Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights that the National Medical Insurance Administration's clarification on not using the lowest price as a reference for centralized procurement is expected to continue promoting and optimizing procurement policies, enhancing the participation of pharmaceutical and medical device companies, and balancing quality and innovation in procurement [7] - LZM012 from Livzon Pharmaceutical has successfully reached its primary research endpoint in Phase III clinical trials, showcasing a dual blockade mechanism that comprehensively inhibits inflammatory responses, providing a new solution for achieving deep clearance of skin lesions and sustained relief [7] Summary by Sections Industry Overview - The report focuses on the pharmaceutical and biotechnology industry, emphasizing the recent developments in centralized procurement and the impact on drug pricing and market dynamics [3][4] Clinical Research Highlights - Livzon Pharmaceutical's LZM012 is the first IL-17A/F dual-target inhibitor to complete Phase III clinical trials in China, demonstrating faster onset and superior efficacy compared to the benchmark drug, Secukinumab [4][6] - Key findings from the clinical trial include: - LZM012 achieved a PASI 75 response rate of 65.7% at week 4, outperforming Secukinumab's 50.3% [4] - At week 12, the PASI 100 response rate for LZM012 was 49.5%, compared to 40.2% for Secukinumab, indicating significant efficacy [4] - Long-term efficacy was sustained, with PASI 100 response rates of 75.9% and 62.6% at week 52 for LZM012 under different dosing regimens, surpassing Secukinumab's 61.6% [4] - Safety profiles were comparable between LZM012 and the control group, with similar rates of adverse events [6] Investment Recommendations - The report suggests focusing on companies such as China National Pharmaceutical Group, Hengrui Medicine, and Livzon Pharmaceutical due to their promising developments and the favorable regulatory environment [7]

Group 1 - The core viewpoint of the report indicates that the construction materials and coal industries performed well during the period, with the Shanghai Composite Index rising by 1.67% and the Shenzhen Component Index increasing by 2.33% [2][9] - In the recent 12 periods, the comprehensive and pharmaceutical industries showed strong performance, suggesting potential investment opportunities in these sectors [9] - Active equity funds focusing on electronics and coal industries also demonstrated superior performance during this period [14] Group 2 - Among various fund types, actively managed stock funds increased by 1.55%, while mixed funds rose by 1.63%, and bond funds saw a slight decline of 0.16% [2] - The average return of convertible bond funds was notably high at 12.46% year-to-date, indicating a strong performance in this category [17] - QDII funds, particularly those focused on Asia-Pacific and emerging markets, led the performance with an increase of 2.56% during the period [19][21]

Report Overview - Report Date: July 28, 2025 - Analyst: Zhang Hesheng - Contact Information: Tel: 021 - 53686158; E - mail: zhanghesheng@shzq.com; SAC No.: S0870523100004 [1] Industry Investment Rating - The report continues to be bullish on the bond market and A - share structural opportunities, but no specific industry investment rating is provided [12] Core Viewpoints - Continue to be optimistic about the bond market and A - share structural opportunities. The rapid price increase of commodities such as coal, steel, and building materials is due to the dual positive catalysts of the increasing expectation of supply - side reform and the incremental demand from the Yarlung Zangbo River Hydropower Project. The bond market is not substantially affected by the commodity price increase, and the short - term adjustment provides an opportunity to go long on the bond market. In the stock market, the Politburo meeting at the end of July may introduce some growth - stabilizing policies, and the upcoming Sino - US economic and trade talks in Sweden are expected to keep investors' risk appetite at a high level. There are still investment opportunities in structural sectors such as rare earths, artificial intelligence, innovative drugs, and commodities [12] Market Performance Summary Stock Market - **US Stocks**: In the past week (July 21 - 27, 2025), the Nasdaq, S&P 500, and Dow Jones Industrial Average changed by 1.02%, 1.46%, and 1.26% respectively, and the Nasdaq China Technology Index changed by 1.91% [2] - **Hong Kong Stocks**: The Hang Seng Index changed by 2.27% in the same period [2] - **A - Shares**: The Wind All - A Index rose 2.21%. Among them, the CSI A100, CSI 300, CSI 500, CSI 1000, CSI 2000, and Wind Micro - cap stocks changed by 2.29%, 1.69%, 3.28%, 2.36%, 1.81%, and 3.63% respectively. In terms of sector styles, both blue - chip and growth stocks in the Shanghai and Shenzhen markets rose, and the North Securities 50 Index changed by 2.85% [3] - **Industry Performance**: Among the 30 CITIC industries, 4 industries declined and 26 industries rose. The leading industries were coal, steel, non - ferrous metals, building materials, and construction, with weekly gains of more than 6%. In terms of ETF performance, rare metals, coal, building materials, non - ferrous metals, and Hong Kong securities performed well, with weekly gains of more than 7% [4] Bond Market - **Domestic Interest - Rate Bonds**: In the past week (July 21 - 27, 2025), the 10 - year Treasury bond futures main contract fell 0.56% compared to July 18, 2025. The yield of the 10 - year Treasury bond active bond increased by 6.72 BP to 1.7324% compared to July 18, 2025. The yield curve became steeper [5] - **Funding Price**: As of July 25, 2025, R007 was 1.6937%, up 18.65 BP from July 18, 2025; DR007 was 1.6523%, up 14.56 BP, and the spread between the two increased. The central bank's open - market operations had a net withdrawal of 70.5 billion yuan in the past week [6] - **Bond Market Leverage**: The bond market leverage level increased. The 5 - day average of the inter - bank pledged repurchase volume increased from 7.24 trillion yuan on July 18, 2025, to 7.70 trillion yuan on July 25, 2025 [7] - **US Treasury Bonds**: In the past week (July 21 - 27, 2025), the long - term US Treasury bond yields decreased while the short - term yields increased. As of July 25, 2025, the 10 - year US Treasury bond yield decreased by 4 BP to 4.40%. The yield curve became flatter [8][9] Foreign Exchange and Commodities - **US Dollar**: The US dollar index fell 0.80% in the past week (July 21 - 27, 2025). The US dollar exchange rates against the euro, pound, and yen changed by - 1.00%, - 0.19%, and - 0.76% respectively. The US dollar exchange rates against the offshore and onshore RMB decreased by 0.18% and 0.12% respectively [10] - **Gold**: The international gold price fell, with the London gold spot price falling 0.35% to $3343.5 per ounce and the COMEX gold futures price falling 0.61% to $3329.1 per ounce. The domestic gold price rose, with the Shanghai gold spot price rising 0.09% to 774.21 yuan per gram and the futures price rising 0.01% to 774.70 yuan per gram [10] Trade Negotiation Progress - The US has reached trade agreements with the Philippines, Japan, and the EU. Sino - US trade talks will be held in Sweden from July 27 - 30, 2025, and the follow - up progress is worthy of attention [11]

Investment Rating - The report maintains an "Overweight" rating for the retail trade industry [1] Core Insights - The gold jewelry industry is experiencing a shift towards younger consumers and a trend towards "Guochao" (national trend) aesthetics, with rising demand for traditional craftsmanship and small-weight gold products [4][5] - The price of gold is expected to maintain an upward trend due to geopolitical factors and increased demand for safe-haven assets, with COMEX gold prices stabilizing between $3,300 and $3,500 per ounce [4] - The retail sales of gold and silver jewelry in China reached CNY 194.8 billion in the first half of 2025, showing a year-on-year growth of 11.3% [20] Summary by Sections Section 1: Gold Price Trends - The gold jewelry industry index is experiencing a synchronized rise, driven by increasing gold prices and product upgrades [20] Section 2: Gold Jewelry Industry - The retail sales of gold jewelry are growing faster than the overall retail market, with a notable increase in demand driven by rising gold prices and seasonal consumption peaks [20][21] - The gold jewelry market is projected to reach CNY 5,688 billion by 2024, with a compound annual growth rate (CAGR) of 11.6% from 2019 to 2024 [26] Section 3: Industry Chain Analysis - The gold jewelry industry value chain includes upstream mining, midstream design and manufacturing, and downstream retail, with a focus on brand value creation [65] - The competitive landscape is characterized by a concentration of market share among leading brands, with the top five companies holding a significant portion of the market [76] Section 4: Investment Recommendations - Recommended companies include Laopuhuangjin, Chow Tai Fook, Lao Feng Xiang, Chao Hong Ji, and Cai Bai Co., Ltd. [6]

Investment Rating - The report maintains an "Overweight" rating for the communication industry [5] Core Insights - The upcoming release of GPT-5 signifies a new wave of competition in large models, with significant investments in computing infrastructure expected to continue [9][10] - NVIDIA's stock price continues to reach new highs, with a market capitalization exceeding $4.2 trillion as of July 18, indicating strong demand in the domestic supply chain [11] Summary by Sections Industry Overview - The communication industry is experiencing a sustained high level of demand, particularly in sectors such as optical modules and PCB manufacturing [11] - Domestic GPU manufacturers are making strides in replacing foreign products, with companies like Lishan Technology set to launch a self-developed 6nm GPU [10] Key Companies to Watch - Suggested companies for investment consideration include: 1. Servers: Industrial Fulian, Huaqin Technology 2. Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Taicheng Light 3. PCB: Shenghong Technology, Huitian Technology, Shengyi Technology 4. Copper Interconnect: Zhaolong Interconnect, Changxin Bochuang 5. GPU: Cambrian, Haiguang Information [11]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Viewpoints - The company focuses on the development of wireless IoT chips, covering multiple application scenarios and mainstream terminal brand customers, with a projected revenue of 844 million yuan in 2024, representing a year-on-year growth of 32.69% [2][11]. - The company has a stable shareholding structure, with the chairman holding a significant stake, which contributes to its operational stability [19]. - The market demand for IoT chips is recovering, driving significant revenue growth, with a compound annual growth rate of 16.78% from 2020 to 2024 [26][29]. Summary by Sections Company Overview - The company specializes in wireless IoT chip technology development, with products applicable in smart retail, consumer electronics, smart lighting, smart home, smart healthcare, logistics, and audio entertainment [2][18]. - The company has established long-term technical accumulation and product layout in low-power Bluetooth, dual-mode Bluetooth, Zigbee, Matter, and WiFi short-range wireless communication chips [2][24]. Industry Situation - The digital transformation is driving the demand for IoT connection chips, with a clear trend of technological iteration [38]. - Wireless IoT applications are broad, with local wireless communication technologies like WiFi, Bluetooth, and Zigbee being particularly suitable for smart home and healthcare applications [38][41]. Product Analysis - The company's main products are IoT chips and audio chips, with a focus on low-power Bluetooth SoC products that support various IoT application protocols [51]. - The company has seen significant growth in its audio chip segment, driven by new customer acquisitions and increased orders from existing clients [32]. Financial Performance - The company expects to achieve a net profit of 195 million yuan in 2025, reflecting a year-on-year increase of 100.5% [11][13]. - The revenue from IoT chips is projected to reach 765 million yuan in 2024, with a gross margin of 47.17% [32][33].

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The report highlights that technology companies are expected to show strong performance in H1 2025, driven by demand in sectors such as PCB, diesel engines, consumer electronics ODM, and optical modules [7][8] - PCB manufacturers are experiencing significant revenue and profit growth, with net profit increases exceeding 40%, particularly for Shengyi Electronics, which reported a revenue growth of 84.98% to 96.73% and a net profit growth of 432.01% to 471.45% [7][8] - Diesel engine companies, such as Weichai Heavy Machinery, are also seeing substantial profit increases, with net profit growth of 40% to 60%, attributed to industry opportunities and demand from emerging sectors [7][8] - Consumer electronics ODM companies are benefiting from global digital transformation and AI advancements, with notable profit growth for companies like Wistron Technology, which reported a profit increase of 178% to 317% [7][8] Summary by Relevant Sections Market Review - The Shanghai Composite Index closed at 3534.48 points, with a weekly increase of +0.69%. The Shenzhen Component Index rose by +2.04%, and the ChiNext Index increased by +3.17% [5] Technology Industry Insights - As of July 20, 2025, technology companies are disclosing their H1 2025 performance forecasts, indicating positive trends in various segments [6][7] - The report emphasizes the importance of focusing on PCB, ODM, AIOT, and AIDC sectors for investment opportunities [7][8] Investment Recommendations - The report suggests focusing on specific companies within the PCB sector, such as Shengyi Technology and Huadian Technology, as well as diesel engine companies like Weichai Heavy Machinery [8] - It also highlights the potential of semiconductor ASIC chips and equipment benefiting from trade barriers, recommending companies like Chipone Technology and Aojie Technology for investment [8]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights the commencement of the Yarlung Zangbo River downstream hydropower project, which has a total investment of approximately 1.2 trillion yuan, creating significant opportunities for upstream equipment investments [5] - The report emphasizes the continuous advancement in the nuclear fusion industry, with the successful ignition of plasma in the HHMAX-901 device, marking a step towards commercialization by 2025 [6] - The report also notes the initiation of listing guidance for Yushun Technology, a prominent player in the humanoid robot sector, indicating a growing interest in this field [7][8] Summary by Sections Market Review - The CITIC machinery sector rose by 2.81% from July 14 to July 18, 2025, ranking fifth among all primary industries [15][16] - Specific segments showed varied performance: engineering machinery increased by 1.24%, general equipment by 4.71%, and specialized equipment by 2.88% [16] Industry High-Frequency Data Tracking - In June 2025, the PMI for the manufacturing sector was 49.7%, with fixed asset investment in manufacturing up by 7.5% year-on-year [21] - Forklift sales reached 138,000 units, up 23.1% year-on-year, while excavator sales were 19,000 units, up 13.3% year-on-year [21][22] Investment Recommendations - The report suggests focusing on engineering machinery companies such as SANY Heavy Industry, Zoomlion, and XCMG [9] - It also recommends attention to general equipment, humanoid robots, and semiconductor equipment sectors, highlighting companies with high technical barriers and low domestic production rates [9]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights the significant investment opportunity presented by the Yarlung Zangbo River hydropower project, which is the largest single investment in clean energy in recent years, with a total investment of approximately 1.2 trillion yuan, expected to generate three times the power output of the Three Gorges Project [5][6] - The establishment of the China Yarlung Group is seen as a key development to ensure the smooth construction and operation of the Yarlung hydropower project, indicating a rapid advancement phase for large strategic projects [5][6] - The report emphasizes the expected increase in demand for construction machinery and equipment due to the scale and complexity of the Yarlung hydropower project, particularly for companies that can provide advanced equipment suitable for harsh high-altitude conditions [6][7] Summary by Sections Industry Overview - The mechanical equipment industry is poised for growth driven by large-scale infrastructure projects like the Yarlung hydropower project, which has a planned installed capacity of approximately 70 million kilowatts and an annual power generation of about 300 billion kilowatt-hours [5][6] Investment Opportunities - Recommended companies for investment include: 1. Tunneling equipment manufacturers: China Railway Construction Heavy Industry, China Railway Industry, and Wuxin Tunneling Equipment 2. Excavators, loaders, cranes, and road machinery: XCMG, SANY Heavy Industry, Zoomlion, LiuGong, and Shantui 3. Cranes: Farlantek [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The report compares the characteristics of fund information disclosure between China and the US, aiming to provide reference for the construction of China's fund information disclosure system [1][7]. - The regulatory frameworks of the two countries are similar, but the regulatory concepts have different focuses. China's information disclosure is more guided by regulations, focusing on protecting the interests of ordinary investors, while the US is more market - driven, emphasizing market fairness and efficiency [5][8]. - The disclosure styles also vary. China's disclosure is concise and efficient, while the US's is more comprehensive, detailed, and has a higher frequency, especially in portfolio disclosure [5][8]. - Suggestions are put forward for China's information disclosure system, including transforming the disclosure concept, improving the accountability mechanism, and enhancing the disclosure of fund positions, transactions, and different share information [5]. 3. Summary According to the Directory 3.1 Sino - US Fund Information Disclosure Comparison 3.1.1 Regulatory System and Concept - The regulatory frameworks of China and the US are similar, with the local securities regulatory commissions as the main regulatory bodies, top - level laws, and a series of supporting regulations [8]. - In terms of regulatory concepts, both aim to maintain the orderly development of the capital market and are friendly to investors. However, due to differences in capital market development stages, market participants, and judicial accountability systems, China focuses on regulatory guidance and protecting ordinary investors, while the US focuses on market demand and information transparency [5][8][9]. 3.1.2 Main Disclosure Documents - China requires the disclosure of 17 types of fund information, including the prospectus, fund contract, and regular reports. The US requires the disclosure of registration - related documents, regular operation reports, and other documents such as proxy voting records [13][14]. 3.1.3 Information Disclosure Characteristics - **Disclosure Granularity and Frequency**: The US disclosure is more comprehensive, detailed, and has a higher frequency, especially in portfolio disclosure. As of mid - 2025, US mutual funds disclose their full portfolio details quarterly, and from the end of 2025, most will disclose monthly. China discloses the top 10 heavy - holding stocks, etc. quarterly and adds full stock and asset - backed securities portfolios semi - annually [16]. - **Hierarchical Disclosure**: The US uses hierarchical disclosure more widely and maturely. For example, the prospectus has three versions, and the shareholder reports have a simplified version for retail investors. In China, most disclosure documents are in one version, and the "Fund Product Information Summary" can be regarded as a simplified version of the prospectus [19][20]. 3.2 Sino - US "Prospectus" Information Disclosure Comparison 3.2.1 Relevant Regulations and Sample Selection - China's regulations for prospectus disclosure are the "Content and Format of the Prospectus" under the "Securities Investment Fund Information Disclosure Content and Format Guidelines No. 5", and the US is the "N - 1A (Registration statement for mutual funds and ETFs)". The sample funds selected are the "Invesco Great Wall Strategy Selective Allocation Hybrid Fund" in China and the "Franklin Global Allocation Fund" in the US [22][23]. 3.2.2 Comparison: Investment Strategy - China's disclosure requirements for investment strategies are relatively broad, while the US's are more specific, requiring the disclosure of certain strategies such as concentrated strategies and temporary defensive strategies [27]. 3.2.3 Comparison: Performance - Both countries require the disclosure of long - term fund performance. China requires the disclosure of risk - return characteristics, while the US does not. In terms of presentation, China presents the comparison between fund net value growth rate and performance benchmark return rate more intuitively, and the US presents the past 10 - year return more intuitively [27][28][29]. 3.2.4 Comparison: Fees - Both countries require the disclosure of fund management fees, custody fees, etc. China explains fee details in text and formulas, while the US uses tables to list different share fees and shows the total fees in different years through examples. The US also requires the disclosure of the impact of portfolio turnover on fees, which is not mandatory in China [35][36]. 3.2.5 Comparison: Subscription and Redemption - China highlights the impact of "large - scale subscription and redemption", while the US emphasizes the impact of "frequent subscription and redemption" [37]. 3.2.6 Comparison: Different Fund Share Situations - China's disclosure of different fund share information is relatively scattered, while the US recommends providing a centralized and understandable comparison of different share information [38][42]. 3.2.7 Comparison: Risk Warning - China's risk disclosure requirements are more specific, clearly listing the types of risks to be disclosed. The US's requirements are more general but emphasize the risk of improper sales caused by paying commissions to intermediaries, which is rarely mentioned in China [44][45]. 3.3 Summary and Enlightenment - In general, China and the US both aim to maintain the orderly development of the capital market, but have different regulatory concepts and disclosure styles. In the prospectus, China focuses on risk disclosure, and the US focuses on the impact of "frequent trading" and "conflicts of interest". - Suggestions for China include transforming the disclosure concept, promoting the implementation of the securities class - action system, increasing the disclosure of fund positions, transactions, and different share information [46][48][50].