Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest institutional research in the past 30 days include Anpeilong, Huichuan Technology, Dazhu Laser, Sichuang Electronics, Yidao Information, and Zhongkong Technology [11][12] - In the last five days, the most researched companies include Zhongwen Online, Sichuang Electronics, Boshi Jie, Jushen Co., and Yidao Information [11][13] - Among the top twenty companies in the past 30 days, four companies had ten or more rating agencies involved: Anpeilong, Huichuan Technology, Dazhu Laser, and Sichuang Electronics [11][12] - Dazhu Laser is expected to see significant growth in net profit attributable to shareholders in 2024 compared to 2023 [11] Group 2: Major Shareholder Increase in A-Share Companies - From June 9 to June 13, 2025, five companies announced significant shareholder increases, with two having ten or more rating agencies [14] - Longjing Environmental Protection is highlighted as a company where the average proposed increase amount exceeds 1% of the latest market value [14] Group 3: A-Share Company Buyback Situation - From June 9 to June 13, 2025, a total of 98 companies announced buyback progress, with three companies having an average expected buyback amount exceeding 1% of the market value on the proposal date [17] - Companies in the board proposal stage include Longbai Group, Mosi Co., and Ruoyuchen [17] Group 4: Year-to-Date Shareholder Increase and Buyback Situation - From January 1 to June 13, 2025, 222 companies announced significant shareholder increases, with 63 having ten or more rating agencies [15] - Among these, 21 companies had an average proposed increase amount exceeding 1% of the latest market value, including Xianhe Co., Hubei Yihua, Xinji Energy, Tunnel Co., and Sailun Tire [15] - In the same period, 1,517 companies announced buyback progress, with 337 having ten or more rating agencies involved [18] - 99 companies had a significant buyback ratio, with several in the board proposal stage, including Trina Solar, Longbai Group, and Mosi Co. [18]

Investment Highlights - The report indicates a slight decrease in the Consumer Price Index (CPI) in May, with a year-on-year decline of 0.1%, while the core CPI increased by 0.6%, reflecting a 0.1 percentage point rise from the previous month [11][13] - The Producer Price Index (PPI) also showed a month-on-month decline of 0.4% and a year-on-year decrease of 3.3%, with the latter's decline widening by 0.6 percentage points compared to the previous month [11][12] - The report highlights that the decrease in CPI is primarily influenced by a 1.7% drop in energy prices, which accounted for nearly 70% of the total decline [12][13] Trade and Export Analysis - In the first five months of 2025, China's total trade value reached 17.94 trillion yuan, marking a 2.5% year-on-year increase, with exports growing by 7.2% to 10.67 trillion yuan [18][19] - Exports to ASEAN increased by 13.5%, while exports to the US fell by 8.7%, indicating a shift in trade dynamics [20][21] - The report notes that private enterprises accounted for 57.1% of total foreign trade, with a 7% increase in their trade value [21][22] Industry Insights - The rare earth industry is highlighted as having significant growth potential, driven by increasing demand in sectors such as photovoltaic systems and electric vehicles [30][31] - China's rare earth reserves are the largest globally, with a 48% share of total reserves, and the country is expected to produce 69% of the world's rare earths in 2024 [31] - The report emphasizes the strategic importance of rare earths in military applications, with an estimated annual consumption of 30,000 to 50,000 tons in the defense sector [30][31] Market Overview - The report presents a mixed performance among major domestic stock indices, with the Shanghai Composite Index and Shenzhen Component Index showing declines of 0.2% and 0.6% respectively [32][33] - The report also provides a detailed breakdown of sector performance, indicating that the rare earth sector has seen a notable increase of 13.07% [36] - The overall trading volume in the market is analyzed, with significant fluctuations noted in the past week [38]

Investment Rating - The industry investment rating is "Positive" [4] Core Insights - Strong downstream demand and significant strategic position of rare earths in China [1][2] - China's rare earth reserves and production lead globally, with 48% of the world's reserves and 69% of the global production in 2024 [3][21] - The rapid growth of the electric vehicle market in China is expected to increase the demand for high-performance neodymium-iron-boron materials [15] - The military sector's demand for rare earths is projected to grow due to geopolitical uncertainties, with an estimated annual consumption of 30,000 to 50,000 tons of rare earth oxides [2][17] Summary by Sections Downstream Applications and Market Demand - Rare earths are widely used across various sectors, including power, new energy, semiconductors, and defense [5] - The global photovoltaic market is expected to see significant growth, with new installations projected to reach 480.7 GW in 2024 and 589.7 GW in 2025, leading to increased demand for iron-silicon alloy soft magnets [11][12] - The wind power sector is also a major consumer of permanent magnet materials, with global installations expected to continue growing [8][10] China's Dominance in the Rare Earth Industry - China holds the largest share of global rare earth reserves and production, with 4.4 million tons of reserves and 270,000 tons of production in 2024 [18][21] - The concentration of global rare earth resources is high, with China accounting for a significant portion of the supply chain [18][21] Key Investment Targets - Northern Rare Earth is identified as a leading company in the industry, benefiting from the expansion of rare earth demand [24] - Shenghe Resources focuses on rare earth products and is well-positioned to capitalize on the growth in sectors such as defense and new energy [25]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest institutional research in the last 30 days include Anpeilong, Huichuan Technology, Dazhu Laser, Zhou Dashing, Zhongkong Technology, Huace Detection, Sidik, and Mankalon [10][11] - In the last 5 days, the most researched companies include Changhong Meiling, Ningbo Bank, Guomai Technology, Boshi Jie, Yap Group, and Weisheng Information [10][12] - Among the top twenty companies in the last 30 days, six companies had ten or more rating agencies involved, namely Anpeilong, Huichuan Technology, Dazhu Laser, Zhou Dashing, Zhongkong Technology, and Huace Detection [10][11] Group 2: Shareholder Increase and Buyback Strategies - From June 2 to June 6, 2025, no listed companies announced significant shareholder increases [13] - From January 1 to June 6, 2025, a total of 297 companies announced shareholder increases, with 217 having ten or more rating agencies involved [13][14] - Companies to watch for significant shareholder increases include Xinjie Energy, Hubei Yihua, Tunnel Shares, Sailun Tires, and Wanrun Shares [13][14] Group 3: Company Buyback Situations - From June 2 to June 6, 2025, 232 companies announced buyback progress, with 24 companies expected to have buyback amounts exceeding 1% of their market value [17][18] - Companies in the board proposal stage include Jiayi Shares, while Midea Group's buyback plan has been approved by the shareholders' meeting [17][18] - From January 1 to June 6, 2025, a total of 1,507 companies announced buyback progress, with 99 companies expected to have buyback amounts exceeding 1% of their market value [19][20] Group 4: Institutional Fund Flows - For the week of June 2 to June 6, 2025, industries such as media, electric equipment, electronics, textile and apparel, steel, public utilities, basic chemicals, computers, building materials, transportation, coal, social services, communications, and non-ferrous metals received net inflows from institutional funds [24] - In the last 30 days, industries such as textile and apparel, building decoration, building materials, transportation, beauty care, light manufacturing, and comprehensive sectors also received net inflows from institutional funds [25]

证券研究报告/行业研究 生物医药行业企稳复苏，创新成为驱动行业增长新动能 ——创新药行业动态追踪 投资要点 ➢ 生物医药产业结构性升级，创新成为发展新动能 中国在研管线数量2014年来持续增加，据Pharmaprojects统计，2014年中 国在研管线数量为701个，至2024年已增至6,119个，复合增速高达24%，在 研管线数量的全球占比由2014年的6%增至2024年的27%，得益于中国医药 企业持续的研发投入，管线的深度和广度不断扩展，中国药物出海（license- out）及在海外成立New-co势头迅猛，创新逐渐转变为支撑中国生物医药产 业发展的新动能。 据医药魔方相关数据显示，中国医药市场结构仍以仿制药为主，2023年仿制 药占中国医药市场结构的65%左右，创新药占比较低，有极大的提升空间。 从创新药上市数量来看，2019年来中国创新药上市数量整体而言不断增加， 且国产创新药占比呈上升趋势，反映出中国医药生物企业创新能力不断增强， 处于行业新旧动能切换，由仿制到创新的过渡阶段，创新驱动特征逐渐显现。 ➢ 出海进程提速，海外市场带来业绩增量 中国创新药出海取得了重大成果，交易数量和交易金额呈现爆 ...

证券研究报告/行业研究 MCP 协议加速 AI Agent 生态繁荣 ——人工智能行业专题研究 投资要点 ➢ AI Agent 是AI 发展的第三阶段 2024 年 11 月，Anthropic 发布 Model Context Protocol（MCP），自推 出以来，MCP 迅速成为 AI 原生应用的重要基础设施。MCP 协议如同 AI 应 用的 USB-C 端口，其最关键的设计理念是将"工具调用"与"上下文感知" 统一纳入一个协议框架，使得模型与外部世界之间的交互不仅更自然、更精 准，还可以跨模型平台共用。MCP 协议正在成为 AI 领域连接大模型与外部 世界的核心基础设施，提升了 AI 模型与外部服务的兼容性。预计未来 MCP 协议+Agentic-based 决策路径或将成为主流。 ➢ 科技巨头积极布局AI Agent 产品 从字节和阿里等科技公司近期的动向来看，AI Agent 或成为今年科技公司 布局 AI 的重要主线。整体来看，AI Agent 产业在 2024 年第四季度至 2025 年初呈现快速迭代态势，并逐渐从技术竞争转向生态价值重构。AI Agent 领 域的发展还呈现出明显的结构性分 ...

Investment Rating - The investment rating for the industry is "Positive" [5] Core Insights - AI Agents represent the third stage of AI development, transitioning from simple Q&A and content generation to becoming true "executors" capable of completing actual work tasks independently by 2025 [1][15] - The Model Context Protocol (MCP) is redefining the paradigm for AI Agents, serving as a crucial infrastructure that enhances the interaction between AI models and external services, making it more natural and precise [2][20] - Major tech companies are actively investing in AI Agent products, indicating a shift from technical competition to ecological value reconstruction in the AI Agent industry [2][34] Summary by Sections MCP Protocol Restructuring AI Agent Paradigm - AI Agents are identified as the third stage of AI development, with capabilities to represent users in actions [1][8] - The MCP protocol standardizes tool interfaces, allowing for seamless data interaction and decision execution across platforms [17][20] Acceleration of AI Agent Applications - Tech giants are rapidly deploying AI Agent products, with a noticeable shift towards ecological value reconstruction [34] - The market shows a strong preference for general-purpose AI Agents, with significant funding differences compared to vertical industry-focused agents [37] Investment Recommendations - The MCP protocol is likened to the "HTTP protocol" of the AI era, marking a transition to a standardized era of AI development [3][44] - Recommended companies to focus on include: Yonyou Network (commercial platform), Kingsoft Office (office solutions), iFlytek, and Wankong Technology (AIGC) [3][44] Industry Key Company Profit Forecasts - Profit forecasts for key companies indicate a positive outlook, with expected net profits for Yonyou Network, Kingsoft Office, iFlytek, and Wankong Technology showing growth from 2025 to 2027 [45]

证券研究报告/投资策略 机构调研、股东增持与公司回购策略周报（20250526-20250530） 投资要点 ➢ 机构调研热门公司梳理 近30天机构调研数前二十的热门公司有大族激光、周大生、曼卡龙、斯迪克、汇 川技术等。近5天机构调研数前二十的热门公司有大族激光、三友联众、周大生、 能辉科技、斯迪克等。近30天机构调研数前二十的热门公司中评级机构家数大于 或等于10家的有3家，分别为周大生、汇川技术和深南电路。深南电路、台华新 材、大族激光2024年归母净利润相较2023年实现较大增长。 ➢ 本周A股上市公司重要股东增持情况 2025年5月26日至2025年5月30日，发布重要股东增持进展情况公告的公司共计 2家，分别为中国黄金和新华医疗，拟增持金额上下限均值占最新公告日市值比 例分别为1.76%和1.61%。 ➢ 本周A股上市公司回购情况 ➢ 2025/01/01-2025/05/30部分上市公司回购情况 2025年1月1日至5月30日，共计1491家公司发布回购进展情况公告，评级机 构家数大于10家（含10家）的共329家公司，其中回购比例较大，预计回购 金额上下限均值占预案日市值比例大于1%的有99家， ...

投资要点 ➢ ➢ ➢ ➢ 0 100 200 300 400 500 600 700 0 1000 2000 3000 4000 5000 2023-03 2024-03 2025-03 成交额(亿元) 收盘价 请阅读最后评级说明和重要声明 7d 源达 目录 | 一、资讯要闻及点评……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 | | --- | | 二、周观点 | | 三、市场概览 . .. | | 7 1.主要指数表现 | | ２.申万一级行业涨跌幅… | | 3.两市交易额 | | 4.本周热点板块涨跌幅 | | 四、投资建议 10 | 图表目录 | 图 1：我国贷款市场报价利率 | | --- | | 图 2：2025 年 4 月 70 个大中城市新建商品住宅销售价格指数… | | 图 3： 2025 年 4 月 70 个大中城市二手住宅销售价格指数 | | 图 4： 申万一级行业涨跌幅情况 | | 图 5：两市成交额情况 . | ...

投资要点 ➢ ➢ ➢ ➢ 0 100 200 300 400 500 600 700 0 1000 2000 3000 4000 5000 2023-03 2024-03 2025-03 成交额(亿元) 收盘价 请阅读最后评级说明和重要声明 7d 源达 目录 | 一、资讯要闻及点评………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 | | --- | | 二、周观点 | | 三、市场概览 … | | 7 1.主要指数表现 | | ２.申万一级行业涨跌幅… | | .. 3.两市交易额 | | 4.本周热点板块涨跌幅 9 | | 四、投资建议 10 | 图表目录 | 1：我国贷款市场报价利率 | | --- | | 2：2025年 4 月 70 个大中城市新建商品住宅销售价格指数… | | 3：2025年４月７0 个大中城市二手住宅销售价格指数 | | 4： 申万一级行业涨跌幅情况 … | | 5:两市成交额情况 | | 6: 本周热点板块涨跌幅 ...