Investment Rating - The report maintains an optimistic outlook on the pharmaceutical industry, particularly focusing on the potential growth in the gout medication market and ongoing drug development [11]. Core Insights - The pharmaceutical sector is currently undervalued, with public funds showing low allocation to this sector. The report anticipates a recovery driven by macroeconomic factors and significant product launches in the industry by 2025 [11]. - The report emphasizes the importance of innovative drugs, particularly those that can transition from quantity to quality, highlighting the need to focus on differentiated products and international pipelines [11]. - The gout medication market is identified as a "blue ocean" with significant growth potential, driven by the high prevalence of hyperuricemia and gout in China [18][20]. Market Overview - The report notes that the overall prevalence of hyperuricemia in China is approximately 13.3%, affecting around 177 million people, while gout affects about 14.66 million individuals [17]. - The market for gout medications is projected to reach approximately 1.821 billion yuan in 2024, with significant contributions from drugs like febuxostat and probenecid [20]. Drug Development Landscape - The report outlines the current landscape of gout treatments, categorizing them into two main mechanisms: uric acid synthesis inhibitors and uric acid excretion promoters [20]. - Several innovative drugs are in various stages of clinical development, with a focus on URAT1 inhibitors, which are currently the most promising targets in gout treatment [21][22]. - The report highlights the progress of SHR4640, a URAT1 inhibitor developed by Heng Rui Medicine, which has shown promising results in clinical trials and is expected to be the first domestic URAT1 inhibitor to be approved [26]. Investment Opportunities - The report suggests focusing on companies with strong pipelines in innovative drug development, particularly those targeting gout and related conditions, such as BeiGene, Innovent, and others [11]. - It also recommends monitoring the progress of medical device companies that are benefiting from policy support and market recovery, particularly in imaging and home healthcare devices [42][43]. Conclusion - The report concludes that the pharmaceutical and medical device sectors present significant investment opportunities, driven by innovation, market recovery, and favorable demographic trends [11][42].

1. Report Industry Investment Rating Not mentioned in the content. 2. Core View of the Report In May 2025, with the implementation of double cuts and the coordination of multiple tools by the central bank, the capital market remained stable, and the DR007 capital center declined. In June, although there is a liquidity gap, the pre - operation of the outright reverse repurchase and the central bank's usual care during the half - year period are expected to keep the risk of significant capital convergence relatively controllable, and the DR007 price is expected to be in the range of 1.5 - 1.65% [1][3]. 3. Summary According to the Directory 3.1 May Capital and Liquidity Review: Double Cuts Implemented, Capital Center Declined 3.1.1 Capital Review: Slightly Enlarged Capital Fluctuation Range In May 2025, the central bank coordinated multiple tools. After the double cuts, the capital price decreased, and the DR007 capital center dropped from 1.7% to around 1.6%. The fluctuation range of overnight and 7D weighted prices increased. The spread between 7D and overnight funds widened from 2bp at the beginning of the month to 18bp at the end of the month without inversion. The capital stratification pressure was small, and the volatility was at a low level. The trading volume and average daily trading volume of inter - bank pledged repurchase increased slightly compared with April. The net lending scale of state - owned banks recovered, while that of joint - stock banks was at a seasonal low, and the net lending of money market funds declined [8][9][14]. 3.1.2 Liquidity Review: Reserve Requirement Cut, Bank Liquidity Increased The end - of - month excess reserve may increase by 93.84 billion yuan, and the excess reserve ratio may be around 1.3%. The narrow - sense excess reserve level after deducting reverse repurchases may be around 0.7%, still at a relatively low seasonal level. In terms of open - market operations, the central bank actively increased reverse - repurchase investments. MLF had a net investment of 37.5 billion yuan, and the outright reverse - repurchase had a net withdrawal of 20 billion yuan. There was no restart of treasury bond purchases, and treasury deposits were issued for 24 billion yuan [28][33][41]. 3.2 May Monetary Policy Tracking: "Steady Growth" Priority, Double Cuts Implemented in May In May 2025, the double cuts were implemented slightly ahead of market expectations. After the double cuts in the first ten - day period, the capital price decreased. In the middle and last ten - day periods, the central bank gradually shifted from net withdrawal to large - scale net investment. At the end of the month, various tools were used to support the market. The pre - operation of the outright reverse repurchase in June helps stabilize capital expectations. Policy tools include comprehensive use of reserve requirement cuts, interest rate cuts, and adjustments to structural monetary policy tools [46][49][52]. 3.3 June Gap Forecast: Pre - operation of Outright Reverse Repurchase, Limited Capital Gap Pressure 3.3.1 Rigid Gap: Reserve Requirement Releases Excess Reserves, Large - scale Maturity of Outright Reverse Repurchases In June, the reserve requirement for general deposit growth may freeze around 22.56 billion yuan of liquidity, and the MLF maturity is 18.2 billion yuan. The outright reverse - repurchase maturity is 1.2 trillion yuan, with 1 trillion yuan already pre - operated [3][58]. 3.3.2 Exogenous Shocks: Cash Withdrawal and Non - financial Institution Deposits Have a Small Impact on Excess Reserves Cash withdrawal and non - financial institution deposits may slightly consume around 11.52 billion yuan of liquidity [3][60]. 3.3.3 Fiscal Factors: Large - scale Government Bond Issuance, Fiscal Expenditure Concentrated at the End of the Quarter The government deposit may supplement around 40 billion yuan of liquidity, slightly lower than last year's level [3][64]. 3.3.4 Comprehensive Judgment: Pre - operation of Outright Reverse Repurchase, Relatively Stable Capital The total liquidity gap in June is around 1.4 trillion yuan. Considering the 1 - trillion - yuan outright reverse - repurchase already invested, the overall capital gap pressure is relatively limited. The central bank usually provides support during the half - year period, and the DR007 price is expected to be in the range of 1.5 - 1.65% [3][65][69].

Investment Rating - The report maintains a "Strong Buy" rating for Huamao Technology (603306) [1] Core Views - The acquisition plan exceeds expectations, with Huamao Technology's major shareholder subscribing to supporting funds, demonstrating confidence in the company's performance [1] - The company plans to acquire the remaining equity of Fuchuang Youyue, increasing its ownership from 42.16% to 100% [1] - Fuchuang Youyue is expected to achieve a net profit of 0.78 billion yuan from January to April 2025 [1] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 2,213 million, 2,908 million, 3,494 million, and 4,186 million yuan respectively, with year-on-year growth rates of 7.7%, 31.4%, 20.2%, and 19.8% [3] - Net profit attributable to the parent company is forecasted to be 277 million, 590 million, 748 million, and 934 million yuan for the same years, with growth rates of 14.6%, 112.7%, 26.8%, and 24.8% [3] - Earnings per share (EPS) are projected at 0.84, 1.79, 2.27, and 2.84 yuan for 2024A to 2027E [3] - The target price is set at 51.28 yuan, with the current price at 40.15 yuan [4] Business Insights - The company is positioned as a leader in the domestic automotive passive safety market, with significant overseas expansion plans [8] - The global airbag market exceeds 10 billion USD, and the increasing configuration rate of airbags per vehicle is expected to drive market growth [8] - The company has established a new base in Vietnam, which is expected to contribute significantly to revenue starting in 2025 [8] - The company is actively investing in the AI sector, with plans to enhance its capabilities in semiconductor and computing power manufacturing [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall operation of industrial bond - issuing entities was under pressure in 2024, with differentiated industry performance. The total operating revenue and net profit of industrial bond entities decreased year - on - year, and the proportion of loss - making enterprises increased. In 2025Q1, the overall operating revenue of industrial bond entities decreased year - on - year, while the net profit remained flat. [2][3] - The economic fundamentals are expected to continue the characteristics of domestic demand support, external demand pressure, and policy escort this year. Attention should be paid to the improvement of the fundamentals of entities under the influence of pro - growth policies. [2][13] - For the real estate industry, it is still in the bottom - building stage. Attention can be paid to the income - mining opportunities of central and state - owned enterprise real estate bonds with an implied rating of AA and above within 1 - 2 years. [4] - For the coal industry, there is downward pressure on the industry's prosperity. Short - term medium - and high - grade varieties can be focused on, and institutions with higher income requirements can appropriately invest in 1 - 2y varieties of coal enterprises with an implied rating of AA. [5] - For the steel industry, the problem of over - supply is still serious. Caution should be exercised when investing in lower - quality entities, and 1 - 2yAA + varieties can be focused on. [6] 3. Summary According to the Directory 3.1. How Did the Annual Reports and Q1 Reports of Each Industry Perform? 3.1.1. Overall Situation Analysis: The Overall Profitability Declined - In 2024, the total operating revenue and net profit of industrial bond entities decreased year - on - year, and the proportion of loss - making enterprises increased from 18% in 2023 to 21% in 2024. [13][14] - In 2025Q1, the overall operating revenue of industrial bond entities decreased by 2% year - on - year, while the net profit remained flat. [15] 3.1.2. Industry Performance: A Minority of Industries Had Positive Revenue and Net Profit Growth, and Most Industries Had Positive Growth in Operating Net Cash Flow - In 2024, about one - third of industries had positive revenue growth, and about 40% of industries had positive net profit growth. Nearly half of the industries had an increase in asset - liability ratio, and about 60% of industries had positive growth in operating net cash flow. [3] - Industries with revenue growth of over 5% in 2024 included non - ferrous metals, electronics, etc.; industries with a decline of over 5% included coal, steel, etc. [20] 3.1.3. Situations of Continuously Loss - making and Turnaround Entities - There were 79 bond - issuing industrial entities with net profit losses for 3 consecutive years or more, mainly distributed in transportation, real estate, etc. [36] - There were 20 bond - issuing industrial entities that had net profit losses for 2 consecutive years or more and turned profitable in 2024, mainly in public utilities, social services, etc. [39] 3.2. Financial Analysis of Key Industries: Real Estate, Coal, and Steel 3.2.1. Real Estate Industry: The Industry Is Still in the Bottom - building Stage, and Attention Should Be Paid to the Investment Opportunities of Central and State - owned Enterprises within 1 - 2 Years - **Fundamentals**: Pro - real - estate policies have been actively implemented, and the effect of destocking policies is gradually emerging, but the industry's prosperity is still low. [41] - **Financial Indicator Performance**: The profitability is under continuous pressure, the operating net cash flow is stable, the gaps in investment and financing net cash flows are narrowing, the median asset - liability ratio has decreased slightly, and the short - term solvency has declined. [4][50][51] - **Investment Strategy**: Attention can be paid to the income - mining opportunities of central and state - owned enterprise real estate bonds with an implied rating of AA and above within 1 - 2 years. Some 1 - year central and state - owned enterprise real estate bonds with an implied rating of AA and AA + have yields ranging from 2.2% to 2.7%. [4][61] 3.2.2. Coal Industry: There Is Downward Pressure on the Industry's Prosperity, and Attention Should Be Continuously Paid. Currently, Appropriate Investment in Lower - Grade Entities Can Be Made - **Fundamentals**: Since last year, there has been downward pressure on the coal industry's prosperity. Supply is sufficient but demand is weak, and coal prices have fluctuated downward. There may still be some downward pressure on coal prices this year. [5][63] - **Financial Indicator Performance**: The overall profitability has declined, the operating net cash flow has shrunk, the gap in investment cash flow has widened, the gap in financing cash flow has narrowed, the median asset - liability ratio has decreased, and the short - term solvency has declined. [5][68][71] - **Investment Strategy**: Short - term medium - and high - grade varieties can be focused on. Institutions with higher income requirements can appropriately invest in 1 - 2y varieties of coal enterprises with an implied rating of AA, and medium - and high - grade entities can extend the duration to 3y. [5][77] 3.2.3. Steel Industry: The Problem of Over - Supply in the Industry Is Still Serious. Caution Should Be Exercised When Investing in Lower - Quality Entities - **Fundamentals**: Since 2024, the steel industry has been in the bottom - exploring stage. Although the pro - growth policies have slightly improved the industry's prosperity, the sustainability is weak. The problem of over - supply is still serious. [6] - **Financial Indicator Performance**: The profitability has been under continuous pressure, with a marginal improvement in Q1. The operating net cash flow has shrunk, the gap in investment net cash flow has widened, the financing net cash flow has turned positive, the median asset - liability ratio has increased, and the short - term solvency has slightly declined. [6] - **Investment Strategy**: Caution should be exercised when investing in lower - quality entities. 1 - 2yAA + varieties can be focused on. [6]

Investment Rating - The report maintains a "Strong Buy" rating for Huamao Technology (603306) [1] Core Views - The acquisition plan exceeds expectations, with Huamao Technology's major shareholder subscribing to supporting funds, demonstrating confidence in the company's performance [1] - The company plans to acquire the remaining equity of Fuchuang Youyue, increasing its stake from 42.16% to 100%, with expected net profit of 0.78 billion yuan from Fuchuang Youyue in the first four months of 2025 [1] - The company is actively expanding its presence in the automotive passive safety market and accelerating overseas expansion, with significant revenue contributions expected from its new manufacturing base in Vietnam [8] Financial Summary - Total revenue is projected to grow from 2,213 million yuan in 2024 to 4,186 million yuan in 2027, with a compound annual growth rate (CAGR) of 19.8% [3] - Net profit attributable to the parent company is expected to increase from 277 million yuan in 2024 to 934 million yuan in 2027, reflecting a CAGR of 24.8% [3] - Earnings per share (EPS) is forecasted to rise from 0.84 yuan in 2024 to 2.84 yuan in 2027 [3] - The target price for the stock is set at 51.28 yuan, indicating a potential upside from the current price of 40.15 yuan [4] Business Outlook - The company is positioned as a leader in the domestic automotive passive safety sector, with plans to leverage its overseas production capacity to capture more market share [8] - The report highlights the growing demand for AI-related infrastructure, with Huamao Technology's acquisition of Fuchuang Youyue aimed at establishing a second growth curve in the AI sector [8] - The company is expected to continue investing in semiconductor and computing manufacturing, enhancing its competitive edge in the market [8]

❖ 核心观点：综合考虑关税不确定性下出口主要矛盾、数据可得性、跟踪及时性 等因素后，我们构建出口 6 大类别、16 大指标高频跟踪框架（图 1），这些指 标目前显示的出口叙事是：4 月美国新增关税对需求的压制似乎逐渐体现在 5 月出口数据上，用于跟踪出口"量"的主要高频指标均边际走弱。此外，5 月 12 日，中美签署日内瓦经贸会谈联合声明后，市场预期的"抢出口"潮目前 只从运价指标（北美航线运价暴涨）以及美国 Markit 制造业 PMI 新订单和 采购库存指数上看到一些端倪，出口"量"的高频似乎还看不到有"抢出口" 的迹象。 ❖ 一、把握关税不确定性对出口冲击的核心矛盾 特朗普关税反复无常，静态估算关税对中国整体出口冲击，误差可能较大。因 此，对市场而言更重要的可能是，从宏观层面把握关税对出口传导路径的核心 矛盾，抓住影响核心矛盾的关键变量，以及从客观高频或者同步指标层面密切 跟踪关键变量的变化。本文旨在构建一个关税不确定性背景下更加实用的出口 高频跟踪框架。 ❖ 二、关税不确定性下的出口高频跟踪框架 证 券 研 究 报 告 【宏观专题】 不止是"出口"——中国出口研判进阶手册 （一）如何跟踪全球贸易需求 ...

Investment Rating - The report maintains a "Strong Buy" rating for Yanjing Beer, with a target price of 15.5 CNY [2][7]. Core Views - The company held an investor communication meeting on June 5, 2025, where management addressed strategic planning, product planning, and reform progress, providing guidance for investors [2]. - Yanjing Beer is focusing on the U8 product line, which has shown strong sales momentum, achieving over 400,000 tons in the first five months of 2025, representing a 45% completion of the annual target [7]. - The company is committed to optimizing its product structure and enhancing operational efficiency through digital systems and cost management reforms, which are expected to release profit elasticity [7]. - The management aims to catch up with leading companies in the industry during the 14th and 15th Five-Year Plans, emphasizing innovation and operational improvements [7]. Financial Summary - Total revenue is projected to grow from 14,667 million CNY in 2024 to 15,439 million CNY in 2025, reflecting a year-on-year growth rate of 5.3% [3]. - Net profit attributable to shareholders is expected to increase significantly from 1,056 million CNY in 2024 to 1,451 million CNY in 2025, with a growth rate of 37.4% [3]. - Earnings per share (EPS) is forecasted to rise from 0.37 CNY in 2024 to 0.51 CNY in 2025 [3]. Market Performance - The company has shown a strong performance compared to the CSI 300 index over the past 12 months, indicating a positive market sentiment towards Yanjing Beer [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The pre - operation of the outright reverse repurchase is conducive to stabilizing the capital expectation, and the cross - half - year liquidity pressure is controllable. Attention should be paid to short - end allocation opportunities [3][5] - The central bank's toolbox has a more reasonable term distribution, and the liquidity tools for each term are relatively complete [4][17] 3. Summary According to the Table of Contents 3.1 Outright Reverse Repurchase Operation Pre - operation - On June 6, 2025, the central bank will conduct a 1000 - billion - yuan outright reverse repurchase operation with a 3 - month term to maintain the liquidity of the banking system [2][11] - From April to June 2025, the outright reverse repurchase continued to have a small - scale net withdrawal, and the current balance is around 4.2 trillion. The pre - operation in June is mainly to consider the large - scale maturity of certificates of deposit and the concentrated issuance of government bonds [3][11] - The operation time is advanced, and the arrival rhythm of funds may be accelerated. In the future, the announcement may be released one day in advance, which is consistent with the MLF operation mode, facilitating institutions to arrange liquidity in advance [3][11] - The operation frequency is theoretically once a month. Whether there will be an additional operation in June remains to be seen, or the MLF may be flexibly increased at the end of the month [3][12] 3.2 Take Stock of the Central Bank's Toolbox - The central bank adjusted the "Monetary Policy Tools" section and disclosed the monthly investment of various tools for the first time, increasing a market communication channel [16] - The central bank's toolbox has a more reasonable term distribution, including short - term (7 - day reverse repurchase, overnight reverse repurchase), medium - term (MLF, outright reverse repurchase, and various structural tools), and long - term (reserve requirement ratio cut, treasury bond trading) tools [4][17] - The reverse repurchase tool fluctuates in the range of 0 - 3 trillion; the balance of the outright reverse repurchase and MLF is flexibly adjusted between 4 - 5 trillion; the PSL balance has declined to below 2 trillion; other structural monetary policy tools total about 3.9 trillion, accounting for about 22% of the relevant subject, and there is still about 1 trillion of the subject without a clear corresponding tool [4][21][22] 3.3 Cross - Half - Year Liquidity Pressure is Controllable, Focus on Short - End Allocation Opportunities - After the double cuts, the central bank's investment thinking is relatively positive. In May, after the reserve requirement ratio cut, the MLF, outright reverse repurchase, and 7D reverse repurchase maintained positive investment. The pre - operation of the outright reverse repurchase in June is conducive to stabilizing capital expectations [5][25] - Historically, the central bank has mostly protected the market during the cross - half - year period. It is expected that the risk of a significant tightening of funds is relatively controllable. The DR007 is expected to be in the range of 1.5 - 1.65% [5][31][33] - For short - end varieties, when the yield of 1 - year certificates of deposit of state - owned and joint - stock banks is above 1.7%, their allocation value can be considered. The cost - performance of short - term treasury bonds is relatively high, and attention should be paid to the impact of the central bank's restart of treasury bond trading on the short - end market [6][36][37]

证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250605 市场概况：今日转债增量上涨，估值环比抬升 指数表现：中证转债指数环比上涨 0.17%、上证综指环比上涨 0.23%、深证成 指环比上涨 0.58%、创业板指环比上涨 1.17%、上证 50 指数环比上涨 0.05%、 中证 1000 指数环比上涨 0.72%。 市场风格：小盘成长相对占优。大盘成长环比上涨 0.42%、大盘价值环比下降 0.25%、中盘成长环比上涨 0.28%、中盘价值环比下降 0.50%、小盘成长环比 上涨 0.73%、小盘价值环比下降 0.33%。 资金表现：转债市场成交情绪升温。可转债市场成交额为 673.96 亿元，环比 增长 4.69%；万得全 A 总成交额为 13169.62 亿元，环比增长 11.85%；沪深两 市主力净流出 3.59 亿元，十年国债收益率环比上升 0.37bp 至 1.67%。 转债价格：转债中枢提升，高价券占比提升。转债整体收盘价加权平均值为 119.78 元，环比昨日上升 0.22%。其中偏股型转债的收盘价为 163.72 元，环比 上升 2.22%；偏债型转债的收盘价为 111.02 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights that fixed income products dominate the market, with a significant preference for low-risk investment options among investors [10][18] - The issuance of new financial products has shown a trend towards "fixed income + strategy" products, while equity allocations remain cautious [18][31] - The insurance product market has seen a slight decline in new launches, but there is a notable increase in the proportion of participating insurance products compared to the previous year [41][42] Summary by Sections 1. Bank Wealth Management Products - During the period from May 19 to May 30, 2025, a total of 3,088 new wealth management products were launched, with closed-end net value products accounting for 72.38% [10] - Fixed income products made up 96.86% of new issuances, reflecting a strong market preference for low-risk investments [13][18] - The majority of new products (98.06%) had a duration of less than three years, indicating a trend towards shorter-term investments [13] 2. Fund Products - A total of 57 new public funds were established during the same period, with a total issuance scale of 354.10 billion units [25] - Equity funds led the issuance with 38 new funds totaling 167.58 billion yuan, representing 47.32% of the total [28] - The market is seeing a shift towards tool-based and thematic products, with a significant number of index funds being launched [32] 3. Insurance Products - The number of new life insurance products launched decreased slightly, with 18 new products introduced, including 6 participating insurance products [41] - The proportion of floating yield products in new annuity insurance products has increased to about 50% [42] - The report notes that the majority of products still adhere to the regulatory limits set for traditional, participating, and universal insurance products [46]