Investment Rating - The industry investment rating is maintained as "Add" [6] Core Views - The agricultural sector underperformed the market by 1.15 percentage points during the week of June 23-27, 2025, with the Shenwan Agricultural Index closing at 2,661.46, reflecting a weekly increase of 0.80% [1][16] - The pig farming sector shows a bullish sentiment with pig prices continuing to rebound, reaching an average price of 14.72 CNY/kg, a week-on-week increase of 3.52% [2] - The poultry sector is facing downward pressure, with broiler prices remaining low due to high inventory levels in the downstream slaughtering sector [2] - Grain prices such as wheat and corn have seen slight increases, while soybean meal prices have decreased due to increased supply from oil mills [3] Summary by Sections 1. Market Review - The agricultural sector's weekly performance ranked 25th among 31 Shenwan first-level industries, with the fishery sector performing the best with a 4.90% increase [1][18] - The animal health, agricultural product processing, planting, and breeding sectors also saw increases of 3.13%, 2.10%, 1.44%, and 0.28% respectively, while the feed sector declined by 0.32% [1][18] 2. Industry Key Data 2.1 Pig Farming - The average profit for self-bred pigs is 50.25 CNY/head, up 30.84 CNY/head week-on-week, while the profit for purchased piglets is -131.71 CNY/head, an increase of 55.08 CNY/head week-on-week [2][24] 2.2 Poultry - The average price of broiler chicks is 1.70 CNY/chick, down 8.60% week-on-week, and the average price of white feather broilers is 7.01 CNY/kg, down 1.54% week-on-week [2][32] 2.3 Agricultural Products - The average price of wheat is 2,446.39 CNY/ton, up 0.19% week-on-week, and corn is 2,352.86 CNY/ton, up 0.43% week-on-week. Soybean meal prices have decreased to a range of 2,900-3,100 CNY/ton [3][35] 3. Investment Recommendations - The report suggests focusing on investment opportunities in the planting industry chain due to increasing geopolitical tensions affecting food security [4] - For pig farming, companies with strong cost control or clear cost reduction paths are recommended, including Muyuan Foods, Wens Foodstuff Group, and others [4] - In the poultry sector, attention is drawn to integrated industry leaders like Shengnong Development and Lihua Stock for their stable capacity expansion and cost advantages [4] - The feed sector is expected to benefit from the recovery of livestock inventory, with recommendations for industry leaders like Haida Group and Hefeng Stock [4] - For agricultural products, companies like Suqian Agricultural Development and Beidahuang are highlighted for their relevance to food security [4]

Investment Rating - The industry investment rating is maintained as "Add" [7] Core Views - The report highlights the expected increase in 1Tb NAND supply in the second half of 2025 due to some manufacturers shifting production to advanced processes [1] - Micron has made significant progress in the 1-gamma DRAM technology node, with a notable increase in yield rates [2] - AMD's new MI350 series AI chips feature HBM3E memory capacity that is 1.6 times that of NVIDIA's GB200/B200, indicating competitive advancements in AI workloads [3] - The LPDDR4X supply is tightening, leading to price increases, while DDR4 memory prices remain stable due to market rationalization [4] Summary by Sections NAND Market - CFM reports that some NAND manufacturers are transitioning to advanced processes, which is expected to increase 1Tb NAND supply starting in the second half of 2025. Last week, NAND spot prices varied from 0.00% to 3.82%, with an average change of 1.56% [1][28] DRAM Market - Micron has achieved significant advancements in the 1-gamma DRAM technology node, with yield improvements surpassing previous records. The spot prices for DRAM increased by an average of 9.19% last week, with a range of 0.14% to 24.70% [2][28] HBM Market - AMD's MI350 series GPUs, designed for AI workloads, feature up to 288GB of HBM3E memory and 8TB/s memory bandwidth. The MI355X model has a memory capacity 1.6 times that of NVIDIA's comparable models, showcasing AMD's competitive edge [3][29] Market Trends - The LPDDR4X supply is tightening, leading to price increases, while DDR4 memory prices are stabilizing as the market becomes more rational. The overall supply situation remains challenging, with DDR4 memory delivery times still extended [4][30] Investment Recommendations - The report maintains a positive outlook on the HBM industry chain benefiting from the rapid development of advanced computing chips. Recommended companies include Saiteng Co., Yishitong, Lianrui New Materials, and Huahai Chengke. For storage chips, companies like Dongxin Co., Zhaoyi Innovation, Hengsuo Co., and others are highlighted as potential investments [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Interest rate bonds: Treasury bond yields declined, and the term spread widened. From June 13 to June 20, 2025, the central bank conducted a total of 1,162.8 billion yuan in reverse repurchase operations, with 1,175.2 billion yuan in reverse repurchases maturing, resulting in a net withdrawal of 12.4 billion yuan. Most inter - bank funding prices declined. The primary market for interest - rate bonds issued 854.533 billion yuan, with a net financing of 322.984 billion yuan. Treasury bond yields for 1 - year, 3 - year, 5 - year, 7 - year, and 10 - year terms decreased, and the 10Y - 1Y term spread widened from 24.38BP to 28.44BP [1]. - Credit bonds: Credit bond yields declined. From June 16 to June 22, 2025, the primary market for credit bonds issued 1,292 bonds, with a total issuance scale of 1,708.452 billion yuan, a net financing of 202.349 billion yuan. Asset - backed securities had the largest proportion of issuance by number, and AAA - rated bonds had the largest issuance scale. Credit bond issuance was mainly in the 3 - 5 - year term. The yields of urban investment bonds and medium - and short - term notes declined [2]. - Observation of major asset classes: From June 13 to June 20, 2025, the three major US stock indexes were divided. European stock indexes generally declined, while most Asian - Pacific stock indexes rose. US Treasury yields declined overall. The US dollar index rose, and non - US currencies weakened. Crude oil prices increased, and gold prices decreased [3]. 3. Summary by Relevant Catalogs 3.1 Interest Rate Bonds 3.1.1 Liquidity Observation - The central bank had a net withdrawal of liquidity, and most funding prices declined. From June 13 to June 20, 2025, the central bank's net withdrawal was 12.4 billion yuan. DR001 and DR007 decreased, while exchange - traded funding prices were divided [15]. 3.1.2 Primary Market Issuance - Net financing increased, and local government bond issuance increased. From June 16 to June 22, 2025, the primary market for interest - rate bonds had a net financing of 322.984 billion yuan. Local government bond issuance increased compared to the previous period [27]. 3.1.3 Secondary Market Trading - Treasury bond yields declined, and the term spread widened. From June 13 to June 20, 2025, yields of treasury bonds and China Development Bank bonds declined overall. The 10Y - 1Y term spread of treasury bonds widened, while that of China Development Bank bonds narrowed [34][36]. 3.2 Credit Bonds 3.2.1 Primary Market Issuance - Issuance volume increased month - on - month. From June 16 to June 22, 2025, the primary market for credit bonds issued 1,292 bonds, with a total issuance scale of 1,708.452 billion yuan, a net financing of 202.349 billion yuan. Asset - backed securities had the largest proportion of issuance by number, and AAA - rated bonds had the largest issuance scale. Credit bond issuance was mainly in the 3 - 5 - year term, and the financial industry had the largest number of issuances [50][52]. 3.2.2 Secondary Market Trading - Credit bond yields declined overall. From June 13 to June 20, 2025, the yields of urban investment bonds and medium - and short - term notes declined, with the largest decline in the 7 - year term for AA + - rated urban investment bonds and AAA, AA +, AA - rated medium - and short - term notes [59]. 3.2.3 One - Week Credit Default Event Review - No corporate credit bond defaults occurred from June 16 to June 22, 2025 [63]. 3.3 Observation of Major Asset Classes 3.3.1 Differentiation of European and American Stock Indexes - The three major US stock indexes were divided, European stock indexes declined, and most Asian - Pacific stock indexes rose. The Dow Jones Industrial Average rose 0.02%, the S&P 500 Index fell 0.15%, and the Nasdaq Composite rose 0.21%. European indexes such as the German DAX, French CAC40, and UK FTSE 100 declined. Asian - Pacific indexes like the Nikkei 225, South Korean Composite Index, and Russian Index rose, while the Shanghai Composite Index fell [65]. 3.3.2 Decline in US Treasury Yields - US Treasury yields declined overall. From June 13 to June 20, 2025, yields of 1 - year, 3 - year, 5 - year, 7 - year, and 10 - year US Treasury bonds declined, and the 10Y - 1Y term spread changed by - 1.00BP to 31.00BP [68]. 3.3.3 Strengthening of the US Dollar Index and Weakening of Non - US Currencies - The US dollar index rose 0.63%, and non - US currencies weakened. From June 13 to June 20, 2025, the British pound, euro, and Japanese yen against the US dollar showed different trends [71]. 3.3.4 Increase in Crude Oil and Decrease in Gold Prices - From June 13 to June 20, 2025, COMEX gold futures and London spot gold prices declined, while Brent and WTI crude oil prices increased [75]. 3.4 Investment Recommendations - The impact of geopolitical conflicts on the bond market shows characteristics of "short - term risk - aversion sentiment dominance, medium - term fundamental pricing, and long - term structural reshaping." Investors are advised to dynamically assess the intensity of geopolitical conflicts, policy responses, and market expectation changes, and flexibly adjust portfolio duration and credit exposure. If the Middle East situation escalates, the bond market is expected to strengthen in a volatile manner [4][78].

Investment Rating - The report maintains an "Increase" rating for the pharmaceutical and biotechnology industry [6]. Core Insights - Scholar Rock's EMBRAZE trial results show a significant preservation of lean body mass at 54.9% when Apitegromab is used in combination with Tirzepatide, indicating a notable advancement in muscle preservation during weight loss [2][15][20]. - The safety profile of the combination therapy is comparable to that of Tirzepatide alone, alleviating previous concerns regarding the safety of Bimagrumab in comparison to placebo [4][20]. - The report suggests focusing on companies involved in muscle preservation and growth, specifically mentioning LaiKai Pharmaceutical-B and Genscript Biotech-B as potential investment opportunities [4][20]. Market Review - During the week of June 16-20, 2025, the A-share pharmaceutical and biotechnology sector declined by 4.35%, underperforming the CSI 300 index by 3.9 percentage points [21]. - The Hang Seng Healthcare Index fell by 7.78%, also lagging behind the Hang Seng Index by 6.27 percentage points [21]. Company Dynamics - Recent announcements include the approval of a clinical trial for a tetanus vaccine by Zhifei Biological and the registration of a CO2 testing kit by New Industry [30]. - The report also details the unlocking dynamics of various companies, including Boji Pharmaceutical and Jiutian Pharmaceutical, with significant numbers of shares being released [31].

Investment Rating - The report maintains an "Overweight" rating for the retail industry [5] Core Insights - The "618" shopping festival achieved nearly 2 trillion yuan in online retail sales, marking a year-on-year growth of approximately 9.8% [2] - Major platforms like Tmall/Taobao, JD, Douyin, and Pinduoduo saw positive growth rates, with JD leading at 17% [2] - The report highlights structural growth across various platforms, driven by national subsidy policies and the normalization of promotional events [2] Weekly Market Review - The CITIC retail index fell by 4.07%, underperforming the CSI 300 index by 3.62 percentage points [3][16] - The retail sector ranked 28th among 30 CITIC primary industries this week [3][17] Industry Dynamics Tracking - Walmart announced the closure of its Nanchang Xianghu store, while Yonghui Supermarket released its fifth batch of store adjustment lists [4][40] - JD's "618" sales reached new heights, with a significant increase in user numbers [4][40] - Tmall and Douyin also reported substantial growth in user engagement and sales during the "618" event [4][41] Investment Recommendations - The report suggests focusing on three main investment lines: 1. The recovery of gold and jewelry sales due to the Spring Festival effect and geopolitical risks [5] 2. The gradual recovery of offline sales driven by domestic demand policies [5] 3. The optimization of competition in the e-commerce sector, with a focus on major platforms [5] Industry Data Tracking - In May, the total retail sales of consumer goods reached 4.13 trillion yuan, with a year-on-year growth of 6.4% [27] - The online retail sales for the first five months of the year were 6.04 trillion yuan, reflecting an 8.5% year-on-year increase [28] Company Performance - Among the 104 listed companies in the retail sector, only 5 saw an increase in stock prices this week, with Zhejiang Dongri leading at +48.21% [24] - Conversely, companies like Mankalon and Nanjing Shanglv experienced significant declines [26]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Views - The company has completed its restructuring and is now empowered by its parent company, marking the beginning of a new chapter. It has transformed into a dual-driven healthcare industry group focusing on medical services and pharmaceutical manufacturing [1][19] - The company is actively developing a regional medical institution and is strategically positioning itself in the "silver economy" sector, with plans to enhance its healthcare services for the aging population [2][58] - The company has shown significant improvement in operational metrics, with a projected revenue of 3.799 billion yuan and a net profit of 115 million yuan for 2024, reflecting a year-on-year growth of 296.13% [1][5] Summary by Sections Company Overview - The company, formerly known as Gansu Duyiwei Biopharmaceutical Co., Ltd., was listed in 2008 and underwent a name change in 2014. After filing for bankruptcy in 2020, it successfully restructured in 2022 with the help of strategic investors [1][19] - The company has developed a "1+N" innovative service model, combining general hospitals with specialized branches, and is focusing on establishing a new type of elderly care model [1][16] Medical Services - As of May 2025, the company operates 4 tertiary hospitals and 13 secondary specialized hospitals, with a focus on creating regional medical centers [2][34] - The company is enhancing its service model by integrating elderly hospitals with care centers, targeting diseases prevalent among the elderly [34][61] Pharmaceutical Manufacturing - The pharmaceutical segment, led by the "Duyiwei" brand, has expanded its product matrix to include 82 varieties, with a revenue increase from 419 million yuan in 2019 to 753 million yuan in 2024 [2][63] - The company has made strategic acquisitions to broaden its business scope, forming a complete pharmaceutical industry chain [2][63] Financial Forecast and Valuation - The company is expected to achieve net profits of 167 million yuan, 202 million yuan, and 235 million yuan from 2025 to 2027, with corresponding PE ratios of 45.82, 37.83, and 32.63 [3][5] - Revenue projections for 2024 to 2027 indicate a stable growth trajectory, with expected annual growth rates of 7.8% to 10% [5][68]

Investment Rating - The industry investment rating is maintained as "Increase" for the agricultural sector [6] Core Viewpoints - The agricultural sector underperformed the market by 2.68 percentage points during the week of June 16-20, 2025, with the index closing at 2,640.23, down 3.13% [1][15] - The report highlights a rebound in pig prices from low levels, with a national average price of 14.22 CNY/kg as of June 20, 2025, reflecting a week-on-week increase of 1.43% but a year-on-year decrease of 22.59% [2] - The report suggests focusing on investment opportunities within the planting industry chain due to increasing geopolitical tensions affecting food security [4] Summary by Sections 1. Market Review - The agricultural sector index decreased by 3.13% and ranked 26th among 31 sectors [1][15] - Sub-sectors such as animal health, feed, and planting experienced declines of 2.27%, 2.43%, and 2.72% respectively [1][17] 2. Industry Dynamics 2.1 Pig Farming - There is an increase in reluctance to sell pigs, leading to a slight price rebound, with self-breeding profits at 19.40 CNY/head, up 22.30 CNY from the previous week [2] 2.2 Poultry - Chicken prices remain under pressure due to high inventory levels, with broiler chick prices dropping by 32.12% week-on-week [2] 2.3 Agricultural Products - Prices for wheat, corn, and soybean meal have shown slight increases, with wheat averaging 2,441.67 CNY/ton, up 0.46% week-on-week [3] 3. Investment Recommendations - The report recommends focusing on companies with strong cost control in pig farming, such as Muyuan Foods and Wens Foodstuffs [4] - In the poultry sector, it suggests looking at integrated leaders like Shengnong Development [4] - For feed, it highlights the potential recovery in demand due to livestock inventory restoration, recommending companies like Haida Group [4] - It emphasizes the importance of food security and suggests monitoring companies in the seed industry [4]

Investment Rating - The industry investment rating is maintained as "Add" [6] Core Insights - The revised classification evaluation rules focus on enhancing the functional orientation of securities companies, optimizing the evaluation framework, and supporting differentiated development for small and medium-sized brokerages [2][5] - The new rules emphasize profitability over scale, encouraging firms to improve return on equity (ROE) and pursue high-quality development [5] - The evaluation system has been adjusted to penalize companies with significant legal violations more severely, while also refining the scoring system to ensure a balanced approach between penalties and rewards [3][4] Summary by Sections Section 1: Regulatory Changes - The new classification evaluation rules were publicly solicited for opinions on June 20, focusing on enhancing the functional capabilities of securities firms [1] Section 2: Business Development Indicators - The revised rules eliminate the revenue ranking bonus, reduce repetitive scale indicators, and increase the emphasis on net asset return [2] - New indicators have been added for proprietary investment in equity assets, fund advisory development, and management scale of equity asset management products [2] Section 3: Evaluation Adjustments - The rules clarify that companies with major legal violations can have their evaluation results directly downgraded [3] - The penalties for disciplinary actions have been increased to enhance self-regulatory measures [3] Section 4: Special Issue Handling - The rules summarize previous evaluation experiences and clarify the handling of special issues, including risk management indicators for bond trading and asset management [4] Section 5: Industry Impact - The new rules favor small and medium-sized brokerages with distinctive operations, promoting a competitive advantage in niche markets [5] - The focus on functional orientation may serve as a significant reference for the effectiveness of securities companies in executing financial strategies [5]

Investment Rating - The report maintains an "Overweight" rating for the industry [5][16]. Core Insights - The first meeting of the China-US economic and trade consultation mechanism was held in London, focusing on future tariff developments. Supply issues from Myanmar persist, leading to continued tightness in the ore market, with tin prices expected to remain strong and volatile [2][3][16]. - The global supply of tin ore faces stability and sustainability challenges, while domestic consumption stimulus policies are expected to drive growth in tin demand. The development of artificial intelligence and new energy vehicles also presents growth potential for global demand [3][16]. Summary by Sections 1. Market Overview - This week, refined tin prices saw a slight increase, with raw material prices also rising. Social inventory increased slightly, while exchange inventory decreased. The closing prices for LME tin (3-month) and SHFE tin (active) were $32,694/ton and ¥263,690/ton, respectively, reflecting increases of 1.09% and 0.03% from last week. The spot tin price (Changjiang Nonferrous) was ¥265,700/ton, up 0.49% from last week [1][18][19]. 2. Industry Situation - The first meeting of the China-US economic and trade consultation mechanism took place in London, with a focus on tariff negotiations. Supply from Myanmar remains problematic, with a continued tightness in the ore market. The operating rate of tin smelting enterprises in Yunnan and Jiangxi has dropped to a low level of 47.05% [2][16]. The import volume of tin ore from the Wa region in Myanmar is expected to decline due to stagnant recovery progress and seasonal transport issues [2][16]. 3. Investment Recommendations - The report suggests maintaining an "Overweight" rating, highlighting the challenges in global tin ore supply stability and sustainability. The domestic demand is expected to grow due to ongoing consumption stimulus policies, while global demand is also projected to increase due to advancements in artificial intelligence and new energy vehicles. Recommended stocks include Xiyang Co., Huaxi Nonferrous, and Xingye Silver Tin [3][16]. 4. Weekly Performance of Tin Stocks - As of June 13, 2025, the closing prices for Xiyang Co., Huaxi Nonferrous, and Xingye Silver Tin were down 1.59%, 0.20%, and 0.43%, respectively, compared to the previous week [17].

Investment Rating - The industry investment rating is "Maintain Buy" [6] Core Viewpoints - The report highlights a positive outlook for the HBM industry chain, driven by the rapid development of advanced computing chips and the semiconductor cycle recovery led by storage [4] - NAND flash demand is expected to increase significantly due to AI data centers, with Kioxia planning to double its production capacity by FY2029 [1][28] - DRAM prices are anticipated to continue rising in Q3 2025, with a reported average increase of 10.50% across 18 product categories [2][28] Summary by Sections NAND Market - Kioxia aims to double its NAND production capacity within five years to meet the growing demand from AI data centers, with current NAND prices showing a weekly fluctuation of -2.86% to 5.14% [1][28] - The supply of old process DRAM resources remains tight, leading to price increases for various memory products [3][28] DRAM Market - DRAM prices have shown a significant upward trend, with an average increase of 10.50% last week, and all monitored product categories experienced price rises [2][28] - Tenxun is optimistic about DRAM price increases continuing into Q3 2025, driven by stable demand from AI and industrial applications [2][28] HBM Market - Micron has delivered samples of its 36GB 12-layer HBM4, which is set to enter mass production in 2026, featuring over 60% performance improvement compared to the previous generation [2][29] - The HBM industry is expected to benefit from increased demand for computing chips, with several companies recommended for investment, including Saiteng Co., Yishitong, and Lianrui New Materials [4] Investment Recommendations - The report recommends focusing on companies benefiting from the HBM industry's growth and the recovery of the semiconductor cycle, including Dongxin Co. and Zhaoyi Innovation [4]