Guoxin Securities·2025-07-10 01:45Group 1 - The report highlights the deep analysis of Luzhou Laojiao (000568.SZ), emphasizing a consumer-centric approach and digital empowerment of the supply chain to enhance competitive barriers [9][10] - The company is expected to face a 21% underperformance compared to the liquor sector from H2 2023 to H1 2025, with a projected PE decline of 45% due to internal and external cyclical pressures [9][11] - Luzhou Laojiao is actively reducing channel burdens and advancing digital transformation, which is seen as a strategic advantage in a weak industry environment [9][10] Group 2 - The semiconductor industry is experiencing a significant demand increase driven by AI applications, with TI expanding production to meet future needs and storage prices continuing to rise [19][21] - The global semiconductor sales in May 2025 reached $58.98 billion, marking a 19.8% year-on-year growth, with China's semiconductor sales at $17.08 billion, up 13% [21][22] - The report recommends focusing on semiconductor manufacturing companies and AI-related enterprises, highlighting the importance of domestic AI development in the semiconductor supply chain [21][27] Group 3 - The medical and biological sector is witnessing a strong performance, with a focus on innovative drug development, particularly in radioactive ligand therapy, which is expected to grow rapidly [29][30] - The report identifies XTR005 and XTR008 as key products in the pipeline, with XTR005 being the first PET diagnostic radioactive ligand approved in China [30][31] - The overall medical sector is projected to continue its upward trend, with a notable increase in clinical data competitiveness for domestic innovative drugs [31]