Investment Rating - The industry investment rating is maintained at "Market Weight" [36] Core Viewpoints - In June 2025, excavator sales reached 18,804 units, a year-on-year increase of 13.26% and a month-on-month increase of 3.31%. Domestic sales were 8,136 units, up 6.20% year-on-year but down 3.05% month-on-month. Export sales were 10,668 units, up 19.30% year-on-year and 8.75% month-on-month, accounting for 56.73% of total sales [2] - Loader sales in June 2025 totaled 12,014 units, reflecting a year-on-year increase of 11.30% and a month-on-month increase of 14.04%. Domestic sales were 6,015 units, up 13.58% year-on-year but down 0.36% month-on-month. Export sales were 5,999 units, up 9.11% year-on-year and 33.37% month-on-month [3] - The average working hours and operating rates of major construction machinery products decreased by 8.56% and 2.65 percentage points respectively, indicating weak terminal demand. However, the report suggests that sufficient project reserves in domestic downstream sectors could enhance operating rates if funding is timely [4] Summary by Sections Excavator Sales - June 2025 excavator sales: 18,804 units, +13.26% YoY, +3.31% MoM - Domestic sales: 8,136 units, +6.20% YoY, -3.05% MoM - Export sales: 10,668 units, +19.30% YoY, +8.75% MoM, 56.73% of total sales - H1 2025 cumulative sales: 120,520 units, +16.77% YoY [2] Loader Sales - June 2025 loader sales: 12,014 units, +11.30% YoY, +14.04% MoM - Domestic sales: 6,015 units, +13.58% YoY, -0.36% MoM - Export sales: 5,999 units, +9.11% YoY, +33.37% MoM - H1 2025 cumulative sales: 64,769 units, +13.59% YoY [3] Market Outlook - The report highlights a positive outlook for overseas expansion of domestic manufacturers, which is expected to enhance global penetration of domestic equipment. The export trade value of construction machinery in May 2025 was $5.024 billion, up 8.64% YoY, while the cumulative export value from January to May was $23.097 billion, up 9.00% YoY [4]

Weekly New Stock Performance - One new stock was listed from July 14 to July 18, with a first-day price increase of 125.79%[2] - The stock code 600930.SH (Hua Dian Xin Neng) had an issue price of 3.18 CNY and a closing price on the first day of 15.28 CNY[2] Weekly New Stock Issuance Trends - The number of new stocks listed decreased by 1 compared to the previous week, while the total fundraising amount increased by 12.464 billion CNY[2] - No new stocks experienced a first-day drop, and the average first-day price increase slightly decreased compared to the previous week[3] Monthly New Stock Trends - From July 1 to July 18, 4 new stocks were listed, raising a total of 19.779 billion CNY, with all stocks increasing over 100% on their first day[10] - The average first-day price increase for new stocks in this period was 178.69%[10] Upcoming New Stock Subscriptions - Three new stocks are available for subscription this week, with expected fundraising amounts of 1.073 billion CNY for Han Sang Technology, 0.223 billion CNY for Ding Jia Precision, and 0.527 billion CNY for Han Gao Group[17] - The subscription dates are July 21 for Han Gao Group, July 22 for Ding Jia Precision, and July 25 for Han Sang Technology[17] Risk Considerations - New stock performance may be influenced by market sentiment, and underperformance in earnings could affect future market performance[18]

事 有色金属行业 标配（维持） 金属价格涨跌互现，关注细分领域投资机遇 有色金属行业事件点评 件 2025 年 7 月 21 日 分析师：许正堃（SAC 执业证书编号：S0340523120001） 电话：0769-23320072 邮箱：xuzhengkun@dgzq.com.cn 点 评 事件： 当前，有色金属内部金属价格表现分化，部分小金属及能源金属价格逐步上行。截至7月18日， 稀土价格指数收于192.24，较7月初回升10.23；截至7月14日，电池级碳酸锂价格收于6.48万元/吨， 较6月初回升0.44万元；工业级碳酸锂价格收于6.30万元/吨，较6月初回升0.45万元；截至7月18日， COMEX白银价格收于38.42美元/盎司，较7月初上涨2.18美元；COMEX金银比收于87.33，较7月初下降 5.09；截至7月18日，全国钨精矿平均价收于26.2万元/吨，较7月初上涨1.15万元，APT价格收于17.99 万元/吨，较7月初上涨0.6万元。 行 业 研 点评： 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 ...

事 电力设备及新能源行业跟踪点评 | 事 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 件 | | | | | | | | | 点 | | | | | | | | | 评 | | | | | | | | | 电力设备及新能源行业 | | | | | | | | | 行 | | | | | | | | | 超配（维持） | 多晶硅期货价格大涨，光伏产业链上游价格回暖 | 业 | | | | | | | 研 | | | | | | | | | 电力设备及新能源行业跟踪点评 | 究 | | | | | | | | 分析师：刘兴文（SAC | 执业证书编号：S0340522050001） | | | | | | | | 电话：0769-22119416 | 邮箱：liuxingwen@dgzq.com.cn | 2025 | 年 | 7 | 月 | 21 | 日 | | 分析师：苏治彬（SAC | 执业证书编号：S0340523080001） | | | | | | | | 电话：0769-22110925 | 邮箱：suzhi ...

Market Performance - The Shanghai Composite Index closed at 3534.48, up by 0.50% with an increase of 17.66 points [2] - The Shenzhen Component Index closed at 10913.84, up by 0.37% with an increase of 40.22 points [2] - The CSI 300 Index closed at 4058.55, up by 0.60% with an increase of 24.06 points [2] - The ChiNext Index closed at 2277.15, up by 0.34% with an increase of 7.83 points [2] - The STAR 50 Index closed at 1007.53, up by 0.19% with an increase of 1.88 points [2] - The Beijing Stock Exchange 50 Index closed at 1418.61, down by 0.67% with a decrease of 9.50 points [2] Sector Performance - The top-performing sectors included Nonferrous Metals (up 2.10%), Basic Chemicals (up 1.36%), Steel (up 1.34%), Coal (up 0.94%), and Transportation (up 0.90%) [3] - The underperforming sectors included Media (down 0.98%), Electronics (down 0.49%), Light Industry Manufacturing (down 0.41%), Utilities (down 0.35%), and Communication (down 0.31%) [3] - Concept sectors with notable gains included Lithium Extraction from Salt Lakes (up 3.30%), Rare Earth Permanent Magnets (up 3.15%), Acrylic Acid (up 2.35%), Cobalt (up 2.29%), and Metal Recycling (up 2.08%) [3] - Concept sectors with notable declines included Animal Vaccines (down 0.96%), Avian Influenza (down 0.90%), Low-E Glass (down 0.89%), E-sports (down 0.86%), and Digital Watermarking (down 0.76%) [3] Future Outlook - The report indicates that the A-share market is showing resilience with a GDP growth of 5.3% year-on-year in the first half of the year, suggesting potential for further policy support in the second half [6] - The market is expected to focus on the upcoming Politburo meeting at the end of July, the Federal Reserve's interest rate decisions, and developments in US tariffs [6] - The report suggests that there are still opportunities for upward momentum in the market, but caution is advised due to potential volatility from previous high rebounds [6] - It is recommended to identify long-term trends in high-growth sectors and short-term speculative opportunities, particularly during the mid-year earnings forecast disclosure window [6]

Investment Rating - The industry investment rating is "Standard Allocation" [6] Core Insights - The recent Central Urban Work Conference marks a significant milestone, indicating a shift in the real estate industry from "incremental expansion" to "stock quality improvement" [2][3] - The core conflict in urban development has transitioned from quantity ("Is there enough?") to quality ("Is it good enough?") [2] - The conference outlined five transformations in urban development, emphasizing a human-centered approach, efficiency, distinctive development, governance investment, and coordinated methods [2] - Key tasks include optimizing modern urban systems, building innovative cities, creating livable environments, promoting green and resilient cities, fostering moral civilization, and developing smart cities [3] Summary by Sections - The industry is expected to undergo profound reforms, with a focus on "urban renewal" and the construction of quality housing as new growth engines [4] - Short-term expectations include accelerated urban renewal and old community renovations, which will boost real estate demand [4] - The overall supply-demand balance in the industry is anticipated to improve, leading to a new upward cycle in the real estate market [4] - The shift from large-scale external expansion to intrinsic development will become the main theme of future urban work [3] - The future development model will prioritize high quality, low risk, and sustainability, moving away from high leverage and rapid turnover [3]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [45][46]. Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, with an increase of 0.74% from July 4 to July 17, 2025, lagging behind the index by approximately 0.93 percentage points [11][14]. - Most sub-sectors recorded positive returns during the same period, with animal health, agricultural product processing, breeding, and planting sectors increasing by 8.71%, 2.56%, 1.42%, and 0.46% respectively, while the fishery and feed sectors saw declines of 1.8% and 4.2% [14][15]. - The overall price-to-book (PB) ratio for the industry is approximately 2.66 times, indicating a slight recovery, but still remains at a historical low, around 59.2% of the valuation center since 2006 [21][22]. Industry Key Data - **Pig Farming**: - The average price of external three yuan pigs decreased from 15.31 CNY/kg to 14.37 CNY/kg between July 4 and July 17, 2025 [24]. - As of June 2025, the breeding sow inventory reached 40.43 million heads, slightly up by 0.02% from the previous month, which is 103.7% of the normal holding capacity of 39 million heads [24]. - The profit from self-breeding pigs is 90.89 CNY/head, while the profit from purchased piglets is -18.66 CNY/head, both showing a decline compared to the previous week [29]. - **Poultry Farming**: - The average price of broiler chicks in major production areas was 1.37 CNY/chick, showing a slight increase, while the average price of layer chicks was 3.88 CNY/chick, which slightly decreased [31]. - The average price of white feather broilers was 6.4 CNY/kg, which has also decreased, with a profit of -2.93 CNY/chick, showing a slight recovery compared to the previous week [34]. - **Feed Costs**: - The spot price of corn was 2409.12 CNY/ton, showing a decline, while soybean meal prices were 2952 CNY/ton, which fluctuated in the last two weeks [26]. Industry Outlook - The report anticipates an overall increase in pig production capacity this year, which may suppress pig prices. The breeding sow inventory has some room for reduction [45]. - The poultry sector continues to face pressure on profitability, with opportunities for marginal improvement [45]. - In the feed sector, there are opportunities arising from increased concentration among leading companies, cost reduction, and overseas expansion [45]. - The domestic pet market is expected to maintain rapid growth, with leading domestic brands likely to see significant growth [45]. Recommended Stocks - Key stocks to focus on include: - Muyuan Foods (002714) - Wens Foodstuff Group (300498) - Shennong Development (002299) - Haida Group (002311) - Bio-Stock (600201) - Zhongchong Co., Ltd. (002891) - Yiyi Co., Ltd. (001206) [46].

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Viewpoints - The upstream prices of the photovoltaic industry chain have rebounded, with transaction activity increasing and average transaction prices rising above 40,000 yuan/ton [4][41] - The report highlights the importance of macro guidance and industry governance by national ministries to promote high-quality development in the photovoltaic sector [4][41] Market Review - As of July 17, 2025, the electric equipment industry has increased by 1.78% over the past two weeks, outperforming the CSI 300 index by 0.1 percentage points, ranking 15th among 31 industries [12][13] - The wind power equipment sector has decreased by 3.17%, while the photovoltaic equipment sector has increased by 5.22% [16][18] - The top three stocks in terms of growth over the past two weeks are Tongguan Copper Foil, Xinling Electric, and Yamaton, with increases of 51.16%, 36.20%, and 35.17%, respectively [20][21] Valuation and Industry Data - As of July 17, 2025, the PE (TTM) for the electric equipment sector is 26.11 times, with sub-sectors showing varied valuations: - Motor II: 50.78 times - Other Power Equipment II: 41.98 times - Photovoltaic Equipment: 18.47 times - Wind Power Equipment: 32.48 times - Battery: 26.29 times - Grid Equipment: 24.80 times [23][26] Industry News - The report notes that as of July 16, 2025, the average transaction price for multi-crystalline silicon n-type re-investment material is 41,700 yuan/ton, with a week-on-week increase of 12.4% [32][41] - The Ministry of Industry and Information Technology emphasized the need to regulate low-price disorderly competition in the photovoltaic industry to enhance product quality and promote sustainable development [4][41] Company Announcements - The report includes various company announcements, such as Tianqi Materials signing a procurement agreement to supply at least 550,000 tons of electrolyte products [39] - Beijing Ke Rui won a bid for a project with an estimated amount of approximately 322 million yuan [40] Weekly Perspective - The report suggests focusing on leading companies in technology and scale within the photovoltaic sector, as the industry is expected to undergo a new round of price adjustments [41][42]

Investment Rating - The mechanical equipment industry is rated as "Standard Allocation" indicating that the industry index is expected to perform within ±10% of the market index over the next six months [80]. Core Insights - The mechanical equipment sector has shown a strong performance, with a bi-weekly increase of 3.71%, outperforming the CSI 300 index by 2.04 percentage points, ranking 6th among 31 industries [13][14]. - The excavator sales in the first half of 2025 have seen a year-on-year growth of 22.90% in domestic sales and 10.19% in exports, indicating a recovery in demand [3][77]. - The robotics sector is experiencing upward momentum due to significant contracts and acquisitions, suggesting a shift towards higher industry concentration as weaker competitors are phased out [3][77]. Summary by Sections Market Review - As of July 17, 2025, the mechanical equipment industry has increased by 3.71% bi-weekly, outperforming the CSI 300 index [13]. - The engineering machinery sector has the highest increase among sub-sectors at 4.26% [19]. Valuation Situation - The overall PE TTM for the mechanical equipment sector is 27.86 times, with sub-sectors showing varied valuations: General Equipment at 35.77 times, Specialized Equipment at 26.85 times, and Engineering Machinery at 20.43 times [2][23]. Stock Performance - The top three stocks in the mechanical equipment sector by bi-weekly increase are Degute (52.22%), Sanchuan Wisdom (44.50%), and Zhongdali De (37.66%) [2][20]. - The stocks with the largest declines include Dongwei Technology (-14.99%), Weilong Shares (-14.52%), and Weima Agricultural Machinery (-12.80%) [2][21]. Industry News - Significant contracts in the robotics sector, including a 1.24 billion yuan project, are expected to enhance market dynamics and growth potential [3][73]. - The average operating rate for engineering machinery in the first half of 2025 was reported at 44.81%, with a notable increase in operational hours [73]. Recommendations - Companies to watch include Huichuan Technology (300124) and Green Harmonic (688017) in the robotics sector, and Sany Heavy Industry (600031) and Hengli Hydraulic (601100) in engineering machinery, due to their strong market positions and growth potential [77][78].

Investment Rating - The report maintains a standard rating for the non-ferrous metals industry [2] Core Views - The non-ferrous metals industry has shown a mixed performance, with the small metals sector rising by 6.58% and the industrial metals sector declining by 3.49% in the past two weeks [3][12] - The rare earth and magnetic materials sector is experiencing a significant profit increase, driven by improved supply-demand dynamics and price recovery [5][65] - Lithium prices continue to decline due to oversupply, but leading companies are expected to recover as high-cost production is phased out [66] Industry Performance Overview - As of July 17, 2025, the non-ferrous metals industry has decreased by 0.87% over the past two weeks, underperforming the CSI 300 index by 2.55 percentage points [12] - Year-to-date, the industry has increased by 20.08%, outperforming the CSI 300 index by 17.55 percentage points, ranking first among 31 industries [12] - The small metals sector has shown a year-to-date increase of 24.87%, while the industrial metals sector has increased by 16.89% [18] Price Trends - As of July 17, 2025, LME copper is priced at $9,678 per ton, LME aluminum at $2,589 per ton, and LME nickel at $15,065 per ton [24] - The rare earth price index has risen to 192.03, with significant increases in prices for praseodymium-neodymium oxide and dysprosium oxide [42][65] - Lithium carbonate prices are stabilizing, with battery-grade lithium carbonate at 64,800 yuan per ton [40][66] Company Performance Highlights - Northern Rare Earth expects a net profit increase of 1,882.54% to 2,014.71% for the first half of 2025 [56] - Ningbo Yunsheng anticipates a net profit increase of 133.55% to 250.33% for the same period [57] - Xiamen Tungsten's revenue for the first half of 2025 is projected at 19.178 billion yuan, with a net profit of 972 million yuan, a decrease of 4.41% year-on-year [52][67]