Investment Rating - The industry investment rating is positive, indicating a favorable outlook for the sector, with a recommendation for key stocks based on their performance and valuation [33]. Core Insights - The report highlights that the North Exchange 50 Index experienced a slight increase of 0.41% during the week of July 7 to July 11, 2025, closing at 1420.81 points, while the average market capitalization of the A-share constituents is 3.113 billion [6][12]. - The report identifies that 66.04% of the stocks listed on the North Exchange rose during the same period, with a notable increase in the number of rising stocks compared to the previous week [17]. - Key sectors that performed well include social services, construction decoration, and building materials, with respective increases of 19.50%, 9.19%, and 7.67% [18]. Summary by Sections North Exchange Market Overview - As of July 11, 2025, the North Exchange A-share market consists of 268 stocks, with an average market capitalization of 3.113 billion. The North Exchange 50 Index showed a weekly increase of 0.41% [12]. - The trading volume decreased, with an average daily turnover of 21.552 billion, down 22.98% from the previous week [21]. Stock Performance - In the week from July 7 to July 11, 2025, 177 stocks increased in value, while 88 stocks decreased, indicating a positive market sentiment with a significant rise in the number of gaining stocks [17]. - The top-performing sectors were social services, construction decoration, and building materials, while the worst-performing sectors included oil and petrochemicals, food and beverages, and beauty care [18]. New Stock Updates - No new stocks were listed on the North Exchange during the week, but one company, North Mine Testing, passed the review for listing [26][27]. Key Companies and Earnings Forecast - The report emphasizes several key companies with their respective earnings per share (EPS) and price-to-earnings (PE) ratios, recommending "buy" for Tongli Co. and Wuxin Tunnel Equipment, and "hold" for Kaide Quartz and Hualing Co. [7].

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Views - The automotive sector is expected to benefit from the continuation of the vehicle replacement policy, which is anticipated to support consumer demand and sales growth in 2025 [16] - The report highlights a new phase of domestic brands entering a strategic offensive towards high-end development, with companies offering quality products priced above 300,000 yuan likely to benefit significantly [16] - The report emphasizes the potential for high-level intelligent driving technologies to become more affordable, which could increase their penetration rates [16] Summary by Sections Recent Trends - The automotive sector underperformed compared to the Shanghai Composite Index, with a weekly decline of 0.4% from July 7 to July 11, 2025, while the Shanghai Composite Index rose by 1.1% [17] - In June 2025, the wholesale volume of automobiles reached 2.904 million units, a year-on-year increase of 13.8% [30] Key Company Recommendations - Recommended companies include: - Li Auto, JAC Motors, Geely, SAIC Group, BYD, Great Wall Motors for high-end supply [16] - XPeng Motors, Huayang Group, Desay SV, and Coboda for intelligent driving technologies [16] - Top Group, Sanhua Intelligent Control, and Beite Technology for robotics production [16] - Fuyao Glass, Xingyu Co., and Yinlun Co. for quality auto parts [16] - Foton Motor and China National Heavy Duty Truck for commercial vehicles [16] Earnings Forecasts - Key companies and their projected earnings per share (EPS) for 2024, 2025E, and 2026E include: - Yinlun Co.: 0.92, 1.28, 1.59 [49] - Baolong Technology: 1.44, 2.56, 3.22 [49] - BYD: 13.84, 18.15, 22.13 [49] - Li Auto: 4.16, 5.43, 8.33 [49]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The continuous rise in coking coal futures since June, with the main contract increasing from 709.0 CNY/ton to 924.5 CNY/ton, is attributed to several factors including mining accidents, geopolitical issues in Mongolia, and strong domestic demand for coking coal despite the steel off-season [1][78] - The report anticipates a short-term strong price trend for coking coal due to limited supply recovery and sustained high iron production in July, alongside supportive macroeconomic sentiments [1][78] Summary by Sections 1. Coal Market Overview - The coal mining sector has shown mixed performance over the past year, with a 1.8% decline over the last month, a 1.3% increase over three months, and a 15.5% decrease over twelve months [2] - Recent data indicates that coal prices at ports have increased, with a weekly rise of 9 CNY/ton [4][14] 2. Coking Coal Insights - Coking coal supply has seen limited recovery, with production capacity utilization rising by 0.25 percentage points, but overall supply remains tight due to ongoing geopolitical issues and seasonal factors [39] - The average customs clearance volume at the Ganqimaodu port increased to 764 trucks, but is expected to tighten again due to the Naadam Festival [39][44] 3. Thermal Coal Dynamics - Thermal coal prices have been rising, with the Qinhuangdao port price reaching 632 CNY/ton, up 9 CNY/ton week-on-week [15] - The demand for thermal coal is bolstered by record-high electricity consumption in southern China, driven by high temperatures [14][22] 4. Key Companies and Investment Recommendations - The report highlights several key companies for investment, including China Shenhua, Shaanxi Coal, and Yanzhou Coal, recommending a "Buy" rating for most of them based on their strong cash flow and asset quality [9][8] - The report emphasizes the importance of monitoring the performance of these companies in relation to coal price fluctuations and production recovery [8][9]

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Viewpoints - The macroeconomic environment remains favorable domestically, with China's economic growth projected to exceed 35 trillion yuan during the 14th Five-Year Plan, and the total economic output expected to reach around 140 trillion yuan this year [6] - The aluminum industry is experiencing a seasonal decline in demand, leading to a potential accumulation of inventory in July, although low inventory levels and reduced aluminum supply may provide some support for aluminum prices [11] - The report highlights the impact of overseas tariff disturbances, particularly from the U.S., which may affect the aluminum market dynamics [6] Summary by Sections 1. Prices - As of July 11, the LME three-month aluminum closing price was $2,602.0 per ton, up $4.5 from the previous week, reflecting a 0.2% increase week-on-week and a 124.0 increase year-on-year [15] - The Shanghai aluminum active contract closing price was 20,695.0 yuan per ton, up 60.0 yuan from the previous week, marking a 0.3% increase week-on-week and a 595.0 increase year-on-year [22] 2. Production - In June 2025, the production of electrolytic aluminum was 3.609 million tons, a decrease of 120,000 tons month-on-month and a decrease of 28,000 tons year-on-year [48] - The production of alumina in June 2025 was 7.258 million tons, a decrease of 14,000 tons month-on-month, but an increase of 269,000 tons year-on-year [48] 3. Inventory - As of July 10, domestic electrolytic aluminum social inventory was 466,000 tons, a decrease of 12,000 tons from the previous week, indicating a shift from accumulation to destocking [7] 4. Key Companies and Earnings Forecast - Key companies in the aluminum sector include China Hongqiao, Tianshan Aluminum, Shenhuo Co., China Aluminum, and Yun Aluminum, all rated as "Buy" with projected earnings per share (EPS) growth for 2025 [5] 5. Demand - The downstream sectors are experiencing a pronounced off-season atmosphere, with aluminum processing rates remaining low, and the demand for aluminum rods is under pressure due to high temperatures and seasonal factors [7]

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Viewpoints - The new materials sector is a crucial direction for the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The new materials industry serves as a foundational industry, supporting other sectors such as electronic information, new energy, biotechnology, and environmental protection [4][16]. Summary by Sections 1. New Materials Industry Dynamics 1.1 Electronic Information Sector - On July 10, the State Administration for Market Regulation and the Ministry of Industry and Information Technology issued the "Action Plan for Measurement Support for New Quality Productivity Development (2025-2030)," focusing on integrated circuit measurement technology [23]. 1.2 Aerospace Sector - Key materials to focus on include PI films, precision ceramics, and carbon fibers [10]. 1.3 New Energy Sector - Focus areas include photovoltaic materials, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [12]. 1.4 Biotechnology Sector - Key focuses are on synthetic biology and scientific services [12]. 1.5 Energy Conservation and Environmental Protection Sector - Key materials include adsorbent resins, membrane materials, and biodegradable plastics [15]. 2. Key Companies and Earnings Forecast - The report highlights several key companies with their earnings forecasts, including: - Ruihua Tai (688323.SH): EPS forecast for 2025E is 0.06, with a PE of 51.28, rated "Buy" [17]. - Guangwei Composite (300699.SZ): EPS forecast for 2025E is 1.08, with a PE of 28.58, rated "Buy" [17]. - Zhongfu Shenying (688295.SH): EPS forecast for 2025E is 0.04, with a PE of 510.00, rated "Buy" [17]. - Wanrun Co., Ltd. (002643.SZ): EPS forecast for 2025E is 0.59, with a PE of 19.29, rated "Buy" [17]. - Juhua Co., Ltd. (600160.SH): EPS forecast for 2025E is 1.30, with a PE of 20.55, rated "Buy" [17]. 3. Industry Rating and Investment Strategy - The new materials sector is expected to gradually enter a prosperous cycle driven by downstream application sectors, maintaining a "Recommended" rating for the new materials industry [16].

2025 年 07 月 12 日 行业研究 评级：推荐(维持) 《电力设备行业周报：工信部召开光伏企业座谈 会，海风政策催化不断落地（推荐）*电力设备*李 航，邱迪，王刚，严语韬，李昂》——2025-07-06 《人形机器人行业周报：湖北省人形机器人产业投 资母基金设立，步科发布第四代无框力矩电机及中 空驱动器（推荐）*电力设备*李航，邱迪，李昂， 李铭全》——2025-07-05 《电力设备行业周报：抢装支撑风电 Q2 业绩，锂 电产业链持续推进固态电池布局（推荐）*电力设 备*李航，邱迪，王刚，李铭全，严语韬，李昂》 ——2025-06-28 《人形机器人行业周报：浙江荣泰拟参股金力传 动，银河通用完成 11 亿元融资（推荐）*电力设备 *李航，邱迪，李铭全，李昂》——2025-06-28 | 研究所： | | | --- | --- | | 证券分析师： | 李航 S0350521120006 | | | lih11@ghzq.com.cn | | 证券分析师： | 邱迪 S0350522010002 | | | qiud@ghzq.com.cn | | 证券分析师： | 王刚 S03505240200 ...

Investment Rating - The report maintains a "Recommended" rating for the organic silicon industry, indicating a positive outlook for the sector [1]. Core Insights - Dow Chemical plans to close its basic siloxane plant in Barry, UK, by mid-2026 as part of its European asset optimization strategy, which will reduce siloxane production capacity by 145,000 tons per year, representing nearly one-third of Europe's total capacity [5]. - The closure is expected to enhance the pricing of organic silicon materials and improve the industry's overall profitability, while also creating significant opportunities for Chinese exporters to fill the supply gap left by the European exit [5]. - The report highlights a steady increase in industrial silicon prices, which supports the upward trend in organic silicon prices, with the average market price reaching 8,881 CNY per ton as of July 10, 2025, up 245 CNY from June 11, 2025 [6][7]. Summary by Sections Recent Trends - The organic silicon industry has shown a positive performance relative to the basic chemical sector and the CSI 300 index over the past year, with a 12-month increase of 17.4% for basic chemicals and 15.8% for CSI 300 [3]. Investment Highlights - The anticipated exit of major overseas producers from the market is expected to enhance the industry's outlook, with a notable increase in demand for organic silicon intermediates, which saw a 5.77% year-on-year increase in exports from China in the first five months of 2025 [5]. - The report emphasizes the importance of monitoring companies with organic silicon intermediate DMC production capacity, such as Xingfa Group, Luxi Chemical, Dongyue Silicon Materials, and others [8]. Key Companies and Earnings Forecast - The report provides earnings per share (EPS) forecasts for several key companies, indicating a positive growth trajectory for firms like Hoshine Silicon Industry and Xingfa Group, with projected EPS of 1.72 and 1.85 for 2025, respectively [8].

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The humanoid robot industry is expected to open up broader market opportunities beyond the automotive sector, with significant investment opportunities emerging as the industry transitions from "0 to 1" [16] - Recent developments include the acquisition of a controlling stake in Shangwei New Materials by Zhiyuan Robotics and the release of the Grok4 model by xAI, indicating rapid advancements in humanoid robotics [16] - The report emphasizes the importance of product iteration and business collaboration within the humanoid robotics supply chain, aiming for large-scale production and commercialization [16] Summary by Sections Industry Performance - The electric equipment sector has shown a performance increase of 27.8% over the past 12 months, outperforming the CSI 300 index, which increased by 15.8% [4] Recent Events - xAI released the Grok4 model, which demonstrated remarkable performance improvements over its predecessor Grok2, with training time increased by 100 times [5] - BYD and Hong Kong University of Science and Technology established a joint laboratory focusing on robotics and intelligent manufacturing [6] - Star Motion Era completed nearly 500 million yuan in Series A financing to enhance humanoid robot technology development [7] - Xiaomi's team secured over 100 million yuan in financing for their general-purpose robotic brain project [8] - Cloud Deep announced nearly 500 million yuan in financing aimed at expanding production lines for quadruped robots and humanoid robot technology [9] - The successful IPO of Geekplus on the Hong Kong Stock Exchange marked it as the world's first AMR warehouse robot company [10] Key Companies to Watch - Companies with core component expertise and active involvement in humanoid robotics include Sanhua Intelligent Controls, Top Group, Zhongjian Technology, Best, Zhenyu Technology, and others [16]

Group 1: Company Overview - The report analyzes Guoquan (02517) in the "home dining" market, focusing on its sustainable growth logic and addressing three key questions: how the scale of 10,000 stores translates into competitive barriers, how to capture opportunities in a fragmented market, and how supply chain and channel innovations create differentiated advantages [3][4] - As of the end of 2024, Guoquan operates 10,150 stores, with a retail market share of 3.0% in China's home dining products, positioning it as the market leader [4] Group 2: Market Dynamics - The home dining market in China is projected to grow at a CAGR of 20.7% from 2022 to 2027, reaching an estimated market size of 940 billion yuan by 2027, with significant growth potential in lower-tier cities where penetration rates are below 25% [4][5] - The competitive landscape is fragmented, with the top five companies holding only 11.1% market share, indicating substantial room for growth in the lower-tier markets [4] Group 3: Competitive Advantages - Guoquan's competitive strategy includes a focus on popular products, a robust membership ecosystem, and innovative channel strategies. The "99 yuan beef tripe package" achieved sales of over 500 million yuan in 2024, with significant exposure on Douyin [5] - By the end of 2024, Guoquan had registered 41.3 million members, a year-on-year increase of 48.2%, with prepaid card deposits reaching 990 million yuan, up 36.6% [5] Group 4: Financial Projections - The company is expected to generate revenues of 7.183 billion yuan, 8.036 billion yuan, and 9.080 billion yuan from 2025 to 2027, with net profits of 340 million yuan, 396 million yuan, and 463 million yuan respectively, corresponding to PE ratios of 25x, 21x, and 18x [5] Group 5: Industry Overview - The report on the new materials industry highlights the strategic opportunities arising from advancements in nuclear fusion technology, with significant investments and milestones expected in the coming years [7][8] - The global nuclear fusion market is projected to reach 345.1 billion dollars by 2025, with a compound annual growth rate of 5.1% until 2037 [10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The report provides an in-depth analysis of the company's sustainable growth logic in the "at-home dining" market, addressing three key questions: how the scale of 10,000 stores translates into competitive barriers, how to capture opportunities in a fragmented market, and how supply chain and channel innovations create differentiated advantages [8] - The company has established a leading position with a store count of 10,150, optimizing its cost structure through a vertical supply chain [8][11] - The "at-home dining" market is experiencing rapid growth, with a projected CAGR of 20.7% from 2022 to 2027, indicating significant opportunities in lower-tier markets [8][31] - The company employs a strategy of explosive products, membership ecosystems, and channel innovations to build a competitive moat [8] Market Data - As of July 9, 2025, the company's current price is HKD 3.39, with a market capitalization of approximately HKD 8,999 million [5] - The company has a retail market share of 3.0% in the "at-home dining" segment, ranking first in China [38] Financial Performance - The company achieved a revenue of RMB 64.70 billion in 2024, with a year-on-year growth of 6.17% [16] - The projected revenues for 2025, 2026, and 2027 are RMB 71.83 billion, RMB 80.36 billion, and RMB 90.80 billion, respectively [9] - The net profit for 2024 was RMB 2.31 billion, with forecasts of RMB 3.40 billion, RMB 3.96 billion, and RMB 4.63 billion for the following years [9] Competitive Advantages - The company has optimized its product offerings and channels, with a focus on explosive products and a robust membership system, resulting in a registered membership of 41.3 million by the end of 2024 [8][58] - The company has established six production facilities to enhance its supply chain capabilities, which helps in cost optimization and product quality [50][52] Growth Strategy - The company plans to add 10,000 new stores over the next five years, focusing on expanding into lower-tier markets [57] - The establishment of a new production base in Hainan is expected to enhance supply chain efficiency and support the company's growth objectives [57]