Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][33][7] Core Insights - The real estate market showed a lukewarm performance in May, with a slight month-on-month increase of 2% in sales for the top 100 real estate companies. Cumulative sales from January to May decreased by 7% year-on-year [1][12] - The report emphasizes that the current policies are expected to be more forceful than those in 2008 and 2014, indicating a significant shift in the market dynamics [4][33] - The competitive landscape in the industry is improving, with leading state-owned enterprises and a few mixed-ownership and private companies performing well in land acquisition and sales [4][33] Summary by Sections Sales Performance - In May, the top 100 real estate companies achieved a sales amount of 295.55 billion yuan, a year-on-year decrease of 7.8% but a month-on-month increase of 3.8%. Cumulative sales from January to May reached 1313.71 billion yuan, down 7% year-on-year [1][12][30] - The top 31-50 and top 21-30 tiers of companies showed positive year-on-year growth in sales, while the top 10 companies experienced a decline of 11.1% [2][16] Company Performance - Among the top 40 companies, 20 reported positive year-on-year growth in sales. Poly Developments led with sales of 106.81 billion yuan, followed by Greentown China and China Overseas Development [3][30][31] - Notable performers included Nengjian Chengfa with a year-on-year growth of 201.7%, and Hongrongyuan with 185.3% [3][30] Investment Recommendations - The report suggests focusing on real estate stocks due to the expected policy-driven market changes. Recommended stocks include Greentown China, China Overseas Development, and Poly Developments among others [4][33] - The report highlights the importance of monitoring supply-side policies and the performance of quality real estate companies in first and second-tier cities [4][33]

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4] Core Views - The coal mining sector is currently facing a prolonged downturn in prices, with market sentiment at a low point. However, there are signs of potential recovery as some production capacities are experiencing losses, indicating a gradual emergence of cost support. The industry is awaiting favorable policy changes to restore confidence [2][10] Summary by Sections Industry Trends - The coal mining market is experiencing a narrow adjustment with slight supply tightening in major production areas. Downstream demand remains primarily driven by essential needs [13] - Port inventories are continuously decreasing, but there is still a lack of upward momentum in prices due to limited demand from downstream buyers [14] - The shipping market has seen a slight increase in the number of vessels at northern ports, indicating some recovery in logistics [27] Key Companies - Recommended stocks include China Shenhua (601088.SH), Shaanxi Coal and Chemical Industry (601225.SH), and Xinji Energy (601918.SH), all rated as "Buy" with projected earnings per share (EPS) growth [9] - China Shenhua is highlighted as a central enterprise with strong performance, while companies like Qinfa and New Hope Energy are noted for their potential turnaround [10] Price Movements - As of May 30, the price of thermal coal at the port is reported at 620 CNY/ton, remaining stable week-on-week. However, the market is characterized by a lack of strong demand from power plants, leading to a cautious purchasing attitude [37] - Coking coal prices are under pressure, with significant declines observed in various grades, indicating a bearish market sentiment [40][53] Market Outlook - The report emphasizes that the coal industry will maintain its critical role in China's energy system during the 14th Five-Year Plan period. The overall supply-demand balance is expected to remain stable, with a potential increase in industry concentration [37]

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4] Core Views - The coal mining sector is currently facing a prolonged downturn in prices, with market sentiment at a low point. However, there are signs of potential recovery as some production capacities are experiencing losses, indicating a cost support level that could lead to a rebound if favorable policies are introduced [2][10] Summary by Sections Industry Trends - The CITIC Coal Index is at 3,258.46 points, down 0.54%, outperforming the CSI 300 Index by 0.54 percentage points, ranking 23rd among CITIC sector performance [2][76] - The coal market is currently buyer-driven, with procurement strategies and intensity determining coal price movements. The upcoming peak summer demand and potential price stabilization policies are critical factors to monitor [10][37] Key Areas of Analysis - **Thermal Coal**: The market is stable with slight adjustments. Production in major coal-producing areas is tightening slightly, while downstream demand remains primarily for essential needs. Prices are expected to fluctuate within a narrow range due to limited demand from power plants [11][13][14] - **Coking Coal**: The market continues to decline, with prices under pressure from weak demand and high inventory levels. The report emphasizes the need to monitor production cuts from coking coal enterprises as prices approach marginal costs [10][40] - **Coke**: Profit margins are shrinking, and procurement remains focused on essential needs. The overall production of coke is still increasing, but market sentiment is negative due to declining steel prices [58][75] Investment Strategy - The report recommends key coal enterprises such as China Shenhua and China Coal Energy, highlighting their potential for recovery. It also suggests monitoring companies like Qinfa and Xinji Energy for their performance amidst current challenges [10][9]

Investment Rating - The report maintains an "Increase" rating for the industry [5] Core Insights - The introduction of the Stablecoin Ordinance in Hong Kong marks a significant step towards financial innovation while ensuring stability in the digital asset sector [1][3] - Stablecoins serve as a bridge between traditional finance and the crypto ecosystem, providing stability and liquidity, which are essential for broader adoption [2][12] - The RWA (Real World Asset) market is rapidly expanding, with a total market size reaching approximately $23 billion, and is expected to grow significantly in the coming years [4][8][47] Summary by Sections Stablecoin Overview - Stablecoins are digital assets designed to maintain value stability by pegging their price to fiat currencies like the US dollar, addressing the volatility of traditional cryptocurrencies [2][12] - The main types of stablecoins include fiat-backed, crypto-backed, commodity-backed, algorithmic, and hybrid models, with USDT and USDC being the most prominent [21][22] Hong Kong Stablecoin Legislation - The Hong Kong Monetary Authority (HKMA) initiated public consultations on stablecoin regulation in early 2022, leading to the formal introduction of the Stablecoin Ordinance in May 2025 [3][26][31] - The ordinance requires stablecoin issuers to obtain a license from the HKMA, ensuring that reserve assets are fully backed and regularly audited [3][39] Globalization of Debt and Stablecoins - The RWA market is experiencing rapid growth, with significant projects being launched in various sectors, including energy and agriculture [4][41][42] - Major players like Circle are planning to go public, indicating strong market interest and potential for further expansion in the stablecoin sector [38][40] Beneficiaries in the Industry - Companies involved in stablecoin infrastructure include ZhongAn Online, Sifang Jichuang, and others, while RWA projects are supported by firms like Longxin Group and GCL-Poly Energy [51]

Investment Rating - Maintain "Increase" rating for the electric equipment sector [6] Core Views - The report emphasizes the growth potential in the new energy vehicle after-sales service market due to the rapid increase in the number of new energy vehicles [4] - The green electricity direct connection initiative is expected to enhance the low-carbon competitiveness of China's manufacturing sector [14] - Strategic collaborations in hydrogen energy are being established to promote green low-carbon mining complexes and logistics platforms [16] Summary by Sections 1. New Energy Generation - **Photovoltaics**: The National Energy Administration has issued a notice to promote green electricity direct connection, which allows renewable energy to supply power directly to single users, enhancing the clarity of electricity supply sources. The self-consumption ratio of renewable energy should not be less than 60% of total available generation by 2030 [14] - **Wind Power & Grid**: The Jiangsu Guoxin Dafeng offshore wind project has made significant progress with the successful laying of the first 35kV submarine cable. The report highlights the acceleration of nuclear power construction in both China and the US, with plans to start 10 large nuclear power plants by 2030 [15] - **Hydrogen & Energy Storage**: A strategic cooperation agreement has been signed among Yitai Group, Shuangliang Energy, and Yipai Hydrogen to develop a green low-carbon mining complex in Inner Mongolia. The report recommends focusing on leading companies in hydrogen compression technology [16][17] 2. New Energy Vehicles - The number of newly registered energy vehicles in China reached 11.25 million in 2024, accounting for 41.83% of new registrations. The total ownership of new energy vehicles is projected to reach 31.4 million by the end of 2024, a 261-fold increase since 2014 [26] - The report identifies pain points in the battery after-sales market, including data transparency and high maintenance technical difficulties. A new AI model for battery health assessment has been initiated to address these issues [27][28] 3. Energy Storage - The average bidding price for W3 energy storage systems in May is reported to be between 0.423 and 0.651 RMB/Wh. The report suggests focusing on large-scale energy storage companies with high growth certainty, recommending companies like Sungrow Power and Eastern Daybreak [21][24] 4. Industry Price Dynamics - The report provides insights into the price dynamics of the photovoltaic industry chain, indicating fluctuations in prices for polysilicon, solar cells, and modules [31]

证券研究报告 | 行业周报 gszqdatemark 2025 06 02 年 月 日 纺织服饰 周专题：VF 公司发布 FY2025 年报，营收下滑 4%，业绩改善 【本周专题】 VF 公司发布 FY2025 年报，营收下滑 4%，业绩改善。VF 公司披露截至 2025 年 3 月末的 FY2025 年报，公司营收同比下降 4%至 95 亿美元，毛利率同比提升 1.9pcts 至 53.5%，根据公司披露毛利率的提升主要系生产成本的降低以及库存质 量的优化；OPM 为 3.2%（FY2024 同期为-1.5%），FY2024 同期公司针对 Timberland、Dickies 以及 Icebreaker 业务计提商誉减值损失约为 5.1 亿美元，综 合来看 FY2025 公司持续经营净利润为 6930 万美元（FY2024 亏损约为 10 亿美 元）。截至 FY2025 末公司库存同比下降 8%至 16.3 亿美元，库存状况持续改善， 同时受益于营运效率的改善，期内公司产生约 3.13 亿美元自由现金流，叠加非核 心资产出售带来的现金流入，合计自由现金流流入为 4.01 亿美元，略低于公司此 前 4.4 亿 ...

证券研究报告 | 行业周报 gszqdatemark 2025 06 02 年 月 日 通信 谷歌的 AI 一体化——"硬件、大模型、应用生态"三体一体 市场预期差——与其内耗"杀手级应用何时诞生"，不如聚焦确定性高、 布局完善的科技巨头。在 AI 浪潮席卷全球的当下，市场亟需明确一个 核心问题：AI 投入如何实现商业回报？我们认为，与其频繁追问"杀 手级应用何时落地"，不如聚焦于具备完整 AI 战略闭环的科技龙头， Google 作为全球少数具备"AI 基础硬件+大模型+终端应用群"全面 布局的科技巨头，正逐步验证其 AI 战略的可行性与商业化路径。 基础财务数据验证 AI 驱动增长，云业务引领商业化突破。25Q1 总营收 902.3 亿美元（YoY +12%），净利润 345 亿美元（YoY +46%），营业 利润率 33.9%；其中，谷歌云营收 123 亿美元（YoY +28%），增速领 跑全业务，25 年初至 25Q1 期末 Vertex AI Studio 和 Gemini API 的活 跃用户数量增长了超过 200%；广告业务 AI Overview 功能覆盖 15 亿 月活用户，使用 Deman ...

Group 1: Food and Beverage Industry Overview - The report emphasizes embracing new trends and leading new consumption patterns in the food and beverage sector, with a focus on health upgrades and emerging channels [1] - Investment recommendations include three main lines for liquor: leading brands, high-certainty regional wines, and elastic targets benefiting from recovery [1] - For mass-market products, the report suggests focusing on high growth and strong recovery, identifying companies with high growth logic and those benefiting from policy improvements [1] Group 2: Liquor Sector Insights - Water Margin is optimizing its brand system and product matrix, aiming for a dual-brand strategy targeting different price segments, with a significant increase in consumer engagement [2] - Shede Liquor is focusing on base markets and channel strategies, with expectations of gradual sales improvement despite current pressures [2] - Jiu Gui Jiu is enhancing its sales quality and optimizing product structure, with a strategic focus on key products to improve sales performance [3] Group 3: Beer and Beverage Developments - Chongqing Beer is advancing high-end product offerings and diversifying its beverage portfolio, with a stable performance in beer sales [7] - China Resources Beverage is increasing its self-produced capacity and focusing on developing new beverage products to meet market demand [7] - Guyue Longshan is adjusting prices to enhance brand value and is pursuing a national expansion strategy alongside international market penetration [8] Group 4: Food Sector Trends - Zhongju High-tech is reforming its operations and exploring mergers to enhance revenue in the competitive seasoning market [9] - Richen Foods is focusing on customer needs and pursuing both organic growth and acquisitions to drive its business strategy [9] - Ganyuan Foods is expanding its product channels and exploring overseas markets, with gradual results expected [9] Group 5: Health and Functional Products - Jia Biyou is enhancing its market share in infant formula and expanding overseas partnerships with major clients [10] - Zhou Hei Ya is stabilizing its single-store performance and expanding its distribution channels, with plans for further market expansion [11] - Anji Foods is shifting its sales strategy towards product-driven growth, focusing on high-margin products to improve profitability [11]

证券研究报告 | 行业周报 gszqdatemark 2025 06 02 年 月 日 电力设备 江苏海风海缆敷设，看好新能源车后服务市场需求放量 光伏：推动绿电直连发展，提高产业链低碳化转型。5 月 21 日，国家能 源局印发《关于有序推动绿电直连发展有关事项的通知》，《通知》指出， 绿电直连是指风电、太阳能发电、生物质发电等新能源不直接接入公共电 网，通过直连线路向单一电力用户供给绿电，可实现供给电量清晰物理溯 源的模式。目前并网型项目应按照"以荷定源"原则科学确定新能源电源 类型和装机规模。现货市场连续运行地区可采取整体自发自用为主，余电 上网为辅的模式;现货市场未连续运行地区，不允许向公共电网反送。项目 整体新能源年自发自用电量占总可用发电量的比例应不低于 60%，占总 用电量的比例应不低于 30%，并不断提高自发自用比例，2030 年前不低 于 35%。上网电量占总可用发电量的比例上限由各省级能源主管部门结 合实际确定，一般不超过 20%。绿电直连项目有望提高我国制造业低碳化 国际竞争实力。核心关注两大方向：1）供给侧偏刚性、后续需求复苏后价 格弹性更大的硅料和玻璃，核心关注协鑫科技、通威股份、福莱 ...

证券研究报告 | 行业周报 gszqdatemark 2025 06 02 年 月 日 增持（维持） 通信 谷歌的 AI 一体化——"硬件、大模型、应用生态"三体一体 市场预期差——与其内耗"杀手级应用何时诞生"，不如聚焦确定性高、 布局完善的科技巨头。在 AI 浪潮席卷全球的当下，市场亟需明确一个 核心问题：AI 投入如何实现商业回报？我们认为，与其频繁追问"杀 手级应用何时落地"，不如聚焦于具备完整 AI 战略闭环的科技龙头， Google 作为全球少数具备"AI 基础硬件+大模型+终端应用群"全面 布局的科技巨头，正逐步验证其 AI 战略的可行性与商业化路径。 基础财务数据验证 AI 驱动增长，云业务引领商业化突破。25Q1 总营收 902.3 亿美元（YoY +12%），净利润 345 亿美元（YoY +46%），营业 利润率 33.9%；其中，谷歌云营收 123 亿美元（YoY +28%），增速领 跑全业务，25 年初至 25Q1 期末 Vertex AI Studio 和 Gemini API 的活 跃用户数量增长了超过 200%；广告业务 AI Overview 功能覆盖 15 亿 月活用户，使 ...