Core Viewpoint - Lin Qingxuan is a leading high-end domestic skincare brand in China, focusing on anti-wrinkle and firming skincare products, with its flagship product being the camellia oil facial essence, which has ranked first in retail sales for 11 consecutive years since its launch in 2014 [3]. Industry Overview - The Chinese cosmetics market is projected to reach a scale of 688.6 billion yuan in 2024, with skincare products accounting for the largest share at 461.9 billion yuan. The compound annual growth rate (CAGR) for skincare from 2019 to 2024 is 6.8%, and it is expected to accelerate to 8.6% from 2024 to 2029 [4]. - The facial essence oil category is experiencing significant growth, with a market size of 5.3 billion yuan in 2024 and a CAGR of 42.8% from 2019 to 2024, expected to slow to 21.3% from 2024 to 2029. Anti-wrinkle and firming skincare products are also in high demand, with a CAGR of 15.0% from 2019 to 2024 and an expected 18.9% from 2024 to 2029 [4]. Company Highlights - The company has successfully positioned itself in the niche market of facial essence oil, with this category representing 37% of its revenue in 2024. Revenue and gross margin for this category have been consistently increasing from 2022 to 2024, with projected revenue growth of 30.4% in 2023 and 57.6% in 2024 [5]. - The company maintains a balanced distribution of online and offline channels, with online revenue growth of 26.3% in 2023 and 81.1% in 2024, contributing to overall growth. Offline stores enhance the brand's high-end skincare image, with rapid growth in non-direct stores [5].

点击注册小程序 报告摘要 事件： 7月18日，国务院新闻办公室举行新闻发布会，介绍2025年上半年工业和信息化发展情况。工业和信息化部总 工程师谢少锋表示，将实施新一轮钢铁、有色金属、石化、建材等十大重点行业稳增长工作方案，推动重点行 业着力调结构、优供给、淘汰落后产能，具体工作方案将在近期陆续发布。 点评： 一、化工行业稳增长、反内卷政策即将出台，引导行业有序发展 查看完整报告 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。 我国化工行业于上世纪80年代进入快速发展期，部分上世纪建设的化工装置设备已经运行30年甚至40年以上， 存在设计建设标准和制造水平低、长周期运行后腐蚀减薄、安全保障能力下降等问题，化工老旧装置设备安全 风险进入集中暴露期。我国高度重视设备老化管理，2024年，应急管理部、工信部、国资委、市 ...

Group 1: Non-ferrous Metals Industry - In Q2 2025, the holdings of heavy stocks in the non-ferrous metals sector by actively managed equity funds increased significantly, with notable increases in rare earth and small metal stocks [4] Group 2: Petrochemical Industry - The Ministry of Industry and Information Technology is expected to introduce a growth stabilization plan for the petrochemical industry, which aims to eliminate outdated production capacity and optimize the industry structure [4] - The current phase of eliminating outdated capacity in the chemical industry is in the assessment stage, and its implementation is expected to enhance the overall competitiveness of chemical facilities [4] Group 3: Construction and Building Materials - The Yarlung Zangbo River downstream hydropower station has officially commenced construction, with a total investment of approximately 1.2 trillion yuan, expected to generate substantial construction and material orders [4] - The project, which is six times the investment of the Three Gorges Project, is anticipated to effectively boost infrastructure investment growth in China [4] Group 4: Renewable Energy - The Yarlung Zangbo River downstream hydropower project has a total investment scale of about 1.2 trillion yuan, with an installed capacity of 60 million to 81 million kilowatts, benefiting the "duopoly" in hydropower equipment [5] - The construction of the hydropower project is expected to contribute to incremental orders for the leading companies in the sector, providing strong support for their performance in 2025 [5] Group 5: Textile and Apparel - Lin Qingxuan, a high-end skincare brand, has maintained its position as the top-selling facial oil product in China for 11 consecutive years since its launch in 2014, focusing on natural camellia oil-based skincare solutions [4] - According to a report, Lin Qingxuan ranks first among all high-end domestic skincare brands in China by retail sales in 2024, being the only domestic brand among the top 15 high-end skincare brands [4] Group 6: Banking Sector - Changshu Bank reported a revenue of 6.06 billion yuan for the first half of 2025, representing a year-on-year growth of 10.1%, with a net profit of 1.97 billion yuan, up 13.5% year-on-year [6] - The bank's return on average equity (ROAE) stands at 13.3%, reflecting a slight increase, and it maintains a low non-performing loan ratio with a high provision coverage ratio [6]

Core Viewpoint - The article highlights the strong performance of Changshu Bank in the first half of 2025, with significant growth in both revenue and net profit, indicating resilience in its financial performance [2][3]. Financial Performance - In the first half of 2025, Changshu Bank achieved an operating income of 6.06 billion yuan, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 1.97 billion yuan, up 13.5% year-on-year [2]. - The weighted average return on equity (ROAE) was 13.3%, reflecting a slight increase of 0.05 percentage points year-on-year [2]. Revenue and Profit Growth - The revenue and net profit growth rates for the first half of 2025 were 10.1% and 13.5%, respectively, with slight changes from the first quarter [3]. - In the second quarter of 2025, the revenue and net profit growth rates were 10.2% and 13.2%, showing stability in performance [3]. Asset and Loan Growth - As of the end of the second quarter of 2025, the total assets and loan growth rates were 9.2% and 5.2%, respectively, with a slight increase in asset growth compared to the previous quarter [5]. - The bank added approximately 1.8 billion yuan in loans during the second quarter, which was a decrease of 1.9 billion yuan year-on-year [5]. Deposit Growth - The total liabilities and deposit growth rates at the end of the second quarter of 2025 were 9% and 9.9%, respectively, indicating an acceleration in deposit growth [6]. - The bank added 1.7 billion yuan in deposits during the second quarter, which was an increase of 2.5 billion yuan year-on-year [6]. Interest Margin and Cost Control - The bank is expected to see a narrowing of the interest margin decline in the second quarter due to effective cost control measures on liabilities [7]. - The bank has adjusted deposit rates multiple times this year, which is anticipated to improve the cost structure and mitigate pressure on interest margins [7]. Capital Supplementation - The bank has a 6 billion yuan convertible bond with a low conversion ratio, and the current stock price is close to the strong redemption price, indicating potential for capital supplementation [8]. - The stable double-digit growth in revenue and profit enhances the bank's internal capital replenishment capability, supporting future expansion and growth [8].

Core Viewpoint - The report analyzes the heavy holdings of active equity funds in the non-ferrous metals industry for Q2 2025, highlighting a slight increase in the sector's representation within the overall fund holdings [3][4]. Group 1: Industry Overview - In Q2 2025, the market value of heavy holdings in the non-ferrous metals sector by active equity funds reached approximately 70.4 billion, accounting for 4.29% of total fund heavy holdings, which is an increase of 0.07 percentage points from Q1 2025 [4]. Group 2: Top Heavy Holdings - The top ten heavy holdings in the non-ferrous metals sector include Zijin Mining (22.8 billion), Shandong Gold (4.4 billion), Zhongjin Gold (3 billion), Zijin Mining (H) (2.7 billion), Hunan Gold (2.5 billion), Yun Aluminum (2.2 billion), Shanjin International (2.1 billion), Luoyang Molybdenum (2.1 billion), Chifeng Gold (2 billion), and Huayou Cobalt (1.95 billion) [5]. Group 3: Increased Holdings - The increase in holdings is primarily concentrated in the rare earth and small metal sectors, with significant increases in stocks such as Guangsheng Nonferrous (largest increase in rare earth), Haotong Technology (platinum, palladium, rhodium recovery), and Xinyi Silver Tin (silver, tin) [6]. Group 4: Decreased Holdings - The decrease in holdings is mainly observed in aluminum, gold, and certain processing stocks, with the largest reductions seen in Xibu Materials (titanium), Shenhuo Co. (aluminum), and Huafeng Aluminum (aluminum processing) [7][8].

Core Viewpoint - The article discusses the commencement of the Yarlung Tsangpo River downstream hydropower project in Tibet, highlighting its significance in China's energy landscape and the expected contributions from leading domestic equipment manufacturers [3][4]. Group 1: Project Overview - The Yarlung Tsangpo River downstream hydropower project officially started on July 19, 2025, with a total investment of approximately 1.2 trillion yuan and a total installed capacity of 60 to 81 million kilowatts [3][4]. - The project will consist of five tiered power stations and is expected to generate an annual electricity output of 300 billion kilowatt-hours, equivalent to three Three Gorges power stations [4]. Group 2: Market Dynamics - The conventional hydropower equipment industry in China is characterized by a "dual oligopoly" market structure, with Dongfang Electric holding a 45% market share in conventional hydropower and 41.6% in pumped storage by 2024, while Harbin Electric accounts for 50% of the domestic large hydropower installed capacity [5]. - The project is anticipated to provide significant orders to domestic manufacturers, particularly Dongfang Electric and Harbin Electric, as the technology for hydropower equipment becomes increasingly mature [5]. Group 3: Order Growth and Financial Outlook - In 2024, Dongfang Electric achieved new effective orders of 101.14 billion yuan, a year-on-year increase of 16.88%, reaching a historical high of 152.61 billion yuan in hand orders by the end of 2024 [6]. - Harbin Electric reported a formal contract signing amount of 56.87 billion yuan in 2024, with a year-on-year growth of 30.55%, and a significant increase in new orders for various power equipment, including a 64.29% rise in hydropower equipment orders [6].

Core Viewpoint - The article discusses the current economic indicators and trends in various sectors, highlighting the performance of key commodities, financing conditions for small and medium enterprises, and the state of the real estate market in China. Group 1: Liquidity and Financing Environment - The BCI small and medium enterprise financing environment index for June 2025 is 49.12, with a month-on-month increase of 0.07% [3] - The M1 and M2 growth rate difference in June 2025 is -3.7 percentage points, showing a month-on-month increase of 1.9 percentage points [3] Group 2: Infrastructure and Real Estate Chain - Rebar prices have reached a new high since April, with a week-on-week increase of 0.93% [4] - The national average capacity utilization rate for blast furnaces increased by 0.99 percentage points, while the cement and asphalt rates decreased by 3.30 percentage points and 2.6 percentage points, respectively [4] - The cumulative year-on-year completion area of commercial housing from January to June is -14.80% [5] Group 3: Industrial Products Chain - The national half-steel tire operating rate is at a five-year high of 75.99%, with a month-on-month increase of 3.07 percentage points [6] - The June PMI new orders index is at 50.20% [6] Group 4: Price Trends of Specific Commodities - Tungsten concentrate prices have reached the highest level since 2011 [7] - The price of graphite electrodes is 18,000 yuan/ton, with a comprehensive gross profit of 1,357.4 yuan/ton, down 22.59% month-on-month [7] Group 5: Price Relationships - The price ratio of rebar to iron ore is 4.14 this week [8] - The price difference between hot-rolled and rebar steel is 110 yuan/ton [8] Group 6: Export Chain - The new export orders PMI for June 2025 is 47.70%, with a month-on-month increase of 0.2 percentage points [9] - The CCFI comprehensive index for container shipping rates is 1,303.54 points, down 0.77% [9] Group 7: Valuation Metrics - The CSI 300 index increased by 1.09%, with the commercial vehicle sector performing the best at +5.98% [10] - The PB ratio of the general steel sector relative to the CSI 300 is currently at 0.54, with the highest value since 2013 being 0.82 [10]

Market Performance Overview - The domestic equity market indices continued to rise, with the ChiNext Index leading the gains. The communication, pharmaceutical, and automotive sectors showed the highest increases, while media, real estate, and public utilities sectors experienced the largest declines [2] - Equity funds performed well, with mixed equity funds rising by 3.06% during the week [2] Fund Product Issuance - A total of 35 new funds were established this week, with a combined issuance of 21.485 billion units. This included 20 equity funds, 3 bond funds, 7 mixed funds, 4 REITs, and 1 FOF fund [3] - Overall, 33 new funds were issued, comprising 18 equity funds, 8 mixed funds, 3 bond funds, 2 REITs, 1 FOF fund, and 1 international (QDII) fund [3] Fund Product Performance Tracking - The net value of long-term thematic funds increased, with the pharmaceutical theme fund showing significant performance advantages. As of July 18, 2025, the weekly performance of various thematic funds was as follows: pharmaceutical (8.38%), TMT (3.91%), defense and military industry (3.44%), and others [4] - Passive index funds in the Hong Kong market, particularly in pharmaceuticals and communications, performed well [5] ETF Market Tracking - Domestic equity ETFs saw profit-taking, with passive funds reducing their positions in broad-based ETFs. However, there was significant inflow into financial real estate and dividend-themed ETFs. The median return for domestic equity ETFs was 1.38%, with a net outflow of 15.043 billion yuan [7] - Hong Kong ETFs had a median return of 5.53%, with a net inflow of 5.289 billion yuan [7] - Themed ETFs related to the Sci-Tech Innovation Board saw a net inflow of 392 million yuan, while financial real estate themed ETFs had a notable net inflow of 4.211 billion yuan [8] Fund Position High-Frequency Monitoring - The estimated position of actively managed equity funds increased by 0.65 percentage points compared to the previous week. Funds were allocated more towards communication, household appliances, and machinery equipment, while electronic, non-ferrous metals, and food and beverage sectors saw reductions [9] ESG Financial Product Tracking - The issuance of green bonds was subdued, with 9 new green bonds issued, totaling 7.079 billion yuan. The cumulative issuance of green bonds reached 4.67 trillion yuan, with 3,992 bonds issued [10] - The median net value changes for various ESG funds were as follows: actively managed equity ESG funds (2.20%), passive equity index ESG funds (0.80%), and bond ESG funds (0.07%). Funds focused on low-carbon economy, carbon neutrality, and sustainable development showed significant performance advantages [10]

Group 1: Solar Industry - The current trading range for polysilicon is between 40,000 to 49,000 CNY/ton, with a significant increase in the price of N-type G10L monocrystalline silicon wafers, averaging 1.05 CNY/piece, up 22.09% week-on-week [3] - Short-term policy support is strong, but the sustainability of this support is crucial for alleviating the operational pressures faced by many companies in the solar industry, which are currently experiencing cash flow issues [3] - The market is closely watching the "storage" plan for silicon materials, as the expected price of silicon will influence the valuation of the stored capacity and the willingness of financial participants [3] Group 2: Wind Energy - Wind energy is expected to benefit from the "anti-involution" policy, with significant earnings elasticity anticipated in the wind turbine assembly segment due to larger turbine sizes and reduced component costs [4] - The 136 document reshapes the logic of new energy installations, with expectations for a recovery in wind power development and power station sales due to favorable output curves [4] Group 3: Solid-State Batteries - The outlook for solid-state batteries remains positive despite recent weak performance due to prior high gains; focus should be on all-solid-state battery equipment and lithium sulfide segments [5] - Attention is also directed towards the progress of semi-solid batteries and electrolyte modifications, which can leverage solid-state battery processes for improved performance and faster implementation [5] Group 4: Energy Storage - The recent policy in Gansu regarding electrochemical large-scale storage capacity is expected to counterbalance the gradual elimination of capacity leasing fees, positively impacting independent storage IRR [5] - The current high demand for energy storage tenders in China is driven by consumption pressure and improved business models, with strong overseas storage market conditions also noted [5]

点击注册小程序 查看完整报告 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 本周小结：铜价短期震荡 截至2025年7月18日，SHFE铜收盘价78410 元/吨，环比7月11日-0.03%；LME铜收盘价9795 美元/吨，环 比7月11日+1.36%。（1）宏观：美国6月CPI继续反弹，市场预计美联储7月不降息概率为94%，美元短期 或偏强。（2）供需：线缆开工率虽有回升但低于去年同期，7-9月国内空调排产环比下降，需求Q3偏弱； 美国铜套利行为或被提前终止，美国以外铜市场短期面临供应压力，铜价短期震荡。但矿端、废铜后续仍 维持紧张，随着电网、空调需求Q4回升以及贸易冲突逐步消化，Q4铜价有望上行。 冶炼：TC现货价维持在-43美元/吨附近 1）产量：2025年6月SMM中国电解铜产量113.49 ...