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].

Economic Growth and Trends - China's GDP growth rate for Q1 2025 is 5.4%, maintaining the same level as Q4 2024, driven primarily by consumption and exports[12] - The contribution of final consumption expenditure to GDP growth in Q1 2025 was 2.8%, up from 1.6% in the previous quarter[13] - The nominal GDP growth rate for Q1 2025 was 4.6%, with a GDP deflator index growth rate of -0.8%, indicating weak domestic demand[13] Policy Measures - The government is implementing more proactive fiscal policies, with a focus on increasing the scale of deficits, special bonds, and treasury bonds[29] - In Q1 2025, general public budget expenditure and government fund expenditure grew by 5.6% year-on-year, with general public budget expenditure increasing by 4.2%[29] - Monetary policy remains moderately loose, with a 0.5% reduction in the reserve requirement ratio and a 0.1% decrease in the 7-day reverse repurchase rate announced on May 7, 2025[39] Consumption and Investment - Retail sales in Q1 2025 showed a year-on-year growth of 4.6%, with service retail outperforming goods retail, indicating a shift towards service consumption[46] - Infrastructure investment in Q1 2025 grew by 11.5% year-on-year, supported by the accelerated issuance of special bonds[53] - Manufacturing investment growth in Q1 2025 was 9.1%, with significant increases in equipment purchases and high-tech industry investments[64] Export and External Environment - Short-term resilience in exports is noted, but uncertainties remain due to fluctuating U.S. tariff policies and global economic slowdown[2] - The net export contribution to GDP growth in Q1 2025 was 2.1%, reflecting a strong performance despite external challenges[13] Price Stability - Consumer prices (CPI) and producer prices (PPI) remain low, with the government aiming for a moderate recovery in prices as a key policy goal[6] - The overall price level is expected to stabilize, but the relationship between supply and demand needs further improvement to support price recovery[6]

Investment Rating - The report assigns a "Buy" rating to several companies in the solar industry, with specific ratings as follows: - Aiyu 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] Core Insights - The solar industry is experiencing significant growth, with domestic photovoltaic (PV) installations in May 2025 reaching 92.9 GW, representing a year-on-year increase of 388% and a month-on-month increase of 105.5% [3][13] - Cumulative PV installations from January to May 2025 totaled 197.85 GW, reflecting a 150% year-on-year increase [3][13] - In May 2025, the export value of solar modules was 173.2 billion yuan, down 13.7% year-on-year but up 7.2% month-on-month [4][16] - The export value of inverters in May 2025 was 59.7 billion yuan, showing a year-on-year increase of 8.0% and a month-on-month increase of 2.7% [5][30] - 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 [6][41] Summary by Sections 1. Installation - Domestic PV installations in May 2025 reached 92.9 GW, with a year-on-year growth of 388% and a month-on-month growth of 105.5% [3][13] - Cumulative installations from January to May 2025 were 197.85 GW, up 150% year-on-year [3][13] 2. Exports - Solar module exports in May 2025 totaled 173.2 billion yuan, down 13.7% year-on-year but up 7.2% month-on-month [4][16] - Cumulative module exports from January to May 2025 were 795.6 billion yuan, down 24.0% year-on-year [4][16] - Inverter exports in May 2025 were valued at 59.7 billion yuan, with a year-on-year increase of 8.0% and a month-on-month increase of 2.7% [5][30] - Cumulative inverter exports from January to May 2025 reached 240.0 billion yuan, up 9.5% year-on-year [5][30] 3. Power Generation - Solar power generation in May 2025 was 470.8 billion kWh, reflecting a year-on-year increase of 7.3% [6][41] - Solar power accounted for 6.38% of the total industrial power generation in China [6][41] 4. Investment Recommendations - Key recommendations include focusing on new technology directions with companies like Aiyu Co., Ltd. and Longi Green Energy, supply-side improvements with Flat Glass Group, and overseas expansion with Hengdian East Magnetic and Sungrow Power Supply [6][45]

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the next 6-12 months [4]. Core Insights - The company is expected to achieve a revenue of 150.4 to 177.8 billion yuan for the first half of 2025, representing a year-on-year growth of 10% to 30%. The net profit attributable to the listed company is projected to be between 18.9 to 22.7 billion yuan, reflecting a growth of 25% to 50% [1][2]. - The strong performance in the home appliance sector, particularly in air conditioning, is expected to significantly contribute to the company's revenue growth. The retail sales growth rates for air conditioning in April and May were 12.2% and 38.7% offline, and 34.8% and 46% online, respectively [2]. - The successful IPO on the Hong Kong Stock Exchange raised a net amount of 9.177 billion HKD, which will be used for global capacity expansion and to seize new business opportunities [2]. Financial Projections - The company’s projected revenues for 2025, 2026, and 2027 are 32.201 billion yuan, 36.909 billion yuan, and 42.670 billion yuan, respectively, with year-on-year growth rates of 15.2%, 14.6%, and 15.6% [4][6]. - The net profit estimates for the same years are 3.812 billion yuan, 4.490 billion yuan, and 5.184 billion yuan, with growth rates of 23%, 17.8%, and 15.5% [4][6]. - The projected PE ratios for 2025, 2026, and 2027 are 28.4, 24.1, and 20.9 times, respectively [4][6].

Core Insights - The report highlights the emerging opportunities in the low Earth orbit (LEO) satellite communication sector, particularly following the MWC 2025 event in Shanghai, which showcased advancements in ground infrastructure for satellite internet [5][6] - The report emphasizes the maturation of the NTN (Non-Terrestrial Network) industry chain and the expected acceleration in ground infrastructure development, driven by upcoming commercial trials of LEO satellite systems [5][6] Industry Commentary: Communication - The MWC 2025 event has spotlighted the LEO satellite internet, presenting at least three catalysts for investment opportunities in this sector [5] - The next-generation LEO constellation design is nearing maturity, with domestic projects like Qianfan, State Grid, Hongyan, and Tianqi starting to form, indicating a shift towards a mainstream NTN network architecture [5] - Major players in the 5G equipment sector, such as Huawei, ZTE, and FiberHome, are expected to benefit significantly from this transition, particularly in baseband, routing, and antenna technologies [5] - The report notes that the upcoming commercial trials of LEO satellite systems will likely lead to increased demand for ground infrastructure, including gateway station projects and related components [5][6] Investment Highlights - The AMD Helios cabinet design is set to compete with the Rubin NVL144 supernode cabinet, indicating a trend towards higher bandwidth and more efficient networking solutions [6] - The Mi400 Helios cabinet is expected to integrate 72 Mi400 GPUs, requiring extensive copper cabling and high-density connectors, which suggests a sustained demand for high-speed copper and optical modules in the coming years [6] Market Overview - The report provides a snapshot of the market performance, noting that the overall market saw mixed results, with the Shenwan Communication Index rising by 1.58% while major indices like the Shanghai Composite Index and Shenzhen Component Index experienced declines [8] - Specific sectors such as optical modules and optical cables saw significant weekly gains, indicating strong investor interest in these areas [8] Regulatory Developments: Non-Bank Financial Sector - The report discusses the introduction of the "1+6" policy measures for the Sci-Tech Innovation Board, aimed at optimizing the classification and evaluation of securities firms, which is expected to enhance the financial service ecosystem for technology innovation [9][10] - The new regulations are designed to support high-quality development and encourage differentiated operations among securities firms, fostering a competitive landscape [10]

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].