Group 1: Report's Investment Rating - No information provided regarding the report's industry investment rating Group 2: Core Viewpoints - In 2025, with the listing of new credit - bond ETFs and science - innovation bond ETFs, the bond ETF market in China has grown rapidly, showing great development potential. The report analyzes all types of bond ETF products from a comprehensive perspective [10] Group 3: Summary by Section 1. Development History of Bond ETFs - As of July 17, 2025, the total scale of China's bond ETF market reached 481.1 billion yuan, with 39 products. Among them, the scale of interest - rate bond ETFs was 124.8 billion yuan, credit - bond ETFs (including science - innovation bond ETFs) was 309.6 billion yuan, and convertible - bond ETFs was 46.7 billion yuan [11] - The first bond ETF in China was established in 2013. Interest - rate bond ETFs gradually completed the full - term layout from 2013 to 2025. Credit - bond ETFs developed relatively slowly before 2024 and grew rapidly in 2025. Convertible - bond ETFs have only 2 products, which were listed in 2020, and their scale increased significantly in 2024 and remained stable in 2025 [11][14][19] 2. Characteristics of Bond ETFs - Advantages: Support physical subscription and redemption to reduce redemption impact; component bonds are transparent to ensure position penetration; support "T + 0" trading to enhance trading activity; some can conduct general repurchase to improve liquidity; have lower fees and cost advantages [23][28][29] - Disadvantages: Physical subscription and redemption may have operability issues due to low - liquidity individual bonds; there is insufficient intraday valuation disclosure, with only a few bond ETFs disclosing IOPV [42] - Compared with over - the - counter passive index bond funds, bond ETFs are currently smaller in scale but have greater development potential [44] 3. Components of Bond ETFs 3.1 Bond ETFs' Tracked Indexes - As of July 17, 2025, 39 bond ETFs tracked 25 indexes. Interest - rate bond ETFs' tracked indexes generally have fewer component bonds, while credit - bond ETFs' tracked indexes have more [50] - Index compilation has different sample - bond selection criteria. Interest - rate bond indexes mainly focus on remaining maturity, while credit - bond and convertible - bond ETFs' tracked indexes also consider credit ratings, issuance methods, and bond scales [52] 3.2 Index Component Bonds and Product Component Bonds of Credit - Bond ETFs - In terms of index component bonds, the component bonds of the Shanghai - Shenzhen urban investment bond index and the CSI short - term financing index are widely distributed in different credit ratings, while the component bonds of benchmark credit - bond ETFs and science - innovation bond ETFs are highly concentrated in the AAA rating [56] 4. Performance of Bond ETFs - The report focuses on indicators such as annualized return, maximum drawdown, annualized volatility, and Calmar ratio to compare the historical performance of various bond ETFs, but no specific performance data is provided [4] 5. Major Investors in Bond ETFs - For interest - rate bond ETFs, securities firms (securities firm asset management) are the most common among the top ten holders, followed by banks (bank wealth management) and insurance (insurance asset management) - For credit - bond ETFs, securities firms (securities firm asset management) are the main holders, followed by banks and trusts, and insurance (insurance asset management) is actively involved in some products - For convertible - bond ETFs, insurance (insurance asset management) holds a relatively large proportion, followed by funds [5]

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1][27]. Core Viewpoints - Despite a recent pullback in bank stock prices, the long-term positive outlook for the banking sector remains intact due to several factors, including expected marginal improvements in fundamentals and ongoing valuation recovery driven by increased capital inflows [2][21]. Summary by Relevant Sections Recent Market Performance - Since July 11, bank stock prices have experienced a notable decline, with the banking index down 3.41% as of July 18. This pullback is attributed to strong prior gains, profit-taking by investors, and short-term selling pressure from dividend-related strategies [2][12]. Fundamental Improvements - The first half of 2025 is expected to reflect some marginal improvements in bank performance, driven by stabilized net interest margins, improved non-interest income, and a favorable asset quality outlook [2][13][14]. - Net interest margins are projected to stabilize due to easing credit supply-demand imbalances and the expiration of high-interest deposits [17]. - Non-interest income is anticipated to improve as the decline in management fees narrows and the bond market recovers [17]. Valuation Recovery - The banking sector's valuation recovery is expected to continue, supported by low interest rates and a scarcity of attractive assets, making bank stocks appealing due to their high dividend yields [18][20]. - As of July 18, the banking sector's dividend yield stands at 4.47%, with a price-to-book (PB) ratio of 0.73, indicating a low valuation compared to other sectors [20]. - The influx of incremental capital, including long-term funds and public fund reforms, is likely to sustain the valuation recovery trend in the banking sector [20][21]. Investment Recommendations - The report recommends focusing on quality regional small banks such as Chengdu Bank and Changshu Bank, as well as major state-owned banks including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and Postal Savings Bank of China [21].

Domestic Policy News - The State Council held a meeting on July 16 to discuss strengthening the domestic circulation, emphasizing the need for optimized policy design and collaboration among departments to promote economic stability and growth [9][10][11] - The National Committee of the Chinese People's Political Consultative Conference convened a meeting on July 18 to analyze the macroeconomic situation for the first half of 2025, highlighting the importance of maintaining employment, enterprises, and market stability amid a complex international environment [11][12] Overseas Policy News - On July 17, the U.S. House of Representatives passed the "Genius Act," establishing a regulatory framework for digital stablecoins, marking a significant legislative reform in cryptocurrency regulation [2][14] - Data from the U.S. Treasury revealed that in May 2025, Japan and the UK increased their holdings of U.S. Treasury bonds, while China continued to reduce its holdings for the third consecutive month [16][20] Equity Market Analysis - A-shares experienced a slight increase in mid-July, driven by better-than-expected economic growth in the first half and policies encouraging long-term capital inflow [22][23] - The MSCI China A-share index rose by 1.2% in the third week of July, while the Southbound capital maintained a net inflow of nearly 20 billion yuan [22][23] Fixed Income Market Analysis - The People's Bank of China indicated a commitment to increasing monetary easing, with a net injection of 9.749 billion yuan into the market through open market operations [3][21] - The central bank's policies have shown a positive impact on supporting the real economy, with a notable increase in the effectiveness of monetary policy [3][21] Commodity Market Analysis - The prices of non-ferrous metals showed a slight rebound, while crude oil prices experienced a minor decline [3][21] - The Ministry of Industry and Information Technology announced the implementation of a work plan to stabilize growth in ten key industries, including steel and non-ferrous metals [3][21] Foreign Exchange Market Analysis - The U.S. dollar index strengthened slightly, closing at 98.46 on July 18, while the renminbi faced depreciation pressure, trading at 7.18 [4][20] - A joint announcement from seven departments encouraged foreign investment in domestic reinvestment, aiming to enhance the investment environment [4][20] Major Asset Rotation Outlook - The report anticipates further fiscal expansion and moderate monetary easing in the second half of the year, with a focus on structural adjustments to address uncertainties from U.S. trade policies and geopolitical risks [4][20]

Investment Rating - The report maintains a "Buy" rating for Wanda Film, with a target price not specified [6][17]. Core Views - Wanda Film is expected to see significant growth in net profit for the first half of 2025, projected between 500 million to 560 million yuan, representing a year-on-year increase of 340.96% to 393.87% [1]. - The company is enhancing operational efficiency and deepening its "1+2+5" strategic layout, leading to notable improvements in both efficiency and structure [1]. - The domestic cinema box office for Wanda Film reached 4.207 billion yuan in the first half of 2025, capturing a market share of 14.4% [1]. - The company has successfully turned around its Australian cinema operations and is seeing good returns from film investments and steady growth in gaming profits [1]. Summary by Sections Business Strategy - The company is implementing a "Super Entertainment Space" strategy, which includes opening 33 new stores and 105 specialized stores, as well as introducing interactive facilities [2]. - Wanda Film is incubating trendy toy brands and expanding its non-ticket revenue streams through various initiatives, including collaborations with popular IPs and events [2]. Content and Talent Development - The company adheres to a "Content + Talent" strategy, focusing on high-quality productions and nurturing new talent through initiatives like the "Leap Curtain Plan" [3]. - Several films are scheduled for release in the summer, with significant audience interest indicated by high pre-release viewership numbers [3]. Financial Projections - Revenue forecasts for Wanda Film from 2025 to 2027 are 15.121 billion, 16.342 billion, and 17.073 billion yuan, with year-on-year growth rates of 22%, 8%, and 4% respectively [3]. - The projected net profits for the same period are 1.154 billion, 1.319 billion, and 1.390 billion yuan, with corresponding PE ratios of 21, 19, and 18 times [3]. Financial Data - The company reported a significant increase in revenue in 2023, with a total of 14.62 billion yuan, and a projected EBITDA of 3.413 billion yuan [5]. - The net profit for 2023 was 912.24 million yuan, with a notable increase expected in subsequent years [5][12].

Group 1: Tariff Impact on Inflation and Fiscal Policy - The report discusses how tariffs affect US inflation, noting that the June CPI reflects some impact from tariffs, particularly in categories like appliances, home decor, clothing, and entertainment products, which have seen significant inflation increases [3] - It estimates that for every 1% increase in effective tariff rates, tariff revenue increases by $2.38 billion per month, suggesting that a 10% tariff could yield an annual revenue increase of approximately $220 billion [3] - The report concludes that while tariffs can help alleviate the US deficit to some extent, relying solely on tariff revenue to cover the deficit from the "Big and Beautiful" plan would require an effective tariff rate increase to 19%, which is challenging [3][35] Group 2: Interest Rate Outlook - The report outlines the uncertainty surrounding potential interest rate cuts in the second half of the year, emphasizing the need for flexibility in policy to address both domestic economic recovery and external complexities [5] - It highlights that the current monetary policy framework is evolving, with the central bank improving its liquidity management and balancing multiple objectives [5] - The report suggests that the market may remain in a valuation uptrend for convertible bonds, with a focus on those with low option valuations [17] Group 3: Defense Industry Insights - The report notes that Sweden has procured $525 million worth of artillery ammunition, indicating a rising demand in the ammunition supply chain driven by geopolitical tensions [6] - It emphasizes the increasing need for low-cost, precision-guided, and modular munitions in modern warfare, with the US defense budget for missiles and ammunition projected to grow at a compound annual growth rate of 13.65% from 2022 to 2025 [6] - The ammunition industry is expected to benefit from sustained high demand, with companies in the sector signing significant contracts in the first half of 2025 [8] Group 4: Cement Industry Performance - The report indicates a significant improvement in the cement industry's performance in the first half of 2025, with profits expected to reach between 15 to 16 billion yuan, marking a turnaround from previous losses [8] - It mentions that while some regions are experiencing slight price declines due to seasonal factors, prices are expected to rise as demand enters the peak season in August [8] - The report recommends continued investment in the cement sector, highlighting companies like China National Materials and Huaxin Cement as key players [8] Group 5: Semiconductor and AI Industry Trends - The report highlights that the semiconductor industry is expected to maintain optimistic growth in 2025, driven by AI demand and supply chain restructuring risks [19] - It notes that the storage market is experiencing a price increase, with enterprise-level products projected to see significant revenue growth [21] - The report emphasizes the importance of domestic substitution in the semiconductor sector, with companies like Jiangbolong expected to benefit from this trend [21]

Core Conclusions - The top five sectors for active fund accumulation in Q2 2025 are telecommunications, pharmaceuticals, non-bank financials, banking, and military industry, indicating a shift in investment logic towards these sectors due to overseas computing power and innovative drug trends [10][11] - The reduction in holdings is primarily seen in food and beverage and automotive sectors, with food and beverage representing core assets and automotive linked to anti-involution trends [10] Asset Allocation and Sector Distribution - The allocation for active equity funds in Q2 2025 shows a significant increase in midstream manufacturing to 41.86% (up 1.58 percentage points), while downstream consumption decreased to 34% (down 2.98 percentage points) [19] - The overall allocation for upstream raw materials is 9.29% (down 0.26 percentage points), financial and real estate sectors increased to 7.93% (up 1.67 percentage points), and support services remained stable at 6.8% (down 0.03 percentage points) [19] Upstream Raw Materials - The allocation in upstream raw materials shows a slight recovery, with non-ferrous metals at 4.65% (up 0.15 percentage points) and basic chemicals at 2.95% (unchanged), while coal and steel sectors saw declines [24] - The top three sectors with increased allocation are precious metals at 1.08% (up 0.11 percentage points), glass and fiberglass at 0.19% (up 0.11 percentage points), and energy metals at 0.32% (up 0.09 percentage points) [24] Midstream Manufacturing - Telecommunications saw a significant increase in allocation to 5.33% (up 2.39 percentage points), while defense and military industry reached 4.17% (up 0.99 percentage points) [28] - The electronics sector remains dominant at 18.67% (down 0.07 percentage points), with notable declines in machinery and power equipment sectors [28] Downstream Consumption - The pharmaceuticals sector increased to 10.91% (up 0.37 percentage points), while food and beverage decreased to 6.74% (down 2.08 percentage points) [33] - The automotive sector allocation is at 6.33% (down 1.49 percentage points), with significant declines in the white wine sector [33] Financial and Real Estate - The banking sector allocation increased to 4.88% (up 1.12 percentage points), while non-bank financials rose to 1.85% (up 0.76 percentage points) [3] - Real estate remains at a low allocation of 0.68% (down 0.19 percentage points), indicating a cautious approach towards this sector [3] Support Services - The allocation in support services is led by transportation at 1.97% (up 0.32 percentage points), while computer services saw a decline to 2.59% (down 0.53 percentage points) [3]

固定收益 | 固定收益专题 关税对美国通胀和财政影响多大？ 证券研究报告 特朗普关税政策跟踪 目前宣布的关税政策有哪些？ 截至目前，特朗普宣布或威胁的关税政策，可以分成 4 部分： 1）基于芬太尼和边境问题的关税，主要针对中、加、墨；但符合 USMCA 的商品已经豁免。2）已达成贸易协议的国家：英国、越南、印尼。贸易协 议有 2 个特征：对供应链安全的重视、要求购买美国商品。协议尚未发布 官方文本，细节仍有悬念。3）"对等关税 2.0"，延长谈判期限至 8 月 1 日。 4）行业关税，包括钢铁和铝及其制品（包括钢制家电）、汽车及其关键零 部件、铜关税。 实际有效关税税率上升了多少？ 今年以来，截至 5 月，美国平均有效关税税率从 2.3%上升至 8.8%，共上升 6.5 个百分点。分国家看，对中国征收的平均关税税率上行最多、而对加 拿大、墨西哥的有效关税上升幅度较小。分行业看，钢铁和铝及其制品的 有效关税税率上行幅度最大，其次是家具、寝具、玩具、运动用品、服装 鞋靴被征收的平均关税税率提升较大。 关税如何影响美国通胀？ 1）美国在关税生效之前、到底以较低的价格"囤货"了多少？ 从美国的进口数据看：贵金属（尤其 ...

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report -下半年降息不确定性增加，需关注7月政治局会议增量信号 [5][36] -若降息落地或相对后置，三季度末或四季度概率高，幅度或延续上半年10BP；若无降息落地，流动性无需过多担忧，债市短端或受冲击，中长期呈震荡格局 [5][36][40] 3. Summary by Directory 3.1 Possible Scenarios and Boundaries of Interest Rate Cuts - **Monetary Expansion May Not Boost Prices**: "Promoting a reasonable recovery of prices" has become an important consideration for monetary policy. The relationship between prices and money is affected by multiple factors. Overseas, quantitative easing may not solve "low inflation." In China, the current supply - demand imbalance means that monetary expansion may suppress price recovery, so the use of aggregate monetary policy will be more cautious [2][9][12] - **Smoothing the Interest Rate Transmission Mechanism is Also Key**: Besides interest rate cuts, smoothing the interest rate transmission mechanism is crucial for reducing real - economy financing costs. Attention will be paid to financial institutions' pricing ability and enterprises' non - interest costs, especially considering the low net interest margin of commercial banks [3][21] - **Dynamic Balance of Monetary Policy**: The 5.3% GDP growth in H1 2025 reduces the urgency of interest rate cuts in the short term. In supporting expansionary fiscal policy, the central bank has various tools, and interest rate cuts may not be the top option. The central bank's support will be "moderately loose" and maintain a dynamic balance [4][27][29] 3.2 If There is No Interest Rate Cut in the Second Half of the Year - **Interest Rate Cut Scenario**: If an interest rate cut occurs, it may be postponed to the end of Q3 or Q4, with a likely 10BP reduction [5][36] - **No Interest Rate Cut Scenario**: The supportive monetary policy stance remains. Liquidity is not a major concern. In the bond market, short - term bonds may be impacted if market expectations are disappointed. In the long - term, there will be an oscillation pattern, and attention should be paid to factors causing bond market fluctuations [5][40]

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [6]. Core Views - The company is expected to achieve significant profit contributions from its new materials and overseas high-end fabric projects, which are currently ramping up production and are anticipated to contribute to profits by 2026 [2]. - The company has reported a substantial increase in net profit for the first half of 2025, primarily driven by non-recurring gains from the sale of financial assets, with net profit expected to be between 330 million to 370 million yuan, representing a year-on-year increase of 95% to 118% [1]. - The company is actively monitoring tariff developments and is implementing multiple strategies to mitigate potential risks associated with tariffs, particularly for products exported to the U.S. [3]. Financial Performance Summary - The company’s revenue projections for 2025 to 2027 are 6.65 billion, 7.14 billion, and 7.65 billion yuan respectively, with adjusted net profit estimates of 540 million, 530 million, and 590 million yuan [4]. - The earnings per share (EPS) are projected to be 0.66 yuan, 0.65 yuan, and 0.73 yuan for the years 2025 to 2027, with corresponding price-to-earnings (P/E) ratios of 10.59, 10.63, and 9.55 [5][4]. - The company’s total assets are projected to grow from 13.43 billion yuan in 2023 to 14.67 billion yuan by 2027, indicating a steady growth trajectory [11].

Investment Rating - The report maintains a "Buy" rating for stocks, expecting a relative return of over 20% within six months [29] Core Views - The stablecoin industry is experiencing continuous catalysts, and there is sustained optimism regarding the commercialization progress of AI applications [1] - Southbound funds have shown structural inflows, particularly favoring internet, consumption, smart driving, and cryptocurrency sectors [4] - The report highlights significant legislative developments in the cryptocurrency space, including the passage of the "Genius Act" in the U.S. [3][9] Summary by Relevant Sections Internet Sector - Tencent's 2025 PE is projected at 20X, with core game revenues continuing to grow [4] - Alibaba's 2026 fiscal year PE is expected at 15X, with ongoing high growth in cloud business [4] - Meituan's 2025 PE is at 20X, with a solid long-term outlook for its delivery business [4] Smart Driving - Tesla has launched a new software update for its vehicles, while domestic players like Li Auto and Xpeng are reaching critical milestones [2] - The trend of equipping mainstream vehicles with LiDAR is confirmed, with a focus on leading manufacturers like Xpeng and Li Auto [2] New Consumption - Pop Mart's 2025 PE is projected at 31X, with a forecasted profit growth of no less than 350% for the first half of the year [5][10] - New product launches and an expanding IP matrix are expected to drive growth for brands like Blokus [5] Web3 and Cryptocurrency - The "Genius Act" has been signed into law, aiming to reform cryptocurrency regulation in the U.S. [3][9] - Hong Kong's "Stablecoin Regulation" is set to take effect on August 1, further catalyzing the industry [6] Market Overview - The Hang Seng Index closed at 24,825.66 points, reflecting an increase of approximately 2.84% during the week [12] - Southbound funds recorded a net inflow of 196.22 billion yuan over five trading days, with a year-to-date net inflow of 7,358.53 billion yuan [1][24]