Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1] Core Insights - The non-bank financial sector has shown resilience, with all sub-sectors outperforming the CSI 300 index in recent trading days. The insurance sector rose by 2.07%, multi-financial by 1.45%, and securities by 0.88% [4][9] - The insurance sector is expected to continue increasing allocations to dividend stocks, driven by a recovery in life insurance premiums and the implementation of new accounting standards [21][23] - The securities sector is experiencing a significant increase in trading volume, with a year-on-year rise of 79.76% in daily average trading volume as of June 13, 2025 [15][20] - The multi-financial sector is entering a stable transition period, with trust assets growing but profits declining significantly [30][34] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - All sub-sectors outperformed the CSI 300 index in the last five trading days, with the overall non-bank financial sector rising by 1.28% [4][9] - Year-to-date, the insurance sector has performed the best, with a 3.18% increase, while the securities sector has seen a decline of 7.98% [10] 2. Insights on Sub-Sectors 2.1 Securities - Trading volume has significantly increased, with daily average trading volume reaching 14,783 billion CNY, a 79.76% increase year-on-year [15][20] - The average price-to-book (PB) ratio for the securities industry is estimated at 1.2x for 2025 [20] 2.2 Insurance - Life insurance premiums are recovering, with original premiums for the first four months of 2025 reaching 20,966 billion CNY, a year-on-year increase of 1.8% [24] - The implementation of new accounting standards is expected to enhance the allocation of insurance funds to OCI stocks [23][24] 2.3 Multi-Financial - The trust industry saw its asset scale reach 29.56 trillion CNY in 2024, a year-on-year growth of 23.58%, but profits fell by 45.52% [30][34] - The futures market experienced a decline in trading volume and value in May 2025, with a total transaction volume of 6.79 billion contracts [37][41] 3. Industry Ranking and Key Company Recommendations - The recommended ranking for the industry is insurance > securities > other multi-financial sectors, with key companies including New China Life, China Pacific Insurance, China Life, China Ping An, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings [48]

Economic Indicators - The weekly ECI supply index is at 50.18%, down 0.01 percentage points from last week, while the demand index is at 49.93%, up 0.01 percentage points[6] - The monthly ECI supply index for June is 50.18%, down 0.05 percentage points from May, and the demand index remains flat at 49.93%[7] - The ELI index is at -1.06%, down 0.15 percentage points from last week, indicating a slight decrease in liquidity[11] Industrial Production - Major industries' operating rates in June show a seasonal decline, but overall performance is better than the same period last year[7] - The operating rate for PTA is recorded at 83.25%, up 4.62 percentage points from the previous week, and the steel furnace operating rate is at 83.39%, down 0.15 percentage points[15] Exports - June exports are expected to show a slight decline, with key port cargo throughput down 7.95% week-on-week[32] - South Korea's export growth for the first ten days of June is at 5.4%, a significant improvement compared to May[32] Consumption - Weekly average sales of passenger cars are recorded at 42,835 units, a year-on-year increase of 6,825 units, but a month-on-month decrease of 12%[22] - The consumer price index for textiles shows a slight increase, with the Keqiao textile price index at 105.08 points, up 0.02 points from last week[22] Investment - The construction material prices continue to decline, with ordinary Portland cement priced at 302.20 yuan/ton, down 5.90 yuan from the previous week[26] - The land supply area in 100 major cities decreased by 20.84% week-on-week, while the transaction area of commercial housing in 30 major cities increased by 11.41%[26] Inflation - The average wholesale price of pork is at 20.33 yuan/kg, down 0.30 yuan from last week, while Brent crude oil prices increased to $69.45 per barrel, up $4.07[38]

证券研究报告·宏观报告·宏观周报 海外周报 20250615 "抢进口"与服务部门衰退冲击令美国 5 月 CPI 环比不及预期 2025 年 06 月 15 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 张佳炜 执业证书：S0600524120013 zhangjw@dwzq.com.cn 证券分析师 韦祎 执业证书：S0600525040002 weiy@dwzq.com.cn 研究助理 王茁 执业证书：S0600124120013 wangzhuo@dwzq.com.cn 相关研究 《长期利率的合意点位是多少？》 2025-06-14 《贷款季节回暖、存款"搬家"初显 ——2025 年 5 月金融数据点评》 2025-06-14 请务必阅读正文之后的免责声明部分 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 核心观点：本周以色列袭击伊朗引发中东紧张局势升级，美股下跌；而 美债利率在通胀数据不及预期的带动下走低，10 年期美债利率全周降 10.69bps 至 4.399 ...

Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Viewpoints - The environmental protection industry is experiencing a cash flow turning point, particularly in the waste disposal sector, which is expected to increase dividends and improve return on equity (ROE) through heat supply and IDC expansion [1][11] - The report highlights the importance of decreasing capital expenditures leading to improved free cash flow and dividend potential, as the industry matures [11][12] - The report emphasizes the growth potential in waste incineration and the water service sector, driven by policy reforms and operational efficiencies [15][17] Summary by Sections Industry Trends - The environmental protection sector is seeing a significant increase in the sales of new energy sanitation vehicles, with a 73% year-on-year growth in the first four months of 2025, and a penetration rate of 14.55% [25] - The report notes that the average profit margin for waste disposal operations is 47.38%, with a return on equity (ROE) of 7.92%, indicating strong operational efficiency [9] Key Recommendations - The report recommends several companies for investment, including Conch Venture, Huaneng Environment, Green Power, and Yongxing Shares, among others, due to their strong cash flow and dividend potential [5][10] - It suggests focusing on companies with high dividend potential, such as Junxin Shares and Green Power, which are expected to see significant increases in cash dividends in 2024 [12][13] Financial Projections - The projected net profit for the parent company from 2025 to 2027 is expected to be 21.82 billion, 23.04 billion, and 24.38 billion yuan, respectively, with corresponding price-to-earnings ratios of 7.1, 6.7, and 6.3 [10] - The report anticipates that the dividend payout ratio for the sector could reach between 97% and 120% under stable conditions, with potential for even higher payouts in the coming years [12][13] Sector Analysis - The waste incineration sector is expected to benefit from reduced capital expenditures and improved cash flow, leading to higher dividends [11] - The water service sector is projected to experience stable growth and high dividends, supported by recent water price reforms in major cities [15][17]

Investment Rating - The report maintains an "Overweight" investment rating for the electronic industry, indicating a positive outlook for the sector in the next 6 to 12 months [1]. Core Insights - Oracle's capital expenditure for FY25 is projected to exceed $21 billion, representing a more than threefold increase year-on-year, with guidance for FY26 capital expenditure to surpass $25 billion [1][2]. - The demand for computing power is shifting focus from just North American leading cloud service providers to include second-tier cloud service providers and other AI-related companies [1]. - AMD's new MI350 series GPUs are set to compete directly with NVIDIA's B200, with the AI chip market expected to exceed $500 billion by 2028 [4][9]. Summary by Sections Oracle's Financial Performance - Oracle reported FY25Q4 revenue of $15.9 billion, an 11% year-on-year increase, with cloud services revenue reaching $6.7 billion, up 27% [2]. - The total revenue for FY25 is projected at $57.4 billion, reflecting an 8% growth, with a record backlog of $138 billion [2]. Capital Expenditure and AI Infrastructure - Oracle is on track to become one of the largest cloud infrastructure companies globally, with a focus on AI data centers and GPU cluster expansions [3]. - The company is collaborating with OpenAI and SoftBank to enhance its AI infrastructure capabilities in the U.S. market [3]. AMD's AI Advancements - AMD's MI350 series GPUs, based on the latest CDNA4 architecture, feature significant improvements in transistor count and memory bandwidth, directly competing with NVIDIA's offerings [5]. - The MI400 series is expected to further enhance performance with advanced specifications, set to launch in Q3 of this year [5]. NVIDIA's Strategic Initiatives - NVIDIA's GTC Paris conference highlighted plans to establish 20 new AI factories in Europe, significantly increasing AI computing power [10]. - The company is also focusing on quantum computing advancements and the integration of AI with robotics, aiming to reshape the technological landscape [11].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector, specifically recommending to focus on companies like CSPC Pharmaceutical Group and Qianhong Pharmaceutical [1]. Core Insights - The report highlights significant breakthroughs in innovative drugs, such as the approval of Merck's Pembrolizumab (K drug) for perioperative treatment of locally advanced head and neck squamous cell carcinoma (HNSCC), marking the first new drug approval in this area in six years [2]. - The A-share pharmaceutical index has shown a year-to-date increase of 9.3%, outperforming the CSI 300 index by 11.1% [5]. - The report emphasizes the unmet clinical needs in the R/R AML (relapsed/refractory acute myeloid leukemia) market, with Qianhong Pharmaceutical's CDK9 inhibitor QHRD107 showing promising clinical data [18][23]. Summary by Sections Industry Trends - The A-share pharmaceutical index has increased by 1.2% this week, with a notable performance in the chemical pharmaceutical sector (+4.4%) [12]. - The H-share biotechnology index has risen by 62% year-to-date, outperforming the Hang Seng Technology Index by 44% [5]. Company Developments - CSPC Pharmaceutical Group has entered a strategic cooperation with AstraZeneca worth $5.3 billion, which includes upfront payments and milestone payments based on research and sales achievements [6][13]. - Qianhong Pharmaceutical's QHRD107 has shown a significant increase in overall survival (OS) to 12.8 months in clinical trials, indicating its potential in the market for blood malignancies [5][18]. Investment Strategy - The report suggests a focus on innovative drugs, with a ranking of preferred sectors: innovative drugs > CXO > traditional Chinese medicine > medical devices > pharmacies > pharmaceutical commerce [14]. - Specific stock recommendations include Qianhong Pharmaceutical, CSPC Pharmaceutical Group, and Innovent Biologics, among others, based on growth potential [14][15].

原油周报：伊以冲突推动国际油价大幅上涨 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 证券研究报告 ◼ 【美国原油】 2 ◼ 1）原油价格：本周Brent/WTI原油期货周均价分别69.5/67.9美元/桶，较上周分别+4.1/+4.5美元/桶。 ◼ 2）原油库存：美国原油总库存、商业原油库存、战略原油库存、库欣原油库存分别8.3/4.3/4.0/0.2亿桶，环比-341/- 364/+24/-40万桶。 ◼ 3）原油产量：美国原油产量为1343万桶/天，环比+2万桶/天。美国活跃原油钻机本周439台，环比-3台。美国活跃压 裂车队本周182部，环比-4部。 ◼ 4）原油需求：美国炼厂原油加工量为1723万桶/天，环比+23万桶/天；美国炼厂原油开工率为94.3%，环比+0.9pct。 ◼ 5）原油进出口量：美国原油进口量、出口量、净进口量为618/329/289万桶/天，环比-17/-62/+45万桶/天。 ◼ 【美国成品油】 ◼ 1）成品油价格和价差：美国汽油、柴油、航煤周均价分别90/92/89美元/桶，环比+3.0/ ...

Market Performance - As of June 13, 2025, the North Exchange A-share index has 267 constituent stocks with an average market capitalization of 3.046 billion CNY[19] - The North Exchange 50 index fell by 3.10% to close at 1,382.74 points, significantly underperforming other major indices such as the CSI 300, which declined by 0.25%[19] - Daily trading volume for North Exchange A-shares increased by 64.11% week-on-week to 32.603 billion CNY, with an average turnover rate of 7.97%, up by 3.05 percentage points[19] Investment Insights - The North Exchange A-share PE ratio stands at 50.12, compared to 34.12 for the ChiNext and 11.15 for the Shanghai Main Board, indicating a valuation disparity[30] - Investors are advised to focus on high-certainty performance stocks with valuations below historical averages, particularly in sectors with technological barriers and growth potential[30] Risks and Recommendations - Key risks include policy risk, liquidity risk, and the potential for corporate earnings to fall short of expectations, which could negatively impact stock prices[31] - The market is experiencing a mix of policy benefits and high valuation pressures, necessitating caution regarding liquidity tightening and potential adjustments[3]

证券研究报告·行业跟踪周报·煤炭开采 煤炭开采行业跟踪周报 港口库存仍处高位，煤价震荡运行 2025 年 06 月 15 日 增持（维持） [Table_Tag] [Table_Summary] 行业近况 本周（6 月 9 日至 6 月 13 日）港口动力煤现货价环比持平，报收 609 元 /吨。 供给端，本周环渤海四港区日均调入量 182.46 万吨，环比上周增长 7.81 万吨，增幅 4.47%。矿山产地煤矿正常供应，港口供给略有增长。 需求端，本周环渤海四港区日均调出量 189.41 万吨，环比上周减少 2.27 万吨，降幅 1.18%；日均锚地船舶共 75 艘，环比上周增长 7 艘，增幅 10.11%。库存端，环渤海四港区库存端 2868.8 万吨，环比上周下降 63.1 万吨，降幅 2.15%。港口本周日均调出量环比下降，库存绝对值减少， 但绝对值仍处高位，煤价震荡运行。 我们分析认为：煤炭价格目前主要受库存高位影响以及汛期水电稳增 影响导致上涨动能有限，但伴随逐步进入迎峰度夏旺季期，煤价或有进 一步触底上行可能。 估值与建议： 仍旧关注保险资金增量；保费收入维持正增长，且向头部保险集中。固 收类资 ...

Market Overview - The average daily trading volume of the entire A-share market reached 1.37 trillion CNY, an increase of approximately 160 billion CNY compared to the previous week[8] - The Shanghai Composite Index experienced a weekly decline of 0.25%[12] Market Style Performance - Value stocks outperformed growth stocks overall, but the ChiNext Index achieved excess returns with a weekly increase of 0.22%[12] - Small-cap value stocks showed a relative decline of 0.14%, while large-cap value stocks increased by 0.10%[12] Participant Performance - The Social Security Heavyweight Index had the best performance this week, with a weekly increase of 0.63%[22] - The Private Equity Heavyweight Index declined by 0.57%, while the Market Sentiment Index rose by 0.68%[22] Market Sentiment - The margin trading balance slightly increased to 1.82 trillion CNY[26] - The number of stocks that rose this week was 4,120, while 2 stocks hit the daily limit down[26] Sector Performance - The report highlights strong sectors including gold and innovative pharmaceuticals, driven by geopolitical tensions and regulatory changes[44] - Weak sectors were not specified but are implied to be those lagging behind in performance metrics[33]