Company Overview - CITIC Prudential Life Insurance Co., Ltd. was established in 2000, with a registered capital of 4.86 billion yuan as of December 31, 2024, and total assets exceeding 270 billion yuan [1] - The company focuses on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, and has made significant progress in product development, business growth, and risk management over the past two decades [1][2] - As of now, CITIC Prudential has established 23 branches and over 200 sub-branches across 102 cities in China [1] Product and Service Offerings - The company offers a wide range of insurance products covering traditional insurance, critical illness, medical, accident, and wealth management, catering to the diverse needs of nearly 13 million customers [2] - As of the end of 2024, the total insured amount provided by the company exceeded 22 trillion yuan, with claims paid out amounting to nearly 16.7 billion yuan [2] Risk Management and Credit Rating - CITIC Prudential emphasizes integrating value orientation into its risk management processes and has improved its comprehensive risk management capabilities [2] - The company maintains an AAA credit rating from both China Chengxin International Credit Rating Co., Ltd. and United Ratings, with a stable outlook [2] Investment Strategies - The company has been actively exploring green investment paths, investing in environmental protection, new energy, and energy-saving projects, with a total investment in the real economy reaching 122.1 billion yuan and 21.473 billion yuan in green and sustainable investments as of December 2024 [3] Social Responsibility - CITIC Prudential has committed to social responsibility, donating over 45.4 million yuan to public welfare and sending 7,630 volunteers to support education, disaster relief, and health initiatives [4] Shareholder Information - CITIC Financial Holdings Co., Ltd., established in March 2022, is a comprehensive financial service enterprise under CITIC Group, focusing on capital management, risk management, and wealth management [5] Market Overview - In 2024, the Chinese economy showed a "high at the beginning, low in the middle, and rising at the end" trend, with GDP growth of 5% and nominal GDP growth of 4.23% [38] - The stock market saw significant fluctuations, with the Shanghai Composite Index rising by 12.67% and the Hang Seng Index by 17.67% [39] Bond Market Performance - The bond market experienced a downward trend in yields throughout 2024, with the 10-year government bond yield falling to 1.6752% by the end of the year [40] Investment Account Management - The company manages various investment accounts, including the Preferred All-Bond Investment Account, which seeks stable long-term returns while prioritizing asset safety [9] - The Growth Pioneer Investment Account focuses on equity investments, aiming for high long-term asset appreciation [14]

当资本开始为亏损买单：一场重构科技估值体系的深度博弈 一、政策破壁：亏损IPO背后的制度嬗变 2025年6月30日，科创板单日受理5家企业IPO，募资总额150亿元。这场看似寻常的资本动作，实则暗藏中国科技产业估值逻辑的重构密码： 亏损企业占比40%：摩尔线程（三年亏50亿）、沐曦股份（年亏14亿）闯关成功 研发投入成新"硬通货"： → 摩尔线程研发费率309%（2024年） → 沐曦股份营收3年暴增4074%（芯片流片驱动） 上市标准颠覆性变革：两家企业选择"市值+营收"新规（放弃盈利要求），印证证监会**"科创板八条"** 落地 政策深意：上海证券交易所内部人士透露，此次批量受理标志着 "技术变现周期容忍度" 正式纳入上市审核体系，为国产替代攻坚战打开资本输血通道。 摩尔线程： 二、硬科技突围的三重军备竞赛 1、技术攻坚：GPU国产化的"双雄路径" 维度 摩尔线程 沐曦股份 技术锚点 全功能GPU架构 7nm高性能计算GPU 破局场景 AI数字孪生（车企订单超5亿） 超算中心（签约国家实验室） 致命短板 制造依赖台积电 软件生态薄弱 沐曦MXN系列GPU实测算力达英伟达A100的82% 2、资本输血：研发 ...

神工股份 20250702 摘要 市场预期半导体核心材料可能面临管制，国产替代加速。神工股份作为 大直径刻蚀用硅材料头部企业，有望显著受益于这一趋势，尤其在硅部 件业务方面，2024 年同比增速超过三倍，产能持续释放，营收创新高。 神工股份主要生产刻蚀环节用的大直径硅材料，并延伸至硅部件和硅电 极环节，这些是刻蚀设备中的核心耗材。受益于自主可控、国产替代诉 求，公司新业务逐步上量，传统业务企稳修复。 硅部件行业过去与海外设备厂绑定深厚，格局集中。随着国内晶圆产能 增加、设备国产化以及供应链稳定安全诉求提升，国产替代进程提速。 神工通过差异化定位，从副厂件切入，逐步扩大市场份额。 神工科技主要定位于国内市场，与本土晶圆厂和设备厂两类客户对接， 包括华创、中微等头部设备厂商，以及长存、晋华等存储晶圆厂。设备 厂在公司业务体量中占比略高，但存储厂的导入和起量也在持续推进。 神工科技在硅部件业务上具有一体化优势，上游材料自供，向下游延伸。 公司调试能力能够跟上，加工设备国产化率高，产能扩充无太大限制。 下游客户有性价比替代需求，公司逐步导入关键突破口。 Q&A 当前半导体核心材料国产替代的背景和预期是什么？ 在当前外 ...

报告导读： 2025 年 7 月十大转债组合聚焦政策支持和产业创新共同推动的高成长方向， 包括科技成长、新消费成长、周期成长和金融创新。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称：成长为矛，业绩为锚——2025年7月转债策略展望 报告日期：2025.07.01 报告作者： 顾一格 （分析师），登记编号： S 0880522120006 2025 年 7 月十大转债组合聚焦政策支持和产业创新共同推动的高成长方向， 包括：（ 1 ）以业绩确定 性较强的算力硬件、受益于国产替代加速的半导体产业链和国内外需求共振的军工为代表的科技成长板 块；（ 2 ）提振消费的新引擎、新消费的典型代表——情绪消费；（ 3 ）兼具周期性与成长性，短期有 涨价催化的方向；（ 4 ）无风险利率下降叠加稳定币创新推动的金融板块。 跟踪评级披露完毕，转债评级下调对低价转债的制约解除，银行转债加速退出，高 YTM 和双低转债有望 成为底仓替代。 6 月评级下调影响可控，反映出市场对弱资质转债的评级下调已有心理准备，且在权益市 场相对强势环境下，对信用风险并不担忧。随着评级披露完毕，低价转债有望迎来反弹。银行转债加速退 ...

专家建议：听取行业资深人士意见和观点，提升分析深度与可靠性。 免责声明 中国轻医美行业现状报告 Report on the status of China'snon-surgical medical aesthetic industry 本报告的全部内容版权归上海嘉世营销咨询有限公司（简称：嘉世咨询）。 未经授权，任何单位或个人不得以任何形式复制、传插或用于商业用途 调研方法 桌面研究：搜集整理政府公开数据、行业协会、权威期刊、券商研报及企业 公开披露的行业数据。 本报告结论基于当前可获得信息，不构成投资或决策的唯一依据。研究团队 对因使用本报告引发的直接或问接损失不承担责任。 | 摘要 | | | --- | --- | | 第一章：中国轻医美行业发展总览 | 9 | | 1.1轻医美行业定义与范畴界定 | | | 1.1.1定义：介于手术医美与生活关容之间， | | | 1.1.2核心项目分类：注射类、光电类及其他 | | | 1.13与传统手术医美的区别与联系 | ..10 | | 1.2中国轻医美行业发展历程， | .11 | | 1.2.1萌芽与探索期（2015年以前） | 11 | | 1.2.2 ...

一个，是中证Reits ，今天大涨超1%，明显和大盘背离，且1个点以上的涨幅，即使在连续上涨的 二季度，也仅出现过1天； 另一个，是银行股这边 ，继续大涨，港股这边迎来下半年首个交易日，港股银行大涨超2.2%，在 所有恒生行业指数中排第一，且建行领涨接近3%，而中行在四大行里垫底，"仅"上涨1.5%左右， 这背后的逻辑，我们昨天都已经聊过，并提前做出了预测分析，应该说，还是和实际情况相符 的。 今天市场有两块值得关注的亮点。 第一个亮点，依然是"季末调表，兑现利润"的后遗症 ，我们前两天聊的，节前异常下跌的两块资 产： 今天，财联社在 《真相调查， 银行股被险资配到上限了？ 》，也引用了咱们最近的观点，我在 本文的下半部分，会借助 泰康保险大佬 的公开观点，继续阐述一下，为什么说， 很多从业者忽 视了"前所未有的低利率"、"保险资产负债倒挂的紧迫性倒逼监管政策进入宽松周期"的长期性和 重要性。 另外，这回季末，还有一个事，大家关注的比较多，那就是 A500ETF 的冲量，华泰柏瑞最猛， 直接干破了200亿，弯道超车，成为A500的扛把子，堪称花小钱、办大事，季末营销的经典案 例，而嘉实等其他几家，季末也有发力 ...

Core Viewpoint - The company anticipates significant growth in its annual performance driven by advancements in AI servers, consumer electronics, and accelerated domestic substitution in emerging fields [2][3]. Group 1: Annual Performance Growth - The primary sources of growth are identified as AI servers, consumer electronics, and AIoT, with a focus on enhancing distribution, application innovation, and supply chain services [2]. - The storage business is projected to generate revenue of 20.685 billion yuan in 2024, reflecting a year-on-year increase of 134.32%, primarily serving consumer terminals and AI servers [3]. Group 2: Processor Product Lines - The company has long-term partnerships with well-known chip brands for its authorized processor products, including GPU, CPU, and MCU, collaborating with companies such as AMD, NXP, and NVIDIA [4]. Group 3: Inventory Management - As of the first quarter of 2025, the company's inventory stands at 7.904 billion yuan, showing a quarter-on-quarter decrease of 26.09%, attributed to seizing opportunities in the demand for new energy vehicles and AI computing [5]. Group 4: Future Product Line Strategy - The company has a rich resource of authorized upstream product lines, representing 11 of the top 20 domestic semiconductor brands and 9 of the top 20 global semiconductor brands. In 2024, it plans to introduce product lines in smart driving, passive components, and storage, while optimizing its product lines towards higher quality offerings, particularly in AI, automotive electronics, and industrial control applications [6].

Macro Analysis - The current macro variables affecting the market are internal demand recovery, policy implementation effects, and external environment changes[3] - The easing of US-China tariff negotiations helps alleviate pressure on the fundamentals and market risk appetite, but the relationship remains competitive[3] - The economy is undergoing an L-shaped recovery, with manageable short-term pressures on foreign trade and employment, while low inflation remains a core challenge[3] Policy Insights - The policy focus is on the effectiveness of existing policies and the introduction of incremental reserve tools, with a dynamic calibration approach expected[3] - The emphasis is on promoting the effectiveness of existing policies, particularly concerning employment and systemic risks, while external shocks remain uncertain[3] Investment Strategy - A strategic bullish outlook on Hong Kong stocks is recommended, as de-dollarization benefits liquidity-sensitive stocks[3] - A "barbell" asset allocation strategy is suggested, focusing on resilient dividend assets in finance, resources, and public utilities, while technology remains a key theme[3] Company Highlights - Zhuoyue New Energy (688196.SH) is a pioneer in biodiesel production, with a production capacity of 500,000 tons and a focus on raw material substitution and trade breakthroughs[9] - Yipuli (002096.SZ) achieved revenue of 8.546 billion yuan in 2024, with a net profit of 713 million yuan, driven by cost control and increased procurement efforts[14] - Zijin Mining (601899.SH) expects copper production to reach 1.15 million tons in 2025, with significant growth targets set for 2028[21] Risk Considerations - Risks include potential policy support falling short of expectations, execution delays, and slower-than-expected economic recovery[5] - For Zhuoyue New Energy, risks involve policy advancement not meeting expectations and significant fluctuations in raw material prices[12]

Core Viewpoint - The prices of high-end fruits such as lychee, durian, and cherries have plummeted, with some experiencing price drops exceeding 70% over the past year, and further declines are expected in the future [1]. Price Decline of Specific Fruits - Lychee prices have drastically fallen, with some varieties like "Feizi Xiao" dropping to 2-4 yuan per kilogram from last year's peak of 24 yuan, and even e-commerce platforms offering promotions at 9.9 yuan for three kilograms [2]. - Durian prices have also seen a significant drop, with wholesale prices falling from 35 yuan per jin to 22.4 yuan within a month, a decrease of over one-third [2]. - The price of "Sunshine Rose" grapes has plummeted from 500 yuan per jin a decade ago to just 3 yuan per jin, indicating a dramatic decline in demand [3]. - Cherry prices have decreased from over 100 yuan per jin to around 10-20 yuan, marking the end of their "golden era" in the Chinese market [3]. - Blueberry prices have similarly dropped from over 100 yuan per unit to around 10 yuan per box [4]. Reasons for Price Collapse - The primary reason for the price collapse is a significant increase in production capacity, with lychee production expected to double this year to 3.45 million tons, leading to oversupply [5]. - The planting area for high-end fruits like "Sunshine Rose" grapes has expanded over 50 times in less than a decade, resulting in a surge in production [5]. - Technological advancements in agriculture have enabled local cultivation of blueberries, cherries, and durians, reducing reliance on imports and contributing to increased supply [5][6]. - The logistics sector has improved significantly, with cold chain technology reducing transportation losses from 30% to 10%, and faster shipping methods lowering costs and spoilage [7]. - Consumer behavior has shifted towards more rational spending, with younger generations prioritizing value over brand prestige, leading to increased demand for affordable fruit options [7]. Market Dynamics - E-commerce subsidies and supermarket promotions have accelerated the "de-aristocratization" of high-end fruits, making them more accessible to consumers [8]. - The ongoing trend of domestic production and technological advancements suggests that prices for these fruits may continue to decline in the future [8].

2025 年 07 月 02 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 2025/7/2 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 销售服务电话： 021-20515355 2025/6/24》2025-06-24 2、《ETF 及指数产品网格策略周报— 2025/6/18》2025-06-18 3、《ETF 及指数产品网格策略周报— 2025/6/10》2025-06-10 4、《ETF 及指数产品网格策略周报— 2025/6/3》2025-06-03 5、《ETF 及指数产品网格策略周报— 2025/5/27》2025-05-27 投资要点 分析师：程秉哲 ◆网格交易策略概述：简单来说，"网格交易"本质上是一种高抛低吸的交易 策略。但与依赖判断长期走势的趋势交易不同，网格交易是一种基于价格波动 的策略，它不预测市场的具体走势，而是利用价格在一 ...