Investment Rating - Industry rating: Recommended [5] Core Insights - The adjustment of national subsidy policies is aimed at controlling the volume rather than ending the subsidies, with subsequent funds being actively disbursed [2][10] - As of the end of May, over 150 billion yuan of national subsidy funds have been consumed, with an expected increase to 50 billion yuan in June, leading to a cumulative consumption of 210 billion yuan from January to June, accounting for 70% of the 300 billion yuan subsidy pool [1][9] - Various regions have begun to implement limits on subsidies or even pause them due to overspending, with Jiangsu province announcing a limit on both online and offline subsidies starting June 1 [1][11] Summary by Sections Weekly Topic - National subsidy funds consumption has exceeded expectations, with many regions transitioning to limit management or pausing subsidies [1][9] - The government is smoothing the subsidy rhythm to reduce demand overdraft, especially with the peak sales season for air conditioners and major shopping events like the 618 promotion approaching [2][10] Company Key Announcements - Stone Technology plans to issue H shares and list on the Hong Kong Stock Exchange to enhance global brand recognition and competitiveness, optimize capital structure, and improve governance [3][12] Data Tracking Raw Material Data - As of June 6, 2025, LME copper prices increased by 1.8% compared to the previous week, while LME aluminum prices decreased by 0.55% [13] Shipping Rates and Exchange Rates - The CCFI composite index increased by 3.34% compared to the previous week, with the USD to RMB exchange rate decreasing by 0.15% [23][24] Real Estate Data - From January to April 2025, the cumulative year-on-year changes in commercial housing sales area, housing completion area, and new housing starts were -3%, -17%, and -24% respectively [26]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a turnaround in profitability in FY24, with a net profit of 0.22 billion yuan compared to a loss of 15.38 billion yuan in the same period last year [2][6] - The company is actively adjusting its business structure, focusing on the development of the prepared food segment, which is expected to grow significantly in the future [7][8] Summary by Sections Financial Performance - In FY24, the company reported revenue of 10.99 billion yuan, a year-on-year decrease of 17.49%, and a net profit of 0.22 billion yuan, compared to a loss of 15.38 billion yuan in the previous year [2] - For Q4 FY24, the company generated revenue of 2.98 billion yuan, down 7.37% year-on-year, with a net loss of 0.51 billion yuan [2] - In Q1 FY25, revenue was 2.55 billion yuan, a slight increase of 1.01% year-on-year, but net profit decreased by 85.85% to 0.04 billion yuan [2] Business Segments - The company's revenue from fresh and frozen meat, cooked products, prepared foods, and import trade in FY24 was 8.99 billion, 0.21 billion, 1.69 billion, and 0.02 billion yuan respectively, with declines of 6.65%, 10.06%, 14.98%, and 98.42% year-on-year [3] - The company is focusing on maintaining existing channels while exploring new ones, particularly in the B2B and new retail sectors, resulting in a revenue increase of 7.64% in online channels [3] Profitability and Cost Management - The gross profit margin for FY24 was 3.98%, an increase of 5.56 percentage points year-on-year, while Q1 FY25 saw a gross margin of 4.91% [4] - The company has managed to reduce sales expenses in FY24, although management and financial expenses increased in Q1 FY25 [5] Future Outlook - The company plans to continue focusing on the prepared food segment, which is projected to reach a scale of around 5 billion yuan, leveraging its strong customer base in the B2B sector [8] - Revenue forecasts for FY25 and FY26 have been adjusted to 11.73 billion and 12.66 billion yuan respectively, with EPS estimates revised to 0.10 and 0.14 yuan [9]

Investment Rating - Industry Rating: Recommended [4] Core Views - The macro sentiment has eased following the dialogue between the US and China, leading to a strong fluctuation in industrial metals [1][6] - Precious metals have seen a decline in safe-haven demand, with gold and silver prices experiencing slight increases this week [1][25] - The report highlights the impact of US economic indicators, including manufacturing and employment data, on market sentiment and metal prices [1][40] Summary by Sections Precious Metals - Gold prices increased by 0.54% to $3,331.00 per ounce, while silver prices rose by 9.24% to $36.13 per ounce this week [1][25] - SPDR Gold ETF holdings increased by 129,023.13 troy ounces, and SLV Silver ETF holdings rose by 13,038,422.40 ounces [1][25] - The gold-silver ratio fell by 7.96% to 92.19, indicating a shift in market dynamics [1][25] Base Metals - In the LME market, copper prices rose by 1.83% to $9,670.50 per ton, aluminum by 0.12% to $2,451.50 per ton, zinc by 1.25% to $2,662.50 per ton, and lead by 0.51% to $1,974.00 per ton [6][46] - SHFE market showed similar trends with copper up by 1.71% to ¥78,930.00 per ton and zinc up by 0.72% to ¥22,385.00 per ton [6][46] - The report notes a significant decrease in LME copper registered warehouse stocks, down 17.5% to 54,700 tons, the lowest level since July 2023 [44] Copper - Chile's copper exports in May reached 181,234 tons, with 32,721 tons exported to China [7][67] - Domestic copper rod enterprises' operating rates increased to 75.90%, reflecting a recovery in demand [7][67] - The report anticipates a long-term positive outlook for copper prices due to ongoing macroeconomic policies and infrastructure investments in China [8][68] Aluminum - The report indicates that aluminum demand is under pressure, with production costs decreasing and seasonal demand weakening [9][10] - The average cost of electrolytic aluminum in China fell to ¥16,374 per ton, while the average profit margin increased to ¥3,703 per ton [44] - The outlook for aluminum prices remains cautiously optimistic, supported by ongoing demand in the electric vehicle and power sectors [10][18] Zinc - The report highlights ongoing uncertainties due to tariffs and increased imports, leading to sustained supply pressures in the zinc market [11] - Domestic zinc ingot inventories increased by 0.43% to 79,300 tons, indicating a buildup in supply [11] Lead - Lead consumption is currently in a seasonal downturn, with inventories expected to continue rising [12] - The report notes that lead battery markets are experiencing reduced production, leading to cautious procurement strategies among downstream enterprises [12] Minor Metals - Magnesium prices have seen a decline of 3.25% to ¥17,590 per ton, with cautious purchasing behavior observed in the market [13][14] - Molybdenum prices have increased, supported by strong raw material prices, while vanadium prices have softened due to weak demand [15]

证券研究报告|宏观点评报告 [Table_Date] 2025 年 06 月 08 日 [Table_Title] 公募 REITs 总市值首次突破 2000 亿元 ——公募 REITs 周速览（2025 年 6 月 2-6 日） 图 1：REITs 市场整体表现 资料来源：WIND，华西证券研究所 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 0.55 0.65 0.75 0.85 0.95 1.05 1.15 1.25 1.35 2021/9/30 2022/2/28 2022/7/31 2022/12/31 2023/5/31 2023/10/31 2024/3/31 2024/8/31 2025/1/31 REIT全收益成交额（右轴） 中证REITs全收益 沪深300 中证500 中证1000 中证转债 基准线（1.00） 注 1：通常用中证 REITs 全收益指数（指数代码：932047）或中证 REITs（收盘）指数（指数代码：932006）来反映沪深市场上市 REITs 的整体表现，二者均选取沪深市场中满足一定流动性条件和上市时间要求的 RE ...

Market Overview - The Wande All A index closed at 5156.21 on June 6, 2025, up 1.61% from May 30, 2025, while the China Convertible Bond index rose by 1.08% during the same period[1] - Since the beginning of 2025, the Wande All A index has increased by 2.68%, and the China Convertible Bond index has risen by 4.67%[1] U.S.-China Relations - The recent U.S.-China summit led to a positive market response, with expectations of easing trade tensions, although the U.S. raised steel and aluminum tariffs to 50%[2][34] - Non-farm payrolls data showed an increase of 139,000 jobs, slightly above expectations, leading to a decrease in interest rate cut expectations for the year[35] Investment Strategy - The report suggests maintaining a rotation strategy, focusing on technology opportunities, as the technology sector shows low crowding and potential for upward movement[3][40] - The TMT sector's crowding index rose from 8.7% at the end of May to 27.5%, indicating increased interest in technology stocks[43] Convertible Bonds - Convertible bond valuations have improved across various price levels, with the valuation center for 80 yuan parity rising by 0.81 percentage points to 47.28%[27] - The report emphasizes the importance of monitoring stock performance and credit events for potential investment opportunities in convertible bonds[55] Risks - The report highlights risks associated with accelerated style rotation in equity markets and unexpected adjustments in convertible bond market rules[5]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a turnaround in profitability in FY24, with a revenue of 10.99 billion yuan, down 17.49% year-on-year, and a net profit attributable to shareholders of 0.22 billion yuan, compared to a loss of 1.54 billion yuan in the same period last year [2][6] - The company is actively adjusting its business structure, focusing on the development of the prepared food segment, which is expected to grow significantly in the future [7][8] Revenue and Profit Analysis - In FY24, the company reported revenues from various segments: fresh and frozen meat (8.99 billion yuan), cooked food (0.215 billion yuan), prepared food (1.687 billion yuan), and others, with declines of 6.65%, 10.06%, and 14.98% respectively [3] - The company’s gross margin for FY24 was 3.98%, an increase of 5.56% year-on-year, indicating improved profitability despite revenue pressures [4] - The net profit margin for FY24 was 0.20%, showing a significant recovery from the previous year's losses [6] Cost and Expense Management - The company’s selling, general, and administrative expenses as a percentage of revenue were 0.94%, 2.28%, and 0.07% respectively for FY24, reflecting a strategic focus on cost control [5] - In Q4 FY24, the company recorded a significant asset impairment loss of 0.57 billion yuan, but also realized an investment gain of 0.63 billion yuan from the sale of a subsidiary [5] Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted to 11.73 billion yuan and 12.66 billion yuan respectively, with an expected EPS of 0.10 yuan and 0.14 yuan [9] - The company aims to expand its market presence in the prepared food sector, targeting a market size of around 5 billion yuan [8]

证券研究报告|行业研究周报 [Table_Date] 2025 年 06 月 08 日 [Table_Title] 周专题：国补政策调整是控量而非结束，后续资金积极拨 付中 [Table_Title2] 家电行业周报 [Table_Summary] ► 周专题： 国补资金消耗超预期，多地转向限额限流甚至暂停。根据奥 维云网，2025 年以来消费市场回暖与密集促销节点共振，国 补资金消耗速度超预期。截至 5 月底，全国范围内已有超 1500 亿资金被消耗，进入 6 月，叠加 618 大促、端午促销等 购物节点，预计 6 月资金消耗将攀升至 500 亿元，推动 1- 6 月累计消耗规模达 2100 亿元，占 3000 亿国补资金池的 70%。多地因资金透支开始进入国补限额模式，甚至是暂停 国补。如消费大省江苏省商务厅市场运行和消费促进处工作 人员表示，从 6 月 1 日开始，江苏"国补"线上线下都将采 取限额管理，活动将持续到年底。 国补政策调整是控量而非结束，后续资金积极拨付中。根据 中国能源网，发改委于 1.6、4.28 各下发两笔 810 亿消费品 换新资金，剩余 1400 亿资金等待下发，考虑到地方配套 ...

Investment Rating - Industry Rating: Recommended [5] Core Views - The approval of the Three Gorges Waterway project, with a total investment of 76.6 billion yuan, is expected to benefit companies in the civil explosives and engineering sectors, such as Zhongyan Dadi and Chongqing Construction [4][8] - The civil explosives industry is experiencing high demand, with consolidation expected among leading companies, benefiting firms like Guangdong Hongda and Xuefeng Technology [8] - The carbon fiber market is seeing price increases and emerging demand, with recommendations for companies like Zhongfu Shenying and Jilin Chemical Fiber [8] - There is a strong focus on resilient companies with high dividends in the consumer building materials sector, recommending firms like Dongfang Yuhong and Weixing New Materials [8] - The expectation for increased domestic investment is strong, with recommendations for China State Construction and China Communications Construction [8] - The trend of domestic substitution is accelerating, with recommendations for Maijia Xincai and Songji Coatings [8] Summary by Sections Building Materials - Beneficiaries include Zhongyan Dadi and Chongqing Construction due to major projects like the Three Gorges Waterway and Yarlung projects [8] - The civil explosives sector is consolidating, with a target of reducing the number of producers to 50 by 2025, benefiting companies like Guangdong Hongda and Xuefeng Technology [8] - Carbon fiber prices are rising, with a projected annual capacity of 135,500 tons by the end of 2024, benefiting companies like Zhongfu Shenying and Jilin Chemical Fiber [8] Market Trends - The new housing and second-hand housing market is showing a downward trend, with new housing transaction area down 24% year-on-year and 40.21% month-on-month in major cities [2][24] - Cement prices are under downward pressure, with a national average price of 363.5 yuan/ton, down 1.2% week-on-week [3][26] - The glass market continues to decline, with float glass prices averaging 1,250.27 yuan/ton, down 1.63% week-on-week [3][26] Investment Opportunities - The report highlights the potential for investment in infrastructure and civil engineering projects, with a focus on companies that can benefit from increased domestic demand and government support [8][11] - The "Belt and Road" initiative is expected to catalyze international engineering projects, benefiting companies like China State Construction and China Metallurgical Group [11]

证券研究报告|行业研究周报 [Table_Date] 2025 年 6 月 7 日 缅甸地区供应持续缩减，供应收紧预期对锡价 或有支撑 [Table_Title2] 有色-能源金属行业周报 [Table_Summary] 报告摘要: ►本周沪镍价格环比上涨，沪镍大幅去库 截止到 6 月 6 日，LME 镍现货结算价报收 15225 美元/ 吨，较 5 月 30 日上涨 0.5%，LME 镍总库存为 200106 吨，较 5 月 30 日增加 0.36%；沪镍报收 12.2 万元/吨，较 5 月 30 日上 涨 0.89%，沪镍库存为 25,616.00 吨，较 5 月 30 日减少 5.39%；截止到 5 月 30 日，硫酸镍报收 28,500.00 元/吨，较 5 月 30 日价格持平。根据 SMM，从供给端来看，国内方面的情 况是，虽然菲律宾镍矿的发运量持续增加，国内冶炼厂的原材 料库存也较为充足，但主产区苏里高以及巴拉望的中高品位镍 矿品位有所下滑，这可能导致国内冶炼厂的金属产量出现一定 程度的下降。印尼方面，尽管当前内贸火法镍矿的升水依然较 为坚挺，冶炼厂因此面临较高的成本压力，成品价格的疲软导 致冶 ...

Investment Rating - Industry rating: Recommended [5] Core Viewpoints - Zhou Li Fu has passed the Hong Kong Stock Exchange hearing and has over 4,000 stores, maintaining a top five position in the Chinese jewelry market from 2017 to 2024 [1][21] - The company’s revenue for 2024 is projected to be CNY 5.718 billion, an increase of 11.0%, with a net profit of CNY 706 million, up 7.1% [2] - The product mix includes 91% gold jewelry and 9% diamond-set jewelry, with a diverse range of product series [1][2] Summary by Sections Industry & Company Dynamics - Zhou Li Fu operates a comprehensive business model integrating product development, supply chain, franchising, and brand management [1] - The company has a strong offline sales network with 4,129 stores across 31 provinces and cities in China, and 4 overseas stores [2][21] - Online sales are rapidly growing, with a CAGR of 46.1% from 2022 to 2024 [2] Macroeconomic & Industry Data - In April, the total retail sales of consumer goods increased by 5.1% year-on-year, with jewelry retail sales growing by 25.3% [27][41] - National gold consumption in Q1 2025 was 290.49 tons, a decrease of 5.96% year-on-year, with jewelry demand particularly affected by high gold prices [43][44] Investment Recommendations - Five investment themes are suggested: 1. Recovery of offline traffic benefiting traditional retail [54] 2. Continuous upgrades in AI technology [54] 3. Increased consumer willingness to pay for emotional value in new retail [54] 4. Recovery of cyclical sectors under domestic demand promotion [54] 5. Opportunities for domestic brands to expand overseas [54]