Market Overview - The A-share market saw most major indices rise last week, with the ChiNext Index experiencing the largest increase of 1.73%. The Shanghai Composite Index rose by 0.68%, while the Shenzhen Component Index increased by 1.04% [2] - As of June 10, the margin trading balance in the Shanghai and Shenzhen markets was 1,811.46 billion yuan, an increase of 12.36 billion yuan from the previous week. The financing balance was 1,799.24 billion yuan, up by 11.95 billion yuan, and the securities lending balance was 12.22 billion yuan, which increased by 0.42 billion yuan [2] Industry Insights - The electronic, computer, and machinery equipment sectors had significant net buying in margin trading, while the food and beverage, banking, and coal sectors saw less net buying [3] - The average working hours for major construction machinery products in May were 84.5 hours, a year-on-year decrease of 3.86% [5] - Excavator sales in May reached 18,200 units, a year-on-year increase of 2.12%, while loader sales were 10,500 units, up 7.24% [5] Company Announcements - Zhejiang Lino plans to acquire 100% of Xuzhou Chemical Machinery Co., Ltd. [6] - Laisai Laser has adjusted the expected operational date for its fundraising project to August 1, 2026 [6] Performance Review - From June 4 to June 10, the CSI 300 Index rose by 0.35%, while the machinery equipment sector increased by 0.73%, outperforming the CSI 300 by 0.38 percentage points [6] - The price-to-earnings ratio (TTM) for the machinery equipment sector as of June 10 was 26.18 times, with a valuation premium of 117.57% compared to the CSI 300 [8] Future Outlook - Cumulative excavator sales from January to May reached 101,700 units, a year-on-year increase of 17.40%, with domestic sales at 57,500 units, up 25.70% [8] - The report maintains a "positive" rating for the machinery equipment sector, emphasizing the potential for urban renewal initiatives to drive steady demand for construction machinery [8]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In the context of a volatile bond market and a passive widening of credit spreads, investors should prioritize high - coupon assets for certain returns and prepare in advance for the spread compression market driven by the seasonal inflow of wealth management funds in July [1][5]. - The current core contradiction in the credit bond market is the co - existence of weakening allocation demand and a passive widening of spreads in a volatile environment. Investors should seize pricing deviation opportunities under the protection of coupon safety cushions [5]. - The volatile market pattern caused by the interplay of multiple factors will continue, providing tactical opportunities for layout during market adjustments [6]. - The coupon strategy is the optimal solution in a volatile market, and portfolios should be constructed in a stratified manner according to the characteristics of liabilities [7]. - Investors should "pre - position" for the seasonal spread compression market in July and seize structural opportunities in specific bond varieties [8]. 3. Summary by Relevant Catalog 3.1 Yield and Spread Overview 3.1.1 Yields and Changes of Each Tenor - Yields of various types of bonds at different tenors are presented, along with their weekly changes and historical percentiles. For example, the 0.5 - year Treasury yield is 1.41%, down 4.0bp from last week, with a historical percentile of 8.4% [14]. 3.1.2 Spreads and Changes of Each Tenor - Credit spreads of various types of bonds at different tenors are shown, including their weekly changes and historical percentiles. For instance, the 0.5 - year credit spread of public non - perpetual urban investment bonds is 25bp, up 2.1bp from last week, with a historical percentile of 12.7% [16]. 3.2 Yields and Spreads of Credit Bonds by Category (Hermite Algorithm) 3.2.1 Yields and Spreads of Urban Investment Bonds by Region - **Yields and Changes of Each Tenor**: Yields of public non - perpetual urban investment bonds in different provinces at key tenors, their weekly changes, and historical percentiles are provided. For example, the 0.5 - year yield of Anhui's public non - perpetual urban investment bonds is 1.77%, up 2.6bp from last week, with a historical percentile of 1.1% [19]. - **Spreads and Changes of Each Tenor**: Credit spreads of public non - perpetual urban investment bonds in different provinces at key tenors, their weekly changes, and historical percentiles are given. For example, the 0.5 - year credit spread of Anhui's public non - perpetual urban investment bonds is 30.41bp, up 4.6bp from last week, with a historical percentile of 7.2% [22]. - **Yields and Changes of Each Implied Rating**: Yields of public non - perpetual urban investment bonds in different provinces for each implied rating, their weekly changes, and historical percentiles are presented. For example, the AAA - rated yield of Anhui's public non - perpetual urban investment bonds is 1.80%, up 3.8bp from last week, with a historical percentile of 5.1% [26]. - **Spreads and Changes of Each Implied Rating**: Credit spreads of public non - perpetual urban investment bonds in different provinces for each implied rating, their weekly changes, and historical percentiles are shown. For example, the AAA - rated credit spread of Anhui's public non - perpetual urban investment bonds is 28.96bp, up 4.8bp from last week, with a historical percentile of 32.2% [31]. - **Yields and Changes of Each Administrative Level**: Yields of public non - perpetual urban investment bonds in different provinces at each administrative level, their weekly changes, and historical percentiles are provided. For example, the provincial - level yield of Anhui's public non - perpetual urban investment bonds is 1.80%, up 3.5bp from last week, with a historical percentile of 3.7% [35].

每日晨报 2025 年 6 月 12 日 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网: zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 商务部国际贸易谈判代表:中美原则上达成协 议框架 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 固收:高波策略年内累计涨幅超 27%——转债量化类策略更新。策略绩效及策 ● 略推荐:上一周期(5.27-6.9)低价增强策略、改良双低策略、高价高弹性策 略分别录得 1.5%、2.7%、4.7%(同期基准 1.9%)。今年以来,三类策略绩 效分别为 4.5%、16.6%、27.3%（同期基准 5.1%），累计超额收益率-0.6%、 11.5%、22.2%。 上 个 周 期 权 益 市 场 回 升, 万 得 全 A/中 证 转 债 累 计 上 涨 2.2%/1.9%，高价策略重新占优。 华熙生物(688363):HA 龙头革新启航,生命科技引领增长。公司是全球 ● 领先的生物活性材料科技企业,深耕合成生物学技术,开拓全产业链布局,品 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - The company will focus on the R & D of automated line - controlled vehicles as its line - controlled vehicles have a competitive edge in the industry, and it will not engage in the intelligent driving system for now [25] - The market for autonomous mining trucks is driven by market forces, with the cost - effectiveness of electric vehicles becoming more prominent. The market demand and product iteration are mutually reinforcing [25][26] - The cost difference between autonomous and manned vehicles is mainly due to new energy and fuel vehicles, and the price - performance ratio of products will increase as costs decline [27] - The pure - electric solution will be more advantageous in the future, and the application of pure - electric products will accelerate with the improvement of charging and power - swapping facilities [27] - The company will vigorously expand overseas markets, with good opportunities in regions such as Mongolia, Central Asia, Southeast Asia, and South America [28] 3. Summary According to the Table of Contents 3.1 Research Basic Situation - The research object is Tongli Co., Ltd., belonging to the construction machinery industry. The reception time was June 9, 2025. The company's reception personnel were Chief Engineer Wang Yong and Board Secretary Yang Peng [16] 3.2 Detailed Research Institutions - The participating institutions include asset management companies such as Shanghai Huijin and Fusheng Asset, securities companies such as China Galaxy Securities and Orient Securities, insurance asset management companies such as China Life Asset, and other types of institutions [17][18][19] 3.3 Research Institution Proportion - Securities companies account for 37%, asset management companies 17%, fund management companies 24%, insurance asset management companies 7%, and other types and investment companies each account for 7% [21] 3.4 Main Content Information - **Regarding the intelligent driving system**: The intelligent driving system for mine unmanned vehicles is difficult to standardize, and the company will not engage in it for now, focusing on automated line - controlled vehicles [25] - **Market outlook for autonomous mining trucks**: Market - driven development, with rapid investment in charging and power - swapping facilities, and an increasing market demand for autonomous vehicles [25][26] - **Price difference between autonomous and manned wide - body vehicles**: The cost difference is mainly due to new energy and fuel vehicles, and the price - performance ratio will increase with cost reduction [27] - **Potential of pure - electric solutions**: With the improvement of charging and power - swapping facilities, pure - electric solutions will be more advantageous than range - extended solutions in the future [27] - **Overseas market**: The company will expand overseas markets, with slow progress in high - end markets such as Australia and North America, and good opportunities in other regions [28]

Core Viewpoint - The report from China Galaxy Securities indicates that while there is a short-term fluctuation in demand for construction machinery due to seasonal factors, the medium to long-term outlook remains positive driven by replacement demand, government special bonds, urban renewal initiatives, and support for rural housing improvements [1][4]. Group 1: Domestic Sales and Exports - In May, domestic sales of excavators decreased by 1.48%, while exports showed a positive growth of 5.4% [1]. - Total excavator sales from January to May reached 101,716 units, marking a year-on-year increase of 17.4%, with domestic sales up by 25.7% [1]. - In May, the sales of loaders reached 10,535 units, a year-on-year growth of 7.24%, with domestic sales increasing by 16.7% [1]. Group 2: Market Trends and Performance - The overall export value of China's construction machinery in April was $5.152 billion, reflecting a year-on-year growth of 12.7% [3]. - From January to April, the total export value reached $18.07 billion, an increase of 9.0% year-on-year [3]. - Exports to Africa and South America maintained high growth rates, with increases of 45% and 15% respectively, while exports to Europe saw a significant decline of 15% [3]. Group 3: Equipment Types and Utilization Rates - The small excavators continue to show higher growth rates compared to medium and large excavators in domestic sales, although the gap narrowed in April [1]. - The average working hours for major construction machinery in May were 84.5 hours, a decrease of 3.86% year-on-year [2]. - The electrification rate for forklifts reached 77% in April, with domestic sales showing a slight decline [2].

Core Insights - The report highlights a recovery in the telecommunications sector, with a notable increase in revenue growth and a rise in 5G mobile phone shipments, indicating a strong market demand for telecommunications services and products [12][13][15] - The automotive industry shows robust performance, with May production and sales figures reaching 2.649 million and 2.686 million vehicles respectively, marking year-on-year growth of 11.6% and 11.2%. Notably, new energy vehicles accounted for 48.7% of the total market, with sales increasing by 36.9% [5][8] - The food and beverage sector is experiencing a mixed performance, with a slight increase in the overall index but significant drag from the liquor segment. Excluding liquor, the sector shows strong growth in other categories such as soft drinks and health products [17][18][19] - The machinery industry is witnessing a recovery, with significant improvements in revenue and profit margins, particularly in the shipbuilding and nuclear power equipment sectors, indicating a positive trend in industrial demand [27][28][30][31] Domestic Market Performance - The Shanghai Composite Index closed at 3,402.32 with a slight increase of 0.52%, while the Shenzhen Component Index rose by 0.83% to 10,246.02, reflecting a stable domestic market environment [3] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are at 13.86 and 36.79 respectively, suggesting a favorable long-term investment environment [9][10] International Market Performance - The Dow Jones Industrial Average closed at 30,772.79, down by 0.67%, while the Nikkei 225 saw a slight increase of 0.62% to 26,643.39, indicating mixed performance in international markets [4] Industry Analysis - The telecommunications industry index outperformed the broader market, rising by 5.53% in May, driven by increased demand for 5G services and products [12] - The food and beverage sector's valuation remains at historical lows, with a current average of 21.50 times earnings, suggesting potential for recovery as consumer demand stabilizes [18][19] - The machinery sector is experiencing a resurgence, with significant revenue growth reported in the first quarter of 2025, particularly in shipbuilding and nuclear equipment, indicating a strong recovery trajectory [27][30] Investment Recommendations - The report suggests focusing on sectors such as telecommunications, automotive, and food and beverage for potential investment opportunities, given their current growth trajectories and market conditions [15][19][31]

卡特彼勒公司前任董事长兼首席执行官安博骏（D. James Umpleby III）已于5月1日转任董事会执行董事长。此前，安博骏已担任首 席执行官8年，并为公司服务近45年。已有28年卡特彼勒经验的前 首席运营官康益桥已于5月1日就任首席执行官并加入董事会。 自2017年1月1日出任首席执行官以来，安博骏主导制定并实施了 推动长期盈利性增长的新战略，为股东创造了巨大的价值。2024 年，卡特彼勒实现了创纪录的全年调整后每股盈利，这一指标在 安博骏任期内增长超过六倍。 安博骏表示： 我的全部职业生涯都在与卡特彼勒敬业的全球员工及代理商 团队共事，对此我心怀感恩。在庆祝公司成立100周年之 际，我们向先辈致敬，是他们奠定了服务客户的卓越文化。 我对继任首席执行官康益桥和整个核心高管团队充满信心。 他们将带领全球团队开启卡特彼勒第二个世纪的征程，继续 助力客户建设更加美好、更可持续的世界。 豪能够与卡特彼勒优秀的员工和代理商并肩工作，继续为我 们多元化业务中的客户提供支持：从灾后重建、全球基础设 施建设，到提供关键矿产和可靠的能源。我期待着带领这支 卓越团队，延续公司的卓越传承。 Debra L. Reed-Kl ...

Core Viewpoint - The global engineering machinery industry is undergoing a significant transformation towards low-carbon and intelligent upgrades, driven by the "dual carbon" goals and the application of new technologies such as artificial intelligence and large models [1]. Group 1: Conference Overview - The 2025 New Energy Construction Machinery Conference will be held from June 17 to 19, 2025, in Yantai, focusing on "Green Transformation and Intelligent Upgrade" [3]. - The conference aims to gather leaders from the global engineering and agricultural machinery industries to discuss policies, innovative technologies, market demands, and development trends related to new energy and digitalization [3][4]. Group 2: Conference Content - Key topics include the current status and trends of green intelligent products in engineering and agricultural machinery, energy transition directions, typical application scenarios of green intelligent machinery, and the adaptation of core components to electric development [4]. - Discussions will also cover the transformation paths for traditional component suppliers and solutions for electrifying existing equipment [4]. Group 3: Conference Organization - The conference is organized by the Tianjin Engineering Machinery Research Institute and hosted by Yantai Aidi Precision Machinery Co., Ltd., with support from the "Engineering Machinery" magazine [6]. - Registration details include a fee structure with early bird discounts and on-site payment options, emphasizing the need for timely registration by May 30, 2025 [6][8].

卡特彼勒公司前任董事长兼首席执行官安博骏（D. James Umpleby III）已于5月1日转任董事会执行董事长。此前，安博骏已担任首 席执行官8年，并为公司服务近45年。已有28年卡特彼勒经验的前 首席运营官康益桥已于5月1日就任首席执行官并加入董事会。 自2017年1月1日出任首席执行官以来，安博骏主导制定并实施了 推动长期盈利性增长的新战略，为股东创造了巨大的价值。2024 年，卡特彼勒实现了创纪录的全年调整后每股盈利，这一指标在 安博骏任期内增长超过六倍。 安博骏表示： 我的全部职业生涯都在与卡特彼勒敬业的全球员工及代理商 团队共事，对此我心怀感恩。在庆祝公司成立100周年之 际，我们向先辈致敬，是他们奠定了服务客户的卓越文化。 我对继任首席执行官康益桥和整个核心高管团队充满信心。 他们将带领全球团队开启卡特彼勒第二个世纪的征程，继续 助力客户建设更加美好、更可持续的世界。 图片 康益桥于1997年加入卡特彼勒，在公司多个部门任职并取得职业 发展。2013年，他升任能源和交通行业业务板块的首席财务官， 2017年调任卡特彼勒金融服务事业部副总裁。2018年，他还曾担 任卡特彼勒临时首席财务官，后相 ...

晨报 成材 成材：缺乏驱动 震荡调整 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 6 月 11 日 逻辑：中国钢铁工业协会 9 日发布文章《维护产业链整体利益 共同 抵制"内卷式"竞争》。文章倡议：钢铁、汽车产业应凝聚共识、苦练内 功、加强自律、共破"内卷"，以科技创新推动产业链健康可持续发展， 以实际行动维护公平有序的市场秩序。6 月 2 日-6 月 8 日，10 个重点城 市新建商品房成交（签约）面积总计 129.67 万平方米，环比下降 26.9%， 同比下降 17.5%；二手房成交（签约）面积总计 185.19 万平方米，环比 下降 11.8%，同比下降 9.5%。中国工程机械工业协会：5 月销售各类挖掘 ...