Group 1: CPI Analysis - In June 2025, the Consumer Price Index (CPI) increased by 0.1% year-on-year, marking a shift from a decline that lasted for four consecutive months [3][9] - The rise in CPI was primarily influenced by the recovery in industrial consumer goods prices, with the year-on-year decline narrowing from 1.0% to 0.5% [3][4] - Core CPI, excluding food and energy, rose by 0.7% year-on-year, the highest increase in nearly 14 months [3][4] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.4% month-on-month, with the decline remaining consistent with the previous month [6][7] - The year-on-year decline in PPI expanded by 0.3 percentage points, influenced by seasonal price decreases in raw material manufacturing and pressures in export-oriented industries [6][7] - Some industries showed signs of price stabilization and recovery, particularly in sectors benefiting from domestic market improvements and consumption policies [7][6] Group 3: Price Changes by Category - Food prices decreased by 0.3% year-on-year, with notable declines in pork prices by 8.5% and egg prices by 7.7% [9][17] - Non-food prices increased by 0.1% year-on-year, with service prices rising by 0.5% [9][10] - Among various categories, prices for durable goods and entertainment-related items showed increases, reflecting ongoing consumer demand [7][12]

Core Viewpoint - The Consumer Price Index (CPI) has turned from a decline to an increase of 0.1% year-on-year in June, ending a four-month downward trend, influenced by the recovery in industrial consumer goods prices [2][3]. CPI Analysis - In June, the CPI increased by 0.1% year-on-year, with food prices decreasing by 0.3% and non-food prices rising by 0.1% [3]. - The decline in industrial consumer goods prices narrowed from 1.0% to 0.5% year-on-year, reducing its downward impact on CPI by approximately 0.18 percentage points [3]. - International commodity price fluctuations led to significant increases in gold and platinum jewelry prices, which rose by 39.2% and 15.9% respectively, contributing about 0.21 percentage points to the CPI increase [3]. - The core CPI rose by 0.7%, marking a new high in nearly 14 months [3]. PPI and Industrial Prices - The Producer Price Index (PPI) showed a consistent decline in June, but some industries are experiencing price stabilization and recovery due to improved supply-demand relationships [8]. - The construction of a unified national market and increased efforts to combat disorderly low-price competition are contributing to price stabilization in certain sectors [8]. - Prices in the automotive sector, including both traditional and new energy vehicles, have shown signs of recovery, with respective year-on-year declines narrowing [8]. Consumer Demand and Living Costs - The demand for housing rentals has increased during the graduation season, leading to a 0.1% rise in rental prices [6]. - Policies aimed at boosting consumption have led to a rise in prices for daily necessities and clothing, with general daily goods and clothing prices increasing by 0.8% and 0.1% respectively [9]. - High-tech industries are also seeing price increases, with integrated circuit packaging and testing prices rising by 3.1% year-on-year [9].

Core Viewpoint - The Consumer Price Index (CPI) in June turned from a decline to an increase of 0.1% year-on-year, ending four months of negative growth, influenced by the recovery of industrial product prices [3][4]. CPI Analysis - The CPI's year-on-year increase was primarily driven by a reduction in the decline of industrial consumer goods prices, which narrowed from 1.0% to 0.5% [4]. - Energy prices saw a reduced decline of 1.0 percentage points, contributing to a lesser downward impact on the CPI [4]. - Gold and platinum jewelry prices increased significantly, by 39.2% and 15.9% respectively, collectively contributing approximately 0.21 percentage points to the CPI increase [4]. - Food prices experienced a slight narrowing in their decline, with a year-on-year decrease of 0.3%, and beef prices turning to an increase of 2.7% after 28 months of decline [4]. PPI Analysis - The Producer Price Index (PPI) in June decreased by 0.4% month-on-month, maintaining the same decline rate as the previous month [7]. - The PPI's year-on-year decline expanded by 0.3 percentage points, influenced by seasonal price decreases in raw materials and increased green energy leading to lower energy prices [7][8]. - The construction sector faced challenges due to weather conditions, impacting the prices of black metal and non-metal mineral products, which fell by 1.8% and 1.4% respectively [8]. - Export-oriented industries are under pressure, with prices in the computer and communication equipment manufacturing sector declining by 0.4% [8]. Future Outlook - The future trajectory of industrial product prices will largely depend on the effectiveness of counter-cyclical adjustment policies, particularly those supporting the real estate sector [9]. - The government aims to promote a reasonable recovery in price levels, which will facilitate fiscal measures to boost consumption and investment [10].

- The report focuses on the allocation of Northbound funds in the banking sector for Q2 2025, highlighting that the total market value of A-shares held by Northbound funds is approximately 2.29 trillion yuan, an increase of about 53.178 billion yuan compared to Q1 2025[2][4][14] - Northbound funds are underweight in the banking sector relative to the CSI 300 Index, with a configuration ratio of about 11.09% in banks compared to 15.71% in the CSI 300, resulting in an underweight of approximately 4.62%[2][4][16] - After stripping out the impact of industry price changes from Q1 to Q2 2025, the net inflow of Northbound funds into secondary banking sectors was calculated, showing that the most held were joint-stock banks, followed by state-owned banks, with the highest net inflow into city commercial banks[4][19][20] - The top five secondary industries with the highest net inflows of Northbound funds in Q2 2025 were semiconductors, securities and futures, new energy vehicle equipment, pharmaceuticals, and communication equipment[5][20][22] - Conversely, the top five secondary industries with the highest net outflows were home appliances, liquor, components and parts, industrial control and automation, and display devices[5][22][24] - The report concludes that Northbound funds did not show a significant trend of chasing high-performing industries during Q2 2025[5][26][27]

李强指出，当前国际经贸格局正在发生深刻变化，单边主义、保护主义上升，各种 贸易投资壁垒增多，同时新一轮科技革命和产业变革正在深入推进，对企业来说有挑战 也有机遇。希望中资企业顺时应势、积极行动。要打造过硬品牌，加强前瞻布局，提 升"中国制造""中国创造"的全球竞争力。要深耕本地市场，为消费者提供更多畅销对路 的产品和服务，并以巴西为平台辐射更广阔的拉美市场，努力实现更大发展。要尊重当 地法律制度和文化习俗，依法合规开展经营，积极承担社会责任，努力塑造负责任、有 担当的中国企业形象。 与会企业代表表示，中资企业将立足自身优势和特点，加强合作，有效应对各类挑 战，坚持扎根当地，依法合规稳健经营，持续拓展金融、能源、农业、科技创新等领域 业务，维护海外中国企业良好形象，使中国同巴西等拉美国家建立更加紧密的经贸投资 关系，更好实现互利共赢。 当地时间7月8日，国务院总理李强在里约热内卢出席在巴西中资企业座谈会。新华 社记者 王晔 摄 新华社里约热内卢7月8日电 当地时间7月8日，国务院总理李强在里约热内卢出席在 巴西中资企业座谈会。中国银行、长城汽车、国家电网、金风科技、中粮集团、格力电 器、大华技术、中天科技等企业 ...

Core Viewpoint - China Information Communication Technologies (CICT) is pioneering 6G holographic communication technology, transforming previously fictional scenarios into reality, such as immersive experiences in remote medical procedures and education [1][3]. Group 1: Technological Innovations - CICT's latest achievements include the "6G Holographic Immersive Communication Business Verification System" and a cloud-based base station prototype designed for multiple 6G scenarios [3]. - The system is supported by three major breakthroughs in 6G networks: "full coverage" through seamless integration of satellite and ground base stations, "network mobility" with intelligent antennas that accurately track users, and "AI empowerment" enabling cloud computing to process trillions of data per second for smooth interactions [3][4]. Group 2: Industry Leadership - As a core state-owned enterprise in mobile communications, CICT has been deeply engaged in 6G research and development since 2019, holding over a thousand related patents [4]. - CICT has achieved global leadership in key technologies such as satellite-internet integration and user-centered intelligent networks, exemplified by its pioneering work in the "5G-compatible, 6G-integrated" development path for satellite communication [4].

Market Overview - On July 8, the Shanghai Composite Index rose by 0.7%, the CSI 300 increased by 0.84%, the STAR 50 climbed by 1.4%, the CSI 1000 went up by 1.27%, the ChiNext Index surged by 2.39%, and the Hang Seng Index gained 1.09% [4] - The best-performing sectors on July 8 were telecommunications (+2.89%), electric power equipment (+2.3%), electronics (+2.27%), building materials (+2.12%), and media (+1.73%). The worst-performing sectors included utilities (-0.37%), banking (-0.24%), household appliances (+0.21%), transportation (+0.22%), and pharmaceuticals (+0.31%) [4] - The total trading volume for the A-share market on July 8 was 1,474.6 billion yuan, with a net inflow of 387 million Hong Kong dollars from southbound funds [4] Key Recommendations - The report highlights New Asia Electronics (605277) as a core supplier for Amphenol, with potential to enter the external wire market, which may enhance its valuation [5] - The recommendation logic is based on the company's collaboration with Amphenol to develop new technology that reduces reliance on imported equipment/materials, offering better cost-performance and product quality [5] - The company’s new technology has already been mass-produced in PCIe and is expected to be applied in 448G and PCIe 7.0, with potential entry into the 224G/448G market [5] Financial Projections - Revenue forecasts for New Asia Electronics from 2025 to 2027 are 4,023 million yuan, 4,742 million yuan, and 5,736 million yuan, with growth rates of 13.92%, 17.88%, and 20.96% respectively [5] - The projected net profit attributable to shareholders for the same period is 181 million yuan, 229 million yuan, and 338 million yuan, with growth rates of 18.41%, 26.43%, and 47.68% respectively [5] - Earnings per share are expected to be 0.56 yuan, 0.71 yuan, and 1.04 yuan, with price-to-earnings ratios of 37, 29, and 20 times [5]

丨证券研究报告丨 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信行业周观点：Meta 整合 AI 架构，OpenAI 签署算力大单 报告要点 [Table_Summary] 2025 年第 27 周，通信板块下跌 0.21%，在长江一级行业中排名 30 位；2025 年年初以来，通 信板块上涨 7.85%，在长江一级行业中排名第 13 位。Meta 重组 AI 架构并重金挖角行业精英， 加速"超级智能"研发；OpenAI 与甲骨文签署 300 亿美元算力租赁协议，规模达 4.5GW，并 联手甲骨文、软银、MGX 发起全球最大 AI 基础设施投资。AI 与算力主线景气延续，当前通信 板块估值处于历史低位，具备较高配置性价比。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信行业周观点： 2] Meta 整合 AI 架构，OpenAI 签署算力大单 [Table_Summ ...

Core Viewpoint - The company 瑞斯康达 is embroiled in a scandal involving financial misconduct, leading to criminal charges against its chairman and a board member for violating disclosure regulations [1][2]. Financial Misconduct - 瑞斯康达's chairman 李月杰 and board member 朱春城 are facing criminal charges for allegedly failing to disclose important information, linked to a prior administrative penalty from the China Securities Regulatory Commission [1][2]. - The company inflated its revenue by 6.32 billion yuan and profits by 1.17 billion yuan over the years 2019 and 2020 through fraudulent accounting practices [4][3]. Financial Performance - Following the financial misconduct, 瑞斯康达 reported a cumulative net loss of 10.54 billion yuan from 2021 to 2024 [8]. - In 2021, the company recorded a revenue of 18.53 billion yuan, but net profit plummeted to -8.1 billion yuan, a decline of 686.26% [6]. - The company showed signs of recovery in 2022 with a revenue of 21.56 billion yuan and a net profit of 800.68 million yuan, a 109.89% increase [6]. - However, revenue declined in 2023 and 2024, with figures of 16.26 billion yuan and 13.82 billion yuan, representing year-on-year decreases of 24.57% and 14.99% respectively [7]. Management Compensation - Despite the financial turmoil, the compensation for 李月杰 and 朱春城 remained unaffected, totaling approximately 10 million yuan over four years [10][11].

General Provisions - The company is established as a joint-stock limited company in accordance with the Company Law and other relevant regulations [2] - The company was registered with the Shenzhen Market Supervision Administration and obtained a business license [2] - The company issued 13.34 million shares to the public and was listed on the Shenzhen Stock Exchange on May 26, 2022 [2] - The registered capital of the company is RMB 69.342 million [2] - The company has a business term of 50 years [2] Business Objectives and Scope - The company's business objective is to enhance management and serve customers [3] - The business scope includes the development and sales of communication products, import and export business, software design, and manufacturing of automotive parts [3] Shares - The company's shares are issued in the form of stocks, adhering to principles of openness, fairness, and justice [4] - The total number of shares issued by the company is 69.342 million, all of which are ordinary shares [4] - The company may increase capital through various methods, including issuing shares to unspecified objects or existing shareholders [6] Shareholder and Shareholder Meeting - The company’s shareholders have rights to dividends, request meetings, supervise operations, and transfer shares [12] - The company must hold an annual shareholder meeting within six months after the end of the previous fiscal year [49] - Major transactions, such as those involving assets exceeding 50% of the company's total assets, require approval from the shareholder meeting [28] Management and Responsibilities - The chairman of the board serves as the legal representative of the company [2] - The company is responsible for civil liabilities arising from the actions of its legal representative [2] - Shareholders are liable for the company's debts only to the extent of their subscribed shares [2] Control and Governance - The controlling shareholders and actual controllers must exercise their rights in accordance with laws and regulations, ensuring the company's interests are maintained [17] - The company has mechanisms to prevent the controlling shareholders from misappropriating company assets [20] - The board of directors is responsible for maintaining the safety of company funds and must report any asset misappropriation [20]