Investment Rating - The report maintains an "Overweight" rating for the renewable energy generation industry, indicating a positive outlook for high-quality development driven by multiple factors [1]. Core Insights - The renewable energy generation industry is expected to experience high-quality development due to the implementation of market-oriented reforms by the National Development and Reform Commission and the National Energy Administration [2][15]. - The capacity for renewable energy consumption is set to improve with initiatives such as the construction of smart microgrid projects and shared energy storage stations [2][23]. - The completion of ultra-high voltage power grids will facilitate the long-distance transmission of electricity, enhancing the consumption of renewable energy [2][27]. - Continuous efforts to address historical subsidy arrears are anticipated to improve the accounts receivable situation for renewable energy companies [2][28]. Summary by Sections 1. Building a New Energy System to Support Renewable Energy Development - The construction of a new energy system is progressing steadily, with significant goals set for renewable energy capacity by 2025 [9]. - Policy support is expected to promote high-quality development in the renewable energy sector, with a focus on large-scale wind and solar projects [11][12]. 2. Multiple Factors Enhancing Efficiency in the Renewable Energy Generation Industry - A series of measures are anticipated to enhance the capacity for renewable energy consumption, including the establishment of intelligent microgrids and virtual power plants [2][24]. - The ongoing resolution of subsidy arrears is expected to positively impact the financial health of renewable energy companies [2][28]. 3. Investment Recommendations and Key Company Analysis - The report suggests focusing on companies such as Three Gorges Energy, Longyuan Power, Xintian Green Energy, and Solar Energy, which are well-positioned to benefit from the industry's growth [2][36]. - Three Gorges Energy is recognized for its significant installed capacity in wind and solar energy, maintaining a leading position in the offshore wind sector [38][39]. - Longyuan Power is noted for its large-scale project development and innovative technologies in the renewable energy space [40][41]. - Xintian Green Energy is expanding its wind resource reserves and enhancing its natural gas business, indicating robust growth potential [43][44]. - Solar Energy leverages its central enterprise brand advantage and resource strengths to provide comprehensive solar solutions [45][46].

深 度 研 究 电力设备及新能源行业 超配（维持） 电力设备及新能源行业之钒电池专题报告 深峡锁钒成碧玉，裂谷熔钛化金桥 2025 年 7 月 30 日 投资要点： SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱：liuxingwen@dgzq.com.cn 分析师：苏治彬 SAC 执业证书编号： S0340523080001 电话：0769-22110925 邮箱：suzhibin@dgzq.com.cn 资料来源：东莞证券研究所，iFinD 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：刘兴文 中国着力构建以新能源为主体的新型电力系统。2015年以来，风电、 太阳能的发电装机容量比重逐年提升，火电和水电的发电装机容量 比重呈下降趋势。截至2024年年底，太阳能、风电的发电装机容量 合计占总装机容量的比重达42.0%。随着光伏和风电新能源装机量持 续增长，光伏和风电的消纳水平有所下降。新型储能是促进新能源 消纳及稳定供电的重要一环，新型储能在新型电力系统 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company is a domestic leader in storage and MCU sectors, benefiting from a platform-based layout that supports growth [4] - The company's revenue is projected to grow significantly, with earnings per share expected to reach 2.27 CNY, 3.04 CNY, and 3.88 CNY for 2025, 2026, and 2027 respectively, corresponding to valuation multiples of 52.88x, 39.56x, and 30.96x [4] Summary by Relevant Sections Company Overview - The company, founded in 2005 and listed in 2016, operates under a fabless model and has diversified its product offerings from NOR Flash to include storage, control, sensing, and analog products, achieving a leading position in the domestic market [4][12] - From 2015 to 2024, the company's revenue grew from 1.189 billion CNY to 7.356 billion CNY, with a compound annual growth rate (CAGR) of 22.45%, and net profit increased from 158 million CNY to 1.103 billion CNY, with a CAGR of 24.11% [4][26] Storage Business - The global semiconductor storage market is expanding due to the growth of edge AI and the automotive sector, with the company positioned to benefit from this trend [4][43] - The company has a comprehensive layout in specialized storage, being the only domestic integrated circuit design company ranked in the global top ten for NOR Flash, SLC NAND Flash, niche DRAM, and MCU [4][12] MCU Business - The company is a leader in the domestic 32-bit MCU market, with projected revenue of approximately 231 million USD from MCU sales in 2024, ranking eighth globally [4] - The company has launched high-performance automotive-grade MCU products, enhancing its presence in the automotive electronics sector [4] Financial Performance - In 2024, the company achieved a revenue of 7.356 billion CNY, a year-on-year increase of 27.69%, and a net profit of 1.103 billion CNY, a year-on-year increase of 584.21% [27] - The revenue structure shows that storage chips accounted for 70.6% of total revenue, while microcontrollers contributed 23.2% [30] Research and Development - The company has significantly increased its R&D investment, with expenses rising from 208 million CNY in 2018 to 1.122 billion CNY in 2024, representing a CAGR of 32.43% [37] - As of the end of 2024, the company holds 1,059 authorized patents, reflecting its commitment to innovation and technology leadership [37]

Investment Rating - The report maintains a "Buy" rating for Xiamen Tungsten Co., Ltd. [1] Core Views - Xiamen Tungsten is focusing on the development of three core businesses: tungsten-molybdenum, rare earths, and energy new materials, creating a synergistic industrial ecosystem with significant technical, resource, and industrial chain collaboration effects [5][20] - The company has a complete tungsten industry chain and has achieved a closed-loop operation in its rare earth business, continuously consolidating its leading position in the new energy battery materials sector [5][20] - The company is expected to benefit significantly from long-term growth in these three industries due to its full industrial chain layout, technological barriers, and production capacity advantages [5] Summary by Sections Company Overview - Xiamen Tungsten was established in 1958 and transitioned to tungsten products in 1982, becoming a publicly listed company in 2002 [13] - The company has expanded into the energy materials sector since 2003 and the rare earth sector since 2006, establishing itself as a leading player in these fields [13] Tungsten Business - The tungsten business achieved revenue of 174.14 billion yuan in 2024, a year-on-year increase of 5.78%, driven by rising tungsten concentrate prices and increased sales of fine tungsten wire [56] - The company controls nearly 200,000 tons of tungsten metal reserves, accounting for about 30% of the national total, and has a leading position in the hard alloy sector [56][59] - The fine tungsten wire sales reached 135.4 billion meters in 2024, a year-on-year increase of 56%, with photovoltaic tungsten wire sales of 107 billion meters, up 41% [59] Rare Earth Business - Xiamen Tungsten has established a collaborative system covering the entire rare earth industry chain, from mining to high-value-added applications [5][20] - The company aims to maintain a long-term mining capacity of over 200,000 tons of REO (rare earth oxides) in Fujian Province through strategic partnerships [5] - The rare earth business generated revenue of 44.35 billion yuan in 2024, a year-on-year decrease of 19.21%, but profits increased by 67.44% due to a 16% rise in magnetic material sales [21] Energy New Materials Business - The energy new materials business focuses on lithium-ion battery materials, including lithium cobalt oxide and ternary materials, with a sales volume of 98,600 tons in 2024, maintaining a leading position in the domestic market [5][20] - The company is a global leader in lithium cobalt oxide, holding the largest market share worldwide [5] - The energy materials business generated revenue of 132.97 billion yuan in 2024, a year-on-year decrease of 23.19%, but the sales volume of lithium cobalt oxide and ternary materials increased by approximately 33% [21]

Market Overview - The A-share market showed a strong upward trend with the ChiNext Index leading the gains, closing at 2406.59, up by 1.86% [2][3] - The total trading volume in the Shanghai and Shenzhen markets reached 1.8 trillion, marking an increase of 609 billion compared to the previous trading day, indicating active trading sentiment [5] Sector Performance - The top-performing sectors included Communication (up 3.29%), Steel (up 2.59%), and Pharmaceutical & Biological (up 2.06%), while Agriculture, Forestry, Animal Husbandry, and Fishery saw a decline of 1.36% [2][3] - Notable concept indices that performed well included CRO Concept, Recombined Protein, and Innovative Drugs, while sectors like Pork and Chicken experienced declines [3] Policy Impact - The implementation of the childcare subsidy policy, effective from January 1, 2025, is expected to boost consumer retail sales, providing marginal growth momentum for social consumption [4][5] Technical Analysis - The Shanghai Composite Index is showing strong support around the 3600-point mark, with a potential breakthrough expected to enhance overall market confidence [5] - The market is entering a phase of policy dividend release and maintaining reasonable liquidity, indicating a gradual structural bull market [5] Investment Focus - Recommended sectors for investment include TMT (Technology, Media, and Telecommunications), Public Utilities, Pharmaceuticals, and Financials, as they are expected to perform well in the current market environment [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [6]. Core Insights - The company reported a total revenue of 58.831 billion yuan for the first half of 2025, representing a year-on-year growth of 12.5%. The net profit attributable to shareholders was 2.639 billion yuan, up 24.16% year-on-year, aligning with expectations [2]. - The company's feed sales reached a historical high of approximately 14.7 million tons in the first half of 2025, with a year-on-year increase of about 25%. The overseas feed sales grew by approximately 40% [4]. - The gross margin improved by 0.58 percentage points to 11.73%, with the feed business gross margin increasing by 0.03 percentage points to 9.79% [4]. - The company is actively pursuing an internationalization strategy, expanding into Southeast Asia, Africa, and South America, with a focus on markets like Vietnam, Indonesia, Egypt, and Ecuador [4]. Summary by Sections Financial Performance - The company achieved a total revenue of 58.831 billion yuan in H1 2025, a 12.5% increase year-on-year. The net profit was 2.639 billion yuan, reflecting a 24.16% growth [2]. - The projected earnings per share (EPS) for 2025 and 2026 are 3.00 yuan and 3.45 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18 and 16 [5]. Sales and Market Expansion - Feed sales reached approximately 14.7 million tons, with a 25% year-on-year increase. The company is on track to meet its annual sales target [4]. - The company is expanding its international presence, with significant growth in overseas sales, particularly in poultry, pig, and aquaculture feeds [4]. Profitability Metrics - The overall gross margin increased to 11.73%, with the feed business gross margin at 9.79%. The net profit margin improved to 4.71% [4].

Investment Rating - The report maintains a "No Rating" status due to the inability to obtain necessary information or the presence of significant uncertainties [5]. Core Insights - The number of IPO applications accepted by the Beijing Stock Exchange (BSE) significantly increased in the first half of 2025, with BSE accounting for 65% of the total 177 IPO applications across A-share exchanges, totaling 115 companies [3]. - On June 30, 2025, BSE set a historical record by accepting 32 IPO applications in a single day, indicating a robust market activity [3]. - The median profit of companies accepted for IPOs on BSE is generally above 80 million yuan, reflecting a systematic improvement in the quality of supply [3]. - The current IPO acceleration is characterized by a diverse mix of sectors, including manufacturing, technology, and new consumption, moving away from a focus on traditional manufacturing [3]. - The influx of quality enterprises is expected to enhance market coverage and attract external capital participation [3][4]. Summary by Sections Event Analysis - The BSE has become the most active market for IPO applications, showcasing a trend of increasing quantity and quality in supply [3]. Market Behavior - The surge in IPO applications serves as a market sentiment indicator, shifting the focus from existing stocks to new pricing benchmarks and peer comparisons [4]. - The quality of new IPOs is positively correlated with market sentiment, creating a virtuous cycle of supply and liquidity [4]. Investment Strategy - The report suggests tracking changes in the structure and rhythm of IPO applications, focusing on three types of targets: leading companies in niche sectors, existing companies with comparable valuations to new IPOs, and high market cap, high liquidity "core-like assets" [4].

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [1][9]. Core Insights - The company reported a total revenue of 10.737 billion yuan for H1 2025, reflecting a year-on-year growth of 36.37%, with a net profit attributable to shareholders of 2.375 billion yuan, up 37.22% year-on-year [6]. - In Q2 2025, the company maintained a high revenue growth rate, achieving 5.889 billion yuan in revenue, a 34.10% increase year-on-year, and a net profit of 1.395 billion yuan, growing 30.75% year-on-year [6]. - The company is expanding its national presence, with significant revenue growth across various regions, including a 20.6% increase in Guangdong and a remarkable 73.0% increase in North China [6]. - The company is focusing on optimizing its product and channel structure, which is expected to support stable long-term operations [6]. Financial Summary - For H1 2025, the core product, energy drinks, generated 8.361 billion yuan in revenue, a 21.9% increase year-on-year, while electrolyte drinks and other beverages saw substantial growth of 213.7% and 66.1%, respectively [6]. - The company's gross margin for Q2 2025 was 45.70%, a slight decrease of 0.35 percentage points year-on-year, primarily due to the impact of new product launches [6]. - The projected earnings per share for 2025 and 2026 are 8.60 yuan and 10.86 yuan, respectively, with corresponding PE ratios of 34 times and 27 times [6][7].

Investment Rating - The report maintains an "Overweight" rating for the dairy industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [2][5]. Core Insights - The implementation of the "Childcare Subsidy System" is expected to positively impact dairy demand, as it provides annual subsidies of 3,600 yuan per child for families with children under three years old starting from January 1, 2025 [2][4]. - The subsidy policy aims for nationwide coverage, which is seen as a pioneering move that could stimulate local policies and enhance birth rates, thereby increasing demand for dairy products [2][4]. - The current low prices of raw milk and the gradual reduction of production capacity are anticipated to improve the supply-demand structure in the dairy sector [2][4]. Summary by Sections Childcare Subsidy Policy - The "Childcare Subsidy System" was announced on July 28, 2023, detailing the subsidy recipients and standards, with a national rollout planned [3][4]. - The policy allows families with children born before January 1, 2025, to receive subsidies calculated on a monthly basis until the child turns three [4]. Market Impact - The report suggests that the subsidy will serve as a model for local governments, potentially leading to increased financial support for families and stimulating birth rates [4]. - The expected increase in birth rates and improved population outlook is likely to drive up dairy product demand, benefiting the dairy industry [2][4]. Investment Strategy - The report recommends maintaining an "Overweight" rating for the food and beverage sector, highlighting the potential for growth in the maternal and infant industry chain due to the subsidy policy [2][4]. - Specific companies to watch include Yili Group (600887), New Dairy (002946), and Miaokelando (600882) as potential beneficiaries of the expected demand increase [2][4].

Investment Rating - The report maintains a "No Rating" status for the industry, indicating an inability to provide a clear investment rating due to various uncertainties [1]. Core Insights - The launch of the "North Certificate Specialized, Refined, Unique, and New Index" focuses on 50 high-quality companies with leading market capitalization and good liquidity on the Beijing Stock Exchange, aiming to enhance the identification and tracking of high-quality assets [2][3]. - The index is designed to reflect the characteristics of "specialized, refined, unique, and new" enterprises, combining stability and dynamic tracking principles, with semi-annual reviews to adjust its constituents [2]. - The index emphasizes high-quality growth stocks and aims to reshape market perceptions of core assets, potentially leading to long-term premium expectations for quality companies with growth certainty [3]. Summary by Sections Event Overview - The North Certificate Specialized, Refined, Unique, and New Index was launched at the end of June 2025, representing a significant development for the Beijing Stock Exchange [2]. Market Commentary - The index's selection criteria include market capitalization, liquidity, profitability, and growth potential, distinguishing it from the current North Certificate 50, which is more liquidity and market cap-driven [3]. - The index covers various sectors such as advanced manufacturing, medical devices, new materials, military industry, and electronic components, showcasing the technology-intensive nature of the companies listed [3]. Investment Strategy - The report suggests closely monitoring the trading rotation and capital participation of the "North Certificate Specialized, Refined, Unique, and New 50" constituent stocks, as well as the rhythm of ETF product launches and related capital inflows [4]. - Three strategic approaches are recommended: selecting manufacturing companies with technological content and performance support already included in the index, identifying potential stocks likely to be included in the next index adjustment, and constructing benchmark logic around the index's constituent industries to explore structural market opportunities [4].