Investment Rating - The report maintains a "Buy" rating for several key stocks in the financial and manufacturing sectors, including 贝壳-W, 华润置地, 江苏金租, 杭州银行, 宁德时代, 奥普特, 菲利华, 思摩尔国际, 瀚蓝环境, and 广电计量 [47][50]. Core Insights - The macroeconomic environment shows a rebound in manufacturing PMI, indicating improved supply and demand, but price pressures continue to affect profitability [12][13]. - In the real estate sector, there is a focus on stable cash flow and high dividend yields amidst ongoing policy adjustments [14]. - Non-bank financial institutions are expected to benefit from policy optimizations that may lower funding costs [22]. - The banking sector is recommended for active public fund allocation, particularly favoring quality city commercial banks [24]. - The electric new energy sector is witnessing a bottoming out, with attention on new technological developments [28]. - The machinery sector is poised to benefit from AI applications, particularly in industrial inspection [30]. - The military industry is expected to see growth driven by the "14th Five-Year Plan" and changes in military trade dynamics [34]. - The light industry is focusing on new consumer trends and low valuation recovery [36]. - Environmental protection sectors are highlighted for investment opportunities in waste management and sanitation [41][43]. Summary by Sections Macro Analysis - Manufacturing PMI rose by 0.5 percentage points to 49.5%, driven by improved supply and demand dynamics [12]. - New export orders increased by 2.8 percentage points to 47.5%, indicating stronger export demand [12]. - Price indices for raw materials and factory outputs continue to decline, suggesting ongoing deflationary pressures [13]. Real Estate - The report emphasizes the need for stable cash flow and high dividend yields in real estate investments, particularly in low-valuation state-owned enterprises and quality property firms [14][15][20]. Non-Bank Financials - The report notes a targeted reserve requirement reduction for financial leasing companies, which is expected to lower funding costs and enhance liquidity [22][23]. Banking - City commercial banks are highlighted as key beneficiaries of institutional fund allocations, with expectations of market share gains [24][25][27]. Electric New Energy - The report identifies a bottoming out in the electric new energy sector, with a focus on solar, storage, and wind energy technologies [28][29]. Machinery - AI applications are expected to enhance industrial inspection processes, particularly in the 3C sector [30][32]. Military - The military sector is projected to grow due to the ongoing development of new equipment and military trade opportunities [34][35]. Light Industry - New consumer trends in light industry, particularly in tobacco and IP derivatives, are expected to drive growth [36][37][40]. Environmental Protection - Investment opportunities in waste management and sanitation are highlighted, with a focus on electric and intelligent equipment [41][43][45].

Core Viewpoint - The rapid development of public funds has led to a diverse range of fund products, making it challenging for investors to select suitable options. FOF funds, acting as "professional buyers," reflect market risk preferences and strategy adjustments, providing valuable insights for investors [2][3]. Group 1: FOF Fund Preferences - The top three actively managed equity funds favored by FOF funds in Q1 include Dachen Gaoxin C managed by Liu Xu (37 FOF funds), Fuguo Stable Growth C managed by Fan Yan (26 FOF funds), and Huaxia Innovation Frontier managed by Tu Huanyu (21 FOF funds) [5][6]. - Liu Xu is characterized as a value investor focusing on safety margins and long-term stock selection, while Fan Yan is known for her diversified holdings and strong drawdown control, earning her the title of "earthquake master" [7]. - Tu Huanyu adopts a technology growth style, focusing on TMT and new energy sectors, resulting in higher volatility compared to Liu Xu and Fan Yan [7]. Group 2: Fund Performance and Characteristics - Fuguo Stable Growth C and Jing Shun Chang Cheng Quality Evergreen C saw significant institutional buying in Q1, with shares increasing by 18.0373 million and 9.6018 million, respectively [10]. - Jing Shun Chang Cheng Quality Evergreen C, managed by Fan Yan, has consistently outperformed benchmarks and peers, achieving a year-to-date return of 8.17% and a total return of 44.39% over three years [13][12]. - The fund's strategy shifted towards technology sectors, significantly increasing allocations to electronics and communications, which contributed to a net value increase of over 40% in 2024 [15][14]. Group 3: Institutional Preferences - The top ten actively managed equity funds by FOF fund holdings, excluding those with high self-company holdings, include Huaxia Innovation Frontier with a market value of 4 billion yuan and 21 FOF funds [28][29]. - The fund manager Tu Huanyu focuses on long-term investment returns in TMT, new energy, and pharmaceuticals, achieving a cumulative return of 48% since he began managing the fund in March 2020 [30][31]. - The maximum drawdown for Huaxia Innovation Frontier during Tu Huanyu's tenure reached -44.5%, indicating a high level of volatility [33].

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.42% closing at 3376.20 points, the Shenzhen Component Index up by 0.87% at 10144.58 points, and the ChiNext Index up by 1.11% at 2024.93 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1153 billion yuan, an increase of 11.6 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included Beauty Care, Comprehensive, Textile and Apparel, Communication, and Light Industry Manufacturing, with increases of 2.63%, 2.53%, 2.41%, 1.79%, and 1.61% respectively [1] - The only sectors that experienced declines were Transportation, National Defense and Military Industry, and Public Utilities, with decreases of 0.58%, 0.24%, and 0.12% respectively [1] Concept Sector Performance - The top-performing concept sectors today included Rare Earth, Rare Earth Permanent Magnet, Gold and Jewelry, Dairy Industry, and Lithium Battery, among others [2] - Conversely, sectors such as Air Transportation, Aircraft Carriers, and Intelligent Logistics experienced pullbacks [11]

2025 年 06 月 02 日 耐用消费产业行业研究 买入（维持评级） 行业周报 证券研究报告 国金证券研究所 分析师：赵中平（执业 S1130524050003） zhaozhongping＠gjzq.com.cn 分析师：杨欣（执业 S1130522080010） yangxin1＠gjzq.com.cn 分析师：王刚（执业 S1130524080001） wang_g＠gjzq.com.cn 分析师：张杨桓（执业 S1130522090001） zhangyanghuan＠gjzq.com.cn 消费中观策略&投资建议 ①基本面有向好变化的低位传统核心资产，资本市场逻辑是高低切，新消费已经将表观 30-60XPE 的高标估值体 系确立，传统核心资产的估值水位也有望在流动性宽松叠加公募基准欠配背景下向上修复，尤其是在地产高频数 据企稳经济有自发筑底倾向&传统消费 25Q2 开始财报基数下降景气度增速有自发回升趋势背景下，建议关注安踏 体育，雅迪控股，裕同科技等；②坚定持有兑现度较高的新消费龙头，建议关注泡泡玛特，康耐特光学等。预计 消费类资金有望向两个方向切换；③积极拥抱新消费赛道或具备新消费思维的传统 ...

Core Viewpoint - The Shanghai Composite Index experienced a slight decline of 0.03% this week, with 81 stocks showing a turnover rate exceeding 100% [1] Group 1: Stock Performance - A total of 81 stocks had a turnover rate above 100%, while 293 stocks had a turnover rate between 50% and 100%, and 2097 stocks had a turnover rate between 10% and 50% [1] - The average increase for stocks with a turnover rate over 100% this week was 4.59%, with 45 stocks rising and 36 stocks falling [2] - The top gainers included Guangkang Biochemical, Xiongdi Technology, and Hezhuan Intelligent, with increases of 58.66%, 53.28%, and 49.34% respectively [2] Group 2: Notable Stocks - Xintiandi had the highest turnover rate at 247.65%, with a weekly price increase of 3.40%, but saw a net outflow of 90 million yuan in main funds [1] - Xue Ren Co. followed closely with a turnover rate of 247.02% and a price increase of 26.71%, experiencing a net outflow of 240 million yuan in main funds [1] - Wangzi New Materials ranked third with a turnover rate of 228.57% and a price increase of 3.74%, with a net inflow of 20 million yuan in main funds [2] Group 3: Industry Insights - The basic chemical industry had the highest number of stocks with a turnover rate over 100%, totaling 16 stocks, followed by light industry manufacturing and machinery equipment with 12 and 11 stocks respectively [1] - Among the stocks with a turnover rate exceeding 100%, only two disclosed half-year performance forecasts, with C Guqi expected to report a net profit of 103 million yuan, reflecting a year-on-year increase of 6.08% [2]

Market Overview - The main indices showed a decline today, with the Shanghai Composite Index down by 0.47%, the Shenzhen Component down by 0.85%, and the ChiNext Index down by 0.96% [1] - In terms of industry performance, the top sectors included Agriculture, Forestry, Animal Husbandry, and Fishery, Banking, and Pharmaceutical and Biological sectors, while the Mechanical Equipment, Computer, and Light Industry Manufacturing sectors lagged behind [1] - Concept sectors performed variably, with the Chicken Industry, CRO, and Pig Industry concepts showing relatively good performance, while Near-term New Stocks, Photoresist, and Smart Speaker concepts performed poorly [1]

Group 1 - A total of 26 companies were investigated by institutions on May 26, with 20 companies specifically targeted by funds [1] - The most popular company among funds was Cankin Technology, which had 13 participating funds, followed by Greebo and Hars, each with 12 funds [1] - The companies investigated belong to various sectors, including electronics, machinery, basic chemicals, and pharmaceutical biology, with three stocks from each of these sectors being highlighted [1] Group 2 - Among the companies investigated, four had a total market capitalization exceeding 50 billion yuan, with BOE Technology Group being one of them, while ten companies had a market cap below 10 billion yuan [1] - In terms of market performance, eight stocks among the investigated companies saw an increase in the last five days, with Kailer Co., Zhongsheng Pharmaceutical, and Zhongchumei leading with increases of 21.62%, 7.52%, and 5.76% respectively [1] - Conversely, twelve stocks experienced declines, with Jiangnan Yifan, Tangyuan Electric, and Greebo showing the largest drops of 5.68%, 4.34%, and 3.89% respectively [1] Group 3 - The funds that participated in the investigations included significant net inflows, with Zhongsheng Pharmaceutical receiving a net inflow of 122 million yuan, the highest among the stocks [2] - Other companies with notable net inflows included Haida Group and Kailer Co., with net inflows of 36.68 million yuan and 11.77 million yuan respectively [2] - The table of companies investigated includes various details such as stock codes, latest closing prices, five-day price changes, and industry classifications [2][3]

5月26日沪指下跌0.05%，市场两融余额为18058.58亿元，较前一交易日增加45.23亿元。 证券时报·数据宝统计显示，截至5月26日，沪市两融余额9162.17亿元，较前一交易日增加23.80亿元； 深市两融余额8841.84亿元，较前一交易日增加21.36亿元；北交所两融余额54.57亿元，较前一交易日增 加771.04万元；深沪北两融余额合计18058.58亿元，较前一交易日增加45.23亿元。 分行业看，申万所属行业中，融资余额增加的行业有19个，增加金额最多的行业是汽车，融资余额增加 14.75亿元；其次是医药生物、电力设备行业，融资余额分别增加12.32亿元、5.22亿元。 具体到个股来看，融资余额出现增长的股票有1828只，占比49.77%，其中，269股融资余额增幅超过5% 。融资余额增幅最大的是新安洁，该股最新融资余额345.62万元，较前一交易日增幅达58.10%；股价表 现上，该股当日上涨2.53%，表现强于沪指；融资余额增幅较多的还有宏工科技、宏裕包材，融资余额 增幅分别为57.83%、55.68%。 | 代码 | 简称 | 最新融资余额（万 | 较前一个交易日增减 | 当日涨跌 ...

Market Overview - The Shanghai Composite Index closed at 3346.84 points, down 0.05%, while the Shenzhen Component Index closed at 10091.16 points, down 0.41%. The ChiNext Index fell by 0.80%, and the STAR Market 50 Index increased by 0.17% [1] - Among the tradable A-shares, 3797 stocks rose, accounting for 70.51%, while 1432 stocks fell, and 156 stocks remained flat [1] Stock Performance - A total of 86 stocks hit the daily limit up, while 4 stocks hit the limit down. The majority of limit-up stocks were in the machinery equipment, basic chemicals, and electric equipment sectors, with 16, 11, and 8 stocks respectively [1] - Notable limit-up stocks included *ST Guohua and *ST Baoshi, with 24 of the limit-up stocks being ST stocks. ST Lingnan and *ST Sailong recorded 6 consecutive limit-up days, the highest among all [1] Trading Volume and Capital Flow - The stock with the highest limit-up order volume was Rongfa Nuclear Power, with 6508.84 million shares, followed by Yunnei Power and ST Lingnan with 4693.09 million shares and 3608.30 million shares respectively [1] - In terms of capital flow, Rongfa Nuclear Power, Shangwei Co., and Hongbo Co. had significant limit-up order funds of 403 million, 216 million, and 203 million respectively [1] Sector Analysis - The leading sectors for limit-up stocks included electric equipment, machinery equipment, and basic chemicals, indicating strong investor interest in these areas [1] - Specific stocks in the electric equipment sector, such as Rongfa Nuclear Power and Shangwei Co., showed substantial trading activity and investor interest [1]

Core Viewpoints - The A-share market experienced a decline last Friday, with the Shanghai Composite Index falling by 0.94% to 3348.37 points, the Shenzhen Component Index down by 0.85%, and the ChiNext Index down by 1.18%. The total trading volume in the A-share market was 1.18 trillion RMB, with over 4200 stocks declining. Only the automotive, pharmaceutical, and basic chemical industries saw gains, while the computer industry led the declines [1][6] - In the Hong Kong market, the Hang Seng Index rose by 0.24%, while the Hang Seng Technology Index fell by 0.09%. Internationally, all three major US indices closed lower, with the Dow Jones down by 0.61%, the S&P 500 down by 0.67%, and the Nasdaq down by 1.00%. European stock markets also saw declines, while the Asia-Pacific markets showed mixed results [1][6] Important News - The People's Bank of China announced that funds raised from overseas listings, as well as funds from the reduction or transfer of shares, should generally be returned to the domestic market. This is part of efforts to improve and unify the management of cross-border funds related to domestic companies directly listed overseas [2][7] - US President Trump suggested imposing a 50% tariff on the EU starting June 1, 2025, although products manufactured in the US would be exempt from these tariffs [2][7] Industry Analysis - The first quarter of 2025 showed a rebound in A-share performance, with a year-on-year increase of 89.76% in net profit attributable to shareholders, marking a significant improvement compared to the previous quarter [8] - The retail sales of consumer goods in April 2025 increased by 5.1% year-on-year, although the growth rate slightly declined compared to March. The total retail sales reached 37,174 billion RMB [12][16] - The performance of various sectors showed divergence, with the consumer goods sector benefiting from domestic consumption policies, particularly in the automotive and home appliance industries [10][11][16] Investment Recommendations - The report suggests focusing on sectors with strong growth potential, such as technology and consumer goods, particularly in the automotive and home appliance industries, which are expected to benefit from expanding domestic demand [11][16] - The report highlights the importance of companies with stable profit models and core competitive advantages, especially in the context of improving market sentiment and reducing short-term volatility [11]