Quantitative Factors and Construction Factor Name: GAN_GRU Factor - **Construction Idea**: The GAN_GRU factor is derived by processing volume-price time-series features using a Generative Adversarial Network (GAN) model, followed by encoding these time-series features with a Gated Recurrent Unit (GRU) model to generate a stock selection factor [4][13][41] - **Construction Process**: 1. **Input Features**: 18 volume-price features such as closing price, opening price, turnover, and turnover rate are used as input data. These features are sampled every 5 trading days over the past 400 days, resulting in a feature matrix of shape (40,18) [14][17][18] 2. **Data Preprocessing**: - Outlier removal and standardization are applied to each feature over the 40-day time series - Cross-sectional standardization is performed at the stock level [18] 3. **GAN Model**: - **Generator**: An LSTM-based generator is used to preserve the sequential nature of the input features. The generator takes random noise (e.g., Gaussian distribution) as input and generates data that mimics the real data distribution [23][33][37] - **Discriminator**: A CNN-based discriminator is employed to classify real and generated data. The discriminator uses convolutional layers to extract features from the 2D volume-price time-series "images" [33][35] - **Loss Functions**: - Generator Loss: $$ L_{G} = -\mathbb{E}_{z\sim P_{z}(z)}[\log(D(G(z)))] $$ where \( z \) represents random noise, \( G(z) \) is the generated data, and \( D(G(z)) \) is the discriminator's output probability for the generated data being real [24] - Discriminator Loss: $$ L_{D} = -\mathbb{E}_{x\sim P_{data}(x)}[\log D(x)] - \mathbb{E}_{z\sim P_{z}(z)}[\log(1-D(G(z)))] $$ where \( x \) is real data, \( D(x) \) is the discriminator's output probability for real data, and \( D(G(z)) \) is the discriminator's output probability for generated data [27] 4. **GRU Model**: - Two GRU layers (GRU(128,128)) are used to encode the time-series features, followed by an MLP (256,64,64) to predict future returns [22] 5. **Factor Output**: The predicted returns (\( pRet \)) from the GRU+MLP model are used as the stock selection factor. The factor is neutralized for industry and market capitalization effects and standardized [22] Factor Evaluation - The GAN_GRU factor effectively captures the sequential and cross-sectional characteristics of volume-price data, leveraging the strengths of GANs for feature generation and GRUs for time-series encoding [4][13][41] --- Factor Backtesting Results GAN_GRU Factor Performance Metrics - **IC Mean**: 11.43% (2019-2025), 10.97% (last year), 9.27% (latest month) [41][42] - **ICIR**: 0.89 [42] - **Turnover Rate**: 0.82 [42] - **Annualized Return**: 38.52% [42] - **Annualized Volatility**: 23.82% [42] - **IR**: 1.62 [42] - **Maximum Drawdown**: 27.29% [42] - **Annualized Excess Return**: 24.86% [41][42] GAN_GRU Factor Industry Performance - **Top 5 Industries by IC (Latest Month)**: - Home Appliances: 27.00% - Non-Bank Financials: 23.08% - Retail: 20.01% - Steel: 14.83% - Textiles & Apparel: 13.64% [41][42] - **Top 5 Industries by IC (Last Year)**: - Utilities: 14.43% - Retail: 13.33% - Non-Bank Financials: 13.28% - Steel: 13.23% - Telecommunications: 12.36% [41][42] GAN_GRU Factor Long Portfolio Performance - **Top 5 Industries by Excess Return (Latest Month)**: - Textiles & Apparel: 5.19% - Utilities: 3.62% - Automobiles: 3.29% - Non-Bank Financials: 2.56% - Pharmaceuticals: 1.47% [2][43] - **Top 5 Industries by Average Monthly Excess Return (Last Year)**: - Home Appliances: 5.44% - Building Materials: 4.70% - Textiles & Apparel: 4.19% - Agriculture: 4.09% - Utilities: 3.92% [2][43]

1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - In 2025Q2, the proportion of pharmaceutical stocks held by public - offering funds increased, while the proportion of foreign - owned shares remained basically flat. Different pharmaceutical sub - industries showed varying trends in the proportion of heavy - position market value held by funds [2][8] 3. Summary by Relevant Catalogs 3.1 Pharmaceutical Industry Public - Offering Fund Holdings and Foreign - Owned Share Proportions - **Public - Offering Fund Holdings**: In 2025Q2, the proportion of all A - share public - offering funds in the pharmaceutical industry was 10.05%, a quarter - on - quarter increase of 0.82pp; after excluding active pharmaceutical funds, the proportion was 7.25%, a quarter - on - quarter increase of 0.90pp; after further excluding index funds, the proportion of pharmaceutical holdings was 7.38%, a quarter - on - quarter increase of 1.95pp. The proportion of the total market value of Shenwan pharmaceutical stocks was 6.32%, a quarter - on - quarter increase of 0.06pp [2][11] - **Foreign - Owned Shares**: In 2025Q2, the total market value of the pharmaceutical and biological sector held by Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect accounted for 2.3%, a quarter - on - quarter decrease of 0.14pp, and the total market value of shares held was 149.11 billion yuan, a decrease of 0.3 billion yuan from the beginning of the period [8][12] 3.2 Pharmaceutical Sub - Industry Public - Offering Fund Holdings 3.2.1 Pharmaceutical Funds - **Top Three in Quarter - on - Quarter Increase**: Chemical preparations accounted for 42.3%, with the largest quarter - on - quarter increase of 17.5pp; other biological products accounted for 16.99%, a quarter - on - quarter increase of 9.9pp; medical R & D outsourcing accounted for 16.5%, a quarter - on - quarter increase of 5.5pp [5][18] - **Bottom Three in Quarter - on - Quarter Change**: Medical consumables accounted for 2.34%, a quarter - on - quarter change of - 0.36pp; offline pharmacies accounted for 0.4%, a quarter - on - quarter decrease of 0.11pp; pharmaceutical circulation accounted for 0.2%, a quarter - on - quarter increase of 0.02pp [5][18] 3.2.2 Non - Pharmaceutical Funds - **Top Three in Quarter - on - Quarter Increase**: Other biological products accounted for 0.54%, with the largest quarter - on - quarter increase of 0.23pp; chemical preparations accounted for 0.74%, a quarter - on - quarter increase of 0.11pp; traditional Chinese medicine accounted for 0.17%, a quarter - on - quarter increase of 0.02pp [6][24] - **Bottom Three in Quarter - on - Quarter Decrease**: Medical equipment accounted for 0.54%, a quarter - on - quarter decrease of 0.04pp; medical R & D outsourcing accounted for 0.23%, a quarter - on - quarter decrease of 0.04pp; medical consumables accounted for 0.15%, a quarter - on - quarter decrease of 0.04pp [6][24] 3.3 Pharmaceutical Companies by Public - Offering Fund Holdings 3.3.1 By Number of Holding Funds - **Top Five in Number of Holding Funds**: Hengrui Medicine (552 funds), WuXi AppTec (403 funds), Innovent Biologics (298 funds), Mindray Medical (274 funds), and 3SBio (208 funds) [4] - **Top Five in Increase of Number of Holding Funds in 2025Q2**: Yifang Biotech - U (increase of 84), Xintiandi (increase of 41), Baili Tianheng (increase of 36), Tigermed (increase of 32), and Rejing Bio (increase of 28) [33] - **Top Five in Decrease of Number of Holding Funds in 2025Q2**: Dong'e E - Jiao (decrease of 77), Aier Eye Hospital (decrease of 51), Aibo Medical (decrease of 43), Kanglong化成 (decrease of 33), and Changchun High - tech (decrease of 24) [35] 3.3.2 By Total Market Value of Holdings - **Top Five in Total Market Value of Holdings**: Hengrui Medicine (29.5 billion yuan), WuXi AppTec (27.7 billion yuan), Innovent Biologics (22.7 billion yuan), Mindray Medical (15.5 billion yuan), and Baili Tianheng (11.9 billion yuan) [4] - **Top Five in Increase of Total Market Value of Holdings in 2025Q2**: Huatai Medical (+9.78 billion yuan), Renfu Medicine (+9.38 billion yuan), Yunnan Baiyao (+6.7 billion yuan), New Industry (+5.08 billion yuan), and Fosun Pharma (+4.24 billion yuan) [4] - **Top Five in Decrease of Total Market Value of Holdings in 2025Q2**: Kanghong Pharmaceutical (-2.36 billion yuan), Alis ( - 2.03 billion yuan), BGI Genomics (-1.61 billion yuan), Xingqi Eye Drops (-1.45 billion yuan), and Aotai Biotech (-1.38 billion yuan) [41] 3.3.3 By Proportion of Circulating Shares Held - **Top Five in Proportion of Circulating Shares Held**: BeiGene - U (24.9%), Huatai Medical (22.9%), Zai Lab - U (22.6%), Haisco (22.4%), and 3SBio (21.0%) [4] - **Top Five in Increase of Proportion of Circulating Shares Held in 2025Q2**: BeiGene - U (+21.9pp), Yunnan Baiyao (+15.4pp), Zai Lab - U (+20.7pp), Haooubo (+12.3pp), and Shenzhou Cell (+12.0pp) [45] - **Top Five in Decrease of Proportion of Circulating Shares Held in 2025Q2**: Meihua Medical (-15.8pp), Kangwei Century (-14.5pp), San诺生物 (-12.1pp), Hitae Shinco (-11.7pp), and Dizal Pharma - U (-11.6pp) [47] 3.3.4 By Proportion of Total Shares Held - **Top Five in Proportion of Total Shares Held**: BeiGene - U (24.9%), Haisco (22.4%), 3SBio (17.1%), Zai Lab - U (15.7%), and United Imaging Healthcare (15.0%) [4] - **Top Five in Increase of Proportion of Total Shares Held in 2025Q2**: BeiGene - U (+21.9pp), Zai Lab - U (+15.0pp), United Imaging Healthcare (+12.0pp), Haisco (+14.3pp), and WuXi AppTec (+10.5pp) [51] - **Top Five in Decrease of Proportion of Total Shares Held in 2025Q2**: Hitae Shinco (-11.8pp), Aibo Medical (-10.5pp), Linuo Pharmaceutical Packaging (-10.3pp), San诺生物 (-9.6pp), and Huatai Medical (-9.5pp) [53]

Investment Rating - The report indicates a positive trend in the pharmaceutical sector, with public fund holdings increasing, suggesting a favorable investment outlook for the industry [3][10]. Core Insights - The pharmaceutical sector's public fund holdings reached 10.05% in Q2 2025, an increase of 0.82 percentage points (pp) from the previous quarter. Excluding active pharmaceutical funds, the holding percentage was 7.25%, up by 0.90 pp [3][10]. - The chemical preparation sub-sector saw the largest increase in public fund holdings, rising to 42.3%, an increase of 17.5 pp. Other biological products and medical research outsourcing also showed significant increases [4][19]. - The total market capitalization of the pharmaceutical sector was reported at 66,196 billion, with a market share of 6.32% in the overall A-share market [10][14]. Summary by Sections Public Fund Holdings - The total public fund holdings in the pharmaceutical sector increased to 10.05%, with a notable rise in the chemical preparation sector [3][10]. - The top five companies by public fund holdings include 恒瑞医药 (Hengrui Medicine) with 295 billion, 药明康德 (WuXi AppTec) with 277 billion, and 信达生物 (Innovent Biologics) with 227 billion [9][27]. Sub-sector Performance - The top three sub-sectors with increased market capitalization in public funds are: 1. Chemical preparations: 42.3%, +17.5 pp 2. Other biological products: 16.99%, +9.9 pp 3. Medical research outsourcing: 16.5%, +5.5 pp [4][19]. - The medical consumables sector saw a decrease to 2.34%, down by 0.36 pp, indicating a shift in investment focus [4][19]. Foreign Investment - Foreign investment in the pharmaceutical sector remained stable, with a total market value of 1491.1 billion, representing 2.3% of the sector [7][11]. Changes in Holdings - The report highlights significant changes in holdings, with 惠泰医疗 (Huitai Medical) seeing an increase of 97.8 billion in fund holdings, followed by 人福医药 (Renfu Pharmaceutical) with 93.8 billion [9][27].

Core Insights - The light industry sector has shown mixed performance in H1 2025, with traditional cyclical and manufacturing companies facing valuation pressure, while domestic personal care brands have gained market share from foreign brands due to product optimization and channel expansion [4] - The report recommends focusing on four main investment themes: 1) High-quality domestic personal care brands with upward market trends and optimized product structures; 2) Export companies with strong demand resilience and minimal tariff impact; 3) Undervalued cyclical assets in home furnishings and paper; 4) New consumption trends in AI glasses, new tobacco, pet products, and trendy toys [4] Sector Review - The light industry sector's overall revenue in Q1 2025 was 137.76 billion yuan, a slight decline of 0.8% year-on-year, with net profit down 18.8% to 6.46 billion yuan [19] - The packaging and entertainment sectors performed well, with respective revenue growth rates of 9.4% and 2.4%, while the paper sector faced significant challenges with a revenue decline of 13% [19][22] - The report highlights that the home furnishings sector is benefiting from the "old-for-new" policy, which is expected to stabilize demand [4][19] Personal Care Sector - The personal care market is projected to grow, with the oral care segment expected to reach a market size of 50.51 billion yuan in 2025, reflecting a year-on-year growth of 1.9% [40][41] - Domestic brands are rapidly gaining market share in the sanitary napkin market, which is expected to reach 107.96 billion yuan in 2025, growing at a CAGR of 3.0% from 2025 to 2029 [54][55] - The report emphasizes the importance of product safety and quality in the sanitary napkin market, especially with the implementation of stricter national standards [64] Export Sector - The report notes that the export sector is experiencing a "rush to export" phenomenon due to fluctuating tariff policies, with companies that have strong manufacturing capabilities and minimal tariff impacts being favored [4][82] - The export of pet food and supplies, as well as non-woven fabrics, has shown resilience despite tariff disruptions, indicating strong demand in these categories [93]

Report Information - Report Title: Bond Market Tracking Weekly Report (7.21 - 7.25) [1][14] - Report Date: July 28, 2025 [1] 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - Risk asset strength is the main cause of the current "headwind" in the bond market. Since mid - July, the strengthening of risk assets has weakened bond market sentiment. In late July, Yajiang Group's 1.2 trillion yuan investment plan catalyzed the stock market's rise and the bond market's decline, and the commodity market also rose sharply. Fund selling of bonds has been significant in July, with a net selling scale of over 300 billion yuan. The reasons may be portfolio optimization by fund managers and re - balancing by investors. However, the continuous buying by allocation - type and under - allocated institutions, such as state - owned banks, insurance institutions, and rural commercial banks, has played a "stabilizer" role and may support the bond market's future trend. In the short term, whether the anti - involution market can continue depends on whether the PPI can improve. The upcoming Politburo meeting may affect the bond market. Overall, the curve shape may remain steep, and the 10 - year treasury bond may have investment value at a yield of 1.70% - 1.75%. [4][12][18] 3. Summary by Directory 3.1 Cross - market Linkage and the Bond Market's "Headwind" Period - **Cause of the "Headwind"**: Since mid - July, the strengthening of risk assets has been the main cause of the bond market's weakness. In early July, the bond market was relatively stable, but as the mid - July large tax period approached, concerns about the central bank's long - term monetary injection and the improvement of the equity market due to anti - involution policies and the upcoming Central Urban Work Conference suppressed bond market sentiment. In late July, Yajiang Group's investment plan, combined with the rise of the commodity market, further pressured the bond market. [18] - **Institutional Behavior**: Funds and securities firms have been the main sellers of old interest - rate bonds in July, with funds selling over 300 billion yuan. The reasons may be portfolio optimization by fund managers and re - balancing by investors. Wealth management products' redemptions may be preventive due to the rise of the equity market. On the other hand, state - owned banks, insurance institutions, and rural commercial banks have been net buyers, providing support to the bond market. [5][24][33] - **Key Indicators**: In the short term, whether the anti - involution market can continue depends on whether the PPI can improve. The Politburo meeting may also affect the bond market. If the PPI does not improve in July, the bond market sentiment may recover. [7][35] 3.2 Important Events - **July MLF Net Injection**: On July 24, the central bank announced a 400 billion yuan MLF operation on July 25, with a net injection of 100 billion yuan as the total July MLF maturity was 300 billion yuan. [56] - **Insurance Third - Quarter Predetermined Interest Rate**: On July 25, the China Insurance Association announced that the research value of the predetermined interest rate for ordinary life insurance products in the third quarter was 1.99%. [57] 3.3 Money Market - **Open Market Operations and Fund Rates**: From July 21 to 25, the central bank's 7 - day reverse repurchase operations had a net injection of - 7.05 billion yuan. The overall fund rate tightened last week, with overnight fund prices rising sharply on Thursday. As of July 25, R001, R007, DR001, and DR007 had changed compared to July 18. [60][64] - **Certificate of Deposit Rates and Repurchase Transactions**: In the primary market, last week, the net financing of inter - bank certificates of deposit was - 559.79 billion yuan, with a significant net outflow. The issuance scale of inter - bank certificates of deposit decreased compared to the previous week. The issuance rate of inter - bank certificates of deposit increased compared to the previous week. In the secondary market, the yields of inter - bank certificates of deposit of all maturities increased due to the tightened fund rate. [68][73][77] 3.4 Bond Market - **Primary Market**: On July 24, the first - level issuance result of bond 2500005 was relatively weak. The issuance progress of local bonds in July was only 63.99% of the plan, and the supply rhythm of local finance in the third quarter may be postponed. Last week, the net financing of local government bonds was slower than that of treasury bonds. The special refinancing bonds issued as of last week totaled 1.84 trillion yuan, mainly with long - term and ultra - long - term maturities. [81][89][92] - **Secondary Market**: Last week, the bond market showed a bear - steep trend. The yields of treasury bonds and policy - bank bonds of various maturities changed, and the term spread between 10 - year and 1 - year treasury bonds widened to around 35BP. The liquidity premium between the active and sub - active bonds of 10 - year treasury bonds and policy - bank bonds narrowed. [94][101] 3.5 Institutional Behavior Tracking - **Leveraged Trading**: Last week, the scale of leveraged trading remained relatively high. The average daily trading volume of inter - bank pledged repurchase was about 7.74 trillion yuan. [119] - **Cash Bond Market Transactions**: State - owned banks and rural commercial banks were the largest buyers in the interest - rate bond market last week. State - owned banks mainly increased their holdings of treasury bonds with maturities of less than 5 years, while rural commercial banks significantly increased their holdings of policy - bank bonds with maturities of 5 - 10 years and treasury bonds with maturities of more than 5 years. [109][123] 3.6 High - frequency Data Tracking - **Commodity Prices**: Last week, the settlement prices of rebar, cathode copper, and Brent crude oil futures increased, while the settlement price of WTI crude oil futures decreased. The cement price index decreased, and the South China Glass Index increased. [133] - **Shipping and Food Prices**: The CCFI decreased, and the BDI increased. The wholesale prices of pork and vegetables increased. [133] - **Exchange Rate**: The central parity rate of the US dollar against the RMB was 7.14 last week. [133]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The curve shape may continue to be steep, but the 10-year Treasury bond currently has certain investment value. The sentiment factors that led to the bond market's decline last week may gradually weaken, and the bond market may experience an emotional recovery in the short term. The 10-year Treasury bond yield in the range of 1.70%-1.75% may present more opportunities than risks [43][120]. - In terms of strategies, from a configuration perspective, an investment portfolio of "short-term credit + long-term local bonds" can be considered. For short-term credit, attention can be paid to similar interbank varieties, and for long-term local bonds, those with convex points in the 15 - 20-year maturity can be selected. From a trading perspective, the current active bonds of the 10-year and 30-year Treasury bonds can be used as the main trading targets [43][120]. Summary by Relevant Catalogs 1. Cross-Market Linkage and the Bond Market's "Headwind Period" - **Reasons for the "Headwind"**: Since mid-July, the strengthening of risk assets has weakened the bond market sentiment. The investment plan of Yajiang Group in late July and the rise of the commodity market driven by anti-involution expectations have further pressured the bond market. In addition, factors such as wealth management redemptions and the central bank's MLF injection scale lower than expected have increased the upward pressure on interest rates [1][12]. - **Institutional Behavior**: In July, funds and securities firms were the main sellers of old interest rate bonds, with funds selling more significantly, with a net selling scale of over 300 billion yuan. The reasons may be portfolio optimization by fund managers and rebalancing of risk and risk-free assets by investors. Wealth management redemptions may be mainly preventive. State-owned banks, insurance institutions, and rural commercial banks showed strong buying demand, playing a stabilizing role in the bond market [2][21]. - **Key Indicators to Watch**: In the short term, whether the anti-involution market can continue depends on whether the PPI can improve. The Politburo meeting may trigger profit-taking in some risk assets, reducing the adjustment pressure on the bond market. The supply rhythm of local bonds may affect the bond market, and the reduction of insurance companies' liability costs may increase bond allocation demand [4][22]. 2. Important Matters - In July, the net MLF injection was 100 billion yuan [44]. - The research value of the scheduled interest rate of ordinary personal insurance products in the third quarter is 1.99% [45]. 3. Money Market - **Open Market Operations and Fund Rate Trends**: From July 21 to July 25, the central bank's net open market operation was -70.5 billion yuan. The fund rate tightened last Thursday, but the central bank increased the 7-day OMO injection on Friday. The yields of interbank certificates of deposit (NCDs) increased overall last week [46][47]. - **NCD Rate Trends and Repurchase Transactions**: Last week, NCDs had a large net outflow of 559.79 billion yuan. The issuance scale decreased, and the maturity scale increased. The issuance rates of NCDs of various institutions increased compared to the previous week, and the yields of NCDs in the secondary market also increased [55][60]. 4. Bond Market - **Primary Market**: The net financing rhythm of local government bonds was slower than that of national bonds. As of July 25, the cumulative net financing of national bonds and local bonds in 2025 was 3.84 trillion yuan and 4.96 trillion yuan respectively. The issuance of long-term government bonds increased significantly compared to the same period in 2023 - 2024. Last week, the net financing of national bonds decreased, while that of local bonds increased, and the net financing of policy financial bonds was negative. The issuance scale of special refinancing bonds reached 1.84 trillion yuan as of July 25 [67][72]. - **Secondary Market**: Last week, the bond market showed a bear-steep trend. The yields of Treasury bonds and policy bank bonds of various maturities increased, and the term spread of the 10 - 1-year Treasury bond widened to around 35BP. The liquidity premium between the active and sub-active bonds of the 10-year Treasury bond and policy bank bond narrowed. The spread between long-term and ultra-long-term local and national bonds narrowed [67][87]. 5. Institutional Behavior Tracking - Leverage trading volume remained at a relatively high level last week. The trading volume of the interbank pledged repurchase averaged about 7.74 trillion yuan per day. State-owned banks and rural commercial banks were the largest buyers in the interest rate bond market last week. State-owned banks mainly increased their holdings of Treasury bonds with maturities of less than 5 years, while rural commercial banks increased their holdings of policy financial bonds with maturities of 5 - 10 years and Treasury bonds with maturities of more than 5 years. The current average cost of major trading players for adding positions in the 10-year Treasury bond is between 1.64% and 1.68% [92][107]. 6. High-Frequency Data Tracking - Last week, the settlement prices of rebar and cathode copper futures increased, while the cement price index decreased. The CCFI index decreased, and the BDI index increased. The wholesale prices of pork and vegetables increased, and the Brent crude oil futures settlement price increased, while the WTI crude oil futures settlement price decreased. The central parity rate of the US dollar against the RMB was 7.14 [116].

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [1]. Core Insights - The robotics index outperformed the market, increasing by 2.6% during the week, surpassing the Shanghai Composite Index and the CSI 300 Index by 0.9 percentage points each [5][12]. - The 2025 World Artificial Intelligence Conference showcased over 3,000 cutting-edge exhibits, including more than 60 intelligent robots and numerous AI products, marking the largest scale in history [16]. - Tesla's Optimus Gen-3 is expected to be released by the end of 2025, with mass production starting in 2026, aiming for an annual production of 1 million units by around 2030 [16]. Summary by Sections Market Review - The robotics index rose by 2.6% from July 21 to July 27, outperforming the Shanghai Composite and CSI 300 indices by 0.9 percentage points each, while slightly underperforming the ChiNext index by 0.2 percentage points [5][12]. Industry Dynamics - The 2025 World Artificial Intelligence Conference featured significant product launches, including the Star Motion L7 humanoid robot, which boasts 55 degrees of freedom and a running speed of 4 m/s [17]. - The Walker S2 industrial humanoid robot from UBTECH incorporates a unique AI dual-loop system for enhanced operational efficiency, achieving 24/7 operation through innovative battery-swapping technology [21]. - Unitree R1, a new humanoid robot, has 26 joints and is priced starting at 39,900 yuan, integrating multimodal AI capabilities [25]. - ByteDance introduced the GR-3 model, a versatile robot capable of complex tasks, supported by the ByteMini robot featuring 22 degrees of freedom [29][30].

Group 1 - The core viewpoint of the report emphasizes the ongoing transformation in the media industry, particularly focusing on the gaming sector and the commercialization of AI applications [1][12] - As of June 30, 2025, the media industry index increased by 12.77%, outperforming the CSI 300 index by 12.74 percentage points and the ChiNext index by 3.99 percentage points [4] - The gaming sub-sector has shown the highest growth, with an increase of approximately 39.16% since the beginning of the year, while the publishing index saw a modest rise of about 1.30% [4] Group 2 - The report highlights a significant decline in the price-to-earnings (PE) ratios across various sub-sectors of the media industry, with the publishing sector at a relatively low PE of 19 times and the film and television sector at a higher PE of 46 times [6] - The current PE (TTM) for the media industry is around 43 times, which is above the historical valuation mean [6] Group 3 - The report notes that the Chinese gaming market reached a size of 28.05 billion yuan in May 2025, reflecting a year-on-year growth of 9.9% [13] - The report indicates a favorable policy environment, with various local governments providing financial support for high-quality gaming projects, including one-time grants of up to 5 million yuan [13] Group 4 - The gaming industry is characterized by two growth models: wave-type and step-type growth, with the former being influenced by new product cycles and the latter relying on core products with longer life cycles [14] - The report discusses the normalization of game license approvals, with 147 domestic game licenses and 11 imported licenses issued in June 2025, contributing to a robust supply of new content [15] Group 5 - The report identifies key companies in the media sector, such as Kuaishou, which launched the AI video generation model "Keling," and Kunlun Wanwei, which released the "Tiangong" AI model [24][31] - The report emphasizes the importance of AI applications in enhancing content creation and operational efficiency within the media industry [48]

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry as of July 25, 2025 [1]. Core Insights - The report highlights significant growth in phosphate fertilizer exports, particularly in June 2025, with ammonium phosphate and diammonium phosphate exports reaching 165,600 tons and 506,300 tons respectively, marking substantial month-on-month increases [1]. - The report anticipates a concentrated export period in the third quarter, driven by strong demand from Southeast Asia, which is expected to further boost domestic phosphate fertilizer exports [1]. - Export prices for phosphate fertilizers are favorable, with a notable price difference between domestic and export markets, suggesting potential for increased profitability for leading phosphate companies [2]. Summary by Sections Export Trends - In June 2025, phosphate fertilizer exports saw a significant increase, with ammonium phosphate and diammonium phosphate exports rising by 149,600 tons and 493,400 tons respectively compared to May [1]. - The second and third quarters are typically peak export periods, with 2024 data showing that ammonium phosphate and diammonium phosphate exports in the second quarter accounted for 41.63% and 30.02% of annual exports, respectively [1]. Price Analysis - As of July 23, 2025, the market average price for ammonium phosphate (55% powder) was 3,303 CNY/ton, while the FOB price for ammonium phosphate (55% granular) was 581 USD/ton, indicating a price difference of 846 CNY/ton [2]. - The price for diammonium phosphate (64% in Hubei) was 3,805 CNY/ton, with an FOB price of 768 USD/ton, resulting in a price difference of 1,680 CNY/ton [2]. Key Companies - Yuntianhua (600096) is identified as a leading domestic phosphate chemical company with a phosphate rock capacity of 14.5 million tons/year and a phosphate fertilizer capacity of 5.55 million tons/year, contributing over 20% to national phosphate fertilizer exports [3]. - Hubei Yihua (000422) is a major producer of diammonium phosphate with a production capacity of 1.26 million tons/year and projected exports of 576,100 tons in 2024 [3]. - Xingfa Group (600141) has a phosphate rock capacity of 5.85 million tons/year and a production capacity of 1 million tons/year for ammonium phosphate, achieving a capacity utilization rate of 104.78% in 2024 [3]. - Xinyangfeng (000902) is a leading player in the compound fertilizer sector, with ammonium phosphate production capacity of 1.85 million tons/year and projected production and sales of 1.9789 million tons and 1.1290 million tons respectively in 2024 [3].

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The new - listed sci - tech bond ETF is expected to take over the outstanding performance of credit bond ETFs. In the short term, sentiment support may drive the sci - tech bond ETF to outperform credit bond ETFs; in the long term, it has the characteristics of controllable risks and stable returns [7]. - In the current interest - rate environment, bond - type assets still play a "ballast" role in the asset portfolio, and credit bonds are the preferred choice for bond - type asset allocation. Sci - tech bonds are the "new hot spot" among credit bond assets [30]. - The sci - tech bond ETF has a certain industry linkage with the equity market and is suitable for long - term investors expecting small asset fluctuations and stable returns [36]. 3. Summary According to Relevant Catalogs 3.1 Sci - tech Bond ETF Value Analysis - The tracking index of the GF Sci - tech Bond ETF includes high - quality sci - tech bonds listed on the Shanghai Stock Exchange, covering industries of high importance and strong stability. The index calculation method is the total market - value weighted method, with a monthly sample - adjustment cycle [4][18]. - The Shanghai AAA Sci - tech Corporate Bond Index has good offensive performance in a bond bull market. Since 2023, its cumulative return is 14.78%, and the annualized return rate is 4.68%, similar to the yields of mainstream credit indexes in the market [20]. - In the current low - inflation environment, the real yield of fixed - income assets has increased since 2024. Bond - type assets are the main part of fixed - income assets in the investment portfolio, and credit bonds are the preferred choice for bond - type asset allocation [30]. - Sci - tech bonds are the "new hot spot" among credit bond assets. The central bank's creation of the "sci - tech innovation bond risk - sharing tool" has created a good investment environment for sci - tech bonds [31]. 3.2 Information Introduction of GF Sci - tech Bond ETF (511120) 3.2.1 Product Basic Situation Introduction - The GF Sci - tech Bond ETF was established on July 10, 2025, and officially listed for trading on July 17, 2025. The product's issuance and fundraising scale reached 2.968 billion yuan, and after listing, the scale increased to 5.662 billion yuan, with an increase rate of 90.73%. The average daily trading volume is about 2.738 billion yuan, and the turnover rate is 48.35% [37]. - The product has a management fee of 0.15% and a custody fee of 0.05%, which has an advantage over traditional active bond funds [37]. - It uses a physical subscription and redemption mechanism. The income distribution adopts the cash - dividend method, with no mandatory dividend commitment [37][41]. 3.2.2 Characteristics Introduction of Shanghai AAA Sci - tech Bond Index - It is expected to be included in the pledge library, with a potentially higher pledge discount coefficient than the Shanghai Market - Making Corporate Bond Index [42]. - It belongs to the medium - duration index, more offensive in a bull market compared to short - term financing ETFs and urban investment bond ETFs [42]. - The underlying bonds are for supporting the development of the sci - tech innovation field, with clear capital uses [42]. - It has a relatively high credit level, and its sample bond stock scale exceeds 970 billion yuan, with a larger strategic capacity [42][43]. 3.2.3 Applicable Scenarios of GF Sci - tech Bond ETF - From a long - term investment perspective, it is suitable for credit - bond allocation enhancement strategies in a low - interest - rate environment and can replace corporate bonds and active bond funds [44]. - From a short - term investment perspective, it can be applied to investment strategies such as spread trading, arbitrage trading, and credit short - selling [44]. 3.3 Comparison with Mainstream Bond ETF Products - The GF Sci - tech Bond ETF has a more neutral duration. It is more suitable for obtaining richer returns in a declining interest - rate environment compared to short - duration products and can better control the retracement range compared to long - duration products [45]. - The tracking index of the GF Sci - tech Bond ETF has advantages such as a large number of issuers, a large market capacity, and high single - bond balances, which are conducive to risk dispersion, strategy reserve, and bond - replenishment operations [7][48].