Core Viewpoints - The market in June is expected to remain in a consolidation phase, with large-cap stocks likely to see a recovery. Domestic demand momentum is anticipated to improve marginally, while April's industrial profits continued to show a recovery trend but experienced a decline in both volume and price. The cost decline was the main driver of profit growth in April. PMI data for May indicates a slight recovery in domestic production demand compared to April. It is expected that growth-stabilizing policies will be implemented alongside resilient external demand, and the trend of weak inventory replenishment is likely to continue in the second quarter. However, global trade policies remain uncertain, compounded by concerns over rising US debt rates, which may pressure market sentiment in the short term. In June, various growth-stabilizing policies are expected to accelerate, maintaining a cautious and oscillating market environment. Key areas to watch for a breakthrough include developments in overseas tariffs and the implementation of domestic growth-stabilizing policies in June [4][10][12]. June Stock Recommendations - The June stock selection by the report includes: - SF Express (Transportation) - Anji Technology (Chemicals) - Bairen Medical (Pharmaceuticals) - Lingnan Holdings (Social Services) - Qingdao Beer (Food and Beverage) - Suochen Technology (Computers) [10][12]. Industry Summaries Transportation Industry: SF Express - SF Express reported a net profit of 2.234 billion yuan in Q1 2025, reflecting a steady growth trend. The company achieved a total express volume of 3.56 billion parcels, a year-on-year increase of 19.7%, with revenue reaching 69.85 billion yuan, up 6.9% year-on-year. The profit growth was primarily driven by the continuous improvement of the product matrix and enhanced service competitiveness. The company also focused on cost control through operational model reforms and network optimization, achieving a gross profit margin of 13.3%, an increase of 0.1 percentage points year-on-year [12][13]. Chemical Industry: Anji Technology - Anji Technology experienced rapid growth in revenue and net profit in 2024 and Q1 2025, driven by increased market coverage and new product introductions. The gross profit margin for 2024 was 58.45%, with a net profit margin of 29.08%. In Q1 2025, the gross profit margin was 55.70%, and the net profit margin was 30.96%. The company is seeing a steady increase in its global market share for polishing liquids, with a projected market size growth for semiconductor CMP polishing materials [14][15]. Pharmaceutical Industry: Bairen Medical - Bairen Medical reported rapid growth in revenue and profit in 2024, with significant increases in its three main business segments. The heart valve replacement and repair segment saw a year-on-year growth of 64.28%. The company is expected to maintain high growth rates in 2025, driven by the approval of its first interventional valve product, which offers significant advantages in terms of operation and safety [17][18]. Social Services Industry: Lingnan Holdings - Lingnan Holdings achieved a revenue of 4.309 billion yuan in 2024, a year-on-year increase of 25.43%, and a net profit of 150 million yuan, up 116.08%. The company’s travel agency operations and hotel management segments are expected to continue growing, particularly with the recovery of inbound tourism and the expansion of hotel management projects [20][21]. Food and Beverage Industry: Qingdao Beer - Qingdao Beer faced pressure on volume and price in Q3 2024, with a year-on-year decline in sales volume of 7.0%. However, the company benefited from a decrease in raw material costs, leading to an improvement in gross profit margins. Future growth is anticipated as restaurant demand recovers, supported by the company's strong brand and distribution network [23][24]. Computer Industry: Suochen Technology - Suochen Technology reported a revenue of 39 million yuan in Q1 2025, a year-on-year increase of 21.73%. The company is focusing on enhancing its CAE software capabilities and exploring AI applications in various fields. The engineering simulation software segment has shown significant growth, contributing to an overall increase in the company's gross profit margin [25][26][27].

中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师:王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号: S1300519060003 证券分析师:徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号: S1300518020001 ■ 风险提示:大盘系统性风险;个股层面暴雷。 中银证券 策略研究 | 证券研究报告 — 总量点评 2025年6月4日 6月金股组合 中银证券研究部2025年6月金股 6月金股组合 策略核心观点:6 月市场等待破局,大市值风格或有望迎来修复。内需动能有待提升但预期边际修 复。4月工业企业利润虽延续修复趋势,但量价均有所回落,成本下行为4月利润增长主要驱动。5 月 PMI 显示国内生产需求景气指标相较 4 月有所回温。我们预计稳增长政策发力叠加外需韧性,二 季度国内外弱补库趋势大概率仍将延续。6 月来看,全球贸易政策仍将处于不确定性状态之中,叠 加美债利率上行担忧,市场短期风偏承压。国内方面,6月各项稳增长政策有望迎来加速落地阶段。 6 月市场或仍 ...