前瞻性产业研究 2025 年 6 月 23 日 养老金融周报（2025.06.16-2025.06.22） 第二，澳大利亚未来基金改革管理架构，并对赴美投资表示担忧。6 月17 日，澳大利亚未来基金表示，他们将把澳大利亚基础设施和房地产领域的 交易与资产管理业务收归内部运营。此举主要是在未来基金自身具有更高 的交易和管理水平后，进一步提升投资管理经济性的做法。此外，未来基 金认为，特朗普为全球局势增加了新的不稳定性与不确定性。美国正在成 为一个更高风险、更不确定的投资目的地。 美国社保托管委员会呼吁进行制度改革 证券分析师 | 陈骁 | 投资咨询资格编号 | | --- | --- | | | S1060516070001 | | | chenxiao397@pingan.com.cn | 郝博韬 投资咨询资格编号 S1060521110001 haobotao973@pingan.com.cn 平安观点： 本期重点： 本周，全球养老金领域共有三项重点事件值得关注。 第一，美国称其社保信托基金（OASI Trust）将于 2034 年耗尽。6 月18 日，美国 OASDI Trust 托管委员会发布 2025 ...

Investment Rating - The industry is rated as "Buy" [5] Core Views - The pet economy continues to show high growth, with over 400 pet brands achieving sales growth of over 100% during the "618" shopping festival. The number of pet transaction users increased by 32%, and new pet owners grew by 39% [1] - The pig price has risen, with the average price for live pigs at 14.22 yuan/kg, a week-on-week increase of 1.43%. The average price for piglets is 31.85 yuan/kg, down 3.16% week-on-week [2][24] - The prices of corn, soybean meal, and wheat have increased, with corn averaging 2417.06 yuan/ton (up 0.47%), soybean meal at 3015.14 yuan/ton (up 1.59%), and wheat at 2441.67 yuan/ton (up 0.46%) [3][47] Summary by Sections Pet Industry - The pet food sector is experiencing growth and price increases, with domestic brands gaining recognition and leading companies continuing to grow. Recommended companies include Guibao Pet, Zhongchong Co., and Petty Co. [4][74] Pig Farming Sector - The pig farming sector is entering a destocking phase, with the industry capacity cycle having bottomed out. The recent policy-driven destocking is expected to realign the supply-demand relationship, leading to a long-term profit uptrend post-destocking. Recommended companies include Juxing Agriculture, Shennong Group, Muyuan Foods, and Wens Foodstuffs [4][70] Feed and Planting Chain - The planting chain is showing positive fundamentals with an upward trend in grain prices. Recommended companies include Suqian Agricultural Development, Beidahuang, Hainan Rubber, Qiule Seed Industry, Longping High-Tech, and Denghai Seed Industry [4][70] Poultry Sector - The white feather broiler price is 7.12 yuan/kg, down 2.06% week-on-week, while chick prices have dropped significantly due to weak demand and high temperatures affecting restocking [34][34]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 证券代码：301087 证券简称：可孚医疗 公告编号：2025-040 可孚医疗科技股份有限公司 关于为子公司提供担保的进展公告 可孚医疗科技股份有限公司（以下简称"公司"或"可孚医疗"）于 2025 年 4 月 25 日召开第二届董事会第十四次会议、第二届监事会第十四次会议，审 议通过了《关于公司及子公司向银行申请综合授信及公司为子公司提供担保的议 案》，根据公司发展计划，为满足公司日常经营及业务结算的需要，提高资金使 用效率，公司及子公司拟向银行申请不超过人民币 13 亿元的综合授信额度，综 合授信品种包括但不限于：流动资金贷款、中长期借款、银行承兑汇票、保函、 信用证、抵押贷款等。在授信有效期限内，授信额度可循环使用。公司为全资子 公司申请的银行授信额度内的融资提供担保，担保总额不高于人民币 9 亿元。该 事项自董事会通过之日起十二个月内有效，董事会授权公司法定代表人或法定代 表人指定的授权代理人根据实际经营情况需要，在总额度内办理公司及子公司的 融资和担保事宜，具体内容详见公司刊登于巨潮 ...

Core Insights - The report emphasizes the importance of discovering investment opportunities with a proactive attitude rather than merely relaying information [1] Macro News Summary - The Central Financial Committee has issued opinions to support the accelerated construction of Shanghai as an international financial center [4] - The China Securities Regulatory Commission (CSRC) is working to build a capital market ecosystem that is more conducive to comprehensive innovation [4] - The CSRC has released opinions on establishing a growth tier in the Sci-Tech Innovation Board to enhance institutional inclusiveness and adaptability [4] Industry Updates - The China International Solid-State Battery Technology Conference is set to accelerate the industrialization of solid-state batteries, with related stocks including Putailai (603659) and Liyuanheng (688499) [5] - Cainiao's new unmanned vehicle has started pre-sales, indicating rapid growth in the commercial use of logistics unmanned vehicles, with related stocks including Xingwang Yuda (002829) and Xiangyou Technology (600476) [5] - Significant breakthroughs have been achieved in key systems of China's fusion reactor, marking an acceleration in nuclear fusion technology development, with related stocks including Xuguang Electronics (600353) and Nanfeng Co., Ltd. (300004) [5] Company Focus - Huayi Group (600623) has signed a strategic cooperation framework agreement with Zhenhua Heavy Industries [6] - Chongqing Department Store (600729) has seen a continuous increase in related deposits, with consumer finance yields significantly exceeding peers [6] - Kewei Medical (301087) has reached strategic cooperation with Zhihuiyan and Laolai Health to build a new ecosystem in healthcare [6] - Bank of China (601988) emphasizes the role of finance in supporting new productive forces, particularly in technology finance [6] Market Review and Outlook - On June 19, the market opened lower and continued to decline, with the ChiNext Index leading the drop. The total trading volume in the Shanghai and Shenzhen markets was 1.25 trillion, an increase of 596 billion from the previous trading day [7] - The report notes that the macro economy is expected to maintain a mild recovery, with policies emphasizing stability and activity in the capital market providing support [7] - Different sectors such as technology, consumption, and finance are highlighted for their respective advantages and development prospects, indicating potential for structural differentiation in the market [7] - The mid-term trend suggests that the market center may rise in Q4 2025, with potential for a bull market from 2025 to 2027 [7] - The report indicates that a phase of bottoming in the A-share market may have occurred, with attention needed on structural and rhythm changes in the second half of the year [7]

Group 1: E-commerce and Trade - Alibaba International Station has seen a 42% year-on-year increase in platform orders since June, with GMV maintaining a strong growth of nearly 30% [1] - The U.S. market has recovered with a 25% growth rate, and there is a surge in early Christmas stocking up, while Europe continues to experience rapid growth [1] - Alibaba International Station is extending its "Foreign Trade 618" event in the U.S. market until August to help merchants capture the influx of U.S. orders [1] Group 2: Company Developments - Nichiha Precision Machinery announced that its wholly-owned subsidiary, Italy's MCM, will file for bankruptcy due to ongoing losses and inability to repay debts, but this will not significantly impact the company's domestic operations [2] - Gilead Sciences announced that the FDA has approved Yeztugo® as the first and only PrEP option in the U.S. requiring only two doses per year, significantly reducing the risk of HIV infection [5] - Kefu Medical, Wisdom Eye, and Laolai Health have signed a strategic cooperation agreement to develop AI-driven portable/home medical terminals focusing on chronic disease monitoring and emergency alerts [6] Group 3: Investment and Financing - EDGNEX, a digital infrastructure company based in Dubai, plans to invest $2.3 billion to build a large data center in Indonesia, with the first phase expected to be completed by 2026 [8] - Yuzhu Technology has completed its C-round financing led by several major investors, including Tencent and Alibaba, with most existing shareholders participating in the follow-up investment [8] - Ningbo Ocean plans to invest no more than 2 billion yuan to build four 4300TEU container ships, with funding sources including self-owned and self-raised funds [8] Group 4: Media and Entertainment - Disney China has partnered with Shanghai Animation Film Studio to launch a series of animated promotional shorts based on "Zootopia," utilizing various traditional Chinese animation techniques [3] - Bilibili has introduced a support policy for animated short dramas, offering cost coverage of 30% to 100% and revenue sharing of up to 80%, with significant growth in content consumption [4] Group 5: Technology and Innovation - Yausu Technology and Pfizer have developed an AI pathology recognition system that can accurately identify and quantify pancreatic tissue structures, significantly reducing the time required for manual annotation [10]

Core Viewpoint - Cofoe Medical's stock closed at 33.06 yuan on June 16, with a decline of 1.67%, resulting in a rolling PE ratio of 22.89 times and a total market capitalization of 6.913 billion yuan [1] Company Overview - Cofoe Medical Technology Co., Ltd. specializes in the research, production, sales, and service of medical devices, with key products including blood glucose systems, uric acid systems, blood pressure monitors, and various other medical instruments and supplies [2] - The company has received several accolades, including being recognized as a potential brand in the Chinese drug retail market for 2023-2024 and as a leading brand for assistive devices in Hunan Province [2] Financial Performance - In the first quarter of 2025, Cofoe Medical reported an operating revenue of 738 million yuan, a year-on-year decrease of 8.59%, and a net profit of 91.425 million yuan, down 9.68%, with a gross profit margin of 52.17% [2] Industry Comparison - The average PE ratio for the medical device industry is 49.56 times, with a median of 36.18 times, positioning Cofoe Medical at the 50th rank within the industry [1][3] - Cofoe Medical's PE ratio is significantly lower than the industry average and median, indicating potential undervaluation compared to peers [3]

数据显示，2024年中国化妆品市场交易总额为10738.22亿元，同比增长2.8%。中国化妆品品牌交易额占 比为55.2%，同比增加2.9个百分点。在市场增速加快、消费升级明显、竞争白热化的环境下，"差异化 打法"已经成为美妆上市公司生存和谋求增长的核心战略。 "新消费形势下，情绪价值在消费中的作用越来越凸显，美妆作为新消费的重要板块，正在不断通过创 新产品、服务体验给消费者带来物质以及精神上的双重满足。"水羊集团股份有限公司（以下简称"水羊 股份"）相关负责人对《证券日报》记者表示，根据新消费形势的这一特点，在"618"常规促销之外，公 司高奢品牌EDB进一步拓展线下渠道，创新提供五感SPA，希望给消费者带来优质的服务。 随着2025年"618"大促进入备战白热化阶段，美妆个护行业成为消费市场的核心战场。在新消费红利不 断释放的背景下，上市公司通过差异化打法和细分客户挖掘抢占行业风口。 中央财经大学数字经济融合创新发展中心主任陈端在接受《证券日报》记者采访时表示："近年来，消 费者对产品性能、情绪价值等提出了更多样化的需求，从美妆个护上市公司备战'618'的情况来看，根 据新消费形势进行战略布局的趋势也越发 ...

★ 宏观动态 ★ 中办、国办印发《关于深入推进深圳综合改革试点 深化改革创新扩大开放的意见》 为深入推进深圳综合改革试点、深化改革创新扩大开放，中办、国办印发《关于深入推进深圳综合改革试点 深化改革创新扩大开放的意见》。意见部署，统筹推进教育科技人才体制机制一体改革，推进金融、技术、数 据等赋能实体经济高质量发展，建设更高水平开放型经济新体制，健全科学化、精细化、法治化治理模式。意 见明确，在更高起点、更高层次、更高目标上深化改革、扩大开放，创造更多可复制、可推广的新鲜经验，更 好发挥深圳在粤港澳大湾区建设中的重要引擎作用和在全国一盘棋中的辐射带动作用，为全面建设社会主义现 代化国家作出贡献、提供范例。 市场监管总局就《直播电商监督管理办法》公开征求意见 为加强直播电商监督管理，促进直播电商健康发展，市场监管总局在充分调研和广泛征求意见的基础上，会同 国家网信办研究起草了《直播电商监督管理办法（征求意见稿）》（以下简称《办法》），今日正式向社会公 开征求意见。《办法》明确了直播电商平台经营者在违规处置、资质核验、信息报送、培训机制、分级管理、 动态管控、信息公示等方面的责任。要求平台经营者建立健全平台协议规则 ...

2025.06. 10 本文字数：1466，阅读时长大约2分钟 作者 | 第一财经 半导体板块领跌，乐鑫科技、翱捷科技跌超6%，炬芯科技、凯德石英、斯特威等跟跌。 主力资金全天净流入银行、医药生物、电力设备、公用事业、基础化工、有色金属、轻工制造等板块， 净流出计算机、电子、国防军工、汽车、机械设备、传媒、通信等板块。 具体到个股来看，乐山电力、中文在线、工商银行获净流入6.68亿元、5.38亿元、4.79亿元。 6月10日，早盘三大指数维持震荡，午后走弱。截至收盘，沪指跌0.44%，深成指跌0.86%，创业板指 跌1.17%。 | 代码 | 名称 | | 两日图 | | 现价 | 涨跌 | | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | | | | 3384.82 c | -14.96 | | -0.44% | | 399001 | 深证成指 | | | | 10162.18 c | -87.96 | | -0.86% | | 899050 | 北证50 | | | 1427.93 c | | ...

Market Overview - The TMT sector experienced a broad adjustment, with significant declines in semiconductor, computing power, AI applications, fintech, and consumer electronics stocks [1][4][6] - The three major indices showed weakness, with the Shanghai Composite Index down 0.44%, the Shenzhen Component down 0.86%, and the ChiNext Index down 1.17% [2] Sector Performance - The port shipping sector led gains with an increase of 3.83%, followed by beauty care (+2.19%) and planting and forestry (+2.05%) [5] - Conversely, the semiconductor sector was the worst performer, with companies like Lexin Technology and Aojie Technology dropping over 6% [6] Capital Flow - Main capital inflows were observed in banking, pharmaceutical biology, electric equipment, public utilities, basic chemicals, non-ferrous metals, and light industry manufacturing [7] - Notable net inflows included Leshan Electric Power (6.68 billion), Zhongwen Online (5.38 billion), and Industrial and Commercial Bank of China (4.79 billion) [8] - Significant net outflows were seen in Haiguang Information, Dongfang Wealth, and Inspur Information, with sell-offs of 8.67 billion, 7.56 billion, and 5.37 billion respectively [9] Institutional Insights - Zhongtai Securities indicated that the index remains in a dense trading area, suggesting that the current volatile market conditions may continue [10] - CITIC Securities highlighted the strong clinical data for innovative drugs, maintaining an industry outlook stronger than the market [11]