Core Insights - The 2025 International Forum on Beautiful Living will be held on July 28, 2025, in Beijing, focusing on enhancing living standards and addressing industry concerns [1][10] - The forum aims to redefine "beautiful living" and establish practical standards for "good housing" that resonate with real-life experiences [4][5] Group 1: Forum Objectives - The forum will gather representatives from real estate, home furnishing, associations, academic institutions, and international sectors to engage in deep discussions and provide solutions to industry challenges [1][5] - It will focus on two main topics: defining "beautiful living" and implementing standards for "good housing" in practical terms [4][5] Group 2: Practical Approach - The forum emphasizes actionable dialogue over abstract theories, aiming to connect various industry stakeholders to address real needs and challenges [5][6] - It will showcase successful case studies from cities that have improved living conditions through urban planning and community upgrades, serving as references for future developments [5] Group 3: Direction for the Industry - The forum will clarify essential and optional elements of "beautiful living," providing a framework for companies in product development and helping consumers make informed choices [5][6] - It represents an opportunity for the industry to align on standards and practices, ultimately enhancing the quality of living environments [6]

Group 1: Share Pledge and Re-pledge - Major shareholder Xu Bangshun holds 88,411,680 shares of Zhihong Home, accounting for 20.35% of the total share capital. After the release and re-pledge, a total of 5,160,000 shares are pledged, representing 5.84% of his holdings and 1.19% of the total shares [2][3] - Xu Bangshun and his concerted actors collectively hold 179,474,928 shares, which is 41.32% of the total share capital. The pledged shares account for 2.88% of their total holdings and 1.19% of the total shares [2][3] - The pledged shares are not used as collateral for major asset restructuring or performance compensation [2] Group 2: Impact of Share Pledge - The share pledge by the controlling shareholder will not have a substantial impact on the company's main business, financing credit, financing costs, or ongoing operational capability [3] - The controlling shareholder's credit status is good, and the stock pledge ratio is at a reasonable level, with no risk of forced liquidation [3] - The company will continue to monitor the stock pledge situation and comply with relevant regulations for timely information disclosure [3] Group 3: Fund Liquidation - The wholly-owned subsidiary Anhui Yuzhishengbang Equity Investment Co., Ltd. participated as a limited partner in the Beijing Juran Home Joint Investment Management Center (Limited Partnership), which is now undergoing liquidation [5][6] - The subsidiary committed a capital contribution of 42 million yuan, representing 1.40% of the fund, and has paid in 2.9855 million yuan as of the announcement date [5][6] - The fund has completed investments in four projects, with a total investment of 203.445 million yuan, and has recovered 399.5599 million yuan from these investments [8] Group 4: Fund Distribution and Company Impact - As of the liquidation benchmark date, the fund has a distributable amount of 18.7944 million yuan, which will be distributed according to the actual contribution ratio of each limited partner [9] - The fund's liquidation is based on the partnership agreement and does not constitute a related party transaction or a major asset restructuring, thus not significantly affecting the company's financial status or daily operations [10]

Core Viewpoint - Hanguo Group Co., Ltd. has successfully completed its initial public offering (IPO) of 40.01 million shares of ordinary A-shares, which has been approved by the Shenzhen Stock Exchange and the China Securities Regulatory Commission [1][2]. Group 1: IPO Details - The IPO consists of three parts: strategic placement, offline issuance, and online issuance [1]. - The initial strategic placement is set at 4.001 million shares, accounting for 10% of the total issuance [1]. - The offline initial issuance is 36.009 million shares, with the final numbers to be determined based on the allocation mechanism [2]. Group 2: Subscription and Allocation - The effective number of subscription accounts for the online issuance is 14,857,668, with a total of 111,369,053,500 shares applied for, resulting in a total allocation number of 222,738,107 [6]. - The initial online subscription multiple is 10,309.56 times, leading to the activation of the allocation mechanism, redistributing 40% of the total issuance to online investors [6]. - After the allocation, the final online issuance quantity is 25.2065 million shares, representing 70% of the total issuance after deducting the strategic placement [6]. Group 3: Lock-up Periods - Shares allocated through strategic placement will have a lock-up period of 12 months starting from the listing date [4]. - For offline investors, 90% of the allocated shares will be unrestricted, while 10% will have a lock-up period of 6 months [3].

Report Industry Investment Rating No relevant content provided Core Viewpoints of the Report - This week, the central bank achieved a net injection of 1.2611 trillion yuan. The Shanghai Composite Index closed at 3534 points, with equities showing strong performance, but the Treasury bond yields did not weaken significantly. The 10Y Treasury bond yield fluctuated narrowly around 1.66%, and the 1Y Treasury bond yield decreased slightly by about 2BP during the week. The end of the tax period did not bring obvious loosening of the capital side [3][41]. - Most credit spreads in different industries compressed to varying degrees this week, with only a small number of industries seeing a slight widening. The credit spreads of urban investment bonds, industrial bonds, and bank secondary and perpetual bonds all compressed slightly overall [3][4][41]. - The buying frenzy of science and technology innovation bond component securities has entered the second half. With the concentrated listing of science and technology innovation bond ETFs this week, the market's enthusiastic subscription has pushed the component securities market towards the end. It is recommended that funds that have participated in this round of the market may consider taking profits and exiting [4][42]. Summary According to Relevant Catalogs 1. Primary Market 1.1 Net Financing Scale - This week, the net financing of credit bonds (excluding asset - backed securities) was 173.5 billion yuan, a decrease of 54.4 billion yuan compared to last week. The total issuance was 400.9 billion yuan, a decrease of 59 billion yuan, and the total repayment was 227.4 billion yuan, a decrease of 4.6 billion yuan. The net financing of asset - backed securities was 18.4 billion yuan, a decrease of 2.2 billion yuan compared to last week [9]. - In terms of product types, the net financing of urban investment bonds was 32.1 billion yuan, an increase of 11.4 billion yuan; the net financing of industrial bonds was 61.9 billion yuan, a decrease of 51.2 billion yuan; and the net financing of financial bonds was 79.5 billion yuan, a decrease of 14.6 billion yuan [9]. 1.2 Issuance Cost - The weighted average issuance rates of AA and AA+ industrial and urban investment bonds this week were in the range of 2.2% - 2.5%, and the overall issuance rate of financial bonds was relatively low. The issuance rate of AA industrial bonds decreased by 37BP compared to last week, mainly due to the low issuance coupons of some bonds, while the fluctuations of other bonds were within 10BP [18]. 2. Secondary Market 2.1 Transaction Situation - The trading volume of credit bonds (excluding asset - backed securities) decreased by 32.1 billion yuan compared to last week. The trading volume of urban investment bonds was 203.8 billion yuan, a decrease of 24.3 billion yuan; the trading volume of industrial bonds was 357.8 billion yuan, a decrease of 14.2 billion yuan; the trading volume of financial bonds was 460.3 billion yuan, an increase of 6.4 billion yuan. The trading volume of asset - backed securities was 16.7 billion yuan, an increase of 5.1 billion yuan [19]. - The turnover rates of urban investment bonds and industrial bonds decreased compared to last week, while that of financial bonds increased slightly. The turnover rate of urban investment bonds was 1.32%, a decrease of 0.16pct; the turnover rate of industrial bonds was 2.05%, a decrease of 0.09pct; the turnover rate of financial bonds was 3.15%, an increase of 0.02pct; the turnover rate of asset - backed securities was 0.48%, an increase of 0.15pct [20]. 2.2 Yield - The yield of AA ultra - long - term credit bonds over 10Y decreased significantly by 11BP, and the yields of other credit bonds with different terms and ratings mostly compressed by no more than 3BP compared to last week [23]. - Taking AA+ 5Y bonds of each type as an example, the yields of most bonds decreased to varying degrees. The yields of private - placement industrial bonds and renewable industrial bonds decreased by 2BP and 3BP respectively; the yield of AA+ 5Y urban investment bonds decreased by 1BP; the yield of commercial bank ordinary bonds remained unchanged, and the yield of secondary capital bonds decreased by 2BP; the yield of AA+ 5Y asset - backed securities decreased by 2BP [25]. 2.3 Credit Spreads - Overall, most credit spreads in different industries compressed to varying degrees this week, with only a small number of industries seeing a slight widening. Specifically, the credit spreads of AA+ leisure services and machinery increased by 6BP each, the credit spread of AA+ pharmaceutical and biological decreased by 7BP, and the credit spread of AAA leisure services decreased by 7BP. The fluctuations of other bonds were within 5BP [4][25]. 2.3.1 Urban Investment Bonds - In terms of terms, the credit spreads of urban investment bonds compressed slightly overall this week. The credit spreads of 0.5 - 1Y, 1 - 3Y, 3 - 5Y, 5 - 10Y, and over 10Y urban investment bonds compressed by less than 1BP, 1BP, 1BP, 2BP, and less than 1BP respectively [30]. - In terms of regions, the credit spread of AA urban investment bonds in Liaoning compressed significantly, while the fluctuations in other regions were within 5BP. The top five regions with the highest AA - rated urban investment bond credit spreads were Guizhou, Jilin, Yunnan, Gansu, and Liaoning; the top five regions for AA+ were Guizhou, Qinghai, Shaanxi, Yunnan, and Liaoning; and the top five regions for AAA were Liaoning, Yunnan, Tianjin, Jilin, and Inner Mongolia [31][32]. 2.3.2 Industrial Bonds - The credit spreads of industrial bonds compressed overall this week, with only a small number of terms and ratings seeing a slight widening. The credit spreads of 1Y AAA - and AA+ private - placement industrial bonds compressed by 1BP each, and the credit spreads of 10Y AAA -, AA+, and AA private - placement industrial bonds compressed by 3BP, 3BP, and 5BP respectively. The credit spreads of 1Y AAA -, AA+, and AA renewable industrial bonds widened by no more than 2BP, and the credit spreads of 10Y AAA -, AA+, and AA renewable industrial bonds compressed by 3BP, 4BP, and 5BP respectively. The fluctuations of other industrial bonds were within 3BP [34]. 2.3.3 Bank Capital Bonds - The credit spreads of bank secondary and perpetual bonds compressed slightly overall this week, with the compression amplitude of different terms and ratings within 3BP. The 3Y and 5Y credit spreads of AA bank perpetual bonds compressed by 3BP each, and the compression amplitudes of other bonds were no more than 2BP [37]. 3. This Week's Bond Market Sentiment - This week, the implied ratings of "HPR Huayu A" and "H20 Huayu B" issued by Chongqing Yerui Real Estate Development Co., Ltd. were downgraded; the implied ratings of 5 bond issues by Chongqing State - owned Cultural Assets Management Co., Ltd. were downgraded; Jiangshan Oupai Door Industry Co., Ltd. was placed on the watchlist, and its "Jiangshan Convertible Bond" was also placed on the watchlist; the implied ratings of "20 Guohua Life 01" and "21 Guohua Life 01" issued by Guohua Life Insurance Co., Ltd. were downgraded; the entity rating of Changde Rural Commercial Bank Co., Ltd. was downgraded, and the rating of its "21 Changde Rural Commercial Secondary" bond was also downgraded [3][39]. 4. Investment Recommendations - Overall, most credit spreads in different industries compressed this week. Investment strategies suggest being bullish on long - duration urban investment and capital bonds, strongly recommending the perpetual bonds of Minsheng, Bohai, and Hengfeng Banks, and paying attention to the opportunities of insurance sub - bonds [41]. - For science and technology innovation bonds, it is recommended that funds that have participated in this round of the market may consider taking profits and exiting [42].

Group 1: Market Overview - The Shanghai Composite Index closed at 3517 points, with a daily increase of 0.37% and a monthly increase of 0.2% [1] - The Shenzhen Composite Index closed at 2146 points, with a daily increase of 1.19% and a monthly increase of 1.85% [1] - Large-cap indices showed a daily increase of 0.67%, while mid-cap and small-cap indices increased by 1.38% and 1.05% respectively over the same period [1] Group 2: Industry Performance - The components industry saw a significant daily increase of 6.77%, with a one-month increase of 30.19% and a six-month increase of 36.56% [1] - The aviation equipment sector increased by 3.84% daily, with a one-month increase of 9.56% and a six-month increase of 13.62% [1] - The communication equipment sector experienced a daily increase of 3.61%, with a one-month increase of 21.99% and a six-month increase of 25.02% [1] Group 3: Public Utilities Sector Analysis - The public utilities sector is expected to see significant performance improvements, particularly in hydropower and coal power [13] - Hydropower companies like China Yangtze Power and Huaneng Water Power reported year-on-year increases in power generation of 5.01% and 10.93% respectively [13] - Coal power profitability is expected to improve due to a significant decrease in coal prices, with the average price of 5500 kcal thermal coal dropping by 25.5% year-on-year [13] Group 4: Investment Recommendations - For the electricity sector, recommendations include China National Power, Sichuan Investment Energy, and Huaneng Water Power due to their strong performance in hydropower [13] - In the green energy sector, companies like Xintian Green Energy and Funi Co. are recommended for their stable profitability in wind power [13] - The nuclear power sector is also highlighted for its growth potential, with recommendations for China Nuclear Power and China General Nuclear Power [13]

证券研究报告 | 2025 年 07 月 18 日 晨会集萃 制作：产品中心 重点推荐 《策略|如何定位"市场化反内卷"？》 1、我们认为，本轮反内卷逻辑和供给侧改革有所不同，本轮反内卷更侧 重于成本调查和价格监测，治理企业低价无序竞争。提价本身需要行业的 供给格局配合，我们从"内卷"程度、产能出清程度、产能出清弹性三个 方面讨论哪些行业更具备基本面率先改善的潜质。以 CAPEX、毛利率和 存货的历史分位数水平衡量行业的"内卷程度"，以上述三个指标是否发 生趋势的拐点判断行业出清是否启动，目的是筛选本身已经在去产能、出 清的行业。2、我们筛选出两类受益方向：第一类走困境反转逻辑，行业 "反内卷"需求较为迫切，处在周期底部，出清拐点初步显现且具有较好 的出清弹性，属于"反内卷"较为核心的赛道。典型行业为光伏设备、通 用设备。以光伏为例，行业库存与开支周期向下，去库效果初显，营收增 速出现环比改善，但毛利率和现金流的改善仍未出现，困境反转后向上空 间较大。第二类走率先出清、盈利改善的右侧逻辑，内卷程度已经得到一 定改善，行业业绩能见度较高。典型为家电、化学原料等。 风险提示：1）过去历史经验有局限性；2）地缘风险 ...

Core Viewpoint - The legal opinion issued by Guangdong Xinda Law Firm confirms that the differentiated equity distribution plan proposed by Oppein Home Group Co., Ltd. for the year 2024 complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [1][7]. Group 1: 2024 Annual Equity Distribution Plan - Oppein Home plans to distribute a cash dividend of 2.48 RMB per share (tax included) to all shareholders, based on the total share capital after deducting shares held in the company's repurchase account [2][3]. - The company will maintain the per-share distribution ratio even if there are changes in total share capital due to convertible bonds, share repurchases, or other significant asset restructuring [3]. Group 2: Reasons for Differentiated Dividend - The company has completed a share repurchase of 2,301,460 shares for a total amount of approximately 249.95 million RMB, in accordance with the previously disclosed repurchase plan [3][4]. - The repurchase was executed within the stipulated timeframe and adhered to the original plan without discrepancies [4]. Group 3: Calculation Basis for the Dividend - The reference price for ex-dividend trading is calculated based on the formula: (previous closing price - cash dividend) / (1 + change in circulating shares ratio) [5]. - The actual ex-dividend reference price is determined to be 53.40 RMB per share, with a minimal impact of 0.0187% on the reference price due to the differentiated dividend distribution [5]. Group 4: Conclusion - The legal opinion concludes that the differentiated dividend distribution aligns with the Company Law, Securities Law, and other relevant regulations, confirming that it does not harm the interests of the company or its shareholders [7].

Core Viewpoint - The company has successfully completed its share repurchase plan, acquiring a total of 4,788,300 shares, which represents 2.33% of its total share capital, within the approved budget and timeframe [1][2][3] Share Repurchase Plan - The board approved a share repurchase plan with a total budget between RMB 20 million and RMB 35 million, with a maximum repurchase price of RMB 9.60 per share [1] - The repurchase was funded through the company's own funds and a special loan for share repurchase, with the loan not exceeding 90% of the total repurchase funds [1] Implementation Status - The company initiated the repurchase on March 24, 2025, and has completed the plan as of the announcement date, with the highest transaction price being RMB 8.75 per share and the lowest at RMB 6.45 per share [2][3] - The total amount spent on the repurchase reached the lower limit of the planned budget [2] Compliance and Impact - The repurchase complied with relevant regulations and did not significantly impact the company's operations, finances, or control structure [2][4] - The share repurchase is expected to enhance the company's capital structure, with potential future use for employee stock ownership plans or equity incentive plans [3][4] Future Arrangements - Any unutilized shares from the repurchase will be canceled if not used within 36 months following the completion of the repurchase [5]

Company and Industry Summary Company Overview - The company is engaged in the home furnishing industry, focusing on retail, home decoration, and international expansion strategies. The company aims to enhance its competitive advantage and investor relations through strategic planning and operational improvements [2][5]. Financial Performance - For the year 2024, the company reported a revenue of 3.475 billion yuan, a decrease of 4.68% compared to the previous year [3]. - The net profit for 2024 was 199 million yuan, reflecting a significant decline of 31.76% year-over-year [3]. - The decline in profit was attributed to the real estate industry's temporary pressure and high fixed costs associated with new retail and overseas strategies [3]. Strategic Focus - The company is implementing a comprehensive upgrade of its four main business segments: retail, home decoration, overseas operations, and customized solutions [2]. - The strategy includes enhancing digital capabilities and resource integration to build a sustainable global home furnishing ecosystem [2]. - The company plans to continue focusing on its four main business areas to improve market share and profitability [5]. Business Segment Performance - The revenue from the distribution channel in 2024 was 1.756 billion yuan, down 6.62% year-over-year [4]. - The bulk business segment generated revenue of 1.242 billion yuan, with a focus on risk management and collaboration with strategic clients [4]. - The overseas business is expanding through the establishment of manufacturing bases in Thailand and satellite factories in regional markets, enhancing local supply chain capabilities [4]. Future Outlook - The company aims to strengthen its growth in retail, home decoration, overseas expansion, and customized solutions, supported by digital transformation initiatives [5]. - The management expressed optimism about the gradual realization of benefits from new retail and overseas strategies, indicating a positive outlook for future performance [3][5]. Investor Relations - The company emphasized the importance of ongoing communication with investors and expressed gratitude for their support [2][5].

Core Insights - Jay Chou's entry into Douyin (TikTok) has significantly boosted his popularity, gaining over 10 million followers in less than 24 hours, and reaching 20 million followers shortly after [2][3] - The surge in Chou's popularity has led to a notable increase in the stock prices of companies associated with him, termed "Jay Chou concept stocks," with some stocks experiencing gains of over 165% [4][6] Company and Market Impact - The company Giant Star Legend, which holds the IP development rights for Jay Chou, saw its stock price soar by 165% on July 9, closing at 98 HKD, and continued to rise by over 20% the following day [4][6] - A-share companies such as Zhizhong Home and Fengshang Culture also experienced significant stock price increases, with both hitting the daily limit up [7] - The business model of Giant Star Legend revolves around leveraging Jay Chou's IP in new retail, which is expected to enhance sales through his massive fanbase [6][14] Financial Performance - Giant Star Legend reported a total revenue of 584 million RMB in 2024, a year-on-year increase of 35.8%, with net profit rising by 62.4% to 56.05 million RMB [14] - The company's revenue growth is attributed to successful projects involving Jay Chou, including the TV show "Around the World with Jay Chou" [14] IP and Brand Development - Jay Chou's IP has been licensed across five core areas, generating over 1 billion RMB in sales through collaborations with over 200 licensing partners [11][14] - The company has plans to expand its product lines, including health drinks and various consumer goods, capitalizing on current market trends [19] Social Media and Engagement - Jay Chou's previous success on other platforms, such as Kuaishou, where he has 48 million followers, indicates a strong potential for monetization through social media [8][9] - His recent activities, including participation in a reality show and various public appearances, further enhance his brand visibility and engagement with fans [10][11]