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].

Core Insights - The report highlights the integration of Grok voice assistant into Tesla's humanoid robot Optimus V3, marking a significant advancement in human-machine interaction [6] - The opening of the world's largest embodied intelligence data factory by Paccini in Tianjin aims to address the scarcity of high-quality datasets crucial for the development of robotics [6] - Yushu Technology has reported annual revenue exceeding 1 billion RMB, indicating strong growth and successful C-round financing [6] - The People's Daily emphasizes the need to eliminate "involution" competition to achieve high-quality development, advocating for market-oriented reforms [6] - In May 2025, the National Energy Administration issued 21.5 million green certificates, with an average trading price of 2.73 RMB per certificate, reflecting a 18.12% increase month-on-month [6] Market Trends - The report provides an overview of the domestic market indices, with the Shanghai Composite Index closing at 3,457.75, up 0.39% [5] - The prices of polysilicon and silicon wafers remain under pressure, with polysilicon prices stable at 35.0 RMB/kg and silicon wafer prices declining [8] - Battery cell prices have also decreased, with N-type battery cells averaging 0.235 RMB/W, down 2.1% from the previous week [8] - The report notes that the market for photovoltaic components is facing high uncertainty, with many manufacturers reducing production [8] Investment Recommendations - The report recommends focusing on companies involved in BC new technology, supply-side improvements, overseas expansion, and domestic substitution [8] - Specific companies highlighted for investment include Aiko, Longi Green Energy, and Xinyi Solar, among others [8] - It suggests actively monitoring companies related to humanoid robots, such as UBTECH and KOLI [8]

Investment Rating - The report maintains a "Synchronize with the Market - A" rating for the electric equipment and new energy industry [1] Core Viewpoints - The electric equipment and new energy industry has shown a stable market performance over the past year, with various companies recommended for investment based on their growth potential and market positioning [1][2] - The report highlights the integration of AI technologies in the industry, such as the introduction of the Grok voice assistant in Tesla's humanoid robot, which may revolutionize human-machine interaction [1][2] - The report emphasizes the importance of breaking away from "involutionary competition" to achieve high-quality development in the industry, as stated by the People's Daily [4] Summary by Relevant Sections Preferred Stocks - The report lists several preferred stocks with ratings, including: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Flat Glass Group (601865.SH) - Buy - A - Hengdian East Magnetic (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deye Technology (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A [2] Market Trends - The report notes a decline in prices across various segments of the solar industry, including polysilicon, silicon wafers, battery cells, and modules, indicating a bearish market sentiment [6][7][8][9] - The average price of polysilicon is reported at 35.0 CNY/kg, while silicon wafer prices have decreased by 3.2% for N-type wafers [6][7] - Battery cell prices have also seen a decline, with N-type cells priced at 0.235 CNY/W, reflecting ongoing inventory accumulation and weak downstream demand [8] Investment Recommendations - The report recommends focusing on companies with innovative technologies and strong market positions, such as Aishuo Co., Ltd. and Longi Green Energy for BC new technology, and Flat Glass Group for supply-side improvements [10] - Companies with overseas expansion strategies, such as Hengdian East Magnetic and Sungrow Power Supply, are also highlighted as potential investment opportunities [10] - The report suggests monitoring companies involved in humanoid robotics, including UBTECH and other related firms [10]

Market Trends - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,444.43, up by 0.59%, indicating an expected improvement in supply and demand conditions [4] Agricultural Industry - The agricultural sector saw a weekly increase in the Shanghai and Shenzhen 300 Index by 1.95%, with the agriculture, forestry, animal husbandry, and fishery sector rising by 0.80% [9] - Pig prices increased week-on-week, with average prices in key provinces such as Sichuan, Guangdong, and Henan at 13.90, 15.94, and 14.88 CNY/kg respectively, reflecting increases of 1.46%, 2.57%, and 3.48% [9] - The report highlights the potential for Hai Da Group as an investment opportunity due to expected recovery in the feed industry driven by lower raw material prices and improving breeding conditions [7][9] Chemical Pharmaceutical Industry - BGB-43395, a CDK4 inhibitor developed by BeiGene, shows promising initial efficacy and safety in treating previously treated breast cancer and solid tumor patients [10] - The drug exhibits high selectivity for CDK4 and is expected to enter Phase III trials for HR+/HER2- metastatic breast cancer, with the second-line study anticipated to start in Q4 2025 [10][11] - The global market for CDK4/6 inhibitors is projected to reach approximately $13 billion by 2024, indicating significant growth potential for BGB-43395 [10] Textile and Apparel Industry - Bosideng reported a revenue of 25.902 billion CNY for FY2024/25, a year-on-year increase of 11.6%, with a net profit of 3.514 billion CNY, up 14.3% [11][15] - The brand's down jacket business showed steady growth, with revenue from this segment reaching 21.668 billion CNY, a 11.0% increase year-on-year [11] - The company opened 253 new stores, enhancing its operational capabilities and channel management [12][15] Photovoltaic Glass Industry - Major photovoltaic glass manufacturers plan to collectively reduce production by 30% starting in July, which is expected to improve the supply-demand balance in the market [14][16] - The report recommends leading photovoltaic glass companies such as Fuyao Glass and Xinyi Solar as potential investment opportunities due to anticipated improvements in market conditions [14]

Investment Rating - The report maintains a "Buy-A" rating for Bosideng (03998.HK) [1] Core Views - Bosideng demonstrates resilient operations with high-quality growth in its brand down jacket business, achieving a revenue of 25.902 billion yuan, a year-on-year increase of 11.6%, and a net profit of 3.514 billion yuan, up 14.3% [2][4][8] Financial Performance - For the fiscal year 2024/25, Bosideng's revenue reached 25.902 billion yuan, with the brand down jacket segment contributing 21.668 billion yuan, reflecting an 11.0% growth. The main brand, Bosideng, generated 18.481 billion yuan, up 10.1% [4][8] - The company declared a final dividend of 0.22 HKD per share, with an annual payout ratio of 84.1% [2] Business Segments - The brand down jacket business saw a net increase of 253 stores, totaling 3,470 stores by the end of the reporting period. Self-operated channels generated 15.090 billion yuan, a 5.2% increase, while wholesale channels grew by 24.3% to 5.724 billion yuan [5][6] - The OEM business achieved a revenue of 3.373 billion yuan, marking a 26.4% increase, while women's wear revenue declined by 20.6% to 0.651 billion yuan [4][5] Profitability and Margins - The overall gross margin for the fiscal year 2024/25 was 57.3%, down 2.3 percentage points year-on-year. The brand down jacket segment's gross margin decreased to 63.4% [6][7] - Operating profit margin improved by 0.3 percentage points to 19.2%, and net profit margin increased by 0.4 percentage points to 13.6% [7] Future Outlook - The report forecasts earnings per share (EPS) for fiscal years 2026-2028 to be 0.34, 0.38, and 0.41 yuan, respectively, with price-to-earnings (P/E) ratios of 11.9, 10.8, and 9.9 times [8][10]

Group 1: Macroeconomic Overview - The report indicates that China's GDP growth is expected to maintain around 5% in 2025, with a focus on stabilizing the economy amidst external uncertainties [6][7] - Policies are being implemented to boost consumption and stabilize the real estate market, with a push for supply-side structural reforms to promote reasonable price recovery [6][7] - The first quarter of 2025 saw an increase in economic growth, with indicators showing improvement, while the second quarter may see a slight decline due to external pressures [6][7] Group 2: Solar Energy Industry Insights - In May 2025, China's newly installed solar capacity reached 92.9 GW, marking a year-on-year increase of 388% and a month-on-month increase of 105.5% [8][12] - The report highlights that the export value of solar components in May was 17.32 billion yuan, a year-on-year decrease of 13.7% but a month-on-month increase of 7.2% [12] - The solar power generation in May 2025 increased by 7.3% year-on-year, contributing to 6.38% of the total industrial power generation in China [12][10] Group 3: Company-Specific Analysis - Sanhua Intelligent Control - Sanhua Intelligent Control is projected to achieve revenue between 15.04 billion and 17.78 billion yuan in the first half of 2025, reflecting a year-on-year growth of 10% to 30% [13][15] - The company is expected to benefit significantly from the high demand in the home appliance sector, particularly in air conditioning, with retail sales showing strong growth [13][14] - Sanhua's successful IPO raised a net amount of 9.177 billion HKD, which will be used for global capacity expansion and to seize new business opportunities [17]

Investment Rating - The report maintains an investment rating of "Leading the Market-B" for the chemical pharmaceutical industry [1]. Core Viewpoints - The report highlights the promising clinical efficacy and safety profile of BGB-43395, a CDK4 inhibitor developed by BeiGene, which shows potential as a best-in-class treatment for HR+/HER2- metastatic breast cancer [3][5]. - The global market for CDK4/6 inhibitors is substantial, projected to reach approximately $13 billion by 2024, indicating significant growth potential in this therapeutic area [5]. Summary by Sections Industry Performance - The chemical pharmaceutical industry has shown strong market performance over the past year, with a focus on innovative drug developments [1]. Drug Development Insights - BGB-43395 demonstrates high selectivity and inhibition of CDK4, with a favorable safety profile compared to existing CDK4/6 inhibitors [3][4]. - The drug is set to enter Phase III trials for HR+/HER2- metastatic breast cancer, with the second-line study expected to start in Q4 2025 [3]. Clinical Trial Results - Initial results from clinical trials indicate that BGB-43395, when combined with fulvestrant, shows preliminary anti-tumor activity in patients with solid tumors, particularly breast cancer [5][6]. - The overall response rate (ORR) for evaluable breast cancer patients was reported at 11% [5]. Market Context - The report emphasizes the challenges faced by current CDK4/6 inhibitors, including hematological toxicity and off-target effects, which BGB-43395 aims to address [5].