Investment Rating - The report maintains a "Positive" investment rating for the industry [11] Core Insights - The rapid rise of domestic brands is driven by supply-side innovation and channel transformation, as evidenced by the cases of Baiya and its subsidiaries Haoyue and Yuanfei [2][6] - Baiya's brand development and expansion are significantly influenced by differentiated product offerings, particularly in the probiotics segment, leveraging platforms like Douyin for rapid customer acquisition [16][25] Summary by Sections Baiya's Growth Path - Baiya has successfully utilized Douyin's e-commerce advantages to enhance brand visibility and drive offline expansion, achieving significant growth in both online and offline channels [16][25] - The company has focused on creating differentiated products, particularly in the probiotics category, which has led to a rapid increase in revenue share [20][25] Haoyue Care - Haoyue's main business includes OEM for baby diapers and the operation of sanitary napkin brands, with projected revenue contributions of 70% from baby hygiene products, 19% from adult hygiene products, and 8% from non-absorbent hygiene products in 2024 [27][30] - The company has seen a recovery in revenue, with an estimated 2024 revenue of 2.93 billion yuan, reflecting a 6% year-on-year growth [30][31] Yuanfei Pet Products - Yuanfei focuses on the pet industry, with a revenue breakdown of 46% from pet snacks and 35% from pet leashes, while 86% of its business comes from export OEM [44][46] - The company has expanded its brand portfolio with the introduction of self-owned brands like Pikapoo, which has quickly gained traction on Douyin, achieving significant sales growth [58][59] Weekly Insights - The report expresses optimism about the growth of new tobacco products and IP derivatives, while also highlighting potential opportunities in AI glasses and toy sectors [8][63] - The pet products sector has shown promising growth, with notable increases in sales during promotional events like the "618" shopping festival [9]

Report Industry Investment Rating - No industry investment rating information is provided in the report. Core Viewpoints of the Report - During the week from May 26th to May 31st, 2025, the A-share market continued to fluctuate and consolidate, with deepening industry rotation. The pharmaceutical and biological, environmental protection sectors led the gains, while the household appliances, power equipment, and comprehensive sectors saw significant adjustments. The convertible bond market showed a slight recovery, with intensified valuation differentiation. The low-price zone compressed, and the medium and high-price zones had repair elasticity. The short-term market structure switched frequently, and the capital style shifted from high elasticity to stability and low-level repair. The primary market supply was stable, but clause games were active, with an increase in the number of early redemption and downward revision bonds. Attention should be paid to the risk of supply decline. It is recommended to focus on medium and high-price convertible bonds with low valuations and strong fundamentals, and also consider the allocation value of high-grade blue-chip convertible bonds, while flexibly participating in theme rotation opportunities [2][5]. Summary by Relevant Catalogs Market Weekly Review A-share Market - The A-share market continued to fluctuate and consolidate, with the Shanghai Composite Index down 0.03% week-on-week, the Shenzhen Component Index down 0.91%, and the ChiNext Index down 1.40%. The small and medium-cap stocks were more resilient, with the CSI 500 and CSI 2000 rising against the trend. The trading volume decreased slightly to 1.07 trillion yuan, and the average daily net outflow of main funds was 13.7 billion yuan, indicating a cautious attitude. In terms of industries, sectors with strong fundamentals or recovery expectations such as media and pharmaceuticals strengthened, while sectors such as automobiles and household appliances adjusted. Overall, the market risk appetite remained low, and the trading focus shifted towards low-valuation repair and strong fundamentals [9]. Convertible Bond Market - The convertible bond market showed a slight recovery, with the CSI Convertible Bond Index rising 0.2% week-on-week, and the average daily trading volume increasing to 5.578 billion yuan. The market activity recovered moderately. Structurally, large-cap convertible bonds were relatively stable, indicating that investors were seeking high-certainty allocations. The valuation in the parity range was significantly differentiated, with the valuation of low-parity convertible bonds generally compressed and the medium and high-parity ranges slightly repaired, showing a cautious game attitude among investors. The implied volatility increased slightly, and the median price rose slightly to 112.33 yuan, indicating a moderate recovery in market risk appetite. In terms of industries, convertible bonds in the media, beauty care, and national defense and military industries led the gains, while those in the communication, household appliances, and other high-elasticity sectors faced greater correction pressure. At the individual bond level, the top-performing bonds mostly had strong underlying stock drivers, and trading opportunities were concentrated in bonds with low valuations and strong fundamentals. Overall, the convertible bond market continued to fluctuate and consolidate, and the allocation focus shifted towards high certainty and defensive attributes [9]. Convertible Bond Allocation Suggestions - The convertible bond market showed a moderate recovery this week, with a slight repair in risk appetite and active short-term rotation trading. In terms of allocation, it is recommended to adhere to the idea of "stable allocation + theme elasticity": on the one hand, focus on large-cap blue-chip convertible bonds with high ratings, low premiums, and good liquidity for defensive purposes; on the other hand, moderately seize opportunities in medium and high-price growth convertible bonds with underlying stock drivers and strong fundamentals, focusing on high-quality varieties in advanced manufacturing, pharmaceuticals, and other sectors to balance defense and offense [7]. Market Theme Weekly Review Equity Theme Weekly Review - During the week from May 26th to May 31st, 2025, the theme trading style was significantly differentiated, and short-term game enthusiasm increased significantly. The limit-up trading style continued to lead, with the consecutive limit-up index, the first limit-up non-ST index, and the limit-up index rising 17.1%, 12.7%, and 12.5% week-on-week respectively, indicating that short-term trading funds dominated the market. Some high-growth sectors such as the innovative drug index, the pharmaceutical centralized procurement index, the financial technology index, and the nuclear power index rebounded, with week-on-week gains of over 4%, showing investors' willingness to make structural replenishments in high-quality themes. At the same time, the TMT and pan-AI sectors were under pressure, with the AI computing power index, the east-west computing power index, etc. falling by over 2%, and previously strong sectors such as cloud computing and IDC leading the decline. The automobile and humanoid robot sectors adjusted significantly, with related theme indices such as the charging station index, the automobile golden stock index, and the humanoid robot index all falling by over 3%, reflecting the market's revaluation pressure on high-valuation sectors. Overall, the market was still in the theme rotation stage, with short-term trading driven by events and sentiment, and structural differentiation and high-low switching remaining the main themes in the future [14]. Convertible Bond Weekly Review - The convertible bond market showed a slight recovery during the week from May 26th to May 31st, 2025, with overall trading activity moderately recovering, and investors preferring large-cap convertible bonds with high certainty. The CSI Convertible Bond Index rose 0.23% week-on-week, the large-cap index also rose 0.23%, while the medium and small-cap convertible bond indices fluctuated slightly. The market as a whole continued to recover moderately, with the large-cap index showing relatively strong upward momentum, indicating certain defensive characteristics. In terms of trends, the convertible bond market showed some independence compared to the equity market, reflecting the "offensive and defensive" characteristics of convertible bonds. In terms of style, the large-cap index was more active, indicating that investors were seeking certainty while also maintaining a certain degree of risk aversion. In terms of capital, the trading activity of the convertible bond market increased slightly, with the average daily trading volume rising to 5.578 billion yuan, a week-on-week increase of 64 million yuan, indicating a slight recovery in investor sentiment. Currently, the convertible bond market lacks clear trend catalysts, and investors still focus on large-cap convertible bonds with high certainty. The valuation in the parity range showed a differentiated trend. In the parity range below 80 yuan, the conversion premium rate compressed by 0.62%; in the 80-90 yuan range, the compression was even greater, reaching 1.49%. In the 100-yuan parity range, the conversion premium rate in the 90-100 yuan range slightly expanded by 0.33%, while that in the 100-110 yuan range compressed by 1.89%. In the medium and high-parity ranges, the conversion premium rates in the 110-120 yuan and 120-130 yuan ranges expanded by 1.09% and 0.04% respectively; while in the range above 130 yuan, it slightly compressed by 0.89%. Overall, the market valuation in the parity range was still in a box-shaped shock stage, reflecting investors' cautious game attitude. By market price range, the convertible bond valuation generally compressed. Convertible bonds below 90 yuan compressed by 1.07%, those in the 90-100 yuan range compressed by 12.61%, and those in the 100-110 yuan range compressed by 0.10%. In the 110-120 yuan range, it compressed by 3.31%, in the 120-130 yuan range by 3.21%, and above 130 yuan by 0.74%. Overall, the convertible bond market valuation by market price range showed obvious compression. The market was still cautious about the pressure to realize high positions, but the game sentiment among investors at low positions recovered. Currently, the market risk appetite continued to decline, and it is recommended to pay attention to the repair opportunities of bonds that have adjusted deeply and with fully compressed valuations, as well as medium and high-price bonds with strong fundamentals. The weighted implied volatility of the convertible bond market increased slightly this week. The weighted implied volatility of the entire market's convertible bonds narrowed from 18.8% on Monday to 19.1% on Friday, indicating that the overall market risk appetite was still relatively cautious. Investors preferred convertible bond assets with strong defensive attributes when market volatility increased. The elasticity of convertible bonds provided certain repair opportunities, but the implied volatility remained at a low level, and the market's expectation of significant future volatility was still moderate, reflecting that investors preferred stable allocations. In terms of strategy, it is necessary to defend while attacking, and accumulate safety margins through bond floor protection and clause games. The median convertible bond price increased slightly this week. The median convertible bond price rose slightly from 112.29 yuan last Friday to 112.33 yuan, showing a fluctuating pattern during the week. Currently, the convertible bond market continued to fluctuate and consolidate, and the moderate recovery of the price median reflected that the risk appetite had not significantly recovered, and the convertible bond market had no clear trend catalyst [17]. Weekly Market Outlook - Looking ahead, the A-share market is expected to continue its structural rotation pattern, with the market style becoming more balanced, and the trading focus shifting from high-elasticity themes to low-valuation and stable-growth sectors. In the short term, attention should be paid to the correction risk of high-position sectors, and sectors with strong fundamentals and recovery expectations such as consumption and pharmaceuticals are expected to continue to attract incremental funds. In the convertible bond market, while waiting for clear trend catalysts, trading activity may moderately decline following the equity market. The allocation value of medium and high-price convertible bonds with low premiums and strong underlying stock drivers is prominent. At the same time, attention should be paid to sectors with certain certainty such as basic chemicals and transportation, given the increasing scarcity of large-scale bank convertible bonds. In terms of strategy, it is recommended to pay attention to low-level repair opportunities, and focus on bonds with fully adjusted valuations, "bond floor + underlying stock catalysts", while controlling the risk of crowded trading [19].

Core Insights - Nine joint-stock banks have followed state-owned banks in reducing deposit rates, focusing on medium to long-term deposit rates in the current interest rate adjustment cycle [1] - The low interest rate environment is driving market funds to seek high-quality assets that meet long-term allocation needs, with Hong Kong stock dividend assets showing significant attractiveness due to lower valuations and higher dividend yields [1] Group 1: Market Trends - The Hong Kong Stock Connect Dividend ETF (513530) has seen continuous net inflows for 17 trading days since April 24, 2025, reaching new highs in both share and scale [1] - As of May 21, 2025, the ETF's latest price-to-earnings ratio (TTM) is 6.81 times, with a dividend yield of 7.92% over the past 12 months, indicating potential for both undervaluation recovery and high dividend returns [1] Group 2: Investment Opportunities - The Hong Kong Stock Connect Dividend ETF (513530) is the first ETF to invest in Hong Kong stocks through the QDII model, offering a more advantageous tax structure compared to traditional channels, potentially enhancing investor experience [1] - The ongoing interest rate cuts are expected to provide stable dividend returns from high-dividend Hong Kong assets, alongside potential valuation recovery as the overall economic fundamentals improve [1] Group 3: Company Background - Huatai-PB Fund has over 18 years of experience in index investment and has been proactive in the dividend-themed ETF sector since 2006 [1] - As of May 21, 2025, Huatai-PB's dividend ETFs (510880 and 512890) are the only two dividend-themed ETFs in the A-share market with scales exceeding 15 billion, at 20.44 billion and 16.20 billion respectively [1]

Report Title - PVC Monthly Report: Seasonal De-stocking Phase, Focus on Low-Valuation Recovery Market [1] Report Industry Investment Rating - Not provided Core Viewpoints - In May, it is the peak season for seasonal maintenance. Pay attention to the low-valuation recovery market driven by policy expectations. The supply and demand of the fundamentals will be weak, inventory may continue to decline, and spot prices are likely to rise rather than fall. If there are real estate-related stimulus policies in May, the upward elasticity of the market will be higher than the downward elasticity. Strategically, pay attention to subsequent macro-policy changes and the intensity of spring maintenance, and choose the opportunity to go long on dips [4] Summary by Directory This Month's Overview - **Market Review**: This month, the V2509 fluctuated in the range of [4901, 5273]. The weak macro sentiment dominated the market trend, and the price center significantly moved down. The cost support of chlor-alkali integration improved. The overall profit in the northwest remained at a neutral level. The export continued to exchange volume for price, driving the social inventory to decline for 7 consecutive weeks. The Formosa Plastics quotation in May was flat, slightly better than market expectations [3] Next Month's Outlook - **Seasonal Maintenance Peak**: Multiple sets of devices such as Tianchen Chemical and Xinjiang Yihua are planned for maintenance. The supply is expected to shrink. The BIS certification is approaching, and exports may be under pressure. Pay attention to whether maintenance can drive further effective de-stocking of inventory [4] - **Policy Expectations**: The domestic real estate demand is still weak, but the market's sensitivity to policies has significantly increased. If there are real estate-related stimulus policies in May, the upward elasticity of the market will be higher than the downward elasticity [4] - **Strategy**: Pay attention to subsequent macro-policy changes and the intensity of spring maintenance, and choose the opportunity to go long on dips. The V2505 is expected to fluctuate in the range of [4800, 5150] [4] Balance Sheet - **Capacity and Utilization**: In the first quarter, Xinpu Chemical's 500,000-ton capacity was put into production. In the second quarter, pay attention to the commissioning progress of multiple sets of devices such as Qingdao Gulf and Wanhua. The overall capacity utilization rate showed a narrow upward trend [5][6] - **Supply and Demand**: The production and export volume increased year-on-year, and the apparent consumption decreased year-on-year. The inventory showed a downward trend [5] Valuation - **Absolute Price**: The absolute price is at a low level year-on-year [8] - **Basis**: The basis is higher than the same period last year [10] - **Spread**: The 5-9 spread is biased towards positive arbitrage, and the term structure maintains a Contango structure [16] Supply - **Spring Maintenance**: The intensity of spring maintenance was insufficient, and the capacity utilization rate increased slightly. Next week, the overall supply is expected to increase [19][21] - **May Maintenance Plan**: Multiple enterprises such as Tianchen Chemical and Xinjiang Yihua have maintenance plans in May, and the supply is expected to shrink [22] Macroeconomy - **PMI**: In April, the manufacturing PMI was 49%, a month-on-month decrease of 1.5 percentage points and a year-on-year decrease of 1.4 percentage points, falling below the boom-bust line again after 2 months [23] - **Industrial Profits**: From January to February 2025, the cumulative year-on-year growth rate of the total profits of industrial enterprises was -0.3%; among them, the cumulative year-on-year growth rate of the total profits of the manufacturing industry was +4.8%, and enterprise profits improved marginally [25] - **PPI and CPI**: In March 2025, the PPI was -2.5% year-on-year, remaining in the negative range for 30 consecutive months; the CPI was -0.1% year-on-year, negative for two consecutive months, and there is still overall deflationary pressure [27] Domestic Demand - **Downstream Operating Rate**: The downstream operating rate increased by 0.07 percentage points month-on-month but was at a low level year-on-year [28] - **Real Estate Data**: From January to March 2025, the cumulative year-on-year growth rates of real estate new construction, construction, completion, and commercial housing sales areas were -24.4%, -9.5%, -14.3%, and -3.0% respectively. The decline in new construction, completion, and sales areas narrowed, while the decline in construction area widened [34] - **Commercial Housing Transaction Area**: The commercial housing transaction area was weak [35] Exports - **Export Volume**: From January to March 2025, the cumulative domestic PVC export volume was 980,000 tons, a cumulative year-on-year increase of 56%, maintaining high-speed growth [43] - **BIS Policy**: The original PVC import BIS policy that expired on December 24 was extended by six months to June 24, 2025 [43] Inventory - **Social Inventory**: The social inventory has been decreasing for 7 consecutive weeks [44] - **Factory Inventory**: The factory inventory increased slightly [44] - **Warehouse Receipt Inventory**: The warehouse receipt inventory increased continuously in April, and the delivery volume decreased compared with last year [46] Profit - **Northwest Chlor-alkali Integration**: The profit of the northwest chlor-alkali integration device is acceptable [48] Upstream Industry Chain - **Raw Material Prices**: The prices of upstream raw materials such as lanthanum carbon are at a low level year-on-year and remain stable [50][54] - **Caustic Soda Industry Chain**: The factory inventory of caustic soda is at a high level year-on-year, and the spot price has declined [56] Position - **09 Contract Position**: The position of the 09 contract has increased to more than 90,000 lots [60] - **Net Position Data**: As of April 29, the short position strength was slightly stronger, with 51% of the short position and 49% of the long position [64]

综合来看，近期银行股股价表现不仅是短期避险情绪的体现，更多的是产业资本与政策红利共同作用的 结果。因此，即使银行板块今日出现回调，但绝不影响其低估值修复预期。 高股息属性已成资金"避风港"，在国债收益率持续下行、市场利率走低的背景下，历来以高股息率著称 的银行股优势愈发凸显。数据显示，四大行近五年平均股息率稳定在5%左右，远超同期国债收益，成 为长线资金的"价值洼地"，吸引保险、社保等长期资金不断涌入。 此外，增持潮不断涌动，产业资本与内部信心实现同频共振。据公开信息披露，2025年首季度，已有6 家保险公司完成12笔举牌，从投向来看其中有5次举牌对象为银行，其中平安人寿首季度4度举牌，频频 瞄向银行股。此外，A股上市银行大股东增持动作最近显著加速，仅4月8日至9日，邮储银行 （601658）、光大银行（601818）、浙商银行（601916）、成都银行（601838）、华夏银行 （600015）、江苏银行（600919）等6家银行密集披露增持计划，涉及金额超亿元。 4月18日，工商银行（601398）、农业银行（601288）、中国银行（601988）、建设银行（601939）四 大国有银行股价集体创下历史 ...