Group 1: Credit Bond ETF Impact - The report highlights the significant acceleration in the growth of credit bond ETFs since their issuance in January 2025, particularly after mid-May, with a notable upward trend in scale [2] - On June 6, eight benchmark credit bond ETFs were successfully included in the range of general pledged repo collateral, enhancing their appeal to institutional investors such as banks, insurance companies, and funds [2] - The report focuses on two key phases: the initial building period and the rapid growth period, noting that during the building period, the overall interest rates were rising, but the sample bonds' increase was lower than that of comparable corporate bonds [2] Group 2: HeSai (HSAI.O) Overview - HeSai, established in 2014, specializes in the research and manufacturing of LiDAR technology, with a global leading shipment volume and a strong patent portfolio [3] - The report projects that the global market for vehicle-mounted LiDAR could reach 50 billion RMB by 2030, while the market for robotic LiDAR is expected to reach 10 billion RMB in the same timeframe [3] - HeSai is expected to achieve total revenues of 3.15 billion, 4.57 billion, and 6.06 billion RMB from 2025 to 2027, with year-on-year growth rates of 52%, 45%, and 33% respectively [4] Group 3: Daikin Heavy Industries (002487.SZ) Performance - Daikin Heavy Industries is projected to exceed expectations in its performance due to high shipment growth and increased foreign exchange gains, with a favorable outlook for European offshore wind orders [4] - The company is expected to see its net profit attributable to shareholders reach 1.069 billion, 1.461 billion, and 1.893 billion RMB from 2025 to 2027, corresponding to PE ratios of 20.1, 14.7, and 11.3 times [4] - The establishment of a floating center and active participation in global tenders are anticipated to enhance market share and net profit per pile [4]