Core Insights - The report highlights a decline in the growth rate of social consumer goods retail sales in June 2025, with a total of 4.23 trillion yuan, reflecting a year-on-year increase of 4.8%, which is below the market expectation of 5.56% [2] - The report emphasizes the promising future of COFs (Covalent Organic Frameworks) materials in various fields such as energy storage and environmental management, with a recommendation to focus on companies like Baolidi and Yaoke for their advancements in COFs commercialization [3] - The report suggests increasing allocation to the Hong Kong pharmaceutical sector, particularly in chemical pharmaceuticals and innovative drugs, highlighting companies like Sanofi and BeiGene for their potential growth [3] Retail Sector Analysis - In June 2025, the growth rate of essential goods decreased, while the jewelry sector faced demand pressure due to high gold prices, leading to a decline in growth rates [2] - The report notes that the pre-promotion period for sales has led to an earlier release of consumer demand, impacting the overall growth figures [2] COFs Industry Insights - COFs are identified as high-performance crystalline porous polymer materials with adjustable pore structures, showing significant application potential in energy and environmental sectors [3] - The report mentions a successful scale-up of COFs production by Yaoke in 2024, marking a milestone in the commercialization of these materials [3] Pharmaceutical Sector Insights - The report recommends increasing investment in the Hong Kong pharmaceutical sector, particularly in traditional and innovative drug companies, citing the ongoing transformation and innovation within the industry [3] - Specific companies are highlighted for their stable growth and potential for stock price catalysts, including Sanofi, United Laboratories, and others [3]

Group 1 - The credit ratings of convertible bonds in the first half of 2025 were predominantly downgraded, with a decrease in the number of downgrades compared to the previous year. Most of these bonds had initial ratings of AA- or below, and their remaining maturities were mainly concentrated within one year and two to four years [3] - The issuers of convertible bonds that experienced rating downgrades generally faced declining profitability, weakened cash flow, and increased short-term debt repayment pressure, leading to heightened liquidity risks and governance issues [3] Group 2 - The COFs (Covalent Organic Frameworks) industry is expected to have promising applications in energy storage, environmental management, and biomedicine due to its unique molecular design and excellent performance [4] - In June 2025, the total retail sales of consumer goods reached 4.23 trillion yuan, with a year-on-year growth of 4.8%, which was below the market expectation of 5.56%. The growth rate decreased by 1.6 percentage points compared to May, primarily due to a high base from the previous year and the pre-promotion of consumption [6] - The demand for gold and jewelry retail was pressured by fluctuations in gold prices, leading to a decline in growth rates for these categories. However, categories related to national subsidies continued to grow, albeit at a slower pace [6] Group 3 - The disposable glove industry is expected to see a price turning point in the third quarter, with a focus on the overseas capacity release of leading domestic manufacturers. The gradual release of overseas capacity and natural growth in end-demand are anticipated to help domestic companies regain market share [7] - The Hong Kong pharmaceutical sector has shown strong performance, with some quality companies still having attractive PE valuations despite years of valuation contraction. There is a recommendation to actively increase allocations in high-quality, low-valuation companies within the sector [8] - Baofeng Energy's new olefin project in Inner Mongolia is expected to contribute to significant growth, with the company forecasting a net profit of 5.4 to 5.9 billion yuan for the first half of 2025, representing a year-on-year increase of 63.4% to 78.5% [8]

宝丽迪的COFs已完成吨级量产，产业化进展逐步推进 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 COFs是一种新兴的结晶性多孔高分子材料，下游潜在的应用领域较为丰富 COFs材料(Covalent Organic Fra-meworks)，又称作共价有机框架材料，是一种新兴的由有机分子组成，以共价 键连接的结晶性多孔高分子材料，也被称为"有机沸石""均孔树脂"。COFs材料具有高的热化学稳定性、良好 的生物相容性、大的比表面积及孔隙率、可控的化学物理性质、低的骨架密度、永久开放的孔道结构及合成策 略多样化等特点。在催化化工、气体分离存储、生物医药纯化、环保处理、石油分离、核工业废水处理、海水 淡化、光电材料等领域具有应用可能性。在化工催化方面可用于炼油纯化、空气分离、制冷剂制造；水处理方 面可用于工 ...

证券简称：宝丽迪 证券代码：300905 苏州宝丽迪材料科技股份有限公司 投资者关系活动记录表 编号： 2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 ☑业绩说明会 | | 投资者活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | | 苏州宝丽迪材料科技股份有限公司： 董事长 徐毅明先生 | | 参与单位名称及 | 副总经理、财务总监、董事会秘书 袁晓锋先生 | | 人员姓名 | 独立董事 关晋平女士 | | | 证券事务代表 尤心远先生 | | | 东吴证券股份有限公司：陈辛慈女士 | | 时间 | 2025 年 4 月 29 日 15：00--17:00 | | | 董事长 徐毅明先生 | | | 副总经理、财务总监、董事会秘书 袁晓锋先生 | | 接待人员姓名 | 独立董事 关晋平女士 | | | 证券事务代表 尤心远先生 | | | 苏州宝丽迪材料科技股份有限公司（以下简称"公司"）于 | | | 2025 年 4 月 29 日 15：00--17:00 通过"同花顺路演平台"召开 | | | 了公司 ...