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 ...

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a reasonable valuation range of HKD 4.39 to 4.73, indicating a potential upside of approximately 35-45% from the current stock price of HKD 3.50 [6][3]. Core Views - The company is positioned to benefit from the upward trend in both meat and milk prices, with expectations of significant profit recovery in the coming years. The original milk segment is projected to see profit increases of approximately HKD 14 billion and HKD 20 billion in 2026 and 2027, respectively, compared to 2024 [3][2]. - The report highlights the company's comprehensive business model, which includes breeding, feed, and large-scale dairy farming, making it a leader in the global raw milk supply chain [1][17]. Company Overview - The company, controlled by Yili Group, operates 97 large-scale farms across China's prime dairy regions, with a dairy cow inventory exceeding 600,000 heads and an expected raw milk production of around 3.7 million tons in 2024, ranking first globally [1][17]. - It is also the largest supplier of ruminant feed and alfalfa in China, with its subsidiary, Saikexing, being the largest dairy cattle breeding company in the country [1][17]. Industry Outlook - The report anticipates a turning point in the beef cycle in 2025, with domestic beef prices expected to rise until 2027 due to supply adjustments and increased demand [2][48]. - The domestic raw milk market has faced price declines for nearly four years, but the report suggests that the current high meat-to-milk price ratio may accelerate the culling of dairy cows, leading to a recovery in raw milk prices by 2025 [2][48]. Financial Projections - The company is projected to achieve net profits of HKD 6.7 billion, HKD 22.9 billion, and HKD 33.5 billion from 2025 to 2027, with earnings per share (EPS) expected to be HKD 0.17, HKD 0.59, and HKD 0.86, respectively [3][5]. - The report indicates that the company's revenue is expected to grow from HKD 20.1 billion in 2024 to HKD 24.8 billion in 2027, reflecting a compound annual growth rate (CAGR) of 6.6% [5][3].

证券研究报告 | 2025年07月13日 宏观经济宏观周报 高频指标运行稳健，消费表现相对较优 主要结论：高频指标运行稳健。 经济增长方面，本周(7 月 11 日)所在周国信高频宏观扩散指数 A 由正转负， 指数 B 季节性回落。从分项来看，本周消费领域景气有所回升，房地产领域 景气基本保持不变，投资领域景气有所回落，本周消费领域表现相对较优。 从季节性比较来看，本周指数 B 标准化后下降 0.14，表现基本持平历史平均 水平，指向国内经济增长动能运行稳健。 基于国信高频宏观扩散指数对资产价格进行预测，显示当前国内利率偏低， 上证综合指数偏高，从均值回归的角度看，预计下周（2025 年 7 月 18 日所 在周）十年期国债利率将上行，上证综合指数将下行。 周度价格高频跟踪方面： （1）本周食品、非食品价格上涨。预计 7 月 CPI 食品价格环比约为 0.5%， 非食品价格环比约为 0.5%，整体 CPI 环比约为 0.5%，CPI 同比持平上月的 0.1%。 （2）6 月上旬流通领域生产资料价格定基指数继续下跌，中旬止跌回升，下 旬小幅上涨。预计 7 月 PPI 环比约为零，PPI 同比回升至-3.4%。 风 ...

证券研究报告 | 2025年07月13日 利民股份（002734.SZ） 优于大市 多个主营产品价格上涨，公司半年度业绩大幅改善 公司发布 2025 年半年度业绩预告，业绩实现同比大幅增长。预计 2025 年上 半年利民股份实现归母净利润 2.6-2.8 亿元，同比增长 719.25%-782.27%； 实 现 扣 除 非 经 常 性 损 益 后 的 净 利 润 2.47-2.68 亿 元 ， 同 比 增 长 770.37%-844.37%。结合公司第一季度归母净利润 1.08 亿元，第二季度公司 预计实现归母净利润中枢约 1.62 亿元，环比继续高增。公司业绩大幅增长 的主要原因是公司主要产品销量和价格同比上涨、毛利率提升，以及参股公 司业绩上涨带来投资收益增加。 核心产品景气度持续向好，盈利能力增强。据百川盈孚，2024 年 3 月中旬至 今，甲维盐和阿维菌素市场价格分别从 50、35 万元/吨上涨至 70.5、50 万 元/吨；2025 年 3 月以来，代森锰锌的市场价格从 2.35 万元/吨上涨至 2.5 万元/吨；百菌清市场价格已从 2024 年 1 月的 1.8 万元/吨上涨至 2025 年 7 ...

证券研究报告 | 2025 年07月13日 农产品研究跟踪系列报告（167） 优于大市 牛肉价格淡季不淡，看好牧业大周期景气向上 橡胶：短期供强需弱，中期看好景气向上。7 月 11 日，泰标现货价为 1750 美元/吨，周环比+1.74%；全乳胶山东市价为 14100 元/吨，周环比+2.17%。 周度农产品跟踪：牛肉价格淡季不淡，生猪价格支撑较强。 生猪：产能维持低波动，预计 2025 年猪价景气有望延续。7 月 11 日生猪价 格 14.70 元/公斤，周环比-3.86%；7kg 仔猪价格约 445 元/头，周环比+2.75%。 白鸡：中期父母代同比减量且存在结构变化，消费或逐步上移。7 月 11 日， 鸡苗价格 1.20 元/羽，周环比+62%；毛鸡价格 6.32 元/千克，周环比+2%。 黄鸡：供给维持底部，有望率先受益内需改善。7 月 11 日浙江快大三黄鸡/ 青脚麻鸡/雪山草鸡斤价分别为3.6/4.3/5.6元，周环比-2.7%/+0.0%/-3.5%。 鸡蛋：在产父母代存栏维持增长，中期供给压力较大。7 月 11 日，鸡蛋主产 区价格 2.60 元/斤，环比-1.14%，同比-44.09%。 肉 ...

证券研究报告 | 2025年07月13日 2025 年 7 月 11 日，财政部发布《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考 核的通知》（以下简称"《通知》"），调整国有商业保险公司绩效评价指标，新增五年周期考核权重，推动 险资长期入市。 国信非银观点：《通知》通过将 70%考核权重锚定三年以上周期，有望从根源上化解保险资金属性与考核 错配的矛盾，持续释放险资增量资金潜力。结合偿付能力优化、风险因子调降等配套措施，险资有望持续 加大资金入市规模。短期看，险资入市为市场注入流动性活水；长期看，其"耐心资本"属性将持续推动 以红利资产为代表的配置诉求，建议关注本次政策下相对受益的中国人寿、中国平安、中国太保、中国财 险、新华保险。 评论： 政策核心：长周期考核权重提升至 70%，制度设计直击险资入市堵点 7 月 11 日，财政部正式印发《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考核 的通知》（财金〔2025〕62 号），标志着保险资金长周期考核机制全面落地。该政策将国有商业保险公司核 心绩效指标"净资产收益率"（ROE）和"（国有）资本保值增值率"的考核方式，由此前 ...

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030. This translates to a demand for AIDC power equipment of 29/48/60/67/70/74 GW, with an average annual growth rate of 20% [5][13] - The market potential for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is estimated to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - The domestic data center industry is expected to see increased capital expenditure from major cloud providers, with 2025 anticipated to be a pivotal year for AIDC construction [5][18] Summary by Sections AIDC Power Equipment - The AIDC power equipment sector has shown a diverse range of products, with major global players like Vertiv, Eaton, and Schneider Electric having established strong product lines and solutions [5] - Domestic companies are gaining competitive advantages in various segments, with leading firms gradually building their solution-providing capabilities [5] - The recent performance of the AIDC power equipment sector has been mixed, with notable declines in backup diesel power sources and lead-acid batteries [5][24] Grid Industry - The grid sector has seen significant investment growth, with national grid engineering investment reaching 632 billion yuan in May 2025, a year-on-year increase of 33.3% [31][32] - The bidding results for high-voltage equipment have shown a strong performance, with a total bid amount of 211.89 billion yuan in July 2025, reflecting a year-on-year increase of 38.1% [64] - The grid industry is expected to benefit from the maturation of new business models such as electricity trading and virtual power plants, with a focus on high-voltage orders and deliveries in the second half of 2025 [5][58]

电力设备新能源 投资评级：优于大市（维持评级） 证券分析师：王蔚祺 010-88005313 wangweiqi2@guosen.com.cn S0980520080003 证券分析师：王晓声 010-88005231 wangxiaosheng@guosen.com.cn S0980523050002 2025年07月13日 证券研究报告 | 风电产业链周度跟踪（7月第2周） 行业研究 · 行业周报 请务必阅读正文之后的免责声明及其项下所有内容 【板块行情】 • 近两周风电板块普遍上涨，涨幅前三板块为叶片（+15.9%）、海缆（+2.6%）和整机（+0.7%）。个股方面，近两周涨幅前三分别为中材科技（+34.8%）、新强联（+11.7%）和大金重工 （+6.1%）。 【行业观点】 • 海风方面，25年上半年江苏、广东重大项目陆续迎来开工。二季度进入交付旺季；25年是国管海风开发元年，预计规划、竞配、招标、政策下半年有望落地。"十五五"期间年均海风装机 有望超20GW，远超"十四五"水平。陆风方面，25年行业装机有望达100GW创历史新高，年初以来零部件企业迎来量价齐增，全年业绩有望大幅增长；上半年主机企业国 ...