Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The report highlights that the price of silicon materials continues to rise, driving strength in the upstream of the photovoltaic industry chain, while module prices remain stable. The overall performance of the photovoltaic sector is strong, with a 3.66% increase in the sector during the week [11][12] - In the wind power sector, multiple GW-level offshore wind projects are being tendered, indicating a sustained push in offshore wind development [18][19][20] - The energy storage market is experiencing robust growth in Europe and the US, with significant increases in household storage demand and favorable policies in regions like Anhui and Jiangsu [23][24][28][29] Summary by Sections Photovoltaics - Silicon material prices have increased, with N-type materials showing significant price rises. The prices of silicon wafers and battery cells have also been adjusted upwards, while module prices remain stable. The industry chain is expected to continue its strong performance, but attention should be paid to the progress of terminal project orders and downstream acceptance [12][13][14] - Investment suggestions include focusing on companies with high certainty in the BC technology industry trend, such as Longi Green Energy and Tongwei Co., Ltd. [13][17] Wind Power - Recent tenders for large offshore wind projects include a 1000MW project in Dandong, a 1300MW project in Jiangsu, and a 1500MW project in Hainan, indicating a concentrated release of large-scale projects [18][19][20] - Investment opportunities in the wind power sector include undervalued companies and those benefiting from offshore wind developments [20] Energy Storage - The global energy storage battery shipment reached 258GWh in the first half of 2025, a 106% year-on-year increase. Major players like CATL and Hicharge are leading the market [23][27][40] - The report emphasizes the importance of household storage markets in Europe and North America, with significant growth expected in the coming years [24][27] Hydrogen Energy - The successful maiden flight of a four-seat electric-hybrid aircraft and a significant order for hydrogen metallurgy green steel highlight the positive development of the hydrogen energy sector [32][33] - Investment in hydrogen energy applications, including fuel cell vehicles and hydrogen production, is recommended [34][35] Electric Grid Equipment - Investment in the electric grid is growing rapidly, with a reported 291.1 billion yuan invested in the first half of 2025, a 14.6% increase year-on-year. The focus is shifting towards enhancing grid infrastructure and smart grid technologies [38][39] - Key investment opportunities include companies involved in ultra-high voltage transmission and distribution networks [39] Electric Vehicles - The price of lithium carbonate has significantly increased, and the report suggests continuing to invest in companies with stable profitability in the battery and structural components sectors [40][43]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The recent bond market has experienced increased volatility, with interest rates stabilizing after a correction last week and declining on Monday. The report maintains its previous view that the suppression of the bond market by the recent surge in commodity prices is mainly due to short - term sentiment. Attention should be paid to whether the "anti - involution" policy will be transmitted to the downstream price, driving up inflation such as PPI/CPI. Currently, high - frequency data shows weak demand. The bond fund redemption wave may have ended, and the recent fund selling is mainly of interest - rate bonds rather than credit bonds, which is mainly to cope with liquidity shocks. The central bank conducted large - scale reverse repurchase operations on Monday, indicating its intention to support the capital market. Future attention should be paid to potential incremental policies from the Politburo meeting in July and the impact of events such as the China - US talks in August and the Fourth Plenary Session on the bond market [2]. - Nearly 60% of fixed - income sellers are bullish on the bond market this week, showing an optimistic sentiment. Fixed - income buyers' views are generally neutral, with a decline in the sentiment index [3]. - The report believes that Treasury bond futures will stop falling and rise this week. There are certain reverse - arbitrage opportunities in TS/TL contracts. The inter - delivery spread of TS/TF/T contracts is still inverted but at a relatively high level, while the inter - delivery spread of the TL contract is positive and rising. If the IRR of the 2512 contract is significantly higher than the capital cost, it may be appropriate to participate in positive arbitrage. The current futures price curve has flattened, but the term spreads are generally at a neutral level in history, with limited space for further flattening [5]. 3. Summary by Relevant Catalog 3.1 Seller and Buyer Market 3.1.1 Seller Market Sentiment Index and Interest - Rate Bonds - The weighted sentiment index of sellers this week is 0.41, with a bullish view, up from last week. The unweighted index is 0.56, an increase of 0.02 from last week. Currently, institutions generally hold a neutral - bullish view, with 16 bullish, 10 neutral, and 1 bearish. 59% of institutions are bullish, with key factors including limited impact of the "anti - involution" policy on demand, possible slowdown in export demand, unchanged fundamentals, continuous support from the central bank, narrow spread space, potential new central bank easing, and incremental policies from the Politburo meeting may not exceed expectations. 37% of institutions are neutral, focusing on the central bank's liquidity support from August to September and whether the "anti - involution" policy can be effectively transmitted to the price end. 4% of institutions are bearish, believing that all - round policy implementation may lead to economic surprises and drive up interest rates [12]. 3.1.2 Buyer Market Sentiment Index and Interest - Rate Bonds - The weighted sentiment index of buyers this week is 0.13, with a neutral view, unchanged from last week. The unweighted index is 0.19, a decrease of 0.09 from last week. Currently, institutions generally hold a neutral - bullish view, with 6 bullish, 19 neutral, and 1 bearish. 23% of institutions are bullish, considering that the upward movement of interest rates driven by short - term sentiment is an opportunity, and the broad - spectrum interest rates are generally declining. 73% of institutions are neutral, believing that the suppression of the bond market by the commodity and equity markets needs further observation, and the capital and supply sides do not form a basis for an upward adjustment of interest rates. 4% of institutions are bearish, citing factors such as global inflation driven by the depreciation of the US dollar/expansion of fiscal deficits in developed countries, a rise in domestic risk appetite, and "multi - killing - multi" among institutions [13]. 3.1.3 Credit Bonds - Market hot topics include central bank's capital injection and redemption pressure on credit - bond ETFs. The central bank's large - scale capital injection, with a net injection of 801.8 billion yuan through reverse repurchases and MLF, has loosened the capital market. Credit - bond ETFs' component bonds were over - heated previously, and attention should be paid to the risk of valuation adjustment [17]. 3.1.4 Convertible Bonds - Institutions generally hold a neutral - bullish view on convertible bonds this week, with 8 bullish and 6 neutral. 57% of institutions are bullish, believing that the equity market has strong momentum, convertible bond prices still have room to rise, and attention should be paid to industries not priced by the "anti - involution" expectation at low levels. Fixed - income plus funds have strong demand for convertible bonds. 43% of institutions are also bullish, but they think that convertible bond prices are at a historical high, with a decline in cost - effectiveness. Considering refinancing policies, the subsequent issuance pressure of convertible bonds is expected to be low, and attention should be paid to the risk of a decline in the underlying stock's volatility [20]. 3.2 Treasury Bond Futures Tracking 3.2.1 Futures Trading - As of July 25, the prices of Treasury TS/TF/T/TL contracts decreased to 102.31 yuan, 105.57 yuan, 108.18 yuan, and 117.95 yuan respectively, down 0.12 yuan, 0.42 yuan, 0.61 yuan, and 2.51 yuan from last Friday. The overall open interest of Treasury bond futures increased. As of July 25, the open interest of TS/TF/T/TL contracts was 104,000 lots, 159,000 lots, 196,000 lots, and 122,000 lots respectively, with changes of - 8926 lots, + 753 lots, + 3964 lots, and + 6947 lots from last Friday. The trading volume of Treasury bond futures increased across the board. From a 5 - day moving average perspective as of July 25, the trading volume of TS/TF/T/TL contracts reached 95.4 billion yuan, 86.5 billion yuan, 100.9 billion yuan, and 186 billion yuan respectively, an increase of 34.187 billion yuan, 28.162 billion yuan, 42.779 billion yuan, and 80.347 billion yuan from last Friday. The trading - to - open - interest ratio of Treasury bond futures also increased across the board [25][26]. 3.2.2 Cash Bond Trading - The turnover rate of 30 - year Treasury bonds increased. On July 25, the turnover rate was 6.91%, up 4.04 percentage points from last week and 3.19 percentage points from Monday, with a weekly average turnover rate of 5.79%. The weekly average turnover rate of interest - rate bonds increased. On July 25, the turnover rate was 1.11%, up 0.29 percentage points from last week and 0.19 percentage points from Monday. The turnover rate of 10 - year China Development Bank bonds also increased. On July 25, the turnover rate was 5.69%, up 0.55 percentage points from last week but down 0.68 percentage points from Monday [32]. 3.2.3 Basis Trading - The basis of the main contracts widened across the board. As of July 25, the basis (CTD) of TS/TF/T/TL main contracts was 0.02 yuan, 0.07 yuan, 0.10 yuan, and 0.50 yuan respectively, up 0.01 yuan, 0.06 yuan, 0.03 yuan, and 0.27 yuan from last Friday. The net basis of the main contracts also widened across the board. As of July 25, the net basis (CTD) of TS/TF/T/TL main contracts was 0.03 yuan, 0.60 yuan, 0.08 yuan, and 0.28 yuan respectively, up 0.04 yuan, 0.08 yuan, 0.06 yuan, and 0.33 yuan from last Friday. The IRR of the main contracts decreased across the board. As of July 25, the IRR (CTD) of TS/TF/T/TL main contracts was 1.47%, 1.25%, 1.11%, and 0.21% respectively, down 0.09%, 0.40%, 0.27%, and 1.50% from last Friday [44][47]. 3.2.4 Inter - Delivery Spread and Inter - Variety Spread - In terms of the inter - delivery spread, the inter - delivery spreads of TS and TL futures contracts widened, while the spreads of other main futures contracts narrowed. As of July 25, the near - month minus far - month spreads of TS/TF/T/TL contracts were - 0.08 yuan, - 0.06 yuan, - 0.02 yuan, and 0.22 yuan respectively, with changes of - 0.02 yuan, - 0.005 yuan, + 0.04 yuan, and + 0.04 yuan from last Friday. In terms of the inter - variety spread, except for the narrowing of the spread of the 2*TF - T futures contract, the spreads of other main futures contracts widened. As of July 25, 2*TS - TF, 2*TF - T, 4*TS - T, and 3*T - TL were 99.07 yuan, 102.98 yuan, 301.11 yuan, and 206.47 yuan respectively, with changes of + 0.20 yuan, - 0.22 yuan, + 0.18 yuan, and + 0.56 yuan from last Friday [54][55].

- The report tracks the recent performance of the IPO market, including the Sci-Tech Innovation Board, the Growth Enterprise Market, and the Main Board, assuming all stocks are hit and sold at the market average price on the first day of listing, ignoring the lock-up period restrictions [2][10] - The report calculates the IPO yield for different account sizes, with A-class 2 billion scale accounts yielding 1.89%, B-class 2 billion scale accounts yielding 1.69%, A-class 10 billion scale accounts yielding 0.60%, and B-class 10 billion scale accounts yielding 0.55% [2][10] - The report tracks the median number of valid quotation accounts for recent 20 new stocks, with A-class valid quotation accounts for Sci-Tech Innovation Board stocks around 3062, B-class around 1602; A-class valid quotation accounts for Growth Enterprise Market stocks around 3591, B-class around 2079; A-class valid quotation accounts for Main Board stocks around 3790, B-class around 2275 [2][22] - The report lists the recent IPO results, including the issuance price, issuance P/E ratio, industry P/E ratio, number of new shares issued, actual fundraising amount, strategic placement, online issuance, offline issuance, online winning rate, online issuance oversubscription multiple, offline preliminary inquiry oversubscription multiple, offline subscription allocation ratio, and offline issuance effective subscription multiple [24] - The report calculates the theoretical IPO yield for different account sizes, assuming all stocks are hit, sold at the market average price on the first day of listing, and using 90% capital efficiency [39][40] - The report lists the monthly IPO yield and IPO yield rate for different account sizes, assuming all stocks are hit, sold at the market average price on the first day of listing, and using 90% capital efficiency [43][44][45][46] - The report lists the monthly IPO yield and IPO yield rate for different account sizes, assuming all stocks are hit, sold at the market average price on the first day of listing, and using 90% capital efficiency [47][50][51][52][53] - A-class 2 billion scale accounts IPO yield rate is 1.89% [10] - B-class 2 billion scale accounts IPO yield rate is 1.69% [10] - A-class 10 billion scale accounts IPO yield rate is 0.60% [10] - B-class 10 billion scale accounts IPO yield rate is 0.55% [10] - Sci-Tech Innovation Board stocks first-day average increase is 218.45% [16] - Growth Enterprise Market stocks first-day average increase is 227.38% [16] - Sci-Tech Innovation Board stocks A-class valid quotation accounts around 3062 [22] - Sci-Tech Innovation Board stocks B-class valid quotation accounts around 1602 [22] - Growth Enterprise Market stocks A-class valid quotation accounts around 3591 [22] - Growth Enterprise Market stocks B-class valid quotation accounts around 2079 [22] - Main Board stocks A-class valid quotation accounts around 3790 [22] - Main Board stocks B-class valid quotation accounts around 2275 [22] - The highest first-day increase for new stocks is 426.31% [33] - The highest fundraising amount for new stocks is 181.71 billion yuan [33] - The highest full subscription yield for new stocks is 141.4 million yuan [37] - The highest monthly IPO yield for A-class accounts is 248.20 million yuan [44] - The highest monthly IPO yield rate for A-class accounts is 6.22% [44] - The highest monthly IPO yield for B-class accounts is 179.55 million yuan [50] - The highest monthly IPO yield rate for B-class accounts is 5.04% [50]

Investment Rating - Industry investment rating: Overweight [1] Core Views - OpenAI has announced a major data center agreement with Oracle to develop a 4.5 GW "Stargate" data center, which will significantly enhance AI processing capacity in the U.S. [4][38] - Alibaba has launched its first self-developed AI glasses, integrating various functionalities and aiming to compete in the AI glasses market [4][39] - The report highlights the ongoing advancements in AI models, with OpenAI set to release the new GPT-5 model and Google's Gemini 2.5 Flash-Lite model achieving stable release [38][39] Summary by Sections Weekly Market Review - From July 21 to July 25, 2025, the Shanghai Composite Index rose by 1.67%, the ChiNext Index increased by 2.76%, and the CSI 300 Index saw a 1.69% rise [24][38] - The media index increased by 2.09%, while the Hang Seng Technology Index rose by 1.86% [24] AI Sector - OpenAI's new data center will have a capacity of 4.5 GW, equating to about 25% of the current total capacity of U.S. data centers [4][38] - Alibaba's AI glasses will come in two versions, with the AR-enabled version prioritized for release [4][39] - The Qwen-MT machine translation model from Alibaba supports 92 languages and offers low-cost translation services [5][39] Semiconductor Sector - SK Hynix plans to supply 24Gb GDDR7 chips by the end of the year, enhancing AI GPU capabilities [6][42] - AMD's CEO indicated that chip costs from TSMC's Arizona facility are 5-20% higher than those from Taiwan [6][42] Smart Driving - Shanghai is set to deploy 500 data-collecting ride-hailing vehicles, aiming to gather over 10 million data clips for autonomous driving model evaluation [9][42] E-commerce - AliExpress has become the second-largest e-commerce platform in Saudi Arabia, reflecting the rapid growth of e-commerce in emerging markets [10][42] - JD.com has launched a plan to introduce 1,000 overseas brands over the next three years, targeting significant sales growth [12][42] Local Life Services - Following regulatory discussions, major food delivery platforms may reduce promotional subsidies, potentially improving profit margins [11][42] Film Industry - The national box office revenue for the week of July 14-20, 2025, reached 829 million yuan, marking a 35% increase from the previous week [14][42] Gaming Sector - The launch of the domestic game "Mingmo: Yuanshu Zhi Yu" on multiple platforms indicates ongoing growth in the gaming industry [15][42]

Group 1 - The report indicates a stable outlook for the market, with a strong emphasis on the performance of individual companies as earnings reports approach, leading to increased differentiation among sectors and stocks [2][4][33] - Key investment themes include a focus on high-growth technology sectors such as AI, robotics, and military technology, which are expected to outperform [7][34] - The report highlights the potential for structural policy changes from the Central Political Bureau, particularly in service consumption and real estate, which could provide additional support for the market [2][4][34] Group 2 - The economic fundamentals are under pressure, with exports maintaining a high level of activity while domestic demand, particularly in services and real estate, remains weak [3][17] - The report forecasts a year-on-year increase of approximately 5.1% in retail sales for July, with fixed asset investment expected to grow by 2.9%, indicating a mixed economic environment [3][17] - The liquidity in the market is described as reasonably ample, although credit growth is expected to slow seasonally, which may impact investment activities [29][30] Group 3 - The first investment theme focuses on high-elasticity growth technology, including AI, computing power, robotics, and military sectors, which are seen as the primary targets for investment [7][34] - The second theme emphasizes sectors with strong economic support or better-than-expected earnings, such as rare earth permanent magnets, precious metals, engineering machinery, motorcycles, and agricultural chemicals [7][34] - The third theme revolves around potential structural policy changes from the Central Political Bureau that could positively impact service consumption and real estate sectors [7][34]

Report Industry Investment Rating No information about the report industry investment rating is provided in the document. Core View of the Report The report delves into the evolution of the Phillips Curve and its current state of alienation in the US, aiming to explain the Fed's policy dilemmas. It analyzes the factors contributing to the flattening and steepening of the curve and offers insights into the Fed's current policy stance, including reasons for delaying interest rate cuts [2][8][14]. Summary by Related Catalog Evolution of the Phillips Curve Theory - In 1926, Irving Fisher pointed out the inverse relationship between unemployment and price changes, emphasizing the impact of unexpected price changes on the economy [3]. - In 1958, Phillips proposed the negative correlation between the unemployment rate and the rate of change in money - wages, and drew the Phillips Curve [3]. - In 1960, Samuelson and Solow proposed the "unemployment - price" Phillips Curve, replacing the rate of change in money - wages with price increases and incorporating the theory of wage - cost - driven inflation [4]. - In 1962, Okun proposed the "output - price" Phillips Curve, replacing the unemployment rate with the economic growth rate. The combination of Okun's Law and the Phillips Curve forms the basis of the Keynesian policy framework [5]. - In the 1970s, Friedman and Phelps proposed the Phillips Curve with adaptive expectations, introducing the concepts of short - term and long - term curves and the natural unemployment rate [6]. - In the mid - 1970s, the rational expectations school argued that there is no stable relationship between unemployment and inflation in both the short and long term, and the Phillips Curve is vertical [7]. - After the 1980s, the New Keynesian Phillips Curve (NKPC) became systematic, emphasizing forward - looking expectation management [7]. Alienation of the Phillips Curve - **Flattening**: In recent years, the Phillips Curve has flattened. From 1960 - 1983, the slope was 0.67, but from 2000 - 2019, it dropped to 0.03, making it difficult for policymakers to adjust inflation and employment. Factors include stable inflation expectations, supply - chain reconstruction due to trade globalization, and labor - market structural issues [8][9][10]. - **Steepening**: Since 2020, due to large - scale fiscal stimulus and supply - side disruptions after the pandemic, the Phillips Curve has shown a short - term steepening, leaving behind government debt pressure and weakening the curve's elasticity [11]. - **Underlying Cause**: The essence of the Phillips Curve's changes is that the US economy is no longer a closed loop, and the economic cycle's scope changes, leading to local breaks in the curve [12]. Understanding the Fed's Policy Attitude - **Two Concerns**: The Fed is worried about uncontrollable inflation expectations and whether tariff shocks and loose policies will lead to persistent inflation [14]. - **Reasons for Delaying Interest Rate Cuts**: The Fed's ability to suppress inflation is declining; the effectiveness of interest rate cuts depends on the smooth operation of the global dollar system; managing inflation expectations is crucial; and the Fed uses the CME FedWatch tool for expectation management [15].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The recent bond market correction was beyond investors' expectations, with the 10-year Treasury bond yield rising from 1.66% to 1.74%. After analyzing the influencing factors, investors don't need to worry too much. Key points to focus on include the central bank's continued intention to support funds, whether the redemption pressure peak on July 24 has passed, and whether commodity prices drive subsequent PPI to rise significantly and form inflationary pressure. In the short term, the supply pressure of government bonds in the second half of the year has decreased compared to the first half, the fundamentals are not bearish for the bond market, the possibility of unexpectedly incremental policies in the July Politburo meeting is low, the curve steepening from an institutional behavior perspective will continue, and investors' bullish sentiment remains [2][6]. 3. Summary by Related Catalogs Analysis of Bond Market Correction Factors - **Redemption Tide**: On July 24, the redemption intensity of pure bond funds was significantly stronger than that in February this year, second only to the redemption tide in October last year, and roughly equivalent to that in August last year. From July 23 - 24, funds sold a large amount of bonds, and the selling volume corresponded to the redemption index without excessive selling. If subsequent redemption indicators stabilize, the bond market correction will be relatively controllable [4]. - **Fund Tightening and Treasury Bond Issuance**: Although there was a net withdrawal in the central bank's open - market operations from Monday to Wednesday this week, the funding rate DR007 remained below 1.50%, and the amount of funds provided by the banking system was maintained at 4 trillion yuan. On July 24, the funding tightened, but on July 25, the central bank conducted 7893 billion yuan of 7D reverse repurchases (net investment of 6018 billion yuan), indicating its clear intention to support liquidity. Investors don't need to worry too much about fund tightening and primary issuance [4]. - **Impact of Commodity Market Rally on Bond Market**: The rally in the commodity market has suppressed bond market sentiment. Although historically, PPI and the 10 - year Treasury bond yield have a high correlation, there have been some divergences. For the current market, real estate investment remains under pressure, the funding rate is maintained about 10bp above the OMO, and whether PPI can turn positive and continue to rise is uncertain. The current commodity price increase lacks strong demand - side support and is difficult to effectively transmit to CPI and form comprehensive inflationary pressure [4][5].

Investment Rating - The report suggests a positive outlook for the controllable nuclear fusion industry, particularly focusing on the FRC (Field-reversed Configuration) technology path, which is expected to lead to commercial viability sooner than other methods [5][10]. Core Insights - FRC technology is highlighted as a "dark horse" in the nuclear fusion sector due to its simpler structure and lower costs, making it more likely to achieve commercialization first [10][13]. - The report emphasizes the importance of semiconductor switches in the power systems of FRC devices, which are crucial for stable operation and energy recovery [5][31]. - Investment opportunities are identified in companies that are leading in technology and have established core customer relationships, particularly in the context of the rising domestic fusion industry [7][14]. Summary by Sections Short-term Opportunities - Domestic startups like Nova Fusion, Xingneng Xuanguang, and Hanhai Fusion are rapidly emerging, increasing investment demand for core components such as vacuum switches and capacitors [7]. - Key companies benefiting from this trend include Xuguang Electronics, Guoguang Electric, Wangzi New Materials, and Shengye Electric [7]. Long-term Prospects - Helion is projected to be the first company to achieve commercial fusion power sales, with plans to provide 50MW of fusion power to Microsoft by 2028 [7]. - Helion's technology combines FRC with a magnetic energy recovery system, enhancing efficiency and reducing costs [7]. - The report notes that semiconductor switches are expected to have a longer lifespan and higher reliability, making them essential for large drivers in the future [7][35]. Industry Trends - The report discusses the increasing number of startups focusing on FRC technology, indicating a growing market interest and investment [14]. - The semiconductor switch technology is identified as a key trend for large driver applications, with advantages over traditional gas switches [35][37]. Relevant Companies - Sijingt Technology (0580.HK) has secured orders for pulse power switches from TAE, a leading US fusion company, indicating its strong position in the market [39][42]. - Hongwei Technology is recognized as a leading domestic semiconductor power device company, with expectations of turning profitable by 2025 [53]. - Xuguang Electronics is noted for its strategic partnership with Hanhai Fusion, enhancing its position in the nuclear fusion sector [57].

Investment Rating - The report does not explicitly state an investment rating for the synthetic biology industry Core Insights - The synthetic biology sector is experiencing a global biotechnology revolution, providing innovative solutions to major challenges such as health, climate change, resource security, and food security. The National Development and Reform Commission has issued the "14th Five-Year Plan for the Development of the Bioeconomy," indicating a trillion-yuan market potential in the bioeconomy [4][5] Market Performance - The Huazhong Synthetic Biology Index rose by 14.49% to 1709.48 during the week of July 14-18, 2025, outperforming the Shanghai Composite Index by 13.8 percentage points and the ChiNext Index by 11.32 percentage points [5][18] - The overall performance of synthetic biology stocks was strong, with the top six performing companies being all from the pharmaceutical sector, including Kanghong Pharmaceutical (+22%) and Zhejiang Zhenyuan (+19%) [20][23] Company Developments - China National Pharmaceutical invested approximately 6.8 billion yuan to acquire 95.09% of Lixin Pharmaceutical, enhancing its R&D capabilities in oncology [26] - New Fengming invested 100 million yuan in Hefei Lifeng Biotechnology to promote the industrialization of bio-based polyester PEF [26] - Sichuan Huanlong Ecological Technology received approval for a 1.5 billion yuan bamboo fiber project, expected to produce 250,000 tons of bleached bamboo pulp annually [27] - Cargill and HELM AG launched the world's largest bio-based BDO project in Iowa, with an investment of 300 million USD, showcasing the potential of bio-based materials in the chemical industry [29] Industry Financing - The synthetic biology sector has seen accelerated financing, with nearly 100 companies completing new funding rounds in 2025. Notable examples include Tuoxin Tiancheng, which raised nearly 40 million USD for T-cell immunotherapy product development [35] - Illimis Therapeutics completed a 58 billion KRW (approximately 42 million USD) B round financing to advance its Alzheimer's disease candidate [35] Research and Development - Fuhong Hanlin announced the completion of the first patient dosing of its innovative HER2 antibody HLX22 in the US, marking a significant milestone in cancer treatment [39] - He Yuan Biotechnology's plant-derived recombinant human serum albumin received approval, representing a breakthrough in the field of plant-based recombinant protein drugs [39]

Group 1: Report Information - Report Title: "Fixed Income Weekly: How Has the Bond Market Broken Through Sideways Trading Historically? - Interest Rate Weekly (Week 3 of July)" [1] - Report Date: July 22, 2025 [2] - Analysts: Yan Ziqi, Hong Ziyan [2] Group 2: Industry Investment Rating - No information provided Group 3: Core Viewpoints - The current bond market has been in a long - lasting sideways trading with low interest rates and extremely low volatility. From April to July this year, the 10 - year Treasury bond yield oscillated between 1.60% - 1.70%, with a range of only 10bp, and the volatility on July 8 reached the lowest in the past 5 years [2]. - Historically, out of 12 rounds of bond market sideways trading from 2019 to now, 7 times the subsequent interest rates broke through downward and 5 times upward, with the sideways trading usually lasting about 1 month. A transition to a bull market typically requires a combination of increased economic downward pressure, monetary policy easing, and asset shortage, while a transition to a bear market needs factors like better - than - expected economic recovery, tightened monetary policy, rising inflation expectations, and regulatory impacts [3]. - The current trading theme in the bond market is unclear. On one hand, the strong GDP performance in the first half of the year makes investors expect no significant incremental policies in the short term, and recent consumption policies have made the bond market underperform. On the other hand, the current capital situation is in a balanced state, and the government bond supply pressure from July to August is not large and can be hedged by the central bank [4][7]. - A method to judge the end of a sideways market turning bearish is to observe the significant cooling of investors' aggressiveness in non - interest - rate bond strategies. When investors' expectation of further interest rate decline weakens, their buying of non - interest - rate bonds decreases, especially in the case of Tier 2 and perpetual bonds [7]. - Historically, the bond market breaking through sideways trading usually requires unexpected macro and policy factors. Currently, considering the long - term sideways trading, low interest rates, and small fluctuations in the bond market, and the enhanced learning effect in the market this year, investors can focus on the aggressiveness of non - interest - rate bond strategies to measure the bond market's risk - preference expectations [10]. Group 4: Summary by Related Catalog Historical Bond Market Sideways Trading and Breakthrough - The report sorted out 12 rounds of bond market sideways trading from 2019 to now, analyzing the sideways trading periods, 10 - year Treasury bond fluctuation ranges, reasons for sideways trading, post - breakthrough performances, and triggering factors [3][4]. Current Bond Market Situation - The trading theme is unclear, with factors from economic performance, policies, capital situation, and supply side affecting the market [4][7]. Micro - perspective Analysis - By observing the trading behavior of non - interest - rate bonds, especially the buying intensity of Tier 2 and perpetual bonds by brokers and funds, a method to judge the end of a sideways market turning bearish is provided [7].