股指早报 中美贸易谈判，隔夜美方释放积极信号，中方中性 2025 年 6 月 11 日 股指期货早报 2025.6.11 报告摘要： 海外方面，美 5 月 NFIB 小型企业信心指数录得 98.8，高于预期 95.9 和前值 95.8，数据指向美企业信心有所回升。另外中美在伦敦 谈判在昨日下午北京时间 5 点开始，今天凌晨 4 点结束。美财政部长 贝森特表示中美进行了 2 天富有成效的谈话，向市场释放积极信号。 中国商务部副部长李成钢表示过去两天中美双方进入了很深入的交 流，中美沟通专业、深入、理性、坦诚 。从隔夜市场走势来看，美 元指数收涨，美债收益率短端长端均回落，黄金收跌，美三大股指集 体收涨，纳斯达克中国金龙指数上涨，离岸人民币汇率升值。隔夜市 场走势反映出市场对中美谈判信号偏向积极。 国内盘面上看，周二大盘高开震荡下跌 0.44%，深成指下跌 0.86%，创业板指下跌 1.17%，市场呈现震荡回调走势。早盘指数呈现 红盘，主要在于银行的支撑，午后股指快速回落。从盘面走势反映似 乎是中美贸易谈判出了利空消息，稀土、种业大幅拉升，但因时差， 中美在交易时间并未谈判，谈判在下午收盘后 5 点才开始，急跌的 ...

Core Viewpoint - The company, Saint Bella, is leading a revolution in the high-end home care industry by standardizing, professionalizing, customizing, and digitizing home care services and products, and is set to become the "first global home care stock" after passing the hearing for its Hong Kong IPO [1] Group 1: Business Overview - Saint Bella has grown rapidly since its establishment in 2017, becoming the largest postpartum care group in Asia and China, with a market share that remains at the top [2] - The company operates three main business lines: postpartum care services, postpartum recovery services, and home care services, which contribute to a comprehensive business model that enhances customer lifetime value [2] - By the end of 2024, Saint Bella plans to have 81 postpartum care centers, expanding its reach to Hong Kong, Singapore, and Los Angeles [2] Group 2: Financial Performance - Revenue increased from 472 million RMB in 2023 to 799 million RMB in 2024, marking a doubling of income [2] - The company achieved a gross profit of 270 million RMB in 2024, with adjusted profits turning positive, reaching 72.47 million RMB by the end of 2024 [2] - The postpartum care centers contributed over 80% of the revenue, while home care and food services are showing strong growth, with their revenue share increasing year by year [2][3] Group 3: Growth Drivers - The family care service and food business have seen significant growth, with contract values for family care services increasing by 157% and food business values rising by 120% [5] - The company has established a high-end brand strategy, attracting loyal customers and ensuring business growth through a combination of high-end branding and professional services [4] - Digitalization and a light asset operation model are enabling efficient expansion and profit elasticity, allowing the company to enter new cities and increase market share [6] Group 4: Market Potential - The postpartum care industry has significant growth potential, driven by increasing consumer demand and evolving fertility policies [7] - The company is positioned to fill market gaps in high-end postpartum care services, with a standardized operational service system ensuring consistent quality [8] - Saint Bella's success may prompt a reevaluation of standards and digitalization in the home care sector, benefiting the industry's long-term development [8][9]

转债市场日度跟踪 20250610 市场概况：今日转债跟随正股下跌，估值环比压缩 指数表现：中证转债指数环比下降 0.28%、上证综指环比下降 0.44%、深证成 指环比下降 0.86%、创业板指环比下降 1.17%、上证 50 指数环比下降 0.39%、 中证 1000 指数环比下降 0.92%。 市场风格：大盘价值相对占优。大盘成长环比下降 0.71%、大盘价值环比下降 0.07%、中盘成长环比下降 0.70%、中盘价值环比下降 0.09%、小盘成长环比 下降 1.01%、小盘价值环比下降 0.34%。 资金表现：转债市场成交情绪升温。可转债市场成交额为 741.00 亿元，环比 增长 6.52%；万得全 A 总成交额为 14514.37 亿元，环比增长 10.57%；沪深两 市主力净流出 359.72 亿元，十年国债收益率环比上升 0.10bp 至 1.66%。 转债价格：转债中枢下降，高价券占比下降。转债整体收盘价加权平均值为 119.95 元，环比昨日下降 0.31%。其中偏股型转债的收盘价为 162.79 元，环比 上升 0.01%；偏债型转债的收盘价为 111.37 元，环比下降 0.20%；平 ...

Summary of Key Points Core Viewpoint - As of June 10, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) was 5.535 billion yuan, a decrease of 38.81 million yuan from the previous trading day, indicating a slight decline in market activity [1]. Financing and Margin Data - The margin balance was 5.534 billion yuan, down by 38.83 million yuan, while the securities lending balance increased to 1.0842 million yuan, up by 15,000 yuan [1]. - The stocks with the highest margin balances included Jinbo Biological (365 million yuan), Airon Software (154 million yuan), and Better Energy (143 million yuan), with an average margin balance to market capitalization ratio of 1.11% [1]. Net Buying and Selling Trends - On June 10, 96 stocks experienced net margin buying, with 40 stocks having net buying amounts exceeding 1 million yuan. Shengye Electric led with a net buying amount of 15.4692 million yuan, followed by Thunder Technology and Jinbo Biological with 12.4114 million yuan and 8.792 million yuan, respectively [1]. - The stocks with the highest net selling amounts included Shuguang Digital Innovation, Air China Ocean, and Deyuan Pharmaceutical, with net selling amounts of 11.0707 million yuan, 9.7653 million yuan, and 9.6206 million yuan, respectively [1]. Industry Performance - The industries with the most stocks experiencing net buying over 1 million yuan were machinery equipment, electric power equipment, and basic chemicals, with 11, 7, and 5 stocks respectively [2]. - On average, stocks with net buying over 1 million yuan rose by 7.61%, with notable increases from Jiaoda Iron Transportation (262.09%), Huaguang Source Sea (26.88%), and Qiule Seed Industry (11.99%) [2]. Trading Activity - The weighted average turnover rate for stocks with net buying over 1 million yuan was 8.52%, with Jiaoda Iron Transportation, Night Light Ming, and Huaguang Source Sea having turnover rates of 72.03%, 42.37%, and 41.29%, respectively [2]. - The average daily turnover rate for BSE stocks on June 10 was 7.11% [2]. Notable Stocks and Changes - Stocks with the largest increases in margin balances included Shengye Electric (increase of 15.4692 million yuan), Thunder Technology (increase of 12.4114 million yuan), and Jinbo Biological (increase of 8.792 million yuan) [2][3]. - The stock performance varied, with some stocks experiencing significant declines, such as Road Bridge Information (-12.94%) and Qifeng Precision (-8.04%) [2][3].

证券研究报告 | 2025年06月11日 | 晨会纪要 | | --- | | 数据日期:2025-06-10 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3384.81 | 10162.18 | 3865.46 | 11539.63 | 2878.82 | 982.90 | | 涨跌幅度（%） | -0.43 | -0.85 | -0.50 | -0.71 | -0.97 | -1.47 | | 成交金额（亿元） | 5574.27 | 8579.31 | 2636.47 | 3050.34 | 4118.01 | 315.53 | 【常规内容】 宏观与策略 策略专题:海外镜鉴系列（二十五）——悦己经济：中日对比 行业与公司 行业月报:商贸零售行业 6 月投资策略-618 大促表现稳中有进，新消费 行情持续扩圈 旭光电子(600353.SH) 财报点评:旭光电子（600353.SH）-电力设备+军 工+电子材料多轮驱动，1Q25 毛利率同比 ...

证券研究报告 2025 年 6 月 11 日 星期三 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 美容护理 | 1.10% | 国防军工 | -1.97% | 转基因 | 3.15% | EDR 概念 | -2.63% | | 银行 | 0.48% | 计算机 | -1.87% | 中韩自贸区 | 2.30% | MLOps 概念 | -2.56% | | 医药生物 | 0.33% | 电子 | -1.65% | 毛发医疗 | 2.25% | 兵装重组概念 | -2.43% | | 交通运输 | 0.17% | 通信 | -1.43% | 玉米 | 2.18% | 华为盘古 | -2.40% | | 传媒 | 0.15% | 非银金融 | -1.11% | 航运概念 | 2.00% | 华为昇腾 | -2.34% | 资料来源：东莞证券研究所，iFinD 数据 后市展望： 周二，市场全 ...

Market Overview - The Shanghai Composite Index fell by 0.4%, the CSI 300 decreased by 0.5%, the STAR Market 50 dropped by 1.5%, the CSI 1000 declined by 0.9%, the ChiNext Index decreased by 1.2%, and the Hang Seng Index fell by 0.1% [3][4] - The best-performing sectors on that day were Beauty Care (+1.1%), Banking (+0.5%), Pharmaceutical and Biological (+0.3%), Transportation (+0.2%), and Media (+0.2%). The worst-performing sectors were Defense and Military (-2.0%), Computer (-1.9%), Electronics (-1.7%), Communication (-1.4%), and Non-Bank Financials (-1.1%) [3][4] - The total trading volume in the Shanghai and Shenzhen markets was 1,415.3 billion yuan, with a net inflow of 7.59 billion Hong Kong dollars from southbound funds [3][4] Important Insights Inflation and Economic Policy - In May, the Consumer Price Index (CPI) year-on-year growth was -0.1%, consistent with the previous value and better than market expectations of -0.2%. The month-on-month growth was -0.2%, influenced mainly by falling energy prices [5] - The Producer Price Index (PPI) year-on-year growth recorded -3.3%, slightly below market expectations of -3.2%, with a month-on-month decline of 0.4% due to falling prices of internationally priced bulk commodities [5] Trade Dynamics - In May, China's exports to the United States decreased by 33.6%, primarily due to the high average tariff levels maintained until mid-May when tariffs were officially lowered following negotiations [6] - The market outlook for trade with the U.S. remains pessimistic, but there is potential for a rebound in exports to the U.S. [6]

Group 1 - A-shares experienced a sudden drop in the afternoon, with the Shanghai Composite Index reaching 3400 points before retreating, closing down 0.44% at 3384.82 points [1] - The Shenzhen Component Index fell 0.86% to 10162.18 points, while the ChiNext Index decreased by 1.17% to 2037.27 points, with a total trading volume of 14153.73 billion yuan [1] - Sectors such as port shipping, beauty care, innovative drugs, and rare earth permanent magnets saw gains, while sectors like Huawei Ascend, military industry, semiconductors, and software development faced declines [1] Group 2 - The rare earth permanent magnet sector saw significant gains, with Zhongke Magnetic Industry (301141) hitting the daily limit, following two consecutive gains for Beikong Technology (600980) [1] - The agriculture sector rallied in the afternoon, led by the seed industry, while short drama concepts surged, with Ciweng Media (002343) hitting the daily limit and other companies like Zhongwen Online (300364) and Guomai Culture (301052) rising over 10% [1] - Dongwu Securities anticipates a series of event catalysts for the technology sector in June, suggesting sustained prosperity and better elasticity for growth stocks due to a weak dollar environment [1] Group 3 - Jifeng Investment Advisors noted that with a series of counter-cyclical adjustment policies being implemented, the A-share market has gradually found a bottom, presenting medium to long-term investment opportunities [2] - The stock market has shown signs of stabilizing profit corrections, opening up space for further upward movement in profits and valuations, recommending investors to buy on dips [2]

Core Viewpoint - The article emphasizes the importance of leveraging China's vast domestic market while addressing the complexities of the international trade environment, highlighting the need for companies to adapt their strategies to meet consumer demands and enhance their integrated operations [1]. Group 1: Market Adaptation and Strategy - Companies are increasingly focusing on the domestic market to reduce reliance on single foreign markets, with a notable example being Yue Li Group, which shifted from OEM to developing its own brand in response to market uncertainties [2]. - The rise of e-commerce platforms has provided new avenues for companies to penetrate the domestic market, allowing them to gather consumer data and tailor products to local preferences, as demonstrated by Yue Li's design adjustments based on consumer habits [3][4]. - The Ministry of Commerce has initiated activities to support foreign trade enterprises in utilizing domestic markets, facilitating connections between over 5,700 foreign trade companies and e-commerce platforms [4]. Group 2: R&D and Product Development - Companies like Xinbao Electric have emphasized the importance of R&D as a core competitive advantage, with a commitment to innovation reflected in their annual product launches and a significant portion of revenue allocated to R&D [5][6]. - Xinbao's dual market strategy has allowed it to leverage the complementary advantages of both domestic and international markets, enhancing operational flexibility [5]. Group 3: Consumer Insights and Trends - The evolving preferences of Chinese consumers, particularly among younger demographics, are shifting towards emotional value and personalized experiences, as seen in the success of brands like Pop Mart, which has capitalized on these trends through its IP-driven product offerings [7][8]. - Pop Mart's rapid growth and expansion into international markets underscore the importance of understanding consumer demands and adapting to new consumption patterns, with a significant increase in overseas revenue [8].

Colgate-Palmolive Company (CL) FY Conference Summary Company Overview - **Company**: Colgate-Palmolive Company (CL) - **Date of Conference**: June 10, 2025 - **Key Speakers**: John Fosher (Head of Investor Relations), JP Zamorano (President of Latin America) Key Points Company Strategy and Growth - Transitioned to a growth mindset focusing on driving category growth rather than just market share [3][4] - Core businesses, which account for 60% of revenue, were identified as needing turnaround, leading to investments in key products like Colgate Total [4] - Emphasis on faster growth adjacencies such as whitening and prescription diet segments [5] - Significant push towards e-commerce and pharmacy channels, especially in Latin America [5] Financial Performance - Achieved a gross margin recovery, allowing for increased advertising investment, raising the advertising-to-sales ratio from 9.1% to 13.5% [6] - Despite challenges like tariffs and foreign exchange impacts, the company is guiding for dollar-based earnings per share growth in 2025 [7] - Strong organic sales growth of 9.4% was reported in the first half of the previous year, with expectations for a tougher 2025 [10][11] Innovation and Product Development - Shifted focus from line extensions to breakthrough innovations, with a commitment to incubate smaller businesses for long-term growth [20][21] - Enhanced analytics capabilities to measure advertising effectiveness and revenue growth management [16][17] - The relaunch of Colgate Total is seen as a significant opportunity for premiumization, with market share increasing from 15% to 16.1% post-relaunch [49][52] Market Dynamics in Latin America - Latin America is the largest division for Colgate, with strong market shares in Brazil and Mexico [33] - The company has a balanced portfolio of global and regional brands, allowing for competition across multiple price tiers [38] - Recent consumer sentiment has been affected by inflation, but there are signs of improvement in Mexico and Brazil [45][46] Challenges and Opportunities - Currency volatility in Latin America is a significant challenge, but the company has strategies in place to manage pricing and costs effectively [61][64] - The premium dog food segment (Hill's) is identified as a growth opportunity in Mexico, with a relatively low market share [40][41] - The company is leveraging its strong market presence to capitalize on e-commerce growth and changes in pharmacy retail environments [55][58] Future Outlook - The company aims to deliver growth at the high end of the 3-5% range, with expectations for operating profit to grow ahead of sales [70][72] - Continued focus on premiumization and productivity improvements is expected to enhance profitability in Latin America [72][73] Additional Insights - The cultural evolution within the company emphasizes taking risks and driving performance [8] - The integration of North America and Latin America under one leadership is seen as a strategic move to leverage efficiencies and innovation [29][30] - The company is committed to maintaining a strong advertising presence while ensuring returns for shareholders [15][16]