Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [16]. Core Insights - The report highlights that Bayer is seeking a settlement regarding the Roundup herbicide litigation, which could impact the demand for glyphosate in North America and potentially benefit domestic glyphosate producers in China [7]. - Glyphosate and glufosinate prices are currently at low levels, with domestic prices for glyphosate (95%) at 23,500 CNY/ton and glufosinate (95%) at 46,000 CNY/ton as of May 25, 2025 [7]. - The report suggests that if Roundup sales are restricted, China's glyphosate export demand may increase, providing a short-term boost to the domestic glyphosate industry [7]. Summary by Sections Industry Overview - The report discusses the potential long-term benefits for glufosinate as it may replace glyphosate as a primary herbicide due to its unique mechanism of action and environmental safety [7]. - Historical price trends for glyphosate are reviewed, showing significant fluctuations influenced by production capacity changes and market demand [7]. Price and Inventory Analysis - As of May 25, 2025, domestic glyphosate and glufosinate inventories have decreased from their peak levels, with glyphosate inventory at 60,300 tons and glufosinate at 9,870 tons [7]. - The report indicates that glyphosate prices have been volatile, with a notable increase in 2020 due to supply chain disruptions and rising raw material costs [7]. Investment Recommendations - The report recommends focusing on companies such as Xingfa Group, which has the largest domestic glyphosate capacity (230,000 tons/year), and Lier Chemical, which produces 23,500 tons/year of glufosinate [7].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [4][36]. Core Insights - The non-bank financial index experienced a decline of 1.7% last week, underperforming the CSI 300 by 1.5 percentage points, with both brokerage and insurance indices showing a downward trend [4][8]. - The introduction of floating management fee rate funds is accelerating, which is expected to enhance the investment ecosystem by promoting long-term investment focus and risk-sharing between fund managers and investors [4]. - The insurance sector is seeing a rapid rollout of long-term investment pilot programs, with a total scale of 2.22 billion yuan, which is anticipated to inject more incremental funds into the market [4]. Summary by Sections Market Overview - The Shanghai Composite Index fell by 0.6%, while the Shenzhen Component Index decreased by 0.5%. The CSI 300 index dropped by 0.2%, and the ChiNext Index declined by 0.9% [8][9]. Market Data Tracking - The average daily trading volume of stock funds was 13,901 billion yuan, a decrease of 8.3% from the previous week. The margin trading balance was 1.8 trillion yuan, down 0.3% week-on-week [17]. Industry News - Recent regulatory measures have been introduced to support small and micro-enterprises in financing, focusing on enhancing financing supply and reducing costs [34]. - The first batch of long-term investment pilot programs for insurance funds has been approved, with a total scale of 2.22 billion yuan, indicating a strong commitment to long-term investment strategies [4][34].

吴康辉 wkh@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn 重点推荐 [Table_Reportdate] 2025年05月27日 [晨会纪要 Table_NewTitle]20250527 [证券分析师： Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人： 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 财经要闻 晨 会 纪 要 [table_summary] ➢ 1. 重 磅 BD 交易再次带动创新药热度————医药生物行业周报（ 2025/05/19- 2025/05/25） ➢ 2.小米发布自研玄戒双芯，华为鸿蒙电脑正式发布——电子行业周报2025/5/19-2025/5/25 ➢ 3.4月社零同比+5.1%，政策效应持续显现——4月社零报告专题 ➢ 1.美国总统特朗普：将推迟对欧盟商品征收50%关税 ➢ 2.中办、国办印发《关于完善中国特色现代企业制度的意见》 | 1. 重点推荐 | 3 | | --- | --- | | 1.1. ...

[Table_Reportdate] 2025年05月26日 超配 [证券分析师 Table_Authors] 1.创新药链热度持续，关注中药等细 分板块 — 医 药 生 物 行 业 周 报 （2025/05/12-2025/05/18） 2.关注国产替代、内需方向——医药 生物行业周报（20250331-2025407） 3.关注业绩边际变化——医药生物 行业周报（20250314-20250330） [Table_NewTitle 重磅 ] BD交易再次带动创新药热度 ————医药生物行业周报（2025/05/19-2025/05/25） [table_main] 投资要点： 市场表现： 上周（05月19日-05月23日）医药生物板块整体上涨1.78%，在申万31个行业中排第 1位，跑赢沪深300指数1.96个百分点。年初至今，医药生物板块整体上涨4.30%，在申万 31个行业中排名第6位，跑赢沪深300指数5.64个百分点。当前医药生物板块PE估值为 27.51倍，处于历史中低位水平，相对于沪深300的估值溢价为132%。子板块涨幅前三的 为化学制药(申万)、生物制品(申万)、医疗服务(申万)，涨幅分别 ...

[Table_Reportdate] 2025年5月26日 标配 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 品 — — 电 子 行 业 周 报 （20240923-20240929） 1. 美出台措施加强半导体出口管 制，国产AI芯片2025年国内市占率 有望升至40%——电子行业周报 （2025/5/12-2025/5/18） 2. 晶圆代工厂产能利用率高企，下 游市场需求结构性复苏——电子行 业周报（2025/5/5-2025/5/11） 3. 海外云厂商Q1云业务表现亮眼， 资本开支维持高位——电子行业周 报（2025/4/28-2025/5/4） [Table_NewTitle] 小米发布自研玄戒双芯，华为鸿蒙电脑 正式发布 ——电子行业周报2025/5/19-2025/5/25 [table_main] 投资要点： ...

Investment Rating - The report assigns an "Overweight" rating for the industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1]. Core Insights - In April 2025, the total retail sales of consumer goods reached 37,174 billion yuan, with a year-on-year growth of 5.1%, slightly below the consensus expectation of 5.48% [10][12]. - Urban retail sales growth has outpaced rural sales for two consecutive months, with urban sales growing by 5.2% and rural sales by 4.7% in April [12]. - The report highlights a significant recovery in the restaurant and retail sectors, with stable growth in essential and discretionary categories, particularly in jewelry, furniture, and home appliances [20][29]. Summary by Sections Overall Retail Sales - April 2025 retail sales grew by 5.1% year-on-year, totaling 37,174 billion yuan, which is lower than the expected growth rate [10][12]. - Urban retail sales reached 32,376 billion yuan, growing by 5.2%, while rural sales were 4,798 billion yuan, with a growth rate of 4.7% [12]. Category Performance - The restaurant sector maintained stable growth, with total sales of 4,167 billion yuan in April, marking a 5.2% increase year-on-year [20]. - Retail sales of goods totaled 33,007 billion yuan, also growing by 5.1% year-on-year, contributing 89% to total retail sales [20][22]. - Upgraded and real estate-related products showed strong sales growth, with categories like home appliances and furniture seeing increases of 38.8% and 26.9% respectively [29]. Price Trends - Both CPI and PPI saw year-on-year declines, with April CPI at -0.1% and PPI at -2.7%, leading to an expanded PPI-CPI gap of -2.6% [31][37]. - Food prices decreased by 0.2% year-on-year, while non-food prices remained stable, indicating a mixed price environment [37]. Employment Situation - The urban unemployment rate in April 2025 was 5.1%, showing a slight decrease of 0.1 percentage points from the previous month [45][46]. Investment Recommendations - The report suggests focusing on the liquor sector, particularly high-end and regional leaders, as the white liquor segment is expected to recover with supportive policies [56]. - The beauty and personal care sector is highlighted as a strong growth area, especially during promotional events like "618" [56].

Investment Rating - The report suggests a cautious investment approach in the electronics sector, indicating a gradual recovery in industry demand and price stabilization, with a recommendation to accumulate positions on dips [4][5]. Core Insights - The electronics sector is experiencing a mild recovery in demand, with notable product launches from Xiaomi and Huawei, including the first domestic 3nm SoC chip and the HarmonyOS computer, respectively [4][10]. - Nvidia plans to introduce a new AI chip in the Chinese market based on the Blackwell architecture, priced at approximately half of the H20 chip, which is expected to enhance the penetration of domestic AI chips [4][5]. - The report highlights four main investment themes: AIOT, AI-driven technologies, device materials, and consumer electronics as the sector stabilizes [4][5]. Summary by Sections Industry News - Xiaomi launched the first domestic 3nm SoC chip, the Xuanjie O1, marking a significant advancement in China's chip design capabilities [10]. - Huawei officially released its HarmonyOS computers, expanding its ecosystem across various smart devices [10]. - TSMC is considering a 10% increase in wafer foundry prices due to rising costs, which could impact the semiconductor supply chain [10]. Market Performance - The report notes that the electronics sector underperformed the broader market, with the Shenzhen 300 index down 0.18% and the Shenwan Electronics Index down 2.17% [17][19]. - As of May 23, various sub-sectors within electronics showed declines, including semiconductors (-2.10%) and consumer electronics (-3.18%) [19][22]. Investment Recommendations - The report recommends focusing on companies benefiting from strong domestic and international demand in the AIOT sector, such as Lexin Technology and Rockchip [5]. - It also suggests monitoring AI innovation-driven companies, particularly in computing chips and optical devices [5]. - The report emphasizes the importance of domestic supply chain replacements in semiconductor equipment and materials, highlighting companies like North China Innovation and Huahai Qingke [5].

Investment Rating - The report assigns an "Overweight" rating for the industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [58]. Core Insights - In April 2025, the total retail sales of consumer goods reached 37,174 billion yuan, with a year-on-year growth of 5.1%, slightly below the consensus expectation of 5.48% [10][12]. - Urban retail sales growth has outpaced rural sales for two consecutive months, with urban sales growing by 5.2% and rural sales by 4.7% in April [12][20]. - The report highlights a stable growth trend in both dining and retail sectors, with dining services totaling 4,167 billion yuan, marking a 5.2% year-on-year increase [20][22]. Summary by Sections Overall Retail Sales - April 2025 retail sales grew by 5.1% year-on-year, totaling 37,174 billion yuan, which is lower than the expected growth rate [10][9]. - Urban retail sales reached 32,376 billion yuan, growing by 5.2%, while rural sales were 4,798 billion yuan, with a growth of 4.7% [12][10]. Category Performance - Dining and retail sectors continue to show stable growth, with dining services maintaining a total of 4,167 billion yuan, and retail sales reaching 33,007 billion yuan, reflecting a 5.1% year-on-year increase [20][22]. - The report notes strong performance in upgrade and real estate-related categories, particularly in gold and jewelry, furniture, and home appliances, with respective year-on-year growth rates of 25.3% and 38.8% [29][22]. Price Trends - Both CPI and PPI showed a year-on-year decline, with CPI at -0.1% and PPI at -2.7% in April 2025, leading to an expanded PPI-CPI gap of -2.6% [31][37]. - Food prices decreased by 0.2% year-on-year, while non-food prices remained stable, indicating a mixed price trend across categories [37][31]. Employment Situation - The urban unemployment rate in April 2025 was reported at 5.1%, marking a decrease of 0.1 percentage points from the previous month [45][46]. - The report indicates that the unemployment rate for migrant workers is lower than that of local residents, with migrant unemployment at 4.8% [50][45]. Investment Recommendations - The report suggests focusing on the liquor sector, particularly high-end and regional leaders, as the white liquor segment is expected to recover due to supportive policies [56]. - It also highlights the beauty and personal care sector as a strong candidate for investment, especially with the upcoming "618" shopping festival showing promising performance for quality domestic brands [56].

Investment Rating - The report rates the industry as "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [39]. Core Insights - The pharmaceutical and biotechnology sector has shown strong performance, with a 1.78% increase in the last week, outperforming the CSI 300 index by 1.96 percentage points. Year-to-date, the sector has risen by 4.30%, ranking 6th among 31 industries [11][12]. - The sector's current PE valuation stands at 27.51 times, which is at a historically low level, with a 132% premium over the CSI 300 index [19]. - Notable individual stock performances include Sangfor Technologies, which surged by 99.96%, and Haicheng Pharmaceutical, which increased by 51.55% [26]. Market Performance - The pharmaceutical and biotechnology sector ranked first among 31 industries with a weekly increase of 1.78% [11]. - Year-to-date, the sector has increased by 4.30%, outperforming the CSI 300 index by 5.64 percentage points [12]. - The top three sub-sectors in terms of weekly growth were chemical pharmaceuticals (3.58%), biological products (1.74%), and medical services (1.42%) [11]. Industry News - On May 20, 2025, Sangfor Pharmaceuticals announced a deal with Pfizer, granting exclusive rights for the global development and commercialization of SSGJ-707, with an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion [28]. - The 2025 ASCO annual meeting highlighted the strong performance of Chinese pharmaceutical companies, with over 70 research outcomes presented, marking a 33% increase from the previous year [29][30]. Investment Recommendations - The report suggests focusing on innovative drugs as the core investment theme, highlighting the significant competitive advantages and market potential of domestic innovative drugs [37]. - Recommended stocks include Betta Pharmaceuticals, Teva Biopharmaceuticals, Lingrui Pharmaceutical, Lao Baixing, and Baipusais [37]. - Additional stocks to watch include Kelun Pharmaceutical, Lijun Group, Kaili Medical, Huaxia Eye Hospital, and Qianhong Pharmaceutical [37].

Key Recommendations - Focus on supply and price transmission, with attention to the midstream manufacturing sector [5] - Accelerated capacity adjustment expected, with milk prices likely stabilizing in 2025 [10] Economic Overview - Global equity markets mostly declined as of May 23, with the Hang Seng Index performing well [5] - Oil prices experienced fluctuations, with OPEC+ expected to increase production in July [5] - Domestic interest rates showed divergence, with the 1Y government bond yield decreasing by 0.27 basis points to 1.45% [5] Domestic Equity Market - As of May 23, the average daily trading volume was 11,388 billion yuan, down from 12,325 billion yuan [6] - Among the 31 sectors, 10 sectors rose while 21 fell, with the pharmaceutical sector leading gains at +1.78% [6] Midstream Manufacturing Insights - The U.S. PMI composite output index rose from 50.6 in April to 52.1 in May, indicating a recovery in manufacturing [7] - Domestic industrial processing of crude oil decreased by 1.4% year-on-year in April, indicating a continued destocking process [7] - Economic stimulus policies are expected to be concentrated in May and June, potentially improving consumption expectations [7] Dairy Industry Analysis - The raw milk price cycle is influenced by capacity, demand, and imports, with historical price fluctuations observed since 2008 [10] - In 2024, raw milk production is projected to decrease by 2.8% to 40.79 million tons, with a 4.5% decline in Holstein cow inventory [11] - The dairy industry is facing severe losses, with over 80% of companies affected, but prices are expected to stabilize in the second half of 2025 [12] Investment Recommendations - The dairy sector is anticipated to see a gradual recovery in milk prices, benefiting upstream dairy companies like Modern Dairy and Yurun Dairy [14] - Downstream dairy companies such as Yili and New Dairy are expected to improve profitability as milk prices stabilize [14]