第一创业晨会纪要-20250702

Macro Economic Group - The US manufacturing sector continues to contract, with the ISM manufacturing PMI for June at 49, indicating a decline for four consecutive months. New orders index dropped to 46.4, reflecting the largest decrease in three months [3][4] - Manufacturing output returned to expansion at 50.3 in June after three months of contraction, driven by domestic and export orders, although this improvement may be partly due to inventory accumulation in response to rising tariffs [3] - Employment index fell to 45, marking a three-month low, and the price index reached 69.7, indicating ongoing cost pressures for manufacturers [4] Industry Comprehensive Group - The Central Financial Committee's recent meeting emphasized the need for a unified national market and high-quality development of the marine economy, suggesting a potential delay in economic stimulus policies due to better-than-expected economic performance in the first half of the year [7] - The focus on regulating low-price competition among enterprises may enhance market expectations for reduced competition in highly saturated industries and increased policy support for the marine economy, potentially creating investment opportunities [7] Advanced Manufacturing Group - In June, China's heavy truck market saw wholesale sales of 92,000 units, a 4% month-on-month increase and a 29% year-on-year surge, indicating a recovery trend in the industry [10] - Electric heavy trucks have gained significant traction, with sales exceeding 15,000 units in June, representing over a 120% year-on-year growth, and a domestic penetration rate exceeding 24% [10][11] - The demand for heavy trucks is being driven by a vehicle replacement policy, although challenges remain in the freight market, including low prices and tight supply [11] Consumer Group - Jinbo Biological announced a targeted fundraising of 2 billion yuan, with strategic partnerships expected to enhance its market presence and production capabilities in the collagen protein sector [13] - The collaboration with Yangshengtang and the experience of Wan Tai Biological in international markets may facilitate Jinbo Biological's expansion and product commercialization [13]