Economic Growth - The Central Financial Committee emphasized the need to deepen the construction of a unified national market and regulate "involution" competition among enterprises[3] - President Xi Jinping highlighted the importance of guiding enterprises to improve product quality and promoting the orderly exit of backward production capacity[3] - The State Council issued a notice to enhance employment support policies, including expanding special loans and increasing unemployment insurance return ratios[3] Infrastructure and Industry Policies - The China Cement Association released guidelines to promote "anti-involution" and "stable growth" in the cement industry, with many industries issuing production reduction notices[4] - A collective production cut of 30% was announced by leading photovoltaic glass companies to alleviate "involution" competition[4] - Some steel mills have received notices for production reduction and emission limits[4] Consumer Policies - Shanghai optimized the environment for outbound tax refunds, and Taobao launched a 50 billion RMB subsidy for consumer vouchers to stimulate consumption[4][16] - The initiative by Taobao is expected to benefit more small and medium-sized businesses and stimulate greater consumption[16] Financial Regulation - Recent financial regulatory policies focus on optimizing capital market mechanisms and exploring the development of RMB stablecoins in Shanghai and Hong Kong[19] - The government aims to guide insurance companies towards long-term stable investments[19] Trade Policies - The U.S. has lifted certain trade restrictions on China, including the requirement for government licenses for major chip design software suppliers[5][22] - The U.S. plans to implement new tariffs ranging from 10% to 70% on countries without trade agreements starting August 1[6][25] Overseas Macro Policies - The U.S. Federal Reserve members largely expect another interest rate cut later this year, with the "Big Beautiful Act" extending tax cuts set to expire in 2025, potentially increasing the fiscal deficit by 3 to 4 trillion USD over the next decade[6][25] - The U.S. Treasury plans to increase its cash reserves significantly, from approximately 313 billion USD to 500 billion USD by the end of July[27]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The global healthcare industry financing stabilized in H1 2025, with a total financing amount of approximately $28.2 billion, a slight year-on-year decline of 8.6% [6][14] - The average R&D investment of the top 30 global pharmaceutical companies in 2024 was approximately $6.011 billion, reflecting a year-on-year growth of 10.39% [6][16] - In China, the number of new drug IND applications in H1 2025 was approximately 914, showing a year-on-year increase of 2.47% [6][21] Summary by Sections Industry Performance - In the second week of July, the pharmaceutical and biotechnology sector rose by 1.82%, outperforming the CSI 300 index by 1 percentage point [26][30] - The medical R&D outsourcing sector had the highest increase, up 9.29%, while other biopharmaceuticals saw the largest decline, down 1.55% [31][32] Company Performance - WuXi AppTec and Boteng Co. reported H1 2025 earnings that exceeded expectations, with WuXi AppTec projecting revenue of approximately 20.8 billion yuan, a year-on-year increase of 20.64% [7][23] - Boteng Co. expects revenue between 1.55 billion and 1.62 billion yuan, with a year-on-year growth of 15% to 20% [7][24] Recommended Stocks - Recommended stocks in the pharmaceutical and biopharmaceutical sector include: Heng Rui Medicine, East China Medicine, Sanofi, and others [8] - In the CXO sector, recommended stocks include WuXi AppTec, WuXi Biologics, and Boteng Co. [8]

Investment Rating - Industry investment rating: Positive (maintained) [1] Core Viewpoints - The report highlights the strong performance of computing-related companies and maintains a positive outlook on the global AIDC (AI Data Center) industry chain, driven by increasing demand for data center infrastructure and AI applications [5][19] - The release of Grok 4 by XAI and the introduction of AWS's GB200 UltraServers are significant advancements in AI computing capabilities, enhancing the competitive landscape [16][17] Summary by Sections 1. Investment Insights - The report emphasizes the impressive earnings forecasts from several companies in the computing sector, with Ruijie Networks expecting a net profit of 400 million to 510 million yuan for H1 2025, representing a year-on-year growth of 160.11% to 231.64% [5][13] - Industrial Fulian anticipates a net profit of 6.727 billion to 6.927 billion yuan for Q2 2025, reflecting a year-on-year increase of 47.72% to 52.11% [15] - The demand for high-speed optical modules in computing centers is rapidly increasing, contributing to significant revenue growth for companies like Huagong Technology, which expects a net profit of 890 million to 950 million yuan for H1 2025, up 42.43% to 52.03% year-on-year [14] 2. Market Trends - As of May 2025, China has established 4.486 million 5G base stations, with a net increase of 235,000 stations since the end of 2024 [29] - The number of 5G mobile phone users reached 1.098 billion, marking a year-on-year growth of 21.3% [29] - The report notes a decline in 5G mobile phone shipments, with 21.19 million units shipped in May 2025, down 17.0% year-on-year [29] 3. Recommended Investment Targets - AIDC Infrastructure: Recommended stocks include New Idea Network Group, Baoxin Software, and Runze Technology; Beneficiary stocks include Guanghuan New Network, Aofei Data, and Century Interconnect [20] - IT Equipment: Recommended stocks include Ziguang Co. and ZTE; Beneficiary stocks include Cambrian and Inspur [21] - Network Equipment: Recommended stocks include Ziguang Co. and ZTE; Beneficiary stocks include Ruijie Networks and Yingtong Technology [22] - Cloud Computing: Beneficiary stocks include China Mobile, China Telecom, and China Unicom [25] - AI Applications: Beneficiary stocks include Guanghe Tong and Yiyuan Communication [26] - Satellite Internet & 6G: Beneficiary stocks include Haige Communication and Shenglu Communication [27]

2025 年 07 月 11 日 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 张 翔（分析师） 证书编号：S0790520110001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790121070009 苏 良（分析师） 证书编号：S0790121070008 何申昊（分析师） 证书编号：S0790524070009 蒋 韬（分析师） 证书编号：S0790525070001 恒生科技板块的资金行为监测 ——金融工程定期 | 魏建榕（分析师） | 苏俊豪（分析师） | | --- | --- | | weijianrong@kysec.cn | sujunhao@kysec.cn | | 证书编号：S0790519120001 | 证书编号：S0790522020001 | sujunhao@kyse ...

Investment Rating - The investment rating for the computer industry is optimistic (maintained) [1] Core Insights - The brain-computer interface (BCI) market has significant potential, with global medical applications expected to reach $40 billion by 2030 and $145 billion by 2040 [5][36] - The technology is maturing, with companies like Neuralink receiving FDA approval for human trials, indicating a shift from concept to practical application [6][8] - Policy support is increasing, with various regions in China implementing plans to accelerate the commercialization of BCI technologies [7][45] Summary by Sections 1. Brain-Computer Interface: Continuous Breakthrough - BCI creates a communication channel between the brain and external devices, enabling direct information exchange [17] - The global BCI market was valued at $2.35 billion in 2023, with a projected CAGR of 16.55% from 2023 to 2033 [35] 2. Policy and Technology Resonance: Bright Commercial Prospects for BCI 2.1 Policy: BCI Medical Pricing Implementation Accelerates Commercialization - Major countries are investing in BCI research, with the U.S. and EU leading in funding and project initiatives [41][44] - China's government has issued multiple directives to guide BCI development, including the establishment of independent pricing for BCI services [45][46] 2.2 Technology: Positive Progress in Clinical Trials, Approaching Industrialization - The BCI system faces numerous technical barriers, particularly in balancing performance and commercial viability [48] - China's BCI sector is rapidly advancing, with increasing publications and patents in the field [51][52] 3. Beneficiary Companies 3.1 Neuralink: Pioneer in Invasive BCI Technology - Neuralink is leading in invasive BCI technology, having initiated human trials and planning further patient implants [55][66] 3.2 Strong Brain Technology: Leader in Non-Invasive BCI - Strong Brain Technology focuses on non-invasive BCI solutions, having developed multiple products and secured significant funding [67][69] 3.3 Rock Mountain Technology: Forward-Looking Layout of Brainwave Large Models - Rock Mountain Technology is developing brainwave large models to enhance human-computer interaction systems [80]

Group 1: Market Overview - The recent performance of the CSI 300 and ChiNext indices shows a significant fluctuation, with the CSI 300 index experiencing a decline of 16% over the past year [2] - The real estate sector has shown a notable increase of 3.195%, while the automotive sector has seen a decrease of 0.617% in the latest trading session [3] Group 2: Investment Strategy - The report highlights a resurgence in new stocks since September 2024, with the new stock index experiencing a substantial increase of 2735% from May 2018 to December 2021, followed by a period of volatility [5] - Fund holdings in new stocks are currently low, indicating potential for significant growth as the market recognizes their business models over time [5][6] Group 3: Electronic Industry Insights - The demand for special fiberglass cloth is increasing due to the rapid development of AI servers and high-frequency communication networks, leading to a supply shortage [10] - Major suppliers of special fiberglass cloth are currently dominated by foreign companies, but domestic manufacturers are accelerating their market penetration [11] Group 4: Chemical Industry Developments - YunTu Holdings is enhancing its upstream resource layout, with a projected net profit of 9.65 billion yuan for 2025, reflecting a decrease from previous estimates due to industry downturns [14][15] - The company is expected to lower its composite fertilizer costs significantly with the completion of its Guangxi project, which will enhance its market competitiveness [15] Group 5: Media Sector Growth - Heartbeat Company is expanding its gaming platform with the introduction of PC games, which is expected to drive long-term growth [22][23] - The company anticipates a net profit of 12.86 billion yuan in 2025, supported by the successful launch of new games and ongoing user engagement [24]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leading compound fertilizer enterprise that continuously improves its raw material supply chain to enhance market competitiveness. The completion of the Guangxi Guigang project is expected to open up future growth opportunities [4][12] - The company has established a complete industrial chain from upstream salt and phosphate resources to downstream nitrogen fertilizers, excluding urea, with a production capacity of 7.45 million tons of compound fertilizer [12][4] - The company anticipates steady growth in performance due to the stable demand for phosphate compound fertilizers and the upcoming production of synthetic ammonia and phosphate rock [4][12] Summary by Sections 1. Company Overview - The company is a leader in the compound fertilizer industry, having built a complete industrial chain for nitrogen and phosphate fertilizers. It has a production capacity of 745,000 tons of compound fertilizer and various other products [12][4] - The company is working on a 700,000 tons/year synthetic ammonia project, which is expected to reduce production costs for compound fertilizers and other products [4][13] 2. Performance Outlook - The company's revenue for 2023 is projected at 217.67 billion yuan, with a slight increase of 6% year-on-year, while 2024 revenue is expected to decline by 6% to 203.81 billion yuan [28][6] - The net profit attributable to the parent company is expected to be 9.65 billion yuan in 2025, with earnings per share (EPS) of 0.80 yuan, reflecting a decrease from previous estimates due to the chemical industry's downturn [39][4] 3. Financial Summary and Valuation Metrics - The company’s projected revenues for 2025-2027 are 222 billion yuan, 256 billion yuan, and 275 billion yuan, with corresponding net profits of 9.65 billion yuan, 13.33 billion yuan, and 16.44 billion yuan [37][39] - The projected price-to-earnings (P/E) ratios for 2025-2027 are 12.57, 9.10, and 7.38, respectively, indicating a favorable valuation compared to industry peers [39][4] 4. Competitive Advantages - The company has a well-established industrial chain and production capacity distribution, which is expected to further enhance its cost advantages with the integration of phosphate rock resources [4][12] - The Guangxi Guigang project will fill the capacity gap in southern China and is expected to significantly lower the cost of compound fertilizers, enhancing the company's market competitiveness [16][4]

2025 年 07 月 10 日 jianyuhan@kysec.cn 证书编号：S0790525050005 当前次新股之风再起 自 2024 年 9 月起，次新股开始重新占优。万得次新股指数从创立至今，行情走势分 为两段：第一段 2018 年 5 月至 2021 年 12 月，指数相对走势大幅上涨，累计涨幅 2735.00%；第二段 2022 年 1 月至今，相对走势呈现宽幅震荡格局，表现为先上涨、 后下跌，再上涨；但自 2024 年 9 月至今，次新股开始重新占优，相对走势触底后中 枢大幅抬升，呈向上趋势。 基金在次新股上的持仓较少，拥挤度低，未来存在较大提升空间。根据基金重仓股 的上市时长分析，基金在次新股上存在欠配，表现为"关注但仓位轻"，其中有未解 禁的原因。一旦股票的上市时长从 3 年提升至 6 年，次新股的商业模式得到认可和 时间考验，基金对其的关注度和仓位大幅提升。 经济信心提升下，次新股扬帆起航 策略研究团队 ——投资策略专题 韦冀星（分析师） 简宇涵（分析师） weijixing@kysec.cn 证书编号：S0790524030002 次新股何时占优——相对经济信心的提升带来的风偏上行 ...

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The rapid development of AI servers and high-frequency communication networks is driving the demand for large-size, high-layer PCBs and high-frequency copper-clad laminates (CCLs), leading to an accelerated iteration of PCB and CCL products [5][17] - The special glass fiber cloth market is expected to grow rapidly, with domestic manufacturers accelerating their penetration into the market [6] - Traditional glass fiber cloth prices are continuously rising, indicating a recovery in profits [7] Summary by Sections Special Glass Fiber Cloth: AI Catalyzes Demand, Domestic Manufacturers Rise - The development of AI is accelerating the upgrade of PCBs, resulting in a supply-demand imbalance for special glass fiber cloth [14] - The market for Low-Dk and Low-CTE glass fiber cloth is currently dominated by Japanese and Taiwanese manufacturers, but domestic companies are increasing their production capacity [6][31] - The demand for special glass fiber cloth is expected to significantly increase during 2025 and 2026, with several domestic manufacturers planning to expand production [6][34] Traditional Glass Fiber Cloth: In a Price Increase Cycle, Profits Continue to Recover - The average price of traditional glass fiber cloth has risen by approximately 8% from the beginning of 2025, with further upward potential [7][35] - The profitability of special glass fiber cloth is higher than that of traditional glass fiber cloth, which is expected to drive profit margins for related manufacturers [35] Investment Recommendations - With the acceleration of chip iterations and the increasing penetration of 800G switches, the demand for PCB and CCL products is expected to grow, benefiting from the performance improvements of glass fiber cloth materials [45] - Key beneficiaries in the glass fiber cloth sector include Honghe Technology and China National Materials Technology, while beneficiaries in the quartz cloth sector include Feilihua [45][46]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The report highlights the successful launch of the TapTap PC version, which is expected to expand growth opportunities for the company. The PC version has already launched over a hundred top games and operates on a no-revenue-sharing model, which could significantly enhance TapTap's growth potential [4][5] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 1.286 billion, 1.592 billion, and 1.757 billion CNY respectively, with corresponding EPS of 2.6, 3.2, and 3.6 CNY. The current stock price corresponds to P/E ratios of 17.9, 14.4, and 13.1 times for the respective years, indicating a positive outlook driven by new games and TapTap [4][7] Financial Summary and Valuation Metrics - The company reported a revenue of 3.389 billion CNY in 2023, with a projected increase to 6.148 billion CNY in 2025, reflecting a year-over-year growth of 22.7% [7] - The net profit is expected to turn positive in 2024, reaching 812 million CNY, and further increasing to 1.286 billion CNY in 2025, marking a significant recovery from a loss of 554 million CNY in 2023 [7] - The gross margin is projected to improve from 61.0% in 2023 to 70.1% in 2025, while the net margin is expected to rise from -16.3% in 2023 to 20.9% in 2025 [7]