国信证券晨会纪要-20250703

Group 1: Macro and Strategy - The macroeconomic data for June 2025 is expected to show stable growth momentum, with CPI expected to slightly rebound to zero year-on-year, while PPI is projected to continue declining to -3.4% year-on-year [7] - ESG products have seen significant performance, with active ESG funds showing superior returns, and the issuance of ESG bonds reaching a peak of 1,721.55 billion in April 2025 [7][8] - The marine economy is highlighted as a new investment opportunity, supported by government policies and strategic importance, with the marine economy's GDP share increasing [10][11] Group 2: Industry and Company Analysis - The metal and metal materials sector is experiencing a mid-term investment strategy shift, with supply contraction and steady demand growth leading to a revaluation of metal prices [12][13] - New and Cheng (002001.SZ) is identified as a leading fine chemical company with significant technological and industrial synergies, particularly in the vitamin and flavor industries [21][22] - Baolong Chuangyuan (605016.SH) has received approval for D-alulose, indicating strong market demand growth in functional sweeteners [23][24] - Focus Technology (002315.SZ) is positioned as a leading B2B foreign trade service provider, leveraging AI technology for high-quality growth [25][26] Group 3: Financial Engineering - The securities industry is undergoing a transformation with new classification regulations aimed at optimizing business structures and enhancing risk management [17][18] - The insurance sector has shown a continuous improvement in premium growth, with a cumulative insurance premium income of 30,602 billion in May 2025, reflecting a year-on-year increase of 3.77% [20] - The stock market has seen increased trading volumes, with a daily average transaction amount of 13,360 billion in June 2025, indicating a robust market environment [19]