Core Viewpoint - The A-share market is experiencing limited upward elasticity, and investors need to remain cautious due to internal and external pressures leading to short-term adjustments [3][11]. Market Performance - During the week of June 16-20, the A-share market showed a slight decline, with the Shanghai Composite Index down by 0.51% to close at 3360 points, and the Wind All A Index down by 1.07% [4]. - Among the 31 primary industries, only the banking and telecommunications sectors saw gains, while sectors like beauty care, textiles, pharmaceuticals, non-ferrous metals, and social services faced significant declines [5]. - The Hong Kong market mirrored the A-share performance, with the Hang Seng Index down 1.52% and the Hang Seng Technology Index down 2.03% [5]. Economic Data and Trends - Recent macroeconomic data indicates a decline in fiscal revenue and expenditure for the first five months of the year, attributed to factors such as falling PPI and a slowdown in land sales [7][9]. - Manufacturing investment grew by 8.5%, while infrastructure investment was at 5.6%, contrasting with a 10.7% decline in real estate investment [9]. - Retail sales for the same period increased by 6.4%, driven by initiatives like trade-in programs and tourism [10]. External Influences - Ongoing international issues, including U.S.-China trade negotiations and geopolitical tensions in the Middle East, are affecting investor sentiment and market performance [10]. - The upcoming policy window in July is critical, with expectations for potential tariff adjustments and trade discussions [10]. Future Outlook - Despite concerns over domestic demand resilience, there is a high expectation for policies to stabilize the capital market, suggesting that while short-term adjustments may occur, significant declines are unlikely [11]. - The combination of monetary and fiscal policies is essential for economic strength, with a potential fiscal stimulus expected post-August [13]. - In the current market environment, defensive stocks, particularly those with solid fundamentals in the new consumption sector, are favored, while technology stocks with performance metrics are also seen as attractive [15].

Market Overview - A-shares experienced a slight decline this week, with the Shanghai Composite Index down 0.51% closing at 3360 points, and the Wind All A Index down 1.07% [1] - Hong Kong stocks mirrored A-shares, with the Hang Seng Index dropping 1.52% and the Hang Seng Tech Index down 2.03% [2] - U.S. stock indices showed mixed performance, with the Dow Jones and Nasdaq rising while the S&P 500 fell [3] Positive Developments - Novo Nordisk announced significant weight loss results from its STEP UP 3b clinical trial, showing a 21% average weight reduction for participants on a higher dose of Wegovy, with one-third achieving over 25% weight loss [3] - Lao Pu Gold opened its first overseas store in Singapore, marking a key step in its global expansion strategy [3] - Zhifei Biological received clinical trial approval for its adsorbed tetanus vaccine, allowing it to proceed with trials [4] - Tencent Cloud launched "AI Builder," enabling users to generate complete applications from simple descriptions, enhancing the app development experience [5] - Xin Xuan Group reported significant sales during the 618 shopping festival, with 12 brands exceeding 100 million in sales and total viewership reaching 550 million [6][7] - Heng Rui Pharmaceutical received approval for six drug clinical trials, including new oral and injectable therapies [8] - Li Auto's first pure electric SUV, the Li i8, is set to launch in late July [9] - Yingmu Technology plans to release a new strategic product in Q3 [10] - Desay SV announced a partnership with Chery Automobile to develop an integrated central computing platform for smart driving [11] Negative Developments - Anker Innovations announced a recall of certain batches of power banks due to quality issues with battery cells [12] - The Shanghai Stock Exchange is monitoring stocks with abnormal trading behaviors, including *ST Yanzhen [13] - Ningbo Huaxiang expects a loss of 273 million to 369 million yuan in the first half of 2025 due to the impact of its European business divestiture [14][15] - *ST Jinguang received a decision to terminate its stock listing, entering a delisting period starting June 30, 2025 [16] - SpaceX's Starship S36 experienced an explosion during a static fire test [17] - Microsoft plans to lay off thousands of employees, primarily in sales [17] - *ST Xinyuan's controlling shareholder is restricted from high consumption due to a contract dispute [17] - *ST Hengli received a decision to terminate its stock listing, with trading resuming on June 25, 2025 [18] - Honda is recalling nearly 259,000 vehicles in the U.S. due to brake pedal issues [19] - Ford is recalling 27,768 vehicles in the U.S. due to a child lock malfunction [19] - Wanda Group's 40 million shares have been frozen [19] - Black Sesame received a warning letter from the Guangxi Securities Regulatory Bureau for governance issues [20][21] - *ST Jiu You announced its stock will be delisted, entering a 15-day trading period before delisting [22] - San Yao Biotech terminated its exclusive agreement with Guoguang Biotech, affecting its flu vaccine distribution in mainland China [23] IPO and Market Activity - Haitian Flavoring's H-shares were priced at HKD 36.3, with additional shares issued [35] - The China Securities Regulatory Commission approved Guangdong Jian Ke's IPO registration for the Growth Enterprise Market [28] - Several companies, including PPIO and PPLabs Technology, submitted IPO applications to the Hong Kong Stock Exchange [26][29] - The Hong Kong Stock Exchange reported that approximately 190 companies are in line to go public [45]

宏观经济 | 证券研究报告 — 总量周报 2025 年 6 月 22 日 周度金融市场跟踪 股票方面，本周 A 股整体下跌，小盘股走势弱于大盘股。全周累计看，沪深 300 本 周下跌 0.5%，中证1000 下跌 1.7%，中证 2000 下跌 2.2%。恒生指数本周下跌 1.5%， 恒生科技指数下跌 2.0%。行业方面，银行、通信和电子领涨。值得注意的是在市场 整体走弱的背景下，本周银行指数大幅上涨 2.6%，申万银行指数收盘至历史最高水 平。前期上涨较多的美容护理、纺织服装和医药生物领跌（图表 9），医药生物在连 续多周上涨后本周大幅下跌 4.4%。风格上，本周高估值风格（高市盈率和高市净率 指数）与低估值风格（低市盈率和低市净率指数）连续第二周走势相反（高估值下跌， 低估值上涨）。高估值资产的整体下跌体现了当前市场的避险情绪。周内看，周一（6 月 16 日）市场整体上涨，上午统计局发布经济数据，5 月份国民经济运行总体平稳、 稳中有进，全天超 3500 只股票上涨。周二（6 月 17 日）市场震荡。周三（6 月 18 日）上午陆家嘴论坛"一行两局一会"领导分别发言并发布了一系列政策举措，其中 证监会推出 ...

Core Viewpoint - The rise of non-invasive water light technology is reshaping consumer preferences in the beauty industry, moving away from traditional invasive procedures due to their long recovery times and high costs [1][2][5] Group 1: Consumer Demand Shift - Non-invasive water light technology addresses modern consumers' needs for convenience and minimal recovery time, allowing them to return to daily activities immediately after treatment [2][4] - Traditional needle-based water light treatments are losing popularity due to their lengthy recovery periods and the social awkwardness they create for consumers [1][4] - The economic imbalance of high costs associated with traditional treatments has accelerated the shift towards non-invasive options, as consumers seek more affordable and effective solutions [1][4] Group 2: Technological Innovation - MESONUEVO's EPM technology utilizes a microchip array and instantaneous electric pulses to achieve non-invasive penetration, avoiding damage to the dermis and ensuring no recovery time is needed [2][4] - The cost of a single non-invasive treatment has been reduced to one-third of traditional procedures, making frequent treatments more accessible to consumers [4] Group 3: Changing Consumer Behavior - The trend of "lunch beauty" has emerged, with appointments for non-invasive treatments peaking during workday lunch hours, particularly among white-collar workers [4] - Younger consumers, especially those from Generation Z, are increasingly favoring non-invasive treatments over traditional options, as they find them more effective and less financially burdensome [4][5] - The safety of EPM technology has re-engaged sensitive skin users, who previously felt excluded from such treatments due to the risks associated with traditional methods [4]

Core Viewpoint - The report from Guolian Minsheng Securities highlights the emergence of a "new consumption" sector driven by external market fluctuations, subdued domestic demand, and a scarcity of quality consumer assets, suggesting that structured opportunities will continue to evolve in the market [1] Group 1: New Consumption Trends - The "new consumption" trend is characterized as a strong alpha market that is less affected by macro disturbances, with quality new consumer brands experiencing growth due to structural dividends and product cycles [2] - Sectors such as beauty care and gold jewelry are expected to see a recovery in optional consumption, with brands that have differentiated market experiences likely to achieve counter-cyclical growth [2] Group 2: IP and AI Opportunities - The IP retail industry in China, exemplified by companies like Sanrio, has maintained high levels of prosperity since 2021, with a complete and high-quality industrial chain emerging from content production to diverse consumer monetization [3] - The AI sector is also witnessing increased application scenarios and consumer payment conversions, particularly in human resource management and B2B cross-border e-commerce [3] Group 3: Offline Retail and Services - The overall revenue growth for offline services and retail is expected to remain under pressure in 2024 and Q1 2025, but there are signs of improvement in consumption data at both the macro and micro levels [4] - The combination of policy support and low base effects is anticipated to sustain the upward trend in consumption data, with specific sectors like hotels and personal services showing signs of stabilization and growth [4]

Market Review - Major indices experienced declines in the recent trading days from June 13 to June 19, with the Shanghai Composite Index falling by 1.19% and the ChiNext Index dropping by 1.95% [5] - The trading volume slightly decreased, with a total of 6.33 trillion yuan traded, resulting in an average daily turnover of 1.27 trillion yuan, down by 99.55 billion yuan compared to the previous five trading days [13] Economic Performance - Fixed asset investment from January to May increased by 3.7% year-on-year, continuing to decline, with infrastructure investment growing by 5.6% [29] - Manufacturing investment rose by 8.5% year-on-year, while real estate investment decreased by 10.7%, indicating a need for stabilization in the real estate market [30] - Retail sales of consumer goods in May grew by 6.4% year-on-year, significantly rebounding by 1.3 percentage points, supported by policies and promotional events [32] Policy Developments - The China Securities Regulatory Commission announced a "1+6" policy package aimed at further reforming the Sci-Tech Innovation Board, including the introduction of a growth tier and the resumption of the fifth set of listing standards [34] - The U.S. Federal Reserve maintained its federal funds rate target range at 4.25% to 4.50%, with expectations of a slower pace of interest rate cuts in the future [35] Investment Strategy - The current market is characterized by continued fluctuations, with external risks not fully dissipated and key variables needed to break the existing trend [38] - Investment opportunities are identified in the banking sector due to high dividend yields and defensive characteristics, as well as thematic investment opportunities in the TMT sector, biomedicine, and national defense industries [38]

Market Overview - The A-share market experienced fluctuations, with a trading volume of 1.28 trillion yuan, and major indices such as the Shenzhen Component and ChiNext Index falling over 1% [1] - The only sector that saw an increase was oil and petrochemicals, which rose by 0.86% [4] Federal Reserve Insights - The Federal Reserve maintained the interest rate at 4.25%-4.50%, marking the fourth consecutive meeting without changes, aligning with market expectations [2] - The Fed's economic outlook has shown reduced uncertainty, but it remains at a high level, with GDP growth forecast for 2025 revised down to 1.4% and inflation expectations raised to 3% [2] - The dot plot indicates two expected rate cuts in 2025, totaling 50 basis points, consistent with previous forecasts [2][3] Policy Developments - The China Securities Regulatory Commission (CSRC) announced the "1+6" policy measures to deepen the reform of the Sci-Tech Innovation Board, including the establishment of a growth tier for unprofitable companies [2] - This initiative aims to support high-quality unprofitable enterprises during their R&D phase, allowing them to transition to the main board once they achieve profitability, thereby enhancing confidence in the development of tech enterprises [2] Market Performance - As of June 19, the Shanghai Composite Index closed at 3362.11 points, down 0.79%, while the Shenzhen Component and ChiNext Index fell by 1.21% and 1.36%, respectively [4] - A total of 699 stocks rose, while 4471 stocks declined, indicating a bearish market sentiment [4] Fund Tracking - The market's trading volume reached 12,810.23 billion yuan, showing an increase from the previous trading day, while the margin financing balance rose to 18,286.52 billion yuan [5]

Market Overview - The market has been in a prolonged narrow range, with both bulls and bears lacking a decisive factor to break the current stalemate [1] - The index has shown resilience, with multiple attempts to test lower levels but subsequently stabilizing and even turning slightly positive [1] - Trading volume in both Shanghai and Shenzhen markets remains low, indicating weak market participation and a strong wait-and-see atmosphere [1] Sector Performance - Recent market activity has shown rapid rotation among hot sectors, with semiconductor and consumer electronics stocks performing well [1] - Conversely, sectors such as beauty care and blind box concepts have experienced pullbacks after initial gains, mirroring the performance of several popular stocks in the Hong Kong market [1] - The overall risk appetite in the market remains low, with a "short and quick" rotation style persisting [1] Future Outlook - The market is expected to continue mild consolidation in the short term, with potential capital redistribution anticipated in late June [1] - Attention should be paid to changes in trading volume, as sustained increases in volume are necessary for the market to choose a direction [1]

证券研究报告 | 浙商早知道 市场总览 重要观点 报告日期：2025 年 06 月 19 日 浙商早知道 2025 年 06 月 19 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：6 月 18 日上证指数上涨 0.04%，沪深 300 上涨 0.12%，科创 50 上涨 0.53%，中证 1000 下跌 0.1%，创业板 指上涨 0.23%，恒生指数下跌 1.12%。 ❑ 行业：6 月 18 日表现最好的行业分别是电子（+1.5%)、通信（+1.39%)、国防军工（+0.95%)、银行（+0.92%)、 电力设备（+0.32%)，表现最差的行业分别是美容护理（-1.73%)、房地产（-1.35%)、建筑材料（-1.22%)、非银金 融（-1.16%)、轻工制造（-1.13%)。 ❑ 资金：6 月 18 日全 A 总成交额为 12217.64 亿元，南下资金净流入 12.42 亿港元。 ❑ 【浙商煤炭 樊金璐】煤炭 半年行业策略 ...

Group 1 - The annual "618" shopping festival has shown significant growth in various sectors, particularly in home appliances, home decor, and 3C digital products, with overall transaction volume increasing by double digits year-on-year [1][2] - New consumer categories such as IP toys, pets, beauty care, and gold jewelry have also seen record sales during the event, indicating a shift in consumer preferences [1][4] - The promotion period for major platforms has been extended, with JD.com extending its event to 38 days, allowing for greater consumer engagement and decision-making time [2][3] Group 2 - The government subsidy program has positively impacted sales in home appliances and consumer electronics, with a reported sales boost of 1.1 trillion yuan from the trade-in program [2][3] - Instant retail platforms like Meituan have significantly contributed to sales growth, with Meituan's flash purchase data showing a twofold increase in overall transaction volume compared to the previous year [6] - The integration of online and offline retail strategies is expected to reshape the retail landscape, with the instant retail market projected to exceed 2 trillion yuan by 2030 [7] Group 3 - The youth consumer demographic is increasingly driving sales in the toy and trendy play sectors, with notable growth in the blind box market and a surge in demand for high-end toys [4][5] - The "riding economy" and "pet economy" are emerging as strong new consumer segments, attracting significant investment and interest from market players [5] - The overall performance of the domestic consumption sector is expected to remain strong, with certain categories like beauty care and gold jewelry showing promising growth potential [5]