Investment Rating - The investment rating for the real estate industry is "Positive" and maintained [12] Core Insights - The focus on ensuring the delivery of homes has made the sale of completed properties a key task, leading to accelerated promotion of this sales model in 2023. Central and local governments are progressively implementing pilot programs for completed property sales, with a high likelihood of gradual implementation and supportive policies [2][7] - The transition to completed property sales is expected to decrease project turnover rates and pressure profit margins, resulting in a significant short-term decline in sales scale for real estate companies. Maintaining sales scale will require additional financing, leading to a substantial reduction in the industry's financial attributes and an increase in manufacturing attributes. This shift will demand higher capabilities in land assessment and product quality from companies, benefiting those with the ability to generate excess cash flow and potentially increasing industry concentration [10] Policy Path - The policy path for completed property sales has evolved from suppressing overheating to preventing risks. The transition has been marked by pilot programs in various cities since 2014, which were largely paused except for Hainan. With the emphasis on ensuring home delivery, completed property sales are being accelerated again in 2023, with conditions set for their implementation [7][21] Project Analysis - Transitioning from pre-sale to completed sale models can significantly impact financial metrics. For instance, net profit margins may drop from 11.4% to 8.6%, and the internal rate of return (IRR) could decrease from 17.3% to 6.4%. The time to achieve positive cash flow may extend from 20 months to 34 months under the completed sales model [8][9] - The impact of completed sales is less severe in scenarios with higher land-to-value ratios or stricter pre-sale conditions. For example, if the land-to-value ratio increases from 1.8 to 2.0, the net profit margin and IRR would be less affected [9][10] Potential Impacts - The implementation of completed property sales is expected to lead to a decline in sales scale for real estate companies, with new land acquisitions unable to generate supply, relying instead on historical inventory. This will necessitate more financing to maintain sales levels in the medium to long term. Cities with lower inventory levels will be more affected, while those with higher inventory may transition more smoothly [10]

Investment Rating - The investment rating for the industry is "Positive" and is maintained [9] Core Insights - CEACAM5 is a member of the immunoglobulin superfamily adhesion molecules, highly expressed in various malignancies such as colorectal cancer, gastrointestinal cancer, and lung cancer, playing a significant role in tumor occurrence, invasion, and metastasis [2][6][18] - With the first clinical trial of SAR408701 by Sanofi entering Phase III, CEACAM5 ADC has become a popular development direction for targeted therapy drugs [2][28] - Currently, there are 8 CEACAM5-targeted ADCs in development globally, with 6 having entered clinical stages, showcasing a trend of diverse technological pathways and distinctive mechanisms among major pharmaceutical companies [2][8] Summary by Sections CEACAM5 as a Target - CEACAM5 is recognized as a high-expression tumor target, with its drug development potential accelerating due to the emergence of various therapeutic approaches, including ADCs, monoclonal antibodies, bispecific antibodies, CAR-T cell therapies, and therapeutic vaccines [6][28] CEACAM5 ADC Development - The heat around CEACAM5 ADC is rising, with the design of effective connections being key to overcoming challenges related to its weak internalization capacity [7][32] - The development focus is shifting towards optimizing linkers and payload systems to enhance stability and ensure precise release in the tumor microenvironment [7][32] Competitive Landscape - Major pharmaceutical companies are actively positioning themselves in the CEACAM5 ADC space, with notable developments from Sanofi, Merck, Innovent, and BeiGene, each showcasing unique design strategies and therapeutic potentials [8][50][58][61] - Sanofi's SAR408701, despite facing setbacks, continues to explore its potential in other cancer types, while Merck's M9140 is the first to utilize a topoisomerase I inhibitor in this context [8][50] Investment Perspective - The report suggests that the ongoing innovation in drug development, particularly in the context of CEACAM5-targeted therapies, presents significant investment opportunities, especially for companies with strong cash flows and innovative capabilities [64]

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Viewpoints - On June 5, the National Data Bureau announced the establishment of 10 national data element comprehensive pilot zones in Beijing, Zhejiang, and Anhui, aimed at fostering business entities and expanding the data market, thereby enhancing the integration of the real economy and digital economy [2][5] - The establishment of these pilot zones is expected to address core issues in the data element industry, accelerating the industry's implementation and leading to a revaluation of data element value, benefiting the entire industry chain [2][5] Summary by Relevant Sections Event Description - The pilot zones will support local initiatives in cultivating business entities and expanding the data market, focusing on releasing the potential of the integration between the real economy and digital economy [5] Event Commentary - The construction of national data element comprehensive pilot zones is anticipated to resolve bottlenecks in data application, with the data resource scale in China expected to grow significantly, reaching 51.78ZB by 2025 and 136.12ZB by 2029, with a compound annual growth rate of 26.9% [11] - Local governments are actively responding, with Beijing creating a "one district and three centers" model, aggregating 700 billion public data entries and opening 18,000 datasets [11] - The market reform for data elements is entering a critical phase, with the potential for significant industry shifts as pilot cities improve relevant regulations and systems [11] - The establishment of these pilot zones is seen as a crucial step towards the realization of data element value, suggesting a focus on companies with vast data resources and strong capabilities in data processing, management, and analysis [11]

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The global stablecoin market is experiencing rapid growth, with the circulation volume increasing from less than $120 billion at the beginning of 2023 to $215 billion by the first quarter of 2025. The on-chain transaction volume in 2024 is projected to reach $5.6 trillion, equivalent to 40% of Visa's payment transaction volume [10] - Circle's IPO on June 5, 2025, reflects a positive market sentiment towards the stablecoin sector, with its stock price rising by 168.48% to $83.23, resulting in a market capitalization of $18.356 billion [2][5] - The emergence of new issuers, such as JD.com, is expected to reshape the competitive landscape of the stablecoin market, which is currently dominated by Tether (USDT) and USD Coin (USDC), holding nearly 90% market share as of 2024 [10] Summary by Sections Market Overview - The stablecoin market is rapidly evolving, with significant applications in cross-border remittances and digital payment systems. Traditional remittance methods take 3-5 days and incur an average cost of 6%, while stablecoins can facilitate near-instantaneous and low-cost value transfers [10] Key Players - Major players in the stablecoin market include Circle and JD.com, which are actively promoting the use of stablecoins in various payment scenarios, thereby expanding their reach beyond cryptocurrency trading [10] Investment Opportunities - Investors are encouraged to focus on companies with issuance qualifications, those with technological expertise in blockchain, and firms holding relevant licenses [10]

丨证券研究报告丨 中国经济丨点评报告 [Table_Title] 上半年出口无虞 ——5 月外贸数据点评 分析师及联系人 [Table_Author] 于博 黄帅 SAC：S0490520090001 SFC：BUX667 报告要点 [Table_Summary] 5 月整体出口表现并不弱，主要缘于对东盟、欧盟出口仍有韧性。中美经贸关系缓和带动的对 美抢出口效应，预计会从 6 月初开始逐渐显现。进料加工贸易同比增速领先出口同比增速约 1 个月，5 月进料加工贸易同比增速仅小幅回落，预计 6 月整体出口仍能维持韧性增长。年内来 看，上半年出口无虞，下半年出口更多将取决于美国和各国贸易谈判最终结果。预计 6 月中下 旬美国或陆续公布与各国谈判决议。 1 请阅读最后评级说明和重要声明 %% %% [Table_Title 上半年出口无虞2] ——5 月外贸数据点评 %% %% [Table_Summary2] 事件描述 2025 年 6 月 9 日，海关总署发布 5 月外贸数据：以美元计，我国 5 月出口 3161 亿美元，进 口 2128.8 亿美元，贸易顺差为 1032.2 亿美元。 风险提示 美国关税政策不确 ...

丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 关注高景气能源 IT 赛道投资机遇 2025 年第 23 周计算机行业周报 报告要点 [Table_Summary] 上周计算机板块整体持续反弹，大幅上涨 3.18%。在长江一级行业中排名第 4 位，两市成交额 占比为 10.00%，稳定币及并购重组概念表现活跃。上周数字货币巨头 Circle 在美国纽约证券 交易所（NYSE）上市；我国将在北京、浙江、安徽等地部署建设 10 个国家数据要素综合试验 区。本周推荐关注能源 IT 领域具备先发优势的厂商。 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 软件与服务 cjzqdt11111 [关注高景气能源 Table_Title2] IT 赛道投资机遇 2025 年第 23 周计算机行业周报 [Table_Summary2] 上周复盘：计算机板块持续反弹 上周受端午假期影响，仅有四个交易日，上证综指持续上涨，周五报收 3385.3 ...

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7]. Core Insights - The report highlights that the merger and acquisition (M&A) market is entering a new encouragement cycle following the revision of the "Major Asset Restructuring Management Measures for Listed Companies" in May 2025. It emphasizes the evolution of policies from establishment to high-quality development, indicating a shift towards a more supportive regulatory environment for M&A activities [2][4][19]. Summary by Sections Changes in the M&A Market - The M&A market is currently in a new encouragement cycle, with the latest regulatory framework having undergone seven revisions since its inception in 2008, leading to a total of eight versions. The historical context shows a transition from policy establishment to a focus on high-quality development [4][14][15]. Trends in M&A - The current regulatory environment is characterized by proactive measures from the top down to stimulate the M&A market. The new policies emphasize support for innovation, enhancing industrial concentration, and regulating speculative behaviors such as "shell trading" [5][26][27]. Market Performance - The report notes an increase in participation from larger market capitalization companies in significant asset restructurings, with companies valued over 50 billion accounting for 58.1% of such activities. The report also highlights a notable rise in the participation of the Sci-Tech Innovation Board, which increased from 1.8% in 2023 to 19.8% in the first five months of 2025 [6][8][19]. Regulatory Evolution - The report outlines the evolution of the regulatory framework, detailing the shift from a neutral to an encouraging stance towards M&A activities. The latest version of the restructuring measures aims to facilitate cross-industry mergers and acquisitions while increasing tolerance for various restructuring aspects [5][19][22]. Focus Areas - Emerging technologies and new productive forces are identified as focal points for the current M&A activities, with key industries including electronics, computers, automotive, power equipment, and biomedicine being highlighted as areas of interest [6][19][22]. Restructuring Methods - The report indicates a shift in restructuring methods from primarily issuing shares to a combination of share issuance and agreement acquisitions, with a notable increase in the use of convertible bonds since 2025 [6][19]. Objectives of Restructuring - The objectives of M&A activities have diversified, with a significant reduction in shell listings. Current trends show a focus on industrial mergers and strategic collaborations, reflecting a more regulated and structured approach to M&A [6][19].

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [10]. Core Insights - The construction industry is experiencing a slight decline in the PMI, but there is a notable recovery in the new orders and employment indices. The overall PMI for May is at 51.0%, down 0.9 percentage points from the previous month, while the new orders index has increased by 3.7 percentage points to 43.3% [7][46]. - The issuance of special bonds has accelerated since the beginning of the year, with a cumulative issuance of 1.64 trillion yuan by June 6, 2025, which is 480.1 billion yuan more than the previous year, indicating a 37% progress rate, 7.5 percentage points faster than last year [7][8]. - The report highlights that the construction industry PMI has been on a downward trend since 2020, and future improvements may depend on policy changes in real estate and infrastructure [7]. Summary by Sections Industry Overview - The manufacturing PMI for May is at 49.5%, up 0.5 percentage points from last month, indicating improved manufacturing sentiment. The construction industry's business activity index is at 51.0%, with a decrease in new orders and employment indices [7][46]. Special Bonds and Funding - As of June 6, 2025, the cumulative issuance of special bonds is 1.64 trillion yuan, with a focus on municipal and industrial park infrastructure (30.0%), land reserves (7.8%), and shantytown renovations (7.2%) [7][8]. - The report anticipates that the issuance of special bonds will continue to increase in 2025, with a planned issuance of 4.4 trillion yuan, which is 500 billion yuan more than the previous year [7][8]. Investment Opportunities - The report suggests focusing on central and state-owned enterprises and high-quality sector leaders, such as Sichuan Road and Bridge and China State Construction, which are expected to provide stable growth and high dividend yields [9]. - The report emphasizes the importance of monitoring the performance of key companies in the construction sector, particularly those with strong fundamentals [9].

Inflation Data Summary - In May, the Consumer Price Index (CPI) decreased by 0.1% year-on-year and 0.2% month-on-month, marking the fourth consecutive month of negative year-on-year CPI[7] - The core CPI increased by 0.6% year-on-year, reflecting a 0.1 percentage point expansion in the growth rate[10] - Food prices fell by 0.4% year-on-year, while non-food prices remained stable at 0.0%[10] PPI Trends - The Producer Price Index (PPI) decreased by 3.3% year-on-year and 0.4% month-on-month, with the year-on-year decline expanding by 0.6 percentage points[7] - The decline in production material PPI was 4%, with mining, raw materials, and processing prices dropping by 11.9%, 5.4%, and 2.8% respectively[10] - The PPI for living materials saw a smaller decline of 1.4% year-on-year, narrowing by 0.2 percentage points[10] Key Influences - Major contributors to the CPI decline included a 12.9% drop in transportation fuel prices and a significant decrease in fresh vegetable prices, which fell by 8.3% year-on-year[10] - The PPI was primarily pressured by international input factors, weak domestic demand, and excess capacity in certain industries[10] - The outlook for PPI remains cautious, with potential further pressure expected due to weakening export effects[10] Policy Implications - The report emphasizes the need for policies to boost consumer demand, as the recovery in resident consumption is crucial for CPI stabilization[10] - Strengthening social security and increasing residents' income are highlighted as key measures to enhance consumption[10] - The report warns of risks including slower-than-expected consumption recovery, escalating geopolitical conflicts, and uncertainties surrounding tariff policies[31]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - From June 9 to June 15, local government bonds are expected to be issued worth 10.7786 billion yuan, including 0.8372 billion yuan in new bonds (0.13 billion yuan in new general bonds and 0.7072 billion yuan in new special bonds) and 9.9414 billion yuan in refinancing bonds (5.9343 billion yuan in refinancing general bonds and 4.007 billion yuan in refinancing special bonds) [2][6]. - From June 2 to June 8, local government bonds were actually issued worth 10.9595 billion yuan, including 1.598 billion yuan in new bonds (0.8676 billion yuan in new general bonds and 0.7304 billion yuan in new special bonds) and 9.3615 billion yuan in refinancing bonds (6.0079 billion yuan in refinancing general bonds and 3.3536 billion yuan in refinancing special bonds) [2][7]. - As of June 8, the total disclosed issuance of the fourth - round special refinancing bonds reached 406.361 billion yuan, with 167.5085 billion yuan disclosed in 2025 and an additional 2.6693 billion yuan to be disclosed next week. The top three provinces or municipalities with separately - planned budgets in terms of disclosed issuance are Jiangsu (56.47 billion yuan), Shandong (23.6072 billion yuan), and Sichuan (23.5121 billion yuan) [8]. - As of June 8, the total disclosed issuance of special new special bonds in 2025 was 24.3384 billion yuan, and since 2023, it has reached 143.3897 billion yuan. The top three in terms of disclosed issuance are Jiangsu (21.0235 billion yuan), Hubei (10.6856 billion yuan), and Xinjiang (9.102 billion yuan). In 2025, the top three provinces or municipalities with separately - planned budgets are Jiangsu (9.51 billion yuan), Henan (1.56 billion yuan), and Hubei (1.5 billion yuan) [8]. Summary by Relevant Catalogs Local Bond Actual Issuance and Forecast Issuance - **Actual Issuance vs. Pre - issuance Disclosure**: From June 2 to June 8, the net supply of local government bonds was 5.05 billion yuan; from June 9 to June 15, the forecast net supply of local government bonds was - 4.3 billion yuan [14][18]. - **Comparison of Planned and Actual Issuance**: In May, there were differences between the planned and actual issuance of local government bonds. In June, there were also differences between the disclosed plan and the actual issuance [16][19]. Local Bond Net Supply - **New Bond Issuance Progress**: As of June 8, the issuance progress of new general bonds was 44.96%, and that of new special bonds was 36.46% [26]. - **Refinancing Bond Net Supply**: As of June 8, the cumulative scale of refinancing bonds minus the maturity of local government bonds for the year was presented in a chart [26]. Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of June 8, statistics on special refinancing bonds from the first to the fourth rounds were presented, including the issuance amount of each round in different regions [31]. - **Special New Special Bond Issuance Statistics**: As of June 8, statistics on special new special bonds were presented, including the issuance amount in different regions from 2023 to 2025 [33]. Local Bond Investment and Trading - **Primary - Secondary Spread**: Charts showed the primary and secondary spreads of local government bonds, including the spread changes for different maturities and the overall spread [38]. - **Regional Secondary Spread**: The secondary spreads of local government bonds in different regions from April 18, 2025, to June 6, 2025, were presented [41]. - **New Special Bond Investment Direction**: The investment direction of new special bonds was presented in a chart, with the latest month's statistics only considering the issued new bonds [43].