核心观点 【市场回顾】周四 A 股三大指数涨跌互现。截至收盘，上证综指涨 0.01%，深成指跌 0.11%，创业板指涨 0.26%。全市场成交额 13,035 亿元，较上日增加 169 亿元。全市场超 2,300 只个股上涨。板块题材 上，稀土永磁、量子科技、IP 经济、汽车零部件板块涨幅居前；农 业、猪肉板块跌幅居前。 【重要新闻】 市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 06 月 13 日 星期五 [Table_Summary] 概览 【商务部召开新闻发布会介绍中美经贸磋商机制首次会议情况】2025 年 6 月 12 日商务部召开新闻发布会。商务部介绍了中美经贸团队在 英国伦敦举行中美经贸磋商机制首次会议。双方就落实两国元首 6 月 5 日通话重要共识和巩固日内瓦经贸会谈成果的措施框架达成原则 一致，就解决双方彼此经贸关切取得新进展。关于稀土问题，中国作 为负责任的大国，充分考虑各国在民用领域的合理需求与关切，依法 依规对稀土相关物项出口许可申请进行审查，已依法批准一定数量的 合规申请，并将持续加强合规申请的审批工作。 研报精选 华 ...

Investment Rating - The report assigns a "Buy" rating for the company, Huali Group (300979) [4]. Core Insights - Huali Group is a leading global manufacturer of sports shoes, collaborating with renowned brands such as Nike, Converse, and Puma. The company has a strong competitive advantage in the footwear manufacturing sector, with a concentrated ownership structure controlled by the Zhang family, holding 87.48% of the shares. The company has shown steady growth in revenue and net profit, with a CAGR of +13.31% and +19.47% respectively from 2017 to 2024 [1][25]. Company Overview - Huali Group is a global leader in sports shoe manufacturing, established in 1990, and has developed a strong competitive edge in the industry. The company operates production facilities primarily in Vietnam, with additional locations in Indonesia and China. The company’s revenue has increased from 10.01 billion yuan in 2017 to 24.01 billion yuan in 2024, with net profit rising from 1.11 billion yuan to 3.84 billion yuan during the same period [1][25][16]. Industry Analysis - The global sports footwear market is expected to grow steadily, with sales projected to rise from $95.25 billion in 2011 to $168.65 billion in 2024, reflecting a CAGR of 4.49%. Factors driving this growth include increased consumer health awareness, technological innovations in products, and the promotion of sports events [2][35]. Company Highlights - **Client Base**: The company has established strong relationships with major clients, with over 80% of sales coming from the top five customers. This high customer concentration creates a strong barrier to entry due to the high switching costs for brands [3]. - **Production Capacity**: Huali Group benefits from cost advantages and plans to expand production capacity, with a projected sale of 223 million pairs of shoes in 2024, representing a year-on-year increase of 17.53% [3][10]. - **Efficiency**: The company maintains a leading profitability level compared to peers, with a gross margin of 26.80% and a net margin of 15.98% in 2024, benefiting from low costs and high operational efficiency [10][27]. - **Product Quality**: The company boasts a product quality rate of 99.99% from 2020 to 2024, indicating stable quality and strong delivery capabilities [10]. - **Dividends**: The company has significantly increased its cash dividend payout ratio in recent years, with a projected dividend yield of 4.40% for 2024 [11]. Earnings Forecast and Investment Recommendation - The company is expected to maintain rapid growth in net profit, with projections of 4.21 billion yuan, 4.84 billion yuan, and 5.50 billion yuan for 2025, 2026, and 2027 respectively. The report anticipates a stable dividend payout, supported by strong cash flow and a solid market position [12].

Core Insights - The A-share market indices collectively rose on Wednesday, with the Shanghai Composite Index increasing by 0.52%, the Shenzhen Component Index by 0.83%, and the ChiNext Index by 1.21%. The total market turnover was 12,866 billion, a decrease of 1,646 billion from the previous day, with over 3,400 stocks rising across the market. The sectors with the highest gains included rare earth permanent magnets, energy metals, and automotive parts, while the CRO concept sector saw declines [3][7]. Important News - The first meeting of the China-U.S. economic and trade consultation mechanism took place on June 9-10, 2025, in London. The Chinese lead, Vice Premier He Lifeng, and the U.S. lead, Treasury Secretary Yellen, along with other officials, engaged in candid and in-depth discussions on economic and trade issues of mutual concern. They reached a principled consensus on the framework for implementing the important consensus from the June 5 call between the two heads of state and made progress in addressing each other's economic and trade concerns [4][8].

Core Insights - The A-share market experienced a collective decline on Tuesday, with the Shanghai Composite Index falling by 0.44%, the Shenzhen Component Index by 0.86%, and the ChiNext Index by 1.17%. The total market turnover reached 1,451.2 billion yuan, an increase of 138.6 billion yuan compared to the previous day, with over 4,000 stocks declining across the market. Sectors such as port shipping, innovative pharmaceuticals, solid-state batteries, and football concepts saw the highest gains, while military and semiconductor sectors faced the largest declines [2][6]. Important News - The Central Committee of the Communist Party of China and the State Council issued opinions on advancing the comprehensive reform pilot in Shenzhen, emphasizing the need to improve the incentive and constraint mechanisms for financial services to the real economy. The opinions support Shenzhen in conducting integrated financial pilot projects for the technology industry, enhancing the credit and securitization systems for technology enterprises, and optimizing the coordination mechanisms for debt and equity financing. Additionally, it promotes green finance reforms and allows investment from insurance funds in private equity and venture capital funds targeting specific sectors in Shenzhen. Companies from the Guangdong-Hong Kong-Macao Greater Bay Area listed on the Hong Kong Stock Exchange are permitted to list on the Shenzhen Stock Exchange according to policy regulations [3][7].

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 06 月 10 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】周一 A 股三大指数集体上涨。截至收盘，上证综指涨 0.43%，深成指涨 0.65%，创业板指涨 1.07%。全市场成交额 13,126 亿元，较上日增加 1,355 亿元。全市场超 4,100 只个股上涨。板块题 材上，创新药、足球概念、可控核聚变、互联网金融板块涨幅居前； 贵金属、白酒板块跌幅居前。 【重要新闻】 【国家统计局公布 2025 年 5 月份 CPI 和 PPI 数据】2025 年 5 月份， 全国居民消费价格同比下降 0.1%。其中，城市持平，农村下降 0.4%； 食品价格下降 0.4%，非食品价格持平；消费品价格下降 0.5%，服务 价格上涨 0.5%。1-5 月平均，全国居民消费价格比上年同期下降 0.1%。 5 月份，全国居民消费价格环比下降 0.2%。其中，城市下降 0.2%， 农村下降 0.2%；食品价格下降 0.2%，非食品价格下降 0.2%；消费品 价格下降 0.3%，服务价格持 ...

Core Insights - The A-share market experienced narrow fluctuations last Friday, with the Shanghai Composite Index closing up 0.04% at 3,385.36 points, while the Shenzhen Component Index fell by 0.19% and the ChiNext Index dropped by 0.45% [1][6] - The total trading volume in the A-share market was approximately 1.15 trillion RMB, with over 2,400 stocks rising [1][6] - In terms of industry performance, the non-ferrous metals and telecommunications sectors led the gains, while the beauty and personal care sector lagged [1][6] - Concept sectors such as zinc metals, Tianjin Free Trade Zone, and lead metals saw significant increases [1][6] - The Hong Kong market saw the Hang Seng Index close down 0.48% and the Hang Seng Tech Index down 0.63% [1][6] - In the U.S., all three major stock indices rose, with the Dow Jones up 1.05%, the S&P 500 up 1.03%, and the Nasdaq up 1.20% [1][6] - European stock indices showed mixed results, while most Asia-Pacific markets experienced gains [1][6] Important News - The Shanghai Stock Exchange held a seminar on high dividend returns and enhancing the value of listed companies, discussing ways to improve the valuation of high dividend and high yield companies [2][7] - The exchange emphasized the continuous improvement of the capital market system, structure, and institutional mechanisms, reinforcing confidence in Chinese assets [2][7] - Future initiatives will focus on encouraging listed companies to increase dividend payouts and frequency, utilizing tools like buybacks, mergers and acquisitions, and investor communication to enhance investment value [2][7] - The product supply side will see an expansion of dividend index-related products to meet diverse market investment needs, promoting positive interactions between long-term capital, patient capital, and quality equity assets [2][7]

Investment Rating - The industry investment rating is "Outperform the Market," indicating a projected increase of over 10% relative to the market index in the next six months [4][7]. Core Insights - The profits of major industrial enterprises in China continued to improve, with a total profit of 211.7 billion yuan from January to April 2025, reflecting a year-on-year increase of 1.4% [1]. - In the consumer goods manufacturing sector, six out of thirteen major categories showed positive profit growth, with agricultural and sideline food processing profits increasing by 45.6% year-on-year [2]. - The report suggests focusing on sectors such as food and beverage, cosmetics, gold and jewelry, and home appliances, which are expected to benefit from policy support and market demand [3]. Summary by Sections Industrial Profit Trends - From January to April 2025, the total profit of large-scale industrial enterprises reached 211.7 billion yuan, with April profits showing a year-on-year increase of 3.0% [1]. - The total operating revenue for the same period was 4,344.2 billion yuan, reflecting a year-on-year increase of 3.2% [1]. Consumer Goods Manufacturing - In the consumer goods manufacturing sector, agricultural and sideline food processing, food manufacturing, beverage, and printing industries saw profit increases, while furniture and paper industries experienced significant declines [2]. - The report highlights that the home appliance sector benefited from the "old for new" policy, with profits in related industries growing by 17.2% to 15.1% [2]. Investment Recommendations - The report recommends focusing on resilient sectors such as food and beverage, cosmetics, gold and jewelry, and home appliances, which are expected to perform well in the near future [3].

Market Overview - The A-share market experienced an overall increase, with the Shanghai Composite Index closing up 0.42% at 3,376.20 points, the Shenzhen Component Index rising 0.87%, and the ChiNext Index increasing by 1.11%. The total trading volume in the A-share market was approximately 1.15 trillion yuan, with over 3,700 stocks rising [2][7] - In the industry sector, beauty care and comprehensive industries led the gains, while the transportation sector lagged. Concept sectors such as beer, copper cable high-speed connections, and tobacco saw significant increases [2][7] - The Hong Kong market also saw gains, with the Hang Seng Index closing up 0.60% and the Hang Seng Tech Index up 0.57%. In the US, the three major indices had mixed results, with the Dow Jones down 0.22%, the S&P 500 up 0.01%, and the Nasdaq up 0.32% [2][7] Important News - The National Energy Administration has initiated the first batch of pilot projects for the construction of a new power system, focusing on seven areas including grid-type technology and intelligent microgrids, aiming to explore new technologies and models for power system construction [3][8] - The Ministry of Industry and Information Technology is promoting the development of the artificial intelligence industry to empower new industrialization, emphasizing the need to strengthen the industrial foundation and enhance computing power supply [3][8] Tourism Industry Insights - During the Dragon Boat Festival holiday, 119 million domestic trips were made, representing a year-on-year increase of 5.7%, with total domestic travel expenditure reaching 42.73 billion yuan, up 5.9% year-on-year [9][10] - The growth rate of the tourism market has slightly declined compared to the May Day holiday, with per capita travel expenditure decreasing by 2.11% to 359.08 yuan per person [10][12] - The implementation of visa-free policies has led to a significant increase in inbound tourism, with a 59.4% year-on-year increase in foreign visitors entering under visa-free policies during the holiday [12][13] - Family travel has seen a notable increase, particularly in parent-child travel products, with bookings for such products rising by 80% year-on-year [12][13] Investment Recommendations - The tourism sector is expected to benefit from the optimization of holiday systems and policies, with potential growth in inbound consumption providing new opportunities for the duty-free industry [13] - The report suggests focusing on leading companies in tourism, duty-free, hotels, catering, and education sectors that are likely to benefit from favorable policies [13]

Investment Rating - The industry investment rating is "Outperform the Market," indicating a projected increase of over 10% relative to the market index in the next six months [4][7]. Core Insights - The tourism market is experiencing overall growth, but the growth rate has slightly declined compared to previous holidays. During the 2025 Dragon Boat Festival, domestic travel reached 119 million trips, a year-on-year increase of 5.7%, with total spending of 42.73 billion yuan, up 5.9% [1][2]. - The implementation of visa-free policies has significantly boosted inbound tourism. During the holiday, hotel search interest for inbound travel on Ctrip surged over 100%, with 5.907 million people entering and exiting the country, a 2.7% increase from last year [2][3]. - Family travel has seen a notable increase due to the overlap of the Dragon Boat Festival and Children's Day, with bookings for family group tours rising by 80% and family room bookings increasing by over 200% on Tongcheng Travel's platform [3]. Summary by Sections Tourism Market Performance - The growth rate of domestic travel and spending during the Dragon Boat Festival has decreased compared to the May Day holiday and the same period last year, with per capita spending dropping by 2.11% to 359.08 yuan per person [2][3]. Inbound Tourism Trends - The introduction of visa-free policies has led to a 59.4% increase in foreign visitors entering the country under these policies, totaling 231,000 during the holiday [2][3]. Consumer Behavior and Investment Opportunities - The report suggests that various sectors within social services are poised for growth, driven by improved holiday policies and increased inbound consumption, particularly benefiting tourism, duty-free, hotel, restaurant, and education sectors [3].

Core Insights - The report indicates a rebound in the A-share market, with the Shanghai Composite Index closing up 0.43% at 3361.98 points, and the Shenzhen Component Index rising 0.16% [1][6] - The report highlights that the manufacturing sector in China has entered a contraction phase, with the Caixin Manufacturing PMI for May dropping to 48.3, marking the first contraction in eight months [2][7] - The report notes that the beauty care and textile industries led the gains in the market, while the home appliance sector lagged behind [1][6] Industry Highlights - The report discusses the significant achievement of Zhiyuan Robotics, whose A2 humanoid robot has received certifications from China, the EU, and the US, making it the first humanoid robot to achieve such recognition globally [8][9] - The A2 robot's certifications reflect a technological breakthrough and have implications for the industry's development and commercialization [9][10] - The report emphasizes that the A2 robot's global certification marks a milestone in safety and reliability, enhancing China's competitiveness in the robotics sector [10][12]