Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report emphasizes the dual-driven model of product sales and logistics services by the company, highlighting its comprehensive digital system and standardized operations [2][3] - The report discusses the impact of the new U.S. tariff policy on cross-border e-commerce, indicating that sellers may respond through production shifts and price increases, particularly for high-margin products [2][3] - The report notes the cultural dining concept of a restaurant group under the company, focusing on brand-led execution and the integration of Eastern lifestyle aesthetics [2][3] - The report highlights the growth potential in the electric bicycle sector, driven by a vehicle exchange program, while also noting potential short-term adjustments due to subsidy impacts [2][3] - The report outlines the transformation in offline retail driven by AI, with a focus on a new retail ecosystem for maternal and child products [2][3] - The report discusses the structural growth opportunities in rural markets through AI and digital supply chain integration [2][3] - The report mentions the emerging trends in the new tobacco industry, particularly in heated non-burning products, forecasting steady long-term growth [2][3] Summary by Sections Product Sales and Logistics - The company has established a full-link digital system and standardized operations for product sales, while also developing an end-to-end smart logistics service for cross-border e-commerce [2][3] U.S. Tariff Policy Impact - The new U.S. tariff policy presents uncertainties, with sellers likely to adopt strategies such as production shifts and price adjustments, particularly for high-margin products [2][3] Cultural Dining Concept - The restaurant group has shifted its execution logic from channel-centric to brand-centric, emphasizing the value of IP and Eastern lifestyle aesthetics [2][3] Electric Bicycle Sector - The vehicle exchange program has resulted in significant sales, but potential adjustments in subsidies may affect short-term growth [2][3] AI in Retail - The company is leveraging AI to enhance retail efficiency in the maternal and child sector, with plans for new store models that utilize smart technology [2][3] Rural Market Opportunities - The report identifies a structural growth opportunity in rural markets, driven by AI and digital supply chain innovations [2][3] New Tobacco Trends - The report anticipates steady growth in the heated non-burning tobacco market, with significant market potential expected in the coming years [2][3]

Group 1 - The core conclusion of the report indicates that the recent investment style is characterized by three main features: new, small, and fast. The strongest industry trends since September last year are AI and new consumption, which align with new industrial logic [2][6][7] - The first feature, "new," highlights that the strongest industries during 2013-2015 were TMT (Technology, Media, and Telecommunications) driven by the growth of mobile internet, similar to the current AI trend. New consumption sectors such as dining, tourism, light industry, and textiles outperformed traditional sectors like food and home appliances [3][6][7] - The second feature, "small," notes that small-cap stocks are currently active, especially during market fluctuations, mirroring the performance of small-cap stocks during 2013-2015 [11][15] - The third feature, "fast," refers to the rapid rotation of market trends, with AI and robotics showing strong excess returns in Q4 of last year and Q1 of this year, but weaker performance recently. This mirrors the volatility seen in TMT during 2013-2015 [12][15] Group 2 - The report identifies the underlying reasons for the current investment style as a weak economy with a strong market, a decline in old funds (active public funds), and a rise in new funds (financing balance, speculative quantitative funds). Additionally, continuous policy support is noted, with a slow IPO pace [15][19] - The report suggests that despite a weak economic backdrop, there are structural opportunities in the stock market, similar to the conditions observed during 2013-2015 when economic growth was also weak [15][19] - The report anticipates that the market may experience a slight pullback from late May to July, with pressures including slow economic recovery and reduced trading enthusiasm among retail investors. However, a return to a bullish market is possible in Q3 if any of the factors related to earnings, policy, or retail funds turn optimistic [21][23]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The supply side is experiencing a contraction trend due to ongoing safety inspections and negative feedback from coal prices, which may stabilize coal prices [11][12] - The demand side shows an increase in daily coal consumption in both inland and coastal provinces, indicating potential for demand release as the peak season approaches [11][12] Summary by Sections Coal Price Tracking - As of June 7, the market price for Qinhuangdao port thermal coal (Q5500) is 611 CNY/ton, down 2 CNY/ton week-on-week [29] - The price for coking coal at Jingtang port is 1290 CNY/ton, down 30 CNY/ton week-on-week [31] - International thermal coal prices show mixed trends, with Newcastle NEWC5500 at 66.8 USD/ton, down 0.2 USD/ton week-on-week [29] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 95%, down 1.1 percentage points week-on-week [48] - Daily coal consumption in inland provinces increased by 33,000 tons/day (+11.76%) week-on-week, while coastal provinces saw an increase of 7000 tons/day (+0.41%) [49] - The utilization rate for sample coking coal mines is 84.65%, down 0.8 percentage points week-on-week [48] Inventory Situation - Coal inventory in inland provinces increased by 640,000 tons week-on-week, while coastal provinces saw an increase of 498,000 tons [49] - The available days of coal in inland provinces decreased by 2.90 days week-on-week, indicating tighter supply [49] Investment Recommendations - Focus on stable and high-performing companies such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as those with high elasticity like Yanzhou Coal and China Power Investment [12]

科技、新消费多主线并进，公募新发升温 —— 量化市场追踪周报（2025W23） [Table_ReportTime] 2025 年 6 月 8 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 金工研究 [Table_ReportType] 金工定期报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2025W23)：科技、新消费多主 线并进，公募新发升温 [Table_ReportDate] 2025 年 6 月 8 日 ...

证券研究报告 [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 原油周报：地缘博弈，供给宽松， [Table_Title]油价多空相持 [Table_ReportDate0] 2025 年 6 月 8 日 本期内容提要： [Table_Summary] ➢ 【油价回顾】截至 2025 年 6 月 6 日当周，油价震荡上行。本周，一 方面，供给端对油价形成一定压力，欧佩克+7 月增产靴子落地，符 合预期，且沙特希望未来继续加速增产，市场对供应过剩担忧；另一 方面，地缘溢价支撑油价，美伊核谈陷入僵局，俄乌局势紧张（乌克 兰称袭击了克里米亚大桥），以及加拿大野火导致部分原油生产关 闭。整体看，本周国际油价震荡上行。截至本周五（6 ...

央行新增信息披露态度呵护 隔夜利率逼近 1.4% —— 流动性与机构行为周度跟踪 250608 [[Table_R Table_Report eportTTime ime]] 2025 年 6 月 8 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 歌声ue 证券研究报告 债券研究 [Table_ReportType] 专题报告 联系电话：+86 18817583889 邮 箱： liyishuang@cindasc.com [➢Table_Summary] 货币市场：本周央行 OMO 净回笼 6717 亿，周五买断式逆回购招标 10000 亿。 尽管本周初企业所得税汇算清缴走款带来了一定扰动，逆回购整体维持净回 笼，但资金面整体仍维持宽松，周五买断式逆回购落地，DR007 降至 1.53%。 ➢ 质押式回购成交量在周四升至 7.86 万亿的年内新高后小幅回落，全周日均 成交上升 1.0 万亿至 7.50 万亿；质押式回购整体规模同样在周四创下 1 月 以来的新高后回落，但仍明显高于上周。各类银行净融出上半周均有所抬升， 下半周股份行与城商行净融出回落，大行净融出升破 ...

博通 Q2 营收创历史新高，指引 AI 业务增长态势或 持续至 26 财年 [Table_ReportDate] 2025 年 6 月 8 日 证券研究报告 行业研究 [行业周报 Table_ReportType] | [Table_StockAndRank] 电子 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮箱：yangyuxuan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [博通Table_Title] Q2 营收创历史新高，指引 AI 业务增长 态势或持续至 26 财年 [Table_ReportDate] 2025 年 6 月 8 日 本期内容提要: [Table_S [Table_Summary ummary] ] 请阅读 ...

电新周报：广东省人工智能与机器人产业联盟成立 [Table_Industry] 电力设备与新能源 [Table_ReportDate] 2025 年 6 月 8 日 证券研究报告 行业研究 [行业周报 Table_ReportType] [Table_StockAndRank] 电力设备与新能源 孙然 电新行业分析师 执业编号：S1500524080003 联系电话：18721956681 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅大厦 B 座 邮编：100031 [Table_Title] 广东省人工智能与机器人产业联盟成立 [Table_ReportDate] 2025 年 6 月 8 日 本期核心观点 [Tale_S 行业展望及配置建议： um ➢ 新能源汽车： 动力电池格局有望优化，板块盈利有望回暖：1）锂电池板块经历长期大幅 回调。2）锂电池供给阶段性过剩问题有望迎来拐点。3）碳酸锂价格下降， 有望带动电池成本及终端售价下降，有望刺激下游需求。同时 5C 快充加速 推进，新能源车里程 ...

红利风格缩量，ETF 资金小幅净流入 —— 红利风格投资价值跟踪（2025W23） [Table_ReportTime] 2025 年 6 月 8 日 证券研究报告 [于明明 Table_ First 金融工程与金融产品首席 Author] 分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 金工研究 周金铭 金融工程与金融产品分析师 执业编号：S1500523050003 联系电话：+86 18511558803 邮 箱：zhoujinming@cindasc.com [TableReportType] 金工专题报告 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 | ] [Table_A 于明明 uthor 金融工程与金融产品 | | --- | | 首席分析师 | | 执业编号：S1500521070001 | | 联系电话：+86 18616021459 | | 邮 箱：yumingming@cindasc.com | 周金铭 金融工程与金融产品 分析师 执业编号：S1500 ...

绿电直连政策发布，为垃圾焚烧发电与 IDC 协同提供政策支撑 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2025 年 6 月 8 日 15666646523.tcy [Table_Title] 绿电直连政策发布，为垃圾焚烧发电与 IDC 协同提 供政策支撑 2025 年 6 月 8 日 本期内容提要: [Table_Summary] [Table_Summary] 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 ➢ 行情回顾：截至 6 月 6 日收盘，本周环保板块上涨 0.46%，表现劣于 大盘；其中，水治理板块上涨 1.38%，水务板块上涨 0.28%；大气治 理上涨 1.01%；固废中环卫下跌 6.55%，垃圾焚烧板块下跌 0.31%， 资源化板块上涨 0.65%，固废其他板块上涨 0.74%；环保设备板块上 涨 0.70%，检测/监测/仪表上涨 4.38%；环境修复上涨 0.43%。 ➢ 行业动态：1）6 月 5 日，生态环境部正式发布《2024 中国生态环境 状况公报》。公报显示，2024 年，全国生态环境质量持续改善 ...