Group 1 - The report highlights a significant downward revision in the US non-farm employment data for June, with a total adjustment of 90,000 jobs, primarily affecting government, leisure, and construction sectors, indicating potential economic instability due to tariffs [2] - The Federal Reserve is expected to maintain a hawkish stance on inflation, with a possibility of 1-2 rate cuts in the second half of the year as trade negotiations progress [3] - The market is anticipated to enter a new upward phase in the second half of the year, with a focus on cyclical sectors and emerging industries [4][5] Group 2 - The FDCA industry is projected to grow significantly due to increasing demand for PEF as a superior alternative to PET, with recommended investments in companies like Tongkun Co., New Fengming, and Zhenhai Refining [13] - The "anti-involution" policy is expected to continue, benefiting sectors like photovoltaic materials, with a focus on price elasticity in the supply chain [14][16] - The coal industry is seeing improved price expectations due to recent policy measures, with recommendations for investments in major coal companies [18] Group 3 - Qingdao Bank reported a 7.5% year-on-year increase in revenue for the first half of 2025, with a net profit growth of 16%, indicating strong performance and asset quality [20] - China Petroleum & Chemical Corporation (Sinopec) anticipates a significant decline in net profit for the first half of 2025, but maintains a "buy" rating based on long-term competitive advantages [23] - Huaneng International's second-quarter net profit increased by 50% year-on-year, driven by lower fuel costs and expansion in renewable energy [24] Group 4 - Ningde Times reported a 33.73% year-on-year increase in net profit for the second quarter of 2025, with strong market positioning in lithium batteries and new product developments [25] - Tencent is expected to see strong growth in core gaming and advertising revenues, with an upward revision of profit forecasts for 2025-2027 [26] - Meta Platforms exceeded revenue expectations in Q2 2025, with plans for increased investment in AI infrastructure [27]

Steel Industry - The average daily crude steel output of key steel enterprises reached a four-month low in late May 2025, indicating a potential recovery in profitability to historical average levels due to the revised "Steel Industry Normative Conditions" by the Ministry of Industry and Information Technology [4] Copper Industry - COMEX copper inventory hit a new high since September 2018, while LME copper inventory reached a near 12-month low; trade conflicts have eased, leading to a rebound in copper prices, but demand risks remain as the market enters a seasonal lull [5] Basic Chemicals - The rise of the trendy toy industry is driving new consumer demand, with the market size of China's pan-entertainment toy market surpassing 100 billion yuan, expected to reach 212.1 billion yuan by 2029; this growth will benefit the color masterbatch and pigment industries [6] Public REITs - The total market value of public REITs surpassed 200 billion yuan for the first time, with a market value index of 113.91 as of June 6, 2025, reflecting a 19% increase since the end of 2024; the market is expected to continue growing steadily [8] New Energy and Environmental Protection - Recent policies related to the new power system are expected to lead to breakthrough developments, addressing renewable energy consumption issues through market-based pricing mechanisms and innovative supply models [9] Digital Currency and Web3 - The passage of the GENIUS Act in the U.S. Senate and the approval of the stablecoin regulation draft in Hong Kong are expected to catalyze the application of Real World Assets (RWA), creating new pathways for traditional finance to integrate into the digital economy [9] Sunac Services - Sunac Services is expected to experience stable growth as the impact from real estate associations diminishes, with a significant increase in sales amounting to 4.9 billion yuan in May 2025, a year-on-year increase of 128% [10]