Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robotics industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [26]. Core Insights - The humanoid robotics concept index experienced a decline of 2.35% from June 15 to June 20, 2025, underperforming the CSI 300 index by 1.90 percentage points. However, year-to-date, the humanoid robotics index has increased by 28.44%, outperforming the CSI 300 index by 27.75 percentage points [2][11]. - Notable stock performance includes Zhongjing Electronics with a weekly increase of 32.60%, while Siling Co. saw the largest decline at 21.06% [17]. Weekly Market Review - From June 15 to June 20, 2025, the humanoid robotics index fell by 2.35%, while the year-to-date performance shows a rise of 28.44% [11]. - The report highlights the significant sales growth of humanoid robots during the "618" shopping festival, with sales increasing by 17 times year-on-year [20]. Weekly Hotspots Policy Developments - The Shanghai Financial Regulatory Bureau and the Science and Technology Commission issued guidelines to promote high-quality development in technology insurance, focusing on future industries such as humanoid robotics [3][18]. Product and Technology Innovations - Foxconn is in talks with NVIDIA to deploy humanoid robots at its AI server factory in Houston [19]. - The world's first 5G-A humanoid robot was launched, showcasing advanced capabilities in joint coordination and complex operations [20]. Investment and Financing - Yuzhu Technology completed a C round of financing with a pre-investment valuation exceeding 10 billion yuan, led by major investors including China Mobile and Tencent [22]. - Parsini Technology secured several hundred million yuan in financing, focusing on tactile core technology and general-purpose humanoid robot development [22]. Key Company Announcements - Wuzhou Xinchun plans to raise up to 1 billion yuan for the development of humanoid robots and automotive intelligent driving components [5][24]. - Step Co. is providing core power system solutions for the humanoid robotics industry and has established partnerships with multiple manufacturers [23].

Market Performance - On June 24, 2025, the market saw a significant increase, with the ChiNext Index leading the gains, rising by 2.30%[2] - The Shanghai Composite Index rose by 1.15%, while the Shenzhen Component Index increased by 1.68%[2] - Total market turnover reached 14,142.73 billion yuan, an increase of 2,918.16 billion yuan from the previous trading day[2] Sector and Style Analysis - All 30 sectors in the CITIC first-level industry index experienced gains, with the top performers being: Comprehensive (3.32%), Non-Bank Financials (2.70%), and Automotive (2.59%)[19] - The style performance ranked as follows: Growth > Financial > Cyclical > Consumer > Stable[19] - Fund-heavy stocks outperformed the CSI All Share Index[19] Capital Flow - On June 24, 2025, the net inflow of main funds was 177.00 billion yuan, with large orders contributing 155.11 billion yuan and small orders seeing a continuous outflow of 25.73 billion yuan[23] - Major ETFs such as the Huatai-PB CSI 300 ETF and the China Southern CSI 500 ETF saw significant increases in trading volume, with changes of +19.07 billion yuan and +11.32 billion yuan respectively[28] Global Market Trends - Major Asia-Pacific indices closed higher, with the Hang Seng Index up 2.06% and the Nikkei 225 Index up 1.14%[31] - In contrast, European indices saw declines, with the DAX down 0.35% and the FTSE 100 down 0.19%[32] - U.S. markets showed positive performance, with the Dow Jones Industrial Average rising by 0.89%[32]

[Table_Title] 每日复盘 证券研究报告 2025 年 06 月 23 日 2025 年 6 月 23 日市场全天低开高走，稳定币概念股再度 活跃 报告要点： 2025 年 6 月 23 日市场全天低开高走，稳定币概念股再度活跃。上证指 数上涨 0.65%，深证成指上涨 0.43%，创业板指上涨 0.39%。市场成交额 11224.57 亿元，较上一交易日增加 548.70 亿元。全市场 4501 只个股上涨， 862 只个股下跌。 风格上看，各指数涨跌幅排序为：成长>金融>周期>稳定>消费>0；小盘 成长>大盘价值>小盘价值>中盘价值>中盘成长>大盘成长；中证全指表现优 于基金重仓。 分行业看，30 个中信一级行业普遍上涨；表现相对靠前的是：综合金融 （5.03%），综合（3.22%），计算机（2.21%）；表现相对靠后的是：食品饮料 （-0.78%），家电（-0.43%），钢铁（0.02%）。概念板块方面，多数概念板块 上涨，昨日连板、昨日连板_含一字、数字货币等大幅上涨；低碳冶金、白 酒、啤酒等板块走低。 资金筹码方面，主力资金 6 月 23 日净流入 86.96 亿元。其中超大单净流 入 9 ...

资产配置与金融工程 证券研究报告 地缘风险下的资产再平衡 ——大类资产周报（20250616-20250622） 分析师：朱定豪 SAC执业资格证书编码: S0020521120002 邮箱：zhudinghao@gyzq.com.cn 2025年6月23日 分析师：汤静文 SAC执业资格证书编码: S0020524060001 邮箱：tangjingwen@gyzq.com.cn 联系人：黄雯瑜 邮箱：huangwenyu@gyzq.com.cn 摘要 一、本周大类资产交易主线 地缘冲突主导能源走强，但避险资产分化，中东局势升级推升原油（布油+2.09%）、天然气（+10.72%）大涨，霍尔木兹 海峡风险溢价强化能源趋势，黄金逆势跌1.98%，因美元走强及降息预期推迟压制无息资产；A股承压但大盘抗跌，高股息 防御占优；债市走强，流动性改善驱动杠杆策略。商品时序动量强化，截面多空策略受益于能源强/黑色弱格局，集运指数 大跌10.66%，需求证伪压制运价。美国经济意外指数跌至-23.3，美元微涨，人民币抗压（CNH微升），政策护航对冲外部 风险。 二、大类资产配置建议 债市（6）：资金宽松+情绪乐观支撑杠杆和久 ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Insights - The company has achieved a significant breakthrough in tin smelting technology with a newly patented system, enhancing its competitive edge in international markets [2]. - The company's revenue and net profit have shown substantial growth, with Q1 2025 revenue reaching 9.729 billion yuan, a year-on-year increase of 15.82%, and net profit attributable to the parent company at 499 million yuan, up 53.08% year-on-year [3][9]. - The increase in metal prices, particularly tin, copper, and zinc, has positively impacted the company's financial performance, with average prices for these metals rising compared to 2024 [4][9]. Summary by Sections Technology Breakthrough - The company has received a U.S. patent for a tin-containing material smelting system, marking a significant milestone in its technological advancements [2]. - The new technology has led to improved operational efficiency, including a 2.5% reduction in dust emissions and a 3.5% decrease in coal consumption, resulting in annual economic benefits exceeding 30 million yuan [2]. Financial Performance - In Q1 2025, the company reported a total production of 82,200 tons of non-ferrous metals, with tin production at 24,200 tons, copper at 24,400 tons, and zinc at 33,300 tons [8]. - The company has effectively controlled its expenses, with a period expense ratio of 4.01% in Q1 2025, and a significant reduction in financial expenses by 50.18% year-on-year [3]. Market Dynamics - The demand for tin is expected to continue growing, driven by its applications in new energy and electronic communication sectors, amidst a tightening supply from traditional tin-producing countries [4]. - The company is well-positioned to benefit from the favorable supply-demand dynamics in the tin market, supported by its strong resource reserves and operational efficiencies [9]. Profit Forecast - The company is projected to achieve net profits of 2.274 billion yuan, 2.484 billion yuan, and 2.680 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.38 yuan, 1.51 yuan, and 1.63 yuan [9].

Investment Rating - The report maintains a "Buy" rating for the industry [5][8] Core Insights - The Chinese gaming market reached a scale of 28.051 billion yuan in May 2025, showing a year-on-year growth of 9.86% and a month-on-month increase of 2.56% [3][26] - The report highlights the performance of new and mature products contributing to market growth, with "Genshin Impact" returning to the top three in sales rankings due to a new version release [3][32] - The AI application sector shows mixed performance, with "Doubao" leading in downloads while "Deepseek" experienced a decline [2][22] Market Performance - The media industry (Shenwan) saw a decline of 1.81% from June 14 to June 20, 2025, ranking 15th among industries, while the Shanghai Composite Index fell by 0.51% [11][18] - Within the media sector, the gaming II segment increased by 0.68%, while advertising and digital media segments saw declines of 4.30% and 3.13%, respectively [11][18] Key Data and Updates AI Application Data - The estimated download volume for "Deepseek" on iPhone was 948,200, down 13.20% week-on-week, while "Doubao" saw an increase of 3.99% to 2.0733 million downloads [2][22] Gaming Data - The mobile gaming market in China reached 21.177 billion yuan in May 2025, with a year-on-year growth of 11.96% and a month-on-month increase of 3.69% [26][29] - The overseas sales revenue of domestically developed games was 1.577 billion USD, reflecting a year-on-year increase of 6.93% [26][29] Film Data - The total box office for the week of June 13-19, 2025, was 326 million yuan, with "How to Train Your Dragon" leading the box office [43][44] - Upcoming films are expected to perform well during the summer season, with several high-profile releases scheduled [43][45]

Investment Rating - The report maintains a "Recommended" rating for the smart home industry [7][30]. Core Insights - The smart home industry is expected to benefit from government policies aimed at stimulating consumption, particularly through the expansion of the appliance replacement and recycling programs. The integration of advanced technologies such as IoT, AI, and big data is enhancing product innovation and meeting diverse consumer needs. Additionally, the easing of trade tensions with the US is likely to favor Chinese home appliance companies in international markets, while domestic demand is driven by rising living standards and an aging population [5][30]. Summary by Sections Market Review - In the past two weeks (June 7 - June 20, 2025), the Shanghai Composite Index fell by 0.75%, the Shenzhen Component Index by 1.75%, and the ChiNext Index by 1.45%. The smart home index (399996.SZ) decreased by 2.98%, underperforming the Shanghai Composite by 2.23 percentage points [1][12]. - Year-to-date (January 1 - June 20, 2025), the Shanghai Composite Index rose by 0.24%, while the smart home index fell by 0.31%, outperforming the Shenzhen Component and ChiNext indices [12][17]. Industry Policy Tracking - The Guangdong Provincial Department of Industry and Information Technology is initiating pilot projects for smart elderly care service robots, requiring selected units to validate applications in at least 200 households and 20 community or institutional settings within two years [3][19]. Industry News Tracking - A total of 138 billion yuan in central funds will be allocated to support the appliance replacement program, with significant sales growth reported during the "618" shopping festival due to government subsidies and platform promotions. Haier launched a new brand targeting the elderly, "Haier care," and Midea announced a share buyback plan of up to 10 billion yuan [4][20][24][26][28]. Investment Recommendations - The report emphasizes that the smart home industry is poised for growth due to supportive policies, technological advancements, and increasing consumer demand driven by demographic changes. The entire smart home supply chain is expected to benefit, leading to a "Recommended" rating for the sector [5][30].

Investment Rating - The report maintains a "Recommend" rating for the healthcare industry [7] Core Insights - The pharmaceutical sector underperformed the CSI 300 index, with the Shenwan Pharmaceutical Bio Index declining by 4.35% from June 16 to June 20, 2025, lagging behind the CSI 300 by 3.90 percentage points, ranking 29th among 31 Shenwan first-level industry indices [2][12] - Year-to-date, the Shenwan Pharmaceutical Bio Index has increased by 4.57%, outperforming the CSI 300 by 6.81 percentage points, ranking 6th among the 31 indices [2][14] - As of June 20, 2025, the valuation of the pharmaceutical sector stands at 27.07 times (TTM overall method, excluding negative values), with a premium of 140.87% compared to the CSI 300 [2][17] Summary by Sections Market Performance - The pharmaceutical sector's performance from June 16 to June 20, 2025, showed a decline of 4.35%, underperforming the CSI 300 index [12] - The sector's valuation as of June 20, 2025, is 27.07 times, indicating a significant premium over the CSI 300 [17] Key Events - On June 20, 2025, the National Medical Products Administration (NMPA) held a meeting to discuss measures to support the innovation of high-end medical devices, which includes optimizing special approval processes and enhancing communication and guidance mechanisms [4][21] Industry Perspective - The high-end medical device market in China is expanding, with significant growth in areas such as medical robots, high-end medical imaging equipment, AI medical devices, and new biomaterials [5][22] - The upcoming measures from the NMPA are expected to facilitate the transformation of research achievements into practical products, meeting clinical needs and providing market opportunities for companies [5][22] - The report expresses optimism about innovative drugs, overseas expansion, and the clearing of procurement segments, suggesting a focus on insulin, orthopedics, and certain generic drug companies [5][22]

Investment Rating - The report maintains a positive outlook on the domestic passenger car market and recommends focusing on emerging technologies such as solid-state batteries [6][4]. Core Insights - The solid-state battery technology is approaching practical application, with major automakers like Nissan and BYD planning to launch vehicles using this technology by 2027 and 2028 respectively [2]. - The European market for new energy vehicles continues to grow significantly, with May sales reaching 330,000 units, a year-on-year increase of 36.2%, driven by incentives in Germany and Southern Europe [3]. - The retail penetration rate of new energy vehicles in China reached 57% during the first half of June, with retail sales of 402,000 units, marking a 38% increase year-on-year [19]. Summary by Sections 1. Market Overview - From June 1 to June 15, 2025, the national retail sales of passenger cars in China were 706,000 units, a 20% increase year-on-year, while wholesale sales were 714,000 units, a 24% increase year-on-year [19][19]. - Cumulatively, retail sales for the year reached 9.522 million units, a 10% increase year-on-year, and wholesale sales reached 11.504 million units, a 12% increase year-on-year [19]. 2. New Energy Vehicle Insights - The retail sales of new energy passenger cars from June 1 to June 15 were 402,000 units, with a year-on-year growth of 38% and a cumulative retail of 4.76 million units for the year, reflecting a 35% increase [19]. - The wholesale of new energy vehicles during the same period was 369,000 units, an 18% increase year-on-year, with a cumulative wholesale of 5.576 million units for the year, showing a 38% increase [19]. 3. Technological Developments - Xiaomi's solid-state battery patent was published, which aims to enhance the performance of solid-state batteries by shortening the ion transport path [2]. - Major automotive companies are advancing towards the implementation of solid-state batteries, indicating a significant shift in battery technology within the industry [2]. 4. Investment Opportunities - The report suggests that investors should pay attention to the development of solid-state batteries and the recovery of the European market, particularly the opportunities for Chinese automotive companies to expand their supply chains into Europe [4].

Investment Rating - The report maintains a "Recommend" rating for the food and beverage industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [58]. Core Insights - The food and beverage sector in A-shares has seen a decline of 4.49% over the past two weeks, underperforming the Shanghai Composite Index by 3.73 percentage points [2][12]. - The retail sales in May showed a year-on-year growth of 6.4%, with total retail sales amounting to 41,326 billion yuan [4][55]. - The report highlights a significant increase in online alcohol sales during the 618 shopping festival, with a 40% year-on-year growth [4][55]. Summary by Sections Market Review - The A-share food and beverage industry has underperformed compared to major indices, with a year-to-date decline of 6.94% [12]. - Within the sector, all sub-industries experienced declines, with snacks and seasoning products showing the largest drops [2][12]. Key Data Tracking - The average price of fresh milk in major production areas is 3.04 yuan/kg, down 7.9% year-on-year [35]. - The price of pork is reported at 25.26 yuan/kg, reflecting an 11.1% decrease year-on-year [39]. Key Events Tracking - The report notes that the sales of Kweichow Moutai increased by 60% during the 618 shopping festival, indicating strong consumer demand [4][55]. - The total sales of Kuaijishan Shaoxing wine reached 50 million yuan during the same period, marking a 400% increase [4][55]. Investment Recommendations - The report suggests focusing on high-end liquor companies with strong brand and channel capabilities, such as Kweichow Moutai and Wuliangye [8][56]. - It also highlights the growing consumption of yellow wine and the seasonal increase in beer consumption, recommending companies like Qingdao Beer and Chongqing Beer [8][56].