Investment Rating - Industry investment rating: Outperform the market (expected to outperform the CSI 300 index by more than 5% in the next 6 months) [23] Core Insights - The medical device sector is experiencing a significant recovery in bidding activities, driven by ongoing equipment updates and the active participation of county-level medical communities [3][5] - The overall scale of new equipment bidding in China has shown a month-on-month improvement since January 2025, with procurement amounts reaching 174 billion, 113 billion, 140 billion, 153 billion, and 134 billion yuan from January to May, respectively, reflecting year-on-year growth rates of +41%, +77%, +113%, +85%, and +69% [3][10] - Major companies in the industry are benefiting significantly from the recovery in bidding activities, with notable increases in procurement amounts for ultrasound, CT, MRI, and other imaging devices [4][11] Summary by Sections Equipment Update and County Medical Community Efforts - Since March 2025, numerous county medical communities have initiated medical equipment update projects, leading to large-scale procurement orders worth billions of yuan [3][10] - The procurement scope includes various imaging devices such as CTs, ultrasound diagnostic equipment, and MRIs, with significant activity reported in several provinces [3][10] Procurement Scale and Growth - In May 2025, procurement amounts for various devices were as follows: ultrasound 16.63 billion yuan (yoy +103%), CT 18.54 billion yuan (yoy +108%), MRI 15.06 billion yuan (yoy +102%), DR 4.12 billion yuan (yoy +236%), DSA 6.96 billion yuan (yoy +79%), and gastrointestinal endoscopes 3.81 billion yuan (yoy +58%) [4][11][14] Domestic Company Trends - Domestic companies are showing a bidding trend that aligns with the overall industry, with notable performances in May 2025: Mindray 8.19 billion yuan (yoy +56%), United Imaging 7.83 billion yuan (yoy +11%), Kaili 1.10 billion yuan (yoy +137%), and Aohua 0.35 billion yuan (yoy +242%) [4][17] Investment Recommendations - The report suggests focusing on leading domestic companies that are enhancing their high-end and intelligent medical device offerings, such as Mindray, United Imaging, Kaili, and Aohua [5][21]

Group 1: Key Insights on Energy Storage and New Energy - Major energy storage companies have diverse business models and regional layouts, with promising expansion in non-US markets [2][10] - The report highlights the strong performance of leading companies like Sungrow Power Supply and Aiko Solar in the energy storage sector, particularly in overseas markets [7][8] - The demand for energy storage in Europe, the Middle East, and Australia is expected to grow significantly, with a projected increase in installed capacity [9][10] Group 2: Key Insights on Coal Industry - The coal market is currently experiencing a bottoming phase, with both thermal and coking coal prices stabilizing, and potential exits of high-cost mines [3][14] - The average sales cost for thermal coal is approximately 291 RMB/ton, while for coking coal it is about 507 RMB/ton, indicating profitability for thermal coal producers [12] - The coal industry is expected to maintain high dividend yields, with an average cash dividend payout ratio of around 62% for major listed coal companies in 2024 [14][13] Group 3: Key Insights on Semiconductor Industry - The rise of edge AI computing is driving demand for AI-enhanced System on Chip (SoC) solutions, which are crucial for smart devices [4][16] - Wireless communication technologies are expanding, with increasing demand for low-power IoT connection chips in various applications [4][16] - The integration of AI in consumer electronics is enhancing user experience, with products like smart glasses and smart speakers becoming key platforms for AI technology [4][16]

Investment Rating - Semiconductor industry maintains a strong market rating [1] Core Insights - The report highlights the rapid penetration of AI applications at the edge, driven by technological innovations that promote hardware upgrades [5][9] - The integration of AI-enhanced SoCs with NPU and reconfigurable computing units is breaking traditional processor efficiency bottlenecks, enabling real-time inference and decision-making capabilities at the edge [2][9] - Audio is emerging as a primary information dimension for AI applications, with AI-enhanced audio models driving product innovation [10][15] Summary by Sections Processing: Edge Intelligence Drives NPU Adoption - The widespread application of NPUs is being propelled by edge intelligence, with low power consumption making them ideal for edge devices [2][32] - NPU architecture is evolving alongside AI algorithms and application scenarios, enhancing performance in tasks like facial recognition and voice recognition [32][41] Connectivity: Wireless Communication as the Main IoT Implementation Method - The demand for edge connectivity in IoT is growing, leading to the expansion of local wireless connection technologies such as WiFi, Bluetooth, and ZigBee [2][73] - The integration of various wireless technologies enhances device functionality and application scenarios, allowing for flexible communication methods based on specific needs [73][74] Edge Applications: AI's Core is Upgrading User Experience - The shift of AI development focus towards end devices is creating a strong demand for intelligent perception and natural dialogue across multiple modalities [2][9] - AI technologies are being integrated into devices like smart glasses, headphones, and smart speakers, significantly enhancing user experience [9][10] Investment Recommendations - The report suggests focusing on companies like Rockchip, Allwinner Technology, Hengxuan Technology, and others, as the demand for edge AI computing in low-power devices is expected to rise significantly [2][9]

Group 1: Report Industry Investment Rating - There is no specific industry investment rating provided for this report [7] Group 2: Core Viewpoints of the Report - In the June 2025 meeting, the Fed unanimously agreed to keep the policy rate unchanged at 4.25 - 4.5%. The meeting statement emphasized that the uncertainty of the economic outlook has decreased but remains high. The Fed maintained its forecast of two rate cuts this year, but Powell lacked confidence in this rate forecast due to high uncertainty [3] - The Fed continued to raise inflation expectations and lower growth expectations in the SEP economic forecast. It raised the PCE and core PCE growth rate expectations for the end of 2025 to 3% and 3.1% respectively, increased the unemployment rate forecast to 4.5%, and lowered the real GDP growth rate forecast to 1.4%. The Fed maintained its interest rate forecast, expecting the year - end policy rate to be 3.9%, implying two rate cuts this year [3] - At the press conference, Powell maintained a wait - and - see stance, believing that inflation pressure may still emerge in summer. After the Fed's press conference, U.S. Treasury yields and the U.S. dollar index rose, and the market priced in a more cautious Fed monetary policy stance [3] - In terms of strategy, the next 2 - 3 months are an important observation window. If inflation does not rise significantly in the next 2 - 3 months, the unemployment rate may rise and the market may price in a higher probability of Fed rate cuts, increasing bond market opportunities from September to the fourth quarter. If inflation rises significantly in the third quarter, the unemployment rate may face less upward pressure, the probability of a wage - inflation spiral increases, and interest rates may remain high or even rise further. The U.S. dollar index may be supported by high interest rate differentials this year [3] Group 3: Summary by Related Content 1. Fed Meeting Decisions - The Fed kept the policy rate at 4.25 - 4.5% in the June 2025 meeting and maintained the forecast of two rate cuts this year [3] 2. SEP Economic Forecast Changes - The Fed raised the PCE and core PCE growth rate expectations for the end of 2025 from 2.7% and 2.8% to 3% and 3.1% respectively, increased the unemployment rate forecast from 4.4% to 4.5%, and lowered the real GDP growth rate forecast from 1.7% to 1.4% [3] 3. Powell's Press Conference Stance - Due to high uncertainty, no one has much confidence in the submitted future interest rate path forecasts. Powell emphasized the need to see more actual data and that the Fed needs to maintain high interest rates to suppress inflation. He also mentioned that inflation pressure may appear in summer [3][4] 4. Market Reactions - After the Fed's press conference, U.S. Treasury yields rose slightly, the U.S. dollar index was supported, and the U.S. stock market was under pressure [3][6] 5. Investment Strategy Suggestions - The next 2 - 3 months are a window to observe inflation risks and consumer confidence. Different inflation trends in this period will lead to different market situations and investment opportunities, especially in the bond market and the U.S. dollar index [3]

其 他 报 告 2025年06月19日 晨会纪要 | 国内市场 | 涨跌幅（%） | | | | --- | --- | --- | --- | | 指数 | 收盘 1日 | | 上周 | | 上证综合指数 | -- | -- | -- | | 深证成份指数 | -- | -- | -- | | 沪深300指数 | -- | -- | -- | | 创业板指数 | -- | -- | -- | | 上证国债指数 | -- | -- | -- | | 上证基金指数 | -- | -- | -- | | | | 资料来源:同花顺iFinD | | 今日重点推荐： 【平安证券】策略点评*深化金融对外开放，加大科创融资支持 *20250618 研究分析师 : 魏伟 投资咨询资格编号 : S1060513060001 研究分析师 : 张亚婕 投资咨询资格编号 : S1060517110001 研究分析师 : 蒋炯楠 投资咨询资格编号 : S1060524120002 核心观点 : 金融改革开放深化，看好权益市场中期向上空间，建议关注政策支持 的科技创新+产业创新主线。在外部不确定性增加的背景下，此次监管部门深化 金融改 ...

Group 1: Real Estate Industry - The real estate market is still in a correction phase, with a slight year-on-year decline in new and second-hand home transactions in May, indicating that supply and demand dynamics need improvement [3][8] - The State Council emphasized the need for multi-faceted approaches to stabilize expectations, activate demand, optimize supply, and mitigate risks, indicating ongoing policy support for the real estate market [3][9] - Investment opportunities are emerging as mainstream developers' valuations are at low levels, with a focus on companies with lighter historical burdens and optimized inventory structures, such as China Overseas Development and China Resources Land [3][10] Group 2: REITs Market - The existing performance compensation clauses for public REITs should fully compensate investors' expected returns, enhancing dividend stability [4][15] - The original rights holders typically hold 30%-50% of REITs shares, and when the distribution completion rate is between 50%-70%, the compensation clauses can fully cover investor returns [4][15] - The trend of implementing performance compensation clauses is increasing, with a focus on reducing management fees and enhancing the responsibilities of fund managers [4][13] Group 3: Pension Insurance System - The investment management of China's three-pillar pension insurance funds and social security funds is operating well, with a stable investment performance across the three pillars [5][17] - The basic pension insurance fund has achieved an average annual return of 5.00% through entrusted investments, significantly higher than the guaranteed rate of 2.88% [5][17] - The national social security fund has an impressive annualized return of 7.36%, with a strategy focused primarily on domestic markets [5][17] Group 4: Market Trends and Projections - The real estate market is expected to stabilize as high-quality properties gradually enter the market, which may lead to a restructured pricing system [10][11] - The land market continues to focus on destocking, with core cities maintaining high demand for quality land parcels [10][11] - The corporate land acquisition intensity has decreased, with a focus on projects that ensure high cash flow and return certainty [11][12]

Report Industry Investment Rating - The report does not explicitly provide an investment rating for the public REITs industry. Core Viewpoints - Since 2024, performance compensation clauses for public REITs have become more common, including original equity holder differential make - up and deduction of incentive management fees, which can effectively enhance the stability of dividends and fully compensate investors' expected returns [2]. - The original equity holder differential make - up can compensate for known operational risks and weaken the cash - flow fluctuations of cyclical industries, while the effect of this clause is related to whether the lock - up period of the original equity holder can cover the performance commitment period and the proportion of shares held by the original equity holder [2]. - The deduction of incentive management fees generally occurs when financial indicators fail to meet expectations, with a billing base usually being the expected difference in financial indicators and a rate generally between 15% - 20%. After 2024, a negative deduction mechanism has been commonly set [2]. Summary by Directory 2024 and After, Performance Compensation Clauses for Public REITs Are Becoming More Common - REITs are equity - type assets, and there was no strong constraint for failing to meet performance expectations in the early stage. Since 2023, some REITs have underperformed, and measures such as original equity holder shareholding increase and one - time compensation have been taken, but one - time compensation measures have limitations [3]. - Examples of performance compensation measures for some REITs include original equity holder shareholding increase and one - time compensation, such as Jianxin Zhongguancun and Hua'an Zhangjiang Industrial Park [4]. Original Equity Holder Differential Make - Up - The original equity holder differential make - up means that when the actual distributable amount fails to meet the expected amount predicted by the fund manager in the first 3 or 5 years after listing, the original equity holder or its concerted action party will make up the difference with the dividends it should receive [5]. - The setting of this clause is to compensate for known operational risks or weaken the cash - flow fluctuations of cyclical industries. For example, some REITs compensate for large tenant lease terminations, and 5 out of 8 industrial park REITs established since 2024 have differential compensation clauses [6]. - The protection effect of the differential make - up clause is related to two factors: whether the lock - up period of the original equity holder can cover the performance commitment period and the comparison between the proportion of shares held by the original equity holder and the completion rate of the distributable amount. Currently, most cases can guarantee investors' expected returns [11][12]. Deduction of Operational Management Institution Incentive Management Fees - REITs fund management fees generally consist of fixed management fees, basic management fees, and incentive management fees. The incentive management fee is often related to the expected difference in income/cash flow and may be deducted when expectations are not met [16]. - The billing base of the incentive management fee is generally the expected difference in financial indicators, with a rate usually between 15% - 20%. After 2024, a negative deduction mechanism has been commonly set [17][18]. - In 2024, 11 REITs deducted incentive management fees, with the amount ranging from 40,000 to 10.21 million yuan, and the maximum deduction could make up about 6% of the distributable amount [19]. Summary - REITs performance compensation clauses can be divided into two categories: original equity holder differential make - up and deduction of operational management institution incentive management fees. The former can make up 30% - 50% of the distributable amount, and the latter can make up about 6% [23]. - For the original equity holder differential make - up, 10 REITs currently have this clause, which can generally fully compensate investors' expected returns, but there is a risk that the lock - up period of some original equity holders is shorter than the performance compensation commitment period [23]. - For the deduction of operational management institution incentive management fees, REITs issued after 2024 generally have a negative deduction mechanism, and the maximum deduction can make up about 6% of the distributable amount [23].

Investment Rating - The report indicates a positive investment outlook for China's pension insurance system, highlighting the overall good performance of the three pillars of pension funds and the social security fund's steady progress [1]. Core Insights - The basic pension insurance fund has achieved good returns through entrusted investments, with an average annual return of 5.00%, significantly higher than the guaranteed rate of 2.88% [1][20]. - The National Social Security Fund has shown excellent investment performance, with a cumulative annualized return of 7.36% and total net fiscal input of 1.14 trillion yuan, alongside cumulative investment gains of 1.68 trillion yuan [1][34]. - The enterprise annuity and occupational annuity systems are operating conservatively, with the enterprise annuity fund reaching a scale of 3.61 trillion yuan and an annualized return of 6.17% [1][50]. - The third pillar, individual pensions, is still in its early stages, with a focus on low-risk products, indicating a potential for growth as financial literacy improves among residents [1][47]. Summary by Sections Basic Pension Insurance Fund - The basic pension insurance fund is primarily managed through local retention (77%) and entrusted investments (23%), with the latter showing a steady increase since 2012 [1][12]. - The average return on local retention is between 2% and 3%, while entrusted investments have yielded an average return of 5.00% since 2016 [1][18][20]. National Social Security Fund - The National Social Security Fund has a diversified investment strategy, with 88.5% of investments in domestic markets and 11.5% in overseas markets, focusing on risk diversification [1][26]. - The fund's investment model combines direct and entrusted investments, with nearly 70% of its assets managed through entrusted investments [1][42]. Enterprise and Occupational Annuities - The enterprise annuity fund has a conservative investment style, with a total fund size of 3.61 trillion yuan and an annualized return of 6.17% [1][50]. - The occupational annuity fund has a size of 3.11 trillion yuan, with an annualized return of 4.42% [1][50]. Individual Pensions - Individual pensions are still developing, with a total of 1,026 products available, primarily consisting of low-risk bank wealth management and fund products [1][47].

Group 1: PCB Industry Insights - The rapid development of AI technology is driving the upgrade of CCL/PCB products towards high-end specifications, significantly increasing their value [3][7][8] - The demand for AI is expected to maintain a high growth trend, with domestic companies gradually becoming important suppliers in the high-end market due to long-term strategic positioning [3][7] - The PCB industry is projected to see continuous profit growth as high-value products like AI PCBs experience sustained demand, with recommended companies including Nan Ya Plastics, Shenghong Technology, and others [3][7][8] Group 2: Real Estate Market Analysis - National real estate investment and sales showed overall stability in May, with investment amounting to 3.6 trillion yuan, a year-on-year decrease of 10.7% [4][10][12] - The sales area of new commercial housing in May was 70.53 million square meters, down 3.3% year-on-year, indicating a slight decline in market activity [10][12] - The report suggests a focus on companies with lighter historical burdens and strong product capabilities, such as China Overseas Development and Poly Developments, as well as those in the valuation recovery phase like New Town Holdings [4][10][12] Group 3: Food and Beverage Sector - The liquor sector is undergoing adjustments, with the liquor index dropping by 5.31% recently, and expectations for improvement in the future [4][13] - The report highlights three main lines of focus: high-end liquor with relatively strong demand, mid-range liquor with ongoing national expansion, and real estate liquor products [4][13][14] - In the broader consumer goods market, structural prosperity is emerging, with new consumption categories driven by emotional value and health needs gaining traction [14]

食品饮料周报 白酒持续调整，关注高景气大众 品 证券研究报告 请务必阅读正文后免责条款 食品饮料行业 强于大市（维持） 平安证券研究所 食品饮料团队 分析师：张晋溢 S1060521030001（证券投资咨询） 邮箱：ZHANGJINYI112@pingan.com.cn 分析师：王萌 S1060522030001（证券投资咨询） 邮箱：WANGMENG917@pingan.com.cn 分析师：王星云 S1060523100001（证券投资咨询） 邮箱：WANGXINGYUN937@pingan.com.cn 2025年6月16日 食品饮料周报-观点 白酒行业 食品行业 风险提示：1）宏观经济疲软的风险；2）行业竞争加剧风险；3）重大食品安全事件的风险。 资料来源：Wind，平安证券研究所 本周白酒指数（中信）累计涨跌幅-5.31%。涨跌幅前三的个股为：金种子酒（-1.28%）、顺鑫农业（-1.60%）、伊力特（- 2.09%）；涨跌幅后三的个股为金徽酒（-8.33%）、今世缘（-8.80%）、古井贡酒（-9.78%）。 观点：白酒持续调整，期待后续改善。白酒板块持续调整，上周白酒指数下跌5.31%。据今日 ...