Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints - The steel sector experienced a decline of 2.20% last week, underperforming the broader market, with specific segments like special steel down 2.58% and long products down 2.32% [3][11] - Iron water production increased, with a capacity utilization rate of 90.8% for blast furnaces as of June 20, reflecting a week-on-week increase of 0.21 percentage points [3][26] - The consumption of five major steel products rose, with a total consumption of 884.2 million tons, marking a week-on-week increase of 16.08 million tons [3][37] - Social inventory of five major steel products decreased to 913.1 million tons, down 14.37 million tons week-on-week, and down 28.19% year-on-year [3][45] - The average price of ordinary steel decreased slightly, with the comprehensive index at 3361.1 yuan/ton, down 3.71 yuan/ton week-on-week [3][51] - The profit for rebar from blast furnaces increased to 155 yuan/ton, up 20.0 yuan/ton week-on-week, while electric arc furnace profits remained negative at -357.04 yuan/ton [3][59] Summary by Sections 1. Market Performance - The steel sector underperformed the market, with a 2.20% decline compared to a 0.45% drop in the Shanghai and Shenzhen 300 index [11][13] 2. Supply - As of June 20, the average daily iron water production was 2.4218 million tons, a week-on-week increase of 0.57% [26] - The capacity utilization rate for electric furnaces was 54.5%, down 2.19 percentage points week-on-week [26] 3. Demand - The total consumption of five major steel products reached 884.2 million tons, with a week-on-week increase of 16.08 million tons [37] - The transaction volume of construction steel was 97,000 tons, down 0.22% week-on-week [37] 4. Inventory - Social inventory of five major steel products decreased to 913.1 million tons, down 1.55% week-on-week [45] - Factory inventory was 425.8 million tons, down 0.30% week-on-week [45] 5. Prices & Profits - The comprehensive index for ordinary steel was 3361.1 yuan/ton, down 0.11% week-on-week [51] - The profit for rebar from blast furnaces was 155 yuan/ton, an increase of 14.81% week-on-week [59]

5 月份全社会用电量同比增长 4.4%，规上工业天然气产量同比增长 9.1% 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 6 月 23 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 [Table_Author] 左前明 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 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 化工行业： 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@c ...

Investment Rating - The report assigns an "Accumulate" investment rating to the company [2]. Core Viewpoints - The company is a global leader in smart imaging devices, experiencing rapid business growth driven by continuous innovation in imaging technology and a strong brand presence [7][11]. - The market for smart imaging devices is expected to expand significantly, with a projected global user base of approximately 900 million and a penetration rate of about 10% in 2023, indicating substantial growth potential [7][31]. - The company maintains a competitive edge through its focus on product and technology innovation, effective marketing strategies, and a comprehensive global distribution network [7][45]. Company Overview - The company, established in 2015 in Shenzhen, has developed a strong brand and technological advantage under the leadership of founder Liu Jingkang [11]. - The company has achieved a compound annual growth rate (CAGR) of approximately 56.8% in revenue and 77.6% in net profit from 2019 to 2024 [7][11]. - The product portfolio includes consumer-grade products like the Insta360 ONE X, GO, and Ace Pro, which have contributed significantly to revenue growth [11][19]. Industry Analysis - The smart imaging device market is projected to grow at a CAGR of 14.3% from 2023 to 2027, with a total market size of 36.47 billion yuan in 2023 [31]. - The primary product categories include action cameras and panoramic cameras, with significant demand from outdoor sports enthusiasts and Vlog creators [31][35]. - The company has captured a leading market share in the consumer-grade panoramic camera segment, with a 67.2% share in 2023, significantly outperforming competitors [7][42]. Competitive Landscape - The company has established itself as a key player in the smart imaging device market, with a strong focus on technological innovation and product differentiation [42][45]. - The competitive landscape is characterized by a mix of established brands and emerging players, with the company positioned to leverage its advanced technology and marketing strategies to capture additional market share [42][44]. Financial Projections - The company is expected to achieve net profits of 11.5 billion yuan in 2025, with a year-on-year growth rate of 15.3% [7][64]. - Revenue from consumer-grade smart imaging devices is projected to grow by 45.3% in 2025, with a gross margin of approximately 51.5% [64].

Core Insights - The core conclusion of the report indicates that the steady rise in bank stocks over the past two years is primarily due to high dividends. The decline in PB (Price-to-Book) ratio has outpaced the decline in ROE (Return on Equity) from 2021 to 2023, suggesting significant room for valuation recovery, similar to the situation in 2014 [2][9][10] - The report suggests that non-bank financials also exhibit similar undervaluation, with a notable decline in PB compared to ROE from 2021 to 2023. Q4 is identified as a critical time window for potential valuation recovery in non-bank financials [2][9][10] Group 1: Bank Sector Analysis - The essence of the bank market is characterized by being undervalued, allowing for price increases even without improvements in economic conditions. The contraction in the real estate sector has led to a significant reduction in high-yield assets related to real estate financing, while government bond yields have also decreased, prompting funds, especially from insurance, to seek alternative high-yield assets, which banks fulfill [10][12] - The report highlights that the decline in bank PB has been significantly faster than the decline in ROE since 2021, leading to an excessive undervaluation of bank stocks as of early 2024. This situation is a key reason for the recent valuation recovery in banks [12][14] - The report emphasizes that the rise in bank stocks may extend to the broader financial sector, driven by quantitative funds and public fund assessment regulations. The strong momentum in bank stocks could attract attention to financial stocks, especially if growth and consumption momentum weaken [14][21] Group 2: Non-Bank Financial Sector Insights - The report indicates that non-bank financials, particularly brokerage firms, are perceived as high Beta industries, often outperforming during market uptrends. However, the report cautions that the performance of non-bank financials can vary significantly across different bull markets [21][22] - It is suggested that the current bull market may yield greater excess returns for non-bank financials compared to the period from 2019 to 2021, with Q4 being a pivotal time for this potential [21][22] - The report notes that the valuation recovery for non-bank financials may depend on two key factors: the completion of index fluctuations and the search for momentum opportunities by speculative funds [13][21]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - Marvell has raised its outlook for the AI market, indicating a significant increase in demand for ASIC and GPU technologies. The company expects capital expenditures in data centers to exceed $1 trillion by 2028, driven by the major cloud service providers [28][29] - The total addressable market (TAM) for data centers has been adjusted to $94 billion by 2028, with customized AI chips projected to reach $55.4 billion, reflecting a compound annual growth rate (CAGR) of 53% [29] - The rapid growth in AI demand is expected to lead to a high growth period for the AI hardware supply chain, positioning AI as a key direction for market recovery [29] Summary by Sections Market Performance - The A-share component sector has seen significant gains, with the semiconductor index down 1.77% year-to-date, while the components sector has increased by 11.93% [8] - In North America, key tech stocks have shown mixed performance, with notable gains for companies like Micron Technology (+6.92%) and Marvell Technology (+9.41%) [11] Capital Expenditure Projections - Major cloud providers are projected to increase their capital expenditures from approximately $150 billion in 2023 to over $300 billion by 2025, with a significant portion allocated to customized chips [28] - The traditional cloud service giants are expected to maintain their investment pace, while emerging providers will also become significant players in the market [28] Customized AI Chip Market - The customized AI chip market is anticipated to grow from $6.6 billion in 2023 to $55.4 billion by 2028, indicating a strong upward trend in AI-related hardware demand [29] - The customized AI chip market includes XPU and XPU accessory components, with the XPU market alone expected to reach $40 billion by 2028 [32] Investment Recommendations - Suggested companies to watch include both overseas and domestic players in the AI sector, such as Industrial Fulian, Huadian Technology, and others [29]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The impact of the combination of the end - of - quarter period and the large - scale issuance of local government bonds on the capital market at the end of June is complex, but if the central bank maintains a supportive attitude, the impact on the capital market may be relatively controllable [3][4] - The capital market has shown certain trends this week, such as the increase in the scale of repurchase transactions and the change in the net financing of inter - bank certificates of deposit. The capital gap index and the cross - quarter progress of various institutions also reflect the current capital situation [3][17] - Predictions are made for the issuance and net financing scale of government bonds in June and the third quarter, and corresponding investment suggestions are given for different institutions [3][4] 3. Summary by Relevant Catalogs 3.1 Money Market 3.1.1 This Week's Capital Situation Review - The central bank's reverse repurchase had a net investment of 102.1 billion yuan this week, with 182 billion yuan of MLF maturing on Tuesday. The capital market remained generally loose, and the DR001 dropped below 1.4% [3][7] - The trading volume of pledged repurchase reached a record high of 8.7 trillion yuan on Thursday, with an average daily trading volume of 8.32 trillion yuan, the highest since August 2023. The overall scale of pledged repurchase also reached a new high of 12.56 trillion yuan this year [3][17] - The net financing of large - scale and joint - stock banks fluctuated and rebounded, while that of city - commercial banks remained relatively stable. The net financing scale of non - bank institutions was significantly higher than last week, mainly due to the large increase in the financing of product accounts such as funds, wealth management, and other products [3][17] - The new - caliber capital gap index first rose and then fell, and was still lower than last Friday. The cross - quarter progress of various institutions was at the lowest level in the past five years and continued to slow down compared with the average of previous years [3][17] - The excess reserve ratio in May increased by about 0.1 percentage points to 1.0% compared with April, but was still at the lowest level in the same period since 2019. There were also changes in the central bank's claims on other depository corporations and government deposits [3][27] - The scale of banks' rigid financing of funds increased significantly this week, even higher than that of non - bank institutions, which may be a preparation for the concentrated payment of local government bonds and the end - of - quarter period next week [3][38] 3.1.2 Next Week's Capital Outlook - The actual net payment of government bonds this week was 144.4 billion yuan, and it is expected to reach 789.8 billion yuan next week, the highest since late April [3][40] - It is estimated that the net financing of national bonds in June is about 710 billion yuan, and the net financing of local government bonds is about 630 billion yuan. The predicted issuance scale of government bonds in June is adjusted upwards to about 2.7 trillion yuan, with a net financing of about 1.33 trillion yuan [3][44] - It is predicted that the issuance of national bonds from July to September will be 1.39 trillion yuan, 1.28 trillion yuan, and 1.48 trillion yuan respectively, with net financing of 630 billion yuan, 730 billion yuan, and 680 billion yuan respectively. The issuance of local government bonds from July to September is expected to be 1.20 trillion yuan, 1.16 trillion yuan, and 0.85 trillion yuan respectively, with net financing of 800 billion yuan, 660 billion yuan, and 440 billion yuan respectively [4][47] - Although factors such as the end - of - quarter period and the concentrated payment of government bonds may have a superimposed impact next week, if the central bank maintains a supportive attitude, the probability of a significant tightening of the capital market is limited. Non - bank institutions can make decisions after the central bank's MLF operation attitude becomes clearer [4][52] 3.2 Inter - bank Certificates of Deposit - The secondary interest rate of AAA - rated 1 - year inter - bank certificates of deposit dropped by 3.1 basis points to 1.64% this week. The issuance scale of inter - bank certificates of deposit increased while the maturity scale decreased, with a net financing of 47 billion yuan [4][53] - The net financing scale of state - owned banks, city - commercial banks, and rural commercial banks increased, while that of joint - stock banks decreased. The issuance proportion of 1 - year certificates of deposit decreased to 24%, and the issuance proportion of 3 - month certificates of deposit was the highest at 27% [55][56] - The maturity scale of certificates of deposit next week is about 1.1092 trillion yuan, an increase of 53.9 billion yuan compared with this week [56] - The issuance success rate of rural commercial banks' certificates of deposit decreased slightly, while that of other banks increased. The issuance spread of 1 - year certificates of deposit between city - commercial banks and joint - stock banks widened [57] - The relative strength index of the supply and demand of certificates of deposit decreased by 2.0 percentage points to 41.0% compared with last week, still in a relatively strong range. The supply - demand index of 3 - month certificates of deposit increased, while that of 1 - month, 6 - month and above - term certificates of deposit decreased [69] 3.3 Bill Market - This week, bill interest rates first decreased and then increased. The interest rates of 3 - month and 6 - month national - share bills increased by 2 basis points and 1 basis point respectively to 1.01% and 1.05% [74] 3.4 Bond Trading Sentiment Tracking - This week, bond interest rates fluctuated and declined, with the short - end performing strongly, and credit and perpetual bond spreads remaining generally stable [76] - The willingness of large - scale banks to reduce bond holdings decreased, mainly increasing their holdings of certificates of deposit and long - term policy - financial bonds. The willingness of trading - type institutions to increase bond holdings remained high, but there were differences among different institutions. The willingness of allocation - type institutions to reduce bond holdings increased, with differences among different institutions as well [76]

- The report does not contain any specific quantitative models or factors for analysis or construction[1][2][3]

新消费核心反弹可期，持续布局稳健复苏 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 06 月 22 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 | [Table_StockAndRank] 轻工制造 | | --- | | 投资评级 看好 | | 上次评级 看好 | | [Table_Author] 姜文镪 新消费行业首席分析师 | | 执业编号：S1500524120004 | | 邮箱：jiangwenqiang@cindasc.com | | 陆亚宁 新消费行业分析师 | | 执业编号：S1500525030003 | | 邮箱：luyaning@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] 新消费核心反弹可期，持续布局稳健复苏 [Table_ReportDate] 2025 年 06 月 22 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.c ...

信用债收益率跟随利率下行 7 年期品种表现强势 —— 信用利差周度跟踪 [[Table_R Table_Report eportTTime ime]] 2025 年 6 月 21 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 3信用债收益率跟随利率下行 7 年期品种表现强势 [Table_ReportDate] 2025 年 6 月 21 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 箱： zhujinbao@cindasc.com [➢Table_Summary] 信用债收益率跟随利率下行，7 年期品种表现强势。本周利率债收益率整体 下行，1Y 和 3Y 期国开债收益率下行 2BP，5Y、7Y 和 10Y 期国开债收益率 下行 3BP。信用债收益率跟随下行，7Y 期品种下行幅度最大。1Y 期各等 级信用债收益率下行 2BP；3Y 期各等级信用债收益率下行 2-3BP；5Y 期 各等级信用债收益率下行 1-3BP；7Y 期各等级收益率下行 4BP；10Y 期 AAA、AA+和 AA 等级收益率 ...

- The report introduces the dividend forecast for stock index futures contracts during their duration, predicting dividend points for CSI 500, CSI 300, SSE 50, and CSI 1000 indices as 73.53, 68.56, 52.96, and 65.86 respectively[9][11][16] - The dividend-adjusted annualized basis calculation is explained as: Annualized Basis = (Actual Basis + (Expected) Dividend Points) / Index Price × 360 / Remaining Days of Contract[20] - CSI 500 futures contract IC2507 predicts dividend points of 20.73, IC2509 predicts 30.13, and IC2512 predicts 30.13, with a dividend ratio of 0.53% during the next season contract duration[9] - CSI 300 futures contract IF2507 predicts dividend points of 34.94, IF2509 predicts 48.09, and IF2512 predicts 48.4, with a dividend ratio of 1.26% during the next season contract duration[11] - SSE 50 futures contract IH2507 predicts dividend points of 40.11, IH2509 predicts 44.54, and IH2512 predicts 44.97, with a dividend ratio of 1.68% during the next season contract duration[16] - CSI 1000 futures contract IM2507 predicts dividend points of 18.42, IM2509 predicts 22.63, and IM2512 predicts 22.73, with a dividend ratio of 0.38% during the next season contract duration[18] - CSI 500 futures contract IC's dividend-adjusted annualized basis rose to -8.70% from a weekly low of -9.76%[21] - CSI 300 futures contract IF's dividend-adjusted annualized basis fell to -2.54% from a weekly high of -1.77%[27] - SSE 50 futures contract IH's dividend-adjusted annualized basis rose to 0.91% from a weekly low of 0.40%[33] - CSI 1000 futures contract IM's dividend-adjusted annualized basis rose to -12.34% from a weekly low of -14.89%[40] - The continuous hedging strategy and minimum basis strategy are introduced, with parameters including holding corresponding total return indices for the spot side and shorting futures contracts with equal nominal principal for the hedging side[45][46][47] - CSI 500 futures hedging strategy results: Annualized returns for monthly continuous hedging, seasonal continuous hedging, and minimum basis strategy are -2.75%, -1.97%, and -0.95% respectively, with volatility of 3.89%, 4.78%, and 4.70%[48] - CSI 300 futures hedging strategy results: Annualized returns for monthly continuous hedging, seasonal continuous hedging, and minimum basis strategy are 0.60%, 0.88%, and 1.44% respectively, with volatility of 3.03%, 3.38%, and 3.17%[50][54] - SSE 50 futures hedging strategy results: Annualized returns for monthly continuous hedging, seasonal continuous hedging, and minimum basis strategy are 1.10%, 2.04%, and 1.76% respectively, with volatility of 3.15%, 3.58%, and 3.16%[55][58] - CSI 1000 futures hedging strategy results: Annualized returns for monthly continuous hedging, seasonal continuous hedging, and minimum basis strategy are -5.99%, -4.36%, and -3.68% respectively, with volatility of 4.74%, 5.78%, and 5.60%[59][60] - Cinda-VIX index reflects market volatility expectations, with 30-day VIX values for SSE 50, CSI 300, CSI 500, and CSI 1000 indices at 16.54, 17.01, 25.03, and 22.92 respectively[63][65] - Cinda-SKEW index captures implied volatility skew characteristics, with values for SSE 50, CSI 300, CSI 500, and CSI 1000 indices at 101.73, 106.09, 97.81, and 105.04 respectively[72][75]