Export Performance - In June, China's export growth rate increased by 5.8% year-on-year, up by 1 percentage point from May, primarily driven by exports to the U.S.[4] - Exports to the U.S. showed a significant improvement, with a year-on-year increase of 18.4 percentage points, despite still being in deep negative growth[4]. - High-tech products continued to support export growth, while low-end manufacturing exports showed notable recovery, particularly in furniture, toys, and plastic products[4]. Credit Expansion - Social financing (社融) grew by 8.9% year-on-year in June, a slight increase of 0.2 percentage points from the previous month, with government bond issuance being a major driver[14]. - The balance of RMB loans in June remained stable at a year-on-year growth of 7.1%, marking the first halt in decline since April 2024[14]. - Active credit expansion is expected to continue, supported by government bond issuance and policy financial tools, which may further boost social financing growth[15]. Price Trends - The Producer Price Index (PPI) in June showed a year-on-year decline of 3.6%, continuing a downward trend, with significant drops in the black metal and coal industries[8]. - The Consumer Price Index (CPI) in June was 0.1% year-on-year, reflecting a slight increase of 0.2 percentage points from the previous month, indicating weak demand recovery[11]. Economic Outlook - The report suggests limited downside potential for export growth in the second half of the year, driven by improved U.S.-China trade relations and global economic recovery[6]. - Despite concerns about potential economic slowdown, the probability of a significant downturn is considered low, with ongoing improvements in export performance and consumer sentiment[20].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company's H1 2025 performance aligns with expectations, showing a significant improvement in cash flow, with operating cash flow increasing by 601.92% year-on-year [2][3]. - Revenue for H1 2025 reached 15.338 billion yuan, a year-on-year increase of 8.59%, while net profit attributable to shareholders was 309 million yuan, up 7.13% year-on-year [1][2]. Financial Performance Summary - H1 2025 total revenue: 15.338 billion yuan (up 8.59% YoY) [1][2]. - H1 2025 net profit: 309 million yuan (up 7.13% YoY) [1][2]. - H1 2025 operating cash flow: 685 million yuan (up 601.92% YoY) [1][2]. Business Structure and Growth Drivers - The city gas segment generated revenue of 6.577 billion yuan (down 4.88% YoY), primarily due to a weak domestic natural gas market [3]. - Supply chain and other business revenues reached 8.761 billion yuan (up 21.52% YoY), becoming the core growth driver [3]. - The company leverages its energy supply chain, engineering services, technology research and development, and equipment manufacturing to enhance growth potential under the "Energy + Technology + Supply Chain" strategy [3]. Future Projections - Expected revenue growth rates for 2025-2027 are 3.9%, 9.0%, and 8.0% respectively, with net profit growth rates of 7.7%, 9.7%, and 8.7% [4]. - Corresponding PE ratios for 2025-2027 are projected to be 14.9, 13.6, and 12.5 times [4].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 33.54 CNY per share, based on a PE valuation of 55 times for 2025 [4][6]. Core Views - The company is positioned as a leader in advanced packaging for CIS technology, showing strong growth in Q2 2025 with a projected net profit increase of 39.14% to 80.24% year-on-year [1]. - The automotive sector is driving demand for automotive-grade CIS chips, with the market expected to grow from 2.3 billion USD in 2024 to 3.2 billion USD by 2029, benefiting the company's CIS business [2]. - The smartphone market is showing signs of recovery, with a projected 1.4% year-on-year increase in shipments in the first half of 2025, providing growth opportunities for the company [3]. Financial Projections - Revenue projections for the company are 1.54 billion CNY in 2025, 2.03 billion CNY in 2026, and 2.57 billion CNY in 2027, with corresponding net profits of 398 million CNY, 518 million CNY, and 662 million CNY respectively [4][11]. - The company is expected to achieve a net profit margin of 25.9% in 2025, increasing slightly to 25.7% by 2027 [13]. - The company's earnings per share (EPS) is projected to be 0.61 CNY in 2025, rising to 1.01 CNY by 2027 [11].

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 95.60 CNY per share over the next six months [5][6]. Core Insights - The company is expected to achieve significant growth in its financial performance, with projected revenues of 20.799 billion CNY and adjusted net profit of 6.315 billion CNY for the first half of 2025, representing year-on-year increases of 20.64% and 44.43% respectively [1][2]. - The expansion of the small molecule D&M pipeline is driving steady growth in this segment, with 203 new molecules added in Q1 2025 and successful FDA inspections of production facilities [3]. - The TIDES business is experiencing rapid growth, with a 105.5% year-on-year increase in orders and a significant expansion in production capacity from 32,000 liters in 2023 to 100,000 liters by the end of 2025 [4]. Financial Projections - The company’s projected net profits for 2025 to 2027 are 13.735 billion CNY, 13.872 billion CNY, and 16.210 billion CNY, reflecting year-on-year growth rates of 45.3%, 1.0%, and 16.9% respectively [5][11]. - The expected earnings per share (EPS) for 2025 is 4.78 CNY, with a price-to-earnings (PE) ratio of 20 times [5][11]. - The company’s total market capitalization is approximately 221.59 billion CNY, with a circulating market capitalization of about 191.73 billion CNY [6]. Stock Performance - The stock has shown strong relative performance, with a 1-month return of 15.5%, a 3-month return of 41.0%, and a 12-month return of 83.0% [9].

2025 年 07 月 14 日 建筑 建筑企业联合倡议反内卷，企业盈利有 望改善，建议关注低估值高股息标的 | 投资评级 | 领先大市-B | | --- | --- | | | 维持评级 | | 行业表现 | | | | | --- | --- | --- | --- | | 39% | 建筑 | 沪深300 | | | 29% | | | | | 19% | | | | | 9% | | | | | -1% | | | | | -11% | | | | | 2024-07 | 2024-11 | 2025-03 | 2025-07 | | 资料来源：Wind 资讯 | | | | | 升幅% | 1M | 3M | 12M | | 相对收益 | 0.8 | 2.0 | 4.7 | | 相对收益 | 0.8 | 2.0 | 4.7 | | --- | --- | --- | --- | | 绝对收益 | 3.9 | 9.1 | 20.5 | | | 董文静 | | 分析师 | SAC 执业证书编号：S1450522030004 dongwj@essence.com.cn 陈依凡 分析师 SAC 执业证书编 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 49.70 CNY, maintaining the rating [4][8]. Core Views - The company is expected to achieve significant revenue growth, with projected revenues for H1 2025 between 358-398 million CNY, representing a year-on-year increase of 67.42%-86.02% [1]. - The company is expanding its new business segments, including smart equipment for household paper, industrial robots, and drones, which are anticipated to drive future growth [2][3]. - The company is actively increasing production capacity and expanding into overseas markets, particularly in Southeast Asia and the Middle East, to support its growing order book [2]. Summary by Sections Financial Performance - For H1 2025, the company expects a net profit of 68-73 million CNY, a year-on-year increase of 51.24%-61.66%, and a non-recurring net profit of 62-67 million CNY, growing by 93.83%-108.47% [1]. - In Q2 2025, the anticipated revenue is between 159-199 million CNY, with a year-on-year growth of 79.46%-124.35% [1]. Business Expansion - The household paper equipment segment is experiencing rapid growth, with Q1 2025 orders reaching 310 million CNY, and the company plans to launch new products in the second half of the year [2]. - The establishment of a 1.5 billion CNY smart manufacturing fund in collaboration with local governments aims to invest in high-end equipment manufacturing, which is expected to create new revenue streams [3]. Future Projections - Revenue forecasts for 2025-2027 are 1.264 billion CNY, 1.585 billion CNY, and 1.906 billion CNY, reflecting year-on-year growth rates of 191.02%, 25.32%, and 20.28% respectively [4][9]. - The company is focusing on enhancing its core competencies in equipment and materials, leveraging its established manufacturing capabilities to respond quickly to emerging market demands [3].

2025 年 07 月 13 日 银行：会跌倒么？ 本周上证指数涨 1.09%，创业板指涨 2.36%，恒生指数涨 0.93%，大盘股涨幅居前，本周全 A 日均交易额 14961 亿，环比上周有所上升。这点符合我们在上期周报《最佳的选择："创"》 的判断："大盘指数维持强势"，但眼下不急于对大盘指数"牛不牛"下判断（尤其是快牛）， "找准结构和方向"依然是最重要的。现阶段风险偏好抬升是定价核心矛盾，科技科创依然 是维持占优推荐，而相对低估值分位的大盘成长（创业板指）或将成为最为受益的方向。同 时，在上周周报中我们强调今年本轮 A 股大盘整体超预期偏强：即银行板块贡献了上半年绝 大多数的涨幅，上证指数从年初的 3347 点涨到最新 3510 点附近，银行对大盘贡献高达到 118.13 点。客观而言，只要银行维持上涨，那么"银行搭台、多方唱戏"将延续，大盘较难"二 次探底"。 本周五大盘指数出现冲高回落，对应银行板块发生下跌，市场生怕"银行跌倒"？目前银行 确实涨很久了，难免会有见顶回落的忧虑。我们认为现在没看到明确的理由，暂不是看空银 行的时候。目前，从估值提升的角度，资金对于银行的抱团大致接近 2020 年中 ...

2025 年 07 月 13 日 房地产 静待政策宽松 周观点：7 月销售转冷，静待政策宽松 Wind 统计，核心城市房管局成交数据中，新房成交数据全面走弱。重 点监测 32 城，周度成交合计 1.2 万套，环比上周大幅下降 50.5%， 周度成交规模跌至今年春节后周成交新低。一线城市二手房成交持续 回落，上周周度成交合计 0.8 万套，环比转弱明显。 我们认为，新房市场推盘放缓，叠加高温天气下，看房需求走弱下， 成交数据持续走弱，销售持续转冷下，建议持续关注月底政治局会议 对新一轮地产政策的方向定调。建议关注困境反转类房企：金地集团、 新城控股等；保持拿地强度的龙头招商蛇口、绿城中国、保利发展、 滨江集团等；多元经营稳健发展的地方国企浦东金桥、外高桥等。 销售回顾（7.5-7.11） 重点监测 32 城合计成交总套数为 1.2 万套，环比上周下降 50.5%； 2025 年累计成交总套数为 44.1 万套，累计同比下降 5.4%。其中，一 线城市成交 3022 套，环比上周下降 54.7%，2025 年累计成交 12.6 万 套，累计同比增长 6.2%；二线城市成交 7192 套，环比上周下降 52.5%， ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" [9] Core Insights - The report highlights that several newly included innovative drugs in the medical insurance directory are rapidly entering hospitals, with significant growth in the number of drugs entering hospitals by the end of May 2025 compared to April 2025 [2][22] - The report notes that the new drug sector has shown a strong performance, with notable increases in stock prices for companies such as Beihai Kangcheng (114.5%), Frontier Biotech (41.4%), and Junsheng Tai (29.4%) during the week of July 7 to July 13, 2025 [1][18] Summary by Sections Weekly New Drug Market Review - From July 7 to July 13, 2025, the top five companies in the new drug sector by stock price increase were Beihai Kangcheng (114.5%), Frontier Biotech (41.4%), Junsheng Tai (29.4%), Kaituo Pharmaceutical (20.7%), and Yongtai Biotech (20.1%) [1][18] - The top five companies by stock price decrease were Yiming Anke (-19.4%), Shenzhou Cell (-13.4%), Ascentage Pharma (-10.0%), Lepu Biotech (-8.9%), and Rongchang Biotech (-8.8%) [1][18] Key Analysis of the New Drug Industry - The National Medical Insurance Administration updated the hospital admission data for innovative drugs included in the medical insurance directory as of the end of May 2025, indicating rapid hospital admissions for several newly included domestic innovative drugs [2][22] - Notable drugs with fast admission growth included Kangfang Biotech's Cardunilumab and Ivorisumab, Shanghai Yizhong's Paclitaxel Micelle, and Zecjin Pharmaceutical's Recombinant Human Thrombin [2][22] New Drug Approval and Acceptance Status - Four new drug or new indication applications were approved this week, including Ascentage Pharma's Lisatoclax tablets and Zhejiang Tianyuan's quadrivalent influenza virus split vaccine [26][27] - Ten new drug applications were accepted, including Dali Yingjie’s Docetaxel Injection and Zhaoke Pharmaceutical's Atropine Sulfate Eye Drops [26][28] Clinical Application Approval and Acceptance Status - This week, 43 new drug clinical applications were approved, and 20 new drug clinical applications were accepted [4][28]

Investment Rating - The report maintains an investment rating of "Outperform" [5] Core Insights - The electronic sector has shown a weekly increase of 0.45%, ranking 26th out of 31 sectors, with the electronic index PE at 52.93 times [3][28][37] - The report highlights the launch of Nvidia's GB300 server and the Grok4 AI model by Tesla, indicating significant advancements in AI and computing capabilities [1][2] Industry Performance - The Shanghai Composite Index rose by 1.09%, the Shenzhen Component Index increased by 1.78%, and the CSI 300 Index went up by 0.82% during the week [28] - The electronic sector's performance includes a 1.12% increase in the Shenwan electronic sector index [3] Sector Data Tracking - The semiconductor sector's PE is reported at 81.87 times, with a 55.90% percentile ranking, while the consumer electronics sector stands at 28.69 times with an 11.74% percentile ranking [41] - The report notes that the SiC power device market is expected to grow at a CAGR of 20% from 2024 to 2030, reaching $10.3 billion [18] Weekly Market Review - The electronic sector's top gainers include C Yitang (+147.81%), C Tongyu (+141.71%), and Xinya Electronics (+31.85%), while the biggest losers were Rui Lian New Materials (-15.98%), Zhongjing Electronics (-13.78%), and Baoming Technology (-13.64%) [36]