东 兴 晨 报 东兴晨报 P1 经济要闻 1.人社部：7 月 22 日，召开 2025 年二季度新闻发布会。人力资源社会保障 部相关负责人表示，截至 6 月底，养老保险基金投资运营规模为 2.55 万亿 元。下一步，将持续推动扩大基本养老保险基金委托投资规模。（资料来 源：同花顺） 2.中国央行：为深入贯彻落实党中央、国务院关于推进海南自由贸易港建 设的战略部署，探索开展跨境资产管理业务试点，提高跨境证券投融资汇 兑便利，近日，中国人民银行海南省分行、国家金融监督管理总局海南监 管局、中国证券监督管理委员会海南监管局、海南省地方金融管理局、国 家外汇管理局海南省分局联合印发《海南自由贸易港跨境资产管理试点业 务实施细则》。（资料来源：同花顺） 3.交通运输部：部长刘伟表示，"十四五"交通规划 17 项主要指标中，高 速公路建成里程、城市轨道交通运营里程、沿海港口重要港区铁路进港率、 建制村快递服务通达率、重点领域北斗系统应用率、城市新能源公交车辆 占比 6 项指标在 2024 年已提前完成，高速铁路营业里程、枢纽机场轨道交 通接入率等 11 项指标年底前将全部完成。（资料来源：同花顺、央视新闻） 4.交通运输 ...

公 司 研 究 美格智能（002881.SZ）：通信模组 +解决方案双轮驱动，智能座舱模组 建立先发优势 2025 年 7 月 22 日 推荐/首次 美格智能 公司报告 美格智能坚持模组和解决方案两条腿走路的产品策略。美格智能自 2007 年成立以来，历经"传统精密组件业务—拓展 4G 技术行业应用 —无线通信模组+物联网解决方案"三大阶段。第一阶段（2007-2012 年），公司聚焦于精密组件加工，并布局物联网定制模组业务；第二 阶段（2013-2017 年），公司进军 LTE 网络无线数据终端市场，主营 业务拓展 4G 通信技术开发服务以及 4G 通信模块及智能终端的研发、 销售；第三阶段（2018-至今），公司坚持无线通信模组+物联网解决 方案双轮驱动。在定制化方面，公司已经在智能网联车、FWA、IoT 等核心行业建立先发优势，并向具身智能机器人、智能无人机、消费 类物联网、机器视觉、AI 医疗等新兴行业拓展。 智能网联车成为智能模组核心应用场景。随著智能座舱等功能在中高 端车型中快速渗透，整车厂对车载模组提出高速率、低延迟与本地 AI 推理并重的要求。在车载多模态感知和实时推理等端侧 AI 任务中， ...

公 司 研 究 宁波高发（603788.SH）：拟设立海 外子公司，积极拓展国际市场 近日，公司发布《关于拟设立全资子公司并投资境外建设生产基地的公告》， 公告中提到公司拟设立海南全资子公司或直接通过新加坡公司，投资建设摩洛 哥生产基地，该项目计划投资总额不超过 2,000 万美元。对此，我们点评如下： 通过设立海外子公司，积极拓展国际业务。据公告，本次投资基于市场情况及 客户项目定点的海外产能布局需求，为"走出去"战略的实施。公司通过在摩 洛哥投资建厂有助于公司完善全球产业布局，提升公司整体实力。当前，公司 主要业务仍然集中在国内市场，据 2024 年报，公司主营业务营收全部来自于 国内。国外市场仍处于空白，此次建立海外子公司将打破该局面，同时为公司 业务带来新的增量。 海外客户已获得定点。据 2024 年报，2024 年公司产品档位操纵器进入雷诺汽 车整车供应体系，电子加速踏板进入斯特兰蒂斯、雷诺汽车等整车供应体系。 公司为顺应中国汽车出口潮流，逐步推行"走出去"战略。本次海外拟设立子 公司并投资设厂正是这一战略的体现，也将有望开拓公司新的业务增长点。 公司业务经营稳健，现金资产充足。公司较强的成本费用控 ...

东 兴 晨 报 东兴晨报 P1 经济要闻 1.国家能源局：发布 6 月份全社会用电量等数据。6 月份，全社会用电量 8670 亿千瓦时，同比增长 5.4%。从分产业用电看，第一产业用电量 133 亿千瓦时，同比增长 4.9%；第二产业用电量 5488 亿千瓦时，同比增长 3.2%； 第三产业用电量 1758 亿千瓦时，同比增长 9.0%；城乡居民生活用电量 1291 亿千瓦时，同比增长 10.8%。（资料来源：同花顺） 2.中国央行：7 月贷款市场报价利率（LPR）报价出炉，5 年期以上 LPR 为 3.5%，上月为 3.5%。1 年期 LPR 为 3%，上月为 3%。（资料来源：同花顺） 3.美国政府：马斯克与总统关系破裂后，美国政府已开始审查马斯克的太 空探索技术公司（SpaceX）与多个联邦政府机构之间的合同，试图找出价 值数十亿美元的交易中存在的"潜在浪费"，其中包括与国防部和 NASA 相 关的交易。初步评估显示，由于 SpaceX 在火箭发射和低轨卫星服务方面 处于主导地位，大多数政府合同难以取消。（资料来源：同花顺、央视新 闻） 4.交通运输部：7 月 21 日，交通运输部部长刘伟在国新办举行的 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Viewpoints - The company is a leading player in the seasoning industry and is actively expanding into the intelligent computing sector, establishing a dual-driven growth model [22][46]. - The seasoning business remains the primary revenue source, accounting for 90% of total revenue, while the intelligent computing segment is expected to grow significantly [22][60]. - The company has established a subsidiary focused on intelligent computing services, aiming to become a comprehensive service operator in the AI computing sector [69]. Summary by Relevant Sections Company Overview - The company specializes in the research, production, and sales of seasonings and health foods, with a strong distribution network across China and exports to over 70 countries [22][28]. - It has over 30 subsidiaries and 2,700 distributors, with a significant market presence in the seasoning industry [22][28]. Market Potential - The Chinese seasoning market is poised for growth due to the rapid development of the food industry and the increasing demand for convenient cooking solutions [2][30]. - The global seasoning market is projected to grow from RMB 21,438 billion in 2024 to RMB 28,917 billion by 2029, with a CAGR of 6.2% [30]. Intelligent Computing Sector - The intelligent computing market in China is expected to grow significantly, with a 79.6% year-on-year increase in the first half of 2024, reaching a market size of RMB 146.1 billion [49]. - The company has established multiple intelligent computing centers and aims to provide high-performance GPU server rentals and cloud computing solutions [72]. Financial Performance - The company achieved a record revenue of RMB 2.646 billion in 2024, a 25.98% increase year-on-year, with a net profit of RMB 203 million, reflecting a 55.92% growth [53]. - Revenue growth is expected to continue, with projections of RMB 3.575 billion in 2025 and a net profit of RMB 335 million [12]. Profitability and Margins - The company’s seasoning products maintain high and stable gross margins, while the intelligent computing services are expected to have even higher margins, currently above 40% [63][64]. - The company is increasing its R&D investment, which reached RMB 40.59 million in 2024, a 41.26% increase, to support new product development and market expansion [66].

Core Insights - The report highlights the establishment of the international standard for supercapacitors in energy storage, proposed by China and supported by countries like Germany and Japan, which is expected to promote global standardization in this field [2] - The report discusses the Chinese government's initiatives to boost domestic consumption and optimize policies for replacing old consumer goods, aiming to enhance the internal circulation of the economy [2] - The report notes the historical peak in national electricity load, surpassing 1.5 billion kilowatts, indicating a strong demand for energy during the summer peak season [2] - The report mentions the ongoing efforts to regulate the competition in the new energy vehicle industry, emphasizing the need for rational competition and adherence to payment commitments by major companies [2] Company Insights - The report details the performance of Shaanxi Coal Industry Co., Ltd., which is the largest listed coal enterprise in Shaanxi, focusing on its coal mining, washing, transportation, and sales operations [15][16] - The company achieved a revenue of 184.145 billion yuan in 2024, a year-on-year increase of 7.77%, and a net profit of 22.36 billion yuan, reflecting stable performance despite declining coal prices [16] - The company has a significant coal resource base of 17.931 billion tons, with a mining life of over 70 years, primarily located in the Shaanxi region [17] - The report indicates that the company is implementing a "coal-electricity integration" strategy following its acquisition of Shaanxi Coal Power Group, which is expected to enhance profitability and stability [19][21] - The company has maintained a high cash dividend policy, with total cash dividends reaching 13.07 billion yuan in 2024, representing 58.45% of the net profit attributable to shareholders [20][21] Industry Insights - The report analyzes the domestic airline industry, noting a cautious increase in capacity during the low season, with a 1.1% year-on-year rise in domestic flight capacity in June [11] - The report highlights that the overall passenger load factor for listed airlines decreased by 0.4 percentage points month-on-month but increased by approximately 1.7 percentage points year-on-year [11] - The international airline capacity saw a year-on-year increase of about 17.4%, but the growth rate has slowed down, indicating a challenging demand environment [12] - The report suggests that the coal market may experience a rebound in prices due to seasonal demand and regulatory measures aimed at curbing low-price competition [20]

Investment Rating - The report maintains a "Buy" rating for Pop Mart International Group Limited [2][5] Core Views - The company is expected to achieve over 200% year-on-year revenue growth in the first half of 2025, exceeding 13.67 billion RMB, with net profit growth of over 350%, reaching at least 4.34 billion RMB [3] - The company's profit margin reached a historical high of 31.7%, an increase of 10.6 percentage points year-on-year, driven by strong sales, new product launches, and overseas expansion [3][4] - The company has established a competitive advantage through a diverse IP matrix, strong IP operation capabilities, and extensive online and offline channels [5] Summary by Sections Financial Performance - Revenue for 2023 is projected at 6.30 billion RMB, with a growth rate of 36.46% - By 2025, revenue is expected to reach 31.80 billion RMB, with a growth rate of 143.93% - Net profit for 2023 is estimated at 1.08 billion RMB, with a growth rate of 127.55%, and is projected to reach 10.05 billion RMB by 2025, with a growth rate of 221.41% [6][10] Market Expansion - The company has seen strong domestic growth, particularly with the Labubu 3.0 series, which has generated high demand and maintained premium pricing in the secondary market [4] - Internationally, Pop Mart is expanding rapidly in Asia and making significant inroads in Europe and the Americas, with overseas revenue share increasing in the first half of 2025 [4][5] Future Outlook - The company is expected to continue its high growth trajectory in overseas markets, particularly in high-consumption regions like Europe and the Americas [5] - The financial forecasts for 2025-2027 indicate a steady increase in net profit, with projections of 10.05 billion RMB in 2025, 13.11 billion RMB in 2026, and 17.02 billion RMB in 2027 [6][10]

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The report highlights that the domestic airline industry is currently in a low season, with a modest increase in capacity deployment of 1.1% year-on-year in June, but a decrease of approximately 2.9% compared to May. Demand remains weak, leading airlines to adopt a more restrained approach to capacity deployment [2][10][14] - Eastern Airlines has shown a notable increase in passenger load factor, rising against the trend of other major airlines, indicating a strategic focus on improving load factors [2][30] - The report anticipates that as the peak summer travel season approaches, operational pressures on the industry are expected to improve, with potential for higher ticket prices due to increased load factors [3][11][38] Summary by Sections 1. Domestic Route Capacity Deployment - In June, listed companies increased domestic route capacity by 1.1% year-on-year, but saw a decrease of about 2.9% month-on-month. Major airlines like Eastern Airlines and Air China reduced capacity by 5.1% and 4.3% respectively compared to May [2][14][16] - The overall passenger load factor for listed companies decreased by 0.4 percentage points month-on-month but increased by approximately 1.7 percentage points year-on-year. Eastern Airlines' load factor continued to rise, reflecting its prioritization of this metric in sales strategies [30][38] 2. International Route Capacity Deployment - International route capacity for listed airlines increased by about 17.4% year-on-year in June, but decreased by 1.5% compared to May. The demand growth for international routes appears to be slowing [3][55] - The passenger load factor for international routes improved by 0.9 percentage points month-on-month and by 1.0 percentage point year-on-year, indicating a slight recovery despite ongoing demand pressures [3][55] 3. Airport Throughput - Major airports such as Shanghai and Shenzhen reported year-on-year growth in international passenger throughput of 17% and 19% respectively. However, there has been a recent slowdown in growth, with some airports experiencing a decline in international passenger numbers over the past two months [68][70]

Investment Rating - The report gives a "Strong Buy" rating for Shaanxi Coal Industry [2][69] Core Views - Shaanxi Coal Industry focuses on building a "coal-electricity integration" development model, enhancing operational stability and profitability through strategic acquisitions and investments [3][11][69] - The company has shown resilience in performance despite declining coal prices, with stable revenue and profit growth [27][28][69] - The upcoming summer coal demand and regulatory changes are expected to support a rebound in coal prices, positively impacting the company's performance [12][59] Summary by Sections Company Overview - Shaanxi Coal Industry is the only large-scale listed coal enterprise in Shaanxi, primarily engaged in coal mining, washing, transportation, and sales [3][24] - The company is backed by Shaanxi Coal Group, which holds 65.25% of its shares [3][24] Financial Performance - In 2024, the company achieved a revenue of CNY 1841.45 billion, a year-on-year increase of 7.77%, and a net profit of CNY 223.60 billion, up 5.28% [27][28] - In Q1 2025, despite a 0.71% decline in revenue to CNY 401.62 billion, net profit rose by 3.29% to CNY 48.05 billion [28][69] Resource and Production - The company has abundant coal resources, with a total resource volume of 17.931 billion tons and a mining life of over 70 years [4][38] - In 2024, coal production reached a historical high of 170.4846 million tons, a 4.13% increase year-on-year [43][44] Railway Infrastructure - The company has developed a self-operated railway network to support its coal business, enhancing logistics and market reach [5][52] - In 2023, railway transport volume was 167.1896 million tons, a 35.21% increase, while in 2024, it slightly decreased to 166.2825 million tons [5][52] Electricity Business - The acquisition of Shaanxi Coal Power in 2024 has enabled the company to implement a "coal-electricity integration" model, enhancing profitability [11][54] - In 2024, total electricity generation was 37.615 billion kWh, a 4.41% increase, with electricity revenue of CNY 16.176 billion [11][54] Investment and Dividends - The company plans to significantly increase capital expenditure in 2025 to CNY 135.59 billion, with a focus on electricity projects [61][69] - The company maintains a high dividend payout, with total cash dividends reaching CNY 13.070 billion in 2024, representing 58.45% of net profit [12][64]

Macro Insights - June CPI data shows a year-on-year increase of 0.1%, marking the first positive reading since February 2023, while core inflation rose to 0.7%[4] - Manufacturing PMI stands at 49.7, indicating continued contraction, despite a recovery in export orders PMI to 47.7 in May-June[4] - Exports in June saw a year-on-year increase of 5.9%, maintaining a relatively high level despite a slight decline[4] Market Strategy - The 3400-point level is identified as a new starting point for a slow bull market, driven by the revaluation of Chinese assets and increasing institutional demand for high-dividend sectors[4] - The financial sector, particularly banks and brokerages, is expected to lead the market, with institutional funds gradually gaining pricing power[4] - The market is anticipated to maintain an upward trend, supported by active themes such as stablecoins and a shift towards value growth stocks[5] Investment Recommendations - Investors are advised to increase positions and actively participate in the bull market, focusing on value growth as a core strategy[6] - Short-term recommendations include non-bank financial sectors like insurance and brokerages, alongside technology sectors with strong growth potential[6] - The bond market is viewed as neutral to slightly bullish, with expectations of continued liquidity easing and a stable interest rate environment[6] Sector Performance - The banking sector is expected to see marginal improvements in mid-year earnings, with the banking index rising by 2.73% recently, outperforming the CSI 300 index[9] - Real estate sales are declining, with new home sales down 13.4% year-on-year in 30 cities, prompting calls for increased investment in urbanization initiatives[10] - The securities sector is becoming more active, with daily trading volumes rising from 1.22 trillion to 1.74 trillion CNY, indicating a recovery in investor confidence[11]