Report Industry Investment Rating - Not provided in the given content Core Viewpoints - As of June 13, the weighted average trading terms of urban investment bonds and industrial bonds were 2.35 years and 2.98 years respectively, both at over 90% quantile levels since March 2021. Among commercial bank bonds, the weighted average trading terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 3.90 years, 3.70 years, and 2.03 years respectively, with general commercial financial bonds at a relatively low historical level. Among other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.64 years, 2.05 years, 3.56 years, and 1.62 years respectively, with securities company bonds and securities subordinated bonds at relatively low historical quantiles and leasing company bonds at a relatively high historical quantile [2][10]. - The coupon duration congestion index declined after reaching its peak in March 2024 and then slightly increased this week, currently at the 53.10% level since March 2021 [13]. Summary by Directory 1. Full - variety Term Overview - The weighted average trading terms of urban investment bonds, industrial bonds, secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 2.35 years, 2.98 years, 3.90 years, 3.70 years, and 2.03 years respectively. The durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.64 years, 2.05 years, 3.56 years, and 1.62 years respectively [2][10]. - The coupon duration congestion index is currently at the 53.10% level since March 2021 [13]. 2. Variety Microscope Urban Investment Bonds - The weighted average trading term of urban investment bonds hovered around 2.35 years. The duration of Shaanxi provincial urban investment bonds exceeded 6 years, while that of Hebei provincial urban investment bonds shortened to around 0.81 years. The historical quantiles of the durations of urban investment bonds in regions such as Jiangsu district - level, Zhejiang prefecture - level, Chongqing district - level, Guangdong prefecture - level, Fujian district - level, Sichuan provincial, and Henan prefecture - level have exceeded 90%. The durations of urban investment bonds in Anhui prefecture - level, Zhejiang prefecture - level, and Guangdong prefecture - level are approaching the highest since 2021 [3][17]. Industrial Bonds - The weighted average trading term of industrial bonds shortened slightly compared to last week, generally around 2.98 years. The trading duration of the food and beverage industry shortened significantly to 1.28 years, while that of the public utilities industry lengthened to 3.35 years. The trading duration of the food and beverage industry is at a relatively low historical quantile, while those of public utilities, transportation, commerce and retail, non - ferrous metals and other industries are all at over 90% historical quantiles [3][21]. Commercial Bank Bonds - The duration of securities subordinated bonds shortened to 2.05 years, at the 45% historical quantile, higher than the same period last year. The duration of secondary capital bonds lengthened to 3.90 years, at the 78.6% historical quantile, lower than the same period last year. The duration of bank perpetual bonds shortened to 3.70 years, at the 66.8% historical quantile, higher than the same period last year [3][23]. Other Financial Bonds - In terms of the weighted average trading term, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, at the 79.3%, 45%, 50.4%, and 95.9% historical quantiles respectively. The durations of securities company bonds, insurance company bonds, and leasing company bonds lengthened slightly compared to last week [4][26].

Investment Rating - The report indicates a positive investment outlook for the agriculture, forestry, animal husbandry, and fishery industry, with a weekly increase of 1.62% in the industry index, outperforming the Shanghai Composite Index [2][13][14]. Core Insights - The report highlights that the pig farming sector is undergoing weight reduction, with a current average weight of 128.82 kg per pig, and a slight increase in frozen product inventory rate. Despite a downward trend in pig prices, leading companies are expected to achieve good profitability in the first half of the year [3][19][20]. - The poultry farming sector is stabilizing at the bottom of the market, with a notable decrease in the breeding stock of parent chickens due to overseas avian influenza. However, there is potential for price recovery as consumer demand improves [4][31]. - The livestock sector is experiencing a steady state in beef prices, with a slight decrease in milk prices. The report anticipates a potential upward trend in milk prices in the second half of 2025 as supply-side adjustments take effect [5][35]. - The planting industry is showing signs of stabilization, with fluctuations in grain prices due to tariff policies and global weather disruptions. The report suggests that if there is a significant reduction in grain production, the planting industry may see improved conditions [6][40]. - The feed and aquaculture sectors are experiencing stable prices, with slight fluctuations in various fish prices. The report notes that feed prices have stabilized, which may benefit the overall profitability of the sectors [58][63]. Summary by Sections 1. Market Review - The agriculture, forestry, animal husbandry, and fishery index closed at 2725.63 points, with a weekly increase of 1.62%, outperforming major indices [2][13][14]. 2. Key Data Tracking 2.1 Pig Farming - The average pig price is 14.02 yuan/kg, with a weekly decrease of 0.21%. The report emphasizes the importance of supply-side adjustments in the industry [19][20]. 2.2 Poultry Farming - The average price for white feather chickens is 7.27 yuan/kg, with a slight decrease. The sector is stabilizing, with potential for price recovery as demand improves [29][31]. 2.3 Livestock - The average price for live cattle is 26.71 yuan/kg, with a slight decrease. The report anticipates a potential upward trend in milk prices as supply-side adjustments take effect [5][35]. 2.4 Planting Industry - Domestic corn prices are 2,334.29 yuan/ton, showing a weekly increase. The report suggests that significant reductions in grain production could improve the planting industry's conditions [39][40]. 2.5 Feed & Aquaculture - Feed prices have stabilized, with slight fluctuations in fish prices. The report notes that stable feed prices may benefit overall profitability [58][63].

Investment Rating - The report suggests that ROBO+ represents the strongest industrial trend in the automotive sector, with a focus on intelligent driving and humanoid robots as key directions for growth [4]. Core Insights - Tesla's Robotaxi service is set to trial in Austin, Texas, with a limited fleet of 10 to 20 Model Y vehicles equipped with new "unsupervised" FSD technology, marking a strategic shift towards autonomous driving and mobility services [9][10]. - XPeng's G7 SUV features advanced AI capabilities with three self-developed Turing AI chips, achieving over 2200 TOPS of computing power, significantly higher than the industry average [10][11]. - The establishment of the world's first embodied intelligent robot 4S store in Beijing is expected to enhance the integration of sales, parts supply, after-sales service, and feedback mechanisms in the robotics industry [18]. Summary by Sections Intelligent Driving - Tesla's Robotaxi service is a pivotal move towards commercializing autonomous driving, indicating a shift in valuation logic for the company [9]. - XPeng's G7 showcases a significant leap in AI automotive technology, emphasizing the importance of self-developed chips for competitive advantage [10][11]. - Partnerships in the automotive sector, such as GAC Toyota's collaboration with Momenta, aim to integrate advanced AI technologies into vehicle safety and driving behavior [12][13]. Robotics - The Ministry of Industry and Information Technology has initiated pilot applications for elderly care robots, deploying over 220 units across various settings to enhance service capabilities [17][22]. - The global first embodied intelligent robot 4S store in Beijing is set to open in 2025, with significant interest from over 100 companies, indicating a robust market for humanoid robots [18]. - Companies like McD Tech and Star Era are actively pursuing commercialization in the robotics sector, with new products and strategic partnerships aimed at enhancing service capabilities [25][26]. Investment Recommendations - The report emphasizes the explosive growth potential in high-level autonomous driving and humanoid robots, suggesting a focus on key players in the chip, lidar, and optical components sectors [4][45]. - Companies such as Horizon Robotics and leading lidar manufacturers are highlighted as critical players to watch in the evolving landscape of intelligent driving [45][46].

Investment Rating - The report does not explicitly state an investment rating for the industry [4]. Core Insights - The UK government is increasing investment in controllable nuclear fusion, with an expected investment of £2.5 billion over five years, which is anticipated to drive the development of the nuclear fusion sector [7]. - The domestic demand for excavators has shown signs of recovery, with a 25.7% year-on-year increase in sales for the first five months of 2025 [19]. - The gas turbine industry is experiencing an upward trend in demand, with significant order increases from leading companies like Siemens Energy and GE Aviation [27]. - The railway equipment sector is expected to see sustained demand recovery, with a 5.9% year-on-year increase in fixed asset investment [46]. - The shipbuilding industry is witnessing improved profitability, as indicated by a 49.28% increase in the global new ship price index compared to the 2020 cycle low [48]. Summary by Sections Market Review - The SW Machinery Equipment Index fell by 1.17% in the week from June 9 to June 13, 2025, ranking 21st among 31 primary industry categories [15]. - Year-to-date, the SW Machinery Equipment Index has risen by 6.04%, ranking 8th among the same categories, while the CSI 300 Index has decreased by 1.80% [18]. Key Data Tracking General Machinery - The manufacturing PMI for May was 49.5, indicating a slight improvement but still in a contraction zone [28]. Engineering Machinery - Excavator sales in May reached 18,200 units, a 2.1% year-on-year increase, with domestic sales showing a short-term decline due to high base effects from the previous year [35]. Railway Equipment - Fixed asset investment in railways and passenger volume both increased by 5.9% and 7.3% year-on-year, respectively, indicating a positive outlook for railway equipment demand [46]. Shipbuilding - The global new ship price index reached 186.69 in May, reflecting a 0.14% year-on-year increase, suggesting improved profitability for shipbuilding companies [48]. Oil Service Equipment - Brent crude oil prices surged to around $74 per barrel, influenced by OPEC's production decisions and geopolitical factors in the Middle East [50]. Industrial Gases - Prices for industrial gases are showing mixed trends, with rare gases experiencing a downward adjustment [52]. Industry Dynamics - The report highlights significant contracts and investments in various sectors, including a 4.5 billion yuan contract for a green hydrogen system by Shuangliang Energy [54]. - The report also notes advancements in robotics, including the introduction of a domestic elderly care robot and significant funding for AI-driven robotics companies [57].

Investment Rating - The report maintains a positive outlook on the pearl pigment market, highlighting its growth potential and investment opportunities [13][14]. Core Insights - The pearl pigment market is characterized by its small and fragmented nature, with significant profit potential driven by new consumer applications in cosmetics, automotive, and batteries. The global market for pearl pigments is projected to grow from 23.5 billion CNY in 2023 to 44 billion CNY by 2030, with a CAGR of 9.4% from 2023 to 2030 [13]. - The report emphasizes the importance of local operational capabilities for companies looking to expand into Africa, particularly in East Africa, where economic growth and political stability are improving [14]. - The upcoming China-Central Asia Summit is expected to create investment opportunities in Central Asia, with a focus on companies like Xinjiang Communications Construction and Qing Song Jianhua [15]. Summary by Sections Weekly Discussion - The pearl pigment market is expected to benefit from increased demand in cosmetics and automotive sectors, with a significant portion of the market being high-end [13]. - The report suggests monitoring the acquisition activities in the pearl pigment sector, particularly the acquisition of a stake in a major Korean manufacturer by a specific company [13]. Cyclical Linkage - Cement prices have decreased to 360 CNY per ton, with a national average shipment rate of 45.7% [16]. - The average price of float glass has dropped to 1229.90 CNY per ton, reflecting a decline in demand and increased inventory levels [16]. - The report highlights the challenges faced by the construction materials sector, including fluctuating prices and demand pressures [16]. National Subsidy Tracking - Recent adjustments to national subsidy policies for home appliances have led to limited supply and increased competition among consumers [17]. - The report anticipates a potential restart of subsidy programs due to rapid consumption of existing funds [17]. Significant Changes - A company plans to invest in a wind turbine blade manufacturing facility in Uzbekistan, with a total investment of approximately 25.24 million USD [18]. - Another company is acquiring a 51% stake in a chemical firm for about 170 million CNY, enhancing its market position [18]. Market Performance - The construction materials index has shown a decline of 2.14% in the past week, with specific sectors like glass manufacturing and fiberglass experiencing larger drops [20]. - The report notes that the cement market is under pressure due to seasonal factors, with expectations of continued price adjustments [29].

Investment Rating - The report suggests a focus on the generative AI model leaders such as iFlytek, AI hardware companies like Yingzi Network and Hongsoft Technology, and AI-related applications that can enhance user engagement and payment rates, recommending attention to Kingsoft Office and Wanjing Technology [4] Core Insights - The AI industry chain is expected to maintain high prosperity, with computing power sustaining high levels and applications accelerating upward [3][12] - The current macroeconomic environment is characterized by relative chaos, with some high-frequency domestic data not appearing weak, while investor expectations for the future remain low [2][12] - The report anticipates that the second half of the year may yield better operational performance due to base effects, new technology/product launches, and policy implementations [2][12] Summary by Sections Current Week's Insights - On June 12, Volcano Engine released the Doubao model 1.6, achieving significant advancements in multimodal understanding and reasoning capabilities, supporting 256K context input [12] - OpenAI launched the new multimodal reasoning model o3-pro, which supports text and image input with a maximum context of 200k and output of 100k tokens, showing improvements in clarity and instruction adherence [12] Industry Prosperity by Segment - High prosperity maintained or increasing: AI industry chain (computing power high, applications accelerating), LiDAR, software outsourcing, and Huawei's supply chain [3][11] - Upward turning points with strong potential: education IT, cybersecurity, enterprise services [3][11] - Stability at the bottom: smart transportation, security, government IT, and construction real estate IT [3][11] - Slight pressure on prosperity: industrial software, medical IT [3][11] Investment Recommendations - Focus on leading generative AI model companies like iFlytek, AI hardware as new application carriers, and AI-related functionalities that can drive user engagement [4] - The report highlights the potential for AI applications to thrive as domestic internet giants continue to iterate their models and products [14] Market Performance Overview - From June 9 to June 13, 2025, the computer industry index (Shenwan) fell by 2.52%, underperforming the CSI 300 index by 2.27 percentage points [17] - The report notes that the average daily trading volume in A-shares increased by 105.9% year-on-year, indicating heightened market activity [22] Upcoming Key Events - Anticipated events include the Huawei Developer Conference and the Shenzhen International Consumer Electronics Exhibition, which may present opportunities in related supply chains [27]

Investment Rating - The report suggests a positive outlook for the AI-related hardware and semiconductor sectors, indicating a strong growth trajectory for companies involved in AI-PCB and computing hardware [1][4][26]. Core Insights - TSMC's revenue in May showed a year-on-year increase of 39.6%, driven by strong AI demand, with expectations for Q2 performance to exceed previous guidance [1]. - AMD's CEO expressed optimism about AI inference demand, predicting an annual growth rate exceeding 80% over the next few years, with the total addressable market for data center AI accelerators expected to surpass $500 billion by 2028 [1]. - NVIDIA plans to build 20 AI factories in Europe, indicating a significant investment in AI infrastructure [1]. - The report highlights a potential explosive growth in ASIC chip production, with Google and Amazon expected to produce over 3 million ASICs by 2025 [1][4]. - The demand for AI-PCB is expected to rise significantly, with many companies reporting strong orders and full production capacity [1][4][26]. Summary by Sections 1. Industry Overview - The semiconductor industry is experiencing a robust upward trend, particularly in AI-related sectors, with strong demand for AI-PCB and computing hardware [1][4][26]. - The report emphasizes the importance of self-sufficiency in semiconductor manufacturing due to geopolitical tensions and export controls [23]. 2. Consumer Electronics - Apple continues to lead in high-end smartphone sales, with the iPhone 16 series dominating various price segments during the 618 shopping festival [5][6]. - The report anticipates that Apple's innovations in AI capabilities and new product launches will drive growth in its supply chain [6]. 3. PCB Industry - The PCB industry is showing signs of recovery, with expectations for significant growth in the copper-clad laminate sector due to increased demand from AI applications [7][4]. - The report notes that the overall PCB industry is expected to maintain a high level of activity, particularly in Q2 [7]. 4. IC Design and Storage - The report highlights a positive outlook for the memory sector, with expectations for price increases in DRAM due to supply constraints and rising demand from cloud computing [19][22]. - Companies like Zhaoyi Innovation are expected to benefit from domestic substitution trends and increased demand for AI-driven storage solutions [33]. 5. Key Companies - The report identifies several key companies to watch, including: - **Huidian Co.**: Benefiting from strong AI demand and expanding production capacity [27]. - **Northern Huachuang**: Positioned to gain market share amid domestic semiconductor equipment localization efforts [28]. - **Jiangfeng Electronics**: Achieving significant growth in ultra-pure target materials and precision components [31]. - **Zhaoyi Innovation**: Expected to thrive due to strong demand in consumer electronics and AI applications [33]. 6. Market Trends - The report notes that the semiconductor equipment market is projected to experience explosive growth, particularly in 300mm wafer fabs, driven by AI chip demand [24][25]. - The overall sentiment in the electronics sector remains cautiously optimistic, with specific segments like consumer electronics and PCB showing positive trends [37].

Investment Rating - The report indicates a cautious investment outlook for the real estate sector, particularly highlighting the potential for policy-driven recovery in major cities [6][4]. Core Insights - The real estate market is experiencing fluctuations, with A-share real estate down by 1.8% and Hong Kong real estate up by 2.6% during the week of June 7-13 [2][17]. - Guangzhou's proposed policy changes, including the removal of purchase restrictions, are expected to stimulate market activity and may lead to similar actions in other first-tier cities [4][6]. - New home sales have shown a week-on-week increase of 13% and a year-on-year increase of 15% across 47 cities, indicating a slight recovery in market sentiment [3][32]. - The second-hand housing market also saw a significant increase, with a 30% week-on-week rise in transaction volume across 22 cities [40][3]. Summary by Sections Market Performance - The A-share real estate sector ranked 26th among all sectors with a decline of 1.8%, while the Hong Kong real estate sector ranked 6th with an increase of 2.6% [2][17]. - The property service index in Hong Kong rose by 3.1%, outperforming the Hang Seng China Enterprises Index and the CSI 300 Index by 2.8% and 3.4%, respectively [23][2]. Land Market - The average land premium rate remains low at 3%, with a total of 626,000 square meters of residential land sold across 300 cities during the week, marking a 101% increase week-on-week but a 21% decrease year-on-year [26][30]. - Year-to-date, the total residential land area sold is 15,209,000 square meters, reflecting a 3.8% year-on-year decline [26][30]. Policy Developments - Guangzhou's proposed policy changes aim to eliminate purchase, sale, and price restrictions, which could lead to a broader easing of real estate policies in other major cities [4][6]. - The central government has indicated a commitment to stabilizing the real estate market, suggesting further policy support may be forthcoming [4][6]. Financing Trends - In May, the social financing scale increased by 2.29 trillion yuan, with new long-term loans for residents rebounding to 746 billion yuan, indicating a recovery in financing conditions [5][18]. - The year-to-date decline in new long-term loans has narrowed to 2.9%, suggesting improved market resilience [5][18]. Sales Data - New home sales in 47 cities totaled 3.31 million square meters, with significant increases in first-tier cities [32][3]. - Second-hand home sales reached 2.51 million square meters, with notable growth in transaction volumes across all city tiers [40][3].

Investment Rating - The report suggests a cautious outlook on the chemical industry, with a focus on price increases for specific products and potential investment opportunities in companies like Kangkuan and nitrated cotton [1][2]. Core Insights - The chemical market is experiencing price increases, with notable price adjustments for products such as chlorantraniliprole and Bacillus thuringiensis, indicating a favorable pricing environment [1][2]. - Geopolitical tensions, particularly the Iran-Israel conflict, have led to increased oil prices, which in turn affects the chemical sector positively by raising the prices of related products like methanol and strontium carbonate [2][3]. - The report highlights significant events impacting the industry, including the launch of a new production facility by China Pingmei Shenma Group, which could alter the competitive landscape in the nylon industry [3][4]. Summary by Sections Market Overview - The basic chemical index fell by 0.01%, outperforming the CSI 300 index by 0.24% this week, with strong performances from specific stocks [1][11]. - Brent crude oil averaged $69.45 per barrel, up 6.22% week-on-week, while WTI crude oil averaged $67.89 per barrel, up 7.17% [11]. Key Events - The report notes the successful negotiation of a major potassium fertilizer contract at $346 per ton, indicating a positive outlook for the potassium fertilizer market [1]. - The establishment of a new 100,000 tons/year production facility by China Pingmei Shenma Group marks a significant development in the nylon supply chain [3]. Price Movements - The report tracks price changes for various chemical products, with significant increases noted in sectors such as textile chemical products and compound fertilizers [11][12]. - The report indicates that the prices of methanol and strontium carbonate are gaining attention due to their correlation with rising oil prices [2][11]. Industry Trends - The report emphasizes the ongoing recovery in domestic and international demand for chemicals, particularly in the tire and rubber sectors, which are seeing a resurgence in production rates [27][28]. - The AI industry is also highlighted, with significant investments being made, indicating a broader trend of technological integration within the chemical sector [4].

Investment Rating - The report suggests a "Buy" rating for the coal sector, indicating an expected increase in the sector's performance exceeding the market by over 15% in the next 3-6 months [68]. Core Insights - The coal market is currently experiencing a "weak balance under multi-directional competition," with supply tightening providing support for coal prices, while high inventory and clean energy alternatives suppress price rebounds [60][66]. - The report highlights the importance of the newly operational Hami North-Chongqing ±800 kV UHVDC project, which is expected to enhance the transmission of green electricity, with an annual delivery capacity of over 36 billion kWh [37][33]. - The report emphasizes the need for companies in the power generation sector to focus on regions with tight supply-demand dynamics and favorable competitive landscapes, particularly recommending companies like Huadian International and Anhui Energy [3][66]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.25%, while the ChiNext Index rose by 0.22% during the week [10]. - The carbon neutrality sector saw a slight increase of 0.15%, while the environmental protection sector declined by 1.15% [10]. Industry Data Tracking - Coal prices are under pressure due to high inventory levels and weak demand, with the CECI coastal index remaining stable [4][46]. - The report notes that the average price of Qinhuangdao thermal coal was 610 yuan/ton, showing a slight decrease of 0.16% [46]. Industry News - The China Electricity Council reported a significant drop in coal-fired power generation and consumption, with a year-on-year decrease exceeding 10% [4][59]. - The National Development and Reform Commission is focusing on supporting private enterprises in technological innovation, which is expected to enhance the overall industry landscape [4][61]. Investment Recommendations - The report recommends focusing on leading companies in various sectors: Anhui Energy and Huadian International in thermal power, Yangtze Power in hydropower, and Longyuan Power in renewable energy [3][66]. - The environmental sector is advised to consider urban comprehensive operation management service providers like Yuhua Tian [66].