Report Industry Investment Rating No information provided in the content. Core Viewpoints - Recent listing and expansion of Sci - tech Bond ETFs have catalyzed the rush to buy Sci - tech bonds, with the constituent bonds of Sci - tech Bond ETFs performing prominently. The report outlines new changes in the Sci - tech bond market and analyzes investment opportunities brought by the issuance of Sci - tech Bond ETFs [4]. - Sci - tech bonds refer to bonds issued by enterprises in the science and technology innovation field with funds mainly used for science and technology innovation, including Sci - tech Notes and Science and Technology Innovation Corporate Bonds. The core contents of the policy include expanding the issuer scope, introducing incremental funds, and optimizing issuance and trading systems [4]. - Since its launch, the issuance scale of Sci - tech bonds has been increasing, mainly issued by state - owned and central enterprises. As of July 23, the issuance amounts of industrial, financial, and urban investment Sci - tech bonds this year were 600.9 billion, 34.5 billion, and 53.6 billion respectively [4]. - The current outstanding balance of Sci - tech bonds exceeds 2 trillion yuan, accounting for 7% of all credit bonds. Outstanding Sci - tech bonds are mainly of medium - to - high grades and within 3 - year terms, and are mostly distributed in traditional industries. Thanks to the issuance of Sci - tech Bond ETFs, the yields of constituent bonds are significantly lower than those of green bonds and ordinary bonds of the same issuer [4]. Summary by Directory What is a Sci - tech Bond? - **Policy Changes**: Since 2017, relevant policies on Sci - tech bonds have been continuously optimized. In 2025, with the breakthrough of AI technology, the support for Sci - tech bonds in the bond market has been deepened. Policies such as the innovation of the "technology board" in the bond market and the introduction of risk - sharing tools are expected to promote the expansion of Sci - tech bonds [10]. - **"Five Articles" Policy Support**: In March - April this year, the "Five Articles" financial policy was improved, which has a large support for Sci - tech bonds. Measures include optimizing the statistical system, financial institution division of labor, product service system, and encouraging bond market financing [16]. - **Concept and Variety Analysis**: Sci - tech bonds mainly include Sci - tech Notes and Science and Technology Innovation Corporate Bonds. They have similar definitions but differences in issuer identification, use of funds, etc. [20]. - **Help for Private Enterprises**: The launch of Sci - tech bonds aims to guide funds to the science and technology innovation field, helping private and small - and - medium - sized science and technology enterprises to finance. Currently, 90% of Sci - tech bonds are issued by central and state - owned enterprises, while private enterprises account for less than 10%. Central and state - owned enterprises issuing Sci - tech bonds are mainly from traditional industries, while private enterprises are from technology - based industries [28]. Primary Market: Significant Increase in Sci - tech Bond Supply - **Continuous Expansion of Issuance Scale**: Since its launch, the issuance scale of Sci - tech bonds has been increasing. From 2022 - 2024, the issuance scales were 243.2 billion, 743.4 billion, and 1178.3 billion respectively, with an average annual compound growth rate of 120%. As of July 23, 2025, the cumulative issuance was 2858.3 billion yuan [31]. - **Recent Rush to Buy**: Since March this year, with strong policy support, the market's enthusiasm for subscription has increased. After March 6, the spread between the coupon rate and the lower limit of the bid rate of Sci - tech bonds has been significantly compressed by 54bp [35]. - **Issuer Perspective**: Sci - tech bonds are mainly issued by state - owned and central enterprises, accounting for 55% and 40% respectively. Industrial issuers account for 88% of the issuance scale, while urban investment issuers account for only 10% [38]. - **Industry Perspective**: The issuers of Sci - tech bonds are mostly from traditional industries, with the construction and decoration industry having the largest issuance scale. The issuance scale of technology - based industries such as communication, electronics, and computer needs to be improved. The urban investment platforms with high issuance amounts are industrial investment platforms [44]. Secondary Market: Seize Investment Opportunities from the Expansion of Sci - tech Bond ETFs - **Reasons for Institutional Buying**: Institutions' core motives for allocating Sci - tech bonds include capital gain advantages due to the decline in yields of constituent bonds with the expansion of Sci - tech Bond ETFs, the expectation of regulatory optimization of investment - end assessment, and the potentially lower default risk of Sci - tech bonds compared to ordinary corporate credit bonds [51]. - **Rapid Decline in Valuation**: In early July, the first batch of 10 Sci - tech Bond ETFs were quickly approved and listed, and the concentrated position - building of funds significantly compressed the yields of constituent bonds. For example, the valuation of the Sci - tech Bond ETF constituent bonds of China Power Investment Ronghe Leasing Co., Ltd. is about 10bp lower than that of other bonds of the same issuer [57]. - **Continuous Increase in Outstanding Balance**: As of July 23, 2025, the outstanding balance of Sci - tech bonds accounts for 6.87% of all credit bonds, an increase of 1.5% compared to the beginning of the year [64]. - **Characteristics of Outstanding Bonds**: There are currently 2011 outstanding Sci - tech bonds with an amount of 205.25 billion yuan. In terms of implicit ratings, medium - to - high - grade bonds account for 93%. In terms of remaining terms, bonds with a remaining term of less than 3 years account for 74% [68]. - **Valuation Distribution**: Industrial Sci - tech bonds are mainly distributed in industries such as construction and decoration, coal, and public utilities. High - valuation Sci - tech bonds are mainly in industries such as basic chemicals, power equipment, and pharmaceutical biology. Urban investment Sci - tech bonds are mainly concentrated in a few provinces, and the valuation in some economically weaker provinces is relatively high [74]. - **Bond Selection**: When selecting bonds, it is recommended to focus on issuers with relatively high Sci - tech bond valuations. A list of state - owned and central enterprise industrial issuers, urban investment platforms, and financial enterprises with an implicit rating of not less than AA and an outstanding Sci - tech bond balance of not less than 1 billion yuan is provided [76]. How to View Sci - tech Bond ETFs? - **Yield Comparison**: Since the issuance of Sci - tech Bond ETFs, their average yield is about 0.1%, slightly higher than the 0.08% of credit bond ETFs. The annualized yield range of Sci - tech bonds is approximately 2.8% - 5.5%, while that of credit bond ETFs is 2.4% - 4.2%. The yield of "Fuguo CSI AAA Science and Technology Innovation Corporate Bond ETF" is 3bp higher than the Sci - tech bond index [78]. - **Increased Trading Activity**: After the launch of Sci - tech Bond ETFs, the constituent bonds have been in high demand, and both liquidity and market performance have significantly improved. In July, the number of transactions of constituent bonds of Sci - tech Bond ETFs doubled compared to June. The valuation decline of constituent bonds of different terms is more than 3bp, significantly higher than that of non - constituent bonds [87][84]. - **Valuation Difference**: For most issuers, the valuation of constituent bonds of Sci - tech Bond ETFs is significantly lower than that of ordinary bonds. It is recommended to pay attention to issuers whose constituent bond valuations have not been significantly compressed, as there may be room for further compression in the future [88][89].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The report introduces commonly used Wind function modules and data in credit bond research, including primary and secondary market modules and relevant data processing methods [4]. 3. Summary by Directory 3.1 Wind Primary Market Module Introduction - **Querying Credit Bond Issuance and Maturity Details**: For non - financial credit bonds, select enterprise bonds, corporate bonds, medium - term notes, short - term financing bills, and private placement notes; for financial bonds, select financial bonds and deselect policy bank bonds. Conceptual sectors and enterprise nature can also be selected [11]. - **Querying Inter - bank Credit Bond Approval Progress**: Use the "Bond - Special Statistics - Primary Market - Issuance Registration - NAFMII Bond Registration Statistics - NAFMII Bond Registration Review Progress" path [12]. - **Querying Exchange Credit Bond Approval Progress**: Use the "Bond - Special Statistics - Primary Market - Issuance Registration - Corporate Bond Issuance Review Progress" and "Bond - Special Statistics - Primary Market - Issuance Registration - Enterprise Bond Issuance Review Progress" paths [13][14]. - **Statistical Credit Bond Raised Funds Usage**: Use the "Bond - Special Statistics - Credit Bond Raised Funds Allocation" path [15]. - **Finding Bonds Meeting Specific Conditions**: Use the "Bond - Multi - dimensional Data - Bond Screening" path and set conditional expressions [16]. 3.2 Wind Secondary Market Module Introduction - **Credit Bond Market Monitoring**: Use the "Bond - Bond Secondary Market - Transaction Statistics" path to display the most active bond information under the subject rating and remaining term [23][24]. - **Querying Credit Bond Inventory Details**: Use the "Bond - Market Overview - Inventory Statistics (by Bond Type)" path [25]. - **Distinguishing Broker Transactions and Platform Transactions**: Broker transactions involve brokers helping investors find trading counterparts, while platform transactions occur on CFETS or exchange platforms. Broker transaction data is suitable for constructing price indicators, and platform transaction data is suitable for constructing volume indicators [26][64]. - **Querying First - time Default Issuers**: Use the "Bond - Special Statistics - Credit Bond Research - Bond Default - Enterprise First - time Default Report" path and manually exclude issuers with previous default/extension situations [32][33]. - **Querying Default Bond Details**: Use the "Bond - Special Statistics - Credit Bond Research - Bond Default - Bond Default and Extension Summary" path and exclude duplicate bonds, exchangeable/convertible bonds, and cross - market bonds [34]. - **Exporting ChinaBond Index Market Performance**: Use the "Index - Index Analysis - Index Directory" path [36]. - **Constructing a Bond Portfolio**: Use the "Asset Management - Investment Research - Portfolio Management" path, including adjusting the starting cash amount and entering bond holdings and adjusting weights [37][38][39]. - **Tracking Bond Portfolio Performance**: Use the "Asset Management - Investment Research - Portfolio Management - Portfolio Report" path [40]. - **Conducting Attribution Analysis of Bond Portfolio Performance**: Use the "Asset Management - Investment Research - Portfolio Management - Performance Attribution" path [43]. 3.3 Credit Research Common Data Processing Methods - **Credit Bond Net Financing**: Export bond issuance and maturity details within a specific time range, divide bonds into industrial bonds and urban investment bonds based on the urban investment list, and calculate the net financing by subtracting the maturity amount from the issuance amount [49]. - **Credit Bond Primary Market Issuance Heat**: Refer to subscription multiples and the difference between coupon rate and bid - rate floor. Subscription multiples are calculated as the total bid (subscription) volume divided by the actual issuance amount, and bonds without relevant data should be excluded [50][54]. - **Credit Bond Issuance Approval Situation**: For urban investment bonds, refer to the completed registration scale and its proportion, and the number of feedbacks from the inter - bank market or exchange before listing [58]. - **Analyzing Credit Bond Valuation Distribution**: Export inventory credit bond details, match each urban investment bond to its corresponding province, divide the remaining exercise period into intervals, and use the SUMIFS function to calculate the weighted average valuation [59][60]. - **Observing Credit Bond Secondary Market Transactions**: Use both broker transaction data and platform transaction data. Broker transaction data is used for price indicators such as transaction deviation, transaction yield, and high - valuation transaction proportion; platform transaction data is used for volume indicators such as transaction term and turnover rate [64]. - **Volume Indicators**: Weighted transaction term is calculated based on platform data by excluding bonds with a remaining term of less than half a year and using transaction amount as the weight; transaction number is the sum of each bond's transaction numbers [65]. - **Price Indicators**: Transaction yield is calculated as the weighted average of transaction amounts; transaction deviation reflects the market's buying sentiment; high - valuation transaction proportion is the proportion of transactions with a yield 5bp higher than the valuation [71].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The intensity of anti-involution policies may be the biggest source of expectation divergence. In the short term, the bond market may remain weak, and the window for going long on bonds in the third quarter may be postponed. In the long term, anti-involution may help shorten the time required for a moderate recovery of inflation, and profound changes may be gradually occurring beneath the seemingly calm economic fundamentals [1][2][3]. - Compared with supply-side reform, the current anti-involution has a broader scope and can be seen as an upgraded version. It faces more complex supply-demand contradictions, a more challenging macro environment, and involves a wider range of industries [1][10]. - The market has different views on the ultimate intensity of anti-involution. Some investors believe that relying solely on supply-side anti-involution may not achieve policy goals due to weak demand, but it is unwise to underestimate the determination of the current anti-involution policies [2][18][19]. Summary by Directory 1. Fixed-income Perspective on the "Anti-involution Trading" Market - The anti-involution policy has driven the simultaneous rise of the equity and commodity markets, suppressing bond market sentiment and creating a seesaw effect between stocks/commodities and bonds. Understanding this policy is crucial for predicting the future bond market [10]. - The anti-involution policy has evolved from a framework to specific measures, triggering a "anti-involution trading" market in the commodity market. Compared with supply-side reform, anti-involution faces more complex supply-demand contradictions, a more challenging macro environment, and involves a wider range of industries [10][11][14]. - There are differences in investors' views on the ultimate intensity of anti-involution. Some think that the policy may fall short of expectations due to weak demand, but the current stage may just be the beginning of the policy implementation, and its intensity may exceed expectations. Moreover, demand-side issues should be viewed dialectically, and there is a possibility of positive feedback in the economy [2][18][19]. - In the short term, the bond market is likely to be influenced by the performance of the equity and commodity markets. The equity market has a bullish atmosphere, and the upcoming Sino-US-Sweden negotiations may boost the market. The commodity market may have a trend reversal, similar to the "924 market" in the equity market in 2024. The short-term bond market may be weak, and the window for going long may be postponed [3][22][23]. - In the long term, the impact of anti-involution on inflation needs further observation, but it may shorten the time for a moderate inflation recovery, and underlying changes may be taking place in the economic fundamentals [3][24].

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - The first International Low Altitude Economy Expo was held in Shanghai, showcasing nearly 300 leading companies in low altitude technology, including eVTOL and drones [1] - Major eVTOL manufacturers, such as Volant and EHang, secured significant strategic partnerships during the expo, indicating strong market interest and potential growth [1][2] - Volant signed a tripartite cooperation agreement with Pan Pacific and AVIC Engineering, resulting in a purchase order for 500 VE25-100 eVTOLs worth $1.75 billion, marking the largest international order for a Chinese high-grade passenger eVTOL [2] - Time Technology also secured a $1 billion order for 350 E20 eVTOLs from Autocraft, aimed at commercializing low-altitude tourism and air travel in the Middle East and North Africa [2] - The collaboration between the automotive industry and eVTOL development is highlighted, with companies like Wofei and EHang partnering with established automotive firms to enhance eVTOL cockpit design and systems [3] - Strategic agreements were made to establish low altitude infrastructure standards and develop application scenarios, aiming to create replicable low altitude economic demonstration models [3] Summary by Sections International Expo Highlights - The expo featured significant participation from leading low altitude economy companies, showcasing advancements in eVTOL and drone technologies [1] Market Demand and Orders - The demand for eVTOLs in Southeast Asia and the Middle East has exceeded expectations, with substantial orders indicating a robust market potential [2] Industry Collaboration - Partnerships between eVTOL manufacturers and automotive companies are fostering innovation and development in low altitude transportation [3] Investment Recommendations - Focus on high-value, high-barrier segments within the eVTOL market, including manufacturers like WanFeng Aowei and EHang, as well as component suppliers and low altitude infrastructure developers [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company successfully completed a private placement of shares, raising a total of 1.02 billion yuan by issuing 7.397 million shares at a price of 13.8 yuan per share, which will facilitate capacity expansion and ensure future performance release [1] - The company is positioned at the core of the special robotics sector, providing integrated optical reconnaissance solutions for unmanned platforms, with products expected to be showcased at the 2024 Zhuhai Airshow [2] - The defense sector is experiencing rapid information technology advancements, with increasing demand for precision-guided munitions, which the company is well-equipped to meet due to its strong technological capabilities in laser guidance systems [3] - The optical materials and components segment is witnessing a shift of the industry towards China, with the company's subsidiary holding a 30% market share in the domestic high-quality optical glass market [4] Financial Summary - Revenue projections for the company are expected to reach 2.3168 billion yuan in 2025, 3.0118 billion yuan in 2026, and 3.7918 billion yuan in 2027, with a compound annual growth rate (CAGR) of 28% from 2025 to 2027 [5] - The net profit attributable to the parent company is forecasted to be 0.86 billion yuan in 2025, 1.129 billion yuan in 2026, and 1.448 billion yuan in 2027, with a CAGR of 30% during the same period [5] - The company is projected to have a revenue of 1.297 billion yuan in 2024, reflecting a 41.1% decrease, followed by a significant recovery in 2025 with a growth of 78.6% [6]

Market Overview - On July 23, the Shanghai Composite Index rose by 0.01%, the CSI 300 increased by 0.02%, the STAR Market 50 gained 0.45%, the CSI 1000 fell by 0.45%, the ChiNext Index decreased by 0.01%, and the Hang Seng Index increased by 1.62% [3][4] - The best-performing industries on July 23 were non-bank financials (+1.29%), beauty and personal care (+0.59%), home appliances (+0.58%), banking (+0.4%), and environmental protection (+0.37%). The worst-performing industries were building materials (-2.27%), defense and military (-1.6%), machinery and equipment (-1.29%), electric power equipment (-1.2%), and social services (-1.19%) [3][4] - The total trading volume of the A-share market on July 23 was 1,898.371 billion yuan, with a net outflow of 1.32 billion Hong Kong dollars from southbound funds [3][4] Company Update: Focus Media (002027) - The report indicates that the advertising business of Focus Media is expected to remain stable in Q2 2025, driven by strong advertising demand from the home appliance, 3C digital, and internet sectors due to national subsidies and competition in food delivery [5][6] - Focus Media is actively advancing its digital business layout, collaborating with Alipay to develop the "Touch" digital media platform, which aims to diversify its customer base through internet channels. In H2, the company is expected to reach new traffic and small to medium-sized customers [5][6] - The company announced on July 22 the progress of its acquisition of New Wave, which is anticipated to enhance business synergy and profit potential in the future [5][6] Investment Opportunities - Short-term, the company is expected to benefit from a recovering consumer market and national subsidy policies, with a rebound in advertising demand from internet, home appliance, and 3C digital advertisers [5][6] - Mid-term, the collaboration with Alipay on the "Touch" platform is expected to bring new customer growth in Q4 2025 or 2026 [5][6] - Long-term, the planned acquisition of New Wave presents significant opportunities for business synergy and profit enhancement [5][6]

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Views - The textile and apparel industry is experiencing a divergence in brand performance, with manufacturing sentiment improving [2] - Retail growth in the apparel sector showed a slight deceleration in Q2, but there is potential for improvement in Q3 due to a lower base from the previous year [3] - Key players in the H-share market, such as Anta Sports and 361 Degrees, are expected to maintain double-digit revenue growth in H1 2025, while other brands like Xtep and Li Ning are projected to achieve single-digit revenue growth [5][8] - A-share brands are showing mixed performance, with some companies like Weigang Medical and Hailan Home benefiting from strong retail growth and product expansion [8] Summary by Sections Textile Manufacturing - Sentiment in textile manufacturing is improving, focusing on stable growth for oversold leaders [2] - Key recommendations include Shenzhou International, Crystal International, and Huayi Group, which are expected to show resilience in performance [2] Brand Apparel - The brand apparel sector is witnessing a split in performance, with some companies achieving growth despite retail environment pressures [8] - Notable performers include Weigang Medical, Hailan Home, and Luolai Life, which are expected to see significant revenue and profit growth in Q2 [8][9] Market Outlook - The outlook for the second half of the year emphasizes focusing on industry leaders with positive operational changes and attractive valuations, such as Hailan Home and Weigang Medical [9] - The Hong Kong market for sports and functional apparel is expected to remain resilient, with recommendations for brands like Anta Sports and Bosideng [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is positioned as a leading global cross-border payment service provider, uniquely holding the VATP license, and is expected to stand out in the wave of stablecoins disrupting the global cross-border payment landscape [1] - Stablecoins are rapidly reshaping the global cross-border payment system, driven by legislative advancements in the US and initiatives in China to promote the internationalization of the Renminbi [2][3] Summary by Sections Exceeding Expectations - Stablecoins are transforming the global cross-border payment system at an unprecedented speed and scale [2] - In the US, the new leadership is accelerating stablecoin legislation, prompting various stakeholders to expedite their involvement in stablecoin initiatives [2] - China aims to enhance the international influence of the Renminbi, with stablecoin implementation in cross-border payments being a key strategy [2] - Globally, countries are adopting diverse approaches to advance stablecoin payment scenarios, particularly in developing regions [2] Catalysts - The potential acceleration of the US "Genius Act" could enhance the development of USD stablecoins [3] - The Hong Kong stablecoin legislation is set to be implemented on August 1, with the first licenses expected to be issued within the year [3] - The increasing scale of Real World Assets (RWA) in Greater China is anticipated to drive demand for stablecoins [3] - The company's market capitalization has significantly increased, meeting the threshold for inclusion in the Hong Kong Stock Connect, which may enhance its prospects [3] Price Performance Analysis - Since coverage began at the end of May, the company's stock price has increased by 77% [4] - The current stock price reflects only part of the expectations, as the stablecoin market is broad and lacks clear core beneficiaries [4] - The company may benefit from increased capital inflows if it enters the Hong Kong Stock Connect [4] - As the thematic market matures, focus will shift to fundamental performance and actual realization, concentrating funds on core beneficiaries [4] Financial Forecast and Valuation - Without considering the incremental contribution from stablecoins, the company's revenue is projected to grow at a CAGR of over 30% from 2024 to 2027, with profit acceleration expected in 2026-2027 [5] - The current price corresponds to a PS ratio of 7.7x for this year and 5.7x for 2026, while global stablecoin-related companies are valued between 10-15x [5] - The target market capitalization is estimated at HK$23.6 billion, with a target price of HK$21.85, indicating a potential upside of 75.4% [11]

Investment Rating - The report assigns a "Buy" rating for the company [7][12][47] Core Views - The advertising demand from the home appliance, 3C, and internet sectors is expected to remain strong, driven by government subsidies and increased competition among delivery platforms [6][10][29] - The company is actively pursuing digital transformation through its partnership with Alipay to develop the "Touch and Go" interactive advertising technology, which is anticipated to enhance advertising efficiency and attract small and medium-sized clients [15][33][36] - The planned acquisition of New Wave Media for 8.3 billion yuan is expected to create significant business synergies and profit enhancement opportunities in the long term [40][41][45] Summary by Sections Advertising Demand and Market Trends - The advertising rotation duration is approximately 22.5 minutes, with 22 advertisers participating, and a total advertising duration of 1350 seconds [4][5] - The distribution of advertisers shows a significant structural characteristic, with 13 in daily consumer goods (59.1%), 3 in internet, home appliances, and 3C digital (13.6% each), and 2 in commercial services (9.1%) [4][5][6] - The internet advertising share has increased to 5 advertisers (22.7%), while the share of home appliances and 3C digital remains stable at 3 advertisers (13.6%) [5][6] Digital Transformation and New Initiatives - The "Touch and Go" initiative is expected to accelerate in the second half of 2025, enhancing consumer engagement and advertising conversion rates [15][36] - The interactive advertising model allows consumers to receive instant discounts while waiting for elevators, creating a closed-loop of advertising exposure and online conversion [33][36] Financial Projections and Valuation - The company forecasts stable performance in Q2 and Q3, benefiting from a recovering consumer market and government support, with expected net profits of 5.67 billion yuan, 6.30 billion yuan, and 6.82 billion yuan for 2025-2027 [12][45][46] - The estimated P/E ratios for 2025, 2026, and 2027 are 19x, 17x, and 16x respectively, with a target market value of 141.7 billion yuan based on a 25x valuation for 2025 [12][47]

Market Overview - The Shanghai Composite Index rose by 0.6%, the CSI 300 increased by 0.8%, the STAR 50 also went up by 0.8%, the CSI 1000 gained 0.4%, the ChiNext Index increased by 0.6%, and the Hang Seng Index rose by 0.5% [3][4] - The best-performing sectors on that day were coal (+6.2%), building materials (+4.5%), construction decoration (+3.4%), steel (+2.6%), and non-ferrous metals (+2.0%). The worst-performing sectors included banking (-1.0%), computers (-0.7%), telecommunications (-0.4%), electronics (-0.2%), and textiles and apparel (-0.2%) [3][4] - The total trading volume in the Shanghai and Shenzhen markets was 1,893 billion yuan, with a net inflow of 2.72 billion Hong Kong dollars from southbound funds [3][4] Industry Insights Alcohol Industry - The report analyzes the current adjustment period in the alcohol industry, comparing it with the previous adjustment period to summarize a counter-cyclical investment strategy [5] - Short-term impacts on consumption scenarios are more severe, while medium to long-term focus should be on the bottoming out of cycles and strategic choices of liquor companies across four dimensions [5] - Key investment opportunities are identified from now until the Mid-Autumn Festival and National Day, with recommendations for leading liquor companies such as Kweichow Moutai, Shanxi Fenjiu, and Luzhou Laojiao based on their financial performance and dividend yields [5] Social Services Industry - The report highlights ongoing competition in the local and e-commerce sectors, particularly in instant retail, with a focus on the acceleration of this market segment [6] - The report expresses optimism about the growth of instant retail, noting that Meituan has a significant advantage and is likely to maintain its leading position [6] - Investment opportunities are seen in the increasing penetration rates of instant retail and the rapid growth of multi-platform instant retail formats, with Meituan leading and Alibaba potentially emerging as a strong competitor [6]