Investment Rating - The report provides a buy rating for Hai Da Group (002311.SZ) with an "A" rating, and a buy rating for Sheng Nong Development (002299.SZ) and Wen's Shares (300498.SZ) with a "B" rating. Other companies like Guai Bao Pet (301498.SZ) and Zhong Chong Shares (002891.SZ) are rated as "A" for increase, while Tang Ren Shen (002567.SZ), Shen Nong Group (605296.SH), Ju Xing Agricultural and Animal Husbandry (603477.SH), and New Hope (000876.SZ) are rated as "B" for increase [2]. Core Viewpoints - The agricultural sector has shown a slight increase, with the agricultural and forestry sector rising by 0.91% during the week of June 2 to June 8, 2025, outperforming the broader market [3][22]. - The report highlights the potential for Hai Da Group due to the expected recovery in the feed industry as upstream raw material prices stabilize and the breeding sector improves [4][5]. - The report emphasizes that the pig farming industry is entering a profit cycle, with expectations that the duration of profitability may exceed market pessimism, suggesting a potential for valuation recovery [5]. Summary by Sections Industry Performance - The agricultural sector's performance is ranked 20th among various sectors, with significant contributions from other planting industries, food and feed additives, aquaculture, and pig farming [3][22]. - The average price of pigs in key provinces has decreased, with prices in Sichuan, Guangdong, and Henan at 13.85, 15.24, and 13.95 yuan/kg respectively, reflecting a decline of 3.15%, 2.56%, and 3.46% week-on-week [4][31]. Pig Farming - The report notes that the self-breeding profit is 33.83 yuan per head, while the profit from purchasing piglets is negative at -120.80 yuan per head, indicating challenges in the current market [4][31]. - The pig-to-grain ratio is reported at 6.29, showing a decrease of 0.32% from the previous week [31]. Poultry Farming - The average price of white feather broilers is 7.32 yuan/kg, down 0.68% week-on-week, while the price of chicken eggs has decreased by 7.04% to 6.60 yuan/kg [43]. Feed Processing - In April 2025, the total industrial feed production reached 27.53 million tons, with a month-on-month increase of 4.2% and a year-on-year increase of 9.0% [51]. Aquaculture - The price of sea cucumbers remains stable at 90.00 yuan/kg, while shrimp prices have increased by 14.29% to 320.00 yuan/kg [60].

Group 1: Hubei Yihua (000422.SZ) - Hubei Yihua is a diversified large chemical enterprise with upstream resource advantages and production base layout [5][6] - The company operates in multiple sectors including coal chemical, chlor-alkali chemical, phosphate and fluorine chemical, and fine chemicals. In 2024, revenue from chemical fertilizers, PVC, chlor-alkali products, and other fine chemical products is projected to be 7.65 billion, 4.13 billion, 1.53 billion, and 1.81 billion CNY respectively, accounting for 45.1%, 24.4%, 9.0%, and 10.7% of total revenue [7] - The company ranks third in national fertilizer capacity, fifth in PVC capacity, and second globally in pentanediol capacity [7] - The acquisition of Xinfa Investment will increase the company's coal resource ownership and production capacity, adding 600,000 tons/year of urea, 300,000 tons/year of PVC, and 3 million tons/year of coal [7] - The company expects net profits of 940 million, 1.18 billion, and 1.24 billion CNY for 2025-2027, with corresponding PE ratios of 14.3, 11.3, and 10.8 times [7] Group 2: Shenghong Technology (300476.SZ) - Shenghong Technology is a leading high-end PCB manufacturer with advanced multilayer and HDI board technologies, having established a "soft and hard" product layout through acquisitions [8] - The company has long-term partnerships with major brands such as Nvidia, Tesla, AMD, and Microsoft, which enhances its competitive edge in the PCB market [8] - The PCB industry is expected to grow rapidly due to the explosion in computing power demand and the electrification and intelligence of automobiles, with a projected CAGR of 5.4% from 2024 to 2028, reaching over 90 billion USD by 2028 [8] - The company anticipates net profits of 4.65 billion, 6.58 billion, and 8.15 billion CNY for 2025-2027, with corresponding EPS of 5.39, 7.63, and 9.45 CNY, and PE ratios of 18.6, 13.1, and 10.6 times [8]

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for investment [6]. Core Views - The company is positioned as a leading player in the high-end PCB market, benefiting from the surge in AI computing demand, which is expected to drive significant growth opportunities [3][4]. - The company has established a "soft and hard" product layout through acquisitions, enhancing its competitive edge and market share [5][16]. - The PCB industry is projected to experience rapid growth driven by increased demand for high-value products, particularly in AI servers and automotive electronics [4][37]. Summary by Sections Company Market Performance - The company has shown strong market performance with a closing price of 100.20 yuan and a market capitalization of 856.92 billion yuan as of June 2025 [2]. Financial Data and Valuation - The company forecasts net profits of 46.50 billion yuan, 65.81 billion yuan, and 81.49 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 302.8%, 41.5%, and 23.8% [7]. - The projected earnings per share (EPS) for the same years are 5.39 yuan, 7.63 yuan, and 9.45 yuan, with corresponding price-to-earnings (P/E) ratios of 18.6, 13.1, and 10.6 [7]. Industry Growth Drivers - The demand for AI computing is expected to significantly increase the usage of PCBs in AI servers, with the global PCB industry projected to grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2028, reaching over 90 billion USD by 2028 [4][37]. - The automotive industry's shift towards electrification, intelligence, and lightweight design is anticipated to drive substantial growth in the value of automotive PCBs, with the market expected to grow from 9.195 billion USD in 2024 to 11.205 billion USD by 2029 [56]. Product and Customer Strategy - The company has successfully integrated its product offerings through strategic acquisitions, enhancing its portfolio to include both rigid and flexible PCBs, thereby meeting diverse customer needs [80]. - The company maintains long-term partnerships with major clients such as NVIDIA, Tesla, AMD, and Microsoft, which strengthens its market position and provides a competitive advantage [5][16]. Operational Efficiency - The company has improved its operational efficiency and production capacity, with a focus on high-end products such as multi-layer and HDI boards, which are expected to dominate its revenue streams [84].

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for investment [6]. Core Insights - The company is positioned as a leading player in the high-end PCB market, benefiting from the surge in AI computing demand and the rapid growth of the automotive electronics sector [3][4]. - The company has established a "soft and hard integration" product layout through acquisitions, enhancing its competitive edge and market share [5][16]. - The global PCB industry is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2028, driven by high-value product demand [4][68]. Summary by Sections Company Performance - The company has achieved significant revenue growth, with a projected net profit of 46.50 billion yuan in 2025, reflecting a year-on-year increase of 302.8% [5][7]. - The company reported a substantial increase in revenue and net profit in Q1 2025, with revenue reaching 43.12 billion yuan, up 80.31% year-on-year [28]. Industry Growth Drivers - The demand for AI servers is expected to drive a significant increase in PCB usage, with AI server shipments projected to grow substantially [37][38]. - The automotive industry's shift towards electrification, intelligence, and lightweight design is anticipated to enhance the value of automotive PCBs, with the market expected to grow from 9.195 billion USD in 2024 to 11.205 billion USD by 2029 [56][57]. Product and Market Strategy - The company has diversified its product offerings through strategic acquisitions, including the purchase of Pole Star Limited, which enhances its capabilities in flexible circuit boards [80]. - The company maintains long-term partnerships with major clients such as NVIDIA, Tesla, and AMD, which strengthens its market position and revenue potential [5][16]. Financial Projections - The company forecasts significant growth in revenue and net profit over the next few years, with net profit expected to reach 81.49 billion yuan by 2027 [5][7]. - The company's gross margin is projected to improve, reflecting a shift towards higher-value products in its portfolio [31].

Group 1: New Stock Market Insights - The new stock market activity has decreased, with the first-day gains and opening valuations of new stocks in May declining across the three major boards [5][4] - In the past week, 10 new stocks recorded positive gains, accounting for 20.83% of the total, down from 26.53% previously [5] - The main board saw a new stock, Guqi Textile Materials, debut with a first-day gain of 148.34% and an opening valuation of 34.86 times [5] Group 2: Automotive Industry Developments - Multiple companies are accelerating their layouts to compete in the trillion-level unmanned logistics market, with significant growth in the sector [6][8] - As of 2024, the scale of unmanned delivery vehicles has exceeded 6,000 units, delivering over 100 million orders across more than 100 sub-segments [8] - The unmanned delivery vehicle industry is expected to see a substantial increase in production, with New Stone Technology delivering over 1,000 unmanned vehicles monthly, projecting a monthly delivery of 2,000 units in the second to third quarters of 2025 [9] Group 3: Aviation Industry Insights - The development of China's large aircraft has faced challenges but has ultimately succeeded with the C919, marking a significant milestone in the country's aviation industry [13][14] - The demand for large aircraft is shifting towards the Asia-Pacific region, with China projected to receive 9,323 new aircraft over the next 20 years, representing 21.3% of global deliveries [13] - China Commercial Aircraft Corporation (COMAC) is positioned as a potential disruptor in the duopoly of Boeing and Airbus, benefiting from domestic demand and the successful rollout of the C919 [13][16] Group 4: Non-Banking Financial Sector - The regulatory body is developing evaluation methods for financial services, emphasizing technology finance as a key assessment indicator [15][17] - The evaluation framework includes a scoring system that prioritizes technology-related financing activities, reflecting the regulatory focus on enhancing services for technology enterprises [17] - Recent regulatory changes aim to improve corporate governance among listed companies, promoting better practices and protecting minority investors [17]

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [2][15]. Core Insights - The report highlights the rapid growth of the unmanned logistics vehicle market, with significant advancements in autonomous driving technology and increasing market demand [11]. - It emphasizes the competitive landscape, noting that multiple companies are vying for a share of the trillion-yuan unmanned logistics market, with projections indicating substantial growth in the coming years [11]. - The report identifies key players in the industry, including both leading autonomous driving companies and traditional automotive manufacturers that are actively exploring unmanned vehicle applications [11]. Summary by Sections Market Performance - The automotive industry has shown strong performance over the past year, with preferred stocks such as Jingwei Hengrun (688326.SH) and Jiangling Motors (000550.SZ) rated as "Buy-A" [4]. Technological Developments - Jiusi Intelligent launched its E-series unmanned logistics vehicle platform, marking a strategic upgrade with L4-level autonomous driving technology [5]. - New Stone's monthly delivery of unmanned vehicles has exceeded 1,000 units, with expectations to reach 2,000 units per month in the second and third quarters of 2025 [6]. - Yushi Technology submitted its prospectus to the Hong Kong Stock Exchange, reporting significant revenue growth and positioning itself as an industry unicorn [7]. Investment Recommendations - The report suggests focusing on leading autonomous driving companies and traditional automakers that are exploring unmanned vehicle applications, such as Pony.ai, WeRide, Jiangling Motors, and Dongfeng Motor Group [11]. - It also highlights the potential for growth in the smart driving chip sector and the importance of domestic replacements in the Tier 1 supply chain [11].

Investment Rating - The report indicates a decline in the investment rating for new stocks, with the first-day gains and opening valuations for new stocks in May across the three major boards showing a downward trend [2][3][13]. Core Insights - The new stock market activity has decreased, with only 10 stocks (20.83%) recording positive gains in the past week, down from 26.53% previously [2][13]. - The report highlights that the first-day gains and opening valuations for new stocks in May have decreased across all three boards: the STAR Market, the ChiNext, and the Main Board [3][30][32]. - Specific stocks such as Guqi Textile and Zhongli Co. have shown significant fluctuations, with Guqi Textile experiencing a first-day gain of 148.34% but later a drop exceeding 10% [2][30]. Summary by Sections New Stock Market Activity - In May, the STAR Market had no new listings, while the ChiNext and Main Board saw new stocks with varying performance, including a notable drop for Tai Li Technology and Hong Gong Technology [2][23][30]. - The STAR Market's first-day opening valuation decreased to 50.90 times, down from 154.01 times in March [19][32]. Key New Stocks - The report lists key new stocks that have recently been issued or are pending approval, including Yitang Co. and Kaipulin, which are expected to perform well [42][44]. - The report emphasizes the performance of stocks like Shengke Nano and Xidian Co., which have shown promising revenue and profit growth projections for 2024 [50][51]. Valuation Trends - The report notes a decrease in the TTM-PE (Trailing Twelve Months Price to Earnings) ratios for new stocks across all boards, indicating a general decline in market sentiment [19][32][39]. - The ChiNext's first-day opening valuation for new stocks fell to 43.44 times in May, down from 58.65 times in April [23][32]. Market Comparisons - The report compares the valuation of the Wind Near-term New Stock Index to the ChiNext, indicating a discount status with a ratio of 0.69, down from 0.73 [39][41]. - The report also highlights the competitive landscape in the global panoramic camera market, where companies like Yingshi Innovation are gaining market share [47][48].

Group 1 - The new stock market activity has declined, with the first-day gains and opening valuations of new stocks in May decreasing across the main boards [2][12][31] - In the past week, there was only one new stock listed on the market, and 10 stocks recorded positive gains, accounting for 20.83% of the total, down from 26.53% [2][12] - The Science and Technology Innovation Board had no new listings last week, while the ChiNext Board also saw no new stocks listed [2][22] Group 2 - The first-day gain of the newly listed stock on the main board, Guqi Textile Materials, was 148.34%, with an opening valuation of 34.86 times [2][29] - The weekly gain of Zhongli Co., Ltd. exceeded 20%, while Guqi Textile Materials recorded a weekly decline of over 10% [2][29] - The first-day opening valuation for new stocks on the main board in May was 39.90 times, down from 42.27 times in April [31] Group 3 - The first-day gain of new stocks on the ChiNext Board in May was 131.03%, a decrease from 230.33% in April, with an opening valuation of 43.44 times [22][31] - The first-day gain of new stocks on the Science and Technology Innovation Board in May was 115.20%, down from 241.41% in March, with an opening valuation of 50.90 times [18][31] Group 4 - The report highlights key new stocks that have recently been listed, including Shengke Nano, Xidian Co., and Hongjing Optoelectronics, with significant revenue and profit projections for 2024 [50][51] - The report also identifies new stocks awaiting listing, such as Yingshi Innovation, which has a projected revenue growth of over 53% in the coming years [45][46]

Investment Rating - The report maintains an investment rating of "Outperform-A" for the defense and aerospace industry, specifically highlighting the domestic large aircraft sector [1]. Core Insights - The report emphasizes that China's large aircraft development has faced numerous challenges but has ultimately succeeded with the C919, marking a significant milestone in the country's aviation industry [3]. - It predicts that the demand for large aircraft will shift towards the Asia-Pacific region, with China becoming the largest aviation service market globally within the next two decades [4][50]. - The report identifies China Commercial Aircraft Corporation (COMAC) as the most promising player to disrupt the existing duopoly of Boeing and Airbus in the large aircraft market [5][59]. Summary by Sections 1. Development History of Large Aircraft - The journey of China's large aircraft development began with the Y-10 in the 1970s, which faced numerous setbacks until the successful development of the C919 [20][31]. - The C919 project represents a comprehensive approach to developing a full range of commercial aircraft, including the ARJ21 and the upcoming C929 [36][39]. 2. Global Large Aircraft Market Size and Structure - The report notes that the global demand for large aircraft is increasingly centered around the Asia-Pacific region, driven by robust economic growth and infrastructure development in China [47]. - It forecasts that over the next 20 years, China's airlines will receive 9,323 new aircraft, accounting for 21.3% of global deliveries, with a market value of approximately $1.4 trillion [50]. 3. Domestic Large Aircraft Industry Chain and Recommended Stocks - The report recommends key companies in the large aircraft supply chain, including AVIC Xi'an Aircraft Industry Group (000768.SZ), AVIC Shenyang Aircraft Corporation (600760.SH), and AVIC High-Tech (600862.SH) [2][8]. - These companies are positioned to benefit from the increasing demand for the C919 and other new aircraft models, as well as the growing domestic aviation market [8].

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1]. Core Insights - The non-bank financial industry is encouraged to enhance its technology financial services, with a focus on the evaluation of the "Five Major Articles" by the China Securities Association, emphasizing the importance of technology finance [7][14]. - Recent regulatory developments aim to improve corporate governance and enhance the operational mechanisms of enterprises, which is expected to positively impact the capital market ecosystem [15][27]. Summary by Sections Investment Recommendations - The evaluation framework for securities firms includes a total score of 100 points, with technology finance accounting for 50 points, highlighting the regulatory emphasis on this sector [14][29]. Market Review - During the week of May 26 to June 1, 2025, the CSI 300 Index and the ChiNext Index experienced declines of 1.08% and 1.40%, respectively, while the non-bank financial index rose by 0.17%, ranking 16th among 31 sectors [16][19]. - The total trading volume in A-shares was 5.47 trillion yuan, with an average daily turnover of 1.09 trillion yuan, reflecting a decrease of 6.77% week-on-week [16][21]. Industry Key Data Tracking 1) Market Performance and Scale: Major indices showed varying degrees of decline, with the Shanghai Composite Index down by 0.03% [16][21]. 2) Credit Business: As of May 30, 2025, the market had 3,123.03 million shares pledged, accounting for 3.86% of total equity, with a margin balance of 1.80 trillion yuan [21][24]. 3) Fund Issuance: In May 2025, new fund issuance totaled 657.59 billion units, a decrease of 28.90% from the previous month [21][23]. 4) Investment Banking: The equity underwriting scale in May 2025 was 16.795 billion yuan, with IPOs amounting to 3.456 billion yuan [21]. 5) Bond Market: The total price index of bonds decreased by 0.94% since the beginning of the year, with the 10-year government bond yield at 1.67%, up by 6.35 basis points [21][27]. Regulatory Policies and Industry Dynamics - The central government has issued opinions to enhance the modern enterprise system, aiming for significant improvements in corporate governance and operational efficiency by 2035 [27][28].