Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [1]. Core Viewpoints - The textile and apparel industry has shown a steady market performance over the past year, with notable growth in specific segments such as sports and entertainment products, which saw a year-on-year increase of 25.7% from January to May 2025 [14]. - The report highlights the successful IPO of Zhou Li Fu on June 26, 2025, raising approximately HKD 12.92 billion, with a first-day market capitalization of around HKD 130 billion [13][68]. - 361 Degrees has rapidly expanded its retail presence, opening 49 new stores in 2025, establishing itself as a new landmark for urban sports consumption [13][73]. Summary by Sections Company Overview - Zhou Li Fu, established in 2004, has grown significantly, with over 4,125 stores by the end of 2024, and has been recognized as one of China's top 500 most valuable brands for nine consecutive years [20][68]. - The management team includes experienced individuals with over 20 years in the gold and jewelry industry, focusing on overall business strategy and supply chain management [4][20]. Product and Revenue Breakdown - In 2024, gold jewelry products accounted for 91.0% of Zhou Li Fu's revenue, while diamond-inlaid jewelry and other products contributed 9.0% [21]. - The company has seen a compound annual growth rate (CAGR) of 35.8% in revenue from 2022 to 2024, increasing from CNY 3.102 billion to CNY 5.718 billion [23][69]. Channel Distribution - As of 2024, revenue contributions from franchise stores, self-operated stores, online channels, and other businesses were 50.5%, 8.0%, 40.0%, and 1.5%, respectively [22]. - Online sales have experienced a CAGR of 46.1% from 2022 to 2024, with online revenue making up 40.0% of total revenue in 2024 [22][70]. Financial Performance - Zhou Li Fu's net profit grew from CNY 575 million in 2022 to CNY 706 million in 2024, with a CAGR of 10.8% [23][69]. - The company's gross profit margin has shown a decline, attributed to a decrease in high-margin service fee income from franchise channels and competitive pricing strategies in online sales [23]. Market Dynamics - The SW textile and apparel sector saw a 1.36% increase in the week of June 30 to July 4, 2025, while the SW light industry manufacturing sector rose by 0.58% [10][24]. - The report notes that the textile manufacturing sub-sector has a PE-TTM of 20.09, while the apparel and home textiles sub-sector has a PE-TTM of 27.21, indicating varying levels of market valuation [31]. Industry News - Anta is set to open its first retail store in Beverly Hills, California, marking a significant step in its international expansion strategy [7][65]. - Zhou Li Fu's successful market entry and rapid growth in the jewelry sector highlight the potential for recovery and growth in traditional jewelry companies as consumer demand rebounds [14][68].

资料来源：最闻 【山证计算机】AI 算力专题报告：AI 产 业高景气持续，算力国产化大势所趋 2025.5.27 【山证计算机】机器人产业趋势持续强 化，重视上下游投资机会 2025.5.14 分析师： 计算机 行业快报 领先大市-A(维持) 2025 年 7 月 7 日 行业研究/行业快报 计算机行业近一年市场表现 方闻千 执业登记编码：S0760524050001 邮箱：fangwenqian@szxq.com 研究助理： 邮箱：zouxinchen@sxzq.com 全球稳定币监管框架建立，产业将迎来爆发时刻 事件描述： 首选股票 评级 全球稳定币监管立法正快速推进：今年 6 月 17 日，美国参议院以 68 票 比 30 票正式通过 GENIUS 法案，明确了支付型稳定币的定义并提出了稳定 币的发行资质和抵押品要求等，为美元稳定币制定监管框架，目前 GENIUS 法案正递交众议院审议；欧盟 MiCA 法案已于 24 年 12 月 30 日全面生效； 今年 5 月 21 日，香港通过《稳定币条例草案》，并将于 8 月 1 日正式生效， 该条例明确稳定币发行人需在香港金管局申请牌照，并符合储备资产管理、 ...

Investment Rating - The report maintains an investment rating of "Leading the Market-B" for the biopharmaceutical industry, indicating an expected price increase exceeding the benchmark index by over 10% [9]. Core Insights - The biopharmaceutical industry has shown significant clinical breakthroughs, particularly with innovative drugs like sac-TMT, which demonstrates promising efficacy in treating various cancers, including NSCLC and TNBC [3][5]. - The report highlights the strong performance of sac-TMT in clinical trials, with an overall objective response rate (ORR) of 70.7% in first-line TNBC and 59.3% in non-squamous NSCLC [4][5]. - The report emphasizes the potential of sac-TMT in combination therapies, showing improved progression-free survival (PFS) rates compared to traditional treatments [4][5]. Summary by Sections Industry Performance - The biopharmaceutical sector has outperformed the market over the past year, with innovative drugs leading the way in clinical advancements [1]. Key Drug Analysis - sac-TMT, a novel TROP2 ADC, has shown significant clinical benefits across multiple cancer types, with a favorable safety profile and manageable adverse events [3][5]. - In clinical trials, sac-TMT demonstrated an ORR of 45% in previously treated EGFR-mutant NSCLC, significantly outperforming traditional therapies [4]. Clinical Trial Results - In first-line TNBC, sac-TMT achieved an ORR of 70.7% and a median PFS of 13.4 months, indicating strong anti-tumor activity [5]. - The report notes that sac-TMT's efficacy extends to various PD-L1 expression levels, with mPFS rates varying from 12.4 to 17.8 months depending on PD-L1 TPS [4].

Group 1: Coal Industry Overview - The coal industry is expected to maintain a balanced supply and demand in 2024, with domestic production initially declining before increasing, and imports exceeding expectations throughout the year [4] - National coal production is projected to reach 4.759 billion tons in 2024, a year-on-year increase of 2.16%, with an additional 101 million tons compared to the previous year [4] - The major coal-producing regions, including Shanxi, Shaanxi, and Inner Mongolia, are expected to contribute 3.89 billion tons, accounting for 81.7% of total production, with significant capacity increases in Xinjiang [4] Group 2: Financial Performance of Coal Companies - In 2024, sample coal companies are expected to see a decline in net profit due to falling coal prices and rigid costs, despite an increase in production [4][5] - The average coal sales price for 25 sample coal companies is projected to be 622 RMB/ton, a decrease of 7.54% year-on-year, while the average net profit per ton is expected to drop by 21.48% to 92.49 RMB/ton [4] - The total dividend amount declared by these companies is estimated at 87.9 billion RMB, a decrease of 14.99% year-on-year, with the dividend payout ratio increasing to approximately 60.82% of net profit [4] Group 3: Investment Strategy in Coal Sector - The market anticipates lower performance in the coal sector, but leading companies are expected to outperform expectations through cost reduction and efficiency improvements [5] - The investment strategy suggests focusing on undervalued companies with strong performance support, such as Xinjie Energy and Huahua Energy, while also considering companies with significant non-coal business [5] - The report highlights the attractiveness of high-dividend stocks and stable high-dividend varieties, recommending companies like China Shenhua and Shaanxi Coal Industry for their strong financial returns [5] Group 4: Telecommunications Industry Insights - Huawei's recent release of the Cloudmatrix384 technology significantly enhances inference efficiency through a soft-hard collaborative approach [6] - The CM384 architecture utilizes a fully interconnected UB bus to minimize communication latency, allowing for efficient workload management across 384 NPUs and 192 CPUs [6][7] - The report indicates a positive outlook for the computing power sector in Q2, driven by significant AI deployment projects across Europe and the easing of market sentiment [7] Group 5: Company-Specific Analysis - Daqo New Energy - Daqo New Energy is experiencing short-term pressure on performance but maintains a strong cash position with 4.32 billion RMB in liquid assets [8][12] - The company has proactively reduced production to manage inventory, with a projected production of 11-14 thousand tons of polysilicon in 2025 [12] - The stock buyback and share cancellation plan reflects the company's confidence in future growth and aims to enhance financial metrics such as earnings per share [16]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][7]. Core Views - The company demonstrates strong confidence in its long-term development through share buyback and equity incentive plans, which are expected to enhance investor confidence [4][5]. - The company's revenue and profit are projected to grow significantly, with a focus on expanding production capacity in red and yellow light segments, which will contribute to overall profitability [6]. Summary by Sections Market Performance - As of July 3, 2025, the closing price is 12.17 yuan, with a year-to-date high of 15.38 yuan and a low of 7.63 yuan. The circulating A-shares amount to 5.22 billion, with a total market capitalization of 82.77 billion yuan [2]. Financial Performance - For 2024, the company is expected to achieve revenue of 2.76 billion yuan, a year-on-year increase of 11.23%, and a net profit of 196 million yuan, up 61.44% [6][9]. - In Q1 2025, the company reported revenue of 731 million yuan, a 21.80% increase year-on-year, and a net profit of 61 million yuan, growing by 27.72% [6]. Share Buyback and Equity Incentives - The company plans to cancel 32.83 million shares from its buyback account, reducing its total share capital from 680 million to 647 million shares, reflecting strong financial health [3][4]. - The equity incentive plan involves granting 10 million restricted shares, representing 1.47% of the total share capital, aimed at motivating key personnel and aligning their interests with the company's growth targets [5]. Earnings Projections - Expected EPS for 2025-2027 are 0.41, 0.53, and 0.64 yuan, with corresponding P/E ratios of 29.4, 22.4, and 18.5 [7][9].

Core Insights - The report highlights the significant increase in demand for sustainable aviation fuel (SAF) due to the European Union's proposed subsidies, which could enhance SAF procurement by airlines [5][6] - The establishment of a new subsidiary by the company in Shandong is aimed at improving market access and service efficiency, indicating a strategic expansion in response to regional demand [7] Market Performance - The new materials sector saw a weekly increase of 5.12%, with specific sub-sectors like battery chemicals rising by 9.13% and semiconductor materials by 4.09% [5] - The report provides a detailed weekly price tracking of various chemical raw materials, indicating stability in prices for several products while noting slight declines in vitamins [5] Investment Recommendations - The report suggests focusing on companies like Jiaao Environmental Protection and Zhuoyue New Energy, which are positioned to benefit from the rising SAF demand and have ongoing projects in biofuels [5][6] - The company is projected to achieve significant revenue growth from 2025 to 2027, with expected revenues of 10.55 billion, 12.85 billion, and 15.39 billion yuan, reflecting a compound annual growth rate of approximately 21.8% [7]

Investment Rating - The report maintains a rating of "B" for the new materials sector, indicating a leading position in the market [2]. Core Insights - The new materials sector has shown a significant increase, with the new materials index rising by 5.12%, although it underperformed compared to the ChiNext index by 0.57% [3]. - The report highlights the rapid growth in demand for sustainable aviation fuel (SAF) due to EU subsidies, which could significantly boost the market [6]. - The report suggests focusing on companies like Jiaao Environmental Protection, Zhuoyue New Energy, and Shanggou Environmental Energy, which are well-positioned to benefit from the increasing SAF demand [6]. Summary by Sections 1. Market Performance - The new materials sector has experienced a positive market performance, with various sub-sectors such as battery chemicals increasing by 9.13% and semiconductor materials by 4.09% over the past week [3][18]. - The overall market, including basic chemicals and new materials, has seen an increase, with the Shanghai Composite Index rising by 1.91% [14]. 2. Price Tracking - Prices for key materials such as PLA remain stable, with injection-grade PLA priced at 17,500 CNY/ton and film-grade PLA at 16,700 CNY/ton [4]. - Amino acids show slight price changes, with valine priced at 14,200 CNY/ton, reflecting a 0.35% increase [4]. 3. Investment Recommendations - The report recommends monitoring companies involved in SAF production and related technologies, as they are expected to benefit from EU subsidies aimed at increasing SAF procurement [6]. - Specific companies highlighted include Jiaao Environmental Protection, which has successfully produced bio-jet fuel, and Zhuoyue New Energy, which is advancing its bio-diesel project [6]. 4. Industry News - The report notes that the EU plans to invest 1.3 billion euros in subsidies for green aviation fuel, which is expected to significantly increase SAF demand [6]. - The report also mentions the ongoing price increases for SAF, with prices exceeding 2,200 USD/ton as of late June 2025 [6].

Key Insights - The report highlights an active new stock market in June 2025, with a total of 6 new stocks listed, and 33 stocks recorded positive growth over the past six months, representing 71.74% of the new listings [6][7] - In the coal industry, there is a significant decline in coal imports, with May 2025 showing a year-on-year decrease of 17.75% and a month-on-month decrease of 4.73%, indicating a trend of accelerated contraction [8][11] - The report discusses the innovative drug IBI363, which has shown promising clinical benefits in treating immune-resistant non-small cell lung cancer (NSCLC), colorectal cancer, and melanoma, with significant survival gains reported [10][12][15] Market Trends - The domestic market indices showed slight declines, with the Shanghai Composite Index closing at 3,454.79, down 0.09%, and the Shenzhen Component Index at 10,412.63, down 0.61% [4] - The coal import data indicates a continuous negative growth trend, with all coal types experiencing varying degrees of decline, except for a slight increase in thermal coal imports from Australia [8][11] Industry Commentary - The report provides insights into the coal industry's expansion behavior, particularly focusing on the "mining king" phenomenon, which reflects the market's attention on coal mining rights and their impact on asset pricing [14][16][17] - The report emphasizes the importance of resource pricing in guiding the valuation of coal companies, suggesting that companies with strong performance support and undervalued stocks should be closely monitored [18] Investment Recommendations - The report suggests focusing on coal companies that are significantly undervalued, particularly those with minimal non-coal business exposure, such as Panjiang Coal and Yancoal [18] - For the innovative drug IBI363, the report indicates a strong potential for market success due to its clinical efficacy in previously hard-to-treat cancers, which may attract investor interest [10][12][15]

Group 1 - The new stock market was active in June, with a total of 6 new stocks listed, and 33 stocks recorded positive growth in the last 6 months, accounting for 71.74% [11][12][14] - In the Sci-Tech Innovation Board, the newly listed stock "Ying Shi Innovation" saw a monthly decline of over -4%, while "Hai Bo Si Chuang" and "Sheng Ke Nano" recorded monthly increases of over 20% [14][17] - In the Growth Enterprise Market, "You You Green Energy" and "Xin Heng Hui" were newly listed, with "Hong Gong Technology" and "Xin Heng Hui" achieving monthly growth rates of over 50% and 40% respectively [24][26] Group 2 - The main board saw the listing of "Zhong Ce Rubber," "Hai Yang Technology," and "Hua Zhi Jie," with "Jiang Nan New Material" achieving a monthly growth of over 19%, while "Hai Yang Technology" recorded a decline of over -43% [29][32] - The first-day price-to-earnings ratio (PE) for the Sci-Tech Innovation Board in June was 51.55 times, up from 20.04 times in May, indicating an increase in valuation [17][26] - The first-day opening valuation for the main board in June was 28.90 times, down from 39.90 times in May, reflecting a decrease in valuation despite an increase in first-day growth [34][35] Group 3 - The near-term key new stocks include "Yi Tang Co.," which focuses on dry stripping equipment and rapid thermal processing equipment, and has received approval from the regulatory authority [42][44] - The market size for dry stripping equipment is projected to grow, with the global market expected to reach $950 million in 2022, indicating a strong demand in the semiconductor manufacturing sector [44][45] - The competitive landscape for dry stripping equipment is characterized by a few major players, with "Yi Tang Semiconductor" holding a market share of 34.60%, positioning it as a leading player in the industry [45][46]

Investment Rating - The report maintains an investment rating of "Leading the Market-B" for the biopharmaceutical industry [1][11]. Core Insights - IBI363, a PD-1/IL-2α-bias dual antibody fusion protein developed by Innovent Biologics, shows significant survival benefits in clinical trials for immune-resistant NSCLC, colorectal cancer, and melanoma [3][4]. - The drug demonstrates a controllable safety profile, with the most common grade ≥3 treatment-related adverse events (TRAEs) being joint pain, rash, and anemia [3][4]. - IBI363 has received breakthrough therapy designation in China and fast track designation from the FDA in the United States [4]. Summary by Sections Market Performance - The biopharmaceutical industry has shown strong market performance over the past year, with significant advancements in innovative drug development [1]. Drug Evaluation - IBI363 has shown promising results in various cancers: - In squamous NSCLC, the median overall survival (mOS) reached 15.3 months with a 3 mg/kg dosage, showing a clinical objective response rate (cORR) of 36.7% and a disease control rate (DCR) of 90.0% [4]. - In EGFR wild-type NSCLC adenocarcinoma, mOS was 17.5 months with a 3 mg/kg dosage, achieving a cORR of 24.0% and a DCR of 76.0% [5]. - In colorectal cancer, mOS reached 16.1 months with IBI363 monotherapy, significantly exceeding standard treatment outcomes [6]. - In melanoma, the mPFS was 5.7 months, with a 12-month overall survival rate of 61.5% [7].