Report Industry Investment Rating - No industry investment rating information is provided in the report. Core Viewpoints of the Report - During the week from May 26th to May 31st, 2025, the A-share market continued to fluctuate and consolidate, with deepening industry rotation. The pharmaceutical and biological, environmental protection sectors led the gains, while the household appliances, power equipment, and comprehensive sectors saw significant adjustments. The convertible bond market showed a slight recovery, with intensified valuation differentiation. The low-price zone compressed, and the medium and high-price zones had repair elasticity. The short-term market structure switched frequently, and the capital style shifted from high elasticity to stability and low-level repair. The primary market supply was stable, but clause games were active, with an increase in the number of early redemption and downward revision bonds. Attention should be paid to the risk of supply decline. It is recommended to focus on medium and high-price convertible bonds with low valuations and strong fundamentals, and also consider the allocation value of high-grade blue-chip convertible bonds, while flexibly participating in theme rotation opportunities [2][5]. Summary by Relevant Catalogs Market Weekly Review A-share Market - The A-share market continued to fluctuate and consolidate, with the Shanghai Composite Index down 0.03% week-on-week, the Shenzhen Component Index down 0.91%, and the ChiNext Index down 1.40%. The small and medium-cap stocks were more resilient, with the CSI 500 and CSI 2000 rising against the trend. The trading volume decreased slightly to 1.07 trillion yuan, and the average daily net outflow of main funds was 13.7 billion yuan, indicating a cautious attitude. In terms of industries, sectors with strong fundamentals or recovery expectations such as media and pharmaceuticals strengthened, while sectors such as automobiles and household appliances adjusted. Overall, the market risk appetite remained low, and the trading focus shifted towards low-valuation repair and strong fundamentals [9]. Convertible Bond Market - The convertible bond market showed a slight recovery, with the CSI Convertible Bond Index rising 0.2% week-on-week, and the average daily trading volume increasing to 5.578 billion yuan. The market activity recovered moderately. Structurally, large-cap convertible bonds were relatively stable, indicating that investors were seeking high-certainty allocations. The valuation in the parity range was significantly differentiated, with the valuation of low-parity convertible bonds generally compressed and the medium and high-parity ranges slightly repaired, showing a cautious game attitude among investors. The implied volatility increased slightly, and the median price rose slightly to 112.33 yuan, indicating a moderate recovery in market risk appetite. In terms of industries, convertible bonds in the media, beauty care, and national defense and military industries led the gains, while those in the communication, household appliances, and other high-elasticity sectors faced greater correction pressure. At the individual bond level, the top-performing bonds mostly had strong underlying stock drivers, and trading opportunities were concentrated in bonds with low valuations and strong fundamentals. Overall, the convertible bond market continued to fluctuate and consolidate, and the allocation focus shifted towards high certainty and defensive attributes [9]. Convertible Bond Allocation Suggestions - The convertible bond market showed a moderate recovery this week, with a slight repair in risk appetite and active short-term rotation trading. In terms of allocation, it is recommended to adhere to the idea of "stable allocation + theme elasticity": on the one hand, focus on large-cap blue-chip convertible bonds with high ratings, low premiums, and good liquidity for defensive purposes; on the other hand, moderately seize opportunities in medium and high-price growth convertible bonds with underlying stock drivers and strong fundamentals, focusing on high-quality varieties in advanced manufacturing, pharmaceuticals, and other sectors to balance defense and offense [7]. Market Theme Weekly Review Equity Theme Weekly Review - During the week from May 26th to May 31st, 2025, the theme trading style was significantly differentiated, and short-term game enthusiasm increased significantly. The limit-up trading style continued to lead, with the consecutive limit-up index, the first limit-up non-ST index, and the limit-up index rising 17.1%, 12.7%, and 12.5% week-on-week respectively, indicating that short-term trading funds dominated the market. Some high-growth sectors such as the innovative drug index, the pharmaceutical centralized procurement index, the financial technology index, and the nuclear power index rebounded, with week-on-week gains of over 4%, showing investors' willingness to make structural replenishments in high-quality themes. At the same time, the TMT and pan-AI sectors were under pressure, with the AI computing power index, the east-west computing power index, etc. falling by over 2%, and previously strong sectors such as cloud computing and IDC leading the decline. The automobile and humanoid robot sectors adjusted significantly, with related theme indices such as the charging station index, the automobile golden stock index, and the humanoid robot index all falling by over 3%, reflecting the market's revaluation pressure on high-valuation sectors. Overall, the market was still in the theme rotation stage, with short-term trading driven by events and sentiment, and structural differentiation and high-low switching remaining the main themes in the future [14]. Convertible Bond Weekly Review - The convertible bond market showed a slight recovery during the week from May 26th to May 31st, 2025, with overall trading activity moderately recovering, and investors preferring large-cap convertible bonds with high certainty. The CSI Convertible Bond Index rose 0.23% week-on-week, the large-cap index also rose 0.23%, while the medium and small-cap convertible bond indices fluctuated slightly. The market as a whole continued to recover moderately, with the large-cap index showing relatively strong upward momentum, indicating certain defensive characteristics. In terms of trends, the convertible bond market showed some independence compared to the equity market, reflecting the "offensive and defensive" characteristics of convertible bonds. In terms of style, the large-cap index was more active, indicating that investors were seeking certainty while also maintaining a certain degree of risk aversion. In terms of capital, the trading activity of the convertible bond market increased slightly, with the average daily trading volume rising to 5.578 billion yuan, a week-on-week increase of 64 million yuan, indicating a slight recovery in investor sentiment. Currently, the convertible bond market lacks clear trend catalysts, and investors still focus on large-cap convertible bonds with high certainty. The valuation in the parity range showed a differentiated trend. In the parity range below 80 yuan, the conversion premium rate compressed by 0.62%; in the 80-90 yuan range, the compression was even greater, reaching 1.49%. In the 100-yuan parity range, the conversion premium rate in the 90-100 yuan range slightly expanded by 0.33%, while that in the 100-110 yuan range compressed by 1.89%. In the medium and high-parity ranges, the conversion premium rates in the 110-120 yuan and 120-130 yuan ranges expanded by 1.09% and 0.04% respectively; while in the range above 130 yuan, it slightly compressed by 0.89%. Overall, the market valuation in the parity range was still in a box-shaped shock stage, reflecting investors' cautious game attitude. By market price range, the convertible bond valuation generally compressed. Convertible bonds below 90 yuan compressed by 1.07%, those in the 90-100 yuan range compressed by 12.61%, and those in the 100-110 yuan range compressed by 0.10%. In the 110-120 yuan range, it compressed by 3.31%, in the 120-130 yuan range by 3.21%, and above 130 yuan by 0.74%. Overall, the convertible bond market valuation by market price range showed obvious compression. The market was still cautious about the pressure to realize high positions, but the game sentiment among investors at low positions recovered. Currently, the market risk appetite continued to decline, and it is recommended to pay attention to the repair opportunities of bonds that have adjusted deeply and with fully compressed valuations, as well as medium and high-price bonds with strong fundamentals. The weighted implied volatility of the convertible bond market increased slightly this week. The weighted implied volatility of the entire market's convertible bonds narrowed from 18.8% on Monday to 19.1% on Friday, indicating that the overall market risk appetite was still relatively cautious. Investors preferred convertible bond assets with strong defensive attributes when market volatility increased. The elasticity of convertible bonds provided certain repair opportunities, but the implied volatility remained at a low level, and the market's expectation of significant future volatility was still moderate, reflecting that investors preferred stable allocations. In terms of strategy, it is necessary to defend while attacking, and accumulate safety margins through bond floor protection and clause games. The median convertible bond price increased slightly this week. The median convertible bond price rose slightly from 112.29 yuan last Friday to 112.33 yuan, showing a fluctuating pattern during the week. Currently, the convertible bond market continued to fluctuate and consolidate, and the moderate recovery of the price median reflected that the risk appetite had not significantly recovered, and the convertible bond market had no clear trend catalyst [17]. Weekly Market Outlook - Looking ahead, the A-share market is expected to continue its structural rotation pattern, with the market style becoming more balanced, and the trading focus shifting from high-elasticity themes to low-valuation and stable-growth sectors. In the short term, attention should be paid to the correction risk of high-position sectors, and sectors with strong fundamentals and recovery expectations such as consumption and pharmaceuticals are expected to continue to attract incremental funds. In the convertible bond market, while waiting for clear trend catalysts, trading activity may moderately decline following the equity market. The allocation value of medium and high-price convertible bonds with low premiums and strong underlying stock drivers is prominent. At the same time, attention should be paid to sectors with certain certainty such as basic chemicals and transportation, given the increasing scarcity of large-scale bank convertible bonds. In terms of strategy, it is recommended to pay attention to low-level repair opportunities, and focus on bonds with fully adjusted valuations, "bond floor + underlying stock catalysts", while controlling the risk of crowded trading [19].

金融工程| 证券研究报告 —周报 2025 年 6 月 4 日 中银量化大类资产跟踪 A 股缩量横盘，小微盘风格占优 股票市场概览 本周 A 股下跌，港股下跌，美股上涨，其他海外权益市场普遍上涨。 A 股风格与拥挤度 A 股行情及成交热度 本周领涨的行业为综合金融、电力设备及新能源、医药；领跌的行业为 国防军工、有色金属、机械。本周成交热度最高的行业为综合、食品饮 料、国防军工；最低的行业为房地产、煤炭、建筑。 A 股估值与股债性价比 A 股资金面 机构调研活跃度 当前机构调研活跃度历史分位居前的行业为商贸零售、纺织服装、房地 产，居后的行业为医药、银行、食品饮料。 利率市场 商品市场 成长 vs 红利：成长风格拥挤度及超额净值持续处于历史低位；红利风 格拥挤度当前仍处于历史较低位置，近期快速下降。 小盘 vs 大盘：小盘风格超额净值及拥挤度持续处于历史低位；大盘风 格拥挤度下降至历史低位。 微盘股 vs 基金重仓：近期微盘股拥挤度快速下降至历史低位；基金重 仓拥挤度及超额累计净值处于历史低位。 本周中国商品市场整体下跌，美国商品市场整体下跌。 风险提示 量化模型因市场剧烈变动失效。 中银国际证券股份有限公司 ...

Core Insights - The main point of the article highlights the net inflow and outflow of funds across various sectors and individual stocks in the Chinese stock market on a specific trading day. Fund Flow Summary - The total net outflow of main funds in the Shanghai and Shenzhen markets was 261 million yuan, with the ChiNext board experiencing a net outflow of 685 million yuan, while the CSI 300 index saw a net inflow of 3.295 billion yuan [2] - Among the 28 first-level industries, 13 sectors experienced net inflows, with the electronics sector leading at 2.299 billion yuan, followed by the communication and power equipment sectors, each exceeding 1 billion yuan [2] - The top sectors with net inflows included electronics, communication, power equipment, computer, home appliances, social services, and coal, all showing significant investment interest [2] - Conversely, 18 sectors faced net outflows, with the defense and pharmaceutical sectors leading with outflows exceeding 1.1 billion yuan each [2] Individual Stock Performance - A total of 15 stocks saw net inflows exceeding 200 million yuan, with over 40 stocks having net inflows over 100 million yuan [3] - The leading stock for net inflow was Huadian Technology, with 539 million yuan, marking a new high since December 13, 2024, and a cumulative net inflow of 1.241 billion yuan over five consecutive days [4] - Zhongji Xuchuang followed with a net inflow of 397 million yuan, while Lepu Medical also saw a significant inflow of 397 million yuan, reaching a new high since January 20, 2022 [5] - Other notable stocks with significant net inflows included Dongfang Caifu, Tianfu Communication, Zhongke Jincai, and Juli Suojian [6] Net Outflow Analysis - A total of 37 stocks experienced net outflows exceeding 100 million yuan, with 12 stocks seeing outflows over 200 million yuan [7] - The stock with the highest net outflow was Qianhong Pharmaceutical, with an outflow of 496 million yuan, attributed to a completed share reduction plan by a major shareholder [7] - Other stocks with significant net outflows included BYD, Yunnei Power, and Wuliangye, each exceeding 400 million yuan [7] Retail Sector Activity - In the retail sector, Guofang Group saw a strong performance with a net inflow of 977 million yuan, marking three limit-up days within five trading days [10] - The overall market saw a slight net outflow of 28.88 million yuan in the last trading session, with the ChiNext board experiencing a net outflow of 115 million yuan [8]

6月4日，A股市场整体上涨。截至收盘，上证指数收报3376.2点，上涨0.42%；深证成指收报10144.58点，上涨 0.87%；创业板指收报2024.93点，上涨1.11%。两市合计成交11530.47亿元，较上一交易日增加116.38亿元。 1. 两市全天主力资金净流出近3亿元 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 人得发起 | 超大单净买入 | | 2025-6-4 | -2. 61 | -33.75 | -0. 29 | 23. 41 | | 2025-6-3 | -91. 89 | -39. 38 | -8. 11 | -25. 46 | | 2025-5-30 | -352. 62 | -158. 05 | -37.83 | -193. 19 | | 2025-5-29 | 74. 33 | -19.58 | 23.89 | 121. 48 | | 2025-5-28 | -185. 39 | -73. 21 | -22. 45 | -57. 58 | ...

沪指6月4日上涨0.42%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为美容护理、综合，涨 幅分别为2.63%、2.53%。汽车行业今日上涨0.36%。跌幅居前的行业为交通运输、国防军工、公用事 业，跌幅分别为0.58%、0.24%、0.12%。 资金面上看，两市主力资金全天净流入10.74亿元，今日有17个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨1.17%，全天净流入资金30.70亿元，其次是非银金融行业，日涨幅 为0.99%，净流入资金为15.88亿元。 主力资金净流出的行业有14个，汽车行业主力资金净流出规模居首，全天净流出资金17.87亿元，其次 是国防军工行业，净流出资金为17.40亿元，净流出资金较多的还有医药生物、机械设备、银行等行 业。 汽车行业今日上涨0.36%，全天主力资金净流出17.87亿元，该行业所属的个股共275只，今日上涨的有 182只，涨停的有3只；下跌的有86只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的 个股有124只，其中，净流入资金超3000万元的有7只，净流入资金居首的是祥鑫科技，今日净流入资金 1.22亿元，紧随其后的 ...

主力资金净流出的行业有14个，汽车行业主力资金净流出规模居首，全天净流出资金17.87亿元，其次 是国防军工行业，净流出资金为17.40亿元，净流出资金较多的还有医药生物、机械设备、银行等行 业。 沪指6月4日上涨0.42%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为美容护理、综合，涨 幅分别为2.63%、2.53%。跌幅居前的行业为交通运输、国防军工、公用事业，跌幅分别为0.58%、 0.24%、0.12%。公用事业行业位居今日跌幅榜第三。 资金面上看，两市主力资金全天净流入10.74亿元，今日有17个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨1.17%，全天净流入资金30.70亿元，其次是非银金融行业，日涨幅 为0.99%，净流入资金为15.88亿元。 公用事业行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600025 | 华能水电 | -1.51 | 0.20 | -5128.49 | | 600886 | 国投电力 | -1.56 | ...

所属板块来看，百元股中，主板有24只、创业板有19只、北交所有3只，另有36只来自科创板，占百元 股的比例为43.90%。（数据宝） 以最新收盘价计算，A股平均股价为11.55元，其中股价超过100元的有82只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至6月4日 收盘，沪指报收3376.20点，上涨0.42%，A股平均股价为11.55元，个股股价分布看，股价超过100元的 有82只，股价在50元至100元的有297只，股价在30元至50元的有676只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1509.96元，上涨0.06%，其次是寒武纪、锦波 生物等，最新收盘价分别为607.50元、520.00元。 市场表现方面，收盘股价超百元股中，今日平均上涨1.04%，跑赢沪指0.62个百分点。今日上涨的有54 只，涨幅居前的有浩欧博、惠城环保等，下跌的有27只，跌幅居前的有六九一二、恒玄科技等。 追溯发现，最新百元股近一个月平均上涨0.14%，其间沪指上涨2.96%，涨幅居前的有惠城环保、斯菱 股份、经纬恒润等，涨幅分别为30.63%、29.26%、29.02%， ...

沪指6月4日上涨0.42%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为美容护理、综合，涨 幅分别为2.63%、2.53%。医药生物行业今日上涨0.55%。跌幅居前的行业为交通运输、国防军工、公用 事业，跌幅分别为0.58%、0.24%、0.12%。 医药生物行业资金流出榜 医药生物行业今日上涨0.55%，全天主力资金净流出14.77亿元，该行业所属的个股共475只，今日上涨 的有267只，涨停的有6只；下跌的有184只。以资金流向数据进行统计，该行业资金净流入的个股有193 只，其中，净流入资金超5000万元的有6只，净流入资金居首的是乐普医疗，今日净流入资金3.91亿 元，紧随其后的是恒瑞医药、通化金马，净流入资金分别为1.45亿元、1.21亿元。医药生物行业资金净 流出个股中，资金净流出超亿元的有6只，净流出资金居前的有千红制药、海南海药、冠昊生物，净流 出资金分别为4.54亿元、1.85亿元、1.61亿元。（数据宝） | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002550 | ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company is experiencing stable revenue growth, with a profit turning point already evident [1] - Revenue forecasts for 2025-2027 have been adjusted downwards, while net profit estimates have been revised upwards [2] - The target price is set at 19.74 CNY, based on a PE valuation of 21X for 2025 [2] Financial Performance Summary - For 2023, the company achieved a revenue of 24,531 million CNY, with a year-on-year growth of 15.5% [4] - The projected revenues for 2024, 2025, 2026, and 2027 are 26,497 million CNY, 29,649 million CNY, 33,012 million CNY, and 36,383 million CNY respectively, with growth rates of 8.0%, 11.9%, 11.3%, and 10.2% [4] - The company's net profit attributable to the parent company for 2023 was 1,166 million CNY, with a projected increase to 1,073 million CNY in 2025 [4] - The gross margin is expected to stabilize around 35% in the coming years, with a slight decrease in 2024 [4] Business Expansion and Strategy - The company continues to expand its retail business, with a significant increase in the number of stores, including 907 new self-built stores and 420 acquired stores in 2024 [9] - The retail business generated 219.2 billion CNY in 2024, accounting for 82.7% of total revenue, with a gross margin of 36.6% [9] - The company is actively developing its new retail business, achieving an 80.4% coverage rate for O2O delivery services by the end of 2024 [9]

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company is experiencing stable revenue growth, with a profit turning point already evident [1] - Revenue forecasts for 2025-2027 have been adjusted downwards, while sales expense ratios have been increased, predicting net profits of 1.073 billion, 1.247 billion, and 1.395 billion yuan respectively for those years [2] Financial Performance Summary - **Revenue**: - 2023A: 24.531 billion yuan, 2024A: 26.497 billion yuan (YoY +8.0%), 2025E: 29.649 billion yuan (YoY +11.9%) [4] - **Net Profit**: - 2023A: 1.166 billion yuan, 2024A: 915 million yuan (YoY -21.6%), 2025E: 1.073 billion yuan (YoY +17.3%) [4] - **Earnings Per Share**: - 2023A: 1.02 yuan, 2024A: 0.80 yuan, 2025E: 0.94 yuan [4] - **Gross Margin**: - 2023A: 35.9%, 2024A: 34.3%, 2025E: 35.0% [4] - **Net Margin**: - 2023A: 4.8%, 2024A: 3.5%, 2025E: 3.6% [4] - **Return on Equity**: - 2023A: 17.9%, 2024A: 13.3%, 2025E: 14.3% [4] Business Expansion and Strategy - The company opened 907 new self-built stores and acquired 420 stores in 2024, with a total of 16,553 stores by the end of the year [9] - Retail business revenue reached 219.2 billion yuan in 2024, driven by the expansion of direct-operated stores and new openings [9] - The company is actively developing new retail business, achieving an 80.4% coverage rate for O2O delivery services by the end of 2024 [9]