非银行金融 行业周报（20250616-20250622） 领先大市-A(维持) 2025 年 6 月 26 日 行业研究/行业周报 非银行金融行业近一年市场表现 资料来源：最闻 相关报告： 【山证非银行金融】券商专项评价办法 细化，期货市场再迎新规-行业周报 （20250609-20250615）： 2025.6.16 【山证非银行金融】券商回购释放信心， 行 业 估 值 仍 处 低 位 - 行 业 周 报 （20250602-20250608）： 2025.6.10 新规将"引导证券公司更好发挥功能作用，提升专业能力"写 入总则，突出促进证券公司功能发挥导向，同时，通过减少规模类 指标重复加分，提升净资产收益率、投行等各主要业务加分覆盖面， 增设基金投顾等专项指标的，有利于大型券商发挥综合实力，走资 请务必阅读最后股票评级说明和免责声明 1 李明阳 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 刘丽 执业登记编码：S07605110 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the telecommunications industry [1]. Core Insights - The NTN (Non-Terrestrial Network) industry chain is maturing rapidly, with ground infrastructure poised for significant development. The MWC Shanghai 2025 highlighted satellite internet as a key focus, presenting at least three catalysts and investment opportunities for the sector [2][15]. - The next-generation low Earth orbit (LEO) constellation design is nearly mature, with domestic projects like Qianfan, State Grid, Hongyan, and Tianqi starting to form. The NTN architecture is becoming mainstream, benefiting major 5G equipment manufacturers such as Huawei, ZTE, and others [3][16]. - As the trial commercial use of low Earth orbit constellations approaches, ground infrastructure will see accelerated growth. The low Earth satellite communication system in China is expected to enter public testing this year, with consumer-level satellite networking anticipated in the second half of the year [4][17]. Summary by Sections 1. Weekly Viewpoint and Investment Suggestions - The NTN industry is expected to benefit from the upcoming commercial trials of low Earth orbit satellites, with significant opportunities in ground infrastructure and satellite payloads [15][17]. - Key companies to watch include: - Low Earth Satellite Payload: Xinke Mobile, Fenghuo Communication, ZTE, Tongyu Communication, Jingxin Communication, and others [20]. - Low Earth Ground Infrastructure: Changjiang Communication, Zhenyou Technology, Xinke Mobile, China Tower, and others [20]. - Super Node Communication: Zhongji Xuchuang, Xinyi Sheng, Wolong Nuclear Materials, and others [20]. 2. Market Overview - The telecommunications index rose by 1.58% during the week of June 16-20, 2025, while major indices like the Shanghai Composite Index and Shenzhen Component Index saw declines [8][18]. - The top-performing sectors included optical modules (+9.6%), optical cables (+8.2%), and liquid cooling (+3.8%) [8][18]. 3. Company Performance - Notable stock performances included Longfly Fiber (+15.10%), Yuanjie Technology (+12.06%), and others leading in gains, while Zhenyou Technology and others faced significant declines [34][36].

Group 1: Market Overview - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,455.97, up by 1.04%, and the Shenzhen Component Index at 10,393.72, up by 1.72% [4] Group 2: Agricultural Sector Insights - The agricultural sector, particularly the pig farming industry, is experiencing a price increase, with average pig prices in key provinces showing a mixed trend. As of June 20, the average prices were 13.70, 15.54, and 14.38 CNY/kg in Sichuan, Guangdong, and Henan respectively [6] - The average pork price increased by 0.35% to 20.33 CNY/kg, while the average wholesale price for piglets rose by 3.17% to 28.00 CNY/kg [6] - The report highlights the potential recovery in the feed industry due to declining upstream raw material prices and improving downstream farming conditions, particularly for Haida Group [6] Group 3: Pig Farming Cycle Analysis - The report discusses the "pig cycle," emphasizing that it is fundamentally a capacity cycle rather than just a price cycle. The recovery of production capacity does not necessarily correlate with profitability, which depends on the speed of capacity recovery [6] - The report suggests that the current market may be overly pessimistic regarding the impact of production capacity recovery on profitability, potentially overlooking the positive effects of declining raw material costs and macroeconomic demand recovery in 2025 [6] Group 4: Investment Recommendations - The report recommends several pig farming stocks, including Wens Foodstuffs, Shennong Group, Juxing Agriculture, Tangrenshen, and New Hope, based on the anticipated recovery in profitability [6] - In the poultry sector, the report notes that the performance of Shengnong Development is at a low point in both earnings and price-to-book valuation, indicating good investment potential [6] Group 5: Biopharmaceutical Sector Insights - The report provides an update on the innovative drug Iza-bren, which has shown significant efficacy in treating NSCLC and SCLC patients. The overall response rate (ORR) for NSCLC patients was reported at 52.0%, with a disease control rate (DCR) of 86.7% [8][11] - Iza-bren has demonstrated good safety and anti-tumor activity across various patient groups, including those with EGFR mutations and other driver gene mutations [8][11] Group 6: Photovoltaic Industry Insights - The report indicates that the prices of photovoltaic components have remained stable, with the 182mm TOPCon double-glass component priced at 0.68 CNY/W. However, the market demand is expected to be low in July, leading to potential price pressures [10] - The report notes a significant increase in installed capacity for photovoltaic systems, with a year-on-year growth of nearly 150% in the first five months of the year [10]

Investment Rating - The report maintains an investment rating of "Leading the Market-B" for the biopharmaceutical industry [1][12]. Core Insights - The report highlights the promising efficacy of iza-bren in treating NSCLC and SCLC, showcasing significant results in various clinical trials [2][5]. - Iza-bren is a dual-targeted antibody-drug conjugate (ADC) that combines EGFR and HER3, demonstrating a unique mechanism to overcome drug resistance [2][4]. - The report emphasizes the ongoing clinical trials in both China and the United States, with approximately 30 trials and 10 Phase III studies currently in progress [2][3]. Summary by Sections Drug Evaluation - Iza-bren shows remarkable efficacy in NSCLC patients with an overall response rate (ORR) of 52.0% and a disease control rate (DCR) of 86.7% in a Phase I trial [3]. - In patients with EGFR wild-type NSCLC, the ORR is 50.0% and the DCR is 80.8% [3]. - For EGFR-mutated NSCLC patients, the ORR reaches 63.2% with a DCR of 89.5% [3]. Efficacy in SCLC - In extensive-stage SCLC patients, iza-bren demonstrates an ORR of 55.2% and a median overall survival (mOS) of 12.0 months [5]. - Among patients who previously received only one line of PD-(L)1 inhibitor therapy, the ORR is 80.0% with an mOS of 15.0 months [5]. Safety Profile - The safety profile of iza-bren is manageable, with a treatment-related adverse event (TRAE) discontinuation rate of 2.4% [6][9]. - The most common hematological TRAEs include anemia (84.5%) and leukopenia (74.1%) [6].

Core Insights - The report highlights the impact of geopolitical tensions on military materials and suggests focusing on core assets in the military materials sector due to irreversible trends in conflicts [11][12] - The report indicates that the wind power industry is expected to maintain high growth due to government subsidies, with an anticipated new installation capacity of 105-115 GW in 2025 [8][9] Market Trends - The domestic market indices showed positive performance, with the Shanghai Composite Index closing at 3,420.57, up by 1.15% [4] - The new materials sector experienced a decline, with the new materials index down by 1.18%, while the semiconductor materials and electronic chemicals showed slight variations [8] Macroeconomic Analysis - The U.S. Federal Reserve maintained its policy interest rates, reflecting concerns over tariffs' impact on inflation, with core PCE inflation expectations raised from 2.8% to 3.1% for 2025 [6][7] - Employment data in the U.S. remains weak, with initial jobless claims showing a slight decline but still at high levels, indicating a cooling economy [6] Industry Commentary - The chemical raw materials sector is influenced by government policies, particularly in renewable energy, which is expected to drive the wind power industry forward [8] - The report emphasizes the importance of military materials in light of increasing global military expenditures, projected to rise by 9.4% in 2024, the highest growth rate since 1993 [11][12] Investment Recommendations - The report suggests focusing on companies like Haohua Technology and Tongyi Zhong, which are positioned to benefit from increased military spending and have strong competitive advantages in their respective fields [11][12] - It also recommends monitoring products imported from Iran and Israel, which may face supply disruptions due to geopolitical tensions [12]

Investment Rating - The report maintains a "Synchronize with the market - A" rating for the basic chemical industry [1] Core Viewpoints - The intensification of geopolitical conflicts is irreversible, suggesting a focus on core assets in military materials. The ongoing "strike-reprisal" cycle due to nuclear issues between Israel and Iran, combined with the Russia-Ukraine conflict and Western sanctions, is leading to a deepening of systemic crises. Global military spending is projected to increase by 9.4% year-on-year in 2024, the highest growth rate since 1993, indicating a significant shift in defense-related investments [2][4][12] Summary by Relevant Sections Chemical Market Performance - The basic chemical sector has experienced a recent pullback, with a recommendation to focus on core military materials assets. The report highlights the ongoing geopolitical tensions and their impact on resource channels, which are expected to solidify conflict patterns [12][25] Investment Recommendations - The report suggests focusing on companies with significant changes in fundamentals due to geopolitical risks. Key companies include: 1. **昊华科技 (HaoHua Technology)**: High technical barriers and irreplaceable supporting products in aerospace materials and military equipment, with a strong market share [2][12] 2. **同益中 (Tongyi Zhong)**: A key player in the UHMWPE fiber market for military applications, benefiting from increased global military spending [2][12] - Additionally, attention is drawn to chemical products imported from Iran and Israel, which may face supply disruptions due to geopolitical tensions [13][25] Market Data - The report provides data on China's imports from Iran, with polyethylene, methanol, and sulfur being the top imported chemicals, valued at 95.5 billion, 30.8 billion, and 5.3 billion respectively for 2024. Imports from Israel include potassium chloride and bromine, valued at 13.3 billion and 6.6 billion respectively [13][25]

Core Insights - The report highlights the significant growth in e-commerce sales during the "618" shopping festival in 2025, with total sales reaching 855.6 billion yuan, a year-on-year increase of 15.2% [5] - Major platforms such as Taobao, JD.com, Pinduoduo, Douyin, and Kuaishou experienced an overall transaction growth of 10.4% during the festival period [5] - The report emphasizes the strong performance of the beauty sector, with a total GMV of 65.9 billion yuan, reflecting a growth of over 10% [5] Market Trends - The Shanghai Composite Index closed at 3,381.58, with a gain of 0.65%, while the Shenzhen Component Index rose by 0.43% to 10,048.39 [4] - The textile and apparel sector saw a decline of 5.12% in the SW index, underperforming the broader market [6] E-commerce Performance - Taobao and Tmall's GMV, excluding refunds, grew by 10%, marking the largest increase in three years, with 453 brands achieving over 100 million yuan in sales [5] - JD.com reported a record high in user orders, with over 2.2 billion orders placed during the festival, and a 285% increase in live-streaming sales [5] - Douyin's sales increased by 77%, with over 60,000 brands doubling their sales [5] - Kuaishou's GMV for the festival grew by over 53%, indicating a robust performance across various product categories [5] Industry Dynamics - Uniqlo's collaboration with Pop Mart's IP "THE MONSTERS" is set to launch new products, indicating a trend towards brand collaborations in the apparel sector [6] - The opening of the first overseas store by Lao Pu Gold in Singapore marks a significant step in global expansion for the company [6] Investment Recommendations - The report recommends focusing on sports brands like Anta Sports and 361 Degrees, which are expected to benefit from the growing demand in the sports and outdoor sector [7] - It also suggests monitoring home textile companies such as Luolai Life and Mercury Home Textile, which are likely to benefit from government subsidies [7] - In the textile manufacturing sector, companies like Shenzhou International and Yuyuan Group are highlighted for their low valuation and growth potential [9]

Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry, indicating a performance in line with the market [1]. Core Insights - The e-commerce "618" shopping festival saw a total sales volume of 855.6 billion yuan, representing a year-on-year growth of 15.2% [3][19]. - The overall transaction volume across major platforms during the "618" period increased by 10.4%, with notable growth in beauty products and significant performance from platforms like Douyin and Kuaishou [4][12]. - The textile and apparel sector's retail sales showed a recovery, with a year-on-year increase of 6.4% in May 2025, and a cumulative growth of 3.3% from January to May 2025 [12][54]. Summary by Sections E-commerce "618" Sales Data - The total e-commerce sales during the "618" festival reached 855.6 billion yuan, with instant retail sales at 29.6 billion yuan and community group buying at 12.6 billion yuan [3][19]. - Major platforms like Taobao, JD, Douyin, Pinduoduo, and Kuaishou reported year-on-year growth rates of 9.2%, 9.0%, 15.2%, 8.9%, and 10.6% respectively [4][19]. - The beauty segment on major platforms achieved a total GMV of 65.9 billion yuan, with Taobao maintaining a 41.3% market share [4][20]. Market Performance - The SW textile and apparel sector experienced a decline of 5.12% in the week of June 16-20, 2025, underperforming the broader market [9][22]. - The PE-TTM ratios for various sub-sectors indicate that textile manufacturing is at 19.36 times, apparel and home textiles at 25.64 times, and jewelry at 30.22 times, reflecting varying levels of valuation [30][22]. Industry Dynamics - The textile and apparel retail sector is showing signs of recovery, with a notable increase in retail sales and a strong performance in sports and entertainment products, which grew by 25.7% year-on-year [12][55]. - The report highlights the collaboration between Uniqlo and Pop Mart's IP "THE MONSTERS," indicating a trend towards brand collaborations to enhance market presence [7][65]. Company Highlights - The report notes that Lao Pu Gold, referred to as the "first stock of ancient gold," is expanding globally with its first overseas store opening in Singapore [11][69]. - The report emphasizes the significant growth in sales for brands like FILA, which surpassed Nike in the sports outdoor sector during the "618" sales period [12][20].

Core Insights - The report emphasizes the dual-track strategy of "new energy + new infrastructure" adopted by the company, aiming to create an integrated ecosystem for computing and energy [6][8] - The company has transitioned from financial investments to industrial investments since 2021, acquiring significant stakes in new energy and data center companies, which has led to the formation of a robust investment asset base [8] Market Trends - The report highlights the rapid growth of renewable energy in China, with a projected 23% increase in new renewable energy installations in 2024, accounting for 86% of new power installations [8] - Global computing power is expected to continue its rapid growth, with a 54% increase in 2023, and the trend is anticipated to persist over the next five years [8] Financial Projections - The company is forecasted to achieve net profits of 118.5%, 121.9%, and 88.2% year-on-year from 2025 to 2027, with earnings per share (EPS) projected at 0.02, 0.04, and 0.08 yuan respectively [7] - As of December 31, 2024, the company's emerging industry investment assets are expected to reach approximately 520.1 billion yuan, constituting 78.6% of its total asset scale [8] Strategic Initiatives - The company is focusing on the integration of computing power and energy, which is seen as a critical development trend in the context of the new power system transformation [8] - The establishment of the Ulanqab Green GW-level AIDC Super Intelligent Computing Flagship Base is a key project that exemplifies the company's commitment to innovative collaboration across various sectors [8] Investment Ecosystem - The company aims to build a digital economy ecosystem centered around "AI computing power + data assets + application scenarios," leveraging its dual-track layout in new energy and data centers [8] - The strategic focus on complementary and embedded industries is expected to enhance the company's investment returns in the computing technology sector [8]

Investment Rating - The report initiates coverage with an "Add-B" rating for the company [6] Core Insights - The company is positioned in the "new energy + new infrastructure" dual-track strategy, aiming to create an integrated ecosystem for digital computing and energy [1][4] - The synergy between computing power and green energy is seen as a critical trend for the development of the digital economy [3][56] - The company has successfully transitioned from financial investments to industrial investments, significantly increasing its asset scale in emerging industries [4][23] Summary by Sections Company Overview - The company has transformed its business model since 2021, focusing on industrial investments and holding significant stakes in key subsidiaries [16][18] - As of December 31, 2024, the total asset scale is approximately 661.7 billion, with emerging industry investments accounting for 78.6% [23] Financial Performance - In 2024, the company achieved a revenue of 55.8 billion, a year-on-year increase of 11.38%, and a net profit of 539 million [24][25] - The gross profit reached approximately 26.36 billion, with a gross margin of about 47% [25][29] Market Trends - The renewable energy sector is experiencing rapid growth, with a 23% year-on-year increase in new installed capacity in 2024 [31] - The integration of green electricity and computing power is reshaping the energy landscape of the digital economy [31][41] Strategic Initiatives - The company is actively expanding its presence in the renewable energy market, having significantly increased its project indicators in 2024 [69] - It aims to leverage its dual-track strategy to optimize asset allocation and enhance investment returns [5][6]