Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the consumer goods sector, focusing on home appliances, electronics, IP toys, and logistics industries [1][2][3][4][5][12][15][17][23]. Key Points and Arguments Home Appliances - The impact of the suspension of national subsidies on the home appliance sector is limited, with actual funding support continuing [1][2]. - Midea has adopted aggressive pricing strategies to increase market share, leading to a recovery in the competitive landscape favoring leading brands [3][4]. - The white goods market has seen a shift, with leading brands like Haier and Gree maintaining stable market shares while some second-tier brands lose ground [3][4]. Black Goods (Television Market) - The black goods market is experiencing significant product structure upgrades, with a notable trend towards larger sizes and Mini LED technology [5]. - The average price of televisions has increased by over 10% from January to May 2025, resulting in improved profit margins for leading companies like Hisense and TCL [5]. Electronics and Consumer Products - Consumer trust and price anchoring effects are crucial in the electronics peripheral market, with consumers preferring higher-priced, reputable brands [7]. - Apple's strategy of selling charging accessories separately has created a price anchoring effect, benefiting leading brands like Ugreen and Anker [7]. IP Toys Industry - The IP toy industry showed remarkable performance during the 618 shopping festival, with a 31% year-on-year growth in related categories [8]. - Notable brands such as Pop Mart, Disney, and Sanrio dominated the market, with several merchants achieving sales exceeding 100 million yuan [9][10]. Logistics Industry - The logistics sector maintained stable growth during the 618 period, with SF Express leading in growth rates [12]. - The overall express delivery volume reached approximately 3.9 billion packages, with a year-on-year growth rate of about 17-18% [12]. - Price competition is becoming more pronounced, particularly in northern regions, while companies like Shentong maintain high growth despite lower price reductions [13][14]. Dairy Industry - The dairy industry is experiencing a phase of stable or slightly declining milk prices, with demand expected to stabilize in the second half of the year [15][16]. - Leading companies like Yili and New Dairy are focusing on high-end products, with Yili aiming for double-digit growth through effective channel cost savings [18][20]. - New Dairy has seen significant growth in low-temperature products, with potential for further expansion in sales volume [21]. Additional Important Insights - The overall consumer goods sector is adapting to changing market dynamics, with leading companies optimizing their strategies to capture market share and enhance profitability [23]. - The logistics sector is leveraging technology to optimize costs, which is crucial for maintaining profitability amid competitive pressures [14]. - The IP toy market's growth is driven by the increasing purchasing power of the Z generation, highlighting a shift in consumer behavior towards emotional value and branded products [11].

中信建投主要观点如下： 需求端：当前是2025年旺季来临下需求逐步走强的时刻，全年已经上修销量至1652万辆，预计2025年锂 电装机需求超过1899GWh，同比+28%，依然保持较高增速，比年初预期提升超80GWh；短期看，1-5 月电车销量561万辆，同比+44%；4月、5月受到美国政策扰动、国内强配取消呈现显著的波动，预计6 月电车销量138万辆，储能在5月国内见底后逐步企稳。 供给端：三年过剩周期结束，行业供需扭转开启，Q2涨价落地：根据供需比例，预计24Q4旺季部分紧 张的材料环节先行涨价，龙头企业涨价部分落地，25Q3起几乎亏钱的材料企业（铜箔、六氟磷酸锂、 磷酸铁锂、隔膜等）都有望进入盈利修复阶段。 智通财经APP获悉，中信建投证券发布研报称，电动车行业每年在终端旺季来临时有较强驱动，随着2- 4月行业终端数据逐步走强已上修全年预期。电动车方面，预计2025年国内电车销量1653万辆；美国尽 管受到IRA补贴预算停止、关税政策影响，1-5月销量仍有5%同比增长；欧洲九国1-4月同比+27%也表 现强势，为2025碳排放打好开局。 供给侧经历2年的价格下行当前已见底，根据中信建投的测算供需比例，预 ...

Group 1: Geopolitical Events Impacting Markets - Iran's parliament has voted to potentially close the Strait of Hormuz, a critical maritime route for global oil trade, which could impact approximately one-third of the world's seaborne oil trade [2] - U.S. Vice President Pence stated that closing the Strait would be detrimental to Iran's economy, emphasizing the strategic importance of this waterway [2] - Following U.S. airstrikes on Iranian nuclear facilities, tensions have escalated, with Iran's Revolutionary Guard threatening to retaliate against U.S. interests in the region [3][4] Group 2: Cross-Border Payment Innovations - The launch of the Cross-Border Payment System marks a significant step in enhancing the convenience of using the Renminbi in cross-border retail scenarios, promoting the internationalization of the currency [6] Group 3: Securities Market Developments - The China Securities Regulatory Commission (CSRC) is seeking public opinion on a revised classification evaluation system for securities companies, aiming to promote high-quality development and support differentiated growth for smaller firms [7] Group 4: Market Analysis and Investment Strategies - CITIC Securities recommends focusing on sectors like North American AI hardware supply chains and industries with good mid-year performance and reasonable valuations, such as wind power and gaming [9] - The analysis indicates that the Hong Kong stock market is currently under pressure, but opportunities may arise in electric vehicles, innovative pharmaceuticals, and new consumption sectors [11] - Huaxia Strategy emphasizes the importance of the "1+6" policy framework aimed at supporting technological innovation and enhancing the attractiveness of A-shares in the international market [14] - The outlook for A-shares remains optimistic, with expectations of a gradual upward trend supported by policy measures and market reforms [19][20]

Core Viewpoint - The issuance of science and technology bonds by securities firms has experienced explosive growth, with 30 institutions participating and total issuance exceeding 100 billion yuan since May 7, driven by policy support and the need for business transformation [1][3]. Group 1: Market Dynamics - The rapid approval of science and technology bonds by securities firms, particularly since June, has led to significant issuance, with major firms like CITIC Securities and Guotai Junan exceeding 10 billion yuan in issuance [3]. - The subscription rates for these bonds have been notably high, with instances of oversubscription, such as Dongfang Securities achieving a subscription multiple of 8.17 times [3]. Group 2: Characteristics of Securities Firms - Securities firms are characterized by flexible fund utilization, high market recognition, and lower issuance costs compared to other entities, making them more attractive to investors [3][4]. - The funds raised through these bonds are often directed towards specific equity investments in technology enterprises, addressing their funding needs during critical development phases [4]. Group 3: Comprehensive Service Model - Securities firms leverage their full-service capabilities, including underwriting and market-making, to enhance financing channels for technology enterprises, thereby reducing their overall financing costs and time [5]. - The integration of various financial services, such as equity, bonds, and funds, allows for comprehensive financial support tailored to the lifecycle of technology enterprises [5]. Group 4: Investor Participation - The investor base for science and technology bonds includes banks, funds, and insurance companies, with banks being the primary subscribers due to their large asset base and low funding costs [7]. - The introduction of science and technology bond ETFs has provided individual investors with access to this market, enhancing participation opportunities [7]. Group 5: Investment Considerations - Since May, the favorable policy environment has led to a significant issuance of high-quality science and technology bonds, with interest rates notably lower than those of ordinary credit bonds [7]. - Investors should be aware of the potential risks associated with mismatched durations between equity projects and bond terms, as most science and technology bonds have a typical duration of three years [7].

Core Insights - The Chinese pharmaceutical industry possesses advantages in population and domestic demand, manufacturing and supply chain, and rapidly improving innovation capabilities, while the number of Chinese assets going abroad continues to rise [1][2] - In the face of external challenges, the industry needs to focus on domestic stability and external expansion, emphasizing supply chain autonomy, innovation, and integration domestically, while accelerating internationalization to seize global opportunities [1][2] Domestic Focus - Policy outlook indicates that reforms are entering a deep-water zone, with high-quality growth becoming the norm; key areas of focus include optimization of drug and consumable procurement policies, diversified payment methods, and medical service price reforms by the second half of 2025 [3] - The pharmaceutical supply chain is undergoing optimization and active innovation transformation, with a focus on supply chain security [3] - There are positive prospects for import substitution and merger integration opportunities in medical devices, with attention to new technology directions such as AI and brain-machine interfaces [3] - The industry is observing a recovery rhythm and long-term transformation in traditional Chinese medicine, pharmacies, distribution, medical services, and vaccines [3] External Expansion - Chinese innovations in pharmaceuticals are gaining recognition on the international stage, with ongoing strengthening of industry trends [4] - The pharmaceutical upstream and life sciences sectors are actively exploring overseas markets to seek a second growth curve [4] - Short-term tariff disruptions in raw materials are limited, with a focus on industry transformation opportunities [4] - The trend of internationalization in medical devices is firmly supported, with attention to opportunities for independent sales and business development of certain innovative devices [4] - The introduction of immunoglobulin provides opportunities for blood products to go abroad, with ongoing progress in overseas registration [4] - The export of vaccines is becoming more diversified, with an expected acceleration in progress [4] Investment Outlook for Second Half of 2025 - The focus on innovation will center around innovative drugs and pharmaceutical companies (e.g., bispecific antibodies, T-cell engagers, nuclear medicine) and medical devices (e.g., AI, brain-machine interfaces) [5] - The export focus will highlight representative segments such as innovative drugs and medical device companies [5] - Marginal changes will be driven by policy improvements (including pharmaceutical distribution and medical equipment updates) and supply-demand relationship improvements in sectors like CXO, life sciences, and upstream biopharmaceuticals [5] - The integration focus will recommend attention to medical devices and traditional Chinese medicine sub-sectors, certain pharmaceutical companies, and state-owned enterprises [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不 對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 董事會對劉先生在任職期間為本公司發展做出的積極貢獻表示衷心感 謝 。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） (I) 非執行董事辭任； (II) 提名非執行董事； 及 (III) 委任董事會專門委員會委員 非執行董事辭任 中 信 建 投 証 券 股 份 有 限 公 司（「 本公司 」）董 事 會（「 董事會 」）謹 此 宣 佈 ， 非 執 行 董 事 劉 延 明 先 生（「 劉先生 」）因 工 作 原 因 ， 向 本 公 司 董 事 會 提 交 辭職報告，辭去本公司非執行董事、董事會發展戰略委員會委員職務。 辭任後，劉先生亦不在本公司及控股子公司擔任其他職務。 根 據《 中 華 人 民 共 和 國 公 司 法 》《 上 市 公 司 治 理 準 則 》《 證 券 公 司 治 理 準 則 》等 法 律 法 規 及《 中 信 建 投 証 券 股 份 有 限 公 司 章 程 》的 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） 海外監管公告 本 公 告 乃 中 信 建 投 証 券 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 上 海 證 券 交 易 所 網 站 刊 發 之《中 信 建 投 証 券 股 份 有 限 公 司 第 三 屆 董 事 會 第 十 五 次 會 議 決 議 公 告》，僅 供 參 閱。 承董事會命 中信建投証券股份有限公司 董事長 劉 成 中國北京 2025年6月20日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 劉 成 先 生 及 金 劍 華 先 生；本 公 司 非 執 行 董 事 為 李 岷 先 生、閆 小 雷 先 生、劉 延 明 先 生、楊 棟 先 生、 ...

证券代码：601066 证券简称：中信建投 公告编号：临2025-032号 中信建投证券股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中信建投证券股份有限公司（以下简称公司）第三届董事会第十五次会议于 议中心以现场结合通讯的方式召开。本次会议应出席董事 13 名；实际出席董事 闫小雷董事、王华董事、浦伟光董事、赖观荣董事、张峥董事、吴溪董事和郑伟 董事）。 在董事会审议前，本议案已经董事会薪酬与提名委员会审核通过。 （二）关于聘任高级管理人员的议案 表决结果：13票同意、0票反对、0票弃权，本议案获得通过，同意聘任武超 则女士担任公司执行委员会委员，任期自本次董事会审议通过之日起至公司第三 届董事会任期结束之日止。武超则女士的简历详见本公告附件。 二、董事会会议审议情况 （一）关于增补非执行董事及董事会专门委员会委员的议案 表决结果：13票同意、0票反对、0票弃权，本议案获得通过，并形成以下决 议： 同时提请股东大会授权董事会并由董事会转授权公司经营管理层办理与董事任 职相关的备案等事项 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：601066 证券简称：中信建投 公告编号：临2025-033号 中信建投证券股份有限公司 关于非执行董事辞任的公告 1 亦无任何与其辞任有关的事项需要通知公司股东及债权人。刘延明先生已按照其 适用的离任管理相关制度做好工作交接。 董事会对刘延明先生为中信建投证券发展作出的积极贡献表示衷心感谢。 特此公告。 中信建投证券股份有限公司董事会 一、董事离任基本情况 中信建投证券股份有限公司（以下简称中信建投证券或公司）非执行董事刘 延明先生因工作原因，向董事会提交辞职报告，辞去公司非执行董事、董事会发 展战略委员会委员职务。辞任后，刘延明先生亦不在公司及控股子公司担任其他 职务。 根据《中华人民共和国公司法》《上市公司治理准则》《证券公司治理准则》 等法律法规及《中信建投证券股份有限公司章程》的相关规定，刘延明先生的辞 任不会导致董事会成员人数低于法定最低人数，上述辞任自公司股东大会选举产 生新任非执行董事之日起生效。 | | | | | | | | | 是否继续在 | 是 ...

中信建投证券股份有限公司 第三届董事会第十五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中信建投证券股份有限公司（以下简称公司）第三届董事会第十五次会议于 2025 年 6 月 6 日以书面方式发出会议通知，于 2025 年 6 月 20 日在公司总部会 议中心以现场结合通讯的方式召开。本次会议应出席董事 13 名；实际出席董事 13 名，其中现场出席的董事 5 名，以电话方式出席的董事 8 名（李岷副董事长、 闫小雷董事、王华董事、浦伟光董事、赖观荣董事、张峥董事、吴溪董事和郑伟 董事）。 本次会议由董事长刘成先生主持，公司监事与相关高级管理人员列席会议。 会议召开和表决情况符合法律、法规、股票上市地证券交易所上市规则及《中信 建投证券股份有限公司章程》《中信建投证券股份有限公司董事会议事规则》的 相关规定。 证券代码：601066 证券简称：中信建投 公告编号：临2025-032号 1、同意提请股东大会审议关于选举王广龙先生担任公司非执行董事的议案， 同时提请股东大会授权董事会并 ...