Summary of Conference Call Records Industry Overview - The consumer electronics upstream costs have increased, leading to higher downstream product prices and a valuation correction for related stocks, resulting in weakened revenue contributions [1][2] - The overall market performance showed good gains in large-cap and small-cap indices, while mid-cap indices like the CSI 500 performed slightly worse [3] Key Points and Arguments Market Performance - The convertible bond market did not outperform the indices last month due to a lack of significant risk appetite in technology and consumer sectors [2] - The banking sector showed notable gains, with some bank convertible bonds facing strong redemption triggers, potentially leading to a reduction in supply [3] Recommendations - Recommended stocks in the new consumer sector include Li Ziyuan, Huakang, Xianle, and Zhongchong, all of which have upward momentum [1][6] - In the technology and high-end manufacturing sectors, recommended stocks include Weicai, Anji, Guoli Co., and Huarui, with Weicai experiencing growth in third-party testing and Anji holding a significant market share in polishing liquids [1][7] Convertible Bond Market Outlook - The average price of convertible bonds in June was approximately 120 yuan, with a valuation percentile of 73.4% [5] - A reduction in fixed income + funds is expected, but a significant contraction is unlikely as asset-side pressures remain high [5] Specific Company Insights - **Huakang Co.**: A leader in functional sugar alcohols with stable gross margins and high market shares in xylitol and maltitol. The new Zhoushan base is expected to contribute significantly to revenue [10][11] - **Xianle Health**: A leading CDMO in nutritional health foods, showing double-digit growth in the new consumer sector and expanding partnerships with emerging brands [12] - **Guoli Co.**: Continuous recommendations due to its involvement in vacuum electronic devices, with expected revenue growth driven by the new energy vehicle sector and military orders [13][14] - **Huarui Precision**: Benefiting from improved demand in the hard alloy tool market, with significant growth in sales and expansion into humanoid robot components [15][20] Additional Important Content - The agricultural sector is showing marginal improvements, with potential investment opportunities arising from changes in pig prices and policy catalysts [4][8] - New Dairy's low-temperature products are maintaining double-digit growth, with strong channel control and innovation driving performance [16][21] - YunKang Group is expanding into overseas markets with significant orders locked in, indicating strong revenue growth potential [18] This summary encapsulates the key insights and recommendations from the conference call, highlighting the performance of various sectors and specific companies within the investment landscape.

Core Viewpoint - The State Council has announced the fourth national agricultural census to be conducted in 2026, aiming to assess the modernization of agriculture and rural areas in China [1][2]. Group 1: Census Overview - The census will take place on December 31, 2026, with data collected for the entire year [1]. - It is a significant national survey aimed at understanding the agricultural landscape and rural conditions in the context of China's modernization efforts [1][2]. - The census will include various subjects such as rural households, agricultural production units, and local government bodies [1]. Group 2: Key Areas of Investigation - The census will investigate five main areas: 1. Agricultural production conditions, including workforce, land use, and social services [2]. 2. Food production status, covering grains, economic crops, and livestock products [2]. 3. New agricultural productivity, focusing on modern agricultural entities and technologies [2]. 4. Rural development basics, including industry growth and governance [2]. 5. Rural residents' living conditions, assessing family situations and quality of life [2]. Group 3: Methodology and Technology - The census will utilize a combination of comprehensive surveys and sampling methods to enhance efficiency and reduce the burden on local authorities [2]. - Modern technologies such as satellite remote sensing, drones, and artificial intelligence will be employed to improve data collection and analysis [2]. - The initiative aims to create a unified agricultural census data platform to facilitate the sharing and application of results [2].

Core Insights - The fourth national agricultural census will be conducted in 2026, marking a significant step in understanding the agricultural landscape in China and supporting the construction of a strong agricultural nation [1][2] Group 1: Importance of the Census - The census aims to comprehensively assess the current state of agriculture, rural development, and farmers' living conditions, which is crucial for formulating effective agricultural policies and promoting rural revitalization [2] - It reflects the historical achievements and transformations in agricultural development since the last census in 2016 [2] Group 2: Census Subjects and Scope - The census will target various subjects, including rural households, urban agricultural operators, agricultural production units, village committees, and township governments [3] - The industry scope includes crop cultivation, forestry, animal husbandry, fishery, and related services [4] Group 3: Main Content of the Census - The census will investigate five key areas: agricultural production conditions, food production status, new agricultural productivity, rural development basics, and rural residents' living conditions [5] Group 4: Innovations and Changes - The census will incorporate updated content reflecting new agricultural practices and rural modernization, utilizing a combination of comprehensive and sampling surveys to enhance efficiency [6] - Modern technologies such as satellite remote sensing, drones, and artificial intelligence will be employed to improve data collection and analysis [6] Group 5: Timeline and Phases - The census will be conducted in four phases: preparation (2025-2026), on-site registration (January-May 2027), data processing and publication (June-December 2027), and data application (2028-2029) [8] Group 6: Implementation and Support - A leadership group has been established to oversee the census, ensuring collaboration among various government departments and local authorities [9] - Participation from census subjects is essential, requiring accurate and timely reporting of data [10]

Market Overview - The Shanghai Composite Index increased by 0.33% as of 10:28 AM, with a trading volume of 445.73 billion shares and a turnover of 540.25 billion yuan, representing a decrease of 8.41% compared to the previous trading day [1]. Industry Performance - The top-performing sectors included: - Comprehensive: +2.17% with a turnover of 15.96 billion yuan, led by Dongyangguang (+6.26%) [1]. - Non-ferrous Metals: +1.63% with a turnover of 236.13 billion yuan, led by Sry New Materials (+12.20%) [1]. - Communication: +1.47% with a turnover of 287.97 billion yuan, led by Taichengguang (+15.65%) [1]. - The sectors with the largest declines included: - Transportation: -0.75% with a turnover of 124.09 billion yuan, led by Xinning Logistics (-6.09%) [2]. - Agriculture, Forestry, Animal Husbandry, and Fishery: -0.40% with a turnover of 71.39 billion yuan, led by Xiangjia Co. (-5.01%) [2]. - Banking: -0.38% with a turnover of 114.66 billion yuan, led by Qingdao Bank (-1.90%) [2]. Detailed Industry Data - The following industries showed notable performance: - Electronics: +1.43% with a turnover of 481.30 billion yuan, led by Guanghua Technology (+10.02%) [1]. - Power Equipment: +1.27% with a turnover of 404.26 billion yuan, led by Keheng Co. (+20.02%) [1]. - Textile and Apparel: +0.93% with a turnover of 98.88 billion yuan, led by Mankalon (+13.55%) [1]. - Conversely, industries with significant downturns included: - Coal: -0.12% with a turnover of 18.78 billion yuan, led by Dayou Energy (-1.61%) [2]. - Public Utilities: -0.13% with a turnover of 76.12 billion yuan, led by Southern Power Energy (-5.50%) [2]. - Real Estate: +0.13% with a turnover of 47.49 billion yuan, led by Zhujiang Co. (+9.95%) [1].

| 纺织服饰 | 65.29 | -0.31 | -0.47 | | --- | --- | --- | --- | | 轻工制造 | 122.71 | -0.32 | -0.26 | | 美容护理 | 56.30 | -0.67 | -1.17 | | 商贸零售 | 209.95 | -0.72 | -0.34 | | 农林牧渔 | 251.04 | -2.30 | -0.91 | | 电子 | 2086.68 | -2.58 | -0.12 | | 银行 | 528.12 | -2.62 | -0.49 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 截至6月3日，市场最新融资余额为17926.88亿元，较上个交易日环比增加34.52亿元，分行业统计，申万 所属一级行业有22个行业融资余额增加，计算机行业融资余额增加最多，较上一日增加6.74亿元；融资 余额增加居前的行业还有医药生物、家用电器、公用事业等，融资余额分别增加6.48亿元、5.85亿元、 5.03亿元；融资余额减少的行业有9个，银行、电子、农林牧渔等行业融资余额减少较多，分别减少2.62 亿元、2. ...

今日早参 2025 年 6 月 04 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 仇文竹 债券策略研究组长 座机：13910895671 邮箱：qiuwenzhu@htsc.com 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 今日热点 固定收益：流动性跟踪周报（2025.5.26-6.1） 上周公开市场到期 9460 亿元，均为逆回购到期，公开市场投放 16026 亿 元，均为逆回购投放，合计净投放 6566 亿元。上周资金面整体均衡， DR007 均值为 1.7%，较前一周上行 10BP，R007 均值为 1.64%，较前一周 上行 5BP，DR001 和 R001 均值分别为 1.45%和 1.51%。交易所回购利率整 体上行，GC007 均值为 1.72%，较前一周上行 9BP。截至上周最后一个交易 日，逆回购未到期余额为 6566 亿元，较前一周下行。 风险提示：房地产政策超预期，地缘风险超预期。 研报发布日期：2025-06-03 研究员 张继强 SAC ...

Market Overview - The market experienced a slight rebound with all three major indices closing higher, with the Shanghai Composite Index at 3361.98, up 0.43% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.14 trillion, an increase of 22.3 billion compared to the previous trading day [4] Sector Performance - The top-performing sectors included Beauty Care (up 3.86%), Textile and Apparel (up 2.53%), and Banking (up 1.98%) [1] - Conversely, the sectors that underperformed were Household Appliances (down 2.10%), Steel (down 1.37%), and Coal (down 0.84%) [1] Concept Indices - Notable concept indices that performed well included the China-South Korea Free Trade Zone (up 4.23%), Cell Immunotherapy (up 3.87%), and Football Concept (up 3.56%) [2] - Underperforming concept indices included Special Steel Concept (down 0.93%) and Medical Waste Treatment (down 0.51%) [2] Future Outlook - The market is expected to maintain a range-bound and consolidating trend, with a focus on sectors such as Finance, Pharmaceutical Biology, TMT (Technology, Media, and Telecommunications), and Non-ferrous Metals [4] - The upcoming mid-year performance expectations are anticipated to drive structural market trends, with fundamentals becoming a key factor [4]

2025 年 06 月 03 日 投资策略 估值与盈利周观察——5 月第 4 期：小微盘占优 ◼ 上证综合指数走势（近三年） (20%) (12%) (4%) 4% 12% 20% 24/6/3 24/8/14 24/10/25 25/1/5 25/3/18 25/5/29 证券分析师：张冬冬 大类行业估值：原材料、设备制造、工业服务、交通运输、消费、科 技历史估值皆处于 50%以下，金融地产估值高于 50%历史分位。 一级行业估值：各行业估值分化，非银金融、有色金属、通信、电子、 农林牧渔、家电估值处于近一年低位。 电话： E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 电话： E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 市场估值分化，小微盘占优。上周宽基指数估值分化，微盘股表现最 优，创业板指表现最弱。从 PE、PB 偏离度的角度看，食品饮料、农林牧 渔、公用事业等行业估值较为便宜。向前看，本周市场 ERP 与前一周持 平，处于一倍标准差附近。 市场表现：微盘股、国证 2000、稳定表现最好； ...

6月3日，A股市场整体上涨。 截至收盘，上证指数收报3361.98点，上涨0.43%；深证成指收报10057.17点，上涨0.16%；创业板指收报2002.7点，上涨0.48%。 两市合计成交11414.09亿元，较上一交易日增加22.31亿元。 1. 两市主力资金净流出超90亿元 今日沪深两市主力资金开盘净流出39.38亿元，尾盘净流出8.11亿元，两市全天主力资金净流出91.89亿元。 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2025-6-3 | -91.89 | -39. 38 | -8. 11 | -25. 46 | | 2025-5-30 | -352. 62 | -158. 05 | -37.83 | -193. 19 | | 2025-5-29 | 74. 33 | -19. 58 | 23. 89 | 121. 48 | | 2025-5-28 | -185. 39 | -73. 21 | -22. 45 | -57 ...