Investment Rating - The report maintains a positive outlook on the basic chemical industry [1] Core Insights - The prices of bio-jet fuel (SAF) and bio-diesel have increased, with SAF reaching $2230 per ton, up 9.85% week-on-week and 20.28% year-to-date [3][11] - Refrigerant prices remain strong, with R32 and R134a showing slight increases of 0.96% and 1.03% respectively [4][11] - The demand for high-performance fibers and lightweight materials is expected to rise due to advancements in robotics and the low-altitude economy [5][28] Summary by Sections 1. Sub-industry Tracking - Bio-jet fuel (SAF) and bio-diesel prices are on the rise, with SAF priced at $2230 per ton and bio-diesel at 8100 RMB per ton [3][11] - Refrigerant prices are stable, with R32 at 52500 RMB per ton and R134a at 49000 RMB per ton [4][11] - Prices for vitamins, multi-crystalline silicon, and other materials have declined [4][11] 2. Electronic Chemicals - The electronic chemicals sector focuses on materials for the electronics industry, including wet electronic chemicals and photolithography materials [13][16] - The market for semiconductor materials is projected to grow, with a significant increase in domestic production capabilities [20][23] 3. New Quality Productivity - Carbon fiber and ultra-high molecular weight polyethylene (UHMWPE) are highlighted as key materials benefiting from the low-altitude economy and robotics [28][30] - PEEK materials are gaining traction in humanoid robotics, with demand expected to grow significantly [33] 4. Lithium Battery/Storage Materials - Conductive agents like carbon black and carbon nanotubes are essential for lithium battery materials, with current market prices showing a downward trend [36][39] - Sodium-ion battery materials are also gaining attention due to their cost advantages [39] 5. Renewable and Modified Plastics - The demand for recycled plastics is increasing, with a notable rise in the proportion of recycled materials used in packaging [55][58] - Specialty engineering plastics are in demand across various industries, including automotive and aerospace [55][60] 6. Coatings, Inks, and Pigments - The demand for new functional coating materials is growing, driven by the automotive and consumer electronics sectors [62][64] 7. Market Performance - The basic chemical index has shown a 4.15% increase, outperforming the overall market [66][67]

美国国内政治层面也出现转暖信号，有争议的"第899条款"可能被取消，多项贸易协议有望达成。 市场方面，各大资产类别出现明显的趋势。油价大跌、美元走弱、美国利率曲线出现牛市陡峭化、工业 金属价格大涨、得益于大型科技股飙升6%，标普500创新历史新高。 资金没有特别拼命加仓 本周，标普500指数创新高，纳指100五日连涨，科技股领跑。 高盛的对冲基金业务负责人Tony Pasquariello在最新报告中表示，本周是本周是今年对市场影响最大的 几周之一。他用"legitimate banger"来形容，也就是实打实的大爆发。 从地缘政治角度看，有两大转折点级别的事件。一是美国空袭伊朗核设施，二是北约承诺将军费提升到 GDP的5%。荷兰首相Mark Rutte表示，北约将变得"更强大、更公平、更具杀伤力"。 Q1财报已经证明了这一点。最近几周，博通、甲骨文、美光等公司也给出强劲指引。所以，虽然Q2财 报的门槛会更高，因为市场预期也提升了，但从长期看，全球最大的一批科技公司依然在赚大钱、分红 回购、再投资，构成了强大支撑。高盛表示，不会去"做空这辆高速列车"，相反，会在回调时继续加 仓。 美国经济短期放缓，长期平稳 ...

Core Viewpoint - The A-share market has shown strong performance in the first half of 2025, with the Shanghai Composite Index stabilizing above 3400 points and reaching a new high for the year [1] Group 1: Investment Strategies for the Second Half - Investors often mistakenly believe that strong-performing funds from the first half will continue to perform well in the second half, which is a significant misconception in fund investment [3] - The best-performing funds in the first half of 2023 were those focused on the Hong Kong innovative pharmaceutical sector, with several ETFs and equity funds achieving over 50% gains [4] - Historical data indicates that funds that performed well in the first half often see a decline in performance by the end of the year, as seen with AI and gaming-focused funds in 2023 [4][5] Group 2: Focus Areas for Investment - The technology growth sector is expected to become a key market focus again in the second half, driven by strong performances in the U.S. stock market, particularly in AI-related companies [6] - The robotics sector remains a promising area for investment, with several funds achieving over 40% gains despite previous adjustments due to valuation concerns [7] - Dividend funds are gaining popularity due to their stable cash flow and bond-like characteristics, with many achieving positive returns in 2023 [10] Group 3: REITs Market Expansion - The REITs market has been expanding, with a total of 73 products now available, focusing on emerging sectors like new infrastructure and smart cities [12] - REITs have shown strong performance in 2023, with specific products like the Jia Shi Wu Mei Consumption REIT and Hua Xia Da Yue Cheng Commercial REIT achieving over 50% and 49.58% gains, respectively [12]

据介绍，北京市海淀区多措并举支持人才发展，制定一揽子人才政策——出台"人工智能20条"、实 施"海英计划"、试点建设北京青年人才创新创业生态示范区等；打造一系列创新平台——建设人工智能 创新街区，打造AI原点社区，落地国家(中关村)火炬科创学院等；制定一盘棋培养计划——实施海淀区 大学生实习实践计划，开展"薪火共燃"计划等；营造一体化发展生态——举办"智汇·海淀"人才主题周、 中关村论坛等，打造人才创新高地。 启动仪式上，海淀区特设优秀项目展区，集中展示了该区在人工智能、工业智能化、机器人、大数据等 领域的创新成果。赛事期间，海淀区将组织参赛项目团队近距离走进中关村科学城，实地参观考察各个 产业园区及重点科研平台，深入了解该区产业生态，助力全球创业者在海淀"创新无忧、发展无界"。 （文章来源：中国新闻网） 中新网北京6月29日电 HICOOL2025全球创业大赛海淀赛区启动仪式27日在北京中关村东升科技园举 行。来自全球220余个人工智能/机器人赛道优质项目将展开激烈角逐，覆盖AI全产业链——从算力硬 件、算法创新到数据训练，以及机器人全场景应用——包括工业自动化、智能服务、特种作业及无人 机、无人船等智能无 ...

Company Movements - BYD is reportedly set to launch a new car purchase policy starting July 1, with previous pricing and policies being invalidated. Confirmation comes from sales personnel at BYD dealerships, indicating significant changes in sales strategy [6] - Tesla has completed the first full self-driving delivery of the Model Y, showcasing the vehicle's journey from the Texas Gigafactory to its new owner. This event has garnered attention from industry leaders, including Xiaomi's CEO, who praised Tesla's leadership in the sector [6] - Warren Buffett announced a donation of $6 billion worth of Berkshire Hathaway stock to the Bill and Melinda Gates Foundation and four family charitable organizations, marking the largest annual donation in nearly two decades [6] - NVIDIA CEO Jensen Huang has sold 300,000 shares of NVIDIA stock since June 20, amounting to approximately $44.9 million (around 322 million yuan) [7] Industry Insights - The Shanghai Stock Exchange reported that cash dividends for companies in the Shanghai market are expected to reach a record high of 1.8 trillion yuan in 2024, with a dividend payout ratio of 35.6%. Approximately 500 companies are set to issue mid-year dividends, addressing investor cash flow needs [5] - The implementation of the "merger and acquisition six guidelines" has led to 676 asset restructuring proposals in the Shanghai market, a 15% increase year-on-year, with major asset restructurings rising by 200% to 80 cases [5] - The Shenzhen Stock Exchange is planning reforms for the ChiNext board to support high-quality innovative companies in issuing shares, enhancing financing flexibility, and promoting balanced investment and financing [5] - The price of gold has been fluctuating at high levels, with a nearly 3% pullback since early June. As of June 26, spot gold prices dipped below $3,333 per ounce. Analysts suggest that this pullback may provide a window for long-term investment, as the underlying logic for gold's price increase remains intact [5]

国内首场机器人足球3V3 AI赛落幕 清华火神队夺冠 智通财经6月28日电，2025世界人形机器人运动会首场测试赛——国内首场机器人足球3V3 AI赛今天 （6月28日）落幕。经过小组预选赛与半决赛角逐，决赛环节，清华火神队以5:3夺得冠军，中国农业大 学山海队获得亚军，清华大学未来实验室Power智能与北京信息科技大学Blaze光炽队并列获得季军。 ...

Core Viewpoint - The automotive industry shows resilience in its fundamentals, with AI growth style stocks outperforming expectations in H1 2025. The performance of various sub-sectors aligns with expectations, although some areas fell short. The automotive robotics sector performed the best, followed by passenger vehicles, two-wheelers, and heavy trucks, while dividend styles lagged behind AI growth styles [2][8]. Summary by Sections H1 2025 Automotive Industry Review - The automotive sector's fundamentals remained strong, with the "old-for-new" policy effectively supporting the market. Overall performance met expectations, with some sub-sectors underperforming. The automotive robotics sector led in stock performance, followed by passenger vehicles, two-wheelers, and heavy trucks, while dividend styles underperformed compared to AI growth styles [2][8]. H2 2025 Stock Selection Strategy - The automotive industry is at a crossroads, reminiscent of 2011 and 2018. The end of the electric vehicle (EV) boom is approaching, while the smart vehicle sector is emerging. Commercial vehicles and two-wheelers are seen as promising investment areas. The strategy focuses on identifying cyclical alpha stocks and embracing the next industrial trends of smart technology and robotics [3][8]. H2 2025 Key Stock Adjustments - The focus will shift to increasing the weight of dividend and quality stocks. Recommended stocks include: - Dividend & Quality: Yutong Bus, China National Heavy Duty Truck, Chunfeng Power, and parts suppliers like Fuyao Glass and Xingyu Co. - AI Growth: Xpeng Motors, Li Auto, Huawei (Seres and SAIC), and parts suppliers like Horizon Robotics and Top Group [4][8]. 2025 Automotive Sector Outlook - Key assumptions include the continuation of the "old-for-new" policy and no escalation in trade war risks. - Passenger Vehicles: Total domestic sales forecasted at 23.66 million units (up 3.9% YoY), with new energy vehicle sales at 14.32 million units (up 33% YoY). - Heavy Trucks: Domestic sales expected at 700,000 units (up 16.3% YoY). - Buses: Domestic sales forecasted at 87,600 units (up 20% YoY). - Motorcycles: Domestic sales expected at 4.46 million units (down 4% YoY) [5][8].

Group 1 - The company reported a revenue of approximately HKD 116 million for the fiscal year ending March 31, 2025, with a loss attributable to shareholders of about HKD 138 million [1] - As of March 31, 2025, the company's net equity and current assets were approximately HKD 617 million and HKD 60.7 million, respectively, with bank balances and cash of around HKD 46.1 million [1] - The company completed the restructuring of two joint ventures in 2025, focusing on humanoid robot intelligent technology and AI educational robots [1] Group 2 - The company plans to gradually deploy humanoid robot applications in Hong Kong in the second half of 2025, collaborating with signed partners to commercialize humanoid robot products [1] - In mainland China, the company aims to launch educational robot products in selected provinces in the second half of 2025, forming a full industry chain model in line with national AI education policies [1] - The company expects to formally establish the "Hong Kong Robot Health Demonstration Park Project" and successfully sign operational service agreements, including the sale of health robots [1] Group 3 - Due to the ongoing decline in the domestic real estate market, the company will adopt a more prudent strategy in selecting related projects and seek future development opportunities [2] - One potential direction for development is to explore "themed real estate" projects that provide services for robot health real estate, in addition to the existing demonstration park project [2] - The company intends to negotiate similar projects with governments in the Greater Bay Area, Tianjin, and Zhejiang [2]

Core Viewpoint - Honor Technology Co., Ltd. has officially initiated the process for its A-share IPO by completing the counseling registration with the Shenzhen Securities Regulatory Bureau, marking a significant step towards entering the capital market [1][2]. Listing Progress and Organizational Adjustments - Honor has a registered capital of 32.239 billion yuan, with its major shareholder being Shenzhen Zhixin New Information Technology Co., Ltd., holding 49.55% of the shares [2]. - The shareholder ecosystem of Honor includes 23 entities, such as Shenzhen Zhixin, Guoxin Capital, China Mobile, and China Telecom, creating a diversified collaborative network [2]. - The IPO counseling will occur in three phases from June 2025 to March 2026, focusing on internal control, financial training, and compliance with securities regulations [3]. - Honor's CEO, Li Jian, has made strategic adjustments to the management team and organizational structure to pave the way for the IPO [3][4]. Strategic Focus on AI Ecosystem - In March 2025, Li Jian announced a strategic shift towards becoming a leading AI terminal ecosystem company, with a three-phase AI strategy [5]. - Honor plans to invest 10 billion USD (approximately 72.8 billion yuan) over the next five years in its "Alpha Strategy," with annual AI investments reaching 15 billion yuan [5][6]. - The company has established new departments for AI and software, with a workforce of 2,600 in the AI sector [6]. Product Development and Market Expansion - Honor has launched several new products, including the Honor Power smartphone and the Honor 400 series, which have shown promising sales performance [7]. - The company has seen significant growth in overseas markets, with sales in regions like Latin America, the Middle East, and Southeast Asia increasing by over 50%, and in Southeast Asia, growth exceeding 100% [7][8].

Report Summary 1. Report Industry Investment Rating - Goldman Sachs China equity strategist Fu Si maintains an overweight recommendation for A-shares and Hong Kong stocks [2] - Bank of America Chief Investment Strategist Hartnett believes global capital allocation is gradually shifting from the US to Eurasian markets [2] 2. Core View of the Report - The market underwent a minor adjustment on Thursday for technical repair, with the Bank ETF hitting a new high. Multiple foreign giants suddenly collectively sang well of Chinese assets, and global financial asset reallocation "de-Americanization" is expected to accelerate the inflow of international funds into A-shares. The market is in a technical adjustment phase, and it's necessary to observe whether the market can evolve from a volatile rebound to a trending upward movement [2] 3. Summary by Relevant Catalogs **Market Review** - On Thursday, the market had a minor volatile adjustment to repair technical indicators, and the Bank ETF hit a new high. The total trading volume of the two markets was 1.58 trillion yuan, showing little change. The CSI 1000 Index closed at 6,247 points, down 28 points or -0.45%; the CSI 500 Index closed at 5,838 points, down 24 points or -0.41%; the SSE 300 Index closed at 3,946 points, down 14 points or -0.35%; the SSE 50 Index closed at 2,738 points, down 9 points or -0.34%. Among industry and thematic ETFs, those with the highest gains were the Communication Equipment ETF, Cloud 50 ETF, Bank ETF Leader, Gold Stocks ETF, and GEM Artificial Intelligence ETF Southern, while those with the highest losses were the Securities ETF Leader, Innovative Drug ETF Hong Kong & Shanghai, and STAR 100 ETF. Among the sector indices of the two markets, those with the highest gains were the Ground Military Equipment, Tourism, Marine Economy, Military Trade Concept, and Military Informatization Indices, while those with the highest losses were the Medical Services, Passenger Vehicles, Securities, Lithography Machines, and Innovative Drug Indices. The CSI 1000, CSI 500, SSE 300, SSE 50, and index stock index futures saw net outflows of 5 billion, 3.3 billion, 3.1 billion, and 1.5 billion yuan respectively in the settled funds [1] **Important News** - Chinese Premier attended the opening ceremony of the 2025 Summer Davos Forum and delivered a speech, stating that the Chinese market continues to expand in scale and improve in quality, which will create incremental space for reversing the decline in international trade. China's continuous breakthroughs in innovation will inject new vitality into global development to overcome the lack of momentum [1] - The deputy director of the Policy Research Office of the National Development and Reform Commission said that the third batch of funds for consumer goods trade-in this year will be allocated in July, and relevant parties will be coordinated to balance the use of funds to ensure the orderly implementation of consumer goods trade-in throughout the year [1] - According to data from the National Energy Administration, the newly installed photovoltaic capacity in the first five months of 2025 was about 198GW, while that in the first four months was 105GW. That is to say, the installed capacity in May alone reached 93GW, a year-on-year increase of 388% [1] - The Shenwan Macro team believes that there is a 3.3 trillion yuan gap in service industry investment, which stems from the gap between residents' service consumption and historical trends and the imbalance between supply and demand. With the growth of per capita GDP and population aging, consumption shows a "servitization" characteristic [1] - NVIDIA CEO Jensen Huang said that in the future, there will be billions of robots, hundreds of millions of autonomous vehicles, and hundreds of thousands of robot factories, all of which can be powered by NVIDIA's technology [1] - UBS warned that the current rally in US stocks is nearing its end: the indicator measuring real risk appetite has been weakening. Similar to the situation after a strong short squeeze, the S&P 500 and Nasdaq indices fell by an average of 11% and 13% respectively within three months. The capital situation has further deteriorated, and retail investors, foreign investors, and pension funds are expected to continue selling, and corporate buybacks will also enter a quiet period [1] - Goldman Sachs and Barclays released reports stating that considering the easing of recession concerns, funds are selling European assets at the fastest pace in nearly a year and refocusing on the US. Nomura Securities found that a volatility-based trading strategy may attract hundreds of billions of quantitative funds to flow back to the US in the short term [2] - Trump said that the conflict between Israel and Iran may break out again, perhaps soon. He warned that if Iran restarts its nuclear program, the US will strike again [2] - From June 24th to 25th, the NATO Summit was held in The Hague, the Netherlands. In the joint statement after the meeting, the most important "achievement" was the agreement to increase military spending to 5% of GDP [2] - According to the latest media reports, if OPEC+ deems it necessary, Russia is willing to support another production increase at the next OPEC+ meeting. If approved by the government, the Russian oil industry is ready to increase production again in August [2] - Trump is considering announcing the candidate for the next Fed Chairman as early as this summer, much earlier than the traditional 3 - 4 month transition period [2] - Fed Chairman said in a Senate hearing that tariffs may cause a one-time increase in prices, but the more persistent inflation risk cannot be ignored. The Fed must take a cautious attitude to ensure price stability and healthy economic development [2] **Market Logic** - The market had a minor adjustment on Thursday for technical repair, and the Bank ETF hit a new high. Beijing Business Daily published an article stating that the new high of bank stocks is different from the speculation of theme stocks. Although both have reached new highs in stock prices, bank stocks are supported by performance and dividends. The movement of bank stocks is more of a revaluation of value, which will not only prevent long-term funds from exiting but also attract off-market funds to buy. Multiple foreign giants suddenly collectively sang well of Chinese assets. Goldman Sachs China equity strategist Fu Si said that the overweight recommendation for A-shares and Hong Kong stocks is maintained [2] **Outlook for the Future Market** - The market had a minor adjustment on Thursday for technical repair, and the Bank ETF hit a new high. NVIDIA CEO Jensen Huang said that in the future, there will be billions of robots, hundreds of millions of autonomous vehicles, and hundreds of thousands of robot factories, all of which can be powered by NVIDIA's technology. A strategist at J.P. Morgan Asset Management pointed out that one of the current global long-term structural trends is technology, and China is in a leading position in many technology fields. Global investors are increasingly paying attention to China's innovation and leading position. Multiple foreign giants suddenly collectively sang well of Chinese assets. Goldman Sachs China equity strategist Fu Si said that the overweight recommendation for A-shares and Hong Kong stocks is maintained. Bank of America Chief Investment Strategist Hartnett believes that global capital allocation is gradually shifting from the US to Eurasian markets. The "de-Americanization" of global financial asset reallocation is expected to accelerate the inflow of international funds into A-shares. The Bank ETF hit a new high again, and funds continue to flow into high-dividend sectors. The market is in a technical adjustment phase, and it's necessary to observe whether the market can evolve from a volatile rebound to a trending upward movement [2] **Trading Strategies** - Directional trading of stock index futures: The market is in a technical adjustment phase. Observe whether the market can evolve from a volatile rebound to a trending upward movement, and pay attention to the resistance levels of the Shanghai Composite Index at 3,450 - 3,500 points [2] - Stock index option trading: The market is in a technical adjustment phase. Observe whether a trending upward movement will appear [2]