Investment Rating - The industry rating is "Recommended" [5] Core Insights - In H1 2025, global TV shipments showed a steady performance with a year-on-year decline of 1.5%, totaling 90.8 million units, while high-end OLED TV shipments increased by 6.7% [9][10] - TCL and Hisense are maintaining their market share expansion, with TCL's global shipments reaching 13.4 million units, up 6.3% year-on-year, and Hisense's shipments at 13.1 million units, up 2.6% year-on-year [10] Summary by Sections Weekly Topic: Global TV Shipment Performance - The global TV shipment growth rate for H1 2025 showed a trend of high growth followed by a decline, with Q2 2025 shipments down by 3.5% year-on-year [9] - Mini-LED TV shipments continued to perform well, with a year-on-year increase of 82.9% in Q1 2025, and an expected annual growth of 50% to reach 11.56 million units [9] Company Announcements - Hisense reported H1 2025 revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit of 2.077 billion yuan, up 3.01% [15] Data Tracking - Raw material prices showed fluctuations, with copper prices down by 2.6% and aluminum prices down by 4.2% as of August 1, 2025 [17] - The CCFI composite index for shipping rates decreased by 2.3% as of August 1, 2025 [23]

Report Summary 1. Investment Rating The provided content does not mention the investment rating of the REITs industry. 2. Core Viewpoints - This week (July 28 - August 1, 2025), the China Securities REITs Total Return Index closed at 1100.90 points, rising 1.25% weekly, and rebounding to the 1100 - point level. The market showed a volume - increasing upward trend in the second half of the week. The REITs and gold performed well as the "anti - involution" commodity market sentiment weakened, the equity sector significantly corrected, and market risk appetite cooled [1][9]. - The seven REITs sectors stopped falling and rebounded. The consumer facilities and rental housing sectors led the gains, with increases of 4.58% and 3.70% respectively. The tax new - rule on August 1, 2025, which restores the VAT on the interest income of newly - issued government bonds, marginally benefits the allocation of REITs, especially rental housing REITs [2]. - The overall trading sentiment in the market was average this week, only warming up in the second half of the week. The daily average trading volume, turnover, and turnover rate decreased compared to last week. The trading activity of each sector continued to decline, and the turnover rate of all sectors dropped below 1% [3]. - On August 1, the CICC Vipshop Outlet REIT passed the Shanghai Stock Exchange review. The underlying asset is the Shanjing Outlet in Ningbo, with an estimated value of 2.9 billion yuan and a predicted 2026 cash distribution rate of 5.65% [4]. 3. Summary by Directory 3.1 Secondary Market - **Price: Consumer Facilities and Rental Housing Lead the Gains** - The seven REITs sectors stopped falling and rebounded. Consumer facilities and rental housing had the highest increases of 4.58% and 3.70% respectively. The consumer facilities sector had the largest decline in July, but the China Resources Commercial REIT rebounded this week. The predicted 2025 distribution rate of China Resources Commercial is between 3.4 - 3.5%. Eight rental housing REITs generally rose 2 - 4% this week [16][19]. - At the individual bond level, the top - performing REITs this week were China First - Capital Outlet, ICBC Inner Mongolia Energy Clean Energy, and China Resources Commercial, with increases of 6.86%, 6.75%, and 5.77% respectively. The new - listed Huaxia Huadian Clean Energy and BOC Sinotrans Warehouse Logistics had first - day increases of 27.47% and 19.90% respectively [21]. - **Liquidity: Slightly Decreased Trading Activity** - The overall trading sentiment in the market was average this week, warming up in the second half of the week. The daily average trading volume was 554 million yuan, the daily average turnover was 124 million shares, and the daily average turnover rate was 0.60%, decreasing by 4.95%, 4.51%, and 0.03 percentage points respectively compared to last week [24]. - By sector, the rental housing, municipal environmental protection, and consumer facilities sectors had the highest average daily turnover rates this week, but the turnover rates of all sectors continued to decline and dropped below 1%. At the individual bond level, the top three in trading activity were Hua'an Bailian Consumption, CICC China Greentown Commercial Asset, and CICC Yizhuang Industrial Park [28][30]. - Five projects will be unlocked in August. The market trading sentiment has declined recently, and attention should be paid to the potential trading pressure brought by the unlocking projects [33]. - **Valuation: The Distribution Rates of the Park and Warehouse Sectors Remain Above 4%** - This week, REITs stopped falling and rebounded, and the valuation was adjusted. From the perspective of ChinaBond valuation yield, the energy facilities sector had the largest change, dropping to 1.18%. The transportation (5.64%), warehouse logistics (4.99%), and industrial park (4.73%) sectors were at the forefront, with a large number of individual bonds and obvious valuation differentiation [37]. - From the perspective of cash distribution rate, energy - related projects still had the largest change, dropping to 8.08%. The cash distribution rates of the transportation facilities and municipal environmental protection in the franchise - right category were 8.82% and 5.39% respectively. Among the property - right projects, the industrial park (4.28%), warehouse (4.04%), and consumer (3.65%) sectors had higher distribution rates, while the average distribution rate of rental housing was only 2.67% [37]. 3.2 Primary Market - **Initial Offering: CICC Vipshop Outlet REIT Passed the Shanghai Stock Exchange Review** - On August 1, the CICC Vipshop Outlet REIT passed the Shanghai Stock Exchange review. The underlying asset is the Shanjing Outlet in Ningbo, with a total construction area of 104,300 square meters, a total estimated value of 2.901 billion yuan, and a predicted 2026 cash distribution rate of 5.65% [43]. - As of August 1, 2025, there are about 7 - 10 potential issuance projects remaining this year. Currently, there are 2 projects that have been approved and are waiting to be listed, 1 project has passed the exchange review, 9 projects have received feedback from the exchange, and 1 project has been accepted by the exchange [43]. - **Other Key News This Week** - The ICBC Hebei Expressway REIT will have its first dividend in 2025, with a proposed distribution amount of 130 million yuan, accounting for 99.28% of the distributable amount. The main operating data in June 2025 showed that the monthly toll revenue was 45.7645 million yuan, a month - on - month increase of 2.34% and a year - on - year decrease of 2.75%. The average daily traffic volume was 15,200 vehicle - times, a month - on - month increase of 16.11% and a year - on - year decrease of 13.27%. The decrease in the average daily toll - paying traffic volume and toll revenue in June was mainly due to the increase in road control time caused by rainfall [49].

Group 1: Wealth Management Scale - The wealth management scale decreased by CNY 744 billion to CNY 30.92 trillion during the week of July 28 to August 1[1] - In July, the total growth was only CNY 2,469 billion, significantly lower than the historical average of over CNY 10 trillion for the same month[1] - The decline in scale is attributed to ongoing net value decreases and redemption pressures, with short-term and medium-term debt products experiencing maximum drawdowns of 8bp and 6bp respectively[1] Group 2: Leverage Rates - The average leverage level in the interbank market decreased from 107.41% to 107.34% during the week of July 28 to August 1[3] - Non-bank institutions saw a rebound in leverage rates, increasing from 112.10% to 112.34%[3] - Exchange leverage rates also declined slightly from 122.47% to 122.43% during the same period[3] Group 3: Bond Fund Duration - The duration of interest rate-based medium and long-term bond funds decreased from 5.49 years to 5.45 years[4] - Credit bond fund duration reached a historical high of 2.81 years, up from 2.78 years[4] - Short and medium-term bond fund durations decreased to 1.01 years and 1.65 years respectively[4] Group 4: Government Debt Issuance - The planned issuance of government bonds increased to CNY 5,785 billion for the week of August 4-8, up from CNY 5,174 billion[47] - Net issuance of government bonds rose from CNY 2,876 billion to CNY 3,390 billion, primarily due to a significant increase in national bond net issuance[47] - Local government bond issuance for the week of July 28 to August 1 was CNY 3,372 billion, with a net issuance of CNY 2,360 billion[50]

Market Review - Global equity markets experienced a general adjustment, with Hong Kong, France, Germany, and the US stock markets showing significant declines. A-shares, after five consecutive weeks of gains, faced a correction, with major indices generally declining. In terms of sectors, A-share CPO and innovative pharmaceuticals led the gains, while cyclical products like coal and non-ferrous metals saw a pullback. The domestic commodity market cooled down due to risk warnings from the three major futures exchanges and position limits on certain products, leading to sharp declines in previously strong commodities like coking coal, glass, and polysilicon. On the international front, Trump's announcement on July 30 regarding copper tariffs did not impose restrictions on copper raw materials, resulting in a significant drop in COMEX copper prices. In the foreign exchange market, the US dollar index plummeted after the release of non-farm payroll data on Friday, with market expectations for a rate cut in September significantly increasing [1][2][3]. Market Outlook - The report suggests that the current market correction is temporary, and the slow bull market trend remains unchanged. Following the July Politburo meeting and the new round of China-US economic and trade talks, the market's speculation on incremental policies has cooled down, and after five weeks of consecutive gains, the index requires a phase of adjustment. Looking ahead, the expectation of a Federal Reserve rate cut has reignited, and domestic macro and micro liquidity remains relatively ample, which is conducive to the continuation of the slow bull trend in A-shares. Since the "623" market, A-shares have shown clear characteristics of "rotating upward and low-level replenishment," with better sustainability of the profit-making effect. Additionally, the sources of incremental capital in the market are diverse, with increased participation from public and private equity institutions, and the positive feedback effect of "residents allocating funds into the market and the slow rise of the stock market" is expected to strengthen [2][3]. Sector Allocation - The report recommends focusing on the following areas for sector allocation: 1) New technologies and growth directions such as AI computing power, robotics, and solid-state batteries; 2) Reallocation opportunities in dividend sectors after corrections, such as certain undervalued state-owned enterprises. Thematic areas of interest include self-controllable technologies, military industry, low-altitude economy, and marine technology [2][3].

Investment Rating - Industry Rating: Recommended [4] Core Insights - The humanoid robot industry is expected to accelerate towards mass production due to breakthroughs in AI technology and strategic collaborations among major companies [1][13][14] - The electric vehicle sector is experiencing strong growth, with several manufacturers reporting increased delivery and sales figures, driven by advancements in solid-state batteries and favorable government policies [2][18][19] - The renewable energy sector is poised for growth, supported by government initiatives aimed at enhancing energy efficiency and promoting green development, particularly in the photovoltaic segment [3][26][29] Summary by Sections Humanoid Robots - Strategic cooperation between TaoTao Automotive and YuShu Technology aims to leverage resources for market expansion in North America [1][14] - The domestic supply chain for humanoid robots is strengthening, with key components seeing increased local production to meet demand [15][17] New Energy Vehicles - July 2025 saw significant growth in electric vehicle deliveries, with companies like Xpeng and Li Auto reporting substantial year-on-year increases [2][18] - The introduction of new technologies and models is expected to enhance the competitiveness of electric vehicles, leading to sustained sales growth [19][20] Renewable Energy - The Ministry of Industry and Information Technology has issued a task list for energy efficiency inspections in the polysilicon industry, which is expected to optimize production capacity and promote green development [3][26] - The photovoltaic sector is anticipated to benefit from rising raw material prices and improved efficiency in battery technology, with several companies positioned to gain from these trends [26][34] Power Equipment & AIDC - The rapid development of AI is driving demand for high-power density server power supplies and cooling systems, benefiting the AIDC supply chain [8][29] - The European offshore wind market is expanding, with new projects being approved and increased competition expected in upcoming auctions [7][29]

Investment Rating - Industry Rating: Recommended [4] Core Insights & Investment Suggestions - New regulations standardize the charging behavior of online trading platforms, with WeChat lowering the minimum withdrawal fee from 0.1 yuan to 0.01 yuan, which is expected to promote more standardized development of payment platforms and accelerate the industry's inclusive transformation [2][21] - The film "Nanjing Photo Studio" is projected to exceed 4 billion yuan in box office revenue, with a current box office of over 1.2 billion yuan, indicating strong consumer demand for quality content and reinforcing the "content is king" logic in the industry [3][22] - The report maintains a positive outlook on leading Chinese technology companies, suggesting that those with foundational technological capabilities will gradually demonstrate long-term investment value during future adjustment cycles [22] Summary by Relevant Sections Market Overview - In the week of July 28 to August 1, 2025, the Shanghai Composite Index fell by 0.94%, while the SW Media Index rose by 1.13%, ranking third among 31 industries [1][10] Film Industry - The top three films by box office revenue are "Nanjing Photo Studio" (732.7 million yuan, 64.1% market share), "The Stage" (108.7 million yuan, 9.5%), and "Lychee of Chang'an" (94.2 million yuan, 8.2%) [24][25] Game Industry - The top three iOS games are "Honor of Kings," "Peacekeeper Elite," and "Delta Force," while the top three Android games are "Heart Town," "My Leisure Time," and "Genshin Impact" [27][28] TV Series Industry - The top three TV series by broadcast index are "Mortal Cultivation" (85.6), "Morning Snow" (81.2), and "Sword Rose" (80.1) [30][31] Variety and Animation - The top variety show is "Earth Super Fresh" (78.5), followed by "Comedy King Season 2" (77) and "Battle to the Peak Season 4" (75) [32] - The top three animated shows are "Cang Yuan Tu" (347.2), "Cloud Deep Not Knowing Dream" (287.8), and "Happy Hammer" (279) [34]

证券研究报告|金融工程研究报告 [Table_Date] 2025 年 8 月 3 日 [Table_Title] 7 月份超额收益继续加速——盈利预期期限结构选股月报 202508 [Table_Summary] ► 盈利预期期限结构因子 分析师在某一时点会对上市公司未来多年的盈利做出预 测，我们将预期盈利随未来年度变化的趋势称为盈利预期期 限结构。 我们选择盈利增速、盈利增速加速度综合排名提升最多 的股票，形成的股票组合走势表现优异。 与传统的分析师预期提升策略相比，本方法既体现了年 度间的盈利预期期限结构，又体现了历史业绩成长。 ► 选股组合表现 在沪深 300、中证 500、中证 800、中证 1000 内分别选择 综合因子值排名前 50、50、100、100 名的股票，构成选股组 合。 2025 年 7 月，沪深 300 选股组合、中证 500 选股组合、 中证 800 选股组合、中证 1000 选股组合超额收益继续加速， 大幅跑赢基准，超额收益分别为 2.89%、3.23%、3.39%、 0.99%。 2025 年前 7 个月，沪深 300、中证 500、中证 800、中证 1000 选股组合涨幅 ...

Investment Rating - The industry rating is "Recommended" [4] Core Insights - Figma's IPO on July 31, 2025, exceeded expectations, with a first-day stock price surge of 250%, reaching a market capitalization of $56.3 billion, setting a new record for tech IPOs [1][13][25] - The "AI+" policy aims to drive the large-scale commercialization of artificial intelligence, promoting deep integration of technology across various sectors, enhancing innovation and application cycles [2][14][32] - The report highlights key beneficiaries in the AI sector, including companies focused on computing power, AI healthcare, AI large models, and AI office applications [3][21] Summary by Sections Figma's IPO and Market Position - Figma's successful IPO marked its transition from a high-growth startup to a mature public company, with a user base exceeding 13 million monthly active users, two-thirds of whom are non-designers [13][19][29] - The company faces competition from Adobe and Canva, necessitating continuous innovation to maintain its market leadership [1][24][30] "AI+" Policy and Industry Integration - The "AI+" initiative emphasizes the integration of AI into manufacturing, healthcare, and finance, with local governments actively promoting policies to support this integration [2][14][34][39] - Shanghai and Beijing are leading efforts in AI applications, focusing on manufacturing and healthcare respectively, aiming to enhance efficiency and innovation in these sectors [34][42] Investment Recommendations - Recommended stocks include companies in computing power such as Cambrian and Zhongheng Electric, AI healthcare firms like RunDa Medical and Weining Health, and AI large model companies like iFlytek and Kunlun Wanwei [3][21][18]

Liquidity Overview - The overnight interest rate has returned to 1.3% as of August 2, 2025, with a stable liquidity environment across the month-end period from July 28 to August 1[1] - The central bank's net short-term reverse repos amounted to 1.32 trillion yuan during the month-end, supporting liquidity needs[1] - The 7-day funding rate decreased to 1.40% in early August, indicating a loosening of liquidity conditions[2] Monetary Policy Insights - The Politburo meeting in July emphasized maintaining ample liquidity, with the central bank reaffirming a moderately loose monetary policy in its August 1 meeting[2] - The market is not expected to face similar tightening of funding rates as seen in January to March 2025[2] Market Trends - The bill market saw a significant drop in rates, with the 1-month bill rate falling to 0.20%, down 82 basis points from the previous week, indicating weak credit demand[4] - Major banks recorded a net purchase of 592.8 billion yuan in bills for July 2025, a historical monthly high compared to 124.1 billion yuan in July 2024[4] Government Debt Activity - Government debt net payments increased to 339 billion yuan from 287.6 billion yuan the previous week, driven by a substantial rise in national bond payments[5] - The planned issuance of government bonds for August 4-8 is set at 578.5 billion yuan, with national bonds accounting for 413 billion yuan[5] Interbank Certificate of Deposit (CD) Trends - The weighted issuance rate for CDs was 1.63%, up 2 basis points week-on-week, but showed a decline to 1.69% post-month-end[6] - The upcoming week (August 4-8) will see 583.8 billion yuan in CDs maturing, indicating increased maturity pressure compared to the previous week[6] Risk Considerations - Potential risks include unexpected changes in liquidity and adjustments in monetary policy due to economic data exceeding expectations or shifts in overseas monetary policies[7]

Investment Rating - Industry Rating: Recommended [5] Core Insights - The report highlights a significant increase in copper production for Q2 2025, with a year-on-year growth of 40.3% to 57,416 tonnes, primarily driven by increased output from Mantoverde and Mantos Blancos [1][2] - The C1 cash cost for copper in Q2 2025 was reported at $2.45 per pound, a decrease of 12.5% year-on-year, attributed to higher production volumes and lower production costs [2] - The average realized copper price in Q2 2025 was $4.39 per pound, reflecting a 3.1% decline year-on-year but a 0.7% increase quarter-on-quarter [2] Production and Operational Performance - Q2 2025 copper sales reached 53,977 tonnes, marking a 35.8% increase year-on-year, although it fell short of production by approximately 1,800 tonnes due to sales scheduling at Mantos Blancos [1] - The report indicates that the total sulphide production for Q2 2025 was 47,086 tonnes, compared to 30,374 tonnes in Q2 2024, showcasing a robust operational performance [10] - The report also details the production costs for various sites, with Mantoverde's C1 cash cost at $1.51 per pound and Mantos Blancos at $1.87 per pound [10] Financial Performance - The company reported revenues of $543.2 million for Q2 2025, a 38.2% increase year-on-year [3][13] - Net income attributable to shareholders for Q2 2025 was $30 million, a 9.1% increase compared to the previous year, recovering from a loss of $1.2 million in Q1 2025 [3][13] - Adjusted EBITDA for Q2 2025 was $215.6 million, reflecting a 75.1% increase year-on-year, driven by higher sulphide production [3][13] Debt and Liquidity - As of March 31, 2025, net debt stood at $788.1 million, slightly up from $742 million at the end of 2024, primarily due to working capital changes [4][8] - By June 30, 2025, net debt decreased to $691.9 million, indicating improved liquidity and financial management [8] 2025 Guidance - The company reaffirmed its 2025 guidance for total copper production between 220,000 to 250,000 tonnes, with C1 cash costs projected between $2.20 to $2.50 per pound [9] - Capital expenditures are expected to be $315 million, with exploration spending set at $25 million [9]