Market Overview - The Shanghai Composite Index fell by 0.44% on June 10, with six industries experiencing gains, led by the beauty and personal care sector, which rose by 1.10% [1] - The banking sector also saw an increase of 0.48%, while the defense and military industry and the computer sector faced declines of 1.97% and 1.87%, respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 45.141 billion yuan, with five industries seeing net inflows [1] - The banking sector had the highest net inflow of 871 million yuan, followed by the public utilities sector, which experienced a slight decline of 0.04% but had a net inflow of 822 million yuan [1] - A total of 26 industries experienced net capital outflows, with the electronics sector leading with an outflow of 7.532 billion yuan, followed by the computer sector with an outflow of 7.427 billion yuan [1] Beauty and Personal Care Sector - The beauty and personal care industry saw a rise of 1.10% with a net capital inflow of 63.98 million yuan [2] - Out of 31 stocks in this sector, 21 stocks increased in value, with two hitting the daily limit, while eight stocks declined [2] - The top three stocks with significant net inflows included Qingdao Kingway with 68.51 million yuan, Huaye Fragrance with 42.32 million yuan, and Haoyue Care with 16.43 million yuan [2] Individual Stock Performance - The top performers in the beauty and personal care sector included: - Qingdao Kingway: +3.41% with a turnover rate of 35.94% and a net inflow of 68.51 million yuan [2] - Huaye Fragrance: +20.00% with a turnover rate of 33.27% and a net inflow of 42.32 million yuan [2] - Haoyue Care: +6.82% with a turnover rate of 3.23% and a net inflow of 16.43 million yuan [2] - Conversely, the stocks with the highest net outflows included: - Shuiyang Co.: -5.71% with a net outflow of 23.91 million yuan [3] - Liangmian Needle: 0.00% with a net outflow of 17.31 million yuan [3] - Furuida: -0.71% with a net outflow of 17.14 million yuan [3]

Core Viewpoint - The rise of stablecoins and innovations in cross-border payment systems have made Qingdao Jinwang a focal point in the capital market, despite its revenue declining for three consecutive years [2][3]. Group 1: Company Overview - Qingdao Jinwang, originally a candle manufacturer, has expanded into the cross-border payment clearing sector and is involved in the stablecoin ecosystem [2]. - The company has seen its stock price surge from 5.29 yuan in January to 9.85 yuan by June 4, marking an increase of 86% [3]. - Qingdao Jinwang has not directly issued stablecoins but provides clearing services through the CIPS, enhancing cross-border trade efficiency [3]. Group 2: Financial Performance - In Q1 2025, Qingdao Jinwang reported revenue of 323 million yuan, a year-on-year decrease of 2.48%, with a net profit of 8.74 million yuan, down 5.23% [6]. - For 2024, the total revenue was 1.793 billion yuan, a decline of 28.55%, while net profit increased by 236.91% to 35.12 million yuan [6]. - The company’s overseas revenue grew by 41.43%, contributing 75.45% of total revenue, indicating reliance on international markets [6]. Group 3: Business Challenges - Despite the potential of stablecoins in reducing transaction costs and improving efficiency, Qingdao Jinwang faces regulatory uncertainties that could impact its cross-border payment operations [4]. - Increased competition from traditional financial institutions entering the digital payment space poses a threat to Qingdao Jinwang's market share [5]. Group 4: Future Outlook - The company aims to achieve over 1.7 billion yuan in revenue for 2025, focusing on improving revenue structure and profitability [8]. - The management believes that the demand for candles and related products will grow steadily in domestic markets due to changing consumer behaviors influenced by globalization [8].

Group 1 - The A-share market related to the China-South Korea Free Trade Zone continues to decline, with Huaguang Yuanhai and Qingdao Jinwang dropping over 4% [1] - Other companies such as Lianyungang, Langzi Co., Haicheng Bangda, and Zhongchuang Logistics also experienced declines [1]

证券研究报告 | 2025年06月04日 稳定币香港政策落地，关注板块投资机会 行业研究 · 行业专题 投资评级：优于大市（维持评级） 证券分析师：熊 莉 xiongli1@guosen.com.cn 证券投资咨询执业资格证书编码：S0980519030002 证券分析师：库宏垚 kuhongyao@guosen.com.cn 证券投资咨询执业资格证书编码：S0980520010001 联系人：云梦泽 请务必阅读正文之后的免责声明及其项下所有内容 稳定币类型与香港监管框架 对比特征 USDT USDC 发行方 Tether Circle、 Coinbase等 挂钩或货币 1：1挂钩美元 1：1挂钩美元 储备资产 现金及等价物 美元存款、短 期美债 透明度 未公开审计报告 每月公布储备 情况 资料来源：CoinGecko，国信证券经济研究所整理 资料来源：银银平台订阅号，国信证券经济研究所整理 请务必阅读正文之后的免责声明及其项下所有内容 u 稳定币是一种旨在与某些资产（通常是货币）维持相对稳定价值的虚拟资产。其主要特征在于通过足额资产储备或算法机制， 将币值保持与目标资产（如美元、人民币、黄金等）基本挂钩，从 ...

在国货品牌加速资本化的进程中，林清轩于5月29日正式向港交所提交上市申请表，引发行业广泛关 注。招股书显示，该公司近年来业绩表现亮眼，2022年至2024年，营业收入分别为6.91亿元、8.05亿元 和12.1亿元，归母净利润从-587.1万元增至8451.8万元和1.87亿元，展现出强劲的盈利增长能力。 行业机构数据显示，中国高端护肤品市场规模已从2019年的749亿元快速增长至2024年的1144亿元，实 现显著跨越。展望未来，预计到2029年，这一市场规模将达到2185亿元。 新华财经上海6月4日电（记者魏雨田）新兴消费市场热潮涌动，美容护理板块成为市场关注的焦点。 新华财经数据显示，6月4日，A股市场上美容护理相关个股表现亮眼，截至收盘，诺邦股份和豪悦护理 涨停，水羊股份、洁雅股份上涨超过11%，华业香料、延江股份、福瑞达、润本股份等跟涨。 今年以来，美容护理这一新兴消费板块展现出强劲的增长韧性，板块整体涨幅约18%。随着消费者对美 丽与健康需求的不断提升，板块内牛股频出。具体来看，拉芳家化、润本股份、豪悦护理、青岛金王、 登康口腔、华业香料、可靠股份、丸美生物和水羊股份等企业股价年内涨幅均突破50% ...

Group 1: Industry Overview - The petroleum and chemical indices mostly rose last week, with the chemical raw materials index down by 0.98%, the chemical machinery index up by 0.83%, the chemical pharmaceuticals index up by 2.47%, and the pesticide and fertilizer index up by 0.71% [1] - In the petroleum sector, the petroleum processing index rose by 0.81%, the petroleum extraction index rose by 1.41%, while the petroleum trade index fell by 7.98% [1] - International crude oil prices experienced narrow fluctuations, with WTI settling at $60.79 per barrel, down 1.20% from May 23, and Brent settling at $63.90 per barrel, down 1.36% [1] Group 2: Market Performance - The top five performing listed chemical companies in the Shanghai and Shenzhen markets last week were Lianhua Technology up by 38.97%, Baismei up by 25.00%, Suqian Liansheng up by 16.80%, Qingdao Jinwang up by 18.23%, and Honghe Technology up by 17.09% [2] - The bottom five performing listed chemical companies were Guangju Energy down by 15.95%, Tianan New Materials down by 14.66%, Hongbaoli down by 13.10%, Annada down by 12.38%, and Heimao Co. down by 12.14% [2] Group 3: Product Price Changes - The top five rising petrochemical products included hydrochloric acid up by 35.42%, liquid chlorine up by 21.85%, glyphosate up by 6.15%, dichloromethane up by 4.36%, and paraquat up by 4.35% [1] - The top five declining petrochemical products included acrylic acid down by 9.74%, butadiene down by 9.60%, natural rubber down by 6.55%, styrene-butadiene rubber down by 6.13%, and aniline down by 5.95% [1]

Market Overview - The A-share market experienced an overall increase on May 29, with the Shanghai Composite Index closing at 3363.45 points, up 0.7%, the Shenzhen Component Index at 10127.2 points, up 1.24%, and the ChiNext Index at 2012.55 points, up 1.37%. The North Star 50 Index rose by 2.73%. Total trading volume reached 12136.01 billion yuan, an increase of 1795.28 billion yuan compared to the previous trading day [1]. Capital Flow - The net inflow of main funds in the A-share market was 74.33 billion yuan, with an opening net outflow of 19.58 billion yuan and a closing net inflow of 23.89 billion yuan [2]. - The net inflow for the CSI 300 was 12.91 billion yuan, while the ChiNext saw a net inflow of 42.65 billion yuan, and the STAR Market experienced a net outflow of 17.3 billion yuan [4]. Sector Performance - Among the 23 sectors, the computer industry led with a net inflow of 191.73 billion yuan, followed by the electronics sector with 124.39 billion yuan, and the pharmaceutical and biological sector with 112.04 billion yuan. The non-bank financial sector saw a net inflow of 47.51 billion yuan, while the communication sector had 34.87 billion yuan [6][7]. - The sectors with the largest net outflows included food and beverage with -21.56 billion yuan, basic chemicals with -12.02 billion yuan, and banking with -8.89 billion yuan [7]. Individual Stock Activity - The stock with the highest net inflow was Shanzhi Gaoke, with 7.11 billion yuan [8]. - Institutional investors showed significant interest in several stocks, with Wangzi New Materials receiving a net buy of 41.11 million yuan, and Sifang Precision receiving 36.17 million yuan [11][12]. Institutional Focus - Recent institutional ratings highlighted several stocks, including Huichuan Technology with a target price of 73.00 yuan, indicating an upside potential of 8.83%, and Longying Precision with a target price of 24.70 yuan, suggesting a 19.73% upside [14].

青岛金王今日涨停，全天换手率37.03%，成交额23.60亿元，振幅13.05%。龙虎榜数据显示，机构净卖 出257.47万元，营业部席位合计净买入1.18亿元。 深交所公开信息显示，当日该股因日涨幅偏离值达8.60%上榜，机构专用席位净卖出257.47万元。 近半年该股累计上榜龙虎榜19次，上榜次日股价平均涨0.74%，上榜后5日平均涨1.79%。 资金流向方面，今日该股主力资金净流入4.28亿元，其中，特大单净流入4.60亿元，大单资金净流出 3160.17万元。近5日主力资金净流入5.05亿元。（数据宝） 青岛金王5月29日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 机构专用 | 6888.33 | 9260.61 | | 买二 | 国泰海通证券股份有限公司上海静安区新闸路证券营业 | 5981.98 | 0.00 | | | 部 | | | | 买三 | 机构专用 | 4123.30 | 1040.74 | | 买四 | 甬兴证券有限公司天津解放北路证券营业部 ...

Market Overview - The market experienced a rebound with the ChiNext Index leading the gains, driven by strong performances in sectors such as autonomous vehicles and blockchain [1] - Over 4,400 stocks in the Shanghai and Shenzhen markets saw gains, with total trading volume reaching 1.21 trillion [1] Blockchain Sector - The blockchain sector surged, with stocks like Yuyin Co. and Xiongtai Technology hitting the daily limit [4] - A key catalyst for this surge was the Hong Kong Legislative Council's approval of the "Stablecoin Regulation Draft" on May 21, 2025, establishing a comprehensive regulatory framework for fiat-backed stablecoins [4] - Zhong An Bank, the first digital bank in Hong Kong to provide reserve banking services for stablecoin issuers, saw its stock rise over 70% in the last five trading days [4] Autonomous Logistics Vehicles - The autonomous logistics vehicle sector continued its upward trend, with companies like Tongda Electric and Cloud Inner Power achieving consecutive daily limits [6] - SF Express reported having over 800 customized autonomous vehicles in operation, with projections for significant growth in 2025 [6][8] - The global market for autonomous vehicles is expected to see exponential growth, with Tesla's Optimus targeting a production cost below $20,000 [8] EDA Design Software - EDA design software stocks experienced significant gains, with companies like Shentong Metro and Galun Electronics hitting daily limits [9] - The U.S. government's restrictions on semiconductor design software sales to Chinese companies have increased the difficulty for China to develop advanced chips, impacting the EDA market [9][10] - The Chinese EDA market is projected to grow from approximately 13.1 billion yuan in 2023 to 22.2 billion yuan by 2026, outpacing global growth rates [10][11] Other Active Sectors - The innovative drug sector saw renewed activity, with companies like Shutaishen hitting daily limits [11] - The nuclear fusion sector also showed strong performance, with companies like Jiusheng Electric and Huaneng Group experiencing notable gains [11] - The overall market sentiment remains positive, with various sectors including pharmaceuticals and autonomous driving showing robust activity [11]

Core Viewpoint - The A-share market has shown a collective rebound with over 4,400 stocks rising, particularly in the technology sector and small-cap stocks, highlighted by the significant increase in the CSI 2000 Index ETF (159536) which surged by 1.86% on May 29 [1][3] Market Performance - The CSI 2000 Index ETF (159536) experienced a strong performance with a notable increase in trading volume, surpassing the total trading volume of the previous day [1] - Key stocks within the CSI 2000 Index saw a surge, with companies like Sifang Jingchuang and Tianyang Technology hitting the 20% daily limit up, while others like Qingdao Jinwang and Jinlong Automobile reached a 10% increase [3] - The CSI 2000 Index recorded a monthly increase of 4.14%, outperforming other indices such as the North China 50 (3.54%) and the ChiNext 50 (3.08%) [4] Market Structure - The market has exhibited a "dumbbell structure" with small-cap stocks like the CSI 2000 and North China 50 performing well, while mid-cap indices like the CSI 500 lagged behind [3][4] - This structure is attributed to low implied volatility in the market, leading investors to adopt a dual strategy of investing in large-cap core stocks for defense and small-cap stocks for potential gains [4] Investment Opportunities - The CSI 2000 Index is favored due to its smaller median market capitalization of 4.529 billion compared to the CSI 1000's 10.9 billion, indicating a stronger small-cap focus [4] - The small-cap stocks are expected to benefit from merger and acquisition policies, which can lead to value re-evaluation [4] - If risk appetite continues to improve, small-cap stocks may maintain their advantageous position in the market [5] Economic Factors - Domestic policies are showing resilience, with corporate earnings rebounding despite tariff impacts, supported by ongoing new policies [5][6] - Easing overseas risks, such as the temporary suspension of US-China tariffs, is boosting market sentiment and corporate revenue potential [6] - The market is also benefiting from liquidity support, with measures like reserve requirement ratio cuts expected to enhance market activity [6] Strategic Recommendations - Investors are advised to consider a strategy that combines dividend-paying stocks with small-cap investments to capitalize on the ongoing market trends [6]