Group 1: ESG Investment Characteristics - Insurance funds exhibit long-term and strategic advantages in ESG and green investments, influencing other market participants as large asset owners[2] - The total balance of insurance funds in China exceeded 33 trillion yuan by the end of 2024, with life insurance companies accounting for approximately 30 trillion yuan[15] - 95% of insurance companies in the Asia-Pacific region have incorporated ESG factors into their investment considerations, up from 56% in 2018[3] Group 2: Decarbonization Goals - Large asset owners can consider two types of decarbonization targets: carbon intensity targets that allow for emissions growth with business expansion, and absolute targets that require total emissions reduction regardless of business scale[3] - By 2024, the total green investment scale of China’s major insurance companies reached approximately 1.67 trillion yuan, a year-on-year increase of 36%[44] - Allianz aims to reduce carbon emissions by 50% by 2030, with a specific target of a 50.7% reduction in carbon emissions from listed company stocks by 2024[61] Group 3: Market Influence and Integration - Insurance funds play a crucial role in integrating ESG considerations into outsourced investments, enhancing the green impact of capital allocation[28] - The global insurance fund management scale reached approximately 16.65 trillion USD by the end of 2024, accounting for 29% of total asset management[29] - Major insurance companies are increasingly diversifying their green investment types beyond traditional fixed income to include equity and alternative assets[46]

Project Overview - The Yarlung Tsangpo River downstream hydropower project officially commenced on July 19, 2025, with a total investment of approximately CNY 1.2 trillion[1] - The project will construct five stepped hydropower stations, primarily focusing on power transmission while also addressing local consumption needs[1] Economic Impact - The project is expected to positively influence the economy over a long period, potentially increasing GDP by approximately 0.1 percentage points annually during its construction phase[2] - It is estimated that the project will create around 200,000 jobs, significantly boosting local employment opportunities[2] - Once operational, the hydropower station could generate over CNY 20 billion in annual fiscal revenue for Tibet, accounting for 72.2% of the region's 2024 general public budget revenue[2] Infrastructure and Industry Growth - The project will drive demand for construction materials such as cement, steel, and machinery, leading to significant growth opportunities in related industries[3] - The construction phase is anticipated to enhance local infrastructure, including roads and power grids, facilitating better connectivity and economic development in the region[3] Environmental and Energy Contributions - The hydropower project is projected to provide nearly 300 billion kilowatt-hours of clean energy annually, meeting the electricity needs of over 300 million people and significantly reducing reliance on fossil fuels[3] - The project aligns with China's dual carbon goals, contributing to a cleaner energy mix and supporting the development of complementary renewable energy sources like solar and wind[3] Risks and Considerations - Potential risks include delays in fiscal policy implementation and project progress, which could impact the anticipated economic benefits[4] - The complexity of the project involves significant policy coordination, funding, and technical challenges, which may affect timelines and outcomes[4]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Insurance funds exhibit two main advantages in ESG and green investments: long-term nature and strategic significance, which extend their influence as large asset owners on other market participants [2][17] - The integration of ESG in outsourced investments by insurance funds plays a crucial role in market cultivation, with 95% of insurance companies in the Asia-Pacific region incorporating ESG factors into their investment considerations, up from 56% in 2018 [3][29] - Large asset owners can consider two types of decarbonization targets: carbon intensity targets, which allow for emissions increases due to business growth, and absolute value targets, which require total emissions reductions regardless of business scale [4][50] Summary by Sections Introduction - The report addresses how domestic insurance asset management implements ESG investments and green finance, the impact of outsourced investments on ESG practices, and the feasibility of decarbonization paths based on overseas insurance asset management practices [11] Necessity of Insurance Funds in Green Finance - Insurance funds are a crucial pillar of China's financial system and a significant source of funding for green and low-carbon transitions, with total assets exceeding 33 trillion yuan by the end of 2024 [12][13] - Regulatory authorities are guiding insurance institutions to develop green finance, emphasizing support for green, low-carbon, and circular economies [14] Domestic Insurance Funds' ESG and Green Investment Practices - Insurance funds' ESG and green investments are characterized by long-term nature, strategic significance, and market-shaping ability [17] - The long-term nature is driven by the stable and large-scale funding sources of insurance institutions, making them essential for the healthy development of capital markets [18] - The strategic significance is aligned with China's high-quality economic development and green low-carbon transition requirements [19] - As large asset owners, insurance funds can influence the ESG practices of invested companies and outsourced funds [20] ESG Integration in Outsourced Investments - Insurance funds leverage external management institutions to integrate ESG strategies deeply, enhancing the green impact of investments [24] - By the end of 2024, global insurance funds managed approximately 16.65 trillion USD, accounting for 29% of total assets under management [25] - A significant majority of insurance companies in Europe, Africa, and the Middle East incorporate ESG factors into their investment considerations [29] Industry Practices - The scale of green investments by major insurance companies is steadily increasing, with a total of 1.67 trillion yuan allocated to green development by mid-2023, a 36% year-on-year increase [36] - The types of green investments are diversifying beyond traditional fixed-income products to include equity and alternative assets [38] - The integration of green investments with business practices is deepening, particularly in climate risk assessment and portfolio carbon accounting [39] Decarbonization Goals and Paths of Overseas Large Insurance Funds - Leading overseas insurance institutions have established comprehensive decarbonization strategies, aligning with the Paris Agreement's temperature control goals [46] - Decarbonization targets are categorized into carbon intensity targets and absolute value targets, with the former allowing for emissions increases due to business growth [50] - The report highlights the systematic implementation paths adopted by overseas insurance institutions to achieve decarbonization goals [51]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report indicates that signals of "anti-involution" will drive the industry out of the bottom [1] Summary by Relevant Sections Steel Price Data - The SW Steel Index is at 2,326 with a weekly increase of 0.4% and a year-to-date increase of 10.6% [3] - The price of rebar (HRB400 20mm) is 3,270 CNY/ton, with a weekly increase of 0.9% and a year-to-date decrease of 4.1% [3] - Hot-rolled coil is priced at 3,360 CNY/ton, showing a weekly increase of 1.5% and a year-to-date increase of 1.8% [3] Inventory Data - Total social inventory of five major steel products is 921,000 tons, with a weekly increase of 0.9% and a year-to-date increase of 21.5% [5] - Total inventory at steel mills is 416,000 tons, with a weekly increase of 2.4% and a year-to-date increase of 18.6% [5] - Port inventory of iron ore is 13,782,000 tons, with a weekly increase of 0.1% and a year-to-date increase of 7.3% [5] Supply and Demand - The weekly output of five major steel products is projected to be around 1,000,000 tons [9] - Daily average pig iron production is expected to reach approximately 230,000 tons [9] Profitability - The profitability rate of steel mills is currently at 6.6% [19]

Important Recommendations - The report highlights that Tai Chen Guang (300570) is a core supplier in the MPO sector, entering a phase of simultaneous volume and price increase, driven by unexpected AI demand from downstream clients and sustained growth in overseas customer demand. Revenue projections for 2025-2027 are estimated at 2050.96 million, 2993.74 million, and 4332.29 million yuan, with corresponding net profit forecasts of 448.30 million, 717.69 million, and 1064.04 million yuan, indicating growth rates of 71.59%, 60.09%, and 48.26% respectively [4][5][6] - The report also discusses Mai Di Technology (603990) as a leading player in domestic medical informationization, benefiting from three main lines: the profitable spin-off of its photovoltaic business, the launch of smart medical products, and the development of health care robots. The company is expected to achieve revenues of 338 million, 411 million, and 503 million yuan for 2025-2027, with net profits of 62 million, 83 million, and 124 million yuan, reflecting growth rates of -34.7%, 47.9%, and 49.4% respectively [4][6][7] Key Insights - The report indicates that the medical informationization industry is expected to grow at a CAGR of 11.5% from 2024 to 2029, driven by the integration of AI and full-link data connectivity, with Tai Chen Guang positioned to capitalize on new business opportunities in emergency medical solutions and drone delivery systems [5][6] - The report emphasizes the importance of strategic partnerships, such as those with Huawei and Youbixuan, in expanding the market for health care robots, which is projected to reach a scale of 100 billion yuan [5][6] - The A-share strategy report suggests that the market is currently in a phase of growth, with major indices rising and a recommendation for investors to adopt a balanced portfolio approach, including banking stocks as a stabilizing force [8][9]

❑ 当前转债市场建议轻指数重个券。我们认为转债的定价核心是正股基本面和主 题，正股强势的平衡型转债以及短期内不赎回的偏股型品种均能提供一定的交易 机会，建议投资者顺势操作，提高对转债价格区间的包容度，适度考察 130－150 元价格范围的转债。而偏债类转债的 YTM 已经压降至低位，纯债替代策略资金 流入拔高估值水平。如果以上标的机会有限，或对含权资产观点相对中性，也可 以考虑高切低，调整持仓结构。 证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 07 月 20 日 转债强赎意愿明显提升 ——可转债周度跟踪 核心观点 转债指数突破新高，价格和估值处于高位，但市场交易热情仍在抬升，各类转债估值 拉伸。火热行情下，7 月转债强赎意愿明显提升。下一阶段建议投资者顺势操作，提高 对转债价格区间的包容度，适度考察 130－150 元价格范围的转债，考虑正股强势的平 衡型转债以及短期内不赎回的偏股型品种。 ❑ 风险提示 经济基本面改善不足；国内流动性收紧；海外风险事件超预期；历史经验不代表 未来 分析师：陈婷婷 执业证书号：S1230525050001 chentingting ...

Investment Rating - The industry rating is maintained as "Positive" [4] Core Views - The rotation between old and new consumption sectors continues, with leading brands in liquor and dairy products rebounding. The performance of mass-market products in Q2 shows divergence, with new consumption-related stocks experiencing rapid growth despite previous adjustments in performance expectations. Traditional channel reforms have impacted some stocks, leading to ongoing adjustments in performance [1][3][33] - The liquor sector is expected to have limited downside potential for leading companies, with high ROE, dividends, and cautious profit assumptions indicating a valuation floor. Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, and Luzhou Laojiao [2][12] - New consumption trends are anticipated to continue, with potential for recovery in the second half of the year. Focus on low-priced or undervalued stocks with future catalysts, including Wei Long, Yili, and Wancheng Group [1][3][33] Summary by Sections Liquor Sector - The liquor sector remains at a low point, with a focus on potential policy catalysts and rebound opportunities. Leading brands with strong market positions are prioritized for investment. Recommended stocks include Guizhou Moutai, Wuliangye, and Shanxi Fenjiu [2][12] - Recent performance shows a positive trend, with Luzhou Laojiao, Yanghe, and Jiu Gui Jiu leading in gains, while Jinzhidao and Huangtai Jiuye faced declines [5][39] Mass-Market Products - The new consumption paradigm is reshaping the food and beverage investment landscape. Despite a recent pullback, the long-term trend remains positive, with clear opportunities for continued investment. Focus on stocks that align with new consumption trends, such as Wei Long, Yili, and Wancheng Group [3][33] - The mass-market sector has seen significant fluctuations, with stocks like Huangshi Group and Guoquan showing strong gains, while stocks like Ganyuan and Gu Ming faced notable declines [39][42] Performance Metrics - From July 14 to July 18, the Shanghai Composite Index rose by 1.09%, with non-dairy beverages and liquor sectors showing gains of 2.16% and 1.30%, respectively. Conversely, frozen foods and snacks experienced declines of 2.26% and 1.10% [39][40] - The valuation levels for the food and beverage industry have adjusted, with the liquor sector showing the highest valuation increase this week [43]

Report Industry Investment Rating No investment rating information is provided in the report. Core Viewpoints - In the coming week, the funding pressure is expected to ease, and the central range of DR001 is likely to fall back to the range of 1.35% - 1.40%, but there is still a probability of sporadic frictions. The funding pressure on certificates of deposit (CDs) will ease, but the supply - demand pressure remains. With a maturity scale of over one trillion yuan in the coming week, CD yields may decline with fluctuations [1][2]. Summary by Relevant Catalogs 1. Liquidity Tracking 1.1 Hotspot Interpretation 1 - The central bank's draft for comments aims to cancel the freezing of collateral for bond repurchases to promote bond market opening and facilitate the central bank's bond - buying restart. This will enhance the expectation of the central bank's bond - buying, improve bond market liquidity, optimize the demand for high - rating and high - liquidity bonds, and increase secondary - market bond supply, with more positive than negative impacts [10]. 1.2 Hotspot Interpretation 2 - At a press conference, the central bank stated that small and medium - sized banks' bond investments should maintain a reasonable level. While it is reasonable for small and medium - sized banks to appropriately increase bond holdings within the regulatory scope, they need to balance investment returns and risk - taking. Currently, the bond investment proportion of most small and medium - sized banks is relatively stable, and the risk of large - scale reduction in rural commercial banks' bond investments is small [11]. 1.3 Central Bank Operations - In the past week (7/14 - 7/18), the central bank net injected 1.4 trillion yuan of short - term liquidity through open - market operations, including 200 billion yuan of net - invested term - repurchase and 1.3 trillion yuan of net - invested 7 - day reverse repurchase. As of 7/18, the central bank's reverse - repurchase balance was 1.73 trillion yuan. In the coming week (7/21 - 7/25), with the maturity of 1.73 trillion yuan of reverse repurchases and 20 billion yuan of MLF, and considering the end of the tax period and reduced government bond supply pressure, the central bank is likely to conduct net withdrawals. In July, the central bank has 1.5 trillion yuan of MLF and term - repurchase maturing [12][13][14]. 1.4 Government Bond Issuance - In the past week, the net government bond payment was 42.88 billion yuan, and in the coming week, it is expected to be 23.99 billion yuan, indicating a reduced supply pressure. The net payment pressure is relatively large on Tuesday, Wednesday, and Thursday. As of 7/18, the net financing progress of treasury bonds was 57.5%, and that of new local bonds was 51.8%. The government bond supply pressure is expected to be relatively small in the second half of July, but relatively large in August and September [16][18]. 1.5 Bill Market - In the past week, most bill interest rates declined, especially the 6 - month bill interest rates. Currently, the bill interest rate trend is still significantly weaker than the seasonal level, reflecting slow credit demand recovery [25]. 1.6 Fund Review - Funds were tight first and then eased. With large - scale net injections by the central bank, the tax period passed smoothly. On 7/18, DR001 rose to 1.46%, DR007 to 1.51%, R001 to 1.49%, and R007 to 1.51%. The stability of non - bank fund prices was stronger than that of inter - bank fund prices. Term, institutional, and market stratifications of funds all converged to some extent. The market trading volume declined, the overnight trading proportion in the inter - bank market remained stable, and that in the exchange market increased. The net lending of the banking system decreased significantly, the net borrowing demand of core non - bank institutions decreased slightly, and the net lending demand of core non - bank net lenders increased [28][32][33][39][43]. 1.7 Inter - bank CDs - In the past week (7/14 - 7/20), CDs were issued worth 947.1 billion yuan, with a net financing of 170.9 billion yuan. The weighted issuance term decreased. The issuance interest rates of CDs of state - owned and joint - stock banks first increased and then decreased, and the secondary - market yields also showed the same trend. In the coming four weeks, the maturity amounts are 1.0765 trillion yuan, 376.7 billion yuan, 598.2 billion yuan, and 907.1 billion yuan respectively, with relatively large pressure in the coming week [50][54][56]. 2. Institutional Behavior Tracking 2.1 Secondary - market Transactions - The market fluctuated significantly in the past week, with a slight increase in trading - oriented players' influence and a weakening of rural commercial banks' allocation strength. Different types of bonds had different buyer and seller structures. For example, rural commercial banks, funds, and other products were the main buyers of interest - rate bonds, while joint - stock banks, securities firms, and city commercial banks were the main sellers [61]. 2.2 Institutional Duration - The median duration of medium - and long - term bond funds continued to rise, while the transaction duration of general credit bonds decreased, and that of secondary - tier bonds increased [62][65]. 2.3 Institutional Leverage - The bond - market leverage ratio was 107.04% in the past week, continuing to decline from the previous week [65].

Investment Rating - The industry investment rating is optimistic [2] Core Viewpoints - The focus is on operational quality, with companies emphasizing price increases that benefit competition and improve net profit margins [3][5] - The price increase by Chasing Mii has been significant, with a 20% increase observed after the 618 sales event, prompting other leading companies like Stone and Yunji to follow suit with increases of 4% and 8% respectively [5][17] - The trend of floor washing robots is emerging as a significant innovation in the domestic market, with expectations for new iterations from various companies in the second half of the year [11][16] - Investment suggestions include focusing on Stone Technology for its strong product capabilities and high R&D investment, and on Ecovacs for its leading product layout in floor washing robots and enhanced overseas reputation [5][39] Summary by Sections Domestic Market - Attention is drawn to product innovation and the sustainability of price increases among leading companies [6] - The sales share of floor washing robots has increased from 1% in Q3 2024 to 29% during the 618 sales event in 2025, indicating a growing trend [16] Price Increase Impact - Chasing Mii's price increase reflects a stronger profit demand, with a notable increase in average price to nearly 5000 yuan, while other companies have started to follow suit [22][27] - The analysis indicates that a price increase of over 6% by Chasing Mii could lead to a sequential profit increase despite potential sales volume declines [27] Overseas Market - Stone's Prime Day promotional discounts have been reduced, yet the company continues to show strong growth, particularly in the European market where it maintains a leading market share [28][32] - The competitive advantage in the overseas market is attributed to strong product performance, with Stone's high-end products leading in both performance and pricing [36]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The report indicates that the negative impact from the mid-year report has been fully absorbed, and the fundamentals of the coal industry remain upward [1] - The coal sector has underperformed the CSI 300 index, with a decline of 0.74% compared to a 1.09% increase in the index, resulting in a relative underperformance of 1.83 percentage points [2] - Key monitored enterprises reported an average daily coal sales volume of 7.31 million tons, which is a week-on-week increase of 2.8% and a year-on-year increase of 4.7% [2] - The report highlights a decrease in coal inventory by 4% week-on-week, while year-on-year inventory has increased by 19.8% [2] Summary by Sections Coal Market Performance - The coal sector saw 6 stocks rise and 31 stocks fall during the week, with ST Dazhou showing the highest increase of 4.89% [2] - The average daily sales of thermal coal increased by 3.2% week-on-week, while coking coal sales rose by 1.9% [2] Price Trends - As of July 18, 2025, the price index for thermal coal (Q5500K) in the Bohai Rim was 663 RMB/ton, reflecting a week-on-week increase of 0.15% [3] - The price of coking coal at Jing Tang Port was 1420 RMB/ton, with a week-on-week increase of 8.4% [4] Investment Recommendations - The report suggests that social inventory continues to decline, and current demand remains promising, with domestic power plants showing a significant increase in daily coal consumption [6] - The report recommends focusing on high-dividend thermal coal companies and coking coal companies that are experiencing turnaround potential, such as China Shenhua, Shaanxi Coal, and others [6]