- The Hang Seng Stock Connect China Technology Index (HSSCITI) reflects the overall performance of mainland Chinese technology leaders listed in Hong Kong. It uses free-float market capitalization weighting, with a 10% cap on individual constituent weights, and adjusts semi-annually in June and December[37][38][39] - The index strictly selects 13 technology-related fields from 105 subcategories, excluding "pseudo-tech" companies, such as semiconductor (703010) and gaming software (702040), which represent high-tech hardware and digital content sectors. This enhances the index's technological purity and representativeness[37][38] - A fast-track inclusion mechanism was introduced in 2024, allowing companies newly listed in Hong Kong and ranked in the top 10 by market capitalization to be quickly added to the index. For example, Kuaishou (1024.HK) benefited from this mechanism. Additionally, a "buffer zone" for ranks 24-36 ensures that quality growth stocks are not excluded due to short-term market fluctuations[38][39] - The index's liquidity requirement mandates a turnover rate of 0.1% or higher for investment-type indices, ensuring active trading of constituent stocks and maintaining index vitality[38] - The HSSCITI index is distinct from other international technology indices, such as the Nasdaq 100 Technology Index (NDXTMC) and the STAR 50 Index, in terms of selection criteria, weighting methods, and risk management strategies. For instance, HSSCITI uses a simple 10% cap on individual stock weights, while NDXTMC employs a two-stage mechanism to limit individual weights to 15% and the top five issuers to 60%[39][40][43]

Investment Rating - The industry rating is "Outperform the Market" [4][69] Core Insights - The report highlights significant price increases in the pig farming sector, with the national average pig price reaching 15.37 yuan/kg as of July 4, reflecting a week-on-week increase of 0.71 yuan/kg [2][10] - The report indicates a decrease in slaughter volume due to high temperatures affecting pork consumption, with daily average slaughter volume dropping to 138,000 heads, a week-on-week decrease of 3.83% [2][16] - The report notes a rebound in average pig weight for slaughter, with the average weight recorded at 128.64 kg, a week-on-week increase of 0.50 kg [2][22] - The poultry sector is experiencing a decline in chicken chick prices, with the price of white feather chicken chicks dropping to 1.36 yuan/chick, a week-on-week decrease of 0.34 yuan/chick [3][35] - The report discusses the impact of ongoing avian influenza outbreaks on the poultry industry, particularly affecting the supply of quality chicks [3][39] - The seed industry is seeing increased regulatory scrutiny, which is expected to enhance market order and accelerate the commercialization of genetically modified organisms [3][48] - The report mentions fluctuations in soybean meal prices, with the spot price at 2,928 yuan/ton, reflecting a week-on-week increase of 22 yuan/ton [3][49] - The agricultural sector overall has shown a 2.55% increase in the past week, outperforming major indices [3][54] Summary by Sections Pig Farming - Supply reduction has led to significant price increases, with the national average pig price at 15.37 yuan/kg [2][10] - Slaughter volume has decreased due to high temperatures, with daily average slaughter volume at 138,000 heads [2][16] - Average pig weight for slaughter has rebounded to 128.64 kg [2][22] - The report suggests monitoring companies such as Muyuan Foods, Dekang Agriculture, and Wens Foodstuff Group for potential investment opportunities [2][33] Poultry Sector - White feather chicken chick prices have reached a new low, with prices at 1.36 yuan/chick [3][35] - The ongoing avian influenza outbreaks are affecting the supply chain, particularly in the U.S. and New Zealand [3][39] - The report recommends focusing on companies like Xiamen Xiangyu and Shennong Group for investment [3][39] Seed Industry & Agricultural Products - Regulatory measures are being strengthened in the seed industry, which is expected to improve market conditions [3][48] - Soybean meal prices are fluctuating, with current prices at 2,928 yuan/ton [3][49] - The report suggests monitoring soybean meal ETFs for investment opportunities [3][49]

Group 1 - The core viewpoint of the report indicates that the special valuation system in China is a response to the breakdown of the original global output and capital circulation, reflecting a long-term change in economic development models [2][21] - Recent trends show that U.S. manufacturing capital expenditure continues to slow down, leading to a potential stagnation in the capacity cycle, while the employment situation in the manufacturing sector is deteriorating [2][7] - Short-term fiscal support from China is expected, with mid-term exports likely to exceed expectations, and long-term consumption is anticipated to continue its recovery [2][8] Group 2 - The report highlights that the spread of dividends towards low price-to-book (PB) ratios is a sign of rising market risk appetite, indicating a waiting period for economic recovery [2][21] - The long-term trend of rising return on equity (ROE) suggests a revaluation of Chinese assets, with large-cap stocks trading at a premium and small-cap stocks at a discount as a result of the economic development model [2][21] - The report expresses optimism towards core asset styles, including low PB industries, large financials, and sectors such as gold, energy, and non-ferrous metals, while also advising caution regarding micro-cap risks [2]

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The report highlights the strengthening of "anti-involution" policies in the photovoltaic sector, leading to an increase in polysilicon prices [3][18] - The offshore wind power sector is positioned to play a crucial role in promoting high-quality development of the marine economy [28][29] - The energy storage sector benefits from the implementation of the "Inflation Reduction Act" in the U.S. and the launch of a significant subsidy program in Australia [37][40] - The approval of two new ultra-high voltage transmission lines is expected to accelerate construction in the power equipment sector [46][47] Summary by Sections 1. New Energy Vehicles and Lithium Battery Sector - Lithium battery production in July remains high, preparing for peak season, with significant year-on-year increases in iron-lithium production [9][11] - Global solid-state battery industrialization is accelerating, with several companies announcing advancements in solid-state battery technology [10][11] 2. New Energy Generation Sector 2.1 Photovoltaic Sector - The "anti-involution" policy is expected to improve the competitive landscape, with a focus on orderly capacity release [3][18] - Polysilicon prices have increased, while other components like silicon wafers and battery cells face price pressures [20][21][22] - The report suggests monitoring companies that may benefit from supply-side reforms and demand recovery [26] 2.2 Wind Power Sector - The government emphasizes the importance of offshore wind power in the marine economy, with new policies expected to support its development [28][29] - Significant offshore wind projects are being initiated, indicating a shift towards deep-sea wind power development [30] 3. Energy Storage Sector - The "Inflation Reduction Act" in the U.S. has been enacted, extending tax credits for energy storage projects [37][38] - Australia has launched a substantial subsidy program for household energy storage systems, aiming to increase adoption [40][43] - The report highlights the potential for growth in both domestic and international energy storage markets [44] 4. Power Equipment Sector - Two new ultra-high voltage transmission lines have been approved, marking a significant step in the "14th Five-Year Plan" for power infrastructure [46] - National peak electricity load has reached a record high, indicating ongoing demand growth [47] 5. Industrial Control and Robotics Sector - Siemens has completed a $5.1 billion acquisition, enhancing its digital industrial software capabilities [53][54] - New collaborative robots have been launched, indicating advancements in automation technology [55] 6. Hydrogen Energy Sector - The report anticipates that national market-oriented electricity trading will exceed 6 trillion kilowatt-hours by 2024 [61] - A large-scale green hydrogen pipeline project has been approved, indicating progress in hydrogen energy infrastructure [62] - Investment opportunities in hydrogen energy are highlighted, particularly in companies involved in fuel cell systems and hydrogen production [63]

Group 1 - The report indicates that the banking and dividend sectors have shown stable performance recently, with a strong likelihood of continued inflow of insurance funds, making the dividend sector a cost-effective investment option [3][11]. - Since 2022, the balance of insurance fund utilization has steadily increased, primarily due to the expansion of premium scales, while the stock investment scale within insurance funds has also shown a fluctuating upward trend [3][11]. - A correlation analysis between the average March price fluctuations of the CSI 300 index and the growth rate of insurance stock investment positions reveals a strong relationship, suggesting that the current recovery in stock market sentiment may lead to a rebound in insurance stock investment positions [3][11]. Group 2 - From the perspective of convertible bond investment, the report suggests screening dividend convertible bonds based on market capitalization, profitability stability, and dividend yield, which align with insurance capital investment preferences [4][12]. - The report identifies several leading dividend ETFs, including Huatai-PB SSE Dividend ETF and Tianhong CSI Low Volatility 100 ETF, and lists convertible bonds associated with these ETFs that are expected to yield excess returns if the dividend sector maintains strong performance [4][12]. - The overall economic stability in China suggests limited downside for the stock market, with expectations of a structural market characterized by range-bound fluctuations, particularly benefiting sectors with stable profitability such as finance and public utilities [5][25]. Group 3 - The report emphasizes the importance of new production capabilities in China's industrial upgrade process, which may reflect positively in the stock market, highlighting the need to focus on popular themes from this year [5][25]. - Recommendations include focusing on companies driving the industrialization of AI models and robotics, as well as those in the undervalued sectors, particularly convertible bonds from firms like Xingye, Lantian, and Yifeng [5][25]. - The report anticipates a recovery in the new energy and automotive parts sectors in the second half of the year, suggesting attention to companies such as Mingli, Huayou, and Yihui [5][25].

Group 1 - The report indicates that the credit bond market is expected to maintain a slightly bullish trend in July and the third quarter, driven by factors such as potential export weakness and the central bank's liquidity measures [2][10][11] - The report highlights the importance of selecting liquid credit bond issuers and maintaining trading flexibility, with specific attention to timely profit-taking opportunities [11][12] - The report suggests focusing on city investment bonds in regions with strong debt management capabilities, such as Shandong, Henan, and Guangxi, particularly in cities like Liuzhou, which is actively addressing its debt issues [3][12][15] Group 2 - The report emphasizes that addressing "involution" and resolving overcapacity issues are becoming key tasks for local governments, with expectations for more policies to guide and resolve these challenges [3][23][25] - The report notes that the financial bond market has seen significant movements, with credit spreads for certain bonds narrowing, indicating a need for cautious investment strategies [4][10] - The report discusses the potential for investment in high-quality enterprises and regions with strong economic fundamentals, particularly in provinces like Guangdong, Jiangsu, and Zhejiang, which are expected to have robust debt management capabilities [43][44][48]

行 华福证券 家用电器 2025 年 07 月 06 日 业 研 究 家用电器 关税豁免即将到期，关注出口链修复机会—— 25W27 周观点 投资要点： 关税豁免即将到期，关注出口链修复机会 行 业 定 期 报 告 关税豁免期将于 7 月 9 日结束，近期越南、柬埔寨已陆续与美国 达成贸易协议。关税政策陆续落地，出口链确定性增强，基本面、估 值均有望修复。此次越南关税整体符合预期，关税政策落地，短期下 单排产恢复正常，基本面有望逐步修复，而美国对转口贸易的严格管 控意味着国内企业需要提升海外本土化生产能力、完善原产地合规体 系，更加有利于海外产能布局完善的龙头企业，建议关注家电龙头海 尔智家、美的集团、海信家电、TCL 电子、海信视像，工具龙头巨星 科技、创科实业，纺服代工龙头华利集团、申洲国际、伟星股份，海 外产能布局完善的出口链企业春风动力、涛涛车业。 行情数据 本周家电板块涨跌幅+1.7%，其中白电/黑电/小家电/厨电板块涨跌 幅分别+2.5%/+0.2%/+0.8%/+0.5%。原材料价格方面，LME 铜、LME 铝环比上周分别-0.80%、+0.15%。 本周纺织服装板块涨跌幅+1.36%，其中纺织 ...

Investment Rating - The industry rating is "Outperform the Market" [7] Core Viewpoints - The report highlights the potential of subcutaneous immunoglobulin (SCIG) as the next major product in the blood products sector, with Tian Tan Biologics positioned to be the first domestic manufacturer to market this product [3][4][15] - The global market size for SCIG is projected to reach approximately $4.9 billion in 2024, which is about half the size of the intravenous immunoglobulin (IVIG) market [3][19][26] - The report emphasizes the advantages of SCIG over IVIG, including better tolerability, lower incidence of adverse reactions, lower economic costs, higher patient satisfaction, and ease of self-administration [3][19][21] Summary by Sections Market Review - The CITIC Pharmaceutical Index increased by 3.6% during the week of June 30 to July 4, 2025, outperforming the CSI 300 Index by 2.0 percentage points [3][36] - Year-to-date, the CITIC Pharmaceutical Index has risen by 10.8%, surpassing the CSI 300 Index by 9.6 percentage points [3][36] - Notable stock performances included Seer Medical (+51.55%), Guangsheng Tang (+48.64%), and Shenzhou Cell (+45.01%) [3][51] Focus on SCIG - SCIG is recognized as the third-largest segment in the global blood products market, with a projected size of $4.9 billion, representing 15.5% of the market [26][29] - The report forecasts a compound annual growth rate (CAGR) of 7.2% for the immunoglobulin market (IVIG + SCIG) from 2025 to 2034, with SCIG expected to be the fastest-growing segment [26][29] - Tian Tan Biologics is expected to gain a significant competitive advantage as it is on track to be the first company to launch SCIG in China, with its application for production submitted and under review [3][34] Investment Recommendations - The report suggests focusing on innovative drugs as a primary investment theme, with a recommendation to consider leading companies and those with potential catalysts in their development pipelines [4][5] - The recommended investment portfolio includes companies such as Kangfang Biologics, Xinda Biologics, and Tian Tan Biologics [4][5][12]

Investment Rating - The report maintains an "Outperform" rating for the industry [4] Core Viewpoints - The sentiment in the export chain is recovering, and leading companies are expected to grow without issues. The recent trade agreement between the US and Vietnam is expected to have a controllable impact on tariffs, enhancing the competitive advantage of companies with established overseas production capacities [3][9] - The report suggests focusing on companies such as Xiangxin Home, Zhongxin Co., Zhejiang Natural, Yongyi Co., Jiayi Co., and Hars for potential investment opportunities [3][9] Summary by Sections Home Furnishing - The home furnishing sector is expected to stabilize as the industry adjusts to recent conditions. Companies like Oppein Home, Sophia, and Zhijia Home are highlighted as potential beneficiaries of the improving industry landscape [6] - The report notes that the second quarter has seen a gradual recovery in factory orders, with many companies currently valued at historical lows, suggesting a good opportunity for investment [6] Paper and Packaging - As of July 4, 2025, prices for various paper products remain stable, with double glue paper at 5125 CNY/ton and copper plate paper at 5400 CNY/ton [6][47] - The report highlights that several paper companies have announced price increases for corrugated paper, indicating a positive trend in the sector [6] - Investment opportunities are suggested in companies like Nine Dragons and Sun Paper, which are well-positioned in the paper industry [6] Light Industry Consumption - The report emphasizes the growth potential of companies like Sturdy Medical and Morning Glory, which are expected to benefit from brand strength and product upgrades [6] - The entertainment products sector is also noted for its growth, with companies like Morning Glory expected to see a recovery in operations [6] Export Chain - The recent trade agreement between the US and Vietnam is expected to reduce risks for companies in the export chain, particularly those with global supply chain layouts [9] - Companies such as Zhongxin Co., Zhejiang Natural, and Xiangxin Home are recommended for their strong positions in the export market [9] Textile and Apparel - The textile and apparel sector is highlighted for its potential growth, particularly for companies that have established overseas production capabilities [9] - The report suggests focusing on companies like Shenzhou International and Huayi Group, which are well-integrated in their operations [9]

Investment Rating - The industry rating is "Outperform the Market" [81] Core Insights - Tesla's global sales in Q2 reached 384,122 units, a 13% decline from 443,956 units in the same period last year, marking the second consecutive quarter of decline [3][12] - The decline is attributed to delays in the launch of more affordable models, controversies surrounding CEO Elon Musk's political stance, and a significant drop in sales in the US market [3][12] - Tesla faces increasing competition from new models launched by General Motors, Volkswagen, BMW, BYD, and Xiaomi, while exploring potential in autonomous driving software and humanoid robots [3][13] - Xiaopeng Motors launched the new AI smart family SUV, Xiaopeng G7, with three versions priced between 195,800 and 225,800 yuan, featuring advanced AI capabilities and a long range of 702 km [4][14][15] Market Performance - From June 30 to July 4, the automotive sector increased by 0.1%, underperforming the CSI 300 index, which rose by 1.5%, resulting in a 1.4 percentage point lag [18] - Year-to-date, the automotive sector has increased by 8.2%, ranking 8th among 31 sectors [18] Key Industry Data - In June, retail sales of passenger vehicles reached 2.032 million units, a 15% year-on-year increase, while new energy vehicle retail sales were 1.071 million units, up 25% year-on-year [6][34] - Wholesale sales for passenger vehicles in June totaled 2.473 million units, a 14% increase year-on-year, with new energy vehicle wholesale sales at 1.259 million units, up 28% year-on-year [6][35] New Vehicle Highlights - Xiaopeng G7 features a powerful AI chip configuration, achieving an effective computing power of 2,250 TOPS, making it the highest globally [14][15] - The G7 aims to redefine the market for smart electric SUVs with its advanced AI capabilities and long-range performance [15]