Investment Rating - Industry rating: Outperform the market (maintained rating) [6] Core Viewpoints - The liquor sector is under pressure during the off-season, with a focus on opportunities in mass-market products. The high-end liquor prices have slightly decreased due to the current e-commerce promotion period and weak sales during the off-season. Leading liquor companies have proactively managed potential price declines [3][13] - The beer and beverage sectors are seeing increased attention on fresh beer and craft beer, with recommendations to focus on investment opportunities as the peak season approaches [3][4] - Four major investment themes are highlighted: cost reduction and control, new consumption trends, companies with strong alpha and potential performance elasticity, and thematic expectation stocks [4][16] Summary by Sections Market Performance Review - The food and beverage sector saw a decline of 1.06% from June 2 to June 6, while the Shanghai Composite Index rose by 1.13%. Specific segments included snacks (+4.64%), health products (+1.66%), and beverages (+0.16%), while liquor and dairy products experienced declines [2][20] Liquor & Yellow Wine - The liquor sector showed stability despite a 0.90% decline. Leading brands are focusing on expanding into lower-tier markets. The yellow wine sector is in a verification phase, with significant sales growth reported during the Dragon Boat Festival [3][13] Beer & Beverage - The beer sector increased by 0.11%, with fresh beer gaining popularity. Companies like Yanjing Beer are optimistic about achieving growth targets, while the beverage sector is expected to benefit from seasonal demand and cost reductions [3][14][15] Mass-Market Products - The snack and health product sectors are performing well, driven by new channels and product categories. The dairy sector is showing signs of potential price recovery as production growth slows [4][16][19] Investment Recommendations - Recommendations include focusing on soft drinks and low-alcohol products due to upcoming seasonal demand and cost advantages. Specific companies to watch include Li Ziyuan, Chengde Lulou, and Dongpeng Beverage [5][20][21]

Investment Rating - Industry rating is maintained at "Outperform" [6] Core Views - The liquor sector is under pressure during the off-season, with a focus on opportunities in mass-market products [3] - The snack and health product sectors have shown strong performance, driven by new channels and product categories [4] - The beer and soft drink sectors are expected to benefit from seasonal demand and cost advantages [5] Summary by Sections Market Performance Review - The food and beverage sector declined by 1.06% this week, while the Shanghai Composite Index rose by 0.88% [2] - Specific sector performances include snacks (+4.64%), health products (+1.66%), and liquor (-0.90%) [2] Weekly Perspective Update - Liquor: The liquor sector showed stability despite a 0.90% decline, with leading brands focusing on expanding into lower-tier markets [3] - Beer: The beer sector increased by 0.11%, with fresh beer gaining attention and expected to benefit from improved consumer demand [14] - Mass-market products: Four investment themes are highlighted, including cost control and new consumption trends [16] Investment Recommendations - Focus on soft drinks and low-alcohol products due to upcoming seasonal demand and cost benefits [20] - Recommended stocks include Shanxi Fenjiu and Kweichow Moutai in the liquor sector [21] - Emphasis on companies with strong alpha and potential earnings elasticity in Q2 [21] Sector and Stock Performance - The food and beverage sector's dynamic P/E ratio is 21.6, ranking 20th among primary industries [32] - The snack sector has the highest valuation increase this week, while the dairy sector saw the smallest [32]

Investment Rating - Industry rating is maintained at "Outperform the Market" [8] Core Viewpoints - The report emphasizes the importance of "self-controllable seed sources" in the context of ongoing US-China trade negotiations, particularly focusing on agricultural imports such as soybeans, corn, and wheat [4][3] - The gap in corn yield between China and the US is widening, which may accelerate the domestic biotechnology breeding industry [5] - The transition of genetically modified organisms (GMOs) into large-scale demonstration phases is highlighted, with significant policy support for the industrialization of biological breeding [6] Summary by Sections Trade and Agricultural Imports - In 2024, China is projected to import 22.13 million tons of soybeans, 2.07 million tons of corn, and 1.90 million tons of wheat from the US, accounting for 44.1%, 3.6%, and 9.0% of US exports respectively [4] - The report suggests that grain trade will be a critical area in the short term for negotiations with the US [4] Yield Disparity and Biotechnology - The US corn yield has reached 766 kg/mu by 2024, with a GMO penetration rate exceeding 90%, while China's corn yield is only 439 kg/mu, resulting in a yield gap of 327 kg/mu [5] - The report identifies the promotion of biotechnology breeding as a key factor contributing to this yield disparity [5] Policy and Market Developments - The central government's focus on biological breeding has been consistent for five years, shifting from research to application, with plans to accelerate the industrialization of biological breeding from 2024 to 2035 [6] - By 2024, GMO grain industrialization will transition from a trial phase to large-scale demonstration in eight provinces, with further expansion planned by 2025 [6] Investment Recommendations - The report recommends investing in leading companies in the biotechnology sector, including Longping High-Tech, Dabeinong, and Quanyin High-Tech, while also suggesting to pay attention to Fengle Seed Industry and Denghai Seed Industry [6]

证券研究报告 2025年06月11日 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 计算机 摘要 技术拐点已至，2025~2026年有望成为Agent商业化启动时刻。2024年，大模型能力跃迁推动Agent规划、记忆、工具、行动四大核心要 素持续突破，以Manus为代表的通用Agent工具代表着技术端或已经到达临界点。2024年下半年，OpenAI、Anthropic、微软、谷歌等 科技巨头纷纷公布相关进展，将自家Agent实力当作牌桌上的重要筹码。24年以来，Agent四大关键要素均取得了进步，有望带来独属于 AI 2.0时代的交互⽅式、产品形态和商业模式，从订阅模式转向按量抽成的模式企业能够更直观的算出ROI，实现Agent更快在B端落地。 综上，我们认为，2025~2026年有望成为Agent商业化启动时刻。 行业报告： 行业专题研究 Agent 有望定义万亿劳动力市场 作者： 分析师 缪欣君 SAC执业证书编号：S1110517080003 分析师 刘鉴 SAC执业证书编号：S1110525040001 总体看，Agent创造价值空间可等效于 ...

证券研究报告 2025年06月11日 行业报告： 行业专题研究 Agent 有望定义万亿劳动力市场 作者： 分析师 缪欣君 SAC执业证书编号：S1110517080003 分析师 刘鉴 SAC执业证书编号：S1110525040001 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 计算机 摘要 技术拐点已至，2025~2026年有望成为Agent商业化启动时刻。2024年，大模型能力跃迁推动Agent规划、记忆、工具、行动四大核心要 素持续突破，以Manus为代表的通用Agent工具代表着技术端或已经到达临界点。2024年下半年，OpenAI、Anthropic、微软、谷歌等 科技巨头纷纷公布相关进展，将自家Agent实力当作牌桌上的重要筹码。24年以来，Agent四大关键要素均取得了进步，有望带来独属于 AI 2.0时代的交互⽅式、产品形态和商业模式，从订阅模式转向按量抽成的模式企业能够更直观的算出ROI，实现Agent更快在B端落地。 综上，我们认为，2025~2026年有望成为Agent商业化启动时刻。 总体看，Agent创造价值空间可等效于 ...

行业报告 | 行业点评 农林牧渔 证券研究报告 中美新一轮谈判会议继续，关注"种源自主可控"机会！ 事件：2025 年 6 月 10 日，中美经贸磋商机制首次会议在英国伦敦继续进 行。此次谈判是基于 5 月 12 日在日内瓦达成的 90 天关税"休战"协议， 谈判核心问题从关税争端延伸至更具战略性的稀土出口管制等领域。 关注"种源自主可控"机会，"反制"逻辑或延伸至种子板块！ ①中国作为美国农产品的重要进口国，2024 年从美国进口大豆/ 玉米/ 小 麦 2213/ 207/ 190/万吨，占美国当年出口量的 44.1%/ 3.6%/ 9.0%。短期看， 粮食贸易或是短期内与美国谈判的重要领域之一。②长期看，国内粮食供需 仍维持紧平衡状态，未来要规避对粮食进口依赖的掣肘、实现高位再增产， 重心须转向"大面积提单产"，包括"良田、良种、良机、良法"深度融合； 其中在良种领域，转基因技术是后续提单产的重要增量手段。 中美粮食单产差距进一步扩大，或倒逼国内生物育种产业化提速 ①以美国为参考，其耐除草剂型转基因玉米渗透率由 7%提升至 70%仅耗时 10 年；至 2024 年应用渗透率已超 90%，推动美国玉米单产升 ...

Group 1 - The report discusses the pressure on banks' profit and liability due to the recent adjustments in the bond market, particularly focusing on the actions of large banks to realize gains from bond sales as the quarter-end approaches [1][8][9] - In the first quarter, banks faced pressure on their FVTPL accounts due to rising interest rates, leading them to increase bond sales to smooth profit performance [1][15][26] - As of May 30, the bond market showed signs of recovery with declining yields across various maturities, indicating a potential easing of pressure on banks' FVTPL accounts compared to the first quarter [2][26][30] Group 2 - The phenomenon of "deposit migration" has been observed since 2022, where banks have experienced slight increases in issuance rates for time deposits following rate cuts, indicating some pressure on their liabilities [3][37][39] - Despite multiple rate cuts, personal and corporate deposits have shown resilience, maintaining a growth rate above 10% until recent regulatory changes impacted the market [3][41][42] - The report highlights that the current pressure on banks' liabilities is gradual, with June being a critical observation period due to the combination of quarter-end and high maturity of time deposits [3][44][50] Group 3 - The report emphasizes the importance of monetary policy support from the central bank, noting that recent actions such as a 10 billion yuan reverse repo have helped stabilize expectations and support bank liquidity [4][45] - The overall funding supply from banks has improved, with net supply levels stabilizing around 3-4 trillion yuan, indicating that the pressure on large banks' liabilities is relatively manageable [4][45][46] - The report suggests that while there are still uncertainties and potential volatility in the market, the current monetary environment is conducive to maintaining stability in the banking sector [4][50]

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - High dividend yields are favorable for highway and port companies due to declining domestic interest rates, making them attractive for allocation and investment [2] - Mergers and acquisitions are seen as a potential growth source in the transportation sector, particularly in the highway and bulk supply chain segments, supported by low interest rates and low valuations [3] - The rise of new energy and unmanned transportation is expected to benefit platform companies, with a focus on digital freight and ride-hailing services [4] Summary by Sections 1. Aviation - The aviation industry is expected to see a turning point in supply and demand by 2025, with cumulative revenue growth for airlines projected to match the increase in aircraft numbers [7] - Airlines are likely to experience a recovery in aircraft utilization hours and passenger load factors, leading to increased revenue per passenger kilometer [11] 2. Highways - The defensive value of high dividend highway companies is decreasing as the A-share index rebounds, while their investment value is increasing due to declining interest rates [27] - There is significant potential for mergers and acquisitions in the highway sector, with many listed highway companies having substantial room for asset securitization [30] - Companies like Guangdong Expressway A and Shandong Expressway are highlighted for their high return on equity and dividends [27] 3. Railways - Short-term growth in railway freight and passenger volumes is low, but there is potential for long-term growth driven by new energy vehicles and unmanned driving technologies [36] - The container transport volume in railways is expected to grow significantly, supported by various initiatives like the Belt and Road Initiative [42] 4. Express Delivery - The express delivery industry is experiencing rapid growth in both volume and revenue, with major players like Zhongtong Express and YTO Express showing increasing profits [45] - Price competition is easing, which may present investment opportunities in the sector [46] 5. Bulk Supply Chain - Major bulk supply chain companies in China are seeing a decline in market share, but their revenues remain among the highest globally [51] - Companies like Wuzhou International and Jianfa Group are actively engaging in mergers and acquisitions to enhance their market position [54] 6. Shipping - The shipping industry is facing challenges due to potential declines in global trade volumes as a result of U.S. tariffs, which may pressure shipping rates [57] - The oil shipping sector may benefit from lower oil prices leading to increased demand for oil replenishment [63] 7. Ports - Port container throughput is expected to show resilience despite fluctuations in export growth, with stable pricing anticipated [70] - The report emphasizes the importance of reducing logistics costs, which may limit the potential for rate increases in port fees [70] 8. New Energy and Unmanned Transportation - The adoption of new energy vehicles is significantly reducing travel costs, while smart driving technologies are expected to lower labor costs in transportation [74] - Companies in the ride-hailing and digital freight sectors are projected to experience substantial growth due to these technological advancements [77]

Core Insights - The report emphasizes high dividend yields in the highway and port sectors, suggesting that these areas are attractive for investment due to stable earnings and continuous growth in throughput [2][3] - Mergers and acquisitions are highlighted as a potential growth avenue for the transportation sector, particularly in the highway and bulk supply chain segments, supported by favorable policies and low interest rates [3][28] - The rise of new energy vehicles and autonomous transportation is expected to lower costs, benefiting platform companies with pricing power, such as ride-hailing and digital freight platforms [4][42] Highway Sector - High dividend highway companies are losing defensive value as the A-share index rebounds, but their investment value is increasing due to declining interest rates [27] - Recommended companies include Guangdong Expressway A, Shandong Expressway, and Anhui Expressway, which exhibit high return on equity and dividends [27] - There is significant potential for mergers and acquisitions in the highway sector, with many listed companies having substantial non-listed assets that could be injected into them [30][35] Port Sector - The report anticipates stable growth in port container throughput despite fluctuations in export growth, with port fees expected to remain stable due to policies aimed at reducing logistics costs [70] - Recommended companies in the port sector include Qingdao Port and Tangshan Port, which are expected to benefit from ongoing throughput growth [2][70] Railway Sector - Short-term growth in railway freight and passenger volumes is expected to be low, but long-term trends may see a shift as new energy vehicles and autonomous driving reduce costs in road transport [36][42] - The report recommends Iron Dragon Logistics, which is positioned to benefit from the anticipated growth in container transport [42] Express Delivery Sector - The express delivery industry is experiencing rapid growth in both volume and revenue, with major players like Zhongtong Express and YTO Express showing increasing profits [45] - The report notes that price competition is easing, which may present investment opportunities as the market stabilizes [48] Bulk Supply Chain Sector - Leading bulk supply chain companies in China are experiencing a decline in market share, but their revenues remain among the highest globally [51] - The report highlights the trend of these companies moving from trade to manufacturing, with significant mergers and acquisitions expected to accelerate industry consolidation [54] Aviation Sector - The aviation industry is projected to see a reversal in supply-demand dynamics by 2025, with cumulative revenue growth expected to align with nominal GDP growth [7][11] - Major airlines are expected to benefit from increased aircraft utilization and rising passenger load factors, leading to improved profitability [11][14] Recommendations - The report provides a list of recommended stocks, including companies like China National Aviation and Guangdong Expressway A, which are expected to perform well based on their earnings forecasts and market conditions [78]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The geopolitical game has accelerated the independent innovation of China's Xinchuang industry, which is crucial for achieving self - controllability in the information technology field [10]. - Since 2023, the Xinchuang replacement has advanced steadily, and the issuance of special national bonds in 2024 is expected to further boost the industry's growth rate [2]. - The Xinchuang industry trend has driven the high - speed growth of relevant companies' performance, such as Hygon Information and Dameng Data [2]. - The CSI Xinchuang Index has investment value, with good performance, high industry concentration, and potential for future development [3]. - The Xinchuang ETF and its linked funds are good investment vehicles for tracking the CSI Xinchuang Index [4]. 3. Summary by Directory 3.1 Xinchuang Leads the Major Trend of Self - Controllability and Domestic Substitution 3.1.1 Geopolitical Game Brings Core Demands for Xinchuang - Xinchuang is a technological innovation in infrastructure based on domestic chips and operating systems, covering four major categories: basic hardware, basic software, application software, and information security, ensuring the self - controllability of the information technology system [10]. - International events such as the Microsoft "Black Screen" incident, the US "Prism Gate" incident, and sanctions on Chinese enterprises have accelerated the independent innovation of China's Xinchuang industry [10]. - The development of China's Xinchuang industry has gone through several stages, from budding to large - scale promotion and in - depth implementation [13]. 3.1.2 Complete System, Xinchuang Sector Covers Hardware, Basic Software, and Application Layers - The Xinchuang industry's ecological system consists of four parts, with a full - stack layout ensuring self - controllability [16]. - The upstream and downstream of the Xinchuang hardware industry chain are closely related, giving rise to major factions such as the Chinese Academy of Sciences, China Electronics, and Huawei [19]. 3.1.3 Since 2023, Policy Intensity Has Increased, and National Debt Funds Have Cooperated to Accelerate the Growth of the Trillion - Dollar Xinchuang Market - Since 2023, the Xinchuang replacement has advanced according to the "2 + 8+N" rhythm, with the financial Xinchuang replacement progressing the fastest [26]. - Policies in 2024 focus on strengthening the resilience of the industrial chain and supply chain and improving information security levels [30]. - The issuance of special national bonds is expected to provide sufficient demand support for the Xinchuang industry, and the Xinchuang market is expected to continue to expand [30]. 3.1.4 Xinchuang Promotes the High - Speed Development of Relevant Companies' Performance - Hygon Information has developed a high - security, high - performance, and highly - compatible C86 architecture system. Its products are widely used, and the company has achieved high - speed growth in revenue and profit [39][42]. - Dameng Data has become a leading domestic substitute for centralized databases. It has built a full - stack data solution ecosystem and has also seen continuous growth in revenue and profit [44][45]. 3.2 Investment Value Analysis of the CSI Xinchuang Index 3.2.1 Introduction - The CSI Xinchuang Index selects no more than 50 listed company securities involved in Xinchuang - related fields as samples to reflect the overall performance of Xinchuang industry listed company securities, with semi - annual sample adjustments [50]. 3.2.2 Market Value Distribution and Liquidity - As of June 5, 2025, the market value distribution of the CSI Xinchuang Index components is diverse, and the index has good liquidity [53][56]. 3.2.3 Industry Distribution - As of June 5, 2025, the CSI Xinchuang Index is highly concentrated in the computer and electronics industries at the Shenwan primary level, and mainly concentrated in vertical application software, horizontal general software, and other computer equipment industries at the Shenwan tertiary level [58]. 3.2.4 Top Ten Weighted Stocks - The top ten weighted stocks of the CSI Xinchuang Index have a moderate weight concentration, mainly covering the electronics and computer industries, and have a good profitability level [60]. 3.2.5 Development Potential - The CSI Xinchuang Index is expected to have high growth rates in operating income and net profit attributable to the parent in the next few years, indicating good profitability and development potential [61]. 3.2.6 Performance - From January 1, 2019, to June 5, 2025, the CSI Xinchuang Index has a total return of 34.61%, an annualized return of 4.22%, and its performance is better than that of the SSE 50, CSI 500, and CSI 1000 [3]. 3.3 Fund Products - The Huaxia CSI Information Technology Application Innovation Industry ETF (Xinchuang ETF) was listed on April 30, 2024, tracking the CSI Xinchuang Index. It is the largest and most liquid ETF product tracking this index in the market, with two linked funds [4][70].