Report Industry Investment Rating No relevant content provided. Core View of the Report - During the week from June 9 to June 14, 2025, the A - share market continued to fluctuate, with major stock indices generally pulling back. The convertible bond market showed differentiation, with the average daily trading volume rising to 69.61 billion yuan. The market style gradually shifted from theme preference to defensive low - valuation. It is recommended to balance the layout of low - valuation pro - cyclical directions and high - rating large - cap convertible bonds and pay attention to phased opportunities in structural rotation [2][6]. Summary According to Relevant Catalogs Market Theme Weekly Review Equity Theme Weekly Review - The A - share market continued the theme rotation. Resource and pharmaceutical sectors were active. The rare earth permanent magnet index led the rise with a 12.5% increase. The pharmaceutical sector also performed well. However, the technology track was under pressure, with many technology - related indices falling by more than 2%. The short - term capital style switched from technology themes to resource and pharmaceutical sectors [14]. Convertible Bond Weekly Review - The convertible bond market was slightly under pressure, with trading activity continuing to pick up. The ChinaBond Convertible Bond Index fell slightly by 0.02%. Large - cap convertible bonds were more stable. The valuation of low - price convertible bonds was repaired, while that of high - price areas was under pressure. In the primary market, 6 listed companies updated their convertible bond issuance plans, and clause games were active. It is recommended to focus on medium - and low - price individual bonds with underlying stock catalysts and valuation repair space, and also consider high - rating large - cap convertible bonds [17][18]. Weekly Market Tracking Capital Shifts to Pro - cyclical, Structural Market Continues and Trading Heat Differs - Major A - share stock indices pulled back. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index fell by 0.7%, 1.2%, and 0.8% respectively. The market turnover increased, but the main funds had a net outflow of 1.77 billion yuan per day on average. Pro - cyclical sectors such as non - ferrous metals and petroleum and petrochemicals led the rise, while TMT and consumer sectors pulled back. It is recommended to pay attention to the rotation and repair opportunities of low - valuation sectors and beware of the valuation pull - back risk of high - level sectors [10]. Convertible Bond Market Narrowly Pulls Back, Defensive Sectors Strengthen - The convertible bond market was in shock consolidation. The average daily trading volume rose to 69.61 billion yuan. Capital preferred large - cap high - rating targets. In terms of valuation, low - price convertible bonds were repaired, and high - price areas were under pressure. In the industry, defensive sectors such as agriculture, forestry, animal husbandry, and non - ferrous metals performed strongly. It is recommended to focus on medium - and low - price individual bonds supported by fundamentals [10]. Primary Market Tracking and Clause Games - In the primary market of convertible bonds, there was no new bond listing, only Luwei Convertible Bond entered the application stage. Six listed companies updated their convertible bond plans. In terms of clause games, 12 convertible bonds were expected to trigger downward revisions, 7 announced no downward revisions, and 1 proposed a downward revision. In terms of redemptions, 3 announced expected trigger of strong redemptions, 2 announced early redemptions, and 3 clearly stated no redemptions [10]. Weekly Market Outlook - The A - share market may continue to fluctuate in the short term. Pro - cyclical directions may have relatively advantageous opportunities, and TMT and consumer sectors may attract low - buying funds after the pull - back. For convertible bonds, the activity is stable at a high level, and the market preference shifts to large - cap high - rating targets and theme - game resonance varieties. It is recommended to balance the layout of medium - and high - price convertible bonds with reasonable valuations and medium - and low - price individual bonds with safety margins and elasticity repair space [19]. Convertible Bond Allocation Suggestions - Prioritize the layout of large - cap high - rating convertible bonds with high valuation safety margins and stable coupon structures. Moderately participate in the game opportunities of medium - and low - price, high - elasticity individual bonds, especially those in the consumer and pro - cyclical directions. Control positions, select varieties with short remaining terms and high trading activity to improve liquidity [8].

丨证券研究报告丨 [Table_Title] 继续观望，直至前景明朗 ——2025 年 6 月美联储议息会议点评 报告要点 [Table_Summary] 2025 年 6 月，美联储议息会议上，美联储如期维持联邦基金利率目标区间不变，会议声明的关 键调整在于强调不确定性减弱但仍偏高。经济预测方面，美联储下调近两年 GDP 增速预期、 上调近三年通胀和失业率预期。降息路径方面，本次会议公布的点阵图结论上仍维持年内累计 降息 50BP 预期，但分布有所上移且趋于分散。总之，关税政策及其经济影响的不确定性导致 美联储倾向保持观望。向前看，经济数据的表现仍是决定未来货币政策的重中之重，未来降息 与否的关键在于：滞与胀谁先到来。 分析师及联系人 [Table_Author] 于博 敬成宇 SAC：S0490520090001 SFC：BUX667 请阅读最后评级说明和重要声明 世界经济与海外市场丨点评报告 %% %% %% %% research.95579.com 1 [Table_Title 继续观望，直至前景明朗 2] ——2025 年 6 月美联储议息会议点评 [Table_Summary2] 事件描述 北京 ...

Group 1: Economic Outlook - The internationalization of the RMB is accelerating, supported by a resilient Chinese economy and financial opening policies[9] - The global asset pricing power is undergoing systemic changes, enhancing the risk-hedging attributes of RMB assets, which will attract more international capital[9] - The continuous influx of patient capital will stabilize the capital market and enhance long-term returns for investors[2] Group 2: Market Dynamics - The growth of patient capital, including social security funds and insurance capital, will shift market focus from short-term to long-term investments[9] - The listing and development of high-quality tech enterprises will further improve asset quality and strengthen market investment value[9] - The implementation of policies to support the internationalization of the RMB, such as cross-border payment infrastructure and digital RMB innovations, is ongoing[9] Group 3: Risks and Challenges - Uncertainties in U.S. economic policies may impact the global economic landscape and the status of the dollar[10] - Geopolitical instability poses risks to global supply chains, potentially affecting the pace of RMB internationalization[10]

丨证券研究报告丨 行业研究丨点评报告丨房地产 [Table_Title] 量价下行压力加大，宽松的必要性逐步提高 ——2025 年 1-5 月统计局房地产数据点评 报告要点 [Table_Summary] 2025Q1 销售表现尚可，但 Q2 以来量价下行压力加大，尤其是核心城市价格也边际趋弱，产 业政策宽松的必要性逐步提升。周期位置角度，行业量价快速下行阶段可能已经过去，但结构 性矛盾仍需消化，预期改善也需时间，常规政策的宽松空间和边际效果相对有限，真正值得期 待的在于超常规层面，只是节奏和力度需要进一步探讨，从宏观表现来看可能没有那么急迫。 当前开发公司股价较底部溢价并不大，可择优配置等待交易窗口，重视具备区域和产品优势的 龙头房企；而具备稳定现金流和潜在高股息的商业、经纪和物管龙头，则是战略性机会。 分析师及联系人 [Table_Author] 刘义 宋子逸 SAC：S0490520040001 SAC：S0490522080002 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 量价下行压力2]加大，宽松的 ...

Group 1 - The report highlights that from June 3 to June 5, 2025, southbound funds saw a net inflow of HKD 65.77 billion, primarily flowing into the pharmaceutical and biotechnology, consumer discretionary retail, automotive and parts, banking, and oil and petrochemical sectors [1][3][29] - The top five sectors for southbound fund inflows during this period were pharmaceutical and biotechnology (HKD 21.27 billion), consumer discretionary retail (HKD 18.87 billion), automotive and parts (HKD 14.75 billion), banking (HKD 14.72 billion), and oil and petrochemical (HKD 6.68 billion) [3][29] - Conversely, the sectors experiencing the largest outflows included hardware equipment (HKD -11.08 billion), software services (HKD -5.43 billion), and durable consumer goods (HKD -4.15 billion) [3][29] Group 2 - During the same period, foreign institutional funds experienced a net outflow of HKD 67.90 billion, with significant inflows into hardware equipment (HKD 17.43 billion), media (HKD 10.08 billion), and software services (HKD 6.52 billion) [4][34] - The sectors with the highest net outflows for foreign institutional funds were consumer discretionary retail (HKD -40.57 billion), automotive and parts (HKD -21.19 billion), and pharmaceutical and biotechnology (HKD -19.72 billion) [4][34] - The report notes that the performance of the Hong Kong stock market was influenced by financial innovations, such as the enactment of the Stablecoin Regulation in Hong Kong and positive signals from US-China diplomatic communications [2][4]

Investment Rating - The report maintains a "Positive" investment rating for the chemical industry [8] Core Insights - The light initiator industry is experiencing frequent supply disruptions, with significant events such as a fire at Jiangxi Yangfan's subsidiary leading to production halts, and Ningxia Wokailong facing operational difficulties. Despite these challenges, the industry's high concentration and growing demand suggest a potential recovery in market conditions, making it a point of interest for investment opportunities [2][7] Summary by Sections Industry Overview - The light initiator industry is crucial for light-curing materials, which include UV coatings, inks, adhesives, and composites. The market has seen stable growth, with the output value increasing from 3.11 billion in 2018 to 4.59 billion in 2023, reflecting a CAGR of 8.1% [10] Supply Disruptions - Recent supply disruptions include a fire incident at Jiangxi Yangfan and operational challenges faced by Ningxia Wokailong, which has been listed as a dishonest executor due to unfulfilled obligations. These events are expected to improve the supply-demand balance in the industry [7][10] Market Dynamics - Historical price elasticity in the light initiator market indicates significant upward potential, especially as the current market conditions are at a low point. The report notes that in 2017, prices surged due to high demand and limited supply, with notable increases in various product prices [10] Investment Opportunities - The report suggests focusing on key players like Jiu Ri New Materials, which holds a leading position in the market with a projected production of 19,851 tons in 2024, capturing approximately 34% of the domestic market share. The company is expected to increase its sales by 20.2% year-on-year, indicating a strong competitive advantage [10]

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The report emphasizes the need to focus on the optimization of real estate policies in Guangzhou, which includes the cancellation of purchase restrictions and the reduction of down payment ratios and interest rates to stimulate housing consumption [6][20] - The report highlights a decline in cement shipments and an increase in glass inventory, indicating a weak demand in the real estate sector [7][24] - Recommendations include focusing on domestic substitution chains and African chains, with leading companies being the main investment theme for the year [9] Summary by Sections Real Estate Policy - Guangzhou plans to optimize real estate policies, including the cancellation of purchase restrictions and the reduction of down payment ratios and interest rates. The city aims to support housing consumption and urban renewal projects, with a fixed asset investment of 100 billion yuan for the renovation of urban villages and old communities by 2025 [6][20] Cement Market - In early June, the average shipment rate for cement companies in key regions was 45.5%, down approximately 2.3 percentage points month-on-month and 4.0 percentage points year-on-year. The average price of cement decreased by 0.9% month-on-month, reflecting weak demand [7][24][25] - The national average price of cement was 365.32 yuan per ton, a decrease of 3.23 yuan per ton month-on-month and a decrease of 29.03 yuan per ton year-on-year [25] Glass Market - The domestic float glass market showed a weak price trend, with a total inventory of 60.45 million weight boxes, an increase of 34,000 weight boxes week-on-week. The production capacity utilization rate was 81.56% [8][37] - The average price of glass was 71.15 yuan per weight box, down 0.44 yuan per weight box month-on-month and down 19.00 yuan per weight box year-on-year [37] Recommended Companies - For domestic substitution, companies such as China National Materials, Meijia Xincai, and Puyang Huicheng are recommended due to their strong positions in the market. For the African chain, Keda Manufacturing is highlighted as a leading player with advantages in production and branding [9] - The report also suggests focusing on companies with strong business models and growth potential, such as Sanke Tree and Rabbit Baby, which are expected to benefit from urban renewal policies [9]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [11]. Core Insights - The company, Yifang Biotech, is a leading domestic biotech firm focused on small molecule targeted innovative drugs, with a strong pipeline in oncology, autoimmune diseases, and metabolic disorders. The company has two drugs approved for market, with several others in advanced clinical stages, indicating a need for re-evaluation of its value [4][7][21]. Summary by Sections Company Overview - Yifang Biotech specializes in high-barrier small molecule drug development, with a pipeline that includes drugs for cancer, autoimmune diseases, and metabolic disorders. The company has received significant investment and successfully listed on the STAR Market in July 2022 [21][30]. Product Pipeline - The company has two commercialized drugs: the third-generation EGFR-TKI, Beifuteni, and the KRAS G12C inhibitor, Gesolezib. Additionally, it has several promising candidates in development, including the TYK2 inhibitor D-2570 and the oral SERD D-0502, which are in advanced clinical stages [7][8][10][34]. Commercialization and Partnerships - Beifuteni has shown competitive efficacy in treating EGFR mutation-positive NSCLC, with a median progression-free survival (mPFS) of 22.1 months, significantly longer than the comparator drug. The company has partnered with Beida Pharmaceutical for commercialization, leveraging their established sales channels [8][38]. - Gesolezib, another key product, has demonstrated strong clinical data with an overall response rate (ORR) of 52% and a disease control rate (DCR) of 88.6%. The company has signed an exclusive licensing agreement with Zhengda Tianqing to enhance its commercialization potential [8][9]. Financial Projections - Revenue forecasts for the company are projected at 191 million yuan, 255 million yuan, and 399 million yuan for the years 2025 to 2027, respectively [11].

Report Industry Investment Rating No relevant content provided. Core View of the Report From June 9 - 13, 2025, the central bank slightly net - withdrew funds through 7 - day reverse repurchase but announced a 400 - billion - yuan outright reverse repurchase on June 16, showing its care for liquidity. The money market was loose with DR001 breaking below 1.40% during the week. From June 9 - 15, the net payment scale of government bonds decreased, most inter - bank certificate of deposit (NCD) yields declined, and the leverage ratio in the inter - bank bond market increased. Although there will be multiple tests on the money market in mid - to - late June, such as large NCD maturities, tax payment disturbances, MLF maturities, and cross - quarter funds, the money market is expected to remain relatively loose due to the central bank's care [2][7][8]. Summary by Relevant Catalogs 1. Money Market - **Central Bank's Liquidity Injection**: From June 9 - 13, 2025, the central bank injected 858.2 billion yuan and withdrew 930.9 billion yuan through reverse repurchases, with a net withdrawal of 72.7 billion yuan. 858.2 billion yuan of open - market reverse repurchases will mature from June 16 - 20. The central bank announced a 400 - billion - yuan outright reverse repurchase on June 16, resulting in a net injection of 20 billion yuan in June. On June 17, 182 billion yuan of MLF will mature. June 16 is the tax declaration deadline, followed by 2 days of tax payment disturbances [6]. - **Money Market Conditions**: From June 9 - 13, the average values of DR001 and R001 were 1.38% and 1.43% respectively, down 3.4 and 2.7 basis points compared to June 2 - 6. The average values of DR007 and R007 were 1.52% and 1.56% respectively, down 3.0 and 0.9 basis points. From June 9 - 12, DR001 broke below the 7 - day reverse repurchase rate of 1.40% [7]. - **Government Bond Net Payment**: From June 9 - 15, the government bond net payment scale was about 6.3 billion yuan, a decrease of about 69 billion yuan compared to June 2 - 8. Among them, the net payment of treasury bonds was about 41.5 billion yuan, and that of local government bonds was about - 35.1 billion yuan. From June 16 - 22, the government bond net payment scale is expected to be 433.4 billion yuan, with treasury bonds at about 265.9 billion yuan and local government bonds at about 167.5 billion yuan [7]. - **Outlook**: The money market in June is expected to remain stable. Despite multiple challenges in mid - to - late June, the money market is expected to remain relatively loose because of the central bank's care for liquidity [8]. 2. Inter - bank Certificates of Deposit (NCDs) - **Yield Changes**: As of June 13, 2025, the yields of 1 - month and 3 - month NCDs were 1.6327% and 1.6355% respectively, basically unchanged and down 2 basis points compared to June 6. The 1 - year NCD yield was 1.6700%, down 1 basis point compared to June 6 [9]. - **Maturity Scale**: From June 9 - 15, the net financing of NCDs was about - 162.3 billion yuan. From June 16 - 22, the expected maturity repayment of NCDs is 1.0216 trillion yuan, continuing the large - scale maturity trend [9]. 3. Institutional Behavior - **Leverage Ratio in the Inter - bank Bond Market**: From June 9 - 13, the average calculated leverage ratio in the inter - bank bond market was 108.03%, compared with 107.66% from June 3 - 6. On June 13 and June 6, the calculated leverage ratios were about 108.10% and 107.68% respectively [10].

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 社融总量稳定增长，政府债延续支撑 ——2025 年 5 月金融数据点评 报告要点 [Table_Summary] 2025 年 5 月存量社融同比 8.7%，增速环比基本持平，从增量结构上来看，政府债和企业直接 融资为主要贡献项；信贷增量偏弱，但结构上仍有亮点，企业短贷同比正增、票据冲量规模下 降。2025 年 5 月 M1、M2 同比增速分别为 2.3%、7.9%，增速环比提升 0.8 个百分点、微降 0.1 个百分点。存款结构方面，政府债净融资带来财政存款沉淀，企业存款在去年手工补息带 来的低基数下同比少减。信贷增量表现偏弱，但今年政府债为社融增速提供趋势性支撑，随着 市场对贸易摩擦的反应逐步钝化，资金面预计仍是政策真空期影响债市的重要因素。 分析师及联系人 [Table_Author] 赵增辉 马月 SAC：S0490524080003 SAC：S0490125010043 SFC：BVN394 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 社融总量稳定增长，政府 ...