1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - From July 21 - 25, the stock and commodity markets strengthened, and the bond market adjusted significantly. Credit bonds showed vulnerability, with reasons including low yields and credit spreads weakening the cushioning effect of coupons on valuation fluctuations, and bond market adjustments and tightened liquidity leading to preventive redemptions of funds by wealth management products, resulting in selling pressure on credit bonds. However, with the central bank's support and seasonal liquidity easing at the beginning of the month, the liquidity may recover, driving the recovery of credit bonds [1][2][11]. - After the adjustment, credit spreads generally remained at low levels. Institutions may prefer credit bond varieties with better liquidity. Among them, short - term urban investment bonds, certain grades of urban investment and industrial bonds with specific maturities had relatively high trading activity during the adjustment period, and their valuation recovery opportunities are worthy of attention. Long - term bonds with maturities over 5 years may face greater valuation fluctuation risks [2][3][17]. - In the bank capital bond market, yields rose across the board from July 21 - 25, and credit spreads widened. After the over - adjustment, there are opportunities. The yields of 4 - 5 - year large - bank capital bonds have become more attractive, and insurance institutions have increased their allocation. Short - term and lower - rated bank capital bonds such as 3 - year AA and 2 - year AA - bank capital bonds may be relatively advantageous choices [5][6][23]. 3. Summary According to Relevant Catalogs 3.1 Urban Investment Bonds: Yields Up Across the Board, Sci - tech Innovation Bonds Underperformed - In the primary market, from July 1 - 27, 2025, the net financing of urban investment bonds was slightly positive. The issuance sentiment weakened, with the proportion of full - subscription multiples over 3 times decreasing, and the proportion of 2 - 3 times increasing. The issuance term changed little, and the issuance rate remained low, with rates for different terms decreasing compared to June [29][31]. - In the secondary market, yields of urban investment bonds rose across the board. The adjustment of previously "over - bought" sci - tech innovation bond components was greater, restricting the growth of the sci - tech innovation bond ETF scale. The trading activity of urban investment bonds decreased, and the buying sentiment declined sharply [11][12][34]. 3.2 Industrial Bonds: Both Issuance and Trading Reduced Maturities, and the Proportion of High - rated Trading Recovered - From July 1 - 27, the issuance and net financing scale of industrial bonds increased year - on - year. The issuance sentiment weakened, with the proportion of full - subscription multiples over 3 times decreasing and that of 2 - 3 times increasing. The proportion of long - term issuance over 5 years decreased significantly, and the issuance rate changed little overall [39][41]. - In terms of trading, the buying sentiment of industrial bonds weakened significantly, with the TKN proportion decreasing and the low - valuation proportion dropping. The trading slightly reduced maturities, and the proportion of high - rated trading recovered [42]. 3.3 Bank Capital Bonds: Long - term Large - bank Bonds Performed Weaker, and Trading "Increased Volume with Falling Prices" - From July 21 - 25, 2025, several banks issued secondary capital bonds and perpetual bonds. In the secondary market, due to increased market risk appetite and tightened liquidity, the yields of bank capital bonds rose across the board, with long - term large - bank secondary capital bonds performing weaker. Credit spreads also widened across the board, and the trading volume increased while the trading sentiment weakened significantly. The trading was mainly concentrated in medium - and long - term varieties with better liquidity, and the trading of city commercial bank capital bonds shifted towards high - grade bonds [45][48][51]. - Regarding TLAC bonds, the spreads between 3Y, 5Y, and 10Y secondary capital bonds and TLAC bonds were analyzed, indicating that 10 - year TLAC bonds were more cost - effective at present. For commercial financial bonds, the credit spread of 3Y AAA commercial financial bonds reached the lower limit of the central position [51][55].

Investment Rating - The report indicates a positive outlook for the controlled nuclear fusion industry, suggesting that companies with leading technologies and core component supply capabilities are likely to benefit first as fusion devices are deployed [3]. Core Insights - Controlled nuclear fusion is viewed as a clean, safe, and sustainable ultimate energy source, with significant potential for large-scale commercialization in the future [4][8]. - The report highlights the importance of the Lawson criterion and the Q factor in achieving sustainable fusion reactions, emphasizing that meeting these conditions is crucial for commercialization [17][18]. - The global landscape for fusion energy is rapidly evolving, with multiple countries, including the US, UK, Germany, and Russia, actively pursuing fusion power projects expected to come online in the 2030s [34][36]. Summary by Sections 1. Development Window for Controlled Nuclear Fusion - The report notes that the domestic and international fusion energy sector is entering a critical development phase, with significant projects underway [5][34]. - Key projects include the Hefei BEST project in China, which aims to be the world's first to conduct steady-state deuterium-tritium combustion by 2027 [52]. 2. What is Controlled Nuclear Fusion? - Controlled nuclear fusion is characterized by high energy release efficiency, safety, abundant fuel sources, and minimal environmental pollution [4][8]. - The primary fuels for fusion are deuterium and tritium, with deuterium being readily available from water and tritium produced through lithium reactions [8][11]. 3. Technical Pathways for Controlled Nuclear Fusion - Magnetic confinement is identified as the most effective method for achieving fusion energy, with the Tokamak design being the most widely researched and developed [18][19]. - The report discusses advancements in high-temperature superconductors and AI technology that enhance plasma control and reduce the size and cost of fusion devices [26][27]. 4. Progress in Controlled Nuclear Fusion - The report outlines significant international efforts, including the ITER project, which aims to demonstrate the feasibility of fusion energy by achieving a Q factor greater than 10 [38][43]. - Various countries are ramping up investments in fusion energy, with the US planning to build the world's first fusion power plant by 2028 [34][35]. 5. Beneficiary Companies - The report identifies several companies poised to benefit from the growth of the fusion energy sector, including those involved in magnet systems, high-temperature superconductors, vacuum chambers, and other supporting technologies [3].

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report emphasizes the need for high-quality development in the pig farming industry, focusing on improving efficiency and quality. It highlights the importance of capacity control and the encouragement of large enterprises to collaborate with smaller farms to share industry benefits [2][12] - In the planting industry, the report discusses the promotion of new varieties and technologies to enhance crop yields, particularly in the context of food security. It predicts a continued acceleration in the commercialization of genetically modified crops [1][11] Summary by Sections Planting Industry - The Ministry of Agriculture and Rural Affairs is working on a directory for superior crop varieties by 2025, focusing on enhancing yields and meeting current production needs [1][11] - The report identifies potential beneficiaries in the planting sector, including Beidahuang and Su-Kun Agricultural Development, and recommends companies with strong advantages in seed development such as Longping High-Tech and Denge Seed Industry [1][11] Pig Farming - The average price of external three-way cross pigs is 14.29 CNY/kg, showing a week-on-week decrease of 1.20%. The overall supply exceeds demand, leading to a forecast of continued price declines [2][12] - The report notes a decrease in the number of breeding sows, with a total of 40.43 million as of June 2025, down by 370,000 from the previous year [2][12] - Recommended companies in the pig farming sector include Dekang Agriculture, Jingji Zhino, Muyuan Foods, and Wens Foodstuff [2][12] Feed and Animal Health - The average price of pig feed is 2.72 CNY/kg, with no change from the previous week. The report also provides insights into the prices of various feed types for poultry and livestock [50][52]

Investment Rating - The industry rating is "Recommended" [4] Core Insights - Domestic gold jewelry consumption decreased by nearly 30% in the first half of 2025 due to high gold prices, with total gold consumption at 505.21 tons, down 3.54% year-on-year. Gold jewelry consumption specifically fell to 199.83 tons, a decrease of 26% [1][3] - The demand for gold bars and coins increased significantly, with a rise of 23.69% to 264.24 tons, while industrial and other gold usage saw a slight increase of 2.59% to 41.14 tons [1] - The performance of gold jewelry companies varied, with Chow Tai Fook reporting a 1.9% decline in retail value for FY2026Q1, while Lao Pu Gold expected a revenue increase of approximately 240%-252% in the same period [2][28] Summary by Sections Industry Overview - In the first half of 2025, gold jewelry consumption was significantly impacted by high gold prices, leading to a 26% decline in gold jewelry sales. However, demand for gold bars remained strong, driven by investment needs amid geopolitical tensions and economic uncertainty [1][3] Company Performance - Chow Tai Fook's retail value in mainland China fell by 3.3% in FY2026Q1, while its performance in Hong Kong and Macau improved by 7.8%. The company closed 311 underperforming stores in mainland China [2][25] - Lao Pu Gold projected a substantial increase in sales and profits for the first half of 2025, with expected revenues between 138-143 billion yuan and net profits between 22.3-22.8 billion yuan, marking a growth of approximately 279%-288% [28] Investment Recommendations - The report suggests focusing on five investment themes, including the continuous upgrade of AI technology, the high demand for emotional value in consumer purchases, and the recovery of cyclical sectors. Beneficiaries include companies like Keri International, Focus Technology, and others in the new retail space [3][53][56]

Group 1: Market Adjustments - The bond market experienced significant adjustments from July 21 to 25, with the 10-year government bond yield rising to 1.73% (+6.9bp) and the 30-year yield reaching 1.95% (+7.5bp) due to concentrated negative factors[11] - The average duration of interest rate bond funds, credit bond funds, and financial bond funds has decreased to 3.47 years, 1.24 years, and 1.49 years respectively, indicating a return to relatively safe positions after previously high durations[22] - The net outflow of funds from the banking system dropped significantly from over 4 trillion yuan in early July to less than 3 trillion yuan by July 25, raising concerns in the bond market[24] Group 2: Redemption Pressures - From July 21 to 25, the net subscription index for pure bond funds showed negative values, with significant redemption pressures peaking at -29.2 on July 24[27] - The total scale of wealth management products decreased by 125.2 billion yuan to 30.95 trillion yuan, reflecting redemption pressures amid a strong performance in equity and commodity markets[43] - Despite the redemption pressures, wealth management products continued to show net buying behavior, with a total net purchase of 107.6 billion yuan during the same period, indicating that liquidity management pressures remain manageable[51] Group 3: Risk Preferences and Market Outlook - The recent surge in commodity prices, with increases of 73.4% for coking coal and 43.3% for polysilicon, has raised concerns about inflation and its potential impact on the bond market[33] - The bond market may have already passed its most challenging period, with expectations of a stable funding environment supported by the central bank's actions[41] - The upcoming clarity from U.S.-China negotiations and the July Politburo meeting may influence risk preferences, with potential short-term cooling in the stock market expected[41]

Investment Rating - Industry rating: Recommended [4] Core Views & Investment Suggestions - The third round of China-US trade negotiations will be held in Sweden, and the market should closely monitor the progress of these talks. The negotiations aim to postpone the scheduled tariff increase deadline of August 12, reflecting a pragmatic willingness from both sides to manage differences. The advancement of core tariff issues is a key support for current market sentiment, and a cautiously optimistic outlook is maintained for the prospects of a phased agreement [2][24]. - In July, 134 game licenses were issued, including 127 domestic games and 7 imported games, such as NetEase's "Diablo IV." The normalization of license issuance continues to support the healthy development of the industry, with major companies introducing significant IPs alongside original high-quality products, optimizing the supply structure and further releasing market vitality [2][24]. Summary by Sections Market Overview - In the week of July 21-25, 2025, the Shanghai Composite Index rose by 1.67%, the CSI 300 Index increased by 1.69%, and the ChiNext Index surged by 2.76%. The Hang Seng Index rose by 1.86%, and the Hang Seng Internet Index increased by 2.27%, outperforming the Hang Seng Index by 0.41 percentage points. The SW Media Index rose by 2.15%, lagging behind the ChiNext Index by 0.61 percentage points, ranking 18th among 31 industries [1][11]. Sub-industry Data Film Industry - The top three films by box office for the week were "The Lychee of Chang'an" with a box office of 170.914 million yuan (25.6% market share), "Nanjing Photo Studio" with 152.25 million yuan (22.8%), and "The Legend of Lu Xiaobei 2" with 94.343 million yuan (14.2%) [27][28]. Gaming Industry - The top three iOS games by sales were "Honor of Kings," "Peacekeeper Elite," and "Love and Deep Space." The top three Android games by popularity were "Heart Town," "My Leisure Time," and "Staff Sword Legend" [30][31]. TV Series Industry - The top three TV series by broadcast index were "Drug Storm," "Morning Snow," and "Cherry Amber," with indices of 83.5, 82.9, and 80.8 respectively [33][34]. Variety Shows and Animation - The top variety show was "Running Man Season 9," followed by "Comedy King Stand-up Season 2" and "Talk Show and His Friends Season 2." The top three animated shows by viewership index were "Cang Yuan Tu," "Happy Hammer," and "Cloud Deep Not Knowing Dream" [34][36].

Investment Rating - Industry Rating: Recommended [5] Core Insights - The humanoid robot industry is accelerating its layout both domestically and internationally, with significant breakthroughs expected in AI technology and cost reduction, leading to a strong demand for domestic core components [1][13][15] - The solid-state battery industry is progressing towards commercialization, driven by technological upgrades and the expansion of the supply chain, with companies expected to release new products and increase production capacity [2][18][19] - The photovoltaic industry is expected to return to an orderly competitive state due to the proposed price law amendments aimed at curbing "involution" competition, with upstream material prices rising and benefiting companies like JA Solar and Trina Solar [3][27][30] Summary by Sections Humanoid Robots - The industry is witnessing rapid advancements with major tech companies entering the market, leading to accelerated industrialization [1][14] - Domestic companies are expected to benefit significantly from the demand for localized core components [1][15] - Key players include Tesla, Unitree, and ByteDance, with significant product launches and production plans [14][17] New Energy Vehicles - The solid-state battery technology is identified as the next definitive direction for battery technology, with companies like Funeng Technology and Honeycomb Energy making strides in production [2][18][20] - The industry is experiencing rapid growth, with new models and technologies enhancing performance and reducing costs [20][21] - Companies with technological advantages and those expanding into new applications are expected to benefit [19][22] New Energy - The proposed price law amendments are set to improve market order and reduce excessive competition in the photovoltaic sector [3][26][27] - Upstream material prices are rising, which is expected to positively impact downstream component prices, creating rebound opportunities for companies like JA Solar and Trina Solar [27][30] - The industry is also seeing advancements in battery efficiency and production capabilities, with companies like Aiko Solar and LONGi Green Energy positioned to benefit [27][30] Power Equipment & AIDC - The demand for high-power density servers and cooling systems is expected to grow due to the rapid development of AI, benefiting the AIDC supply chain [8][19] - Companies involved in the production of power equipment and components for AI applications are likely to see increased demand [8][19]

Investment Rating - Industry rating: Recommended [4] Core Insights - The report emphasizes the importance of open and shared AI capabilities, highlighting the ongoing growth in the AI sector and the potential for significant investment opportunities in related companies [6][7] - The satellite internet sector is experiencing rapid development, with advancements in satellite constellations leading to increased communication capacity and reduced latency, alongside emerging applications in mobile broadband and intelligent driving systems [8][10] Summary by Sections AI and Computing Power - The AI sector is expected to maintain high growth due to strong overseas performance and elevated guidance, with short-term recommendations for companies benefiting from potential easing of chip bans, including Unisplendour, ZTE, and others [7][11] - Long-term growth in the computing power industry is anticipated, driven by advancements in inference computing and model upgrades, with key beneficiaries identified as NewEase, Zhongji Xuchuang, and Tianfu Communication [7][11] Satellite Internet Development - The report notes a significant service interruption of Starlink for approximately 2.5 hours, affecting tens of thousands of users globally, while also highlighting ongoing breakthroughs in domestic inter-satellite laser communication [8][10] - Continuous recommendations for companies like Haige Communication and related beneficiaries such as Zhenlei Technology and Shanghai Hanhua are made, reflecting the robust growth in the satellite internet market [8][10] Communication Infrastructure - The report identifies key players in the communication infrastructure sector, including major operators like China Mobile, China Telecom, and China Unicom, as well as equipment manufacturers such as ZTE and Unisplendour [11][12] - Recommendations extend to companies involved in optical network upgrades and edge computing, with specific mentions of optical module manufacturers and edge security firms [11][12]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From July 21 - 25, 2025, the CSI REITs Total Return Index closed at 1087.36 points, down 1.56% for the week, breaking below the 1100 - point mark, with a relatively large overall correction. The total market capitalization of the REITs market reached 204.7 billion yuan with 69 listed projects after the listing of CICC Principal Agricultural REIT [1][8]. - In terms of major asset classes, commodities and equities generally rose in July, while REITs had negative returns. Commodities performed strongly this week, with coking coal up 35%, and coke, lithium carbonate, polysilicon, soda ash, and glass up over 15%. The equity market rose between 1.5 - 3.5%, and indices such as the CSI 300, CSI 500, CSI 1000, Hang Seng Tech, and CSI Convertible Bond all outperformed REITs [1][8]. Summary by Related Catalogs Secondary Market Price: The Rental Housing Sector Had the Largest Decline - All seven REITs sectors declined this week, with rental housing having the largest decline of 3.23%. Industrial parks and warehousing logistics were relatively more resilient. Eight rental housing REITs generally fell 3 - 5%. Some previously high - performing rental housing REITs like CRIC Wanke Shenzhen Rental Housing had a decline of about 3% this week. The average cash distribution rate of rental housing is 2.76%. REITs with high distribution rates such as Shanghai Real Estate Rental Housing and Chengtou Kuanting Rental Housing can be continuously monitored [2][13]. - In the highway sector, there were still differences among projects in June. Projects in the eastern economically active regions had better year - on - year performance in traffic volume and toll revenue. Huaxia Nanjing Traffic Highway REIT had the largest decline this week, but its operation has good resilience. Projects like China Merchants Highway and CICC Anhui Expressway had good fundamentals and can be continuously monitored [2][15]. Liquidity: Trading Activity Recovered - The overall market trading was relatively active this week, with the average daily trading volume of 583 million yuan, the average daily trading volume of 129 million shares, and the average daily turnover rate of 0.63%, up 17.72%, 15.22%, and 0.08 pct respectively from the previous week [20]. - By sector, the sectors with the highest average daily turnover rates this week were municipal environmental protection (1.06%), rental housing (0.78%), and consumer facilities (0.73%). Most sectors' turnover rates continued to decline compared with last week, except for consumer facilities and warehousing logistics, whose turnover rates slightly increased [23]. - Five projects were lifted from lock - up in July. With a large number of projects approaching the end of their lock - up periods from the second half of 2025 to the first half of 2026, potential trading pressure from recent lock - up expirations needs to be monitored [28]. Valuation: The Overall Decline Led to Valuation Adjustment - The overall decline of REITs this week led to valuation adjustments, and the distribution rate increased slightly. In terms of ChinaBond valuation yields, the energy infrastructure sector had the largest change in yield but still had the lowest yield among all sectors. The traffic (5.69%), warehousing logistics (5.09%), and industrial park (4.81%) sectors had relatively high yields [31]. - In terms of cash distribution rates, energy - related projects still had the largest change, with the average rising to 8.28%. For concession - based projects, the principal recovery situation should be considered when looking at the cash distribution rate. Among equity - based projects, industrial parks (4.33%), warehousing (4.11%), and consumer facilities (3.79%) had relatively high distribution rates, while the average distribution rate of rental housing was only 2.76% [31]. Primary Market Initial Offering: China Aerospace Tianhong Consumer REIT Has Been Filed - On July 22, 2025, China Aerospace Tianhong Consumer Closed - end Infrastructure Securities Investment Fund was filed with the Shenzhen Stock Exchange. Tianhong Co., Ltd. has three major brands: "Tianhong", "Junshang", and "sp@ce", targeting the mid - to high - end consumer market [3][35]. - As of July 25, 2025, there were about 7 - 10 potential issuance projects remaining this year. There are 4 projects that have been approved and are waiting to be listed, 10 projects that have received feedback from the exchange, and 1 project that has been filed [35].

Investment Rating - The industry rating is "Recommended" [5] Core Insights - In Q2 2025, the public fund allocation ratio for the home appliance sector decreased by 15.4% to a market value of 99.56 billion yuan, with a public fund allocation ratio of 3.85%, down by 0.72 percentage points [9] - Among the sub-sectors, the black appliance segment saw an increase in public fund allocation, while the white and small appliances experienced declines [12] - TCL Electronics expects a net profit of approximately 950 million to 1.08 billion HKD for H1 2025, representing a year-on-year growth of 45% to 65% due to its focus on globalization and high-end product development [16][17] -泉峰控股 anticipates a net profit of approximately 90 million to 100 million USD for H1 2025, reflecting a 50% year-on-year increase driven by revenue growth and contributions from high-margin brands [18] Summary by Sections 1. Weekly Topic: Q2 2025 Home Appliance Sector Fund Allocation - The public fund holding market value for the home appliance sector was 99.56 billion yuan, down 15.4% [9] - The allocation ratios for sub-sectors were as follows: white appliances (3.05%), small appliances (0.30%), black appliances (0.20%), appliance components (0.26%), kitchen and bathroom appliances (0.02%), and lighting equipment (0.01%) [12] 2. Key Company Announcements - TCL Electronics projects a significant increase in net profit for H1 2025, driven by advancements in high-end display technologies and improved product competitiveness [16] -泉峰控股 expects a substantial profit increase due to growth in its proprietary brand business and favorable currency effects [18] 3. Data Tracking 3.1 Raw Material Data - LME copper price increased by 1.3% and aluminum price by 2.5% as of July 25, 2025 [19] 3.2 Shipping Rates and Exchange Rates - The CCFI composite index decreased by 3.24% as of July 25, 2025, with a slight decline in the USD to RMB exchange rate [24] 3.3 Real Estate Data - In the first half of 2025, the sales area of commercial housing decreased by 3.5%, with significant declines in construction and new starts [26]