每日投行/机构观点梳理（2025-06-24）

Group 1: Chinese Market Outlook - Goldman Sachs maintains an overweight recommendation on A-shares and Hong Kong stocks, expecting the CSI 300 index to reach a target of 4600 points, indicating about a 10% upside potential [1] - The firm has upgraded ratings for the banking and real estate sectors due to domestic policy support, while continuing to favor consumer-oriented sectors such as medical devices, consumer services, media, and e-commerce [1] Group 2: Steel Industry - Galaxy Securities reports that leading steel companies are expected to see a recovery in profitability and valuation as the industry supply-demand dynamics improve, with ongoing policy effects leading to a contraction in steel production capacity [2] Group 3: Biofuels and Military Spending - CITIC Securities notes that the price of European biofuels (SAF) has risen to over $2230 per ton, driven by high subsidy plans and mandatory blending policies, indicating a potential demand explosion in the second half of the year [3] - The report highlights that geopolitical tensions are leading to increased military spending globally, with the EU planning to mobilize approximately €800 billion for defense from 2025 to 2030, which is expected to boost demand for military metals [4]