Investment Rating - Industry rating: Outperform the market (maintained rating) [5] Core Insights - The report highlights the strategic launch of Emperor Jewelry's brand in mainland China, emphasizing its commitment to quality and market trends [1][2] - The new brand culture focuses on "Heroic Nationalism" and "Royal Craftsmanship," aiming to resonate with consumer emotions and modern design [2] - Emperor Jewelry plans to open 600 new stores in mainland China over the next five years, targeting key urban clusters and employing a mix of direct and franchise models [4] Summary by Sections Brand Strategy - Emperor Jewelry's new slogan "Jewelry filled with love" reflects its innovative design approach and emotional connection with consumers [2] - The brand's collaboration with industry veteran Chen Shichang aims to deepen its integration into the mainland market [2] Product Development - The introduction of new product lines, including the "Gold Life Art" series, showcases a blend of traditional craftsmanship and modern aesthetics [3] - The report notes the significance of ancient techniques in creating unique jewelry pieces, enhancing the brand's cultural narrative [3] Market Outlook - The report anticipates a strengthening gold jewelry market driven by consumer demand and evolving brand strategies [4][8] - It suggests that the industry is experiencing a fundamental shift, with a focus on high-growth potential and brand differentiation [8][10] - The valuation framework is expected to evolve, indicating potential for further growth in the sector [10]

Group 1: Fixed Income and Banking Sector - The bond market in Q1 2023 experienced rising interest rates due to a convergence in the funding environment, a strong equity market, and adjustments in monetary easing expectations [2] - Banks increased bond sales to realize profits from AC and FVOCI accounts, smoothing profit performance amid floating losses in FVTPL accounts [2] - The short-term interest rates are expected to remain stable around 1.65-1.70%, while the long-term rates may fluctuate around 1.65% depending on external factors and domestic fundamentals [2] Group 2: Computer and AI Industry - The commercialization of AI Agents is anticipated to begin around 2025-2026, driven by advancements in four key areas: planning, memory, tools, and actions [3] - The total addressable market (TAM) for AI Agents is estimated at approximately 3.61 trillion yuan, with significant potential in IT and finance sectors [3] - The application of generative AI is projected to add between 2.6 trillion to 4.4 trillion USD to the global economy annually, enhancing productivity and investment returns [3] Group 3: Transportation Sector - High dividend yields are seen in highway and port companies, benefiting from declining domestic interest rates [4] - Mergers and acquisitions are expected to be a growth driver in the transportation sector, particularly in the road and bulk supply chain segments [4] - New energy and autonomous transportation platforms are likely to benefit from cost reductions, with significant growth in ride-hailing and digital freight platforms [4] Group 4: Food and Beverage Industry - The white liquor sector is currently under pressure due to seasonal factors, with leading companies focusing on channel expansion [10] - The snack and health product segments are experiencing growth, driven by new channels and product categories [10] - Investment themes in the food sector include cost control, new consumption trends, and potential performance rebounds in Q2 [10] Group 5: Agriculture Sector - The focus on "self-sufficiency in seed sources" is increasing, particularly in light of trade negotiations with the US [11] - China is heavily reliant on US agricultural imports, with significant volumes of soybeans, corn, and wheat expected in 2024 [11] - The domestic grain supply remains tight, necessitating a shift towards increasing domestic production capabilities [11]

Investment Rating - Industry rating is Neutral (maintained rating) [6] Core Viewpoints - The inorganic silicon industry has made significant progress in developing green low-carbon technologies and processes, with advancements in using rice husk ash as a silicon-based material to replace quartz sand for producing white carbon black [1][13] - The basic chemical sector has outperformed the CSI 300 index, with a weekly increase of 2.72%, while the CSI 300 index rose by 0.88% [4][17] - Key chemical products have shown varied price movements, with carbon dioxide prices increasing by 7% and liquid oxygen prices rising by 6.7% [2][3][29] Summary by Sections Key News Tracking - A meeting was held by the Inorganic Salt Industry Association to discuss the work plan for 2025-2026, highlighting the successful application of new technologies in the inorganic silicon industry [1][13] - The market for glyphosate remains stable with a gradual price increase supported by steady demand and normal supply conditions [2] Product Price Monitoring - Among the tracked 345 chemical products, 31 saw price increases, while 143 experienced declines, and 172 remained stable [28] - The top five chemical products with price increases include carbon dioxide (+7%), liquid oxygen (+6.7%), and WTI crude oil (+6.2%) [2][29] Sector Performance - The basic chemical sector ranked 7th in terms of weekly performance among all sectors, with notable increases in sub-industries such as pesticides (+7.23%) and non-metallic materials III (+6.43%) [4][21] - The basic chemical sector's price-to-book (PB) ratio is 2, while the overall A-share market's PB is 1.47 [26] Key Individual Stocks - The top-performing stocks in the basic chemical sector include Lianhua Technology (+39.13%) and Lingpai Technology (+28.99%) [23][24] - Conversely, the stocks with the largest declines include Hengtian Hailong (-15.91%) and Suzhou Longjie (-12.58%) [25] Investment Insights - The report suggests focusing on industries with stable demand and supply, such as refrigerants and phosphates, while also highlighting sectors with dual marginal improvements like organic silicon [5]

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]