1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - The equity market is expected to continue the pattern of index fluctuations and internal theme rotation, waiting for the progress of the technology industry to drive a new round of upward technology market. The adjustment of credit ratings in the convertible bond market does not cause panic for now, but if large - balance convertible bonds are downgraded, it may trigger market valuation compression and present a good opportunity to increase convertible bond positions. It is recommended to select bonds from three aspects: performance - driven, event - catalyzed, and dividend and defensive [2][3][16]. 3. Summary by Related Catalogs Market Trends (2025/6/3 - 2025/6/6) Stock Market - The equity market oscillated and rose last week. Driven by events such as NVIDIA's record - high FY1Q26 revenue and Broadcom's announcement of the start of Tomahawk 6 switch chip deliveries, the TMT sector performed well. The non - ferrous metals sector also had a high increase due to the rise in gold prices, while the previously strong new consumption and dividend sectors declined relatively. The Shenwan primary industries with the highest increases were communication (+5.27%), non - ferrous metals (+3.74%), electronics (+3.60%), comprehensive (+2.89%), and computer (+2.79%), while those with the lowest performance were household appliances (-1.79%), food and beverage (-1.06%), transportation (-0.54%), and coal (-0.50%) [7][8]. Bond Market - After crossing the end of the month, the capital market was balanced and loose. The news that the central bank would conduct large - scale outright reverse repurchase operations and that treasury bond trading operations were expected to restart in a timely manner was positive for the bond market. However, the global stock market rally and a slight increase in market risk appetite suppressed the bond market. Overall, the bond market oscillated slightly upward. The 10 - year treasury bond yield closed at 1.65% on Friday, down 1.65bp from the previous week [8]. Convertible Bond Market - Most convertible bond issues rose last week. The CSI Convertible Bond Index increased by 1.08% for the whole week, the median price increased by 1.00%, and the arithmetic average parity calculated increased by 2.35%. The overall market conversion premium rate decreased by 1.19% compared with the previous week. In terms of individual bonds, Jinling (football concept), Yitian (computing power concept), Jingyuan (computing power concept), Huati (virtual power plant concept), and Tianyang (financial IT) convertible bonds led the gains, while Zhongqi (lithography machine concept), Jingda (controllable nuclear fusion concept), and Dongshi (driving training) convertible bonds led the losses. The total trading volume of the convertible bond market last week was 256.298 billion yuan, with an average daily trading volume of 64.075 billion yuan, significantly higher than the previous week [8][11][13]. Outlook and Strategies (2025/6/9 - 2025/6/13) - With the suspension of reciprocal tariffs and positive macro - policies supporting economic resilience, the PMI data in May generally improved, and export orders significantly recovered compared to April. However, the changing attitude of Trump means that there is still significant uncertainty in Sino - US trade relations. After excluding the impact of share conversion, the market still has a high demand for convertible bonds due to the low bond market interest rates. The theme rotation in the convertible bond market is obvious. Currently, the adjustment of credit ratings has a limited impact, but if large - balance convertible bonds are downgraded, it may be a good opportunity to increase positions. It is recommended to use the inconsistency of driving factors between the dividend and technology sectors to reduce portfolio volatility and select bonds from three aspects: performance - driven, event - catalyzed, and dividend and defensive [2][3][16]. Valuation Overview - As of June 6, 2025, in the equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 39.71%, 27.63%, 19.2%, 13.2%, 9.11%, and 4.79% respectively, at the 81%/62%, 73%/46%, 68%/42%, 66%/41%, 63%/41%, and 67%/32% percentile values since 2010/2021. The average YTM of debt - biased convertible bonds with parities below 70 yuan was 0.32%, at the 10%/2% percentile values since 2010/2021. The average implied volatility of all convertible bonds was 30.64%, at the 52%/29% percentile values since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was - 17.23%, at the 13%/18% percentile values since 2010/2021 [17]. Primary Market Tracking - No convertible bonds were issued or listed last week (2025/6/3 - 2025/6/6). As of the announcements on June 6, there were no announcements of convertible bond issuances or listings in the coming week (2025/6/9 - 2025/6/13). Last week, Shenglan Co., Ltd. passed the listing committee review, and there were no new companies approved for registration by the exchange, accepted by the exchange, passed by the general meeting of shareholders, or with board of directors' proposals. Currently, there are 85 convertible bonds to be issued, with a total scale of 131.39 billion yuan, including 10 that have been approved for registration, with a total scale of 15.89 billion yuan, and 5 that have passed the listing committee review, with a total scale of 3.68 billion yuan [26].

Market Overview - A-shares experienced a downward trend on May 30, with major indices like the Shanghai Composite Index falling by 0.47% to 3347.49 points and the Shenzhen Component Index dropping by 0.85% to 10040.63 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 116.46 billion, a decrease of 49 billion from the previous day [1] Sector Performance - The agricultural sector saw a strong performance, with stocks related to pork and chicken showing significant gains. For instance, Juxing Agriculture and Xiangjia Co. both hit the daily limit, while Muyuan Foods rose nearly 5% [5][6] - The innovative drug concept also gained traction, with stocks like Ruizhi Pharmaceutical hitting a 20% limit up, and others like Haoyuan Pharmaceutical and Shutai Shen rising over 15% [9][10] Notable Stocks - Several strong stocks experienced sharp declines, including Youfu Co., Guofang Group, and Jinghua Laser, which all hit the daily limit down [14] - Huason Pharmaceutical achieved a consecutive four-day limit up, following the approval of its traditional Chinese medicine product for sale in Singapore, which could positively impact its future performance [11] - Shutai Shen has seen a cumulative increase of over 140% in the past nine trading days, driven by market interest in its innovative biological products [12] Regulatory and Industry Insights - Reports indicated that several leading pig farming companies were instructed to pause the expansion of breeding sows and control the weight of pigs for slaughter, reflecting regulatory efforts to stabilize prices in the industry [7] - Analysts from Zhongyou Securities noted that significant fluctuations in pig prices are unlikely in 2025, and the industry's profitability will be a key focus this year, with cost differences being a critical factor in assessing companies' profitability [7]

Market Overview - A-shares experienced a slight decline, with the Shanghai Composite Index down by 0.02%, the Shenzhen Component down by 0.26%, and the ChiNext Index down by 0.31% [2] - A total of 1,751 stocks rose, while 3,480 stocks fell, indicating a broader market weakness [3][4] Sector Performance - The concept stocks related to controllable nuclear fusion remained active, with stocks like Rongfa Nuclear Power and Libat gaining significantly [5] - Consumer sector stocks led the gains, with companies such as Huanlejia and Youa Group hitting the daily limit [7] - The unmanned logistics vehicle sector also saw continued activity, with stocks like Tongda Electric and Yunnai Power reaching their daily limit [9] International Student Visa Policy - The Trump administration has ordered a pause on student visa interviews globally, citing national security concerns and potential threats from foreign students [13] - This decision could have significant economic and cultural impacts on U.S. higher education institutions that rely on international students, who make up approximately 5.9% of the total enrollment [14] - The new policy includes stricter scrutiny of applicants' social media accounts, which may further complicate the visa application process for foreign students [13][15]

Group 1: Stock Performance - Several stocks related to autonomous driving and nuclear power have shown significant price increases, with notable performances including: - Jinglv Environment with a 9.99% increase over two days [3] - Qiaoyin Co. with a 9.98% increase on its first board [3] - Qi Di Environment with a 10.11% increase on its first board [3] - Longcheng Electric with a 10.01% increase over three days [6] - Ruanfa Nuclear Power with a 9.99% increase over four days [6] Group 2: Industry Trends - The nuclear fusion industry is gaining traction, with a report from FIA indicating that 26 out of 37 surveyed companies believe the first nuclear fusion unit will be connected to the grid by 2035 [5] - The logistics sector is seeing increased investment in autonomous vehicles, with companies like Baixiniu securing 200 million yuan for deploying 2,000 unmanned vehicles across 50 cities [7] Group 3: Market Insights - The consumer market is showing signs of recovery, with the National Bureau of Statistics reporting a 4.7% year-on-year increase in total retail sales from January to April 2025, and a 5.1% increase in April alone [15] - The deep-sea technology sector is highlighted as having significant untapped potential, with 95% of global deep-sea areas yet to be developed [13]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The future demand for fixed - income assets may exceed supply, potentially leading to an asset shortage and driving interest rates down. The 10 - year treasury bond yield could reach 1.4% - 1.5% this year [23]. - Fundamental factors are difficult to break the narrow - range fluctuation pattern of the bond market. A decline in deposit rates is short - term positive for non - bank allocation demand. It is recommended to focus on 3 - and 5 - year credit bonds and Tier 2 capital bonds [23]. - Adding 10% - 20% financial bonds to a credit or treasury bond portfolio can optimize the portfolio by reducing volatility and drawdown with little impact on returns [23]. - The Chinese government's macro - economic control policies have led to an improvement in economic indicators, and Moody's decision to maintain China's sovereign credit rating is a positive reflection of China's economic prospects [2][11]. - The appreciation of the RMB is beneficial to the Chinese stock market, and Goldman Sachs is overweight on Chinese stocks due to the potential exchange - rate resilience of the RMB [11][28]. 3. Summary by Directory 3.1 Macro Data - In Q1 2025, GDP grew by 5.4% year - on - year, the same as the previous quarter and higher than the same period last year [1]. - In April 2025, the manufacturing PMI was 49%, down from 50.5% in the previous month and 50.4% in the same period last year [1]. - In April 2025, the non - manufacturing PMI was 50.4%, down from 50.8% in the previous month and 51.2% in the same period last year [1]. - In April 2025, the year - on - year growth rates of M0, M1, and M2 were 12%, 1.5%, and 8% respectively, with M0 and M2 increasing compared to the previous month and M1 decreasing [1]. - In April 2025, the CPI was - 0.1% year - on - year, the same as the previous month but lower than the same period last year; the PPI was - 2.7% year - on - year, lower than the previous month and the same period last year [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - The Chinese government aims to improve the modern enterprise system, including salary systems and corporate governance of listed companies [2][10]. - OPEC + may increase production by 411,000 barrels per day in July to target the US shale oil market [2]. - As of May 26, 70.05 million mu of summer wheat had been harvested, and over 17 million sets of agricultural machinery will be used for the "Three Summers" operations [3]. 3.2.2 Main Varieties - Cast aluminum alloy futures will be listed on June 10, with a trading margin of 9% (8% for hedging) and a daily price limit of ±7% (doubled on the first day) [4]. - In April, Hong Kong's total gold exports to the Chinese mainland were 58.61 tons, up from 21.071 tons previously [4]. - On May 26, the global thermal coal price hit a four - and - a - half - year low due to oversupply and high inventories [6]. - Russia's Deputy Prime Minister said that OPEC + has not discussed a July production increase [7]. - Iraq's oil exports in April were 100.95 million barrels [8]. - Iran set the price of Iranian light crude oil for Asia in June at Oman/Dubai crude oil price plus $1.80 per barrel [8]. - Malaysia's palm oil exports from May 1 - 25 increased by 11.6% month - on - month [9]. 3.3 Financial News - On May 26, the central bank conducted 382 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 247 billion yuan [9]. - Third - round, fourth - batch central environmental protection inspections have been launched in 5 provinces and 3 state - owned enterprises [11]. - On May 26, the on - shore and off - shore RMB exchange rates against the US dollar rose, breaking through the 7.17 mark [11]. - This year, nearly 3,000 idle land parcels with a total area of over 133 million square meters are planned to be repurchased using special bonds [12]. - From January to April, the proportion of residential sales of over 120 square meters increased in 20 out of 30 representative cities [12]. - Credit bond ETFs are expected to be included in the repurchase collateral pool [12]. - As of April 30, the on - time disclosure ratios of 2024 annual reports and 2025 Q1 reports of debt - financing tool issuers and credit enhancement institutions were 99.80% and 99.65% respectively [13]. - Mitsubishi UFJ Bank (China) will adjust RMB deposit rates from June 3 [13]. - Inner Mongolia Rural Commercial Bank was established through a new merger and will open on May 27 [13]. - Hubei aims to transform the real - estate industry and ensure its stable operation [14]. - Guizhou will carry out special rectification and actions to solve problems faced by enterprises [14]. - The four major Japanese life insurance companies had a bond portfolio floating loss of about $60 billion last fiscal year [15]. - Multiple factors may trigger a "bond vigilante" action [15]. - There are significant events in the bond market, such as debt restructuring and bond suspension [16]. 3.4 Bond Market - Treasury bond futures mostly rose, and the yields of major inter - bank interest - rate bonds mostly declined. The overnight and 7 - day inter - bank repo rates showed different trends [17]. - In the exchange - traded bond market, some bonds rose while others fell. The Wande real - estate bond 30 index declined slightly, and the Wande high - yield urban investment bond index rose [18]. - The CSI Convertible Bond Index and the Wande Convertible Bond Equal - Weighted Index both declined [18]. - Most money - market interest rates showed an upward trend, while Shibor short - term rates were mixed [18][19]. - The winning yields of some financial bonds issued by policy banks were announced [20]. - European bond yields generally declined [20]. 3.5 Foreign Exchange Market - The on - shore RMB exchange rate against the US dollar rose by 52 points at the 16:30 close, and the central parity rate was raised by 86 points [22]. - The US dollar index declined, and most non - US currencies rose [22]. 3.6 Stock Market - The CSRC will promote the introduction of a supervision and management regulation for listed companies to improve corporate governance [27]. - On Monday, the A - share market had a narrow - range adjustment. The controllable nuclear fusion concept rose, while pharmaceutical and automobile stocks declined [27]. - The Hong Kong Hang Seng Index and related indices declined. Automobile stocks fell, and nuclear - power stocks rose [27]. - Southbound funds had a net sell - off of HK$1.5 billion. Tencent and Alibaba were net sold, while Meituan was net bought [28]. - Central Huijin will better perform its duties in managing state - owned financial capital [28]. - Goldman Sachs is overweight on Chinese stocks due to the potential appreciation of the RMB [28]. - Meituan's Q1 revenue and adjusted net profit exceeded market expectations [28].

Market Overview - A-shares showed mixed performance on May 26, with the Shanghai Composite Index down 0.05% to 3346.84 points, the Shenzhen Component Index down 0.41% to 10091.16 points, and the ChiNext Index down 0.80% to 2005.26 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.01 trillion yuan, a decrease of 145.6 billion yuan compared to the previous trading day [1] Sector Performance - The gaming, power equipment, power grid equipment, cultural media, jewelry, and communication services sectors saw the largest gains, while the chemical pharmaceuticals, automotive, and traditional Chinese medicine sectors experienced the largest declines [1] - The controllable nuclear fusion sector had 58 stocks, with 56 rising, and 9 stocks increasing over 10% following U.S. President Trump's recent nuclear energy initiatives [2] - The ST sector also performed well, with 118 out of 197 stocks rising, driven by merger and acquisition news involving Zhongke Shuguang and Haiguang Information [2] Technical Analysis - The Shanghai Composite Index closed above the 20-day moving average (around 3345 points) and the 60-day moving average remains strong, indicating limited downside potential [3] - However, the market is experiencing reduced trading volume and outflows of over 12 billion yuan from main funds, suggesting that significant upward movement is unlikely without major positive news [3] Company Highlights - Xiangyou Technology and Kaimeteqi both hit the daily limit up, with Xiangyou Technology reporting a net profit of 5.55 million yuan for Q1 2025, a year-on-year growth rate of 171.49% [4] - Xiangyou Technology is involved in the military equipment restructuring concept and provides comprehensive IT services for the postal industry, including software and hardware product development [4]

Market Overview - A-shares experienced a narrow range of fluctuations with major indices showing mixed results, where the Shanghai Composite Index fell by 0.30% to 3338.42, and the Shenzhen Component Index decreased by 0.71% to 10060.36 [3][4] - The TMT sector showed strength, with the Wande TMT Index rising over 1.5% during the session, and more than 10 stocks in the sector hitting the daily limit or increasing by over 10% [4][6] Stock Performance - Notable gainers in the TMT sector included: - Zhilaike Technology (300771) up 20.00% to 12.90 - Huichang Communication (300578) up 19.99% to 21.13 - Zhongke Information (300678) up 19.99% to 35.12 [5] - Conversely, the medical and biological sector faced declines, with Haichen Pharmaceutical dropping over 12% and several other stocks falling more than 5% [6] Hong Kong Market - The Hong Kong market saw a decline, with the Hang Seng Index down 1.00% to 23366.06 and the Hang Seng Tech Index down 1.32% to 5177.45 [12][13] - Major stocks like BYD and Geely experienced significant drops, with BYD falling over 8% during the session [13][15] Company Specifics - Miniso reported a 18.9% year-on-year revenue growth for Q1, with adjusted net profit at RMB 587.2 million, down from RMB 616.9 million in the same period last year [20] - The total number of Miniso stores reached 7768 as of March 31, 2025, with a net increase of 978 stores year-on-year [20] Commodity Market - In the futures market, domestic coking coal futures saw a decline of over 1%, with a cumulative drop exceeding 30% for the year [21][23] - The pressure on coking coal prices is attributed to increased supply from Shanxi and Xinjiang, with limited demand growth, leading to inventory pressures [23]

Market Overview - A-shares experienced narrow fluctuations with overall weak performance, while the TMT sector showed strength [1][4] - The Hang Seng Index and Hang Seng Tech Index both saw intraday declines exceeding 1%, with notable drops in stocks like BYD and Geely [1][15][16] A-share Performance - Major indices showed mixed results at the close, with the Shanghai Composite Index down 0.30%, Shenzhen Component down 0.71%, and ChiNext Index down 1.28% [4][5] - The TMT sector saw a rise, with the Wind TMT Index increasing over 1.5% during the session, and more than 10 stocks hitting the daily limit or rising over 10% [5][6] Sector Performance - The media sector led gains, with intraday increases exceeding 2%, driven by stocks like Glacier Network and China Science Publishing [7][9] - The pharmaceutical and biotechnology sector faced declines, with stocks like Haichen Pharmaceutical and Keyuan Pharmaceutical dropping over 10% [9] Futures Market - Domestic coking coal futures saw intraday declines exceeding 1%, with a cumulative drop of over 30% year-to-date [2][25] - The pressure on coking coal prices is attributed to increased supply from Shanxi and Xinjiang, while demand growth remains limited [27] Company Specifics - Miniso reported a 18.9% year-on-year increase in revenue for Q1, but adjusted net profit decreased to RMB 587.2 million from RMB 616.9 million in the previous year [22][28] - The total number of Miniso stores reached 7,768 as of March 31, 2025, with a net increase of 978 stores [23]

28个下跌行业中，大部分行业跌逾1%，其中计算机行业跌幅居首，为1.97%；综合行业跌1.84%，居次 席；传媒、美容护理、交通运输和商贸零售等行业跌幅也居前。 从资金流向来看，申万一级有6个行业主力资金净流入，汽车、医药生物行业净流入金额居前，均超6亿 元；此外，银行、石油石化、建筑材料和煤炭行业主力资金也呈现净流入状态。 25个主力资金净流出的行业中，计算机行业净流出金额居首，达50.08亿元；电子、通信、机械设备、 电力设备和国防军工等行业主力资金净流出均超15亿元。 10股主力资金净流入超2亿元 从个股来看，今日37股主力资金净流入超1亿元，其中10股净流入超2亿元。 新能源汽车热门股赛力斯（601127）主力资金净流入5.05亿元，居首。该股今日涨停，报收145.87元/ 股。消息面上，近期汽车销售数据向好，一系列利好因素汇聚，包括"以旧换新"补贴政策等多重因素驱 动，汽车市场热度不减。 华创证券在研报中表示，对全年汽车销量维持乐观预期，后续随经济预期稳定、政策发力、新车上市， 销量水平有望维持在较好水平，尤其20万元以上高端品牌需求有望恢复，预估全年新能源乘用车批发增 速31%，为板块整车、零部件 ...

Core Viewpoint - The A-share market showed positive momentum with the ChiNext Index rising by 0.99%, driven by strong performance in the solid-state battery sector and other key industries [1] Market Performance - The Shanghai Composite Index increased by 0.38% - The Shenzhen Component Index rose by 0.53% - The ChiNext Index experienced a gain of 0.99% [1] Sector Highlights - The solid-state battery concept was notably active, with leading companies such as Lingpai Technology and Guoxuan High-Tech hitting the daily limit of 20% increase - Other sectors that performed well included coal, precious metals, chemical pharmaceuticals, electricity, insurance, innovative drugs, and CRO concepts [1] Underperforming Sectors - Sectors that saw declines included electric machinery, real estate services, shipbuilding, consumer electronics, controllable nuclear fusion, and PEEK materials [1] Overall Market Sentiment - More than 1,600 stocks in the market experienced an increase, indicating a broadly positive sentiment among investors [1]