下跌 23.89%；自繁自养利润为 33.83 元/头，周环比下降 1.82 元/头，外购 仔猪养殖利润为-120.80 元/头 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance relative to the market benchmark [5]. Core Insights - DZD8586 has demonstrated an impressive Overall Response Rate (ORR) of 84.2% in patients with Chronic Lymphocytic Leukemia/Small Lymphocytic Lymphoma (CLL/SLL) at a 50mg dosage, with a 9-month Duration of Response (DOR) rate of 83.3% [2]. - The report highlights a trend of increasing ORR over time for DZD8586, with previous data showing ORR of 57.1% and 64.3% at earlier dates [3]. - DZD6008 has shown durable anti-tumor activity, with 83.3% of patients exhibiting tumor shrinkage in a study involving previously treated patients with EGFR-mutant Non-Small Cell Lung Cancer (NSCLC) [4]. Financial Projections - Revenue forecasts for the company are projected at 810 million, 1.47 billion, and 2.2 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 123.7%, 82.4%, and 49.9% [5][7]. - The net profit attributable to the parent company is expected to be -750 million, -417 million, and -23 million yuan for the same years, indicating ongoing losses as the company is in the early stages of product commercialization [5][7]. - The report utilizes a Free Cash Flow to Firm (FCFF) valuation model, considering the promising commercialization prospects of its products [5]. Market Position - The company is positioned in the innovative pharmaceutical sector, focusing on addressing clinical challenges related to drug resistance with its pipeline products DZD8586 and DZD6008 [5].

丰茂股份(301459) 公司研究/公司点评 对外投资落地，强化产能布局 ——公司对外投资公告点评 ◼ 事件描述 公司发布对外投资公告。公司拟与嘉兴高新技术产业开发区管理委员 会签订《嘉兴汽车零部件生产基地投资合作协议书》，拟在嘉兴高新技 术产业开发区购置土地，建设嘉兴汽车零部件生产基地项目。本项目 公司总投资额预计不超过人民币 15 亿元（最终投资金额以项目建设 实际投入为准）。 ◼ 核心观点 新建基地助力公司产能提升，强化产能布局 公司成长逻辑：立足主业传动系统，打造新领域增长极 汽车传统业务领域：1）出海竞争：公司泰国生产基地将于 2025 年正 式投产，主要面向东南亚及欧美市场。工厂将采用本地化供应与自动 化生产结合的模式，降低关税和物流成本，同时依托"米其林"品牌授 权，拓展海外经销商网络。泰国工厂的建成将提升公司国际市场份额。 2）进口替代：传动系统产品切入自主及合资品牌供应链，已配套上汽 通用五菱、上汽集团、一汽集团、吉利汽车等主流品牌多款车型，国 内整车配套市场逐步实现进口替代。 汽车新业务领域：1）产能扩张：2025 年，公司将在山东济南投建商 用车零部件生产基地，重点配套重汽、一汽、北汽福 ...