Core Viewpoint - The integration of artificial intelligence (AI) technology is driving the transformation of the building materials industry towards a more intelligent, greener, and high-end direction [1][4]. Group 1: AI Integration and Digital Transformation - Through digital transformation, building material companies can achieve digitalization in R&D design, integrated production operations, and agile customer service, enhancing decision-making efficiency and overall competitiveness [1][3]. - The "Xiao Miao" industrial model developed by the Smart Building Materials Research Institute has shown significant application results in the cement industry, enabling real-time closed-loop control of production and end-to-end optimization of business decisions [2][3]. Group 2: Cost Reduction and Efficiency Improvement - The "Xiao Miao" model has reduced the cost of cement batching by over 1%, demonstrating its effectiveness in lowering costs and increasing efficiency [3]. - The model has established a replicable and lightweight standardized implementation plan, with data governance cycles reduced to under 14 days and model deployment times under 7 days, achieving an average return on investment period of about one year [3]. Group 3: Industry Transformation and Future Applications - AI-driven changes in the building materials industry manifest in three areas: profound changes in human-machine interaction at the factory level, regional central control and collaborative operations at the regional company level, and optimization of operational models and decision-making at the corporate group level [4]. - The industrial model currently includes over 200 scenario models, covering the entire supply chain from procurement to production and sales in the cement industry [4]. Future applications will focus on intelligent product design, digital twin factories, and dynamic pricing among others, aiming for comprehensive coverage of business operations [4].

[Table_Title] 每日复盘 分行业看，30 个中信一级行业普遍上涨；表现相对靠前的是：通信 （2.78%），建材（2.11%），电力设备及新能源（2.10%）；表现相对靠后的 是：电力及公用事业（-0.25%），银行（-0.23%），交通运输（0.16%）。概念 板块方面，多数概念板块上涨，英伟达、BC 电池、PCB 等大幅上涨；肝素、 昨日触板、退税商店等板块走低。 资金筹码方面，主力资金 7 月 8 日净流入 114.50 亿元。其中超大单净流 入 151.39 亿元，大单净流出 36.89 亿元，中单资金净流出 148.69 亿元，小 单持续净流入 34.29 亿元。 7 月 8 日，上证 50、沪深 300、中证 500 以及中证 1000 等 ETF 大部分成 交额较上一交易日增加。华夏上证 50ETF、华泰柏瑞沪深 300ETF、嘉实沪深 300ETF、易方达沪深 300ETF、南方中证 500ETF、南方中证 1000ETF 和华夏中 证 1000ETF 成交额分别为 13.02 亿元、24.74 亿元、4.19 亿元、7.76 亿元、 10.07 亿元、10.52 亿元和 2.63 ...

- The report does not contain any quantitative models or factors related to construction, evaluation, or testing results[1][2][3]

Core Viewpoint - The effectiveness of cyclical investment is recovering, with indicators showing a positive correlation between stock price movements and recent earnings growth since June, suggesting that market performance is increasingly guided by economic conditions [1] Group 1: Resource Products - Price Increases: Resource products such as non-ferrous metals and chemicals have seen continuous price increases due to tight supply and marginal demand improvement, leading to higher earnings certainty for Q2 [1] - Supply Clearing: Industries like steel, building materials, coal, and chemicals are experiencing accelerated supply reduction, which, combined with demand recovery, is expected to enhance earnings elasticity and reverse industry challenges [2] - Q2 Earnings Clues: Key resource product categories with significant earnings revisions since Q2 include building materials (coatings, glass fiber, cement), chemicals (fertilizers, pesticides), steel (special steel), and non-ferrous metals (nickel, cobalt, gold, copper) [2] Group 2: AI Computing Power - Performance Divergence: Since June, there has been a notable divergence within the AI sector, with upstream hardware (PCB, optical modules) outperforming midstream software services and downstream applications [3] - North American Computing Chain: The North American computing chain, represented by optical modules and PCBs, has shown enhanced earnings certainty, with significant upward revisions in Q2 earnings, contrasting with downward adjustments in domestic computing chains [3] - Earnings as a Key Driver: The performance of various segments within the AI industry has been closely correlated with the extent of Q2 earnings revisions, indicating that earnings certainty is becoming a critical factor in pricing within the tech sector [3]

丨证券研究报告丨 固收资产配置丨点评报告 [Table_Title] "反内卷"背景下如何配置转债 ——可转债周报 20250705 报告要点 [Table_Summary] 当周转债市场延续温和回暖，风格以稳健配置为主，市场重心由成长向低估值、基本面改善方 向切换。"反内卷"政策持续推进，钢铁、建材、汽车等周期行业供需格局优化预期升温，有望 带动转债结构性机会显现。估值层面平价区间整体拉伸，市价区间估值整体压缩则结构略有分 化，隐含波动率小幅上行，情绪边际回暖或应关注短期过热风险。个券方面，中久期、具备弹 性与正股催化预期品种表现突出。一级市场供给平稳推进，条款博弈与赎回公告频出，反映局 部资金博弈意愿持续。建议在防守基础上关注政策驱动下的中期估值修复与轮动机会。 分析师及联系人 [Table_Author] 赵增辉 熊锋 朱承志 SAC：S0490524080003 SAC：S0490524120004 SFC：BVN394 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 相关研究 [Table_Title "反内卷"背景下如何配置转债 2] ——可转债周报 ...

8日，沪深两市主要股指全线走高，沪指逼近3500点，创业板指大涨超2%，场内近4300股飘红。 星石投资表示，短期看，行业亮点不断，局部行业存在较强驱动，市场交投情绪偏强的背景下，股市将 继续保持积极表现，市场情绪或已率先反应牛市预期。结构上看，行业利好和流动性变化对板块表现的 影响更大，在牛市预期下，各个板块都有轮动到的机会。经历近期的震荡上行，当前股市整体风险溢价 仍处于历史偏高水位，国证A指的ERP指数录得3.5%，为2016年以来74%左右分位数水平，显示A股市 场整体性价比仍比较高。结合宏观变化和流动性因素看，后续A股市场中也存在着较多的投资机会。宏 观角度看，随着下半年政策将持续发力以带动经济持续向好，"反内卷"政策逐渐深化、产业亮点不断显 现，国内政策面和基本面对A股表现有较强带动作用。流动性角度看，当前股市内的流动性相对充裕， 海外资金潜在的再平衡交易有益于中国资产，整体流动性因素对A股也有支撑。 （文章来源：证券时报网） 截至收盘，沪指涨0.7%报3497.48点，深证成指涨1.47%报10588.39点，创业板指涨2.39%报2181.08点， 科创50指数涨1.4%，沪深北三市合计成交1 ...

Investment Rating - The report maintains a recommendation for the building materials sector, indicating a positive outlook for profitability recovery in the industry [2]. Core Insights - The building materials industry is experiencing a "de-involution" campaign aimed at improving overall profitability, particularly in the cement sector, where demand is currently suppressed due to high temperatures and rainy weather [1][10]. - The report highlights a significant increase in land acquisition by the top 100 real estate companies, with a year-on-year growth of 33.3%, reflecting a recovery in investment confidence among real estate enterprises [6][13]. - Price adjustments in the waterproofing materials sector are noted, with leading companies implementing price increases of 1% to 13% across various product categories, indicating a shift towards healthier competition in the consumer building materials market [6][13]. Summary by Sections Cement Industry - The national average cement price has continued to decline, with a drop of 10-15 CNY/ton in certain regions, while some areas like Jilin and Chongqing have seen price increases of 30-50 CNY/ton [10][22]. - The cement market is under pressure with a current inventory ratio of 76.00%, indicating a continued accumulation of stock [10][22]. - The China Cement Association has initiated measures to address supply-demand imbalances, which are expected to enhance overall industry profitability [10][11]. Float Glass Industry - The float glass market is experiencing weak price performance, with a national average price of 1174 CNY/ton, down 3.27 CNY/ton from the previous period [11]. - Inventory levels have decreased slightly, with a total of 6.9085 million heavy boxes reported, and production has increased to 110.34 million tons [11][12]. - Despite some replenishment activities in the downstream market, overall demand remains limited, leading to expectations of continued price weakness [11][12]. Fiberglass Industry - The market for non-alkali fiberglass remains stable, with prices around 3700 CNY/ton for high-end products, while electronic fiberglass prices are expected to rise due to tight supply [12]. - The main product G75 in the electronic fiberglass market is priced between 8800-9200 CNY/ton, showing stability compared to the previous week [12]. Consumer Building Materials - The report emphasizes the trend of price increases among leading companies in the waterproofing sector, which is seen as a positive sign for the industry's competitive landscape [6][13]. - Recommendations for investment include companies like Weixing New Materials, Keda Manufacturing, and Mona Lisa, which are positioned well for growth in the current market environment [14][15][16].

Group 1: Core Insights - The report emphasizes that the building materials industry is expected to return to historical high demand levels due to the emergence of stock demand, with a significant shift towards consumption characteristics of building materials [4][7][22] - The residential renovation demand currently accounts for nearly 50% and is projected to reach around 70% by 2030, indicating a qualitative change in consumption demand for building materials [7][22][23] - The report highlights the potential of African markets for capacity expansion, identifying undervalued local leaders such as Keda Manufacturing, Huaxin Cement, and Western Cement [4][9][10] Group 2: Stock Chain Insights - The stock category is seen as a cyclical demand segment that can emerge positively, with a significant supply exit in consumer building materials due to the deep adjustment in the real estate sector [7][47] - The report predicts that by 2024, production levels for various building materials will be at approximately 90% for plastic pipes, 82% for gypsum board, and 62% for waterproofing materials compared to their peak levels [7][47][50] - The report suggests that the supply exit in consumer building materials is thorough, driven by the expansion of leading enterprises' advantages and changes in demand structure [7][47][50] Group 3: African Chain Insights - Africa is identified as a fertile ground for the export of building materials, driven by population growth and urbanization, with local leaders like Keda Manufacturing benefiting from market share advantages [9][10] - Keda Manufacturing holds a 20% market share in the ceramic tile market in Central Africa, with a net profit margin recovering to over 20% in Q1 2025 [9][10] Group 4: Domestic Substitution Chain Insights - The report highlights the opportunities for domestic substitution in building materials, particularly in specialty fiberglass and industrial coatings, driven by the transformation goals of becoming a manufacturing powerhouse [10][10] - Key players in specialty fiberglass, such as China National Building Material, are expected to benefit from the growing demand for AI computing power [10][10]

Group 1 - The domestic equity market continued its upward trend last week, with the Wind All A Index rising by 1.22%, and the average daily trading volume maintained around 1.5 trillion yuan, approaching the historical high from 2015, currently less than 3% away from that peak [1] - The growth rates for specific indices included the ChiNext (+1.5%), Shanghai Composite Index (+1.4%), and CSI 300 (+1.5%), while the STAR Market saw a slight decline of 0.3% [1] - From an industry perspective, steel (+5.3%), banking (+3.8%), and building materials (+3.6%) experienced significant gains, whereas computer technology (-0.9%) and comprehensive finance (-4.5%) faced notable declines [1] Group 2 - The Central Financial Committee emphasized the need to advance the construction of a unified national market, focusing on addressing key challenges, regulating low-price disorderly competition, enhancing product quality, and promoting the orderly exit of backward production capacity [1] - The emergence of new technologies and business models tends to attract substantial investment, but it may also lead to over-investment issues, where capacity expansion outpaces demand release during technological iterations [2] - The bond market saw a general decline in interest rates, with credit bond yields decreasing significantly, particularly for lower-rated AA- bonds, indicating a potential structural market trend driven by new capital inflows [2]

从稳定币到 RWA20250707 摘要 中国人民银行与香港金管局合作启动跨境支付通，支持人民币与港币跨 境汇款，为稳定币跨境支付应用奠定基础。与京东合作的货币桥项目成 功实现数字人民币与京东稳定币的跨链交换，并发交易 47 亿笔无差错， 为经常项目下跨境稳定币交易做好准备。 股票通证化（STO）存在 Robinhood 和 xStock 两种模式。 Robinhood 模式风险较高，存在持仓不透明等问题；xStock 模式通过 券商代理购买及隔离账户，风险相对较小，但需具备合规资质。 Robinhood 选择在欧盟推行股票代币化交易服务，因欧盟对金融科技产 品接受度较高，监管环境相对宽松，且欧盟客户可通过此方式更便捷地 参与美股及 ETF 全天候交易。 代币化交易提供 24 小时不间断市场流动性，链上实时清算提高效率。 代币化实时定价领先于传统交易所，可能导致开盘或收盘时价格跳跃。 香港市场已在智能合约中支持代币化 IPO 交易。 稳定币在跨境支付中用于解决支付速度慢、成本高的问题。香港强调稳 定币在跨境交易中的作用，以提升流动性并降低难度。中国央行研究稳 定币与离岸人民币兑换，修订跨境支付规则。韩国央行推 ...