Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment sector [1] Core Insights - The solid-state battery industry is accelerating towards commercialization, with equipment manufacturers being the primary beneficiaries. The Ministry of Industry and Information Technology plans to establish a standard system for solid-state batteries by 2025, with significant investments already made in R&D [2] - The forklift industry shows strong growth, with May sales reaching 123,000 units, a year-on-year increase of 12%. The demand for large forklifts is particularly strong, indicating a robust outlook for leading companies in Q2 [3] - The engineering machinery sector is witnessing a recovery in non-excavator sales and exports, with May excavator sales at 18,202 units, a 2.12% increase year-on-year. The sector is currently undervalued, presenting investment opportunities [4] Summary by Sections Lithium Battery Equipment - Solid-state battery commercialization is accelerating, benefiting equipment suppliers. Key players include: - **Xian Dao Intelligent**: Offers a complete solution for solid-state battery manufacturing [2] - **Yinghe Technology**: Recently delivered core solid-state battery equipment to a leading domestic battery company [2] - **Huaya Intelligent**: Signed an agreement for a 200MWh solid-state battery production line project [2] - Investment recommendations focus on solid-state battery equipment suppliers like Xian Dao Intelligent and laser welding equipment manufacturers [2] Forklift Industry - May forklift sales reached 123,000 units, with domestic sales at 79,000 units (up 9%) and exports at 44,000 units (up 17%). The demand for large forklifts is particularly strong, indicating a positive outlook for leading companies in Q2 [3] - Key players include Anhui Heli, Hangcha Group, and Zhongli Group, which are actively pursuing smart logistics solutions [3] Engineering Machinery - May excavator sales were 18,202 units, with a slight year-on-year increase. The sector is seeing a recovery in non-excavator sales and exports, with a 9% increase in export value for engineering machinery in the first five months of 2025 [4] - Recommended stocks include Sany Heavy Industry, XCMG, and LiuGong, as the sector is currently undervalued [4] General Recommendations - The report suggests a focus on companies with strong growth potential in the solid-state battery and engineering machinery sectors, highlighting the importance of technological advancements and market demand [2][4]

Group 1 - The core incremental capital in the A-share market this year is quantitative funds, with the micro-index significantly outperforming broad-based indices, achieving a cumulative increase of 31.9% as of June 20, 2025 [1][2] - Quantitative private equity funds have shown remarkable performance, with an average return of 29.6% from June 2024 to May 2025, significantly outperforming the top private equity funds' overall return of 1.1% [1][2] - As of May 2025, the total number of registered quantitative private equity products reached 1,930, accounting for 44.3% of all private equity securities products, indicating the growing importance of quantitative strategies in the private equity sector [2] Group 2 - The A-share market has experienced two distinct rounds of upward trends in 2025, each characterized by different styles and incremental capital structures [3] - The first round, termed "spring excitement," was dominated by active funds, with small-cap growth styles outperforming due to a favorable market environment and increased participation from retail investors [3] - The second round, following a "golden pit," saw a shift towards a more balanced style, with significant contributions from state-owned funds and a notable inflow of ETF funds, particularly into the CSI 300 ETF [3] Group 3 - The rise of new consumption and innovative pharmaceuticals is driven by incremental southbound capital, reflecting a mapping logic from Hong Kong stocks to A-shares [4] - Since the beginning of the year, southbound funds have significantly increased their holdings in the new consumption sector, with a cumulative net inflow of 25.2 billion Hong Kong dollars as of June 19, 2025 [4] - In the innovative pharmaceutical sector, southbound funds have also shown substantial interest, with a net inflow exceeding 60 billion Hong Kong dollars, becoming a core driving force for the sector's performance [4] Group 4 - Recent market conditions indicate a lack of main themes, with overall sentiment among institutions and active funds remaining low since April 2025 [6] - The scarcity of incremental capital has led to a predominance of quantitative funds in the market, which tend to dominate pricing power in low liquidity environments [6] - The current market dynamics suggest that quantitative funds will continue to play a leading role, although there are signs of potential short-term corrections in micro-cap stocks [6] Group 5 - The report suggests that in the current "fan-like" rotation market, focusing on high-cut low rhythms is key to achieving excess returns [7] - Future allocations should consider sectors with clear performance expectations and advantageous positions, particularly in the broader technology sector, including AI computing power, controlled nuclear fusion, military industry, commercial aerospace, solid-state batteries, and deep-sea technology [7]

Investment Rating - The report maintains an "Overweight" rating for the HBM industry [1] Core Viewpoints - The demand for computing power is surging, and external regulations on HBM in bandwidth and other areas will stimulate breakthroughs and supply in domestic HBM production. Recent news about domestic storage clients validating HBM3 has led to significant stock price increases for key players like Jingzhida and Xinyuanwei [5] - Domestic storage clients have achieved manufacturing capabilities for DDR5 chips, meeting core indicators for transmission speed, although there is still room for improvement in heat dissipation and energy consumption. The underlying storage particles for HBM3 are ready for mass production, with some equipment companies already receiving orders related to HBM [5] - The testing machines, TCB, CMP, and other key processes have the greatest flexibility. Key processes such as TCB, CMP, bonding, electroplating, and testing machines are either domestically produced or easily obtainable. The report anticipates that domestic HBM breakthroughs will occur in the second half of this year, with an expected production increase of 5,000 8-layer wafers, leading to significant order increments across various equipment segments [5] - The expansion of domestic HBM production will also benefit upstream equipment, generating additional demand for DRAM production. The anticipated HBM production increase corresponds to a need for 40,000 DDR5 chips, resulting in approximately 35 billion in capital expenditure increases for equipment [5] - The report recommends investing in Jingzhida, which is expected to benefit significantly from this expansion due to its maximum order flexibility [5]

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints - This week (from June 16 to June 20, 2025), 2 new second - tier capital bonds were issued in the inter - bank and exchange markets, with a total issuance scale of 4 billion yuan, a maturity of 10 years. The issuers are local state - owned enterprises and large private enterprises, with a subject rating of AAA, and are located in Shandong and Shaanxi provinces. As of June 20, 2025, the outstanding balance of second - tier capital bonds reached 464.7535 billion yuan, a decrease of 16 billion yuan from last weekend (June 13, 2025) [1]. - This week, the total trading volume of second - tier capital bonds was approximately 254.5 billion yuan, an increase of 11 billion yuan from last week. The top three bonds in trading volume were "25 Agricultural Bank Second - tier Capital Bond 01B(BC)" (41.541 billion yuan), "25 Bank of China Second - tier Capital Bond 01BC" (33.475 billion yuan), and "25 Agricultural Bank Second - tier Capital Bond 01A(BC)" (24.384 billion yuan). In terms of the issuer's geographical location, the top three in trading volume were Beijing, Shanghai, and Guangdong, with approximately 202.1 billion yuan, 13.6 billion yuan, and 9.5 billion yuan respectively. As of June 20, the changes in the yields to maturity of 5Y, 7Y, and 10Y second - tier capital bonds with ratings of AAA -, AA +, and AA compared to last week were all negative [2]. - This week, the overall deviation of the average trading price valuation of second - tier capital bonds was not significant. The proportion of discount transactions was greater than that of premium transactions, and the discount range was larger. The top two bonds with the highest discount rates were "23 Chouzhou Commercial Bank Second - tier Capital Bond 01" (- 0.9174%) and "24 Guangfa Bank Second - tier Capital Bond 01B" (- 0.3160%). The top four bonds with the highest premium rates were "21 China Construction Bank Second - tier 06" (0.3995%), "21 Great Wall Huaxi Bank Second - tier 02" (0.1303%), "20 Changsha Bank Second - tier" (0.1114%), and "20 Nanchang Rural Commercial Second - tier 01" (0.1036%) [3]. 3. Summary According to Relevant Catalogs 3.1 Primary Market Issuance and Outstanding Balance - This week, 2 new second - tier capital bonds were issued, with a scale of 4 billion yuan. The issuers' nature includes local state - owned enterprises and large private enterprises, with a subject rating of AAA, and are from Shandong and Shaanxi provinces [1]. - As of June 20, 2025, the outstanding balance of second - tier capital bonds was 464.7535 billion yuan, a decrease of 16 billion yuan from June 13, 2025 [1]. 3.2 Secondary Market Trading - This week, the total trading volume was about 254.5 billion yuan, an increase of 11 billion yuan from last week. The top three bonds in trading volume were "25 Agricultural Bank Second - tier Capital Bond 01B(BC)", "25 Bank of China Second - tier Capital Bond 01BC", and "25 Agricultural Bank Second - tier Capital Bond 01A(BC)" [2]. - Geographically, the top three regions in trading volume were Beijing, Shanghai, and Guangdong [2]. - The changes in the yields to maturity of 5Y, 7Y, and 10Y second - tier capital bonds with ratings of AAA -, AA +, and AA compared to last week were all negative [2]. 3.3 Top 30 Bonds with Valuation Deviation - Discount bonds: The top two bonds with the highest discount rates were "23 Chouzhou Commercial Bank Second - tier Capital Bond 01" and "24 Guangfa Bank Second - tier Capital Bond 01B". The bonds are mainly rated AAA -, A +, AA - by ChinaBond, and are mostly located in Beijing and Shanghai [3]. - Premium bonds: The top four bonds with the highest premium rates were "21 China Construction Bank Second - tier 06", "21 Great Wall Huaxi Bank Second - tier 02", "20 Changsha Bank Second - tier", and "20 Nanchang Rural Commercial Second - tier 01". The bonds are mainly rated AA +, AA - by ChinaBond, and are mostly located in Zhejiang, Beijing, and Shanghai [3].

Market Overview - The average daily trading volume of the entire A-share market was 12.2 trillion CNY, a decrease of over 150 billion CNY compared to the previous week[8] - The Shanghai Composite Index fell by 0.51% during the week, with a year-to-date increase of 0.2%[11] Index Performance - The large-cap value index rose by 1.07%, while the ChiNext index dropped by 1.66%[11] - The market sentiment index decreased by 2.63%, reflecting a decline in market enthusiasm[21] Participant Performance - The "national team" index showed the best performance with a weekly increase of 0.18%[21] - The private equity heavy index fell by 2.23%, but it has increased by 46.32% since the beginning of 2025[21] Sector Trends - The semiconductor sector is highlighted as a strong direction, with significant developments in AI custom chips and solid-state batteries[41] - The report emphasizes the importance of technology self-reliance and expanding domestic demand in the context of geopolitical tensions[49] Risk Factors - The pace of domestic economic recovery may not meet expectations, potentially increasing market uncertainty[52] - Geopolitical events could lead to heightened tensions, impacting market stability[52]

证券研究报告·行业点评报告·医药生物 医药生物行业点评报告 国家药监局通过《关于优化全生命周期监管 支持高端医疗器械创新发展的举措》，加速高 端器械发展 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 建议关注： ◼ 风险提示：政策风险；产品销售及研发进度不及预期。 2025 年 06 月 21 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -12% -8% -4% 0% 4% 8% 12% 16% 20% 2024/6/21 2024/10/20 2025/2/18 2025/6/19 医药生物 沪深300 相关研究 《创新药 BD 推动及优秀临床数据， 建议关注石药集团、千红制药等》 2025-06-15 《中国创新药在 ASCO 表现超预期， 关注信达生物、科伦博泰等》 2025-06-08 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 ◼ 事件：2025 年 6 月 20 日，国家药监局党组书记、局长李利主持召开会 议，研究部署支持高端医疗器械创新发展举措，审议通过《关于优化全 生命周期 ...

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The report highlights the significant sales performance of domestic home medical devices during the 618 shopping festival, with companies like Yuyue Medical and Sanofi Bio showing impressive results [4]. - The total e-commerce sales during the 618 shopping festival reached 8,556 billion, marking a year-on-year growth of 15.2%, with instant retail sales growing by 18.7% [4]. - The report emphasizes the ongoing government subsidies for replacing old products with new ones, with a total of 1,380 billion yuan in central funds to be distributed in batches, which is expected to boost the domestic home medical device market [4]. Summary by Sections Industry Performance - The report notes a continuous increase in sales for home medical devices, with Yuyue Medical achieving over 600 million in sales during the 618 period and maintaining its position as the top seller in the home medical device category [4]. - Sanofi Bio reported online sales exceeding 250 million during the same period, with a 300% year-on-year growth in its product line [4]. Market Opportunities - The report suggests that the domestic home medical device sector is poised for growth due to the combination of strong sales performance and government support through subsidies [4]. - It recommends focusing on companies such as Yuyue Medical, Sanofi Bio, and Kefu Medical as potential investment opportunities [4].

证券研究报告·公司点评报告·非白酒 百润股份（002568） 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 郭晓东 执业证书：S0600525040001 guoxd@dwzq.com.cn 研究助理 于思淼 执业证书：S0600123070030 yusm@dwzq.com.cn 股价走势 -17% -9% -1% 7% 15% 23% 31% 39% 47% 55% 2024/6/20 2024/10/19 2025/2/17 2025/6/18 百润股份 沪深300 市场数据 崃州新品正式上市，第二曲线渐入佳境 2025 年 06 月 20 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,264 | 3,048 | 3,499 | 3,993 | 4,701 | | 同比（%） | 25.85 | (6.61) | 14.80 | 14.11 | 17.74 ...

证券研究报告·公司深度研究·IT 服务Ⅱ 托普云农（301556） 智慧农业领军，AI+深度赋能 2025 年 06 月 20 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 459.45 | 488.90 | 658.72 | 874.79 | 1,135.98 | | 同比（%） | 22.47 | 6.41 | 34.74 | 32.80 | 29.86 | | 归母净利润（百万元） | 115.01 | 123.46 | 164.86 | 212.13 | 271.85 | | 同比（%） | 24.09 | 7.35 | 33.53 | 28.67 | 28.15 | | EPS-最新摊薄（元/股） | 1.35 | 1.45 | 1.93 | 2.49 | 3.19 | | P/E（现价&最新摊薄） | 62.17 | 57.91 | 43.37 | 33.71 | 26.30 | [Table_ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that multiple clinical data presentations at ASCO and EHA conferences support the commercialization of the pipeline, particularly focusing on the promising results of core products like Olverembatinib and APG-2575 [7] - The report anticipates rapid revenue growth driven by the sales ramp-up of Olverembatinib and potential payments from Takeda, projecting revenues of RMB 5.19 billion and RMB 3.215 billion for 2025 and 2026 respectively, with an additional forecast of RMB 2.095 billion for 2027 [7] Financial Projections - Total revenue projections for the company are as follows: - 2023A: RMB 225.09 million - 2024A: RMB 980.65 million - 2025E: RMB 519.00 million - 2026E: RMB 3,215.00 million - 2027E: RMB 2,095.00 million - Year-on-year growth rates for total revenue are projected at: - 2024A: 335.68% - 2025E: -47.08% - 2026E: 519.46% - 2027E: -34.84% [1][8] - The net profit projections are as follows: - 2023A: -RMB 925.64 million - 2024A: -RMB 405.43 million - 2025E: -RMB 1,035.92 million - 2026E: RMB 1,092.41 million - 2027E: -RMB 842.34 million - Year-on-year growth rates for net profit are projected at: - 2024A: 56.20% - 2025E: -155.51% - 2026E: 205.45% - 2027E: -177.11% [1][8] Clinical Data Highlights - Olverembatinib's clinical data for Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL) showed a complete response (CR) rate of 100% after one treatment cycle, with an overall survival (OS) rate of 100% at 18 months [7] - APG-2575's clinical trial results indicated an overall response rate (ORR) of 31.8% in patients with relapsed/refractory acute myeloid leukemia (AML) who were previously treated with venetoclax [7]