Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [4]. Core Views - The report highlights that supply-side disturbances are causing lithium prices to continue to break through previous levels. Additionally, the long-term bullish trend for gold remains intact despite recent price corrections due to improved market risk appetite following trade agreements [1][37]. Summary by Sections Weekly Data Tracking - The non-ferrous metals sector saw a significant increase this week, with a 6.7% rise in the Shenwan Non-ferrous Metals Index. Sub-sectors such as small metals and energy metals experienced even higher gains of 14.3% and 12.4%, respectively [10][17]. Industrial Metals - **Copper**: Price strength driven by tariff easing and anti-involution sentiment. Domestic electrolytic copper production increased by 13.16% year-on-year to 6.6276 million tons in the first half of the year, despite supply constraints [2]. - **Aluminum**: Short-term price fluctuations due to changing sentiments around anti-involution policies. The theoretical operating capacity of China's electrolytic aluminum industry reached 43.975 million tons, with minor production adjustments observed [2]. Energy Metals - **Lithium**: Continued supply-side disturbances led to a price increase, with battery-grade lithium carbonate rising 14.3% to 79,000 yuan/ton. Concerns over mining license renewals may tighten supply further [2][28]. - **Silicon Metal**: Prices are expected to remain strong in the short term due to market sentiment influenced by anti-involution policies, despite stable demand from downstream industries [2]. Precious Metals - Gold prices have corrected due to improved market risk appetite following trade agreements, but the long-term bullish outlook remains unchanged amid ongoing concerns over global monetary credit and public debt [1][37]. Key Stocks - The report recommends several stocks for investment, including: - **Shanxi International** (Buy) - **Chifeng Jilong Gold Mining** (Buy) - **Luoyang Molybdenum** (Buy) - **China Hongqiao Group** (Buy) [5].

Group 1 - The investment rating for the industry is "Accumulate (Maintain)" [4] - The report highlights that the IP toy industry in China is experiencing significant growth, with the market size reaching 1,742 billion RMB in 2024, and IP toys accounting for over 43% of this market [2][60] - The report emphasizes the strong financial performance of the company, with projected revenue of 630 million RMB in 2024, representing a year-on-year growth of 30.7% [1][26] Group 2 - The report identifies three core competitive advantages of the company: IP resources, channel coverage, and supply chain efficiency [3][36] - The company has established a unique competitive advantage system in the IP derivative market, creating a complete business loop through self-owned and authorized IP operations [3][36] - The report notes that the company has successfully expanded its overseas market presence, with overseas revenue projected to reach 147.4 million RMB in 2024, a 152% increase year-on-year [1][15] Group 3 - The report discusses the "Guzi Economy," which refers to the economic activities surrounding secondary cultural products, indicating a broad growth potential in this sector [2][36] - The report forecasts that the overall market size for IP derivatives will exceed 3,357 billion RMB by 2029, with a compound annual growth rate of over 14% from 2024 to 2029 [60][64] - The report highlights that the core consumer group for IP toys is primarily under 35 years old, showing a strong interest and emotional connection to IP content [64][68]

Investment Rating - The report maintains a "Buy" rating for the computing power industry, indicating a positive outlook for related companies [6][23]. Core Insights - The computing power industry is experiencing explosive growth driven by unprecedented capital expenditures (Capex) from global tech giants, fueled by the AI wave [19][20]. - The "One Big Beautiful Bill Act" signed by President Trump introduces significant tax cuts and incentives that stimulate growth in the computing power sector [5][20]. - The report emphasizes that the computing power sector is at a critical intersection of surging demand and supportive policies, marking the beginning of a "computing power arms race" [6][23]. Summary by Sections Investment Strategy - The report suggests focusing on companies within the computing power and optical communication sectors, including leaders like Zhongji Xuchuang and New Yisheng, as well as various other related firms [12][23]. Market Review - The communication sector has seen an increase, with the optical communication index performing particularly well [15][18]. Demand Side Analysis - Major tech companies are significantly increasing their Capex to build computing power infrastructure, with Google raising its 2025 Capex target from approximately $75 billion to $85 billion, a record high [21][23]. - Meta plans to invest hundreds of billions to develop superintelligent systems, with substantial increases in its Capex budget [21][23]. Policy Impact - The "One Big Beautiful Bill Act" reduces the federal corporate tax rate from 35% to 21%, permanently easing the tax burden on companies and encouraging reinvestment [5][22]. - The act also restores full expensing for capital investments, enhancing investment returns and accelerating the expansion of the computing power industry [5][22]. Recommendations - The report recommends focusing on key players in the computing power supply chain, including optical communication leaders and companies involved in liquid cooling and edge computing platforms [7][12][23].

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Views - The liquor industry is strengthening its internal capabilities, with companies focusing on management, product, and channel improvements. The industry is currently at a low valuation and is expected to stabilize as sales pressure eases [2]. - In the beer and beverage sector, East Peak Beverage reported impressive mid-year results, while the industry continues to show high growth potential despite intense competition [3]. - The report highlights the ongoing transformation in product selection at Sam's Club, emphasizing operational efficiency through local supply chain adjustments [4]. Summary by Sections Liquor Industry - The liquor sector is in a phase of continuous improvement, with major companies like Guizhou Moutai and Shanxi Fenjiu enhancing their management and product offerings. The industry is currently experiencing a seasonal downturn, but valuations are low, suggesting potential for recovery [2]. Beer and Beverage Sector - The beer segment is advised to focus on high-growth products and structural performance, with companies like Yanjing Beer and Zhujiang Beer being highlighted. East Peak Beverage's revenue for the first half of 2025 reached 10.737 billion yuan, a year-on-year increase of 36.37% [3]. Food Sector - Sam's Club is undergoing a significant product selection transformation, with a shift towards national best-selling items to improve operational efficiency. The report notes that the low-temperature dairy market is performing better than the ambient temperature segment [4][7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In 25Q2, the scale of convertible bonds held by public - offering funds accounted for 42.44% of the total market value of convertible bonds, with a slight decrease in positions. The convertible bond market showed a net outflow trend due to large - scale bond delistings and an increase in forced redemptions [2][12]. - The market value and proportion of convertible bonds held by first - tier bond funds increased, while those of second - tier bond funds, other funds, partial - debt hybrid funds, and flexible allocation funds decreased [2][13]. - The market value of convertible bonds held by convertible bond funds decreased by 3.42% quarter - on - quarter, but the convertible bond position and leverage ratio increased slightly. The average return of convertible bond funds in 25Q2 was slightly lower than the CSI Convertible Bond Index [4][23][29]. - Public - offering funds significantly increased their positions in industries such as social services, non - bank finance, beauty care, food and beverage, and basic chemicals, and reduced their positions in industries such as steel, banks, and household appliances [6][35]. 3. Summary According to the Directory 3.1 Public - Offering Fund Convertible Bond Holdings - In 25Q2, the balance of the convertible bond market was 642.481 billion yuan, a 7.16% decrease from 25Q1. Public - offering funds held convertible bonds worth 272.661 billion yuan, accounting for 42.44% of the total market value of convertible bonds, a 1.65 - percentage - point increase from 25Q1. The position of public - offering funds in convertible bonds was 0.73%, a 0.09 - percentage - point decrease from 25Q1 [2][12]. - First - tier bond funds increased their holdings of convertible bonds by 6517 million yuan (+3.56%), while second - tier bond funds decreased their holdings by 7933 million yuan (-1.06%), other funds by 1991 million yuan (-0.55%), partial - debt hybrid funds by 1969 million yuan (-0.38%), flexible allocation funds by 1215 million yuan (-0.29%), and convertible bond funds by 3022 million yuan (+0.57%) [2][13]. - As of 25Q2, there were 60 public - offering funds (excluding convertible bond funds) with a convertible bond market value of over 1 billion yuan, with a total market value of 170.987 billion yuan, a 3.41% decrease from 25Q1, accounting for 62.71% of the market value of public - offering funds investing in convertible bonds. There were 311 public - offering funds (excluding convertible bond funds) with a convertible bond market value of over 100 million yuan, with a total market value of 249.435 billion yuan, a 3.30% decrease from 25Q1, accounting for 91.48% of the market value of public - offering funds investing in convertible bonds [3][18]. 3.2 Convertible Bond Fund Convertible Bond Holdings - As of 25Q2, there were 40 convertible bond funds, holding convertible bonds worth 8.5233 billion yuan, a decrease of 302.2 million yuan from 2025Q1, a 3.42% quarter - on - quarter decrease [4][23]. - The convertible bond position of convertible bond funds increased from 84.49% in 25Q1 to 84.99%, a 0.50 - percentage - point increase. The leverage ratio increased from 137% to 142%, a 5 - percentage - point increase [4][26]. - In 25Q2, the average annualized return of the CSI Convertible Bond Index was 17.32%, and the average annualized return of convertible bond funds was 15.90%. There were 11 convertible bond funds that outperformed the CSI Convertible Bond Index, with a winning rate of 27.5%; 15 outperformed the convertible bond fund index, with a winning rate of 37.5% [5][29]. - Public - offering funds significantly increased their positions in social services, non - bank finance, beauty care, food and beverage, basic chemicals, and other industries. Industries such as steel, banks, and household appliances saw a significant decrease in the market value of public - offering fund holdings in 25Q2 [6][35]. - The top five heavy - position convertible bonds of convertible bond funds were Industrial Bank Convertible Bonds, Shanghai United Bank Convertible Bonds, 25 Treasury Bond 01, Shanghai Pufa Bank Convertible Bonds, and Chongqing Bank Convertible Bonds [6][38].

Investment Rating - The report maintains a "Buy" rating for the construction and decoration industry, indicating a positive outlook for major projects and regional development strategies [4][10]. Core Insights - The initiation of the Yaxia Hydropower Station signals a clear trend of central government leveraging, with expectations for further major projects and regional development strategies to stabilize overall infrastructure investment and total demand [1][9]. - The report highlights that infrastructure and manufacturing investments are experiencing a high-level continuous decline, with real estate investment, sales, and funding showing significant drops, indicating a core issue of insufficient demand [1][14]. - It is anticipated that fiscal policies will continue to strengthen in the second half of the year, improving the funding situation for infrastructure and accelerating the implementation of physical workloads [1][14]. Summary by Sections Major Projects and Regional Development Strategies - Significant transportation projects are expected, including the China-Kyrgyzstan-Uzbekistan Railway and the New Tibet Railway, with total investments of approximately $8 billion and 960 billion yuan respectively [2][21]. - The report outlines several large canal projects, such as the Pinglu Canal, with a total investment of about 72 billion yuan, which is expected to enhance logistics efficiency and stimulate economic growth [3][26]. - The Xinjiang regional strategy is highlighted, with over 800 billion yuan in coal chemical projects planned, driven by the region's abundant coal resources [7][10]. Key Recommendations - The report recommends major construction enterprises that will benefit from large-scale transportation and water conservancy projects, including China Energy Engineering, China State Construction, and China Railway Construction [10][11]. - It also emphasizes companies involved in coal chemical development in Xinjiang, such as China Chemical Engineering and Donghua Technology, as key beneficiaries of the regional strategy [10][11]. - Companies like Sichuan Road and Bridge are recommended due to their involvement in the construction of the national strategic hinterland [10][11].

60 只公募基金持有转债规模超 10 亿元。截止 2025Q2，持有转债市值超 10亿元的基金（不包含可转债基金）共有60只，合计持有转债市值1709.87 亿元，环比 25Q1 下降 3.41%，占投资转债公募基金市值的 62.71%；持 有转债市值超 1 亿元的基金（不包含可转债基金）共有 311 只，合计持有 转债市值 2494.35 亿元，环比 25Q1 下降 3.30%，占投资转债公募基金市 值的 91.48%。 固定收益点评 可转债基金持有转债市值环比下降 3.42%，转债仓位和杠杆率均小幅上 升。截止 2025Q2，可转债基金（同花顺开放式基金分类中的可转换债券 型基金）共计 40 只，持有转债市值共计 852.33 亿元，较 2025Q1 下降 30.22 亿元，环比下降 3.42%。可转债仓位由 25Q1 的 84.49%上升至 84.99%，环比上季度上升 0.50pcts。由于转债供需趋紧、权益主题行情不 断，可转债基金的转债仓位继续上行。与此同时，可转债基金资产净值下 降速率高于基金资产总值下降速率，转债基金杠杆率由 137%上升至 142%，增长了 5pcts。 供给减少，基金如何调 ...

Investment Rating - The report maintains an "Increase" rating for the computer industry [5]. Core Insights - Google's Q2 earnings exceeded expectations, with revenue of $96.43 billion and net profit of $28.2 billion, driven by AI integration across multiple business lines [13][14]. - The World Artificial Intelligence Conference (WAIC) in Shanghai highlighted AI's role as a new economic engine, emphasizing the need for inclusive development, innovation cooperation, and governance [21][27]. - The emergence of user-created AI agents is transforming the landscape, with significant growth in coding tokens usage, indicating that AI coding is becoming accessible to non-programmers [3][33]. Summary by Sections Google Financial Performance - Google's Q2 revenue was $96.43 billion, surpassing the expected $94 billion, with a net profit increase of nearly 20% year-over-year [13][14]. - AI is significantly enhancing various Google services, with monthly token processing increasing from 480 trillion to over 980 trillion [14][18]. World Artificial Intelligence Conference (WAIC) - WAIC 2025 will feature an exhibition area of 70,000 square meters, showcasing AI technologies and applications across various sectors [22]. - The conference aims to serve as a platform for international cooperation and innovation in AI [21][27]. AI Agent Development - There are three types of AI agents: user-created agents, vendor-provided agents, and enterprise-specific agents [4][39]. - The rise of AI coding tools is enabling users without programming backgrounds to create customized applications, enhancing productivity [3][34]. Investment Opportunities - Key companies to watch in the computing sector include Cambricon, Haiguang Information, and others involved in AI and computing power [8][55]. - Companies developing AI agents include Alibaba, Tencent, and various startups focusing on tailored AI solutions for businesses [8][55].

Investment Rating - The report maintains a "Buy" rating for several steel companies, indicating a positive outlook for the sector [5][8]. Core Insights - The black industrial chain has experienced significant price fluctuations, with the CITIC Steel Index rising by 7.55% during the week, outperforming the CSI 300 Index by 5.86 percentage points [1][85]. - The report highlights a rebound in steel prices due to a reversal in inventory cycles, driven by strong domestic and external demand in the first half of the year, although uncertainties remain due to tariff frictions [2][6]. - The report anticipates that the implementation of "anti-involution" policies will accelerate the recovery of industry profitability, with a focus on reducing production capacity [2][6]. Supply Analysis - Daily molten iron production has decreased slightly to 242.2 thousand tons, with a marginal decline in long-process production [11][14]. - The capacity utilization rate for domestic blast furnaces is reported at 90.8%, a slight decrease of 0.1 percentage points week-on-week [14][20]. Inventory Analysis - Total steel inventory has slightly decreased by 0.1 percentage points, with social inventory increasing while steel mill inventory has significantly declined [20][22]. - The social inventory of five major steel products stands at 9.271 million tons, up 0.5% week-on-week but down 27.4% year-on-year [22][27]. Demand Analysis - Apparent consumption of five major steel products has shown a slight decline of 0.2% week-on-week, indicating resilient demand despite the overall weakness [36][46]. - Weekly average transaction volume for construction steel has increased by 22.4% compared to the previous week, reaching 115 thousand tons [36][37]. Raw Material Analysis - Iron ore prices have strengthened, with the Platts 62% Fe iron ore price index rising to $102.6 per ton, a week-on-week increase of 2.4% [45][54]. - The report notes a decrease in Australian iron ore shipments by 10.5% week-on-week, while Brazilian shipments increased by 17.4% [54][68]. Price and Profit Analysis - The report indicates a significant improvement in immediate gross margins for steel products, with the Myspic comprehensive steel price index rising by 4.2% week-on-week [66][67]. - Current prices for rebar in Beijing and Shanghai have increased by 7.7% and 5.5% respectively, reflecting a positive trend in the market [67][70]. Key Stocks - The report recommends several stocks for investment, including: - Xinxing Ductile Iron Pipes (Buy) - Nanjing Steel (Buy) - Hualing Steel (Buy) - Baosteel (Buy) - Jiuli Special Materials (Buy) - New Steel (Increase Holding) [8][89].

Investment Rating - The overall investment rating for the textile and apparel industry is "Buy" for several key companies, including Anta Sports, Li Ning, and Bosideng, among others [8][20][21]. Core Insights - The textile and apparel industry is experiencing a low holding ratio since 2022, with a notable increase in the jewelry sub-sector's holding ratio. As of the end of Q2 2025, the market value of heavy-holding stocks in the textile and apparel sector increased by 8% to 12.72 billion yuan, accounting for 0.41% of the total heavy-holding stock market value [1][11]. - The apparel and home textile sector is expected to see performance recovery and valuation improvement in 2025, driven by stable retail demand and healthy inventory levels in the sportswear segment [2][16]. - In the jewelry sector, companies focusing on product differentiation and strong brand power are anticipated to outperform the industry, with Chow Tai Fook expected to see a 10% increase in operating profit for FY2025 [3][17]. Summary by Sections Fund Position Analysis - As of Q2 2025, the market values of heavy-holding stocks in the apparel and home textile, textile manufacturing, and jewelry sectors were 5.65 billion, 1.63 billion, and 5.45 billion yuan, respectively, with jewelry holdings increasing while apparel and textile manufacturing saw declines [1][11][12]. Key Company Recommendations - Recommended companies include: - Anta Sports, with a 2025 PE of 17 times, noted for its strong operational capabilities [19]. - Li Ning, with a 2025 PE of 17 times, recognized for its long-term performance resilience [19]. - Bosideng, with a favorable valuation and expected strong performance in FY2025 [19]. - Chow Tai Fook and Chaohongji in the jewelry sector, with respective 2026 PEs of 18 and 26 times [17]. Market Performance - The textile manufacturing sector outperformed the market, with a weekly increase of 2.35% compared to the 1.69% rise in the CSI 300 index [22]. Recent Reports - Chow Tai Fook reported a 1.9% decline in same-store sales for FY2026 Q1, with improvements expected in subsequent quarters due to product optimization and store efficiency [28][30]. Material Trends - As of July 22, 2025, the price of domestic cotton 237 decreased by 23% year-on-year to 21,770 yuan/ton, while long-staple cotton 328 remained stable at 15,549 yuan/ton [35][36].