Investment Rating - The industry is rated as "Buy" for several key companies, including Xining Special Steel, Nanjing Steel, Hualing Steel, and Baosteel [8]. Core Viewpoints - The market remains in a state of fluctuation, with the non-ferrous sector outperforming the black metal sector. Financial attributes of metals like gold, silver, and copper are expected to benefit from the current economic conditions [2]. - The macroeconomic policies are showing effectiveness, with the manufacturing PMI rising to 49.5% in May, indicating an overall expansion in economic output [4][12]. - The steel industry is experiencing a divergence in profitability across the black metal supply chain, with some companies undervalued and presenting good strategic investment opportunities [2][4]. Supply Analysis - Daily molten iron production has slightly decreased to 2.417 million tons, with a minor decline in the utilization rate of blast furnaces to 90.6% [3][11]. - The total inventory of steel has decreased by 0.1%, with a narrowing decline rate of 2.2 percentage points [23][25]. Demand Analysis - Apparent consumption of the five major steel products has weakened, with rebar consumption dropping by 7.9% week-on-week [38][49]. - The average weekly transaction volume for construction steel has increased by 2.0% [40]. Raw Material Analysis - Iron ore prices have declined, with the Platts 62% iron ore price index at $96.1 per ton, down 0.7% week-on-week [57]. - The average daily iron ore import volume at 45 ports has increased by 17.9% week-on-week [57]. Price and Profit Analysis - Steel prices are showing a slight improvement, with the current spot price for rebar in Beijing at 3,170 RMB per ton, up 1.9% week-on-week [73]. - The immediate gross profit for long-process rebar is reported at -134 RMB per ton, indicating a slight improvement in margins [72][73].

证券研究报告 | 行业周报 gszqdatemark 2025 06 08 年 月 日 食品饮料 周观点：啤酒饮料正当旺季，关注大众品上新催化 投资建议：1、白酒：淡季筑底、中长期价值凸显，建议关注" 优势龙头、红 利延续、强势复苏"三条主线：1）优势龙头，头部酒企份额持续提升：贵州 茅台、五粮液、山西汾酒、古井贡酒；2）红利延续，高确定性区域酒：今世 缘（江苏格局红利）、迎驾贡酒（洞藏大单品红利）等；3）受益复苏与风险偏 好提升，弹性标的：泸州老窖、水井坊、舍得酒业、老白干酒、港股珍酒李渡、 酒鬼酒等。2、大众品：燕京 U8 改革深化，农夫山泉推新" 茶 "，山姆供应 链上新加速，建议寻找高成长与强复苏两条主线：1）高景气或高成长逻辑： 盐津铺子、东鹏饮料、燕京啤酒、珠江啤酒、三只松鼠、百润股份、有友食品、 好想你等，港股农夫山泉、华润饮料、卫龙美味等。2）政策受益或复苏改善： 青岛啤酒、海天味业、新乳业、伊利股份、重庆啤酒、安琪酵母、仙乐健康、 安井食品、立高食品等，港股 H&H 国际控股等。 白酒：茅台发布 走进系列"，淡季进一步筑底。近期在时隔 6 年后，贵州茅 台上新走进系列新品，并于 6 月 5 ...

证券研究报告 | 行业周报 gszqdatemark 2025 06 08 年 月 日 房地产开发 2025W23：5 月核心城市二手房成交规模有所回落 5 月上海、北京、深圳二手房成交规模有所回落。2025 年 5 月上海、北 京、深圳二手房成交套数分别为 21400 套、14277 套、4830 套，环比分 别-8.6%、-8.3%、-18.1%，相较于 3 月分别-27.1%、-25.8%、-22.5%。 核心城市二手房成交相较此前有一定降温，这其中有一定季节性因素，但 整体仍好于新房市场。我们预计，在当前现有地产政策框架下，二手房成 交或持续强于新房；新房受供货结构影响，总量弹性不大，或维持近年同 期低位量能，结构性的城市和区域表现尚可。 行情回顾：本周申万房地产指数累计变动幅度为 0.9%，落后沪深 300 指 数 0.02 个百分点，在 31 个申万一级行业排名第 21 名。 新房：本周30个城市新房成交面积为157.9万平方米，环比下降35.7%， 同比下降 9.6%，其中样本一线城市的新房成交面积为 40.9 万方，环比- 40.3%，同比-7.4%；样本二线城市为 79.8 万方，环比-28 ...

Investment Rating - The report maintains a "Buy" rating for companies such as Beixin Building Materials, Pona, and China Jushi, while recommending "Hold" for Weixing New Materials [8]. Core Views - The construction materials sector is expected to experience a "not-so-weak" off-season despite the traditional seasonal downturn, with a slight increase in demand for certain materials [1][2]. - Government debt issuance has increased, which may alleviate fiscal pressure and accelerate municipal engineering projects, benefiting companies like Longquan Co., Qinglong Pipe Industry, and China Liansu [2]. - The glass market is facing a supply-demand imbalance, with a marginal improvement in demand since March 2025, but overall demand is expected to decline post-2025 [2][3]. - The cement industry is still in a demand bottoming process, with companies increasing production cuts to stabilize prices [2][15]. - The fiberglass market shows signs of recovery, particularly in wind power applications, while electronic fiberglass demand remains strong [2][7]. Summary by Sections 1. Market Overview - From June 3 to June 6, 2025, the construction materials sector (SW) rose by 0.63%, with cement up 0.38%, glass manufacturing up 1.01%, fiberglass up 2.07%, and renovation materials up 0.24% [1][11]. - The net capital inflow for the construction materials sector was -159 million yuan during this period [1]. 2. Cement Industry Tracking - As of June 6, 2025, the national cement price index was 358.88 yuan/ton, down 0.51% from the previous week, with a total cement output of 3.157 million tons, a decrease of 9.81% [15]. - The cement market is characterized by weak demand in infrastructure and residential construction, with a utilization rate of 61.01% for cement clinker production [15][27]. 3. Glass Industry Tracking - The average price of float glass was 1250.27 yuan/ton, down 1.63% from the previous week, with inventory levels increasing significantly [3][32]. - The demand for glass is expected to remain weak in June, with prices likely to fluctuate downward [3][34]. 4. Fiberglass Industry Tracking - The fiberglass market is witnessing a stabilization in prices, with demand from wind power applications supporting growth [2][7]. - The price of non-alkali fiberglass is expected to stabilize, while electronic fiberglass prices remain steady [6][7]. 5. Carbon Fiber Industry Tracking - The carbon fiber market is stable, with production rates at 60.69% and a slight increase in inventory levels [7]. - The demand for carbon fiber is anticipated to grow, particularly in wind energy and hydrogen storage applications [7]. 6. Consumer Building Materials - The consumer building materials sector is benefiting from improved second-hand housing transactions and consumption stimulus policies, with companies like Beixin Building Materials and Weixing New Materials recommended for investment [2][8].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Shandong Gold, and Chifeng Jilong Gold [3][4]. Core Views - The combination of "tariff easing + employment slowdown" provides a premise for the Federal Reserve to lower interest rates, potentially leading to a rebound in metal prices. Optimistic expectations regarding tariff policies have heightened market sentiment, although gold has seen a decline due to reduced safe-haven demand [1][36]. - Industrial metals, particularly copper, are in a state of fluctuation due to macroeconomic uncertainties and rising inventories, while aluminum prices are supported by decreasing social inventories despite tariff policy fluctuations [1]. - Energy metals, such as lithium, are experiencing a weak supply-demand balance, with lithium prices showing signs of fluctuation. The demand for electric vehicles continues to grow, but the market remains cautious [1]. Summary by Sections Non-Ferrous Metals - The non-ferrous metals sector has seen a general increase in prices, with specific attention to gold and silver, which are influenced by macroeconomic factors and market sentiment [12][18]. - Copper prices are currently in a consolidation phase due to fluctuating macroeconomic conditions and rising inventories, with global copper stocks reported at 537,000 tons, an increase of 12,300 tons week-on-week [1][23]. - Aluminum prices are supported by a decrease in social inventories, with theoretical operating capacity in China's electrolytic aluminum industry reaching 43.87 million tons, a slight increase from the previous week [1][23]. Precious Metals - Gold prices are expected to rebound following a period of adjustment, driven by the anticipation of interest rate cuts by the Federal Reserve. The recent employment data has raised concerns about economic growth, but the overall employment market is still showing signs of slowdown [1][36]. - Silver remains strong due to industrial demand, while gold has faced downward pressure from reduced safe-haven buying [1][36]. Energy Metals - Lithium prices are currently fluctuating, with industrial-grade lithium carbonate priced at 59,000 yuan/ton, down 0.8% week-on-week. The supply side is seeing slight increases, but demand remains cautious due to market conditions [1][27]. - The demand for electric vehicles continues to rise, with cumulative sales of passenger and electric vehicles reaching 880.2 million and 438 million units respectively, showing year-on-year growth of 9% and 34% [1][27]. Company Announcements - Companies such as Chifeng Jilong Gold and Zhongse Co. have made significant announcements regarding resource verification and project investments, indicating ongoing developments in the sector [34].

证券研究报告 | 行业周报 gszqdatemark 2025 06 08 年 月 日 电力 迎峰度夏有望提振电力需求，新型电力系统试点解决新能源消纳 本周行情回顾：本周（6.3-6.6）上证指数报收 3385.36 点，上涨 1.13%，沪 深 300 指数报收 3873.98 点，上涨 0.88%。中信电力及公用事业指数报收 2939.08 点，下跌 0.12%，跑输沪深 300 指数 1.00pct，位列 30 个中信一级 板块涨跌幅榜第 25 位。 本周行业观点： ➢ 新型电力系统建设试点工作发布，算电协同、煤电改造等 7 大方向，有 望解决新能源消纳。6 月 4 日，国家能源局发布《关于组织开展新型电 力系统建设第一批试点工作的通知》，提出围绕算力与电力协同、大规 模高比例新能源外送、新一代煤电等七个方向开展试点工作。 在算电协同方面，提出重点在国家枢纽节点和青海、新疆、黑龙江等能 源资源条件好区域协同规划布局算力与电力项目，探索新能源就近供电、 聚合交易、就地消纳的"绿电聚合供应"模式，提高数据中心绿电占比； 通过算力负荷与新能源功率联合预测、算力负荷柔性控制、智能化调度 等技术，提升源荷协同水平 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Xtep International, and Shenzhou International, among others [9][11][23]. Core Insights - Lululemon's FY2025Q1 revenue increased by 7% year-on-year to $2.4 billion, with international business revenue growing by 19% [1][14]. - The report emphasizes the importance of focusing on brands with strong fundamentals and quality, anticipating performance recovery and valuation improvement in 2025 [4][19]. - The outdoor sports and running demand segments are expected to expand faster than the overall demand for sportswear and branded apparel [4][19]. Summary by Sections Lululemon Performance - Lululemon's FY2025Q1 revenue growth was driven by a 19% increase in its China business, which reached $410 million [3][16]. - The company expects revenue growth of 7% to 8% for FY2025Q2 and 5% to 7% for the full fiscal year [1][14]. Regional Performance - In the Americas, Lululemon's U.S. revenue grew by 1.7% to $1.36 billion, while Canadian revenue increased by 3.9% to $290 million [2][15]. - The Chinese market showed robust growth, with same-store sales up 7% and plans to expand store count to around 200 [3][16]. Industry Outlook - The textile and apparel sector is projected to outperform the broader market, with a focus on companies that demonstrate strong operational capabilities and sustainable growth [4][19]. - The report highlights the potential for companies like Anta Sports and Xtep International to benefit from the growing demand in the outdoor and running segments [4][23]. Key Recommendations - The report recommends focusing on high-quality brands such as Anta Sports, Xtep International, and Shenzhou International, which are expected to deliver strong performance in 2025 [4][11][23]. - It also suggests monitoring companies like Hailan Home and Bosideng for their growth potential and attractive valuations [11][23].

Investment Rating - The report maintains an "Accumulate" rating for the media sector [5]. Core Viewpoints - The media sector has shown a positive trend, with a 2.52% increase from June 3 to June 6, 2025, driven by the gaming sector and AI themes [10][12]. - The report highlights optimism for AI applications, IP monetization, and mergers and acquisitions in the media sector by 2025 [10][16]. - Key areas of focus include new AI applications, companies with IP advantages, and state-owned enterprises due to increased funding and market value assessments [10][16]. Summary by Sections 1.1 Market Overview - The media sector's performance is noted with a 2.52% increase, outperforming other sectors such as telecommunications and non-ferrous metals [10][12]. - The top five gainers in the media sector include Gehua Cable (16.4%), Hubei Broadcasting (15.5%), and Shengxun Technology (13.6%) [12][14]. 1.2 Sub-sector Insights - Resource integration expectations are focused on companies like China Vision Media and Guangxi Broadcasting [16]. - AI-related companies to watch include Rongxin Culture and Aofei Entertainment [16]. - In gaming, strong performers include Shenzhou Taiyue and Kainet Network [16]. - State-owned enterprises of interest include Ciweng Media and Anhui Xinhua Media [16]. - In the education sector, Xueda Education is highlighted [16]. - Key Hong Kong stocks include Alibaba and Tencent, with a focus on New Oriental in the K12 education sector [16]. 2. Key Events Review - Google released the Gemini 2.5 Pro model, showcasing superior capabilities in mathematics, programming, and reasoning, achieving a 24-point increase in Elo score [18]. - Luma AI introduced the Modify Video feature, enhancing video creation flexibility, which has gained significant attention on social media [18]. 3. Sub-sector Data Tracking - The domestic film market's total box office from May 31 to June 6, 2025, reached approximately 515 million yuan, with "Mission: Impossible 8" leading at 218 million yuan [20][22]. - The top-rated series during the same period included "Cang Hai Chuan" and "Zhe Yao" [23][24].

Economic Overview - The US economy shows strong resilience in May, with no signs of recession observed[1] - The unemployment rate remained stable at 4.2%, matching expectations[2] - Non-farm payrolls increased by 139,000, slightly above the forecast of 130,000[2] Employment Data - April's non-farm payrolls were revised down from 177,000 to 147,000, and March's from 185,000 to 120,000, totaling a downward revision of 95,000 over two months[2] - Labor force participation rate decreased to 62.4%, below the expected 62.6%[2] - Average hourly earnings rose by 0.4% month-on-month, exceeding the previous month's increase of 0.2%[2] Market Reactions - Following the non-farm payroll release, US stock markets rose, with the S&P 500, Nasdaq, and Dow Jones increasing by 1.0%, 1.2%, and 1.1% respectively[3] - The 10-year US Treasury yield increased by 11.1 basis points to 4.51%[3] - The probability of the Federal Reserve cutting rates twice in 2025 dropped from 100% to around 80%[3] Key Events to Watch - Two critical events in the next two months: trade negotiations and the potential passage of Trump's "Big Beautiful Bill" in the Senate[4] - The trade agreement deadline for tariffs on China is August 12, while the deadline for other countries is July 9[4] - Market expectations for trade agreements with China, India, Japan, and Canada are above 50%[4] Risks - Ongoing risks include unexpected developments in the US economy, inflation, Federal Reserve monetary policy, and geopolitical conflicts[4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its initial coverage [4][8]. Core Insights - The company is strategically positioned in the transmission system components sector and is proactively entering the robotics field, particularly focusing on robotic reducers [1][3]. - The company has demonstrated strong revenue growth and structural optimization, leading to a continuous improvement in profitability [28][31]. - The company is expanding its product offerings in the differential and synchronizer markets, capitalizing on the growth of new energy vehicles [2][49]. Summary by Sections 1. Company Overview - Established in 2006, the company has developed a comprehensive product line including synchronizers, differential assemblies, and aerospace precision components. It plans to invest in smart manufacturing for robotic reducers in 2024 [1][13]. 2. Revenue Growth and Profitability - From 2020 to 2024, the company's revenue is projected to grow from 12 billion to 24 billion CNY, with a CAGR of 19%. The growth is driven by the stabilizing synchronizer business and the increasing demand for new energy vehicle components [28][31]. 3. Differential and Synchronizer Market Expansion - The differential assembly market is expected to grow significantly, with projections indicating a market size exceeding 150 billion CNY by 2030. The company has established a joint venture to enhance its differential production capabilities [2][49]. - The synchronizer market is also expanding, with the company holding over 30% market share in China. The market for synchronizers in passenger vehicles is expected to exceed 8 billion CNY by 2025 [2][8]. 4. Aerospace and Robotics - The aerospace segment is showing strong profitability, with plans for expansion to support performance growth. The company is also leveraging its manufacturing expertise to enter the robotics sector, focusing on high-precision reducers [3][19]. 5. Financial Projections - The company anticipates significant growth in net profit, with projections of 4.3 billion, 5.4 billion, and 6.5 billion CNY for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 33%, 26%, and 21% [8][9].