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].

债券研究 证 券 研 究 报 告 【债券日报】 买断式逆回购前进一步 ——0605 央行操作点评 2025 年 6 月 5 日，公开市场买断式逆回购招标公告[2025]第 1 号发布。公告显 示为保持银行体系流动性充裕，2025 年 6 月 6 日，中国人民银行将以固定数 量、利率招标、多重价位中标方式开展 10000 亿元买断式逆回购操作，期限 3 个月。 一、买断式逆回购前置操作 （1）操作规模延续小幅净回笼。2025 年 4 至 6 月连续三月买断式逆回购延续 净回笼状态，当前买断式余额在 4.2 万亿附近。6 月买断式逆回购前置操作， 或主要考虑下周起存单大量到期以及政府债券集中发行的影响。 （2）操作时间前置，到账节奏或加快。6 月买断式逆回购操作首次在操作前 日披露具体操作规模。后续月份或延续前一天发布公告的方式，与 MLF 操作 模式保持一致，有利于参与机构提前做好流动性安排。 （3）操作频次原则上 1 次，后续关注是否"加场"。2024 年 10 月 28 日，买 断式逆回购操作设立时显示，原则上每月开展一次操作。本次工具开展后，考 虑 6 月资金缺口压力依然偏大，且未进行 6 个月期限操作， ...

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]

Group 1: Impact of Deposit Rate Cuts on Credit Bonds - The impact of deposit rate cuts on credit bond performance varies; if the cuts lead to a decline in policy rates, credit spreads typically widen, while if they precede rate cuts, spreads may narrow [1][9][10] - Historical analysis shows that after deposit rate cuts, the net buying power for credit bonds from funds and insurance is usually limited, indicating a weak immediate impact [1][15][9] - The short-term influence of deposit rate cuts on credit spreads is primarily driven by market sentiment and conditions rather than direct attribution to the event [1][15][9] Group 2: June Credit Bond Strategy - In June, the demand for credit bonds may weaken marginally, and the momentum for spread narrowing is expected to slow down due to seasonal trends [1][25][28] - The market is anticipated to remain volatile, with institutions focusing on high-yield bonds to potentially drive structural narrowing in credit spreads, although a trend compression is unlikely [1][25][28] - The liquidity environment is expected to be stable, with the central bank showing a strong willingness to support liquidity, which may help mitigate risks of significant capital outflows [1][28][26] Group 3: Sector-Specific Strategies - For urban investment bonds, focus on low-grade bonds within 3 years and medium to high-grade bonds in the 4-5 year range, particularly in regions with strong financial capabilities [2][3] - In the real estate sector, attention should be on AA-rated bonds from central and state-owned enterprises with maturities of 1-2 years, as lower-grade real estate bonds have shown significant spread compression [2][3] - For cyclical bonds, particularly coal and steel, a cautious approach is recommended, with a focus on high-grade issuers to avoid tail risks associated with declining market conditions [2][3]

宏观研究 证 券 研 究 报 告 【宏观月报】 5 月全球投资十大主线 事 项 5 月全球大类资产总体表现为：全球股票（5.72%）>大宗商品（1.26%）>人民 币（1.00%）> 0%>美元（-0.14%）>全球债券（-0.36%）。 主要观点 ❖ 十张图速览全球资产脉络 1、美国"大而美法案"通过或加剧美国长债风险。共和党推动的"大而美法 案"包括大规模减税及支出调整，引发市场对美国债务可持续性的担忧。当前 美国国债规模已突破 36 万亿美元，如果法案落地，预计 2035 年债务/GDP 比 率恐飙升至 134%-149%，引发市场对财政可持续性的深度担忧。在此背景下， 穆迪于 5 月 16 日将美国主权信用评级从 Aaa 下调至 Aa1。评级调降触发连锁 反应，30 年期美债收益率突破 5%，同时需求端结构性走弱，30 年期国债投标 认购比例显著回落，反映全球投资者对美债信用锚定的动摇。 2、美国经济衰退概率上升下美股防御性板块跑赢周期性板块。关税政策升级 与经济增速放缓的双重压力下，2025 年美国股市呈现出防御性板块跑赢周期 性板块的特征。截至 2025 年 5 月底，美股防御板块相比周期板块估值 ...

证 券 研 究 报 告 动保行业 4 月跟踪报告 4 月圆环、伪狂、腹泻等疫苗批签发增速突 推荐（维持） 出，大环内酯类原料药延续强势表现 ❑ 疫苗批签发：圆环、伪狂、腹泻等疫苗批签发增速突出 ❑ 兽药原料药：品种间价格持续分化，大环内酯类产品继续贡献强势表现 行业研究 动物疫苗及兽药 2025 年 06 月 04 日 华创证券研究所 证券分析师：陈鹏 电话：021-20572579 邮箱：chenpeng1@hcyjs.com 执业编号：S0360521080002 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 7 | 0.00 | | 总市值(亿元) | 476.94 | 0.05 | | 流通市值(亿元) | 444.14 | 0.06 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 12.3% | 12.5% | 11.3% | | 相对表现 | 10.1% | 15.0% | 4.0% | -29% -13% 3% 19% 24/06 24/08 24/10 2 ...

证 券 研 究 报 告 计算机行业重大事项点评 AI 洞察：字节与 OpenAI 等 Agent 多点更新 事项： 国内：5 月 26 日 AI 领域动态：红杉中国推出 AI 基准测试工具 XBench；豆包 App 上线实时视频通话功能，支持视频问答；QQ 浏览器推出高考 Agent "AI 高考通"，助力高考生志愿填报与备考内容。昆仑万维发布天工超级智能体的 app 版本。海外：OpenAI 升级 Operator 智能体，模型从 4o 升级到 o3。 点评： 国内：Agent 生态与 C 端用户体验的双轮驱动持续显现成效: 海外：Agent 领域的竞争趋于白热化： 行业研究 计算机 2025 年 06 月 03 日 推荐（维持） 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 行业基本数据 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 0.5% | -3.6% | 34.1% | | 相对表现 | -1.0% | -2.6% | 27.8% | - ...

证 券 研 究 报 告 房地产行业深度研究报告 异变——房价如何影响消费 风险提示：土地财政进一步下滑，影响广义财政链。 行业研究 房地产 2025 年 06 月 03 日 推荐（维持） 华创证券研究所 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：许常捷 邮箱：xuchangjie@hcyjs.com 执业编号：S0360525030002 联系人：杨航 邮箱：yanghang@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 107 | 0.01 | | 总市值(亿元) | 11,100.20 | 1.12 | | 流通市值(亿元) | 10,602.66 | 1.35 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -0.3% | -16.7% | -4.7% | | 相对表现 | -2.1% | -14.7% | -11.5% | -21% -4% 13% 30% 24/06 24/0 ...

证 券 研 究 报 告 计算机行业重大事项点评 推荐（维持） 多场科技盛会开幕，展示全球 AI 发展新气象 事项： 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 336 | 0.04 | | 总市值(亿元) | 41,445.96 | 4.20 | | 流通市值(亿元) | 35,559.48 | 4.54 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 0.5% | -3.6% | 34.1% | | 相对表现 | -1.0% | -2.6% | 27.8% | -16% 12% 40% 67% 24/05 24/08 24/10 25/01 25/03 25/05 2024-05-28~2025-05-28 计算机 沪深300 相关研究报告 行业研究 计算机 2025 年 06 月 03 日 《计算机行业周报（20250519-20250523） ...