Group 1 - The core viewpoint of the report indicates that major domestic stock indices have risen across the board, with the CSI 300, SSE 50, and SSE Composite Index showing increases of 1.54%, 1.21%, and 1.40% respectively, while mid and small-cap indices like the CSI 500, CSI 1000, and ChiNext Index increased by 0.81%, 0.56%, and 1.50% respectively [1][8] - The report highlights that the comprehensive ETF trading volume was 51.026 billion yuan, a decrease of 23.162 billion yuan from the previous week, with large-cap style ETFs accounting for 27.178 billion yuan and small-cap style ETFs for 24.225 billion yuan [1][27] - The average weekly return of 32 thematic ETFs was 0.98%, with large-cap style ETFs averaging 1.32% and small-cap style ETFs averaging 0.73% [2][28] Group 2 - The report identifies the top-performing comprehensive ETFs, with the top three being the Shen 100 ETF, ChiNext 50, and 300 ETF, which had returns of 1.99%, 1.79%, and 1.79% respectively, while the bottom three were the Double Innovation 50 ETF, 1000 ETF, and 500 ETF, with returns of 0.55%, 0.71%, and 0.90% [3][33] - In the thematic ETF sector, the steel ETF, bank ETF, and biomedicine ETF were the top performers with returns of 5.41%, 3.74%, and 3.03% respectively, while the bottom performers included the chip ETF, semiconductor ETF, and semiconductor 50 ETF, with returns of -1.40%, -1.06%, and -1.05% [3][33] - The report notes that there was a significant inflow of funds into the brokerage and military industry sectors, while the semiconductor sector continued to see inflows as investors looked to buy at lower prices [3][33] Group 3 - The report provides a detailed analysis of the trading activity of domestic stock ETFs, indicating that the trading volume of comprehensive ETFs was 51.026 billion yuan, with a notable decrease in trading activity compared to the previous week [27][28] - The report also tracks the market performance of various sectors, indicating that the financial, cyclical, consumer, growth, and stability style indices had weekly changes of 1.86%, 1.16%, 1.64%, 0.91%, and 0.92% respectively [1][8] - The report emphasizes the importance of monitoring the trading activity and fund flows in ETFs as indicators of market sentiment and potential investment opportunities [24][25]

证券研究报告 | 行业周报 2025 年 07 月 08 日 -7% 4% 16% 28% 39% 51% 62% 74% 2024-07 2024-11 2025-03 2025-07 非银行金融 沪深300 作者 分析师刘文强 非银行金融 持续关注宏大叙事效应，把握好非银金融板块节奏-非银周观点 从近期市场交易定价看，公募考核新规基准回补效应持续引发市场关注，市 场量能有所放大，银行、保险板块高位波动向上突破，券商、多元金融板块 波动走强。我们判断，7 月后国内外大事将迎来密集交织期，宏大叙事或是 决定市场可能进一步走强的关键因素。短期来看，包括国泰君安国际获得稳 定币相关牌照，引发市场广泛关注。市场成交量近期有所回升，或对证券板 块定价吸引力提升。交易节奏而言，市场可能要阶段性聚焦内部问题，具体 或要看包括 7 月份的政治局会议定调，以及 4 中全会等重磅会议。并购线建 议重点关注以信达证券、首创证券、浙商证券、国联民生、中国银河等为代 表个股；具有估值扩张空间的公司，推荐关注综合能力强、风险资本指标优 化、受益 ETF 发展的华泰证券、中金公司等；同时从赔率弹性角度，建议逢 低关注布局金融 IT 板块 ...

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]