Investment Rating - The industry rating is maintained as "Outperform the Market" [5] Core Insights - The construction sector has seen a significant increase in attention towards urban renewal, with undervalued large-cap stocks showing signs of stabilization. The sector's performance is driven by improved demand-side policy expectations and a shift away from excessive competition, benefiting both large and small-cap stocks. The report suggests focusing on high-growth segments such as urban renewal, coal chemical, nuclear power, and steel structures, while also considering the beta opportunities in large-cap stocks [1][13][14]. Summary by Sections Urban Renewal - Urban renewal is accelerating, with policies from the central government outlining goals and support measures. The focus includes the renovation of old residential areas, establishing safety management systems for buildings, and creating resilient and smart cities. The report identifies four key categories for investment: design and testing, construction and decoration, urban infrastructure renovation, and resilient/smart city initiatives, highlighting specific companies in each category [2][15][17]. Market Performance - The construction index rose by 2.77% in the week of July 7-11, outperforming the Shanghai and Shenzhen 300 index by 1.76 percentage points. Notable performers included Guosheng Technology (+42.98%), New City (+34.73%), and Beautiful Ecology (+34.46%) [4][21][26]. Investment Recommendations - The report emphasizes the cyclical opportunities arising from improved physical work volume in infrastructure. It suggests focusing on high-demand areas such as water conservancy, railways, and aviation, particularly in regions like Sichuan, Zhejiang, Anhui, and Jiangsu. Recommended companies include Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction and China Railway Construction [27][28]. Emerging Business Directions - The report highlights the growing demand for computing power driven by AI applications, recommending companies like Hainan Huatie for their transition into computing power leasing. It also notes the potential in cleanroom sectors due to the ongoing domestic replacement in the semiconductor industry, suggesting companies like Baicheng and Shenghui Integration [29][30]. Major Projects and Themes - The report identifies significant investment opportunities in major hydropower projects, deep-sea economy, and low-altitude economy, recommending companies involved in these sectors, such as China Power Construction and China Energy Engineering [32][30].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The real - estate market shows weak supply and demand, and more aggressive easing policies may be needed in the second half of the year. The strength of policy implementation will significantly affect the real - estate market and investment. Industrial production runs smoothly, and infrastructure construction starts strongly. There are fluctuations in consumption, investment, trade, and prices, and the issuance progress of interest - rate bonds is relatively fast. [1][2][3][4][5][6] 3. Summary by Related Catalogs 3.1 Demand - New home sales declined both month - on - month and year - on - year, with significant drops in first - and second - tier cities. The real - estate market's supply and demand are weak, and more aggressive easing policies are needed to release the demand for improved housing. If policy strength exceeds expectations, the decline in real - estate sales and investment may slow down; otherwise, the market may remain at a low level. Second - hand home sales also decreased month - on - month. Automobile consumption declined marginally, while the national migration scale index increased, and the subway passenger volume in first - tier cities decreased. [11][41] 3.2 Production - In the mid - and upstream sectors, the blast furnace operating rate in Tangshan decreased, while the PTA operating rate increased. In the downstream sectors, the operating rates of automobile all - steel and semi - steel tires improved, and the semi - steel tire operating rate remained at a seasonal high. The infrastructure construction start - up showed marginal improvement. [48] 3.3 Investment - The apparent consumption of rebar decreased, but its price increased. The price of cement decreased, and the cement shipment rate and inventory ratio also declined. [64] 3.4 Trade - In terms of exports, port container throughput decreased, and the overall container shipping price declined, with the European route rising and the US West and East routes falling. The BDI index increased. In terms of imports, the container shipping price continued to decline. [75] 3.5 Prices - Agricultural product prices showed a marginal improvement, with pork and vegetable prices rising and egg and fruit prices falling. International crude oil prices generally increased, while the price of gold slightly declined. [86][96] 3.6 Interest - rate Bond Tracking - Next week (July 14 - 18), the planned issuance of interest - rate bonds is 500.2 billion yuan, with a net financing of - 10.6 billion yuan. As of July 11, the cumulative issuance progress of replacement bonds exceeded 90%, and the issuance progress of new general bonds and new special bonds was 58.3% and 50.6% respectively. [106][109][112] 3.7 Policy Weekly Observation - The central bank increased its gold reserves for the 8th consecutive month in June. The State Council issued a notice to support stable employment. The Shanghai Composite Index broke through 3500 points. Trump announced a 50% tariff on copper starting from August 1. The Ministry of Finance adjusted the assessment of state - owned commercial insurance companies. Some cities adjusted housing - related policies, including housing provident fund policies and housing consumption supply optimization. [118][119][120][121][122][123]

固定收益 | 固定收益定期 流动性跟踪 证券研究报告 资金面多重扰动将至 1、资金面聚焦：多重扰动将至 前半周公开市场延续净回笼，资金面从月初的宽松逐渐切换至本周的均衡 状态，后半周资金有所收敛，资金利率上周阶段性下台阶后，本周温和抬 升，大行融出逐日小幅回落，存单价格波动加大。 本周，央行未开展买断式逆回购操作，或因跨季后资金面阶段性进入较为 舒适状态。这也说明了当前央行操作思路更趋灵活精准，买断式逆回购的 操作并不必然与 MLF 形成"月初-月中-月末"的三阶段呵护，落地节奏更 多是综合考虑政府债供给、MLF 回笼情况、税期走款等多重变量的影响。 聚焦下周，税期走款、政府债供给压力增加、MLF 回笼等多重扰动将至， 或阶段性放大资金面压力，市场对于流动性的需求或将增加，资金与存单 的价格或需观察，央行如何应对流动性回笼、政府债发行、存单到期及税 期走款，或将成为判断后续资金利率能否继续平稳运行的重要观察点。 2、公开市场：下周 MLF 回笼 1000 亿元 7/7-7/11，逆回购净投放-2265 亿元，7/14-7/18，公开市场到期规模 5257 亿元。其中，逆回购到期 4257 亿元，MLF 回笼 ...

Group 1 - The core viewpoint of the report indicates that Huaxia Fund's Huaxia China Resources Commercial REIT plans to initiate a second round of fundraising to acquire infrastructure projects, which include the Hangzhou Xiaoshan Mixc Project, Shenyang Changbai Mixc Project, and Zibo Mixc Project, effectively expanding the fund's coverage of consumer infrastructure across different cities [1][7] - The new acquisitions are expected to diversify the fund's asset portfolio, reduce risks, and enhance the growth potential while ensuring stable cash flow [1][7] Group 2 - In the market performance section, the report notes that during the week of July 7 to July 11, 2025, the CSI REITs total return index fell by 1.12%, with the total REITs index down by 1.68% [2][17] - The report highlights that the total REITs index underperformed compared to the CSI 300 index by 2.50 percentage points and the CSI All Bond index by 1.57 percentage points [2][17] - Individual REITs such as the Jiashi JD Warehouse Infrastructure REIT, CICC China Green Development Commercial REIT, and Southern SF Logistics REIT showed gains of 4.25%, 1.01%, and 0.79% respectively [2][17] Group 3 - The liquidity analysis reveals that the total trading volume of REITs decreased to 550 million yuan, a 17.4% decline from the previous week [3][39] - The report details that the trading volumes for property and operating rights REITs were 331 million yuan and 213 million yuan, reflecting decreases of 12.6% and 14.1% respectively [3][39] - Among various REIT categories, the traffic infrastructure REITs had the highest trading volume, accounting for 23.4% of the total [3][39] Group 4 - The report states that as of July 11, 2025, the total issuance scale of listed REITs reached 177.1 billion yuan, with 68 REITs issued [8][10] - It mentions that the issuance pace of C-REITs has slowed down in 2023 but is expected to accelerate in 2024, indicating a normalization in the issuance process [15][16] Group 5 - The valuation section provides insights into the bond yield and P/NAV ratios for various REITs, indicating that the Huaxia China Resources Commercial REIT has a bond yield of 2.95% and a P/NAV of 1.51, both in the 99th percentile historically [44] - The report includes a comparative analysis of different asset types, showing varying yields and historical percentiles for P/NAV across multiple REITs [44]

Quantitative Factors and Construction Methods Factor Name: BP - Construction Idea: Current net asset divided by current total market value[13] - Construction Process: $ BP = \frac{Current \ Net \ Asset}{Current \ Total \ Market \ Value} $[13] Factor Name: BP Three-Year Percentile - Construction Idea: Stock's current BP in the last three years percentile[13] - Construction Process: $ BP \ Three-Year \ Percentile = \frac{Current \ BP}{BP \ in \ Last \ Three \ Years} $[13] Factor Name: Quarterly EP - Construction Idea: Quarterly net profit divided by net asset[13] - Construction Process: $ Quarterly \ EP = \frac{Quarterly \ Net \ Profit}{Net \ Asset} $[13] Factor Name: Quarterly EP One-Year Percentile - Construction Idea: Stock's current quarterly EP in the last one year percentile[13] - Construction Process: $ Quarterly \ EP \ One-Year \ Percentile = \frac{Current \ Quarterly \ EP}{Quarterly \ EP \ in \ Last \ One \ Year} $[13] Factor Name: Quarterly SP - Construction Idea: Quarterly operating income divided by net asset[13] - Construction Process: $ Quarterly \ SP = \frac{Quarterly \ Operating \ Income}{Net \ Asset} $[13] Factor Name: Quarterly SP One-Year Percentile - Construction Idea: Stock's current quarterly SP in the last one year percentile[13] - Construction Process: $ Quarterly \ SP \ One-Year \ Percentile = \frac{Current \ Quarterly \ SP}{Quarterly \ SP \ in \ Last \ One \ Year} $[13] Factor Name: Quarterly Asset Turnover Rate - Construction Idea: Quarterly operating income divided by total asset[13] - Construction Process: $ Quarterly \ Asset \ Turnover \ Rate = \frac{Quarterly \ Operating \ Income}{Total \ Asset} $[13] Factor Name: Quarterly Gross Profit Margin - Construction Idea: Quarterly gross profit divided by quarterly sales income[13] - Construction Process: $ Quarterly \ Gross \ Profit \ Margin = \frac{Quarterly \ Gross \ Profit}{Quarterly \ Sales \ Income} $[13] Factor Name: Quarterly ROA - Construction Idea: Quarterly net profit divided by total asset[13] - Construction Process: $ Quarterly \ ROA = \frac{Quarterly \ Net \ Profit}{Total \ Asset} $[13] Factor Name: Quarterly ROE - Construction Idea: Quarterly net profit divided by net asset[13] - Construction Process: $ Quarterly \ ROE = \frac{Quarterly \ Net \ Profit}{Net \ Asset} $[13] Factor Name: Quarterly Net Profit Year-on-Year Growth - Construction Idea: Quarterly net profit year-on-year growth rate[13] - Construction Process: $ Quarterly \ Net \ Profit \ Year-on-Year \ Growth = \frac{Current \ Quarterly \ Net \ Profit - Last \ Year \ Quarterly \ Net \ Profit}{Last \ Year \ Quarterly \ Net \ Profit} $[13] Factor Name: Quarterly Revenue Year-on-Year Growth - Construction Idea: Quarterly revenue year-on-year growth rate[13] - Construction Process: $ Quarterly \ Revenue \ Year-on-Year \ Growth = \frac{Current \ Quarterly \ Revenue - Last \ Year \ Quarterly \ Revenue}{Last \ Year \ Quarterly \ Revenue} $[13] Factor Name: Quarterly ROE Year-on-Year Growth - Construction Idea: Quarterly ROE year-on-year growth rate[13] - Construction Process: $ Quarterly \ ROE \ Year-on-Year \ Growth = \frac{Current \ Quarterly \ ROE - Last \ Year \ Quarterly \ ROE}{Last \ Year \ Quarterly \ ROE} $[13] Factor Name: Standardized Unexpected Earnings - Construction Idea: Current quarterly net profit minus the average quarterly net profit growth rate of the past eight quarters divided by the standard deviation of the quarterly net profit growth rate of the past eight quarters[13] - Construction Process: $ Standardized \ Unexpected \ Earnings = \frac{Current \ Quarterly \ Net \ Profit - (Last \ Year \ Quarterly \ Net \ Profit + Average \ Quarterly \ Net \ Profit \ Growth \ Rate \ of \ Past \ Eight \ Quarters)}{Standard \ Deviation \ of \ Quarterly \ Net \ Profit \ Growth \ Rate \ of \ Past \ Eight \ Quarters} $[13] Factor Name: Standardized Unexpected Revenue - Construction Idea: Current quarterly revenue minus the average quarterly revenue growth rate of the past eight quarters divided by the standard deviation of the quarterly revenue growth rate of the past eight quarters[13] - Construction Process: $ Standardized \ Unexpected \ Revenue = \frac{Current \ Quarterly \ Revenue - (Last \ Year \ Quarterly \ Revenue + Average \ Quarterly \ Revenue \ Growth \ Rate \ of \ Past \ Eight \ Quarters)}{Standard \ Deviation \ of \ Quarterly \ Revenue \ Growth \ Rate \ of \ Past \ Eight \ Quarters} $[13] Factor Name: Dividend Yield - Construction Idea: Recent annual dividend divided by current market value[13] - Construction Process: $ Dividend \ Yield = \frac{Recent \ Annual \ Dividend}{Current \ Market \ Value} $[13] Factor Name: Performance Forecast Accuracy - Construction Idea: Single quarter performance forecast upper limit minus single quarter performance forecast lower limit divided by the average of the single quarter performance forecast upper limit and lower limit multiplied by -1[13] - Construction Process: $ Performance \ Forecast \ Accuracy = \frac{Single \ Quarter \ Performance \ Forecast \ Upper \ Limit - Single \ Quarter \ Performance \ Forecast \ Lower \ Limit}{(Single \ Quarter \ Performance \ Forecast \ Upper \ Limit + Single \ Quarter \ Performance \ Forecast \ Lower \ Limit)/2} \times (-1) $[13] Factor Name: Top Five Shareholders' Holding Ratio Sum - Construction Idea: Sum of the squares of the top five shareholders' holding ratios[13] - Construction Process: $ Top \ Five \ Shareholders' \ Holding \ Ratio \ Sum = \sum_{i=1}^{5} (Holding \ Ratio_i)^2 $[13] Factor Name: 90-Day Analyst Coverage - Construction Idea: Analyst coverage in the past 90 days[13] - Construction Process: $ 90-Day \ Analyst \ Coverage = \frac{Number \ of \ Analysts \ Covering \ the \ Stock \ in \ the \ Past \ 90 \ Days}{Total \ Number \ of \ Analysts} $[13] Factor Name: Consensus Expected Net Profit Compound Growth Rate - Construction Idea: Consensus expected net profit three-year compound growth rate[13] - Construction Process: $ Consensus \ Expected \ Net \ Profit \ Compound \ Growth \ Rate = \frac{Consensus \ Expected \ Net \ Profit \ in \ Three \ Years}{Current \ Net \ Profit} $[13] Factor Name: Consensus Expected EPS Change - Construction Idea: Consensus expected EPS divided by the average consensus expected EPS in the last 120 days[13] - Construction Process: $ Consensus \ Expected \ EPS \ Change = \frac{Consensus \ Expected \ EPS}{Average \ Consensus \ Expected \ EPS \ in \ the \ Last \ 120 \ Days} $[13] Factor Name: 90-Day Net Upward Revision Ratio - Construction Idea: Ratio of analysts who revised earnings forecasts upward minus the ratio of analysts who revised earnings forecasts downward in the past 90 days[13] - Construction Process: $ 90-Day \ Net \ Upward \ Revision \ Ratio = \frac{Number \ of \ Analysts \ Revising \ Upward}{Total \ Number \ of \ Analysts} - \frac{Number \ of \ Analysts \ Revising \ Downward}{Total \ Number \ of \ Analysts} $[13] Factor Name: 90-Day Expected Adjustment Mean - Construction Idea: Average adjustment magnitude of analysts' earnings forecasts in the past 90 days[13] - Construction Process: $ 90-Day \ Expected \ Adjustment \ Mean = \frac{Sum \ of \ Analysts' \ Earnings \ Forecast \ Adjustments \ in \ the \ Past \ 90 \ Days}{Total \ Number \ of \ Analysts} $[13] Factor Name: Financial Report Exceeding Research Report Expectation Degree - Construction Idea: Degree to which the financial report exceeds the research report expectation within 5 days of the financial report release[13] - Construction Process: $ Financial \ Report \ Exceeding \ Research \ Report \ Expectation \ Degree = \frac{Financial \ Report \ Value - Research \ Report \ Expectation}{Research \ Report \ Expectation} $[13] Factor Name: Standardized Unexpected Earnings Based on Consensus Expectation - Construction Idea: Quarterly net profit minus quarterly consensus expected net profit divided by the consensus expected net profit dispersion[13] - Construction Process: $ Standardized \ Unexpected \ Earnings \ Based \ on \ Consensus \ Expectation = \frac{Quarterly \ Net \ Profit - Quarterly \ Consensus \ Expected \ Net \ Profit}{Consensus \ Expected \ Net \ Profit \ Dispersion} $[13] Factor Name: 1-Month Turnover Rate and Average Price Correlation - Construction Idea: Correlation coefficient between stock turnover rate and average price in the past 20 trading days[13] - Construction Process: $ 1-Month \ Turnover \ Rate \ and \ Average \ Price \ Correlation = \frac{Cov(Turnover \ Rate, \ Average \ Price)}{Std(Turnover \ Rate)

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.86 CNY, indicating an expected return of over 20% within the next six months [6]. Core Viewpoints - The company is focusing on the development trends of cryptocurrencies and stablecoins, emphasizing innovation and the integration of digital currency research into its operations [1]. - The company has a significant operational asset base from its investment projects, generating substantial traffic data assets, with projected revenue from four highway projects reaching 1.31 billion CNY in 2024 [1]. - The company is actively expanding into new business areas such as low-altitude economy and smart transportation, with digital information business revenue expected to grow from 317 million CNY in 2023 to 401 million CNY in 2024 [2]. - The company has signed new orders worth 1,030 billion CNY in 2024, reflecting an 8.01% year-on-year increase, with significant growth in municipal and energy sectors [3]. Financial Summary - The company's revenue for 2023 is projected at 74.19 billion CNY, with a growth rate of 13.66%, followed by a decline to 68.82 billion CNY in 2024 [5]. - The net profit attributable to the parent company is expected to be 2.94 billion CNY in 2023, with a slight decrease to 2.84 billion CNY in 2024, before rising to 3.10 billion CNY in 2025 [5]. - The company’s earnings per share (EPS) is forecasted to be 0.93 CNY in 2023, decreasing to 0.90 CNY in 2024, and then increasing to 0.98 CNY in 2025 [5]. - The company’s price-to-earnings (P/E) ratio is projected to be 6.75 in 2023, slightly increasing to 6.98 in 2024, and then decreasing to 6.41 in 2025 [5].

Group 1 - The core conclusion of the report indicates that the current consolidation in the consumer sector is a pause rather than an end, drawing parallels from the long transformation processes in the US and Japan [1][10]. - The report identifies a common trend in consumer behavior shifting from family-oriented consumption to individual-focused consumption, with a transition from optional consumption in urban lifestyles to personal spiritual consumption, often accompanied by a decline in GDP growth rates [2][4]. - It is noted that China is currently transitioning from high-speed growth to high-quality growth, with economic indicators resembling the later stages of Japan's third consumption society and the latter half of the US brand consumption phase [4][26]. Group 2 - For essential consumption, the investment strategy is based on a "bottom warehouse" thinking, focusing on undervalued quality growth stocks with high dividend yields, particularly in the food and beverage and textile sectors [5][40]. - The report emphasizes that the essential consumption sector is largely in a mature stage, characterized by stable low growth, and suggests that the investment approach should prioritize low valuation and high ROE [5][40]. - In the optional consumption sector, the report suggests that the configuration strategy should focus on operational improvement indicators from financial reports, aligning investments with macroeconomic data improvements [6][51]. Group 3 - The report highlights that the current consumer data may indicate a fundamental turning point, with macroeconomic data showing positive signals, particularly in the optional consumption sector [6][51]. - It is suggested that the configuration strategy for optional consumption should involve selecting companies with operational improvements based on financial reports and macroeconomic data trends [6][51]. - Specific sectors to focus on include motorcycles and home appliances, with an emphasis on identifying companies that show marginal improvements in ROE and profit growth [6][51].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Insights - The current market rally differs significantly from the "924 rally" due to external policy catalysts, with the focus on structural reforms rather than broad macroeconomic policies [2][3] - The recent market uptrend is driven by internal dynamics rather than external stimuli, indicating a self-sustaining upward movement in indices due to continuous inflow of incremental capital [3] - The report emphasizes the importance of structural policy-driven investment opportunities, highlighting three key areas: brokerage sector recovery, stablecoin-driven RMB internationalization, and Hong Kong stock valuation recovery amid US interest rate cut expectations [3] Summary by Sections Section 1: Market Performance - On July 11, 2025, the brokerage index rose by 3.96%, the diversified financial index increased by 2.37%, and the Shanghai Composite Index gained 1.05% [1] Section 2: Policy Catalysts - The "924 rally" was primarily driven by macroeconomic policies, while the current rally is characterized by specific structural reforms aimed at improving market expectations [2] - Key catalysts include the passage of the Stablecoin Regulation in Hong Kong and various financial policy announcements aimed at stabilizing the market [2] Section 3: Investment Opportunities - Focus on three investment opportunities: 1. Brokerage sector recovery with a recommendation for companies like Zhihui Compass, Dongfang Caifu, and Guotai Junan [3] 2. Companies benefiting from RMB internationalization such as Zhongyou Capital, Yika, and Kuaijingtong [3] 3. Hong Kong stock valuation recovery with a focus on Guoyin Jinzu and Hong Kong Stock Exchange [3]

Industry Rating - The report maintains an "Outperform" rating for the scientific instruments industry, consistent with the previous rating [1]. Core Insights - The scientific instruments market in China surpassed 220 billion yuan in 2023, with a growth rate exceeding 12%. The market is dominated by high-end foreign brands, and there is a significant push for domestic alternatives driven by government policies [2][12]. - The domestic market for mass spectrometers reached 16.712 billion yuan in 2023, with foreign companies holding over 90% of the global market share. The import rate for mass spectrometers has decreased from 89% in 2018 to 81% in 2023, indicating a gradual shift towards domestic production [3][41]. - The electronic measurement instruments market is projected to exceed 40 billion yuan in 2024, with a notable focus on mid-to-high-end products. The market for oscilloscopes is expected to reach 650 million USD by 2025 [4]. Summary by Sections 1. Scientific Instruments Industry - The scientific instruments industry is characterized by high-end foreign brands dominating the market, while domestic brands struggle to gain market share. The government has introduced various policies to promote domestic innovation and application of scientific instruments [2][24]. 2. Scientific Analysis Instruments - The market for scientific analysis instruments is vast, with mass spectrometers and chromatographs showing low domestic production rates. The mass spectrometer market is expected to grow significantly, with a focus on high-resolution and triple quadrupole models as key areas for domestic manufacturers to target [25][50]. 3. Electronic Measurement Instruments - The electronic measurement instruments market is rapidly expanding, with a projected market size of 16.307 billion USD globally by 2024. The domestic market is expected to exceed 40 billion yuan, with a significant portion of high-end products still being imported [4][6]. 4. Policy Guidance - Recent government policies have aimed to support the development of domestic scientific instruments, including tax exemptions for imported instruments used in research and education, which will lower costs for research institutions [21][24].

Group 1 - The core conclusion of the report indicates that the current consolidation in the consumer sector is a pause rather than an end, drawing parallels from the long transformation processes in the US and Japan [1][9] - The report identifies a common trend in consumer behavior shifting from family-oriented consumption to individual-oriented consumption, with a focus on spiritual consumption, often accompanied by a decline in GDP growth rates [2][10] - It is noted that China is transitioning from high-speed growth to high-quality growth, with economic indicators resembling the later stages of Japan's third consumption society and the latter half of the US brand consumption phase [2][25] Group 2 - For essential consumption, the investment strategy is based on a "bottom warehouse" thinking, focusing on undervalued quality growth stocks with high dividend yields, particularly in the food and beverage and textile sectors [3][33] - The essential consumption sector is characterized by low growth and moderate to low valuations compared to other mature industries, indicating a defensive attribute [3][39] - The optional consumption strategy emphasizes identifying companies with operational improvements, leveraging macroeconomic data to guide investment decisions, particularly in the motorcycle and home appliance sectors [4][40]