Group 1: Profit Trends - In the first five months of 2025, the profit of large-scale industrial enterprises decreased by 1.1% year-on-year[1] - In May 2025, the profit of large-scale industrial enterprises fell by 9.1% year-on-year[1] - The operating revenue of large-scale industrial enterprises increased by 2.7% year-on-year, a decline of 0.5 percentage points compared to the previous four months[1] Group 2: Contributing Factors - The decline in profit is attributed to insufficient demand, price pressures, and a high base from the previous year[3] - The profit margin for large-scale industrial enterprises was 4.97%, down 4.2% year-on-year, with a decline of 1.6 percentage points compared to the previous four months[1] - The industrial added value grew by 6.3% year-on-year, a decrease of 0.1 percentage points from January to April 2025[1] Group 3: Sector Performance - Among 41 industrial categories, over half achieved positive profit growth in the first five months[1] - Sectors such as mining, aerospace, and food processing showed significant profit growth[1] - The equipment manufacturing sector, particularly in technology-intensive areas, continued to see double-digit profit growth[1] Group 4: Future Outlook and Risks - The "export rush effect" in June is expected to gradually manifest, potentially leading to marginal improvements in profit growth[3] - Risks include the possibility that the export rush effect may not meet expectations and uncertainties in the external environment[4]

Group 1 - The report highlights that the gold market is expected to maintain upward momentum due to ongoing geopolitical tensions, anticipated interest rate cuts by the Federal Reserve, and sustained central bank gold purchases [3][6][62] - The performance of the metal industry in H1 2025 shows that the steel sector underperformed with a 0.62% increase, while the non-ferrous metal sector outperformed with a 15.34% increase [18][19] - Key metals such as gold, cobalt, antimony, and praseodymium-neodymium oxide have shown significant price increases compared to the end of last year and the same period last year, with gold prices rising by 25.24% year-to-date [2][41] Group 2 - The report indicates that the demand for rare earth exports is expected to recover due to relaxed export controls and growing needs in the new energy and robotics sectors [7][10] - The solid-state battery industry is progressing rapidly, with several domestic automakers planning small-scale applications by 2026-2027, and key manufacturers establishing production lines for solid-state battery materials [8][10] - Investment strategies recommend focusing on companies with rich gold resources, strong cost control, and potential for production growth, as well as those in the rare earth and solid-state battery materials sectors [9][10]

Macro and Strategy Research - The overall economic operation is stable, with certain resilience shown under policy support. However, the export sector faces downward pressure and high base effects, while consumption is also under pressure due to reduced national subsidies and demand front-loading. Investment in infrastructure is expected to play a stabilizing role, and manufacturing is likely to maintain relatively high growth due to policy support [2][3] - Domestic monetary policy will focus on stabilizing growth and combating deflation, with expectations of continued liquidity easing. Interest rate cuts and reserve requirement ratio reductions are anticipated to be implemented as external conditions change [2][3] A-Share Market - The A-share market has maintained stable trading under the management's policy to "sustain stability and activate the capital market." The liquidity environment is gradually expanding, with a balanced investment and financing backdrop expected to yield better results in mergers, acquisitions, and the growth of the Sci-Tech Innovation Board [3] - The performance of the A-share market is expected to remain stable, supported by strong liquidity expectations. The market is likely to experience structural opportunities, with indices having conditions for a rebound as external risks are mitigated and trading becomes more active [3] - Investment opportunities in the second half of the year include sectors such as pharmaceuticals and defense driven by overseas expansion, TMT sectors benefiting from AI trends, and banking sectors supported by low interest rates and insurance capital market entry [3] Fund Research - As of June 18, 2025, the major indices in the A-share market showed mixed performance, with the Shanghai Composite Index rising by 1.11% and the ChiNext Index declining by 4.06%. The first half of 2025 saw frequent sector rotations, with technology and dividend themes alternating in performance [4][5] - Active equity funds outperformed indices, with ordinary stock funds and equity-mixed funds averaging over 5% gains. Bond funds showed slower growth, while QDII funds continued their strong performance from 2024, averaging a 10.44% increase [5][6] - By the end of Q1 2025, active equity fund positions increased compared to Q4 2024, with the highest over-allocated sectors being electronics, power equipment, food and beverage, and pharmaceuticals [6] Industry Research - The light industry and textile sectors outperformed the CSI 300 index as of June 24, 2025. The light industry saw a revenue decline of 0.78% year-on-year, while the textile sector experienced a 13.33% revenue drop [11][12] - The home appliance and electric two-wheeler sectors are expected to benefit from the deepening of the old-for-new policy, with significant growth in furniture retail sales [11][12] - The new consumption perspective highlights the emotional value and rise of domestic brands, particularly in the pet food market, which is projected to grow significantly by 2027 [12][13] - The investment strategy maintains a neutral rating for the light industry and textile sectors, with specific stocks recommended for "overweight" ratings, including Oppein Home (603833) and Sophia (002572) [13]

Group 1: Market and Performance Review - The light industry and textile apparel sectors have outperformed the CSI 300 index, with textile apparel rising by 2.05% and light industry by 2.43% as of June 24, 2025 [21][22] - In Q1 2025, the light industry saw a revenue decline of 0.78% year-on-year, while the textile apparel sector experienced a 13.33% decline in revenue [25][29] - The light industry’s net profit decreased by 18.85% year-on-year in Q1 2025, while the textile apparel sector's net profit fell by 5.56% [25][29] Group 2: Home and Electric Two-Wheeler Industries - The home and electric two-wheeler sectors are expected to benefit from the deepening of the old-for-new policy, which is anticipated to improve demand and sales [37][44] - In the first five months of 2025, the retail sales of furniture increased by 21.40% year-on-year, significantly boosted by the old-for-new policy [43][44] - The electric two-wheeler industry faced challenges, with a projected 10.55% decline in sales for 2024, but the old-for-new policy is expected to support sales recovery [59][65] Group 3: New Consumption Trends - The "谷子" economy, driven by Z generation consumers who value emotional and self-satisfying purchases, is projected to reach a market size of 1,689 billion yuan in 2024, growing by 40.63% year-on-year [7][79] - The pet food market is expected to grow to 3,002 billion yuan by 2024, with a significant increase in consumer preference for domestic brands [97][105] - The sanitary products market is also evolving, with non-leading domestic brands showing potential for growth due to the rise of e-commerce and consumer preferences for single products [7][105]

Macro and Strategy Research - The report highlights the structural highlights in the technology sector driven by breakthroughs in artificial intelligence and humanoid robots since early 2025, utilizing technology lifecycle models for investment insights [2] - The product lifecycle is divided into four stages: introduction, growth, maturity, and decline, which helps in understanding the profit cycle of listed companies [2] - The S-curve model is used to quantify the technology lifecycle, indicating that the semiconductor industry trends align with this model [3] - The A-U model reveals the evolution of technology innovation through three stages: product innovation, process innovation, and cost/quality focus, exemplified by Berkshire Hathaway's strategic investment in Apple [3] - The Gartner curve outlines five stages of technology lifecycle, emphasizing investment opportunities in the early and mature phases of technology [3] Industry Research - The Shanghai Composite Index rose by 0.24% and the Shenzhen Component Index fell by 3.93% in 2025, while the pharmaceutical and biotechnology sector increased by 4.57% [6] - The pharmaceutical industry is experiencing a recovery with a focus on innovative drugs, supported by government policies and international collaborations, leading to significant overseas business deals [6] - The CXO sector is stabilizing with an increase in R&D spending and a recovery in orders, indicating a positive outlook for the industry [7] - Traditional Chinese medicine is being promoted through increased government investment and policy support, with expectations for new drug approvals to rise [7] - The investment strategy for the second half of 2025 emphasizes innovation and performance recovery, with a focus on new drug approvals and market dynamics [7][8] Company Research - The report details the leading position of the company in the domestic sensor market, highlighting its comprehensive technology and manufacturing capabilities [10] - The global sensor market is projected to grow to $457.26 billion by 2032, with the company holding a significant market share in the strain sensor sector [10] - The humanoid robot sector is experiencing rapid growth, with the company actively developing sensor products for this market, including six-dimensional force sensors [11] - Revenue projections for the company from 2025 to 2027 are estimated at 1.527 billion, 1.823 billion, and 2.196 billion yuan, with corresponding net profits of 326 million, 393 million, and 482 million yuan [11]

Investment Rating - The report assigns a "Buy" rating to the company [4][8]. Core Insights - The company is a leading domestic sensor manufacturer with a comprehensive layout in the sensor industry, having completed nine strategic investment projects in 2024 [4][8]. - The global sensor market is steadily growing, with a projected market size of USD 241.06 billion in 2024, reflecting a year-on-year growth of 6.71% [4][38]. - The company has a significant advantage in mechanical sensors, with an annual production capacity of 3 million sensors and a market share of 15 consecutive years as the leading brand in weighing sensors [4][52]. Summary by Sections Company Overview - The company has been focused on sensor and related instrument manufacturing since its establishment in 1995, becoming one of the most diversified listed companies in the domestic sensor industry [19][21]. - The ownership structure is stable and concentrated, with the founder holding 44.84% of the shares [25][27]. Industry Background - The sensor industry is supported by various government policies, and the demand for high-performance sensors is increasing [39][41]. - The domestic sensor market is expected to reach CNY 380 billion in 2024, with a growth rate among the highest globally [38][41]. Financial Analysis - The company is projected to achieve revenues of CNY 1.527 billion, CNY 1.823 billion, and CNY 2.196 billion from 2025 to 2027, with corresponding net profits of CNY 326 million, CNY 393 million, and CNY 482 million [10][8]. - The earnings per share (EPS) are expected to be CNY 1.16, CNY 1.40, and CNY 1.71 for the same period, with a price-to-earnings (PE) ratio of 55.13 for 2025 [8][10]. Investment and Strategic Development - The company is actively investing in the robot sensor market, with a focus on six-dimensional force sensors, which are crucial for humanoid robots [5][6]. - The company has established three major industrial parks in Ningbo, Shenzhen, and Zhengzhou, which are expected to enhance its sensor industry cluster [33][34].

宏观经济分析报告 | | 政策动向等待数据确认 | | --- | --- | | | -宏观经济周报 | | 分析师:周喜 | SAC NO: S1150511010017 2025年6月20日 | | 证券分析师 . | 就外围环境而言,美国方面,尽管与 GDP 联系更为密切的"控制组"零售销 | | 周喜 | 售 5 月环比增速较此前有所改善,但在前期抢购热潮消退下,整体零售销 | | 022-28451972 | | | zhouxi@bhzq.com | 售环比增速还是现近 1 年以来最大降幅,特别是汽车销售成为主要拖累。 | | | 另外,代表服务业的餐厅和酒吧销售额环比增速也出现大幅下降。中美临时 | | 宋亦威 | 关税协议有助于短期消费者情绪缓和,但更实质的劳动力市场走弱风险仍 | | SAC NO: S1150514080001 | 会给消费带来压力。同样,5月工业产出也释放出经济放缓的信号,剔除波 | | 022-23861608 | | | songyw@bhzq.com | 动较大的汽车制造业外的其他制造业产出环比增速连续两月下滑,尚在讨 | 研 究 报 F 周 报 有色金属价格涨跌 ...

固 定 收 益 研 究 固定收益周报 利率延续走强，利差表现分化 | 益 | | | | | ――利率债周报 | | | --- | --- | --- | --- | --- | --- | --- | | | 分析师： 王哲语 | | SAC NO： S1150524070001 2025 年 6 月 20 日 | | | | | 研 | [Table_Author] 证券分析师 | | 统计区间：2025 年 6 月 13 日至 2025 年 6 月 19 日 | | | | | | [Table_IndInvest] 王哲语 | ⚫ | 重点事件点评 | | | | | 究 | 022-23839051 |  | 月社融主要靠债券类融资支撑，包括政府债券和企业债券融 金融数据：5 | | | | | | | | 资，企业中长贷仍较疲弱，与化债及融资需求不足因素有关。后续可关注 | | | | | | wangzheyu@bhzq.com | | 5 月降息的滞后反馈效果。 | | | | | | |  | 经济数据：5 月生产和投资数据边际回落，"以旧换新"领域的社零数据 | | | | | | ...

编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.06.20） 宏观及策略研究 科创板改革获推进，市场延续窄幅震荡——A 股市场投资策略周报 晨会纪要（2025/06/20） 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 4 晨会纪要（2025/06/20） 宏观及策略研究 科创板改革获推进，市场延续窄幅震荡——A 股市场投资策略周报 严佩佩（证券分析师，SAC NO：S1150520110001） 宋亦威（证券分析师，SAC NO：S1150514080001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、市场回顾 近 5 个交易日（6 月 13 日-6 月 19 日），重要指数纷纷收跌；其中，上证综指收跌 1.19%，创业板指收跌 1.95%； 风格层面，沪深 300 收跌 1.26%，中证 500 收跌 2.12%。成交量方面小幅缩量，两市统计区间内成交 6.33 万亿元，日均成交额达到 1.27 万亿元 ...

Market Review - Major indices experienced declines in the recent trading days from June 13 to June 19, with the Shanghai Composite Index falling by 1.19% and the ChiNext Index dropping by 1.95% [5] - The trading volume slightly decreased, with a total of 6.33 trillion yuan traded, resulting in an average daily turnover of 1.27 trillion yuan, down by 99.55 billion yuan compared to the previous five trading days [13] Economic Performance - Fixed asset investment from January to May increased by 3.7% year-on-year, continuing to decline, with infrastructure investment growing by 5.6% [29] - Manufacturing investment rose by 8.5% year-on-year, while real estate investment decreased by 10.7%, indicating a need for stabilization in the real estate market [30] - Retail sales of consumer goods in May grew by 6.4% year-on-year, significantly rebounding by 1.3 percentage points, supported by policies and promotional events [32] Policy Developments - The China Securities Regulatory Commission announced a "1+6" policy package aimed at further reforming the Sci-Tech Innovation Board, including the introduction of a growth tier and the resumption of the fifth set of listing standards [34] - The U.S. Federal Reserve maintained its federal funds rate target range at 4.25% to 4.50%, with expectations of a slower pace of interest rate cuts in the future [35] Investment Strategy - The current market is characterized by continued fluctuations, with external risks not fully dissipated and key variables needed to break the existing trend [38] - Investment opportunities are identified in the banking sector due to high dividend yields and defensive characteristics, as well as thematic investment opportunities in the TMT sector, biomedicine, and national defense industries [38]