Report Summary 1. Report Industry Investment Ratings No specific overall industry investment ratings are provided in the report. However, specific investment suggestions are given for each variety: - **Buy Suggestions**: Index futures (sell far - month contracts), Treasury bonds (buy on dips), Precious metals (low - buying for silver, hold gold long - positions), Iron ore (buy on dips), Coking coal (buy on dips, 9 - 1 calendar spread), Coke (buy on dips, 9 - 1 calendar spread), Copper (hold), Aluminum (range - trading), Zinc (range - trading), Nickel (range - trading), Urea (buy on dips, quick profit - taking), PTA (range - trading, TA1 - 5 reverse spread, expand processing margin), PP (range - trading, stop - loss for previous short - positions), Maize (long - position for 01 contract), Industrial silicon (hold call options), Polysilicon (hold call options) [2] - **Sell Suggestions**: Gold (sell put options below 760 yuan), Steel (sell on rallies), Container shipping index (sell on rallies), Alumina (range - trading), Crude oil (wait for geopolitical clarity), Caustic soda (hold short - positions), PVC (stop - loss for short - positions), Pure benzene (observe or short - term long), Styrene (range - trading), Synthetic rubber (observe), LLDPE (short - term long), Cotton (reduce near - month short - positions, hold 01 short - positions), Eggs (long - term short), Apples (observe around 7800), Glass (hold short - positions), Carbonate lithium (observe cautiously) [2] 2. Core Views - **Market Environment**: The second round of China - US trade talks extended tariff exemption clauses, and the Politburo meeting's policy tone was consistent with the previous one, causing short - term market expectation differences. The policy negatives were exhausted in early August, and the capital market became looser [2]. - **Market Trends**: Index futures continued to rise, TMT regained popularity; Treasury bonds were expected to oscillate upward; Precious metals' upward trend slowed down; The container shipping index was expected to be weak; Steel and iron ore prices fluctuated; Non - ferrous metals were supported by fundamentals; Energy and chemical products showed different trends; Agricultural products were affected by factors such as production expectations and inventory; Special and new energy products had their own characteristics in price movements [2]. 3. Summary by Variety **Financial** - **Index Futures**: Continued to rise, with TMT heating up again. Recommended selling far - month contracts and shorting MO put options with strike prices of 6300 - 6400, with a mild bullish view [2]. - **Treasury Bonds**: With policy negatives exhausted and loose funds, they were expected to oscillate upward. Suggested buying on dips and paying attention to July economic data [2]. - **Precious Metals**: Gold's upward trend slowed down, and silver was affected by market sentiment. Gold long - positions were held above 3300 dollars (770 yuan), and silver was bought at low levels around 36 - 37 dollars (8700 - 9000 yuan) [2]. **Industrial** - **Container Shipping Index (EC)**: Expected to be weakly oscillating, with a strategy of selling on rallies [2]. - **Steel and Iron Ore**: Steel turned to oscillation, and iron ore followed steel price fluctuations. Suggested buying on dips for iron ore and using a long - coking coal and short - iron ore strategy [2]. - **Non - ferrous Metals**: Copper was supported by fundamentals, and the price range was 77000 - 79000; Aluminum was oscillating, and the range was 20000 - 21000; Zinc was oscillating in a narrow range, and the range was 22000 - 23000; Nickel was oscillating strongly, and the range was 118000 - 126000 [2]. **Energy and Chemical** - **Crude Oil**: Weakly oscillating, with a strategy of waiting for geopolitical clarity. Support levels were [63, 64] for WTI, [66, 67] for Brent, and [490, 500] for SC [2]. - **Urea**: There was a game between export drive and weak domestic consumption. The short - term strategy was to buy on dips and take quick profits, and exit long - positions if the price did not break through 1770 - 1780 [2]. - **PTA**: With low processing fees and limited cost support, it was expected to oscillate in the range of 4600 - 4800. TA1 - 5 was treated with a reverse spread, and the processing margin was expanded at a low level (around 250) [2]. **Agricultural** - **Soybean Meal and Maize**: Maize was oscillating weakly, and the 01 contract of soybean meal was held long due to import concerns [2]. - **Palm Oil**: The price pulled back due to expected inventory increases. Observed whether P09 could stand firm at 9000 [2]. - **Cotton**: The downstream market was weak. Near - month short - positions were reduced, and 01 short - positions were held [2]. **Special and New Energy** - **Glass**: The spot sales weakened, and the contract was held short [2]. - **Industrial Silicon and Polysilicon**: Both were oscillating upward, and call options were held [2]. - **Carbonate Lithium**: The price was pulled up by news, but there were uncertainties in the mining end. It was mainly observed cautiously [2].

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Viewpoints - The snack sector continues to lead, while the restaurant chain industry is expected to stabilize [2] - The report emphasizes the structural growth opportunities within the snack industry, driven by channel transformation and product innovation [11][31] - The frozen food sector is gradually overcoming its pressure phase, with leading companies seeking new growth [44] - The restaurant chain sector shows signs of stabilization, although single-store revenue still faces challenges [65] Summary by Sections 1. Snack Foods - The snack food industry exhibits structural growth opportunities, with a notable increase in revenue growth rates among key players [11][31] - In 2024, seven major listed companies in the snack sector achieved revenue growth exceeding 20%, with three maintaining this growth into Q1 2025: Wancheng Group, Youyou Foods, and Yanjinpuzi [12][11] - The growth in the snack sector is attributed to channel innovations, particularly through snack wholesale channels and e-commerce platforms like Douyin [14][21] - Wancheng Group and Mingming Group are expanding their store numbers significantly, validating their business model [14][20] - Profitability in the snack sector is influenced by raw material costs, with Wancheng Group showing efficiency improvements [32][34] 2. Frozen Foods - The frozen food sector is gradually recovering, with leading companies like Lihai Foods and Anjifoods showing resilience [49][44] - Revenue performance in the frozen food sector aligns closely with the overall restaurant industry, with Lihai Foods demonstrating notable growth driven by its cream product line [49][44] - The report highlights that the small B channel and rice noodle products are under significant pressure due to market saturation and competition [50][51] - Profit margins are under pressure due to rising raw material costs and increased competition, although Lihai Foods has managed to improve its profitability through internal efficiency measures [54][57] 3. Restaurant Chains - The restaurant chain sector is experiencing a stabilization trend, with essential food brands like Babi Foods performing better than optional brands [65] - Despite growth in the number of stores, many companies still face revenue gaps compared to pre-pandemic levels, with Babi Foods and Guoquan showing positive revenue growth [65] - The report notes that cost control measures have led to improved profitability for some companies, while others continue to struggle with high expenses [65]

Investment Rating - The report rates the pharmaceutical industry as "Overweight" [1]. Core Insights - The impact of US pharmaceutical tariffs on Chinese companies is limited, with a focus on domestic substitution, innovative drugs, and domestic demand [35][36]. - The US pharmaceutical trade deficit is expanding, primarily driven by imports from Europe, with a projected deficit of 118.6 billion USD in 2024, a 35% year-on-year increase [37]. - If tariffs are implemented, large multinational pharmaceutical companies may face significant challenges, but the transfer of the industry chain back to the US is unlikely to happen quickly due to high costs and long construction cycles [38]. Summary by Sections 1. US Pharmaceutical Market Trade Deficit - The US pharmaceutical trade deficit is projected to reach 118.6 billion USD in 2024, with imports at approximately 213 billion USD and exports at 94.4 billion USD, marking a 20% increase in imports and a 5% increase in exports year-on-year [6][37]. - The US maintains a trade surplus with China in pharmaceuticals, with imports from China accounting for only 1.5% of total pharmaceutical imports [36][16]. 2. Potential Tariff Impacts - The report discusses the potential for tariffs on pharmaceuticals, with Trump threatening a 25% tariff to encourage domestic production [17][19]. - Most pharmaceutical sectors are currently exempt from tariffs, but medical devices and some excipients are facing increased tariffs [19][20]. 3. Historical Context and Future Outlook - Historical data indicates that tariffs have had a limited impact on China's pharmaceutical exports to the US, with exports continuing to grow despite previous tariff threats [22][23]. - The report suggests that tariffs may benefit domestic substitution efforts in China, particularly in medical devices and innovative drugs, while also reshaping export and domestic sales patterns [25][28].

Group 1 - The North Exchange 50 index decreased by 2.16%, with a trading volume of 1503.29 billion, reflecting an 8% decrease week-on-week [12][17][27] - The new code switching pilot for six stocks will be launched after May Day, aimed at enhancing the recognition of the North Exchange and distinguishing it from the New Third Board [12][13][54] - The report emphasizes a cautious approach before the holiday and a non-pessimistic outlook afterward, suggesting a focus on technology sectors that have undergone sufficient adjustments [13][17][49] Group 2 - No new stocks were listed on the North Exchange this week, with a total of 265 companies currently trading [3][31] - The New Third Board saw nine new listings and 18 delistings, with no new financing plans and a completed financing of 0.50 billion [4][55] - The report highlights the performance of specific companies, with notable gains for Fangda New Materials and Zhongyu Technology, while companies like Minshida and Kangbiter faced significant declines [39][40][42] Group 3 - The average PE (TTM) for the North Exchange is 78.81 times, with a median of 47.08 times, indicating a higher valuation compared to other exchanges [24][26] - The report notes that the financing balance for margin trading on the North Exchange increased to 53.14 billion, reflecting a slight rise from the previous week [30][27] - Key announcements include the issuance of guidelines for share changes and updates to the listing rules by the Beijing Stock Exchange [49][51]

一、首届人形机器人半程马拉松比赛过程和结果， "大跌"眼镜 备受瞩目的 全球首个人形机器人半程马拉松 昨天在北京亦庄 圆满完赛 ， 大家通过多个 媒体平台观看了这场比赛直播，比赛现场可谓状况百出，让投资者 "大跌"眼镜：有的机 器人刚起跑就 " 趴窝 " ，有的跑到一半脑袋掉了还在坚持，还有的每跑几公里就得换电 池。最要命的是，转弯时动不动就摔跟头，遇到个小坡就卡壳，连地上的影子都能把它们 吓到 " 腿软 " 。 这些表现暴露了三大硬伤：一是电池能源有待提升，跑个半马得换好几次电池；二是关节 和螺丝扛不住折腾，跑着跑着就散架；三是 " 大小脑 " 不太灵光，遇到突发状况就蒙 圈。 实际上作为全球首届人形机器人半程马拉松比赛，这个还是很不容易的，能够参事本身就 是一种勇气，而这些跟头没白摔，至少让我们看明白了：要想让机器人真正实用，得先搞 定三件事：把电池做得更耐用更散热，把零件造得更结实更耐用，把 "AI 小脑 " 训练得 更聪明。这次比赛就像照妖镜，照出了行业的真实水平，但也指明了方向：谁能先解决散 热、续航和自主决策这些痛点，谁就能在机器人赛道跑出未来！ 当然 短期情绪 冲击上，这次比赛情况对于机器人板块 ...