Tianfeng Securities·2025-06-18 03:16Group 1 - The report highlights the issuance of opinions by the Central Committee and the State Council aimed at enhancing social security and improving public services, which includes various sectors such as healthcare, education, and housing [2][22] - The report notes that the rare earth sector has led the market, with pharmaceutical-related concepts performing strongly, indicating a shift in market sentiment [2][21] - The average daily trading volume in the market increased to 13,682 billion yuan, reflecting heightened market activity despite a decrease in the number of stocks rising [2][21] Group 2 - The report discusses the economic data for May, indicating a mild recovery with industrial value-added growth at 5.8% and retail sales growth at 6.4%, marking a new high since 2024 [5][29] - It emphasizes the divergence in recovery across sectors, with consumption being the strongest performer while investment remains sluggish, particularly in real estate [5][29] - The report suggests that policy-driven effects are crucial for supporting macroeconomic recovery, highlighting the role of monetary and fiscal policies in sustaining growth [5][30] Group 3 - The report on the computer industry indicates a significant rise in the supply of stablecoins, reaching 214 billion USD by February 2025, which is expected to reshape cross-border payment systems [10][37] - It notes the emergence of decentralized stablecoins, with USDe's market cap increasing from 146 million to 6.2 billion USD within a year, indicating a growing trend in the sector [10][37] - The report forecasts a market space for stablecoins to reach between 1.6 to 3.7 trillion USD by 2030, suggesting substantial growth potential in this area [10][37] Group 4 - The report on the construction materials sector highlights the sustained growth in infrastructure investment, particularly in the central and western regions of China, with a year-on-year increase of 25.4% in water conservancy investment [12][12] - It points out the ongoing challenges in the real estate market, with sales area declining by 2.9% year-on-year, indicating a need for further policy support [12][12] - The report suggests that cement demand remains weak, but companies may still achieve profit growth despite reduced volumes, as indicated by recent price increases [12][12]