Group 1: CPI Expectations - July CPI is expected to rise, with Bloomberg analysts predicting a month-on-month increase of +0.2% and a year-on-year increase of +2.8%[2] - Core CPI is forecasted to increase by +0.3% month-on-month and +3.0% year-on-year[2] - The Federal Reserve's Inflation Nowcasting predicts a month-on-month increase of +0.16% for CPI and +0.24% for core CPI, with year-on-year increases of +2.72% and +3.04% respectively[2] Group 2: Market Reactions - The expectation of a rate cut has increased due to geopolitical easing, leading to a rise in U.S. stock markets, with the S&P 500 and Nasdaq gaining 2.43% and 3.87% respectively[3] - U.S. Treasury yields rose, with the 10-year yield increasing by 6.7 basis points to 4.283% and the 2-year yield rising by 8.1 basis points to 3.762%[3] - The dollar index decreased by 0.97% to 98.18, while spot gold prices rose by 1.02% to $3,397 per ounce[3] Group 3: Economic Indicators - The ISM Services PMI for July recorded at 50.1, below the expected 51.5, indicating a slowdown in service sector growth[3] - New orders fell to 50.3 and the employment index dropped to 46.4, suggesting weakening demand in the services sector[3] - The New York Fed's consumer survey indicated a one-year inflation expectation of 3.09%, up from 3.02%[3] Group 4: Risks and Future Outlook - The implementation of tariffs may lead to further inflationary pressures, with the potential for CPI to rise in the coming months[4] - There is a risk that the Federal Reserve's rate cuts could lead to an inflation rebound if executed too aggressively[4] - The nomination of Stephen Milan to the Federal Reserve Board may increase internal disagreements regarding future interest rate paths[3]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [1]. Core Insights - The cost side supports the price increase of long filament yarns, with domestic and foreign refining project price differentials showing positive trends [2]. - The polyester sector shows varied performance with POY, FDY, and DTY average prices increasing, while profits remain under pressure for FDY and DTY [2]. - The refining sector indicates a decline in domestic gasoline, diesel, and aviation fuel prices, reflecting broader market trends [2]. - The chemical sector shows a decrease in PX average price, but the price differential with crude oil has improved [2]. Summary by Sections 1. Refining Projects Price Differential - Domestic refining project price differential is 2548 CNY/ton, up by 186 CNY/ton (8% increase) week-on-week [2]. - Foreign refining project price differential is 1103 CNY/ton, up by 79 CNY/ton (8% increase) week-on-week [2]. 2. Polyester Sector - Average prices for POY, FDY, and DTY are 6725 CNY/ton, 7011 CNY/ton, and 7932 CNY/ton respectively, with week-on-week increases of 4 CNY, 25 CNY, and 25 CNY [2]. - Weekly average profits for POY, FDY, and DTY are 18 CNY/ton, -58 CNY/ton, and -44 CNY/ton respectively, with significant week-on-week profit increases for POY and FDY [2]. - Inventory levels for POY, FDY, and DTY are 19.7 days, 25.7 days, and 30.0 days respectively, with slight increases week-on-week [2]. 3. Refining Sector - Domestic gasoline, diesel, and aviation fuel prices have decreased, reflecting a broader trend in the market [2]. - The average price of gasoline in the US has also seen a decline, indicating a similar trend in the international market [2]. 4. Chemical Sector - PX average price is 838.7 USD/ton, down by 16.1 USD/ton week-on-week, but the price differential with crude oil has improved to 344.7 USD/ton, up by 9.3 USD/ton [2]. - PX operating rate remains stable at 82.4% [2].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [66]. Core Insights - The average prices for pure MDI, polymer MDI, and TDI are 17,840, 15,920, and 16,396 CNY/ton respectively, with week-on-week increases of 800, 460, and 456 CNY/ton [2]. - The gross margins for pure MDI, polymer MDI, and TDI are 4,420, 3,477, and 4,855 CNY/ton respectively, reflecting week-on-week increases of 700, 285, and 263 CNY/ton [2]. - In the oil, coal, and gas sector, the average prices for ethane, propane, thermal coal, and naphtha are 1,131, 3,897, 495, and 4,129 CNY/ton, with week-on-week changes of -53, +10, +0, and -147 CNY/ton respectively [2]. - The average price for polyethylene is 7,780 CNY/ton, showing a decrease of 85 CNY/ton week-on-week [2]. - The average price for polypropylene remains unchanged at 7,000 CNY/ton [2]. - In the coal chemical sector, the average prices for synthetic ammonia, urea, DMF, and acetic acid are 2,423, 1,773, 4,025, and 2,212 CNY/ton respectively, with week-on-week changes of -75, +2, +10, and -12 CNY/ton [2]. Summary by Sections 2.1 Basic Chemical Index Trends - The report provides insights into the trends of the basic chemical index, indicating overall market movements [12]. 2.2 Polyurethane Sector - The polyurethane sector shows significant price increases for MDI and TDI products, with gross margins also improving [2][18][21]. 2.3 Oil, Coal, and Olefin Sector - The report highlights price fluctuations in the oil and gas sector, with specific attention to ethane and propane pricing dynamics [2][26][30]. 2.4 Coal Chemical Sector - The coal chemical sector is analyzed with a focus on price trends for synthetic ammonia, urea, and other key products, indicating varying profitability across the sector [2][42][53].

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The coal mining industry is experiencing a supply-demand match, leading to a continuous increase in coal prices. As of August 8, 2025, the spot price of thermal coal at ports rose by 19 CNY/ton to 682 CNY/ton. The average daily inflow to the four ports in the Bohai Rim increased by 79,900 tons week-on-week, a growth of 5.19%. However, the average daily outflow decreased by 258,000 tons, a decline of 13.92%, indicating a stable supply with rising demand due to high temperatures [1][2][28] - The report suggests that the coal industry has entered a peak season due to sustained high temperatures, with continued growth in residential and industrial electricity consumption. It is anticipated that with stable supply and rising demand, coal prices may further increase [1][2] Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index rose by 1.45% to 3635.13 points during the week of August 4 to August 8, 2025. The coal sector index increased by 3.02% to 2699.31 points, with a trading volume of 39.022 billion CNY, down 30.02% from the previous week [10][12] 2. Domestic Coal Prices - As of August 8, 2025, the price of thermal coal in major production areas showed a steady increase. For instance, the price of 5500 kcal thermal coal in Datong rose by 13 CNY/ton to 585 CNY/ton, while the price of 6000 kcal thermal coal in Yanzhou increased by 20 CNY/ton to 970 CNY/ton [17][22] 3. Inventory and Shipping - The average daily coal inflow to the Bohai Rim ports was 1.6194 million tons, up 5.19% week-on-week, while the outflow was 1.5951 million tons, down 13.92%. The total inventory at the ports decreased by 0.28% to 24.659 million tons [28][32] 4. Recommendations - The report emphasizes the importance of monitoring the influx of insurance funds and suggests focusing on resource stocks. It recommends specific coal companies such as Haohua Energy and Guanghui Energy as potential investment targets due to their low valuations and elasticity [2][37]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The report emphasizes the underestimated commercial value of character-based IP and the company's long-term operational capabilities, suggesting that the market has not fully recognized the potential of these IPs [8][9] - The company has demonstrated resilience and adaptability in its business model, particularly during challenging market conditions, and is now positioned for international expansion and value reassessment [9][17] - The report forecasts significant revenue growth driven by the success of key IPs like Labubu and Molly, with adjusted net profit estimates for 2025-2027 raised to 100.3 billion, 144.9 billion, and 182.9 billion RMB respectively [9][15] Summary by Sections 1. Character-based IP Commercial Value Exploration - The report discusses the commercial value and lifecycle of character-based IP, highlighting that its value is not strictly tied to content depth, and that successful IPs can achieve high audience engagement and longevity [21][22] - It notes that the lifecycle of quality character-based IPs is often longer than market expectations, with examples like Molly showing a compound annual growth rate (CAGR) of 22% from 2019 to 2023 [21][22] 2. Business Model Challenges and Company Resilience - The report outlines the company's stock price trajectory since its IPO, detailing phases of growth and decline, and emphasizes the company's strong organizational resilience during market downturns [16][17] - It identifies the challenges faced by character-based IP businesses, including demand fluctuations and the need for effective inventory management [9][17] 3. Internationalization and Long-term Value Reassessment - The report highlights the company's recovery and growth in domestic operations post-pandemic, as well as the emerging potential in international markets [9][17] - It points out that the recent success of Labubu as a global phenomenon has significantly contributed to the company's revenue and valuation recovery [9][17] 4. Profit Forecast and Investment Recommendations - The report provides detailed profit forecasts, projecting substantial revenue growth driven by the company's diverse IP portfolio and effective operational strategies [9][15] - It suggests that the company is well-positioned to leverage its IP matrix for sustained financial performance, with a target market capitalization reflecting a 28% upside potential based on projected earnings [9][15]

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry, particularly highlighting the high growth potential in engineering machinery and oil service equipment [1]. Core Insights - The report emphasizes the rapid advancements in humanoid robotics, showcasing significant progress in embodied intelligence and the commercialization of robots, particularly through the establishment of the world's first humanoid robot 4S store in Beijing [2][3]. - The engineering machinery sector is experiencing strong demand, with July excavator sales reaching 7,306 units, a 17% year-on-year increase, indicating robust market resilience [4]. - The oil service equipment industry is poised for a performance realization period, driven by high demand in the Middle East, with significant investments projected in the energy sector [5][9]. Summary by Sections Humanoid Robotics - The 2025 World Robot Conference showcased advancements in humanoid robots, with companies like Yushu Technology and Magic Atom demonstrating capabilities in combat, soccer, and dance [2]. - The establishment of a humanoid robot 4S store is expected to accelerate the commercialization of robots, providing a direct consumer channel [2]. - The report suggests monitoring the humanoid robotics supply chain, highlighting companies such as Green Harmonic and Henggong Precision [3]. Engineering Machinery - July excavator sales exceeded expectations, with domestic sales showing a 17% increase year-on-year, indicating strong demand resilience [4]. - Export volumes also rose significantly, with a 32% year-on-year increase, driven by demand from markets like Africa and Indonesia [4]. - The report identifies key players in the engineering machinery sector, including SANY Heavy Industry and XCMG [4]. Oil Service Equipment - The oil service equipment sector is benefiting from high demand in the Middle East, with projected investments in energy projects reaching $50.28 billion from 2020 to 2024 [5]. - Leading companies like Jereh and Neway are expected to see substantial revenue growth, with Jereh's revenue growth projected at 49% in Q2 2025 [5][9]. - The report highlights the significant growth potential for Chinese oil service companies in the Middle East, where market share is currently low but expected to increase [9].

Investment Rating - The report maintains an "Increase" rating for the equity ETF series, suggesting a patient hold while waiting for follow-up on lower-tier targets [1][2]. Core Viewpoints - The report emphasizes a strategy of patience, indicating that investors should hold their positions and await developments in lower-tier assets [2][19]. Market Overview - A-share market performance from August 4 to August 8, 2025, shows the top three broad indices were: - Wind Micro-Pan Daily Equal Weight Index (4.49%) - CSI 2000 (3.54%) - CSI 1000 (2.51%) - The bottom three were: - ChiNext Index (0.49%) - STAR 50 (0.65%) - CSI 300 (1.23%) [11][14]. Style Index Performance - The top three style indices during the same period were: - Cyclical (CITIC Style) (3.49%) - Small Cap Growth (2.59%) - Giant Tide Small Cap (2.05%) - The bottom three were: - Consumer (CITIC Style) (0.77%) - Giant Tide Mid Cap (1.11%) - Large Cap Growth (1.17%) [14][15]. Industry Index Performance - The top three Shenwan first-level industry indices were: - National Defense and Military Industry (5.93%) - Nonferrous Metals (5.78%) - Machinery Equipment (5.37%) - The bottom three were: - Pharmaceutical Biology (-0.84%) - Computer (-0.41%) - Commercial Retail (-0.38%) [16][17]. Market Outlook - The macro model for August indicates a score of 0, with a 75% historical probability of an increase, suggesting a favorable outlook for the A-share market in August [19][25]. - The technical timing model indicates that the Wind All A Index is currently in an overbought state, with a risk level of 103.77, suggesting potential for increased volatility [19][22]. - The report notes that while there may be short-term fluctuations, the overall trend remains positive, and investors should maintain their positions [19][21]. Fund Allocation Recommendations - The report suggests a balanced ETF allocation strategy, indicating that lower-tier assets may present significant opportunities in the short term [19][21].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week (August 4 - August 8, 2025), the primary market of green bonds had 16 new issues with a total issuance scale of about 1.0913 billion yuan, an increase of 431 million yuan from last week. The secondary - market turnover was 4.74 billion yuan, an increase of 40 million yuan from last week. The overall valuation deviation of weekly trading prices of green bonds was not large, with the discount transaction ratio and amplitude greater than the premium [1][2][3]. Summary by Related Catalogs Primary Market Issuance - This week, 16 new green bonds were issued in the inter - bank and exchange markets, with a total issuance scale of about 1.0913 billion yuan, an increase of 431 million yuan from last week. The issuance terms were mostly 5 years. Issuers included local state - owned enterprises, small and medium - sized private enterprises, central enterprise subsidiaries, and other enterprises. The issuer regions were Fujian, Guangdong, Guangxi, Hebei, Jiangsu, Shandong, Shanghai, and Tianjin. Bond types included commercial bank ordinary bonds, medium - term notes, enterprise ABS, private corporate bonds, general corporate bonds, and PPN [1]. Secondary Market Transaction - This week, the total turnover of green bonds was 4.74 billion yuan, an increase of 40 million yuan from last week. By bond type, the top three in trading volume were non - financial corporate credit bonds (2.5 billion yuan), financial institutional bonds (1.64 billion yuan), and interest - rate bonds (430 million yuan). By issuance term, green bonds with a term of less than 3 years had the highest trading volume, accounting for about 84.93%. By issuer industry, the top three industries in trading volume were finance (1.97 billion yuan), public utilities (1.11 billion yuan), and transportation equipment (160 million yuan). By issuer region, the top three regions in trading volume were Beijing (1.63 billion yuan), Hubei (540 million yuan), and Guangdong (410 million yuan) [2]. Top Thirty Individual Bonds in Valuation Deviation - **Discount Bonds**: The overall valuation deviation amplitude of weekly trading prices of green bonds was not large, and the discount transaction amplitude and ratio were greater than the premium. The top three discount bonds were "20 Changding Green Bond 02" (- 1.6355%), "25 Guilin Bank Green Bond 01" (- 0.6405%), and "25 Ganfeng Lithium MTN001 (Science and Technology Innovation Note)" (- 0.4830%). The issuer industries were mainly finance, transportation equipment, and construction, and the regions were mostly Beijing, Jiangsu, and Guizhou [3]. - **Premium Bonds**: The top four premium bonds were "25 Shuineng G1" (1.2430%), "Kunpeng 17A2" (0.5261%), "24 Huaneng Hydropower GN004 (Rural Revitalization)" (0.4529%), and "25 Yinbao Group MTN001 (Carbon Neutral Bond)" (0.1345%). The issuer industries were mainly finance, transportation equipment, and public utilities, and the regions were mostly Guangdong, Tianjin, Shandong, and Beijing [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company continues to experience high growth in H1 2025, with revenue reaching 3.27 billion yuan, a year-on-year increase of 35.8%, driven by strong demand in the semiconductor equipment sector and successful expansion into new markets [7] - The company's net profit attributable to shareholders for H1 2025 was 700 million yuan, reflecting a year-on-year growth of 57% [7] - The report highlights the company's strong cost control and stable profitability, with a gross margin of 50.7% and a net profit margin of 21.3% in H1 2025 [7] - The company is focusing on platform-based development in cleaning, electroplating, and coating equipment, which is expected to benefit from new demands in HBM [7] - The report projects net profits for 2025-2027 to be 1.55 billion, 1.87 billion, and 2.07 billion yuan respectively, with corresponding dynamic P/E ratios of 33, 27, and 24 times [7] Financial Summary - Total revenue forecast for 2023A is 3.888 billion yuan, with a projected growth of 35.34% [1] - The net profit attributable to shareholders for 2023A is estimated at 910.52 million yuan, with a year-on-year increase of 36.21% [1] - The latest diluted EPS for 2023A is projected to be 2.06 yuan per share [1] - The company’s total assets are expected to reach 12.128 billion yuan by 2024A, with total liabilities of 4.463 billion yuan [8] - The operating cash flow for 2024A is projected at 1.216 billion yuan [8]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - This week (August 4 - August 8, 2025), 1 secondary capital bond was newly issued in the inter - bank and exchange markets, with a issuance scale of 3 billion yuan, a maturity of 10 years, the issuer being a local state - owned enterprise in Guizhou Province with a AAA credit rating [1]. - As of August 8, 2025, the outstanding balance of secondary capital bonds reached 4,727.985 billion yuan, a decrease of 33.65 billion yuan from the end of last week [1]. - This week, the total trading volume of secondary capital bonds was approximately 160.6 billion yuan, a decrease of 103.3 billion yuan from last week. The top three bonds in terms of trading volume were 25 ICBC Secondary Capital Bond 02BC, 25 BOC Secondary Capital Bond 01BC, and 25 CCB Secondary Capital Bond 02A(BC) [2]. - In terms of trading volume by issuer's region, the top three were Beijing, Shanghai, and Fujian, with trading volumes of approximately 128.8 billion yuan, 11.9 billion yuan, and 6 billion yuan respectively [2]. - As of August 8, the changes in the yields to maturity of 5Y, 7Y, and 10Y secondary capital bonds with different credit ratings (AAA -, AA +, AA) compared to last week varied, with some rising and some falling [2]. - This week, the overall deviation of the average trading price valuation of secondary capital bonds was not large, with the proportion and amplitude of discount transactions greater than those of premium transactions [3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance and Outstanding Balance - New issuance: 1 secondary capital bond was issued this week, with an issuance scale of 3 billion yuan, a 10 - year maturity, the issuer being a local state - owned enterprise in Guizhou Province with a AAA credit rating [1][6]. - Outstanding balance: As of August 8, 2025, the outstanding balance of secondary capital bonds was 4,727.985 billion yuan, a decrease of 33.65 billion yuan from August 1, 2025 [1][7]. 3.2 Secondary Market Trading - Trading volume: The total trading volume this week was approximately 160.6 billion yuan, a decrease of 103.3 billion yuan from last week. The top three bonds in terms of trading volume were 25 ICBC Secondary Capital Bond 02BC (9.631 billion yuan), 25 BOC Secondary Capital Bond 01BC (8.333 billion yuan), and 25 CCB Secondary Capital Bond 02A(BC) (6.8 billion yuan) [2][13]. - Trading volume by region: The top three regions in terms of trading volume were Beijing (128.8 billion yuan), Shanghai (11.9 billion yuan), and Fujian (6 billion yuan) [2]. - Yield to maturity: The changes in the yields to maturity of 5Y, 7Y, and 10Y secondary capital bonds with different credit ratings (AAA -, AA +, AA) compared to last week varied, with some rising and some falling [2][12]. 3.3 Top 30 Bonds with Valuation Deviation - Discount bonds: The top three bonds with the highest discount rates were 21 Jiutai Rural Commercial Secondary (- 21.2270%), 20 Jiaxing Bank Secondary (- 0.4628%), and 24 Shengjing Bank Secondary Capital Bond 01 (- 0.3651%). The Zhongzheng implicit ratings were mainly AA, AA +, AA - and the bonds were mainly from Beijing, Shandong, and Zhejiang [3][14]. - Premium bonds: The top four bonds with the highest premium rates were 25 Chouzhou Commercial Bank Secondary Capital Bond 01 (0.3230%), 24 BOC Secondary Capital Bond 02B (0.1154%), 23 ICBC Secondary Capital Bond 01B (0.1115%), and 22 Chengdu Rural Commercial Secondary 01 (0.0985%). The Zhongzheng implicit ratings were mainly AAA -, AA +, AA and the bonds were mainly from Beijing, Shanghai, and Zhejiang [3][15].