Investment Rating - The report does not explicitly state an investment rating for the company Core Views - Shanghai Superconductor is the global leader in high-temperature superconducting (HTS) wire, with a unique annual shipment exceeding 1,000 kilometers. The company achieved a revenue of 240 million yuan in 2024, a year-on-year increase of 187.40%, and a net profit of 72.94 million yuan, successfully turning a profit after previous losses. The market for HTS materials is expected to exceed 10.5 billion yuan by 2030, with a CAGR of 53.91% from 2024 to 2030, particularly driven by the controllable nuclear fusion sector, which is projected to grow from 30 million yuan in 2024 to 4.9 billion yuan by 2030, with a CAGR of 59.29% [3][71]. Group 1: Company Overview - Shanghai Superconductor was established in 2011 and has developed a comprehensive production process for second-generation HTS wire, covering equipment development, raw material formulation, coating technology, cutting and packaging, and quality control monitoring [3][10]. - The company has maintained a domestic market share of over 80% for second-generation HTS wire, ranking first for three consecutive years from 2022 to 2024 [4][86]. Group 2: Financial Performance - The company's revenue increased from 36 million yuan in 2022 to 240 million yuan in 2024, with a growth rate exceeding 100% for two consecutive years [18][24]. - The net profit improved from a loss of 26 million yuan in 2022 to a profit of 72.94 million yuan in 2024, marking a successful turnaround [18][24]. - The gross margin rose from 24.28% in 2022 to 60.72% in 2024, primarily due to cost reductions driven by economies of scale [24][38]. Group 3: Market Potential - The global market for HTS materials is projected to exceed 10.5 billion yuan by 2030, with significant growth in applications such as controllable nuclear fusion and superconducting cables [71][67]. - The controllable nuclear fusion market is expected to grow significantly, with a projected increase from 30 million yuan in 2024 to 4.9 billion yuan by 2030 [71][67]. Group 4: Competitive Advantages - The company’s core competencies include technology, equipment, and delivery capabilities, with its production technology reaching international advanced levels [4][76]. - Shanghai Superconductor is one of only two companies globally capable of producing over 1,000 kilometers of HTS wire annually, highlighting its leading position in the industry [86][4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The scarcity of orbital spectrum drives competition, and the construction of domestic low - orbit constellations has entered an accelerated phase. With limited low - orbit space and spectrum resources and strict deployment time requirements from the ITU, competition for resource locking is intensifying. China is expected to see an accelerated launch of low - orbit satellites from 2025 - 2030. Representative constellations include "Guowang", "Qianfan", and "Honghu - 3". Shanghai Harbor, with its satellite energy system products, is expected to benefit from the accelerated development of low - orbit satellites [5]. - Leading waterproofing companies such as Yuhong, Beixin, and Keshu have raised prices on both civil construction and engineering products. In the context of the industry's "anti - involution", the collective price increase by leading enterprises may promote price recovery, but the degree of price repair remains to be seen due to weak demand [5]. - Investment suggestions include paying attention to companies like Honglu Steel Structure, China Jushi, Punan Co., Ltd., Hainan Huatie, Beixin Building Materials, China National Chemical Engineering, China State Construction, Shanghai Harbor, Sinoma Science & Technology, and Keda Manufacturing [5]. 3. Summary According to the Table of Contents 3.1 Week - Specific Topic: Orbital Spectrum Scarcity Drives Competition, and Domestic Low - Orbit Constellation Construction Enters an Accelerated Phase - **Satellite Orbit Types**: Communication satellite orbits are mainly divided into GEO, MEO, and LEO. LEO can reduce power attenuation and communication delay, simplify terminal design, and is suitable for multi - satellite networking. Compared with GEO, LEO/MEO has smaller delay, and satellites are smaller and lighter, facilitating multi - satellite launches and reducing constellation construction costs and cycles [5][7]. - **Resource Scarcity and Competition**: Low - orbit space and frequency spectrum resources are scarce. The total capacity of low - orbit satellites is about 60,000, and Starlink plans to send 42,000 satellites into low - orbit by 2027, accounting for about 70%. The L, S, C frequency bands are almost exhausted, and the Ku, Ka bands are difficult to coordinate. According to ITU rules, operators need to complete satellite deployment within a specified time to lock resources, intensifying competition [5][11]. - **Policy Support**: Since 2014, China has successively introduced policies to encourage private capital to participate in commercial space activities. In 2023, commercial space was included in strategic emerging industries, and it has been mentioned in the government work reports of 2024 and 2025, indicating strong policy support [16]. - **Global and Domestic Constellation Construction Status**: Globally, SpaceX leads in low - orbit constellation construction, with other countries' enterprises following. In China, constellations like "Guowang", "Qianfan", and "Honghu - 3" have formulated phased launch plans. Although the number of launches in 2024 did not meet expectations, the launch rhythm is expected to accelerate from the second half of 2025 [5][17][23]. 3.2 Profit Forecast and Valuation of Main Covered Companies The report provides profit forecasts, valuations, and investment ratings for multiple companies, including Hainan Huatie, Punan Co., Ltd., China Jushi, etc. EPS, P/E, P/B, and other indicators for 2024 - 2027 are presented, and most investment ratings are maintained [33]. 3.3 Weekly Market Review - **Industry Index Performance**: In the week from June 28th to July 4th, 2025, the building and building materials industries showed certain fluctuations. Among building sub - sectors, the garden engineering index had the highest increase at 2.20%, while among various industries, the steel index had a relatively large decline [38][40]. - **Infrastructure Public REITs Performance**: The report lists the closing prices, 52 - week highs and lows, weekly, monthly, year - to - date, 250 - day, and IPO - since price changes of multiple infrastructure public REITs. The average weekly increase was 1.07%, the average monthly increase was 1.31%, and the average year - to - date increase was 20.99% [46][47]. 3.4 Aggregate Data Tracking - **Real Estate Data**: The report presents data on real estate new construction, construction, completion, sales area cumulative year - on - year growth, land transaction area, and real estate transaction data from 2022 - 2025 [49][58][68]. - **Social Financing Data**: Data on monthly new social financing, new RMB loans, new corporate bond financing, etc., from 2022 - 2025 are provided [78]. - **Infrastructure Investment Data**: The cumulative year - on - year growth rates of narrow - sense and broad - sense infrastructure investment, as well as investment in power, transportation, and water conservancy industries from 2022 - 2025, are shown. The new contract signing data of eight major construction central enterprises from 2022Q1 - 2025Q1 are also presented [88][94]. - **Special Bond Issuance Data**: Data on monthly and cumulative new and replacement special bond issuance from 2022 - 2025 are provided [96]. 3.5 High - Frequency Data Tracking - **Cement Data**: Information on national PO42.5 cement average price, East China regional cement price, cement - coal price difference index, cement capacity utilization rate, and cement production monthly year - on - year growth rate is presented [107][114]. - **Float Glass Data**: Data on glass spot price, futures price, inventory, and daily melting volume are provided [115][117][119][122]. - **Photovoltaic Glass Data**: Information on soda ash price, 2mm photovoltaic glass price, inventory, and daily melting volume is presented [122][123][125]. - **Glass Fiber Data**: Prices of SMC roving, winding direct roving, injection roving, G75 electronic yarn, and glass fiber inventory are shown [128][129][132][134][138]. - **Carbon Fiber Data**: Data on carbon fiber average price, raw silk price, inventory, production, capacity utilization rate, gross profit margin, cost, and gross profit are provided [135][139][142][146][148][151][152]. - **Magnesia and Alumina Price Data**: Prices of large - crystal fused magnesia and alumina are presented [153][156]. - **Upstream Raw Material Price Data**: Prices of asphalt, waste paper, PVC, and HDPE are shown [159][160][162][163]. - **Physical Workload Data**: Prices of titanium dioxide and acrylic acid, high - machine rental rate, excavator working hours, and asphalt average capacity utilization rate are presented [167][168][170][173].

2025 年 7 月 7 日 有色金属 电碳价格近 5 个月首次上涨，电解钴价格创近 1 个月新高 ——金属新材料高频数据周报（20250630-20250706） 要点 军工新材料：电解钴价格上涨。（1）本周电解钴价格 25.00 万元/吨，环比 +0.8%。本周电解钴和钴粉价格比值 0.93 ，环比+0.8%；电解钴和硫酸钴价 格比值为 5.04 ，环比-0.4%。（2）碳纤维本周价格 83.8 元/千克，环比 +0%。毛利-8.51 元/千克。（3）铍价格本周持平。 新能源车新材料：电碳价格近 5 个月首次上涨。（1）本周 Li2O 5%锂精矿中 国到岸价 582.5 美元/吨，环比 +6.88%。（2）本周电碳、工碳和电池级氢氧 化锂价格分别为 6.13 、5.98 和 5.77 万元/吨，环比+1.6%、+1.91%和 -1.1%。电碳与工碳价差为 2024 年 11 月以来新低，或代表锂电景气度相较 工业领域有所减弱。（3）本周硫酸钴价格 4.89 万元/吨，环比+0.10%。 （4）本周磷酸铁锂、523 型正极材料价格分别为 3.05 、10.56 万元/吨，环 比+0.50%、+0.0%。（5 ...

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [6] Core Insights - In May 2025, the electrolytic aluminum capacity utilization rate reached a record high since 2012 [3] - The report highlights a positive correlation between the M1 and M2 growth rate differential and the Shanghai Composite Index [21] - The steel sector's profitability is expected to recover to historical average levels due to recent policy adjustments [5] Summary by Sections Liquidity - The M1 and M2 growth rate differential in May 2025 was -5.6 percentage points, with a month-on-month increase of 1.1 percentage points [12][21] - The BCI small and medium enterprise financing environment index for June 2025 was 49.12, up 0.07% from the previous month [21] Infrastructure and Real Estate Chain - In late June, the average daily crude steel production of key enterprises decreased by 0.88% [24] - The national average capacity utilization rate for blast furnaces was 90.29%, down 0.54 percentage points [42] - The average price of rebar was 3180 CNY/ton, with a week-on-week increase of 2.91% [42] Industrial Products Chain - The PMI new orders index for June was 50.20%, an increase of 0.4 percentage points month-on-month [2] - The average price of electrolytic aluminum was 20750 CNY/ton, down 0.91% from the previous week [11] Export Chain - The PMI new export orders for China in June 2025 was 47.70%, up 0.2 percentage points [4] - The CCFI comprehensive index for container shipping rates was 1342.99 points, down 1.92% [4] Valuation Metrics - The CSI 300 index increased by 1.54%, with the best-performing sector being ordinary steel, which rose by 6.52% [4] - The PB ratio of ordinary steel and industrial metals relative to the CSI 300 PB ratio was 37.44% and 69.40%, respectively [4] Investment Recommendations - The report suggests that the steel sector's profitability is likely to recover to historical average levels following the recent revisions to the "Steel Industry Normative Conditions" [5]

2025 年 7 月 7 日 总量研究 被动资金持续加仓港股 ETF，医药主题基金净值优势显著 ——基金市场与 ESG 产品周报 20250707 要点 市场表现综述：大类资产方面，本周（下文如无特殊说明，本周均指代 2025.6.30-2025.7.4）国内权益市场涨势延续，沪深 300 上涨 1.54%，黄金 价格大涨。行业方面，本周钢铁、建筑材料、银行行业涨幅居前，计算机、 非银金融、美容护理行业跌幅居前。基金市场方面，本周各类基金指数均实 现正收益，权益类基金净值表现占优，其中普通股票型基金上涨 1.60%。 基金产品发行情况：本周国内新基市场热度回落，新成立基金 23 只，合计 发行份额为 53.28 亿份。其中股票型基金 13 只、债券型基金 4 只、混合型 基金 5 只、FOF 基金 1 只。全市场新发行基金 36 只，从类型来看，股票型 基金 25 只、债券型基金 6 只、混合型基金 5 只。 基金产品表现跟踪：长期行业主题基金指数方面，本周各赛道主题基金净值 延续上涨，医药主题基金净值涨幅重居首位，TMT、国防军工主题基金本周 表现相对较弱。截至 2025 年 7 月 4 日，本周医药、金融 ...

中央财经委员会会议再提"反内卷"，光伏行业打响"反内卷"第一枪。 2024 年 7 月 30 日，中共中央政治局召开会议，会议指出强化市场优胜劣汰 机制，畅通落后低效产能退出渠道，会议强调要强化行业自律，防止"内卷 式"恶性竞争。2025 年 7 月 1 日，中央财经委员会第六次会议强调，依法 依规治理企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退 出。光伏行业打响"反内卷"第一枪，2024 年 10 月 14 日，中国光伏行业 协会联合 16 家光伏头部企业召开"防止恶性竞争"座谈会，发布光伏组件 最低成本价 0.68 元/W，明确低于成本投标中标涉嫌违法，为价格竞争划定 红线。2025 年 7 月 3 日，第十五次制造业企业座谈会指出，依法依规、综 合治理光伏行业低价无序竞争。 抢装潮背景下，25 年 1-5 月我国光伏发电装机高速增长，下半年需求预计回 落。根据 Wind 数据，2024 年我国光伏新增装机容量达 2.77 亿千瓦，同比 增长 27.8%。分布式光伏在今年 5 月 31 日前出现"抢装潮"。2025 年 1-5 月，累计新增并网规模近 2 亿千瓦，同比增长 57%，推动我国光 ...

2025 年 7 月 7 日 公司研究 核心客户订单超预期，冲压+电镀双驱动业绩稳健增长 ——无锡振华（605319.SH）跟踪报告 要点 小米 YU7 订单大超预期，公司或为小米汽车产业链最受益标的之一：6 月 26 日 小米首款 SUV 小米 YU7 正式上市，上市后 1 小时内 YU7 大定破 28.9 万台。我 们判断，1）小米汽车具备产品力、品牌力、生态、以及导流优势，小米汽车产 业链相关公司有望持续受益；2）无锡振华当前已与小米汽车建立稳定合作关系 （2024 年小米汽车在公司收入占比达 9.57%、已成为公司前五大客户之一）， 预计公司有望凭借小米汽车产业链中的占位优势实现业绩强劲增长。 新能源带来冲压主业新机遇，电镀业务持续拓宽：1Q25 公司营业收入同比+22%/ 环比-25%至 6.0 亿元，毛利率同比+3pcts/环比持平至 28%，归母净利润同比 +22%/环比-26%至 0.9 亿元。我们认为，1）公司冲压业务当前已配套上汽、特 斯拉、小米汽车、理想等客户，新能源客户为公司冲压主业发展带来新机遇， 2025E 随上汽销量恢复（1H25 上汽集团销量同比+12.35%至 205.3 万 ...

2025 年 7 月 7 日 电力设备新能源、公用事业、环保 聚焦"防内卷"政策投资策略，优先推荐风电整机环节 ——电新公用环保行业周报 20250706 电力设备新能源 买入（维持） 公用事业 买入（维持） 环保 买入（维持） 作者 分析师：殷中枢 执业证书编号：S0930518040004 010-58452071 yinzs@ebscn.com 分析师：郝骞 执业证书编号：S0930520050001 021-52523827 haoqian@ebscn.com 分析师：陈无忌 执业证书编号：S0930522070001 021-52523693 chenwuji@ebscn.com 分析师：宋黎超 执业证书编号：S0930523060001 021-52523817 songlichao@ebscn.com 分析师：和霖 执业证书编号：S0930523070006 021-52523853 helin@ebscn.com 联系人：邓怡亮 021-52523802 dengyiliang@ebscn.com 行业与沪深 300 指数对比图 -20% 0% 20% 40% 60% 2024/7/4 202 ...

Macro Analysis - The recovery in U.S. non-farm employment in June 2025 shows concerns as government jobs contributed nearly half of the new jobs, raising doubts about sustainability [1] - Private sector employment weakened, with service sector job additions dropping from 141,000 to 68,000, indicating potential economic pressure from tariffs [1] - The probability of the Federal Reserve restarting interest rate cuts in the second half of the year remains significant [1] Tax Policy Impact - The successful implementation of the tax reduction bill may partially offset economic pressures from tariffs, but its limited impact suggests it will not provide strong stimulus [2] - The tax bill is expected to increase the U.S. government deficit by approximately $4 trillion over the next decade, exacerbating supply-demand mismatches in U.S. Treasury bonds [2] Trade Agreements - The U.S. is focusing on negotiating 10 trade agreements with Asian countries, with preliminary agreements reached with Vietnam and potential agreements with India, Malaysia, and Indonesia [3] - The deadline for negotiations has been extended to September 1, indicating a flexible approach from the U.S. government [3] REITs Market - As of June 30, 2025, the number of public REITs in China reached 68, with a total issuance scale of 177.06 billion yuan [4] - The secondary market for public REITs experienced a price correction but still achieved a positive return of 1.95% for the month [4] Credit Bonds - The total outstanding credit bonds in China reached 29.96 trillion yuan by the end of June 2025, with a monthly issuance of 1,316.36 billion yuan, reflecting a 62.65% increase month-on-month [5] - Credit spreads for various levels of local government bonds widened slightly compared to the previous month [5] Automotive Industry - In Q2 2025, Tesla's global delivery volume showed a recovery, while domestic competitors like Li Auto and NIO stabilized [12] - The Xiaomi YU7 has seen a surge in orders, prompting new energy vehicle companies to enhance their purchasing incentives [12] Chemical Industry - MXD6, a special nylon, exhibits high gas barrier properties and rigidity, with significant application potential in food packaging and automotive sectors [13] - The increasing production capacity of domestic manufacturers is expected to enhance the cost-effectiveness of MXD6 composite materials, expanding its market applications [13] Company Analysis - The report highlights the investment value of YUEJIANG (2432.HK), a leading global collaborative robot manufacturer, emphasizing its strong market position and technological advantages [14] - The company is expected to achieve revenues of 500 million, 670 million, and 890 million yuan from 2024 to 2027, respectively, with an "accumulate" rating assigned [14]

2025 年 7 月 6 日 行业研究 7 月流动性：自发宽松 ——流动性观察第 112 期 银行业 买入（维持） 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com 行业与沪深 300 指数对比图 资料来源：Wind 相关研报 5 月金融数据前瞻——流动性观察第 111 期 6 月流动性展望——流动性观察第 110 期 4 月金融数据前瞻及 5 月流动性展望——流动性观 察第 109 期 3 月金融数据前瞻及 4 月流动性展望——流动性观 察第 108 期 2 月金融数据前瞻及 3 月流动性展望——流动性观 察第 107 期 1 月金融数据前瞻及 2 月流动性展望——流动性观 察第 106 期 12 月金融数据前瞻及 1 月流动性展望——流动性 观察第 105 期 11 月金融数据前瞻及 12 月流动性展望——流动性 观察第 104 期 10 月金融数据前瞻及 11 月流动性展望——流动性 观察第 103 ...