2025 年 06 月 12 日 消费者服务 泰国政府推动博彩法立法，预计进一步 拉动当地旅游消费 泰国财政部 6 月 4 日召开新闻发布会（链接），通报娱乐综合体 （EC）项目最新进展。 泰国将采用类似新加坡、阿联酋及日本的博彩模式，即仅发放少量牌 照，聚焦大型综合开发项目，而非多牌照小项目，政府将严格监管（严 格限制线上博彩）。项目选址将由政府决定/提供，大概率落地旅游目 的地以实现周边消费溢出效应最大化。目前正在起草《综合娱乐场所 事业法》草案，将于 7 月列入众议院会议审议，预计将在现任政府任 内 2027 年完成。 本国居民准入通过负面清单管控： 该项目主要客流来源仍为外国游客，旨在拉动本国旅游消费经济。与 新加坡、韩国等地类似，对于本国居民进入并非完全与外国人一致， 将有一定限制。而目前预计本国居民将以负面清单管控方式限制进入 门槛。 目前泰国政府已在接触四大国际综合度假村运营商： 目前泰国政府已与四大国际综合度假村运营商接触，其中永利及美高 梅有较大兴趣对泰国博彩进行相关投资。 对当地旅游消费具有重要拉动意义： 该项目将吸引私营部门投资至少 1000 亿泰铢，预计建设期间 GDP 增 长 0.2 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the pharmaceutical industry [8]. Core Insights - The overall retail sales of traditional Chinese medicine (TCM) in pharmacies showed a year-on-year decline in Q1 2025, indicating pressure on the market [3][19]. - The report highlights stable rankings among major products in various therapeutic areas despite the overall sales decline [18]. Summary by Sections Overall Situation - The retail sales of TCM in pharmacies increased from 143.9 billion yuan in 2017 to 168 billion yuan in 2024, with a compound annual growth rate (CAGR) of 2.23%. However, Q1 2025 sales were 41.2 billion yuan, down 7.67% year-on-year, attributed to regulatory pressures and consumer downgrade [3][19]. Therapeutic Areas - **Cold and Heat Relief**: Sales decreased by 6.90% year-on-year in Q1 2025, with sales reaching 7.3 billion yuan, influenced by lower respiratory disease cases compared to the previous year [4][22]. - **Nutritional and Health Supplements**: Sales slightly declined by 1.01% year-on-year in Q1 2025, totaling 5.8 billion yuan, impacted by consumer downgrade and high sales in the previous year [5][25]. - **Cardiovascular Health**: Sales showed a slight decline of 2.98% year-on-year in Q1 2025, with sales at 10.4 billion yuan, reflecting stable market demand [6][28]. - **Musculoskeletal Health**: Sales increased by 0.68% year-on-year in Q1 2025, reaching 3.7 billion yuan, indicating long-term growth potential due to aging demographics [14][31]. - **Gastrointestinal Health**: Sales grew by 7.13% year-on-year in Q1 2025, totaling 16 billion yuan, reflecting a recovery in demand [34]. - **Cough and Phlegm Relief**: Sales dropped significantly by 26.80% year-on-year in Q1 2025, amounting to 4.8 billion yuan, primarily due to a high base effect from the previous year [15][37].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [6] Core Viewpoints - The retail pharmacy industry is experiencing a decline in sales at physical stores, with a year-on-year decrease noted in May 2025. However, the structure of listed pharmacy stores is gradually optimizing, which is expected to lead to stable growth in performance [3][13] - In May 2025, the average daily sales per store in physical pharmacies were 2,769.8 yuan, reflecting a year-on-year decline of 3.09%. The average order volume per store increased by 4.57%, while the average transaction value decreased by 7.21% [4][15] - The retail pharmacy sector has seen a concentration increase, with the top six listed pharmacies holding a market share of approximately 17.94%. Despite a year-on-year revenue decline of 1.77% for the overall retail pharmacy market in 2024, these pharmacies are expected to achieve growth due to steady store expansion [20][21] Summary by Sections Macro Dimension - The market size of domestic physical pharmacies in 2024 was 611.9 billion yuan, showing a year-on-year decrease of 1.77% due to factors such as declining transaction values and reduced product offerings [14] - In May 2025, the average daily sales per store in physical pharmacies were 2,769.8 yuan, which is a 3.09% year-on-year decline. The average order volume per store increased by 4.57%, while the average transaction value decreased by 7.21% [15] Micro Dimension - The structure of listed pharmacy stores is gradually optimizing, with several companies maintaining a high proportion of new store openings. In 2024, the proportion of new stores for major pharmacies was as follows: Yifeng Pharmacy (31%), Dazhenglin (25%), Laobaixing (31%), Yixintang (15%), Jianzhijia (38%), and Shuyupingmin (34%) [5][25] - The retail pharmacy industry is witnessing a further increase in concentration, with the top six listed pharmacies expected to achieve better-than-industry growth due to their steady expansion [20][21]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The construction industry is experiencing operational pressure due to declining real estate demand and local fiscal constraints, with a projected revenue decline of 3.81% year-on-year for 2024 and a net profit decline of 14.59% [2][16] - Non-traditional construction sectors, such as chemical engineering and international engineering, are showing resilience and growth, with chemical engineering revenue increasing by 4.43% year-on-year in 2024 [2][25] - The eight major state-owned enterprises (SOEs) in the construction sector have seen a slight decrease in revenue and profit, but their overseas business is performing well, with a 10.05% increase in overseas revenue in 2024 [3][41] Summary by Sections Revenue and Performance - The construction industry is under pressure, with a total revenue of 8.71 trillion yuan in 2024, down 3.81% year-on-year, and a net profit of 1.83 trillion yuan, down 14.59% [2][19] - The first quarter of 2025 saw a revenue decline of 6.17% year-on-year, attributed to seasonal factors and delayed project commencement [2][17] - The eight major SOEs accounted for approximately 80.31% of the construction sector's revenue, with a total revenue of about 7 trillion yuan in 2024, down 3.55% year-on-year [3][33] Profitability - The overall gross margin for the construction industry remained stable at 10.92% in 2024, with improvements noted in international engineering and chemical engineering sectors [4][42] - The net profit margin decreased to 2.62% in 2024, primarily due to increased expense ratios and impairment losses [4][19] - Return on equity (ROE) for the industry fell to 7.29%, with international engineering leading at 10.78% [7][19] Cash Flow and Debt - The operating cash flow for the construction industry decreased by 31.60% year-on-year in 2024, totaling 1.12 trillion yuan [8][19] - The debt ratio for the industry increased to 76.84% in 2024, indicating rising financial leverage [19][42] Investment Outlook - The fiscal policy for 2025 is expected to be positive, with significant government investment planned, including a deficit target of 5.66 trillion yuan and new special bonds totaling 4.4 trillion yuan [24][25] - The concentration of the industry is increasing, with major SOEs expected to enhance their competitive edge [9][24] - The overseas business of construction SOEs is anticipated to continue growing, with a focus on international projects along the Belt and Road Initiative [10][41]

Export and Trade - In May, exports decreased by 4.8% year-on-year, a decline of 3.3 percentage points from April, indicating weakened trade momentum[4] - Exports to the US fell sharply from -21.0% in April to -34.5% in May, while exports to ASEAN and India also declined significantly[5] - Exports to the EU increased from 8.3% in April to 12.0% in May, suggesting a growing reliance on the European market amid tariff impacts[5] Inflation and Price Pressure - The Producer Price Index (PPI) in May showed a year-on-year decline of 3.3%, continuing a downward trend[8] - Consumer Price Index (CPI) remained flat at -0.1% year-on-year in May, indicating persistent weak demand and price pressures[11] - Industrial product prices are experiencing deeper declines due to insufficient terminal demand and strong manufacturing supply[14] Economic Outlook - The overall economic growth rate may experience a slight slowdown in Q2, influenced by diminishing export momentum and increasing price pressures[14] - The risk appetite in the equity market is rising, supported by potential tariff reductions in US-China negotiations and stable domestic economic performance[17] - The central bank's recent actions, including a 1 trillion yuan reverse repo operation, reflect a strong intention to stabilize liquidity in the financial system[18]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" [7] Core Viewpoints - The report highlights a slowdown in sales recovery, with urban renewal policies gaining momentum. The Ministry of Finance and the Ministry of Housing and Urban-Rural Development announced over 20 cities, including Beijing and Tianjin, will receive more than 20 billion yuan in central financial support for urban renewal projects in the coming years [1] - The report suggests that the sales growth of new and second-hand homes in core cities has further slowed down, necessitating stronger real estate control policies to stabilize the market [1] - It recommends focusing on distressed real estate companies that may experience a turnaround, such as China Vanke and New Town Holdings, as well as leading companies maintaining land acquisition intensity like China Merchants Shekou and Poly Developments [1] Sales Review (5.31-6.6) - A total of 13,000 units were sold across 32 monitored cities, a week-on-week decrease of 37.3%. Cumulatively, 349,000 units have been sold in 2025, a year-on-year decrease of 3.8% [2][13] - In first-tier cities, 3,744 units were sold, down 41.5% week-on-week, with a cumulative total of 101,000 units sold in 2025, reflecting a year-on-year increase of 12.6% [2][13] - Second-tier cities saw 7,820 units sold, down 35% week-on-week, with a cumulative total of 207,000 units sold in 2025, a year-on-year decrease of 10.2% [2][13] - Third-tier cities recorded 1,256 units sold, down 37.6% week-on-week, with a cumulative total of 42,000 units sold in 2025, a year-on-year decrease of 3.8% [2][13] Land Supply (5.26-6.1) - The planned construction area for residential land supply across 100 cities is 9.14 million square meters, with a cumulative supply of 89.1 million square meters in 2025, reflecting a year-on-year decrease of 11.6% [3][21] - The average floor price for land supply across 100 cities is 7,119 yuan per square meter, with a recent four-week average of 6,092 yuan per square meter, showing a week-on-week decrease of 4% and a year-on-year increase of 20.1% [3][21] Land Transaction (5.26-6.1) - The planned construction area for residential land transactions across 100 cities is 4.26 million square meters, with a cumulative total of 73.97 million square meters sold in 2025, reflecting a year-on-year increase of 1.9% [4][46] - The average transaction floor price for residential land across 100 cities is 5,455 yuan per square meter, down 16.6% week-on-week but up 5.1% year-on-year, with an overall premium rate of 5.5% [4][46]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - Stablecoins are positioned as the cornerstone of a new financial system centered around blockchain technology, addressing limitations of traditional financial services such as high costs, inefficiencies, and lack of inclusivity [11][12] - Circle is the second-largest stablecoin issuer globally, with a circulating supply of nearly $60 billion for USDC, capturing a market share of 29% as of March 31, 2025 [2][17] - The future applications of stablecoins are primarily in two areas: payment scenarios focusing on cross-border payments and trading scenarios centered on decentralized finance (DeFi) and real-world asset (RWA) tokenization [16][39] Summary by Sections Industry Overview - Traditional financial systems face challenges including high transaction costs, inefficiencies in fund transfers, regulatory constraints, and limited access for underserved populations [11] - Blockchain technology offers a decentralized, transparent, and efficient alternative, enabling rapid transactions and significantly lower costs [12] Circle's Position - Circle's USDC has seen substantial growth, with the number of active wallets increasing from 1.3 million in Q1 2022 to 4.883 million in Q1 2025 [2][20] - The company maintains a strong compliance framework, with its stablecoin redeemable 1:1 with USD and backed by reserve assets [21][22] Revenue Generation - Circle's primary revenue source is derived from reserve income, which accounted for 95%-99% of total revenue from 2022 to 2024, closely tied to the size of reserve assets and macro interest rates [2][24] - The company is diversifying its revenue streams through on-chain developer services, tokenized funds, and other innovative financial products [3][25] Future Growth Opportunities - Circle is expanding its product offerings, including Circle Wallets, Circle Contracts, and Circle Paymaster, to enhance user experience and facilitate seamless transactions across different blockchain networks [26][29][32] - The acquisition of Hashnote and the launch of the USYC tokenized multi-asset fund represent strategic moves to enhance interoperability and liquidity in the digital asset space [33] Market Trends - The report highlights the potential for stablecoins to disrupt traditional financial systems and emphasizes the importance of partnerships with entities like Coinbase to drive growth and market penetration [36][39] - The overall performance of the computer industry, including segments like fintech and AI, has shown resilience and growth, indicating a favorable environment for companies like Circle [40][44]

Investment Rating - The report maintains an investment rating of "Outperform the Market-B" for the construction industry [5]. Core Viewpoints - The launch of the Three Gorges Waterway New Channel project marks a significant step forward, with an estimated static total investment of approximately 76.6 billion yuan and a total construction period of 100 months, excluding a 12-month preparatory period [1][15]. - The project includes two main components: the Three Gorges Hub New Channel Project and the Gezhouba Navigation Capacity Expansion Project, which are expected to stimulate demand across the upstream and downstream industrial chains [2][17]. - The report suggests focusing on investment opportunities in water conservancy construction, particularly in companies like China Communications Construction, China Electric Power Construction, and China Energy Construction [9][17]. Summary by Sections Industry Dynamics - The Three Gorges Waterway New Channel project has initiated its bidding process, indicating a substantial release of demand in the upstream and downstream industrial chains [15][17]. - In the first four months of the year, national water conservancy construction investment reached 294.36 billion yuan, with 26,800 projects implemented, including 11,149 new projects [2][17]. Market Performance - The construction industry saw a weekly increase of 1.25%, underperforming the Shenzhen Composite Index but outperforming the Shanghai Composite Index and the CSI 300 [18]. - The report highlights that 121 companies in the construction sector recorded increases, with 73.78% of companies showing positive performance [20]. Key Focus Stocks - The report identifies key stocks to watch, including China Communications Construction, China Electric Power Construction, and China Energy Construction, which are expected to benefit from the ongoing projects [9][26]. - The report also emphasizes the importance of state-owned enterprises in the construction sector, suggesting that their fundamentals are likely to improve due to macroeconomic policies [10][11].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the environmental and public utility sector [5]. Core Insights - The recent national policy on direct green electricity connection promotes "source-load coordination," allowing market participants to choose their green electricity connection model, enhancing the consumption of renewable energy and reducing transmission losses [14][16]. - The policy is expected to benefit high-energy-consuming enterprises by providing more options for green electricity and potentially lowering electricity costs, particularly for data centers [20][17]. Summary by Sections 1. National Green Electricity Direct Connection Policy - The policy allows renewable energy sources like wind and solar to connect directly to single electricity users, bypassing the traditional grid system, which enhances the physical traceability of electricity supply [14]. - It aims to balance interests among stakeholders and ensure sustainable development, improving local consumption of renewable energy [14][15]. 2. Market Review - From May 24 to June 6, the Shanghai Composite Index rose by 1.1%, while the public utility index fell by 0.31%, underperforming the overall market [21]. - The environmental index increased by 3.9%, outperforming the Shanghai Composite Index by 2.8 percentage points [21]. 3. Market Information Tracking - In June 2025, the average electricity transaction price in Jiangsu was 312.8 CNY/MWh, down 20% from the benchmark price, while in Guangdong, it was 372.7 CNY/MWh, down 17.73% [35]. - The price of thermal coal continued to decline, with domestic coal prices at 609 CNY/ton, down 2 CNY from the previous period [38]. 4. Investment Portfolio and Recommendations - For public utilities, the report suggests focusing on thermal power companies due to improved profitability from lower coal prices and seasonal demand increases [9]. - In the green electricity sector, companies that integrate generation, sales, and consumption are recommended, particularly those involved in virtual power plants and market trading [9]. - The report highlights the potential for waste incineration companies to improve cash flow and profitability through direct sales to high-energy consumers [10]. 5. Company Dynamics - The report notes various companies in the environmental sector, such as Weiming Environmental, Junxin Co., and Wangneng Environment, as key players to watch due to their operational stability and potential for increased dividends [10][20].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the industry, indicating an expected return that will exceed the performance of the CSI 300 Index by 10% or more over the next six months [4]. Core Insights - Broadcom reported a revenue of $15.004 billion for Q2 FY25, reflecting a year-on-year increase of 20.2% and slightly exceeding the company's guidance and market expectations. The adjusted EBITDA margin was approximately 67%, higher than the previous guidance of 66% [1]. - AI revenue for Broadcom exceeded $4.4 billion, accounting for over 52% of semiconductor revenue, with a year-on-year growth of 46%. Non-AI revenue was $4 billion, showing a decline of 5% year-on-year [1]. - The upcoming WWDC event by Apple is set to provide insights into the latest tools and technologies, with over 100 sessions planned for developers [2][20]. - The U.S. Trade Representative extended tariff exemptions on certain products from China, impacting nearly 200 items, including components relevant to the semiconductor and electronics sectors [3][9]. Summary by Sections Industry Performance - The electronic sector saw a relative return of -3.3% over one month, -9.8% over three months, and a positive 24.2% over twelve months. Absolute returns were -1.6% over one month, -11.9% over three months, and 32.0% over twelve months [6]. Financial Metrics - As of June 8, 2025, the electronic index PE ratio was 50.38, with a 10-year PE percentile of 65.84%. The semiconductor sub-sector had a PE of 81.96, while consumer electronics had a PE of 26.49 [10][37][38]. Investment Recommendations - The report suggests focusing on companies within the computing power supply chain, such as Shenghong Technology and Huadian Technology, as well as storage companies like Zhaoyi Innovation and Bawei Storage [11].