Macro Strategy - The report indicates that the US non-farm payrolls for June exceeded expectations, leading to a delay in interest rate cuts to September, with the 10-year US Treasury yield rising by 6.89 basis points to 4.346% [1][12][13] - The ISM services PMI returned above the expansion line, reflecting strong economic data, while the unemployment rate decreased, contributing to a positive market sentiment [1][12][13] - The signing of Trump's "One Big Beautiful Bill" (OBBB) increased the debt ceiling by $5 trillion to $41 trillion, which may shift market dynamics from "buy the rumor, sell the news" [1][12][13] Fixed Income - In the week of June 30 to July 4, 12 green bonds were issued in the interbank and exchange markets, totaling approximately 34.961 billion yuan, an increase of 3.531 billion yuan from the previous week [4][19] - The secondary market saw a total trading volume of green bonds amounting to 56.2 billion yuan, a decrease of 17.3 billion yuan from the previous week [4][19] - The report suggests that the central bank will continue to buy government bonds as a policy tool to support bank balance sheets, with the 10-year government bond yield expected to fluctuate between 1.6% and 1.7% [6][22] Industry Analysis - Hangcha Group (603298) is set to acquire Guozhi Robotics, enhancing its smart forklift layout, with profit forecasts for 2025-2027 at 2.2 billion, 2.4 billion, and 2.7 billion yuan, maintaining a "buy" rating [8] - Anker Innovations (300866) has seen its 3D texture printer crowdfunding reach historical highs, with adjusted revenue forecasts for 2025-2027 at 2.46 billion, 3.35 billion, and 4.22 billion yuan, maintaining a "buy" rating despite short-term profit adjustments [8] - Yutong Bus (600066) reported a significant increase in sales for H1 2025, with revenue forecasts for 2025-2027 at 42.9 billion, 49.9 billion, and 56.7 billion yuan, maintaining a "buy" rating [9][10] - Yanjing Beer (000729) continues to show strong growth potential with updated profit forecasts for 2025-2027 at 1.505 billion, 1.845 billion, and 2.204 billion yuan, maintaining a "buy" rating [11]

证券研究报告·公司点评报告·风电设备 大金重工（002487） 2025 半年度业绩预告点评：业绩同比高增， 下半年排产订单持续向上 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,325 | 3,780 | 6,752 | 8,383 | 10,009 | | 同比（%） | (15.30) | (12.61) | 78.63 | 24.16 | 19.40 | | 归母净利润（百万元） | 425.16 | 473.88 | 1,102.04 | 1,507.70 | 1,995.54 | | 同比（%） | (5.58) | 11.46 | 132.56 | 36.81 | 32.36 | | EPS-最新摊薄（元/股） | 0.67 | 0.74 | 1.73 | 2.36 | 3.13 | | P/E（现价&最新摊薄） | 50.87 | 45.64 | 19.62 | 14.34 | 10.84 ...

Investment Rating - The industry investment rating is maintained at "Add" [1] Core Viewpoints - Domestic market shows resilience with June excavator sales increasing by 13% year-on-year, indicating a recovery in demand [1] - The export market remains strong, with excavator exports up by 19% year-on-year in June, supported by improving global investment sentiment [2] - Emerging markets are experiencing high demand, and domestic non-excavator segments are showing signs of recovery, enhancing profit certainty for manufacturers [3] Summary by Sections Domestic Market - In June 2025, excavator sales reached 18,804 units, with domestic sales at 8,136 units, reflecting a 6% year-on-year increase. Cumulative domestic excavator sales for the first half of 2025 were 65,637 units, up 22.9% year-on-year. Loader sales in June were 12,014 units, with domestic sales at 6,015 units, increasing by 14% year-on-year. The report suggests that the engineering machinery sector can achieve considerable growth throughout the year due to factors such as improved funding availability and ongoing replacement demand [1] Overseas Market - In June 2025, excavator exports totaled 10,668 units, a 19% year-on-year increase, while loader exports reached 5,999 units, up 9%. For the first half of 2025, cumulative excavator exports were 54,883 units, reflecting a 10% year-on-year increase. Despite some downward pressure in regions like Europe and Russia, demand in emerging markets such as the Middle East, Southeast Asia, Africa, and South America remains strong. The anticipated reduction in tariff uncertainties is expected to boost market recovery [2] Profitability and Market Conditions - The report indicates that over 80% of profits for engineering machinery manufacturers come from overseas markets, with significant contributions from regions like Indonesia, South America, Africa, the Middle East, and Europe. The first half of 2025 saw a recovery in overseas demand, supporting manufacturer profits. Additionally, the domestic non-excavator segment is expected to recover, with profit margins projected to improve from 15% to 20% in 2025, reducing previous profit drag [3] Investment Recommendations - The report suggests that the domestic market is at the beginning of an upward cycle, with 2-3 years of growth potential remaining. The overseas emerging market expansion is progressing well, maintaining high demand levels. Recommended stocks include Sany Heavy Industry, a leading comprehensive manufacturer, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic [4]

杭叉智能拟收购国自机器人，智能叉车布局 渐趋完善 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 16,299 | 16,486 | 17,746 | 19,160 | 20,709 | | 同比（%） | 13.09 | 1.15 | 7.64 | 7.97 | 8.08 | | 归母净利润（百万元） | 1,716 | 2,022 | 2,212 | 2,411 | 2,659 | | 同比（%） | 73.76 | 17.86 | 9.39 | 9.01 | 10.26 | | EPS-最新摊薄（元/股） | 1.31 | 1.54 | 1.69 | 1.84 | 2.03 | | P/E（现价&最新摊薄） | 16.48 | 13.99 | 12.79 | 11.73 | 10.64 | [Table_Tag] [投资要点 Table_Summary] ◼ 事件：7 月 7 日，杭叉集团发布关于控股子公司 ...

Investment Rating - The investment rating for Anker Innovation is "Buy" (maintained) [1] Core Views - The crowdfunding campaign for the 3D texture UV printer E1 has achieved a record-breaking amount of $46.76 million, marking the highest crowdfunding amount in Kickstarter's history across all categories [7] - The E1 printer is expected to create a new growth curve for the company, with significant development potential following its successful crowdfunding [7] - The company has demonstrated responsibility by recalling power banks in response to potential risks associated with battery suppliers, which may impact short-term profits but is seen as beneficial for long-term brand value [7] - Revenue forecasts have been adjusted upwards due to the strong performance of the 3D printer, while short-term profit expectations have been lowered due to the recall and potential inventory impairments [7] Financial Projections - Total revenue is projected to grow from 17,507 million RMB in 2023 to 52,128 million RMB by 2027, with a compound annual growth rate (CAGR) of 24.13% [1] - Net profit attributable to the parent company is expected to increase from 1,615 million RMB in 2023 to 4,217 million RMB in 2027, reflecting a CAGR of 25.85% [1] - The latest diluted EPS is forecasted to rise from 3.04 RMB in 2023 to 7.93 RMB in 2027 [1] Market Data - The closing price of Anker Innovation is 115.70 RMB, with a market capitalization of approximately 61,498.97 million RMB [5] - The company has a price-to-earnings (P/E) ratio of 38.08 based on the current price and latest diluted EPS [1] Financial Ratios - The company’s asset-liability ratio stands at 44.66% [6] - The projected gross margin is around 43.92% by 2027 [8] - The return on equity (ROE) is expected to reach 28.16% by 2027 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a significant increase in sales in June, with total sales of 5,919 units, representing a month-on-month increase of 25% and a year-on-year increase of 94% [8] - The overall market demand is recovering due to the implementation of new energy subsidy policies, leading to a notable improvement in sales growth compared to April and May [8] - The company has secured a new order of 1,000 units in Kazakhstan, further enhancing its international presence and local production capabilities [8] - Revenue forecasts for 2025 to 2027 are maintained at 429 billion, 499 billion, and 567 billion yuan respectively, with corresponding net profit estimates of 46.3 billion, 55.2 billion, and 66.8 billion yuan [8] Financial Projections - Total revenue for 2023 is projected at 27,042 million yuan, with a year-on-year growth of 24.05% [1] - The net profit attributable to shareholders is expected to reach 1,817 million yuan in 2023, reflecting a substantial year-on-year increase of 139.36% [1] - The earnings per share (EPS) for 2023 is estimated at 0.82 yuan, with a price-to-earnings (P/E) ratio of 32.57 [1] - The company anticipates a steady growth in net profit margins, with projections of 11.06% in 2024 and increasing to 21.06% by 2027 [9]

证券研究报告·行业点评报告·半导体 半导体行业点评报告 长鑫存储启动上市辅导，看好国内先进制程 扩产利好国产设备商 增持（维持） 证券分析师 周尔双 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn 证券分析师 李文意 执业证书：S0600524080005 liwenyi@dwzq.com.cn 行业走势 -11% -3% 5% 13% 21% 29% 37% 45% 53% 61% 69% 2024/7/8 2024/11/6 2025/3/7 2025/7/6 半导体 沪深300 相关研究 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：下游扩产不及预期，产品突破不及预期。 2025 年 07 月 08 日 ◼ DRAM 龙头启动上市，出货份额持续提升：7 月 7 日国产 DRAM 内存 龙头长鑫存储（长鑫科技集团股份有限公司）正式启动上市征程，中金 公司和中信建投证券已获委任为其 A 股首次公开发行（IPO）的保荐机 构。Counterpoint 预测显示，长鑫存储今年 DRAM 出货量将同比增长 50%，其在整 ...

Investment Rating - The report maintains a "Buy" rating for Yanjing Beer [1] Core Views - The company is expected to continue its high growth momentum, driven by the U8 product line, with a projected net profit growth of 40% to 50% year-on-year for the first half of 2025 [7] - The report highlights the effectiveness of regional and channel collaboration, which is anticipated to sustain the high growth rate of the U8 product [7] - The company is positioned as a quality investment in the beer sector, benefiting from both offensive and defensive strategies, with expectations of improved dividend yields in the future [7] Financial Forecasts - Total revenue is projected to grow from 14,213 million RMB in 2023 to 17,010 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 4.80% [1] - The net profit attributable to the parent company is expected to increase significantly from 644.71 million RMB in 2023 to 2,204.42 million RMB in 2027, with a peak growth rate of 83.02% in 2023 [1] - The earnings per share (EPS) is forecasted to rise from 0.23 RMB in 2023 to 0.78 RMB in 2027, indicating a strong upward trend in profitability [1] Market Data - The closing price of Yanjing Beer is reported at 12.77 RMB, with a market capitalization of approximately 35,992.75 million RMB [5] - The company has a price-to-earnings (P/E) ratio of 55.83 for 2023, which is expected to decrease to 16.33 by 2027, indicating improving valuation metrics [1] Operational Insights - The report emphasizes the ongoing reforms within the company, which are expected to yield positive results in terms of sales and profitability [7] - The U8 product line is highlighted as a key driver of growth, with sales volume expected to maintain a growth rate of over 30% [7]

证券研究报告 并购重组跟踪（二十六） 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年7月7日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 1、本期并购动态回顾 2、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 1. 本期并购动态回顾 注：本期为6.23-7.6，（如无特殊说明）后文同 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：政策更新 ✓ 7月4日，国务院国资委印发《关于新时代中央企业高质量推进品牌建设的意见》，提出注重并购重组企 业优质品牌资产的继承维护，形成整体优势 ...

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [1] Core Views - The report indicates that the real estate market is showing signs of stabilization, with a focus on promoting a healthy and high-quality development of the sector [1][8] - The new housing market has seen a slight increase in transaction volume, while the second-hand housing market continues to decline [1][20] - The report emphasizes the importance of local governments effectively utilizing real estate regulatory policies to stabilize market expectations and activate demand [1][8] Summary by Sections 1. Market Overview - The real estate sector's performance was slightly negative, with a 0.1% change last week, while the broader indices saw gains of 1.5% and 1.2% respectively [3] - New housing sales in 36 cities reached 2.966 million square meters, with a month-on-month increase of 1.6% and a year-on-year increase of 0.1% [3][13] - The second-hand housing market saw a transaction volume of 1.484 million square meters, down 10.7% month-on-month and 8.5% year-on-year [3][20] 2. Inventory and Absorption - The cumulative inventory of new homes in 13 cities is 77.86 million square meters, with a month-on-month decrease of 0.8% and a year-on-year decrease of 9.6% [3][29] - The absorption cycle for new homes is 19.4 months, with variations across city tiers [3][29] 3. Land Market - The land transaction volume in 100 cities was 20.631 million square meters, down 36.3% month-on-month but up 15.3% year-on-year [3][47] - The average land price was 1,326 RMB per square meter, reflecting a significant decrease of 43.8% month-on-month but an increase of 41.7% year-on-year [3][47] 4. Investment Recommendations - For real estate development, recommended companies include China Resources Land, Poly Developments, and Binjiang Group, with a focus on companies with strong shareholder backing [1][8] - In property management, companies like China Resources Vientiane Life and Greentown Service are highlighted for their market capabilities [1][9] - In real estate brokerage, the report recommends Beike and suggests monitoring I Love My Home [1][9]