Core Viewpoint - The China Small and Medium Enterprises Development Index (SMEDI) for Q2 2025 is reported at 89.1, a decrease of 0.4 points from the previous quarter, but higher than the levels in 2023 and 2024. Overall, costs for SMEs have slightly decreased [1]. Industry Summary - The wholesale and retail industry index remained stable at 89.0, while seven other industries, including construction, transportation, real estate, social services, information transmission, and accommodation and catering, saw declines in their indices [2][3]. - The overall index for Q2 2025 is 89.1, down from 89.5 in Q1 2025, with all sub-indices showing a decrease, including macroeconomic sentiment, comprehensive operation, market, cost, funding, labor, input, and efficiency indices [4][5]. Regional Summary - The indices for the eastern, central, and western regions are 90.1, 89.7, and 88.6 respectively, all showing declines from the previous quarter, while the northeastern region saw a slight increase of 0.1 points to 81.5 [4]. Key Characteristics of SMEs - Business confidence is low, with the macroeconomic sentiment index at 98.2, down 0.8 points from the previous quarter, reflecting a decline across all surveyed industries [5]. - Market demand is contracting, as indicated by a market index of 81.2, which is a decrease of 0.3 points from the previous quarter [5]. - Funding conditions are tightening, with the funding index at 100.6, down 0.2 points, and six out of eight industries reporting declines in their funding indices [5]. - Labor supply is increasing while demand is decreasing, with the labor index at 105.9, down 0.1 points, and seven industries reporting a drop in labor demand [5]. - Investment willingness among enterprises is declining, with the input index at 82.3, down 0.6 points, particularly in construction, social services, and accommodation and catering sectors [5]. - Costs for enterprises have slightly decreased, with the cost index at 111.8, down 0.2 points, although the wholesale and retail sector saw a slight increase in costs [5]. - Efficiency has also declined, with the efficiency index at 74.2, down 0.3 points, and six industries reporting a decrease in their efficiency indices [6].

Group 1 - The transportation industry is defined as a production sector that utilizes various transportation tools to facilitate the movement of passengers and goods along specific routes [1] - The main transportation tools include air transport, railways, highways, waterways, and pipelines [1] Group 2 - From 2015 to 2022, the passenger transport volume by road in China showed a declining trend, with a significant drop to 5.587 billion passengers in 2022. However, it is expected to rise to 11.781 billion passengers by 2024, reflecting a year-on-year growth of 7.0% [2] - The railway passenger transport volume in China experienced a steady increase from 2009 to 2019, but fell sharply to 2.2 billion passengers in 2020 due to the pandemic, a decrease of 39.9%. It is projected to recover to 4.31 billion passengers by 2024, with a year-on-year increase of 11.9% [6] - The civil aviation passenger transport turnover in China grew annually from 2015 to 2019, reaching 11,705.1 billion passenger-kilometers in 2019, an increase of 9.3%. However, it plummeted to 3,913.9 billion passenger-kilometers in 2022, a decline of 66.6% compared to 2019. By 2024, it is expected to reach 12,915.0 billion passenger-kilometers, showing a year-on-year growth of 25.3% [8] - The waterway passenger transport volume in China has shown fluctuations in recent years, with a significant decline following the COVID-19 pandemic. In 2021, the volume was 16 million passengers, dropping to 11.6 million passengers in 2022. It is anticipated to recover to 25.8 million passengers in 2023, with stability expected in 2024 [9]

中国银河证券认为，本次修订有望进一步推动人民币国际化，助力银行跨境业务发展。本次业务规则的 修订具有必要性和前瞻性。对于银行类CIPS直接参与者，规则优化有助拓展银行参与跨境人民币支付 与金融市场业务空间，完善国际业务布局，同时，也能够为实体企业走出去提供更加高效的跨境金融服 务。华西证券则表示，市场轮动格局未有明显改变，银行指数即便已经大幅上涨，但整体的市净率水平 依然处于偏低的分位数，截至2025年6月25日，银行指数的市净率0.6，是近10年市净率水平的32%分 位，仍处于相对偏低的水平，而在监管推动长期资金入市的背景下，银行板块的收益特征会吸引中长期 资金的配置。 华泰柏瑞红利低波动ETF成立于2018-12-19，业绩比较基准：中证红利低波动指数收益率，基金经理柳 军。最新定期报告显示，红利低波ETF（512890）重仓股包括成都银行、雅戈尔、兴业银行、沪农商 行、南钢股份、四川路桥、大秦铁路、上海银行、建发股份、苏泊尔，持仓占比如下： | 重合持股 (2025-03-31) | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 股票 ...

Market Overview - The Shanghai Composite Index increased by 0.36% as of the morning close, with a trading volume of 783.11 million shares and a transaction amount of 934.47 billion yuan, a decrease of 3.50% compared to the previous trading day [1] Industry Performance - Real estate, banking, and oil & petrochemicals sectors showed the highest gains, with increases of 1.53%, 1.42%, and 1.23% respectively [1] - The automotive, defense, and electronics sectors experienced the largest declines, with decreases of 0.93%, 0.92%, and 0.76% respectively [2] Leading Stocks - In the real estate sector, Yuhua Development led with a gain of 9.94% [1] - In the banking sector, Minsheng Bank rose by 5.12% [1] - In the oil & petrochemicals sector, *ST Xinchao increased by 5.08% [1] - In the steel sector, Jinling Mining surged by 10.02% [1] - In the non-bank financial sector, Nanhua Futures also rose by 10.02% [1] - In the pharmaceutical sector, Qianyuan Pharmaceutical saw a significant increase of 19.98% [1] Sector Summary - The real estate sector had a transaction amount of 117.03 billion yuan, up 26.74% from the previous day [1] - The banking sector recorded a transaction amount of 266.82 billion yuan, up 36.61% [1] - The oil & petrochemicals sector had a transaction amount of 80.95 billion yuan, up 36.47% [1] - The automotive sector had a transaction amount of 389.36 billion yuan, down 16.50% [2] - The defense sector recorded a transaction amount of 316.85 billion yuan, down 23.79% [2] - The electronics sector had a transaction amount of 1,036.63 billion yuan, down 10.88% [2]

Economic Growth Outlook - Morocco's GDP growth forecast for 2025 has been raised from 4.3% to 4.5% by Fitch, driven by strong investment, recovering consumer markets, and improving foreign trade conditions [1][2] Investment Dynamics - Productive investment is the main driver of the current economic recovery, with total capital formation in Q1 showing a significant year-on-year increase of 17.5%, marking a post-pandemic high [1] - The Moroccan central bank has cut interest rates by a total of 75 basis points, with expectations for further reductions, facilitating credit expansion across various sectors, including consumer loans [1] Infrastructure and Major Events - Preparations for major international events such as the 2025-2026 Africa Cup of Nations and the 2030 World Cup are underway, leading to increased investments in infrastructure, transportation, and hospitality [1] - Fixed asset investment growth is expected to reach 7.9% in 2025, with a slight decline to 5.9% in 2026, still significantly above historical averages [1] Consumer Spending Trends - Consumer spending is showing signs of recovery, driven by low inflation, agricultural recovery boosting farmer incomes, rapid tourism growth, and declining financing costs [2] - Private consumption growth is projected to reach 4.5% in 2025, with continued positive momentum expected in 2026 [2] Inflation and Trade Balance - Inflation expectations for 2025 have been revised down from 1.1% to 0.7%, benefiting from stable energy prices, a weaker dollar, and improved domestic food supply [2] - The trade deficit is expected to improve in 2025 due to reduced agricultural import demand and a recovering European market, supported by Morocco's deep integration with European supply chains [2]

Core Insights - The report highlights a potential narrowing of the decline in PPI in the second half of 2025, with June CPI showing a slight improvement to 0.1% year-on-year, compared to a previous value of -0.1% [2] - Global manufacturing PMI has rebounded above the growth line, indicating an overall recovery in manufacturing activity, particularly in developed economies [2] - The report emphasizes the importance of monitoring the performance of various sectors, particularly those expected to benefit from the "anti-involution" policies and improving economic conditions [4] Macroeconomic Overview - June CPI in China improved to 0.1% year-on-year, while PPI decreased by 3.6% year-on-year, indicating a mixed inflationary environment [2] - Global manufacturing PMI showed a notable increase, with developed markets improving while some emerging markets like Vietnam and Indonesia showed marginal declines [2] Sector Analysis Fixed Income - The report discusses the impact of "anti-involution" policies on PPI and CPI, suggesting a potential stabilization in prices, with CPI expected to rise slightly to around 0.5% by Q4 2025 [5] - The report notes that the demand side remains critical for price elasticity, with industry self-discipline and private enterprise willingness being key factors [5] Machinery and Equipment - The report indicates a recovery in excavator sales, with June sales reaching 18,800 units, a year-on-year increase of 13.3%, driven by strong export growth [8] - The growth in second-hand excavator exports is expected to stimulate domestic replacement demand, benefiting leading companies in the sector [8] Agriculture - The report highlights ongoing "anti-involution" efforts in the pig farming industry, which may lead to inventory release and improved profitability for high-quality pig farming companies [9] - The report suggests that the pig farming sector may gradually transition to a phase of high-quality competition, with recommendations for companies like Muyuan Foods and Wens Foodstuffs [9] Renewable Energy and Equipment - The report anticipates strong growth for offshore wind energy, with a significant increase in orders expected to drive performance for leading companies in the sector [19] - The report emphasizes the importance of technological advancements and capacity expansion in the offshore wind sector [19] Electronics and Chemicals - The report forecasts a substantial increase in net profit for Shengquan Group in the first half of 2025, driven by strong demand for electronic materials [20] - The report maintains a positive outlook on the company's growth trajectory, supported by favorable market conditions [20] Company-Specific Insights - Zhaojin Mining is rated as a "buy" with a target price of 23.44 HKD, driven by expected production growth and favorable gold price trends [15] - Harbin Electric is also rated as a "buy," with anticipated recovery in equipment demand across various energy sectors [15] - MGM China is highlighted for its strong performance in the non-gaming segment, benefiting from increased tourist traffic and successful entertainment events [17]

Core Insights - As of July 9, the latest market financing balance reached 1,855.737 billion yuan, an increase of 3.843 billion yuan compared to the previous trading day [1] - Among the 18 primary industries, the non-ferrous metals sector saw the largest increase in financing balance, rising by 0.964 billion yuan [1] - The industries with notable increases in financing balance include electronics, pharmaceuticals, and automobiles, with increases of 0.869 billion yuan, 0.622 billion yuan, and 0.566 billion yuan respectively [1] - Conversely, 13 industries experienced a decrease in financing balance, with non-bank financials, transportation, and computers showing the largest declines of 0.503 billion yuan, 0.210 billion yuan, and 0.161 billion yuan respectively [1] Industry Financing Balance Changes - The construction materials industry had the highest growth rate in financing balance, with a latest balance of 12.159 billion yuan, reflecting a 1.43% increase [1] - Other industries with significant growth rates include non-ferrous metals (1.22%), national defense and military industry (0.75%), and basic chemicals (0.66%) [1] - Industries with the largest declines in financing balance include transportation (-0.61%), environmental protection (-0.56%), and retail (-0.44%) [2] - The latest financing balances for the top industries are as follows: - Non-ferrous metals: 80.248 billion yuan, increase of 0.964 billion yuan, growth rate of 1.22% [1] - Electronics: 214.565 billion yuan, increase of 0.869 billion yuan, growth rate of 0.41% [1] - Pharmaceuticals: 133.094 billion yuan, increase of 0.622 billion yuan, growth rate of 0.47% [1] - Transportation: 33.945 billion yuan, decrease of 0.210 billion yuan, decline rate of 0.61% [2] - Non-bank financials: 156.456 billion yuan, decrease of 0.503 billion yuan, decline rate of 0.32% [2]

Economic Growth and Contributions - China's GDP has achieved a "four consecutive jumps" over the past five years, with an expected increase of over 35 trillion yuan, equivalent to "recreating a Yangtze River Delta" [1] - The average contribution rate of domestic demand to economic growth is over 86.4%, highlighting its role as the main driver of China's economy [3] - Final consumption contributed an average of 56.2% to economic growth, an increase of 8.6 percentage points compared to the "13th Five-Year Plan" [4] Infrastructure Development - The national comprehensive transportation network has a completion rate of over 90%, covering over 80% of counties and serving about 90% of the economy and population [7] - The logistics cost savings for society are projected to exceed 4 billion yuan in 2024, with an additional expected savings of around 3 billion yuan this year [7] - The average hourly throughput at national ports is expected to reach 38,000 standard containers by 2024, a 26% increase from 2020 [8] Innovation and Technology - R&D expenditure increased by nearly 50% compared to the end of the "13th Five-Year Plan," reaching an increment of 1.2 trillion yuan, with R&D intensity rising to 2.68% [9] - China has achieved significant breakthroughs in innovation, including the launch of the first domestically produced aircraft carrier and the completion of the first Chinese space station [10] Governance and Efficiency - The business environment in China has improved, with over 58 million private enterprises, an increase of over 40% since the end of the "13th Five-Year Plan" [11] - The ability to mobilize and act effectively has been demonstrated in disaster response, such as the rapid organization of rescue efforts following a 6.8 magnitude earthquake [12] Social Welfare and Public Services - The "14th Five-Year Plan" includes seven social welfare indicators, the highest proportion in any five-year plan, aimed at enhancing people's sense of gain, happiness, and security [13] - Employment stability has been maintained with over 12 million new urban jobs created annually, and the income growth of residents is synchronized with economic growth [15] - The healthcare system has been expanded, with a significant increase in the number of practicing physicians per thousand people, from 2.9 to 3.6 [15]

北交所日报 北交所日报(2025.07.09) 2025 年 07 月 09 日 核心观点 分析师 范想想 ☎: 010-8092-7663 网：fanxiangxiang_yj @chinastock.com.cn 分析师登记编码：S0130518090002 2025-07-09 相对沪深 300 表现图 资料来源:iFinD,中国银河证券研究院 相关研究 资料来源：中国银河证券研究院 1. 【银河北交所】2025 年度策略_并购重组助高质 发展，抓两新两重投资机遇 2. 【银河北交所】2024 中期策略_新质生产力赋能 北证,关注国央企投资价值 3. 【中国银河证券】Deepseek 冲击波:北交所_ 中小企业的智能化赋能 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 ７月９日，北证 50 涨跌幅为-0.75%,收于 1410.36点。北证 50 指数开 ● 盘点位为 1426.22点，最高点位达 1439.39点,最低点位为 1405.14点。同 日,上证指数收于 3493.05 点,涨跌幅为-0.13%;沪深 300 收 3991.4 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Policy and capital drive the allocation opportunities of dividend assets. The new "Nine - Point Plan" stimulates dividend - paying willingness, and the implementation plan for long - term funds entering the market supports long - term allocation demand. As a result, the scale of dividend - related ETFs has been growing steadily [4][9][10]. - Dividend assets have a significant advantage in the interest - rate spread. The current 10 - year treasury bond yield is at a historical low of 1.66%, while the CSI Dividend Index dividend yield remains at a relatively high level of 5.58%. The compound interest effect of dividend assets can bring a cumulative excess return of 308.71% and an annual excess return of 4.75% [4][11][14]. - The Xinhua Zhongchengxin Dividend Value Index sets up double financial safety valves in the sample - stock access stage, constructs a "1 + 4" composite defense factor model, and has advantages such as high dividend yield, low volatility, and good anti - decline ability compared with mainstream broad - based indexes [4]. - The Huafu Xinhua Zhongchengxin Dividend Value Index Fund aims to closely track the target index, minimize tracking deviation and error, and achieve long - term investment returns consistent with the index performance. The current management fee and custody fee are 0.50% and 0.10% respectively [47]. 3. Summary According to the Directory 3.1 Low - Interest Era: Long - Term Allocation Value of High - Dividend Strategies 3.1.1 Policy and Capital Dual - Wheel Drive for the Allocation Opportunities of Dividend Assets in the Era - The new "Nine - Point Plan" stimulates the dividend - paying willingness of listed companies, and the implementation plan for long - term funds entering the market supports the long - term allocation demand for dividend assets. Under the dual - wheel drive of policy and capital, the scale of dividend - related ETFs has increased from 16.3 billion yuan in early 2021 to 119.8 billion yuan [9][10]. 3.1.2 Dividend Asset Interest - Rate Spread Moat: 5.6% Dividend Yield vs. 1.7% Treasury Bond Yield - In the low - interest environment, the quasi - fixed - income attribute and certainty premium of dividend assets are prominent. The 10 - year treasury bond yield has dropped to a historical low of 1.66%, while the CSI Dividend Index dividend yield remains at 5.58%. Dividend assets are suitable for risk - averse funds, and the compound interest effect can bring significant excess returns [11][14]. 3.2 Xinhua Zhongchengxin Dividend Value Index: Comprehensive Evolution from "Dividend Low - Volatility" to "Dividend Value" 3.2.1 Sampling Method: Double Financial Safety Valves Set in the Sample - Stock Access Stage, Focusing on the Sustainability of High Dividends - The index was released on January 5, 2024, with a base date of December 30, 2011, and a base point of 1000. It constructs a penetration - style dividend - quality quantitative screening system, requiring continuous three - year dividends and meeting payment - rate standards in the vertical dimension, and screening for refinancing dependence in the horizontal dimension to ensure the authenticity and sustainability of dividend returns [17]. 3.2.2 Adopting the "One - High and Four - Low" Five - Factor Stock Selection to Optimize the Traditional "Dividend Low - Volatility" Target Pool - The index innovatively constructs a "1 + 4" composite defense factor model, with high dividend yield as the core anchor point, superimposed with four defensive dimensions of low valuation, low volatility, low Beta, and low turnover, forming a multi - factor dynamic balance mechanism [26]. 3.2.3 Heavily Investing in Industries such as Banks and Transportation, with the Large - Cap Style Building a Low - Volatility Moat - The bank sector has a weight of 26.48%, and the transportation sector has a weight of 11.27%. These industries provide relatively stable dividend returns and show a defensive value orientation [28]. 3.2.4 Dynamic Balance between Dividend Income and Safety Margin - The core income of the high - dividend strategy comes from the high profit - distribution ratio and low price - earnings ratio of individual stocks. Compared with mainstream broad - based indexes, the index has the characteristics of low valuation and high dividends, with a latest dividend yield of 5.06% and a valuation of 8.70 times [37][41]. 3.2.5 A Scientific Investment Plan to Unlock Compound Excess Returns with Low - Volatility Assets - Compared with mainstream broad - based indexes, the index has a better holding experience, with significantly lower volatility and higher cumulative returns. Since the base date, the annualized volatility is only 18.21%, and the total return has significantly outperformed other mainstream broad - based indexes [43][45]. 3.3 Introduction to the Huafu Xinhua Zhongchengxin Dividend Value Index Fund - The Huafu Xinhua Zhongchengxin Dividend Value Index Fund (023746.OF) is issued by Huafu Fund, with a benchmark of 95% of the Xinhua Zhongchengxin Dividend Value Index return plus 5% of the after - tax bank current deposit interest rate. The fund managers are Zhang Ya and Li Xiaohua. The fund aims to closely track the target index and minimize tracking deviation and error [47]. 3.4 Fund Manager Information 3.4.1 Fund Manager Introduction - Huafu Fund Management Co., Ltd. was established on April 19, 2004, with a registered capital of 250 million yuan. It has become a new force in the domestic securities investment fund industry, with a clear development strategy, a rich product system, and a mature investment research model [51]. 3.4.2 Fund Manager Profile - Zhang Ya has a master's degree from Kent State University in the United States. She joined Huafu Fund in April 2017 and currently manages 7 products with a total scale of 1.1499 billion yuan. Li Xiaohua has a master's degree in economics from Nankai University. He joined Huafu Fund in October 2019 and currently manages 12 products with a total scale of 563.1 million yuan [52][56].