Group 1: CPI Trends - June CPI shows a month-on-month decrease of -0.1% and a year-on-year increase of 0.1%, ending a four-month streak of negative values[1] - The contribution of new price factors to the June CPI year-on-year growth is 0.1 percentage points, while the tailing factors contribute 0.0 percentage points[1] - The CPI structure reveals that food items decreased by -0.3% year-on-year, while non-food items increased by 0.1% year-on-year[1] Group 2: PPI Trends - June PPI shows a month-on-month decrease of -0.4% and a year-on-year decrease of -3.6%, marking 33 consecutive months of negative values[1] - The contribution of new price factors to the June PPI year-on-year growth is -2.0 percentage points, while tailing factors contribute -1.6 percentage points[3] - The PPI structure indicates that the production materials category decreased by -4.4% year-on-year, while the living materials category decreased by -1.4% year-on-year[3] Group 3: Future Outlook - For Q2 2025, the average year-on-year growth rate of CPI is projected at -0.03%, while PPI is projected at -3.20%, indicating a potential decline in nominal GDP growth compared to Q1[4] - The central government's emphasis on addressing low-price disorder in competition may lead to improvements in product quality and a gradual exit of outdated production capacity[4] - The contribution of tailing factors to PPI is expected to rise, potentially alleviating the extent of PPI declines in the coming months[4]

Investment Rating - The industry investment rating is maintained as "Increase" for the agricultural sector [6] Core Viewpoints - The agricultural sector outperformed the market by 1.01 percentage points during the week of June 30 to July 4, 2025, with a weekly increase of 2.55% [15][17] - The pig farming sector is highlighted as a key investment opportunity due to the recovery of breeding profits and the ongoing rise in pig prices [4][2] - The report emphasizes the importance of cost control for listed pig farming companies to navigate the pig cycle effectively [4] Summary by Sections Market Review - The agricultural sector index closed at 2,729.26, ranking 7th among 31 first-level industries in terms of weekly performance [15][17] - The fishery sector showed the best performance with a 5.13% increase, followed by breeding, agricultural product processing, feed, and planting sectors with respective increases of 3.12%, 2.96%, 2.30%, and 1.63% [17][19] Industry Dynamics - Pig prices continued to rise, with the national average price reaching 15.35 yuan/kg, a week-on-week increase of 4.28% [2] - Self-breeding profits increased to 119.72 yuan/head, while external piglet breeding profits improved to -26.26 yuan/head [2] - In the poultry sector, chicken prices remained under pressure due to high inventory levels, with broiler chick prices dropping to 1.36 yuan/chick, a 20% decrease week-on-week [2] Agricultural Products - Prices for wheat, corn, and soybean meal showed a week-on-week increase, with wheat averaging 2,451.06 yuan/ton (up 0.19%), corn at 2,367.14 yuan/ton (up 0.61%), and soybean meal at 2,928.00 yuan/ton (up 0.76%) [3][34] Investment Recommendations - The report suggests focusing on the pig farming sector, particularly companies with strong cost control such as Muyuan Foods, Wens Foodstuff Group, and others [4] - In the poultry sector, it recommends looking at integrated industry leaders like Shennong Development and Lihua Stock for yellow feathered chickens [4] - For feed, it highlights industry leaders like Haida Group and regional leaders like Hefeng Stock as beneficiaries of the recovery in livestock demand [4] - The report also emphasizes the importance of food security, recommending companies like Suqian Agricultural Development and Beidahuang [4]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][6]. Core Insights - The automotive market is expected to see steady growth in consumer demand supported by favorable policies, with retail sales of passenger vehicles in June 2025 reaching approximately 2.032 million units, a year-on-year increase of about 15% and a month-on-month increase of about 5% [16][39]. - The market share of new energy vehicles in May 2025 was approximately 48.7%, indicating a competitive pricing environment with a significant reduction in the number of models undergoing price cuts compared to previous months [16][37]. - The report suggests focusing on leading companies in intelligent vehicle technology and those benefiting from the vehicle replacement policy, such as SAIC Motor, Xpeng Motors, Xiaomi Group, and Leap Motor [4][16]. Summary by Sections Market Review - The automotive sector saw a slight increase of 0.10% from June 30 to July 4, 2025, ranking 25th among all primary industries [17][21]. - The motorcycle and other segments experienced the highest increase of 5.09%, while automotive parts saw a decline of 0.73% [21][22]. Industry Data Tracking - In May 2025, total automotive sales were approximately 2.686 million units, with a month-on-month increase of about 3.7% and a year-on-year increase of about 11.2% [25][26]. - The retail sales of new energy vehicles in May 2025 reached approximately 1.307 million units, reflecting a year-on-year increase of about 36.9% [33][37]. Industry Dynamics - Xpeng G7 was officially launched with a price range of 195,800 to 225,800 yuan, and VinFast's second factory in Vietnam commenced production with an annual capacity of 200,000 units [3][46]. - The report highlights the collaboration between Baic Blue Valley and partners to develop Robotaxi models [46]. Company Announcements - Mould Technology's subsidiary received a project order from a well-known North American electric vehicle company, with expected total sales of approximately 1.236 billion yuan [48]. - Longhua Group received a project development notification from a domestic new energy vehicle company, with an expected total sales amount of approximately 970 million yuan over four years [48].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Viewpoints - Fumetinib at a dosage of 240mg achieved a median progression-free survival (mPFS) of 16 months, significantly outperforming existing therapies [2] - The current first-line treatments for EGFR PACC mutation NSCLC have mPFS ranging from 7.5 to 10 months, indicating Fumetinib's potential as a superior therapy [2] - The global Phase III trial for Fumetinib targeting first-line EGFR PACC mutation NSCLC is expected to enroll its first patient in the second half of 2025, addressing a significant unmet clinical need [3] Financial Projections - The company's projected revenues for 2025, 2026, and 2027 are 45.3 billion, 55.4 billion, and 66.2 billion CNY, respectively, with year-on-year growth rates of 27.4%, 22.1%, and 19.6% [4] - The net profit attributable to the parent company is expected to be 17.7 billion, 20.9 billion, and 25.0 billion CNY for the years 2025, 2026, and 2027, reflecting growth rates of 23.5%, 18.1%, and 19.7% [4] - The company is expected to maintain a relatively low price-to-earnings (PE) ratio compared to its peers, with PE ratios of 25, 21, and 18 for the years 2025, 2026, and 2027 [4] Market Context - The report highlights that approximately 12.5% of all EGFR mutation NSCLC cases are due to PACC mutations, with an annual incidence of 87,000 globally and 54,000 in China, indicating a substantial market opportunity [3]

1. Report Industry Investment Rating Not provided in the content 2. Core View of the Report - In the period from June 20 to June 27, 2025, the central bank conducted a total of 116.28 billion yuan in reverse repurchase operations, with 117.52 billion yuan in reverse repurchases maturing, resulting in a net withdrawal of 1.24 billion yuan. The inter - bank funds prices were differentiated, with DR001 down 0.59BP to 1.3683% and DR007 up 20.27BP to 1.6968%. The primary market for interest - rate bonds issued 86.764 billion yuan, with a total repayment of 8.6988 billion yuan for maturing bonds, and a net financing of 78.0652 billion yuan. The yields of 1 - year and 3 - year Treasury bonds decreased, while those of 5 - year, 7 - year, and 10 - year Treasury bonds increased, and the 10Y - 1Y term spread widened from 28.44BP to 30.10BP [1]. - From June 23 to June 29, 2025, in the primary market for credit bonds, 1,049 new bonds (including inter - bank certificates of deposit) were issued, with a total issuance scale of 120.9212 billion yuan, a decrease of 48.8649 billion yuan compared with the previous period. The total repayment of credit bonds was 157.2077 billion yuan, with a net financing of - 36.2865 billion yuan. Most of the credit bond yields at maturity increased. Asset - backed securities had the largest proportion in terms of the number of issuances, and the financial industry had the largest number of bond issuances [2]. - From June 20 to June 27, 2025, the three major US stock indexes rose, with the Dow up 3.82%, the S&P 500 up 3.44%, and the Nasdaq up 4.25%. European stock indexes also generally rose. The yields of US Treasury bonds decreased overall, the US dollar index fell 1.52%, and non - US currencies strengthened. The prices of crude oil and gold declined during the week [3]. 3. Summary According to the Directory 3.1 Interest - rate Bonds 3.1.1 Liquidity Observation - From June 20 to June 27, 2025, the central bank had a net withdrawal of funds, and the inter - bank funds prices were differentiated, with DR001 down and DR007 up. The exchange funds prices generally increased [15]. 3.1.2 Primary Market Issuance - From June 23 to June 29, 2025, the primary market for interest - rate bonds had an increase in net financing, and the issuance of local government bonds increased. The total issuance was 86.764 billion yuan, with a net financing of 78.0652 billion yuan [27]. 3.1.3 Secondary Market Trading - From June 20 to June 27, 2025, the yields of Treasury bonds and policy - bank bonds were differentiated, and the term spreads widened. For Treasury bonds, the 10Y - 1Y term spread widened from 28.44BP to 30.10BP; for policy - bank bonds, it widened from 19.20BP to 20.50BP [37]. 3.2 Credit Bonds 3.2.1 Primary Market Issuance - From June 23 to June 29, 2025, the issuance of credit bonds decreased compared with the previous period. Asset - backed securities had the largest proportion in terms of the number of issuances, and the financial industry had the largest number of bond issuances. The AAA - rated bonds accounted for 61.35% of the total issuance scale, and the issuance was mainly in the 3 - 5 - year term [48]. 3.2.2 Secondary Market Trading - From June 20 to June 27, 2025, most of the yields of urban investment bonds at maturity increased, and the yields of medium - and short - term notes were differentiated [58]. 3.2.3 One - week Credit Default Event Review - From June 23 to June 29, 2025, one enterprise's credit bonds defaulted [60]. 3.3 Observation of Major Asset Classes 3.3.1 Rise of European and American Stock Indexes - From June 20 to June 27, 2025, the three major US stock indexes and European stock indexes generally rose, and some Asian - Pacific stock indexes also increased [62]. 3.3.2 Decline of US Treasury Bond Yields - From June 20 to June 27, 2025, the yields of US Treasury bonds decreased overall, and the 10Y - 1Y term spread changed to 32.00BP [64]. 3.3.3 Weakening of the US Dollar Index and Strengthening of Non - US Currencies - From June 20 to June 27, 2025, the US dollar index fell 1.52%, and non - US currencies strengthened [68]. 3.3.4 Decline of Crude Oil and Gold Prices - From June 20 to June 27, 2025, the prices of crude oil and gold declined. The COMEX gold futures price fell 2.79%, and the Brent crude oil price fell 12.00% [70]. 3.4 Investment Suggestions - The bond market in July may show a pattern of strong fluctuations. The central bank's second - quarter regular meeting signaled continued easing, flexible adjustment, and structural efforts in monetary policy. It is recommended to adopt a riding strategy for interest - rate bonds and a strategy of extending the duration of high - grade bonds for credit bonds [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The recent private placement has improved the company's asset situation and the implementation of the fundraising projects is expected to enhance competitiveness [1][4]. - The total amount raised from the private placement is approximately RMB 1.3 billion, with a net amount of approximately RMB 1.29 billion after deducting issuance costs [2]. - The fundraising will lead to an increase in total assets and net assets, while reducing the debt-to-asset ratio, thereby enhancing the company's financial strength and debt repayment capability [2][3]. Summary by Relevant Sections Fundraising Details - The private placement was conducted at a price of RMB 12.18 per share, which is 127.01% of the base price of RMB 9.59 per share [1]. - A total of 106,732,348 shares were issued, with the funds allocated to projects aligned with the company's main business and national industrial policies [2][3]. Financial Impact - The fundraising is expected to optimize the capital structure, improve profitability, and enhance the company's ability to sustain operations and manage risks [4]. - Projected net profits for 2025, 2026, and 2027 are estimated at RMB 661 million, RMB 860 million, and RMB 1.059 billion respectively, with corresponding P/E ratios of 16.73, 12.85, and 10.44 [4][12]. Business Structure - The fundraising projects are closely related to the company's existing main business and are expected to strengthen its competitive advantages without causing significant changes to the business structure [3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Views - The company focuses on deepening its presence in Shandong while seizing opportunities from channel transformations, employing a strategy of "strong integration, stable wings" [2][31] - The company has established three major competitive advantages: deep regional penetration in Shandong, strong acquisition and integration capabilities, and a robust integrated fresh supply chain [3][55] Summary by Sections Company Overview - The company operates a multi-format retail strategy, including supermarkets, community fresh food supermarkets, and rural supermarkets, while exploring new formats like snack stores and discount stores [19][20] - As of 2024, the company has a total of 1,100 stores, with a significant presence in Shandong [20] Future Growth Points - The company is expected to optimize and upgrade its main supermarket business, increasing foot traffic and revenue [4] - New formats such as snack stores and discount stores are anticipated to open a second growth curve, with expectations of reduced losses in provincial areas [4] Financial Projections - Revenue projections for 2025-2027 are estimated at 18.973 billion, 19.654 billion, and 20.354 billion respectively, with year-on-year growth rates of 3.9%, 3.6%, and 3.6% [5][7] - Net profit attributable to the parent company is projected to be 192 million, 231 million, and 254 million for the same period, with growth rates of 45.5%, 20.5%, and 9.7% respectively [5][7] Competitive Landscape - The company is positioned as a leading supermarket in the Jiaodong region, with a market share of approximately 24.7% in Shandong's retail sector [36][37] - The company has been actively expanding its footprint outside Shandong through acquisitions, enhancing its market competitiveness [54] Supply Chain and Logistics - The company has built a high-barrier integrated fresh supply chain, focusing on direct sourcing and centralized procurement to enhance quality and reduce costs [55][56] - A robust logistics network supports the company's operations, ensuring efficient distribution across its retail locations [60][61]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][6]. Core Insights - The automotive industry is experiencing steady growth in consumer demand, supported by favorable policies. The retail sales of passenger cars in China for the first half of June 2025 reached approximately 706,000 units, representing a year-on-year increase of about 20% [16][38]. - The market share of new energy vehicles (NEVs) in May 2025 was approximately 48.7%, indicating a competitive pricing environment with reduced promotional discounts compared to earlier months [16][36]. - The report suggests focusing on companies that lead in smart technology and are aligned with the technological and model cycles, such as XPeng Motors, BYD, Xiaomi Group, and Leap Motor [4][16]. Summary by Sections Market Review - The automotive sector saw a 2.88% increase in the week from June 23 to June 27, 2025, ranking 19th among all primary industries [17][20]. - The automotive parts sector had the highest increase at 4.62%, while passenger vehicles had the smallest increase at 0.08% [20]. Industry Data Tracking - In May 2025, total automotive sales were approximately 2.686 million units, with a month-on-month increase of 3.7% and a year-on-year increase of 11.2% [24]. - The retail sales of passenger cars in May 2025 were about 2.352 million units, reflecting a year-on-year increase of 13.3% [25]. - The price of battery-grade lithium carbonate was approximately 61,150 CNY per ton as of June 27, 2025, showing a 1% increase from June 20, 2025 [40][42]. Industry Dynamics - Tesla launched its Robotaxi service in Austin, USA, and Xiaomi's YU7 car achieved a booking milestone of 289,000 units within one hour [3][45]. - The report highlights the strategic investments in autonomous driving technology by companies like Haibo and the collaboration with Ant Group and CATL [45]. Company Announcements - Asia-Pacific Holdings received a notice of being selected as a supplier for brake calipers and EPB projects [3][47]. - Xin Hongye's subsidiary received a bid notification for a project related to power cable procurement [47].

Manufacturing PMI Insights - In June, China's Manufacturing PMI rose to 49.7% from 49.5%, with new orders and purchasing indices returning above 50%[1] - The new orders index was at 50.2% (previously 49.8%), while the production index remained above 50% at 51.0%[1] - The purchasing quantity index increased to 50.2% from 47.6%, indicating improved supply-side conditions[1] Demand and Supply Dynamics - New export orders index stood at 47.7% (previously 47.5%), and the import index improved to 47.8% from 47.1%[1] - Raw material inventory index was at 48.0% (previously 47.4%), and finished goods inventory index was at 48.1% (previously 46.5%) indicating a decline in inventory levels[1] Price and Employment Trends - The purchasing price index was at 48.4% (previously 46.9%), while the factory price index decreased to 46.2% from 44.7%[1] - The employment index for manufacturing was at 47.9% (previously 48.1%), reflecting a slight decline in workforce levels[2] Non-Manufacturing PMI Overview - June's construction PMI was at 52.8% (previously 51.0%), and the services PMI was at 50.1% (previously 50.2%) indicating stable growth in these sectors[2] - New orders indices for construction and services were at 44.9% and 46.9% respectively, showing slight improvements[2] Industrial Performance Metrics - From January to May, industrial enterprises' revenue growth slowed to 2.7% (previously 3.2%), while profits turned negative at -1.1% (previously 1.4%) for the same period[3] - In May, profits dropped by 9.1% year-on-year, a significant decline compared to the previous year's growth of 3.0%[3] Investment Recommendations - The rebound in new orders and purchasing indices suggests potential recovery, influenced by global uncertainties and preemptive actions by businesses[4] - The performance of price and employment indices may provide more significant signals for macroeconomic recovery[4]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company is leading enterprises towards a digital-native transformation by upgrading its product thinking and driving software development through an "upgrade" paradigm, having initiated the "Smart+" strategy in 2015 and the Athena platform development in 2019 [2][3] - The company has developed a new driving force for digital intelligence, covering five major areas: R&D design, production manufacturing, quality control, business management, and after-sales service [2] - The AI suite includes a comprehensive data management stack, enterprise AI generation suite, integration of AI into ERP, PLM, MES, and WMS systems, and an AIoT command center, showcasing the company's capabilities in digital transformation [3] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 2.658 billion, 3.051 billion, and 3.576 billion respectively, with year-on-year growth rates of 14.0%, 14.8%, and 17.2% [4][6] - Earnings per share (EPS) are projected to be 0.73, 0.91, and 1.14 for the years 2025, 2026, and 2027 respectively [4][6] - The price-to-earnings (PE) ratios corresponding to the closing price on June 27 are 48.87, 39.07, and 31.40 for the years 2025, 2026, and 2027 respectively [4][6]