Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Standing at the end of June and looking forward to July, investors' consensus on the bond market may have shifted to going long on long - term and ultra - long - term bonds. The increase in the proportion of bullish sentiment indicates a higher possibility of a stronger bond market. The capital market remains the core concern of investors, and their preference for medium - and low - grade and high - grade urban investment bonds has marginally weakened [1]. - Four mainstream expectations for the July bond market from investors are summarized based on the survey: the expected range of long - term Treasury yields is concentrated, showing a "ceiling and floor" state; the bullish sentiment in the bond market is rising, corresponding to the current relatively strong market; external factors may have limited impact on the macro - economy, and investors' overall expectation of the second - quarter economy has improved, with limited possibility of short - term monetary policy easing, while monetary policy and the capital market remain the core concerns; due to the front - running market in June, investors' consensus may have shifted to going long on long - term and ultra - long - term bonds, and the proportion of those bullish on ultra - long and long - term interest - rate bonds has increased significantly compared to the June survey [1]. 3. Summary by Relevant Catalog 3.1 Questionnaire Background - A bond market questionnaire "How to view the July bond market?" was released on June 24, 2025, targeting the main concerns of the June 2025 bond market. By 17:00 on June 25, 245 valid questionnaires were received, covering various institutional and individual investors [8]. 3.2 Expectations for Treasury Yields - **10 - year Treasury Yields**: 47% of investors think the lower limit of the 10 - year Treasury yield will fall within 1.55% - 1.60%, and 27% think it will fall within 1.50% - 1.55%. 68% believe the upper limit will not exceed 1.70%. The probability of the 10 - year Treasury rate breaking below 1.6% is increasing [10]. - **30 - year Treasury Yields**: Over 64% of investors think the lower limit of the 30 - year Treasury yield will fall within 1.80% - 1.90%, and about 45% think the upper limit will fall within 1.75% - 1.80%. Investors' expectation of continuous oscillation of the 30 - year Treasury yield has been strengthened [12]. 3.3 Economic Outlook - Regarding the second - quarter economic trend, 12% of investors are optimistic, 23% think it will be "year - on - year recovery, month - on - month in line with seasonality", 35% think it will be "year - on - year recovery, month - on - month weaker than seasonality", and 30% are relatively pessimistic. Overall, investors' expectation of the second - quarter economy has improved, and the proportion of pessimistic expectations has decreased from 39% to 30% [13][16]. 3.4 Monetary Policy Expectations - **降准**: 20% of investors think there will be no more reserve requirement ratio cuts this year, 50% think the next cut may be in the third quarter, and 25% think it will be postponed to the fourth quarter. - **降息**: 17% of investors think there will be no more interest rate cuts this year, nearly 50% think the next cut may be in the third quarter, and 33% think it will be postponed to the fourth quarter. The game around monetary policy may continue [17]. 3.5 Impact of Geopolitical Events - 67% of investors think the Israel - Iran conflict will have limited impact on the domestic bond market. Those who think it may have an impact mostly believe it may trigger a global risk - aversion sentiment, pushing funds into the gold and Treasury markets and lowering bond yields [18]. 3.6 Market Trend and Operation - **Market Trend**: 70% of investors think the bond market will strengthen in July, with 33% expecting a bull - steepening yield curve and 37% expecting a bull - flattening yield curve. Due to the front - running market in June, investors' consensus has shifted to going long on long - term and ultra - long - term bonds, and institutional investors' clustering may boost the market [23]. - **Operation**: 55% of investors think they should keep their positions stable, 14% think they should hold cash and wait for a callback to add positions, 11% think they can start adding positions, 16% think they should take profits and reduce positions, and about 4% think they should reduce duration to control risks [24]. 3.7 Preferred Bond Types - Ultra - long and long - term interest - rate bonds are the most favored by investors, while the preference for medium - and low - grade urban investment bonds has declined [26]. 3.8 Bond Pricing Logic - Monetary policy and the capital market are still the core concerns of bond investors. Investors' attention to institutional behavior games has increased, while their attention to the performance of the equity market has decreased marginally [29].

Investment Rating - The industry investment rating is "Positive" (maintained) [8] Core Viewpoints - The summer film season is expected to see a significant rebound in box office performance due to a low base effect from 2024, with a projected increase in ticket sales driven by high-quality content and a diverse lineup of films [13][22] - The interactive gaming and film sector shows immense potential, with low production costs and the ability to generate high returns, exemplified by the success of "Emotional Fraud Simulator," which quickly topped sales charts [3][24] - The report highlights the successful strategy of using Chinese actors and Mandarin dubbing for overseas platforms to circumvent domestic policy restrictions, opening new markets for content [2][22] Summary by Sections 1. Market Recovery Trends - The summer box office for 2025 has already surpassed 1 billion yuan as of June 19, indicating a strong start compared to the previous year [13] - The number of films scheduled for release in the summer season has increased to 94, with a notable rise in both quantity and quality [17] 2. Film Sector Insights - Key films scheduled for release include "Longan's Lychee" (July 25) with a projected box office of 5.5-12 billion yuan and "The Nameless" sequel (July 5) expected to earn 6-10 billion yuan [4][5] - The report predicts that headliner films will contribute 50%-60% of the total box office, with mid-tier and surprise hits filling the remaining share [5] 3. Television and Short Drama Market - The short drama segment has become a core revenue driver for companies like Zhangyue Technology, with a 189.99% year-on-year growth in related revenue [32] - The export of "Danmei" dramas is highlighted as a growing trend, with significant international viewership and engagement [22] 4. Interactive Film and Game Sector - The interactive gaming sector is characterized by low production costs and high potential for unexpected hits, with "Emotional Fraud Simulator" achieving rapid success [3][24] - Upcoming titles like "Emotional Fraud Simulator 2" are anticipated to capitalize on the current market momentum [25] 5. Investment Recommendations - Recommended companies in the film sector include Guomai Culture, Light Media, Alibaba Pictures, and Maoyan Entertainment, while the television sector highlights Zhangyue Technology and Huace Film & TV [6][26] - The interactive gaming sector suggests focusing on companies like Huanrui Century and Shanghai Film [6][36]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report highlights that the uranium production from China General Nuclear Power Corporation (CGN) is projected to have a compound annual growth rate (CAGR) of 6.88% from 2024 to 2027, indicating a robust growth outlook for the company [5] - The pricing mechanism for CGN's sales contracts has been updated, with the base price portion decreasing from 40% to 30% for the 2026-2028 period, while the base price remains significantly higher than previous levels, which is expected to enhance the company's performance [5] Summary by Sections Uranium Resource and Production - CGN's uranium equity resource amounts to 24,289 tons, with projected production for 2024 to 2027 as follows: 1,324 tons in 2024, 1,338 tons in 2025, 1,438 tons in 2026, and 1,617 tons in 2027 [4] - The average realized selling price for uranium is expected to rise from $75.04 per pound in 2024 to $85.42 per pound in 2027 [4] Pricing Mechanism - The base price for CGN's sales contracts is set at $94.22 per pound for the 2026-2028 period, which is significantly higher than the previous pricing levels [5] - The average spot price for uranium is projected to remain stable at around $80 per pound from 2024 to 2026 [4]

Market Overview - On June 25, the Shanghai Composite Index rose by 1.04%, the CSI 300 increased by 1.44%, the STAR 50 gained 1.73%, the CSI 1000 was up by 1.32%, the ChiNext Index surged by 3.11%, and the Hang Seng Index climbed by 1.23% [5] - The best-performing sectors on June 25 were non-bank financials (+4.46%), defense and military industry (+3.36%), computer sector (+2.99%), electric equipment (+1.66%), and retail (+1.57%). The worst-performing sectors included coal (-1%), oil and petrochemicals (-0.57%), transportation (-0.21%), beauty and personal care (+0.18%), and food and beverage (+0.25%) [5] - The total trading volume for the A-share market on June 25 was 16,395.06 billion, with a net inflow of 9.573 billion HKD from southbound funds [5] Key Insights Real Estate Sector - The core viewpoint emphasizes selecting the best quality real estate companies at the bottom of the cycle, highlighting the anti-cyclical nature of commercial operations and property management [6] - Market perception indicates ongoing downward risks in the real estate sector, with concerns over the growth potential of commercial operations and property management companies [6] - The report suggests that the continuous increase in second-hand housing transactions and the initial recovery of new housing prices indicate a potential market rebound, maintaining the stance of selecting high-quality real estate firms [6] - Key driving factors include the introduction of real estate stimulus policies such as interest rate cuts and support for urban village projects, alongside an unexpected recovery in market volume and prices [6] Precious Metals Sector - The main narrative for the long-term bull market in gold is driven by the decline of the US dollar's credit [7] - Historical analysis suggests that as long as crises persist, bull markets will continue [7] - Investment opportunities are identified in high-cost gold mines entering a profit release cycle, with recommendations to focus on companies like Shandong Gold (H+A shares), Chifeng Jilong Gold, and Tongguan Gold [8] - Catalysts for this sector include the ongoing decline of the US dollar's credit [8]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is advancing towards becoming a global leader in the engineering machinery sector, highlighted by the delivery of 100 units of fully electric unmanned mining trucks to Huaneng Yimin Open-pit Coal Mine [2] - The company has established a global framework agreement with mining giant BHP for the supply of mining equipment, indicating a significant expansion in its mining machinery footprint [2] - The mixed reform benefits are becoming evident, with a notable reduction in financing leasing obligations by 9.8% year-on-year [3] - The company aims to rank among the top three globally in the mining machinery sector, having been listed among the top five manufacturers of open-pit mining equipment for six consecutive years [3] - A commitment to shareholder returns is demonstrated through a planned dividend of 2.08 billion yuan for 2024 and a share buyback program totaling 3-6 billion yuan [3] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 1050 billion yuan, 1282 billion yuan, and 1542 billion yuan, reflecting year-on-year growth rates of 15%, 22%, and 20% respectively [4] - The net profit attributable to shareholders is forecasted to be 7.8 billion yuan, 9.8 billion yuan, and 11.9 billion yuan for the same period, with growth rates of 30%, 25%, and 21% respectively [4] - The company is expected to maintain a price-to-earnings (P/E) ratio of 12, 9, and 8 for 2025-2027 [4]

Group 1 - The core viewpoint of the report is that the real estate industry is expected to recover gradually, with a focus on strategic opportunities in the market despite current challenges [1][2] - The report highlights a decline in new housing sales, with a 2.8% year-on-year decrease in the total area sold from January to April 2025 [5][9] - The average sales price of new homes showed a slight decline of 0.8% year-on-year in the first five months of 2025, indicating a stabilization trend in pricing [6][9] Group 2 - The report indicates that the second-hand housing market remains resilient, with a 21.6% year-on-year increase in transaction volume for the first five months of 2025 in key cities [22][37] - The overall transaction volume for both new and second-hand homes combined increased by 5.5% year-on-year in the first five months of 2025, with second-hand homes accounting for 56.1% of total transactions [34][37] - The report notes that the land market is experiencing a mixed recovery, with a significant concentration of land sales in top-tier cities, where the land transfer fees have increased [43][44] Group 3 - The report outlines key policy directions, emphasizing the importance of central government initiatives aimed at stabilizing the real estate market, including measures for housing delivery and urban renewal [51][54] - The "good housing" initiative is highlighted as a key driver for improving sales premiums and absorption rates in the market [60] - The report discusses the ongoing efforts to acquire idle land through special bonds, with a total planned acquisition amount exceeding 430 billion yuan, which represents a significant portion of the national sales area [55][58]

Market Overview - On June 24, the Shanghai Composite Index rose by 1.15%, the CSI 300 increased by 1.2%, the STAR 50 gained 1.79%, the CSI 1000 was up by 1.92%, the ChiNext Index climbed 2.3%, and the Hang Seng Index increased by 2.06% [4][5] - The best-performing sectors on June 24 were electric equipment (+2.85%), non-bank financials (+2.68%), retail (+2.64%), automotive (+2.63%), and machinery (+2.43%). The worst-performing sectors were oil and petrochemicals (-2.1%), coal (-0.22%), defense and military (+0.13%), transportation (+0.26%), and utilities (+0.28%) [4][5] - The total trading volume for the A-share market on June 24 was 14,480.59 billion yuan, with a net inflow of 2.589 billion Hong Kong dollars from southbound funds [4][5] Key Insights - In the non-ferrous metals sector, supply disruptions are frequent, leading to strong price support. Factors such as large-scale power outages in Chile, declining ore grades, and maintenance in Indonesian mines have significantly reduced supply growth for the year. The overall supply growth rate is expected to be around 1.8%, with a notable decrease in annual supply growth [6] - The copper supply is projected to increase by approximately 420,000 tons in 2025, with a downward adjustment in production guidance from the Kamoa-Kakula mine due to operational interruptions [6] - The average cash cost of global copper mines in 2023 is estimated at 4,350 USD/ton, with a significant increase in costs over the past 20 years, indicating that copper prices are likely to remain above the 90% cost percentile [6] Industry Analysis - The quantum technology sector is witnessing significant advancements, with major companies outlining their quantum computing roadmaps, indicating the dawn of the quantum industry [8] - Investment opportunities in quantum communication are progressing rapidly, with a focus on key components in the upstream of the quantum computing industry [9] - Catalysts for investment include significant breakthroughs in quantum technology and updates to quantum computing roadmaps [9]

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for investment in the stock [6]. Core Viewpoints - Sanofi Bio is positioned as a leading domestic manufacturer in blood glucose monitoring products, leveraging cost-effectiveness and product advantages to capture market share, particularly in the continuous glucose monitoring (CGM) segment [1][25]. - The blood glucose monitoring (BGM) market is expected to grow at a CAGR of 9.1% from 2020 to 2030, driven by an increase in diabetes prevalence and improved health awareness [2][32]. - The CGM market is projected to grow at a CAGR of 34% from 2020 to 2030, with domestic products rapidly gaining market share due to their competitive pricing and technological advancements [4][53]. Summary by Sections Company Overview - Sanofi Bio focuses on blood glucose monitoring, with a significant market share in BGM and emerging growth in CGM products [25][26]. - The company has established a comprehensive product platform that includes BGM, CGM, and HbA1c testing [25]. BGM Market Analysis - The BGM market in China is expected to reach a scale of 110 billion yuan by 2030, with a compound annual growth rate (CAGR) of 9.1% [2][34]. - The market share of foreign brands in the BGM sector has decreased from over 90% to 40% in recent years, as domestic brands gain traction due to their cost advantages [2][33]. CGM Market Analysis - The CGM market is anticipated to reach 2.6 billion USD by 2030, with a CAGR of 34% [4][53]. - Sanofi Bio's CGM products have received regulatory approvals and are expected to leverage existing BGM channels for rapid market penetration [4][10]. Competitive Advantages - Sanofi Bio's products are characterized by high accuracy and competitive pricing, with MARD values of 8.71% for personal versions and 7.45% for hospital versions [5][57]. - The company has a well-established distribution network, covering over 3,800 hospitals and more than 220,000 pharmacies, which supports its market presence [3][46]. Financial Projections - Revenue forecasts for Sanofi Bio are projected to be 4.44 billion yuan in 2024, growing to 6.51 billion yuan by 2027, with a net profit increase from 326.29 million yuan to 604.37 million yuan over the same period [12][14].

Market Overview - On June 23, the Shanghai Composite Index rose by 0.65%, the CSI 300 increased by 0.29%, the STAR Market 50 gained 0.38%, the CSI 1000 climbed by 1.31%, the ChiNext Index went up by 0.39%, and the Hang Seng Index increased by 0.67% [4] - The best-performing sectors on June 23 were Computer (+2.25%), Defense and Military Industry (+1.97%), Coal (+1.68%), Banking (+1.22%), and Environmental Protection (+1.2%). The worst-performing sectors were Food and Beverage (-0.8%), Home Appliances (-0.43%), Steel (-0.11%), Utilities (+0.11%), and Communication (+0.19%) [4] - The total trading volume of the A-share market on June 23 was 1,146.9 billion yuan, with a net inflow of 7.895 billion Hong Kong dollars from southbound funds [4] Key Insights - The report focuses on the Media Internet sector, highlighting significant opportunities in the second half of 2025 [5] - Market attention is currently high, with notable performance in the gaming and film sectors, indicating a content recovery cycle. New business models like short dramas are experiencing rapid growth, and companies like Pop Mart are benefiting from consumer sentiment, leading to record stock prices [5] - The driving factors for the Media Internet sector include consumer stimulation, content recovery, and the rise of AI technologies, with a positive outlook for opportunities in this industry [5] - There is a more optimistic view on sectors such as gaming, film, trendy toys, and new energy vehicles, while suggesting a left-side layout in education [5]

Investment Rating - The report rates the quantum technology industry as "Positive" [1] Core Insights - Quantum computing aims to surpass traditional computing speeds for specific problems and eventually achieve universal quantum computing [3] - Quantum communication provides unconditional security through quantum key distribution, which has already reached initial commercialization [4] - Quantum precision measurement technologies are advancing, with market segments like quantum clocks and quantum gravity meters expected to exceed one billion dollars [5] Summary by Sections Quantum Computing - Quantum computing utilizes quantum bits (qubits) that can exist in superposition, allowing for parallel processing of multiple states simultaneously [16][22] - The main technical routes for quantum computers include ion traps, superconducting circuits, and photonic systems, each with its advantages and challenges [27] - The global landscape shows the U.S. leading in quantum computing, while China is making significant strides in midstream technology [29] Quantum Communication - Quantum key distribution (QKD) is a secure communication method that has achieved initial commercial viability, with a national quantum communication backbone network established in China [45] - Quantum teleportation, based on quantum entanglement, offers future possibilities for long-distance transmission of quantum states [48] Quantum Precision Measurement - Quantum precision measurement aims to achieve measurement accuracy beyond classical methods, leveraging quantum effects [54] - The market for quantum sensors, including quantum clocks and gravity meters, is projected to reach significant sizes by 2035, with expected revenues of $12 billion, $10.7 billion, and $10 billion respectively [71] - The industry is supported by advancements in quantum sensor technologies, with applications in various fields such as navigation, defense, and healthcare [73] Investment Opportunities - The quantum technology sector is still in its early stages, with investment opportunities in upstream components like lasers and dilution refrigerators, as well as in quantum communication network construction [6] - Key companies to watch include Quantum Computing Inc., D-Wave Quantum Inc., and various domestic firms in China [7]