Inflation Data - April CPI year-on-year decline remained at -0.1% for the third consecutive month, while core CPI slightly increased by 0.1 percentage points to 0.6%[2] - May food CPI decreased by 0.2% month-on-month, with a year-on-year decline deepening to -0.4%[3] - Core CPI rose 0.1 percentage points to 0.6% in May, driven by stable growth in service prices[4] PPI Trends - May PPI year-on-year decline deepened by 0.6 percentage points to -3.3%, marking the lowest level since August 2023[2] - PPI was significantly affected by falling prices in the coal and oil sectors, with oil and gas extraction prices dropping 5.6% month-on-month[4] - The coal and metallurgy industry prices also fell, influenced by seasonal demand and adverse weather conditions affecting construction projects[4] Consumer Behavior - Service CPI increased by 0.2 percentage points to 0.5% in May, supported by rising accommodation and travel prices during the May Day holiday[4] - Durable goods consumption is showing diminishing returns from fiscal subsidies, with transportation tools' prices narrowing their year-on-year decline to -3.4%[4] - The real estate market remains in a bottoming phase, with rental prices stable at -0.1% year-on-year and a slight month-on-month decline of 0.1%[4] Economic Outlook - The overall inflation data suggests a weak domestic consumption and investment demand, with limited potential for growth in the near term[5] - The necessity for larger-scale consumer subsidies has decreased, but export pressures are expected to rise post the 90-day tariff relief period[5] - A prediction of a potential 10 basis points rate cut in June remains, aimed at stabilizing the real estate market[5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Amidst minor fluctuations in the domestic macro - economy and uncertainties in external trade, local governments are actively constructing a full - scale industrial chain system. Based on the construction progress of this system, different investment strategies for local government urban investment platforms and industrial investment platform bonds are proposed [1][2]. - For industrial bonds, attention can be paid to 2 - 3 - year industrial bonds with good liquidity and 1 - year - or - less industrial bonds in specific industries. For long - term bonds, appropriate duration extension can be considered for certain industries. The issuance of inter - bank science and technology innovation bonds by private enterprises has a significant demonstration effect [3][66]. - In the financial bond market, most financial product yields declined this week, and credit spreads mostly widened. For Tier 2 and perpetual bonds, different investment suggestions are given according to different maturities and credit ratings [4][71]. 3. Summary by Relevant Catalogs 3.1 From Another Perspective on Local Economy 3.1.1 Local Governments Actively Build a Full - Scale Industrial Chain System to Stimulate Innovation and Long - Term Development - Local governments are constructing a full - scale industrial chain system including national key laboratories, R & D incubators, etc., aiming to promote local economic development and move local industrial chains towards the high - end of the global value chain [10]. - In May 2025, China's economic indicators showed positive trends. The manufacturing PMI improved, and the decline in manufacturing exports slowed down. The service industry PMI also increased, but the comprehensive PMI output index was affected by the manufacturing industry [11][12]. - China's foreign trade negotiations with the US, Europe, and South Asian countries have made new progress, which is conducive to stabilizing the external trade environment and ensuring the stability of the import and export industrial chain [16][17]. 3.1.2 Investment Suggestions - **First Type**: Regions that have basically completed the full - scale industrial chain system construction. Their local governments have strong economic strength and anti - risk ability. Long - duration bonds issued by local urban investment platforms, industrial investment platforms, and state - owned enterprises can be mainly considered, such as Shanghai, Suzhou, Guangzhou, and Shenzhen [2][39]. - **Second Type**: Regions with "national/ provincial advanced manufacturing industrial clusters" and "international logistics hub centers/ commodity resource allocation hubs", which are currently building other chain links. Medium - to - long - term bonds can be appropriately considered, such as Foshan, Guangdong [2][39]. - **Third Type**: Regions that have completed the layout of one or two chain links due to special resource endowments. Their economic strength needs further observation, and short - duration bonds can be appropriately considered, such as Huaihua High - tech Zone [2][43]. 3.2 Weekly Views on Industrial and Financial Bonds 3.2.1 Industrial Bonds - Pay attention to 2 - 3 - year industrial bonds with good liquidity in industries such as industrial investment, public utilities, transportation, state - owned real estate, and cultural tourism. For 1 - year - or - less industrial bonds, focus on industries like local refineries and steel [66]. - For long - term bonds, appropriate duration extension can be considered for coal, transportation, public utilities, and industrial investment bonds. Private enterprises such as Luxshare Precision, Muyuan Foods, Geely Holding, and Shandong Hongqiao have announced the issuance of inter - bank science and technology innovation bonds, with a significant demonstration effect [3][67]. - In the steel industry, pay attention to bonds of Shandong Iron and Steel and HBIS Group within two years. Steel enterprises need to control production rhythm and implement production - limiting policies [67]. 3.2.2 Financial Bonds - This week, most financial product yields declined, and credit spreads mostly widened. The credit spreads of Tier 2 and perpetual bonds and securities firms' short - term financing narrowed, while the credit spread of non - perpetual sub - bonds of insurance companies widened the most [4][71]. - For Tier 2 and perpetual bonds, currently, the valuation of 2 - 3Y AAA - and AA+ Tier 2 and perpetual bonds is at a historical percentile of 12% - 16% in the past year, with reduced cost - effectiveness. Different investment suggestions are given according to different maturities and credit ratings [71]. 3.3 Primary Market Tracking The report provides charts on the issuance, net financing, subscription, and registration of credit bonds, financial bonds, urban investment bonds, and industrial bonds this week, but specific numerical analyses are not elaborated in the text [78][80][82]. 3.4 Secondary Market Observation 3.4.1 Volume of Secondary Transactions The report presents charts on the trading volume and number of credit bonds, urban investment bonds, and industrial bonds in the secondary market, but specific numerical analyses are not elaborated in the text [92][95]. 3.4.2 Price of Secondary Transactions No relevant content provided.

Investment Rating - The industry rating is "Outperform the Market" [6][67] Core Views - The report highlights that the downward trend in cement and glass prices continues, while urban renewal initiatives are actively promoted. The Ministry of Housing and Urban-Rural Development reported that 5,679 old urban residential areas were newly started for renovation from January to April, with over 50% opening rates in six regions [2][11] - Central government financial support for urban renewal is expected to exceed 20 billion yuan, with various local governments implementing measures to stimulate real estate market demand [2][11] - Short-term factors include the emphasis on stabilizing the real estate market amid growth pressures and the gradual alleviation of risks associated with major real estate companies, which is beneficial for the building materials sector [2][11] - Long-term factors suggest that the opening of the interest rate reduction channel in Europe and the US may provide more room for monetary and fiscal policies in China, with expectations for policies to stabilize real estate transactions and prices [2][11] Summary by Sections Recent High-Frequency Data - As of June 6, 2025, the average price of bulk P.O 42.5 cement in China is 372.6 yuan/ton, down 0.6% week-on-week and down 4.6% year-on-year [3][12] - The average factory price of glass (5.00mm) is 1,205.7 yuan/ton, down 2.0% week-on-week and down 27.3% year-on-year [3][20] Investment Recommendations - The report suggests focusing on three main lines for investment: 1. High-quality companies benefiting from stock renovation, such as Weixing New Materials, Beixin Building Materials, and Tubao [4] 2. Undervalued stocks with long-term alpha attributes, such as Sankeshu, Dongfang Yuhong, and Jianlang Hardware [4] 3. Leading cyclical building materials companies with bottoming fundamentals, such as Huaxin Cement, Conch Cement, China Jushi, and Qibin Group [4] Market Performance - The Shanghai Composite Index rose by 1.13%, and the Shenzhen Composite Index rose by 1.82%. The building materials index increased by 0.63% [3][55] - Sub-sectors showed varied performance, with fiberglass manufacturing up by 2.08% and cement manufacturing down by 0.97% [3][55]

行 业 研 华福证券 汽车 2025 年 06 月 09 日 汽车 究 行 周观点（0603-0606）：整车关注豪华车整车+无 人物流；机器人等右侧催化；低空关注无人机整 机 投资要点： 汽车板块：关注豪华车整车+无人物流 风险提示 业 定 期 报 告 官方表态反对内卷式价格战，可能情绪影响大于实质。往后看在国内总量 下半年压力较大+出口基数变大+出口增速快速放缓的背景下，行业竞争激 烈的格局短期不会改变。整车整体β仍然偏弱，建议关注整车龙头+豪华车 整车：整车龙头【比亚迪+吉利汽车+小米集团】，豪华车整车【赛力斯+ 理想汽车】。 robotaxi 近期调整较大，基本面无利空，主要是交易影响因素较大，周二通 达电气早盘尝试反包失败+云内动力跌停，周三龙头德邦股份平开走低，板 块做多情绪枯竭，导致板块的快速深度调整。展望后市，产业趋势刚刚开 始真正的 0-1，尤其是载物场景落地节奏很快，行情并没有真正结束。下周 重点观察特斯拉 12 日 robotaxi 正式运营的效果+13 日中邮科技异常监管结 束，板块是否能企稳并开启新一波行情。标的选择逻辑是：载物＞载人， 运营＞整车代工＞智驾零部件。关注板块前期龙头： ...

华福证券 海外市场周观察（0602-0608） 标普 500 指数重返 6000 点 投资要点： 本周美股整体呈震荡偏强走势。周初，受到贸易政策不确定性以及部分 经济数据不佳的影响，指数有所下跌。周四中美元首电话会谈释放两国关系 阶段性转暖的积极信号，周五公布的非农数据强化了市场降息预期，同时缓 解了市场对经济快速放缓的担忧，支撑"避免衰退"的软着陆叙事，标普 500 指数自 2 月以来首次收于 6000 点上方，三大股指年内收益率均转 正，市场风险偏好显著修复。下周需重点关注6月CPI数据，若通胀回落叠加 当前温和的就业数据，降息预期将推动科技股带指数进一步上攻。 经济数据方面：（1）美国5月季调后非农就业人口13.9万人，预期13万 人，前值由17.7万人修正为14.7万人；美国5月失业率录得4.2%，符合市场预 期；（2）美国5月ISM制造业PMI为48.5，低于前值48.7和预测值49.5； （3）美国4月工厂订单月率为-3.7%，低于前值3.4%和预测值-3.1%；（4） 美国5月ADP就业人数(万人)为3.7，低于前值6万和预测值11万。 本周全球主要大类资产涨跌互现。NYMEX铂（+11.64% ...

行 业 研 究 华福证券 医药生物 2025 年 06 月 09 日 医药生物 从供需看，中国创新药能从海外分成多少钱？ 投资要点： 行 业 定 期 报 行情回顾：本周（2025 年 6 月 3 日- 2025 年 6 月 6 日）中信医药指数 上涨 1.2%，跑赢沪深 300 指数 0.3 pct，在中信一级行业分类中排名第 16 位；2025 年初至今中信医药生物板块指数上涨 8.3%，跑赢沪深 300 指数 9.9pct，在中信行业分类中排名第 5 位。本周涨幅前五的个股为：易明医药 （+33.09%）、万邦德（+32.59%）、昂利康（+30.28%）、新诺威（+21.36%）、 海辰药业（+20.93%）。 告 周专题：跨国药企专利悬崖释放超 2400 亿美元市场空间，中国凭借技 术平台与研发效率优势成为全球创新药供给的核心力量。截至 2037 年，全 球市场 27 款 2024 年销售额超 40 亿美元的重磅药物面临专利失效，MNC 均有迫切寻找重磅创新药的需求。我们认为目前已经进入下一个创新药周 期的投入阶段，中国创新药在细胞疗法、ADC、双抗等技术领域在研管线 数量全球第一，在 716 个赛道 ...

投资要点： 行 华福证券 农林牧渔 2025 年 06 月 08 日 业 研 究 农林牧渔 养殖出栏加速，猪价跌破 14 元 行 业 定 期 报 告 生猪养殖：养殖出栏加速，猪价跌破 14 元。（1）本周猪价下跌。端 午假期后，养殖端出栏加速，叠加气温升高大猪需求下降，二育补栏积极 性下降，猪价宽幅下调，已跌破 14 元/公斤。6 月 8 日猪价 13.91 元/公斤， 周环比-0.51 元/公斤。（2）节后消费回落，屠企宰量下滑。端午节后消费 惯性回落，5 月 31 日-6 月 6 日涌益样本屠企日均宰杀量为 14.58 万头，周 环比-2.21%。（3）本周生猪出栏均重继续下降。随气温升高，大猪需求量 减少，肥标价差缩窄，养殖端压栏增重情绪减弱，6 月 5 日当周生猪出栏 均重 129.17kg，周环比-0.01kg。展望后市，短期来看，涌益/钢联/卓创监测 6 月样本企业日均出栏预计环比+4.39%/+2.84%/+3.88%，供应压力预计增 大。叠加气温升高抑制养殖端压栏增重意愿，行业去库存开启，猪价预计 承压下行，关注行业降重情况。中期来看，全国能繁母猪存栏缓慢回升， 2025 年猪周期下行背景下， ...

行 电力设备 2025 年 06 月 08 日 究 报 告 风险提示：电动车消费复苏不及预期、海外政策风险等；光伏下游需 求不及预期；行业竞争加剧；上游原材料价格大幅波动；风电装机不及预 期；政策落地不及预期；国际政治形势风险，市场规模不及预期；电网投 资进度不及预期；氢能技术路线、成本下降尚存不确定性等。 业 研 究 行 业 电力设备 产业周跟踪：宁德发布锂金属研究进展，能源局 启动七大新型电力系统领域试点 投资要点： 锂电板块核心观点：宁德时代锂金属电池成果登上 Nature，固态电池 设备集中亮相欧洲电池展。1）宁德时代发表锂金属电池研究成果；2）固 态设备亮相 2025 欧洲电池展，上海洗霸发布 eVTOL 固态电池。 定 期 报 告 光伏板块核心观点：6 月组件排产预计继续下降，关注下周 SNEC 展 新品发布。近期终端需求不断下降，6 月国内组件排产预计继续下降至不 足 45GW；受组件排产下降影响，上游硅片、电池片以及胶膜等辅材环节 排产相应下调，我们认为当前产业链排产及价格情况主要为国内短期需求 支撑有限，建议关注下半年国内集中式项目以及海外需求进展。下周第十 八届 SNEC 光伏&储能展预计 ...

策 略 研 究 华福证券 TMT 板块多主题出现优秀形态 团队成员 投资要点： 策 略 定 期 报 告 主题投资数据库旨在筛选优秀量价形态的主题机会，把握热门主题的 见顶节奏、龙头股的调整程度。在 3/9 发布的《主题投资的下半场决胜法 则》中，我们构建了主题投资的数据追踪体系。我们专注于 2 方面：1）4 种形态量化筛选，高赔率的主题机会；2）构建交易热度指标，把握热门主 题的见顶节奏，并最新增加了龙头股的调整程度观察。后续，我们将定期 更新主题投资数据体系。我们希望通过这种偏量化的方式，给予投资者更 客观的参考，把握住主题投资的行情节奏。 TMT 板块多主题出现优秀形态。本期走出见底、突破、主升、加速的 主题指数数量分别有 1、15、20、2 只。其中，1 只见底形态的主题指数属 于电力设备行业，15 只突破形态的主题指数中，行业多为计算机（7 只）。 20 只主升形态的主题指数中包含通信行业（6 只）、电子行业（4 只）和 有色行业（3 只），而 2 只加速形态的主题指数分别属于通信行业、电子 行业。 人形机器人主题交易热度下降，Deepseek 主题交易热度回升；对应龙 头股收盘价仍低于 MA60 的 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [20]. Core Insights - The company has announced a strategic partnership with Tencent Video to launch new products based on popular domestic animation IPs, enhancing product value through a combination of strong IP and functionality [3][4]. - The collaboration aims to tap into the growing demand for domestic cultural products among the youth, with a significant portion of the target demographic expressing interest in purchasing products that incorporate national elements [5]. - The company is expected to see steady growth in net profit, with projections of CNY 1.55 billion, CNY 1.74 billion, and CNY 1.96 billion for the years 2025, 2026, and 2027 respectively, reflecting growth rates of 11.3%, 11.9%, and 12.8% [6]. Company Strategy - The company is focusing on an IP-driven strategy, having previously collaborated with various domestic and international IPs, and aims to leverage this partnership to enhance its product offerings across multiple categories [5]. - The retail segment, particularly through its brand "Jiumu Zawush", is expected to see an increase in the proportion of IP-related products, with membership surpassing 10 million [5]. - The company is actively engaging with new consumer trends, particularly in the context of the back-to-school season, which is anticipated to drive sales of its new IP-based products [5]. Financial Projections - Revenue forecasts for the company are set at CNY 26.69 billion, CNY 29.82 billion, and CNY 33.21 billion for the years 2025, 2026, and 2027, with growth rates of 10%, 12%, and 11% respectively [7]. - The projected earnings per share (EPS) for the same period are CNY 1.69, CNY 1.89, and CNY 2.13, indicating a positive trend in profitability [7].