Investment Rating - The industry rating is maintained as "Outperform" [7] Core Insights - The global semiconductor industry is expected to continue its optimistic growth trajectory in 2025, driven by AI applications and domestic substitution efforts [5][6] - The recent launch of Huawei's Pura80 series smartphones showcases significant advancements in imaging technology, benefiting the domestic supply chain [2][5] - The storage market is experiencing price increases, particularly for DDR4 and LPDDR4 products, due to supply constraints and production cuts from major manufacturers [3][20][21] Summary by Sections Huawei Pura80 Series - Huawei's Pura80 series features industry-leading imaging technology, including a 1-inch ultra-large sensor and a dynamic range of 16EV, significantly enhancing image quality [2][15] - The series has seen strong pre-sale performance, with over 284,000 units reserved on the first day, indicating high market acceptance for innovative technology [18] - The expected shipment volume for Q1 2025 is projected to reach 15.1 million units, marking a 28.5% year-on-year increase [18] Storage Market - Micron has announced a 50% price increase for DDR4 products, with significant price hikes observed across various memory types [3][20] - The supply of DDR4 and LPDDR4 is expected to decrease due to production cuts, benefiting domestic companies through price increases and order transfers [3][21] - The NAND Flash market is also projected to see contract price increases of 3-8% in Q2 2025 and 5-10% in Q3 2025, with DDR4 prices expected to rise by 18-23% in Q3 2025 [38][39] AI Glasses and AIoT - The release of AI glasses is anticipated to stimulate the industry chain, with companies like ByteDance and Xiaomi making significant advancements in AI integration [4][5] - The demand for edge AI chips and solutions is expected to grow, benefiting companies involved in the development of these technologies [4][5] Overall Market Outlook - The semiconductor industry is poised for growth, with a focus on SoC, ASIC, storage, and CIS sectors showing promising performance in Q2 2025 [5][6] - The ongoing trend of domestic substitution and supply chain restructuring is expected to enhance the competitiveness of local companies [5][6]

Investment Rating - Industry rating is maintained at "Outperform" [1] Core Insights - The World Bank has lifted a decades-long ban on nuclear energy financing to accelerate the development of low-emission technologies, aiming to meet the growing electricity demand in developing countries. This policy shift is expected to provide significant funding support for the international nuclear energy industry [3][4] - Governments in Europe and the U.S. are increasingly supporting the nuclear energy sector, with policies that may have influenced the World Bank's decision. For instance, the U.S. aims to quadruple nuclear power output in the next 25 years, while the UK plans to invest £2.5 billion in nuclear fusion over the next five years [4] - Recent financing records in the nuclear fusion sector indicate strong financial backing, with U.S. company TAE Technologies raising over $150 million and German startup Proxima Fusion securing €130 million (approximately $150 million) in funding, which will accelerate the commercialization of nuclear fusion technology [5] Summary by Sections Section: Industry Overview - The nuclear energy sector is experiencing a policy shift with increased government support in the U.S. and Europe, which is expected to drive growth in the industry [4] - The World Bank's new financing policy is aimed at supporting the extension of existing nuclear reactor lifespans and the development of small modular reactors [3] Section: Investment Opportunities - Companies to watch include: - Lianchuang Optoelectronics, a leading supplier of high-temperature superconducting magnets - Yongding Co., a major supplier of high-temperature superconducting strips - Guoguang Electric, which provides various components for controllable nuclear fusion devices [6]

A 股策略周思考 证券研究报告 新一轮以伊冲突下各类资产表现如何？ 市场思考：新一轮以伊冲突下各类资产表现如何？ 1）以伊冲突爆发后，美股短期内恐慌情绪迅速上升，标普 500 指数收跌 1.13%，而 CBOE 波动率指数大幅上涨 15.54%，VIX 指数仍处于历史低位附 近。复盘俄乌和巴以冲突初期走势，标普 500 通常在短期下跌后迅速反 弹，而 VIX 指数则在短期大幅上涨后回落至冲突前水平。 2）避险需求推动黄金上涨 1.40%，原油价格大幅上涨 8.39%。复盘俄乌冲 突，黄金价格突破 2000 美元/盎司，布伦特原油接近 130 美元/桶，黄金、 美元均有一定的涨幅。而在巴以冲突中黄金表现较好，但原油价格震荡下 跌，可能是由于当时俄乌冲突影响最大的时候已经过去，而巴以冲突并没有 显著扩散态势，原油供给仍然平稳。 3）中国权益市场在地缘冲突表现承压，6/13 沪深 300 和恒生指数分别收跌 0.72%和 0.63%。俄乌冲突初期，AH 均显著下跌，AH 溢价指数上行体现港股 下跌更多。巴以冲突期间，AH 同样也表现弱势。但这两段时间，由于企业 盈利端低迷，市场此前就已经表现较为弱势。 4）美元指数 ...

1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core Viewpoints of the Report - The bond market is in a low - volatility shock state, waiting for further signals. The short - end may show a shock - strong pattern, but a trend - like decline may require a rate cut. The upside space for the long - end is relatively limited [5][34]. - The pressure on the liability side of large banks is relatively controllable, but the pressure on certificate of deposit (CD) renewal at the end of the month and quarter needs to be observed. In the long run, the "deposit transfer" to non - banks may ease the upward pressure on CD prices [4][34]. 3. Summary by Relevant Catalogs 3.1 Bond Market Performance - From June 9 - 13, the bond market was in a narrow - range shock. Short - end and long - end performed well, while the decline of 5Y bonds was limited. By June 13, the yields of 1Y, 5Y, 10Y, and 30Y government bonds changed by - 1, - 0.1, - 1.1, - 2.7BP respectively compared to June 6 [1][7][8]. - Most yields of major - term CDs declined. The yields of 1M, 3M, 6M, 9M, and 1Y CDs changed by + 0.3, - 2.0, - 1.0, - 0.8, - 0.8BP respectively [8]. 3.2 Funding Situation - This week, the funding was first tight and then loose. DR001 fell below 1.4%. The net financing of large state - owned banks reached a high of 4.27 trillion yuan. Although the CD maturity scale was large, CD yields remained stable [2][11][12]. - The central bank's open - market operations showed a net withdrawal of 727 billion yuan this week. The average weekly values of DR001, R001, DR007, and R007 declined compared to the previous week. The phenomenon of funding stratification was prominent but still at a low level [12]. 3.3 May Social Financing - In May, the overall social financing and credit were in line with expectations. The year - on - year growth rate of social financing stock was flat, while that of loans continued to decline slightly, possibly due to government bonds replacing corporate loans [19]. - Attention should be paid to the weak long - term corporate loans, which may be related to short - term household loans and M2. M1 increased by 0.8pct year - on - year, and long - term household loans improved marginally, indicating better business expectations and spending willingness [20][21]. 3.4 Liability - Side Pressure - The pressure on the liability side of large banks is relatively controllable. The impact of previous deposit rate cuts since 2022 has been mild, and the central bank's support remains. This week, large banks' net lending increased, and CD net financing was negative [25][26][28]. - Next week, the funding will face multiple disturbances, including tax deadlines, MLF maturities, and large CD maturities. However, the pressure on the liability side is generally controllable [32]. 3.5 Next Week's Focus - On June 16, data such as May fixed - asset investment, social retail sales, industrial added value, and unemployment rate will be released. Other important data from various countries will also be released from June 17 - 20 [35][36].

固定收益 | 固定收益定期 美债回落，油价大涨 证券研究报告 海外经济跟踪周报 20250615 海外市场复盘（6.9-6.13） 本周欧美主要股指多数收跌，波动率上升。周一周二，中美贸易会谈召开， 美方官员释放会谈顺利有成效的信号，推动美股上涨；周五以色列袭击伊 朗，全球股市下挫。 美元和美债收益率下行，周五反弹。本周前四天，由于美国 CPI 和 PPI 通 胀低于预期、失业金申请人数超预期上升，市场降息预期升温，美元下跌； 并且美国国债标售稳健，美债收益率下行。周五中东局势升级，油价大涨 令通胀担忧上升，美元和美债收益率上行。 商品方面，中东局势推动油价和黄金上涨。中东冲突升级，加剧对石油供 应中断的担忧，尤其是担忧伊朗可能会袭击霍尔木兹海峡等主要石油航运 路线，油价大涨。避险情绪上升，黄金上涨。 海外基本面高频跟踪 总体景气度：美国小幅回升，德国继续降温。美国每周经济指数小幅回升， 德国每周经济指数继续下降。美国纽约联储 Nowcast、亚特兰大联储 GDPNow 对美国二季度 GDP 的预测小幅上调。 就业：失业金领取人数高于预期。美国初请失业金 24.8 万人，预期 24 万 人，或与学年结束有关。 ...

金融工程 | 金工定期报告 金融工程 证券研究报告 2025 年 06 月 15 日 量化择时周报：仍处震荡上沿，维持中性仓位 仍处震荡上沿，维持中性仓位 上周周报(20250608)认为：短期市场宏观不确定性增加和指数在震荡格局 上沿位置的压制下，风险偏好较难快速提升，继续维持中性仓位。最终 wind 全 A 全周表现先扬后抑，微跌 0.27%。市值维度上，上周代表小市值股票 的中证 2000 下跌 0.75%，中盘股中证 500 下跌 0.38%，沪深 300 下跌 0.25%， 上证 50 下跌 0.46%;上周中信一级行业中，表现较强行业包括有色金属、石 油石化，有色金属上涨 3.95%，食品饮料、计算机表现较弱，食品饮料下跌 4.42%。上周成交活跃度上，石油石化和非银金融资金流入明显。 市场处于震荡格局，核心观测是市场风险偏好的变化。宏观方面，中东战 争对全球的资本市场的风险偏好带来压力；同时本周即将迎来美联储议息 的关键窗口期，市场的风险偏好也会承压；之前预告的陆家嘴论坛的利好 也在本周迎来明牌，或将利好兑现；技术指标上，wind 全 A 指数虽然上周 小幅回落，但仍位于震荡格局的上沿，如果没有 ...

固定收益 | 固定收益定期 流动性跟踪 证券研究报告 央行呵护，资金再闯关 1、资金面聚焦：央行呵护，资金再闯关 本周资金面先紧后松，资金利率一度下破 1.4%的政策利率水平，国有大行 净融出规模行至年内高位，存单一二级收益率持稳。资金分层现象有所凸 显，但仍处偏低水平。 展望下周，资金面将迎来多重扰动，也一定程度增加对于银行负债端压力 的担忧，但整体或相对可控。一方面，本月第二次买断式逆回购将于月中 进行操作，月内净投放 2000 亿元，为二季度首次实现净投放，且这或与月 初的 3 个月期买断式逆回购操作、下旬开展的 MLF 操作将形成协同，分别 于月初、月中及月末时点进行呵护。后续也不排除这两类工具继续选择在 上述三个时点进行操作的可能，实现月内各阶段流动性的精准呵护，也有 利于引导市场形成较为稳定的预期。另一方面，5 月社融表现分化，外围 关税博弈也仍在持续，基本面磨底修复阶段仍需货币政策的保驾护航，央 行的呵护态度或仍在。 下周资金面关注因素：（1）逆回购到期 8582 亿元，规模小幅下行，MLF 回笼 1820 亿元；（2）政府债净缴款 1036 亿元，规模小幅回落，其中，国 债缴款规模较大；（3） ...

1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - Bank and other financial high - quality bottom - position convertible bonds are continuously shrinking, and medium - large bottom - position convertible bonds may benefit from the capital spill - over trend. It is recommended to select targets based on credit quality, remaining term, and clause games [1][11]. - The A - share market valuation has recovered but is still at a relatively low level in the long term, with a good risk - return ratio. Domestic economic fundamentals and capital flow may gradually resonate. For convertible bonds, be vigilant about valuation callback risks, focus on the game space of downward revisions and strong redemption risks, and pay attention to short - term game opportunities of near - maturity convertible bonds [14]. - Industries worthy of attention include popular themes, domestic demand - oriented sectors, central state - owned enterprises under the China - specific valuation system, and the military industry [15]. 3. Summaries Based on Relevant Catalogs 3.1. Convertible Bond Weekly Special and Outlook 3.1.1. After the Continuous Shrinking of Bottom - Position Convertible Bonds - This week, Nanyin Convertible Bond announced a strong redemption as expected. Since this year, 4 bank convertible bonds have announced early redemptions, and 1 has matured. As of June 13, the scale of bank convertible bonds has decreased to 1519.61 billion yuan, a decrease of about 39 billion yuan from the beginning of the year. There is still 5.7 billion yuan of Hangyin and Nanyin Convertible Bonds that will be converted or redeemed [1][9]. - In the future, 50 billion yuan of Pufa Convertible Bond will mature and delist. It is advisable to select convertible bonds based on credit quality, remaining term, and clause games, and pay attention to convertible bonds with a relatively large remaining scale and a remaining term of less than 2 years among those maturing in the non - downward - revision period in June [11]. 3.1.2. Weekly Review and Market Outlook - The market fluctuated this week, with an overall weekly decline. The A - share market valuation has recovered but is still at a relatively low level. The export order rebound drove a slight improvement in the May PMI. Domestic economic fundamentals and capital flow may gradually resonate [14]. - For convertible bonds, the issuance pressure is expected to be low. Be vigilant about valuation callback risks, focus on the game space of downward revisions and strong redemption risks, and pay attention to short - term game opportunities of near - maturity convertible bonds [14]. - Industries to focus on include popular themes, domestic demand - oriented sectors, central state - owned enterprises under the China - specific valuation system, and the military industry [15]. 3.2. Weekly Tracking of the Convertible Bond Market 3.2.1. The Equity Market Declined, and Cyclical Sectors such as Metals Strengthened - This week, major equity market indices declined. 13 Shenwan industry indices rose, and 18 declined. Industries such as non - ferrous metals, petroleum and petrochemicals, and agriculture, forestry, animal husbandry, and fishery led the gains, while food and beverage, household appliances, and building materials led the losses [18][20]. 3.2.2. The Convertible Bond Market Declined, and the Premium Rate per 100 - Yuan Par Value Slightly Decreased - This week, the convertible bond market declined. The average daily trading volume increased to 69.298 billion yuan, with a total weekly trading volume of 346.489 billion yuan [23]. - In terms of industries, 11 industries rose, and 18 declined. Agriculture, forestry, animal husbandry, and fishery, non - bank finance, and public utilities led the gains, while communication, media, and machinery and equipment led the losses [25]. - Most individual convertible bonds declined. The top five gainers were Jinling Convertible Bond, Jinji Convertible Bond, Haibo Convertible Bond, Liande Convertible Bond, and Zhite Convertible Bond; the top five losers were Zhengyu Convertible Bond, Huati Convertible Bond, Haomei Convertible Bond, Tianyang Convertible Bond, and Aofei Convertible Bond [26][28]. - The weighted conversion value of the whole market decreased, and the premium rate increased. The premium rate per 100 - yuan par value decreased slightly and is above the 50% quantile since 2017 [35]. 3.2.3. High - Frequency Tracking of Different Types of Convertible Bonds 3.2.3.1. Classification Valuation Changes - This week, the valuation of equity - biased convertible bonds and balanced convertible bonds declined significantly. The valuation of convertible bonds with a par value of 80 - 90 yuan and 110 - 120 yuan increased, while most other par - value convertible bonds' valuations decreased. The valuation of convertible bonds rated A+ and below decreased, while other ratings increased. The valuation of small - cap convertible bonds decreased, while other scale - graded convertible bonds increased [44]. - Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have rebounded from the bottom [44]. 3.2.3.2. Market Index Performance - This week, convertible bonds rated AA+ and above and A and below rose, while others declined. Since 2023, high - rated AAA convertible bonds have performed steadily, and low - rated convertible bonds have shown weaker downside resistance and greater rebound strength [54]. - This week, large - cap convertible bonds rose, while other scale convertible bonds declined. Since 2023, small - cap convertible bonds have recorded a 13.98% return, medium - small - cap convertible bonds 14.10%, medium - cap convertible bonds 9.60%, and large - cap convertible bonds 10.31% [54]. 3.3. Tracking of Convertible Bond Supply and Terms 3.3.1. This Week's Primary - Market Issuance Plans - This week, there were no newly listed convertible bonds. Two convertible bonds (Dianhua Convertible Bond and Anke Convertible Bond) announced plans to be issued, and one (Hengshuai Convertible Bond) has been issued but not yet listed. Six convertible bonds passed the first - level approval [4][59]. - Since the beginning of 2023 to June 13, 2025, there have been 90 convertible bonds in the pipeline, with a total scale of 145.842 billion yuan [60]. 3.3.2. Downward Revision and Redemption Clauses - As of June 14, 2025, 20 convertible bonds announced that they were expected to trigger downward revisions, 7 announced no downward revisions, 1 proposed a downward revision, and 1 announced the result of a downward revision [64]. - Seven convertible bonds announced that they were expected to trigger redemptions, 3 announced no early redemptions, and 2 announced early redemptions [67][68]. - As of the end of this week, 3 convertible bonds were still in the put - option declaration period, and 33 were in the company's capital - reduction settlement declaration period [70].

Investment Rating - Industry rating: Outperform the market (maintained rating) [11] Core Views - The pig sector is experiencing low price fluctuations, with the average price of live pigs at 14.39 CNY/kg as of June 14, remaining stable compared to the previous week. The profitability for self-breeding is approximately 72 CNY per head, down by 53 CNY from the previous week. The price of piglets has reached a three-month low [1][15] - The pet industry is witnessing significant growth driven by consumption upgrades, with domestic brands rising strongly. For instance, Tmall's pet sales exceeded last year's first-day sales within 100 minutes, and 653 brands saw sales double year-on-year. The pet food export volume from January to April 2025 reached 110,200 tons, a year-on-year increase of 16.17% [3][4][17][18] - The poultry sector is facing challenges due to uncertainties in breeding imports, particularly for white chickens, with a 40.66% year-on-year decline in breeding stock updates from January to May 2025. The yellow chicken market is expected to benefit from improved consumer demand as supply tightens [5][20][22] Summary by Sections Pig Sector - The average price of live pigs is 14.39 CNY/kg, with self-breeding profitability at 72 CNY per head, indicating a significant drop in profitability [1][15] - The supply side shows a slight decrease in average weight for slaughtered pigs, while demand is weakening due to seasonal factors and rising temperatures [19] - The sector is expected to face losses due to strong supply and weak demand, with potential for capacity reduction [19] Pet Sector - The pet industry is experiencing a consumption upgrade, with significant sales growth on platforms like Tmall and Douyin, indicating a shift towards high-value products [3][17] - Pet food exports are growing, with a total export value of 3.26 billion CNY from January to April 2025, reflecting a robust market [4][18] - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co. [4][18] Poultry Sector - The white chicken breeding sector is facing a 40.66% decline in breeding stock updates due to import uncertainties, while the yellow chicken market is seeing a tightening supply [20][21] - The average price for yellow chickens has fluctuated, with a notable decrease in prices in certain regions [22] - Investment recommendations include focusing on companies that can capitalize on breeding opportunities and market recovery, such as Shengnong Development and Yisheng Co. [21][22] Planting Sector - The focus is on achieving self-sufficiency in food security, with an emphasis on improving crop yields through advanced breeding strategies [24] - Key recommendations include seed companies like Longping High-Tech and Dabeinong, as well as agricultural resource companies [24] Feed and Animal Health Sector - The feed sector is recommended for companies like Haida Group, which is expected to see market share growth and sustained performance [25] - The animal health sector is shifting towards new products and markets, with a focus on pet health products and significant growth potential [26]

Industry Rating - The industry investment rating is maintained at "Outperform" [1] Core Insights - In May, the total sales of two-wheeled fuel motorcycles reached 1.486 million units, a year-on-year increase of 11.3%. Exports were 1.09 million units, up 20.6%, while domestic sales were 396,000 units, down 8.2% [2][8] - For motorcycles above 250cc, sales in May were 101,000 units, reflecting a year-on-year increase of 31.1%. Exports were 50,000 units, up 52.1%, and domestic sales were 51,000 units, up 15.4% [2][8] Summary by Relevant Sections Overall Industry Performance - Total sales of two-wheeled fuel motorcycles in May were 1.486 million units, with exports at 1.09 million units and domestic sales at 396,000 units [2][8] - Year-to-date total sales reached 6.8407 million units, a 17% increase year-on-year [3] Company-Specific Performance Chuanfeng Power - In May, Chuanfeng's fuel motorcycle sales were 28,000 units, a year-on-year increase of 13.4%. Exports were 12,000 units, up 2.5%, and domestic sales were 17,000 units, up 22.7% [2][13] - For motorcycles above 250cc, sales were 22,000 units, a 48.1% increase year-on-year [2][13] - Electric motorcycle sales surged to 35,000 units, a staggering increase of 2092.0% [2][16] Longxin General - Longxin's total sales of two-wheeled motorcycles in May were 123,000 units, down 10.8%. Exports were 113,000 units, down 12.6%, while domestic sales were 10,000 units, up 15.1% [2][19] - Sales of motorcycles above 250cc were 13,000 units, a year-on-year increase of 20.7% [2][19] Qianjiang Motorcycle - Qianjiang's total sales of two-wheeled motorcycles in May were 37,000 units, down 13.3%. Exports were 14,000 units, down 37.6%, while domestic sales were 22,000 units, up 15.7% [2][25] - For motorcycles above 250cc, sales were 14,000 units, a 6.4% increase year-on-year [2][25]