Core Viewpoint - The global semiconductor sales are expected to grow by 14.4% year-on-year by April 2025, with structural differentiation in the market, benefiting SoC chips from national subsidies for new energy vehicles and the release of AI terminals [1][3] Industry Review - The electronic industry showed a stable yet positive trend in the first half of 2025, with a revenue of 861.37 billion yuan, a year-on-year increase of 17.7%, and a net profit of 26.9 billion yuan, up 75.2% [2] - Despite market fluctuations due to US tariff policies, the resilience of the electronic industry chain was evident, with a year-on-year increase of 11.3% in the added value of the electronic information manufacturing industry from January to April [2] Industry Outlook - The demand is expected to continue differentiating, with a focus on AI edge computing and domestic substitution [3] - The penetration rate of AI smartphones is projected to reach 34% by 2025, while AI PCs are expected to surge from 0.5% in 2024 to 79.7% by 2028 [3] - The domestic server market in China is predicted to reach $25.3 billion by 2028, driven by local innovation due to US technology restrictions [3] Policy Impact and Technological Revolution - National subsidy policies have stimulated market demand, with smartphone sales increasing by 182% year-on-year during the Spring Festival, and a rise in the proportion of mid-to-high-end models [4] - AI technology is becoming a core driver, with expectations for significant hardware upgrades and deeper application scenarios [4] - The AR glasses market is anticipated to experience explosive growth, with global sales projected to reach 5.5 million units by 2025, driven by applications in B-end medical and industrial sectors [4]

Core Viewpoint - China Galaxy (601881) suggests continued attention to investment opportunities arising from new product categories and channels, indicating a slow recovery in traditional food and beverage sectors by H2 2025 [1] Group 1: New Consumption Trends - Rapid growth is expected in new product categories such as snacks and innovative soft drinks, including functional beverages, health water, and coconut water [1] - Channel transformations, including discount supermarkets, Sam's Club, and adjustments in traditional supermarkets, are benefiting certain baking and snack companies [1] Group 2: Traditional Consumption Value - Contrary to market opinions, traditional consumption sectors are believed to hold investment value due to low valuations, high dividends, and stable competitive landscapes [1] - Certain companies in traditional industries are actively seeking transformation, indicating potential for rebound [1]

Group 1 - The core viewpoint of the article highlights the revaluation of Hong Kong stocks driven by a combination of improved funding conditions, policy catalysts, and the influx of quality assets [1] - The article emphasizes that the restructuring of global industrial chains positions domestic AI, represented by DeepSeek, as a strategic pivot for China's AI industry to transition from "technological catch-up" to "industry benchmark" [1] - DeepSeek's open-source strategy is noted for breaking traditional closed-source model barriers, reshaping the global AI value chain with its low-cost and high-performance characteristics [1] Group 2 - The article suggests that the ecological synergy effects and global practices triggered by DeepSeek may redefine the industrial landscape in the digital age [1] - The transition of China's AI industry from a follower to a leader in the ecosystem is seen as a critical leap forward [1] - The combination of funding recovery, policy support, and quality asset inflow is expected to propel Hong Kong stocks from a global valuation lowland to a value highland [1]

| 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告 | | --- | | 的虚假记载、误导性陈述或者重大遗漏负连带责任。 | 证券代码：601881 证券简称：中国银河 公告编号：2025-046 中国银河证券股份有限公司2024年面向专业投资者 公开发行公司债券（第一期）（品种一）（续发行） 发行结果公告 特此公告。 中国银河证券股份有限公司董事会 2025 年 6 月 21 日 中国银河证券股份有限公司（以下简称"发行人"）面向专业投资者公开 发行面值不超过 200 亿元（含 200 亿元）的公司债券已经上海证券交易所审核 同意并经中国证券监督管理委员会"证监许可〔2024〕1197 号文"注册。 根据《中国银河证券股份有限公司 2024 年面向专业投资者公开发行公司 债券（第一期）（品种一）（续发行）募集说明书》，中国银河证券股份有限 公司 2024 年面向专业投资者公开发行公司债券（第一期）（品种一）（续发 行）（以下简称"本期续发行债券"）的发行规模不超过人民币 20 亿元（含 20 亿元）。本期续发行债券期限为 3 年（起息日为 2024 年 10 月 17 日，本金 兑付日期为 ...

Core Viewpoint - The investment outlook for the home appliance sector is driven by the stability of company performance, increasing dividend rates, and the upward trend in valuations due to declining risk-free interest rates [1] Industry Review - The home appliance industry is expected to achieve absolute and relative returns in 2023 and 2024, with the SW home appliance index rising by 3.8%, 25.40%, and 1.939% for the years 2023, 2024, and 2025 YTD respectively [1] - Domestic sales benefit from the durable necessity of major appliances and the competitive landscape, with the market also receiving a boost from the old-for-new subsidy policy since Q4 2024 [1] - The global market is benefiting from China's competitive advantage in the home appliance sector, leading to an increase in global market share and penetration in emerging markets [1] - Leading companies in the home appliance sector are steadily increasing their dividend rates, while the decline in China's risk-free interest rates is driving up valuations for these leading firms [2] Industry Outlook - Short-term pressures exist in the industry, with domestic sales potentially experiencing demand exhaustion due to the lack of seamless integration of national subsidies, and intensified competition in the online air conditioning market [2] - Concerns remain regarding U.S. tariff risks and potential negative impacts on the global economy [2] - The industry's certainty stems from its global competitive advantages and the ability to navigate U.S. tariff risks through a globally integrated supply chain, with no significant loss of U.S. customers reported [2] - The durable necessity of major appliances underpins long-term domestic demand stability, and the decline in China's risk-free interest rates is expected to continue driving up valuations for high-dividend leading companies [2] Expectations for Subsidy Policies - Consumer goods are expected to benefit from long-term special government bonds of 150 billion and 300 billion yuan in 2024 and 2025 respectively, with the number of appliance categories benefiting from subsidies expanding from 8 to 12 by 2025 [3] - The current subsidy amount is anticipated to support the market until early Q3, with provinces likely to adopt varying policies to extend the subsidy period [3] - The most benefited appliances from subsidies are air conditioners and cleaning appliances, leading to intense competition in the online market to capture current subsidy benefits [3] New Supply Landscape Overseas - U.S. tariff policy risks since April 2025 have negatively impacted exports, although a phased agreement reached in Geneva in May has alleviated some export pressures [4] - According to customs statistics, China's home appliance exports are expected to grow by 3.8% and 14.1% in 2023 and 2024 respectively, with air conditioner exports significantly exceeding expectations in 2024 [4] - Exports are projected to decline starting April 2025, with production output for air conditioners showing a year-on-year decrease from May to August [4] - Only industry leaders are establishing overseas supply chains, leading to a higher concentration of demand orders in the U.S. market by 2026, while smaller companies are likely to be absent [4]

Investment Rating - The report maintains a positive investment rating for the non-bank financial sector, highlighting potential growth opportunities due to regulatory changes and market dynamics [4][37]. Core Insights - Ant Group is expected to apply for stablecoin issuance qualifications, which could expand the participation of non-bank financial institutions in various financial services, including custody, cross-border payments, and supply chain finance [1]. - China Pacific Insurance and New China Life Insurance reported robust premium growth in the life insurance sector, with China Pacific's life insurance premiums increasing by 10.2% year-on-year to CNY 134.79 billion in the first five months of 2025 [2]. - The monetary data for May shows that M1 and M2 growth rates remain high, indicating a potential economic recovery that could support stable capital market operations [3]. Summary by Sections Market Review - Major indices experienced fluctuations, with the non-bank financial index showing a gain of 1.16% [7]. - Key stocks in the brokerage and insurance sectors, such as China Galaxy and New China Life, saw positive performance, with increases of 2.22% and 2.80% respectively [7]. Securities Sector - The total trading volume in the A-share market reached CNY 7.85 trillion, with a daily average of CNY 1.31 trillion, reflecting a significant year-on-year increase of 76.18% [14]. - The IPO underwriting scale for the year reached CNY 338.80 billion, while refinancing underwriting totaled CNY 2,478.79 billion [14]. Insurance Sector - China Pacific Insurance reported a total premium income of CNY 2,271.69 billion for the first five months, up 6.0% year-on-year, while New China Life's premiums surged by 26.1% to CNY 990.86 billion [2][35]. - The life insurance sector continues to show strong growth, with both companies maintaining a positive outlook for the remainder of the year [2]. Liquidity Tracking - The central bank's operations included a net withdrawal of CNY 727 billion, with various interest rates showing mixed trends [27]. - Government bond yields decreased, indicating a supportive environment for capital market stability [27]. Investment Recommendations - The report suggests focusing on key insurance companies such as China Pacific, New China Life, and major brokerages like China Galaxy and CITIC Securities for potential investment opportunities [4][38]. - Non-bank financial institutions are expected to benefit from the implementation of stablecoin regulations, with companies like ZhongAn Online and Hong Kong Exchanges being highlighted as potential investment targets [4][38].

Market Overview - The computing power industry chain is strengthening, with the CPO direction leading the gains [1][3] - The gold and jewelry, innovative pharmaceuticals, rare earth permanent magnets, quantum technology, and IP economy concept stocks are active [1][3] - The sectors of departure tax refund, anti-tariff, semiconductors, liquor, and consumer electronics are weakening [1][3] Index Performance - On June 12, the three major stock indices closed mixed: the Shanghai Composite Index at 3402.66 points, up 0.01%; the Shenzhen Component Index at 10234.33 points, down 0.11%; and the ChiNext Index at 2067.15 points, up 0.26% [1] Sector Performance - Precious metals sector rose by 3.26% with significant inflows [4] - The beauty care sector increased by 2.39% with a net inflow of 6.18 million [4] - The film and television sector saw a rise of 2.32%, with Happiness Blue Ocean up over 13% [5] - The breeding industry declined, with Xianfeng Holdings down over 4% [5] Fund Flow - Main funds saw a net inflow into communication, computer, and media sectors [7] - Notable net inflows included Rongfa Nuclear Power at 8.81 billion, Zijin Mining at 7.86 billion, and Dongfang Caifu at 6.07 billion [8] - Major net outflows were observed in BYD at 6.65 billion, Kweichow Moutai at 4.94 billion, and Yaoji Technology at 4.71 billion [9] Institutional Insights - Guojin Securities suggests that new consumption faces valuation pressure, recommending low absorption rather than chasing highs [10] - China Galaxy Securities notes the positive impact of "H+A" stocks on the brokerage sector [11] - Guodu Securities highlights that the market's recent stabilization above 3400 points lacks clear signs of new capital influx, with trading volume around 1.3 trillion, indicating a need for caution [11]

Core Viewpoint - The report from China Galaxy Securities indicates that while there is a short-term fluctuation in demand for construction machinery due to seasonal factors, the medium to long-term outlook remains positive driven by replacement demand, government special bonds, urban renewal initiatives, and support for rural housing improvements [1][4]. Group 1: Domestic Sales and Exports - In May, domestic sales of excavators decreased by 1.48%, while exports showed a positive growth of 5.4% [1]. - Total excavator sales from January to May reached 101,716 units, marking a year-on-year increase of 17.4%, with domestic sales up by 25.7% [1]. - In May, the sales of loaders reached 10,535 units, a year-on-year growth of 7.24%, with domestic sales increasing by 16.7% [1]. Group 2: Market Trends and Performance - The overall export value of China's construction machinery in April was $5.152 billion, reflecting a year-on-year growth of 12.7% [3]. - From January to April, the total export value reached $18.07 billion, an increase of 9.0% year-on-year [3]. - Exports to Africa and South America maintained high growth rates, with increases of 45% and 15% respectively, while exports to Europe saw a significant decline of 15% [3]. Group 3: Equipment Types and Utilization Rates - The small excavators continue to show higher growth rates compared to medium and large excavators in domestic sales, although the gap narrowed in April [1]. - The average working hours for major construction machinery in May were 84.5 hours, a decrease of 3.86% year-on-year [2]. - The electrification rate for forklifts reached 77% in April, with domestic sales showing a slight decline [2].

Group 1 - The A-share market showed strength on June 11, with the ChiNext Index rising over 1.00%, the Shanghai Composite Index up 0.31%, and the Shenzhen Component Index increasing by 0.65% [1] - Nearly 3,200 stocks in the Shanghai, Shenzhen, and Beijing markets rose, with the brokerage sector experiencing a collective surge [1] - The Securities ETF (159841) opened with a 2.89% increase within the first half hour, with a trading volume exceeding 130 million yuan, indicating active trading [1] Group 2 - According to Minsheng Securities, the positive policy tone since the beginning of the year, including interest rate cuts, is expected to support liquidity, with sustained inflows of medium to long-term funds boosting market confidence [2] - Shanxi Securities noted that as capital market reforms deepen, the guiding details of the "Five Major Articles" in finance will gradually be implemented, clarifying the development path for the industry [2] - As of June 6, the average price-to-book ratio for the securities industry was 1.33x, positioned at the 38.20% percentile since 2018, indicating certain investment value [2]

智通财经6月11日电，券商股盘中拉升，信达证券、兴业证券双双涨超6%，中国银河、东兴证券、锦龙 股份、东方财富、湘财股份等跟涨。 券商股震荡拉升 信达证券、兴业证券双双涨超6% ...