Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The report emphasizes the need to focus on the optimization of real estate policies in Guangzhou, which includes the cancellation of purchase restrictions and the reduction of down payment ratios and interest rates to stimulate housing consumption [6][20] - The report highlights a decline in cement shipments and an increase in glass inventory, indicating a weak demand in the real estate sector [7][24] - Recommendations include focusing on domestic substitution chains and African chains, with leading companies being the main investment theme for the year [9] Summary by Sections Real Estate Policy - Guangzhou plans to optimize real estate policies, including the cancellation of purchase restrictions and the reduction of down payment ratios and interest rates. The city aims to support housing consumption and urban renewal projects, with a fixed asset investment of 100 billion yuan for the renovation of urban villages and old communities by 2025 [6][20] Cement Market - In early June, the average shipment rate for cement companies in key regions was 45.5%, down approximately 2.3 percentage points month-on-month and 4.0 percentage points year-on-year. The average price of cement decreased by 0.9% month-on-month, reflecting weak demand [7][24][25] - The national average price of cement was 365.32 yuan per ton, a decrease of 3.23 yuan per ton month-on-month and a decrease of 29.03 yuan per ton year-on-year [25] Glass Market - The domestic float glass market showed a weak price trend, with a total inventory of 60.45 million weight boxes, an increase of 34,000 weight boxes week-on-week. The production capacity utilization rate was 81.56% [8][37] - The average price of glass was 71.15 yuan per weight box, down 0.44 yuan per weight box month-on-month and down 19.00 yuan per weight box year-on-year [37] Recommended Companies - For domestic substitution, companies such as China National Materials, Meijia Xincai, and Puyang Huicheng are recommended due to their strong positions in the market. For the African chain, Keda Manufacturing is highlighted as a leading player with advantages in production and branding [9] - The report also suggests focusing on companies with strong business models and growth potential, such as Sanke Tree and Rabbit Baby, which are expected to benefit from urban renewal policies [9]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [11]. Core Insights - The company, Yifang Biotech, is a leading domestic biotech firm focused on small molecule targeted innovative drugs, with a strong pipeline in oncology, autoimmune diseases, and metabolic disorders. The company has two drugs approved for market, with several others in advanced clinical stages, indicating a need for re-evaluation of its value [4][7][21]. Summary by Sections Company Overview - Yifang Biotech specializes in high-barrier small molecule drug development, with a pipeline that includes drugs for cancer, autoimmune diseases, and metabolic disorders. The company has received significant investment and successfully listed on the STAR Market in July 2022 [21][30]. Product Pipeline - The company has two commercialized drugs: the third-generation EGFR-TKI, Beifuteni, and the KRAS G12C inhibitor, Gesolezib. Additionally, it has several promising candidates in development, including the TYK2 inhibitor D-2570 and the oral SERD D-0502, which are in advanced clinical stages [7][8][10][34]. Commercialization and Partnerships - Beifuteni has shown competitive efficacy in treating EGFR mutation-positive NSCLC, with a median progression-free survival (mPFS) of 22.1 months, significantly longer than the comparator drug. The company has partnered with Beida Pharmaceutical for commercialization, leveraging their established sales channels [8][38]. - Gesolezib, another key product, has demonstrated strong clinical data with an overall response rate (ORR) of 52% and a disease control rate (DCR) of 88.6%. The company has signed an exclusive licensing agreement with Zhengda Tianqing to enhance its commercialization potential [8][9]. Financial Projections - Revenue forecasts for the company are projected at 191 million yuan, 255 million yuan, and 399 million yuan for the years 2025 to 2027, respectively [11].

Report Industry Investment Rating No relevant content provided. Core View of the Report From June 9 - 13, 2025, the central bank slightly net - withdrew funds through 7 - day reverse repurchase but announced a 400 - billion - yuan outright reverse repurchase on June 16, showing its care for liquidity. The money market was loose with DR001 breaking below 1.40% during the week. From June 9 - 15, the net payment scale of government bonds decreased, most inter - bank certificate of deposit (NCD) yields declined, and the leverage ratio in the inter - bank bond market increased. Although there will be multiple tests on the money market in mid - to - late June, such as large NCD maturities, tax payment disturbances, MLF maturities, and cross - quarter funds, the money market is expected to remain relatively loose due to the central bank's care [2][7][8]. Summary by Relevant Catalogs 1. Money Market - **Central Bank's Liquidity Injection**: From June 9 - 13, 2025, the central bank injected 858.2 billion yuan and withdrew 930.9 billion yuan through reverse repurchases, with a net withdrawal of 72.7 billion yuan. 858.2 billion yuan of open - market reverse repurchases will mature from June 16 - 20. The central bank announced a 400 - billion - yuan outright reverse repurchase on June 16, resulting in a net injection of 20 billion yuan in June. On June 17, 182 billion yuan of MLF will mature. June 16 is the tax declaration deadline, followed by 2 days of tax payment disturbances [6]. - **Money Market Conditions**: From June 9 - 13, the average values of DR001 and R001 were 1.38% and 1.43% respectively, down 3.4 and 2.7 basis points compared to June 2 - 6. The average values of DR007 and R007 were 1.52% and 1.56% respectively, down 3.0 and 0.9 basis points. From June 9 - 12, DR001 broke below the 7 - day reverse repurchase rate of 1.40% [7]. - **Government Bond Net Payment**: From June 9 - 15, the government bond net payment scale was about 6.3 billion yuan, a decrease of about 69 billion yuan compared to June 2 - 8. Among them, the net payment of treasury bonds was about 41.5 billion yuan, and that of local government bonds was about - 35.1 billion yuan. From June 16 - 22, the government bond net payment scale is expected to be 433.4 billion yuan, with treasury bonds at about 265.9 billion yuan and local government bonds at about 167.5 billion yuan [7]. - **Outlook**: The money market in June is expected to remain stable. Despite multiple challenges in mid - to - late June, the money market is expected to remain relatively loose because of the central bank's care for liquidity [8]. 2. Inter - bank Certificates of Deposit (NCDs) - **Yield Changes**: As of June 13, 2025, the yields of 1 - month and 3 - month NCDs were 1.6327% and 1.6355% respectively, basically unchanged and down 2 basis points compared to June 6. The 1 - year NCD yield was 1.6700%, down 1 basis point compared to June 6 [9]. - **Maturity Scale**: From June 9 - 15, the net financing of NCDs was about - 162.3 billion yuan. From June 16 - 22, the expected maturity repayment of NCDs is 1.0216 trillion yuan, continuing the large - scale maturity trend [9]. 3. Institutional Behavior - **Leverage Ratio in the Inter - bank Bond Market**: From June 9 - 13, the average calculated leverage ratio in the inter - bank bond market was 108.03%, compared with 107.66% from June 3 - 6. On June 13 and June 6, the calculated leverage ratios were about 108.10% and 107.68% respectively [10].

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 社融总量稳定增长，政府债延续支撑 ——2025 年 5 月金融数据点评 报告要点 [Table_Summary] 2025 年 5 月存量社融同比 8.7%，增速环比基本持平，从增量结构上来看，政府债和企业直接 融资为主要贡献项；信贷增量偏弱，但结构上仍有亮点，企业短贷同比正增、票据冲量规模下 降。2025 年 5 月 M1、M2 同比增速分别为 2.3%、7.9%，增速环比提升 0.8 个百分点、微降 0.1 个百分点。存款结构方面，政府债净融资带来财政存款沉淀，企业存款在去年手工补息带 来的低基数下同比少减。信贷增量表现偏弱，但今年政府债为社融增速提供趋势性支撑，随着 市场对贸易摩擦的反应逐步钝化，资金面预计仍是政策真空期影响债市的重要因素。 分析师及联系人 [Table_Author] 赵增辉 马月 SAC：S0490524080003 SAC：S0490125010043 SFC：BVN394 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 社融总量稳定增长，政府 ...

Investment Rating - The investment rating for Jiangsu Jinzu (600901.SH) is "Buy" and is maintained [11]. Core Views - Jiangsu Jinzu has significant allocation value compared to bank stocks, driven by its strong profitability resilience and growth potential in the current declining interest rate environment, as well as the efficiency and stability advantages from its long-standing organizational structure and management [2][5][17]. Summary by Relevant Sections Dividend Perspective - Jiangsu Jinzu actively returns profits to shareholders, with a dividend payout ratio exceeding 50%, significantly higher than banks. The expected dividend yield for 2025 is 4.8%, with a projected net profit growth of 10.6% year-on-year [6][38]. ROE Perspective - Jiangsu Jinzu achieves a higher Return on Equity (ROE) of 3.1% in Q1 2025 with lower leverage compared to various banks, indicating strong asset profitability. The net interest margin for Jiangsu Jinzu is 3.91%, significantly higher than the average for state-owned and joint-stock banks [7][41][54]. Organizational Structure Perspective - The organizational structure of Jiangsu Jinzu is divided by industry, allowing for more efficient business processes. This structure supports a robust risk control system, enhancing asset quality compared to banks, which have a more regionally focused structure [8][66]. Regulatory Perspective - Jiangsu Jinzu is subject to stricter leverage regulations compared to banks, which enhances compliance and risk control. Recent regulatory changes are expected to improve the efficiency of financial leasing companies [9].

Investment Rating - The report maintains a "Positive" investment rating for the aerospace and defense industry [10]. Core Insights - The report focuses on the Middle East region, analyzing the high military trade scale due to complex geopolitical issues, and highlights the growth opportunities for Chinese equipment in this market [2][5]. - China's military equipment, particularly advanced fighter jets and drones, is expected to gain market share in the Middle East, driven by recent successful military engagements [6][8]. - The report emphasizes the improvement in China's supply capabilities, which is crucial for expanding its military exports [7][8]. Summary by Sections Military Trade Demand in the Middle East - The Middle East accounts for 26.03% of global military trade orders from 1985 to 2024, driven by ongoing conflicts rooted in religious and ethnic complexities [5][19]. - China's military trade share in the Middle East has decreased significantly over the past two decades, primarily due to limitations in aircraft supply [5][29]. Performance of Chinese Equipment - Pakistan has been a major customer for Chinese military equipment, achieving notable success in recent conflicts, which may enhance the demand for Chinese products in international markets [6][8]. - The performance of Chinese military equipment, such as fighter jets and drones, has been validated in recent conflicts, indicating a potential increase in overseas orders [6][8]. Supply Chain Improvements - The report highlights the growing range of domestically produced military equipment in China, which is expected to facilitate greater exports [7][8]. - Key manufacturers like AVIC and others have developed several potential blockbuster models that can be exported, improving their profitability [7][8]. Investment Recommendations - The report suggests that the military industry is poised for profitability improvements due to increased global demand driven by recent conflicts [8]. - It recommends focusing on core manufacturers that will benefit from military trade, particularly in aircraft, drones, and missile systems [8].

Market Performance - The healthcare and energy sectors showed significant gains, with the healthcare sector outperforming the industry benchmark by 1.48%[10] - The medical beauty index led the thematic gains with a weekly return of 3.98%[33] Investment Trends - Fund holdings outperformed northbound holdings, indicating a strong institutional profit effect[4] - Market rotation speed remains high across styles and sectors, suggesting active trading conditions[4] Style and Sector Analysis - Large-cap and low-valuation stocks are currently favored, with value and quality dividend stocks showing strong performance[10] - The healthcare sector's leading stocks demonstrated an excess return of 2.39% compared to the overall A-share market[26] Thematic Highlights - The themes of medical beauty and carbon neutrality are among the top performers, with the carbon neutrality index achieving a weekly return of 1.64%[33] - The overall market sentiment reflects a preference for sectors aligned with sustainability and health[10]

Investment Rating - The industry investment rating is "Positive" and maintained [9]. Core Insights - The report highlights a seasonal improvement in thermal coal demand due to rising temperatures and electricity consumption, with expectations for price recovery in the future [2][25]. - The report notes a significant decrease in coal imports, attributed to high domestic coal prices and increased port inventories [12][15]. Supply Summary - Domestic coal production in May reached 40.328 million tons, a year-on-year increase of 4.2% and a month-on-month increase of 3.6% [6][15]. - Coal imports in May were 36.04 million tons, down 17.75% year-on-year and 4.7% month-on-month, with cumulative imports from January to May at 18.867 million tons, a decrease of 7.9% year-on-year [15][23]. Demand Summary - In May, thermal power generation increased by 1.2% year-on-year, reaching 737.8 billion kWh, with a month-on-month increase of 2.7% [25][27]. - Non-electric coal demand, particularly in the cement sector, saw a decline, with May production at 16.5 million tons, down 8.1% year-on-year [29][34]. Future Outlook - For thermal coal, there is potential for price recovery due to inventory depletion and seasonal demand increases, with a focus on upcoming weather conditions and renewable energy output [2][25]. - For coking coal, the report anticipates a seasonal decline in iron and steel demand, which may limit upward price movements, although there is potential for a rebound if inflation expectations improve or policy stimulus occurs [2][35]. Marginal Allocation Recommendations - Recommended stocks include leading companies with stable profits such as China Coal Energy, China Shenhua Energy, and Shaanxi Coal and Chemical Industry [12][35].

Investment Rating - The report maintains a "Positive" investment rating for the industry [7]. Core Insights - AMD has launched the Instinct MI350 series GPUs, significantly enhancing single-card and overall performance, with a 4x increase in AI computing capability and a 35x increase in AI inference performance compared to the previous generation [2][11]. - The domestic computing power industry in China is experiencing growth in both total volume and market share, highlighting the industry's beta characteristics, and the report reiterates a recommendation for the domestic computing power sector [2][11]. Summary by Sections Event Description - AMD held the Advancing AI conference on June 12, 2025, where it unveiled the Instinct MI350 series GPUs, an end-to-end open-standard rack-level AI infrastructure, and previewed the next-generation AI rack named "Helios" [4]. Product Performance - The AMD Instinct MI355X accelerator card achieves FP6 and FP4 computing power of 20.1 PFLOPS, representing a 4x increase in AI computing capability and a 35x increase in AI inference performance compared to the previous generation [11]. - The MI350 series supports FP6 and FP4, aligning with current AI inference trends and offering better overall cost-performance [11]. - AMD's next-generation MI400 series is expected to double the peak computing power to 40 PFLOPS for FP4 precision and reach 20 PFLOPS for FP8 [11]. Infrastructure Development - AMD is advancing towards an open rack-level AI infrastructure, integrating the fifth-generation EPYC CPU and Instinct MI350 series GPUs into industry-standard designs, achieving 3.58 times higher FP6 performance compared to competitors [11]. - The upcoming "Helios" infrastructure will support up to 72 MI400 series GPUs with a vertical expansion bandwidth of 260 TB/s [11]. Software Enhancements - The new AMD ROCm 7 software stack significantly improves performance, with inference capabilities increasing by over 3.5 times and training capabilities by 3 times compared to ROCm 6 [11]. - AMD Developer Cloud has been introduced to provide developers with immediate access to AMD computing power for various applications [11]. Market Outlook - The AI chip market for data centers remains robust, with continuous product iterations and improvements in cost-performance [11]. - The report highlights the growth of domestic AI chip manufacturers in China, particularly in high-end CPU and GPU sectors, amidst U.S. restrictions on high-end AI chip exports [11].

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report mainly focuses on the issuance progress and details of local government bonds, including actual and forecasted issuance amounts, net supply, and the issuance of special bonds. It also analyzes the investment and trading aspects of local government bonds, such as one - two - level spreads and the investment directions of new special bonds. [2][6][7] Summary by Directory 1. Local Bond Actual Issuance and Forecasted Issuance - **Actual Issuance and Pre - issuance Disclosure**: From June 9th to June 15th, local bonds were actually issued at 1077.86 billion yuan, with 83.72 billion yuan in new bonds (13.00 billion yuan in new general bonds and 70.72 billion yuan in new special bonds) and 994.14 billion yuan in refinancing bonds. From June 16th to June 22nd, the forecasted issuance of local bonds is 2617.53 billion yuan, including 697.22 billion yuan in new bonds (272.45 billion yuan in new general bonds and 424.77 billion yuan in new special bonds) and 1920.31 billion yuan in refinancing bonds. [2][6][7] - **Comparison between Planned and Actual Issuance**: The report presents the planned and actual issuance of local bonds in May and June, as well as the comparison of planned and actual issuance in different regions from November 2024 to June 2025. [17][19][22] 2. Local Bond Net Supply - **New Bond Issuance Progress**: As of June 15th, the issuance progress of new general bonds is 45.12%, and that of new special bonds is 36.62%. [28] - **Refinancing Bond Net Supply**: The report shows the cumulative scale of refinancing bonds minus local bond maturities as of June 15th. [28] 3. Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of June 15th, the fourth - round special refinancing bonds have a total disclosed amount of 41163.10 billion yuan, with 17277.85 billion yuan disclosed in 2025 and an additional 527.00 billion yuan to be disclosed next week. The top three regions in terms of the fourth - round disclosed scale are Jiangsu (5647.00 billion yuan), Shandong (2360.72 billion yuan), and Sichuan (2351.21 billion yuan). [8] - **Special New Special Bond Issuance Statistics**: As of June 15th, the special new special bonds in 2025 have a total disclosed amount of 2606.84 billion yuan, and since 2023, the total disclosed amount is 14511.97 billion yuan. The top three regions in terms of the total disclosed scale are Jiangsu (2102.35 billion yuan), Hubei (1068.56 billion yuan), and Xinjiang (910.20 billion yuan). [8] 4. Local Bond Investment and Trading - **One - Two - Level Spreads**: The report provides the one - level and two - level spreads of local bonds, showing the spread changes in different terms. [37] - **Regional Two - Level Spreads**: It presents the two - level spreads of local bonds in different regions from April 25th, 2025, to June 13th, 2025. [40] 5. New Special Bond Investment Directions - **Monthly Statistics of Project Investment Directions**: The report shows the investment directions of new special bonds, with the latest month's statistics only considering the issued new bonds. [42]