Investment Rating - The report maintains an investment rating of "Outperform the Market" for the pesticide industry [2]. Core Viewpoints - The "Rectifying Internal Competition" three-year action plan initiated by the China Pesticide Industry Association aims to address issues such as hidden additives, illegal production, and disorderly competition within the pesticide industry, potentially marking a turning point for industry prosperity [3][4]. - The demand for pesticides is expected to remain strong, with Chinese pesticide companies capturing a significant share of the global market for pesticide growth. The report highlights a notable increase in pesticide imports in Brazil and the United States, while exports from India and the U.S. have not kept pace, indicating China's growing role as a key supplier [4][25]. - The report anticipates that the pesticide industry's capital expenditure growth has been negative for four consecutive quarters, suggesting that prices have bottomed out. The "Rectifying Internal Competition" initiative is expected to enhance industry self-discipline and lead to a rebound in industry prosperity [4][9]. Summary by Sections Action Plan Overview - The "Rectifying Internal Competition" action plan outlines three main objectives: improving market order, curbing internal competition, and enhancing product quality by 2027 [5]. - Key tasks include prohibiting the addition of unregistered active ingredients, cracking down on illegal production, and resisting low-price competition among companies [5]. Industry Dynamics - The pesticide industry is currently facing intense competition and frequent safety incidents, necessitating the "Rectifying Internal Competition" initiative. The report notes that safety incidents have increased due to reduced safety investments amid competitive pressures [4][13]. - The report indicates that the global pesticide industry is transitioning from a de-inventory phase to a de-capacity phase, with China's pesticide exports expected to exceed 2.05 million tons in 2024, accounting for 89.5% of total production [6][9]. Market Trends - The report highlights that several pesticide prices have begun to rise due to improved demand and supply constraints. For instance, the price of glyphosate has increased by 12.93% since April 2025 [18][29]. - The overall pesticide market is showing signs of recovery from a downturn, with some companies experiencing significant improvements in profitability due to favorable industry conditions [29]. Investment Recommendations - The report recommends focusing on companies such as Yangnong Chemical, Lier Chemical, Xingfa Group, Limin Co., and Guoguang Co., which are well-positioned in the pesticide market and expected to benefit from the ongoing industry changes [32].

Investment Rating - The investment rating for the food and beverage sector is "Outperform the Market" [5][6][78]. Core Views - The report indicates a decrease in the allocation ratio for the liquor sector, reflecting weak fundamental expectations. The second quarter performance is expected to show demand pressure, with companies focusing on market health and inventory reduction [2][12][14]. - The beer and beverage sectors are entering a peak season, with stable performance from leading companies in basic condiments. The report recommends companies that are accelerating nationalization and platformization, such as Dongpeng Beverage [3][15][20]. - The report highlights three investment lines in the liquor sector: leading companies with strong risk resistance, companies showing digital transformation feedback, and those with market share growth potential [2][14]. Summary by Sections Liquor Sector - The liquor sector's allocation ratio has decreased, with the white liquor index rising by 1.0%. The allocation ratio for actively managed equity funds fell by 2.07 percentage points to 4.50% [2][14]. - Key recommendations include Guizhou Moutai, Shanxi Fenjiu, and Wuliangye, which have shown strong dividend yields and growth potential [2][14]. Consumer Goods - The beer sector is experiencing a slight decrease in fund allocation, with Yanjing Beer seeing an increase in its fund holding ratio. The report recommends Yanjing Beer due to its ongoing internal reforms [3][15]. - The snack sector has seen a significant increase in fund allocation, particularly for Salted Fish and Wancheng Group. The report recommends products with high growth potential, such as those from Weilong and Salted Fish [3][16]. - In the condiment sector, leading companies like Haitian Flavoring are expected to perform steadily, with a focus on mid-year performance [3][17]. Frozen Foods and Dairy - The frozen food sector is stable, with companies actively developing new products to adapt to market demands. Recommendations include Anjui Foods and Qianwei Central Kitchen [3][18]. - The dairy sector is expected to recover gradually, with policies stimulating demand. The report suggests focusing on leading dairy companies with a safety margin in valuations [3][19]. Beverage Sector - The beverage sector is entering a peak season, with significant growth in no-sugar tea and energy drinks. Dongpeng Beverage is highlighted for its strong performance, with a reported revenue increase of 36% year-on-year [3][20].

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence sector [6]. Core Insights - The report highlights the acceleration of commercial deployment of Robotaxi in Shanghai, with new operational licenses issued on July 26 [1]. - The penetration rates of advanced driver-assistance systems (ADAS) and various automotive technologies are on the rise, indicating a growing trend towards vehicle intelligence [3][4]. Summary by Sections Industry News - Tesla's smart assisted driving plan is set to further expand in China within the year [1]. - Shanghai has issued a new batch of demonstration operation licenses for intelligent connected vehicles [1]. - Pony.ai has received approval to conduct Robotaxi operations in central Shanghai [1]. - Various companies, including WeRide and Horizon Robotics, are advancing their autonomous driving technologies and solutions [1]. High-Frequency Core Data Updates - By May 2025, the penetration rate of 8 million pixel front-view cameras in passenger vehicles is projected to reach 66.7%, with 38.6% of that being 8 million pixel cameras, showing a year-on-year increase of 23 percentage points [2]. - NVIDIA's driving chip market share is increasing, with a projected penetration rate of 29% for passenger vehicle driving domain controllers by May 2025 [2]. - The market share of LiDAR in passenger vehicles is expected to reach 10% by May 2025, reflecting a year-on-year increase of 4 percentage points [2]. Intelligent Driving - The penetration rate of passenger vehicles equipped with L2 level or higher functions reached 28.1% by May 2025, up 13 percentage points year-on-year [3]. - The penetration rates for various sensors, including front-view cameras and radar, are also increasing, indicating a trend towards more sophisticated vehicle sensing capabilities [3]. Investment Recommendations - Recommended companies for whole vehicles include XPeng Motors, Leap Motor, and Geely [4]. - For L4 level technologies, Pony.ai is recommended [4]. - Component recommendations include companies like Hesai Technology and SUTENG for data acquisition, and Horizon Robotics for data processing [4]. Key Company Earnings Forecast and Investment Ratings - XPeng Motors: Outperform, with a projected EPS of -3.03 in 2024 and -0.83 in 2025 [5]. - Xingyu Co., Ltd.: Outperform, with an EPS of 4.93 in 2024 and 5.95 in 2025 [5]. - Horizon Robotics: Outperform, with an EPS forecast of 0.18 in 2024 and -0.14 in 2025 [5].

Investment Rating - The report maintains an "Outperform the Market" rating for the social services sector [3][5][37]. Core Viewpoints - The Hainan Free Trade Port is set to officially start operations on December 18, 2025, with a significant increase in the number of zero-tariff goods from 1,900 items (21%) to 6,600 items (74%), which is expected to enhance the attractiveness of Hainan for businesses and tourists [14][15]. - The investment in the Yajiang Hydropower project, totaling 1.2 trillion CNY, is anticipated to stimulate regional economic activity and support various industries such as education, tourism, and logistics [16][17]. - The report suggests that the social services sector will benefit from favorable national policies aimed at expanding domestic demand, leading to a potential recovery in valuations [3][37]. Summary by Sections Industry Insights - The consumer services sector outperformed the market with a 4.41% increase, surpassing the benchmark by 1.61 percentage points during the reporting period [23][26]. - Key stocks in the consumer services sector included Tibet Tourism, Lansheng Co., and Oriental Selection, which saw significant gains [26][27]. Company Dynamics - Dou Shen Education launched an AI-based writing and reading system, while JD.com introduced a "Dish Partner" program to innovate traditional restaurant franchising [29][30]. - Sally's net profit reached a record high for the quarter, driven by a low-price strategy that increased customer traffic [31]. - The official direct sales platform for civil aviation was launched by Hanglv Zongheng, integrating resources from 37 airlines [31]. Investment Recommendations - The report recommends focusing on companies such as Atour, China Oriental Education, and Meituan, among others, for potential investment opportunities [3][37]. - Mid-term selections include China Duty Free Group, Meituan, and Huazhu Group, indicating a diverse range of investment options across the sector [3][37]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) estimates for several companies, with a focus on maintaining an "Outperform the Market" rating for firms like Mixue Group and Atour [4][37].

Investment Rating - The report maintains an "Outperform" rating for the media sector [5][39]. Core Views - The report highlights the upward trend in the performance cycle, with a long-term positive outlook on AI applications and IP trends [4][39]. - The 2025 World Artificial Intelligence Conference in Shanghai has set a record with over 800 participating companies and more than 3,000 cutting-edge exhibits [2][16]. - The gaming sector is expected to benefit from product cycles and performance improvements, with specific recommendations for companies like Kaiying Network and Giant Network [4][39]. Summary by Sections Industry Performance - The media sector rose by 2.09% during the week of July 14-20, outperforming the CSI 300 index (1.69%) but underperforming the ChiNext index (2.76%) [12][18]. - Notable gainers included Happiness Blue Ocean, Xinhua Media, and InSai Group, while losers included Lansheng Co., Century Tianhong, and Reading Technology [12][18]. Key Data Tracking - The box office for the week of July 21-27 reached 1.038 billion yuan, with top films being "Nanjing Photo Studio" (306 million yuan, 29.4% share), "Lychee of Chang'an" (239 million yuan, 23.0% share), and "The Legend of Lu Xiaobei 2" (130 million yuan, 12.4% share) [3][18][20]. - The mobile gaming revenue for June 2025 was led by "Whiteout Survival," "Gossip Harbor: Merge & Story," and "Kingshot" [27][28]. Investment Recommendations - The report suggests focusing on the gaming, advertising media, and film sectors, with specific stock picks including Kaiying Network, Giant Network, and Yaoji Technology [4][39]. - The report emphasizes the potential of high-dividend, low-valuation stocks in the state-owned publishing sector [4][39]. - For AI applications, the report recommends focusing on marketing, education, and entertainment sectors, highlighting opportunities in both B2B and B2C markets [4][39].

Investment Rating - The report maintains an "Outperform the Market" rating for the social services sector [3][5][36]. Core Viewpoints - The Hainan Free Trade Port is set to officially start operations on December 18, 2025, with a significant increase in the number of zero-tariff goods from 1,900 items (21%) to 6,600 items (74%), which is expected to enhance the attractiveness of Hainan for businesses and tourists [1][14]. - The investment of 1.2 trillion CNY in the Yajiang hydropower project is anticipated to stimulate regional economic cycles and boost related industries such as education, business travel, catering, and tourism [1][16][17]. - The report suggests that the social services sector is likely to benefit from favorable national policies aimed at expanding domestic demand, leading to a potential valuation recovery [3][36]. Summary by Sections Industry Insights - The consumer services sector outperformed the market, rising by 4.41% during the reporting period, exceeding the market benchmark by 1.61 percentage points [22][25]. - The report highlights various industry dynamics, including the launch of AI educational products by Dou Shen Education and JD's new "Dish Partner" initiative, which aims to disrupt traditional restaurant franchising [28][29]. Company Performance Predictions - Key companies such as Mijia Group, Atour, and Ctrip are rated as "Outperform the Market," with projected earnings per share (EPS) for 2025E and 2026E showing positive growth [4][36]. - The report includes a detailed table of investment ratings and financial metrics for various companies in the sector, indicating strong growth potential [4]. Investment Recommendations - The report recommends focusing on companies like Atour, China Oriental Education, and Meituan, among others, as they are expected to perform well in the current economic environment [3][36]. - Mid-term selections include China Duty Free Group, Meituan, and Huazhu Group, reflecting a diversified investment strategy across the social services sector [3][36].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][10] Core Views - The company has partnered with Alibaba to launch the "World Yiwu AI Model" for internal testing, aimed at assisting small and micro enterprises in their digital transformation [3][5] - The bidding prices for new market spaces in the global digital trade center have shown steady growth, indicating strong demand and recognition of the company's market service capabilities [4][8] - The company is positioned as a global comprehensive foreign trade service provider, leveraging its online trade platform Chinagoods to offer AI application services, with user numbers expected to exceed 200,000 by 2024 [3][4][5] Summary by Relevant Sections Company Overview - The global digital trade center's bidding prices for the creative toy industry range from 134,300 to 136,700 CNY per square meter, and for skincare and medical beauty products, the prices range from 136,700 to 137,600 CNY per square meter, reflecting a steady increase from previous prices in the fashion jewelry sector [4][8] Financial Projections - The projected net profits for the company from 2025 to 2027 are estimated at 4.032 billion, 6.408 billion, and 7.832 billion CNY, with corresponding price-to-earnings ratios of 28.5, 18, and 14.7 times [4][10] Business Growth - The AI model's internal testing has shown significant efficiency improvements, such as reducing the product listing time for an AI smart glasses product from 2 hours to 12 minutes, and increasing product selection efficiency by 45% [5] - The company anticipates that the total qualification fee from the global digital trade center will reach approximately 20 billion CNY upon completion of all market recruitment [4][10]

Group 1: Industry Overview - The food and beverage industry in China is undergoing a supply chain efficiency revolution driven by the dual forces of ingredient pre-processing and snackification of dining [8][9] - The restaurant supply chain market in China is substantial, approximately 2.4 trillion yuan, with a fragmented market structure and about 890,000 production and processing enterprises as of April 2025 [9][10] - The capital market's interest in the restaurant supply chain sector has been rising since 2020, with the Wande seasoning/prepared dish concept index growing by 88% and 82% from March 2019 to May 2021 [8] Group 2: Key Trends - Ingredient pre-processing is seen as a pioneer for standardizing the restaurant supply chain, with traditional frozen food manufacturers like Anjijia and Sanquan establishing national production capacity barriers [9] - The trend of snackification reflects changing consumer lifestyles and expectations, leading to more fragmented and personalized food consumption [9] - Emerging channels such as community supermarkets and convenience stores have seen significant growth, with snack discount stores growing by 76% in 2023 [9] Group 3: Comparative Analysis - The U.S. restaurant supply chain was valued at approximately $382 billion in 2022, with Sysco achieving $78.8 billion in revenue by 2024 through extensive acquisitions [10] - Japan's frozen prepared food industry has matured, with companies like Kobe Bussan implementing integrated production and sales models, achieving a 12% revenue compound growth rate [10] - The current economic environment is pressuring inefficient producers, while leading companies with accumulated capacity and financial advantages are expected to expand their market share [10] Group 4: Investment Recommendations - Recommended companies include Anjijia, Qianwei Yangchu, Lihai Foods, Weilong, and Yanjinpuzi, which are well-positioned to benefit from the ongoing industry transformation [10]

Report Industry Investment Rating No information provided in the given content. Core Viewpoints of the Report - The median weekly return of equity ETFs last week was 2.41%. Among broad - based ETFs, the Science and Technology Innovation Board ETF had the highest return; among sector ETFs, the large - finance ETF had the highest return; among hot - topic ETFs, the chip ETF had the highest return [1][13][16][57]. - Last week, equity ETFs had a net redemption of 4.006 billion yuan. Among broad - based ETFs, the CSI 1000ETF had the largest net subscription; among sector ETFs, the cyclical ETF had the largest net subscription; among theme ETFs, the AIETF had the largest net subscription [2][26][57]. - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine were the top three fund companies in terms of the total scale of listed non - monetary ETFs. Six ETFs are scheduled to be issued this week [5][54][57]. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs from July 21 to July 25, 2025, was 2.41%. The median returns of Science and Technology Innovation Board, CSI 500, ChiNext, CSI 1000, A500, SSE 50, and SSE 300 ETFs were 3.91%, 3.31%, 2.46%, 2.39%, 2.10%, 1.77%, and 1.16% respectively. The median returns of cross - border, commodity, monetary, and bond ETFs were 1.76%, 0.08%, 0.02%, and - 0.30% respectively [13]. - Among sector ETFs, the median returns of large - finance, cyclical, technology, and consumption sector ETFs were 4.34%, 3.39%, 2.57%, and 1.95% respectively. Among theme ETFs, the median returns of chip, securities, and new energy vehicle ETFs were 5.13%, 4.90%, and 4.25% respectively, showing relatively strong performance, while the median returns of bank, liquor, and military - industry ETFs were - 2.93%, 0.78%, and 0.82% respectively, showing relatively weak performance [16]. ETF Scale Change and Net Subscription/Redeeming - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3149.8 billion yuan, 658.4 billion yuan, and 510.4 billion yuan respectively, while the scales of monetary and commodity ETFs were relatively small, at 154.6 billion yuan and 154 billion yuan respectively [17]. - Last week, equity ETFs had a net redemption of 4.006 billion yuan, with a total scale increase of 70.46 billion yuan; monetary ETFs had a net redemption of 629 million yuan, with a total scale decrease of 627.7 million yuan. Among broad - based ETFs, the CSI 1000ETF had the largest net subscription of 999 million yuan, and its scale increased by 4.613 billion yuan; the A500ETF had the largest net redemption of 6.681 billion yuan, and its scale decreased by 2.744 billion yuan [26][27]. - Among sector ETFs, the cyclical ETF had the largest net subscription of 10.231 billion yuan, and its scale increased by 14.875 billion yuan; the consumption ETF had the largest net redemption of 1.406 billion yuan, and its scale increased by 2.423 billion yuan. Among theme ETFs, the AIETF had the largest net subscription of 894 million yuan, and its scale increased by 1.904 billion yuan; the pharmaceutical ETF had the largest net redemption of 1.605 billion yuan, and its scale increased by 1.406 billion yuan [29]. ETF Benchmark Index Valuation - As of last Friday, in terms of broad - based ETFs, the PE of GEM - related ETFs was at a relatively low quantile level; among sectors, the valuation quantiles of consumption and large - finance ETFs were relatively moderate; among sub - themes, the valuation quantiles of liquor and PV ETFs were relatively low. Compared with the previous week, the valuation quantiles of chip and technology ETFs increased significantly [3][40]. - The PE of Shanghai 50, SSE 300, CSI 500, CSI 1000, GEM - related, and A500 ETFs were at the 80.30%, 75.39%, 94.81%, 87.55%, 49.79%, and 99.26% quantile levels respectively, and the PB were at the 55.03%, 58.99%, 84.30%, 44.77%, 38.17%, and 99.26% quantile levels respectively. Since December 31, 2019, the current PE and PB of Science and Technology Innovation Board - related ETFs were at the 99.75% and 55.48% quantile levels respectively [33]. - As of last Friday, the PE of cyclical, large - finance, consumption, and technology sector ETFs were at the 61.58%, 48.15%, 16.98%, and 74.77% quantile levels respectively, and their PB were at the 58.62%, 57.50%, 33.06%, and 65.29% quantile levels respectively [35]. ETF Margin Trading - From last Monday to Thursday, the margin trading balance of equity ETFs increased from 40.993 billion yuan in the previous week to 41.478 billion yuan, and the short - selling volume decreased from 2.191 billion shares in the previous week to 2.164 billion shares. Among the top 10 ETFs with the highest average daily margin trading purchases and short - selling volumes, the Science and Technology Innovation Board ETF and chip ETF had relatively high average daily margin trading purchases, while the CSI 1000ETF and SSE 300ETF had relatively high average daily short - selling volumes [4][40][50]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non - monetary ETFs, with relatively high management scales in multiple sub - fields such as scale - index ETFs, industry - index ETFs, and theme, style, and strategy - index ETFs; E Fund ranked second, with relatively high management scales in scale - index ETFs and cross - border ETFs; Huatai - Peregrine Fund ranked third, with relatively high management scales in scale - index ETFs and theme, style, and strategy - index ETFs [51]. - Last week, 10 new ETFs were established. This week, 6 ETFs are scheduled to be issued, including the Harvest Hang Seng Hong Kong Stock Connect Technology Theme ETF, Harvest Hang Seng Consumption ETF, and Huaan Hang Seng Hong Kong Stock Connect Technology Theme ETF [54].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the China Securities REITs Index declined. The performance of property - type REITs was stronger than that of franchise - type REITs. The average weekly price changes of property - type REITs and franchise - type REITs were - 1.8% and - 2.6% respectively. All types of REITs in the market closed lower, with the smallest declines in park, transportation, and warehousing and logistics REITs. As of July 25, the average annualized cash distribution rate of public REITs was 5.9%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property REITs was 138BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury yield was 226BP [1]. - On July 25, the CICC Jinhua Xinnong Industrial Park REIT was successfully listed on the Shanghai Stock Exchange, with a first - day gain of 28.47%. The fund's issuance scale was 3.685 billion yuan, with a 16 - year term. The underlying asset is the "Shounong Yuan Center", which is a significant addition to the public REITs market [4]. 3. Summary by Related Catalogs 3.1 Secondary Market Trends - As of July 25, 2025, the closing price of the China Securities REITs (closing) Index was 860.11 points, with a weekly change of - 1.79%. It performed worse than the China Securities Convertible Bond Index (+2.14%), the CSI 300 Index (+1.69%), and the China Securities All - Bond Index (-0.49%). Year - to - date, the ranking of the price changes of major indices was: China Securities Convertible Bond Index (+11.8%) > China Securities REITs Index (+8.9%) > CSI 300 Index (+4.9%) > China Securities All - Bond Index (+0.9%). In the past year, the return rate of the China Securities REITs Index was 9.8%, with a volatility of 7.1%. The total market value of REITs increased to 204.7 billion yuan on July 25, an increase of 200 million yuan from the previous week. The average daily turnover rate for the whole week was 0.72%, up 0.17 percentage points from the previous week [2][10]. - All types of REITs closed lower. Property - type REITs and franchise - type REITs had average weekly price changes of - 1.8% and - 2.6% respectively. Among different project types, the three with the smallest average declines were park infrastructure (-0.9%), transportation infrastructure (-1.4%), and warehousing and logistics (-1.7%). The top three REITs in terms of weekly gains were Bosera Tianjin Binhai New Area Industrial Park REIT (+8.49%), China Merchants Science and Technology Innovation REIT (+3.79%), and Huatai Jiangsu Expressway REIT (+2.20%). Park - type REITs had the highest trading activity, with an average daily turnover rate of 1.7% and an trading volume accounting for 31.1% of the total REIT trading volume. The top three REITs in terms of net inflow of main funds were CICC Jinhua Xinnong REIT (88.48 million yuan), China Asset Management Shenzhen International REIT (4.95 million yuan), and Hongtu Innovation Yantian Port REIT (4.9 million yuan) [3]. 3.2 Primary Market Issuance - As of July 25, 2025, there was 1 REIT product in the declared stage, 2 in the inquiry stage, 7 in the feedback stage, 6 that had passed and were waiting for listing, and 6 first - issue products that had passed and were already listed on the exchange [25]. 3.3 Valuation Tracking - From the perspective of debt nature, as of July 25, the average annualized cash distribution rate of public REITs was 5.9%, significantly higher than the current static yields of mainstream fixed - income assets. From the perspective of equity nature, the relative net value premium rate, IRR, and P/FFO were used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations. The relative net value premium rate is a long - term indicator, while P/FFO is a short - term one [27]. - As of July 25, 2025, the dividend yield of property REITs was 138BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury yield was 226BP [30]. 3.4 Industry News - On July 22, CITIC Construction Investment assisted the Inner Mongolia Energy Co., Ltd. of the State Power Investment Corporation to establish the "State Power Investment - Inner Mongolia Company Energy Infrastructure Investment Daban Power Generation 2025 Asset - Backed Special Plan", with a scale of 2.992 billion yuan, a subscription multiple of 2.60 times, and the issuance interest rate reaching a new low for energy central - enterprise REITs. - On July 25, the CICC Jinhua Xinnong Industrial Park REIT was listed on the Shanghai Stock Exchange, with a first - day gain of 28.47%. It is the 69th public REIT in China, the 19th park REIT, and the first science and technology park REIT focusing on "headquarters economy" [36].