Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - In June, the company achieved a record high sales volume of 46,086 units, bringing the total sales for the first half of the year to 172,108 units. The M8 model's delivery accelerated, and the sales of the Wanjie series doubled quarter-on-quarter in Q2 [2][4]. - The company is expected to see significant profit growth, with projected net profits for 2025-2027 at 10.423 billion, 12.660 billion, and 14.886 billion yuan respectively. The current market valuation corresponds to P/E ratios of 21.39, 17.61, and 14.98 times for the respective years [2][5]. Summary by Sections Sales Performance - The company reported a sales volume of 43,000 units in June, with a continuous high growth rate since Q2. The Wanjie M9 model sold 12,000 units, maintaining a leading position in the 500,000 yuan price range. The M8 model's sales reached 21,000 units in June, reflecting a 74.85% month-on-month increase. Cumulatively, the company sold 107,000 units in Q2, representing a 137.3% increase compared to Q1 [5]. New Product Planning - The new product lineup is becoming clearer, supporting long-term sales growth. The Wanjie M5 and M9 facelift models are expected to launch in H1 2025, with the M8 model already showing strong performance with over 80,000 pre-orders. The company anticipates that the M7 model's facelift will further boost sales, alongside the rollout of Huawei's ADS 4.0 version, enhancing the competitiveness of smart vehicles [5]. Financial Projections - The report forecasts the company's net profits for 2025-2027 at 10.423 billion, 12.660 billion, and 14.886 billion yuan, with corresponding P/E ratios of 21.39, 17.61, and 14.98 times. This indicates a strong growth trajectory and justifies the "Buy" rating [2][5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The retail performance is in line with expectations, with a year-on-year decline in retail sales volume. As of May 31, 2025, the company's direct store gross sales area decreased by 1.3% quarter-on-quarter and 12.3% year-on-year [2][6]. - The company is expected to gradually stabilize after a period of store closures, with a forecast of continued net store closures but at a reduced rate [8]. - The outdoor brand matrix is expanding, with the main brand Nike expected to show improvement. New brands like Norrøna will be introduced through single-brand stores and online channels, which is anticipated to enhance overall performance [8]. - The company is currently at the bottom of its operational cycle, with revenue under pressure and weak gross margin recovery. The profit margin recovery for FY2026 is primarily dependent on cost control, with a cautious outlook for net profit remaining flat [8]. - The forecasted net profit for FY2026/2027 is 1.32 billion and 1.42 billion respectively, corresponding to P/E ratios of 13 and 12 times, with an expected dividend yield of approximately 8% for FY2026 [8][10]. Summary by Sections Retail Performance - The retail performance for FY2026Q1 shows a year-on-year decline in sales volume, which aligns with expectations. The gross sales area for direct stores has decreased by 12.3% year-on-year [2][6]. Store Operations - The company is expected to continue experiencing net store closures, but the rate of closures is anticipated to slow down, leading to a gradual stabilization in operations [8]. Brand Development - The expansion of the outdoor brand matrix is underway, with Nike's performance expected to improve, contributing positively to the company's overall results [8]. Financial Outlook - The company is projected to achieve net profits of 1.32 billion and 1.42 billion for FY2026 and FY2027, respectively, with a P/E ratio of 13 and 12 times, and an estimated dividend yield of around 8% for FY2026 [8][10].

丨证券研究报告丨 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信行业周观点：Meta 整合 AI 架构，OpenAI 签署算力大单 报告要点 [Table_Summary] 2025 年第 27 周，通信板块下跌 0.21%，在长江一级行业中排名 30 位；2025 年年初以来，通 信板块上涨 7.85%，在长江一级行业中排名第 13 位。Meta 重组 AI 架构并重金挖角行业精英， 加速"超级智能"研发；OpenAI 与甲骨文签署 300 亿美元算力租赁协议，规模达 4.5GW，并 联手甲骨文、软银、MGX 发起全球最大 AI 基础设施投资。AI 与算力主线景气延续，当前通信 板块估值处于历史低位，具备较高配置性价比。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信行业周观点： 2] Meta 整合 AI 架构，OpenAI 签署算力大单 [Table_Summ ...

丨证券研究报告丨 固收资产配置丨点评报告 [Table_Title] "反内卷"背景下如何配置转债 ——可转债周报 20250705 报告要点 [Table_Summary] 当周转债市场延续温和回暖，风格以稳健配置为主，市场重心由成长向低估值、基本面改善方 向切换。"反内卷"政策持续推进，钢铁、建材、汽车等周期行业供需格局优化预期升温，有望 带动转债结构性机会显现。估值层面平价区间整体拉伸，市价区间估值整体压缩则结构略有分 化，隐含波动率小幅上行，情绪边际回暖或应关注短期过热风险。个券方面，中久期、具备弹 性与正股催化预期品种表现突出。一级市场供给平稳推进，条款博弈与赎回公告频出，反映局 部资金博弈意愿持续。建议在防守基础上关注政策驱动下的中期估值修复与轮动机会。 分析师及联系人 [Table_Author] 赵增辉 熊锋 朱承志 SAC：S0490524080003 SAC：S0490524120004 SFC：BVN394 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 相关研究 [Table_Title "反内卷"背景下如何配置转债 2] ——可转债周报 ...

Investment Rating - The investment rating for the building materials industry is "Positive" and maintained [6]. Core Insights - The report discusses three potential paths for addressing "involution" in the building materials sector: 1) Limiting capital expenditure; 2) Clearing existing production capacity; 3) Restricting current output [2][10]. Summary by Sections Event Description - On June 29, 2025, an article in the People's Daily highlighted the need to break away from "involution-style" competition to achieve high-quality development. It emphasized the importance of reforming the market allocation of factors and eliminating local protectionism and market segmentation [4]. Event Commentary - The report outlines that the purpose of addressing involution is to alleviate deflation and stabilize employment. Since October 2022, China's industrial PPI has been in negative growth, particularly in globally competitive sectors like photovoltaics and automotive, leading to price declines. The report anticipates that policy implementation will be gradual and moderate [10]. Paths to Address Involution - **Limiting Capital Expenditure**: This path is expected to benefit demand-driven industries, which have historically seen continuous growth in new capacity. Limiting capital expenditure could lead to a stronger economic cycle and higher profit margins. Key segments in building materials include photovoltaic glass, fiberglass, and carbon fiber [10]. - **Clearing Existing Production Capacity**: For industries with peak demand, such as cement and glass, capacity reduction is necessary. The report notes that state-owned enterprises are more likely to implement capacity reduction policies effectively, as seen in previous supply-side reforms in coal and steel [10]. - **Restricting Current Output**: This approach may lead to short-term profit recovery but complicates long-term capacity reduction. The report mentions that current output restrictions are often self-imposed by the industry, such as staggered production in cement and limited production by leading photovoltaic glass companies [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company reported a production volume of 2.363 million tons in the first half of 2025, representing a year-on-year increase of 12.2%. In the second quarter alone, production reached 1.313 million tons, up 10.6% year-on-year [2][8]. - The company has adopted proactive sales strategies, including focusing on small orders and enhancing sales assessments, which contributed to a projected increase in production orders for 2025 [14]. - Despite a decline in order value by 0.85% in the second quarter due to falling steel prices, the overall order volume is expected to maintain growth [14]. - The average price of sample orders in Q2 was 5,167 CNY/ton, showing a slight increase of 15 CNY/ton from the previous quarter, although it decreased by 119 CNY/ton year-on-year [14]. - The company is experiencing a positive trend in production and sales, with expectations for improved profitability if steel prices stabilize and rise [14]. Summary by Sections Production and Orders - The company achieved a production volume of 2.363 million tons in H1 2025, a 12.2% increase year-on-year, with Q2 production at 1.313 million tons, up 10.6% year-on-year [2][8]. - Orders increased by 0.17% in H1, but Q2 saw a decline of 0.85% due to lower steel prices [14]. Pricing and Profitability - The average price for sample orders in Q2 was 5,167 CNY/ton, reflecting a 15 CNY/ton increase from Q1 but a 119 CNY/ton decrease year-on-year [14]. - The company’s pricing strategy is influenced by the steel price trend, with potential for improved profitability if prices recover [14]. Strategic Initiatives - The company is focusing on small orders and enhancing sales personnel management to drive order growth [14]. - Significant investments in smart manufacturing technologies are being made, including advanced cutting and welding equipment, which are expected to enhance production efficiency [14]. Financial Outlook - The company is projected to see a 10% increase in volume for the year, with stable profitability and potential government subsidies decreasing [14]. - The current market valuation is considered to be at a safe bottom, with significant upside potential if operational improvements and market conditions align favorably [14].

Group 1: Core Insights - The report emphasizes that the building materials industry is expected to return to historical high demand levels due to the emergence of stock demand, with a significant shift towards consumption characteristics of building materials [4][7][22] - The residential renovation demand currently accounts for nearly 50% and is projected to reach around 70% by 2030, indicating a qualitative change in consumption demand for building materials [7][22][23] - The report highlights the potential of African markets for capacity expansion, identifying undervalued local leaders such as Keda Manufacturing, Huaxin Cement, and Western Cement [4][9][10] Group 2: Stock Chain Insights - The stock category is seen as a cyclical demand segment that can emerge positively, with a significant supply exit in consumer building materials due to the deep adjustment in the real estate sector [7][47] - The report predicts that by 2024, production levels for various building materials will be at approximately 90% for plastic pipes, 82% for gypsum board, and 62% for waterproofing materials compared to their peak levels [7][47][50] - The report suggests that the supply exit in consumer building materials is thorough, driven by the expansion of leading enterprises' advantages and changes in demand structure [7][47][50] Group 3: African Chain Insights - Africa is identified as a fertile ground for the export of building materials, driven by population growth and urbanization, with local leaders like Keda Manufacturing benefiting from market share advantages [9][10] - Keda Manufacturing holds a 20% market share in the ceramic tile market in Central Africa, with a net profit margin recovering to over 20% in Q1 2025 [9][10] Group 4: Domestic Substitution Chain Insights - The report highlights the opportunities for domestic substitution in building materials, particularly in specialty fiberglass and industrial coatings, driven by the transformation goals of becoming a manufacturing powerhouse [10][10] - Key players in specialty fiberglass, such as China National Building Material, are expected to benefit from the growing demand for AI computing power [10][10]

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Viewpoints - The report expresses strong optimism regarding the new round of financial innovation, particularly with the integration of traditional finance and blockchain technology, which is expected to reshape the current market landscape [6][49] - Recent regulatory changes, including the issuance of data circulation transaction contract templates and the People's Bank of China's new CIPS rules, are anticipated to accelerate data flow and enhance cross-border payment systems [19][27] Summary by Sections Market Performance - Last week, the computer sector experienced a slight decline of 1.14%, ranking 32nd among primary industries in the Yangtze River region, with a market share of 9.78% in total trading volume [2][12] Key Recommendations - The report recommends focusing on companies with token issuance qualifications, those with technological expertise in blockchain, and firms holding relevant licenses, particularly in the financial IT sector [6][49] Regulatory Developments - The National Data Bureau and the State Administration for Market Regulation released model contracts to facilitate data circulation, which is expected to improve transaction efficiency by approximately 30% [21][26] - The People's Bank of China is seeking public opinion on the draft rules for the Cross-Border Interbank Payment System (CIPS), which aims to enhance participant management and support the growth of CIPS business [27][29] Emerging Trends - The report highlights the rise of Real-World Asset Tokenization (RWA), which merges blockchain technology with traditional finance, addressing issues such as ownership confirmation and transaction efficiency [41][49] - The global RWA market is projected to grow significantly, with estimates suggesting it could reach $50 billion by the end of 2025 and potentially exceed $2 trillion by 2030 [43][49]

Report Title - "Special Bond Issuance Progress Nearly 50% - Government Bond Weekly Report (7/6)" [1][4] Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - The report provides a comprehensive analysis of local government bond issuance, including actual and forecasted issuance, special bond issuance progress, and investment - trading indicators [2][4]. 3. Summary by Directory 3.1 Local Bond Actual and Forecasted Issuance - **Actual Issuance (June 30 - July 6)**: Total issuance was 721.39 billion yuan, with 574.32 billion yuan in new bonds (66.00 billion in new general bonds and 508.22 billion in new special bonds) and 147.07 billion yuan in refinancing bonds (146.37 billion in refinancing general bonds and 0.7 billion in refinancing special bonds) [2][5]. - **Forecasted Issuance (July 7 - July 13)**: Total forecasted issuance is 2249.98 billion yuan, with 716.95 billion yuan in new bonds (145.02 billion in new general bonds and 571.93 billion in new special bonds) and 1533.03 billion yuan in refinancing bonds (828.82 billion in refinancing general bonds and 704.21 billion in refinancing special bonds) [4]. - **Plan vs. Actual**: The report presents a comparison of planned and actual local bond issuance in different regions and time periods [19]. 3.2 Local Bond Net Supply - **New Bond Issuance Progress**: As of July 6, the issuance progress of new general bonds was 56.50%, and that of new special bonds was 49.17% [24]. - **Refinancing Bond Net Supply**: The report shows the cumulative scale of refinancing bonds minus local bond maturities as of July 6 [24]. 3.3 Special Bond Issuance Details - **Special Refinancing Bonds**: As of July 6, the fourth - round special refinancing bonds totaled 41653.80 billion yuan, with 17768.55 billion yuan in 2025 and an additional 286.32 billion yuan to be added next week. The top three regions in terms of disclosure scale were Jiangsu, Shandong, and Sichuan [6]. - **Special New Special Bonds**: As of July 6, 2025 special new special bonds totaled 4865.26 billion yuan, and 16770.39 billion yuan since 2023. The top three regions in terms of disclosure scale were Jiangsu, Hubei, and Xinjiang [6]. 3.4 Local Bond Investment and Trading - **Primary - Secondary Spread**: The report provides data on local bond primary and secondary spreads [35]. - **Regional Secondary Spread**: It presents secondary spreads in different regions from May 9, 2025, to July 4, 2025 [38]. 3.5 New Special Bond Investment Directions - The report shows the monthly investment statistics of new special bonds, with the latest month only considering issued new bonds [40].

Group 1: Core Insights - The report highlights a turning point in the aviation industry, with strong attractiveness in odds and a multi-factor resonance leading to improvement, indicating that profitability is on the rise quarter by quarter [4][24]. - The supply side is tightening, with clear signals of supply-demand improvement, and the cyclical elasticity is finally being released [4][24]. - Most companies in the industry currently have a single-machine market value in the historical top 40% percentile, making the odds highly attractive [4][24]. Group 2: Aviation Sector Analysis - The report reviews the price challenges faced in 2024, noting a significant decline in domestic ticket prices, which has negatively impacted stock performance [22][25]. - Starting from Q2 2025, the decline in naked ticket prices has significantly narrowed, with passenger load factors and aircraft utilization rates approaching historical highs [22][41]. - The demand side is evolving, with trends similar to Japan's past, including increased travel frequency and stable business demand, driven by demographic changes and economic structure [23][64]. Group 3: Supply Side Dynamics - The report indicates that engine issues during the off-season have further squeezed about 5% of capacity, complicating global aircraft introductions due to tariff impacts on the supply chain [23][24]. - It forecasts a 2.3% year-on-year growth in industry supply for 2025 and 1.7% for 2026, suggesting a continuous improvement in supply-demand relationships [23][24]. Group 4: Investment Recommendations - The report recommends A-share private airlines (Hua Xia, Spring Airlines, and Ji Xiang) and the three major Hong Kong airlines, considering performance elasticity and valuation percentiles [4][24]. - If the PMI index shows a significant reversal, it suggests recommending the three major A-share airlines as elastic targets [4][24]. Group 5: Airport Sector Insights - The airport sector is expected to see steady profit growth, with its business model's sustainability and the upgrade of duty-free operations closely tied to long-term economic recovery expectations [8]. - The report anticipates accelerated recovery of international passenger flows, with rising per capita consumption driving steady increases in airport duty-free and taxable commercial spending [8]. Group 6: Highway Sector Analysis - The highway sector is characterized by stable profit foundations, with low-interest rates enhancing the cost-effectiveness of road investments [9]. - The report suggests focusing on stable growth and dividend-paying stocks like China Merchants Highway, Ninghu Highway, and Guangdong Highway, which are backed by monopolistic core assets [9].