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]

Investment Rating - The investment rating for the industry is "Positive" and is maintained [10]. Core Insights - From January to May, narrow infrastructure investment reached 6.7 trillion yuan, a year-on-year increase of 5.6%, with a quarter-on-quarter decrease of 0.2 percentage points. Broad infrastructure investment totaled 9.0 trillion yuan, reflecting a year-on-year increase of 10.0% and a quarter-on-quarter decrease of 0.1 percentage points [2][8]. Summary by Sections Infrastructure Investment Performance - In May, narrow infrastructure investment was 1.8 trillion yuan, a year-on-year increase of 5.1%, with a quarter-on-quarter decrease of 0.7 percentage points. Transportation, storage, and postal services accounted for 0.7 trillion yuan, showing a year-on-year increase of 4.3% and a quarter-on-quarter increase of 0.2 percentage points [14]. - Cumulatively, from January to May, narrow infrastructure investment was 6.7 trillion yuan, with transportation, storage, and postal services contributing 2.8 trillion yuan, a year-on-year increase of 4.0% [14]. Water and Power Investment Trends - Water investment growth has slightly declined, while power investment remains stable. Broad infrastructure investment in May was 2.4 trillion yuan, a year-on-year increase of 9.7%, with a quarter-on-quarter decrease of 0.1 percentage points. The electricity, heat, gas, and water production and supply sector contributed 0.6 trillion yuan, reflecting a year-on-year increase of 25.1% [14]. Cement Production and Demand - Cement production has seen a year-on-year decline of 4% from January to May, with a significant drop in demand noted in early June. The weekly cement dispatch volume was 2.86 million tons, a month-on-month decrease of 9.3% and a year-on-year decrease of 28.49% [14]. Government Support and Future Outlook - The government is expected to maintain robust infrastructure investment growth, with special bonds issued amounting to 1.6479 trillion yuan by June 13, 2025, which is 460.8 billion yuan more than the previous year. The total issuance for the year is projected to reach 4.4 trillion yuan, an increase of 500 billion yuan from the previous year [14].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [11]. Core Views - The yellow wine industry is stabilizing, with a total revenue of 21 billion yuan in 2023, reflecting a year-on-year growth of 2.1%. The company, as a leading player in the industry, is expected to benefit from the ongoing trends of premiumization and targeting younger consumers, which will drive growth in both domestic and provincial markets. The projected EPS for the company in 2025 and 2026 is 0.48 yuan and 0.58 yuan, respectively, corresponding to PE ratios of 43 and 36 times [3][9]. Company Overview - The company, Kuaijishan Shaoxing Wine Co., Ltd., is a leading player in China's yellow wine industry with a rich brand heritage. It has been recognized as the exclusive yellow wine for state banquets and has been designated as the official yellow wine for the G20 summit. The company has undergone significant changes, including acquisitions and a shift in strategic focus towards high-end, youthful, and fashionable products since the change of its actual controller in 2022 [6][19][22]. Industry Analysis - The yellow wine industry is currently a niche market, primarily concentrated in the East China region, particularly in Zhejiang province. The industry has seen a significant increase in concentration, with the top three companies holding approximately 43% of the market share, up from about 18% in 2016. This indicates a stabilizing industry structure [7][59]. Strategic Initiatives - The company has implemented a dual-brand strategy focusing on "Kuaijishan" and "Lanting," emphasizing high-end and youthful product lines. The company has achieved impressive growth in its key products, with the Lanting series growing over 100% and the "One Day One Smoke" product increasing by 476% year-on-year. This growth is attributed to internal reforms and a more dynamic sales team [8][65][68]. Financial Projections - The company is expected to continue its growth trajectory, with projected EPS of 0.48 yuan and 0.58 yuan for 2025 and 2026, respectively. The current PE ratios are 43 and 36 times, indicating a favorable valuation for potential investors [9][11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [14]. Core Insights - The company focuses on "cotton" as its core material, with a synergistic development of medical and consumer sectors, and both are expected to experience upward cycles starting in 2024 [8][22]. - The personal care industry is witnessing a shift towards online sales, with domestic brands leveraging innovation and marketing to capture market share [9][44]. - The sanitary napkin market is large and mature, with opportunities arising from changes in market dynamics, particularly driven by domestic brand competition and consumer awareness [10][58]. - The company has demonstrated strong growth potential, with a revenue CAGR of 19% from 2015 to 2024, driven by a 25% CAGR in consumer revenue during the same period [8][27]. Summary by Sections "Cotton" as Core, Upward Cycle - The company has established a strong management team since 2020 and is set to implement stock incentives in 2024, aiming for significant growth in both medical and consumer sectors [8][22]. - Revenue growth is supported by a CAGR of 19% from 2015 to 2024, with consumer revenue growing at 25% [8][27]. Supply and Demand Resonance, Personal Care Industry - The online penetration rate for personal care products has rapidly increased to 60%, with domestic brands innovating to meet consumer demands for health and quality [9][44]. - Douyin has emerged as a key platform for new brands, facilitating effective marketing and sales conversion [50]. Sanitary Napkin Market Restructuring - The sanitary napkin market is expected to grow to 105 billion yuan in 2024, with a CAGR of 4% from 2015 to 2024 [58]. - The market is transitioning from volume-driven growth to price-driven growth, with online sales expected to account for 32% of the market by 2024 [58]. R&D as Foundation, Differentiated Layout Promotes Alpha - The company emphasizes R&D to achieve product differentiation and competitive advantage, particularly in non-woven products [11][30]. - The sales efficiency of non-woven products is significantly higher than that of woven products, contributing to better profit margins [11][30]. Stock Price Review and Valuation Analysis - The stock price and valuation have shown upward trends since Q3 2024, reflecting a recovery in both consumer and medical sectors [12][27]. - Compared to other new consumer companies, the company maintains a favorable valuation and growth potential [12].

Investment Rating - The report maintains a "Positive" investment rating for the industry [8] Core Insights - The global stablecoin market is experiencing significant growth, with circulation increasing from less than $120 billion in early 2023 to $215 billion in Q1 2025, and on-chain transaction volume reaching $5.6 trillion in 2024, equivalent to 40% of Visa's payment transaction volume [36][38] - Major players like Stripe and Ant Group are actively promoting the adoption of stablecoins in various payment scenarios, indicating a shift from crypto trading markets to broader digital payment applications [36][48] - The report highlights the importance of companies with issuance qualifications, technological accumulation in blockchain, and relevant licenses as key investment opportunities [7][48] Summary by Sections Market Performance - The computer sector experienced a decline of 2.17% last week, ranking 30th among primary industries in the Yangtze River region, with a market share of 9.37% in total trading volume [2][5][12] Key Developments - OpenAI announced the official launch of o3-pro, which is now available to Pro and Team users, showcasing advancements in AI capabilities [21][24] - Quantum computing is at a turning point, with significant advancements being made, as noted by NVIDIA's CEO Huang Renxun [25][30] Investment Recommendations - The report recommends focusing on companies with issuance qualifications, those with technological expertise in blockchain, and firms holding relevant licenses as potential investment opportunities in the stablecoin sector [7][48]

丨证券研究报告丨 中国经济丨点评报告 ——5 月经济数据点评 报告要点 [Table_Summary] 5 月，社会消费品零售总额同比增速回升至 6.4%，工业增加值、固定资产投资总额同比增速较 上月回落，从生产法 GDP 估算来看，二季度 GDP 同比增速或维持在 5%以上。但在强劲的量 增之外， PPI 和房价等指标有转弱迹象，价格端的压力正在逐渐显现。在需求端，出口和生产 强度偏弱、消费高增长内含透支风险、基建同比增速持续走弱，均体现出增长转弱初现端倪。 总的来看，当前经济缺乏自主转向上行周期的动力，最终增长仍需政策承托，政策和增长的互 动节奏将决定市场的风险偏好。 分析师及联系人 [Table_Author] ——5 月经济数据点评 [Table_Summary2] 事件描述 [Table_Title] 如果 Q2 GDP 增长超过 5% %% %% %% %% research.95579.com 1 [Table_Title 如果 Q2 GDP2] 增长超过 5% 于博 刘承昊 SAC：S0490520090001 SAC：S0490523050001 SFC：BUX667 SFC：BVA882 ...

Investment Rating - The report maintains a "Positive" investment rating for the healthcare sector [11] Core Insights - Menin is identified as a crucial epigenetic regulatory factor that drives the abnormal activation of the HOX/MEIS1 axis in acute leukemia subtypes, making it an important target for precision therapy in AML [2][7] - As of June 2025, there are 9 Menin inhibitors in clinical development or already approved globally, with Revumenib showing a complete response rate (CRc) of 81% when combined with Azacitidine and Venetoclax, and a median overall survival (mOS) of 15.5 months [2][8] - Ziftomenib has demonstrated a CRc rate of 94% in newly diagnosed NPM1m patients when used in combination with the "7+3" regimen [9] Summary by Sections Menin Inhibitors Overview - Menin, encoded by the MEN1 gene, plays a key role in gene transcription regulation and maintaining genomic stability, particularly in AML where it drives leukemia stemness and disease persistence [7][20] - Menin inhibitors are particularly effective for AML subtypes that depend on KMT2A rearrangements and NPM1 mutations, which are associated with poor prognosis [27][29] Clinical Development of Menin Inhibitors - Revumenib, developed by Syndax Pharmaceuticals, is the first Menin inhibitor approved by the FDA, showing promising efficacy in clinical trials with a CRc rate of 43.9% and an overall response rate (ORR) of 63.2% [8][33] - Ziftomenib, developed by Kura Oncology, has received FDA fast track designation and has shown high efficacy in initial clinical trials, with CR rates of 88% for NPM1m patients [9][42] - BN104, developed by BioNova, has shown a CR/CRh rate of 60.9% in KMT2A-r patients and is positioned as a potential best-in-class Menin inhibitor [45] Market and Competitive Landscape - The report highlights the competitive landscape with multiple companies, including domestic firms, actively developing Menin inhibitors, indicating a robust pipeline and potential for market growth [31][45] - The acquisition of BN104 by Sihuan Pharmaceutical reflects strategic moves to strengthen global positioning in the Menin inhibitor market [45]

Investment Rating - The report maintains a "Positive" investment rating for the superconducting materials industry [3]. Core Insights - The superconducting materials industry is experiencing a tight supply-demand situation, driven by the acceleration of nuclear fusion projects, which significantly increases the demand for superconducting materials [7][85]. - Superconductors are critical for generating strong magnetic fields necessary for maintaining and controlling high-temperature plasma in nuclear fusion devices, thus enhancing energy efficiency and reducing energy consumption [44][59]. Summary by Sections Section 1: Superconducting Materials - Diverse Types and Wide Applications - Superconducting materials are categorized into low-temperature superconductors (LTS) and high-temperature superconductors (HTS) based on their critical temperature [16]. - LTS materials include NbTi and Nb3Sn, while HTS materials include YBCO and BSCCO, which have practical applications in various fields [22][24]. - The report highlights the unique properties of superconductors, such as zero electrical resistance and complete diamagnetism, which are essential for their applications in advanced technologies [11][12]. Section 2: Superconductors as Key Technologies in Accelerating Nuclear Fusion - Superconducting magnets are essential components of Tokamak devices, used to create the strong magnetic fields required for plasma confinement [38][44]. - The ITER project exemplifies the application of LTS materials in its magnet systems, which account for approximately 28% of the total cost of the device [44]. - The report discusses the potential of HTS materials to improve efficiency and reduce operational costs in next-generation fusion devices like SPARC [59][62]. Section 3: Tight Supply-Demand Dynamics in the Industry Chain - The supply of superconducting materials, particularly in the form of wires and tapes, is currently tight due to the increasing demand from nuclear fusion projects [85]. - Key companies in the superconducting materials sector include Shanghai Superconductor Technology Co., Ltd., which specializes in the production of high-temperature superconducting tapes, and other firms like YD and Lianchuang Optoelectronics, which are involved in various aspects of superconducting technology [85].

%% %% 行业研究丨深度报告丨白酒与葡萄酒 [Table_Title] 三得利烈酒发展复盘：因势酝变，厚积薄发 %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 三得利是仅次于帝亚吉欧和保乐力加的全球西式烈酒龙头，产品主要包括内生的角瓶、響、山 崎、白州等日本威士忌，和主要由对 Beam 收购获得的波本威士忌、伏特加、龙舌兰等。威士 忌作为外来酒种在日本生根发芽高增，一次是 20 世纪 50-80 年代西式消费需求主导、三得利 供给端扩张为辅，一次是 2008 年后三得利饮用方法供给端创新主导、需求端性价比消费风潮 为辅。三得利成为日本威士忌龙头的原因，对外是政策的多方面保护阻止了海外威士忌的竞争， 对内是更灵活的经营策略使其在与 Nikka 等酒企的竞争中收获多次关键节点上的先发优势。 分析师及联系人 [Table_Author] 董思远 徐爽 朱梦兰 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490522050003 SFC：BQK487 石智坤 SAC：S0490522090002 SFC：B ...

Investment Rating - The report gives a "Buy" rating for the company [11][13][90]. Core Views - Fuling Pickles is a leader in China's pickled vegetable industry, focusing on the production and sales of pickled mustard tuber, radish, and pickles. The company is transitioning from a pickled vegetable leader to a platform-based condiment enterprise through both organic growth and acquisitions [8][22][44]. Summary by Sections Company Overview - Fuling Pickles is primarily engaged in the production and sales of pickled vegetables, with a significant market share in the pickled mustard tuber segment, reaching approximately 36% in 2019 [10][69]. - The company has a stable shareholding structure, with the local state-owned assets supervision and administration commission holding 35.26% as of Q1 2025 [37][39]. Market Trends - The pickled vegetable market in China is experiencing growth driven by packaging trends and increased consumer demand. The market size for packaged pickled vegetables is expected to reach around 18.2 billion yuan by 2024, with a packaging rate of approximately 22% in 2022 [9][47]. - The report identifies three main growth drivers: stable demand for traditional products, upgrades in C-end products driven by younger consumers, and opportunities for quality companies in the B-end market during the restaurant recovery phase [9][65]. Financial Performance - In 2024, the company achieved a revenue of 2.387 billion yuan, with a compound annual growth rate (CAGR) of 3.75% from 2018 to 2024. The net profit attributable to the parent company was 799 million yuan, with a CAGR of 3.20% during the same period [25][29]. - The company's gross margin, sales margin, and net profit margin for 2024 are projected to be 50.99%, 37.41%, and 33.49%, respectively, indicating a strong profitability position compared to industry peers [29][30]. Strategic Initiatives - The company is actively exploring new channels and product innovations, including the introduction of new products into membership-based supermarkets and the expansion into the restaurant channel [11][68]. - A planned acquisition of Weizimei aims to enhance the company's capabilities in the B-end market, which is expected to create synergies and strengthen the restaurant channel [11][90]. Future Outlook - The report forecasts net profits for the company to be 846 million yuan, 956 million yuan, and 1.013 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 18, 16, and 15 times [11][90].