Group 1 - The report indicates a divergence between developed and emerging markets, with developed markets rising by 1.6% while emerging markets fell by 1.2% during the week [5][11] - The U.S. stock market is expected to experience a short-term upward trend driven by improving "hard" economic data and reduced sensitivity to tariff dynamics [2][3] - Nvidia's earnings report exceeded expectations, highlighting its dominant position in the AI revolution, with Q1 revenue up 69% and Q2 guidance aligning with Wall Street expectations [1][5] Group 2 - The U.S. Treasury market shows strong overseas demand, with a notable auction for 5-year bonds indicating a bid-to-cover ratio of 78.4%, the highest in history for this maturity [4][6] - The report suggests that long-term U.S. Treasury yields may face upward pressure in the short term but are likely to trend downward in the medium to long term due to concerns over U.S. fiscal sustainability [6][13] - The report notes that the U.S. consumer confidence index rose by 12.3 points to 98, marking the largest monthly increase in four years, which may support market sentiment [2][3] Group 3 - The Hong Kong stock market, represented by the Hang Seng Index, declined by 1.3% with ongoing external risks and uncertainties surrounding tariff negotiations [7][15] - The report highlights that global gold ETFs saw a net inflow of $8.23 billion into SPDR Gold Trust, indicating increased institutional and retail interest in gold [23][30] - The report emphasizes that the technology sector saw the highest net inflow in global stock ETFs, while healthcare experienced the largest outflow [31][32]

证券研究报告·行业跟踪周报·商贸零售 证券分析师 张家璇 商贸零售行业跟踪周报 林清轩正式递表港交所，国产高端护肤开启 资本化新篇章 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2025 年 06 月 04 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 研究助理 王琳婧 执业证书：S0600123070017 wanglj@dwzq.com.cn 行业走势 -14% -8% -2% 4% 10% 16% 22% 28% 34% 40% 46% 2024/6/3 2024/10/1 2025/1/29 2025/5/29 商贸零售 沪深300 相关研究 《酒店集团业 ...

Group 1: Trade Dynamics - Historical analysis indicates that exchange rates and non-tariff barriers may replace tariffs as key tools in trade conflicts[2] - The U.S. average effective tariff increased by nearly 9 percentage points from 1896 to 1899, highlighting the historical reliance on tariffs[2] - Since the collapse of the Bretton Woods system, exchange rate manipulation has become a significant weapon in international trade competition[2] Group 2: U.S.-China Trade Relations - The U.S. international investment net gap is projected to reach 100% of GDP by 2025, indicating unsustainable trends in trade deficits[3][31] - In 2024, the U.S. goods and services trade deficit reached $917.83 billion, a significant increase of $132.95 billion from the previous year[30] - The proportion of the U.S. trade deficit attributed to China decreased from 47.48% in 2018 to 24.33% in 2024, reverting to levels seen in 2004[34] Group 3: Future Trade Policies - The U.S. government may implement more non-tariff barriers and currency interventions if trade tensions escalate, similar to measures taken during the U.S.-Japan trade competition from 1970 to 1993[4] - The U.S. federal deficit is projected to reach historical highs, complicating efforts to reduce the deficit and impacting trade policy[4] Group 4: Strategies for Domestic Enterprises - Domestic companies are encouraged to explore non-U.S. export markets and adapt production capacities to meet European trade regulations[7] - The key to "exporting to domestic sales" lies in managing payment terms, with potential improvements in the policy environment for accounts receivable[7] - The "going abroad" strategy should focus on cost management, particularly labor costs, as domestic industries face challenges in maintaining competitiveness[7]

M&A Dynamics - From May 26 to June 2, there were 96 M&A events involving listed companies, with 30 classified as significant M&A transactions[10] - Out of the total, 17 M&A transactions were completed, including 1 significant transaction involving Songfa Co., Ltd.[10] Policy Updates - Guangdong Province issued guidelines to promote digital finance, encouraging fintech companies to go public and engage in M&A financing[8] - The China Securities Regulatory Commission (CSRC) emphasized the importance of market-oriented and legal principles in M&A activities, particularly for technology innovation and industrial upgrades[8] Major M&A Events - There were 11 M&A events where state-owned enterprises were the acquirers during the reporting period[13] - The total transaction value for significant M&A events was substantial, with specific transactions involving companies like Guangxi Guangdian and Huadong Medicine[13] Failed M&A Transactions - There were 5 failed M&A events during the reporting period, involving companies such as Youyan Silicon and Chongqing Steel[15] - The total value of these failed transactions was not disclosed, indicating potential market volatility[15] Market Performance - The restructuring index outperformed the Wind All A index by 0.05% during the reporting period[20] - Over a mid-term view, the restructuring index showed positive returns compared to the benchmark, indicating a favorable market trend[20] Risk Factors - Risks include misinterpretation of policies, slower-than-expected economic recovery, and geopolitical uncertainties that could impact market stability[25] - Industry-specific uncertainties, such as supply-demand fluctuations and technological advancements, may also affect company performance[25]

Investment Rating - The report maintains an "Accumulate" rating for the utility sector [1] Core Insights - The implementation plan for Document No. 136 of the Inner Mongolia Electric Power Grid has been officially released, promoting the development of green electricity direct connection [5] - The National Development and Reform Commission and the National Energy Administration are orderly advancing the development of green electricity direct connection [5] - The average purchasing price of electricity from the grid in May 2025 decreased by 3% year-on-year, while it increased by 0.4% month-on-month [42] - The price of thermal coal at Qinhuangdao port was 611 RMB/ton as of May 30, 2025, showing a year-on-year decrease of 28.6% [47] Summary by Sections 1. Industry Overview - The report highlights the official release of the implementation plan for the Inner Mongolia Electric Power Grid, which includes market-oriented reforms for renewable energy pricing [5] - The report notes that the proportion of renewable energy in the Inner Mongolia market reached 91% in 2024 [5] 2. Electricity Consumption - Total electricity consumption from January to April 2025 was 3.16 trillion kWh, reflecting a year-on-year increase of 3.1% [14] - The growth rate of electricity consumption in the primary, secondary, and tertiary industries was 10.0%, 2.3%, and 6.0% respectively [14] 3. Power Generation - Cumulative power generation from January to April 2025 was 2.98 trillion kWh, with a year-on-year increase of 0.1% [25] - The growth rates for different power sources were as follows: thermal power -4.1%, hydropower +2.2%, nuclear power +12.7%, wind power +10.9%, and solar power +19.5% [25] 4. Electricity Prices - The average purchasing price of electricity from the grid in May 2025 was 394 RMB/MWh, down 3% year-on-year [42] 5. Coal Prices - The price of thermal coal at Qinhuangdao port was 611 RMB/ton as of May 30, 2025, with no change week-on-week [47] 6. Hydropower - As of May 31, 2025, the water level at the Three Gorges Reservoir was 154.81 meters, which is normal compared to previous years [55] - The inflow and outflow rates at the Three Gorges Reservoir decreased by 14.1% and 33.1% year-on-year respectively [55] 7. Investment Recommendations - The report suggests focusing on investment opportunities in hydropower and thermal power during the peak summer season [5] - Key recommendations include companies such as China Nuclear Power and Longjiang Power for nuclear and hydropower investments respectively [5]

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 蒙东电网 136 号文实施方案正式出台，国家 有序推进绿电直连发展 增持（维持） [Table_Tag] [投资要点 Table_Summary ] ◼ 风险提示：需求不及预期、电价煤价波动风险、流域来水不及预期等 2025 年 06 月 03 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 任逸轩 执业证书：S0600522030002 renyx@dwzq.com.cn 行业走势 -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 2024/6/3 2024/10/1 2025/1/29 2025/5/29 公用事业 沪深300 相关研究 《需求偏弱国内气价回落，储库推进 欧洲气价回落》 2025-06-03 《库存大幅增长美国气价回落，需求 偏弱国内气价回落，库存偏低欧洲气 价微增》 2025-05-26 东吴证券研究所 1 / 19 请务必阅读正文之后的免责声明部分 ◼ 本周核心观点：1）蒙东电网 136 号文实施方案正式出台 ...

Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Viewpoints - The national green electricity direct connection policy opens up cooperation space for waste incineration power generation and IDC [9][12] - The solid waste sector is expected to increase dividends and improve ROE through heat supply and IDC expansion [1][14] - The industry is entering a mature phase, leading to reduced capital expenditures and improved free cash flow, which enhances dividend payouts [14][17] Summary by Sections Industry Trends - The environmental protection sector is experiencing a decline in capital expenditures, leading to a significant improvement in free cash flow and increased dividends [14] - The waste incineration sector is seeing a trend towards cost reduction and efficiency improvements, which enhances ROE [14][15] Key Recommendations - Strongly recommended companies include: Huanlan Environment, Green Power, Yongxing Co., China Everbright Environment, Junxin Co., Yuehai Investment, and others [1] - Companies to watch include: Lian Tai Environmental Protection, Wangneng Environment, and Beikong Water Group [1] Policy Tracking - The green electricity direct connection policy requires new projects to have over 80% green electricity usage, which is expected to drive the integration of waste incineration power generation with data centers [12][13] - The policy aims to facilitate the supply of green electricity to high-energy-consuming industries, enhancing economic efficiency and stability [10][12] Financial Performance - The water service sector is projected to see stable growth and high dividends, with water price reforms expected to reshape growth and valuation [17][19] - The report highlights specific dividend payouts for companies like Junxin Co. (5.07 billion CNY), Green Power (4.18 billion CNY), and Huanlan Environment (6.52 billion CNY) for 2024 [14][17] Market Performance - The environmental protection and public utilities index rose by 3.53%, outperforming the broader market indices [50] - Notable stock performances include Yuhua Tian (up 55.7%) and Boschke (up 42.56%) [51]

Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Views - The national green electricity direct connection policy opens up cooperation space for waste incineration power generation and IDC [9][12] - The solid waste sector is expected to increase dividends and improve ROE through heat supply and IDC expansion [1][14] - The industry is entering a mature phase, leading to reduced capital expenditures and improved free cash flow, which enhances dividend payouts [14] Summary by Sections Industry Trends - The environmental protection sector has shown a significant increase in new energy sanitation vehicle sales, with a year-on-year growth of 73% and a penetration rate of 14.55% [26][28] - The waste incineration sector is expected to benefit from reduced capital expenditures and improved cash flow, leading to higher dividends [14][17] Key Recommendations - Strongly recommended companies include: Huanlan Environment, Green Power, Yongxing Co., and China Water Affairs [1][14] - Companies to watch include: Lian Tai Environmental Protection, Wang Neng Environment, and Beikong Water Group [1] Policy Tracking - The green electricity direct connection policy requires new projects to have over 80% green electricity, which is expected to drive the integration of waste incineration power generation with data centers [12][13] - The policy aims to facilitate the supply of green electricity directly to high-energy-consuming industries, enhancing economic efficiency [10][11] Financial Performance - The water service sector is projected to see stable growth with high dividends, supported by recent water price reforms in major cities [17][19] - The report highlights specific dividend payouts for companies like Junxin Co. (5.07 billion CNY), Green Power (4.18 billion CNY), and Huanlan Environment (6.52 billion CNY) for 2024 [14][17] Market Performance - The environmental protection and public utilities index rose by 3.53%, outperforming the broader market indices [50] - Notable stock performances include Yuhua Tian (55.7% increase) and Bosch Tech (42.56% increase) [51]

Investment Rating - The report maintains an "Accumulate" rating for the electronic industry [1] Core Insights - The report compares the self-developed SoC chips of OPPO and Xiaomi, highlighting the challenges faced by OPPO's Zheku team and the successes of Xiaomi's Xuanjie team in the competitive smartphone market [6][11] - OPPO's Zheku team faced sustainability issues due to high R&D costs and low market demand, leading to the shutdown of the project [6][12] - Xiaomi's Xuanjie team has shown promising results with the launch of the Xuanjie O1 chip, which outperformed market expectations and is supported by a long-term investment strategy [6][25] Summary by Sections 1. Comparison of Zheku and Xuanjie - The report emphasizes the intense competition in the smartphone market, where self-developed SoC chips are a common goal among major brands [11] - Xiaomi's recent launch of the Xuanjie O1 chip has been positively received, indicating a potential shift in market dynamics [6][11] 2. OPPO Zheku - Zheku was established in August 2019 and aimed to build a competitive edge in high-end chip design, expanding to 3,300 employees by May 2023 [12][14] - The team faced significant challenges, including a 28.2% decline in OPPO's smartphone shipments in 2022, which limited the commercial viability of its chips [18][19] - Zheku's total R&D investment reached approximately 10 billion yuan over three years, with a significant portion allocated to personnel costs [17][18] 3. Xiaomi Xuanjie - Xiaomi's Xuanjie team was established in 2014 and has committed to a long-term investment of 50 billion yuan over ten years, with over 13.5 billion yuan invested by Q1 2025 [23][25] - The Xuanjie O1 chip, launched in May 2025, utilizes a 3nm process and has achieved performance metrics that place it among the top-tier chips globally [25][29] - The report notes that Xiaomi's strategy of independent AP and BP chip development allows for flexibility and potential cost reductions in the future [33][34]

Investment Rating - The report maintains an "Accumulate" rating for the electronic industry [1] Core Insights - The report compares the self-developed SoC chips of OPPO and Xiaomi, highlighting the competitive landscape and the challenges faced by both companies in their chip development efforts [11][12] - OPPO's Zheku team faced significant challenges, including high R&D costs and limited market demand, leading to the project's eventual shutdown [18][19] - Xiaomi's Xuanjie team has shown promising results with its 3nm SoC, indicating a more sustainable path forward due to strategic long-term investments and a growing market presence [25][36] Summary by Sections 1. Introduction: Comparison of Zheku and Xuanjie - The report emphasizes the intense competition among major smartphone brands in developing self-made SoC chips, with OPPO and Xiaomi as focal points [11] 2. OPPO Zheku: Ambitions and Challenges - Zheku was established in August 2019, rapidly expanding to 3,300 employees by May 2023, with a focus on high-end chip design [12][14] - The team faced a significant setback with the 4nm flagship chip, which failed to progress due to low market demand and declining sales [18][19] 3. Xiaomi Xuanjie: Steady Progress - Xiaomi's self-developed team was founded in 2014, with a commitment to invest 500 billion yuan over ten years, leading to the successful launch of the 3nm SoC Xuanjie O1 [23][25] - The Xuanjie O1 chip has outperformed expectations in performance benchmarks, indicating a strong competitive position [25][29] 4. Economic Analysis of R&D Investments - Zheku's R&D expenditures totaled approximately 10 billion yuan over three years, with high personnel costs contributing to financial strain [17][18] - Xiaomi's Xuanjie team has invested over 135 billion yuan in R&D, with a focus on achieving economies of scale to reduce chip costs [33][34]