Key Insights - The July Politburo meeting emphasized the need to consolidate the economic recovery while addressing prominent issues such as boosting consumption and breaking the cycle of internal competition, which is crucial for promoting domestic and international dual circulation [2][3] - The meeting highlighted the importance of accelerating the cultivation of emerging pillar industries and advancing high-quality urban renewal, avoiding the old path of debt-driven growth [2][3] - The upcoming 14th Central Committee meeting in October will focus on drafting the 15th Five-Year Plan, which is seen as pivotal for achieving the long-term goal of socialist modernization [2][11] Macroeconomic Analysis - The meeting acknowledged the strong performance of the economy in the first half of the year, with GDP growth reaching 5.3%, and emphasized the need for a bottom-line thinking approach to safeguard employment and livelihoods [3][4] - The macroeconomic policy is set to maintain continuity and stability while enhancing flexibility and foresight, indicating that supportive policies will continue to be implemented [13][20] - The focus on fiscal policy will be on timely and effective implementation, with an emphasis on increasing the efficiency of fund usage and accelerating the issuance of government bonds [4][19] Real Estate Sector - The importance of urban renewal was reiterated, with a focus on high-quality implementation in line with the Central Urban Work Conference's spirit [26][28] - The transition of urbanization from rapid growth to stable development is expected to enhance the role of urban renewal as a key driver for improving living conditions and urban quality [27][28] - The potential for city renovation projects, particularly in urban villages and dilapidated housing, is anticipated to stimulate housing demand and improve the overall real estate market [27][28] Investment Strategy - The A-share market is expected to experience a gradual rise amid increasing volatility, driven by favorable policies, moderate economic recovery, and the upcoming mid-year performance reports [31][32] - Investment recommendations include focusing on sectors such as technology, consumption, and cyclical stocks, particularly those with strong value propositions [31][32] - The emphasis on new quality productivity and the potential for structural reforms in the economy are seen as key areas for investment opportunities [31][32]

中国银河（601881）证券表示，在政策效果逐渐展现的基础上，房地产行业估值或迎来整体修复，头部 房企或凭借融资成本较低和核心区域高市占率的优势实现运营改善，并通过估值修复实现整体的β机 会。 ...

Core Viewpoint - The event "AI Creates Everything · Quantitative Leads the Future" organized by China Galaxy Securities and DolphinDB focuses on the development of the private equity industry and the integration of quantitative technology with financial services, aiming to enhance collaboration between private equity firms and technology companies [1][2]. Group 1: Private Equity Industry Development - The "Starry Navigation Plan" is designed to empower the private equity industry and technology enterprises, promoting collaboration and openness as key drivers for the evolution of quantitative investment [1][2]. - The plan aims to create a "professional, compliant, and warm" private equity service ecosystem, enhancing the capabilities of managers in operational management, strategy trading, and research support [2]. - The initiative includes the establishment of the Starry Manager Club and a recognition system to provide comprehensive services such as product configuration, distribution, strategy incubation, and honor empowerment for private equity institutions [2]. Group 2: Technological Advancements - The event highlighted the transition in the quantitative industry from "tool competition" to "cognitive upgrading," emphasizing the need for managers to provide value-added services beyond products [2]. - The "Qirui Strategy Center" platform developed by China Galaxy Securities offers a full-chain research and trading support service for quantitative managers, featuring high-quality data sources and advanced functionalities [3]. - The platform operates 24/7, providing a high-fidelity environment for strategy development and execution, significantly improving efficiency and speed [3]. Group 3: Compliance and Risk Management - Sanchefa Technology provides comprehensive compliance and risk management services for private equity institutions, including regulatory interpretation and training [4]. - The integration of resources under the "Starry Navigation Plan" aims to enhance the service capabilities of selected private equity managers [4]. - China Galaxy Securities plans to continue collaborating with partners to support the long-term and stable development of the private equity industry in a complex market environment [4].

7月30日召开的中共中央政治局会议提出，增强国内资本市场的吸引力和包容性，巩固资本市场回稳向 好势头。中国银河（601881）证券首席经济学家章俊表示，今年上半年，监管部门在资产端和资金端同 步发力，资本市场的内生质量与配置效率均出现积极改善。"下半年，围绕资产端和资金端的系统性改 革有望进一步增强资本市场的投资吸引力，优化其对内在价值发现机制，提升中长期资本配置效 率。"他说。章俊认为，推动"并购六条"落地和重大资产重组规则优化，将促使资源加速向优质企业聚 集，强化上市公司之间的市场化优胜劣汰。加快构建财务造假综合惩防体系也将提升信息披露透明度和 治理约束效能，市场定价逻辑将更具合理性和稳定性。同时，持续推动中长期资金入市、公募基金改 革、畅通私募股权"募投管退"循环，有助于夯实市场流动性基础，提升投资行为的长期性和理性化，形 成更具韧性的资金生态结构。在章俊看来，尤其是壮大耐心资本，将为科技创新类企业提供稳定支持， 进一步稳固市场服务实体经济的功能定位。(上证报) ...

Core Viewpoint - The report highlights Haida Group's strong performance in H1 2025, with a significant increase in feed sales and revenue growth, leading to a "buy" rating for the company [1][2]. Financial Performance - In H1 2025, Haida Group reported revenue of 58.831 billion yuan, a year-on-year increase of 12.5%, with contributions from feed, agricultural products, raw material trading, and animal health products [2]. - The net profit attributable to shareholders was 2.639 billion yuan, up 24.16% year-on-year, while the net profit after deducting non-recurring items was 2.654 billion yuan, reflecting a 30.57% increase [2]. - In Q2 2025, revenue reached 33.202 billion yuan, a 14% increase year-on-year, with a net profit of 1.356 billion yuan, up 7.26% [2]. Feed Sales and Growth - Total feed sales in H1 2025 increased by 25% year-on-year, reaching 14.7 million tons, with internal consumption at 1.05 million tons (up 7%) and external sales at 13.65 million tons (up 26%) [3]. - The feed business generated revenue of 47.139 billion yuan, accounting for 80.13% of total revenue, with a gross margin of 9.79% [3]. - The company aims for a total feed sales target of 51.5 million tons by 2030, with a mid-term goal of 7.2 million tons in overseas markets [3]. Agricultural Products and Livestock - Agricultural product sales reached 9.735 billion yuan in H1 2025, a 15.59% increase, with a gross margin of 20.26% [4]. - The company is adopting a light-asset and risk-controlled breeding model, leading to significant profitability in pig farming [4]. - The company is also focusing on specialized aquaculture, particularly shrimp farming, to enhance competitive advantages [4]. Investment Outlook - Haida Group is positioned as a leading player in the feed industry, with significant growth in production capacity and stable growth across its value chain, including animal health and breeding [5]. - EPS forecasts for 2025 and 2026 are 2.96 yuan and 3.43 yuan, respectively, with corresponding PE ratios of 19 times and 16 times [5].

Group 1: Market Overview - The current market is active, but the home appliance sector lacks imagination and is relatively stagnant, with investment opportunities arising from leading companies' competitive advantages and stable domestic sales patterns [1] - As of July 25, the home appliance index SW increased by 3.07%, but the market value share of the home appliance sector decreased in Q2 2025 due to concerns over the effectiveness of the "old-for-new" policy and declining export data [1][2] Group 2: Policy and Retail Trends - The central government allocated 300 billion yuan for a consumption upgrade program, with 162 billion yuan already distributed, but a policy gap emerged in June, leading to a forecasted slowdown in retail growth for home appliances starting in July [2] - The expected retail growth slowdown is compounded by high base effects from last year's subsidies, with production data indicating varying performance across major appliances [2] Group 3: Product Performance - The air conditioning sector benefited from hot weather, with June sales reaching 12.31 million units, a year-on-year increase of 16.5%, although this was below expectations [3] - The average price of air conditioners began to recover post-618 shopping festival, with a 0.7% increase in offline prices and a 15.6% increase in online prices in late July [3] Group 4: Export Dynamics - Home appliance exports have been negatively impacted, with April, May, and June showing year-on-year declines of 2.7%, 8.8%, and 9.0% respectively, reflecting the effects of US-China trade tensions [6] - Companies with production capacity in Southeast Asia are gaining competitive advantages, while others face challenges in shifting production away from the US market [6][7] Group 5: Company-Specific Insights - TCL Electronics is expected to see a significant increase in mid-year profits, with a projected net profit of 950 to 1,080 million HKD, reflecting a year-on-year growth of 45-65% [4] - Ecovacs has exceeded performance expectations in the cleaning appliance sector, while DJI is set to launch a new robot vacuum, although its market performance remains uncertain [5]

盘面上，煤炭、油气股活跃，影视院线、军工电子、稀土永磁板块小幅走高；医药股集体回调；婴童概 念跌幅居前。 09:29 煤炭板块多数高开，陕西黑猫、郑州煤电涨超2%，潞安环能涨超1%，中国神华、山煤国际等跟 涨。 09:25 A股开盘丨三大股指集体低开 上证指数跌0.04%，深证成指跌0.23%，创业板指跌0.45%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 1 | 3608.35c | -1.36 | -0.04% | | 399001 | 深证成指 | W | 11262.98 c | -26.43 | -0.23% | | 399006 | 创业板指 | N | 2395.86c | -10.74 | -0.45% | 09:15 人民币对美元中间价报7.1441，调升70个基点。前一交易日中间价报7.1511。 09:21 港股开盘丨恒生科技指数跌1.83% 恒指低开0.74%，恒生科技指数跌1.83%。新能源车企全线走弱，理想汽车发布i8新款后低开9%，比亚 迪股 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the CSI 300 Index by more than 5% over the next six months [42]. Core Insights - The predetermined interest rate for life insurance products has decreased to 1.99%, which will help insurance companies in prudent pricing and managing interest rate risks [4][11]. - Securities firms are expected to see significant profit growth in their mid-2025 reports, with 23 out of 25 firms forecasting profit increases [4][15]. Summary by Sections Life Insurance - The predetermined interest rate for ordinary life insurance products has been set at 1.99% as of July 25, 2025, following a meeting by the China Insurance Industry Association [4][11]. - This adjustment aims to guide insurance companies in scientific pricing and enhance risk control related to interest rates [12][11]. Securities - As of July 27, 2025, 23 out of 25 securities firms have forecasted profit increases for their mid-2025 reports, with notable firms like Guotai Junan and China Galaxy leading in expected net profit [4][15]. - Guotai Junan anticipates a net profit of approximately CNY 15.283 billion to CNY 15.957 billion, representing a year-on-year growth of 205% to 218% [4][15]. Regulatory Developments - The China Securities Regulatory Commission (CSRC) held a meeting on July 24, 2025, to summarize the first half of the year and outline key tasks for the second half, focusing on stabilizing the market and enhancing regulatory effectiveness [20][21]. Market Performance - The banking, securities, insurance, and fintech indices experienced changes of -2.87%, +4.82%, +1.83%, and +0.01% respectively, with the CSI 300 Index rising by 1.69% during the same period [10][24]. - The average daily trading volume for stock funds reached CNY 23.151 billion, reflecting a 19.5% increase from the previous week [33][35].

Core Viewpoint - Galaxy Securities expects the market to maintain a fluctuating trend with a bias towards a high center of gravity, driven by liquidity and market expectations in the absence of established profit signals [1] Market Dynamics - Since the end of June, the financing balance has continued to rise, surpassing 1.9 trillion yuan, indicating increased market activity [1] - The upward movement in the stock market has led to an expansion of the market's profit-making effect, further promoting opportunities for growth and creating positive feedback [1] Future Outlook - Attention will be focused on the market's support strength near key levels, with expectations of continued fluctuations around a high center of gravity [1]

Group 1 - The State Council, led by Premier Li Qiang, is promoting free preschool education as a significant welfare initiative affecting many families, emphasizing the need for local governments to develop detailed plans and ensure timely funding [2] - The China Capital Market Society was established, with the CSRC Chairman Wu Qing as the head, marking the creation of an official think tank for the capital market [4] - The CSRC is revising the Corporate Governance Guidelines to enhance the regulatory framework for listed companies, focusing on preventing significant adverse impacts from competition and improving related party transaction oversight [5] Group 2 - The China Pesticide Industry Association is launching a three-year campaign to address issues like illegal production and disorderly competition in the pesticide industry, aiming for improved market order and product quality by 2027 [8] - The market sentiment is high, with the CSRC's commitment to stabilizing the market, indicating a potential influx of new funds as the market shows signs of recovery [17] - The A-share market is expected to challenge 2024 highs, driven by the "anti-involution" policy and positive feedback from increased public and private fund positions [26] Group 3 - The recent market rally is characterized by a rotation strategy, with a focus on sectors that have lagged behind, such as steel and construction, which are now benefiting from themes like "anti-involution" and infrastructure projects [23] - The AI industry is anticipated to enter a "computing power-driven" phase, with domestic chip and infrastructure development expected to gain momentum [22] - The current market environment suggests a preference for "rotation and supplementary gains," with an emphasis on identifying sectors that have historically performed well under similar conditions [25]