Core Viewpoint - Five Dao Group is positioning itself for a prosperous future in industrial investment, emphasizing the importance of industry prosperity for economic growth and investor returns [1][7]. Group 1: Asset Management Industry - The asset management industry is transitioning from a capital-driven model to an asset-driven model, with a focus on regulatory compliance and market maturity [3]. - Industry leaders who possess scarce resources and rich investment experience are taking control of the market, ensuring greater security for investors' assets [3]. Group 2: Industrial Investment Era - The current global economic landscape presents a unique opportunity for industrial investment, which is seen as the best era for such investments [5]. - Five Dao Group has strategically positioned itself in the industrial investment sector, leveraging its market insights and professional expertise [5][10]. Group 3: Company Development and Achievements - Five Dao Group has established branches in over ten cities across China, providing quality industrial investment services to more than a thousand client groups [8]. - The company is committed to optimizing its industrial structure and services to enhance investment capabilities and offer diversified investment options [8][10]. Group 4: Future Vision and Strategy - The company aims to deepen its focus on industry and embrace innovation to create long-term value for investors and society [10]. - Five Dao Group's core philosophy revolves around selective industrial investment, leveraging financial support, and enhancing industrial operations [10][11]. Group 5: Client Engagement and Appreciation - The recent client appreciation event served as a platform for strengthening relationships and expressing gratitude for clients' trust [13]. - The event fostered a relaxed atmosphere for networking and sharing among clients, enhancing connections and mutual understanding [13].

Investment Rating - The industry investment rating is "Increase Holding" [19] Core Insights - The North Exchange will officially launch the North Certificate Specialized, Refined, Unique, and New Index on June 30, 2025, providing multi-dimensional investment targets and performance benchmarks [3][13] - The index will consist of the 50 largest market capitalization stocks from the North Exchange's specialized, refined, unique, and new "small giant" companies, reflecting the overall performance of these listed companies [5][13] - The index will be based on a reference date of June 28, 2024, with a base point of 1000 [3][13] Summary by Sections North Certificate Specialized, Refined, Unique, and New Index - The index is designed to select well-performing companies with no legal violations and stable financial reports, ranked by average daily trading volume over the past six months [5][14] - The index will undergo semi-annual reviews to adjust its sample based on stability and dynamic tracking principles, with a maximum adjustment ratio of 20% [5][14] Investment Strategy for North Exchange - The report anticipates significant achievements in the high-quality development of the North Exchange in 2025, recommending attention to specific sectors: 1. Data Centers: Companies like Krait and Shuguang Data Creation are highlighted for their advantages in nuclear power and liquid cooling technology [15] 2. Robotics: Companies such as Suzhou Axis and Audiwei are noted for their leadership in needle bearings and ultrasonic sensors [15] 3. Semiconductors: Hualing Co. and Kaide Quartz are recognized as leaders in semiconductor testing and quartz devices [15] 4. Consumer Goods: Companies like Taihu Snow and Baixinglong are mentioned for their innovative products in silk and packaging [15] 5. Military Information Technology: Chengdian Optoelectronics and Xingtian Measurement Control are identified as key players benefiting from military upgrades and satellite internet construction [15]

Market Overview - The market experienced a slight rebound in early trading, with the three major indices showing minor increases [1] - The total trading volume in the Shanghai and Shenzhen markets reached 714.2 billion, a decrease of 12.8 billion compared to the previous trading day [1] - Overall, the market saw more declines than gains, with over 3,000 stocks falling [1] Sector Performance - Football concept stocks continued to surge, with Jinling Sports achieving a 20% limit-up for three consecutive trading days [1] - Computing hardware stocks strengthened again, with Shenghong Technology reaching a historical high [1] - Virtual power plant concept stocks were active, with Zhongdian Xindong hitting the daily limit [1] - In contrast, large consumer stocks collectively adjusted, with Mankalon dropping over 10% [1] Index Performance - By the end of trading, the Shanghai Composite Index rose by 0.08%, the Shenzhen Component Index increased by 0.16%, and the ChiNext Index gained 0.32% [1]

Market Overview - The market experienced a rebound with the ChiNext Index rising over 1% and significant strength in the consumer sector, particularly in gold jewelry, beauty care, and food and beverage, with several stocks hitting the daily limit [1] - The total trading volume reached 1.18 trillion [1] Key Sectors Computing Power - The computing power sector saw a strong rebound, with stocks like Kangsheng Co., Derun Electronics, and Zhongdian Xindong hitting the daily limit [4] - Nvidia's stock rose nearly 3% to $141.22, reclaiming its position as the world's most valuable publicly traded company, while CoreWeave's stock surged over 25% to a record high of $150.48, with a market cap exceeding $72 billion (approximately 510 billion RMB) [4] - The computing power leasing industry is entering a high-quality development phase, shifting focus from price competition to multi-dimensional capability competition, with a potential market size of 260 billion RMB by 2026 [6] Solid-State Batteries - The solid-state battery sector became active again, with stocks like Baihehua and Keheng Co. hitting the daily limit [7] - Upcoming conferences related to solid-state batteries are scheduled, indicating a growing interest in the sector [7] - The demand for solid-state electrolytes is expected to reach 210 billion RMB by 2030, driven by the increasing need for solid-state batteries [9] Consumer Sector - The consumer sector remained active, with notable gains in gold jewelry and beer segments, as stocks like Laishen Tongling and Lehui International hit the daily limit [10] - The domestic ancient gold market is projected to reach 421.4 billion RMB by 2028, with a compound annual growth rate of 21.8% [11] - The beer and beverage sector is expected to see increased investment opportunities as it enters the peak season, with favorable conditions for sales [12]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - This week, the winning probabilities of the equity and convertible bond markets were relatively insufficient, with various broad-based and convertible bond indices showing different trends. Short-term performance may be pressured by tariff disturbances. Since May, the equity market's rise has been characterized by a rebound from oversold conditions. Investors entered the market actively based on odds considerations, and with institutional support, the market continued to rise. However, after the Shanghai Composite Index reached a high on May 14, the logic of the rebound has changed, and market divergence has increased. Considering the uncertainty of future tariff policies, style rotation may accelerate. The dumbbell allocation strategy may continue to be advantageous [1][2][7] - In the short term, the winning probabilities of the equity and convertible bond markets are relatively insufficient and may be pressured by tariff disturbances. The risk of a significant short-term decline is limited, and the market will likely remain volatile. The dividend style benefits from policy support, and the technology growth style has re-entered the institutional view after a valuation correction [2][7] - It is recommended that investors focus on high-grade, fundamentally stable convertible bonds. The market style will still tend to be stable. Strategies should balance defense and theme flexibility. Suggested areas to focus on include the dividend, technology growth, and large consumption sectors [8] Group 3: Summary by Relevant Catalog 1 Market Observation - From May 26 to May 30, various broad-based and convertible bond indices showed different trends, with some convertible bond indices leading the gains. Balanced and equity-based valuations were compressed [7] - The market was volatile this week, with insufficient winning probabilities for major indices and significant sector differentiation. Environmental protection, medicine, and military industries led the gains. The small-cap style was dominant. The bond market had low volatility and weak trading sentiment due to the lack of a macro trading theme and limited odds space [2][7] - The equity market may be pressured by tariffs in the short term. The risk of a significant decline is limited, and the market will remain volatile. After the high on May 14, market divergence increased, and trading volume decreased. Style rotation may accelerate, with the dividend style benefiting from policies and the technology growth style re-entering institutional consideration after a valuation correction [2][7] - In the short term, investors are advised to focus on high-grade, fundamentally stable convertible bonds. Strategies should balance defense and theme flexibility. Suggested areas to focus on include the dividend, technology growth, and large consumption sectors [8] 2 Convertible Bond Market Tracking 2.1 Convertible Bond Market Trends - Not provided in the given content 2.2 Individual Convertible Bonds - Not provided in the given content 2.3 Convertible Bond Valuations - Not provided in the given content 2.4 Convertible Bond Prices - Not provided in the given content

Market Overview - The market experienced fluctuations with all three major indices slightly declining. The new consumption concept surged, with stocks like Shuiyang Co., Mingpai Jewelry, Zhou Dashing, and Junyao Health hitting the daily limit. The unmanned logistics vehicle concept remained active, with stocks such as Tongda Electric, Yunnei Power, and Jinlv Environment also reaching the daily limit. Nuclear power and controllable nuclear fusion concepts continued to show strength, with companies like Hezhan Intelligent, Rongfa Nuclear Power, and Xue Ren Co. hitting the daily limit. In contrast, pharmaceutical stocks experienced volatility, with Haichen Pharmaceutical dropping over 10%. Overall, more than 3,400 stocks declined, with a total transaction volume of 1.03 trillion yuan [1]. Hot Topics Unmanned Logistics Vehicles - Unmanned logistics vehicles saw significant gains, with stocks like Tongda Electric, Yunnei Power, Jinlv Environment, and Debang Co. reaching the daily limit. The launch of the E-series unmanned logistics vehicle by Jiu Shi Intelligent on May 27 was reported by Hubei Daily [4]. - According to Longjiang Securities, the domestic low-speed unmanned logistics vehicle market is expected to experience explosive growth, with leading logistics technology companies projected to see a multiple increase in order volume by 2025. The reduction in core component costs and improved algorithm efficiency provide significant economic benefits compared to manual operations [5][6]. Nuclear Fusion - The nuclear fusion sector remained active, with companies like Shangwei Co. and Rongfa Nuclear Power achieving consecutive daily limits. A report from FIA indicated that 26 out of 37 surveyed commercial nuclear fusion companies believe the first nuclear fusion unit will be connected to the grid by 2035 [7]. - Huayuan Securities highlighted that nuclear fusion offers unmatched advantages over other energy sources, making it a potential solution to global energy challenges. The competition in the fusion sector is accelerating, with countries updating their fusion development strategies. The number of global fusion devices has exceeded 100, and China's participation in international ITER projects is forming a preliminary fusion equipment industry chain [9]. Consumer Sector - The consumer sector remained active, with companies like Kuaijishan experiencing over a 60% increase in stock price over the past week. Junyao Health and other companies also hit the daily limit [10]. - Pacific Securities noted that emotional consumption, cost-performance ratio, and health trends are becoming key factors for successful products in the consumer market. Companies with "new consumption" attributes continue to attract attention, particularly in the snack and beverage sectors [11][12].

从市场运行节奏看，沪指反弹遇阻，短期进入调整状态。沪指于 4 月中旬逐步企稳反弹，经过一个 多月的反弹，受到来自于今年一季度的市场高点和去年四季度的成交密集区的压力，遇阻回落，近两周 呈现出高点下移，低点同步下移的调整态势，需密切关注下方均线的支撑力度。 风险提示：国际地缘、贸易冲突超出预期；全球金融市场风险暴露；国内上市公司业绩增速回落超 预期；全球经济衰退超预期。 首先，宏观信息进入相对"真空期"，市场正在等待新变量。5 月以来，中美互相下降关税、我国央 行降准降息以及四月宏观数据的披露等重大宏观信息均以披露并在市场上有了充分的反馈，短期似乎进 入了相对的信息"真空期"，市场正在等待新的变量。另外，公募基金和上市公司重组的相关的新规定也 正在逐步影响市场的微观结构，市场呈现板块和风格轮动的局面。 本周，两市遇阻回落，成交萎缩。沪指先弹后跌，周三盘中产生本周高点，低于上周高点；周五回 落时击穿上周低点，形成了短期调整结构。深圳成指周中的反弹继续被 60 天均线压制，收盘于 20 天均 线上方。量能方面，本周两市日均量能在 11000 亿左右，较上周继续下降。本周市场热点主要集中在医 药生物和大消费行业。投资 ...

Group 1 - The 2025 Fund High-Quality Development Conference was held in Shenzhen, focusing on new paths for the high-quality development of the fund industry, gathering top experts and leaders from academia, private equity, and brokerage firms [1] - Zhang Yuxiang, a fund manager from Penghua Quantitative Investment Department, discussed the characteristics of new consumption, emphasizing the importance of product positioning, new channels, and precise targeting of consumer demographics [3] - New consumption trends are driven by self-indulgent and emotional spending, with significant growth in performance expected in 2024 and Q1 2025, often exceeding market expectations [3] Group 2 - New consumption aligns with the preferences of younger consumers, indicating a structural shift in consumption patterns that is likely to persist over the long term [3] - Traditional sectors, such as gold and jewelry, can also be redefined as new consumption if they adopt new positioning, channels, and models, reflecting the evolving consumer landscape [3]

Investment Rating - The report maintains an "Accumulate" rating for the industry, indicating an expected increase in performance relative to the benchmark index over the next 6 to 12 months [20]. Core Insights - The first nationwide public company bond supporting small and micro enterprises was successfully issued on the Beijing Stock Exchange, with a total issuance scale of 500 million yuan and an interest rate of 2.50% [1][16]. - Of the raised funds, 350 million yuan is allocated to support the development of small and micro enterprises related to the industry chain, while 150 million yuan is designated for replenishing working capital [1][16]. - The issuance aims to alleviate the financing difficulties faced by small and micro enterprises by providing liquidity support [1][16]. Summary by Sections 1. Nationwide First Public Company Bond for Small and Micro Enterprises - The bond was issued by Jiangxi Financial Holding Group on April 23, 2025, with a term of 3+N years [1][16]. - The issuance is a significant step towards promoting inclusive finance and addressing the financing challenges of small and micro enterprises [1][16]. 2. Beijing Stock Exchange Bond Market Situation - The bond market officially opened on January 15, 2024, and has developed a product system that includes 10 specialized types of bonds [2][17]. - The exchange has conducted targeted research and training to align financial resources with the needs of small and micro enterprises [2][17]. 3. Investment Strategy for the Beijing Stock Exchange - The report highlights several sectors to watch in 2025, including: - Data Centers: Companies like Clait and Shuguang Data Creation are noted for their advantages in nuclear power and liquid cooling technology [6][14]. - Robotics: Key players include Suzhou Axis and Audiwei, focusing on bearings and sensors [6][14]. - Semiconductors: Hualing and Kaide Quartz are recognized as leaders in third-party testing and quartz devices [6][14]. - Consumer Goods: Companies such as Taihu Snow and Lusi are highlighted for their innovative products [6][14]. - Military Information Technology: Chengdian Guangxin and Xingtuzhihui are expected to benefit from advancements in military and aerospace sectors [6][14].

Group 1 - The core viewpoint emphasizes the importance of regular visits to listed companies to facilitate high-quality development and address their challenges [1][2][3] - Since the beginning of 2024, over 130 listed companies have been assisted in resolving more than 270 issues, particularly in response to external pressures such as tariffs [2][3] - The Sichuan Securities Regulatory Bureau has actively supported innovation and development, encouraging companies to focus on core businesses and utilize capital market tools for growth [3][4] Group 2 - The Yunnan Securities Regulatory Bureau has conducted visits covering nearly 80% of listed companies, fostering a collaborative environment among companies, regulatory bodies, and local governments [5][7] - In 2024, Yunnan listed companies achieved a total revenue of 6014.33 billion, with a year-on-year growth of 6.55%, and a net profit of 302.53 billion, reflecting a 0.59% increase [11] - The Guizhou Securities Regulatory Bureau has visited nearly two-thirds of listed companies, addressing operational challenges and facilitating solutions in areas like project approval and tax policies [15][16] Group 3 - The Guizhou Securities Regulatory Bureau reported that 10 listed companies engaged in mergers and acquisitions, with a total of 745.30 billion in dividends distributed, marking a historical high [16][17] - The Tibet Securities Regulatory Bureau has visited 14 listed companies, resolving 17 out of 28 reported issues, focusing on sectors like biomedicine and non-ferrous metals [19][20] - The ongoing efforts in regular visits aim to enhance the quality and investment value of listed companies, contributing to the overall high-quality development of the capital market [12][20]