Core Viewpoint - The article emphasizes the importance of focusing on structural alpha opportunities in various sectors, particularly in real estate and metals, as market conditions evolve and performance indicators shift [4][5][6]. Group 1: Market Overview - In June, major A-share indices experienced an overall increase, with the ChiNext index rising by 6.1% [4]. - The Hong Kong stock market showed a fluctuating upward trend due to improved overseas conditions and domestic risk appetite [4]. Group 2: Real Estate Sector - The real estate sector is currently exhibiting weak beta, but structural highlights are emerging due to further regional and urban differentiation [5]. - From January to May 2025, the sales amount of commercial residential properties in key cities (Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, and Chengdu) increased by 14.4% [5]. - The transaction volume and price of land in 30 core cities tracked by Everbright rose, with a transaction area increase of 15.6% and a floor price increase of 23.9% [5]. Group 3: Metals Sector - The price of electrolytic aluminum reached a three-month high, indicating potential recovery in the steel sector's profitability towards historical average levels [6]. - The Ministry of Industry and Information Technology revised the "Steel Industry Normative Conditions," which may positively impact steel companies [6]. Group 4: Copper Industry - LME copper inventory has dropped to a 22-month low, leading to tight copper supply outside the U.S. and a subsequent price increase due to short-covering [8]. - Domestic air conditioning production is expected to decline by 13% year-on-year from July to September, indicating a slowdown in demand [8]. Group 5: Semiconductor and Chemical Materials - The global semiconductor sales are projected to reach approximately $630.5 billion in 2024, with a year-on-year growth of about 19.7% [9]. - The steady growth in the semiconductor market is expected to drive demand for semiconductor materials [9]. Group 6: Renewable Energy - The wind power sector is anticipated to see improved profitability due to stable pricing and cost reductions in components [10]. - The photovoltaic sector is expected to benefit from upcoming policies aimed at preventing excessive competition, with a focus on specific technologies and companies [10].

Group 1: Copper Industry - In May, domestic air conditioner sales increased by 2.3%, while production decreased by 1.8%. The copper industry is facing supply disruptions, with both domestic production and imports of scrap copper declining in May. Demand for air conditioning is weaker than expected, leading to potential risks in copper demand. Short-term copper prices are expected to remain volatile, with a gradual increase anticipated following domestic stimulus policies and potential interest rate cuts in the US [4]. Group 2: Oil and Gas Industry - The ongoing military conflict between Israel and Iran continues to dominate the crude oil market. On June 22, the US bombed Iranian nuclear facilities, marking its formal involvement in the Israel-Iran conflict. Despite geopolitical uncertainties, the medium to long-term supply-demand dynamics for crude oil remain favorable, with a continued positive outlook for major oil companies and related services [5]. Group 3: Agriculture and Animal Husbandry - The "618" shopping festival results indicate a significant growth in the pet economy, with over 400 pet brands reporting sales increases of over 100% year-on-year. The number of pet transaction users grew by 32%, and new pet owners increased by 39% [6]. Group 4: Coal Industry - The coal market is experiencing a supply contraction and a rebound in demand, suggesting that coal prices may have reached a temporary bottom. Port coal prices are stable, and there has been an increase in iron and steel production. Coal inventories at Qinhuangdao Port have decreased and are now lower than the same period last year [8]. Group 5: Renewable Energy and Environmental Protection - The wind power sector is advised to focus on wind turbine manufacturers, as second-quarter performance may be under pressure. The solid-state battery sector is seeing increased capital expenditure due to advancements in production lines and policy support. The photovoltaic sector is expected to benefit from upcoming supply and demand policies, with a focus on integrated companies with lower production costs [9]. Group 6: Retail Industry - The recent promotional period concluded with stable results, as e-commerce platforms reported a cumulative sales figure of 855.6 billion yuan, reflecting a 15.2% year-on-year increase. Instant retail sales reached 29.6 billion yuan, up 18.7% year-on-year. This year, platforms are focusing more on ecosystem building and consumer experience, with instant retail gaining traction [10]. Group 7: Pharmaceutical Industry - The review process for innovative drugs is accelerating, with the National Medical Products Administration seeking opinions on optimizing clinical trial approvals. This is expected to enhance the value of quality pipelines and improve market sentiment towards the innovative drug sector. Long-term, the policy aims to support the transition of Chinese innovative drugs from a combination of imitation and innovation to global original research [11].

Industry Investment Rating - No information provided Core Viewpoints - The polysilicon futures price has broken through the support level and is still in a downward trend without reaching the bottom. The spot weekly price remains weak, and the market is expected to continue its weak oscillation and bottom - seeking after the breakdown [4]. Summary by Section 1. Market Review and Outlook - **Market Performance**: The closing price of PS2506 was 35,520 yuan/ton, a decline of 3.14%. The trading volume was 135,166 lots, and the open interest was 63,290 lots, with a net increase of 9,467 lots [4]. - **Future Outlook**: The weekly spot price is weak, with the average price of N - type dense polysilicon dropping to 35,600 yuan/ton. The "rush - installation" of the photovoltaic terminal is coming to an end, and the strong - stimulus policies are having a negative feedback. After May, the photovoltaic industry will enter a policy vacuum period from the bottom - up, and the expectation of export improvement is weak. The expectation of further production cuts by enterprises is low, and there may be an expectation of increased production during the wet season. Inventory accumulation suppresses price rebounds, and it is not advisable to buy at the bottom during the policy vacuum period [4]. 2. Market News - As of May 7, 2025, the number of polysilicon warehouse receipts was 30 lots, unchanged from the previous trading day [5]. - Longi Green Energy, JinkoSolar, JA Solar, and Trina Solar released their Q1 2025 earnings reports and held earnings briefings. During the reporting period, the four companies reported losses of 1.436 billion yuan, 1.39 billion yuan, 1.638 billion yuan, and 1.32 billion yuan respectively, totaling 5.784 billion yuan. Longi Green Energy reduced its losses year - on - year, while the other three companies' losses decreased by 218.2%, 239.35%, and 355.88% year - on - year [5].