Core Insights - The second China Pharmaceutical Health Industry Development Conference was held in Zibo, focusing on innovation and integration in the pharmaceutical health sector [1][3] - The conference gathered over 2,000 industry elites, including academicians and business representatives, to discuss innovative development paths for the pharmaceutical health industry [3] Group 1: Conference Themes and Discussions - The conference theme was "Breaking Boundaries, New Integration, New Intelligence, Exploring New Models," emphasizing the need for systemic innovation in healthcare [3] - Academician Yu Jinming highlighted that high-quality hospital development relies on systemic innovation beyond mere technological breakthroughs [3] - Academician Huang Zhengming pointed out that the future of the pharmaceutical industry depends on the cultivation of "new quality productivity" in response to aging and chronic disease burdens [3] Group 2: Major Projects and Initiatives - Three significant healthcare projects were launched, including the Chronic Disease Prevention Workstation and specialized centers for pancreatic cancer and diabetes treatment [4] - These projects will leverage resources from various sectors to establish a four-tier management network and promote smart platforms and regional demonstration networks [4] Group 3: Forum and Activities - The conference featured six thematic forums covering topics such as AI empowerment, traditional Chinese medicine, minimally invasive innovations, and chronic disease prevention [4] - A "Specialty Enterprise Study" activity allowed participants to visit local pharmaceutical and healthcare facilities, while a volunteer service event provided free health consultations to the public [4] Group 4: Zibo's Role in the Industry - Zibo showcased its strong pharmaceutical industry foundation and innovative environment, demonstrating its commitment to becoming a hub for pharmaceutical health industry innovation [5] - The signing of projects and continuous resource aggregation in Zibo is expected to bring new development opportunities for the pharmaceutical health industry both locally and nationally [5]

Economic Indicators - China's manufacturing PMI for June and Caixin manufacturing PMI will be released this week [1] - The U.S. will report June unemployment rate and non-farm payroll changes [1] Stock Market Developments - A total of 68 stocks will be released from lock-up this week, with a combined market value of approximately 81.671 billion yuan [3] - The top three stocks by lock-up value are: Zhong Wunong Drone (20.02 billion yuan), Dize Pharmaceutical-U (13.272 billion yuan), and Gai Lun Electronics (6.942 billion yuan) [3][4] Government and Policy Updates - The State Council, led by Premier Li Qiang, is focusing on enhancing the country's technological self-reliance and innovation capabilities [5] - The People's Bank of China suggests increasing monetary policy adjustments to guide financial institutions in boosting credit supply [7][8] International Relations - Wang Yi, China's Foreign Minister, will visit the EU headquarters, Germany, and France for high-level strategic dialogues [6] Regulatory Changes - The Shanghai Stock Exchange and Shenzhen Stock Exchange are proposing to adjust the price fluctuation limit for risk-warning stocks from 5% to 10% [11][12] Market Outlook - Analysts suggest that the A-share market may experience a volatile upward trend, with three main lines of investment opportunities: high safety margin assets, technology sector, and consumer sectors boosted by policy [25]

Core Viewpoint - Hong Kong stocks have a relatively high medium to long-term allocation value due to their low absolute valuation and historical mid-to-high valuation percentiles [1] Group 1: Investment Opportunities - The technology sector continues to present significant investment opportunities, supported by favorable policies, strong profit growth, and low historical valuations, indicating substantial future upside potential [1] - The consumer sector is expected to see improved earnings growth due to domestic consumption stimulus policies, with undervalued Hong Kong consumer stocks, particularly in the pharmaceutical and discretionary consumption industries, likely to rise [1] - High dividend stocks can provide investors with stable returns amid domestic and international uncertainties [1]

Group 1: Logistics and Economic Data - In the first five months of the year, the total social logistics in China reached 138.7 trillion yuan, representing a year-on-year growth of 5.3% [1] - In May alone, the logistics growth was 5.0%, a decrease of 0.5 percentage points from the previous month, indicating a narrowing fluctuation [1] Group 2: Company News - Chengdu XianDao announced the termination of its acquisition of approximately 65% of Nanjing Haina Pharmaceutical Technology Co., Ltd. due to failure to reach consensus on core terms after extensive discussions [3] - DeGuTe plans to acquire control of Haowei Technology through a combination of share issuance and cash payment, which is expected to constitute a major asset restructuring, with stock suspension starting June 30 [4] - *ST King Kong's subsidiary signed a service agreement worth 399 million yuan for a five-year period to provide computing power services [3] - Unigroup Guowei conducted its first share buyback, repurchasing 775,500 shares at a total cost of approximately 49.62 million yuan [5] Group 3: Market Insights - Wind data indicates that 68 stocks in the A-share market will face a lock-up expiration this week, with a total of 3.165 billion shares worth approximately 81.67 billion yuan being released, marking a week-on-week increase of 46.95% [2] - The report highlights that certain companies, such as Zhongwu Drone and Dizhe Pharmaceutical-U, will see significant increases in their market float due to the release of locked shares [2] Group 4: Research Insights - Everbright Securities suggests that short-term exports may maintain high growth, with domestic consumption being a key driver for economic recovery, recommending focus on domestic demand, localization, and sectors underfunded by investment funds [6] - Zhongtai Securities recommends positioning in the bond market and dividend assets, while also highlighting opportunities in the technology sector related to AI capital expenditures, which have seen improved valuations and chip structures [6]

点击上图▲立即收听 " 销售正在成为一个新职业物种 —— 它要求你会表达、懂用户、能讲故事、抓数据、拉社群 …… 而这些能力，正好是今天企业 ' 增长逻辑 ' 的核心。 " 文 / 巴九灵（微信公众号：吴晓波频道） "我本以为销售只是把货卖出去，没想到，它成了我通向理想工作的敲门砖。" 张春来自一所省会二本院校，专业是广告学，这个毕业季，他把简历投向了多个品牌、公关和内容运营岗位，但都石沉大海。 在一轮轮"已读不回"后，某个销售顾问的岗位在招聘软件上跳了出来：底薪8000元，提成上不封顶，冠军奖金5万。他点开了"立即投递"，心中想 的是五个字：先上岸再说。 这不是个例。 今年夏天，高校毕业生人数预计将达到1222万，又是创纪录的数字。 在这个求职季，一个趋势悄然浮现：销售类职位，超越管培生、软件开发等传统热门，登顶大学生简历投递量榜首。 更令人意外的是，投递这些岗位的，早已不局限于市场营销、国际贸易等"对口专业"，越来越多英语、广告、心理学、文学、新闻等背景的学生， 正批量涌入。 销售，何以成为年轻人热门的"新选择"？ "职业低地"到"就业热门"的转变 "工资先到账，理想慢慢找"，这句在年轻人之间互相打趣的话 ...

Core Viewpoint - Trump does not anticipate extending the July 9 deadline for tariffs, suggesting that he prefers to implement higher tariffs sooner rather than later [2][3] Group 1: Tariff Negotiations - Trump believes he does not need to extend the July 9 deadline for countries to reach agreements with the U.S. to avoid higher tariffs [2] - The U.S. government has the flexibility to either extend or advance the deadline, with Trump expressing a preference for the latter [2] - The U.S. Treasury Secretary expressed skepticism about finalizing agreements with all trading partners before the deadline, indicating that reaching deals with 10 to 12 out of 18 key relationships might be feasible [2] Group 2: Specific Country Negotiations - India is highlighted as one of the countries closest to reaching an agreement, with trade officials extending their stay in Washington to resolve differences [3][7] - The U.S. is pushing for India to open its market to genetically modified crops, which India has resisted due to concerns for local farmers [7] - France's finance minister expressed confidence that the EU could reach a trade agreement with the U.S. before the July 9 deadline, potentially involving discussions on liquefied natural gas (LNG) [9] Group 3: Broader Trade Context - Trump announced plans for significant tariffs on major trading partners, including a 25% tariff on automobiles and 50% on steel and aluminum, set to take effect on July 9 [9] - The EU is currently purchasing LNG from Russia but is exploring increasing imports from the U.S. to avoid tariff hikes [9][10] - France is coordinating with the EU Commission on potential countermeasures against U.S. imports, although they hope to reach an agreement to avoid such measures [11]

Group 1: Trump's Policy Logic - The logic behind Trump's policy is structured, focusing on increasing government revenue through tariffs, promoting manufacturing return, and adjusting tariffs based on industry rather than country [2][3] - The "Big and Beautiful" plan aims to reduce taxes and spending while raising the debt ceiling, with projected federal revenue loss of approximately $4 trillion over the next decade [3] - Deregulation is intended to stimulate the economy by removing banking regulations related to cryptocurrency and expediting government approval processes [3] Group 2: Market and Election Pressures - Market pressure plays a significant role in Trump's policy adjustments, particularly in response to movements in the U.S. Treasury market, with a tendency to ease policies when 10-year Treasury yields rise significantly [4][5] - Election pressures are also a factor, as economic downturns and inflation from tariff wars could negatively impact Trump's voter base, necessitating a softening of tariff policies [6] Group 3: U.S. Treasury Market Dynamics - High U.S. Treasury yields are unlikely to be sustained due to the Federal Reserve's current stance and the need for policy space amid economic uncertainties [8][9] - The long-term outlook suggests that U.S. Treasury yields may exceed nominal economic growth rates, which could suppress economic growth [9][10] - A new framework for long-term Treasury pricing is proposed, incorporating a sovereign risk premium to account for market concerns about U.S. debt [20][22] Group 4: Broader Economic Considerations - The U.S. is seeking new support for the dollar through high-tech exports and controlling supply chains, which may mitigate inflation domestically [23][24] - The U.S. Treasury's debt ceiling situation is critical, with current measures to manage liquidity potentially leading to a "fiscal window" before a new debt agreement is reached [25][26]

Macro Economy - The State Council meeting discussed the implementation of the national science and technology conference spirit to accelerate the construction of a technology powerhouse [2] - The People's Bank of China emphasized the need for large banks to support the real economy and maintain financial market stability through structural monetary policy tools [3] - From January to May, state-owned enterprises reported a 0.1% year-on-year decline in total operating revenue and a 2.8% decline in total profit [5] Global Market - The S&P 500 and Nasdaq indices reached all-time highs, with the S&P 500 closing at 6173.07 points, up 0.52% [6][7] - The Dow Jones Industrial Average rose by 432.43 points, marking a 1.0% increase [7] Financial Capital - The Shanghai and Shenzhen Stock Exchanges proposed to adjust the price fluctuation limit for risk-warning stocks on the main board from 5% to 10% [11] - The China Securities Regulatory Commission is intensifying accountability for financial fraud, including holding accomplices responsible [13] - The ChiNext board has officially adopted a third set of standards to support the listing of quality innovative companies that are not yet profitable [14] Industry News - The Chinese National Medical Products Administration approved the launch of the domestically developed GLP-1 weight loss drug, Masitide, for long-term weight control in adults [15] - Xiaomi announced that its new car model, YU7, achieved over 240,000 orders within 18 hours of its launch [20]

上交所副总经理王泊：推进科创板"1+6"改革举措和示范案例落实落地 上交所副总经理王泊在论坛上表示，证监会近日推出进一步深化科创板改革的"1+6"政策措施，接下来，上交所将扎实推进"1+6"改革举措和示范案例落实落 地，加强宣传引导和政策解读，不断增强制度吸引力、竞争力，持续提升市场获得感，促进科技创新和产业创新深度融合。 主办方供图 周末重磅！ 在王泊看来，"政策、科技、改革"三重叙事正在重塑上市公司。 6月28日—29日，2025上市公司论坛在温州举行。论坛上，沪深北港四大交易所相关负责人，就资本市场服务科技创新和新质生产力发展、新一轮改革举措 落地等话题集中发声，释放多维度改革信号。 去年"9·26"以来，资本市场企稳向好，上证指数涨幅达26%，科创50指数涨幅超50%。在美国宣布所谓"对等关税"政策后，市场仅经历两个交易日的非理性下 跌就迅速企稳，并在中美日内瓦会谈达成协议前，就回到"对等关税"前的水平，展现出了较强的韧性和修复能力。 政策叙事的托底效应方面，王泊表示，党中央近年来高度重视加强和改善预期管理，确保实现政策效果的最大化。去年9月26日中共中央政治局会议直 面问题，宣布推出一揽子增量政策， ...

证券研究报告 | 2025年06月29日 高技术制造业宏观周报 国信周频高技术制造业扩散指数小幅走弱 国信周频高技术制造业扩散指数小幅走弱。截至 2025 年 6 月 21 日当周， 国信周频高技术制造业扩散指数 A 录得-0.2；国信周频高技术制造业扩 散指数 B 为 50.6，较上期小幅走弱。从分项看，动态随机存储器价格上 升，半导体行业景气度上升；六氟磷酸锂、丙烯腈价格下降，新能源、 航空航天行业景气度下降；6-氨基青霉烷酸、中关村电子产品价格指数 不变，医药、计算机行业景气度不变。 高技术产业跟踪方面： 高技术制造业高频数据跟踪上，6-氨基青霉烷酸价格 260 元/千克，与 上周持平；丙烯腈价格 8150 元/吨，较上周下降 50 元/吨；动态随机存 储器（DRAM）价格 1.3910 美元，较上周上升 0.061 美元；晶圆（Wafer） 价格最新一期报 2.73 美元/片，与上周持平；六氟磷酸锂价格 5.17 万 元/吨，较上周下降 0.05 万元/吨；中关村电子产品价格指数:液晶显示 器最新一期报 91.04，与上周持平。 高技术制造业政策动向上，6 月 25 日，非侵入式脑机接口医疗器械国家 ...