Valuation Summary - The overall PE of the CSI A-shares is 18.7 times, positioned at the historical 70th percentile [3][6] - The PE of the Shanghai 50 Index is 11.1 times, at the historical 56th percentile [3][6] - The PE of the CSI 500 Index is 27.7 times, at the historical 40th percentile [3][6] - The PE of the ChiNext Index is 30.4 times, at the historical 10th percentile [3][6] - The PE of the CSI 1000 Index is 36.9 times, at the historical 40th percentile [3][6] - The PE of the National 2000 Index is 48.3 times, at the historical 65th percentile [3][6] - The PE of the Sci-Tech 50 Index is 131.8 times, at the historical 97th percentile [3][6] - The PE of the North Exchange 50 Index is 63.9 times, at the historical 92nd percentile [3][6] - The ChiNext Index's PE relative to the CSI 300 is 2.4 times, at the historical 4th percentile [3][6] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Steel, Electric Equipment (Photovoltaic Equipment), National Defense, Aviation, Chemical Pharmaceuticals, and IT Services [3][4] - No industries have PB valuations above the historical 85th percentile [3][4] - Industries with both PE and PB below the historical 15th percentile include Agriculture, Forestry, Animal Husbandry, and Medical Services [3][4] Industry Midstream Prosperity Tracking New Energy - In the photovoltaic sector, upstream polysilicon futures prices fell by 12.2%, and spot prices decreased by 0.7% [3][4] - The price of silicon wafers dropped by 2.8%, while battery prices fell by 6.9% [3][4] - Lithium prices for lithium hexafluorophosphate and lithium carbonate decreased by 1.0% and 1.1%, respectively [3][4] Real Estate Chain - The price of rebar increased by 0.6%, while iron ore prices fell by 1.7% [3][4] - National commercial housing sales area decreased by 2.9% year-on-year from January to May 2025 [3][4] - Real estate development investment completed from January to May 2025 fell by 10.7% year-on-year [3][4] Consumption - The average price of live pigs increased by 1.4%, while pork wholesale prices rose by 0.3% [3][4] - The retail sales growth rate from January to May 2025 was 5.0%, with a significant rebound in May [3][4] Midstream Manufacturing - Manufacturing investment and narrow infrastructure investment grew by 8.5% and 5.6% year-on-year, respectively [3][4] - The output of industrial robots increased by 32.0% year-on-year from January to May 2025 [3][4] Technology TMT - The output of integrated circuits grew by 6.8% year-on-year from January to May 2025 [3][4] - The export value of optical communication modules decreased by 6.9% year-on-year [3][4] Cyclicals - Brent crude oil futures prices rose by 2.9% to $77.32 per barrel [3][4] - The Baltic Dry Index fell by 14.2% [3][4]

Core Insights - Suzhou's total import and export value from January to May reached 1,076.15 billion yuan, a year-on-year increase of 6.2%, accounting for 6% of the national total [1] - Exports amounted to 679.55 billion yuan, growing by 8.6%, while imports were 396.6 billion yuan, increasing by 2.3% [1] Trade Performance - General trade exports and processing trade imports in Suzhou maintained rapid growth, with general trade import and export totaling 462.17 billion yuan, up 7.4% [1] - Exports in general trade reached 316.4 billion yuan, a growth of 15.4%, driven by the small household appliance industry in Wuzhong District [1] - Processing trade import and export totaled 448.79 billion yuan, growing by 3.5%, with imports at 174.07 billion yuan, increasing by 7.6% [1] Foreign and Domestic Enterprises - Foreign-funded enterprises had an import and export value of 617.01 billion yuan, growing by 5.3%, while domestic enterprises reached 459.03 billion yuan, increasing by 7.3% [1] - Both foreign and domestic enterprises showed parallel growth in import and export activities [1] Belt and Road Initiative - Suzhou's import and export to countries involved in the Belt and Road Initiative reached 471.46 billion yuan, growing by 15.4%, contributing 6.2 percentage points to the city's overall growth [1] - Trade with ASEAN countries amounted to 206.45 billion yuan, a significant increase of 30.5% [1] - Trade with BRICS countries and Africa reached 107.42 billion yuan and 18.12 billion yuan, growing by 9.2% and 9.7% respectively [1] Export Products - From January to May, Suzhou's export of electromechanical products was 528.79 billion yuan, accounting for 77.8% of total exports, with a growth of 7.4% [2] - Notable increases in specific product categories included electrical equipment at 35.88 billion yuan (up 19.4%) and computer accessories at 14.82 billion yuan (up 57%) [2] - The export of industrial robots reached 360 million yuan, growing by 38.2%, reflecting Suzhou's focus on new industrialization [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Amid the continued escalation of the Middle - East situation with a high probability of US military involvement, the market risk preference is decreasing, and A - shares should continue the defensive strategy [13][53] - The global large - scale institutional investors are continuously reducing their holdings of US assets and shifting to European and Chinese assets [47] - The surge in crude oil prices has pushed the world into an inflation shock mode [44] Summary by Related Catalogs Market Situation - This week, the market risk preference declined, and growth - style indices mainly adjusted. In the defensive mode, the bank ETF reached a new high in this round [7][10] Geopolitical and Macroeconomic Events - The Middle - East situation is escalating, with a high probability of US military involvement. Swiss National Bank cut the policy rate from 0.25% to 0%, the sixth consecutive cut, effective June 20 [13][53] - Musk warned that humanity is at the starting point of an "intelligent big bang", and an "AI tsunami" is coming. AI super - intelligence may be achieved in 2025 or 2026 [13][53] - According to Citi analysis, if Iranian oil exports are interrupted for several months, oil prices may reach $90 per barrel. Closing the Strait of Hormuz may cause a sharp price increase, but the blockade will be short - lived [13][53] China's Economic Data - In May, the monthly value of manufacturing fixed - asset investment was 2.93 trillion yuan, with a year - on - year growth rate of 7.8%. China continues large - scale investment in emerging and future industries [14] - In May, the monthly value of infrastructure investment was 2.26 trillion yuan, with a year - on - year growth rate of 9.3%, maintaining medium - to - high - speed growth [17] - The monthly values of new housing starts and commercial housing sales areas have stabilized [20] - In May, the monthly value of retail sales of consumer goods was 3.67 trillion yuan, with a year - on - year growth rate of 6.5%, indicating continuous improvement in consumption [22] - In May, the monthly value of China's above - scale express delivery volume was 17.32 billion pieces, the second - highest in history, with a year - on - year growth rate of 17.2% [25] - In May, the monthly output of industrial robots was 69,000 units, at a high level, with a year - on - year growth rate of 34.1% [27] - In May, the monthly output of integrated circuits was 42.4 billion pieces, the second - highest in history, with a year - on - year growth rate of 19.6%, indicating accelerated domestic substitution of chips [29] - In May, China's passenger car exports reached 591,000 vehicles, including 332,000 electric vehicles, both hitting new highs [31] US Economic Data - In April, US retail and food sales were $715.4 billion, at a high level, with a year - on - year growth rate of 3.3%, showing strong US consumption [33] - In May, US manufacturing prices continued to rise rapidly, and service prices accelerated their increase [35] - In May, the year - on - year growth rate of US core CPI was 2.8% (same as the previous value), with a month - on - month increase of 0.2%. The market expects the Fed to start cutting interest rates in September [38] - In April, the year - on - year growth rate of US wholesalers' inventory was 2.3%, and that of manufacturers' inventory was 0.9%, indicating an active inventory replenishment state [40] European Economic Data - Germany launched the largest - scale military expansion since the Cold War, with a 30% increase in military strength, which is expected to boost German and Eurozone manufacturing [42] Investment and Trading Strategies - For stock index futures directional trading, due to the significant escalation of Middle - East geopolitical risks and the high probability of US military involvement, the investment advice for A - shares is to continue the defensive strategy [13][53] - For stock index option trading, due to the significant escalation of Middle - East geopolitical risks, option suggestions are suspended [13][53]

又有A股上市公司进入退市整理期，这次是工智退（000584），今天（6月20日）上午盘中公司股票暴跌超过84%，同时成交量急剧放大。 值得注意的是，近期进入退市整理期的公司接二连三，相关公司在退市整理期股价普遍暴跌，尤其是在退市整理期首日普遍跌势惨烈。 | | | | | 工智退(日线) ◎ MA5: 1.31 MA10: 1.56 MA20: 1.69 MA60: 2.43 MA120: 2.92 MA250: 2.3' | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | | | | | 4.00 | | | | | | | | | | | | | | | | | | | | | 3.50 | | | | | | | | | | | | | | | | | | | | | 3.00 | | | ...

Group 1 - The power equipment industry is undergoing significant transformation due to the implementation of Document No. 136, which continues to promote power reform [1] - The green certificate trading rules in Guangzhou have clarified that green certificates cannot be traded twice and established a pricing mechanism [1] - Sichuan aims to cover 5% of its maximum load with a power demand response mechanism [1] Group 2 - The supply-side clearing in the photovoltaic industry is steadily advancing, with silicon material companies reducing production loads and leading firms planning capacity replacements, indicating a potential recovery in industry prosperity [1] - In the battery sector, the industrialization of solid-state batteries is accelerating, with total planned capacity nearing 450 GWh, and the 2025 Solid-State Battery Summit focusing on engineering challenges, expecting to break the 1 GWh milestone by 2028 [1] Group 3 - The European electric vehicle market continues to grow, with sales in the top ten countries increasing month-on-month in May, showing a steady rise in penetration rates and positive overseas demand [1] - The overall price of the photovoltaic industry chain is declining, with prices for silicon materials, silicon wafers, and battery cells continuing to drop, while module prices remain stable amid intensified industry competition [1] - Leading companies in the photovoltaic sector maintain high operating rates despite the competitive landscape [1] Group 4 - The Mechanical ETF (516960) tracks a segmented mechanical index (000812) compiled by China Securities Index Co., Ltd., selecting quality listed companies in high-end manufacturing and automation from the Shanghai and Shenzhen markets [1] - The segmented mechanical index focuses on manufacturing sectors with high technological content and growth potential, reflecting the trend of China's manufacturing industry towards intelligence and automation [1]

Core Insights - The reasons for multinational companies to invest in China have shifted from cost advantages to innovation and efficiency in the supply chain [1][2] - China is increasingly recognized for its capabilities in research and development, as well as its talent pool, particularly in emerging industries like electric vehicles and drones [2] Investment Trends - Multinational companies are now focusing on China's industrial chain efficiency and innovation capabilities, moving away from traditional factors like labor and land costs [2] - The automotive sector, particularly in electric vehicles, has seen significant foreign investment, with companies establishing manufacturing bases in cities like Hefei and Jiaxing [2] New Consumer Opportunities - The rise of "new consumption" trends in China is creating opportunities for global retailers, with a shift towards experiential and personalized services [3] - The retail market is seeing a notable increase in service-oriented consumption, with 73% of retail inquiries related to new store openings or expansions, the highest since mid-last year [3][4] Commercial Real Estate Insights - The demand for commercial real estate, particularly retail and hospitality properties, is increasing as consumer spending rises [5] - Investors are advised to focus on core cities in major urban areas like the Yangtze River Delta and the Greater Bay Area, as these regions show strong potential for commercial real estate investment [6] Future Outlook - The total retail sales of consumer goods in China are projected to approach 49 trillion yuan in 2024, solidifying its position as the world's second-largest consumer market [4] - There is an anticipated investment window in the next 6-12 months for certain asset classes, particularly in first and second-tier cities [6]

Group 1 - China's new generation manned spacecraft "Dream Boat" is being developed in two models: a 7-seat version for near-Earth operations and a 3-seat version for lunar missions, marking a significant milestone with the successful zero-height escape flight test [1] - Intel plans to cut 15% to 20% of its chip manufacturing workforce as part of a strategy to streamline operations and enhance efficiency, indicating a shift in the company's future business positioning [2] - Honda's subsidiary successfully conducted the first test of a reusable small rocket, reaching an altitude of approximately 300 meters and demonstrating advancements in aerospace technology [3] - KUKA Robotics has partnered with AI-driven company Innovusion to develop a new generation of intelligent industrial robots, highlighting the integration of AI in manufacturing automation [4]

Core Insights - Innovation Works and KUKA Robotics have signed a strategic cooperation agreement to jointly develop next-generation intelligent industrial robot systems and robotic arms based on Innovation Works' AInnoGC industrial model [1] - This collaboration marks a significant move for Innovation Works in the industrial robotics sector, promoting the integration of industrial automation and intelligence [1] Company Overview - Innovation Works was established in 2018 and is incubated by Innovation Works under Kai-Fu Lee, focusing on enterprise-level AI solutions and "AI + manufacturing" solutions [1] - The company has not yet achieved profitability, with adjusted net losses of 142 million, 138 million, 154 million, and 117 million yuan from 2021 to 2024 respectively [1] - Despite the losses, the company aims to continue investing heavily in research and development to become a leading player in intelligent industrial robotics for the manufacturing sector [1]

Core Viewpoint - The partnership between Innovusion (02121.HK) and KUKA Robotics marks a significant step in the integration of AI and manufacturing, focusing on the development of intelligent industrial robot systems driven by the AInnoGC industrial model [1][10]. Company Overview - Innovusion was established in 2018 and is backed by Innovation Works, specializing in enterprise-level AI solutions and "AI + manufacturing" solutions across various sectors including steel metallurgy, semiconductor panels, high-tech, automotive equipment, energy, food and beverage, and new materials [3]. - The company's development strategy is based on a "one model, one body, two wings" approach, leveraging its self-developed AInnoGC industrial model as the technical foundation and AI agents as the driving force in industrial software and robotics [4]. Industry Trends - The integration of AI into industrial robotics is increasingly recognized as a trend, with major companies like ABB and others planning to deepen their collaboration with AI technologies by 2025 [5][6]. - The concept of industrial embodied intelligence robots, which utilize large models to enhance robotic capabilities, is gaining traction, allowing robots to adapt to flexible production and complex tasks [6]. Market Position - Innovusion ranks third in China's computer vision market, fourth in machine learning platforms, first in AI industrial quality inspection solutions, and seventh in the large model application market according to IDC [7]. - Despite its strong market position, Innovusion has not yet achieved profitability, reporting adjusted net losses of 142 million, 138 million, 154 million, and 117 million yuan from 2021 to 2024 [8][9]. Financial Performance - The company reported a 21.1% decrease in R&D expenses in the previous year, amounting to 355 million yuan, attributed to improved efficiency and effective management of R&D spending [9]. - Innovusion emphasizes that the intelligent industrial robots powered by large models are still in the early stages of application, with the market landscape yet to be fully established [10].

Economic Performance - In May, the national economy showed strong resilience and vitality, with industrial added value increasing by 5.8% year-on-year and retail sales of consumer goods rising by 6.4% [1] - The consumer price index decreased by 0.1% year-on-year, indicating stable demand and supply [1] Industrial Growth - The equipment manufacturing sector saw a significant increase, with added value growing by 9% and contributing 54.3% to industrial production [1] - High-tech manufacturing added value rose by 8.6%, and digital product manufacturing increased by 9.1%, both outpacing overall industrial growth [2] New Energy and Technology - Production of new energy vehicles and solar cells surged by 31.7% and 27.8% respectively, highlighting the rapid growth in these sectors [2] - The production of industrial robots increased by 32% from January to May, and the added value of smart vehicle equipment manufacturing grew by 26.8% [2] Trade Performance - In May, the total value of goods imports and exports increased by 2.7% year-on-year, with exports rising by 6.3% [2] - Despite challenges in the global economy, trade with ASEAN and countries involved in the Belt and Road Initiative continued to grow, showcasing the diversification of China's trade [2] Economic Outlook - The overall economic growth trend remains stable, with no changes in innovation-driven development, green transformation, high-level opening up, and continuous improvement in people's livelihoods [3] - The economy's strong foundation and resilience provide confidence in overcoming various risks and challenges [3]