Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The industrial metal sector is experiencing slight pressure on demand, particularly in copper and aluminum, while precious metals like gold are seeing upward trends due to geopolitical tensions and trade issues [13][15]. - The rare earth sector is expected to see a dual increase in prices domestically and internationally due to export controls and supply disruptions, particularly from Myanmar [30][33]. Summary by Sections 1. Overview of Bulk and Precious Metals Market - Copper prices on LME decreased by 1.18% to $9,487.00 per ton, while Shanghai copper increased by 0.06% to ¥77,900 per ton. Copper inventories rose to 139,900 tons, marking a slight increase [13]. - Aluminum prices on LME fell by 0.94% to $2,475.50 per ton, with domestic aluminum rod inventories at 130,800 tons, showing a decrease [14]. - Gold prices on COMEX increased by 2.24% to $3,316.60 per ounce, driven by international trade tensions and geopolitical conflicts [15]. 2. Updates on Bulk and Precious Metals Fundamentals 2.1 Copper - The processing fee index for imported copper concentrate dropped to -$43.05 per ton, indicating supply-side pressures. The weekly operating rate for copper wire companies was 82.34%, down 1.05 percentage points from the previous week [13][18]. 2.2 Aluminum - The operating rate for alumina plants increased by 0.99 percentage points to 78.01%, as some companies resumed production after maintenance [14]. 2.3 Precious Metals - The increase in gold prices is attributed to heightened demand for safe-haven assets amid geopolitical uncertainties and trade negotiations between the US and EU [15]. 3. Overview of Minor Metals and Rare Earths Market - The rare earth sector is experiencing a robust upward trend, with prices for dysprosium and terbium increasing significantly due to export controls [30]. - Antimony prices are expected to rebound as supply from Myanmar is disrupted by natural events, while the overall demand remains stable [34]. - Tin prices have shown resilience despite some downward pressure, supported by low inventory levels and seasonal production cuts [36]. 4. Updates on Minor Metals and Rare Earths Fundamentals 4.1 Rare Earths - The prices for various rare earth oxides have shown fluctuations, with overseas prices for dysprosium and terbium rising significantly [31][33]. 4.2 Antimony - Antimony ingot prices have decreased slightly, but the overall market outlook remains positive due to supply constraints and increasing demand [34]. 4.3 Tin - Tin ingot prices have shown slight declines, but the market remains supported by low inventory levels and strong demand from sectors like semiconductors and photovoltaics [36].

Group 1: Market Trends - Recent bond auctions in Japan, the US, and China have shown significantly reduced demand, indicating a cooling in the primary market[2] - Japan's 20-year bond auction on May 20 had a bid-to-cover ratio of only 2.5, the lowest since 2012, with a tail of 1.14, the highest since 1987[7] - The US 20-year bond auction on May 21 saw a yield of 5.047%, exceeding expectations, with a bid-to-cover ratio dropping to 2.46, the lowest since February[7] Group 2: Interest Rate Movements - Following the weak bond auctions, long-term interest rates surged, with Japanese bond yields rising approximately 15 basis points, and 30-year US Treasury yields surpassing 5%[2] - The domestic 50-year bond auction on May 23 reported a yield of 2.10%, higher than the estimated yield of 2.025%, reflecting a decline in market enthusiasm[7] Group 3: Economic Factors - Uncertainty in policy expectations has increased, with the market pricing in potential rate hikes in Japan and a reduced urgency for rate cuts in the US due to strong employment data and rising inflation[3] - Concerns over fiscal sustainability are growing, particularly in the US, where high deficits and tax cuts have weakened demand for government bonds[4] Group 4: Domestic Market Resilience - Despite the volatility in US and Japanese markets, China's long-term bond market has shown resilience, supported by a relatively loose monetary policy and attractive yield levels around 1.70% for 10-year bonds and 1.90% for 30-year bonds[5] - The trading environment in China remains stable, with market heat indices falling below the 40th percentile, indicating low risk of forced adjustments[5]

Investment Rating - The industry is rated as "Buy" with an expectation of an increase exceeding 15% in the next 3-6 months [33] Core Insights - Offline retail: Yonghui Supermarket has made progress in team restructuring and store format adjustments, focusing on store sizes of 2500-3000 square meters and 1500-2000 square meters, with a target of developing 60 new private label products by 2025 [11][12] - Online retail: Kuaishou's 618 shopping festival saw significant growth, with GMV for the first day up 282% year-on-year, while Bilibili reported a 24% increase in revenue for Q1 2025, reaching 7 billion yuan [16][1] Industry Data Tracking - GMV performance: In the first week of May, the overall GMV for Tmall and JD.com increased by 9.49% year-on-year, with top-performing categories including consumer electronics and home appliances [17][2] Market Review - The Shanghai Composite Index, Shenzhen Component Index, and the retail sector saw declines of -0.57%, -0.46%, and -1.61% respectively during the week of May 19-23, 2025 [21][3] Investment Recommendations - Offline retail: Focus on domestic retail giants like Yonghui Supermarket, which are benefiting from domestic demand and supply chain adjustments due to external factors [29] - Online retail: Tencent and Meituan are highlighted for their potential growth driven by AI integration and macroeconomic recovery, respectively [30][31]

Investment Rating - The report indicates a weak investment sentiment in the real estate sector, with a focus on stabilizing sales data and improving land acquisition strategies [7] Core Insights - The real estate market is showing signs of bottoming out, with new home sales increasing on a week-on-week basis and year-on-year comparisons turning positive [4][58] - The land market has seen a decline in activity, with a notable drop in transaction volumes compared to previous years [5][44] - Special bonds for land acquisition have accelerated, with over 350 billion yuan allocated for purchasing idle land, which may help stabilize housing prices in the future [5][14] Summary by Sections Market Overview - The A-share real estate sector experienced a decline of 1.5%, ranking 23rd among all sectors, while the Hong Kong real estate sector fell by 0.7%, ranking 11th [30] - The property service index in Hong Kong decreased by 1.8%, contrasting with a 1.4% increase in the Hang Seng China Enterprises Index [38] Land Transactions - In the week of May 17-23, the total area of residential land sold across 300 cities was 493 million square meters, reflecting a 6% week-on-week increase but a 34% year-on-year decrease [44] - The average premium rate for land transactions was 13%, with a cumulative area of 13,198 million square meters sold since the beginning of the year, showing a 1.5% year-on-year decline [44][48] New Home Sales - New home sales across 47 cities totaled 404 million square meters, marking a 16% increase week-on-week and a 9% increase year-on-year [50] - Sales in first-tier cities showed a slight increase of 1% week-on-week but a 1% decrease year-on-year, while second-tier cities saw a 16% week-on-week increase and a 4% year-on-year decrease [50] Second-Hand Home Sales - Second-hand home transactions in 22 cities totaled 284 million square meters, with a 4% week-on-week increase and a 10% year-on-year increase [58] - First-tier cities experienced a 2% week-on-week decrease but a 25% year-on-year increase in second-hand home sales [58] Investment Recommendations - Developers are advised to focus on first-tier and core second-tier cities, emphasizing improved product offerings and maintaining land acquisition capabilities [7] - Real estate agencies with strong competitive advantages, such as Beike, are recommended due to the increasing activity in both new and second-hand housing markets [7]

Investment Rating - The report maintains a positive investment outlook on the photovoltaic and energy storage sectors, recommending key areas such as battery cells, storage inverters, and new technology directions [2][10][24]. Core Insights - The report highlights a significant increase in domestic photovoltaic installations in April, with a year-on-year growth of 215% and a month-on-month growth of 123%, indicating strong demand driven by a rush to install before new regulations take effect [10][11]. - The Danish government has restarted a 3GW offshore wind project, which is expected to boost demand in the European offshore wind sector, suggesting a recovery in this market [2][14]. - The report emphasizes the importance of overseas markets for electrical equipment, noting a 31% year-on-year increase in export value for major electrical equipment in April, with transformers and high-voltage switches seeing even higher growth rates [3][13][15]. Summary by Relevant Sections Photovoltaic & Energy Storage - April saw a total of 45.22GW of new photovoltaic installations, with cumulative installations reaching 104.93GW in the first four months of the year, reflecting robust demand [10][11]. - The report anticipates continued strong performance in May, supported by the backlog in component installation and upcoming industry events like SNEC [2][10]. - Export data shows a stable demand for battery components, with a total export of 27.6GW in April, indicating resilience in overseas markets [10][11]. Wind Power - The report notes that European offshore wind policies are improving, with several countries announcing new projects and subsidies, which will likely enhance demand certainty in the sector [2][14]. - Key companies in the offshore wind sector are recommended for investment, particularly those poised to benefit from increased orders in Europe [2][14]. Electrical Equipment - The report highlights a strong export performance in electrical equipment, with a total export value of $6.99 billion in April, marking a 31% increase year-on-year [3][13][15]. - The focus remains on companies with strong overseas market presence and product capabilities, such as Sanyuan Electric and Samsung Medical [3][15]. New Energy Vehicles & Lithium Batteries - The report indicates a surge in the new energy vehicle sector, with significant sales growth driven by companies like BYD and the positive performance of other manufacturers [19][21]. - The recent listing of CATL on the Hong Kong stock market has resulted in a notable price increase, reflecting strong investor interest and potential for valuation re-rating in the lithium battery sector [21][24]. Hydrogen Energy & Fuel Cells - The report discusses a policy shift in hydrogen vehicle promotion, with several provinces offering toll exemptions to stimulate demand [4][15]. - The growth in green hydrogen projects is highlighted, with a significant increase in bidding for electrolyzer projects, indicating a positive outlook for the hydrogen sector [4][15]. Investment Recommendations - The report provides a comprehensive list of recommended companies across various sectors, including photovoltaic, energy storage, wind power, electrical equipment, new energy vehicles, and lithium batteries, emphasizing those with strong growth potential and market positioning [24][25].

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector, anticipating a reversal trend in 2025, with innovative drugs and left-side sector recovery being the primary investment opportunities [4][11]. Core Insights - The pharmaceutical sector has shown strong performance, highlighted by the unexpected $1.25 billion upfront payment from Pfizer to 3SBio for the exclusive rights to develop and commercialize the PD-1/VEGF bispecific antibody SSGJ-707 outside of mainland China [20][21]. - The ASCO conference showcased 74 clinical studies from Chinese companies, with 11 entries in the prestigious Late Breaking Abstracts (LBA) category, indicating the growing international recognition of Chinese innovative drug capabilities [22]. - The report emphasizes the potential for significant recovery in various segments, including chain pharmacies, generic drugs, traditional Chinese medicine, and in vitro diagnostics, with companies like YaoYao and Changchun High-tech gaining market recognition due to improved fundamentals [11]. Summary by Sections Pharmaceutical Sector - 3SBio's deal with Pfizer includes a $1.25 billion upfront payment and potential milestone payments up to $4.8 billion, reflecting the market's confidence in the value of Chinese innovative drugs [20][21]. - The ASCO conference highlighted the success of Chinese companies, with 74 studies presented and 11 in the LBA category, showcasing advancements in clinical pipelines [22]. Biologics - GSK's FDA approval of mepolizumab for COPD treatment is noted, with projected global sales of €1.784 billion in 2024, indicating a growing market for targeted IL-5 therapies [2]. Medical Services & Consumer Healthcare - Alcon reported a slight decline in surgical sales but a 1% increase in vision care sales, driven by product innovation in contact lenses [3]. Medical Devices - Johnson & Johnson launched the SOUNDSTAR CRYSTAL ultrasound catheter in the U.S., indicating a robust pipeline of innovative medical devices [3]. Pharmacies - The report highlights a supportive policy environment for pharmacies, with opportunities for expanding health promotion and nutritional services, driven by recent government initiatives [3]. Investment Recommendations - The report suggests actively monitoring updates on innovative drug clinical data and anticipates a favorable market for traditional Chinese medicine, pharmacies, and medical services as summer approaches [4][11]. Key Targets - Notable companies for investment consideration include Kelun-Biotech, Renfu Pharmaceutical, East China Pharmaceutical, and Mindray Medical, among others [5].

Group 1 - The report anticipates a new round of Juglar cycle starting as early as Q3 2025, with a focus on technology, while maintaining a view of increasing volatility in global equity markets until then [1][12][16] - The report highlights that the domestic economic drivers are expected to rely significantly on government departments, with a noted decrease in the marginal effectiveness of the "two new" policies [1][12] - The report indicates that the U.S. economy may face "stagflation" risks, which could negatively impact global trade and market sentiment [1][13] Group 2 - The report emphasizes that central bank gold purchases are becoming a long-term demand trend, with a significant increase in their contribution to gold price dynamics [2][23] - It identifies the top five countries contributing to gold reserve increases as Russia, China, India, Turkey, and Poland, with a notable acceleration in gold purchases since 2022 [2][33] - The report suggests that the demand for gold from central banks is expected to continue rising due to geopolitical uncertainties and the weakening of the U.S. dollar's credit [3][50] Group 3 - The report outlines three main trading strategies: focusing on gold and gold stocks due to potential undervaluation, investing in innovative pharmaceuticals, and capitalizing on structural opportunities in the technology sector [4][65] - It highlights that the domestic fiscal stimulus is expected to support sectors such as infrastructure and service consumption, which are seen as growth-oriented assets [4][65] - The report notes that the A-share market is anticipated to have structural opportunities driven by AI industry logic, particularly in sectors with low penetration rates [4][65]

行业点评 本周 A 股地产、港股地产均下跌、港股物业上涨。本周（5.17-5.23）申万 A 股房地产板块涨跌幅为-1.5%，在各 板块中位列第 23；恒生港股房地产板块涨跌幅为-0.7%，在各板块中位列第 11。本周恒生物业服务及管理指数涨跌幅 为-1.8%，恒生中国企业指数涨跌幅为+1.4%，沪深 300 指数涨跌幅为-0.2%；物业指数对恒生中国企业指数和沪深 300 的相对收益分别为-3.2%和-1.6%。 土地市场热度有所回落。本周（5.17-5.23）全国 300 城宅地成交建面 493 万㎡，单周环比 6%，单周同比-34%， 平均溢价率 13%。2025 年初至今，全国 300 城累计宅地成交建面 13198 万㎡，累计同比-1.5%；年初至今，绿城中国、 保利发展、中海地产、滨江集团、建发房产的权益拿地金额位居行业前五。 本周新房销售环比上涨，同比由负转正，景气度底部企稳。本周（5.17-5.23）47 个城市商品房成交合计 404 万 平米，周环比+16%，周同比+9%。其中：一线城市周环比+1%，周同比-1%；二线城市周环比+16%，周同比-4%；三四线 城市周环比+24%，周同比+32 ...

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector, anticipating a reversal trend in 2025, with innovative drugs and left-side sector recovery being the primary investment opportunities [4][11]. Core Insights - The pharmaceutical sector has shown strong performance, highlighted by the unexpected $1.25 billion upfront payment from the significant deal between Sanofi and Pfizer, which enhances market confidence in the quality and market value of Chinese innovative drugs [11][20]. - The ASCO conference showcased a wealth of clinical data from domestic innovative pharmaceutical companies, indicating a potential new wave of data-driven innovation in the drug market [11][22]. - There is notable potential for recovery in sectors such as chain pharmacies, generic drugs, traditional Chinese medicine, and in vitro diagnostics, with companies like YaoYao Pharmacy and Changchun High-tech gaining market recognition following improvements in their fundamentals [11][20]. Summary by Sections Pharmaceutical Sector - Sanofi's significant deal with Pfizer includes a $1.25 billion upfront payment, reinforcing the market's recognition of the value of Chinese innovative drugs [20]. - At ASCO, 74 clinical studies from Chinese companies were presented, with 11 entries in the Late Breaking Abstracts (LBA) category, showcasing advancements in various cancer treatments [22]. Biopharmaceuticals - GSK's FDA approval of mepolizumab for COPD treatment is expected to generate €1.784 billion in global sales by 2024, with several domestic companies also developing IL-5 targeted drugs [2][9]. Medical Services & Consumer Healthcare - Alcon reported a slight decline in surgical sales but a 3% growth in vision care sales, driven by innovations in contact lenses [3][11]. Medical Devices - Johnson & Johnson launched the SOUNDSTAR CRYSTAL ultrasound catheter in the U.S., indicating a robust pipeline of innovative products in the medical device sector [3][12]. Pharmacies - The Chinese government has initiated policies to enhance the health promotion functions of retail pharmacies, suggesting a favorable environment for non-drug category expansion [3][12]. Investment Recommendations - The report suggests actively monitoring updates on innovative drug clinical data and the upcoming summer trends in traditional Chinese medicine, pharmacies, and healthcare services [4][11]. Key Targets - Notable companies to watch include Kelun-Botai, Renfu Pharmaceutical, East China Pharmaceutical, and Mindray Medical, among others [5][15].

Robotaxi 重启元年，成本不断下探有望加速驶向单车盈亏平衡。文远知行 25Q1 财报扣除员工股权激励等项目后的净 亏损为 2.95 亿元，调整后净亏损扩大，主因文远加码提速无人驾驶落地，规模和支出成正比增长，同时对于出海布 局加速，已进入 3 大洲 10 城，车队数量超过 1200 辆。小马智行基于低成本的第七代量产车型，25 年底车队运营规模 将达到 1000 台。Robotaxi 的商业化窗口已经打开，乘客愿意付费、城市愿意开放、公司敢于大规模部署。 小米首款 SUV 车型 YU7 正式亮相，有望成为 SUV 车型市场爆款车型。小米 YU7 定位豪华高性能 SUV，售价暂未公布。 YU7 有望凭借超长续航和超快充等优势，在中大型纯电 SUV 市场中占据一席之地。小米 SU7 上市即热销，已充分验证 小米的造车实力，YU7 有望具备成为爆款车型潜力，关注后续售价区间。 机器人： 智元机器人：重磅发布具身智能领域双重里程碑式突破。智元机器人发布全球首个基于机器人动作序列驱动的具身世 界模型 EVAC (EnerVerse-AC)，以及具身世界模型评测基准 EWMBench。这两大创新成果现已全面开源，旨 ...