Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [103]. Core Insights - In June, lithium supply and demand were basically balanced, with supply at 10.5 million tons and demand at 10.6 million tons, showing a slight decrease of 0.6% and 0.1% respectively compared to the previous month [4][88]. - The cumulative surplus in the lithium market for the first half of 2025 was 33,000 tons, with total supply of 624,500 tons, a year-on-year increase of 34.1%, and total demand of 591,300 tons, a year-on-year increase of 39.3% [88]. - The report highlights a significant increase in lithium carbonate prices in July, driven by supply-side disruptions and seasonal demand increases expected in September [5][91]. Supply Side Summary - In June, lithium ore imports totaled 396,000 tons, a year-on-year decrease of 16.5% and a month-on-month decrease of 18.1%, with Australia accounting for 256,000 tons, down 26.9% year-on-year [2][12]. - The total lithium salt supply for the first half of 2025 was 624,500 tons, reflecting a year-on-year increase of 34% [35]. - The apparent consumption of lithium carbonate in June was 91,000 tons, with domestic production at 74,000 tons, showing a month-on-month increase of 11.7% [3][20]. Demand Side Summary - The apparent consumption of lithium hydroxide in June was 15,000 tons, with a year-on-year increase of 41.8% [26][27]. - The demand for lithium salts from power batteries increased by 59.8% year-on-year in the first half of 2025, with total demand reaching 393,900 tons [79]. - The production and sales of new energy vehicles in the first half of 2025 increased by 41.4% and 40.3% year-on-year, respectively [80]. Investment Recommendations - The report suggests focusing on companies such as Zhongmin, Yongxing, Ganfeng, Tianqi, Yahua, Guocheng, Shengxin, Jiangte, and Rongjie, anticipating price increases driven by production adjustments and seasonal demand [5][97].

Group 1 - The core viewpoint of the report emphasizes the AH dual-market rotation strategy, aiming to construct a more favorable dividend+ portfolio by analyzing the driving factors of dividends in A-shares and H-shares [2][8] - The August AH dividend rotation indicator is set at 50% A-share dividends and 50% H-share dividends, indicating a neutral stance with an indicator value of 50, and an accuracy of 69% for the period from 2024 to June 2025 [3][8] Group 2 - The report references previous related reports, including the "Dividend+: AH Dual-Market Rotation Strategy" published on February 17, 2025, and subsequent updates on March 2 and April 3, 2025, which discuss the timing and construction of the dividend+ portfolio [4][8] - The report utilizes various driving factors such as the US disturbance index and A-share seasonal effects, which have exceeded threshold levels, to inform the dividend rotation strategy [3][8]

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [6][13]. Core Insights - The nuclear power sector in China is showing robust performance, with a total of 58 operational nuclear units and an installed capacity of 61,007.74 MWe as of June 30, 2025. The cumulative electricity generation from nuclear power reached 230.086 billion kWh, accounting for 5.08% of the national electricity generation, reflecting a year-on-year growth of 8.06% [3][4]. - The safety standards are being met, with no significant operational incidents reported in the first half of 2025. Environmental monitoring shows no abnormalities, and several key projects have made significant progress, enhancing nuclear technology development [4][5]. - Nuclear power is recognized as a crucial force in promoting the green energy transition due to its clean, safe, and efficient characteristics. It has the highest annual utilization hours among all power sources, consistently exceeding 7,000 hours, and does not emit harmful pollutants during production [5]. Summary by Sections Operational Performance - As of June 30, 2025, China has 58 operational nuclear power units with a total installed capacity of 61,007.74 MWe. In the first half of 2025, one new unit was commissioned, and the cumulative electricity generation was 230.086 billion kWh, marking an 8.06% increase year-on-year [3]. - The average utilization hours for nuclear power units were recorded at 3,868.71 hours, with a capacity factor of 92.46% [3]. Safety and Project Development - No INES Level 1 or higher incidents occurred in the first half of 2025, and radioactive emissions were below regulatory limits. Significant advancements were made in various nuclear projects, including the completion of hot testing for the Zhangzhou Nuclear Power Unit 2 and the installation of the main pump for Hainan's "Linglong No. 1" [4]. Investment Opportunities - The report suggests focusing on several companies within the nuclear sector, including: 1. Jiadian Co., which leads in helium fan technology for fourth-generation high-temperature gas-cooled reactors [5]. 2. Guoguang Electric, a key supplier for the ITER project [5]. 3. Lanshi Heavy Industry, which covers the entire nuclear fuel cycle [5]. 4. Kexin Electromechanical, which has developed high-temperature gas-cooled reactor products [5]. 5. Hailu Heavy Industry, servicing various reactor types including third and fourth generation [5]. 6. Jiangsu Shentong, which has secured over 90% of orders for nuclear-grade valves in new nuclear projects [5]. 7. Xianheng International, whose products are used in the operation and maintenance of nuclear power [5].

Investment Rating - The industry rating is "Outperform the Market" [15] Core Insights - The weekend box office exceeded 3.7 billion yuan, with significant attention on films scheduled for August [2][3] - The summer box office has reached a new high, with diverse genres including animation and anti-war films [3] - The animated film "Wang Wang Mountain Little Monster" has achieved a box office of 1.33 billion yuan within two days of release [3][4] - The anti-war film "Nanjing Photo Studio," produced by China Film, is projected to have a total box office of 4.12 billion yuan [5] Summary by Sections Industry Dynamics - The summer box office on August 2 and 3 reached 3.7 billion yuan and 3.8 billion yuan respectively, marking a record for the past 25 years [3] - The film "Nanjing Photo Studio" debuted with a box office of 3.81 billion yuan in its first week, becoming a major success [5] - The film "731," directed by Zhao Linshan, is set to be released on September 18, with high anticipation reflected in its viewership metrics [5] Investment Recommendations - Recommended companies to focus on include Shanghai Film, China Film, Happiness Blue Sea, Wanda Film, and Hengdian Film [6] - Distribution focus should be on Maoyan Entertainment, while cinema chains like Wanda Film and Happiness Blue Sea are also highlighted [6]

行 华福证券 轨交设备Ⅱ 2025 年 08 月 04 日 业 研 究 轨交设备Ⅱ 暑运过半，全国铁路发送旅客超 4.4 亿人次 投资要点： 客运服务提质，出行选择多元 行 业 定 期 报 告 2025 年 7 月 1 日至 31 日暑运过半，全国铁路累计发送旅客 4.41 亿人次，同比增长 4.3%，日均 1421.3 万人次。铁路部门通过增开临客、 灵活调整运力、储备应急资源提升客运能力，开行亲子游、红色游等 特色旅游列车及跨境列车，优化购票、换乘等站车服务，满足旅客多 样化需求。 物资运输保障，汛期安全可控 铁路部门保障重点物资运输，7 月发送电煤 1.2 亿吨，确保电厂存 煤充足，同时畅通粮食、抢险物资运输及国际联运。汛期落实防汛措 施，排查设备、应对极端天气，通过停运、限速等方式规避风险，及 时发布资讯并做好票务服务，保障运输安全。 营业里程持续增长，20 万公里目标创造广阔市场空间 2022 年国务院印发《"十四五"现代综合交通运输体系发展规划》， 明确提出到 2025 年，铁路营业里程达到 16.5 万公里，其中高速铁路营 业里程达到 5 万公里；2020 年国铁集团出台《新时代交通强国铁路先 ...

行 有色金属 2025 年 08 月 04 日 业 研 究 行 业 动 态 跟 有色金属 2025Q2 海外锂矿项目跟踪——MRL：Marion 产 量环比-11%，Wodgina 成本环比-17% 投资要点： 澳洲 Mt Marion 锂辉石矿（MRL 50%/赣锋 50%） 券 点评：Wodgina 收率提升、产量增加、成本下降 踪 1）产销：25Q2 生产精矿 12.4 万吨，同环比-30%/-11%，平均品 位提升至 4.6%，同环比+0.4/+0.2pct，平均出货品位提升，主因原料质 量提高、现有磨矿回转窑系统进一步优化，以及改造后的湿式高强度 磁选机成功试运行并逐步投产；销售 SC4.6 精矿 13.4 万吨（折合 SC6 约 10.4 万吨），同环比-30%/-2.9%。 2） 售价：实现销售价格 480 美元/吨（SC4.6），同比-40%，环比 -24%。折合 SC6 为 607 美元/吨。25 财年实现销售价格 562 美元/吨 （SC4.4），折合 SC6 为 771 美元/吨。 3）成本：2025Q2 Mt Marion 生产成本为（FOB）717 澳元/吨（SC6）。 2025 财 ...

行 华福证券 机械设备 2025 年 08 月 04 日 业 研 究 机械设备 世界机器人大会将启，新品与消费节同步登场 投资要点： 大会内容丰富，十年发展成果显著 中国人形机器人百人会成立以来，开展战略研究、支撑揭榜挂帅 工作、搭建交流桥梁、推动标准体系建设。大会期间将同步举办"E-Town 机器人消费节"，涵盖 4 大消费场景和 4 大服务体系，京东设专区提 供近千款机器人产品，旨在激发双向活力，推动高端制造成果惠及大 众。活动期间，个人消费者购买机器人产品最高可享 1500 元优惠，企 业消费者最高可享 25 万元订单优惠。 人形机器人造福全人类，未来有望像汽车般普及 中国机器人网表示，目前来看，发展足够智能的人形机器人把人 类社会的重复性体力劳动接管过去将会是一个造福全人类的科技大方 向。据高工移动机器人，英伟达 CEO 黄仁勋曾公开表示：机器人时代 已经来临，具身智能是人工智能的下一波浪潮，未来人形机器人将像 汽车般普及。GGII 预测，中国人形机器人市场规模到 2030 年将达到 近 380 亿元，2024-2030 年复合增长率将超过 61%，中国人形机器人销 量将从 0.4 万台左右增长至 2 ...

Group 1 - The market experienced a decline of 1.09% during the week of July 28 to August 1, with only micro-cap stocks rising, while major indices like the Sci-Tech 50, CSI 300, and CSI Dividend Index led the decline [2][10] - The healthcare sector outperformed, while cyclical sectors lagged behind, indicating a shift in market sentiment [2][10] - The market's valuation spread has decreased, with the stock-bond yield spread rising to 1.1%, which is below the +1 standard deviation threshold [3][21] Group 2 - The market sentiment index decreased by 3.1% to 79.0, indicating an adjustment in overall market sentiment [3][22] - The industry rotation intensity increased, with a focus on micro-cap stocks and themes such as optical modules, Tibet revitalization, and innovative drugs [3][22] - The average daily trading volume of the Stock Connect increased by 34 million yuan compared to the previous week, indicating increased interest from foreign investors [3][35] Group 3 - The Ministry of Industry and Information Technology issued a notice regarding energy-saving inspections in the polysilicon industry, which is expected to promote the photovoltaic sector [4][45] - JD.com has established a smart robotics division, accelerating its layout in the robotics field, which is a growing area of investment [4][46] - The State Council approved the "Artificial Intelligence +" action plan, aiming to promote the large-scale commercialization of AI applications [4][47] Group 4 - The report suggests focusing on the expansion of domestic computing power and AI applications, as well as dividends and precious metals, in light of market adjustments [5][50] - The recent performance of overseas tech giants and their increased investment in AI indicates a high level of activity in this sector [5][50] - Concerns over U.S. non-farm payroll data have raised fears of an economic recession, which may impact global market risk appetite [5][50]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [73]. Core Viewpoints - The report maintains a bullish outlook on the military industry, emphasizing that despite recent adjustments, the sector remains attractive for investment. The military industry index has shown resilience, with a slight increase of 0.08% during the week of July 28 to August 1, while the Shanghai Composite Index fell by 1.75%, resulting in an outperformance of 1.83 percentage points [3][43]. - The report highlights a strong demand recovery expected in 2025, driven by various catalysts such as the "14th Five-Year Plan" and the "Centenary of the Army" goals, which are anticipated to significantly boost both domestic and foreign demand [4][43]. - The current price-to-earnings ratio (TTM) for the military industry index is 72.21, placing it in the 98.04 percentile, suggesting a high configuration value at this time [4][43]. Summary by Sections 1. Weekly Market Review - The military industry index ranked 6th among 31 primary industries, with a year-to-date increase of 14.76% compared to a 3.05% rise in the Shanghai Composite Index, resulting in an outperformance of 11.71 percentage points [9][16]. - The information technology sector within the military industry showed the best performance, with significant gains from stocks like New Light Optoelectronics and Northern Long Dragon, which rose by 29.1% and 21.69% respectively [20][22]. 2. Investment Recommendations - The report recommends focusing on four main lines of investment: 1. Domestic Trade: Companies such as Tianqin Equipment, Gaode Infrared, and others in various segments like land equipment and aircraft [4][43]. 2. Foreign Trade: Companies like Guangdong Hongda and Guorui Technology [5][45]. 3. Emerging Industries: Companies involved in nuclear fusion and commercial aerospace, including Guoguang Electric and Aerospace Power [6][46]. 3. Funding and Valuation - Passive fund inflows into military ETFs have increased, with a net inflow of 640 million yuan during the week, indicating a positive trend in funding for the sector [27][31]. - The report notes that the military sector's valuation remains attractive, with most companies expected to have valuations below 30 times earnings by 2026, supporting a favorable long-term outlook [39][34].

行 华福证券 建筑材料 2025 年 08 月 04 日 业 研 究 建筑材料 城市更新呵护需求，反内卷加快供给出清 投资要点： 行 业 定 期 报 告 中共中央政治局 7 月 30 日召开会议，会议指出要落实落细更加积极的 财政政策和适度宽松的货币政策，落实好中央城市工作会议精神，高质量 开展城市更新；上海加快推进"两旧一村"改造，今年计划启动 25 个城中 村改造；深圳规划 2026 年前建成深汕通用机场，提升 eVTOL 服务保障能 力；重庆今年滚动实施城中村改造项目 150 个；广州 7 月二手住宅网签 8962 套，同比下降 10.7%；山东将数字家庭纳入"好房子"建设内容，对个人 购置智能家居予以补贴；沈阳 2025 年度住房公积金缴存基数上限调整为 29523 元；哈尔滨发布公积金新政，以旧换新贷款额度，最高上浮 20%； 广州从化推出"以旧换新""房票"等房地产健康发展七项措施；贵州 2025 年计划改造城中村 6268 户，调整土地增值税预征率；成都发布 2025 年城 市更新片区 12 个项目机会清单，涉及城市有机更新、危旧房改造、自主改 造等多个方面，总投资额高达数百亿元。中长期来看：1 ...