Investment Rating - The report assigns a "Buy" rating to several companies, including Changan Automobile, Asia-Pacific Holdings, and Haon Electric, while maintaining an "Overweight" rating for the overall automotive industry [1][4]. Core Insights - The automotive sector experienced a slight increase of 0.1% from June 30 to July 4, 2025, underperforming the CSI 300 index by 1.44 percentage points. The passenger vehicle segment rose by 0.43%, while commercial vehicles increased by 1.49% [9][36]. - Heavy-duty truck sales in June 2025 exceeded expectations, with a year-on-year increase of 32% and a month-on-month increase of 6%. Approximately 94,000 units were sold, with major manufacturers like China National Heavy Duty Truck and Dongfeng showing significant growth [2][36]. - The report highlights the launch of the Xiaopeng G7, the first AI car with L3-level computing power, priced between 195,800 and 225,800 yuan, showcasing advanced technology features [5][36]. Summary by Sections Market Review - The automotive sector's performance from June 30 to July 4, 2025, showed a 0.1% increase, with various segments performing differently against the CSI 300 index [9][36]. - The overall PE-TTM for the automotive industry was 25.95, reflecting a slight increase from the previous week [10][36]. Major Company and Industry Events - Heavy-duty truck sales in June reached approximately 94,000 units, with significant contributions from major manufacturers [2][36]. - Xiaopeng G7 was officially launched, marking a significant advancement in AI automotive technology [5][36]. New Vehicle Launches - A total of 33 new models were launched during the week, including the Xiaopeng G7 and various updated versions of existing models [34][36]. Investment Recommendations - The report suggests a cautious approach to investment in the automotive sector, given the mixed performance of different segments and the overall market conditions [36].

Investment Rating - The industry rating is "Outperform the Market" [3] Core Viewpoints - The strategic transformation of China Resources from "holding integration" to "ecological leadership" is highlighted, focusing on the integration of research and development capabilities with channel strengths in the medical beauty sector [1][5] - The partnership between Shanghai Haohai Biological Technology Co., Ltd. and China Resources Pharmaceutical Group aims to explore new opportunities in the Chinese medical beauty industry by leveraging their combined strengths [1][2] Summary by Sections Industry Dynamics - The report discusses the shift in China Resources' strategy since 2018, moving from traditional acquisitions to a dual-driven model of "capital + industry," emphasizing ecological integration and reducing purely financial mergers [1][5] - The collaboration with Haohai Biological is positioned as a significant step in establishing a closed-loop ecosystem in the medical beauty field, integrating technology research, clinical transformation, and market promotion [5] Company Analysis - Haohai Biological is recognized for its strong R&D and production capabilities, particularly in hyaluronic acid products, and has established a leading position in various medical fields including ophthalmology and aesthetic medicine [2][6] - The company has successfully launched innovative products, such as the fourth-generation organic cross-linked hyaluronic acid, which is the only one in China using lysine as a cross-linking agent [6] Market Positioning - Haohai Biological has built long-term relationships with thousands of hospitals and medical beauty chains across China, while China Resources has a vast distribution network covering over 28 provinces and municipalities, enhancing market penetration and operational efficiency [7] - The report suggests that the collaboration will accelerate the clinical value transformation of Haohai's core products and improve sales efficiency [7] Investment Recommendations - The report recommends focusing on companies within the China Resources ecosystem that are expected to show improved performance in the upcoming interim reports, as well as those benefiting from state-owned enterprise reforms [7]

Investment Rating - The report maintains a "Buy" rating for Guodian Power and a "Hold" rating for Longyuan Power and Chuanwei Energy, with expected EPS for 2025E at 0.42, 0.79, and 1.05 respectively [1][6]. Core Views - The report highlights a 4.4% year-on-year increase in national electricity consumption in May 2025, with total consumption reaching 809.6 billion kWh [3][33]. - The report notes that the public utility sector index has seen a slight increase of 0.09% during the week of June 23-29, 2025, ranking 28th among 31 sectors [2][9]. - The report emphasizes the importance of new energy policies, which are expected to stabilize expected returns and improve existing projects, while also increasing the scale of new projects [6][38]. Summary by Sections Market Performance - The public utility sector index PE (TTM) is at 17.04, slightly down from 17.09 the previous week, and down from 18.16 a year ago [1][20]. - The sector's PB remains stable at 1.71, unchanged from the previous week and down from 1.89 a year ago [1][23]. - The report indicates that the sector's performance is lagging behind major indices, with a 1.82 percentage point deficit compared to the Shanghai Composite Index [2][9]. Industry Dynamics - The National Energy Administration reported a total installed power generation capacity of 3.61 billion kW by the end of May 2025, marking an 18.8% year-on-year increase [33][34]. - The report details that the average utilization hours for power generation equipment have decreased by 132 hours compared to the previous year [34]. - New pricing mechanisms for electricity in Xinjiang and Inner Mongolia are introduced, with competitive bidding ranges set for new projects [35][38]. Key Data Tracking - As of June 30, 2025, the price of Shanxi mixed coal (5500) is reported at 615 RMB/ton, with a week-on-week change of 0.82% [40]. - The report tracks green certificate trading, with a total of 88.16 and 82.35 thousand transactions for wind and solar power respectively during the week of June 23-29, 2025 [41][44]. - The report also notes the CEA trading volumes for the week, with a total of 138.6 thousand tons traded on June 27, 2025, at an average price of 74.96 RMB/ton [46][48].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The central bank has been actively guiding the market's reasonable expectations through various measures to prevent the strengthening of unilateral consensus expectations in the bond market [1]. - Timely guidance by the central bank is crucial to prevent systemic risks, address domestic interest - rate constraints, and drive funds to flow from the bond market to the stock market [3]. - Preventing strong unilateral consensus expectations can control the rapid decline of interest rates, maintain the steepness of the interest - rate curve, and promote economic recovery [4]. 3. Summary by Related Content Central Bank's Measures to Guide Expectations - Last year, the central bank issued documents, conducted window - guidance on rural commercial banks, and prohibited some market participants from buying long - term bonds. It also约谈ed aggressive financial institutions and issued heavy fines for bond - market violations [1]. - In early January this year, the central bank influenced the market through marginal changes in liquidity operations, and the Financial Times warned against over - interpreting monetary easing. In the first quarter, the central bank maintained a tight balance of funds, leading to a rise in short - term bond yields and then long - term yields, breaking the consensus expectation formed since last quarter [2]. - In June this year, the central bank did not publish the monthly treasury bond trading data on June 30 and removed the wording of "choosing the opportunity to cut reserve requirements and interest rates" in the second - quarter regular meeting of the Monetary Policy Committee, effectively interfering with the consensus expectation of breaking through the previous low [6]. Significance of Central Bank's Guidance - To prevent the rapid decline of interest rates from triggering systemic risks, such as the liquidity trap in Japan in the 1990s. For example, the rapid decline of the 10 - year treasury bond rate from around 2.1% to 1.6% last quarter needed timely correction [3]. - There are many constraints in the downward path of domestic interest rates, including pressure on bank net interest margins and liability sides, and the need to maintain the stability of the RMB exchange rate to avoid excessive capital outflows [3]. - The central bank may aim to drive funds from the bond market to the stock market, especially under the strategy of developing new - quality productive forces, to support the financing of technology companies [3]. Current Bond Market Situation - Since early May this year, the 10 - year treasury bond has been fluctuating around 1.65% - 1.70%. Without a new comprehensive interest - rate cut, the bond market has not reached a new low. The market has been speculating about restarting treasury bond trading and opening an interest - rate cut window in July [5][6].

Investment Rating - The report maintains an investment rating of "Outperform" for the industry [3]. Core Insights - The launch of Tesla's Robotaxi marks a significant step towards the commercialization of autonomous ride-hailing services, with plans to expand the fleet to thousands of vehicles within months [22][39]. - Major advancements in quantum computing have been achieved, particularly with Microsoft's introduction of the 4D topological quantum error correction code, which significantly enhances error rates and operational efficiency [40][41]. Summary by Sections Robotaxi Launch - Tesla's Robotaxi was officially launched in Austin, Texas, with an initial deployment of about 10 vehicles, limited to invited users and specific operational areas [22][24]. - The Robotaxi utilizes the next-generation Full Self-Driving (FSD) system, which has a model parameter volume 4.5 times larger than the current version, and is expected to be fully operational later this year [24][25]. - The FSD system is designed to operate without pre-learning routes and is capable of point-to-point travel, with a fixed fare of $4.2 for rides [39]. Quantum Computing Breakthrough - Microsoft announced a significant breakthrough in quantum computing with the 4D topological quantum error correction code, which improves encoding efficiency and reduces error rates by 1000 times compared to 2D codes [40][41]. - This new technology will be integrated into Microsoft's Azure Quantum platform, enhancing research and development capabilities in various fields [40][41]. - The 4D topological code requires fewer physical qubits for each logical qubit, thus paving the way for more efficient quantum computing hardware [41]. Market Predictions - Frost & Sullivan predicts that the Robotaxi market will begin large-scale commercialization by 2026, with a projected market size of approximately 500 billion yuan in China by 2030 [39]. - The quantum computing market is expected to grow significantly, with IDC forecasting sales to reach $7.6 billion by 2027, reflecting a compound annual growth rate of 48.1% from $1.1 billion in 2022 [40].

Investment Rating - The industry rating is "Outperform the Market" [3][46]. Core Insights - The number of electrolyzer bidding projects has significantly increased in the first half of 2025, indicating a maturing industry driven by downstream applications. A total of 48 projects were cumulatively bid and signed in China from January to June 2025, with a total scale of 3171.63 MW and hydrogen production capacity of 469680 Nm3/h [2][36]. - The hydrogen energy index has shown a weekly increase of 4.49% and an 18.94% increase since the beginning of 2025, reflecting strong market performance [8][11]. - The transportation application is leading the maturation of the hydrogen fuel cell industry ecosystem, with a recommendation to focus on companies involved in heavy-duty hydrogen vehicles [2][36]. Summary by Sections 1. Hydrogen Energy Industry Market Performance - The hydrogen energy index closed at 2113.29 points as of June 27, 2025, with a weekly increase of 4.49% and an 18.94% increase since the start of the year [8][11]. - The top five companies in the hydrogen energy sector by weekly increase were Taihe Technology (48.09%), Inner Mongolia First Machinery (33.66%), Liyuanheng (30.89%), Xingyuan Material (23.90%), and Longpan Technology (19.46%) [14][15]. 2. Hydrogen Energy Industry Data Review - In the first half of 2025, the cumulative number of electrolyzer projects reached 48, with a total scale of 3171.63 MW and a hydrogen production capacity of 469680 Nm3/h. The majority of projects were in various provinces including Anhui, Gansu, Guangdong, and others [16][17]. - The leading companies in terms of order size for electrolyzers were Zhongzhong Electric, Yijing Star Hydrogen Energy, and others, with the largest order being 1205 MW [16]. 3. Industry Dynamics and Company Developments - Significant domestic events include the delivery of China's first 16000 TEU methanol dual-fuel container ship and the successful ignition of the first hydrogen combustion furnace in the country [31][32]. - Internationally, the UK government announced a £500 million investment in hydrogen infrastructure, while Adani launched India's first off-grid green hydrogen plant [32][33].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [4][20]. Core Views - The company is expected to see steady revenue growth, with projected revenues of 31.80 billion yuan in 2024, up 22.4% year-on-year, and net profit of 4.06 billion yuan, up 31.4% year-on-year [1][11]. - The company is focusing on global expansion and capacity construction, with multiple projects expected to be completed in 2025, which will contribute to profit growth [10][11]. Financial Performance Summary - **Revenue and Profit Projections**: - 2023A: Revenue of 25.98 billion yuan, net profit of 3.09 billion yuan - 2024A: Revenue of 31.80 billion yuan, net profit of 4.06 billion yuan - 2025E: Revenue of 37.40 billion yuan, net profit of 4.20 billion yuan [1][11]. - **Growth Rates**: - Revenue growth rates are projected at 18.6% for 2023, 22.4% for 2024, and 17.6% for 2025 [1][11]. - Net profit growth rates are projected at 132.1% for 2023, 31.4% for 2024, and 3.4% for 2025 [1][11]. - **Key Financial Ratios**: - Return on Equity (ROE) is expected to be around 20.0% in 2024, with a gradual decline to 17.9% by 2027 [1][11]. - Price-to-Earnings (P/E) ratio is projected to decrease from 14.0 in 2023 to 7.2 by 2027 [1][11]. Market and Industry Insights - The global tire market is showing signs of differentiation, with domestic tire brands gaining strength due to competitive pricing and brand influence [9]. - The company is enhancing its global footprint through production capacity optimization in countries like Cambodia, Vietnam, Indonesia, and Mexico, which is expected to improve market responsiveness and coverage [10].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the weekly capital flow and performance data of various types of trading - index funds from June 16, 2025, to June 20, 2025, including domestic passive stock funds, overseas - related funds, bond funds, commodity funds, and index - enhanced funds [4][5][6] 3. Summary by Relevant Catalogs Domestic Passive Stock Funds - **Fund Scale and Performance**: The scale of different concept funds varies greatly, such as the Shanghai - Shenzhen 300 fund with a scale of 9834.49 billion yuan, while the State - owned Enterprise Reform fund has a scale of only 0.61 billion yuan. The weekly price changes also differ, with the ChiNext Index rising by 5.61% and the Public Utilities rising by only 0.65%. The net weekly capital inflows and outflows are also diverse, with the A500 fund having a net inflow of 75.70 billion yuan and the Shanghai - Shenzhen 300 fund having a net outflow of 71.25 billion yuan [4] Overseas - related Funds - **Fund Scale and Performance**: For overseas - related funds, the Nasdaq 100 fund has a scale of 784.21 billion yuan, with a weekly increase of 3.68% and a net capital outflow of 10.53 billion yuan. The Hong Kong Stock Medical fund has a scale of 272.31 billion yuan, with a 2.24% increase and a net capital inflow of 13.37 billion yuan [5] Bond Funds - **Fund Scale and Performance**: Among bond funds, the 30 - year bond fund has a scale of 89.69 billion yuan, with a - 0.33% change and a net capital outflow of 16.93 billion yuan. The convertible bond fund has a scale of 438.59 billion yuan, with a 1.97% increase and a net capital inflow of 24.94 billion yuan [6] Commodity Funds - **Fund Scale and Performance**: In commodity funds, the gold fund has a scale of 708.87 billion yuan, with a - 1.49% change and a net capital inflow of 14.52 billion yuan. The energy - chemical fund has a scale of 2.93 billion yuan, with a - 4.15% change and a net capital outflow of 0.12 billion yuan [6] Index - enhanced Funds - **Fund Scale and Performance**: For index - enhanced funds, the Shanghai - Shenzhen 300 index - enhanced fund has a scale of 32.09 billion yuan, with a 1.82% increase and a net capital outflow of 5.18 billion yuan. The CSI 1000 index - enhanced fund has a scale of 6.56 billion yuan, with a 4.58% increase and a net capital inflow of 0.24 billion yuan [6]

Investment Rating - The report assigns an "Increase" rating to companies such as GoerTek (002241.SZ), Jiahe Intelligent (300793.SZ), and Deep Science and Technology (688328.SH), while "Buy" is assigned to Baiwei Storage (688525.SH) [1][4]. Core Insights - Xiaomi's first AI smart glasses are positioned as a next-generation personal smart device, with prices set at 1999 RMB for the standard version, 2699 RMB for the monochrome electrochromic version, and 2999 RMB for the color electrochromic version [1]. - The introduction of AI glasses is expected to drive a shift from functional accessories to a central hub for cross-scenario interaction within the ecosystem, potentially benefiting the entire industry chain as sales volume expands [4][7]. Hardware Summary - The glasses feature a lightweight design optimized for Asian facial structures, weighing only 40g, enhancing user comfort [2]. - A dual-core architecture extends battery life to 8.6 hours, utilizing a 263mAh silicon-carbon battery [2]. - The glasses incorporate electrochromic technology, allowing color adjustment in 0.2 seconds, catering to various lighting conditions [2]. - Equipped with a 12MP ultra-wide-angle camera, the glasses support 2K video recording and EIS stabilization [2]. Software Summary - The AI functionality is deeply integrated with Xiaomi's ecosystem, enabling voice interaction through "Xiao Ai" for various services such as weather queries and music playback [3]. - The glasses support multi-modal interactions, including AI recognition, voice payment, and real-time translation in multiple languages [3]. - They can seamlessly integrate with popular platforms for video calls and live streaming, acting as a control center for smart home devices [3]. Investment Recommendations - The report suggests that Xiaomi's AI glasses will catalyze significant advancements in practical applications for edge AI devices, with the potential to create a "catalyst effect" in the domestic AI glasses market [4]. - The report recommends focusing on related industry stocks such as Hengxuan Technology, GoerTek, Baiwei Storage, Deep Science and Technology, and Jiahe Intelligent [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Near the end - of - quarter period, the overall pattern of ample liquidity remained, with minor fluctuations. The stock market reaching a new high this year and the easing of external risks put some pressure on the bond market. However, the weak fundamentals, such as soft inflation and financial data, continued decline in real - estate investment, and PMI still in the contraction range, supported the bond market. The market showed narrow - range fluctuations with a small correction amplitude. The 10 - year Treasury yield rose slightly by 1BP to 1.65%, and the 2 - year Treasury yield dropped by 4BP to 1.36%, making the yield curve steeper [1][19]. - The change in the central bank's monetary policy statement from "choosing the right time to cut the reserve requirement ratio and interest rates" to "flexibly grasping the intensity and rhythm of policies" does not completely rule out the possibility of reserve requirement ratio and interest rate cuts in the third quarter. Given the current insufficient endogenous economic momentum and unresolved external risks, the policy toolbox may still be opened at any time [2][20]. - The central bank's unexpected non - release of Treasury trading data on June 30 extended the mystery timeline. It may be an attempt to maintain the current bond market level as the market has formed a consensus that the start of Treasury trading is a catalyst for the decline in bond market interest rates [2][20]. 3. Summary by Related Catalogs 3.1 Interest - Bearing Bonds: Last Week's Data Review - **Short - term Interest Rates**: From June 23 to 27, DR001 fluctuated around 1.37%, and R001 fluctuated around 1.44% from June 23 to 26 and rose to 1.46% on June 27. Affected by the end - of - quarter period, the 7 - day interest rates increased significantly. DR007 rose from 1.51% on June 23 to 1.70% on June 27 and further to 1.92% on June 30. FR007 rose from 1.57% on June 23 to 1.85% on June 27 and to 1.95% on June 30 [6]. - **Open - Market Operations**: In the last week of the quarter, the central bank increased its capital injection. The central bank conducted reverse - repurchase operations worth 202.75 billion yuan, with a total maturity of 96.03 billion yuan, resulting in a net capital injection of 106.72 billion yuan [6]. - **Sino - US Interest Rate Comparison**: The US 6 - month SOFR rate decreased from 4.23% on June 23 to 4.14% on June 27, while the Chinese 6 - month SHIBOR rate remained stable at 1.64%. As of June 27, the 6 - month Sino - US interest rate spread was - 250BP, and the spread continued to narrow. The 2 - year and 10 - year Sino - US bond spreads were - 237BP and - 264BP respectively, with little change in the short - and long - term spread inversion amplitude during the week [13]. - **Term Spread and Yield Curve**: The term spreads of both Chinese and US bonds widened. The 10 - 2 - year spread of Chinese bonds widened from 27BP to 29BP, and that of US bonds widened by 6BP to 56BP. The yield curves of both Chinese and US bonds became steeper. The short - end of the Chinese bond yield declined slightly, and the long - end rose slightly. The middle - end of the US bond yield declined significantly [14]. 3.2 Last Week's Key Bond Market Events - **2025 Q2 Monetary Policy Committee Meeting**: The meeting proposed to increase the intensity of monetary policy regulation, improve its forward - looking, targeted, and effective nature, and flexibly grasp the intensity and rhythm of policy implementation. It aimed to maintain ample liquidity, guide financial institutions to increase credit supply, and promote a decline in the comprehensive social financing cost. It also emphasized observing and evaluating the bond market from a macro - prudential perspective, paying attention to long - term yield changes, and preventing excessive exchange - rate fluctuations [21]. - **US Senate's Procedural Motion**: On June 28 (local time), the US Senate passed a procedural motion to advance the so - called "big and beautiful" large - scale tax and spending bill. If passed, the bill is expected to increase the US debt by $3.3 trillion over the next decade [22].