Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report highlights that the investment logic for live pigs is marginally improving, supported by both fundamental and policy factors, with expectations of rising prices in the second half of 2025 [25] - The domestic pet consumption market remains stable, but trade tensions have put pressure on exports, with a notable decline in sales and export figures [20][29] Summary by Sections Weekly Observation - Short-term supply increases have led to a decline in pig prices, but after market adjustments, prices may rise further [4][13] - As of July 18, the average price of live pigs was 14.19 yuan/kg, down 3.34% from the previous week [13][14] Weekly Market Performance - The agriculture index underperformed the market by 0.83 percentage points, with the Shanghai Composite Index rising by 0.69% [30][32] - The animal health sector showed the highest gains among sub-sectors [30] Price Tracking - The average price of live pigs decreased to 14.27 yuan/kg, while the price of piglets increased slightly to 31.96 yuan/kg [41] - The price of corn decreased to 2473 yuan/ton, while soybean meal prices rose to 2928 yuan/ton [15][56] Key News - As of the end of Q2 2025, the number of breeding sows was reported at 40.43 million, with overall meat production showing a slight increase [38] - The report indicates a stable trend in domestic pet food sales, with a total of 31.87 billion yuan in sales for June, down 7.98% year-on-year [20][23] Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and others, while in the feed sector, Hai Da Group and New Hope Liuhe are highlighted [25][29]

Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [1] Core Views - The computer index increased by 2.12% during the week of July 14-18, 2025, while the CSI 300 index rose by 1.09% [4][15] - The signing of the stablecoin regulatory bill by President Trump marks the establishment of a regulatory framework for digital stablecoins in the U.S., indicating a shift towards compliance in the stablecoin market [5][11] - The implementation of the stablecoin ordinance in Hong Kong on August 1, 2025, will require licenses for issuing stablecoins, which is expected to accelerate the entry of traditional banks and fintech companies into the market [6][12] Summary by Sections Market Review - The CSI 300 index rose by 1.09% and the computer index increased by 2.12% during the week of July 14-18, 2025 [4][15] Industry Dynamics - The stablecoin market is expanding from cryptocurrency trading to broader payment applications, with significant growth in market size and trading activity [7][13] - The U.S. stablecoin regulatory framework and Hong Kong's licensing requirements are expected to create investment opportunities in the stablecoin and RWA (Real World Assets) markets [7][13][14] Company Updates - State Grid Information & Communication Co. reported a total revenue of 352.47 million yuan for the first half of 2025, a decrease of 4.55% year-on-year, while net profit attributable to shareholders fell by 10.82% [16] - Nova Star Cloud plans to invest up to 35 million yuan in a venture capital fund to optimize its strategic layout and long-term asset allocation [18] Notable Developments - Kimi K2 has topped the global open-source model rankings, showcasing the competitive edge of Chinese models in the AI space [26][27] - OpenAI announced the launch of the "ChatGPT Intelligent Agent" feature, allowing its AI chatbot to autonomously browse the web and conduct research [28]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company has shown strong revenue growth, with Q1 2025 revenue at 258 million yuan, a year-on-year increase of 22.37%, and a net profit of 23.68 million yuan, up 320.92% year-on-year [4] - The company is expected to benefit from the increasing penetration of new energy vehicles, particularly in the air conditioning pipe business, leading to revised profit forecasts for 2025-2027 [4][6] - The company is actively expanding its international business and product lines, with a focus on the North American and European markets [5][6] Financial Summary - The company's total revenue for 2024 is projected to be 966 million yuan, with a year-on-year growth of 16.6% [7] - The net profit for 2024 is expected to be 64 million yuan, a decline of 23.1% year-on-year, but is projected to recover to 72 million yuan in 2025 [7][10] - The gross margin is expected to be around 33.3% in 2025, slightly down from 34.0% in 2024 [7][10] - The earnings per share (EPS) is forecasted to be 0.74 yuan in 2025, with a price-to-earnings (P/E) ratio of 24.2 times [4][7] Business Development - The company is expanding its product offerings, particularly in the air conditioning and fuel pipe sectors, with significant growth in hose product revenue, which increased by 46.21% year-on-year [5] - The new factory in Thailand, operational since April 2024, is expected to enhance the company's ability to serve the U.S., European, and Southeast Asian markets [6] - The company's new energy business is projected to account for over 20% of total revenue in 2024, driven by the demand for cooling pipelines in new energy vehicles [6]

Group 1 - The report highlights the resumption of AI chip sales to China by Nvidia and AMD, indicating a potential growth opportunity for semiconductor and AI-related companies listed on the Beijing Stock Exchange [2][3][13] - There are 16 semiconductor-related companies on the Beijing Stock Exchange, with a total market capitalization of 64.865 billion yuan as of July 18, 2025 [3][16] - The AI-related companies total 20, with a combined market capitalization of 75.575 billion yuan as of July 18, 2025 [3][18] Group 2 - The information technology sector experienced an average increase of 0.70% in stock prices during the week of July 14 to July 18, 2025 [24][25] - The average price-to-earnings (P/E) ratio for the information technology sector is reported at 91.3X, with notable performers such as *ST Guandao and Wanyuantong showing significant price increases [24][25][55] - The report indicates that the technology new industry consists of 150 companies, with a median P/E ratio rising from 53.3X to 53.4X during the same week [37][38] Group 3 - Parallel Technology (839493.BJ) is identified as a leading provider of supercomputing cloud services, with a revenue of 614.0033 million yuan in 2024, reflecting a year-on-year growth of 48.27% [3][20] - The company reported a revenue of 198 million yuan in Q1 2025, marking a 51.68% increase year-on-year [20][22] - The report emphasizes the strategic importance of AI and semiconductor sectors in driving growth within the Beijing Stock Exchange [2][3][15]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights that the brokerage sector is experiencing a significant increase in performance, with a projected year-on-year growth of 74% for the overall mid-year performance of listed brokerages [5] - The report emphasizes the sustained high growth in the insurance channel, particularly for China Pacific Insurance, which reported a 90.2% year-on-year increase in new single premium from the bank insurance channel [6] - The report notes that the market trading volume has been consistently increasing since June, driven by the stablecoin theme and better-than-expected brokerage mid-year forecasts, leading to heightened interest in the brokerage sector [4] Summary by Sections Brokerage Sector - Daily average stock fund transaction volume reached 1.87 trillion, up 5.7% month-on-month, indicating increased market activity [5] - 27 listed brokerages are expected to report a year-on-year performance increase of over 50% (excluding non-recurring items) [5] - The report suggests that the brokerage sector remains undervalued, with significant institutional underweight, presenting investment opportunities [5] Insurance Sector - China Pacific Insurance reported a new single premium of 158 billion, a year-on-year decrease of 20%, while the bank insurance channel saw a 90.2% increase [6] - The report indicates that the insurance sector is under-allocated in public funds compared to the CSI 300 index, suggesting potential for recovery [6] Recommended and Beneficiary Stocks - Recommended stocks include Guotai Junan, Dongfang Securities, Hong Kong Stock Exchange, and China Pacific Insurance [7] - Beneficiary stocks include Guosen Securities, CICC, and Xinhua Insurance [7]

Group 1 - The report highlights the transformative impact of AI on machine vision, evolving from a "perception tool" to a "cognitive engine," enabling real-time analysis and adaptive adjustments [3][15] - Key beneficiaries in the machine vision sector include Opto, which is expanding its product offerings in consumer robotics and AI quality inspection [3][16] - Lingyun Optical is collaborating with Yushu to enhance humanoid robot training and data collection, with significant growth in orders expected in Q1 2025 [3][18] Group 2 - The electronic price tag market is projected to reach 34.9 billion yuan by 2028, driven by the rapid adoption of digital retail and the advantages of electronic tags over traditional paper tags [5][11] - The industry is highly concentrated, with leading companies like Hanshu Technology capturing approximately 91% of the global market share in 2023, benefiting from technological advantages and brand effects [5][11] - The report emphasizes the importance of electronic price tags in the digital transformation of retail, particularly in the post-pandemic recovery phase [5][11] Group 3 - The report recommends several themes and stocks, including smart automotive (Huguang Co., Ruihu Mould, Xinquan Co.), high-end manufacturing (Lingyun Optical, Opto), and outdoor products (Sanfu Outdoor) [6][26] - Specific companies like Ruihu Mould and Lingyun Optical have shown significant stock price increases, indicating strong market performance [26][27] - The report notes that the overall performance of small-cap indices has outpaced large-cap indices, suggesting a favorable environment for small-cap investments [4][23]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a strong performance in the global AIDC (Artificial Intelligence Data Center) industry, driven by significant investments in AI-related computing infrastructure and a recovery in chip supply, particularly with the resumption of H20 and MI308 sales [6][16] - The report emphasizes the ongoing construction of data centers by major companies like Meta, which is expected to enhance AI capabilities and sustain performance in the overseas supply chain [17] - The report suggests a focus on seven key industry directions, including AIDC infrastructure, IT equipment, network devices, cloud computing, AI applications, satellite internet, and 6G technology [20] Summary by Sections 1. Weekly Investment Insights - The overseas AI computing industry is showing strong performance, with companies like NewEase and Zhongji Xuchuang expecting significant profit growth in H1 2025, driven by AI-related investments and product optimization [5][14] - The resumption of H20 and MI308 sales is expected to alleviate the domestic chip shortage, benefiting the entire AIDC supply chain [16] - Meta's substantial investment in data center construction is projected to enhance AI capabilities and ensure sustained performance in the overseas supply chain [17] - The report recommends focusing on seven major industry directions for investment, including AIDC infrastructure and AI applications [20] 2. Communication Data Tracking - As of May 2025, the total number of 5G base stations in China reached 4.486 million, with a net increase of 235,000 stations compared to the end of 2024 [28] - The number of 5G mobile phone users reached 1.098 billion, reflecting a year-on-year growth of 21.3% [28] - The report notes a decrease in 5G mobile phone shipments, with 21.19 million units shipped in May 2025, a year-on-year decline of 17% [28] 3. Operator Performance - The report highlights strong revenue growth in cloud computing services among major operators, with China Mobile's cloud revenue reaching 100.4 billion yuan in 2024, a year-on-year increase of 20.4% [44] - The ARPU (Average Revenue Per User) values for major operators remained stable, with slight variations noted [44][50]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The report indicates that the fluorochemical industry is entering a long-term prosperity cycle, with significant growth potential across various segments, including raw materials like fluorite, refrigerants, and high-end fluorinated materials [22][23] - The refrigerant market is experiencing a sustained upward trend, driven by high temperatures and improved demand, particularly in the air conditioning sector [21][22] Summary by Sections Industry Overview - The fluorochemical index increased by 0.96% during the week of July 14-18, outperforming the Shanghai Composite Index by 0.54% [6][25] - The average price of fluorite (97% wet powder) remained stable at 3,200 CNY/ton as of July 18, 2025, with a year-on-year decrease of 13.61% [7][32] Refrigerant Market - As of July 18, 2025, the prices for various refrigerants are as follows: R32 at 54,000 CNY/ton, R125 at 45,500 CNY/ton, R134a at 50,000 CNY/ton, R410a at 49,500 CNY/ton, and R22 at 35,000 CNY/ton [20][24] - The report highlights that R32 and R134a prices have increased by 50.00% and 61.29% respectively compared to 2024 [45] Company Performance - Companies such as Dongyangguang, Juhua, and Sanmei are expected to report significant profit increases for the first half of 2025, with growth rates ranging from 136% to 192.81% [9][10] - Recommended stocks include Jinshi Resources, Juhua, Sanmei, and Haohua Technology, which are positioned to benefit from the ongoing trends in the fluorochemical sector [10][22]

2025 年 07 月 20 日 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 张 翔（分析师） 证书编号：S0790520110001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790121070009 蒋 韬（分析师） 证书编号：S0790525070001 相关研究报告 《长端动量 2.0：长期、低换手、多头 显 著 的 量 价 因 子 — 开 源 量 化 评 论 （67）》-2022.11.26 《从涨跌停外溢行为到股票关联网络 —开源量化评论（92）》-2024.4.16 《从高频股价形态到追涨杀跌因子— 开源量化评论（94）》-2024.6.23 《成长与周期共振：基于业绩增速与 景气定位的双因子协同—开源量化评 论（107）》-2025.3.30 高频成交量的峰、岭、谷信息 ——市场微观 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the content. 2. Core Viewpoints - The central bank's move to cancel the freeze on pledged bonds is mainly to enhance market liquidity, and domestic bond repurchase may shift from pledge - style to buy - sell - back style similar to the central bank's. The change from frozen pledged bonds to transferable and tradable ones can significantly boost bond liquidity, especially considering that the average daily trading volume of pledged repurchase in China in 2025 is 5 - 6 trillion yuan [6]. - Canceling the freeze on pledged bonds can facilitate the central bank's treasury bond trading operations and promote the high - level opening - up of the bond market [7]. - The pattern of the current bond yield increase may shift from the previous "central bank tightens funds → bond yield increases" to "stock market rises → bond yield increases". If the economy does not decline significantly in the second half of the year, funds in the bond market may gradually flow out [10]. 3. Summary by Relevant Catalogs Event Background - On July 18, 2025, the People's Bank of China issued a notice on soliciting public opinions on the "Decision of the People's Bank of China on Amending Some Regulations (Draft for Comment)", which includes the provision of "canceling the regulation on freezing the pledged bonds for bond repurchase" [4]. - On July 8, 2025, Jiang Huifen, Deputy Director of the Financial Market Department of the People's Bank of China, stated at the Bond Connect Anniversary Forum 2025 that it supports the Hong Kong CMU to cancel the freeze on repurchase pledged bonds and further revitalize the pledged bonds, referring to the international common practice of bond repurchase [5]. International Practice of Bond Repurchase - International bond repurchase is centered around buy - sell - back. Through legal mechanisms and market tools, non - frozen management of pledged bonds is achieved, with the core features of ownership transfer and maximum liquidity [5]. Purposes of Canceling Pledged Bond Freeze - **Enhancing liquidity**: After the central bank's modification, the shift from pledge - style repurchase to buy - sell - back means that pledged bonds change from a frozen state to a temporarily transferable and tradable state, which can greatly enhance bond liquidity [6]. - **Facilitating treasury bond trading**: Canceling the freeze on pledged bonds can increase the number of available bonds in the market and expand the scope of the central bank's bond - buying and selling operations [7]. - **Promoting opening - up**: It is in line with international practices, which helps promote the high - level opening - up of the bond market [7]. Misunderstandings of Canceling Pledged Bond Freeze - **Misunderstanding 1**: It is a wrong view that the reverse repurchase party can re - pledge or replace the pledged bonds. According to relevant regulations, during the repurchase period, both parties cannot use the pledged bonds. Allowing re - pledging may turn bond repurchase into credit repurchase and increase financial risks. Canceling the freeze actually increases the rights of the reverse repurchase party [8]. - **Misunderstanding 2**: There is no causal relationship between canceling the freeze on pledged bonds and the central bank's imminent treasury bond trading. Since large banks have been continuously buying bonds since May 12, 2025, the central bank's restart of bond - buying is not restricted by the issue of pledged bonds. Canceling the freeze is mainly to enhance the liquidity of existing bonds in the long - and medium - term [9]. Stock - Bond Switch under Economic Expectation Revision - The current pattern of bond yield increase may shift, and if the economy does not decline significantly in the second half of the year, funds in the bond market may gradually flow out. The rhythm may be similar to that in 2009 and 2020, with the stock market rising first, followed by a lagging increase in bond yields and finally an increase in the capital interest rate [10].