Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The domestic storage giants, CXMT and YMTC, have both achieved quarterly revenues exceeding 1 billion USD in Q1 2025, marking a significant milestone in breaking the long-standing international monopoly in the storage market [3][12] - The global storage market is expected to reach a scale of 167 billion USD in 2024, with a projected growth of 12% for NAND Flash and 15% for DRAM Bit capacity in 2025, driven by the acceleration of AI server deployments and growth in consumer electronics [18][27] - CXMT is expected to increase its DRAM production capacity by nearly 50% this year, with market share projected to rise from 6% to 8% by year-end [4][20] Summary by Sections Market Performance Review - During the week of June 16 to June 20, 2025, the Shanghai Composite Index fell by 0.57%, while the Shenzhen Component Index and the ChiNext Index decreased by 0.46% and 0.88%, respectively. The semiconductor sector, represented by the Shenwan Electronics Index, saw a decline of 2.17% [3][29] - The best-performing sector was LED with a decline of 0.46%, while integrated circuit packaging and testing showed a weaker performance with a drop of 3.5% [29] Key Developments in the Industry - CXMT is transitioning its production from DDR4/LPDDR4 to DDR5/LPDDR5, with market shares for DDR5/LPDDR5 expected to rise from approximately 1% to 7% and 9%, respectively [20] - YMTC has successfully achieved mass production of 294-layer 3D NAND and is advancing towards 300-layer NAND development, enhancing its competitive edge in the global market [5][13] Company-Specific Insights - CXMT has become a leader in the domestic DRAM industry, with its production base in Hefei continuously increasing capacity and improving technology to align with international standards [12][19] - The successful emergence of CXMT and YMTC is expected to inspire other domestic storage companies, leading to technological upgrades and development across the entire industry [4][19]

Investment Rating - The report indicates a positive outlook on the nuclear fusion industry, highlighting significant advancements and investment opportunities in the sector. Core Insights - The nuclear fusion industry is experiencing accelerated development, with both domestic and international projects making substantial progress. The commercialization of fusion energy is anticipated in the 2030s, with various application scenarios emerging. The report emphasizes the importance of nuclear fusion as a sustainable energy source to meet global energy demands and facilitate the energy transition [4][18][22]. Summary by Sections 1. Current Focus on Nuclear Fusion - The report discusses the urgency of focusing on nuclear fusion due to its potential to provide a sustainable energy solution amidst global energy challenges [3]. 2. Domestic and International Progress in Nuclear Fusion - Domestic projects are led by research institutions, with commercial companies following suit. Internationally, the U.S. leads in the number of companies and diverse technologies, with expectations for commercial fusion energy by 2028 [4][28]. - Recent domestic advancements include the initiation of the BEST project and various tendering activities for related components, indicating a robust pipeline of development [7][10]. 3. Future Outlook for the Industry - The report forecasts that the timeline for commercial fusion power generation will likely fall within the 2030s, with diverse application scenarios and potential supply-side constraints [4][62]. - The report highlights the role of technological innovations, such as AI and advanced materials, in enhancing fusion output power beyond expectations [12][17]. 4. Investment Opportunities in the Fusion Sector - The report outlines investment opportunities within the nuclear fusion manufacturing chain, emphasizing the importance of technological breakthroughs and the competitive landscape of global fusion initiatives [4][10][19]. - Significant investments are noted, including TAE Technologies' $150 million funding round and Japan's additional ¥10 billion investment in fusion research [10][21]. 5. Key Players in the Nuclear Fusion Industry - The report identifies key players in the domestic nuclear fusion landscape, including various research institutions and companies focused on commercialization, such as 聚变新能 (Fusion New Energy) and 先觉聚能 (Xianjue Fusion) [29][34][60]. - Internationally, notable companies include CFS, Helion, and Tokamak Energy, each with distinct projects and technological approaches [60]. 6. Technological Innovations Driving Progress - Innovations in magnetic field structures and high-temperature superconductors are highlighted as critical factors that could enhance fusion power output and efficiency [13][16]. - The application of AI and supercomputing in fusion research is expected to significantly reduce trial-and-error phases, accelerating development timelines [17]. 7. Global Competition and Energy Transition - The report emphasizes the global race in nuclear fusion investment, with the U.S. and China as the leading countries. It underscores the role of fusion energy in achieving long-term climate goals and transitioning to low-carbon energy sources [18][19][24].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Since the second quarter, the bond market has been in a sideways shock. After the double - cut in May, the interest rate increased slightly, with the 10Y Treasury bond yield rising from 1.62% to 1.72%. During this period, there are two characteristics of institutional behavior: banks' bond allocation reached a record high, and institutions' overall willingness to hold bonds is strong [3]. - In May, the bond allocation of banks reached a record high, mainly due to the peak of supply and changes in the caliber. The net financing of Treasury bonds exceeded 90 billion yuan, and commercial banks' holdings of Treasury bonds increased by over 90 billion yuan, with the increase in all bond types reaching about 1.72 trillion yuan, a record high for commercial banks. Adjusting for the caliber change, the high increase in banks' bond holdings in May may indicate that their willingness to sell bonds to adjust floating profits in the second quarter is relatively controllable [3]. - Institutions' overall willingness to hold bonds is strong, different from previous months. In previous months when interest rates rose, non - bank institutions such as broad - based funds usually reduced or decreased their bond allocation. However, in May, the bond allocation scale of broad - based funds was still significant, with a monthly托管 increase of over 90 billion yuan. Broad - based funds are showing trading characteristics of allocating to certificates of deposit, reducing holdings of Tier 2 capital bonds, buying local government bonds, and conducting band - trading on Treasury bonds and policy - financial bonds. Insurance institutions had a relatively low overall allocation scale in May, securities companies slightly reduced their positions, and foreign investors' holdings of certificates of deposit declined [4]. 3. Summary by Relevant Catalogs 3.1 Bank - to - Bank and Exchange Custody Volume Overview - In May 2025, the month - on - month increase in the bank - to - bank bond custody volume rose to 1.31%, while that of the exchange decreased to 0.59%. The bond custody volumes of the bank - to - bank market (China Central Depository & Clearing Co., Ltd. and Shanghai Clearing House) and the exchange (Shanghai Stock Exchange and Shenzhen Stock Exchange) were 166 trillion and 22 trillion yuan respectively, totaling 188 trillion yuan [12][18]. 3.2 By Bond Type 3.2.1 Interest - Rate Bonds - The overall custody scale of interest - rate bonds was 117 billion yuan, with a month - on - month increase of 1.72 trillion yuan. In May, the balances of Treasury bonds, local government bonds, and policy - financial bonds continued to increase, and the total increase of Treasury bonds and policy - financial bonds was higher than that of the previous month. The custody scale of Treasury bonds increased by 91.12 billion yuan month - on - month, local government bonds increased by 52.57 billion yuan, and policy - financial bonds increased by 28.22 billion yuan [20][21]. 3.2.2 Credit Bonds - The total custody volume of credit bonds in May was 33 trillion yuan, with a month - on - month increase of 8.61 billion yuan. The scale of short - term financing bonds and enterprise bonds continued to decline, while the scale of medium - term notes and corporate bonds continued to rise. The custody scale of enterprise bonds decreased by 2.46 billion yuan, the total custody volume of association products increased by 2.64 billion yuan, and the custody scale of corporate bonds increased by 8.43 billion yuan [20][29]. 3.2.3 Certificates of Deposit - In May, the custody scale of certificates of deposit was 22 trillion yuan, with a month - on - month increase of 26.94 billion yuan. Policy - banks and broad - based funds' holdings continued to increase, while those of commercial banks, securities companies, and insurance institutions continued to decrease, and the increase in foreign institutions' custody scale turned from positive to negative [38]. 3.2.4 Financial Bonds - In May, the custody scale of financial bonds was 12 trillion yuan, with a month - on - month increase of 22.49 billion yuan. Insurance institutions' holdings continued to decrease, while those of commercial banks, broad - based funds, securities companies, and foreign institutions continued to increase, and the increase in policy - banks' custody scale turned from negative to positive [44]. 3.3 By Institution - The custody volume of allocation - oriented investors increased significantly, while that of securities companies decreased. In May, policy - banks' holdings increased by 3.66 billion yuan, commercial banks' by 172.76 billion yuan, broad - based funds' by 92.23 billion yuan, securities companies' decreased by 15.81 billion yuan, insurance institutions' increased by 0.3 billion yuan, and foreign institutions' decreased by 9.5 billion yuan [48].

Demand Side - Domestic energy storage installations reached 6.32GW/15.85GWh in May 2025, showing a year-on-year growth of 193%/228%[9] - India is expected to have over 2GWh of energy storage installed by the end of 2025, with a target of 4GW/17GWh for the 2025-26 fiscal year[20] - Germany's energy storage installations in May 2025 were 317MWh, with a year-on-year increase of 64.19% for large-scale storage[44] Supply Side - In May 2025, domestic energy storage tendering reached 6.57GW/20.2GWh, with a month-on-month increase of 84%[13] - The average price for a 2-hour energy storage system in China was 0.550 CNY/Wh, reflecting a month-on-month decrease of 6.6%[2] - In Italy, energy storage installations in Q4 2024 reached 607MW/1.96GWh, with a year-on-year growth of 27%/105%[54] Market Outlook - The European energy storage market is expected to see collective high growth in 2025, driven by rising electricity prices and natural gas replenishment efforts[34] - The U.S. is projected to add approximately 14-16GW of energy storage capacity in 2025, supported by emerging markets[30] - In Poland, residential energy storage installations reached 258MW/672MWh in 2024, with over 46,000 households having installed storage batteries[67]

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The report highlights the ongoing active research in life sciences and the global wave of biotechnology revolution, which is accelerating integration into economic and social development. This provides new solutions for 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 sector [3][4]. Summary by Sections 1.1 Secondary Market Performance - The synthetic biology sector saw a significant increase of 9.36% in the week from June 9 to June 13, 2025, outperforming the Shanghai Composite Index by 9.61 percentage points [17][20]. 1.2 Company Business Progress - Domestic companies are making strides in synthetic biology, such as Hongmo Bio partnering with Yizhi Weisi to establish an AI-driven bio-manufacturing center, and Yike Bio launching a PHA bioplastic production base in Suzhou [26][27]. 1.3 Industry Financing Tracking - Financing activities in the synthetic biology sector are accelerating, with nearly a hundred companies completing new financing rounds since the beginning of 2025. Notable examples include Jingjiahang's angel round financing and Mosanna Therapeutics' $80 million Series A financing [33][34]. 1.4 Company R&D Directions - Companies are focusing on innovative technologies, such as the development of non-grain bio-based insulation materials by Nanjing Forestry University and the strategic collaboration between AstraZeneca and Stone Pharmaceutical for drug discovery [9][29]. 1.5 Industry Research Dynamics - The report notes the establishment of key technology R&D projects in Shanghai for synthetic biology, covering various innovative areas such as AI cell design and 3D printing of tissues [8].

Investment Rating - Industry investment rating: Overweight [1] Core Views - The chemical sector's overall performance ranked 14th this week, with a slight decline of -0.01%, outperforming the Shanghai Composite Index by 0.24 percentage points and underperforming the ChiNext Index by 0.21 percentage points [3][22]. - The chemical industry is expected to continue its trend of divergence in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4]. Summary by Sections 1. Industry Review - The chemical sector's performance for the week of June 9-13, 2025, showed a slight decline of -0.01%, ranking 14th among sectors [3][22]. - The top three performing sectors were non-ferrous metals (+3.79%), oil and petrochemicals (+3.5%), and agriculture (+1.62%) [22]. 2. Key Industry Dynamics - Synthetic biology is at a pivotal moment, with low-energy products expected to gain a longer growth window due to the shift in energy structure [4]. - The upcoming quota policy for refrigerants is anticipated to lead to a high-growth cycle for third-generation refrigerants, with demand expected to grow steadily due to market expansion [5]. - The electronic specialty gases market is characterized by high technical barriers and value, presenting significant domestic substitution opportunities [6][8]. - The trend towards light hydrocarbon chemicals is becoming global, with a shift from heavy naphtha to lighter raw materials like ethane and propane [8]. - The COC polymer industry is accelerating its domestic industrialization process, driven by supply chain security concerns and the shift of downstream industries to China [9]. - Potash fertilizer prices are expected to rebound as major producers reduce output, leading to a supply-demand imbalance [10]. - The MDI market is characterized by oligopoly, with a favorable supply structure expected as demand gradually recovers [12]. 3. Company Performance - The top three performing chemical stocks this week were Jinjis Co. (+53.3%), Suzhou Longjie (+18.5%), and Akali (+16.7%) [28]. - The companies to watch in the synthetic biology sector include Kasei Bio and Huaheng Bio [4]. - Key players in the refrigerant market include Juhua Co., Sanmei Co., and Haohua Technology [5]. - In the electronic specialty gases sector, companies like Jinhong Gas, Huate Gas, and China Shipbuilding Gas are recommended [6][8]. - For light hydrocarbon chemicals, Satellite Chemical is highlighted as a key player [8]. - In the COC polymer space, Akali is noted for its potential breakthroughs [9]. - In the potash fertilizer sector, companies such as Yaji International and Salt Lake Co. are recommended [10]. - For MDI, Wanhua Chemical is a key focus due to its significant market share [12].

[T[able Table_IndNameRptType] _IndNameRptType] 2 固定收益 固收周报 [分析师： Table_Author] 胡倩倩 执业证书号：S0010524050004 电话：13391388385 邮箱：huqianqian@hazq.com 主要观点： ⚫[Table_Summary] 近期权益市场波动率呈何种走势？ 近期市场波动率有所下降，整体波动率较低。上证 50 与沪深 300 近一个月波 动率均有所下降。A 股整体盘面波动率呈明显周期性特征，不同时间维度的表 现差异显著。市场长期波动率普遍高于短期波动率，近期有小幅度的下降，至 今处于历史低位。 同时小盘、中盘、大盘股的波动率分布类似，但波动率大小呈现显著分化，小 盘股波动率显著高于大盘股。大盘股整体波动率最低，中盘股其次，小盘股整 体波动率最高。此外，不同行业的波动率和行情表现呈现显著分化，高波动率 行业与低波动率行业之间差异显著，以稳健性为代表的银行行业与高风险的 计算机行业波动率差异高达 4.6%。 ⚫ 2023 年至今，可转债市场波动率如何变化？ 波动率下行趋势下，转债市场如何分化？ [Table_In ...

Report Overview - Report Title: Fixed Income Weekly Report - Five New Rules for Individual Bond Gaming This Year - Interest Rate Weekly (Week 3 of June) [1] - Report Date: June 17, 2025 [2] - Analysts: Chief Analyst Yan Ziqi, Research Assistant Hong Ziyan [2] Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The bond market is volatile and emphasizes trading. Capital gains as a proportion of comprehensive income have significantly increased compared to previous years, highlighting the importance of bond market trading. Investors are increasingly focusing on the spread opportunities of individual bonds. Since April this year, the bond market has been in an overall volatile state, and investors are gradually paying more attention to the spread compression opportunities between individual bonds [2]. - Apart from the traditional spread change rules between new and old bonds, there are five new characteristics in individual bonds this year. Investors can seize the trading opportunities of individual bonds with corresponding maturities by combining the changes in bond lending volume [3][6]. Summary by Content New Characteristics of Individual Bond Spreads - **Individual bond spreads are related to the funding situation**: When the funding is tight, active bonds are more advantageous. In the first quarter, the funding situation was overall tight, and the bond market was in a negative carry state. The spread between the second - active bond and the active bond widened. For example, the spread between the second - active bond 230023 and the active bond 2400006 of the 30Y Treasury increased from 4 - 5bp to a high of 8 - 9bp [3]. - **Enhanced learning effect on traditional new - old bond spreads**: In the environment of a volatile and trading - focused bond market, the market's learning effect on the switching of active bonds has significantly increased, and the timing of active bond gaming has advanced. After the Ministry of Finance announces the new Treasury bond issuance plan and single - issuance scale, the market anticipates the code of the next active bond, and the interest rate of the new bond may decline rapidly before the actual switching of trading volume [4]. - **Potential for the rise of second - active bonds during active bond switching**: When the expectation of active bond switching occurs, the trading volume of the current active bond will decline. Incremental funds will flow to new bonds and second - active bonds. The inflow of new funds and short - covering can push down the interest rate of second - active bonds [4][5]. - **Compression of the spread between second - active bonds and new bonds**: During the transition period of active bond switching, after the short - term decline of second - active bonds, the spread between second - active bonds and new bonds will compress. The increase in the lending volume of second - active bonds reflects the strategy of shorting second - active bonds and going long on new bonds to narrow the spread [5]. - **Potential for short - covering of second - active bonds with high short positions**: When the lending volume of second - active bonds rises to a relatively high level, as time passes and new bonds are issued, short - sellers may switch their positions, and the high lending volume will prompt brokers to cover their short positions, resulting in an additional decline in the interest rate of second - active bonds [5]. Analyst and Research Assistant Introduction - Chief Analyst Yan Ziqi is the assistant director of the Research Institute of Hua'an Securities and the chief fixed - income analyst, with 8 years of experience in sell - side fixed - income and equity research [9]. - Research Assistant Hong Ziyan is a research assistant in Hua'an's fixed - income department, a master of financial engineering from the University of Southern California, covering macro - interest rates, institutional behavior, and Treasury bond futures research [9].

1. Report Industry Investment Rating No information regarding the report industry investment rating is provided. 2. Core Views of the Report - **Hua'an's View**: The bond market is favorable, but the odds of further decline in interest rates are limited. It is still advisable to adopt a trading mindset. The current market sentiment is rising, with investors both bullish and taking action. The fundamental factors still support the bond market, but the potential for interest rate decline is limited. Given the historical performance of the bond market in June, it is recommended to approach it with a trading perspective [2]. - **Seller's View**: More than half of the fixed - income sellers are bullish on the bond market, with a significant increase in sentiment this week [3]. - **Buyer's View**: The buyer sentiment is relatively cautious, with nearly 60% holding a neutral view. Overall, the fixed - income buyer's view is neutral with a slight bullish bias [3]. 3. Summary by Relevant Catalogs 3.1 Seller and Buyer Markets 3.1.1 Seller Market Sentiment Index and Interest - rate Bonds - The weighted sentiment index this week is 0.43, indicating a predominantly bullish view, up from last week. The unweighted index is 0.54, an increase of 0.12 from last week. Among the institutions, 16 are bullish, 12 are neutral, and 1 are bearish. 55% of the institutions are bullish, 41% are neutral, and 3% are bearish [10]. 3.1.2 Buyer Market Sentiment Index and Interest - rate Bonds - This week's buyer sentiment index is 0.23, showing a neutral - with - a - slight - bullish view, down 0.12 from last week. Among the institutions, 10 are bullish, 16 are neutral, and 1 is bearish. 37% of the institutions are bullish, 59% are neutral, and 4% are bearish [11]. 3.1.3 Credit Bonds - Market hot topics include quarter - end wealth management repatriation and central bank monetary policy. Quarter - end wealth management repatriation poses resistance to credit spread compression and disturbs the credit market in the short term. Monetary policy easing may drive interest rate changes, but the room for further spread compression is limited [16]. 3.1.4 Convertible Bonds - This week, institutions generally hold a neutral - with - a - slight - bullish view. One institution is bullish and 11 are neutral. 8% of the institutions are bullish, and 92% are neutral [17]. 3.2 Treasury Bond Futures Tracking 3.2.1 Futures Trading - As of June 13, the prices of TS/TF/T/TL contracts increased. The contract prices were 102.46 yuan, 106.18 yuan, 109.02 yuan, and 120.5 yuan respectively, up 0.01 yuan, 0.03 yuan, 0.09 yuan, and 0.72 yuan from last Friday. The contract holdings increased, while the trading volumes and trading - to - holding ratios decreased [19][20]. 3.2.2 Spot Bond Trading - On June 13, the turnover rate of 30Y treasury bonds was 3.62%, up 0.06 pct from last week and 0.10 pct from Monday, with a weekly average of 4.33%. The turnover rate of 10Y China Development Bank bonds was 5.90%, up 0.04 pct from last week. The weekly average turnover rate of interest - rate bonds decreased to 0.92% on June 13, down 0.07 pct from last week [31]. 3.2.3 Basis Trading - As of June 13, except for the TF contract, the basis of other contracts narrowed. The net basis of the TS contract narrowed, while that of others widened. The IRR of the TS contract decreased, while that of others increased [36][39]. 3.2.4 Spread Trading - As of June 13, except for the TL contract, the inter - delivery spread of other contracts narrowed. The inter - variety spreads of all main contracts widened [45].

Investment Rating - Industry Rating: Overweight [1] Core Views - The recent public tender for 4,354.33 MW wind turbine units by the National Energy Group indicates a steady advancement in offshore wind projects, with a focus on tower and pile segments [3] - The SNEC exhibition showcased a surge in new energy storage products, with Guangdong's 2025 energy storage construction plan expected to grow over 140% year-on-year [3] - The hydrogen energy sector is experiencing positive development, with an accelerated establishment of a supporting system for the industry [3] - The State Grid has emphasized enhancing power supply security ahead of the summer peak, with new emergency dispatch management proposals being discussed [3] - The electric vehicle sector is facing challenges as multiple regions suspend local vehicle replacement subsidy policies, suggesting a continued focus on high-profit companies [3] - The humanoid robot sector is gaining traction, with significant developments from key players like Tesla and Ideal, indicating a promising future for AI applications [3] Summary by Sections 1.1 Photovoltaics - June production of silicon wafers, battery cells, and modules is expected to decline, indicating short-term demand weakness [10] - The photovoltaic sector underperformed the market, with a decrease of 0.98% [10] 1.2 Wind Power - The National Energy Group announced a public tender for 4.4 GW of wind turbines, signaling a positive shift in offshore wind fundamentals [18][19] 1.3 Energy Storage - The SNEC exhibition highlighted numerous new energy storage products, with Guangdong's 2025 energy storage plan projected to exceed 41.8 GW/84.6 GWh, a 147.6% increase from 2024 [22][25] 1.4 Hydrogen Energy - The hydrogen energy industry is developing well, with a focus on the entire supply chain from production to application [27] - Significant investments are being made in hydrogen projects, such as the 346 million yuan investment in a wind-solar hydrogen methanol project [28] 1.5 Power Grid Equipment - The State Grid is enhancing power supply security measures ahead of the summer peak, with new emergency dispatch management proposals being discussed [32][34] 1.6 Electric Vehicles - Multiple regions have suspended local vehicle replacement subsidy policies, prompting a recommendation to focus on high-profit companies [35] 1.7 Humanoid Robots - The humanoid robot sector is entering a small-scale production phase, with significant investments and developments from leading companies [40][42]