Market Overview - The FTSE China A50 Index showed mixed performance with banks and insurance sectors declining, while energy and automotive sectors mostly advanced [1][6]. Banking Sector - Major banks like China Everbright Bank reported a market capitalization of 252.295 billion with a trading volume of 391 million, experiencing a slight decline of 0.03 (-0.70%) [3]. Insurance Sector - Key insurance companies such as China Pacific Insurance, Ping An Insurance, and China Life Insurance had market capitalizations of 369.27 billion, 349.31 billion, and 1,037.255 billion respectively, with trading volumes of 1.066 billion, 1.782 billion, and 0.345 billion. They experienced declines of 0.78 (-2.10%), 0.11 (-0.19%), and 0.04 (-0.48%) [3]. Alcohol Industry - Leading companies in the alcohol sector, including Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, had market capitalizations of 1,811.450 billion, 218.056 billion, and 475.070 billion respectively, with trading volumes of 2.287 billion, 1.577 billion, and 0.913 billion. Kweichow Moutai saw a slight increase of 5.01 (+0.35%), while the others faced declines [3]. Semiconductor Sector - Notable semiconductor firms like North Huachuang, Cambricon Technologies, and Hygon reported market capitalizations of 231.057 billion, 244.680 billion, and 317.063 billion respectively, with trading volumes of 1.070 billion, 2.435 billion, and 1.138 billion. North Huachuang experienced a decline of 4.99 (-1.53%) [3]. Oil Industry - Major players in the oil sector, including Sinopec, PetroChina, and China Railway, had market capitalizations of 273.495 billion, 715.347 billion, and 1,634.377 billion respectively, with trading volumes of 0.732 billion, 0.426 billion, and 0.427 billion. Sinopec saw an increase of 0.08 (+1.37%) [3]. Coal Industry - Companies like Shenhua Energy and Shaanxi Coal and Chemical Industry had market capitalizations of 749.639 billion and 189.440 billion respectively, with trading volumes of 0.536 billion and 0.911 billion. Shenhua Energy reported an increase of 0.33 (+0.88%) [3]. Automotive Sector - BYD, a leading automotive manufacturer, had a market capitalization of 1,827.526 billion with a trading volume of 2.984 billion, experiencing an increase of 3.49 (+1.06%) [3]. Securities Sector - Major securities firms such as CITIC Securities and Guotai Junan reported market capitalizations of 425.350 billion and 347.129 billion respectively, with trading volumes of 2.668 billion and 1.636 billion. CITIC Securities saw an increase of 0.36 (+1.27%) [4]. Consumer Electronics - Companies like Hon Hai Precision Industry and Luxshare Precision reported market capitalizations of 534.617 billion and 276.157 billion respectively, with trading volumes of 1.553 billion and 2.572 billion. Hon Hai experienced a decline of 0.19 (-0.70%) [4]. Home Appliances - Leading home appliance firms such as Haier Smart Home and Gree Electric Appliances had market capitalizations of 266.739 billion and 243.580 billion respectively, with trading volumes of 0.713 billion and 0.309 billion. Haier reported a decline of 0.26 (-0.54%) [4]. Pharmaceutical Sector - Major pharmaceutical companies like Heng Rui Medicine and Muyuan Foods had market capitalizations of 255.221 billion and 384.958 billion respectively, with trading volumes of 1.833 billion and 1.230 billion. Heng Rui experienced a decline of 0.76 (-1.29%) [4].

Core Viewpoint - The Ruiyuan Growth Value Mixed Fund, managed by prominent fund managers Fu Pengbo and Zhu Lin, has maintained a high asset allocation in sectors such as electronics, internet technology, precision manufacturing, and pharmaceuticals, with significant contributions from the PCB industry [1][2]. Fund Performance - As of the end of Q2, the net asset value of Ruiyuan Growth Value Mixed A shares was 1.2955 CNY, with a growth rate of 5.80%, outperforming the benchmark return of 1.67%. The C shares had a net asset value of 1.2634 CNY, with a growth rate of 5.70% [1]. Holdings Overview - The top ten holdings of the fund as of Q2 included Shenghong Technology, Tencent Holdings, CATL, China Mobile, Luxshare Precision, Xinyi Technology, Cambricon Technologies, Juxing Technology, Sanofi Biologics, and Maiwei Co., with new entry Xinyi Technology and exit of Guanghui Energy compared to Q1 [2]. Market Dynamics - The fund's managers noted fluctuations in the US-China tariff agreements, which impacted global markets. The domestic capital market managed to stabilize amid these changes, with expectations of a potential decline in exports due to demand and inventory factors [2]. Policy and Economic Environment - The Chinese government is addressing "involution" in development through policies aimed at correcting distorted factor prices, with a focus on boosting overall commodity prices. The current economic environment differs from past supply-side reforms due to weak overall demand [3]. Investment Strategy - The fund has increased its holdings in companies related to the export chain despite short-term impacts, while reducing exposure to traditional energy companies due to market style influences and fundamental pressures. The fund has also increased its allocation to the pharmaceutical sector, focusing on innovative drugs and traditional medicine benefiting from AI [4]. Future Outlook - The upcoming mid-year reports from listed companies will be used to assess the operational status and future development of existing holdings. The fund aims to identify industries and companies with upward trends in prosperity, optimizing its portfolio to manage net value fluctuations effectively [4].

Core Viewpoint - Foreign investors have shown increasing interest in the long-term prospects of China's capital market and high-quality listed companies this year [1] Group 1: Foreign Investor Engagement - The Shenzhen Stock Exchange organized a survey involving over 20 sovereign funds and large asset management institutions to research companies like Luxshare Precision (002475), Megmeet (002851), and CIMC Vehicles (301039) [1] - The survey included factory visits and discussions, allowing foreign investors to engage closely with the companies [1] Group 2: Investor Sentiment - Participating foreign investors expressed strong interest in A-share companies, noting that the A-share index has remained stable and many high-quality companies are undervalued [1] - Investors highlighted the high investment cost-performance ratio and indicated plans to continue visiting quality listed companies in China to seek long-term investment opportunities in the second half of the year [1]

Group 1: New IPOs - Three new stocks are available for subscription next week: Hanhigh Group on July 21, Dingjia Precision on July 22, and Hansang Technology on July 25 [1] - Hanhigh Group's IPO code is 001221, with an issue price of 15.43 CNY per share and a P/E ratio of 11.86, compared to the industry average of 27.73 [2] - Dingjia Precision's IPO code is 920005, with an issue price of 11.16 CNY per share and a P/E ratio of 14.73, while the industry average is 40.93 [6] - Hansang Technology's IPO code is 301491, with the issue price and P/E ratio yet to be disclosed, but the industry average is 41.10 [8] Group 2: Hanhigh Group - Hanhigh Group is a leading domestic home hardware enterprise, focusing on R&D, design, production, and sales of home hardware and outdoor furniture [2] - The company has a total issuance of 40.01 million shares, with 10.80 million shares available for online subscription [2] - Projected revenues for Hanhigh Group from 2022 to 2024 are 1.62 billion CNY, 2.22 billion CNY, and 2.86 billion CNY, respectively, with net profits of 206 million CNY, 333 million CNY, and 531 million CNY [2][3] Group 3: Dingjia Precision - Dingjia Precision specializes in the design, R&D, production, and sales of functional and protective products for consumer electronics [6] - The company has a total issuance of 20 million shares, with 16 million shares available for online subscription [6] - Projected revenues for Dingjia Precision from 2022 to 2024 are 329 million CNY, 367 million CNY, and 408 million CNY, with net profits of 53.57 million CNY, 51.95 million CNY, and 59.55 million CNY [6][7] Group 4: Hansang Technology - Hansang Technology provides high-end audio products and comprehensive audio solutions, collaborating with numerous well-known global audio brands [9] - The company has a total issuance of 32.25 million shares, with 7.74 million shares available for online subscription [8] - Projected revenues for Hansang Technology from 2022 to 2024 are 1.39 billion CNY, 1.03 billion CNY, and 1.45 billion CNY, with net profits of 190 million CNY, 136 million CNY, and 254 million CNY [11][12]

Core Viewpoint - The article highlights the ongoing strong performance of the innovative drug sector, with several fund managers increasing their allocations to this area, indicating a positive outlook for the future despite potential adjustments and volatility ahead [2][3][8]. Group 1: Fund Managers' Adjustments - Fund manager Fu Pengbo has increased allocations to the pharmaceutical sector, particularly in innovative drugs and traditional medicine benefiting from AI, while also adjusting positions in the export chain [4]. - Fund manager Gao Nan has shifted focus towards TMT (Technology, Media, and Telecommunications) and innovative drugs, with significant growth in fund size, indicating a strategic pivot in investment focus [5][6]. - Both fund managers express confidence in the continuation of the innovative drug market's upward trend, emphasizing the importance of evaluating company performance through upcoming mid-year reports [4][10]. Group 2: Market Dynamics and Trends - The innovative drug sector is seen as a necessary evolution rather than an option, with Chinese companies positioned to benefit from global competition and transparency in drug development [9][10]. - Factors contributing to the success of Chinese innovative drugs include high research efficiency, lower operational costs, and a well-established industry chain that supports rapid market entry and commercialization [9]. - The article notes that while the innovative drug sector has strong long-term potential, it has already experienced significant gains, suggesting that market corrections and fluctuations are likely in the near future [3][11].

Summary of the Conference Call for Luxshare Precision (立讯精密) Company Overview - **Company**: Luxshare Precision - **Industry**: Electronics Manufacturing, specifically in the Apple supply chain, automotive, and communication sectors Key Points and Arguments Globalization and Trade Impact - Luxshare Precision has a leading global layout and is relatively less affected by trade policies, with stock price declines attributed more to emotional impacts than fundamental deterioration, indicating potential for recovery [2][3] - The proposed global tariff by Trump is lower than expected, with potential exemptions or reductions for the company, suggesting manageable impacts from tariffs [2][3] Performance in Apple Supply Chain - The company performs exceptionally well within the Apple supply chain, continuously launching new products and participating in the assembly of core products like iPhones [2][5] - The increasing proportion of high-end products like Pro Max contributes to stable profit margins, minimizing the impact of sales fluctuations on overall performance [2][7][8] Automotive Sector Development - The acquisition of Lainai positions Luxshare for significant growth in the automotive sector, with collaborations with domestic and international companies like Geely showcasing substantial potential [2][6] - The company demonstrates excellent quality and performance in the TIER one direction, indicating promising future developments [6] Server and AI Business Potential - Luxshare's server business is positioned for breakthroughs due to strong growth in the industry and enhancements in components and assembly [4][10] - The company is not absent from the AI sector, presenting a high cost-performance ratio despite PCB being more focused on in the AI supply chain [4][13] Overseas Business Growth - The overseas business has high growth potential, primarily through acquiring mature clients and channels while leveraging China's strong supply chain for cost reduction [2][9] - Historical success rates of this model provide confidence in the overseas expansion strategy [9] Future Catalysts for Growth - Key catalysts for future growth include the diminishing impact of tariff policies, potential breakthroughs in server and optical connection fields, and innovations like Apple glasses expected to progress in the near future [12] Valuation and Investment Value - Current valuation is considered undervalued, presenting a high cost-performance ratio, with expected EPS growth and valuation recovery indicating clear investment value [4][13] Additional Important Insights - The company’s strategic positioning in various sectors, including automotive and AI, alongside its strong performance in the Apple supply chain, highlights its resilience and growth potential despite market fluctuations [2][5][6][12]

Group 1 - The event "Overseas Investors Entering the Guangdong-Hong Kong-Macao Greater Bay Area Listed Companies" was held in Shenzhen and Dongguan [1] - Representatives from nearly 40 overseas sovereign funds and large long-term asset management institutions participated in the event [1] - The visiting companies included Luxshare Precision, Megmeet, and CIMC Vehicles, all of which are listed on the Shenzhen Stock Exchange [1]

Core Viewpoint - The event "Overseas Investors Entering the Guangdong-Hong Kong-Macao Greater Bay Area Listed Companies" was held in Shenzhen and Dongguan, aiming to enhance engagement between overseas investors and Shenzhen-listed companies [1] Group 1: Event Overview - The event was organized by the Shenzhen Stock Exchange and involved representatives from over 20 overseas sovereign funds and large long-term asset management institutions [1] - Nearly 40 representatives visited three Shenzhen-listed companies: Luxshare Precision, Megmeet, and CIMC Vehicles [1] Group 2: Future Plans - The Shenzhen Stock Exchange plans to steadily expand its openness under the leadership of the China Securities Regulatory Commission [1] - There will be efforts to deepen and broaden services for overseas investors, facilitating more interactions between quality Shenzhen-listed companies and overseas investors [1] - The initiative aims to attract more overseas medium to long-term capital into the market, sharing new opportunities from China's high-quality economic development [1]

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) is actively enhancing services for foreign investors by organizing events that facilitate direct engagement between high-quality listed companies in the Shenzhen market and international investors [1][2] Group 1: Event Overview - The SZSE hosted an event titled "Foreign Investors Visit Listed Companies in the Guangdong-Hong Kong-Macao Greater Bay Area" on July 18, which included representatives from over 20 foreign sovereign funds and large long-term asset management institutions [1] - The event featured visits to three Shenzhen-listed companies: Luxshare Precision, Megmeet, and CIMC Vehicles, focusing on the theme of new productive forces in the development of enterprises in the Greater Bay Area [1] Group 2: Strategic Initiatives - The SZSE has been implementing a dual approach of "going out" and "bringing in," having organized over 100 roadshows for Shenzhen-listed companies abroad while also conducting a series of activities to enhance mutual understanding and trust with foreign investors [1] - Future plans include expanding the depth and breadth of services for foreign investors under the guidance of the China Securities Regulatory Commission, aiming to attract more long-term foreign capital into the market [2]

| 证券代码：002475 | 证券简称：立讯精密 | 公告编号：2025-100 | | --- | --- | --- | | 债券代码：128136 | 债券简称：立讯转债 | | 立讯精密工业股份有限公司 关于"立讯转债"回售的第六次提示性公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、投资者回售选择权：根据《立讯精密工业股份有限公司公开发行可转换公司 债券募集说明书》（以下简称《募集说明书》）的约定，"立讯转债"持有人可回售 部分或者全部未转股的"立讯转债"。"立讯转债"持有人有权选择是否进行回售， 本次回售不具有强制性。 月 29 日至 2025 年 7 月 10 日连续三十个交易日的收盘价低于当期"立讯转债"转 股价格（56.45 元/股）的 70%（39.52 元/股），且"立讯转债"处于最后两个计息 年度，根据公司《募集说明书》的约定，"立讯转债"的有条件回售条款生效。 2、回售价格：101.258 元/张（含息税） 3、回售条件触发日：2025 年 7 月 10 日 4、回售申报期：2025 年 7 月 17 日至 2 ...