渤海证券研究所晨会纪要（2025.05.27）-20250527

Group 1: Fund Research - The pharmaceutical industry performed well while major market indices mostly declined, with the top five performing sectors being pharmaceuticals, comprehensive, non-ferrous metals, automobiles, and household appliances [2] - The public fund market saw the first batch of new floating rate funds set to be issued, and private fund scale reached 20.22 trillion yuan [2] - FOF funds showed good performance, with the average weekly net value of pension target FOF rising by 0.64%, while bond funds had the largest increase of 0.08% [2] Group 2: Industry Research - Shanghai and Chengdu released policies to boost consumption, suggesting a focus on new tobacco investment opportunities [4] - The light manufacturing industry outperformed the CSI 300 index by 0.90 percentage points, while the textile and apparel industry outperformed by 0.06 percentage points [6] - The global sales of heated tobacco products are expected to grow by 12.7% year-on-year in 2024, while electronic cigarette sales are projected to increase by 9.5% [6]