东吴证券晨会纪要-20250701

Macro Strategy - The macroeconomic indicators show a structural differentiation in domestic demand while external demand remains stable overall, with a focus on improving the efficiency of fund utilization in monetary policy [1][10] - The ECI supply index is at 50.12%, down 0.03 percentage points from last week, while the demand index is at 49.94%, up 0.01 percentage points [10] - The overall economic outlook is cautiously optimistic, with the central bank's tone shifting from "timely adjustments" to "flexibly grasping the implementation of policies" [10] Fixed Income - The report emphasizes a preference for medium to low-priced, high-rated convertible bonds with a remaining maturity of 1-3 years, which can contribute stable cash flow and have a strong willingness to convert [2][13] - The issuance of green bonds totaled approximately 31.44 billion yuan this week, a decrease of 11.72 billion yuan from the previous week, with a total transaction volume of 73.5 billion yuan [3][15] - The issuance of secondary capital bonds amounted to 9.1 billion yuan this week, with a total transaction volume of approximately 199 billion yuan, down 55.5 billion yuan from the previous week [4][16] Industry Recommendations - Maiwei Biotech (688062) is entering a new stage with significant potential in its differentiated ADC+TCE dual platform, with revenue forecasts for 2025 adjusted from 750 million yuan to 1.108 billion yuan [6][20] - Dashishi Co. (01405.HK) is expanding against the trend, benefiting from continued store openings and expected recovery in average transaction amounts [7] - Luzhou Laojiao (000568) is rationally addressing transformation pains while actively seizing opportunities, with profit forecasts adjusted to 12.4 billion, 12.9 billion, and 14.1 billion yuan for 2025-2027 [8][9]