Core Viewpoint - The conference emphasizes the importance of talent attraction and innovation in building a world-class university and a strong educational foundation for the revitalization of Northeast China [1][4][19]. Group 1: Conference Overview - The 10th Dalian University of Technology International Youth Scholars Exchange Conference focuses on the construction of a national talent center and innovation hub, inviting leaders and experts to discuss talent policies and research dynamics [1][3]. - The conference aims to promote collaboration between local governments and educational institutions to support the development of young talents [1][19]. Group 2: Key Speeches and Presentations - Chen Wenbin, founder and CEO of Jiufang Zhitu Holdings, delivered a keynote speech on the path to success for young talents, emphasizing the importance of strong inner will and clear goals [2][10][13]. - Guo Dongming, an academician of the Chinese Academy of Engineering, highlighted the role of young scholars in driving national technological innovation and addressing major strategic needs [9]. - The conference featured a roundtable dialogue with outstanding young scholars sharing their experiences and insights on career choices and growth paths [19]. Group 3: Talent Policies and Support - The Liaoning Provincial Organization Department introduced the "Xingliao Talent Plan," aimed at cultivating and utilizing talents comprehensively [6]. - Dalian City officials presented policies focused on supporting young scientific and technological talents, aligning with the city's strategy for talent development [7]. Group 4: Insights on Career Development - Chen Wenbin discussed the significance of aligning personal interests with industry trends, identifying the "correct track" for career happiness [14]. - He emphasized the need for continuous deepening of expertise and cross-disciplinary integration to create value in today's rapidly changing environment [16][18]. Group 5: Embracing Change and Innovation - The importance of embracing AI and lifelong learning was stressed as essential for young talents to thrive in the current era [18]. - The conference concluded with a call for integrating personal aspirations with the broader goals of regional development, fostering a new advantage for the future [19].

Group 1 - The core index of the CSI 1000 major consumer index reported at 7845.59 points, with a decline of 4.42% over the past month and 2.47% over the past three months, while it has increased by 0.26% year-to-date [1] - The CSI 1000 index consists of 10 industry indices selected based on liquidity and market representation, providing diverse investment targets for investors [1] - The top ten holdings in the CSI 1000 major consumer index include: Lao Baigan Wine (4.28%), Lianhua Holdings (3.75%), Biological Shares (3.1%), Zhongchong Shares (3.01%), Shunxin Agriculture (2.86%), Yanjinpuzi (2.81%), Jinhui Industry (2.79%), Shanghai Jahwa (2.53%), Miaokelan Duo (2.52%), and Tangrenshen (2.43%) [1] Group 2 - The market share of the CSI 1000 major consumer index is divided between the Shanghai Stock Exchange (51.18%) and the Shenzhen Stock Exchange (48.82%) [1] - The industry composition of the CSI 1000 major consumer index includes: Food (36.45%), Breeding (25.12%), Alcohol (12.51%), Household Products (10.76%), Planting (8.80%), Beauty Care (4.35%), and Soft Drinks (2.01%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, and can also be adjusted temporarily under special circumstances [2]

Group 1 - The core index of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index reported at 5488.14 points, showing a decline of 1.54% over the past month, an increase of 2.05% over the past three months, and a year-to-date increase of 3.77% [1] - The CSI Hong Kong-Shanghai-Shenzhen industry index series categorizes the CSI 500, CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Composite, and CSI Hong Kong-Shanghai-Shenzhen Connect Composite Index into 11 industries to reflect the overall performance of different industry companies [1] - The top ten holdings of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index include Meihua Biological (2.53%), Zhengbang Technology (2.43%), Yanjing Beer (2.2%), Anjii Food (1.83%), Maogeping (1.79%), Hengan International (1.76%), Dabeinong (1.66%), Dekang Animal Husbandry (1.64%), First Pacific (1.57%), and Bairun Co. (1.55%) [1] Group 2 - The market share of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index holdings is 41.28% from Shanghai Stock Exchange, 41.17% from Shenzhen Stock Exchange, and 17.55% from Hong Kong Stock Exchange [2] - The industry composition of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index holdings shows that food accounts for 32.70%, breeding for 20.94%, liquor for 17.06%, planting for 8.99%, beauty care for 6.79%, soft drinks for 6.78%, and household goods for 6.75% [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2]

Market Overview - The Shanghai Composite Index increased by 0.36% as of the morning close, with a trading volume of 783.11 million shares and a transaction amount of 934.47 billion yuan, a decrease of 3.50% compared to the previous trading day [1] Industry Performance - Real estate, banking, and oil & petrochemicals sectors showed the highest gains, with increases of 1.53%, 1.42%, and 1.23% respectively [1] - The automotive, defense, and electronics sectors experienced the largest declines, with decreases of 0.93%, 0.92%, and 0.76% respectively [2] Leading Stocks - In the real estate sector, Yuhua Development led with a gain of 9.94% [1] - In the banking sector, Minsheng Bank rose by 5.12% [1] - In the oil & petrochemicals sector, *ST Xinchao increased by 5.08% [1] - In the steel sector, Jinling Mining surged by 10.02% [1] - In the non-bank financial sector, Nanhua Futures also rose by 10.02% [1] - In the pharmaceutical sector, Qianyuan Pharmaceutical saw a significant increase of 19.98% [1] Sector Summary - The real estate sector had a transaction amount of 117.03 billion yuan, up 26.74% from the previous day [1] - The banking sector recorded a transaction amount of 266.82 billion yuan, up 36.61% [1] - The oil & petrochemicals sector had a transaction amount of 80.95 billion yuan, up 36.47% [1] - The automotive sector had a transaction amount of 389.36 billion yuan, down 16.50% [2] - The defense sector recorded a transaction amount of 316.85 billion yuan, down 23.79% [2] - The electronics sector had a transaction amount of 1,036.63 billion yuan, down 10.88% [2]

Market Overview - The A-share market experienced an overall upward trend, with major indices rising, particularly the Shanghai Composite Index, which returned to the 3500-point level for the first time in 8 months, reaching a peak of 3512.67 points during the session [1][4][3] - The ChiNext Index also saw gains, surpassing the 2200-point mark with an increase of over 1% [6] Sector Performance - Among the sectors classified by Shenwan, the top-performing sectors included Media, Electric Equipment, Food & Beverage, Agriculture, Forestry, Animal Husbandry & Fishery, and Beauty & Personal Care, while sectors such as Non-ferrous Metals, Steel, and Basic Chemicals lagged behind [8] Concept Stocks - The short drama game concept sector led the market with a rise of over 2%, with stocks like Huanrui Century and Zhangyue Technology hitting the daily limit [9] Individual Stocks - Guotou Zhonglu has seen its stock hit the daily limit for three consecutive trading days, as the company announced plans to acquire 100% of China Electronics Engineering Design Institute's shares through a share issuance [10][11] - In the Hong Kong market, Hillstone Technology surged over 12%, driven by positive sales data for its camera modules, which showed a year-on-year increase of 4.1% [12][15] Futures Market - In the domestic futures market, the main contract for polysilicon surged, with an intraday increase of over 6%. The price approached 39,800 yuan/ton, marking a nearly 30% increase over the past 10 trading days [2][17][16]

Core Viewpoint - The Beijing Stock Exchange (BSE) has experienced a structural bull market in 2024, with the BSE 50 Index achieving a year-to-date increase of 39.45%, leading all major market indices [1][5]. Group 1: Market Performance - The BSE 50 Index has become a significant indicator of the market, comprising 50 representative companies with relatively small average market capitalization, highlighting many "specialized and innovative" small giants [5]. - The active management of BSE-themed funds has outperformed the index, with the Huaxia BSE Innovation Small and Medium Enterprises Selected Two-Year Open Fund (014283) achieving a net value growth rate of 72.16%, ranking third in the market [3][11]. Group 2: Market Drivers - A loose liquidity environment in China's financial market has provided ample "liquid capital," attracting funds to small-cap, high-growth companies on the BSE [6]. - The preference for small-cap stocks has increased during the early stages of economic recovery, with over 70% of BSE-themed funds outperforming the BSE 50 Index in the past three years [8]. Group 3: Investment Opportunities - The BSE remains an underappreciated source of alpha, with many quality companies yet to be fully discovered and priced, presenting significant value discovery opportunities for institutions with deep research capabilities [10][19]. - The Huaxia fund manager, Gu Xinfeng, emphasizes the importance of deep research and understanding of the market to capture long-term value, leveraging a unique understanding of the BSE and its companies [13][16]. Group 4: Future Outlook - The trading volume on the BSE has increased approximately 30 times over the past three years, indicating a significant improvement in trading ecology and liquidity [21]. - Continuous policy support aimed at enhancing the quality of listed companies and attracting long-term capital is expected to inject strong momentum into the market's long-term healthy development [22].

Investment Rating - The industry investment rating is positive, indicating a favorable outlook for the sector, with a focus on companies with stable performance and reasonable valuations [35]. Core Insights - The report highlights that the North Exchange 50 Index experienced a slight decline of 1.71% this week, closing at 1415.04 points, while the average market capitalization of A-share constituent stocks is 3.083 billion [5][11]. - The report emphasizes the importance of focusing on quality stocks with stable growth and reasonable valuations in the North Exchange, particularly in the context of the 2025 investment landscape [5]. Summary by Sections Overall Market Overview - As of July 4, 2025, the North Exchange A-share market consists of 268 stocks, with an average market capitalization of 3.083 billion. The North Exchange 50 Index saw a decline of 1.71% this week, while the Shanghai and Shenzhen 300 Index increased by 1.54% [5][11]. - The average daily trading volume for the North Exchange 50 was 27.983 billion, down 17.81% from the previous week, with a turnover rate of 3.18% [5][24]. Stock and Industry Performance - In the past week, 50 stocks increased in value, while 217 stocks decreased, resulting in an increase ratio of 18.66%, which is a decrease of 74.63 percentage points week-on-week [17]. - The top five performing industries were Beauty Care (8.60%), Light Industry Manufacturing (1.9%), Pharmaceutical Biology (1.57%), Transportation (0.60%), and Environmental Protection (0.47%). Conversely, the bottom five industries included Electronics (-4.86%), Automotive (-4.58%), Communications (-3.92%), Media (-3.88%), and Public Utilities (-3.22%) [19][22]. New Stock Updates - No new stocks were listed on the North Exchange this week, but one company, Jinhua New Materials, passed the review for listing, while another, Beikang Testing, is scheduled for review next week [28][29]. Key Companies and Earnings Forecast - The report identifies key companies to watch, including: - Tongli Co., Ltd. (stock code: 834599.BJ) with a buy rating and an expected EPS of 1.99 for 2025 [6]. - Wuxin Tunnel Equipment (stock code: 835174.BJ) also rated as buy with an expected EPS of 1.64 for 2025 [6]. - Kaide Quartz (stock code: 835179.BJ) rated as hold with an expected EPS of 1.03 for 2025 [6]. - Hualing Co., Ltd. (stock code: 430139.BJ) rated as hold with an expected EPS of 0.34 for 2025 [6]. - Hengtou Open Source (stock code: 834415.BJ) rated as hold with an expected EPS of 0.22 for 2025 [6]. - Tianli Composite (stock code: 873576.BJ) rated as buy with an expected EPS of 1.03 for 2025 [6].

Core Insights - The report maintains an "outperform" rating for the retail sector, anticipating that easing international conditions and domestic policy stimulus will positively influence the sector's performance [3][42]. - The overall retail sales in May 2025 reached 4.13 trillion, growing by 6.4% year-on-year, with goods retail sales increasing by 6.5% [11][14]. Beauty and Personal Care - In May 2025, the cosmetics retail sales grew by 4.4%, with high online penetration leading to diminishing promotional effects. However, leading domestic brands are expected to outperform the market due to the trend of domestic product substitution [11][12]. - The competitive landscape is intensifying, with rising sales expense ratios expected to pressure profit margins for some brands, although top players with strong product innovation may still achieve robust growth [11][12]. Gold and Jewelry - The gold and jewelry sector saw a significant year-on-year growth of 21.8% in May 2025, benefiting from a low base effect from the previous year. Products that appeal to younger consumers are expected to drive higher growth rates [11][12]. Supermarkets and Department Stores - From January to May 2025, department store sales slightly increased by 1.3%, while supermarket sales grew by 5.7%. Companies that adapt to the current value-for-money consumption trend through supply chain upgrades are expected to perform better [12][14]. Cross-Border E-commerce - The second quarter is expected to face short-term performance pressures due to external environmental challenges. However, leading platform companies are anticipated to demonstrate strong resilience in the medium to long term due to flexible tariff responses and solid product capabilities [12][14]. Investment Recommendations - The report recommends several companies across different sectors, including: - Beauty and Personal Care: Recommended companies include 毛戈平, 丸美生物, and 登康口腔, which are expected to benefit from domestic product substitution and channel optimization [3][42]. - Gold and Jewelry: Companies like 老铺黄金 and 潮宏基 are highlighted for their potential to achieve accelerated growth due to favorable market conditions [3][42]. - Cross-Border E-commerce: Recommended companies include 小商品城 and 安克创新, which are positioned to capitalize on improving trade conditions [3][42]. - Retail: Companies such as 名创优品 and 重庆百货 are suggested for their low valuation and potential for improvement [3][42].

沪指7月7日上涨0.02%，申万所属行业中，今日上涨的有18个，涨幅居前的行业为综合、公用事业，涨 幅分别为2.57%、1.87%。美容护理行业今日上涨0.46%。跌幅居前的行业为煤炭、医药生物，跌幅分别 为2.04%、0.97%。 | 603630 | 拉芳家化 | -0.71 | 2.17 | -624.78 | | --- | --- | --- | --- | --- | | 300886 | 华业香料 | -0.54 | 6.21 | -630.11 | | 600249 | 两面针 | -1.00 | 3.57 | -634.92 | | 603238 | 诺邦股份 | 3.78 | 3.27 | -696.55 | | 300849 | 锦盛新材 | -0.31 | 3.91 | -981.03 | | 300896 | 爱美客 | -0.97 | 1.06 | -1378.83 | | 300740 | 水羊股份 | -1.57 | 3.34 | -2057.25 | （文章来源：证券时报网） 资金面上看，两市主力资金全天净流出143.37亿元，今日有10个行业主力资金净流入，轻工制造行业主 ...

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][32]. Core Insights - The beauty care sector saw significant activity, with Douyin's beauty category GMV exceeding 20 billion yuan in June, where skincare accounted for 66.4% and color cosmetics for 33.6% [3][24]. - Notable companies like MINISO achieved over 100 million yuan in sales within nine months of opening their global flagship store [4][29]. - The report highlights the performance of key companies, with projected net profits for Xiaoshangpin City expected to be between 1.63 billion to 1.7 billion yuan, marking a year-on-year increase of 12.57% to 17.40% [30]. Market Performance - During the week of June 30 to July 4, 2025, the retail trade, social services, and beauty care sectors experienced declines of 0.16%, 0.74%, and 0.55% respectively, ranking 27th, 17th, and 29th among 31 primary industries [14][18]. - The report notes that the education, professional chain, and trade sectors saw the highest gains, with increases of 7.47%, 7.42%, and 5.2% respectively [2][14]. Key Industry Events and News - The report discusses various industry events, including the approval of a topical finasteride spray by NMPA, marking it as the first and only approved product for male androgenetic alopecia [3][24]. - L'Oréal announced the acquisition of the professional hair care brand Color Wow, valued at approximately 10 billion yuan [3][26]. - The report also mentions the performance of companies like Huaxi Biological, which reported significant revenue declines for its brands in 2024 [31]. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Juzhi Biological, Marubi Biological, and others within the beauty care sector [5][32].