Investment Rating - The investment rating for the pharmaceutical industry is "Recommended" (maintained) [1] Core Insights - Significant transactions are driving the revaluation of innovative value in the pharmaceutical sector, with major deals such as a $60 billion transaction by 3SBio and a $50 billion forecasted deal by CSPC Pharmaceutical Group [3] - The 2025 ASCO conference highlighted ADC, bispecific antibodies, and tri-specific antibodies as key areas of focus, with promising clinical results reported by Chinese companies [4] - Chinese innovative pharmaceutical companies are leading breakthroughs in CAR-T technology, with significant advancements expected in 2025 [6] - The gout treatment market presents substantial potential, with a projected increase in patients in China from 170 million in 2020 to 240 million by 2030 [8] - The oral weight-loss drug market is seeing increased activity from leading companies, with notable collaborations and clinical advancements [10] - The approval of the world's first flu RNA polymerase PB2 protein inhibitor offers new treatment options for flu resistance [12] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 2.21% over the past week, with a weekly increase of 3.30% [28] - Over the past month, the pharmaceutical sector also outperformed the CSI 300 index by 4.57%, with a monthly increase of 6.42% [31] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index currently has a PE (TTM) of 34.03, slightly above the five-year historical average of 32.54 [45] 3. Recent Research Achievements - The research team has published several in-depth reports on various segments of the pharmaceutical industry, highlighting growth trends and market opportunities [48] 4. Recent Industry Policies and News - Recent policy changes include adjustments to tariffs on imported goods from the U.S. and guidelines for the construction and management of geriatric medicine departments [51] - Notable news includes the approval of multiple innovative drugs and clinical trials by various pharmaceutical companies [52][53]

2025 年 06 月 03 日 6 月地方债发行计划已披露 8612 亿元，新增专 项债占半数 —固定收益月报 投资要点 截至 2025 年 5 月 30 日，6 月地方债发行已披露计划如下： 各省、计划单列市披露发行计划总计 8612 亿元，其中新增一 般债、再融资一般债、新增专项债、再融资专项债占比分别 为 9%（742 亿元）、14%（1164 亿元）、50%（4340 亿元）、 21%（1839 亿元）。 分地区来看，6 月地方债发行计划从高到低分别为：北京市 1232 亿元、浙江省 958 亿元、云南省 688 亿元、山东省 606 亿元、安徽省 561 亿元、福建省 522 亿元、湖北省 432 亿 元、四川省 403 亿元、黑龙江省 332 亿元、贵州省 322 亿 元、广东省 300 亿元、重庆市 278 亿元、辽宁省 274 亿元、 陕西省 237 亿元、甘肃省 228 亿元、海南省 221 亿元、吉林 省 199 亿元、内蒙古 176 亿元、广西 157 亿元、青海省 136 亿元、河北省 103 亿元、新疆 97 亿元、厦门市 69 亿元、山 西省 45 亿元、宁夏 36 亿元。 6 ...

Investment Rating - The investment rating for the pharmaceutical industry is "Recommended" (maintained) [1] Core Insights - Significant transactions are driving the revaluation of innovation value in the pharmaceutical sector, with notable deals such as a $60 billion transaction by 3SBio and a $50 billion forecasted deal by CSPC Pharmaceutical Group [3] - The 2025 ASCO conference highlighted ADC, bispecific antibodies, and tri-specific antibodies as key areas of focus, with promising clinical results reported by Chinese companies [4] - Chinese innovative pharmaceutical companies are leading breakthroughs in CAR-T technology, with significant advancements expected in 2025 [6] - The gout treatment market presents substantial potential, with a projected increase in patients in China from 170 million in 2020 to 240 million by 2030 [8] - The oral weight loss drug market is seeing increased activity from leading companies, with notable collaborations and clinical advancements [10] - The approval of the world's first flu RNA polymerase PB2 protein inhibitor offers new treatment options for flu resistance [12] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 2.21% over the past week, with a weekly increase of 3.30% [28] - Over the past month, the industry also outperformed the CSI 300 index by 4.57%, with a monthly increase of 6.42% [31] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector's current PE (TTM) is 34.03, slightly above the five-year historical average of 32.54 [45] 3. Recent Research Achievements - Recent reports highlight the steady growth of blood products and the acceleration of the import substitution process in inhalation preparations [48] 4. Recent Industry Policies and News - The State Council announced a reduction in tariffs on imports from the U.S., which may impact the pharmaceutical sector [51] - Several innovative drugs have received approval for clinical trials and market entry, indicating a robust pipeline for the industry [52][53] 5. Recommended Companies and Earnings Forecast - Companies recommended for investment include Changchun High & New Technology, Yifan Biotech, and Zhongsheng Pharmaceutical, among others, with a focus on areas such as gout treatment and CAR-T technology [14]

Investment Rating - The report maintains a "Buy" rating for Lianchuang Optoelectronics (600363.SH) and an "Increase" rating for Chip Origin Technology (688521.SH) [15][33]. Core Insights - The report highlights the recent achievement of China's new generation artificial sun, "China Circulation No. 3," which reached a plasma current of 1 million amperes and an ion temperature of 100 million degrees, marking significant progress in controlled nuclear fusion [4][13]. - Concerns are raised regarding the potential suspension of EDA (Electronic Design Automation) services to China by Siemens, which could impact the domestic semiconductor industry, emphasizing the need for self-sufficiency in EDA and IP services [5][14][6]. Market Performance - The electronic industry experienced a slight increase of 0.17% from May 26 to May 30, ranking 24th among the primary industries [23][26]. - The electronic industry's price-to-earnings (P/E) ratio stands at 57.64, with the highest valuations found in the computer, defense, and media sectors [23][26]. Industry Dynamics - The report notes that the EDA market is dominated by three major players: Synopsys, Cadence, and Siemens EDA, which collectively hold a 70% market share in mainland China [6][14]. - The report suggests focusing on domestic EDA and IP service providers such as Huada Jiutian, Guangliwei, and others due to the increasing importance of self-sufficiency in the industry [6][14]. Company Performance and Forecasts - Key companies in the report include: - Lianchuang Optoelectronics (600363.SH) with a projected EPS of 1.37 for 2025 and a P/E of 44.50 [15][33]. - Chip Origin Technology (688521.SH) with a projected EPS of 0.02 for 2025 and a P/E of 4365.50, rated as "Increase" [15][33]. - Other companies such as Guangliwei and Huada Jiutian are mentioned but remain unrated [15][33]. Sector Analysis - The report indicates that the passive components, printed circuit boards, and integrated circuit manufacturing sectors saw the highest growth during the review period [26][30]. - The semiconductor materials and optical components sectors ranked fourth and fifth in terms of valuation [26].

Investment Rating - The report maintains a "Buy" rating for Lianchuang Optoelectronics (600363.SH) and an "Increase" rating for Xinyuan Technology (688521.SH) [15][33]. Core Insights - China's new generation artificial sun, "China Circulation No. 3," has achieved a record of one million amperes and one billion degrees H mode, indicating significant progress in controlled nuclear fusion technology [4][13]. - Siemens' EDA division may suspend support for mainland China, which highlights the increasing importance of domestic EDA and IP service providers in the face of geopolitical tensions [5][14][6]. Market Performance - From May 26 to May 30, the electronic industry rose by 0.17%, ranking 24th among the primary industries, with a P/E ratio of 57.64 [23][26]. - The semiconductor sector is experiencing a mixed performance, with passive components, printed circuit boards, and integrated circuit manufacturing showing the highest gains [26][30]. Company Focus - Key companies to watch in the controlled nuclear fusion equipment and components supply chain include Lianchuang Optoelectronics, Yongding Co., Hefei BEST, Guoguang Electric, and others [4][13]. - In the EDA sector, domestic companies such as Huada Jiutian, Guangliwei, and others are recommended for attention due to the potential supply disruptions from major EDA providers [5][6][14]. Valuation and Earnings Forecast - The report provides earnings per share (EPS) and price-to-earnings (P/E) ratios for various companies, indicating significant variations in valuation across the sector [15][33]. - For instance, Lianchuang Optoelectronics is projected to have an EPS of 1.37 in 2025 with a P/E of 44.50, while Xinyuan Technology is expected to have an EPS of 0.02 with a P/E of 4365.50 [15][33].

场内ETF增持防御板块， 推荐关注30年国债ETF ——指数基金投资+ 2025年6月3日 n 联系人：武文静 n SAC编号：S1050123070007 市场观点和ETF交易机会 PAGE 2 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 p 【国内市场跟踪】上周市场成交仅1.1万亿，核心指数中北证50和中证2000反弹领涨，低风险偏好下小盘 缩量上涨，北向交易盘持仓继续下行跌破20日均线，沪深300etf及红利低波etf分别增持21亿元、13亿元， 场内etf再度回流防御板块。4月8日以来风险资产普遍修复，中美关税战反复+政策弱预期下，短期市场仍 旧处于弱势整理期，风格轮动模型最新信号来看，当前社融同比增速稳步走高以及外资流入意愿回暖转为 看多成长结构行情，但期限利差快速收窄、CPI&PPI双双延续负增、10Y美债利率高位震荡均支撑红利占 优，模型复合信号延续看好防御板块表现，六月增配消费、电力等低位红利股。短端市场利率快速下行及 技术面RSI信号均显示小盘胜率相较大盘更高，但中证2000拥挤度持续处于历史极高位存在交易过热风险， 大小盘轮动模型从5月看好小微盘转为市值平配。 p 【港股市场周观点 ...

2025 年 06 月 03 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：29 分（较冷） 最近一年大盘走势 -10 -5 0 5 10 15 20 (%) 沪深300 资料来源：Wind，华鑫证券研究 相关研究 ▌ 华鑫市场情绪温度指标：（较冷） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 29 分，市场情绪处于"较冷"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：人工智能、低碳、无人驾驶 1、人工智能主题：OpenAI 日前宣布以 65 亿美元全股收 购由苹果前首席设计师 JonyIve 创立的 AI 硬件初创公司 io，并计划推出一款革命性的 AI"伴侣"设备，目标在 2026 年底前发货 1 亿台。这款设备旨在成为一款环境感知智能 体，可放置在口袋或书桌上，通过多模态 AI 无缝融入用户日 常生活。相关标的：荣信文化(301231)、汤姆猫(300459) 2、低碳主题：近日召开的国常会审议通过《制造业绿色 低碳发展行动方案（2025—2027 年）》。会议指出，推进制 造业绿色低碳发展是大势 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The box office for the Dragon Boat Festival in 2025 reached 136 million yuan, a year-on-year increase of 30%, with attendance increasing by 33% to 3.9 million people, indicating strong demand resilience driven by quality content supply [4][5] - The opening of the first immersive children's intellectual park in Shanghai, themed around classic animation IPs, is expected to enhance brand recognition and channel value [5] - Wanda Film's investment in 52TOYS aims to leverage IP and channel advantages, enhancing non-ticket revenue and capital appreciation through a "content + consumption + technology" business model [6][8] Summary by Sections Box Office Performance - The 2025 Dragon Boat Festival box office saw a significant increase, with the film "Mission: Impossible 8" contributing 46% of the total box office, showcasing the impact of quality content on audience turnout [4] New Business Opportunities - The launch of the popome children's park in Shanghai represents a new business avenue for cinemas, combining classic animation IPs with immersive experiences to attract families [5] - Wanda Film's strategic investment in 52TOYS is expected to enhance its non-ticket revenue and strengthen its market position in the IP toy sector [6][8] Market Trends - The demand for family-oriented experiences, as evidenced by the success of various IP-themed parks, highlights the resilience of the market amid evolving consumer preferences [9] - The integration of AI and innovative media is anticipated to amplify the commercial value of upstream IP and downstream channel enterprises [9]

2025 年 06 月 2 日 不确定中寻找确定性收益来源 —定量策略周观点总第 165 周 投资要点 ▌本周建议一览 核心观点：关税博弈第三阶段，风险资产普遍已修复了关 税影响，短期似乎缺乏主线。展望下半年，拨开迷雾在不 确定中寻找相对确定，结合资产估值，当前市场仍能找到 合理的收益来源；首先是做空"美国例外论"，从市场和 基本面数据来看都未结束，港股、日股、德股以及黄金相 对 收 益 。 我 们 延续对 港 股 的 年 度 级别强 烈 推 荐 ， 恒指 21000-22000 点附近坚定寻找做多机会；日股和德股等待 关税谈判落地；黄金在 3150 美元反弹后进入上升旗形整 理，保持交易仓位等待下半年的新高机会。其次是美联储 二次降息，以及美债的底部配置价值。美国 30 年期国债收 益率在 5 月 22 日达到 5.14%的高点，随后小幅回落至 4.94%，随后日长债也开始反弹，短期或有一波长久期的 空头回补；后续破局仍需等待美联储再次降息，失业率升 破 4.4%可能是触发因素。短期虽较难看到美债长端明显下 滑，无论市场还是基本面数据都指向陡峭化，但短债配置 窗口一直存在。建议在美元走弱，QDII 美债基金 ...

1. Report Industry Investment Rating Not mentioned in the provided content. 2. Core Viewpoints of the Report - In the contraction cycle, the cost - performance ratio of stocks to bonds is trending towards bonds, and the equity style is trending towards value. Currently, long - term bonds have a slightly better cost - performance ratio than value - type equity assets. If equity - type value assets continue to decline, there may be a good entry window. This week, the report recommends the Dividend Index (40% position), the Shanghai Composite 50 Index (40% position), and the 30 - year Treasury Bond ETF (20% position) [6][22]. - The Chinese economy is in a state of marginal balance sheet contraction. The liability growth rate of the real - sector and the government sector is expected to decline. The asset - side physical quantity data weakened in April, and it is necessary to focus on the duration of this economic marginal weakening [16][18]. - The US economic situation is similar to that during the bursting of the Internet bubble in 2001. It is necessary to focus on whether and when the quarterly real GDP year - on - year growth rate in the US will fall below the trend level [6][22]. 3. Summary According to Relevant Catalogs 3.1 National Balance Sheet Analysis - **Liability Side** - In April 2025, the liability growth rate of the real sector was 9.0%, up from 8.7%. It is expected to stabilize around 9.0% in May and then return to balance sheet contraction. By the end of the year, it is expected to drop to around 8% [16]. - Last week, the net reduction of government bonds was 295 billion yuan, significantly lower than the planned net increase of 137.4 billion yuan. This week, the planned net increase is 128.3 billion yuan. The government liability growth rate at the end of April 2025 was 14.8%, up from 13.9%. It is expected to stabilize around 14.8% in May and then decline, reaching around 12.5% by the end of the year [17]. - The money market tightened marginally last week. The one - year Treasury bond yield was around 1.46% at the weekend. The lower limit of the one - year Treasury bond yield is estimated to be around 1.3%, the lower limit of the ten - year Treasury bond yield is around 1.7%, and the lower limit of the thirty - year Treasury bond yield is around 1.9% [2][17]. - **Asset Side** - The physical quantity data in April was weaker than that in March. The full - year real economic growth target in 2025 is around 5%, and the nominal economic growth target is around 4.9%. It is necessary to observe whether 5% will become the central target for China's nominal economic growth in the next 1 - 2 years [3][18]. 3.2 Stock - Bond Cost - Performance Ratio and Stock - Bond Style - Last week, the money market tightened marginally, stocks fell while bonds were flat, and the style shifted to growth dominance. The cost - performance ratio of stocks to bonds shifted towards bonds. The ten - year Treasury bond yield decreased by 5 basis points to 1.67%, the one - year Treasury bond yield increased by 1 basis point to 1.46%, and the 30 - year Treasury bond yield increased by 1 basis point to 1.90% [5]. - Since the two sessions in 2025, the balance sheet of the real and government sectors is expected to return to contraction after reaching a high in April - May. The cost - performance ratio of stocks to bonds will trend towards bonds in the contraction cycle, and the equity style will trend towards value [6][22]. 3.3 Industry Recommendation - **Industry Performance Review** - This week, the A - share market declined with shrinking trading volume. The Shanghai Composite Index fell 0.03%, the Shenzhen Component Index fell 0.91%, and the ChiNext Index fell 1.4%. Among the Shenwan primary industries, environmental protection, pharmaceutical biology, national defense and military industry, agriculture, forestry, animal husbandry and fishery, and computer had the largest increases, while automobile, power equipment, non - ferrous metals, comprehensive, and food and beverage had the largest declines [29]. - **Industry Crowding and Trading Volume** - As of May 30, the top five crowded industries were pharmaceutical biology, computer, electronics, mechanical equipment, and automobile, while the bottom five were comprehensive, coal, steel, petroleum and petrochemical, and social services. - The top five industries with the largest increase in crowding this week were computer, pharmaceutical biology, environmental protection, agriculture, forestry, animal husbandry and fishery, and national defense and military industry, while the top five with the largest decrease were automobile, non - ferrous metals, electronics, power equipment, and household appliances. - The daily average trading volume of the whole A - share market decreased from 1.17 trillion yuan last week to 1.09 trillion yuan this week. Environmental protection, computer, power equipment, food and beverage, and pharmaceutical biology had the highest year - on - year growth rates in trading volume [32][33]. - **Industry Valuation and Profit** - This week, among the Shenwan primary industries, environmental protection, pharmaceutical biology, national defense and military industry, media, and agriculture, forestry, animal husbandry and fishery had the largest increases in PE(TTM), while automobile, power equipment, non - ferrous metals, comprehensive, and food and beverage had the largest declines. - As of May 30, 2025, industries with high full - year profit forecasts in 2024 and relatively low current valuations compared to history include petroleum and petrochemical, non - ferrous metals, transportation, pharmaceutical biology, and consumer electronics [36][37]. - **Industry Prosperity** - In terms of external demand, there were mixed trends. The global manufacturing PMI fell from 50.3 in April to 49.8, and most of the disclosed PMIs of major economies in May rebounded. The CCFI index rose 0.92% week - on - week. South Korea's export growth rate rose to 3.7% in April and then fell to - 1.3% in May, while Vietnam's export growth rate rose from 13.2% in March to 21% in April. - In terms of domestic demand, the second - hand housing price fell last week, and the quantitative indicators showed mixed trends. The highway truck traffic volume declined. The capacity utilization rate of ten industries in March rose to a relatively high level, fell significantly in April, and rebounded slightly in May. The automobile trading volume was at a relatively high level in the same period of history, new - house sales were at a historical low, and second - hand house sales were still at a high level compared to the historical seasonality [41]. - **Public Fund Market Review** - In the fourth week of May (May 26 - 30), most active public equity funds outperformed the CSI 300. As of May 30, the net asset value of active public equity funds was 3.4 trillion yuan, slightly lower than 3.66 trillion yuan in Q4 2024 [57]. - **Industry Recommendation** - In the contraction cycle, the cost - performance ratio of stocks to bonds is only slightly favorable to equities, and the value style is more likely to dominate. The recommended A + H dividend portfolio includes 20 A + H stocks, and the A - share portfolio includes 20 A - shares, mainly concentrated in industries such as banking, telecommunications, petroleum and petrochemical, and transportation [7][63].