Investment Rating - The investment rating for the industry is "Increase" which indicates a relative increase of more than 15% compared to the CSI 300 index [28] Core Insights - The Central Financial Committee's sixth meeting emphasized the high-quality development of the marine economy and the exploration of marine carbon sink accounting [8] - The first international standard for algal carbon footprint has been officially released, marking a breakthrough in carbon footprint standards [8] - The national carbon market is expanding beyond the power sector, increasing the demand for CCER (Voluntary Carbon Emission Reduction) [9] - New methodologies for CCER are expected to accelerate expansion, including projects related to low-concentration gas utilization in coal mines and energy-saving in highway tunnel lighting [10] Summary by Sections Weekly Investment Perspective - The meeting highlighted the need for top-level design in marine economic development and encouraged social capital participation [8] - The national carbon market will include cement, steel, and electrolytic aluminum industries, with a target to cover 7.5 billion tons of greenhouse gas emissions by 2027 [9] Environmental Sector Performance - The environmental sector saw a weekly increase of 0.81%, with notable stock performances including Xuedilong (+31.74%) and Sandetech (+26.25%) [13][16] - The weekly trading volume for national carbon market emissions was 2.47 million tons, with an average price of 72.64 yuan/ton, reflecting a 62% decrease from the previous week [14] Carbon Neutrality Tracking - The CCER trading volume reached 103,000 tons with an average price of 87.04 yuan/ton [14] - The Shanghai pilot carbon market achieved 100% compliance for twelve consecutive years, with a significant increase in green electricity consumption [18] Investment Recommendations - Recommendations include leading waste incineration companies such as Sanfeng Environment and Huanlan Environment, as well as companies in the recycling sector like Zhuoyue New Energy and Sanlian Hongpu [11]

Investment Rating - The report maintains an "Overweight" rating for the industry [2][8] Core Views - The overall profit of the electricity and heat production and supply industry reached 114.8 billion yuan in April-May 2025, showing a year-on-year increase of 6.6% [2] - The report anticipates that the decline in electricity prices will narrow while the decline in coal prices will expand, leading to further growth in thermal power performance compared to Q1 2025 [2] - Clean energy performance may face pressure due to overall resource scarcity, with expectations for a recovery in nuclear power generation in Q2 2025 [2] Summary by Sections Thermal Power - The average electricity price in Guangdong for Q2 2025 is 0.374 yuan/kWh, down 0.046 yuan/kWh year-on-year [2] - The average coal price at Qinhuangdao Port for Q2 2025 is 633 yuan/ton, down 214 yuan/ton year-on-year [2] - The report predicts a significant increase in net profit for companies like Jiantou Energy and Jingneng Power, with year-on-year growth rates of 188% and 52% respectively [2] Hydropower - The inflow and outflow of the Three Gorges in Q2 2025 are 1.2 and 1.0 cubic meters per second, down 12.6% and 17.1% year-on-year [2] - The report expects a slight differentiation in hydropower company performance due to reduced water flow, with projected net profit growth rates for companies like Yangtze Power and Huaneng Hydropower at 3% and -3% respectively [2] Renewable Energy - New installations for wind and solar power in April-May 2025 reached 32.12 million kW and 138.13 million kW, showing year-on-year increases of 277.2% and 107.2% [2] - The report anticipates that the performance of green energy companies will be under pressure, with expected year-on-year declines for Longyuan Power and Funiu Co. at 4% and 5% respectively [2] Nuclear Power - In April 2025, the State Council approved 10 new nuclear power units, indicating a normalization of approvals [2] - The report projects a year-on-year increase of 10.8% in nuclear power generation for China Nuclear Power in Q2 2025, with net profit growth expected at 3% [2]

Investment Rating - The report does not explicitly provide an investment rating for the AI industry [1]. Core Insights - The AI industry is experiencing significant advancements with new models and applications being introduced by major companies like Dell, Meta, Amazon, and Google [1][4][5][6][7][8]. - The introduction of high-performance AI systems, such as Dell's GB300 NVL72, showcases the increasing capabilities and competition within the AI hardware sector [4]. - Meta's establishment of the Super Intelligence Lab indicates a strategic shift towards enhancing AI product development and application [5]. - Amazon's deployment of its 1 millionth robot and the introduction of the DeepFleet AI model highlight the integration of AI in operational efficiency [7]. - Google's launch of the Veo 3 video generation model and the Gemini for Education tool reflects the expansion of AI applications in multimedia and education sectors [8][12]. Summary by Sections 1. AI Industry Dynamics - Dell has delivered the first batch of NVIDIA GB300 NVL72 systems to CoreWeave, which significantly enhances AI performance [4]. - Meta has launched the Super Intelligence Lab to focus on AI product and application research, led by top talents from the industry [5]. 2. AI Application Insights - Meta has added new AI features to WhatsApp Business, allowing enterprises to utilize voice call functionalities through API [6]. - Amazon has achieved a milestone with its 1 millionth robot deployment and introduced the DeepFleet AI model to improve operational efficiency [7]. 3. AI Large Model Insights - Germany's TNG has launched the DeepSeek variant model R1T2, which boasts a 200% speed increase and 671 billion parameters [14]. - The GLM-4.1V-Thinking model from Zhipu AI has shown impressive performance in multimodal benchmarks, competing with larger models [15]. - The DeepSWE AIAgent framework has been developed to enhance AI training methodologies [16]. 4. Technology Frontiers - Europe's first exascale supercomputer, JUPITER, is set to rank fourth in the global TOP500 list, showcasing advancements in computational power [20].

Group 1: AI Industry Developments - Dell has delivered the first NVIDIA GB300 NVL72 systems to CoreWeave, showcasing AI performance exceeding 100 quintillion floating-point operations per second and providing 40TB of fast memory per rack[8] - Meta has established the Meta Super Intelligence Lab, led by former Scale AI CEO Alexandr Wang, focusing on AI product and application research, with a team of 11 top talents from leading AI companies[9] - Amazon has deployed its one millionth robot and introduced the DeepFleet generative AI model, which reduces operational time by 10% and enhances delivery efficiency[11] Group 2: AI Applications and Innovations - Meta has added new AI features to WhatsApp Business, allowing large enterprises to utilize voice call functionalities through API, with over 200 million monthly active users[10] - Google has launched the Veo 3 video generation model, capable of producing 1080P videos with background sound and dialogue, supporting various visual styles[12] - France's Kyutai has open-sourced the Kyutai TTS model, providing a high-performance text-to-speech solution with low latency and support for English and French[13] Group 3: AI Model Advancements - Germany's TNG has introduced the DeepSeek-TNG R1T2 Chimera model, a 671 billion parameter open-source hybrid model with a 200% speed increase compared to its predecessor[19] - Zhiyuan AI has open-sourced the GLM-4.1V-Thinking model, which outperforms larger models in 18 out of 28 multimodal benchmarks, demonstrating strong performance in document understanding and STEM reasoning[20] - Google has released the Gemma 3n model, supporting image, audio, and text inputs and outputs, with innovative architecture allowing efficient operation with lower memory requirements[22] Group 4: Risks and Market Considerations - There are concerns regarding AI software sales falling short of expectations, potential changes in capital expenditure investment plans, and delays in AI product and large model development due to supply chain constraints[26]

券研究报 请务必阅读正文之后的免责条款部分 宏观研究 / 2025.07.09 "破局"通胀:反内卷与扩内需 应锈钢(分析师) 021-38676666 2025年6月物价数据点评 本报告导读: 贺媛(分析师) 今年以来,"以旧换新"补贴政策持续支撑耐用消费品价格,带动核心 CPI 同比小幅 021-38676666 修复,而其中服务价格方面仍有待提振,指向了居民部门资产负债表的修复进展有 登记编号 S0880525040129 限,需要后续稳增长政策接续。 梁中华(分析师) 投资要点: 02 -38676666 Q 6月 CPI 同比转正。食品价格拖累减弱;国际油价上涨输入带动能 登记编号 S0880525040019 源价格;核心 CPI 环比持平,核心消费品 CPI 环比表现显著好于 2023、2024年,"618"提前促销影响过去后,"以旧换新"政策支持 的相关品类价格仍相对偏强,而服务相关价格继续稳中偏弱。 6月 PPI 同比跌幅继续扩张,一是受高温降雨天气影响,房地产、 o 基建项目施工进度有所放缓。二是"反内卷"具体政策和效果仍待 观察,尤其是对光伏、水泥、钢铁等行业实际供需格局的影响。三 观去 ...

Group 1 - The report highlights an improvement in consumer sentiment and a rise in expectations for de-involution in cyclical industries, despite ongoing weakness in the real estate sector affecting construction demand [2][9] - The central financial committee's emphasis on addressing low-price disorderly competition is expected to tighten supply in cyclical industries, leading to a marginal increase in demand for rebar and power coal, resulting in price increases for steel, float glass, and thermal coal [2][9] - Summer consumer sentiment has shown signs of improvement, with notable increases in tourism, movie attendance, and passenger transport demand, alongside a significant rise in pig prices, indicating sustained strength in the passenger car market [2][9] Group 2 - In the downstream consumption sector, real estate sales continue to decline, with a 24.6% year-on-year drop in transaction volume across 30 major cities, while service consumption shows a marginal increase [10][14] - The automotive market remains robust, with June passenger car sales meeting expectations and a 3.9% increase in the inventory warning index for dealers, indicating slight upward pressure on inventory levels [10][16] - The report notes a significant rise in pig prices, improving profitability in the breeding sector, while staple grain prices remain stable [10][18] Group 3 - In the midstream manufacturing sector, the report indicates a divergence in manufacturing activity, with a notable decline in automotive production rates due to rising dealer inventory pressures, while chemical and petroleum asphalt production remains resilient [11][50] - The report emphasizes the cyclical industry's expectation of de-involution, with a rebound in steel prices and a continued decline in cement prices, reflecting weak construction demand [11][43] - The manufacturing sector's hiring intentions have increased, with a 53.3% year-on-year rise in new job postings, indicating a potential recovery in employment [50][53] Group 4 - In the upstream resources sector, the report notes a slight increase in thermal coal prices due to rising electricity consumption during the summer, while industrial metal prices remain under pressure amid declining expectations for interest rate cuts by the Federal Reserve [57][61] - The report highlights that copper and aluminum prices have experienced slight fluctuations, with copper prices facing downward pressure due to high inventory levels and subdued demand [61][66] Group 5 - The logistics and passenger transport sectors have seen a significant increase in demand, with metro passenger volumes in major cities rising by 1.1% week-on-week and 2.5% year-on-year [12][68] - Domestic flight operations have increased by 6.1% week-on-week, recovering to 86.9% of 2019 levels, while international flights have also shown a recovery [12][68] - However, the report notes a decline in freight logistics, with highway and railway freight volumes decreasing by 2.4% and 3.2% respectively, indicating a mixed outlook for logistics performance [72][77]

Investment Rating - The report assigns an "Overweight" rating to the home appliance sector, indicating a projected performance exceeding the Shanghai and Shenzhen 300 Index by more than 15% [1][36]. Core Insights - The report highlights that government subsidies stimulated sales in Q2, leading to continued positive revenue growth. The competitive landscape has improved, driving profitability recovery in the small appliance sector, while leading players in major appliances are enhancing market share concentration [3][4]. Summary by Sections Overview - Domestic sales were boosted by government subsidies in Q2, with most categories achieving double-digit year-on-year growth despite some temporary restrictions. The sustainability of these subsidies is crucial for the industry's performance in the second half of the year [8][13]. Domestic Sales - The report notes that during the 618 shopping festival, online sales for various appliance categories saw significant year-on-year increases, with cleaning appliances up by 26%, water appliances by 22%, and kitchen small appliances by 22%. However, kitchen major appliances experienced a decline of 13% [13][14]. Export Sales - Q2 exports faced short-term setbacks due to uncertainties in tariff policies, with April's export growth dropping to 1.5% and May seeing a 6% decline. However, as tariff policies become clearer, exports are expected to gradually recover [16][17]. Competitive Landscape - The small appliance sector is experiencing improved competition dynamics, particularly in the robotic vacuum cleaner market, which has high growth potential and low penetration rates. The kitchen small appliance segment is also beginning to recover after two years of decline, with a growth rate exceeding 20% during the 618 festival, primarily driven by price increases [19][20]. Investment Recommendations - The report suggests two main investment themes: 1. The improvement in the competitive landscape of small appliances, particularly in the robotic vacuum sector, and the recovery of kitchen small appliances. Recommended stocks include Stone Technology (2025 PE: 18.2×), Ecovacs (2025 PE: 20.3×), Bear Electric (20.8×), and Beiding Co. (36.5×) [25][26]. 2. Concentration of market share among leading brands and high dividend yields for stable investment. Recommended stocks in this category include Midea Group (12.7×) and TCL Electronics (11.3×) [25][26].

Investment Rating - The report maintains a "Buy" rating for the company [12] Core Views - The company is expected to sustain its growth momentum due to its competitive supply chain advantages and a multi-channel, multi-category strategy, which is likely to enhance profitability [2][12] - The company has achieved significant sales milestones with its differentiated konjac product, indicating strong market potential [12] - The company is expanding its overseas market presence with localized products under its own brand, "Mowon," which is expected to contribute to revenue growth [12] Financial Summary - Total revenue is projected to grow from 4,115 million RMB in 2023 to 9,694 million RMB in 2027, reflecting a compound annual growth rate (CAGR) of 26.3% [4] - Net profit attributable to the parent company is expected to increase from 506 million RMB in 2023 to 1,264 million RMB in 2027, with a CAGR of 24.3% [4] - Earnings per share (EPS) is forecasted to rise from 1.85 RMB in 2023 to 4.63 RMB in 2027 [4] Market Position and Strategy - The company has established a comprehensive multi-channel matrix in the domestic market, enhancing brand strength for its "Big Demon King" konjac products [12] - The company is focusing on optimizing its product mix and channel structure, which is anticipated to improve profitability [12] - The company is leveraging its efficient organizational management and supply chain capabilities to capture market trends effectively [12]

Investment Rating - The report assigns an "Accumulate" rating for the industry, indicating a potential increase of over 15% relative to the CSI 300 index [9]. Core Insights - The acquisition of Shangwei New Materials by Zhiyuan Robotics is expected to accelerate the IPO process for leading humanoid robot companies in China, thereby enhancing the overall industry valuation [3][4]. - Zhiyuan Robotics is adopting a "Huawei ecological strategy" to deeply bind upstream and downstream partners, which is anticipated to accelerate the evolution of the humanoid robot industry [4]. Summary by Sections Acquisition Details - Zhiyuan Robotics plans to acquire at least 63.62% of Shangwei New Materials, with a total of 29.99% being transferred through agreements signed on July 8 [4]. - The company aims to further increase its stake by offering to acquire an additional 37% of shares, with 33.63% already effectively subscribed [4]. Financial Performance - Shangwei New Materials reported a 25% year-on-year growth in net profit for 2024, amounting to 88.68 million [4]. - The company's revenue for 2024 is projected to be 1.494 billion, reflecting a 6.73% increase year-on-year [4]. Industry Outlook - The acquisition is expected to broaden Zhiyuan Robotics' financing channels and facilitate its entry into the A-share market, which may prompt other leading companies like Yushu Technology and Leju Robotics to accelerate their IPO processes [4]. - The report highlights several related companies to watch, including Wolong Electric Drive, Aobi Zhongguang-UW, Lens Technology, Junpu Intelligent, Ningbo Huaxiang, Zhongdali De, Fengli Intelligent, and Fulian Precision [4].

Investment Rating - The report does not explicitly provide an investment rating for the new materials industry Core Insights - The new materials industry is witnessing significant advancements, particularly in biobased rubber and high-end polymer materials, indicating a shift towards sustainable and innovative solutions [1][2] - The financing activities in the semiconductor materials sector highlight the growing demand and investment interest in this area, with key players securing substantial funding to enhance their product offerings [2][3] Summary by Sections Industry Development Dynamics - Shandong Jingbo's biobased rubber project has achieved a major milestone with the establishment of a 10,000 tons/year production line, marking the entry of biobased rubber into large-scale industrialization [1] - Tuokene Technology's COC project has successfully transitioned to the second phase, with total production capacity reaching 10,000 tons/year, indicating robust growth and market demand [2] Investment and Financing Activities - Zhanding Materials, a key supplier in the semiconductor materials supply chain, has completed a financing round of 200 million yuan, attracting notable investment from several prominent firms [2] - Youyan Yijin is seeking strategic investors, with a valuation of 4.994 billion yuan for its 100% equity, indicating strong interest in the integrated circuit materials sector [3]