Investment Rating - The report maintains an "Increase" rating for the oil and petrochemical industry [5] Core Viewpoints - International oil prices have shown a downward trend recently, with Brent crude settling at approximately $63.90 per barrel, down about 1.30% week-on-week, and down approximately 15.80% since the beginning of the year [19][21] - The North American active rig count has decreased week-on-week, with a notable year-on-year decline of 37 rigs, indicating a potential future increase in global drilling platform activity [31] - The refining sector shows promising recovery potential, with significant increases in price differentials for various products, suggesting improved profitability for refining companies [35] Market Performance - The CITIC oil and petrochemical sector rose approximately 0.37% during the week of May 26 to May 30, outperforming the Shanghai Composite Index by about 0.39 percentage points [16] - Key stocks that led the gains include Hengtong Co., Hongtian Co., and Compton, while stocks like Guangju Energy and Dongfang Shenghong saw declines [17][18] Investment Recommendations - The report identifies four main investment themes: 1. Focus on major energy state-owned enterprises like China National Petroleum and China National Offshore Oil Corporation, which are pushing for oil and gas exploration and green transformation [53] 2. Increased global upstream capital expenditure benefiting oil service companies such as CNOOC Services and Offshore Engineering [53] 3. Accelerated development of coal chemical projects and natural gas resources in Xinjiang, with a focus on companies like Baofeng Energy and New Natural Gas [53] 4. Refining companies planning new capacities and accelerating new material projects, recommending companies like Satellite Chemical and Hengli Petrochemical [53]

Industrial Performance - In the first four months, industrial enterprises' cumulative revenue increased by 3.2% year-on-year, down from 3.4% in the previous period[2] - Cumulative profit for industrial enterprises rose by 1.4% year-on-year, up from 0.8% previously, with April's profit showing a 3.0% increase year-on-year[2] - Private industrial enterprises achieved a cumulative profit growth of 4.3%, recovering from a decline of 0.3% in the previous period[2] Price and Inventory Trends - The Producer Price Index (PPI) for April showed a year-on-year decline of 2.7%, continuing a downward trend for two consecutive months[3] - Cumulative inventory of finished products in industrial enterprises increased by 3.9% year-on-year, down from 4.2% previously, marking the first decline since November 2024[3] PMI Insights - The manufacturing PMI for May was reported at 49.5%, slightly up from 49.0% in April, with the production index exceeding the critical threshold[3] - The new orders index for manufacturing PMI in May was 49.8%, an increase from 49.2% in April, while the export orders index rose to 47.5% from 44.7%[3] Employment and Sector Performance - The employment index for manufacturing in May was 48.1%, up from 47.9% in April, indicating a slight improvement in employment conditions[4] - The construction PMI for May was 51.0%, down from 51.9% in April, while the services PMI remained stable at 50.2%[4] Economic Outlook - June 18 is identified as a critical observation point for economic and policy developments, following the release of key economic data and the Federal Reserve's meeting[5] - The report highlights risks including external uncertainties and potential delays in counter-cyclical policies[6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Deposit rate decline helps ease banks' net interest margin in the short - term and may lead deposits to flow into the stock and bond markets in the long - term. The decline of deposit rates marks a new stage of China's interest rate liberalization. The bond market presents structural opportunities, and investors should grasp short - term liquidity dividends while being vigilant about the mid - term stock - bond seesaw effect [4][67]. 3. Summary According to Related Catalogs 3.1 Interest - rate Bonds 3.1.1 Liquidity Observation - From May 16 to May 23, 2025, the central bank conducted 17,925.00 billion yuan of reverse repurchase operations, with 5,630.00 billion yuan of reverse repurchases maturing, resulting in a net injection of 12,295.00 billion yuan. Most inter - bank and exchange - market fund prices rose, with some exceptions like DR001 and DR007 [16][21][23]. 3.1.2 Primary Market Issuance - From May 19 to May 25, 2025, the primary market of interest - rate bonds issued 9,683.22 billion yuan, with a total repayment of 4,202.43 billion yuan of matured bonds and a net financing of 5,480.79 billion yuan. The issuance of local government bonds increased compared to the previous period [28]. 3.1.3 Secondary Market Trading - From May 16 to May 23, 2025, most treasury bond yields declined, and the term spread widened. The 10 - year treasury bond yield rose by 4.15BP, while the 1 - year, 3 - year, 5 - year, and 7 - year yields declined. Most China Development Bank bond yields also declined, with the 10Y - 1Y term spread narrowing [34]. 3.2 Credit Bonds 3.2.1 Primary Market Issuance - From May 19 to May 25, 2025, the issuance scale of credit bonds increased. A total of 881 credit bonds were newly issued, with a total issuance scale of 12,482.16 billion yuan, a net financing of 1,296.54 billion yuan. Asset - backed securities had the largest proportion in terms of the number of issuances, and financial bonds had the highest proportion in terms of issuance amount. AAA - rated bonds accounted for 78.13% of the total issuance scale. The financial industry had the largest number of bond issuances [2][43][45]. 3.2.2 Secondary Market Trading - From May 16 to May 23, 2025, the maturity yields of credit bonds declined overall. Among them, the 5 - year AA - rated urban investment bonds had the largest decline of 8.84BP, and the 7 - year AAA - rated medium - and short - term notes had the largest decline of 6.83BP [2][53]. 3.2.3 Weekly Credit Default Event Review - From May 19 to May 25, 2025, the credit bonds of one enterprise defaulted [56]. 3.3 Weekly Observation of Major Asset Classes 3.3.1 Most European and American Stock Indices Declined - From May 16 to May 23, 2025, the three major US stock indices declined. European stock indices were divided, and most Asia - Pacific stock indices declined [3][57][58]. 3.3.2 US Treasury Yields Rose Overall - From May 16 to May 23, 2025, the yields of 1, 3, 5, 7, and 10 - year US Treasury bonds rose, and the 10Y - 1Y term spread widened [3][60]. 3.3.3 The US Dollar Index Weakened, and Non - US Currencies Strengthened - From May 16 to May 23, 2025, the US dollar index fell by 1.84%, and non - US currencies strengthened [3][62]. 3.3.4 Crude Oil Prices Declined, and Gold Prices Rose - From May 16 to May 23, 2025, gold prices rose, and crude oil prices declined [3][64]. 3.4 Investment Suggestions - Deposit rate decline helps ease banks' net interest margin in the short - term and may lead deposits to flow into the stock and bond markets in the long - term. Investors should grasp short - term liquidity dividends in the bond market, be vigilant about the mid - term stock - bond seesaw effect, and pay attention to the upward pressure on certificate of deposit rates [4][67].

Investment Rating - The report maintains an "Accumulate" rating for the petrochemical industry [5] Core Viewpoints - The international oil prices have seen a decline, with Brent crude settling at approximately $64.78 per barrel, down 1.16% week-over-week, and WTI crude at about $61.53 per barrel, down 1.85% week-over-week [18][20] - Despite a projected increase in U.S. crude oil production over the next two years, international oil prices are expected to remain stable at mid-high levels, benefiting upstream oil and gas companies [29] - The North American active rig count has decreased week-over-week, with a notable year-over-year decline, indicating potential growth in the oil service sector [30] - The refining sector shows signs of recovery, with significant price differentials for products like gasoline and ethylene, suggesting improved performance for refining companies [34] - Polyester market dynamics indicate a recovery potential for long filament enterprises, with an increase in POY price differentials and overall inventory levels rising [42] Summary by Sections Market Performance - The CITIC petrochemical sector declined by approximately 0.18% during the week of May 19-23, 2025, outperforming the Shanghai Composite Index by about 0.39 percentage points [15] - Key stocks that led the gains included Bohui Co., Huajin Co., and China National Offshore Oil Corporation, while stocks like Runbei Hangke and Meihua Shihua saw declines [16][17] Upstream Oil & Gas Sector - The report highlights that U.S. crude oil production is expected to reach 13.4 million barrels per day in 2025 and nearly 13.5 million barrels per day in 2026, indicating a robust supply outlook [31] - The report suggests monitoring companies like China National Petroleum and China National Offshore Oil for potential investment opportunities [29] Oil Service Sector - The report notes a decrease in the number of active drilling rigs in North America, with a year-over-year drop of 34 rigs, while global drilling platform numbers are expected to have room for growth [30] - Companies such as CNOOC Services and Haiyou Engineering are recommended for investment consideration [30] Midstream Refining Sector - Domestic refined oil prices have seen slight increases, with gasoline prices rising by approximately 19 RMB/ton and diesel prices by about 131 RMB/ton [34] - The report indicates a significant recovery potential for refining companies, particularly those actively planning new capacities [34] Terminal Polyester Sector - The report indicates that the POY price differential has increased by approximately 14 RMB/ton, suggesting a recovery potential for long filament companies [42] - Companies like Xinfengming and Tongkun Co. are highlighted as potential investment opportunities [42] Investment Recommendations - The report identifies four main investment themes within the petrochemical sector, including the focus on energy central enterprises, growth in upstream capital expenditures, accelerated resource development in Xinjiang, and new capacity planning by refining companies [54]

Investment Rating - The industry investment rating is "Maintain Buy" [5] Core Viewpoints - The macro environment remains volatile, with short-term raw material supply tightness difficult to alleviate, and significant pressure on the smelting sector. The price of tin is expected to maintain strong fluctuations in the near term. Over a longer period, global tin supply faces challenges in stability and sustainability, while domestic consumption stimulus policies are expected to support growth in tin demand. The development of artificial intelligence and new energy vehicles also presents growth potential for global demand. Relevant stocks include Tin Industry Co., Huaxi Nonferrous Metals, and Xingye Silver Tin [3][15]. Summary by Sections 1. Market Summary - This week, the price of refined tin experienced slight fluctuations, with LME tin closing at $32,819 per ton and SHFE tin at ¥264,600 per ton, reflecting a change of +0.01% and -0.06% respectively compared to last week. The spot price of tin remained stable at ¥265,500 per ton [1][18]. 2. Industry Situation - The macro environment is expected to remain volatile due to proposed tariffs by the U.S. on the EU. The smelting sector is under pressure, with low operating rates in key tin-producing provinces. The average operating rate for smelting enterprises in Yunnan and Jiangxi is at 56.44%. The processing fees for tin concentrate remain at historical low levels, impacting profit margins for smelting enterprises [2][14]. 3. Weekly Tin Stocks and Price Performance - As of May 23, 2025, the total social inventory of SMM tin ingots was 10,333 tons, an increase of 374 tons from the previous week. The combined inventory of LME and SHFE tin ingots was 11,110 tons, a decrease of 42 tons from the previous week [24]. The weekly performance of relevant stocks showed Tin Industry Co. up by 1.07%, Huaxi Nonferrous Metals up by 1.15%, and Xingye Silver Tin down by 1.66% [16][17].

Investment Rating - The industry investment rating is maintained as "Increase" for the non-bank financial sector [8]. Core Viewpoints - The first batch of 26 new floating-rate funds has been registered by the CSRC, with management fees set in three tiers based on excess returns during the holding period [4][18]. - A significant trend of fee reductions in public funds is observed, with over 1,000 low-fee funds now available, enhancing investor cost-effectiveness [49]. - The non-bank financial sector, particularly the brokerage segment, is underweight in public fund allocations, presenting a potential reallocation opportunity as funds shift towards benchmark holdings [5][19]. Data Tracking - The average daily trading volume of A-shares is 11,733 billion CNY, down 7.3% week-on-week, but up 58.8% year-on-year [31]. - As of May 23, 2025, the margin balance in A-shares is 18,013 billion CNY, with a financing balance of 17,893 billion CNY, reflecting a year-to-date increase of 20.2% [31]. - In the first four months of 2025, equity financing reached 1,930.2 billion CNY, a year-on-year increase of 47.3% [32]. Industry Dynamics - The public fund industry is experiencing a wave of fee reductions, with major firms like E Fund and Huaxia announcing cuts to management fees, leading to a historical high in low-fee fund offerings [49]. - The approval of the first floating-rate funds is a response to the CSRC's initiative to enhance the quality of public fund development [49]. - The recent passing of the Stablecoin Bill in Hong Kong aims to regulate virtual asset activities and maintain financial stability [49].

Investment Rating - The report maintains a "Buy" rating for Lenovo Group, indicating a positive outlook on the company's future performance [4]. Core Insights - Lenovo Group's revenue for the fiscal year 2024/25 reached 498.5 billion RMB, representing a year-on-year growth of 21.5%, while net profit increased by 36% to 10.4 billion RMB [1]. - The AIPC business segment is experiencing rapid growth, with the device business (IDG) achieving double-digit revenue growth and a 13% increase in Q4 revenue. Lenovo holds the largest global market share in PCs at 23.7%, widening the gap with the second-largest competitor by 3.6 percentage points [2]. - Non-PC business contributions are rising, with the infrastructure solutions group (ISG) generating 104.8 billion RMB in revenue, a 63% year-on-year increase in Q4, marking the second consecutive quarter of profitability. The solutions and services group (SSG) also saw double-digit revenue growth with an operating profit margin exceeding 21% [2]. - Lenovo is advancing its Super Intelligent Agent Matrix, with a 13% increase in R&D investment for the fiscal year, and R&D personnel now account for 27.8% of the workforce, up 1.6 percentage points year-on-year [3]. Financial Forecast and Valuation - The projected net profits for Lenovo Group for the fiscal years 2026 to 2028 are estimated at 1.665 billion USD, 1.874 billion USD, and 2.068 billion USD, with respective growth rates of 20%, 13%, and 10%. The earnings per share (EPS) are forecasted to be 0.13, 0.15, and 0.17 USD per share, corresponding to price-to-earnings (P/E) ratios of 9.20, 8.17, and 7.41 [4][6].

Investment Rating - The industry investment rating is "Increase" [5] Core Viewpoints - The pet travel ecosystem is expected to improve as the trend of traveling with pets increases, with significant growth in pet participation in travel activities [1] - The pet economy continues to thrive, with luxury and fast-fashion brands entering the pet apparel market, indicating a willingness among pet owners to spend on emotional value [2] Summary by Sections Pet Travel Ecosystem - The number of pet-friendly travel orders at Huazhu Group's high-end resort, Huajian Tang, increased by 23% year-on-year, with pet-inclusive bookings accounting for 20% of total orders by April 2025 [1] - The rise of "pet travel groups" is noted, with 20% of interest group travel involving pets, showcasing a shift in the emotional relationship between pets and their owners [1] - A new pet travel initiative, "Paw-sitive Fly Tour," was launched by Starplayer in collaboration with Hainan Airlines, offering specialized services for pets during flights [1] Pet Apparel Market - The pet apparel sector is seeing increased participation from brands like Adidas, which launched its first "Three Stripes Pet Series" [2] - Other luxury brands such as Gucci and Celine have also introduced pet product lines, indicating a trend where pet owners are looking for stylish and high-quality pet products [2] - The market for pet apparel is characterized by lower technical barriers but higher demands for brand design and trend integration, suggesting that brands with these capabilities will benefit [2] Investment Suggestions - Recommended companies include Tianyuan Pet for comprehensive pet product supply, Yiyi Co. and Yuanfei Pet for smart pet interaction, and Zhongchong Co. for its collaboration in pet behavior recognition [3] - Companies like Yingzi Network and Beishidake are noted for their innovations in pet monitoring technology [3] - The report highlights the potential of companies like Ruipubio in the veterinary medicine sector and Daqian Ecology's entry into the pet market [3]

Investment Rating - The report maintains an "Accumulate" rating for the 3D printing industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - 3D printing is a new manufacturing process based on layer-by-layer material accumulation, offering significant advantages over traditional subtractive manufacturing in terms of cost control, customization, and material utilization [1][16]. - The global 3D printing market is projected to reach $21.9 billion by 2024, with China's market exceeding 50 billion yuan, highlighting rapid growth in this sector [2][36]. - The aerospace sector accounts for a significant portion of 3D printing applications, with nearly 58% of China's industrial-grade 3D printing applications in this field [2][41]. Summary by Sections 1. 3D Printing: A Strategic Emerging Industry - 3D printing is recognized as a strategic emerging industry supported by national policies, enhancing its development and application in various sectors [24][27]. - The technology is particularly advantageous for small-batch production, allowing for cost savings and efficiency improvements compared to traditional manufacturing methods [17][19]. 2. Market Growth and Applications - The 3D printing market is expected to grow rapidly, with a compound annual growth rate of 18% projected over the next decade [31]. - Key application areas include aerospace, medical, and automotive sectors, which together account for nearly 50% of global 3D printing applications [38][39]. 3. Cost Reduction and Adoption in Civilian Sectors - Continuous cost reductions in 3D printing materials and equipment are facilitating its adoption in civilian sectors, such as consumer electronics and footwear [2][52]. - The price of 3D printing powders has significantly decreased, with titanium alloy powder prices dropping by 50% recently, making the technology more accessible [56][57]. 4. Investment Recommendations - The report suggests focusing on companies such as Platinum Technology, Huazhu High-Tech, and Aisikai, which are well-positioned to benefit from the growth in the 3D printing industry [4].

Investment Rating - The industry investment rating is maintained as "Increase" [6] Core Views - The agricultural sector is viewed as a defensive investment option amid a complex external environment, with potential for stable growth in quality sub-sector leaders [4] - Current prices of major meat proteins and agricultural products are in a bottoming phase, indicating a potential for recovery [4] Summary by Sections Market Review - The agricultural sector underperformed the market by 0.18 percentage points during the week of May 19-23, 2025, with the Shenwan Agricultural Index closing at 2,611.24, down 0.36% [1][16] - Among sub-sectors, the feed sector rose by 1.20%, while animal health, agricultural product processing, planting, breeding, and fishery sectors declined by 0.27%, 0.49%, 0.61%, 0.76%, and 1.59% respectively [1][18] Industry Dynamics - In pig farming, the increase in pricing for market pigs has led to a continued decline in pig prices, with the national average price at 14.20 yuan/kg, down 2.81% week-on-week and down 13.63% year-on-year [2] - The profit from self-breeding pigs is 48.21 yuan/head, a decrease of 32.45 yuan/head week-on-week, while the profit from purchased piglets is -16.06 yuan/head, down 64.26 yuan/head week-on-week [2] - In the poultry sector, chick prices stabilized, but meat chicken prices continued to weaken due to high inventory levels in downstream slaughtering [2] Key Data - As of May 23, 2025, the national average prices for wheat, rice, and corn were 2,464.56 yuan/ton (down 0.18%), 2,864.00 yuan/ton (unchanged), and 2,295.71 yuan/ton (down 0.37%) respectively [3] - Soybean meal prices rebounded slightly after two weeks of decline, with the national average at 3,024.00 yuan/ton, up 1.20% week-on-week [3] Investment Recommendations - The report suggests focusing on high-quality pig farming companies with strong cost control, such as Muyuan Foods, Wens Foodstuff Group, and others [4] - For poultry, it recommends integrated industry leaders like Shengnong Development for white feather chickens and Lihua Stock for yellow feather chickens [4] - In the feed sector, Haida Group is highlighted as a key player benefiting from the recovery in livestock inventory [4] - For agricultural products, attention is drawn to Suqian Agricultural Development and Beidahuang, along with seed companies like Denghai Seeds and Longping High-Tech [4]