Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [15]. Core Insights - The transportation industry is expected to see improvements in domestic demand and a recovery in international flights, leading to a potential turnaround in profitability across various sub-sectors [2][6][21]. Summary by Sub-Sectors Aviation - The aviation sector is projected to experience a significant reduction in losses and improved profitability due to a recovery in domestic demand, stable international flight levels, and a decrease in fuel prices [6][21]. Airports - Domestic airport traffic is expected to increase, with international flights maintaining high levels, leading to steady revenue growth and improved profitability for key airports [7][24]. Express Delivery - The express delivery sector is facing intensified price competition, with a forecasted decline in overall performance for many companies, although some may see profit growth due to operational improvements [8][29]. Logistics - The logistics sector is expected to stabilize, with leading companies showing positive growth despite challenges from tariff disruptions affecting cross-border logistics [8][32]. Maritime Transport - The maritime sector is experiencing mixed results, with container shipping under pressure from tariffs, while domestic and near-sea shipping shows resilience [9][35]. Ports - Port operations are expected to remain robust, with container throughput showing resilience despite tariff impacts, and bulk cargo throughput improving [10][38]. Highways - The highway sector is projected to see stable traffic flow and slight profit improvements, benefiting from low base effects [11][45]. Railways - The railway sector is expected to see growth in both passenger and freight transport, with profitability showing signs of recovery [12][47].

Investment Rating - The investment rating for the company is "Buy" and is maintained [15] Core Viewpoints - The report emphasizes the company's IP strategy as a means to reshape its business model and create a new growth engine, focusing on "interest consumption" to drive brand upgrades and business growth [10][13][24] Summary by Sections Strategic Goals - The company's IP strategy aims to upgrade channel positioning, transitioning from a cost-effective retailer to an IP retail collection store, tapping into the significant growth opportunities within the Chinese IP retail market [10][23] Competitive Advantages - The company benefits from high-frequency product iteration and a global network layout, with inventory turnover days at 50 days, significantly lower than peers, and a strong design team with 124 internal designers and 37 international designers [11][57] Growth Path - The company focuses on high emotional value "super categories" such as plush toys and blind boxes, enhancing terminal presentation through a seven-layer store matrix, with the highest level being MINISO LAND, which showcases top IP products [12][57] Investment Recommendations - The report forecasts that the company's adjusted net profit will reach 2.9 billion, 3.27 billion, and 4.15 billion yuan from 2025 to 2027, indicating a positive outlook for its IP retail market development [13][19]

Investment Rating - The industry investment rating is "Positive" [11] Core Insights - The Yangtze Bank Index has increased by 3.1% this week, outperforming the CSI 300 Index by 3.6% and the ChiNext Index by 4.8% [2][6] - Since May, institutional buying has accelerated, leading to a rotation-driven market rally, with stocks like Xiamen Bank and Su Nong Bank showing significant gains [6][18] - The average dividend yield of the five major state-owned banks' A-shares has decreased to 4.1%, with a spread of 246 basis points over the 10-year government bond yield, while H-shares have a higher average yield of 5.2% [20][24] Summary by Sections Market Performance - The Yangtze Bank Index has shown a cumulative increase of 3.1% this week, with significant outperformance against major indices [2][6] - Institutional buying has led to a market rally, with stocks like Xiamen Bank leading the gains due to governance and performance improvement expectations [6][18] Trading Dynamics - The trading congestion indicators for bank stocks have not reached previous highs, indicating a less defensive market sentiment [7][27] - The turnover rate and trading volume of city commercial banks have increased, suggesting they are the main targets for institutional buying [27][29] - Rural commercial banks have also seen a significant increase in turnover, benefiting from a trading rally after a period of stagnation [27][29] Valuation and Yield Analysis - The current dividend yield of state-owned banks remains attractive compared to government bonds, with a notable spread [20][24] - The average discount rate of H-shares compared to A-shares for the five major state-owned banks is 20% [25] Future Outlook - The report suggests that the upward trend in bank stocks is likely to continue, as trading congestion has not yet reached previous peaks, indicating room for further growth [37]

丨证券研究报告丨 行业研究丨行业周报丨金属、非金属与采矿 [Table_Title] 刚果金钴出口禁令再延 3 个月，钴价有望突 破前高 报告要点 [Table_Summary] 钴方面，刚果金宣布延长钴出口禁令 3 个月，钴价将迎来二轮上涨，并有望突破前高。相较于 2 月底禁令发布后更多来自于情绪修复的钴价上涨，考虑到下半年将面临原料到港的真空期， 且后续刚果金政策不定，本轮现货矛盾或更为突出，有部分下游开始出现由于原料短缺而带来 的产能利用率下降。本轮钴价上行有望突破前高并看涨至 30 万/吨。内外对冲下，工业金属维 稳。联储降息预期增强对冲国内经济预期转弱：一方面，美国零售、新屋销售等数据走弱，强 化联储降息预期，美债由此走弱利好大宗商品，另一方面，国内经济数据回落弱化需求展望， 压制工业金属价格，二者对冲下，工业金属商品本周整体维稳。 分析师及联系人 [Table_Author] SFC：BQT626 SFC：BUT918 王鹤涛 肖勇 叶如祯 王筱茜 肖百桓 SAC：S0490512070002 SAC：S0490516080003 SAC：S0490517070008 SAC：S049051908 ...

Investment Rating - The report maintains a "Buy" rating for the company [14] Core Viewpoints - Sanofi Bio is positioned as a leading domestic blood glucose monitoring company, with its BGM business maintaining steady growth and expected to capture nearly 50% of the retail market share by the end of 2024 [4][9] - The company launched its third-generation CGM technology in 2023, which is anticipated to become a significant growth driver alongside its existing BGM business [4][10] - The CGM market is characterized by large scale and high barriers to entry, with trends indicating domestic substitution and increased penetration rates [10][11] - The company has established a strong channel advantage and brand foundation in the domestic blood glucose monitoring sector, which is expected to facilitate rapid market capture in the short term and sustained growth through product iterations in the medium to long term [4][12] - Internationally, the company's CGM products have been launched in multiple countries, with plans to leverage overseas subsidiaries to penetrate mainstream markets in Europe and the US [4][12] Summary by Sections Company Overview - Sanofi Bio has been deeply engaged in the blood glucose monitoring field for 20 years, with a stable growth in its BGM business. The global BGM market has shown stable growth rates of 5%-7% from 2016 to 2022, with expectations for continued single-digit growth due to increasing diabetes patient data and significant room for penetration [9][46] Market Position - By the end of 2024, Sanofi's blood glucose monitoring products are expected to hold nearly 50% of the domestic retail market share, with over 22 million users and extensive coverage across hospitals and pharmacies [9][55] - The company achieved top sales in the blood glucose category on major e-commerce platforms during promotional events, indicating strong market performance [9][55] CGM Market Insights - The global CGM market has grown from $1.7 billion in 2015 to $5.7 billion in 2020, with a CAGR of 28.2%. The market share of CGM is expected to increase significantly, indicating a trend towards CGM replacing BGM [10][73] - In China, the CGM penetration rate is significantly lower than in the US and Europe, suggesting substantial growth potential as domestic products gain approval and market share [11][79] Financial Projections - The company is projected to achieve net profits of 432 million, 542 million, and 658 million yuan from 2025 to 2027, with corresponding P/E ratios of 27, 22, and 18 times [12]

Investment Rating - The report assigns a "Buy" rating for the company, with an initial coverage forecast for net profit attributable to the parent company reaching 1.01 billion, 1.23 billion, and 1.45 billion yuan for the years 2025 to 2027 respectively [12][13]. Core Insights - The company, as one of the earliest established Chinese cosmetics firms, has achieved cyclical growth through strong channel and marketing capabilities, supported by a mature supply chain and deep in-house research and development capabilities [5][12]. - The main brand, Han Shu, is expanding its product categories and channels, with a focus on high-priced single products and reducing reliance on high-fee Douyin channels, which is expected to improve sales structure and contribute to revenue and performance elasticity [5][12]. - The sub-brands are well diversified, with the mother and baby brand Newpage showing strong growth, indicating potential for long-term group expansion [5][12]. Summary by Sections Company Overview - The company is a leading multi-brand cosmetics firm in China, covering various categories including skincare, maternal and infant care, hair care, and makeup, with a price range from mass-market to high-end [9][21]. - The main brand, Han Shu, is projected to achieve a revenue of 5.6 billion yuan in 2024, accounting for 82% of total revenue [21][23]. Development Review - The company's growth can be divided into four phases: 1. Startup Phase (2003-2007) and Rapid Growth Phase (2008-2018) where it leveraged offline stores and emerging channels to establish its brand. 2. Adjustment Phase (2019-2022) where it faced challenges due to channel and consumer concept changes, leading to a brand repositioning. 3. Transformation Breakthrough Phase (2023-present) where it successfully capitalized on the Douyin live-streaming e-commerce trend, revitalizing the Han Shu brand [10][33]. Growth Potential - The main brand is entering a stable growth phase, with future revenue growth expected from category expansion into high-priced products and channel diversification beyond Douyin [11][12]. - The sub-brands are positioned to support long-term group expansion, with a comprehensive product matrix that enhances the company's competitive edge in the cosmetics market [11][12]. Investment Recommendations - The report emphasizes the optimization of Han Shu's sales structure and the contribution of sub-brands to the company's long-term growth potential, projecting significant profit growth in the coming years [12][23].

Investment Rating - The report assigns a "Buy" rating for the company [11]. Core Viewpoints - The company has been deeply engaged in the refrigeration valve industry for over 30 years and is a global leader in this field. The downstream demand for refrigeration components is showing a marginal improvement, and the increasing penetration of variable frequency air conditioners is expected to drive demand for high-priced valves, leading to stable revenue growth for the company. Additionally, the company is actively expanding into the thermal management business for electric vehicles, leveraging its technological advantages to capture market share [3][6][9]. Summary by Sections Company Overview - The company is a global leader in the refrigeration components industry, with a market share of 38.2% for shut-off valves, 45.0% for four-way valves, and 32.5% for electronic expansion valves projected for 2025-2027. The company has faced challenges in the past due to aggressive diversification and financial difficulties of its former controlling shareholder, but has since stabilized its operations under the ownership of Gree Electric Appliances [6][7][9]. Competitive Position and Market Outlook - The company maintains a leading position in the refrigeration valve market due to high entry barriers and strong customer relationships. The demand for household air conditioning is improving, and the company is well-positioned to benefit from this trend. The forecasted market shares for the company in various valve segments are expected to increase steadily from 2025 to 2027 [7][8]. New Growth Opportunities - The global electric vehicle market is experiencing significant growth, with a CAGR of 48.8% from 2014 to 2024. The complexity of thermal management systems in electric vehicles is expected to create substantial demand for valves, which the company is well-equipped to meet. The company has already established a competitive edge in large-diameter valves and aims to secure first-tier supplier opportunities with major manufacturers [8][9]. Financial Projections - The company is projected to achieve net profits of 1.178 billion, 1.339 billion, and 1.521 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 10.02, 8.82, and 7.76 [9].

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 华为开发者大会召开，鸿蒙生态持续演进 报告要点 [Table_Summary] 6 月 20 日至 22 日，华为开发者大会（HDC 2025）在广东省东莞市举行。华为常务董事、终 端 BG 董事长余承东在会上发表主题演讲时正式发布鸿蒙 6.0 开发者 Beta 版本（以下简称"鸿 蒙 6"）。随着鸿蒙 6 操作系统的发布，鸿蒙操作系统持续演进，并带动其原生应用生态加速建 设。有望吸引更多开发者及厂商加入鸿蒙生态，形成正向循环，促进鸿蒙生态加速发展。建议 重点关注鸿蒙产业链中商业发行版和基于鸿蒙系统发展自主品牌等厂商，其凭借鸿蒙系统的流 畅性、通用性、互联优势、安全性等有望提升份额，重构产业格局。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title2] 华为开发者大会召开，鸿蒙生态持续演进 [Table_Summar ...

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [10] Core Insights - The report suggests that the downward pressure on housing prices continues to increase, and the need for policy easing is becoming more urgent as the third quarter approaches. Structural tools specifically targeting the real estate sector are expected to be more impactful than conventional measures [2][4][8] - The current positioning of development stocks is relatively low, indicating a potential opportunity for selective allocation as the market prepares for a trading window. Companies with stable cash flows and potential high dividends in commercial, brokerage, and property management sectors are identified as strategic opportunities [2][4][8] Market Performance - The Yangtze River Real Estate Index decreased by 2.07% this week, with a year-to-date decline of 8.08%, indicating underperformance relative to the CSI 300 index [5][13] - The report highlights that the real estate sector's performance has been relatively poor, with both development and property management stocks generally declining [5] Policy Developments - Recent policies from cities like Xi'an and Shenzhen aim to stabilize the real estate market by lowering purchase thresholds and optimizing land supply, which may support developers and enhance profit margins [6][16] - Xi'an's new measures include optimizing land supply, improving housing construction systems, and enhancing financial support for real estate, while Shenzhen's regulations allow for adjustments in the allocation of affordable housing to relieve developer pressure [6][16] Sales Data - New housing transaction volumes in sample cities are at low levels, with a year-to-date cumulative decline of 0.6% for new homes and a 21.2% increase for second-hand homes [7][18] - The report notes that the transaction volume for new homes has turned negative year-to-date, while second-hand homes show a positive trend [7][18]

Investment Rating - The investment rating for the industry is "Positive" and maintained [10] Core Insights - The report highlights that the American PIMCO Group has consistently outperformed passive management and benchmarks over the long term, with 80% of its equity products exceeding the Morningstar equity fund median over a 10-year period [5][21] - However, the report notes that the short-term performance remains under pressure, with only 36% and 29% of equity products outperforming the Morningstar passive median over 3 and 5 years, respectively [5][21] - The report emphasizes that product size is not a significant factor in outperforming benchmarks, as the average sizes of winning and losing funds are relatively similar [7][33] Summary by Sections Performance Comparison - The report compares two groups of PIMCO's active equity funds based on their 5-year performance against benchmarks, revealing that the winning group has a slightly higher concentration in holdings [6][29] - The average holding concentration for the winning group is 26.8%, compared to 24.9% for the losing group [29] Size and Returns - Over the past decade, there is a positive correlation between fund size and returns, with larger funds achieving higher average returns of 13.8% for the top 5 funds, compared to 8.7% for the bottom 20 [7][33] - The average fund sizes for the winning and losing groups are $164.1 billion and $170.9 billion, respectively, indicating that size does not significantly influence performance [33] Turnover and Management - Funds that outperformed benchmarks exhibit a higher turnover rate of 61.2% compared to 36.4% for those that underperformed [34] - The average number of fund managers and their tenure show minimal differences between the two groups, with winning funds having an average of 1.4 managers and 11.8 years of experience [34] Strategic Responses - PIMCO has actively launched new products in response to market conditions, significantly increasing its AUM from $166.7 billion in 2000 to $1.61 trillion by 2024, with a compound annual growth rate of 9.9% [17][42] - The firm has also focused on retirement target products, with the AUM of target date funds growing from $121.2 billion in 2013 to $475.6 billion in 2024, achieving a compound annual growth rate of 13.2% [46][48]