Macro Strategy - The domestic economy is expected to face slight pressure in the second half of the year, but the annual growth target of 5% remains achievable, supported by policy measures such as a 500 billion yuan financial tool and consumer incentives [21][22] - Key risks include the potential decline in exports, pressure on consumption growth, and a slowdown in real estate investment, which may have a greater impact on the economy in the latter half of the year [21][22] Fixed Income - The report discusses why domestic commercial banks are unlikely to reduce their balance sheets, citing factors such as the need to support the economy during a slowdown, the current accommodative monetary policy, and the role of state-owned banks in financing key sectors [2][24] - The report emphasizes that the probability of a sector-wide balance sheet reduction is low, although some smaller banks may face pressure to do so [2][24] Industry Analysis - The report on FuChuang Precision (688409) maintains profit forecasts for 2025-2027 at 320 million, 480 million, and 650 million yuan, respectively, with a "buy" rating due to long-term growth potential despite short-term pressures [4] - LiBert (605167) experienced revenue pressure in the first half of the year, with a focus on expanding into new industries, leading to a revised profit forecast of 232 million and 264 million yuan for 2025-2026 [5] - JianLang Hardware (002791) is adjusting profit forecasts to 175 million, 272 million, and 328 million yuan for 2025-2027, maintaining a "buy" rating based on expected recovery and operational adjustments [6] - HuaFeng Measurement and Control (688200) maintains profit forecasts of 460 million, 540 million, and 600 million yuan for 2025-2027, with a "buy" rating due to strong demand in the high-end testing market [7] - FuBo Group (03738.HK) is positioned well in the AI-driven content industry, with profit forecasts of 230 million, 310 million, and 390 million HKD for 2025-2027, maintaining a "buy" rating [8] - YiXin Group (02858.HK) is expected to achieve net profits of 1.126 billion, 1.398 billion, and 1.701 billion yuan for 2025-2027, with a "buy" rating based on competitive advantages in automotive finance [9] - ZhongKe International (688981) is highlighted as a leading player in the semiconductor industry, with a focus on advanced process technology [9] - The report on Tianqi Lithium (002466) adjusts profit forecasts to 450 million, 860 million, and 1.44 billion yuan for 2025-2027, maintaining a "buy" rating based on resource advantages [16] - The report on Jidong Cement (000401) indicates a significant reduction in losses and improved profitability, with revised profit forecasts of 270 million and 590 million yuan for 2025-2026 [11][14]