Group 1 - The report indicates a positive outlook for the automotive sector, with a 13.2% week-on-week increase in passenger car insurance registrations, totaling 440,000 units for the week [2][52] - The report highlights the performance of various segments, with commercial trucks showing the best performance, while the overall automotive sector experienced a decline [2][18] - Key companies such as Xpeng Motors and Li Auto are launching new models, with Xpeng's new P7 debuting on August 6 and Li Auto's i8 set for delivery on August 20 [3][67] Group 2 - The report emphasizes the importance of electric vehicle (EV) penetration, with 236,000 units of new energy vehicles registered, reflecting a 10.5% increase week-on-week and a penetration rate of 53.7% [52] - The report projects that the domestic retail sales of passenger vehicles will reach 23.69 million units in 2025, representing a year-on-year growth of 4.1% [53] - The report outlines the expected growth in the heavy truck segment, forecasting 750,000 units in insurance registrations for 2025, a year-on-year increase of 24.9% [58] Group 3 - The report discusses the competitive landscape for intelligent driving technologies, predicting that L3 automation will reach a penetration rate of 27% by 2025, driven by companies like Tesla and Huawei [56] - The report notes that the domestic market is expected to see a 15% growth in vehicle sales in 2025, supported by policies promoting vehicle trade-ins [61] - The report highlights the strategic partnerships in the robotics sector, indicating a growing interest in humanoid robots and automation technologies [64][65]

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The construction materials sector is experiencing weak demand, with the PMI showing a decline. The market is awaiting new policies to stimulate demand [4] - The report highlights that the cement market is facing challenges due to adverse weather conditions, leading to a low average shipment rate of less than 45% in key regions. However, the overall price decline has slowed down, indicating potential stabilization in the near term [11][18] - The report suggests that the supply-side consensus on self-discipline within the industry is strengthening, which may lead to better profitability compared to the previous year [11] - The report recommends focusing on cyclical industries that may benefit from policy support, particularly in cement and glass sectors, and highlights specific companies such as Huaxin Cement, Conch Cement, and others as potential investment opportunities [4][11] Summary by Sections 1. Industry Trends - The construction materials sector has seen a decline of 2.31% in the past week, underperforming against the Shanghai Composite Index [4] - The report notes that the cement price is currently at 339.7 RMB/ton, down 1.0 RMB/ton from the previous week and down 42.5 RMB/ton year-on-year [19][20] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The average cement shipment rate is reported at 44.7%, with a slight increase of 1.7 percentage points from the previous week, but a decrease of 2.0 percentage points year-on-year [26] - The report anticipates that cement prices will stabilize in the short term, despite current weak demand [11][18] 2.2 Glass - The average price of float glass is reported at 1295.3 RMB/ton, which is an increase of 56.7 RMB/ton from the previous week but a decrease of 175.7 RMB/ton year-on-year [4] - The report indicates that the glass industry is expected to see a supply-side contraction, which may improve the supply-demand balance in the short to medium term [14] 2.3 Fiberglass - The report highlights that the market for electronic fiberglass products is evolving, with a clear trend towards high-end products, which are expected to see increased penetration and value growth [12] - The profitability of ordinary fiberglass remains resilient, with ongoing demand in sectors like wind power and thermoplastics [12] 3. Industry Dynamics Tracking - The report discusses the impact of government policies aimed at stimulating domestic demand, particularly in the housing market, which is expected to improve the outlook for construction materials [15] - The report emphasizes the importance of companies that are exploring new business models and enhancing their supply chain efficiency [15]

Macro Strategy - The report emphasizes the importance of breaking through key bottlenecks to achieve high-quality development, focusing on technological breakthroughs and economic structure adjustments to stimulate domestic demand and improve income distribution [1][14] - Key industries to watch over the next five years include technology (new productivity), finance, agriculture, and energy, with specific attention to sectors such as robotics, semiconductors, artificial intelligence, and renewable energy [1][14] Fixed Income - The report discusses the impact of the "anti-involution" policy and the commencement of the Yarlung Zangbo River hydropower project, which has influenced the market dynamics between commodities and bonds [2][15] - The issuance of secondary capital bonds totaled 109.9 billion yuan during the week of July 21-25, 2025, with a total trading volume of approximately 288.1 billion yuan, indicating increased market activity [4][20] - Green bond issuance reached approximately 35.99 billion yuan during the same period, reflecting a growing interest in sustainable finance [4][21] Industry Insights - The solid-state battery equipment sector is highlighted, with significant advancements in isostatic pressing technology, which is crucial for addressing solid-solid interface issues in solid-state batteries [6][7] - The report recommends focusing on leading suppliers of solid-state battery equipment, laser welding equipment, and formation capacity equipment, indicating a strong growth potential in these areas [7][8] - The waste-to-energy sector is projected to see substantial growth, with companies like Huanlan Environment expected to achieve a 15% annual growth rate over the next three years due to mergers and acquisitions [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is accelerating the industrialization of sodium batteries and manganese iron lithium, with significant progress in lithium-rich manganese and solid-state electrolytes. A 6000-ton production line for sodium battery cathodes has been initiated, with plans for larger scale production, expected to reach a shipment scale of 10,000 tons by 2026. In the manganese iron lithium sector, sales in the commercial vehicle field exceeded 1,000 tons in the first half of 2025, with second-generation products expected to be implemented in passenger vehicles within the year. In the solid-state sector, high-nickel and ultra-high-nickel cathodes have achieved ton-level shipments, with sulfide electrolytes undergoing pilot line construction, expected to be completed by Q4 2025 and commence production in early 2026 [3]. Financial Performance Summary - In Q2 2025, the company's operating cash flow increased significantly, with a net cash flow from operating activities of 890 million yuan in the first half of 2025, up 206% year-on-year. Q2 operating cash flow reached 1.5 billion yuan, a quarter-on-quarter increase of 825% [4]. - The company's revenue for the first half of 2025 was 6.25 billion yuan, a decrease of 9.3% year-on-year, with a net profit attributable to the parent company of -70 million yuan, a decline of 765.5% year-on-year. Q2 revenue was 3.28 billion yuan, with a quarter-on-quarter increase of 2.8% [10]. - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 27 million yuan, 500 million yuan, and 730 million yuan respectively, with corresponding P/E ratios for 2026-2027 at 31x and 22x. The company maintains a "Buy" rating due to its significant overseas layout advantages and the competitive positioning of its new businesses [11].

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 固态和人形产业化加速、AIDC 海外超预期 2025 年 08 月 03 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 -7% -2% 3% 8% 13% 18% 23% 28% 33% 38% 2024-8-2 2024-12-1 2025-4-1 2025-7-31 电力设备 沪深300 相关研究 《25Q2 基金持仓深度：电新重仓 Q2 总体下降，电动车、光伏、储能、工 控、电网板块均下降，风电板块上升 ——基于 12658 支基金 2025 年二季 报的前十大持仓的定量分析》 2025-07-30 《人形国内如火如荼，固态产业化加 速》 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 研究助理 许钧赫 执业证书：S0600123070121 xujunhe@dwzq.com.cn 行业走势 2025-07-2 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to see a significant increase in revenue driven by the self-research trend of AI ASIC, with Q2 2025 revenue forecasted at 584 million yuan, representing a quarter-on-quarter increase of 49.9% [7] - The company has achieved a record high in orders, with a total of 3.025 billion yuan in hand orders as of Q2 2025, marking a quarter-on-quarter increase of 23% [7] - The trend of major companies developing their own ASIC chips is becoming a consensus in the industry, which is expected to drive further order growth for the company [7] Financial Forecasts - The company’s total revenue is projected to be 2.322 billion yuan in 2024, 3.022 billion yuan in 2025, and 3.822 billion yuan in 2026, with a year-on-year growth rate of 30.17% in 2025 [1][8] - The net profit attributable to the parent company is forecasted to be -600.88 million yuan in 2024, -98.21 million yuan in 2025, and 203.98 million yuan in 2026, indicating a significant improvement in profitability [1][8] - The earnings per share (EPS) is expected to improve from -1.14 yuan in 2024 to 0.39 yuan in 2026 [1][8] Market Data - The closing price of the company's stock is 94.49 yuan, with a market capitalization of approximately 49.67 billion yuan [5] - The company has a price-to-book ratio of 24.63 and a price-to-earnings ratio of -82.67 based on the latest diluted earnings per share [5][8] Operational Insights - The company’s revenue from intellectual property licensing fees reached 187 million yuan in Q2 2025, showing a quarter-on-quarter increase of 99.63% and a year-on-year increase of 16.97% [7] - The company’s mass production business revenue was 261 million yuan in Q2 2025, reflecting a quarter-on-quarter increase of 79.01% and a year-on-year increase of 11.65% [7]

Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1] Core Viewpoints - The construction PMI for July is reported at 50.6%, a decrease of 2.2 percentage points from the previous month, indicating a slowdown in construction activities due to adverse weather conditions [3][29] - The report emphasizes the importance of macroeconomic policies to stabilize employment, enterprises, markets, and expectations, with potential for further policy support to boost growth [2][17] - The focus on urban renewal and major infrastructure projects is expected to enhance regional demand, particularly in central and western regions [3][12] Industry Dynamics Tracking - The Central Political Bureau meeting highlighted the need for sustained macroeconomic policy efforts, including accelerating government bond issuance and improving fund utilization efficiency [16][17] - The National Development and Reform Commission announced that the 800 billion yuan "two heavy" construction project list has been fully allocated, with plans to expedite project construction [20] - The July PMI data indicates weak new project landing expectations, with new order and business activity expectation indices at 42.7% and 51.6%, respectively [3][29] Weekly Market Review - The construction and decoration sector (SW) experienced a decline of 2.41% this week, underperforming the Shanghai Composite Index and the Wind All A Index, which fell by 1.75% and 1.09%, respectively [1][34] - Notable gainers in the sector included companies like Design Institute and Tianwo Technology, while companies like Hainan Development and Zhonghua Rock Soil faced significant declines [34][36]

Economic Indicators - The weekly ECI supply index is at 50.07%, down 0.03 percentage points from last week, while the demand index is at 49.92%, down 0.01 percentage points[1] - In July, the ECI supply index averaged 50.11%, down 0.05 percentage points from June, and the demand index averaged 49.92%, down 0.01 percentage points[1] - The real estate market saw a 18.6% year-on-year decline in sales area for new homes in 30 major cities, totaling 6.49 million square meters in July[1] Bond Market and Tax Adjustments - The ELI index is at -0.72%, up 0.09 percentage points from last week, indicating a slight recovery in liquidity for the real economy[1] - The adjustment of the bond value-added tax may lead to increased allocation of funds to non-financial corporate bonds and other real economy assets[1] - The People's Bank of China plans to expand the issuance of technology innovation bonds in the third quarter, focusing on structural monetary policy tools[1] Market Trends and Risks - The export index remains resilient, with port cargo throughput maintaining high levels, although there are concerns about the impact of new tariffs on re-export trade[1] - The report highlights risks including uncertainties in U.S. tariff policies and the sustainability of improvements in the real estate market[1]

Economic Overview - The U.S. economy is currently in a soft landing phase despite short-term recession concerns, as indicated by recent economic data[1] - The U.S. GDP growth rate for Q2 2025 is reported at +3.0%, surpassing Bloomberg's consensus estimate of +2.6%[1] - The core GDP, which excludes net exports and inventory changes, shows a growth of only +1.2%, indicating reliance on external factors rather than domestic growth[1] Labor Market Insights - In July 2025, the U.S. added 73,000 non-farm jobs, significantly below the expected 104,000, with prior months' data revised down by 258,000, marking the largest downward revision since June 2020[1] - The unemployment rate rose to 4.248%, higher than the expected 4.2% and the previous 4.117%, the highest level since November 2021[1] Market Reactions - The disappointing non-farm payroll data has reignited recession fears, leading to declines in U.S. stock markets and a drop in bond yields[1] - The 10-year U.S. Treasury yield fell by 17.2 basis points to 4.216%, while the 2-year yield decreased by 24.2 basis points to 3.682%[1] Monetary Policy Outlook - The July FOMC meeting resulted in a 9-2 vote to maintain the policy rate at 4.25-4.5%, with some members advocating for a rate cut[1] - The Federal Reserve's stance indicates a balancing act between managing inflation and supporting the labor market amid rising unemployment[1] Trade and Tariff Developments - The U.S. has introduced "Tariff 2.0," which lowers tariffs compared to the previous version, but uncertainty remains regarding potential increases in tariffs to expedite trade agreements[1] - The new tariff rates will take effect on August 7, 2025, impacting 69 trade partners, with significant rates set for the EU (15%) and Japan (15%)[1]

Economic Indicators - The weekly ECI supply index is at 50.07%, down 0.03 percentage points from last week, while the demand index is at 49.92%, down 0.01 percentage points[6] - The monthly ECI supply index for July is at 50.11%, down 0.05 percentage points from June, and the demand index is at 49.92%, down 0.01 percentage points[7] - In July, the sales area of commercial housing in 30 major cities recorded 6.49 million square meters, a year-on-year decline of 18.6%, widening from June's 8.4%[6] Bond Market and Tax Adjustments - The ELI index as of August 3, 2025, is -0.72%, up 0.09 percentage points from last week, indicating a slight recovery in liquidity for the real economy[10] - The adjustment of the bond value-added tax may lead to increased allocation of funds to non-financial corporate bonds and other real economy assets[12] - The People's Bank of China plans to expand the issuance of technology innovation bonds, which may compress the yield spread of direct financing tools for the real economy[12] Industrial Production and Consumption - The operating rate for full steel tires is 61.08%, down 3.94 percentage points from the previous week, while the operating rate for semi-steel tires is 74.45%, down 1.42 percentage points[15] - The average daily sales of passenger cars for the week ending July 27 is 66,611 units, a year-on-year increase of 1,244 units, with total retail sales for July at 1.445 million units, up 9.0% year-on-year[20] Export and Inflation Trends - The export container freight index for Shanghai is at 1,550.74 points, down 41.85 points from the previous week, indicating a decline in export shipping costs[31] - The average wholesale price of pork is 20.55 yuan/kg, down 0.17 yuan/kg from the previous week, while the price of 28 monitored vegetables is 4.42 yuan/kg, up 0.03 yuan/kg[36]