证监会首席风险官、发行监管司司长严伯进5月22日在国新办新闻发布会上表示，债券市场直接融资作 用不断凸显，目前交易所债券市场已经成为科技企业直接融资的一个重要渠道，科创债累计发行了1.2 万亿元。募集资金主要投向半导体、人工智能、新能源、高端制造等前沿领域。（证券时报） ...

主题：第 28 届瑞银亚洲投资论坛媒体分享会 ——中国股票市场展望 时间：2025 年 5 月 21 日（下午） 嘉宾： 房东明 瑞银全球金融市场部中国主管 王宗豪 瑞银投资银行中国股票策略研究主管 【主持人】：各位线上的媒体朋友以及万得平台的观众下午好！感谢您加入 本次第 28 届瑞银亚洲投资论坛的媒体分享会。"瑞银亚洲投资论坛"将于 5 月 27 日起在香港正式召开，本次媒体分享会作为论坛的先行活动之一，我们将聚 焦中国股票市场。 目前我们看到全球贸易环境的不确定性其实推高了本季度股票市场的波动， 目前中美已就关税问题展开了谈判，目前投资者对中国股票市场有何期待？未 来机遇在哪里？针对这些问题我们今天请到了： 瑞银全球金融市场部中国主管 房东明房总；瑞银投资银行中国股票策略主 管 王宗豪（James），两位就这些问题进行深入的分享。 首先我们把时间交给房总，房总将就近期投资者对中国股市的关注以及观察 进行分享。 【房东明】：谢谢 AC 的介绍！也感谢各位媒体朋友、Wind，大家下午好！ 本来想在演播室里面跟大家分享，投资者对中国投资的热情应该说还是很高涨 的，我正好在两个投资者会议之间，现在在车上连线跟各 ...

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 National Development and Reform Commission is continuously improving policy tools to ensure timely implementation when necessary [4] - The People's Bank of China held a seminar to enhance financial support for the real economy, focusing on technology innovation [4] - China and the ten ASEAN countries have completed negotiations for the China-ASEAN Free Trade Area 3.0 [4] Industry Dynamics - The deployment of IPv6 is being advanced by three departments, with related stocks like Fenghuo Communication and ZTE expected to benefit [5] - The wearable device sector, particularly exoskeleton robots, is gaining attention as commercial applications accelerate, with stocks such as Xiangyu Medical and Jinggong Technology highlighted [5] - Sichuan is expediting the implementation of its first brain-computer interface surgery, indicating promising commercial prospects for related companies like Innovation Medical and Chengyitong [5] Company Focus - Foton Motor is collaborating with Huawei Digital Energy to accelerate the electrification of heavy trucks [6] - Chuangyao Technology is promoting advanced communication technologies to empower smart healthcare, focusing on intelligent healthcare robots [6] - Intercontinental Oil and Gas plans to increase capital in its wholly-owned subsidiary Hong Kong Derui by USD 6.8 million [6] - Jiuhua Tourism intends to raise no more than 500 million yuan through a private placement to invest in projects like passenger cable cars [6] Market Review and Outlook - On May 21, the market experienced a high and then a pullback, with the three major indices showing slight increases. The Shanghai Composite Index rose by 0.21%, the Shenzhen Component Index by 0.44%, and the ChiNext Index by 0.83% [7] - The trading volume in the Shanghai and Shenzhen markets reached 1.17 trillion yuan, an increase of 37.8 billion yuan from the previous trading day [7] - The report anticipates limited upward or downward movement in the A-share market in the short to medium term, with a lack of strong main lines for investment. It suggests focusing on industries with long-term development logic, such as technology growth, high-end manufacturing, and new consumption [7]

Group 1 - The core viewpoint is that China's assets are being revalued positively due to improved market sentiment, ongoing domestic policy efforts, and an optimized institutional environment, leading to increased interest from both domestic and foreign investors [1][2] - Major foreign institutions like Goldman Sachs, Invesco, and UBS have expressed optimism about the performance of the Chinese stock market, indicating a consensus among investors [1][3] - The MSCI China Index and CSI 300 Index have had their 12-month targets raised by Goldman Sachs, suggesting potential upside of 11% and 17% respectively, while maintaining an overweight rating on Chinese stocks [3] Group 2 - The attractiveness of Chinese assets is rising as global investors view China as a "safe haven" amid economic adjustments and market volatility [2] - There is a notable increase in foreign institutional interest, with 349 foreign institutions conducting intensive research on A-share listed companies since the second quarter [4] - The sectors attracting foreign investment include electronics, pharmaceuticals, and machinery, with a focus on companies benefiting from the electric vehicle battery and high-end manufacturing industries [4][6] Group 3 - Domestic institutions remain confident in the value of A-share investments, citing low absolute valuations compared to relatively high valuations in the U.S. [5] - The technology sector, particularly humanoid robots, has shown significant performance, with the positive effects of the technology bull market beginning to spread to other sectors [6] - Recent monetary policy measures aim to enhance liquidity and stabilize the market, with the People's Bank of China implementing a series of adjustments to support economic growth [7]

Economic Overview - Yunnan Province's economic indicators showed stable performance from January to April 2025, with continuous structural optimization and new growth momentum [1][3] - The industrial added value of Yunnan increased by 5.0% year-on-year, accelerating by 0.2 percentage points compared to the first quarter [1] Industrial Performance - Mining industry added value grew by 9.9%, manufacturing by 4.6%, and electricity, heat, gas, and water production and supply by 4.4% [1] - Traditional industries maintained growth, with the electricity sector increasing by 4.7% and non-ferrous metals by 15.4% [1] - High-end manufacturing showed enhanced momentum, with equipment manufacturing and high-tech manufacturing increasing by 13.2% and 11.4%, respectively [1] - The electronic industry added value rose by 14.5%, while the new energy battery and green aluminum industries grew by 79% and 7.8% [1] Energy Sector - The total industrial power generation in Yunnan reached 1232.52 billion kWh, a year-on-year increase of 9.9% [1] - Clean energy sources (hydropower, wind power, and photovoltaics) accounted for 80.7% of the total power generation, up by 1.6 percentage points from the previous year [1] Consumer Market - The total retail sales of social consumer goods in Yunnan amounted to 4189.81 billion yuan, with a year-on-year growth of 3.8% [2] - Restaurant income increased by 5.7%, and rural consumption growth outpaced urban areas [2] - Retail sales of communication equipment, home appliances, and cultural office supplies surged by 66.0%, 45.2%, and 63.0%, respectively [2] Investment Trends - Fixed asset investment in Yunnan grew by 0.1% year-on-year, with infrastructure investment increasing by 15.9% [2] - Investment in transportation and water conservancy rose by 20.1% and 9.0%, respectively [2] Service Sector - The revenue of the service industry in Yunnan reached 902 billion yuan, with a year-on-year growth of 0.6% [2] - Internet and related services, as well as software and information technology services, grew by 59.9% and 13.0%, respectively [2] Price Levels - The Consumer Price Index (CPI) in April showed a year-on-year decrease of 0.1% and a month-on-month increase of 0.1% [2] - The Producer Price Index (PPI) increased by 0.1% year-on-year, while purchase prices rose by 1.9% [2] Future Outlook - Yunnan plans to implement policies to stabilize growth, promote industrial transformation, accelerate project construction, and enhance consumption quality [3]

Core Viewpoint - Haizheng Pharmaceutical (600267) aims to adopt a differentiated strategy focusing on solidifying its industrial foundation, with emphasis on synthetic biology and high-end manufacturing [1] Group 1: Company Overview - Established in 1956, Haizheng Pharmaceutical started with raw materials and has evolved into a comprehensive pharmaceutical enterprise covering the entire value chain from research and production to sales [1] - The company operates a significant production base in Fuyang, Zhejiang, which spans over 1,500 acres and includes various subsidiaries [1] Group 2: Raw Material Business - The raw material segment is a traditional focus for Haizheng, leveraging technological and production scale advantages [2] - The company has developed over a hundred raw material drug varieties, utilizing a fermentation semi-synthesis technology platform [2] - Haizheng is expanding into the health sector, particularly in medical aesthetics and industrial raw materials, to enhance its sales capabilities [2] Group 3: Production Capabilities - Haizheng has established three major production bases in Taizhou, Fuyang, and Nantong, with a complete production line layout [2] - The Fuyang base features 17 independent production lines and adheres to a production philosophy of "pipeline, closed, continuous, and automated" [2] - The base has successfully secured CMO orders from international giants like Merck and continues to advance new product registrations [2] Group 4: Pharmaceutical Formulation Business - Haizheng has achieved a leading position in exporting injectable drugs to the U.S. market, maintaining high GMP standards [3] - The formulation business is primarily managed by its subsidiary, Hanhui Pharmaceutical, which has developed a unique quality management model [3] - Hanhui has successfully completed technology transfers for several original research products, addressing domestic supply shortages [3] Group 5: Animal Health Sector - The animal health segment is a key area of focus, with Haizheng leveraging its bases to create a diverse product matrix for livestock and pets [3] - Haizheng Animal Health has obtained multiple certifications and has several products with significant sales, including a record-breaking domestic deworming drug [3] - The company has a production capacity of 3,000 acres, allowing for strategic positioning in human and animal pharmaceuticals, both domestically and internationally [3]

Core Points - The implementation of the Private Economy Promotion Law marks a significant milestone in the development of the private economy in China, transitioning from policy support to legal protection [1][2] - The law establishes the legal status of the private economy and emphasizes the importance of promoting its sustainable, healthy, and high-quality development as a long-term national policy [2][4] Group 1: Legal Framework - The Private Economy Promotion Law consists of 9 chapters and 78 articles, clearly stating that the private economy is an important component of the socialist market economy [4] - It is the first law to explicitly incorporate the principle of "two unwavering" into legal text, highlighting the equal market status of private enterprises [2][4] Group 2: Economic Support - The government is accelerating the establishment of mechanisms for private enterprises to participate in major national projects, with an investment scale of approximately 3 trillion yuan in key sectors this year [3] - Financial support for private enterprises is being enhanced, with efforts to address financing difficulties and create a better development environment [3] Group 3: Communication and Implementation - The establishment of dedicated agencies for private economic development at various levels is a crucial step in implementing the Private Economy Promotion Law [5] - Continuous communication mechanisms are being set up to address major issues in the development of the private economy, with regular meetings held to gather feedback from private enterprises [4][5]

Core Insights - The industrial sector is moving towards precision and automation, increasing the demand for cleanliness and automation in processes, which presents broad application prospects for the company's cleaning equipment and intelligent solutions [1] - The company aims to capture market opportunities by enhancing technological reserves, improving operational efficiency, and strengthening cost control to achieve high-quality development [1] Business Overview - The company operates primarily in two segments: industrial cleaning systems and surface treatment, and intelligent equipment manufacturing [1] - In 2024, the industrial cleaning systems and surface treatment segment generated revenue of 1.264 billion yuan, accounting for 92.78% of total revenue [1] - The intelligent equipment manufacturing segment, which includes rubber intelligent equipment, digital factories, and electrical automation, achieved revenue of 95.96 million yuan, representing 7.04% of total revenue [1] Market Position and Strategy - The company has 69 years of experience in providing complete solutions for industrial cleaning and surface treatment, with a strong focus on high cleanliness and precision requirements [2] - The majority of the company's revenue comes from overseas, with domestic revenue at 110 million yuan (less than 10% of total revenue) and overseas revenue at 1.252 billion yuan (91.89% of total revenue) in 2024 [2] - The company employs a global and localized operational strategy for its overseas subsidiaries, focusing on serving regional markets [2] Financial Performance - The company has faced challenges, with net profits showing losses for five consecutive years, and a net loss of 21.76 million yuan in 2024, which slightly widened year-on-year [2] - Total revenue for 2024 was 1.362 billion yuan, a year-on-year decline of 5.51% [2] - The company reported a significant improvement in cash flow from operating activities, with a net cash flow of 94.84 million yuan [2] Future Outlook - The company plans to continue focusing on its core business, driving product innovation and market expansion to enhance its industry influence and consolidate its market position [2] - Efforts are being made to reduce costs, optimize resource allocation, and improve operational quality to achieve better performance [3]

Group 1: Overseas Business and Market Expansion - The company's overseas business revenue accounted for nearly 8% in 2024, focusing on Southeast Asia, the Middle East, Central Asia, and Africa since acquiring HBA in 2013 [2][4] - The company has localized operations in regions such as Hong Kong, Macau, Cambodia, Vietnam, Dubai, the Philippines, and Malaysia, implementing local management strategies and risk management systems [2][4] - The company aims to seek new growth opportunities and enhance international project competitiveness through resource and technology accumulation [2][4] Group 2: Urban Renewal and Project Advantages - In 2024, the company’s urban renewal projects accounted for nearly 15% of its construction projects, with successful cases including Suzhou Kaiming Grand Theatre and Kashgar High Platform Residence [3][7] - The Ministry of Housing and Urban-Rural Development reported over 60,000 urban renewal projects in 2024, with an investment of approximately CNY 2.9 trillion, indicating a significant market opportunity [3][7] - The company is committed to providing comprehensive services in urban renewal, combining various professional management systems [3][7] Group 3: Public Decoration and Strategic Focus - Public decoration projects constituted nearly 90% of the company's business in 2024, with government projects making up over half of this segment [5] - The company plans to deepen its regional strategy and focus on high-growth industries such as new infrastructure, renewable energy, and biopharmaceuticals [6][15] - The company will continue to enhance its capabilities in EPC contracting, urban renewal, and medical purification as core business areas [6][15] Group 4: Financial Performance and Cash Flow - The net cash flow from operating activities for 2024 is projected to be CNY 405 million, reflecting a year-on-year growth of 17.68% [8] - Both 2023 and 2024 have shown positive cash flow growth, indicating potential for continued financial stability [8] Group 5: Technological Integration and Future Directions - The company has implemented BIM technology in over 100 projects, achieving significant efficiency improvements and cost savings [10] - The company is exploring cross-industry collaborations in smart home and IoT sectors, focusing on intelligent space design and data platform development [13] - The company aims to leverage digital technology and innovation to enhance competitiveness and profitability [15][16]

Core Viewpoint - The development of shield tunneling machines in China has transitioned from reliance on foreign technology to achieving self-sufficiency and becoming a leader in the industry, showcasing the country's advancements in high-end manufacturing [1][3]. Group 1: Development and Achievements - The first domestically produced composite earth pressure balance shield tunneling machine, "China Railway No. 1," was launched in April 2008, marking a significant milestone in China's tunneling technology [2]. - The successful completion of the Tianjin Metro Line 3 project demonstrated the capabilities of domestic shield machines, breaking the monopoly of foreign machines in the Chinese market [3]. - The design and application of hard rock shield tunneling machines were developed to meet the challenges posed by complex geological conditions in regions like Chongqing, leading to significant technological advancements [3]. Group 2: Technological Innovations - The team led by Wang Dujuan has developed several innovative products, including the world's largest rectangular shield machine and the first horseshoe-shaped shield machine, filling gaps in national technology [4]. - The shield machines produced by the company are now widely used in various sectors, including water conservancy, underground space construction, and mining energy, expanding the market for Chinese manufacturing [4]. Group 3: Global Expansion - The export of the "China Railway No. 50" shield machine to Malaysia in 2012 marked a significant step for Chinese tunneling technology on the global stage [3]. - The company has successfully exported shield machines to over 30 countries and regions, establishing itself as a leader in the high-end manufacturing sector [4].