Market Overview - The market is expected to show a pattern of index fluctuations with large-cap and quality indices outperforming [2][3][18] - Current economic fundamentals are stable, with no significant decline in exports due to external changes, and domestic demand policies are still in a preparatory phase [3][19] - Concerns about real estate sales remain, but overall corporate profit expectations are likely to remain stable [3][19] Investment Strategy - The investment strategy should focus on quality and cash flow-based approaches as manufacturing financing demand remains weak and capital expenditure continues to decline [3][18] - The upcoming implementation of new regulations on algorithmic trading is expected to reduce trading activity, impacting small-cap stocks negatively [3][20] Sector and Industry Recommendations - Recommended sectors for June include automotive, non-ferrous metals, defense and military, retail, beauty care, and chemical pharmaceuticals, focusing on traditional capacity clearance and the rise of new consumption [4][8][22] - The external tariff uncertainties may pressure domestic economic growth, necessitating more supportive policies for stable internal growth [4][22] Economic Indicators - Total demand growth remains stable at around 4%, with industrial enterprise revenue growth at 3.6% [28][30] - The investment side faces significant pressure, with new construction in real estate and manufacturing investment continuing to decline [19][35] Financial Policies and Market Sentiment - The upcoming Lujiazui Forum is expected to announce significant financial policies aimed at stabilizing economic and market expectations [25][49] - The market is currently experiencing limited inflow of incremental funds, with insurance capital being the main force in increasing A-share holdings [20][22]

证券研究报告 | 债券点评报告 2025 年 06 月 02 日 基金降久期——债市晴雨表 【债市情绪】上周债市情绪指数为 114.0，较前值回升 0.7；债市情绪扩散指数 55.8%，较前值回升 13.4 个百分点。 【机构久期】上周五基金久期为 2.15 年，较前一周五回落 0.02 年；农商行久期 为 2.86 年，较前一周五回升 0.02 年；保险久期为 6.80 年，较前一周五回升 0.06 年。 【杠杆率】上周质押式回购余额为 11.0 万亿元，较前值回升 0.4 万亿元；大行 净融出余额为 3.8 万亿元，较前值回升 0.7 万亿元；债市杠杆率为 103.4%，较 前值持平。 【二级成交】上周从换手率来看，30Y 国债换手率为 1.9%，较前值持平。10Y 国债换手率为 1.5%，较前值回升 0.5 个百分点；10Y 国开债换手率为 26.2%， 较前值回落 3.1 个百分点；超长期信用债换手率为 0.65%，较前值回升 0.18 个 百分点。 【配置力量】债市配置力量来看，上周债基新发行份额为 93 亿元，较前值回升 24 亿元；风险偏好来看，股市风险溢价为 1.39%，较前值回升 0.03 ...

证券研究报告 | 行业深度报告 2025 年 06 月 02 日 银行资负跟踪 20250601 票据利率回落，关注存单大额到期 总量研究/银行 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 1、《Q2 银行还需卖老债么？—细拆 银 行 金 融 投 资 与 债 市 浮 盈 2024A&25Q1 篇》2025-05-28 2、《国股行存款挂牌均已下调—银 行资负跟踪 20250525》2025-05-25 3、《本轮存贷款利率调整影响测算 —息差影响有多大？》2025-05-21 王先爽 S1090524100006 wangxiansh ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the equity market showed differentiation, with the BeiZheng 50 leading the gains and the small - cap value style outperforming. In terms of industries, comprehensive finance led, and national defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery also performed well. The bond market declined overall, while the convertible bond market rose. The average return of active equity funds in the whole market was - 0.41%; the average return of short - term bond funds was - 0.01%, and that of medium - and long - term bond funds was - 0.03%; the average return of bond funds with equity exposure was negative, and the average return of convertible bond funds was positive [1][2]. 3. Summary According to the Directory 3.1 Market Review - The equity market was differentiated, with the BeiZheng 50 leading and the small - cap value style dominant. Comprehensive finance led the industry performance, and national defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery also performed well. As of the close this week, the CSI 300 Index closed at 3840 points, down 1.08%; the Shanghai Composite Index closed at 3347 points, down 0.03%; the Shenzhen Component Index closed at 10041 points, down 0.91%; the ChiNext Index closed at 1993 points, down 1.4%. In the Hong Kong stock market, the Hang Seng Index fell 1.32%, and the Hang Seng Tech Index fell 1.46% [6]. - In terms of industry performance, comprehensive finance led with a gain of over 10%. National defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery performed well, while the automobile, non - ferrous metals, power equipment and new energy sectors declined by over 2% [8]. - As of May 30, 2025, there were 5413 stocks in the A - share market, of which 3228 stocks rose this week. The number of rising stocks on the BeiZheng, ChiNext, Science and Technology Innovation Board, and Main Board was 194, 816, 343, and 1875 respectively [11]. 3.2 Key Fund Tracking 3.2.1 Active Equity - **Fund Performance**: The average return of the whole - market funds in the sample was - 0.41%. Funds with better performance were heavily invested in industries such as medicine, non - ferrous metals, and food and beverages. Among industry - themed funds, medical sector funds had the highest average return, while mid - stream manufacturing and cyclical sector funds lagged [17][20]. - **Position Estimation**: This week, the positions of ordinary stock - type funds increased slightly, while those of partial - stock hybrid funds decreased slightly. Compared with the previous week, the positions of ordinary stock - type funds increased by 0.22 percentage points, and those of partial - stock hybrid funds decreased by 0.60 percentage points. Actively managed partial - stock funds increased their allocation to cyclical and stable sectors and reduced their allocation to financial, consumer, and growth sectors [23]. 3.2.2 Bond - type Funds - **Bond Market Performance**: The bond market declined overall this week. The ChinaBond Total Wealth Index closed at 245.89, down 0.07% from last week; the ChinaBond Treasury Bond Index closed at 246.62, down 0.07% from last week; the ChinaBond Credit Bond Index closed at 223, down 0.01% from last week. The CSI Non - Pure Bond Fund Index closed at 2184.93 on Thursday, down 0.02% from last Thursday. The CSI Convertible Bond Index closed at 429.31, with a weekly increase of 0.46% and a trading volume of 277.1 billion yuan, an increase of 2.093 billion yuan from last week [29][31]. - **Fund Performance Overview**: The average return of short - term bond funds was - 0.01%, and the median was - 0.01%. The average return of medium - and long - term bond funds was - 0.03%, and the median was - 0.04%. The average return of first - tier bond funds was 0%, and the median was - 0.01%. The average return of second - tier bond funds was - 0.02%, and the median was - 0.01%. The average return of partial - bond hybrid funds was - 0.03%, and the median was - 0.02%. The average return of low - position flexible allocation funds was - 0.07%, and the median was - 0.05%. The average return of convertible bond funds was 0.28%, and the median was 0.22% [34][37][40]. 3.2.3 New - share Subscription Funds - **New - share Overview**: One new stock was listed this week, with a total raised capital of 604 million yuan. There was no break - even on the first day of listing, and the expected total入围 income was 35,400 yuan [41]. - **New - share Subscription Income Calculation**: Assuming weekly participation in offline new - share subscriptions and successful入围, the weekly new - share subscription return sequence of an 800 - million - yuan account was calculated [42]. - **Fund Company New - share Subscription Overview**: Eight fund companies with more than two new - share subscription funds were selected. This week, the new - share subscription return rate of an 800 - million - yuan account was 0.004%. The optimal scale for weekly and annual new - share subscriptions was 400 million yuan [44]. - **New - share Subscription Fund Performance**: The average return of new - share subscription funds in the sample this week was - 0.18% [46]. 3.2.4 FOF Fund Performance - The average returns of low - risk, medium - risk, and high - risk FOF funds in the sample this week were - 0.28%, - 0.88%, and - 1.45% respectively [48]. 3.2.5 QDII Funds - During the statistical period, partial - stock and index QDII funds declined by 0.71% and 0.83% on average respectively, while alternative and bond QDII funds rose by 0.02% and 0.37% on average respectively [2][49]. 3.2.6 REITs Funds - This week, REITs declined by 0.02% on average. The Huaxia TBEA New Energy REIT led the gains, rising 4.26% this week. The Huatai Suzhou Hengtai Rental Housing REIT had the highest liquidity, with a trading volume of 130.2489 million yuan this week [51].

Investment Rating - The report does not explicitly provide an investment rating for the stablecoin industry, but it highlights significant growth potential and regulatory developments that could influence investment decisions [2][6][21]. Core Insights - Stablecoins serve as a bridge between traditional fiat currencies and blockchain technology, providing value stability and facilitating transactions in the digital asset space [2][5]. - The U.S., Hong Kong, and the EU are actively advancing their respective stablecoin regulations to capture market opportunities, with the U.S. focusing on maintaining the dollar's dominance in the digital economy [2][6][21]. - Stablecoins are primarily used as trading mediums, decentralized finance (DeFi) core assets, new financial infrastructure, and tools for asset allocation and wealth preservation [2][16][20]. Summary by Sections Nature of Stablecoins - Stablecoins are cryptocurrencies designed to maintain value stability by pegging their price to external assets like fiat currencies or commodities [5][7]. - The main types of stablecoins include fiat-collateralized, crypto-collateralized, and algorithmic stablecoins, with fiat-collateralized stablecoins being the most prevalent [7][10]. Regulatory Developments - The U.S. and Hong Kong have introduced stablecoin legislation aimed at enhancing their financial market positions, while the EU is focused on maintaining financial stability within the Eurozone [6][21][25]. - Common regulatory principles include maintaining a 1:1 reserve ratio, high liquidity of reserve assets, and customer protection measures [21][22]. Uses of Stablecoins - Stablecoins are widely used in the crypto market for transactions, providing a stable unit of account and facilitating cross-chain compatibility [16][20]. - In DeFi, stablecoins act as collateral for loans and serve as liquidity pool assets, enhancing the security and efficiency of decentralized financial services [17][18]. Future Trends and Investment Opportunities - The stablecoin market is expected to influence the U.S. Treasury market significantly, with stablecoin issuers becoming major players in short-term government debt [26][27]. - Stablecoins are positioned to reshape the international monetary system, with U.S. dollar stablecoins reinforcing the dollar's global dominance and potential offshore RMB stablecoins promoting RMB internationalization [28][29]. - Investment opportunities exist in stablecoin infrastructure companies and decentralized application service providers, which are essential for the growth of the stablecoin ecosystem [30].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [5]. Core Insights - Marvell reported record revenue of $1.895 billion for FY26Q1, representing a year-over-year increase of 63% and a quarter-over-quarter increase of 4%, driven by strong demand in the data center market [14][25]. - The company announced the sale of its automotive Ethernet business to Infineon for $2.5 billion in cash, expected to be completed in 2025, which will provide greater flexibility for capital allocation [4][28]. - The data center segment achieved record revenue of $1.44 billion, up 76% year-over-year and 5% quarter-over-quarter, fueled by the rapid ramp-up of custom AI chip projects [2][16]. - The guidance for FY26Q2 indicates expected revenue of $2 billion, a 57% year-over-year increase, with a non-GAAP gross margin forecast of 59.5% [3][27]. Summary by Sections Financial Performance - FY26Q1 revenue reached $1.895 billion, exceeding guidance, with a gross margin of 59.8% [14][25]. - Operating cash flow was $333 million, and the company repurchased $340 million in stock during the quarter, reflecting strong shareholder returns [26][28]. Market Segments - Data Center: Revenue of $1.44 billion, with expectations for continued growth in FY26Q2 [2][16]. - Automotive and Industrial: Revenue of $76 million, with automotive growth offset by declines in industrial [22]. - Consumer: Revenue of $63 million, expected to increase by approximately 50% in FY26Q2 due to seasonal and gaming demand [21]. Strategic Developments - The partnership with NVIDIA to integrate NVLink Fusion technology into Marvell's custom platform enhances flexibility for next-generation AI infrastructure [4][18]. - The introduction of a new multi-chip packaging platform aims to improve chip interconnect efficiency and reduce power consumption by 30% [4][18]. Future Outlook - The company anticipates continued strong performance in the data center segment, with AI-related revenue expected to become a significant portion of total revenue in the coming years [24][38]. - The automotive Ethernet business sale is expected to enhance capital allocation strategies and provide substantial returns to shareholders [4][28].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [2][7]. Core Insights - The report highlights that autonomous sanitation robots are expected to become a significant application for advanced autonomous driving, with a potential market size exceeding 100 billion yuan. The year 2025 is projected to see a surge in sales of new energy sanitation equipment, contributing to performance growth [1]. - The report notes that multiple high-level autonomous driving projects have already been implemented in the sanitation sector, with L4 autonomous driving models being developed for various operational scenarios [5]. - The potential market for autonomous sanitation vehicles is vast, with a projected market size of 280 billion yuan by 2025, driven by policy support and market demand [5]. - The report emphasizes the expected increase in sales of new energy sanitation vehicles, with a notable year-on-year growth of 72.71% in the first four months of 2025 [5]. Industry Overview - The sanitation vehicle market in China saw sales of approximately 2.45 million units in early 2025, with new energy vehicles accounting for 3,570 units sold, reflecting a penetration rate of 14.55% [5]. - The report indicates that the first batch of public sector vehicle pilot zones has been initiated, with expectations for accelerated promotion of new energy vehicles in trial cities [5]. - The report suggests that investors should focus on companies that are early adopters of autonomous sanitation robots, as well as leading sanitation equipment manufacturers that are likely to benefit from increased sales [5].

Investment Rating - The report maintains a recommendation to focus on NVIDIA and its supply chain opportunities, particularly in the server hardware sector [9]. Core Insights - NVIDIA's FY26Q1 revenue reached $44.062 billion, a year-on-year increase of 69.18% and a quarter-on-quarter increase of 12.03%, exceeding guidance expectations [1][16]. - The impact of the H20 export ban was less than anticipated, with a reported $4.5 billion in related costs, which was lower than the company's initial expectations [1][17]. - The data center segment showed strong growth, with revenue of $39 billion, up 73% year-on-year and 10% quarter-on-quarter, driven by demand for AI applications [2][17]. - The company expects a revenue guidance midpoint of $45 billion for FY26Q2, reflecting an anticipated loss of approximately $8 billion in H20 revenue [3][32]. Summary by Sections Financial Performance - FY26Q1 revenue was $44.062 billion, with a non-GAAP gross margin of 61% and a margin of 71.3% after excluding H20-related costs [1][31]. - The company reported a GAAP gross margin of 60.5% and a non-GAAP operating expense growth of 6% due to increased compensation and staffing [31]. Data Center and Product Segments - Data center revenue was $39 billion, with a significant contribution from Blackwell architecture products, which accounted for nearly 70% of data center computing revenue [2][18]. - The gaming and AI PC segment achieved record revenue of $3.8 billion, driven by the Blackwell architecture and new product launches [2][27]. - The automotive and robotics segment reported revenue of $567 million, a 72% year-on-year increase, primarily due to sales of autonomous driving platforms [2][29]. Market Outlook - The Chinese AI chip market is estimated to be around $50 billion, but the H20 export ban has significantly impacted NVIDIA's ability to capitalize on this market [4][34]. - The company anticipates a recovery in gross margins to 75% by the end of the year, driven by improved profitability from Blackwell products [3][32]. Strategic Developments - NVIDIA is expanding its manufacturing capabilities in the U.S., with significant investments in new facilities to support AI infrastructure [34][35]. - The company is exploring options to comply with new export regulations while maintaining its competitive edge in the AI market [34][47].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report combines policy understanding with overseas market experience to propose a methodology for reconstructing the performance comparison benchmarks of active equity funds. It aims to design more suitable benchmarks for different investment - style active equity funds, considering the impact on holders, fund managers, and fund companies, and evaluates the results of the benchmark reconstruction [1][3][61]. 3. Summary According to the Directory 3.1 Performance Comparison Benchmark Selection Rules - **Impact on Stakeholders**: The "Action Plan for Promoting the High - Quality Development of Public Offering Funds" strengthens the role of performance comparison benchmarks. For holders, it affects fund - selection and fee levels; for fund managers, it impacts strategy adaptability, operation boundaries, and compensation; for fund companies, it influences compensation fairness and long - term stability [6][9]. - **Benchmark Selection Rules**: The report proposes three rules: benchmarks should be investable and market - recognized, effectively reflect the fund's Beta, and provide room for active excess returns. It also refers to some standards from overseas literature but adapts them to the domestic situation [3][13]. 3.2 Performance Comparison Benchmark Selection Process - **Index Candidate Pool Construction**: As of Q1 2025, 168 indices were selected into the candidate pool, covering A - shares, Hong Kong stocks, and various index types such as broad - based, SmartBeta, industry, and theme indices, based on investability and market recognition [3][17]. - **Active Equity Fund Pool Construction**: The target is non - pre - defined industry - theme and non - quantitative all - market stock - picking equity funds, with 3474 samples. The report also distinguishes post - hoc track funds and all - market funds [3][21]. - **Performance Comparison Benchmark Adaptability Evaluation**: Six indicators are designed: position overlap, industry deviation, style deviation, market risk consistency, excess return standard deviation, and excess return independence [3][24]. - **Performance Comparison Benchmark Reconstruction Plan**: The industry and style deviations are used as constraints, market risk consistency, excess return standard deviation, and excess return independence are used as optimization goals after appropriate transformation, and position overlap is used as an auxiliary tool to build an optimization model [3][32]. 3.3 Performance Comparison Benchmark Reconstruction Results Display - **Adaptability Evaluation of Reconstructed Benchmarks**: In the preferred pool, the number of funds with single - index, double - index, and triple - index benchmarks increases. Most funds show good performance in the six adaptability indicators [35][36][40]. - **Fund Return Performance Relative to the New Benchmark**: From 2022/6/30 - 2025/5/18, the excess return of funds in the preferred pool slightly increased after benchmark reconstruction. The annual excess return is more stable, and the fund returns are closer to the benchmark returns [50]. - **Display of Some Fund Samples after Benchmark Reconstruction**: The new benchmarks cover a wider range of indices and reflect more specific risk characteristics compared to the old benchmarks [55]. 3.4 Summary and Outlook The report provides a complete methodology for reconstructing performance comparison benchmarks for active equity funds. The reconstruction results are positive, but the model needs adjustment according to future regulatory details and practical factors [59][61][62].

Group 1 - The report focuses on the performance of actively managed equity funds in relation to their performance benchmarks, highlighting a significant underperformance with an average excess return of -7.17% over the past three years, and 48% of funds lagging their benchmarks by more than 10 percentage points [4][12][15] - A strong correlation exists between most funds and their benchmarks, with over 80% of funds having a correlation coefficient above 0.7, indicating a high degree of alignment in performance [4][20][22] - The report identifies 35 funds with a correlation coefficient below 0.1, suggesting a significant mismatch between the funds' investment strategies and their chosen benchmarks, often using fixed deposit rates as benchmarks [4][24][23] Group 2 - The report analyzes the difficulty of enhancing performance benchmarks for actively managed equity funds, utilizing a multi-factor and portfolio optimization model to assess various indices [25][36] - The results indicate that broad market indices like CSI 500 and CSI 1000 are easier to enhance for excess returns, while sector-specific indices show limited enhancement potential [4][36][38] - A comprehensive list of 19 stock selection factors is provided, covering various dimensions such as valuation, quality, growth, and momentum, which are used to construct enhanced portfolios [25][26][30]