Group 1: Industry Overview - The autonomous driving industry is experiencing explosive growth, with China's L2+ and above penetration rate increasing from 7.2% in 2022 to 18.7% in 2024, driven by regulatory breakthroughs and cost reductions [1] - The market expansion is supported by a high urban NOA installation rate exceeding 83% and a shift from "function validation" to "scale implementation" in the industry [1] Group 2: Nvidia's Market Position - Nvidia maintains a dominant position in the high-end market with its Orin and Thor chips, achieving a market share of 39.8% and an expected installation of 2.1 million autonomous driving domain control chips in 2024 [2] - The company's competitive advantage lies in its CUDA ecosystem, which enhances efficiency and reduces inference latency significantly [2] - Despite geopolitical risks, Nvidia continues to strengthen its market share in high-end models priced above 300,000 yuan [2] Group 3: Horizon Robotics' Strategy - Horizon Robotics leads the mid-to-low-end market (15-25 million yuan) with a strategy focused on "soft and hard collaboration + open platform," achieving a market share of 35.49% in 2024 [3] - The company has optimized performance, with its products offering higher frame rates and lower costs compared to Nvidia's offerings, facilitating the penetration of urban NOA into lower price segments [3] - Horizon is expected to increase its shipment volume to over 10 million units by 2025, with a market share potentially exceeding 40% [3] Group 4: Competitive Landscape - The competition is characterized by a dual-track approach of technology and cost, with Nvidia defining the high-end ceiling and Horizon dominating the mid-to-low-end market through cost efficiency [4] - The industry is transitioning from "generational competition" to "scenario differentiation," paving the way for L3 level mass production [4] - Both companies are expected to expand their market shares as data loops and vehicle coverage increase, with Nvidia likely to maintain its high-end dominance and Horizon expanding into higher-end markets [4]

Group 1 - Nearly 90% of brokerage "gold stock" portfolios achieved positive returns in the first half of 2025, with Northeast Securities, Dongxing Securities, and Huaxi Securities leading the performance rankings [2][4] - Northeast Securities' "gold stock" portfolio recorded a return of 45.45%, followed by Dongxing Securities at 37% and Huaxi Securities at 29.25% [4] - In June, the top-performing stocks included Giant Network with a 63.09% increase, Shenghong Technology at 55.39%, and Inner Mongolia First Machinery exceeding 50% [2][3] Group 2 - The sectors with the highest excess returns in June were retail, automotive, and electronics, while agriculture, retail, and automotive led the rankings for the year [3] - The majority of recommended "gold stocks" were from the electronics, pharmaceutical, basic chemicals, and machinery sectors [5] Group 3 - The July "gold stock" lists have been released, with most brokerages suggesting a shift in A-share style for the second half of the year, increasing allocations to technology and undervalued stocks [6] - Notable stocks recommended by various brokerages include Inke Rebirth, Satellite Chemical, and Light Innovation from Northeast Securities, and Transsion Holdings and Muyuan Foods from Guoxin Securities [6][7] Group 4 - Guoxin Securities highlighted Muyuan Foods for its stable breeding capacity and expected growth in output by 2025 [7] - Dongwu Securities recommended a focus on technology, particularly in AI and computing sectors, as they are currently undervalued [9]

Core Viewpoint - Nearly 90% of brokerage "gold stock" portfolios achieved positive returns in the first half of 2025, with Northeast Securities, Dongxing Securities, and Huaxi Securities leading the performance rankings [2][4]. Group 1: Performance of Brokerage "Gold Stocks" - In the first half of 2025, the Shanghai Composite Index rose by 2.76%, while the ChiNext Index increased by 0.53% [4]. - Among 45 brokerage "gold stock" portfolios, 40 reported positive returns, representing a nearly 90% success rate [4]. - Northeast Securities' "gold stock" portfolio topped the list with a return of 45.45%, followed by Dongxing Securities at 37%, and Huaxi Securities at 29.25% [5]. Group 2: Sector Performance - In June, the sectors with the highest excess returns among brokerage "gold stocks" were retail, automotive, and electronics [4]. - Year-to-date, the top-performing sectors were agriculture, retail, and automotive [4]. Group 3: July "Gold Stock" Recommendations - The July "gold stock" list features a shift towards technology and undervalued stocks, with electronics, pharmaceuticals, basic chemicals, and machinery being the most recommended sectors [7]. - Notable stocks recommended include Yingke Rebirth, Satellite Chemical, and Light Innovation Technology from Northeast Securities, and others from various brokerages [8]. Group 4: Stock Recommendations and Market Trends - Stocks like Kaiying Network and Muyuan Foods received multiple recommendations, indicating higher market attention [9]. - Northeast Securities highlighted Kaiying Network for its AI product development, while Guoxin Securities noted Muyuan Foods for its stable production capacity growth [10]. - The overall market trend since June has been stronger than expected, with major indices showing potential for breakthroughs, suggesting a favorable environment for active trading [10].

Group 1 - The core viewpoint is that lightweight technology is becoming a key direction for the development of the robotics industry, significantly enhancing performance, energy efficiency, and installation convenience while expanding application boundaries in specialized fields like space exploration and medical surgery [1] - The demand for improved motion performance, energy efficiency, and adaptability in robotics is increasing, making lightweight technology essential for enhancing acceleration, dynamic response, and flexibility, while also reducing energy dependence and maintenance costs [1] - High-performance materials such as PEEK, carbon fiber, aluminum-magnesium alloys, and nylon are emerging as crucial components for achieving lightweight designs in robotics, providing a solid foundation for the widespread adoption of lightweight technology [1] Group 2 - Significant advancements have been made in the lightweight solutions for core components such as motors, reducers, lead screws, joint modules, and structural parts, enhancing overall robot performance and efficiency [2] - Innovations like frameless motors, harmonic reducers, and planetary roller screw assemblies are contributing to the reduction of size and weight while improving key performance indicators such as stiffness, precision, and lifespan [2] - Related companies in the lightweight robotics sector include Xinhan New Materials, Zhongxin Fluorine Materials, Water Co., Polymeric Shun, Jiangsu Boyun, Xingyuan Zhuomei, Jinfat Technology, Pulit, Yongmaotai, Zhaomin Technology, Weike Technology, and Hengbo Co. [2]

Core Viewpoint - The Chinese millet economy market is experiencing rapid growth due to multiple factors on both the demand and supply sides, with the market size projected to increase from 537 million yuan in 2017 to 1,689 million yuan by 2024, reflecting a CAGR of 17.79% [1] Demand Side - The user base, changing consumption concepts, social attributes, high consumer stickiness, and the development of lower-tier markets are expected to foster long-term growth in the millet economy [2] - The user base for the pan-anime market in China is substantial, with 503 million users expected by 2024, showing a strong willingness to purchase millet products [3] - Nearly 70% of millet product consumers are under 30 years old, indicating a shift in consumption concepts among young people, which could drive the millet economy [3] - The millet economy has social attributes, with only 26.4% of consumers choosing to enjoy millet products alone, suggesting social sharing can expand the audience [3] - The average single purchase amount for consumers in Q1 2025 is projected to be 102 yuan, with an increase in monthly purchase frequency to 2.9 times, indicating strong consumer stickiness [3] - Over 80% of millet consumers are in high-tier cities, while low-tier cities are expected to see a GDP CAGR of 6.1% from 2023 to 2028, the highest in the country [3] Supply Side - The production and sales of IP (Intellectual Property) have shown significant improvement, while there is still room for optimization in IP licensing and operations [4] - High-quality domestic IPs like "Love and Deep Space" and "Identity V" have topped the millet IP sales charts, with domestic transactions surpassing those of Japanese IPs, which may stimulate consumer purchasing [4] - The retail sales of Chinese licensing fees and licensed products are on the rise, indicating a gradually improving IP licensing system that supports the millet economy [4] - There is a disconnect between the development pace of millet derivatives and content release schedules, leading to stockouts or unsold products, suggesting a need to adopt successful models from Japan [4] - The construction of online, offline, and second-hand trading platforms is improving, enhancing consumer access to millet products [4] - Japanese companies like Bandai Namco are continuing to invest in China, adding vitality to the millet economy [4]

随着上半年交易收官，券商金股组合上半年投资"成绩单"也随之出炉。 每市APP数据显示，近九成的券商金股组合在上半年取得正收益，其中东北证券以45.45%的组合收益率稳居第 一。 从新鲜出炉的7月金股名单来看，电子、医药生物、机械设备行业的股票数量最多，电力设备、非银金融也有 不低的占比。 展望7月，大盘指数能否再次向上突破成为券商关注焦点。有券商认为，市场依旧具备尝试突破的潜力，配置 上，泛科技、券商等方向受到机构重点推荐。 6月最牛金股大涨63% 回顾6月金股表现，每市APP数据显示，申万宏源、国元证券共同推荐的巨人网络（002558.SZ）以63.09%的月 涨幅当选6月最牛金股，主要由于该公司推出的新游《超自然行动组》数据走强。由东北证券推荐的胜宏科技 （300476.SZ）以55.39%的月涨幅排名第二，该公司是英伟达在国内算力板领域的核心供应商。 排名第三的是由天风证券推荐的内蒙一机（600967.SH），当月涨幅为54.80%，该股属于国防军工板块。此 外，由中泰证券推荐的源杰科技（688498.SH）、由开源证券推荐的新易盛（300502.SZ）月涨幅也超40%。 数据显示，随着A股半年度收官， ...

Core Viewpoint - The Chinese fragrance market is transitioning from material consumption to emotional consumption, with domestic brands like Mao Geping gaining traction by aligning with national trends and offering differentiated products [1][2]. Industry Overview - The Chinese fragrance market is projected to reach 26.1 billion yuan in 2023, with a CAGR of 12.82% from 2023 to 2028. The market size has grown at a CAGR of 12.32% from 2018 to 2023 [1]. - China's share of the global fragrance market is increasing, reaching 3.68% in 2023 and expected to rise to 5.67% by 2028, indicating strong growth potential [1]. Market Trends - The low penetration rate of fragrances in China is a temporary phenomenon linked to economic development stages. In 2023, the per capita fragrance expenditure in China is only 16 yuan, significantly lower than in the US (423 yuan), UK (406 yuan), South Korea (170 yuan), and Japan (47 yuan) [1][2]. Competitive Landscape - The market is currently dominated by international brands like Chanel and Dior, which have established a strong presence in China. However, domestic brands such as "Guanxia" and "Wenxian" are breaking through by incorporating local cultural elements and modern design, appealing to consumers [3]. Company Focus: Mao Geping - Mao Geping plans to launch a regular fragrance line by May 8, 2025, targeting the 300-500 yuan price range for 30ml, positioning itself above traditional domestic brands while offering better value than international ones [4]. - The brand will introduce 13 types of eau de parfum to create a comprehensive fragrance matrix, catering to various consumer needs [4]. - Mao Geping leverages its strong brand recognition as an "Oriental Makeup Master," aligning with national trends and offering a higher cultural resonance compared to international brands [4]. - The company has a broad online and offline sales network, facilitating a seamless experience for consumers to test and purchase fragrances [4].

股票简称：东北证券 股票代码：000686.SZ 债券简称：22 东北 C2 债券代码：148094.SZ 债券简称：23 东北 C1 债券代码：148246.SZ 债券简称：23 东北 01 债券代码：148512.SZ 债券简称：24 东北 C1 债券代码：148572.SZ 债券简称：24 东北 C2 债券代码：148658.SZ 债券简称：24 东北 01 债券代码：148704.SZ 债券简称：24 东北 02 债券代码：148808.SZ 债券简称：24 东北 03 债券代码：148846.SZ 债券简称：24 东北 04 债券代码：148966.SZ 债券简称：24 东北 05 债券代码：524007.SZ 债券简称：25 东北 01 债券代码：524132.SZ 发行人 东北证券股份有限公司 （住所：吉林省长春市生态大街6666号） 债券受托管理人 （住所：苏州工业园区星阳街5号） 东北证券股份有限公司 公开发行公司债券 受托管理事务临时报告 2025 年 6 月 声明 东吴证券股份有限公司（以下简称"东吴证券"、"受托管理人"）作为东 北证券股份有限公司（以下简称"东北证券"、"公司"、"发 ...

| 证券简称：东北证券 | | | 证券代码：000686.SZ | | --- | --- | --- | --- | | 债券简称：25 | 东北 | D1 | 债券代码：524096.SZ | | 债券简称：25 | 东北 | D2 | 债券代码：524133.SZ | | 债券简称：25 | 东北 | D3 | 债券代码：524216.SZ | | 债券简称：25 | 东北 | C1 | 债券代码：524185.SZ | | 债券简称：25 | 东北 | C2 | 债券代码：524230.SZ | | 债券简称：25 | 东北 | KC01 | 债券代码：524299.SZ | 长城证券股份有限公司 关于东北证券股份有限公司公开发行公司 债券临时受托管理事务报告 债券受托管理人 （深圳市福田区福田街道金田路 2026 号能源大厦南塔楼 10-19 层） 签署时间：2025 年 6 月 1 声 明 本报告依据《公司债券发行与交易管理办法》、《公司债券受托管理人执业 行为准则》、《东北证券股份有限公司 2025 年面向专业投资者公开发行短期公 司债券（第一期）募集说明书》、《东北证券股份有限公司 2025 ...

Group 1 - The company, Wanjia Fund Management Co., Ltd., has signed a sales agreement with Northeast Securities Co., Ltd. to start selling the Wanjia Stable Bond Fund from July 7, 2025 [1] - The Wanjia Stable Bond Fund will be publicly offered from July 7, 2025, to July 25, 2025, through designated sales institutions [1] - Investors can open accounts and subscribe to the Wanjia Stable Bond Fund through Northeast Securities, and can also perform other operations such as purchase, redemption, and regular investment after the fund is established [1] Group 2 - Specific fee rates for the fund will be announced by Northeast Securities, and investors are advised to follow the relevant procedures as per Northeast Securities' regulations [1] - Contact information for inquiries includes a customer service hotline for Northeast Securities at 95360 and for Wanjia Fund at 400-888-0800 [1]