Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][32]. Core Insights - The beauty care sector saw significant activity, with Douyin's beauty category GMV exceeding 20 billion yuan in June, where skincare accounted for 66.4% and color cosmetics for 33.6% [3][24]. - Notable companies like MINISO achieved over 100 million yuan in sales within nine months of opening their global flagship store [4][29]. - The report highlights the performance of key companies, with projected net profits for Xiaoshangpin City expected to be between 1.63 billion to 1.7 billion yuan, marking a year-on-year increase of 12.57% to 17.40% [30]. Market Performance - During the week of June 30 to July 4, 2025, the retail trade, social services, and beauty care sectors experienced declines of 0.16%, 0.74%, and 0.55% respectively, ranking 27th, 17th, and 29th among 31 primary industries [14][18]. - The report notes that the education, professional chain, and trade sectors saw the highest gains, with increases of 7.47%, 7.42%, and 5.2% respectively [2][14]. Key Industry Events and News - The report discusses various industry events, including the approval of a topical finasteride spray by NMPA, marking it as the first and only approved product for male androgenetic alopecia [3][24]. - L'Oréal announced the acquisition of the professional hair care brand Color Wow, valued at approximately 10 billion yuan [3][26]. - The report also mentions the performance of companies like Huaxi Biological, which reported significant revenue declines for its brands in 2024 [31]. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Juzhi Biological, Marubi Biological, and others within the beauty care sector [5][32].

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7]. Core Insights - The humanoid robot concept index experienced a decline of 0.94% from June 29 to July 4, 2025, underperforming the CSI 300 index by 2.48 percentage points. However, year-to-date, the humanoid robot index has risen by 35.59%, outperforming the CSI 300 index by 31.36 percentage points [2][12]. - Key developments include the establishment of a 10 billion yuan investment fund in Hubei province for the humanoid robot industry, and significant advancements in product technology, such as Tesla's suspension of humanoid robot production for design adjustments and the launch of remote control technology by Yujian Technology [3][21]. Summary by Sections Weekly Market Review - From June 29 to July 4, 2025, the humanoid robot concept index fell by 0.94%, while the year-to-date performance shows a 35.59% increase compared to the CSI 300 index [2][12]. - Among A-share humanoid robot stocks, Taotao Automotive had the highest weekly gain at +29.82%, while Changhong Energy saw the largest decline at -10.13% [14][16]. Weekly Hotspots Policy Developments - Hubei province successfully established a 10 billion yuan humanoid robot industry investment fund, focusing on core areas of humanoid robots and artificial intelligence [18]. - Zhejiang province released implementation opinions to promote high-quality development of government investment funds, targeting future industries including humanoid robots [18]. - Shanghai announced key application scenarios for AI, embodied intelligence, and autonomous driving, prioritizing major projects [20]. Product Technology Iteration - Tesla has paused humanoid robot production to adjust design details, with expectations of a significant performance upgrade for the next version of Optimus [21]. - Yujian Technology introduced remote control technology for humanoid robots, demonstrating precise control from 1800 kilometers away [21]. Investment and Financing - Sainade completed a B++ round of financing exceeding 100 million yuan, aimed at accelerating the application of embodied intelligence [22]. - Zhejiang Yifei Intelligent Technology submitted a prospectus for an IPO on the Hong Kong Stock Exchange, with plans to invest in robot technology development [22]. Key Company Announcements - Prilite plans to invest 1 billion yuan in a new headquarters and R&D base in Guangzhou, focusing on modified plastics for humanoid robots [23]. - Xinbo Co. established a joint venture to expand into humanoid robot joint modules [23]. - Junpu Intelligent announced the start of mass production for humanoid robots in collaboration with Zhiyuan [24].

Investment Rating - The report maintains a "Recommended" investment rating for the industry [6] Core Insights - The low-altitude economy is expected to develop healthily, with a focus on leading export chain enterprises in the machinery sector [2][3] - The Shanghai Composite Index rose by 1.40% from June 29 to July 4, 2025, while the machinery equipment sector underperformed, increasing by only 0.26% [2][10] - The report emphasizes the need to monitor the progress of trade negotiations between the US and other countries, as domestic leading enterprises maintain strong competitive advantages [3] Weekly Market Review - The overall market performance from June 29 to July 4, 2025, saw the Shanghai Composite Index increase by 1.40%, with the machinery equipment sector lagging behind the broader market [2][10] - Sub-sectors such as engineering machinery and rail transit equipment showed positive growth, with increases of 1.44% and 0.75% respectively, while automation equipment declined by 0.67% [2][10] Key Sector Tracking - The low-altitude economy sector is being supported by new organizational structures within the Civil Aviation Administration to promote safe and orderly development [3] - The machinery equipment sector is advised to keep an eye on the export chain, particularly in light of ongoing trade negotiations [3] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Wan Feng Ao Wei among others [4] - In the machinery equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli [4] Important Weekly News - The State Taxation Administration reported over 630 billion yuan in tax reductions and refunds for the manufacturing sector in the first five months of 2025, indicating strong growth in advanced manufacturing [20] - The first combined operation platform for tunnel construction was launched, significantly improving efficiency and reducing costs [21] - A new intelligent piling vessel was put into operation, achieving a 30% increase in efficiency [21] Economic Data Tracking - The manufacturing PMI and fixed asset investment data indicate a positive trend in the manufacturing sector, with sales revenue in advanced manufacturing growing significantly [35][37] - Monthly export totals and changes show fluctuations, with a focus on the performance of machinery and equipment exports [40][55] Key Industry Data Tracking - The report tracks production and export data for various machinery sectors, including metal cutting machine tools and industrial robots, highlighting trends and changes in output [46][48] - The report also includes data on the sales of excavators and forklifts, both domestically and for export, providing insights into market demand [52][53]

Investment Rating - The report maintains a "Hold" recommendation for the non-ferrous metals industry [7] Core Insights - The non-ferrous metals index increased by 6.19% over the past two weeks, outperforming the CSI 300 index and ranking 7th among 31 first-level industries [2][14] - Energy metals and industrial metals led the gains with increases of 8.28% and 8.09% respectively, while precious metals saw a slight decline of -0.53% [2][14] - The price of cobalt has been on the rise due to supply constraints, particularly following the extension of the cobalt export ban in the Democratic Republic of Congo [4][5] Summary by Sections Market Review - The non-ferrous metals index rose 6.19% from June 20 to July 4, 2025, with energy metals and industrial metals showing the highest gains [2][14] - Precious metals experienced a slight decline, while small metals and new metal materials saw positive growth [2][14] Precious Metals - As of July 4, COMEX gold closed at $3,336 per ounce, down 1.43% over the past two weeks, but up 24.89% year-to-date [21][22] - COMEX silver closed at $37.04 per ounce, up 3.03% over the past two weeks and 23.53% year-to-date [22][26] Industrial Metals - LME copper closed at $9,970.50 per ton, with a slight increase of 0.26% over the past two weeks and a year-to-date increase of 14.79% [30] - LME aluminum closed at $2,587 per ton, up 2.29% over the past two weeks [30][33] Small Metals - Black tungsten concentrate (≥65%) price was 173,000 CNY per ton, up 0.58% over the past two weeks [36] - LME tin price was $33,585 per ton, up 3.95% over the past two weeks [36] Rare Earths - The rare earth price index was 182.25 as of July 4, showing a slight increase of 0.04% over the past two weeks [45] - Prices for praseodymium-neodymium oxide and lanthanum oxide remained stable, while cerium oxide saw a significant year-to-date increase of 36.25% [45][46] Energy Metals - Electrolytic cobalt averaged 251,750 CNY per ton, up 7.36% over the past two weeks and 46.79% year-to-date [51] - Sulfuric cobalt (≥20.5%) averaged 48,850 CNY per ton, up 2.41% over the past two weeks and 78.94% year-to-date [51][54]

Market Overview - A-shares reached a new high for the year, driven by domestic policy initiatives and liquidity easing, with net purchases in margin trading hitting 18.9 billion CNY, a three-month high[4] - The Shanghai Composite Index approached 3500 points, led by bank stocks, reflecting effective growth stabilization policies and valuation recovery logic[4] - The Nasdaq index rose, driven by technology giants like Nvidia, despite weakened interest rate cut expectations and ongoing trade tensions[4] Commodity Performance - Structural rebound in commodities, with black metals (coking coal +3.76%, rebar +1.45%) and gold (+1.79%) leading gains, indicating improved domestic demand expectations[4] - However, the overall supply-demand balance remains weak, with futures market strategies under pressure (momentum -1.51%) due to a lack of fundamental support[4] Asset Allocation Recommendations - Bonds (score 6): Supported by liquidity easing and optimistic sentiment, focus on MLF renewal scale and seasonal recovery of wealth management products[5] - Overseas equities (score 6): Overweight non-US markets (e.g., Hong Kong, South Korea) to capitalize on a weaker dollar and resilient fundamentals[5] - Gold (score 5): Strengthened safe-haven appeal due to geopolitical conflicts and growth slowdown, though short-term performance may be suppressed by rising risk appetite[5] - A-shares (score 5): Valuation recovery supported by high dividend defensive attributes, while avoiding sectors with declining profit expectations[5] - Commodities (score 4): Overall underweight due to weak supply-demand dynamics[5] Risk Factors - Policy adjustment risks; market volatility risks; geopolitical shocks; economic data validation risks; liquidity transmission risks[6]

Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor industry [7]. Core Insights - The overseas AI chip index increased by 1.3% this week, while the domestic AI chip index decreased by 2.8% [10][11]. - Notable stock movements include Nvidia's 1% increase and significant declines for Marvell and AMD [10]. - The report highlights the upcoming mass production phase for Samsung's 1c nanometer DRAM technology [34]. Market Review - The overseas AI chip index rose 1.3% this week, with MPS up approximately 3%, and TSMC and Broadcom both exceeding 2% gains. Nvidia saw a 1% increase, while Marvell and AMD experienced declines of 2.6% and 4.1%, respectively [10]. - The domestic AI chip index fell by 2.8%, with most component stocks declining. Notably, Cambricon and Hengxuan Technology dropped over 6%, while only Lanke Technology saw a slight increase of 1.8% [10]. - The Nvidia mapping index surged by 9.3%, with Jingwang Electronics rising over 20% and several other companies seeing gains exceeding 10% [11]. - The server ODM index decreased by 0.7%, with mixed performances among component stocks [11]. - The storage chip index fell by 2.8%, with significant declines in stocks like Zhaoyi Innovation and Hengsuo Technology [11]. - The power semiconductor index saw a minor decline of 0.3%, while the A-share and Hong Kong fruit chain indices increased by 8.2% and 1.5%, respectively [11][17]. Industry Data - The global TWS market is projected to grow by 3% year-on-year in 2025 [23]. - Chinese power manufacturers are optimizing product structures, with an overall increase in gross margins for 2024. DELTA's gross margin is expected to rise from 29.2% in 2023 to 32.4% in 2024, an increase of 3.2 percentage points [28]. - Chinese and American Robotaxi manufacturers are expanding their presence in the global autonomous driving market, with companies like Baidu Apollo and Waymo planning operations in various international locations [31]. Major Events - The Trump administration has lifted certain export licensing requirements for chip design software to China [33]. - Domestic GPU company Muxi Integrated Circuit is preparing for an IPO on the Sci-Tech Innovation Board, aiming to raise 3.9 billion yuan [33]. - Huawei's Pura 80 series is set to launch in August, featuring an "AI super intelligent agent" [33]. - Samsung has officially approved the production preparation for its sixth-generation 10nm DRAM memory process, entering the mass production phase [34].

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week (June 29 - July 5, 2025) saw the Shanghai Composite Index rise by 1.40%, the Shenzhen Component Index by 1.25%, and the ChiNext Index by 1.50%. However, the telecommunications sector experienced a slight decline of 0.10% [2][10]. - Within the telecommunications sub-sectors, the highest increase was seen in the communication cables and accessories, which rose by 1.02%, while other communication equipment faced the largest decline of 2.49% [2][13]. - Notable individual stock performances included Nanling Technology with a rise of 17.08%, *ST Gaohong at 15.06%, and Yongding Co., Ltd. at 10.65% [2][15]. Summary by Sections Market Overview - The telecommunications sector's index experienced a minor decline of 0.10% during the reporting week, contrasting with the overall market's positive performance [10]. - The communication cables and accessories sub-sector led the gains with a 1.02% increase, while other communication equipment saw a decline of 2.49% [13][14]. Key Developments - Oracle's CEO announced a strong start to the 2026 fiscal year, with multi-cloud database revenue maintaining over 100% growth and a significant cloud service agreement expected to generate over $30 billion annually starting in the 2028 fiscal year [3]. - The AI technology's maturation is accelerating the growth of cloud services, which is expected to expand the demand for computing hardware and cloud infrastructure [3]. - The U.S. has lifted restrictions on chip design software exports to China, which may impact the EDA market and the competitive landscape for domestic EDA companies [21]. Company Announcements - No significant announcements were reported for the telecommunications sector during the week of June 29 - July 5, 2025 [22]. - Upcoming announcements for the week of July 6 - July 12, 2025, include no major events or unlocks for the telecommunications companies [23].

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [6] Core Viewpoints - The computer industry index experienced a decline of 1.28% during the week of June 30 to July 4, 2025, while the broader market indices showed positive performance [1][11] - The focus on the stablecoin ecosystem continues, with companies in the sector disclosing business progress, indicating a growing interest in financial technology [4][19] - The development of the stablecoin ecosystem is closely tied to the support from the computer software industry, which is expected to generate business growth for related companies [4][19] - Companies like Yuxin Technology are positioned as key players in connecting traditional financial institutions with the digital asset ecosystem, enhancing the use cases for digital currencies [4][20] - Strategic collaborations, such as that between Jingbeifang and Guofu Quantum Innovation Co., aim to innovate in IT applications and the stablecoin ecosystem, highlighting the potential for growth in this emerging industry [4][20] Summary by Sections Market Performance - The computer industry index fell by 1.28%, ranking last in performance among sectors, while the Shanghai Composite Index rose by 1.40% [1][11] - Sub-sectors such as computer equipment, IT services, and software development also saw declines of -0.70%, -1.35%, and -1.56% respectively [1][13] Major Events - Notable announcements include the stock issuance plan by Zhimingda, aiming to raise up to 213.40 million yuan for projects related to embedded computers and working capital [2] - Yuxin Technology emphasized the need for deep integration of stablecoins with traditional financial institutions to ensure sustainable development [3][20] Investment Insights - The report suggests that investors should pay attention to companies involved in the stablecoin ecosystem, as it presents significant growth opportunities [4][19] - The collaboration between Jingbeifang and Guofu Quantum is expected to enhance their capabilities in the digital asset space, indicating a strategic move towards international markets [4][20]

报告要点： 2025 年 7 月 4 日 A 股冲高回落，大金融领涨。上证指数上涨 0.32%，深 证成指下跌 0.25%，创业板指下跌 0.36%。市场成交额 14283.65 亿元，较上 一交易日增加 1187.78 亿元。全市场 1197 只个股上涨，4160 只个股下跌。 风格上看，各指数涨跌幅排序为：金融>稳定>消费>0>成长>周期；大盘 价值>小盘价值>大盘成长>中盘价值>中盘成长>小盘成长；基金重仓表现优 于中证全指。 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：银行 （1.85%），综合金融（1.13%），传媒（0.72%）；表现相对靠后的是：有色金 属（-1.49%），基础化工（-1.38%），轻工制造（-1.14%）。概念板块方面， 多数概念板块下跌，重组蛋白、昨日涨停、退税商店等大幅上涨；噪声防 治、昨日触板、电子烟等大幅走低。 证券研究报告 9[Table_Title] 每日复盘 2025 年 7 月 4 日 2025 年 7 月 4 日 A 股冲高回落，大金融领涨 资金筹码方面，主力资金 7 月 4 日净流出 336.46 亿元。其中超大单净流 出 118.79 亿元， ...

Market Performance - On July 3, 2025, the Shanghai Composite Index reached a new high for the year, with the ChiNext Index rising nearly 2%[2] - The Shanghai Composite Index increased by 0.18%, the Shenzhen Component Index rose by 1.17%, and the ChiNext Index climbed by 1.90%[2] - The total market turnover was 1,309.59 billion yuan, a decrease of 67.14 billion yuan from the previous trading day[2] Sector and Style Analysis - All 30 sectors in the CITIC first-level industry index generally rose, with electronics (1.56%), communications (1.36%), and pharmaceuticals (1.32%) leading the gains[19] - The coal sector saw a decline of 1.13%, followed by comprehensive finance (-1.01%) and the composite sector (-0.40%)[19] - Growth stocks outperformed value stocks across various market capitalizations, with large-cap growth leading the way[19] Capital Flow - On July 3, 2025, the net outflow of main funds was 9.05 billion yuan, with large orders seeing a net outflow of 10.00 billion yuan and small orders continuing to see a net inflow of 14.76 billion yuan[23] - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF experienced varying changes in turnover, with the former decreasing by 0.53 billion yuan[28] Global Market Trends - On July 3, 2025, major Asia-Pacific indices closed mixed, with the Hang Seng Index down 0.63% and the Nikkei 225 up 0.06%[32] - In the U.S. market, the Dow Jones Industrial Average fell by 0.02%, while the S&P 500 and Nasdaq Composite rose by 0.47% and 0.94%, respectively[32]