Core Points - The new tariff measures signed by President Trump have come into effect, imposing tariffs ranging from 10% to 50% on numerous trade partners, leading to widespread discontent and calls for collective responses from affected nations [1] - The average tariff on imported goods is projected to exceed 18%, marking the highest level since 1934 [1] - Brazil and India are among the countries facing the highest tariffs, with both nations expressing strong resistance to the measures [1] - Switzerland has been particularly affected, facing a 39% tariff, the highest among European countries, which has raised significant concerns for its export-driven economy [3] - Japan, despite having reached an agreement with the U.S., found that the promised tax reductions were not implemented, leading to demands for immediate corrective actions [4] Summary by Category Tariff Implementation - The U.S. Customs and Border Protection began collecting higher tariffs on imports starting at 12:01 AM Eastern Time on July 7 [1] - The tariffs are set between 10% and 50%, significantly impacting trade relationships [1] Affected Countries - Brazil and India are subjected to a 50% tariff, with both countries indicating they will not easily concede to U.S. demands [1] - Switzerland is facing a 39% tariff, which is significantly higher than previously threatened, causing alarm among its export sectors [3] - Japan is facing a 15% tariff, with ongoing negotiations to address discrepancies in previously agreed terms [4] Economic Impact - The tariffs are expected to create substantial pressure on Switzerland's economy, particularly affecting industries such as watchmaking, industrial machinery, chocolate, and cheese [3] - Indian officials have indicated that the tariffs could impact defense procurement plans, although the government later denied any changes to ongoing negotiations [1][3] - The U.S. government's announcement regarding tariffs on transshipped goods is anticipated to target Southeast Asian countries, with potential implications for trade practices [4]

Group 1 - A new company, Cangzhou Yilian Machinery Manufacturing Co., Ltd., has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Teng Hongxia [1] - The business scope includes general projects such as metal processing machinery manufacturing, general equipment manufacturing (excluding special equipment), and manufacturing and retail of automotive parts and accessories [1] Group 2 - The company is involved in the manufacturing and sales of mechanical parts and components, as well as hardware products [1] - It also engages in the production and sale of ordinary valves and cocks, excluding special equipment manufacturing [1] - The company operates independently based on its business license without needing prior approval for its activities [1]

Group 1 - A new company, Baoding Zifeng Machinery Manufacturing Co., Ltd., has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Guo Zifeng [1] - The company's business scope includes manufacturing and sales of agricultural machinery, automotive parts, and various metal products [1] Group 2 - The company is involved in the production of specialized machinery for agriculture, forestry, animal husbandry, and fishery [1] - It also engages in the sale of intelligent agricultural machinery and internet sales, excluding items that require special licenses [1] - The company operates under the principle of conducting business activities independently based on its business license [1]

Group 1 - A new company named Botou Baiheng Machinery Manufacturing Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Yan Dongting [1] - The business scope includes manufacturing and sales of machine tool functional components and accessories, as well as manufacturing and sales of drawing, calculation, and measuring instruments [1] Group 2 - The company is also involved in the sales of high-performance non-ferrous metals and alloy materials, excluding projects that require approval [1] - The company will operate independently based on its business license [1]

天眼查App显示，近日，河北泽瞬机械有限公司成立，法定代表人为王朝铎，注册资本300万人民币， 经营范围为一般项目：机械零件、零部件加工;机械零件、零部件销售;汽车零部件及配件制造;汽车零配 件批发;汽车零配件零售;金属制品销售;机械设备销售;电子产品销售;橡胶制品销售;软木制品销售;日用木 制品销售;木制玩具销售;木制容器销售;通讯设备销售;锻件及粉末冶金制品销售（除依法须经批准的项 目外，凭营业执照依法自主开展经营活动）许可项目：建设工程施工（依法须经批准的项目，经相关部 门批准后方可开展经营活动，具体经营项目以批准文件或许可证件为准）。 ...

Group 1 - A new company, Hebei Kunjue Machinery Intelligent Manufacturing Co., Ltd., has been established with a registered capital of 5 million RMB [1] - The legal representative of the company is Qu Wenji [1] - The company's business scope includes manufacturing and remanufacturing of automotive parts and accessories, motorcycle parts, fasteners, and various mechanical components [1] Group 2 - The company is also involved in the manufacturing of ordinary valves, sanitary ware, and construction-related metal products [1] - Additionally, it engages in the manufacturing of rubber and plastic products, as well as import and export activities [1] - The company operates under the principle of conducting business activities independently based on its business license, except for projects that require approval [1]

Core Insights - The financial data for May indicates a stable growth in China's financial sector, with a total loan balance of 266.32 trillion yuan, a year-on-year increase of 7.1% [1] - New loans in the first five months reached 10.68 trillion yuan, demonstrating solid support for the real economy [1] - The People's Bank of China (PBOC) implemented a series of financial policies, including interest rate cuts, which have effectively stimulated credit demand [1][2] Loan Distribution - Over 90% of new loans were directed towards enterprises, with corporate loans increasing by 9.8 trillion yuan in the first five months [2] - Medium to long-term loans accounted for more than 60% of the total, amounting to 6.16 trillion yuan, providing stable support for enterprise investment and production [2] - Personal loans also saw significant growth, with household medium to long-term loans increasing by 834.7 billion yuan in the first five months [2] Interest Rate Trends - The average interest rate for newly issued corporate loans was approximately 3.2%, down about 50 basis points year-on-year, while personal housing loans averaged 3.1%, down about 55 basis points [3] - The reduction in interest rates has led to an increase in loan demand from both enterprises and individuals [3] Credit Structure and Financing Channels - The balance of inclusive small and micro loans reached 34.42 trillion yuan, growing by 11.6% year-on-year, while medium to long-term loans in the manufacturing sector increased by 8.8% [3] - The growth in social financing was also supported by a rise in corporate and government bond issuance, with corporate bonds increasing by 3.4% and government bonds by 20.9% [3] Economic Indicators - The narrow money (M1) balance was 108.91 trillion yuan, reflecting a year-on-year growth of 2.3%, indicating a positive economic outlook [4] - The acceleration in the growth of "active money" (M1) suggests a recovery in investment and consumption activities [5] Future Outlook - Experts anticipate stable growth in financial totals, driven by effective financial policies that boost market confidence and support the recovery of effective demand in the real economy [6] - The recent introduction of tools for service consumption and elderly care loans by the PBOC is expected to enhance service consumption supply levels, marking a significant focus for future financial policy support [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Market Review: The overall market showed a volatile upward trend in July. The Shanghai Composite Index rose 3.7%, and the average return of active equity - oriented funds was 4.6%, with institutions slightly outperforming the market. Trading volume increased significantly, with the average daily trading volume of the whole A - shares in July reaching 1.6 trillion yuan (compared to 1.4 trillion yuan from January to June this year). The cycle + growth sectors led, and the dumbbell configuration adjusted. In terms of style, small - cap growth continued to dominate. Fund heavy - holding stocks and the non - changing - face sub - new stock portfolio significantly outperformed, while strong - performing stocks and the quantitative sub - new stock portfolio significantly underperformed [4]. - Market Outlook: Wait for the second half of the physical re - inflation. Focus on ten - bagger stocks, quantitative sub - new stocks, and reversal strategies. The report adheres to the view that before the return of physical inflation, the stock market will be the carrier of surplus liquidity. As inflation returns with the progress of "anti - involution", the bull market may gradually evolve from the first half of financial re - inflation to the second half of physical re - inflation. Some positive changes have occurred, such as the year - on - year growth of M1 (old caliber) turning positive for two consecutive months. If the decline of PPI significantly narrows in the next 6 - 12 months, the repair of corporate EPS will become a new driving force. In the current stage of continuous monetary easing but without confirmed EPS repair, it is recommended to focus on the combination of ten - bagger stocks, quantitative sub - new stocks, and reversal strategies [4]. 3. Summary by Relevant Catalogs 3.1 Growth - type Strategies 3.1.1 Sub - new Stock Combinations - Non - changing - face Sub - new Stock Combination: If a stock's ROE and net profit growth rate attributable to the parent company in the year of listing and the following year are higher than the average of the three years before listing, it is considered that the stock's fundamentals continue to perform well. Since 2010, it has achieved an excess return of 311% compared to the Wind All - A Index, and an excess return of 6% in the past month. The screening criteria include that the net profit growth rate of the year of listing and the following year is greater than the average of the three years before listing, and the ROE of the year of listing and the following year is greater than the average ROE of the three years before listing multiplied by an adjustment coefficient. The stocks in the current pool with high monthly gains include Yifang Biotech and Yahong Pharmaceutical [16][17]. - Quantitative Sub - new Stock Combination: Through quantitative back - testing, key factors affecting the performance of sub - new stocks are found. Since 2010, it has achieved an excess return of 324% compared to the Wind All - A Index, and an excess return of - 3% in the past month. The screening criteria include ROE (TTM) in the top 40%, net profit growth rate attributable to the parent company in the top 40%, sales gross margin (TTM) in the top 40%, sales expense ratio (TTM) in the top 40%, and total market capitalization less than 20 billion yuan. The stocks in the current pool with high monthly gains include Tiancheng Technology and Zhongrun Optics [21][22]. 3.1.2 Ten - bagger Stock Combinations - Ten - bagger Stock Individual Stock Combination: Special genes of ten - bagger stocks are searched from five perspectives: price movement, company, performance, valuation, and industry, and screening criteria for potential ten - bagger stocks in the future are constructed accordingly. Since 2010, it has achieved an excess return of 176% compared to the Wind All - A Index, and no excess return in the past month. The screening criteria involve multiple aspects such as maximum increase, management compensation, major shareholder's pledge ratio, financial indicators, and market capitalization. The stocks in the current pool with high monthly gains include Boke New Materials and Jack Co., Ltd. [28][29]. - Ten - bagger Stock Fund Manager Combination: Starting from the perspective of fund managers, their aesthetic preferences and trading behaviors are analyzed to screen out 20 potential ten - bagger stocks. Since 2010, it has achieved an excess return of 44% compared to the Wind All - A Index, and an excess return of - 1% in the past month. The screening criteria are based on the frequency of ten - bagger stocks held by funds in the past 10 quarters. The stocks in the current pool with high monthly gains include Dongshan Precision and Wuxi AppTec [36][37]. 3.2 Value - type Strategies 3.2.1 High - dividend Stock Combination - The high - dividend strategy is a relatively mature strategy overseas. A high - dividend stock combination constructed in the CSI 300 index has also achieved significant excess returns. Since 2010, it has achieved an excess return of 133% compared to the Wind All - A Index, and an excess return of - 2% in the past month. The screening criteria are to select the top 20 stocks with the highest dividend yield from the CSI 300 index constituents, and the portfolio is re - balanced on April 30 every year. The stocks in the current pool with high monthly gains include Lu'an Environmental Energy and Shanxi Coking Coal [46]. 3.2.2 High Free - cash - flow Return Combination - In the era of a stock economy, companies shift from pursuing scale to pursuing profit and cash flow. A combination is constructed from the perspectives of "high free - cash - flow return" and "low investment and high profit distribution to shareholders". Since 2010, it has achieved an excess return of 243% compared to the Wind All - A Index, and an excess return of - 2% in the past month. The screening criteria involve free - cash - flow return, dividend + share - repurchase ratio, capital expenditure ratio, and net working - capital increase ratio. The stocks in the current pool with high monthly gains include Yabao Pharmaceutical and Shantui Construction Machinery [54][55]. 3.2.3 PEG and PB - ROE Combinations - PEG Combination: The PEG strategy comprehensively considers the matching of valuation and growth. Since 2010, it has achieved an excess return of 120% compared to the Wind All - A Index, and an excess return of 2% in the past month. The screening criteria include that the stock's PE/G is lower than the median of its Shenwan primary industry, positive PE, positive net profit growth rate in the past three years and the next two years, low standard deviation of net profit growth rate, and more than one - year listing time. The stocks in the current pool with high monthly gains include Tianfu Communication and Tebao Bio - Pharm [65]. - PB - ROE Combination: The PB - ROE strategy also considers the matching of valuation and profitability, and is more applicable to value - type stocks in cyclical and financial real - estate industries. Since 2010, it has achieved an excess return of 63% compared to the Wind All - A Index, and an excess return of 2% in the past month. The screening criteria include that the stock's PB/ROE is lower than the median of its Shenwan primary industry, excluding stocks with negative ROE. The stocks in the current pool with high monthly gains include Shengde Xintai and New China Life Insurance [72][73]. 3.3 Momentum - type Strategies 3.3.1 Buying Strong - performing Stocks Combination - The strategy of buying strong - performing stocks is based on the idea of trend investment. Since 2010, it has achieved an excess return of - 155% compared to the Wind All - A Index, and an excess return of - 4% in the past month. The screening criteria are to select the top 100 stocks with the highest monthly gains and exclude ST stocks, and the portfolio is re - balanced on the first trading day of each month. The stocks with high monthly gains in July include GuangShengTang and Shangwei New Materials [81][82]. 3.3.2 Reversal Strategy Combination - The reversal strategy aims to bet on the inflection point of individual stocks, based on the mean - reversion concept. Since 2010, it has achieved an excess return of 190% compared to the Wind All - A Index, and an excess return of - 2% in the past month. The screening criteria are to select the top 100 stocks with the highest monthly losses and exclude ST stocks, and the portfolio is re - balanced on the first trading day of each month. The stocks with high monthly losses in July include Yuandao Communication and Shanda Electric Power [92][93]. 3.3.3 Buying Fund Heavy - holding Stocks Combination - The idea of buying fund heavy - holding stocks is to "copy the homework", aiming to build a safety margin by following the market consensus in a weak market. Since 2010, it has achieved an excess return of - 44% compared to the Wind All - A Index, and an excess return of 7% in the past month. The screening criteria are to select the top 20 stocks held by three types of active equity - oriented funds, and the portfolio is re - balanced at the end of each quarter. The stocks in the current pool with high monthly gains include New H3C Technologies and Zhongji Innolight [100][101].

天眼查App显示，近日，芜湖鹏昇机械有限公司成立，法定代表人为杨福，注册资本100万人民币，经 营范围为一般项目：机械零件、零部件加工；机械零件、零部件销售；机械设备销售；机械设备研发； 智能基础制造装备销售；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；轴承、齿 轮和传动部件销售；齿轮及齿轮减、变速箱销售；仪器仪表销售；智能仪器仪表销售；五金产品零售； 劳务服务（不含劳务派遣）；模具制造；制药专用设备制造；通用设备制造（不含特种设备制造）；电 器辅件制造；电子专用设备制造（除许可业务外，可自主依法经营法律法规非禁止或限制的项目）许可 项目：建筑劳务分包（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相 关部门批准文件或许可证件为准）。 ...

天眼查App显示，近日，苏州明志达机械制造有限公司成立，法定代表人为唐洪磊，注册资本50万人民 币，经营范围为一般项目：机械零件、零部件加工；模具制造；建筑工程用机械制造；机床功能部件及 附件制造；金属工具制造；金属加工机械制造；金属切削机床制造；电子元器件批发；金属材料销售； 塑料制品销售；五金产品批发；五金产品零售；电气设备销售；机械设备销售；电气设备修理；通用设 备修理；金属制品修理；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；信息技术 咨询服务（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...