Core Viewpoint - The market sentiment score has declined, indicating a bearish outlook for the market as it has ended its upward repair trend [1][4]. Group 1: Market Sentiment Indicators - The market sentiment structure indicator has shown significant fluctuations over the past five years, with a low position for most of 2023, only breaking above 2 in October 2024 [1]. - As of May 30, the market sentiment score was 2.5, down from 2.65 the previous week, suggesting a shift towards a bearish sentiment [1]. - The decline in sentiment is supported by a decrease in industry trading activity and a drop in the PCR combined with VIX indicators, reflecting increased uncertainty in fund sentiment [4][6]. Group 2: Industry Performance - The trading activity score across industries has significantly decreased, indicating a lack of investment themes and weak trends in industry performance [6][13]. - The overall trading volume in the A-share market has dropped, with a notable decline in the first three trading days of May, reaching a low of 1.16 trillion RMB on Friday [8]. - The industry performance shows that sectors like environmental protection, biomedicine, and national defense have maintained positive growth, while sectors like automobiles, electric equipment, and non-ferrous metals have seen significant declines [16][17]. Group 3: Short-term Trends - The short-term trend scoring model indicates that sectors such as computer, media, electronics, and biomedicine have shown significant upward trends, with the computer sector's score increasing by 22.22% [19][20]. - The model suggests that small-cap growth stocks are currently favored, with strong signals indicating a preference for this style despite a potential strengthening of value styles [21].

2025年6月3日早盘，A股三大指数低开后震荡走强，全线翻红。计算机、半导体及医药生物板块活跃上 行，相关个股表现强势。神州细胞涨超10%，澜起科技涨超7%，思瑞浦、复旦微电、迈威生物、中望 软件、三生国健等个股涨幅居前。 科创芯片ETF南方(588890)紧密跟踪上证科创板芯片指数，上证科创板芯片指数从科创板上市公司中选 取业务涉及半导体材料和设备、芯片设计、芯片制造、芯片封装和测试相关的证券作为指数样本，以反 映科创板代表性芯片产业上市公司证券的整体表现。指数前十大权重股分别为中芯国际、海光信息、寒 武纪、澜起科技、中微公司、芯原股份、沪硅产业、恒玄科技、思特威、华润微。 科创100ETF南方(588900)紧密跟踪上证科创板100指数，上证科创板100指数从上海证券交易所科创板中 选取市值中等且流动性较好的100只证券作为样本。上证科创板100指数与上证科创板50成份指数共同构 成上证科创板规模指数系列，反映科创板市场不同市值规模上市公司证券的整体表现。指数前十大权重 股分别为恒玄科技、百济神州、睿创微纳、泽璟制药、纳芯微、国盾量子、翱捷科技、华虹公司、安集 科技、博瑞医药。 相关产品： 科创芯片ETF ...

Group 1 - The ChiNext Index has evolved significantly since its inception, with only 16 of the original constituent stocks remaining, reflecting a shift from small and medium-sized enterprises to industry leaders with market capitalizations exceeding 100 billion yuan [2][3] - The index has seen substantial growth in its constituent companies, with some achieving nearly 40% global market share in their respective sectors, such as power batteries and photovoltaic inverters [3][4] - The overall revenue and net profit of the ChiNext Index constituents have shown impressive annual growth rates of 30% and 26% respectively from the end of 2010 to the end of 2024, with future projections indicating continued growth [4] Group 2 - The upcoming revision of the ChiNext Index will introduce a weight limit mechanism to control the influence of individual stocks, enhancing the index's stability and representation of the market [5] - An ESG negative exclusion mechanism will be implemented to promote sustainable investment practices, ensuring that stocks rated below B in ESG criteria are excluded from the index [5] - The ChiNext Index has grown to a scale of over 80 billion yuan, reflecting its importance in tracking the performance of innovative enterprises in China [6]

Core Viewpoint - The monthly stock recommendations from brokerage firms reflect a comprehensive judgment on macroeconomic conditions, industry trends, and individual stock values, serving as an important reference for investors to observe market directions [1] Group 1: Market Analysis - As of June 2, 23 brokerage firms have released their assessments for the A-share market in June, with a total of 157 stocks included in the June "golden stock" list [2] - The top three industries represented in the recommendations are machinery and equipment, electronics, and pharmaceuticals, with 17, 14, and 13 stocks respectively [2] - East Wu Securities indicates that while U.S. tariff disruptions continue, their impact on the market is marginally weakening, suggesting that the overall impact on A-shares is controllable [2] - Zhongtai Securities anticipates some pressure in the market for June but expects a solid bottom, with potential upward options for A-shares in the medium term [2] Group 2: Stock Recommendations - A total of 21 stocks received recommendations from two or more brokerage firms, with Yara International (000893) and Dongpeng Beverage (605499) leading with four recommendations each [3] - Yara International's strengths include a recovering potassium fertilizer industry, successful expansion in production, and favorable tax policies [3] - Dongpeng Beverage reported a first-quarter revenue of 4.85 billion yuan, a year-on-year increase of 39.2%, and a net profit of 960 million yuan, up 53.5% year-on-year [3] Group 3: Performance Metrics - All 21 stocks on the June golden stock list reported profits in the first quarter, with 13 stocks showing a net profit growth of over 10% [4] - Yara International and Wanma Technology both saw their net profits double year-on-year [4] - Wanma Technology's first-quarter revenue grew by 78.24%, with a net profit increase of 237.89%, driven by growth in communication and vehicle networking businesses [4] - Juhua Co. achieved a net profit of 808 million yuan in the first quarter, a 160.64% increase, with a focus on high-quality development in pharmaceutical packaging [4]

中信建投：关税冲击再起，内需韧性支撑 关税担忧再起，短期或压制市场情绪，但从边际上看，市场正逐步对关税脱敏。4月工业企业利润改善，"两 新"与消费激励政策兑现程度良好，拉动下游消费增长，同时支撑中游设备制造业，5月PMI制造业整体景气回 暖，出口订单反弹，新动能和消费品表现突出，中国基本面的韧性将为市场提供底部支撑。微盘股交易热度上 升，拥挤度高位，注意交易拥挤风险。 配置上继续看好具备地缘政治隔离、内需驱动和成长弹性特征的"新质内需成长"方向，目前仍以内需循环为 佳，聚焦服务消费、新消费、反关税。行业重点关注：美容护理、农林牧渔、国防军工、有色金属、医药生 物、计算机、社会服务、商贸零售等。 中国银河证券：市场调整空间有限 近期板块轮动速度加快，行情震荡格局尚未改变，市场成交额未出现明显放量，仍以存量博弈为主。外围市场 方面仍然存在较大不确定性。尽管当前中美达成阶段性关税协议，短期缓解了外贸压力，但后续特朗普政府政 策仍然存在反复性。短期内，市场或仍维持震荡格局，关注外部关税的变化与国内政策的落地节奏。在国内一 系列政策支持下，市场调整空间有限。同时，6月18日至19日陆家嘴论坛期间将发布若干重大金融政策， ...

市场概况： 上周（5月26日至5月30日）A 股市场呈现结构性分化格局，低估值蓝筹与中小盘股表现迥 异。上证指数、深证及创业板指均有不同程度下跌，而万得微盘指数逆势上涨 2.65%，反映出权重股在 流动性边际收紧预期下的承压状态；与之形成鲜明对比的是，中证 500、中证 1000 等中小盘指数分别 上涨 0.32% 和 0.62%，市场结构性机会明显。 权益方面，美股三大指数集体上涨，科技巨头业绩超预期支撑风险偏好。欧洲市场德国DAX、法国 CAC表现较好。亚洲市场分化相对显著，新兴市场中越南、印度、巴西等涨跌互现。CBOE波动率指数 （VIX）下跌超10%，市场恐慌情绪降温。 商品方面，各品种承压明显。能源与工业金属领跌，贵金属随美元走强而回调，COMEX黄金仍收报于 3300美元/盎司上方。农产品方面，仅生猪期货上涨，BDI 干散货因中国进口需求而有所波动。 图 一周摘要 图 行业板块： 上周Wind一级平均涨幅0.17%，Wind百大概念指数上涨比例67%。板块方面，环保、医药 生物、国防军工相对表现良好，分别上涨3.42%、2.21%、2.13%，计算机、传媒、交通运输、通信等小 幅上行，而有色金属、 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the equity market showed differentiation, with the BeiZheng 50 leading the gains and the small - cap value style outperforming. In terms of industries, comprehensive finance led, and national defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery also performed well. The bond market declined overall, while the convertible bond market rose. The average return of active equity funds in the whole market was - 0.41%; the average return of short - term bond funds was - 0.01%, and that of medium - and long - term bond funds was - 0.03%; the average return of bond funds with equity exposure was negative, and the average return of convertible bond funds was positive [1][2]. 3. Summary According to the Directory 3.1 Market Review - The equity market was differentiated, with the BeiZheng 50 leading and the small - cap value style dominant. Comprehensive finance led the industry performance, and national defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery also performed well. As of the close this week, the CSI 300 Index closed at 3840 points, down 1.08%; the Shanghai Composite Index closed at 3347 points, down 0.03%; the Shenzhen Component Index closed at 10041 points, down 0.91%; the ChiNext Index closed at 1993 points, down 1.4%. In the Hong Kong stock market, the Hang Seng Index fell 1.32%, and the Hang Seng Tech Index fell 1.46% [6]. - In terms of industry performance, comprehensive finance led with a gain of over 10%. National defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery performed well, while the automobile, non - ferrous metals, power equipment and new energy sectors declined by over 2% [8]. - As of May 30, 2025, there were 5413 stocks in the A - share market, of which 3228 stocks rose this week. The number of rising stocks on the BeiZheng, ChiNext, Science and Technology Innovation Board, and Main Board was 194, 816, 343, and 1875 respectively [11]. 3.2 Key Fund Tracking 3.2.1 Active Equity - **Fund Performance**: The average return of the whole - market funds in the sample was - 0.41%. Funds with better performance were heavily invested in industries such as medicine, non - ferrous metals, and food and beverages. Among industry - themed funds, medical sector funds had the highest average return, while mid - stream manufacturing and cyclical sector funds lagged [17][20]. - **Position Estimation**: This week, the positions of ordinary stock - type funds increased slightly, while those of partial - stock hybrid funds decreased slightly. Compared with the previous week, the positions of ordinary stock - type funds increased by 0.22 percentage points, and those of partial - stock hybrid funds decreased by 0.60 percentage points. Actively managed partial - stock funds increased their allocation to cyclical and stable sectors and reduced their allocation to financial, consumer, and growth sectors [23]. 3.2.2 Bond - type Funds - **Bond Market Performance**: The bond market declined overall this week. The ChinaBond Total Wealth Index closed at 245.89, down 0.07% from last week; the ChinaBond Treasury Bond Index closed at 246.62, down 0.07% from last week; the ChinaBond Credit Bond Index closed at 223, down 0.01% from last week. The CSI Non - Pure Bond Fund Index closed at 2184.93 on Thursday, down 0.02% from last Thursday. The CSI Convertible Bond Index closed at 429.31, with a weekly increase of 0.46% and a trading volume of 277.1 billion yuan, an increase of 2.093 billion yuan from last week [29][31]. - **Fund Performance Overview**: The average return of short - term bond funds was - 0.01%, and the median was - 0.01%. The average return of medium - and long - term bond funds was - 0.03%, and the median was - 0.04%. The average return of first - tier bond funds was 0%, and the median was - 0.01%. The average return of second - tier bond funds was - 0.02%, and the median was - 0.01%. The average return of partial - bond hybrid funds was - 0.03%, and the median was - 0.02%. The average return of low - position flexible allocation funds was - 0.07%, and the median was - 0.05%. The average return of convertible bond funds was 0.28%, and the median was 0.22% [34][37][40]. 3.2.3 New - share Subscription Funds - **New - share Overview**: One new stock was listed this week, with a total raised capital of 604 million yuan. There was no break - even on the first day of listing, and the expected total入围 income was 35,400 yuan [41]. - **New - share Subscription Income Calculation**: Assuming weekly participation in offline new - share subscriptions and successful入围, the weekly new - share subscription return sequence of an 800 - million - yuan account was calculated [42]. - **Fund Company New - share Subscription Overview**: Eight fund companies with more than two new - share subscription funds were selected. This week, the new - share subscription return rate of an 800 - million - yuan account was 0.004%. The optimal scale for weekly and annual new - share subscriptions was 400 million yuan [44]. - **New - share Subscription Fund Performance**: The average return of new - share subscription funds in the sample this week was - 0.18% [46]. 3.2.4 FOF Fund Performance - The average returns of low - risk, medium - risk, and high - risk FOF funds in the sample this week were - 0.28%, - 0.88%, and - 1.45% respectively [48]. 3.2.5 QDII Funds - During the statistical period, partial - stock and index QDII funds declined by 0.71% and 0.83% on average respectively, while alternative and bond QDII funds rose by 0.02% and 0.37% on average respectively [2][49]. 3.2.6 REITs Funds - This week, REITs declined by 0.02% on average. The Huaxia TBEA New Energy REIT led the gains, rising 4.26% this week. The Huatai Suzhou Hengtai Rental Housing REIT had the highest liquidity, with a trading volume of 130.2489 million yuan this week [51].

Market Performance - During the trading days from May 26 to May 30, all three major A-share indices experienced declines, with the Shanghai Composite Index down by 0.03%, the Shenzhen Component Index down by 0.91%, and the ChiNext Index down by 1.4% [1] - On Friday, the Shanghai Composite Index fell by 0.47% to close at 3347 points, while the Shenzhen Component Index decreased by 0.85% to 10041 points [3] Stock Performance - A total of 32 stocks saw a price increase of over 30% this week, with Luqiao Information leading at a 94.2% increase. Other notable gainers included Shutai Shen with over 60% and several others exceeding 50% [4][5] - Conversely, only three stocks experienced a decline of over 20%, with Lijun Co. leading the drop at 21.89% [4][5] Trading Activity - 82 stocks had a turnover rate exceeding 100% during the week, with Xintiandi topping the list at 247.65%. Other high turnover stocks included Xue Ren Co. and Wangzi New Materials, both exceeding 200% [6][7] - The sectors with high turnover rates included pharmaceuticals, machinery, and light manufacturing [6] Fund Flows - The textile, environmental protection, and coal industries attracted significant capital inflows, while the electric equipment, automotive, machinery, electronics, and computer sectors saw net sell-offs exceeding 5 billion yuan [8] - Stocks with the highest net inflows included Shenghong Technology, Haige Communication, and Hushen Co., with net inflows of 6.76 billion yuan, 5.08 billion yuan, and 4.92 billion yuan, respectively [9] Margin Trading - A total of 1722 stocks received net buying through margin trading, with 597 stocks having net purchases exceeding 10 million yuan. BYD led with a net buying amount of 15.17 billion yuan [10][11] Institutional Research - 435 listed companies were researched by institutions this week, with Zhongwei Company receiving the most attention from 212 institutions [12][13] - 72 stocks were newly favored by institutions, with Sairis receiving a "strong buy" rating and a target price of 184.93 yuan [14][15]

Group 1 - The ChiNext Index has grown significantly over 15 years, from a market cap of 0.36 trillion yuan to 5.64 trillion yuan, representing over 15 times growth [5][9] - The ChiNext Index has accumulated a total increase of 99.3% since its launch, outperforming other indices like the CSI 300 and Wind All A [5][6] - The index is recognized as a leading indicator during bull markets, often associated with strong returns for investors [5][6] Group 2 - In 2024, companies within the ChiNext Index reported total revenues of 1.7 trillion yuan and net profits of approximately 180 billion yuan, indicating growth in both revenue and profit [9] - Nearly 70% of the sample companies achieved positive revenue growth, and over 40% saw revenue and net profit growth exceeding 10% [9][10] - The index's sample companies have shown a 12% increase in gross profit and a 16% increase in cash flow year-on-year [9] Group 3 - The ChiNext Index has undergone 53 adjustments since its inception, allowing it to adapt to changing market themes and maintain relevance [11] - The top three sectors by weight in the index currently include power equipment, pharmaceuticals, and electronics, aligning with national development strategies [13] Group 4 - The index focuses on companies that embody innovation and high growth, with significant representation from sectors like semiconductors, AI, and renewable energy [15] - R&D investment among sample companies reached 88 billion yuan in 2024, with over 20% of companies investing more than 15% of their revenue in R&D [15] Group 5 - Cash dividends from the ChiNext Index have increased from 8.69 billion yuan in 2015 to 81.23 billion yuan in 2024, reflecting a growth rate of 8.35 times [17] - The dividend payout ratio has risen from 25% to 45.95%, indicating improved financial health among companies in the index [17] Group 6 - As of May 30, 2025, there are 83 public index funds tracking the ChiNext Index, with a total scale exceeding 140 billion yuan, providing diverse investment options [20] - The ChiNext Index has gained international attention, with ETFs linked to it being launched in various countries, including Brazil [22] Group 7 - The ChiNext Index will implement significant changes to its compilation method, including an ESG negative screening mechanism and a weight cap for individual stocks, effective June 16, 2025 [24][25] - These changes aim to enhance the index's representativeness, investability, and risk control capabilities [26]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.24 CNY, reflecting a reasonable market value of 163.33 billion CNY [2][6]. Core Insights - The company has narrowed its losses, with a notable performance in commercialization expected. The 2024 revenue is projected at 1.69 billion CNY, a decrease of 9.0% year-on-year, while the net loss attributable to the parent company is expected to be 2.40 billion CNY, a reduction of 15.4% year-on-year [9]. - The approval of the drug Gexosrese for commercialization is anticipated to drive growth, with 2025 being the first full year of commercialization for Gexosrese, alongside the inclusion of another drug in the National Medical Insurance Directory [9]. - The clinical pipeline is progressing well, with positive data from the TYK2 inhibitor trials, indicating a strong potential for future revenue generation [9]. Financial Forecasts - Revenue projections for 2025-2027 are as follows: 141 million CNY in 2025, 323 million CNY in 2026, and 525 million CNY in 2027, with respective growth rates of -16.5%, 129.3%, and 62.6% [4]. - The net profit attributable to the parent company is forecasted to be -346 million CNY in 2025, -377 million CNY in 2026, and -290 million CNY in 2027, reflecting a trend of narrowing losses [4]. - The gross margin is expected to remain high, with projections of 100.0% in 2025, 98.9% in 2026, and 98.0% in 2027 [4]. Valuation Metrics - The report provides a detailed valuation analysis, indicating an enterprise value of 14.65 billion CNY and an equity value of 16.33 billion CNY, leading to a per-share value of 28.24 CNY [10]. - The report also includes a sensitivity analysis for the target price based on varying perpetual growth rates and WACC [10].