Core Insights - In August, the domestic 65% tungsten concentrate price increased by 32.3% to 262,500 CNY/ton, with APT rising by 31.6%, tungsten carbide by 35.7%, and tungsten powder by 36%. In Q2, the domestic 65% tungsten concentrate price surged over 80%. The report suggests that China's control over tungsten metal will have a long-term positive impact on tungsten prices, similar to the effects seen with rare earths [3]. Advanced Manufacturing Group - BYD reported a revenue of 371.3 billion CNY for the first half of the year, a year-on-year increase of 23%, with a net profit of 15.5 billion CNY, up 14% year-on-year. The growth is attributed to a 32.49% increase in revenue from the new energy vehicle segment, a 50.49% rise in overseas revenue, and a 53.05% increase in R&D investment [6]. - Despite strong revenue and profit figures, concerns were raised regarding a 191.8 billion CNY gap between accounts payable and receivable, high inventory levels at 145.5 billion CNY, low technology R&D conversion rates, and a significant drop in Q2 net profit, which fell to 6.4 billion CNY, down 31% quarter-on-quarter and 30% year-on-year [6]. Consumption Group - Meitu Inc. reported an adjusted net profit of 467 million CNY for the first half of 2025, a substantial increase of 71.3% year-on-year, exceeding market expectations. The adjusted net profit margin reached 25.7%, up 8.8 percentage points year-on-year. The core imaging and design business generated 1.35 billion CNY in revenue, a 45.2% increase, accounting for 74.2% of total revenue [9]. - The growth strategy focused on "focusing on core + efficiency improvement," which involved shrinking non-core businesses to concentrate resources, leading to improved profitability driven by the high growth of the imaging and design business [9].

Macro Economic Group - In August, China's manufacturing PMI was 49.4%, a slight increase of 0.1 percentage points from the previous month. Large enterprises reported a PMI of 50.8%, up 0.5 percentage points, while medium and small enterprises reported PMIs of 48.9% and 46.6%, respectively, indicating a clear divergence in economic conditions between large and smaller firms [4][5] - The production index for August was 50.8%, up 0.3 percentage points from last month. New orders increased to 49.5%, and new export orders rose to 47.2%, both showing slight improvements [4] - The inventory index for finished products was 46.8%, indicating a smooth destocking process in the manufacturing sector, with a sales inventory ratio of 1.03, down from 1.06 in July [5] Industry Comprehensive Group - Alibaba reported a 26% year-on-year growth in cloud revenue for Q2 2025 and reaffirmed its AI capital expenditure plan of 380 billion over three years. This is expected to positively impact the AI sector [8] - The U.S. Department of Commerce canceled import equipment safety review exemptions for Intel, Samsung, and Hynix in China, which is seen as beneficial for the domestic chip industry [8] - Huahong Semiconductor announced plans to acquire a 12-inch integrated circuit foundry line with a monthly capacity of 38,000 wafers, projecting a revenue of approximately 5 billion in 2024 [9] Advanced Manufacturing Group - Li Auto reported a total revenue of 30.2 billion for Q2 2025, a year-on-year decline of 4.5%, with a net profit of 1.1 billion, down 0.4%. The company aims to enhance product competitiveness through deep upgrades in smart assisted driving [11] - Xinwanda achieved a total revenue of 26.985 billion, a year-on-year increase of 12.82%, with a net profit of 856 million, up 3.88%. The growth was driven by successful expansions in electric vehicle batteries and energy storage systems [12] Consumer Group - Zhengbang Technology reported a total revenue of 6.838 billion for the first half of 2025, a year-on-year increase of 112.17%, with a net profit of 202 million, up 258.18%. The growth was attributed to increased sales in pig farming [14] - Sanfu Outdoor reported a total revenue of 378 million for the first half of 2025, a year-on-year increase of 15.1%, with a net profit of 17 million, up 105.75%, aligning with previous performance forecasts [14]

Group 1: Advanced Manufacturing Sector - On August 28, 2025, the well-known company Chasing Technology officially announced its entry into the automotive sector, planning to launch its first ultra-luxury electric vehicle by 2027, indicating a significant shift from its previous focus on smart hardware like vacuum cleaners [4] - The National Standard for the transportation of power lithium batteries has been approved and will be implemented on February 1, 2026, which aims to enhance transportation efficiency and safety within the new energy industry [4] Group 2: Consumer Sector - Wancheng Group reported a total operating income of 22.583 billion yuan for the first half of 2025, a year-on-year increase of 106.89%, with a net profit of 472 million yuan, reflecting a staggering growth of 50,358.8% [8] - The company's core business in bulk snack foods showed a net profit of 956 million yuan, with a year-on-year increase of 241.43%, indicating a strong shift from scale expansion to simultaneous growth in scale and profitability [9] - Mixue Ice City achieved total revenue of 14.875 billion yuan in the first half of 2025, a year-on-year growth of 39.3%, with a net profit of 2.718 billion yuan, reflecting effective cost control and supply chain optimization [10] - The rapid increase in the number of stores, with 9,796 new stores added in the first half of 2025, has been a significant driver for revenue and profit growth for Mixue Ice City [10]

6 证券研究报告 点评报告 2025 年 8 月 28 日 晨会纪要 第一创业证券研究所 分析师：刘笑瑜 证书编号： S1080525070001 电话：0755-23838239 从行业上看，1-7 月同比增速靠前的行业为：铁路、船舶、航空航天和其他运输 设备制造业、有色金属冶炼及压延制造业和电气机械、器材制造业；1-7 月同比 增速靠后的行业为：煤炭开采和洗选业、钢铁业、家具制造业、纺织服装服饰业、 造纸及纸制品业。7 月同比增速明显改善的行业包括：计算机、通讯和其它电子 设备制造业、通用设备制造业、家具制造业、纺织业和钢铁业；7 月同比增速明 显下滑的行业包括：化纤业、汽车制造业。具体各行业利润同比增速如下表：上 游分化、下游较差而中游较好。 请务必阅读正文后免责条款部分 邮箱：liuxiaoyu@fcsc.com 核[心Ta观bl点e_：Summary] 一、宏观经济组： 事件： 8 月 27 日（星期三）国家统计局公布 7 月中国工业企业利润数据。 评论： 1-7 月份，全国规模以上工业企业实现利润总额 40203 亿元，同比下降 1.7%，比 1-6 月回升 0.1 个百分点。7 月份，规模以上工 ...

Industry Overview - The Chinese government has released opinions on the implementation of the "Artificial Intelligence +" initiative, providing support and guidance for the domestic AI industry [2] - Leading companies in the AI industry chain, such as Cambricon, Shenghong Technology, Zhongji Xuchuang, and Inspur Information, reported significant growth in both revenue and net profit for the first half of 2025 [2] - The overall performance of these companies is expected to continue to grow in Q3, with the exception of Cambricon, which may see limited growth [2] Advanced Manufacturing Sector - As of mid-2023, China's new energy storage installed capacity reached approximately 95 million kilowatts, growing nearly 30 times over five years [6] - In 2024, China's hydrogen production and consumption scale is expected to exceed 36 million tons, ranking first globally, with renewable energy hydrogen production capacity accounting for over half of the world's total [6] - China has established the world's largest electric vehicle charging network, with a charging pile for every 2 out of 5 electric vehicles [6] - The establishment of a group standard for all-solid-state battery cell specifications indicates a transition from laboratory to commercialization, enhancing the industry's valuation and attention [7] Consumer Sector - Perfect World achieved total revenue of 3.691 billion yuan in the first half of 2025, a year-on-year increase of 33.74%, with net profit rising by 384.52% [9] - The gaming segment generated revenue of 2.906 billion yuan, with a net profit of 504 million yuan, successfully turning around losses [9] - Keep reported a revenue of 822 million yuan, a year-on-year decrease of 21.07%, but ended years of losses with a gross margin increase from 46.0% to 52.2% [10]

Industry Overview - The Ministry of Industry and Information Technology is set to issue satellite internet licenses to three major telecom operators, which will likely accelerate the launch of satellite networks and ground facilities, presenting investment opportunities in satellite manufacturing and related companies [2] - Shanghai has announced adjustments to its real estate purchase restrictions, including lifting limits for single individuals and equalizing loan rates for first and second homes, which may boost confidence in the real estate sector and consumer spending, particularly in the liquor industry [3] - The Chinese government aims to increase the self-sufficiency rate of semiconductors for data centers to 70% by 2027, with plans for Beijing to reach 100%, indicating a growing market for domestic AI servers and computing chips [3] Advanced Manufacturing - Desay Battery reported a revenue of 9.762 billion yuan for the first half of the year, a year-on-year increase of 9.32%, while net profit decreased by 9.36% to 98 million yuan. The company is undergoing a strategic transformation, with traditional consumer electronics battery business performing well, but significant losses in its energy storage segment [6] - Jiangsu province has clarified the "discharge pricing mechanism" for vehicle-grid interaction, allowing electric vehicles to act as distributed energy storage units, which could incentivize the operation of energy storage fleets and charging stations [7] Consumer Sector - Maiqiuer's total revenue for the first half of 2025 was 294 million yuan, a decrease of 4.49%, but net profit turned positive at 1.5466 million yuan, a significant turnaround after three years of losses. The company's gross margin improved to 25.32% [9] - Guibao Pet reported a revenue of 3.221 billion yuan, a year-on-year increase of 32.72%, with net profit rising by 22.55% to 378 million yuan. The company saw strong growth in its core pet food segment, particularly in staple food, while online sales channels have become a significant growth driver [10]

Macro Economic Group - Federal Reserve Chairman Powell's speech at the Jackson Hole Economic Symposium on August 22 is significant as it may indicate a shift in monetary policy framework, including the removal of the effective lower bound on interest rates and a return to a flexible inflation targeting framework [1][2] - Powell noted that while the unemployment rate has not significantly increased, changes in trade and immigration policies have weakened both employment supply and demand, leading to a fragile balance in the labor market [2] - The U.S. GDP growth rate slowed to 1.2% in the first half of the year, primarily due to weakened consumer spending [2][3] - Powell indicated a likely interest rate cut in September, emphasizing that the decision will be data-driven and not predetermined, suggesting a preventive rather than recessionary approach [3] Industry Comprehensive Group - The State Post Bureau's recent meetings have led to price increases among several express delivery companies in Guangdong and Zhejiang, with price adjustments ranging from 0.3 to 0.7 yuan per item, indicating a potential short-term improvement in the express delivery sector's performance [6] - The Ministry of Industry and Information Technology has issued new regulations on rare earth mining and processing, which may enhance the long-term outlook for the rare earth industry due to increased control and management [6] - Jingwang Electronics announced a 5 billion yuan PCB expansion plan, driven by demand from technological advancements such as AI, indicating a robust outlook for the PCB industry [7] Advanced Manufacturing Group - Ganfeng Lithium reported a 12.65% year-on-year decline in revenue to 8.376 billion yuan, primarily due to falling prices of lithium products and a significant drop in overseas revenue [9][10] - The China Association of Automobile Manufacturers reported that new energy vehicle exports reached 1.308 million units in the first seven months, a year-on-year increase of 84.6%, highlighting the sector's growth potential [10] - Several companies are advancing in solid-state battery pilot production, indicating a faster transition from laboratory to pilot production, although challenges remain in terms of yield and cost [10] Consumer Group - Bruker achieved a total revenue of 1.338 billion yuan in the first half of 2025, a year-on-year increase of 27.89%, with significant growth in overseas revenue, particularly in Asia and North America [12][13] - The Ministry of Industry and Information Technology has initiated a national survey of industrial cultural resources, aiming to enhance the integration of industrial culture with tourism and other sectors, which may stimulate consumption and employment growth [13]

Group 1: Industry Insights - Deepseek announced the release of its large model V3.1, which utilizes UE8M0 FP8Scale parameter precision, indicating a positive impact on the domestic AI chip and semiconductor industry chain [3] - The Chinese government plans comprehensive reforms in the petrochemical and refining industry, targeting the elimination of small facilities and upgrading outdated operations, with a focus on producing specialty fine chemicals [4] - The adjustment of capacity in the petrochemical industry is seen as a continuation of the "anti-involution" policy, although the profitability of the domestic petrochemical industry is primarily influenced by overseas oil prices [4] Group 2: Advanced Manufacturing - As of June 2025, China's cumulative installed capacity for power storage reached 164.3 GW, a year-on-year increase of 59%, while new energy storage capacity reached 101.3 GW, up 110% [7] - Citigroup raised its target price for lithium carbonate in China from $7,000 to $11,000 per ton, indicating that the recent price increase is seen as temporary due to supply disruptions [7] - EVE Energy reported a revenue of 28.169 billion yuan for the first half of the year, a year-on-year increase of 30.06%, driven by growth in power and energy storage battery businesses [8] Group 3: Consumer Sector - Bilibili reported a revenue of 14.341 billion yuan for the first half of 2025, a year-on-year increase of 21.62%, with a notable rise in gross margin to 36.5% [10] - The gaming segment generated 1.61 billion yuan in revenue, a 60% increase year-on-year, driven by new game seasons and stable operations of long-term products [10] - The advertising business saw a revenue increase of 20%, with performance ads growing by 30% and AI-related ads experiencing a nearly 400% increase [10]

Industry Overview - The report highlights that leading companies in the power equipment industry, such as China West Electric, Baobian Electric, Jiangsu Huachen, Pinggao Electric, and XJ Electric, have reported significant growth in both revenue and net profit for the first half of 2025. Specifically, China West Electric's revenue grew by 9%, Baobian Electric by 61%, Jiangsu Huachen by 40%, Pinggao Electric by 13%, while XJ Electric saw a decline of 6%. In terms of net profit, China West Electric increased by 29%, Baobian Electric by 297%, Jiangsu Huachen by 11%, Pinggao Electric by 24%, and XJ Electric by 1% [2] - The report indicates that the contract liabilities for these companies are mostly on the rise, suggesting a likelihood of continued revenue growth. The A-share market is experiencing a rebound in low-priced stocks, and the power equipment sector has underperformed compared to the CSI 300 index this year, indicating a potential for future price recovery in the industry [2] Semiconductor Industry - Weicai Technology, primarily engaged in semiconductor wafer CP testing, reported a revenue of 634 million yuan for the first half of 2025, marking a year-on-year increase of 47.53%. The second quarter alone achieved a revenue of 349 million yuan, setting a new record for quarterly revenue. The net profit attributable to shareholders reached 101.08 million yuan, a staggering increase of 831.03% compared to the previous year. The growth is driven by the increasing penetration of AI and automotive electronics, accelerated domestic substitution, and rising demand for advanced packaging testing [3] - The report expresses optimism regarding the sustained prosperity of the semiconductor industry, as domestic chip production shows a clear upward trend on a quarterly basis [3] Advanced Manufacturing Sector - Xiaomi Group's total revenue for the first half of 2025 reached 227.2 billion yuan, reflecting a year-on-year growth of 38.2%. The net profit attributable to shareholders was 22.829 billion yuan, a significant increase of 146%. In Q2 2025, the smart electric vehicle business generated 20.6 billion yuan in revenue, up 230.3% year-on-year, with 81,302 vehicles delivered, representing a 197.7% increase. The average selling price was 253,700 yuan, up 10.9% [6] - Despite incurring an operating loss of 300 million yuan in this segment due to high R&D and marketing expenses, the loss decreased by 200 million yuan from the previous quarter, with expectations of turning profitable in the second half of the year. The smart electric vehicle sector is rapidly becoming a second growth curve for Xiaomi Group, indicating a high level of industry prosperity [6] Lithium Iron Phosphate Industry - GGII reports that the lithium iron phosphate cathode material industry is entering a downturn due to overcapacity and slowed new capacity construction. However, a new round of expansion is anticipated in late 2024 to early 2025, driven by high demand in the energy storage lithium battery sector and the mass production of next-generation materials. Key characteristics of this expansion include a focus on companies with product advantages, primarily in the western regions, and a shift towards high-end products [7] - Xiamen Tungsten New Energy, which specializes in the R&D, production, and sales of new energy battery materials, reported a revenue of 7.534 billion yuan for the first half of 2025, a year-on-year increase of 18.04%. The net profit attributable to shareholders was 307 million yuan, up 27.76%. The revenue growth is attributed to strong market demand for lithium battery cathode materials, particularly in the power battery sector, where the company has gained market share due to its high-nickel material technology [7] Consumer Sector - Jihong Co., Ltd. achieved total revenue of 3.234 billion yuan, a year-on-year increase of 31.79%, with a total profit of 160 million yuan, up 97.23%. The net profit attributable to shareholders was 118 million yuan, reflecting a growth of 63.27%. The company's e-commerce business generated 2.116 billion yuan, a 52.91% increase, accounting for 65.45% of total revenue. The implementation of a "goods find people" model combined with the self-developed Giikin system and intelligent advertising assistant G-king has significantly enhanced sales efficiency and ROI, showcasing the company's strong operational capabilities and technological advantages in the cross-border e-commerce sector [9]

Macroeconomic Group - In the first seven months of 2025, national general public fiscal revenue increased by 0.1% year-on-year, marking the first positive growth of the year, with a recovery of 0.4 percentage points compared to the first half of the year [3] - General public fiscal expenditure increased by 3.4% year-on-year, remaining stable compared to the first half of the year, with central government expenditure decreasing by 0.2 percentage points to 8.8% and local government expenditure decreasing by 0.1 percentage points to 2.5% [3] - Government fund revenue decreased by 0.7% year-on-year, while government fund expenditure growth was 31.7%, indicating a significant increase in spending driven by special bonds and central financial institution injections [3] Industry Comprehensive Group - Rare earth prices have significantly increased, with neodymium oxide prices rising to 555,000-560,000 yuan per ton, reflecting a 23% increase over the past four trading days and nearly 40% year-to-date [7] - Pengding Holdings announced an investment of 8 billion yuan to build an industrial park in Huai'an, expanding production capacity for PCB products, indicating optimism in the PCB industry due to high demand for advanced HDI boards [7] - The national railway initiated its second tender for high-speed trains in 2025, with a total of 210 sets, indicating a strong recovery in the railway equipment sector and expectations for continued high growth in the industry [8] Advanced Manufacturing Group - Leap Motor reported a 174% year-on-year increase in revenue to 24.25 billion yuan in the first half of 2025, driven by a 155.7% increase in total deliveries to 221,700 units [10] - The company has established a global sales network covering approximately 30 international markets, with exports reaching 24,980 units, indicating strong international growth [10] - Cost control measures have effectively reduced costs while maintaining product quality, enhancing the company's competitiveness in the market [10] Consumer Group - Pop Mart reported a 204.4% year-on-year increase in revenue to 13.88 billion yuan in the first half of 2025, with net profit increasing by 385.6% to 4.68 billion yuan, driven by significant growth in both domestic and overseas markets [14] - The company saw a 135% increase in domestic revenue and a 440% increase in overseas revenue, with a notable rise in membership numbers [14] - Huace Film and Television reported a 114.94% year-on-year increase in total revenue to 790 million yuan, driven by strong sales of television dramas and business expansion [15]