本周投资建议： 6 月 13 日，国务院常务会议召开，会议指出，构建房地产发展新模 式，对于促进房地产市场平稳、健康、高质量发展具有重要意义，要 着眼长远，坚持稳中求进、先立后破，有序搭建相关基础性制度；要 扎实有力推进"好房子"建设，纳入城市更新机制加强工作统筹，在规 划、土地、财政、金融等方面予以政策支持。要对全国房地产已供土 地和在建项目进行摸底，进一步优化现有政策，提升政策实施的系统 性有效性，多管齐下稳定预期，激活需求、优化供给、化解风险，更 大力度推动房地产市场止跌回稳。本次国常会对房地产行业持续释放 政策积极信号，提出要进一步优化现有政策，从稳定预期、激活需求、 优化供给等多管齐下，预计房地产市场有望在宽松政策基调下止跌回 稳，前端设计标的有望迎来基本面改善和估值提升，建议关注主业发 展稳健，同时布局新兴业务，有望创造新业绩增长点的标的华阳国际。 近日，发改委下达中央预算内投资城市更新专项 800 亿元，支持各地 城镇老旧小区改造、城市危旧房改造等项目建设，涉及居民户数约 550 万户、受益人数约 1700 万人。此前，围绕推进新型城镇化战略， 提升城市安全韧性水平，已通过"两重"建设安排 20 ...

近日，舟山市人力资源和社会保障局公布一则行政处罚决定，对经责令改正却拒不履行工资清偿义务的浙江亚厦装饰股份有限公司处以罚款人民币壹万元 整。 根据 舟人社监罚决字﹝2025﹞第000017号 行政处罚决定书披露，浙江亚厦装饰股份有限公司在舟山市普陀区普陀山镇普济路321号的工程项目中，存在严重 劳动保障违法行为。该公司未能按照舟山市人社局普陀监察机构此前下达的《责令(限期)改正决定书》（舟人社普监责改决字〔2025〕第1号）要求，于 2025年6月4日前清偿分包单位拖欠的工人工资。 该公司的行为被认定为"经责令改正拒不改正"，明确违反了国务院《劳动保障监察条例》第六条关于遵守劳动保障法律、法规和规章的规定。依据该条例第 三十条第一款第三项，对于"经劳动保障行政部门责令改正拒不改正，或者拒不履行劳动保障行政部门的行政处理决定"的情形，舟山市人社局依法对浙江亚 厦装饰股份有限公司作出了罚款人民币10000元的行政处罚决定，处罚决定日期2025年6月13日。处罚决定书要求浙江亚厦装饰股份有限公司自收到决定之日 起十五日内履行缴纳罚款的义务。 | 罚款会额(万元) | 1.0 | | --- | --- | | 没收 ...

Group 1 - The report indicates that the North Exchange has accelerated its IPO approvals, with a total of 9 companies approved from January to June 2025, suggesting an increase in listing pace as companies finalize their 2024 annual reports [3][11]. - The average number of effective online subscription accounts reached 460,100, with an average of 475.2 billion yuan in frozen funds during the same period, reflecting heightened market activity [3][12]. - The average fundraising amount per company in the North Exchange for the first half of 2025 was 396 million yuan, representing a 94.55% increase compared to 2024, indicating a trend towards larger fundraising efforts [3][20]. Group 2 - The North Exchange's overall PE ratio decreased to 50.12X, with the North 50 Index closing at 1,382.74 points, down 0.71% for the week, highlighting a volatile market environment [4][30][32]. - The report notes that 143 companies in the North Exchange have a PE ratio exceeding 45X, with 71 companies exceeding 105X, indicating a significant portion of the market is highly valued [4][35]. - The average maximum online subscription limit was 9.81 million yuan, with a notable increase to 16.13 million yuan in the first half of 2025, suggesting improved investor capacity for participation [3][24]. Group 3 - The report highlights that from January 1, 2024, to June 13, 2025, the average subscription rate for companies raising over 200 million yuan was 0.14%, compared to 0.06% for those raising less, indicating a correlation between fundraising size and subscription success [3][17]. - The average subscription threshold for 100 shares was 1.5827 million yuan, which increased to 1.8591 million yuan in the first half of 2025, reflecting rising entry costs for investors [3][27]. - The report emphasizes the importance of focusing on companies with reasonable valuations and strong performance potential, particularly those that align with new industrial and technological trends [4][44].

Key Points of the Research Report 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report This week, the credit spreads of different industries were generally compressed slightly, with a small number of industries experiencing significant spread widening. For urban investment bonds, the short - and medium - long - term credit spreads were slightly compressed, while those over 10Y widened slightly. For industrial bonds, the credit spreads fluctuated slightly overall, and those of 5Y and above declined slightly. For bank capital bonds, the short - term credit spreads of bank Tier 2 and perpetual bonds widened slightly, while the medium - and long - term spreads were compressed, and the yield curve flattened. It is recommended to continue to focus on 3 - 5Y industrial bonds with yields above 2% and good liquidity, as well as high - coupon urban investment bonds and bank Tier 2 and perpetual bonds [3][44]. 3. Summary by Directory 3.1 Market Overview This Week - **Negative News**: "H9 Guohou 01" issued by Guohou Asset Management Co., Ltd. was extended; the issuer ratings of Guangdong Montai High - tech Fiber Co., Ltd. and Qingdao Guanzhong Ecological Co., Ltd. were downgraded, and the ratings of "Montai Convertible Bond" and "Guanzhong Convertible Bond" were also downgraded; "H20 Tianying 1" issued by Wuhan Tianying Investment Group Co., Ltd. defaulted, and "H20 Tianying 2" was extended [3]. - **Market Analysis**: This week, 930.9 billion yuan of reverse repurchases matured in the open market, and the central bank conducted 858.2 billion yuan of reverse repurchase operations, resulting in a net withdrawal of 72.7 billion yuan. DR001 rose from 1.33% at the beginning of the week to 1.45% [3][44]. 3.2 Primary Market - **Net Financing Scale**: The net financing of traditional credit bonds (excluding asset - backed securities) was 227.5 billion yuan, an increase of 59 billion yuan compared with last week. The net financing of asset - backed securities was 15 billion yuan, an increase of 5.3 billion yuan. Among them, the net financing of urban investment bonds was 48 billion yuan, an increase of 16.3 billion yuan; that of industrial bonds was 117.3 billion yuan, a decrease of 3.7 billion yuan; and that of financial bonds was 62.2 billion yuan, an increase of 46.4 billion yuan [7]. - **Issuance Quantity**: The issuance and redemption quantities of urban investment bonds, industrial bonds, and financial bonds all increased compared with last week [8]. - **Issuance Cost**: The issuance rate of AA - rated industrial bonds decreased significantly by 55BP, mainly due to the low - rate issuance of some bonds. The issuance rate of AA + - rated financial bonds increased significantly by 48BP, mainly due to the high - rate issuance of some bonds. The issuance rates of other bonds changed by no more than 11BP [16]. 3.3 Secondary Market - **Trading Volume**: The trading volume of credit bonds (excluding asset - backed securities) increased by 458 billion yuan compared with last week. The trading volume of urban investment bonds, industrial bonds, financial bonds, and asset - backed securities all increased [17]. - **Turnover Rate**: The turnover rate of credit bonds increased overall. The turnover rates of urban investment bonds, industrial bonds, financial bonds, and asset - backed securities all increased [18]. - **Yield**: The yields of credit bonds decreased overall, and the medium - and long - term (5 - 10Y) performance was better than the short - term. The yields of 5 - 7Y and 7 - 10Y AA - rated credit bonds decreased by 5BP respectively [23]. - **Credit Spread** - **Overall**: The credit spreads of different industries were generally compressed slightly, with a small number of industries experiencing significant spread widening. The credit spread of AA + - rated electronics industry widened by 24BP, while that of AA + - rated leisure service industry compressed by 9BP [28]. - **Urban Investment Bonds**: The short - and medium - long - term credit spreads were slightly compressed, while those over 10Y widened slightly. Most regions' credit spreads were compressed, with a small number of regions experiencing significant spread widening [31][32]. - **Industrial Bonds**: The credit spreads fluctuated slightly overall, and those of 5Y and above declined slightly [37]. - **Bank Capital Bonds**: The short - term credit spreads of bank Tier 2 and perpetual bonds widened slightly, while the medium - and long - term spreads were compressed, and the yield curve flattened [40]. 3.4 Investment Advice Continue to focus on 3 - 5Y industrial bonds with yields above 2% and good liquidity, as well as high - coupon urban investment bonds and bank Tier 2 and perpetual bonds [3][44].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [3][29]. Core Insights - The report highlights the government's commitment to stabilizing the real estate market and enhancing construction policies to stimulate demand and optimize supply [4][13]. - The construction industry is currently experiencing weak overall performance, but regional investments are expected to gain momentum as national strategies are implemented [4][15]. - Key companies such as China Electric Power Construction and Zhi Te New Materials have secured significant contracts, indicating potential growth opportunities [15][19]. Industry Performance Summary - The construction sector's weekly performance showed a decline of 1.41%, underperforming against major indices like the Shanghai Composite Index [5][6]. - The best-performing sub-industry was Professional Engineering with a slight increase of 0.09%, while the International Engineering sector saw a decline of 1.67% [6][10]. - Year-to-date, the Ecological Landscaping sub-industry has shown the highest growth at 15.38%, followed by Decoration Curtain Wall at 11.63% [6][10]. Key Company Developments - Zhi Te New Materials signed a strategic cooperation agreement with PREMIUM INFINITE VENTURES INC. valued at approximately 420 million USD, equivalent to about 3 billion RMB [15][19]. - China Electric Power Construction won a bid for a major offshore wind power project in Liaoning with a contract value of approximately 10.77 billion RMB [15][19]. - Other notable companies include ST Baili, which saw a weekly increase of 22.89%, and Libaite with a 19.1% increase [11][12]. Market Trends and Changes - The report notes significant government initiatives aimed at enhancing the construction sector, including the integration of real estate development into urban renewal mechanisms [4][13]. - The focus on high-quality economic development through financial, technological, and data empowerment is emphasized as a key driver for the industry [13][14]. Company Valuation and Earnings Forecast - The report provides a detailed valuation table for key companies in the construction sector, indicating projected earnings per share (EPS) and price-to-earnings (PE) ratios for the coming years [22][24]. - For instance, China Railway has an estimated EPS of 1.13 for 2024, with a PE ratio of 4.9, while China Electric Power Construction is projected to have an EPS of 0.70 with a PE of 7.0 [22][24].

Core Viewpoint - Shenzhen Jianyi Decoration Group Co., Ltd. has elected new leadership for its fifth board of directors, appointing Mr. Shi Fang as Chairman and Ms. Zhuang Xuanping as Vice Chairman and Audit Committee member, effective immediately [1]. Group 1: Board Elections - The fifth board of directors held its seventh meeting on June 13, 2025, where the election of the Chairman, Vice Chairman, and Audit Committee member was approved [1]. - Mr. Shi Fang has been appointed as the Chairman of the fifth board of directors, while Ms. Zhuang Xuanping has been elected as the Vice Chairman and a member of the Audit Committee [1]. Group 2: Background of New Leaders - Mr. Shi Fang has held various positions including staff in the audit department of Zhuhai China Resources Bank and financial director at Zhuhai State-owned Assets Management Center, currently serving as the director and deputy general manager of Zhuhai Zhengfang Group Co., Ltd. [1][3]. - Ms. Zhuang Xuanping has experience in financial management roles across several companies, including being the financial manager at Zhuhai High-tech Construction Investment Co., Ltd. and currently serving as the external director and financial director at Zhuhai Zhengyuan Holdings Co., Ltd. [3][4]. Group 3: Shareholding and Relationships - As of the announcement date, Mr. Shi Fang does not hold any shares in the company and has no related party relationships with other directors, supervisors, or senior management [2]. - Ms. Zhuang Xuanping also does not hold any shares in the company and has no related party relationships with major shareholders or other board members [4].

Summary of Key Points Core Viewpoint - A total of 479 stocks reported their latest shareholder numbers as of June 10, with 202 stocks showing a decline in shareholder numbers compared to the previous period, indicating a trend of decreasing investor interest in certain companies [1][3]. Group 1: Shareholder Numbers and Changes - Among the 479 stocks, 202 experienced a decline in shareholder numbers, with 9 stocks seeing a decrease of over 10% [3]. - The stock with the largest decline in shareholder numbers was Shanshui Bide, which reported 4,744 shareholders, a decrease of 22.00% from the previous period [3]. - Dongshan Precision followed with 79,831 shareholders, down 17.81%, while Guoguang Chain saw a decline of 14.45% [3]. Group 2: Stock Performance - The average performance of concentrated stocks since May 21 showed a 0.46% increase, outperforming the Shanghai Composite Index, which fell by 0.10% [2]. - Among the stocks with a decline in shareholder numbers, Yuanlong Yatu had the highest increase of 60.74% since May 21 [2]. - Other notable performers included Tianfu Communication and Hasan Lian, with increases of 39.72% and 30.01%, respectively [2]. Group 3: Industry Concentration - The concentrated stocks were primarily found in the machinery, basic chemicals, and electronics sectors, with 24, 20, and 19 stocks respectively [3]. - The data indicates a significant concentration of investor interest in these industries, suggesting potential investment opportunities [3].

Market Overview - Major market indices opened lower today, with oil and precious metals sectors leading gains, while film, beauty care, and gaming sectors saw significant declines [1] - The oil and gas exploration and service sector experienced a substantial rise, with Tongyuan Petroleum hitting the daily limit, and companies like Beiken Energy and Zhun Oil also reaching the limit [1] Precious Metals Sector - The precious metals sector surged, with Xibu Gold reaching the daily limit, and companies like Xiaocheng Technology, Hengbang Shares, and Sichuan Gold rising over 5% [2] Shipping and Port Sector - The shipping and port sector strengthened, with companies like Phoenix Shipping, China National Ocean Shipping, and China Merchants Energy showing notable gains [3] Shareholder Concentration - A significant concentration of shares was observed, with 8 stocks reporting a decline in shareholder numbers exceeding 10% as of June 10 [4] - The stock with the largest decline in shareholder numbers was Shanshui Bide, down 22% to 4,744 shareholders, followed by Dongshan Precision, down 17.81% to 79,831 shareholders [5] Financing Activities - As of June 12, the total market financing balance reached 1.81 trillion yuan, with an increase of 2.388 billion yuan, marking four consecutive days of growth [6] - A total of 354 stocks saw net financing purchases exceeding 10 million yuan, with 31 stocks receiving over 50 million yuan in net purchases, led by Jianghuai Automobile with 465 million yuan [6] Institutional Research - In the past two days (June 11-12), 86 companies announced institutional research records, with 24 companies receiving visits from 10 or more institutions [8] - Tianfu Communication was the most researched company, with 112 institutions participating, focusing on its 1.6T optical engine product shipment progress and related developments [8]

Group 1 - A total of 201 companies listed on the ChiNext board reported their latest shareholder numbers as of June 10, with 69 companies experiencing a decline in shareholder numbers compared to the previous period, and 13 of these saw a decline exceeding 5% [1] - The company with the largest decline in shareholder numbers is Shanshui Bide, which reported 4,744 shareholders, a decrease of 22.00% from May 31, while its stock price has increased by 6.45% since the concentration of shares began [1] - Another notable decline was observed in Degu Tech, with 13,078 shareholders, a decrease of 10.51%, and its stock price has risen by 13.27% during the same period [1] Group 2 - Continuous decline in shareholder numbers has been noted for 22 companies, with some experiencing a reduction for more than three consecutive periods, and one company has seen a decline for 14 consecutive periods [1] - Among the companies with significant declines, Chuangyitong reported 11,101 shareholders, a cumulative decrease of 36.15%, while Junwei Electronics had 27,517 shareholders, down 24.39% [2] - The average increase in stock prices for concentrated shareholding companies since June 1 is 4.65%, with notable increases for Taotao Automotive, Chuanwang Media, and Tianfu Communication, which rose by 34.44%, 31.80%, and 28.87% respectively [2] Group 3 - The data indicates that certain sectors, including machinery, automotive, and electronics, have the highest concentration of companies with declining shareholder numbers, with 10, 9, and 9 companies respectively [2] - As of June 12, 24 concentrated shareholding companies have attracted leveraged funds, with notable increases in financing balances for Chuangshikeji, Gangdi Technology, and Taotao Automotive, which grew by 22.40%, 21.45%, and 16.90% respectively [2]

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - From June 3rd to June 6th, 2025, the A-share market oscillated and consolidated, with major stock indices rising moderately. The small and medium-cap and science and technology innovation sectors performed prominently. The convertible bond market warmed up overall, with funds preferring small and medium-cap high-elasticity targets. The daily average trading volume rose to 64.57 billion yuan. The valuation of low-par convertible bonds was significantly repaired, while the medium and high-par range showed caution, and risk appetite increased. At the industry level, convertible bonds in sectors such as media and light manufacturing led the gains. At the individual bond level, those with higher gains were mostly driven by underlying stocks. The supply in the primary market was stable, and clause games were active. It is necessary to pay attention to changes on the supply side. Overall, the market's rotation and repair trend continued. Short-term allocation suggestions should balance low-valuation repair opportunities and the defensive value of high-rated blue-chip convertible bonds, and flexibly grasp the structural market [2][6]. Summary According to Relevant Catalogs Market Weekly Review - **A-share Market**: The major A-share stock indices continued their moderate warming trend. The Shanghai Composite Index rose 1.1%, the Shenzhen Component Index rose 1.4%, and the ChiNext Index led the gains with a 2.3% increase. In terms of style, small and medium-cap and science and technology innovation indices were more elastic, with the Science and Technology Innovation 50 Index rising 2.3%, indicating a gradual repair of market risk appetite. In terms of funds, the daily average trading volume rose to 1.2 trillion yuan, and the net outflow of main funds narrowed by 6.4 billion yuan to 7.3 billion yuan compared with the previous week, and trading activity increased moderately. Overall, the risk appetite of the A-share market warmed up, and capital games were concentrated in small and medium-cap and science and technology innovation directions. The market entered a rotation and repair stage. It is recommended to focus on high-prosperity and low-level repair opportunities in the short term, and balance the structural opportunities of active small and medium-cap sectors [10]. - **Convertible Bond Market**: The convertible bond market significantly warmed up, and activity was moderately repaired. The ChinaBond Convertible Bond Index rose 1.08% across weeks, and the daily average trading volume rose to 64.57 billion yuan. Structurally, small and medium-cap convertible bonds were more active, indicating that funds were seeking offensive opportunities under the previous cautious sentiment, and market risk appetite increased. There was a differentiation in the parity range. The valuation of low-par convertible bonds was significantly repaired, while the medium and high-par range had limited fluctuations, reflecting active capital games on low-level high-elasticity targets. The implied volatility and price median increased slightly, and there was still repair momentum. At the industry level, convertible bonds in the media and light manufacturing sectors performed prominently, while adjustment pressures emerged in high-elasticity directions such as home appliances and communications. At the individual bond level, those with higher gains were mostly driven by underlying stocks, and the market preferred repair opportunities that combined fundamental support and elasticity. Overall, the convertible bond market continued to be actively volatile, and capital allocation focused on medium and low-price high-elasticity targets [10]. - **Primary Market**: The supply in the primary market of convertible bonds was generally stable. One enterprise updated its convertible bond issuance plan and was in the stage of passing the listing committee. The total scale of convertible bond issuance projects at the exchange acceptance stage and later remained at 58.99 billion yuan, and the supply rhythm was generally stable. In terms of clause games, five convertible bonds announced that they were expected to trigger downward revisions, and five announced no downward revisions. On the redemption side, two announced that they were expected to trigger redemptions, one announced no early redemption, and one announced early redemption. Overall, the market supply remained stable, and clause games and redemption operations continued. It is still necessary to pay attention to marginal changes on the supply side in the future [10]. Convertible Bond Allocation Suggestions - The convertible bond market was actively volatile during the week, and risk appetite increased slightly. In terms of allocation, it is recommended to adhere to the idea of "balanced allocation + gaming elasticity": focus on allocating large-cap blue-chip convertible bonds with high ratings, low premiums, and sufficient liquidity to balance low volatility and stable returns; at the same time, moderately grasp the periodic repair opportunities of low-par high-elasticity convertible bonds, focus on high-quality bonds in sectors such as media and light manufacturing with underlying stock prosperity support and performance certainty, and balance returns and risks [8]. Market Theme Weekly Review - **Equity Theme Weekly Review**: From June 3rd to June 6th, 2025, the A-share market continued its structural rotation. The technology sector warmed up, and short-term gaming sentiment was active. The daily limit style was prominent, with the daily limit index rising 8.0%, the first daily limit non-ST index rising 7.5%, and the first daily limit index rising 7.1%, reflecting high activity of short-term funds. Meanwhile, high-prosperity directions such as the digital economy and communication infrastructure strengthened. The optical module (CPO) index and the optical communication index rose 9.6% and 6.6% respectively, and the digital currency index and the east-west computing index also recorded gains of over 4%. Funds focused on structural repair opportunities for high-quality themes. The financial technology and pharmaceutical sectors also performed well, with the financial technology index rising 3.9%, the pharmaceutical centralized procurement index rising 3.7%, the cross-border payment index rising 3.4%, and the innovative drug index rising 2.6%. However, the automotive sector corrected, with theme sectors such as the new energy vehicle index, intelligent driving index, humanoid robot index, and Huawei automotive index experiencing corrections. Overall, the market was still mainly driven by events and capital games in the short term, with obvious characteristics of rotation repair and high-low level switching. The technology sector warmed up, but funds preferred low-level directions with fundamental support [14]. - **Convertible Bond Weekly Review**: From June 3rd to June 6th, 2025, the convertible bond market significantly warmed up, and overall trading activity increased significantly. Capital allocation tilted towards small and medium-cap directions with high elasticity and prosperity support. In terms of the market, the ChinaBond Convertible Bond Index rose 1.08% across weeks, the large-cap index rose 0.66%, the medium-cap index rose 1.19%, and the small-cap index performed the strongest, with a gain of 1.61%, indicating an increase in market risk appetite and a preference for small and medium-cap elastic targets. In terms of the parity range, the valuation of medium and low-par convertible bonds stretched significantly, while the medium and high-par range overall warmed up slightly. There was also a structural differentiation in the market price range, and the high-price range adjusted. At the industry level, the media, light manufacturing, and beauty care sectors led the gains. At the individual bond level, the convertible bonds with higher gains were mostly driven by underlying stocks, and trading opportunities were concentrated in targets with prosperity support and high elasticity. The supply rhythm in the primary market slowed down. Only one listed enterprise updated its convertible bond issuance plan during the week, with a scale of 450 million yuan, and the supply risk was temporarily controllable. Overall, the risk appetite of the convertible bond market warmed up moderately in the short term, and capital preferences were concentrated in medium and low-price and some medium and high-par range convertible bonds. It is recommended to pay attention to repair opportunities in the medium and low-par range and balance the stable allocation of large-cap convertible bonds [17]. Weekly Market Outlook - **A-share Market**: The A-share market is expected to continue its oscillating rotation characteristics, and the market style will gradually tilt towards balanced allocation. Capital layout will also tend to low-level repair and growth directions. In the short term, it is necessary to be vigilant against the high-level adjustment pressure of some previously strong sectors. It is recommended to focus on sectors such as pharmaceuticals and consumption with good prosperity sustainability and performance support [19]. - **Convertible Bond Market**: In the short term, the convertible bond market may experience a decline in activity with the fluctuations of the equity market, and risk appetite will still be differentiated. It is recommended to focus on allocating medium and high-price convertible bonds with low premiums, high certainty, and underlying stock elasticity, and pay attention to targets with capital allocation value in industries such as basic chemicals and transportation. In terms of strategy, it is recommended to balance the defensive attributes of high-rated blue-chip convertible bonds and the periodic gaming opportunities of small and medium-cap elastic convertible bonds, moderately grasp the structural repair window, and prevent the trading congestion risk of high-level sectors [19].