Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company is experiencing rapid growth in its Q2 performance, with significant increases in battery shipments and advancements in new battery technologies [1][3] - The company is actively expanding into new application scenarios such as BBU, robotics, and eVTOL, which are expected to contribute to future revenue growth [4] - The company has initiated mass production of advanced battery technologies, including all-tab batteries and solid-state batteries, enhancing its competitive edge in the market [4] Financial Performance - For H1 2025, the company expects a net profit attributable to shareholders of 300-360 million yuan, representing a year-on-year growth of 79%-115% [2] - The estimated net profit for Q2 2025 is projected to be 158-218 million yuan, with a year-on-year increase of 64%-126% and a quarter-on-quarter increase of 12%-54% [2] - The company's lithium battery shipment volume is expected to reach approximately 170-180 million units in Q2 2025, showing over 70% year-on-year growth and over 30% quarter-on-quarter growth [3] Revenue and Profit Forecast - The company has revised its profit forecast upwards, expecting net profits of 739 million, 936 million, and 1.136 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 51.5%, 26.7%, and 21.3% [4][5] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.64, 0.81, and 0.99 yuan respectively, with dynamic price-to-earnings (PE) ratios of 21.1, 16.6, and 13.7 [4][5] Market Position and Strategy - The company is enhancing its global service capabilities through the establishment of overseas production bases, particularly in Malaysia, which began operations in April 2025 [3] - The company is focusing on high-demand sectors such as electric tools and clean appliances, while also exploring new markets to drive future growth [3][4]

Investment Rating - The report maintains an "Outperform" rating for the mechanical equipment industry [5][10]. Core Views - The humanoid robot sector is experiencing significant advancements, with various companies making notable progress in technology and production capabilities [17][22]. - The AI infrastructure is expected to see continued growth in capital expenditure driven by increasing demand for data centers [8]. - The report highlights the importance of domestic production capabilities in various sectors, particularly in electronic measurement instruments and robotics [8][9]. Industry Dynamics - Humanoid Robots: Zhejiang University's "Black Panther 2.2" set a global record by completing 100 meters in 13.17 seconds [17]. Companies like ZhiYuan and Figure are ramping up production and technological capabilities [22][24]. - Deep Sea Technology: Innovations in underwater robotics are emerging, with significant market potential expected to reach 21.5 billion by 2025 [25]. - Low-altitude Economy: The rapid development of low-altitude economic infrastructure is underway, with projects aimed at standardizing air traffic management [26]. - AI Infrastructure: The signing of a major data center project by China Mobile indicates a strong push towards enhancing computational capabilities [27]. Company Dynamics - ZhiYuan Robotics plans to acquire at least 63.62% of Shuangwei New Materials, marking a significant move in the A-share market for intelligent manufacturing [31]. - Strategic partnerships are being formed, such as the collaboration between Fulei New Materials and Zhaowei Electromechanical to explore advanced sensing technologies [32]. - Companies like Longban Technology are achieving production milestones, with a new high-precision production line for planetary roller screws reaching an annual capacity of 30,000 sets [38]. Key Companies and Investment Forecasts - The report identifies key companies with strong growth potential, including: - Green's Harmony (688017.SH): Outperform rating with a projected EPS of 0.33 for 2024 [10]. - Huichuan Technology (300124.SZ): Outperform rating with a projected EPS of 1.60 for 2024 [10]. - Zhaowei Electromechanical (003021.SZ): Outperform rating with a projected EPS of 0.94 for 2024 [10]. - The report emphasizes the importance of focusing on companies with strong positions in the supply chain and those involved in incremental growth segments [8].

Key Insights - The report highlights the significant growth potential for Yaxin Integration (亚翔集成) in the semiconductor industry, particularly in Singapore, as it becomes a preferred destination for semiconductor capacity migration due to geopolitical uncertainties [8][9] - The company has secured major semiconductor engineering orders in Singapore, indicating a strong demand for its services and a robust pipeline of future projects [9] - The valuation of Yaxin Integration is significantly lower than its peers, suggesting potential for revaluation as its overseas business continues to grow [10] Industry Overview - The semiconductor industry is experiencing a shift in investment towards Southeast Asia, particularly Singapore, as companies seek to mitigate risks associated with supply chain disruptions and geopolitical tensions [8] - The high-tech manufacturing sector is showing stable performance, with indicators suggesting a steady economic environment and positive trends in consumer spending [11][14] - The report notes that the high-tech manufacturing diffusion index remains stable, reflecting consistent growth in sectors such as semiconductors and pharmaceuticals, while some areas like new energy are facing challenges [11][12]

证券研究报告 | 2025年07月13日 下半年市场增量资金哪里来？ 优于大市 存款搬家驱动哑铃型资金结构再调整 保险资金持续入市，国家队托底，而场内资金依靠小市值个股交易套利，导 致上半年资本市场呈现极致哑铃型资金结构。以市值因子观测，今年微盘股 收益最佳、小盘股次之、大盘股再次之。微盘股、小盘股年初以来持续领涨。 关税冲击后，大盘股表现出追赶效应。以"市值+风格"因子观测，大盘价 值、小盘成长、小盘价值取得明显超额，大盘成长及中盘股则表现较差。2025 年以来，市场增量资金包括：（1）中央汇金为代表的类平准基金，主要为 市场起托底作用；（2）保险公司为代表的金融机构，对股息稳定、大盘价 值风格较偏好，对红利因子持续加大投资；（3）中性策略的量化私募、部 分个人投资者两融资金，对波动率较高的小微盘股偏好度较高。 存款利率持续下行，下一步居民存款搬家将驱动增量资金入市，资金结构更 多元。（1）中央汇金和保险等资金，代表市场稳定器，持股风格整体稳定； 下一步保险负债成本下行，分红产品占比增加，为实现行业均衡，关注险资 红利资产"扩圈"带来的配置机会；（2）存款和纯固收产品持续低回报， 这成为催化居民加大权益资产 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Last week, the equity market had a volume - driven rally. The real estate, steel, and building materials sectors were strong, while the banking sector declined. The bond market adjusted, and the 10 - year Treasury bond rate closed at 1.67% on Friday, up 2.2bp from the previous week. The convertible bond market mostly rose, with the CSI Convertible Bond Index up 0.76% for the week [1][8][9]. - In the short term, convertible bond supply may significantly shrink. The follow - up momentum of the convertible bond market has weakened, and valuations have been further compressed. It is recommended to focus on balanced convertible bonds or high - price, low - premium and non - redeemable in the short - term equity - biased varieties. For those with high requirements for drawdown, consider reducing positions [2][17]. - With the disclosure of mid - year report performance forecasts, attention should be paid to sectors such as consumer goods, technology, power grid equipment, and innovation drugs. Also, be cautious about bonds with a high proportion of exports to the US [3][18]. Summary by Relevant Catalogs Market Trends (2025/7/7 - 2025/7/11) - **Stock Market**: The equity market rose with volume. Real estate, steel, and building materials sectors performed well due to policy expectations and "anti - involution" themes. The non - banking sector was strong driven by the stablecoin theme, while the banking sector declined. Different sectors showed different performances on each trading day [8]. - **Bond Market**: The bond market adjusted. Factors such as the postponement of Trump's equal - tariff effective date, the Shanghai Composite Index breaking through 3500, and real estate policy rumors suppressed bond market sentiment. The 10 - year Treasury bond rate closed at 1.67% on Friday, up 2.2bp from the previous week [1][9]. - **Convertible Bond Market**: Most convertible bond issues rose. The CSI Convertible Bond Index increased by 0.76% for the week, the median price rose by 0.95%, and the calculated arithmetic average parity increased by 2.07%. The overall market conversion premium rate decreased by 1.29% compared with the previous week. Sectors like non - banking finance, coal, and computer in the convertible bond market led the gains, while social services, banking, and automotive sectors lagged. The total trading volume of the convertible bond market last week was 3405.76 billion yuan, with an average daily trading volume of 681.15 billion yuan, an increase from the previous week [9][12][15]. Viewpoints and Strategies (2025/7/14 - 2025/7/18) - **Supply Outlook**: Convertible bond supply may significantly shrink in the short term. The approval of the "potential new bond" Fudan Microelectronics expired, and there are only 5 issues in the pending - issuance list that have passed the listing committee, with a total scale of less than 5 billion yuan. Also, the delisting of existing bonds is accelerating [2][17]. - **Investment Suggestions**: Due to the intensified supply - demand contradiction, it is recommended to focus on balanced convertible bonds that can quickly consume the premium rate with high - volatility underlying stocks or high - price, low - premium and non - redeemable in the short - term equity - biased varieties. Consider reducing positions for those with high drawdown requirements [2][17]. - **Sector Focus**: Pay attention to sectors such as consumer goods (appliances, auto parts, two - wheeled vehicles), technology (PCB, copper - clad laminates, data center power supplies), power grid equipment, sea - wind power, energy storage, innovation drugs, and chemical pharmaceuticals. Be cautious about bonds with a high proportion of exports to the US [3][18]. Valuation Overview - As of July 11, 2025, for equity - biased convertible bonds, the average conversion premium rates in different parity intervals are at different percentile levels since 2010 and 2021. For debt - biased convertible bonds, the average YTM of bonds with a parity below 70 yuan is - 1.04%, at the 4%/0% percentile since 2010/2021. The average implied volatility of all convertible bonds is 33.92%, at the 64%/45% percentile since 2010/2021, and the difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks is - 13.38%, at the 27%/32% percentile since 2010/2021 [19]. Primary Market Tracking - **Last Week (2025/7/7 - 2025/7/11)**: Guanghe Convertible Bond announced its issuance, and Luwei and Huachen Convertible Bonds were listed. Guanghe Convertible Bond, with an issuance scale of 4.9 billion yuan, is for the Guangdong Lufeng Nuclear Power Plant Project. Luwei Convertible Bond, with an issuance scale of 615 million yuan, is mainly for semiconductor and high - precision flat - panel display mask expansion projects. Huachen Convertible Bond, with an issuance scale of 460 million yuan, is for new - energy power equipment manufacturing and digital factory construction projects [27][28][29]. - **Next Week (2025/7/14 - 2025/7/18)**: Xizhen and Yongxi Convertible Bonds will be listed. Xizhen Convertible Bond, with an issuance scale of 520 million yuan, is for the Langfang Zhenhua Automobile Parts Project. Yongxi Convertible Bond, with an issuance scale of 1.165 billion yuan, is for multi - dimensional heterogeneous advanced packaging technology R & D and industrialization projects [30][31]. - **Overall Pending Issuance**: As of July 11, there are 75 convertible bonds to be issued, with a total scale of 116.32 billion yuan, including 2 issues approved for registration (total scale of 2.11 billion yuan) and 3 issues passed by the listing committee (total scale of 2.62 billion yuan) [32].

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View of the Report - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels, including basic elements such as issuer, scale, underlying stock, and project status. The actual issuance terms and progress may change, and investors are advised to refer to the final prospectus and consult the lead underwriters [1]. 3. Summary of Key Information New Projects This Week - Fuda Holdings Group Co., Ltd.'s 2025 private exchangeable corporate bond project for professional investors received exchange feedback, with a proposed issuance scale of 1.2 billion yuan and the underlying stock being Fuda Co., Ltd. (603166.SH). The lead underwriter is Zhongde Securities, and the exchange update date is July 11, 2025 [2]. - Zijin Mining Investment (Shanghai) Co., Ltd.'s 2025 private exchangeable corporate bond project for professional investors received exchange feedback, with a proposed issuance scale of 700 million yuan and the underlying stock being Jiangnan Chemical Industry Co., Ltd. (002226.SZ). The lead underwriter is CITIC Securities, and the exchange update date is July 8, 2025 [2]. Project Status Table - The report lists the status of multiple private exchangeable bond projects as of July 11, 2025, including details such as bond name, lead underwriter, scale, underlying stock, project status, and update date. Projects are divided into two categories: "passed" and "feedback received" [3].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints - Last week, the median weekly return of equity ETFs was 1.19%. Among broad - based ETFs, ChiNext - related ETFs had the highest returns; among sector ETFs, the large - finance ETFs had the highest returns; among hot - topic ETFs, photovoltaic ETFs had the highest returns. Equity ETFs had a net redemption of 0.38 billion yuan. Among broad - based ETFs, the CSI 1000 ETF had the largest net subscription; among sector ETFs, the cyclical ETF had the largest net subscription; among theme ETFs, the military - industry ETF had the largest net subscription. As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked top three in the total scale of listed non - monetary ETFs. This week, 8 ETFs, including the Cathay Shanghai - Stock - Exchange STAR Market Innovative Drug ETF, will be issued [56]. 3. Summary by Relevant Catalogs ETF Performance - From July 7th to July 11th, 2025, the median weekly return of equity ETFs was 1.19%. The median returns of ChiNext - related, CSI 1000, CSI 500, A500, SSE 50, SSE - STAR Market, and SSE 300 ETFs were 2.57%, 2.43%, 2.07%, 1.16%, 1.03%, 1.06%, and 1.08% respectively. The median returns of cross - border, money - market, bond, and commodity ETFs were 0.52%, 0.02%, 0.00%, and - 0.34% respectively. Among sectors, large - finance, technology, cyclical, and consumer sector ETFs had median returns of 3.98%, 1.34%, 1.20%, and 1.01% respectively. Among hot - topics, photovoltaic, securities, and liquor ETFs had median returns of 5.65%, 4.44%, and 2.25% respectively, showing relatively strong performance, while bank, new - energy vehicle, and military - industry ETFs had median returns of - 0.15%, 0.53%, and 0.80% respectively, showing relatively weak performance [12][15]. ETF Scale Changes and Net Subscriptions/Redeemptions - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3048.4 billion yuan, 603.1 billion yuan, and 398.8 billion yuan respectively, while money - market and commodity ETFs had relatively smaller scales of 165.7 billion yuan and 159.8 billion yuan respectively. Among broad - based ETFs, the SSE 300 and SSE - STAR Market ETFs had larger scales of 1066.7 billion yuan and 212.5 billion yuan respectively. Last week, equity ETFs had a net redemption of 0.38 billion yuan, but the overall scale increased by 40.78 billion yuan. Among broad - based ETFs, the CSI 1000 ETF had the largest net subscription of 2.056 billion yuan, and the A500 ETF had the largest net redemption of 6.736 billion yuan. Among sectors, the cyclical ETF had the largest net subscription of 3.743 billion yuan, and the consumer ETF had the largest net redemption of 0.288 billion yuan. Among hot - topics, the military - industry ETF had the largest net subscription of 2.3 billion yuan, and the securities ETF had the largest net redemption of 0.838 billion yuan [17][27][29]. ETF Benchmark Index Valuation - As of last Friday, in terms of broad - based ETFs, the PE of SSE 50, SSE 300, CSI 500, CSI 1000, ChiNext - related, and A500 ETFs were at the 80.46%, 72.55%, 92.99%, 80.96%, 42.13%, and 99.23% quantile levels respectively, and the PB were at the 50.99%, 51.28%, 72.30%, 37.59%, 33.22%, and 98.85% quantile levels respectively. Since December 31, 2019, the PE and PB of SSE - STAR Market - related ETFs were at the 97.86% and 40.73% quantile levels respectively. Among sector ETFs, the PE of cyclical, large - finance, consumer, and technology sector ETFs were at the 53.92%, 50.87%, 9.15%, and 60.51% quantile levels respectively, and the PB were at the 39.16%, 61.34%, 26.88%, and 52.84% quantile levels respectively. Compared with the previous week, the valuation quantile of securities ETFs increased significantly. Generally, among broad - based ETFs, ChiNext - related ETFs had relatively lower valuation quantiles; among sectors, consumer ETFs had relatively moderate valuation quantiles; among sub - topics, liquor and photovoltaic ETFs had relatively lower valuation quantiles [35][37][40]. ETF Margin Trading and Short Selling - From last Monday to Thursday, the margin balance of equity ETFs decreased from 40.662 billion yuan in the previous week to 40.48 billion yuan, and the short - selling volume decreased from 2.257 billion shares in the previous week to 2.236 billion shares. Among the top 10 ETFs with the highest average daily margin purchases and short - selling volumes, SSE - STAR Market ETFs and pharmaceutical ETFs had relatively high average daily margin purchases, while SSE 300 and SSE 50 ETFs had relatively high average daily short - selling volumes [43][44][49]. ETF Managers - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked top three in the total scale of listed non - monetary ETFs. Last week, 14 new ETFs were established, and this week, 8 ETFs, including the Cathay Shanghai - Stock - Exchange STAR Market Innovative Drug ETF, will be issued [50][53][56].

Investment Rating - The investment rating for the company is "Outperform the Market" [5]. Core Views - The company is positioned to benefit from the ongoing semiconductor capacity migration to Singapore, which is seen as a safe haven amid geopolitical uncertainties [1][46]. - The company has secured significant semiconductor engineering orders in Singapore, indicating strong demand and potential for revenue growth [2][30]. - The valuation of the company is significantly lower than its peers, suggesting potential for revaluation as overseas business continues to grow [2][19]. Summary by Sections Investment Recommendations - The profit forecast has been raised, maintaining the "Outperform the Market" rating. The projected net profits for 2025-2027 are 477 million, 816 million, and 713 million yuan respectively, with corresponding earnings per share of 2.24, 3.83, and 3.34 yuan [3][4]. Financial Forecasts and Indicators - The company’s revenue is expected to grow significantly, with projected revenues of 3,201 million, 5,381 million, 4,570 million, 6,369 million, and 5,871 million yuan from 2023 to 2027, reflecting a growth rate of 5.3%, 68.1%, -15.1%, 39.4%, and -7.8% respectively [4]. - The company's EBIT margin is projected to improve from 10.1% in 2023 to 12.8% in 2027, indicating enhanced profitability [4]. Market Trends - Singapore is becoming a key hub for semiconductor manufacturing, contributing 10% of global semiconductor output and 20% of semiconductor equipment output, with a manufacturing output value exceeding 1,330 billion SGD (approximately 1,010 billion USD) in 2023 [33][34]. - The Singapore government is actively supporting the semiconductor industry through strategic fiscal policies, including a 180 billion SGD investment from 2021 to 2025 to bolster R&D and infrastructure [34][37]. Company Positioning - The company has a strong competitive edge in the semiconductor cleanroom engineering sector, leveraging its parent company's resources and expertise to expand its overseas market presence [11][12]. - The company has secured major contracts with leading semiconductor manufacturers, including UMC and VSMC, which are expected to significantly contribute to its revenue in the coming years [30][31].

证券研究报告 | 2025年07月13日 基金周报 首只两百亿元红利低波 ETF 诞生，7 只创业板综指相关 ETF 申报 核心观点 金融工程周报 上周市场回顾。上周A股市场主要宽基指数全线上涨，中证 1000、创业 板指、中证 500 指数收益靠前，收益分别为 2.36%、2.36%、1.96%， 中小板指、沪深 300、科创 50 指数收益靠后，收益分别为 0.73%、0.82%、 0.98%。 从成交额来看，除中小板、科创 50 和中证 1000 指数外，上周主要宽基 指数成交额均有所上升。行业方面，上周综合金融、房地产、非银行金 融收益靠前，收益分别为 6.73%、6.06%、3.94%，汽车、家电、银行 收益靠后，收益分别为-0.56%、-0.18%、-0.13%。 截至上周五，央行逆回购净回笼资金 2265 亿元，逆回购到期 6522 亿元， 净公开市场投放 4257 亿元。不同期限的国债利率均有所上行，利差缩 窄 1.20BP。 上周共上报 39 只基金，较上上周申报数量有所减少。申报的产品包括 5 只FOF，中证A500 红利低波动ETF、创业板综合ETF、创业板综合增强 策略ETF等。 7 ...

证券研究报告 | 2025年07月13日 百龙创园（605016.SH） 国内阿洛酮糖正式获批，公司上半年业绩持续增长 |  公司研究·公司快评 | | |  | 基础化工·化学制品 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 杨林 | 010-88005379 | | yanglin6@guosen.com.cn | 执证编码：S0980520120002 | | 证券分析师： | 张歆钰 | 021-60375408 | | zhangxinyu4@guosen.com.cn | 执证编码：S0980524080004 | 事项： 公司公告：2025 年 7 月 13 日，公司发布《2025 年半年度业绩快报公告》。公告显示，根据公司初步核算 数据，2025 年半年度，公司实现营业总收入 6.50 亿元，同比增长 22.29%；实现归属于上市公司股东的净 利润 1.71 亿元，同比增长 42.68%。其中 2025 年第二季度实现营业收入 3.37 亿元，同比增长 20.79%，环 比增长 7.67%；实现归 ...