Group 1: Bond Issuance Details - The first technology innovation green corporate bond on the Beijing Stock Exchange was successfully issued on June 25, 2025, by China Communications First Highway Engineering Group Co., Ltd. with a total issuance scale of 300 million yuan[2] - The bond has a maturity of 60 days and an issuance interest rate of 1.60%, marking a historical low for short-term corporate bonds issued by central state-owned enterprises on the exchange[2][13] - Multiple financial institutions, including SPDB, Xiamen International Bank, Huaxia Bank, Jiangsu Bank, and CITIC Securities, participated in the subscription[2] Group 2: Bond Characteristics and Impact - This bond is characterized by both "technology innovation" and "green" labels, with all raised funds allocated to the green building sector[3][15] - The successful issuance supports the green transformation in infrastructure, promoting a high-quality development path through the integration of technology finance and green finance[3][15] Group 3: Support Measures and Future Outlook - The Beijing Stock Exchange has introduced nine specific measures to support the development of technology innovation bonds, including broadening the range of issuers and simplifying information disclosure[4][18] - The exchange aims to enhance financing support for the technology innovation sector and will continue to innovate bond varieties while strengthening the synergy between equity and bond markets[4][18] Group 4: Investment Strategy - The report suggests focusing on sectors such as data centers, robotics, semiconductors, consumer goods, and military information technology for investment opportunities in 2025[4][17][20] - Specific companies highlighted include Krait (data center), Suzhou Axis (robotics), and Hualing (semiconductors), among others, indicating a positive outlook for their performance[4][17][20] Group 5: Risk Considerations - Potential risks include policy risk, liquidity risk, macroeconomic environment risk, and the risk of technological innovation not meeting expectations[21][22]

乘用车 北汽蓝谷：制定三年跃升计划提量增利，双品牌边际显著向好 北汽蓝谷（600733.SH） 证券研究报告/公司深度报告 2025 年 07 月 03 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | | 营业收入（百万元） | 14,319 | 14,512 | 38,390 | 59,751 | 76,564 | | | | 增长率 yoy% | 50% | 1% | 165% | 56% | 28% | | 执业证书编号：S0740523020004 | | 归母净利润（百万元） | -5,400 | -6,948 | -4,341 | -1,244 | 1,388 | | Email：hejy02@zts.com.cn | | 增长率 yoy% | 1% | -29% | 38% | 71% | 212% | | | | 每股收益（元） | -0 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Insights - The successful issuance of the first technology innovation green corporate bond on the Beijing Stock Exchange (BSE) marks a significant milestone, combining both "technology innovation" and "green" labels [4][14] - The bond, issued by China Communications First Public Bureau Group Co., Ltd., raised 300 million yuan with a term of 60 days and an interest rate of 1.60%, setting a historical low for short-term corporate bonds in the exchange market [3][14] - The funds raised will be fully invested in the green building sector, providing financial support for the green transformation in infrastructure [5][14] - The BSE has introduced nine specific measures to support the development of technology innovation bonds, enhancing financing support for the technology innovation sector [7][12] Summary by Sections Industry Overview - The BSE currently has 274 listed companies with a total market value of 845.857 billion yuan and a circulating market value of 511.769 billion yuan [1] Recent Developments - The issuance of the first technology innovation green corporate bond is a response to national strategies aimed at promoting financial support for green and technological advancements [14] - The BSE is actively conducting training and research to align funding with the needs of technology innovation enterprises [7][14] Investment Strategy - The report suggests focusing on sectors such as data centers, robotics, semiconductors, and consumer goods for potential investment opportunities in 2025 [9][13] - Specific companies highlighted include: - Data Centers: Krait and Shuguang Data Creation - Robotics: Suzhou Axis, Audiwei, Jun Chuang Technology, and Fuheng New Materials - Semiconductors: Hualing Co. and Kaide Quartz - Consumer Goods: Taihu Snow, Boshenglong, Lusi Co., Kangbiter, and Thunder Technology [9][13]

影视院线 执业证书编号：S0740515080001 Email：kangyw@zts.com.cn 执业证书编号：S0740523070003 Email：yansy@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 29,875.86 | | 流通股本(百万股) | 29,875.86 | | 市价(港元) | 0.96 | | 市值(百万港元) | 28,680.83 | | 流通市值(百万港元) | 29,875.86 | 请务必阅读正文之后的重要声明部分 "演艺+IP"双引擎，重构线下娱乐新基建 ——大麦娱乐首次覆盖 股价与行业-市场走势对比 一、大麦娱乐：国内领先的全产业链现实娱乐平台。大麦娱乐是一家主要从事内容制 作、宣传和发行、IP 衍生授权及商业运营、院线及娱乐活动票务管理，以及互联网数 据服务的投资控股公司。旗下电影业务累计参与了 300 余部电影的出品发行和推广， 旗下演出业务覆盖全品类现实娱乐票务类型。阿里巴巴集团系公司控股股东，管理层 互联网行业经验丰富且参与持股。23 年起，架构调整激活组织活力，增长进入快车道， 规模效应明显。 相关 ...

服装家纺 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 执业证书编号：S0740523090002 Email：wush@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 11,544 | | 流通股本(百万股) | 11,544 | | 市价(港元) | 4.64 | | 市值(百万港元) | 53,565 | | 流通市值(百万港元) | 53,565 | 波司登（03998.HK） 证券研究报告/公司点评报告 2025 年 07 月 01 日 请务必阅读正文之后的重要声明部分 暖冬下 FY25 稳健增长，利润增速优于收入 股价与行业-市场走势对比 主品牌羽绒服稳健增长，全季化品类拓展带动增量。24/25 财年品牌羽绒服业务实现 营收 216.68 亿元（+11.0%），占集团收入 83.7%。毛利率为 63.4%，同比-1.6pct， 主要受经销商渠道销售增长较快、防晒服等新品类毛利略低及羽绒等原材料成本上涨 影响。1）波司登品牌收入同比+10.1%至 184.81 亿元，毛利率同比-0.6pct 至 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The report indicates that the overall prices of industrial metals have risen, with LME copper, aluminum, lead, and zinc showing weekly changes of 2.3%, 1.3%, 2.3%, and 4.9% respectively [4][27] - The non-ferrous metal sector index outperformed the market, with the Shenwan Non-ferrous Metal Index closing at 5094.64 points, up 5.11% week-on-week, surpassing the Shanghai Composite Index by 3.20 percentage points [4][25] - The report highlights that the decline in the US dollar index has led to a general increase in basic metal prices, suggesting limited downside potential for these prices in the long term [10] Summary by Sections Market Overview - The A-share market has risen, with the non-ferrous metal sector outperforming the Shanghai Composite Index [19] - Domestic metal prices have generally increased, with specific weekly changes noted for LME and SHFE metals [27] Macro Factors - In China, the PMI for May showed a slight recovery at 49.5, while the CPI remained negative at -0.1% [6][37] - The US GDP for Q1 was revised down to a year-on-year growth of 1.99%, with a quarter-on-quarter decline of 0.5% [6][39] - European manufacturing PMI showed a slight recovery, while global manufacturing PMI continued to decline [7][45] Basic Metals Analysis - For electrolytic aluminum, the report notes a strong price increase due to low inventory levels and a declining dollar [8][47] - The aluminum processing sector's average operating rate decreased to 58.8%, indicating a slight decline in demand [9][47] - The report indicates that the global aluminum inventory has increased, with domestic aluminum ingot inventory rising to 505,000 tons [9][47] - In terms of profitability, the industry maintains a profit margin of over 3,000 yuan per ton, with current aluminum prices at 20,940 yuan per ton [9][47] Investment Recommendations - The report suggests maintaining an "Overweight" rating for the industry, emphasizing the potential for price increases in rigid supply varieties like aluminum and copper [10]

国防军工 证券研究报告/行业定期报告 2025 年 06 月 30 日 分析师：陈鼎如 执业证书编号：S0740521080001 Email：chendr01@zts.com.cn 执业证书编号：S0740523060003 9·3 阅兵在即，重视新域新质作战力量发展 Email：mamz@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 143 | | 行业总市值(亿元) | 26,967.47 | | 行业流通市值(亿元) | 22,823.81 | | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | | 分析师：陈鼎如 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 202 ...

履约形态适配中国土壤，即时零售潜力或超预期 ——即时零售行业研究 评级： 增持（首次） 执业证书编号：S0740523110001 Email：suchang@zts.com.cn 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn | 上市公司数 | 59 | | --- | --- | | 行业总市值(亿元) | 5,581.43 | | 行业流通市值(亿元) | 5,247.73 | 一般零售 证券研究报告/行业深度报告 2025 年 06 月 30 日 请务必阅读正文之后的重要声明部分 分析师：苏畅 报告摘要 核心观点：受制于较高履约成本，即时零售在发源地美国现仍是小众市场。但在中国， 在强烈的便捷需求，与显著成本结构优势共振下，即时零售较大概率成为一种主流的 零售模式。美团在履约体系与用户心智上具有较为显著优势，即时零售业务的发展有 望为其提高估值潜力。 分析师：郑澄怀 各国零售行业演进的理念是一致的，但最优履约形态受到人口、城市形态等因素影响。 基于对零售行业国别对比研究，我们发现优秀的零售企业均有着一致的理念：为消费 者降低交易成本。但具体的履约形态，在 ...

分析师：徐驰 执业证书编号：S0740519080003 分析师：张文宇 执业证书编号：S0740520120003 请务必阅读正文之后的信息披露和重要声明 【市场回顾】 证券研究报告 信用业务周报 近期科技金融为何强势反弹？ 2025年6月30日 中泰证券研究所 图表：市场表现回顾 数据来源：Wind，中泰证券研究所 2 【市场观察】如何看待科技金融强势反弹？ 3 • 一、如何看待科技金融强势反弹？ • 近期A股科技板块强势反弹，背后是宏观风险缓解与市场风险偏好修复的共振结果。一方面，中东局 势超市场预期平息，大幅缓解市场地缘政治担忧，原油价格显著回落，带动通胀预期下降，流动性环 境改善，全球权益资产价格上涨；另一方面，特朗普近期在外交政策上的表态，特别是在以伊问题上 的处理降低了市场对其潜在执政不确定性的担忧，而这一点正是一季度部分资本离开美国避险的主要 原因，故近期美元资产回流，美股强于欧股、黄金走弱、美债收益率回落，形成与一季度全球资产组 合相对的"反向组合"。美债收益率下行和纳斯达克指数走强，不仅从流动性角度为A股提供支撑，也通 过科技股估值和情绪的外溢效应利好A股科技板块。这一逻辑亦与我们此前提示 ...

商保目录首次纳入调整方案，医疗保障法征求意见发布 请务必阅读正文之后的重要声明部分 报告摘要 医药板块跟随市场震荡上涨。本周沪深 300 上涨 1.95%，医药生物上涨 1.60%，处于 31 个一级子行业第 23 位，本周所有子板块均上涨，医疗服务、医疗器械、医药商业、 生物制品、中药、化学制药涨幅分别为 2.92%、2.10%、2.08%、1.97%、1.29%、 0.71%。本周医药各个子板块中，化学制药板块涨幅最小，创新药赛道在前期积累了 较大涨幅后，迎来短期阶段性调整，这也有利于产业逻辑的持续演绎。从基本面来看， 创新药仍是当前医药板块中产业趋势最为明确且具备未来成长空间的子行业，我们认 为全年维度创新药作为医药板块的投资主线不会变化，短暂调整后板块有望在分化中 持续上涨，在调整中建议坚守相对主流的优质创新药标的，以及将有 BD 或是数据催 化的公司。同时建议关注有积极变化的 AI 医疗/医药相关公司；Q2 逐步进入尾声，关 注 Q2 业绩较好，或者有望逐步走出困境的细分板块及个股。 相关报告 1、《回调不改创新药主线，政策助 2、《关注 ADA 会议催化，减重增肌 3、《创新行情持续火热，积极围绕 ...