Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights strong performance in the new consumption sector for Q2, with expectations for a recovery in stable assets [2] - The report emphasizes the resilience of the paper and packaging industry, with a clear stabilization trend in pulp prices and a cautious outlook for paper trading [2][3] - The report discusses the ongoing negotiations between China and the US, suggesting that leading companies may see valuation recovery despite challenges in export growth [2][3] - The report notes the increasing penetration of heated tobacco products (HNB) in South Korea, indicating a clear upward trend in market acceptance [2][3] - The report identifies structural growth opportunities in various sectors, including home furnishings, personal care, and cross-border e-commerce, with specific companies recommended for investment [2][3][4] Summary by Sections Pulp and Paper - The report indicates that overseas supply disruptions continue, with a clear stabilization in the pulp market. It expects pulp prices to show a bottoming out and a continued oscillation trend [2] - Recommendations include companies like Sun Paper and Xianhe Shares, which are expected to see slight profit increases in Q2 [2] Exports - The report mentions that the US-China trade negotiations are ongoing, with a focus on the potential for valuation recovery among leading companies despite challenges in overall export growth [2][3] - Companies such as Jiangxin Home and Zhejiang Natural are highlighted for their expected stable revenue growth in Q2 [2] New Tobacco Products - The report notes a significant increase in HNB sales in South Korea, with a 1.9-fold increase from 6.541 billion packs to 12.2 billion packs from 2018 to 2023 [2][3] - Companies like Smoore International and China Tobacco Hong Kong are recommended for their growth potential in this sector [2] Home Furnishings - The report indicates that the marginal effect of national subsidies is weakening, but year-on-year stability is expected in the home furnishings market [2][3] - Companies such as Gujia Home and Mousse Shares are recommended for their strong market positions [2] Consumer Goods - The report highlights stable e-commerce performance in the personal care sector, with notable growth in pet products and trendy toys [2][3] - Companies like Bubble Mart and Petty are suggested for their structural growth potential [2] Jewelry - The report anticipates strong sales for Lao Pu Gold in Q2, with a rising trend in the high-end gold market [2][3] - Recommendations include brands like Lao Feng Xiang and Cai Bai Shares for their brand value and market positioning [2] Two-Wheeled Vehicles - The report notes good sales performance for Tao Tao Vehicle in Q2, with a partnership with a US robotics company to enhance competitiveness [2][3] - Companies like Yadi Holdings and Aima Technology are highlighted for their market share growth potential [2] Cross-Border E-commerce - The report discusses opportunities arising from Amazon's Prime Day, with a focus on plush toys gaining popularity in international markets [2][3] - Companies like Anker Innovations and Zhiou Technology are recommended for their strong profitability and global expansion [2] IP Retail - The report mentions the ongoing popularity of Labubu, indicating a shift towards personalized consumption trends [2][3] - Companies like Bubble Mart and Miniso are suggested for their growth in the emotional consumption space [2] Mother and Baby Products - The report highlights Kid King’s acquisition of a 65% stake in Siyi, aiming to expand its service offerings in the family sector [2][3] - Companies like Kid King and Good Baby are recommended for their strong market positions [2] E-commerce - The report notes a share buyback plan by Huitongda, reflecting confidence in future growth [2][3] - Companies focusing on empowering the lower-tier market are highlighted for their growth potential [2] Electrical Tools - The report indicates a potential recovery in domestic tool production due to easing trade tensions between China and the US [2][3] - Companies like Juxing Technology and Quan Feng Holdings are recommended for their market positioning [2]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Insights - The report highlights the potential growth in the HNB (Heated Not Burned) market, particularly with the launch of Glo Hilo in Japan, which is expected to enhance sales performance and accelerate market penetration [4][5] - The report indicates that British American Tobacco's (BAT) revenue for the first half of 2025 is projected to grow by 1%-2%, driven by strong performance in the U.S. market despite an overall decline in industry retail sales [5] - The report emphasizes the importance of technological barriers in the HNB product segment, particularly in heating technology and flavoring processes, which are crucial for enhancing user experience [4] Industry Performance Over the Last Twelve Months - The industry has shown a relative return of 4.33% over the past month, 4.58% over the past three months, and 5.82% over the past twelve months compared to the CSI 300 index [2] - Absolute returns for the same periods are 4.83%, 2.59%, and 13.97% respectively [2] Related Research Reports - Previous reports include insights on the light industry manufacturing sector and the anticipated release of new products in the smart glasses market [3] - The report also references the performance outlook for British American Tobacco in the first half of 2025, focusing on new product launches and market strategies [5]

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - From June 3rd to June 6th, 2025, the A-share market oscillated and consolidated, with major stock indices rising moderately. The small and medium-cap and science and technology innovation sectors performed prominently. The convertible bond market warmed up overall, with funds preferring small and medium-cap high-elasticity targets. The daily average trading volume rose to 64.57 billion yuan. The valuation of low-par convertible bonds was significantly repaired, while the medium and high-par range showed caution, and risk appetite increased. At the industry level, convertible bonds in sectors such as media and light manufacturing led the gains. At the individual bond level, those with higher gains were mostly driven by underlying stocks. The supply in the primary market was stable, and clause games were active. It is necessary to pay attention to changes on the supply side. Overall, the market's rotation and repair trend continued. Short-term allocation suggestions should balance low-valuation repair opportunities and the defensive value of high-rated blue-chip convertible bonds, and flexibly grasp the structural market [2][6]. Summary According to Relevant Catalogs Market Weekly Review - **A-share Market**: The major A-share stock indices continued their moderate warming trend. The Shanghai Composite Index rose 1.1%, the Shenzhen Component Index rose 1.4%, and the ChiNext Index led the gains with a 2.3% increase. In terms of style, small and medium-cap and science and technology innovation indices were more elastic, with the Science and Technology Innovation 50 Index rising 2.3%, indicating a gradual repair of market risk appetite. In terms of funds, the daily average trading volume rose to 1.2 trillion yuan, and the net outflow of main funds narrowed by 6.4 billion yuan to 7.3 billion yuan compared with the previous week, and trading activity increased moderately. Overall, the risk appetite of the A-share market warmed up, and capital games were concentrated in small and medium-cap and science and technology innovation directions. The market entered a rotation and repair stage. It is recommended to focus on high-prosperity and low-level repair opportunities in the short term, and balance the structural opportunities of active small and medium-cap sectors [10]. - **Convertible Bond Market**: The convertible bond market significantly warmed up, and activity was moderately repaired. The ChinaBond Convertible Bond Index rose 1.08% across weeks, and the daily average trading volume rose to 64.57 billion yuan. Structurally, small and medium-cap convertible bonds were more active, indicating that funds were seeking offensive opportunities under the previous cautious sentiment, and market risk appetite increased. There was a differentiation in the parity range. The valuation of low-par convertible bonds was significantly repaired, while the medium and high-par range had limited fluctuations, reflecting active capital games on low-level high-elasticity targets. The implied volatility and price median increased slightly, and there was still repair momentum. At the industry level, convertible bonds in the media and light manufacturing sectors performed prominently, while adjustment pressures emerged in high-elasticity directions such as home appliances and communications. At the individual bond level, those with higher gains were mostly driven by underlying stocks, and the market preferred repair opportunities that combined fundamental support and elasticity. Overall, the convertible bond market continued to be actively volatile, and capital allocation focused on medium and low-price high-elasticity targets [10]. - **Primary Market**: The supply in the primary market of convertible bonds was generally stable. One enterprise updated its convertible bond issuance plan and was in the stage of passing the listing committee. The total scale of convertible bond issuance projects at the exchange acceptance stage and later remained at 58.99 billion yuan, and the supply rhythm was generally stable. In terms of clause games, five convertible bonds announced that they were expected to trigger downward revisions, and five announced no downward revisions. On the redemption side, two announced that they were expected to trigger redemptions, one announced no early redemption, and one announced early redemption. Overall, the market supply remained stable, and clause games and redemption operations continued. It is still necessary to pay attention to marginal changes on the supply side in the future [10]. Convertible Bond Allocation Suggestions - The convertible bond market was actively volatile during the week, and risk appetite increased slightly. In terms of allocation, it is recommended to adhere to the idea of "balanced allocation + gaming elasticity": focus on allocating large-cap blue-chip convertible bonds with high ratings, low premiums, and sufficient liquidity to balance low volatility and stable returns; at the same time, moderately grasp the periodic repair opportunities of low-par high-elasticity convertible bonds, focus on high-quality bonds in sectors such as media and light manufacturing with underlying stock prosperity support and performance certainty, and balance returns and risks [8]. Market Theme Weekly Review - **Equity Theme Weekly Review**: From June 3rd to June 6th, 2025, the A-share market continued its structural rotation. The technology sector warmed up, and short-term gaming sentiment was active. The daily limit style was prominent, with the daily limit index rising 8.0%, the first daily limit non-ST index rising 7.5%, and the first daily limit index rising 7.1%, reflecting high activity of short-term funds. Meanwhile, high-prosperity directions such as the digital economy and communication infrastructure strengthened. The optical module (CPO) index and the optical communication index rose 9.6% and 6.6% respectively, and the digital currency index and the east-west computing index also recorded gains of over 4%. Funds focused on structural repair opportunities for high-quality themes. The financial technology and pharmaceutical sectors also performed well, with the financial technology index rising 3.9%, the pharmaceutical centralized procurement index rising 3.7%, the cross-border payment index rising 3.4%, and the innovative drug index rising 2.6%. However, the automotive sector corrected, with theme sectors such as the new energy vehicle index, intelligent driving index, humanoid robot index, and Huawei automotive index experiencing corrections. Overall, the market was still mainly driven by events and capital games in the short term, with obvious characteristics of rotation repair and high-low level switching. The technology sector warmed up, but funds preferred low-level directions with fundamental support [14]. - **Convertible Bond Weekly Review**: From June 3rd to June 6th, 2025, the convertible bond market significantly warmed up, and overall trading activity increased significantly. Capital allocation tilted towards small and medium-cap directions with high elasticity and prosperity support. In terms of the market, the ChinaBond Convertible Bond Index rose 1.08% across weeks, the large-cap index rose 0.66%, the medium-cap index rose 1.19%, and the small-cap index performed the strongest, with a gain of 1.61%, indicating an increase in market risk appetite and a preference for small and medium-cap elastic targets. In terms of the parity range, the valuation of medium and low-par convertible bonds stretched significantly, while the medium and high-par range overall warmed up slightly. There was also a structural differentiation in the market price range, and the high-price range adjusted. At the industry level, the media, light manufacturing, and beauty care sectors led the gains. At the individual bond level, the convertible bonds with higher gains were mostly driven by underlying stocks, and trading opportunities were concentrated in targets with prosperity support and high elasticity. The supply rhythm in the primary market slowed down. Only one listed enterprise updated its convertible bond issuance plan during the week, with a scale of 450 million yuan, and the supply risk was temporarily controllable. Overall, the risk appetite of the convertible bond market warmed up moderately in the short term, and capital preferences were concentrated in medium and low-price and some medium and high-par range convertible bonds. It is recommended to pay attention to repair opportunities in the medium and low-par range and balance the stable allocation of large-cap convertible bonds [17]. Weekly Market Outlook - **A-share Market**: The A-share market is expected to continue its oscillating rotation characteristics, and the market style will gradually tilt towards balanced allocation. Capital layout will also tend to low-level repair and growth directions. In the short term, it is necessary to be vigilant against the high-level adjustment pressure of some previously strong sectors. It is recommended to focus on sectors such as pharmaceuticals and consumption with good prosperity sustainability and performance support [19]. - **Convertible Bond Market**: In the short term, the convertible bond market may experience a decline in activity with the fluctuations of the equity market, and risk appetite will still be differentiated. It is recommended to focus on allocating medium and high-price convertible bonds with low premiums, high certainty, and underlying stock elasticity, and pay attention to targets with capital allocation value in industries such as basic chemicals and transportation. In terms of strategy, it is recommended to balance the defensive attributes of high-rated blue-chip convertible bonds and the periodic gaming opportunities of small and medium-cap elastic convertible bonds, moderately grasp the structural repair window, and prevent the trading congestion risk of high-level sectors [19].

| 301113 | 雅艺科 | 2650.39 | 17.46 | 20.93 | 0.87 | 轻工制 | | --- | --- | --- | --- | --- | --- | --- | | | 技 | | | | | 造 | | 301310 | 鑫宏业 | 9250.64 | 17.41 | 37.22 | -0.27 | 汽车 | | 301024 | 霍普股 | 5189.82 | 16.79 | 43.43 | 5.03 | 建筑装 | | | 份 | | | | | 饰 | | 301196 | 唯科科 | 19198.03 | 16.64 | 68.89 | -1.75 | 基础化 | | | 技 | | | | | 工 | | 301331 | 恩威医 | 5182.43 | 16.56 | 28.05 | 2.33 | 医药生 | | | 药 | | | | | 物 | | 300872 | 天阳科 技 | 66756.76 | 16.33 | 21.50 | 3.37 | 计算机 | | 301429 | 森泰股 | 2428.36 | 16.22 | 18.14 | 1.17 ...

Market Overview - The Shanghai Composite Index closed at 3399.77 points, up 0.43%, with a trading volume of 511.88 billion yuan [1] - The Shenzhen Component Index closed at 10250.14 points, up 0.65%, with a trading volume of 774.53 billion yuan [1] - The ChiNext Index closed at 2061.29 points, up 1.07%, with a trading volume of 368.25 billion yuan [1] - The total trading volume of both markets reached 1286.41 billion yuan, an increase of 134.39 billion yuan compared to the previous trading day [1] Sector Performance - Strong sectors included pharmaceuticals, light industry manufacturing, agriculture, textiles, education, securities, national defense, and chemicals [3] - Active concepts included innovative drugs, CRO, blind box economy, controllable nuclear fusion, recombinant proteins, rare earth permanent magnets, sports industry, lottery, millet economy, and ice and snow economy [3] - The food and beverage sector and a few others saw declines, with limited weakness in concepts like horse racing and supply cooperatives [3] Stock Performance - A total of 3906 stocks rose, while 1045 stocks fell, with 172 stocks remaining flat and 26 stocks suspended [3] - 90 stocks hit the daily limit up, while 4 stocks hit the limit down [3] - The most popular stock hitting the limit up was Jinying Co., with a closing limit-up order of 42.56 million shares [3] Fund Flow - The net outflow of main funds in the Shanghai and Shenzhen markets was 234 million yuan [7] - The ChiNext saw a net inflow of 911 million yuan, while the main funds of the Shanghai and Shenzhen 300 index experienced a net outflow of 84 million yuan [8] - Among 31 primary sectors, 17 sectors saw net inflows, with the non-bank financial sector leading with a net inflow of 1.62 billion yuan [8] Individual Stock Highlights - Cross-border communication saw the highest net inflow of main funds at 846 million yuan, with other notable inflows in Dongfang Fortune, Runxin Technology, and Zhongchao Holdings [12][13] - The stock with the highest net outflow was BYD, with an outflow of 1.806 billion yuan, followed by CATL and Wuliangye [16][17] - Institutions net bought 11 stocks, with Cross-border Communication leading at 228 million yuan [19][20] Limit Up and Limit Down Stocks - ST United achieved 8 consecutive limit-ups, the highest among stocks [6] - 54 stocks saw net inflows exceeding 100 million yuan, while 40 stocks experienced net outflows exceeding 100 million yuan [11][15]

证券时报·数据宝统计显示，涨停个股中，主板有80只，北交所1只，创业板10只。以所属行业来看，上 榜个股居前的行业有医药生物、基础化工、轻工制造行业，上榜个股分别有16只、10只、8只。 涨停股中，*ST生物、*ST四环等23只股为ST股。连续涨停天数看，ST联合已连收8个涨停板，连续涨 停板数量最多。从收盘涨停板封单量来看，金鹰股份最受资金追捧，收盘涨停板封单有4255.74万股， 其次是易明医药、誉衡药业等，涨停板封单分别有2739.30万股、2721.58万股。以封单金额计算，易明 医药、众生药业、金鹰股份等涨停板封单资金较多，分别有4.88亿元、3.28亿元、2.98亿元。（数据 宝） 两市涨停股一览 截至收盘，上证指数报收3399.77点，上涨0.43%；深证成指收于10250.14点，上涨0.65%；创业板指上 涨1.07%；科创50指数上涨0.60%。 不含当日上市新股，今日可交易A股中，上涨个股有4121只，占比76.50%，下跌个股有1094只，平盘个 股172只。其中，收盘股价涨停的有91只，跌停股有4只。 | 600520 | 三佳科技 | 30.31 | 8.64 | 236.73 | ...

Quantitative Models and Construction Methods 1. Model Name: PB-ROE-50 Combination - **Model Construction Idea**: This model combines Price-to-Book (PB) and Return on Equity (ROE) metrics to identify stocks with strong valuation and profitability characteristics[25] - **Model Construction Process**: - The PB-ROE-50 combination is constructed by selecting stocks based on their PB and ROE metrics, emphasizing stocks with favorable valuation and profitability profiles - The portfolio is rebalanced periodically to maintain the desired exposure to these factors[25] - **Model Evaluation**: The model demonstrates significant excess returns across multiple stock pools, indicating its effectiveness in capturing valuation and profitability signals[25] 2. Model Name: Block Trade Combination - **Model Construction Idea**: This model leverages the "high transaction, low volatility" principle to identify stocks with favorable post-trade performance based on block trade characteristics[31] - **Model Construction Process**: - Stocks are selected based on two key metrics: "block trade transaction amount ratio" and "6-day transaction amount volatility" - Stocks with higher transaction ratios and lower volatility are included in the portfolio - The portfolio is rebalanced monthly to capture updated signals[31] - **Model Evaluation**: The model effectively extracts excess information from block trades, yielding consistent positive returns relative to the benchmark[31] 3. Model Name: Private Placement Combination - **Model Construction Idea**: This model focuses on the event-driven effects of private placements, considering factors such as market value and timing of announcements[37] - **Model Construction Process**: - Stocks involved in private placements are selected based on the announcement date of shareholder meetings - Adjustments are made for market value factors, rebalancing cycles, and position control to optimize the portfolio[37] - **Model Evaluation**: The model captures the investment opportunities associated with private placements, delivering notable excess returns over the benchmark[37] --- Model Backtesting Results 1. PB-ROE-50 Combination - **Excess Return**: - CSI 500: 0.45% (weekly), 2.64% (YTD)[26] - CSI 800: 1.87% (weekly), 3.86% (YTD)[26] - All Market: 3.35% (weekly), 5.86% (YTD)[26] - **Absolute Return**: - CSI 500: 2.38% (weekly), 3.30% (YTD)[26] - CSI 800: 2.20% (weekly), 2.83% (YTD)[26] - All Market: 4.72% (weekly), 7.74% (YTD)[26] 2. Block Trade Combination - **Excess Return**: 0.41% (weekly), 23.89% (YTD)[32] - **Absolute Return**: 1.89% (weekly), 26.09% (YTD)[32] 3. Private Placement Combination - **Excess Return**: 1.97% (weekly), 6.08% (YTD)[38] - **Absolute Return**: 3.48% (YTD)[38] --- Quantitative Factors and Construction Methods 1. Factor Name: Total Asset Growth Rate - **Factor Construction Idea**: Measures the growth in total assets to capture expansion potential[12] - **Factor Construction Process**: - Calculated as the percentage change in total assets over a specified period - Adjusted for industry and market capitalization effects to isolate the factor signal[12] - **Factor Evaluation**: Demonstrates strong positive returns across multiple stock pools, indicating its effectiveness in identifying growth opportunities[12][18] 2. Factor Name: Single-Quarter ROA - **Factor Construction Idea**: Reflects the profitability of assets on a quarterly basis[12] - **Factor Construction Process**: - Calculated as net income divided by total assets for a single quarter - Adjusted for industry and market capitalization effects to enhance signal clarity[12] - **Factor Evaluation**: Consistently positive performance across stock pools, highlighting its robustness in capturing profitability signals[12][18] 3. Factor Name: Single-Quarter Revenue Growth Rate - **Factor Construction Idea**: Tracks the growth in revenue on a quarterly basis to identify companies with improving top-line performance[12] - **Factor Construction Process**: - Calculated as the percentage change in revenue compared to the same quarter in the previous year - Adjusted for industry and market capitalization effects to ensure comparability[12] - **Factor Evaluation**: Strong positive returns in multiple stock pools, validating its ability to capture growth momentum[12][18] --- Factor Backtesting Results 1. Total Asset Growth Rate - **Excess Return**: - CSI 300: 2.23% (weekly)[12] - CSI 500: 1.26% (weekly)[14] - Liquidity 1500: 2.67% (weekly)[18] 2. Single-Quarter ROA - **Excess Return**: - CSI 300: 1.58% (weekly)[12] - CSI 500: -0.44% (weekly)[15] - Liquidity 1500: 0.88% (weekly)[19] 3. Single-Quarter Revenue Growth Rate - **Excess Return**: - CSI 300: 1.78% (weekly)[12] - CSI 500: 0.58% (weekly)[15] - Liquidity 1500: 2.13% (weekly)[19]

Core Points - The Shanghai Composite Index rose by 1.13% this week, with 29 stocks having a turnover rate exceeding 100% [1] - Among the stocks with a turnover rate above 100%, the light industry manufacturing and electric equipment sectors had the highest representation, each with 5 stocks [1] - The average increase for stocks with a turnover rate over 100% was 9.14%, with 20 stocks rising and 9 stocks falling [2] Stock Performance - Kangliyuan had the highest turnover rate at 212.33%, with a weekly price increase of 21.37%. Institutional investors net sold 23.07 million yuan, while the stock saw a net inflow of 4.15 million yuan [1] - Xiongdi Technology followed closely with a turnover rate of 211.66% and a price increase of 4.21%. Institutional investors net bought 28.99 million yuan, but the stock experienced a net outflow of 212 million yuan [1] - Yuyin Co. ranked third with a turnover rate of 194.91% and a price increase of 23.82%. Institutional investors net bought 106 million yuan, but the stock faced a net outflow of 25.73 million yuan [2] Sector Analysis - The highest profit growth among companies that released half-year performance forecasts was for Guqi Textile, with an expected net profit of 103 million yuan, reflecting a year-on-year increase of 6.08% [2] - The top gainers included Jinling Sports, Huamai Technology, and Laisai Laser, with increases of 88.24%, 33.74%, and 23.99% respectively [2] - The largest declines were seen in Jinjing Environmental, Wangzi New Materials, and Guqi Textile, with decreases of 16.95%, 15.25%, and 14.58% respectively [2]

智通财经6月6日讯（编辑 梓隆），今日（6月6日），江苏板块继续表现活跃，截至收盘，累计共有12 只江苏地区标的录得涨停，在今日整个涨停股中占比近两成。其中，共创草坪成功晋级5连板，华脉科 技获3连板，新联电子、苏利股份等多股也录得2连板。 | | 江苏 板块个股共有 704只 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 44888 | 名称 | Keext | 现价 | 滑速 | 成交额 | 换手% | 总市值 | 涨停状态 | | 1 | 300584 | 海辰约业 | +20.00% | 34.32 | 0.00 | 7.35 7 | 28.00% | 41.18 Z | 首板 | | 2 | 301026 | 融 浩通科技 | +11.72% | 25.45 | -0.16 | 4.68亿 | 16.55% | 40.28 Z | | | 3 | | 688700 註問 东威科技 | +10.42% | 37.94 | 0.03 | 4.02 Z | 3.69% | 113.21 ...

24只个股今日获机构买入型评级，海力风电、恒玄科技、永辉超市为机构首次关注。 （文章来源：证券时报网） 行业来看，电子行业最受青睐，南芯科技、扬杰科技等4只个股上榜机构买入评级榜。汽车、轻工制造 等行业也较受机构关注，分别有3只、2只个股上榜。（数据宝） 机构今日买入型评级记录 | 代码 | 简称 | 机构名称 | 最新评级 | 上次评级 | 预测目标价（元） | 最新收盘价（元） | | --- | --- | --- | --- | --- | --- | --- | | 301155 | 海力风电 | 天风证券 | 买入 | 未评级 | 78.74 | 61.93 | | 002714 | 牧原股份 | 华泰证券 | 买入 | 买入 | 51.30 | 40.80 | | 301227 | 森鹰窗业 | 国泰海通 | 增持 | 增持 | 23.37 | 19.28 | | 601900 | 南方传媒 | 国泰海通 | 增持 | 增持 | 18.79 | 16.00 | | 002698 | 博实股份 | 江海证券 | 买入 | 买入 | 18.30 | 15.50 | | 600388 | 龙净环保 | ...