1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report analyzes the primary and secondary market conditions of local government bonds in the week, including net financing, issuance terms, issuance spreads, secondary spreads, and trading volume. It also provides information on the planned issuance of local government bonds in the second quarter of 2025 and the investment directions of newly - added special bonds [1][4]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Situation - **Net Financing**: This week, local government bonds issued a total of 228.2 billion yuan, with a net financing of 137.4 billion yuan. The issuance of new general bonds was 23.6 billion yuan, new special bonds 158 billion yuan, refinancing general bonds 41.6 billion yuan, and refinancing special bonds 5.1 billion yuan. Next week, the planned issuance is 109.6 billion yuan, with a net financing of 50.5 billion yuan, a decrease of 86.9 billion yuan compared to this week [1][3]. - **Issuance Terms**: The 7 - year local government bonds had the highest issuance proportion this week (32%), and the proportion of bonds with a term of 10 years and above was 60%, showing a decline compared to last week. The issuance proportion of 10 - year bonds decreased significantly, with a month - on - month decrease of about 19 percentage points [1]. - **Debt - Resolution - Related Local Government Bonds**: This week, special refinancing bonds issued a total of 5 billion yuan. In 2025, 33 regions have disclosed plans to issue special bonds for replacing implicit debts, with a total of 1.6568 trillion yuan. Among them, Jiangsu, Sichuan, Shandong, and Hubei plan to issue 251.1 billion yuan, 98.4 billion yuan, 90.1 billion yuan, and 80.8 billion yuan respectively [2]. - **Issuance Spreads**: The weighted average issuance spread of local government bonds this week was 7.8bp, narrowing compared to last week. The 30 - year local government bonds had the highest weighted average issuance spread, reaching 22.3bp. Except for the 20 - year and 30 - year bonds, the weighted average issuance spreads of other terms narrowed [1]. - **Investment Directions of Raised Funds**: As of the end of this week, the main investment directions of newly - added special bonds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (32%), transportation infrastructure (21%), affordable housing projects (12%), and social undertakings (12%). The proportion of land reserve investment increased by 7.8% compared to 2024 [2]. - **Issuance Plan**: As of the end of this week, 36 regions have disclosed the local government bond issuance plan for the second quarter of 2025. Considering the actual issuance scale in April and May, the total planned issuance in the second quarter is expected to reach 2.35 trillion yuan, with 873.5 billion yuan planned for June. The planned issuance of new bonds and refinancing bonds in the second quarter is 1273.2 billion yuan and 1073.1 billion yuan respectively [3]. 3.2 Secondary Market Situation - **Secondary Spreads**: This week, the 15 - year and 30 - year local government bonds had advantages in secondary spreads, with spreads of 20.7bp and 19.6bp respectively. The secondary spread of 10 - year bonds widened significantly. From the perspective of historical quantiles in the past three years, the 30 - year local government bond's secondary spread quantile was relatively high, reaching 87%. Regionally, local government bonds with a term of over 20 years in all types of regions had relatively high secondary spreads, and 10 - 15 - year bonds in medium - level regions also had relatively higher secondary spreads [4][5]. - **Trading Volume**: This week, both the trading volume and turnover rate of local government bonds decreased. The trading volume of local government bonds reached 380.9 billion yuan, with a turnover rate of 0.75%. Jiangsu, Shandong, and Xinjiang Production and Construction Corps had relatively high turnover rates, and the trading volumes of Jiangsu, Shandong, and Sichuan were large, reaching 45.3 billion yuan, 40.9 billion yuan, and 30.4 billion yuan respectively [5].

证券研究报告 | 公司深度报告 2025 年 06 月 03 日 中国通信服务（00552.HK） 中国综合智慧服务龙头，AI 大模型浪潮点燃增长新引擎 TMT 及中小盘/通信 ❑ 风险提示：电信业资本开支下降风险、营运资金需求增加的风险、国际业务 运营及有关风险、算力资本支出不及预期风险、战略新兴产业发展风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 149139 | 150536 | 154438 | 159884 | 166007 | | 同比增长 | 6% | 1% | 3% | 4% | 4% | | 营业利润(百万元) | 2849 | 3057 | 3244 | 3382 | 3553 | | 同比增长 | 16% | 7% | 6% | 4% | 5% | | 归母净利润(百万元) | 3584 | 3607 | 3731 | 3901 | 4105 | | 同比增长 | 7% | 1% | 3% | 5% | 5% | ...

食品饮料行业周报（6.2） 消费品/食品饮料 本周股东大会密集召开，从各家调研反馈看，白酒企业淡季销售仍承压，政策 风险影响短期情绪，建议关注电商活动下各大主流品牌价格趋势。食品企业积 极调整战略，布局增量渠道/增量市场，稳住原有基本盘同时开拓新机会。5 月 新消费表现较优，估值整体有所提升。6 月关注现金流、ROE 水平较好的传统 消费龙头补涨机会。 ❑ 核心公司跟踪：白酒股东大会反馈审慎，食品新产品/新渠道带来增量 山西汾酒：产品矩阵完善四轮驱动，汾享礼遇终端数量持续突破。汾酒充 分发挥清香品类优势，加强文化赋能。产品四轮驱动，老白汾重新梳理价 值定位"时间的朋友"，未来 2-3 年过百亿；青花 20 增长主引擎；高档 青 26&青 30 形成组合进攻。推进全国化 2.0，汾享礼遇活跃终端 88.9 万 家。 古井贡酒：客观承认产业压力，动作坚持精细运作。2025 年提出作风建 设管理年，对内强化管理、降本增效，对外抓市场拓展和客户服务，精耕 细作。持续聚焦古 20、古 16、古 8 等核心产品。全国化先实现板块化， 在几大核心省区做深做透。省内大本营也要做到坚不可摧，没有天花板。 迎驾贡酒：主动调整释放 ...

证券研究报告 | 行业点评报告 2025 年 06 月 02 日 4 万亿存单到期，有何影响？ 银行流动性观察 总量研究/银行 今年以来，同业自律影响继续，银行同业存单累计融资额高位，国有行累计融 资额远超季节性（图 1~2）。6 月份存单规模到期 40,784 亿元，远超历史季节 性水平，引起市场关注，我们理解如下： 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 41 | 0.8 | | 总市值（十亿元） | 9911.2 | 11.6 | | 流通市值（十亿元） | 9819.3 | 12.6 | 行业指数 % 1m 6m 12m 绝对表现 5.2 15.9 26.6 相对表现 3.3 17.9 19.8 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 40 Jun/24 Sep/24 Jan/25 May/25 (%) 银行 沪深300 相关报告 敬请阅读末页的重要说明 cn ❑ 为何 6 月同业存单到期规模如此之大？今年 6 月到期超 4 万亿，为历史单月 到期最大规模，在此之前单月到期最高也在 3 万亿以内，今年 ...

Investment Rating - The industry maintains a "Recommended" rating, indicating a positive outlook for the industry fundamentals and expectations for the industry index to outperform the benchmark index [7]. Core Insights - The average land acquisition price in 300 cities has increased year-on-year, with a notable rise in transaction prices [23][28]. - New housing and second-hand housing transaction volumes show a mixed trend, with new housing transaction volume declining at a slower rate while second-hand housing transactions have seen an expanded decline [4][15]. - The overall market sentiment index has shown a narrowing year-on-year increase, indicating a cautious recovery in the real estate market [54]. Summary by Sections New Housing Transactions - As of May 30, the year-on-year decline in new housing transaction volume has narrowed to -10%, with a significant recovery in first-tier cities showing a positive growth of 10% [4][9]. - The overall new housing transaction volume in sample cities is at a relatively high level compared to the same period over the past five years [12]. Second-Hand Housing Transactions - The year-on-year decline in second-hand housing transactions has expanded to -9%, with a notable contraction in second-tier cities [4][15]. - The transaction volume for second-hand housing is currently at a low level compared to the same period over the past five years [17]. Land Acquisition - From January to May 2025, the cumulative land transaction area in 300 cities has seen a year-on-year decline of -7%, while the average transaction price has increased by 31% [23][28]. - The land premium rate has decreased by 3.6 percentage points compared to the previous month, indicating a potential easing in land acquisition costs [28][31]. Market Sentiment and Indicators - The liquidity outlook has shown an expansion in macro-level liquidity, which may support demand for both new and second-hand housing [5][51]. - The confidence index for transaction volumes in new and second-hand housing has shown a marginal decline, reflecting ongoing market uncertainties [53]. Inventory and Supply Dynamics - The inventory levels for unsold properties have increased, leading to a longer absorption cycle, particularly in the context of new housing supply [33][36]. - The market is entering a phase where high-quality residential supply is expected to improve, potentially leading to a marginal recovery in the new housing market [5][37].

证券研究报告 | 行业简评报告 2025 年 06 月 02 日 具身智能政策不断加码，无人物流场景加速落地 人形机器人周报 20250602 中游制造/机械 事件 1：特斯拉计划在 6 月 12 日推出 Robotaxi 特斯拉势将在 6 月 12 日于美国得克萨斯州奥斯汀推出期待已久的无人驾驶出租 车（Robotaxi）服务，这将是马斯克围绕无人驾驶汽车和人工智能重塑公司业 务的重要里程碑。 事件 2：荣耀确认进军机器人业务 5 月 28 日，在正在举行的荣耀 400 系列新品发布会上，荣耀 CEO 李健确 认该公司进军机器人业务。 事件 3：浦东发布具身智能产业支持 16 条政策 2025 张江具身智能开发者大会暨国际人形机器人技能大赛在张江科学会堂开 幕。为支持上海市具身智能产业发展，上海市浦东新区围绕产业配套政策、人 才支持等方面发布一揽子支持政策。浦东新区副区长李慧也正式发布《具身智 能产业支持 16 条政策》，政策提及将对关键核心技术攻关、新型研发机构、大 企业创新中心等给予最高 2000 万元的资金支持。 事件 4：国家邮政局新闻发布会提出加快邮政业科技发展 5 月 30 日，国家邮政局举行新 ...

证券研究报告 | 行业定期报告 2025 年 06 月 02 日 OPEC+决定 7 月增产,义乌快递底部价格略有修复 招商交通运输行业周报 周期/交通运输 本周关注：航运方面，OPEC+决定 7 月增产；基础设施方面，关注港股红利配置 价值；航空方面，关注 25-26 年行业基本面上行趋势及市值弹性；快递方面，关 注 25 年价格竞争情况和行业估值修复潜力。 推荐标的：东莞控股、皖通高速、粤高速、青岛港、招商港口。 ❑ 航空：5 月以来受益于需求增长和票价基数较低，收益指标同比大幅提升， 旺季主要指标有望企稳回升。1）高频数据表现上看，5 月 23 日-29 日，国 内机票价（撇除燃油附加费）周环比-2%，同比 2024 年+5%，同比 2019 年 -12%；国内旅客量周环比-2%，同比 2024 年+6%，同比 2019 年+17%。 2）供需基本面角度，出行消费需求有一定的韧性，同时经济和消费刺激政 策利好国内出行需求增长，国际出行需求有望持续向正常化恢复；供给端， 受全球供应链不畅及飞机利用率已经大幅恢复影响供给释放偏紧；同时燃油 成本大幅减轻，展望 25-26 年行业供需再平衡、盈利回升的趋势明确 ...

Investment Rating - The report maintains a "Recommendation" rating for the banking industry [1] Core Insights - The report highlights a decline in bill rates and emphasizes the importance of large maturing certificates of deposit [5][11] - The central bank's actions include a net injection of 656.6 billion yuan through reverse repos, indicating a focus on liquidity management [12][33] - The report anticipates significant pressure on the funding environment in June due to the maturity of over 40 billion yuan in certificates of deposit and 12 billion yuan in reverse repos [12][16] Summary by Sections Industry Scale - The banking sector comprises 41 companies with a total market capitalization of 991.12 billion yuan, representing 11.6% of the market [1] Bill Rates - As of the end of May, the 1-month, 3-month, and 6-month bill rates were 1.1%, 1.16%, and 1.06%, reflecting changes of -8 basis points, +7 basis points, and -3 basis points respectively [11][19] - The net buying of bills by state-owned banks reached 1,537.018 billion yuan, slightly higher than the previous year's figure [11][19] Monetary Policy - The central bank conducted 16.026 billion yuan in 7-day reverse repos at an interest rate of 1.40%, with a net injection of 656.6 billion yuan [12][33] - The report notes that the central bank's reverse repo balance has significantly increased compared to historical levels [12][36] Fiscal Insights - The government bond net financing for the week was 514.104 billion yuan, with expectations of a slight decrease in net payments in the upcoming period [14] Certificates of Deposit - The report indicates that June will see a record maturity of over 40 billion yuan in certificates of deposit, which is the largest single-month maturity in history [16] - The large maturities are expected to impact the stability of the funding environment but will also allow for a shift from unstable to more stable liabilities [16] Commercial Bank Financing - The total bond issuance by commercial banks was 762.2 billion yuan, with a net financing scale of 59.3 billion yuan [17]

有序推动绿电直连，鼓励项目参与电力交易 环保公用事业行业周报（2025/06/02） 周期/环保及公用事业 本周环保与公用事业板块表现出现分化。环保（申万）行业指数上涨 3.42%， 涨幅位于行业第一；公用事业（申万）行业指数下跌 0.18%，跌幅相对较大。 证券研究报告 | 行业定期报告 2025 年 06 月 02 日 证券研究报告 | 行业定期报告 2025 年 06 月 02 日 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 240 | 4.7 | | 总市值（十亿元） | 3833.4 | 4.5 | | 流通市值（十亿元） | 3566.0 | 4.6 | 行业指数 % 1m 6m 12m 绝对表现 5.6 3.7 13.8 相对表现 3.8 5.7 7.0 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Jun/24 Sep/24 Jan/25 May/25 (%) 环保及公用事业 沪深300 相关报告 1、《环保行业点评报告：高阶自动驾 驶赋能，开辟无人环卫新蓝海》 2025-05-30 2 、《环保公用事业 ...

证券研究报告 | 行业定期报告 2025 年 06 月 02 日 香港《稳定币条例》正式出台，关注加密货币产业链 计算机周观察 20250602 TMT 及中小盘/计算机 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 284 | 5.6 | | 总市值（十亿元） | 3312.6 | 3.9 | | 流通市值（十亿元） | 2893.2 | 3.7 | 行业指数 % 1m 6m 12m 绝对表现 2.7 1.8 45.6 相对表现 0.8 3.7 38.8 资料来源：公司数据、招商证券 -20 0 20 40 60 80 100 Jun/24 Sep/24 Jan/25 May/25 (%) 计算机 沪深300 相关报告 1、《谷歌开发者大会跟踪，重点关注 大模型多模态能力提升——计算机周 观察 20250525》2025-05-25 5 月 30 日，香港《稳定币条例》正式出台，稳定币发行、运营、流通全链条有 望受益，建议积极关注发行方、技术服务提供方、应用方等环节投资机会。 推荐（维持） 2、《从科技龙头厂商财报看 AI 产业 进展——计算机周观察 20 ...