1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The bond market has returned to the main theme of oscillation, with short - term performance relatively strong. The central bank's series of operations, including conducting large - scale outright reverse repurchases and considering canceling the freeze of collateral in bond repurchases, aim to release liquidity and stabilize market expectations. Logically, short - term interest - rate bonds and high - liquidity credit products may benefit, but the long - term market may still be affected by various factors and maintain an oscillatory pattern [1][6][9]. 3. Summary According to Relevant Catalogs 3.1 Bond Market Trends - From July 14 - 18, the bond market maintained an oscillatory pattern, with most interest - rate bond yields declining. The adjustment pressure was mainly concentrated on long - term and ultra - long - term bonds, especially 30 - year treasury bonds. As of July 18, the yields of 1Y, 2Y, 10Y, 30Y, and 50Y treasury bonds changed by - 2.1BP, - 1.9BP, 0.0BP, + 1.4BP, - 0.7BP respectively compared to last week, reaching 1.35%, 1.38%, 1.67%, 1.89%, 1.95% [1][9]. - The bond market showed a "reverse V - shaped" trend due to the combination of multiple factors such as the central bank's operations, economic data releases, and the central bank's public consultation on canceling the freeze of collateral in bond repurchases [9]. 3.2 Central Bank's New Movements - During the tax payment period this week, the central bank continuously maintained net reverse repurchase injections and conducted 1.4 trillion yuan of outright reverse repurchases, with a net injection of 200 billion yuan, releasing a signal of caring for the capital market. The central bank's 7 - day reverse repurchases totaled 1.7268 trillion yuan, with 425.7 billion yuan due, achieving a net injection of 1.3011 trillion yuan. MLF due was 100 billion yuan, and the outright reverse repurchase injection was 1.4 trillion yuan, with a net injection of 200 billion yuan [9][17]. - As of July 18, R001 and R007 changed by + 8.4BP and - 0.1BP respectively compared to last week, reaching 1.49% and 1.51%; DR001 and DR007 increased by 11.4BP and 3.5BP respectively, reaching 1.46% and 1.51% [17]. - After the central bank cut the reserve requirement ratio by 0.5 percentage points in May and carried out outright reverse repurchases in advance in June, it conducted another 1.4 trillion yuan of outright reverse repurchases in July, making outright operations gradually normalized, which shows the central bank's attitude of caring for liquidity and supporting broad credit and further stabilizes market expectations [2][19]. - The reasons for the central bank to conduct outright reverse repurchases are to hedge the capital gap and relieve the pressure on the bank's liability side to support the real - economy credit supply [19][21]. - Compared with pledged repurchases, outright reverse repurchases have longer terms, reduce the pressure of short - term tool roll - overs, weaken the dependence on the credit quality of bank collateral, lower the financing threshold for small and medium - sized banks, and improve the efficiency of liquidity release [3][23]. 3.3 Understanding the Central Bank's Cancellation of the Freeze of Collateral in Bond Repurchases - On July 18, the central bank publicly solicited opinions on the "Decision of the People's Bank of China on Amending Some Rules (Draft for Comment)", which included canceling the freeze of collateral in bond repurchases, aiming to facilitate monetary policy operations such as open - market treasury bond trading and promote the high - level opening of the bond market [25]. - The reasons for the central bank to propose canceling the freeze of collateral in bond repurchases are that the current pledged repurchase model in China leads to a large "precipitation" of high - grade bonds and low efficiency in collateral disposal when the financing party defaults, while international mature markets generally use outright repurchases where collateral can be circulated again. Also, canceling the freeze can unfreeze the 6 - trillion - yuan daily repurchase market and enhance the flexibility of domestic liquidity management [4][27]. - If the freeze of collateral in bond repurchases is canceled, the capital market is expected to see a pattern of "stable quantity and falling price". Short - term interest - rate bonds may benefit and have downward space, while long - term bonds may maintain an oscillatory pattern, and the yield curve is more likely to steepen [5][32]. 3.4 Next Week's Key Points of Attention - Monday (July 21): China's 1Y and 5Y LPR quotes. - Tuesday (July 22): China's June bank foreign exchange settlement, US July Richmond Fed Manufacturing Index. - Wednesday (July 23): US June M2 month - on - month, EU July Consumer Confidence Index. - Thursday (July 24): Eurozone July benchmark interest rate, Eurozone July overnight deposit rate. - Friday (July 25): China's July MLF injection, Eurozone June M2 year - on - year [37].

- The report identifies the market's uptrend by analyzing the distance between the 120-day and 20-day moving averages of the WIND All A index, which has expanded from 3.04% to 4.04%, indicating a continued uptrend[2][10][17] - The core observation variable for the market's uptrend is the "profitability effect," which is currently positive at 3.76%, suggesting that incremental funds are likely to continue entering the market[2][4][11] - The industry allocation model recommends sectors such as Hong Kong innovative drugs, Hong Kong securities, and Hang Seng consumption, with additional opportunities in the photovoltaic sector due to anti-involution benefits[3][4][11] - The TWO BETA model continues to recommend the technology sector, with a focus on military and AI applications[3][4][11] - The valuation indicators show that the WIND All A index's overall PE is at the 70th percentile, indicating a moderate level, while the PB is at the 30th percentile, indicating a relatively low level[3][11] - Based on the short-term trend judgment and the position management model, the report suggests an 80% position for absolute return products with the WIND All A index as the main stock allocation[3][11] Model Backtesting Results - The distance between the 20-day and 120-day moving averages of the WIND All A index is 4.04%, indicating a continued uptrend[2][10][17] - The profitability effect value is 3.76%, which is significantly positive, suggesting that the market is likely to continue its uptrend despite short-term fluctuations[2][4][11]

Group 1: Davis Double Strategy - The Davis Double strategy involves buying stocks with growth potential at a lower price-to-earnings (PE) ratio, waiting for growth to manifest, and then selling for a multiplier effect, achieving returns from both earnings per share (EPS) and PE increases [1][7] - Historical backtesting from 2010 to 2017 showed an annualized return of 26.45%, exceeding the benchmark by 21.08%, with consistent excess returns over 11% in each of the seven years [9][10] - Year-to-date, the strategy has achieved a cumulative absolute return of 23.31%, outperforming the CSI 500 index by 16.78%, and has exceeded the benchmark by 3.65% since the last portfolio adjustment on May 6, 2025 [1][9] Group 2: Net Profit Discontinuity Strategy - The Net Profit Discontinuity strategy focuses on selecting stocks based on fundamental and technical resonance, where "net profit" refers to earnings surprises, and "discontinuity" indicates a significant upward price gap on the first trading day after earnings announcements [11][15] - Since 2010, this strategy has yielded an annualized return of 29.49%, with an annualized excess return of 27.47%, and a cumulative absolute return of 33.56% this year, outperforming the benchmark by 27.03% [2][15] - The strategy's performance this week showed a slight underperformance with an excess return of -0.65% [2][15] Group 3: Enhanced CSI 300 Portfolio - The Enhanced CSI 300 portfolio is constructed based on investor preferences categorized as GARP (Growth at a Reasonable Price), growth-oriented, and value-oriented, focusing on stocks with low valuations and strong profitability [3][17] - Historical backtesting indicates stable excess returns, with the current year's portfolio outperforming the CSI 300 index by 16.17%, and showing a weekly excess return of 0.65% [3][17] - The portfolio's performance since July 18, 2025, has yielded an absolute return of 19.32%, with an excess return of 16.17% over the benchmark [3][17]

Investment Rating - The investment rating for the company is "Hold" [6] Core Views - The company expects a significant increase in net profit for the first half of 2025, projecting a range of CNY 350 million to CNY 410 million, representing a year-on-year growth of 50% to 76%. The net profit after excluding non-recurring gains is expected to be between CNY 323 million and CNY 383 million, indicating a growth of 202% to 258% [1] - The growth in profitability is attributed to a full order book in both domestic and overseas markets, along with improved overall capacity utilization [1] - The company's color-spun yarn products are driving profitability, with sales expected to generate CNY 4.056 billion in revenue for 2024, accounting for 55% of total revenue, and a gross margin of 11.22% [2] - The company is focusing on innovation and sustainable production, launching new eco-friendly products to meet global demand [2] - The company's production capacity in Vietnam accounts for approximately 77% of total capacity, benefiting from lower labor costs and tax incentives, which enhances its international competitiveness [3] Financial Projections - Revenue projections for 2025 to 2027 are CNY 87.5 billion, CNY 97.2 billion, and CNY 107.6 billion respectively, with net profits expected to be CNY 5.5 billion, CNY 5.9 billion, and CNY 6.5 billion [4] - Earnings per share (EPS) are projected to be CNY 0.37, CNY 0.39, and CNY 0.43 for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 14x, 13x, and 12x [4] - The company’s total revenue for 2023 is reported at CNY 6.914 billion, with a growth rate of -1.08%, and is expected to grow by 14.86% in 2024 [5] Market Position - The company operates in the textile and apparel manufacturing industry, with a strong focus on innovative and sustainable practices [6] - The current market capitalization is approximately CNY 7.753 billion, with a total share capital of 1,499.57 million shares [7]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Viewpoints - The company is a leading manufacturer of biodegradable food service products in China, showing steady growth in performance driven by increasing demand and capacity expansion [1][3]. - The biodegradable materials market is expected to grow significantly due to the implementation of plastic restriction policies and rising consumer demand in the food service industry [2][44]. - The company has established a comprehensive production capability and a strong customer base, positioning itself well to capitalize on market opportunities [3][39]. Company Overview - The company focuses on the research, production, and sales of biodegradable products, with multiple production bases across China [1][12]. - It has developed a robust technical system for PLA material applications, enhancing its competitive edge in the market [3][38]. - The company has formed stable partnerships with numerous well-known brands, including Starbucks and McDonald's, which strengthens its market presence [3][39]. Financial Performance - The company’s revenue is projected to grow at a CAGR of 39.2% from 2020 to 2024, with net profit expected to grow at a CAGR of 70.6% during the same period [1][22]. - Revenue is expected to reach 1,900.67 million yuan in 2025, with a net profit of 257.77 million yuan [5]. - The company’s gross margin has remained stable, with net profit margin increasing from 11.3% in 2021 to 14.2% in 2024 [35]. Industry Insights - The food service industry in China is projected to reach a retail sales total of 5.57 trillion yuan in 2024, with a growth rate of 5.3% [2][48]. - The demand for biodegradable materials in food service products is expected to rise as the penetration rate remains low and environmental policies become stricter [2][44]. - The market for new-style tea and coffee is growing rapidly, with a CAGR of 11.5% from 2019 to 2024, indicating strong potential for the company’s products [2][49]. Production Capacity and Global Strategy - The company has a production capacity of 9 billion units of paper and plastic food service products and is expanding its global footprint with a new factory in Thailand [3][43]. - The establishment of the Thailand factory is expected to optimize the company's global supply chain and mitigate tariff impacts [3][43]. Profitability Forecast and Valuation - The company is expected to achieve net profits of 2.58 billion yuan, 3.12 billion yuan, and 3.74 billion yuan from 2025 to 2027, with corresponding P/E ratios of 34, 28, and 24 [4][58]. - The target price range for the company is set between 63.2 and 67.5 yuan based on comparable company valuation methods [4].

海外行业报告 | 行业动态研究 潮玩 证券研究报告 2025 年 07 月 19 日 泡泡玛特 25H1 盈喜点评：二季度利润增速不低于 350%，核 心 IP 全球化加速及海外规模效应显著提升盈利能力 事件：北京时间 2025 年 7 月 15 日，泡泡玛特（9992.HK）发布 2025 年上 半年正面盈利预告。公司 2025 年上半年，公司收入增速预期不低于 200%； 经调整溢利增速预期不低于 350%，主要系泡泡玛特品牌及旗下 IP 在全球认 可度进一步提升及海外收入占比持续提升优化盈利能力。 点评：25H1 收入同比不低于 200%，相比一季度水平推算二季度加速增长。 根据此前发布的一季报经营数据，公司 25Q1 整体收入较去年同期同比增 长 165%-170%。 海外市场高速增长，全球化布局成效凸显 2025 年上半年，公司收入增速预期不低于 200%；经调整溢利增速预期不 低于 350%，主要系泡泡玛特海外收入占比持续提升，收入结构优化对毛利、 溢利均产生积极影响。同时，随着海外门店加密，规模效应使溢利显著增 加。截至 2025 年 6 月 27 日，公司全球拥有 530 家泡泡玛特门店。根据 ...

Report Industry Investment Rating - No information provided in the given content. Core Viewpoints of the Report - This week, the money market faced multiple disturbances. The overnight funding rate reached a relatively high level since June, with large - bank lending first decreasing and then increasing, and non - bank lending willingness increasing. The second half of the week saw relatively stable certificate of deposit (CD) prices. Considering the 200 billion yuan MLF withdrawal on July 25, the medium - to - long - term liquidity supply in the second half of the month may rely more on MLF operations [1][20]. - Next week, the money market will still face certain pressure due to factors such as MLF withdrawal, large - scale reverse repurchase maturities, over 1 trillion yuan of CD maturities, and approaching the end of the month. However, the overall situation is controllable. The central bank's response to these disturbances is the key to the movement of funding prices. Although there are still many disturbances next week, the end of the "tax period" and the possible acceleration of fiscal expenditures at the end of the month may ease the pressure on inter - bank liquidity compared to this week. Funding prices may show a slow downward trend, but the decline may be limited due to the approaching end - of - month point [23]. Summary by Relevant Catalogs 1. Overnight Funding: Has It Reached the Peak? - This week, the money market faced multiple disturbances. In the first half of the week, the money market tightened marginally, and in the second half, there were signs of easing. The overnight funding rate reached a relatively high level since June. From July 14 - 18, the weekly averages of DR001 and R001 increased by 14.62BP and 13.37BP respectively compared to the previous week, and the weekly averages of DR007 and R007 increased by 5.82BP and 3.25BP respectively [11]. - In the first half of the week, factors such as tax payments, special treasury bond issuance, MLF withdrawal, and large - scale CD maturities led to a marginal tightening of the money market. The central bank continuously increased liquidity injections. On July 15, it conducted a 1.4 trillion - yuan outright reverse repurchase operation to inject medium - to - long - term liquidity. Both funding and CD issuance prices increased to varying degrees [11]. - From July 17 - 18, as tax payments neared completion and the central bank continued to increase liquidity injections, there were signs of easing in the money market, but the process of easing may have fallen short of market expectations. Large - bank lending increased moderately, and the weighted CD issuance price fluctuated downward, indicating some relief of money - market pressure. However, funding prices remained at relatively high levels since June, with overnight funding above 1.45% [12]. - Next week, multiple factors such as MLF withdrawal, large - scale reverse repurchase maturities, over 1 trillion yuan of CD maturities, and approaching the end of the month will put pressure on the money market, but the overall situation is controllable. The central bank's response to these disturbances is crucial for the movement of funding prices [23]. 2. Open Market: Over 2 Trillion Yuan to Mature Next Week - From July 14 - 18, the open market had a net injection of 260.11 billion yuan, including 172.68 billion yuan of 7 - day reverse repurchase issuance, 42.57 billion yuan of 7 - day reverse repurchase maturities, 140 billion yuan of outright reverse repurchase issuance, and 10 billion yuan of MLF withdrawal [27]. - From July 21 - 25, the open market will have 204.68 billion yuan of maturities, including 172.68 billion yuan of 7 - day reverse repurchase maturities, 20 billion yuan of MLF withdrawal, and 12 billion yuan of treasury cash fixed - deposit maturities [3][27]. 3. Government Bonds: Nearly 700 Billion Yuan to Be Issued Next Week - This week, the net payment of government bonds was 42.88 billion yuan, with 243.3 billion yuan of treasury bond issuance, 251.2 billion yuan of local government bond issuance, 185.2 billion yuan of treasury bond maturities, and 87.8 billion yuan of local government bond maturities [38]. - Next week, government bonds are planned to be issued worth 679.1 billion yuan, including 375 billion yuan of treasury bond issuance, 304.1 billion yuan of local government bond issuance, 395.3 billion yuan of treasury bond maturities, and 114.6 billion yuan of local government bond maturities. The net payment of treasury bonds is - 2.03 billion yuan, and the net payment of local government bonds is 26.02 billion yuan [4][38]. 4. Excess Reserve Tracking and Forecast - It is predicted that the excess reserve ratio in July 2025 will be approximately 0.97%, a month - on - month decrease of about 0.31 percentage points (the forecast for the end of June was 1.28%) and a year - on - year decrease of 0.52 percentage points (1.49% in the same period last year) [44]. - From July 14 - 18, the open market had a net injection of 260.11 billion yuan, the net payment of government bonds was 42.88 billion yuan, the predicted fiscal revenue - expenditure gap was 5.49 billion yuan, the reserve requirement was - 3.04 billion yuan, and tax payments were 169.46 billion yuan [45]. 5. Money Market: Large - Bank Lending First Decreases and Then Increases - Overnight funding rates increased significantly. As of July 18, compared to July 11, DR001 increased by 11.39BP to 1.46%, DR007 increased by 3.49BP to 1.51%, R001 increased by 8.43BP to 1.49%, and R007 decreased by 0.14BP to 1.51% [5][47]. - DR001 exceeded 1.4%. As of July 18, compared to July 11, "DR001 - OMO" increased to 5.66BP, "DR007 - OMO" increased to 10.67BP, "R001 - OMO" increased to 8.81BP, "R007 - OMO" decreased to 10.72BP, "R001 - DR001" decreased to 3.15BP, and "R007 - DR007" decreased to 0.05BP [47]. - SHIBOR rates: The weekly averages of overnight and 7 - day rates changed by 15.1BP and 4.74BP respectively compared to last week, reaching 1.32% and 1.47% [52]. - CNH HIBOR rates: The weekly averages of overnight and 7 - day rates changed by 8.43BP and 2.47BP respectively compared to last week, reaching 1.51% and 1.61% [52]. - Interest rate swap closing rates: The weekly averages of FR007S1Y and FR007S5Y rates changed by 0.07BP and 3.11BP respectively compared to last week, reaching 1.53% and 1.53% [55]. - Bill rates: The weekly averages of six - month national - share transfer discount rates and six - month city - commercial transfer discount rates changed by - 0.1 percentage points to 0.84% and 0.95% respectively [55]. - The average daily trading volume of inter - bank pledged repurchase was 7.2446 trillion yuan, a decrease of 966 billion yuan compared to July 7 - 11. Among them, the average daily trading volume of R001 was 6.4144 trillion yuan, with an average share of 88.5%; the average daily trading volume of R007 was 746.1 billion yuan, with an average share of 10.3% [57]. - The average daily trading volume of Shanghai Stock Exchange new - style pledged treasury bond repurchase was 2.1314 trillion yuan, a decrease of 230 million yuan compared to July 7 - 11. Among them, the average daily trading volume of GC001 was 1.8606 trillion yuan, with an average share of 87.3%; the average daily trading volume of GC007 was 199.1 billion yuan, with an average share of 9.3% [57]. - From July 14 - 18, the average net lending of the banking system was 3 trillion yuan, a change of - 83.4 billion yuan compared to last week. Among them, the average net lending of state - owned large banks was 3.62 trillion yuan, a change of - 86.84 billion yuan compared to last week, with an overnight share of 97%, a change of - 0.26 percentage points compared to last week. The average net lending of other banks was - 0.61 trillion yuan, a change of 3.44 billion yuan compared to last week [62]. 6. Certificates of Deposit 6.1 Primary Market: Maturity Volume to Increase Next Week - From July 14 - 18, the total issuance of CDs was 945 billion yuan, with a net financing of 18.36 billion yuan. Compared to last week's total issuance of 425.9 billion yuan and net financing of - 9.54 billion yuan, the issuance scale and net financing increased [70]. - By issuer, state - owned banks had the highest CD issuance scale and net financing. State - owned banks, joint - stock banks, city - commercial banks, and rural commercial banks issued 344.7 billion yuan, 215.3 billion yuan, 305 billion yuan, and 74.2 billion yuan respectively, with net financing of 64.8 billion yuan, 49.5 billion yuan, 62 billion yuan, and 14.4 billion yuan respectively [70]. - By maturity, 1 - year CDs had the highest issuance scale, and 6 - month CDs had the highest net financing. The issuance scales of 1 - month, 3 - month, 6 - month, 9 - month, and 1 - year CDs were 102.5 billion yuan, 118.7 billion yuan, 186.7 billion yuan, 62.8 billion yuan, and 474.3 billion yuan respectively, with net financing of 81.1 billion yuan, - 80.5 billion yuan, 81.3 billion yuan, 47.6 billion yuan, and 54.1 billion yuan respectively [70]. - Next week (July 21 - 27), the maturity volume of CDs will be 1.0699 trillion yuan, an increase of 308.5 billion yuan compared to this week (July 14 - 20). The maturity volume is mainly concentrated in national - share banks and city - commercial banks, and the maturities are mainly concentrated in 1 - year and 3 - month terms [80][81]. 6.2 Secondary Market: Yields Fluctuate Narrowly - This week, CD secondary market yields fluctuated narrowly and decreased slightly compared to last week. The yields of 1 - month, 3 - month, 6 - month, 9 - month, and 1 - year AAA - rated CDs decreased by 0BP, - 2BP, - 2BP, - 2BP, and - 1BP respectively to 1.51%, 1.54%, 1.58%, 1.61%, and 1.62% [94]. - The yields of most CD grades decreased. The yields of 1 - year AAA, AAA -, AA +, AA, and AA - rated CDs changed by - 1BP, - 1BP, 0BP, 1BP, and 0BP respectively to 1.62%, 1.62%, 1.65%, 1.7%, and 1.86% [94].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Viewpoints - The overseas computing power industry chain remains highly prosperous and has not been impacted by DeepSeek and trade frictions, with stronger fundamental resonance in the related industry chain. The AI industry is viewed as the main investment theme for the year, with expectations for continued high prosperity in the AI sector and the AIDC industry chain. The year 2025 is anticipated to be a pivotal year for domestic AI infrastructure competition and application development [4][22]. - The report emphasizes the importance of "AI + overseas expansion + satellite" core investment opportunities, highlighting areas such as optical modules, liquid cooling, and domestic computing power lines. The report also notes the recovery of the offshore wind industry and the promising developments in the satellite internet sector [5][23]. Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include: - Optical modules & optical devices: Focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [6]. - Switch server PCB: Key recommendations include Huadian Co., ZTE, and Unisplendour [6]. - Low valuation, high dividend, and cloud computing IDC resource reassessment: China Mobile, China Telecom, and China Unicom [6]. - AIDC & cooling: Key recommendations include Yingweike, Runze Technology, and Guanghuan New Network [6]. - AIGC applications / edge computing: Key recommendations include Yiyuan Communication, Guanghetong, and Meige Intelligent [6]. 2. Offshore Wind and Submarine Cables & Intelligent Driving - Offshore wind and submarine cables: Key recommendations include Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [7]. - Recovery of overseas expansion & concentration on leading companies: Key recommendations include Huace Navigation, Weisheng Information, and Tuobang Co. [7]. - Intelligent driving: Suggested focus on modules & terminals, sensors, connectors, and structural components [7]. 3. Satellite Internet & Low Altitude Economy - Accelerated development of low-orbit satellites and low-altitude economy: Key recommendations include Huace Navigation and Haige Communication [8]. - Suggested focus on companies like Chengchang Technology, Zhenlei Technology, and Shenglu Communication [8]. 4. Market Performance Review - The communication sector rose by 7.02% during the week of July 14-18, outperforming the CSI 300 index by 5.93 percentage points. The communication equipment manufacturing sector increased by 9.80% [29][31].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The real - estate market shows weak supply and demand, and policies are expected to be more aggressive in the second half of the year. Steel prices are rising due to policy and cost factors. Industrial production is stable, and infrastructure construction starts are relatively strong. There are mixed trends in consumption, trade, prices, and the issuance of interest - rate bonds is progressing steadily [1][2][4] 3. Summary by Directory 3.1 Demand - New home sales decreased both on a week - on - week and year - on - year basis. As of the week of July 18, the transaction area of 20 - city commercial housing was 1.471 million square meters, down 22% week - on - week and 25% year - on - year. Second - hand home sales also declined. Automobile consumption improved marginally, with the average daily retail sales of passenger cars up 19.9% week - on - week and 9.7% year - on - year [12][38] 3.2 Production - In the mid - upstream, the blast furnace operating rate in Tangshan increased to 80.4%, while the rebar operating rate decreased to 43.0%. The PTA operating rate rose to 80.8%, and the operating rate of polyester filament in the Jiangsu and Zhejiang regions increased to 92.9%. In the downstream, the operating rates of all - steel and semi - steel tires in the automotive industry continued to improve, with the semi - steel tire operating rate at a seasonal high [44] 3.3 Investment - The apparent consumption of rebar declined, but its price increased by 1.0% week - on - week to 3,293 yuan/ton. The asphalt price rose by 0.8% to 3,630.8 yuan/ton. The cement price decreased by 1.7% to 108.0 points, while the cement shipping rate increased and the cement inventory ratio decreased [60] 3.4 Trade - In exports, port container throughput decreased by 0.9% week - on - week, and the CCFI composite index dropped by 0.8%. In imports, the CICFI composite index rose by 0.3% week - on - week [71] 3.5 Prices - The agricultural product wholesale price 200 index increased by 0.2% week - on - week, with pork prices rising by 0.2%. International crude oil prices generally declined, with Brent crude oil spot prices down 1.2% week - on - week. Gold prices rose slightly [77][82] 3.6 Interest - rate Bond Tracking - From July 21 to 25, the planned issuance of interest - rate bonds is 786.8 billion yuan, with a net financing of 56.2 billion yuan. As of July 18, the cumulative issuance progress of replacement bonds exceeded 90%, reaching 91.8%. The cumulative issuance progress of new general bonds was 61.8%, and that of new special bonds was 54.3% [93][95] 3.7 Policy Week Observation - The central bank conducted a 1.4 - trillion - yuan repurchase operation. The central city work conference set seven key tasks for urban work. The State Council studied measures to strengthen the domestic cycle. The central bank solicited opinions on canceling the freezing of collateral for bond repurchases. Local policies included allowing the use of housing provident funds for down payments in Shenzhen and implementing "trade - in" housing subsidies in Changsha [103][106][108]

Group 1: Industry Dynamics - The Southern Runze Technology Data Center REIT reported a public subscription of 28.616 billion shares with a final confirmation ratio of 0.3145% and a subscription coverage multiple of 317.95 times [2][8] - The Southern Wanguo Data Center REIT had approximately 40,300 public investors with an effective subscription of 32.914 billion shares, a confirmation ratio of 0.2198%, and a coverage multiple of 455.03 times [2][8] Group 2: Primary Market - As of July 18, 2025, the total issuance scale of listed REITs reached 177.1 billion yuan, with 68 REITs issued [9] Group 3: Market Performance - During the week of July 14-18, 2025, the CSI REITs total return index increased by 0.06%, while the total REITs index rose by 0.01% [3][18] - The total REITs index underperformed the CSI 300 index by 1.08 percentage points and the CSI All Bond index by 0.09 percentage points [3][18] - The top-performing REITs included the China Merchants Science and Technology REIT (+3.05%), Huaxia Jinmao Commercial REIT (+2.24%), and Zhongjin Hubei Keti Guanggu REIT (+2.08%) [3][18] Group 4: Liquidity - The total trading volume of REITs decreased, with a total turnover of 496 million yuan, down 9.9% from the previous week [4][38] - The largest category by trading volume was park infrastructure REITs, accounting for 22.8% of the total [4][38] Group 5: Correlation - The correlation coefficients between the CSI REITs index and various indices over the past 20 days showed a negative correlation with the CSI 1000 index (-0.623) and a positive correlation with the CSI All Bond index (0.715) [31] - The internal correlation among different REIT categories indicated strong relationships, particularly between park infrastructure and warehouse logistics REITs [32]