Investment Rating - The report recommends a positive investment outlook for the electric vehicle (EV) sector in Europe, highlighting significant growth opportunities for domestic companies like BYD and Leap Motor due to favorable policies and competitive models [7]. Core Insights - The European new energy vehicle market is expected to experience rapid growth from 2025 to 2028, driven by stringent carbon emission policies and the removal of fuel vehicle tax incentives [2][5]. - Domestic automakers such as BYD and Leap Motor are well-positioned to increase their sales in Europe, benefiting from strong model competitiveness and favorable tariff adjustments [6][7]. - The report emphasizes that the demand for pure electric vehicles is leading the new energy market, with a notable increase in penetration rates across various European countries [4][14]. Summary by Sections Overall Market - The European light vehicle market is projected to recover to 16.46 million units in 2024, with a slight decline of 0.93% year-on-year in Q1 2025 [4][13]. - The penetration rate of new energy vehicles in Europe is expected to rise, with pure electric vehicles dominating the market [4][14]. Policy Impact - The European Commission has extended the timeline for carbon emission targets, providing a three-year buffer for automakers, while also planning to eliminate tax incentives for fuel vehicles [5][6]. - The expected new energy vehicle sales in Europe for 2025 are projected at 3.465 million units, reflecting a 12.4% year-on-year increase despite a reduction from previous estimates [5]. Domestic Companies' Opportunities - Domestic companies like BYD, SAIC, and Leap Motor are expanding their presence in Europe, with BYD's model range effectively covering major segments [6][7]. - The potential introduction of a "minimum import price" mechanism could exempt high-priced electric models from tariffs, benefiting companies like BYD and Leap Motor [6][7]. Component Suppliers - Domestic component manufacturers such as Minth Group and Wencan Co. are expected to see significant growth in their European new energy revenues as the market accelerates [6][7].

Investment Rating - The report initiates coverage with a "Buy" rating for China Resources Beverage [4][10][12] Core Views - China Resources Beverage, as a leading packaged water company, benefits from both revenue and profit growth. The company is expected to enjoy the industry's penetration rate increase and has made initial progress in its beverage business with the "Zhiben Qingrun" chrysanthemum tea series. The company is projected to improve its profitability through various cost-reduction strategies and increased self-production rates [4][10][40]. Summary by Sections Company Overview - China Resources Beverage is a subsidiary of China Resources Group, focusing on packaged water and beverage businesses. Its core brand "Yibao" is a leading purified water brand in China, with a market share of 18.4% in 2023. The company has launched several beverage brands to diversify its product offerings, now totaling 13 brands and 56 SKUs [7][19]. Packaged Water Business - The packaged water market in China has grown from 152.6 billion yuan in 2018 to 215 billion yuan in 2023, with a CAGR of 7.1%. The company aims to increase its self-production rate from 32% in 2023 to over 60% by the end of the 14th Five-Year Plan, which is expected to significantly enhance its profitability [8][10][40]. Beverage Business - The beverage segment has shown rapid growth, with the "Zhiben Qingrun" series achieving a market share of 38.5% in 2023. The company aims to improve channel efficiency and reduce sales expenses through continuous product launches and increased distribution [9][10][31]. Financial Forecast and Investment Recommendations - The company is expected to generate revenues of 140.7 billion yuan, 150.6 billion yuan, and 161.4 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding net profits are projected to be 19.2 billion yuan, 22.4 billion yuan, and 26.1 billion yuan. The EPS is forecasted to be 0.8, 0.93, and 1.09 yuan, with PE ratios of 15X, 13X, and 11X for the same years [10][12][29].

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [11] Core Insights - The "Two Major" initiatives refer to the implementation of national strategic projects and the construction of key security capabilities, with increased support highlighted in the 2025 government work report [2][5] - The issuance of long-term special bonds is set to reach 1.3 trillion yuan in 2025, an increase of 300 billion yuan from the previous year, with 800 billion yuan specifically allocated for "Two Major" projects [2][24] - The report emphasizes the need for high-quality implementation of "hard investment" projects and the optimization of funding allocation [24] Summary by Sections Funding and Investment - In 2025, the government plans to issue 1.3 trillion yuan in long-term special bonds, with 800 billion yuan dedicated to "Two Major" projects, enhancing project support ratios and optimizing investment directions [2][5][24] - The report outlines that the total investment required for high-standard farmland construction from 2025 to 2030 is approximately 1.05 trillion yuan, with an annual investment of 175 billion yuan [6][36] Key Areas of Focus - High-standard farmland construction aims to reach 13.5 million acres by 2030, requiring significant investment and infrastructure improvements [6][36] - The modernization of large and medium-sized irrigation districts and the construction of major water conservancy projects are prioritized, with a projected increase in irrigated land to 12 million acres by 2035 [6][42] - Underground pipeline construction is projected to create an investment demand of approximately 4 trillion yuan over the next five years, with an annual investment of around 800 billion yuan [7][45] Project Implementation and Opportunities - The report highlights structural opportunities in key regional projects, particularly in the western development areas and significant water conservancy projects [9] - The "Three North" project, focusing on ecological restoration in northern regions, is included in the "Two Major" initiatives, with substantial funding allocated for its ongoing phases [7][47]

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - From June 3rd to June 6th, 2025, the A-share market oscillated and consolidated, with major stock indices rising moderately. The small and medium-cap and science and technology innovation sectors performed prominently. The convertible bond market warmed up overall, with funds preferring small and medium-cap high-elasticity targets. The daily average trading volume rose to 64.57 billion yuan. The valuation of low-par convertible bonds was significantly repaired, while the medium and high-par range showed caution, and risk appetite increased. At the industry level, convertible bonds in sectors such as media and light manufacturing led the gains. At the individual bond level, those with higher gains were mostly driven by underlying stocks. The supply in the primary market was stable, and clause games were active. It is necessary to pay attention to changes on the supply side. Overall, the market's rotation and repair trend continued. Short-term allocation suggestions should balance low-valuation repair opportunities and the defensive value of high-rated blue-chip convertible bonds, and flexibly grasp the structural market [2][6]. Summary According to Relevant Catalogs Market Weekly Review - **A-share Market**: The major A-share stock indices continued their moderate warming trend. The Shanghai Composite Index rose 1.1%, the Shenzhen Component Index rose 1.4%, and the ChiNext Index led the gains with a 2.3% increase. In terms of style, small and medium-cap and science and technology innovation indices were more elastic, with the Science and Technology Innovation 50 Index rising 2.3%, indicating a gradual repair of market risk appetite. In terms of funds, the daily average trading volume rose to 1.2 trillion yuan, and the net outflow of main funds narrowed by 6.4 billion yuan to 7.3 billion yuan compared with the previous week, and trading activity increased moderately. Overall, the risk appetite of the A-share market warmed up, and capital games were concentrated in small and medium-cap and science and technology innovation directions. The market entered a rotation and repair stage. It is recommended to focus on high-prosperity and low-level repair opportunities in the short term, and balance the structural opportunities of active small and medium-cap sectors [10]. - **Convertible Bond Market**: The convertible bond market significantly warmed up, and activity was moderately repaired. The ChinaBond Convertible Bond Index rose 1.08% across weeks, and the daily average trading volume rose to 64.57 billion yuan. Structurally, small and medium-cap convertible bonds were more active, indicating that funds were seeking offensive opportunities under the previous cautious sentiment, and market risk appetite increased. There was a differentiation in the parity range. The valuation of low-par convertible bonds was significantly repaired, while the medium and high-par range had limited fluctuations, reflecting active capital games on low-level high-elasticity targets. The implied volatility and price median increased slightly, and there was still repair momentum. At the industry level, convertible bonds in the media and light manufacturing sectors performed prominently, while adjustment pressures emerged in high-elasticity directions such as home appliances and communications. At the individual bond level, those with higher gains were mostly driven by underlying stocks, and the market preferred repair opportunities that combined fundamental support and elasticity. Overall, the convertible bond market continued to be actively volatile, and capital allocation focused on medium and low-price high-elasticity targets [10]. - **Primary Market**: The supply in the primary market of convertible bonds was generally stable. One enterprise updated its convertible bond issuance plan and was in the stage of passing the listing committee. The total scale of convertible bond issuance projects at the exchange acceptance stage and later remained at 58.99 billion yuan, and the supply rhythm was generally stable. In terms of clause games, five convertible bonds announced that they were expected to trigger downward revisions, and five announced no downward revisions. On the redemption side, two announced that they were expected to trigger redemptions, one announced no early redemption, and one announced early redemption. Overall, the market supply remained stable, and clause games and redemption operations continued. It is still necessary to pay attention to marginal changes on the supply side in the future [10]. Convertible Bond Allocation Suggestions - The convertible bond market was actively volatile during the week, and risk appetite increased slightly. In terms of allocation, it is recommended to adhere to the idea of "balanced allocation + gaming elasticity": focus on allocating large-cap blue-chip convertible bonds with high ratings, low premiums, and sufficient liquidity to balance low volatility and stable returns; at the same time, moderately grasp the periodic repair opportunities of low-par high-elasticity convertible bonds, focus on high-quality bonds in sectors such as media and light manufacturing with underlying stock prosperity support and performance certainty, and balance returns and risks [8]. Market Theme Weekly Review - **Equity Theme Weekly Review**: From June 3rd to June 6th, 2025, the A-share market continued its structural rotation. The technology sector warmed up, and short-term gaming sentiment was active. The daily limit style was prominent, with the daily limit index rising 8.0%, the first daily limit non-ST index rising 7.5%, and the first daily limit index rising 7.1%, reflecting high activity of short-term funds. Meanwhile, high-prosperity directions such as the digital economy and communication infrastructure strengthened. The optical module (CPO) index and the optical communication index rose 9.6% and 6.6% respectively, and the digital currency index and the east-west computing index also recorded gains of over 4%. Funds focused on structural repair opportunities for high-quality themes. The financial technology and pharmaceutical sectors also performed well, with the financial technology index rising 3.9%, the pharmaceutical centralized procurement index rising 3.7%, the cross-border payment index rising 3.4%, and the innovative drug index rising 2.6%. However, the automotive sector corrected, with theme sectors such as the new energy vehicle index, intelligent driving index, humanoid robot index, and Huawei automotive index experiencing corrections. Overall, the market was still mainly driven by events and capital games in the short term, with obvious characteristics of rotation repair and high-low level switching. The technology sector warmed up, but funds preferred low-level directions with fundamental support [14]. - **Convertible Bond Weekly Review**: From June 3rd to June 6th, 2025, the convertible bond market significantly warmed up, and overall trading activity increased significantly. Capital allocation tilted towards small and medium-cap directions with high elasticity and prosperity support. In terms of the market, the ChinaBond Convertible Bond Index rose 1.08% across weeks, the large-cap index rose 0.66%, the medium-cap index rose 1.19%, and the small-cap index performed the strongest, with a gain of 1.61%, indicating an increase in market risk appetite and a preference for small and medium-cap elastic targets. In terms of the parity range, the valuation of medium and low-par convertible bonds stretched significantly, while the medium and high-par range overall warmed up slightly. There was also a structural differentiation in the market price range, and the high-price range adjusted. At the industry level, the media, light manufacturing, and beauty care sectors led the gains. At the individual bond level, the convertible bonds with higher gains were mostly driven by underlying stocks, and trading opportunities were concentrated in targets with prosperity support and high elasticity. The supply rhythm in the primary market slowed down. Only one listed enterprise updated its convertible bond issuance plan during the week, with a scale of 450 million yuan, and the supply risk was temporarily controllable. Overall, the risk appetite of the convertible bond market warmed up moderately in the short term, and capital preferences were concentrated in medium and low-price and some medium and high-par range convertible bonds. It is recommended to pay attention to repair opportunities in the medium and low-par range and balance the stable allocation of large-cap convertible bonds [17]. Weekly Market Outlook - **A-share Market**: The A-share market is expected to continue its oscillating rotation characteristics, and the market style will gradually tilt towards balanced allocation. Capital layout will also tend to low-level repair and growth directions. In the short term, it is necessary to be vigilant against the high-level adjustment pressure of some previously strong sectors. It is recommended to focus on sectors such as pharmaceuticals and consumption with good prosperity sustainability and performance support [19]. - **Convertible Bond Market**: In the short term, the convertible bond market may experience a decline in activity with the fluctuations of the equity market, and risk appetite will still be differentiated. It is recommended to focus on allocating medium and high-price convertible bonds with low premiums, high certainty, and underlying stock elasticity, and pay attention to targets with capital allocation value in industries such as basic chemicals and transportation. In terms of strategy, it is recommended to balance the defensive attributes of high-rated blue-chip convertible bonds and the periodic gaming opportunities of small and medium-cap elastic convertible bonds, moderately grasp the structural repair window, and prevent the trading congestion risk of high-level sectors [19].

行业研究丨深度报告丨啤酒 [Table_Title] "每食每刻"系列之（十三）：即时零售，啤酒 消费的"硬折扣" %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 依托于互联网发展，具有"快"、"近"、"多"特征的即时零售业务近年来得到高速发展，酒小 二、歪马送酒等酒水垂直类即时零售平台渐渐走入消费者生活，2025 年酒小二/歪马送酒门店 预计已突破 2000/1400 家。本文主要探讨酒水即时零售平台运营模式、单店模型及其为啤酒行 业带来的变化。 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 2 / 22 %% %% %% %% research.95579.com 2 [Table_Title "每食每刻"系列之（十三）：即时零售，啤酒 2] 消费的"硬折扣" [Table_Summary2] 中国酒水消费线上化率不断提升 中国饮酒文化源远流长， ...

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - The sales of the top 100 real estate companies are weak, with a year-on-year decline of 10.4% in sales amount and 23.6% in sales area in May 2025, indicating a need for continued policy support for the real estate sector [5][6] - The report recommends focusing on the domestic substitution chain and the African building materials chain, with leading companies in the existing market being the main focus for the year [9] Summary by Sections Real Estate Sales - In May 2025, the total sales amount of the top 100 real estate companies decreased by 10.4% year-on-year, while the sales area dropped by 23.6%. The month-on-month sales amount increased by 4.2%, and the sales area rose by 2.7%, but these figures are still below the average from 2018 to 2024 [5][6] Central Government Support - The central government plans to provide over 20 billion yuan to support urban renewal actions in 20 cities, focusing on areas such as underground pipeline updates, sewage treatment, and the renovation of historical and old districts [6][21] Cement Market - The cement shipment rate remained stable month-on-month at approximately 48%, with a year-on-year decline of 2.3 percentage points. The average price of cement was 368.55 yuan per ton, down 4.19 yuan from the previous week [7][26] Glass Market - The domestic float glass market showed weak transactions, with prices continuing to decline. The average price was 71.59 yuan per weight box, down 1.25 yuan from the previous week [8][40] 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 special glass fiber market. For the African chain, Keda Manufacturing is highlighted as a local leader with advantages in production and branding [9]

Investment Rating - The report suggests a positive investment outlook for the electric vehicle (EV) sector in Europe, particularly for domestic companies like BYD and Leap Motor, due to favorable policies and competitive advantages in vehicle models [8]. Core Insights - The European new energy vehicle market is expected to experience rapid growth from 2025 to 2028, driven by stringent carbon emission policies and the cancellation of fuel vehicle tax incentives [6][8]. - Domestic automakers such as BYD and Leap Motor are well-positioned to benefit from increased sales in Europe, supported by strong model competitiveness and favorable tariff adjustments [2][8]. - Component manufacturers like Minth Group and Wencan Co. are also anticipated to see significant revenue growth in the European new energy sector [2][8]. Summary by Sections Overall Market - The European new energy vehicle market is primarily dominated by pure electric vehicles, with a significant focus on mid to large-sized models. In 2024, the sales volume of light vehicles in Europe is projected to recover to 16.46 million units, with a slight decline of 0.93% year-on-year in Q1 2025 [5][17]. Policy Impact - The European Commission has announced a three-year buffer period for automakers from 2025 to 2027 regarding the zero-emission target for new cars, while also planning to eliminate tax incentives for fuel vehicles. This policy shift is expected to impact both supply and demand for new energy vehicles in Europe [6][8]. Domestic Companies' Prospects - Domestic companies like BYD, SAIC, Geely, and Leap Motor have established a presence in Europe, with BYD's model range effectively covering major segments of the European light vehicle market. The upcoming tariff adjustments are expected to favor these companies, particularly for high-priced pure electric models [7][8]. Investment Recommendations - The report recommends focusing on companies such as BYD, Leap Motor, Minth Group, and Fuyao Glass, as they are expected to benefit from the accelerating electrification in Europe and the favorable market conditions [8].

Economic Growth Outlook - After the reduction of tariffs between China and the US in May, there was a brief uptick in economic activity, but concerns remain about potential changes in growth momentum in the second half of the year[2] - Leading indicators suggest that both domestic and external demand will show resilience until the end of Q3, with year-on-year growth rates expected to gradually strengthen[2] - However, both domestic and external demand may peak and decline towards the end of Q3, leading to a notable growth "cliff" effect[2] Economic Indicators - The PMI for May improved to 49.5%, indicating a slowdown in contraction, but still below the expansion threshold, primarily due to weak demand[16] - High-frequency data shows that production in May was weaker than in April, while demand showed some improvement, particularly in infrastructure and consumer sectors[18] - Following the tariff adjustments, export production saw a significant year-on-year improvement, but signs of weakening emerged by the end of May[26] Investment Trends - Manufacturing investment is expected to fluctuate in line with export trends, while infrastructure investment is projected to peak in August, and the decline in real estate investment is anticipated to narrow gradually in the second half of the year[8] - The nominal growth perspective indicates that the DVI index, which leads the GDP deflator, has remained flat without significant signs of recovery, suggesting potential downward pressure on actual GDP growth in Q3[8] Policy Response - The anticipated growth cliff may exceed market expectations, posing challenges for "responsive" policy measures, which typically require time to take effect[9] - There are three scenarios where policy measures could mitigate the growth cliff: weaker-than-expected export pulses, significant pressure on price indices, and changes in external trade policy environments[9] Risks - Uncertainties surrounding tariff policies remain a significant risk factor[10] - New growth drivers may smooth out economic fluctuations, but there is a possibility of missing key leading indicators in decision-making[10]

Investment Rating - The investment rating for the company is "Buy" [10] Core Views - Yongxing Co., Ltd. is the sole investment and operation entity for waste incineration power generation projects in Guangzhou, with a total operational capacity of 32,090 tons/day as of the end of 2024. The company has no ongoing construction projects, and its revenue from construction has significantly declined to 0.15 million in 2023, with no contributions expected in 2024. The quality of revenue and profit is high [3][7][25]. - The company benefits from a favorable project location, low national subsidy ratio, high calorific value, and large individual project sizes, leading to excellent cash flow performance. The cash collection ratio for 2024 is 100%, and the net cash ratio is 232% [8][13][70]. - The company operates under a government procurement service model, which is akin to perpetual operation, providing a stable revenue stream. The majority of its projects are located in Guangzhou, ensuring a steady supply of waste [13][60]. Summary by Sections Company Overview - Yongxing Co., Ltd. was established in 2009 and is controlled by the Guangzhou Environmental Investment Group. It focuses on waste incineration power generation and has expanded into biomass processing since 2021. The company operates 14 waste incineration projects and 4 biomass processing projects, with a total operational capacity of 32,090 tons/day for incineration and 2,590 tons/day for biomass [7][18][25]. Financial Performance - The company achieved a revenue of 35.36 billion in 2023, a year-on-year increase of 7.4%, and a net profit attributable to shareholders of 7.35 billion, up 2.7%. For 2024, the projected revenue is 37.65 billion, with a growth of 6.4%, and a net profit of 8.21 billion, reflecting an 11.7% increase [25][26]. Competitive Advantages - The company has several competitive advantages over its peers, including: - High-quality project locations with low national subsidy ratios and high calorific values, leading to superior cash flow performance [8][60]. - A government procurement service model that ensures stable operations and revenue [13][60]. - Strong support from its major shareholder, which guarantees sufficient waste collection and enhances operational efficiency [13][60]. - Opportunities for growth in waste processing volume due to population inflow and expansion of waste sources [13][60]. Profitability Forecast and Valuation - The company is expected to see a steady increase in net profit from 9.0 billion in 2025 to 11.0 billion in 2027, with corresponding price-to-earnings ratios of 16.0x, 14.1x, and 13.2x. The "Buy" rating reflects the company's perpetual operation characteristics and location advantages that support earnings per share growth [9][10].

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry, specifically recommending "Buy" for Hisense Visual and TCL Electronics [9]. Core Insights - The report highlights the impact of display technology iterations on the black electrical landscape and profitability, emphasizing that Chinese companies are well-positioned to enhance their profitability and global market share during the current Mini LED technology upgrade [3][6][7]. Summary by Sections Previous Display Technology Changes - The evolution of black electrical display technology is summarized as "CRT → Rear Projection → PDP → LCD (LED Backlight) → OLED → Mini/Micro-LED." Historically, Japanese companies dominated the global black electrical industry until the late 1990s, when Korean companies like Samsung and LG began to invest heavily in LCD technology, ultimately surpassing Japanese firms by 2006 [5][27][32]. Current Mini LED Upgrade Outlook - Mini LED is identified as the next major display technology, with global shipments expected to reach 6.2 million units in 2024, a 100% increase year-on-year, capturing 2.9% of the market share. In China, Mini LED TV sales are projected to reach 5.56 million units, accounting for 18.0% of the overall TV market [6][7]. Investment Recommendations - The report suggests capitalizing on structural upgrades and profitability improvements among leading black electrical companies. It notes that the ongoing shift of panel production capacity to China, combined with continuous investment in Mini LED technology by companies like TCL and Hisense, supports the sustainable enhancement of profitability and market share for Chinese black electrical enterprises [7][9].