Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the coming months [1][7]. Core Insights - The company has achieved international leadership in AI slag removal technology, with continuous high growth in special equipment for thermal power [4][5]. - The recent certification of the intelligent operation and maintenance technology for slag removal equipment enhances the company's innovation and R&D capabilities, supporting its market expansion [6]. - The company expects significant revenue growth in H1 2025, with projected revenue between 900 million to 1.25 billion yuan, reflecting a year-on-year increase of 75.1% to 143.2% [6]. Financial Data and Valuation - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.78 yuan, 2.31 yuan, and 2.98 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 15.5, 11.9, and 9.3 [7][10]. - Revenue forecasts for the years 2023 to 2027 are 1.029 billion yuan, 1.314 billion yuan, 1.947 billion yuan, 2.493 billion yuan, and 2.977 billion yuan, with year-on-year growth rates of 35.0%, 27.7%, 48.2%, 28.0%, and 19.4% respectively [10][11]. - The net profit for the same period is projected to be 87 million yuan, 93 million yuan, 219 million yuan, 285 million yuan, and 366 million yuan, with year-on-year growth rates of 48.0%, 7.3%, 135.6%, 29.9%, and 28.8% respectively [10][11].

Investment Rating - The coal industry is rated as "synchronous with the market" [1][4]. Core Insights - The coal supply has shown a marginal decrease in growth, with a total output of 2.405 billion tons from January to June 2025, reflecting a year-on-year increase of 5.4%, but the growth rate is slowing down. In June alone, the output was 421 million tons, up 3.0% year-on-year [4][6]. - Demand for coal is supported by manufacturing and infrastructure investments, with fixed asset investment growing by 2.8% year-on-year in the first half of 2025. Manufacturing investment increased by 7.5%, while real estate investment decreased by 11.2% [4][6]. - Coal imports have contracted significantly, with a total of 22.17 million tons imported from January to June 2025, down 11.1% year-on-year. In June, imports were 33.037 million tons, a decrease of 25.93% year-on-year [5][6]. - Coal prices are stabilizing after a decline, with signs of a rebound in June. The average price of Shanxi mixed 5500 thermal coal has decreased since the beginning of 2025 [5][6]. Summary by Sections Supply and Demand Analysis - The coal supply has been decreasing marginally, with a total output of 2.405 billion tons in the first half of 2025, and June's output was 421 million tons [4][6]. - Demand is primarily driven by non-electric sectors, with a notable increase in manufacturing and infrastructure investments [4][6]. Import and Price Trends - Coal imports have seen a significant reduction, with a total of 22.17 million tons imported in the first half of 2025, marking an 11.1% year-on-year decline [5][6]. - The coal prices are nearing the bottom, with a rebound observed in June, indicating a potential for future price stability [5][6]. Investment Recommendations - The report suggests focusing on companies in the coking coal sector such as Huai Bei Mining, Pingmei Shenma, and Shanxi Coking Coal, while for thermal coal, companies like Shanxi Coal International, Jinko Coal, and Yanzhou Coal Mining are highlighted [6].

Investment Rating - The report assigns a "Buy-A" rating for Tianzhun Technology (688003.SH) [1] Core Views - The company aims to enhance its product layout in high-end fields and improve its independent R&D capabilities in advanced measurement technology through the issuance of convertible bonds, targeting a total fundraising of up to 886 million yuan [3] - Significant breakthroughs have been achieved in the semiconductor field, with formal orders received for bright field detection equipment, indicating a promising increase in market penetration [4] - The smart driving sector is entering a new development phase, with the company securing bulk orders for humanoid robots and collaborating with major automotive partners [5] Financial Data and Valuation - The company expects a net profit of 166 million yuan in 2025, with a year-on-year growth of 32.8%, and an EPS of 0.86 yuan [7] - Revenue projections show a growth trajectory, with expected revenues of 1.772 billion yuan in 2025, reflecting a 10.2% increase year-on-year [9] - The company's gross margin is projected to stabilize around 41.4% in 2025, with a net margin of 9.3% [10]

Group 1: Macro Insights - The 2025 Central Urban Work Conference emphasized the need for high-quality urban development, transitioning from rapid growth to stable development, focusing on improving existing urban infrastructure rather than large-scale expansion [6][7][9] - The conference highlighted the importance of a people-centered approach, aiming for sustainable urban development that meets the needs of citizens while enhancing urban governance and service levels [6][9] Group 2: Non-Bank Financial Sector - The introduction of supporting rules for the Sci-Tech Innovation Board (STAR Market) aims to enhance the predictability of IPO processes for tech companies, thereby supporting high-level development in the technology sector [10] - Brokerage firms are expected to report significant profit increases for the first half of the year, driven by growth in wealth management and proprietary investment businesses, with some firms seeing net profit growth exceeding 100% [10] Group 3: Chemical Pharmaceutical Industry - The PDE3/4 inhibitors for COPD treatment are showing rapid sales growth, with the first product, Ensifentrine, expected to generate significant revenue in the coming years, indicating a strong market potential for innovative therapies [12][14][15] - Clinical trials for PDE3/4 inhibitors are progressing well, with positive results in improving lung function and reducing exacerbation rates in COPD patients [14][15] Group 4: Retail and Consumer Goods - In June 2025, China's retail sales grew by 4.8% year-on-year, which was below market expectations, indicating a slowdown in consumer spending, particularly in discretionary categories [16][17] - The performance of online retail channels outpaced traditional retail, with significant growth in categories such as food and clothing, suggesting a shift in consumer purchasing behavior [16][17] Group 5: Renewable Energy and UCO Market - The sustainable aviation fuel (SAF) market is expected to see significant growth, with EU regulations mandating increasing SAF blending ratios, which will drive demand for used cooking oil (UCO) as a feedstock [20][21] - The domestic market for SAF is also gaining momentum, with pilot projects and supportive policies being implemented, indicating a favorable environment for UCO suppliers [20][21] Group 6: Photovoltaic Industry - Prices for polysilicon, silicon wafers, and battery cells have seen substantial increases, driven by strong demand and active market conditions, suggesting a bullish outlook for the photovoltaic supply chain [22][24] - The market for photovoltaic components is expected to experience price adjustments due to rising costs in upstream materials, while demand remains stable [24]

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance in the near term [3][6]. Core Insights - The company is positioned to benefit from the launch of Sustainable Aviation Fuel (SAF) in 2025, with expectations of increased demand for Used Cooking Oil (UCO) as a key raw material [3][4]. - The European Union's regulations mandate a gradual increase in SAF blending ratios, which is expected to drive UCO demand significantly [3][4]. - The company is actively expanding its UCO processing capabilities through acquisitions and new projects, which will enhance its market position [4][6]. Market Performance - The company's stock closed at 7.13 yuan, with a yearly high of 7.36 yuan and a low of 3.05 yuan [2]. - The circulating market value is 32.78 billion yuan, while the total market value stands at 33.58 billion yuan [2]. Financial Projections - Revenue is projected to grow from 1.56 billion yuan in 2025 to 1.93 billion yuan in 2027, reflecting year-on-year growth rates of 7.6%, 11.4%, and 10.8% respectively [6]. - Net profit is expected to increase dramatically from 87 million yuan in 2025 to 219 million yuan in 2027, with growth rates of 569.8%, 63.6%, and 53.4% [6]. - Earnings per share (EPS) are forecasted to rise from 0.19 yuan in 2025 to 0.47 yuan in 2027 [6]. Industry Opportunities - The SAF market is anticipated to grow significantly, with European SAF demand projected to reach approximately 137,000 tons in 2025 and 411,000 tons by 2030 [3][4]. - The company is well-positioned to capitalize on the increasing UCO demand driven by SAF policies and market dynamics [4][6].

Investment Rating - The report maintains a rating of B for the chemical pharmaceutical industry, indicating expected volatility greater than the benchmark index [1][7]. Core Insights - The PDE3/4 inhibitors, particularly Ensifentrine, are showing rapid sales growth in the COPD maintenance therapy market, with projected sales in the U.S. exceeding $10 billion and approximately 8.6 million patients receiving treatment [3][2]. - Ensifentrine is the first new mechanism inhaled therapy for COPD in 20 years, expected to be launched in the U.S. in June 2024 and in China in the second half of 2025 [2][3]. - The report highlights the potential of Ensifentrine in treating non-CF bronchiectasis, asthma, and cystic fibrosis, with ongoing clinical trials showing promising results [3][2]. Summary by Sections Market Performance - The chemical pharmaceutical industry has shown strong market performance over the past year, particularly in the COPD segment with the introduction of PDE3/4 inhibitors [1]. Drug Evaluation - Ensifentrine has demonstrated significant improvements in lung function and reduced exacerbation rates in clinical trials, with a notable 28% reduction in moderate to severe COPD exacerbation rates [3][2]. - The drug is also undergoing clinical trials for non-CF bronchiectasis and has shown potential in asthma and cystic fibrosis treatments [3][2]. Clinical Trials - Ongoing clinical trials for Ensifentrine include Phase III for COPD and Phase II for non-CF bronchiectasis, with results indicating improved patient outcomes and safety profiles [3][2].

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [2][19]. Core Viewpoints - In June 2025, the domestic retail sales (社零) grew by 4.8% year-on-year, which was below market expectations, indicating a slowdown in the growth of major discretionary consumer goods [3][5]. - The overall retail sales for the first half of 2025 reached 24.55 trillion yuan, with a year-on-year growth of 5.0% [3]. - The report highlights that the textile and apparel sector's retail sales in June 2025 showed a year-on-year increase of 1.9%, but this was a decline of 2.1 percentage points compared to the previous month [5][6]. Summary by Sections Market Performance - In June 2025, the total retail sales amounted to 4.23 trillion yuan, with a month-on-month decline of 1.6 percentage points [3]. - The retail sales growth for the first half of 2025 was 5.1%, with online channels performing slightly better than the overall retail market [4]. Consumer Confidence - The consumer confidence index in May 2025 was reported at 88.0, reflecting a slight increase of 0.2 [3]. Brand Apparel Sector - The report notes that the demand in the brand apparel sector remains stable, with a cumulative year-on-year growth of 3.1% for the first half of 2025 [6]. - Companies like Anta Sports and 361 Degrees are recommended for investment, with 361 Degrees reporting a 10% year-on-year increase in offline retail sales [6]. Textile Manufacturing Sector - The export value of textile yarns and fabrics increased by 1.8%, while apparel exports saw a slight decline of 0.2% in the first half of 2025 [7]. - The report suggests focusing on companies with high certainty in mid-year performance, such as Zhejiang Natural and others [7]. Gold and Jewelry Sector - The gold and jewelry retail sales grew by 6.1% in June 2025, indicating stable demand [7]. - Companies like Lao Pu Gold and Chao Hong Ji are recommended for investment, with expectations of revenue recovery in the second quarter [7].

研究早观点 2025 年 7 月 16 日 星期三 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,505.00 | -0.42 | | 深证成指 | | 10,744.56 | 0.56 | | 沪深 | 300 | 4,019.06 | 0.03 | | 中小板指 | | 6,678.33 | 0.67 | | 创业板指 | | 2,235.05 | 1.73 | | 科创 | 50 | 996.25 | 0.39 | | 资料来源：最闻 | | | | 【山证纺服】行业周报-纺织制造台企公布 6 月营收数据，2024 年超市 Top100 企业销售额微增 【山证农业】农业行业周报（2025.07.07-2025.07.13）-看好海大集团的投资 机会 【公司评论】昊华科技(600378.SH)：昊华科技-25Q2 环比翻倍增长，中值 创历史新高 【公司评论】【山证纺服】安踏体育、361 度、李宁 2025Q2 零售流水数据 分析师： 李明阳 执业登记编码：S0760525050002 邮箱 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the electric equipment and new energy industry [1]. Core Viewpoints - The report highlights significant developments in the electric equipment and new energy sector, including China Mobile's procurement of humanoid robots worth 120 million yuan and the approval of cross-operating area electricity trading schemes [1][3][5]. - The report emphasizes the importance of technological advancements in robotics and smart manufacturing, as evidenced by BYD's establishment of a joint laboratory with Hong Kong University of Science and Technology [4]. - The report notes the ongoing discussions among photovoltaic industry enterprises regarding production, innovation, and market competition, indicating a focus on high-quality development in the sector [6]. Summary by Sections Investment Recommendations - Preferred stocks include: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqian Energy (688303.SH) - Buy - B - Fulete (601865.SH) - Buy - A - Hengdian East Magnetic (002056.SZ) - Buy - A - Sunshine Power (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deyang Co., Ltd. (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A [2]. Market Developments - China Mobile's procurement of humanoid robots includes a total budget of 124 million yuan, with contracts awarded to Zhiyuan Robotics and Yushu Technology [3]. - The National Development and Reform Commission has approved a mechanism for cross-operating area electricity trading, which will enhance the efficiency of electricity transactions [5]. - The photovoltaic industry is experiencing price fluctuations, with polysilicon prices remaining stable at 35.0 yuan/kg, while silicon wafer prices are showing slight variations [7][8]. Technological Innovations - BYD has partnered with Hong Kong University to establish a joint laboratory focusing on embodied intelligence research, aiming to develop new data collection methods for robotic applications [4]. - The report suggests a focus on new technology directions, supply-side improvements, overseas expansion, and market-oriented electricity trading as key investment themes [11].

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the textile and apparel industry [1]. Core Insights - The textile and apparel industry has shown a steady performance in recent months, with various companies reporting mixed revenue growth. The overall market sentiment remains cautiously optimistic, driven by certain segments like sports and leisure apparel [3][15]. - The report highlights the impact of external factors such as tariff policies and global economic conditions on the industry's performance, particularly for companies with significant exposure to international markets [15][21]. Summary by Sections 1. Recent Revenue Data - In June 2025, several Taiwanese textile manufacturers reported varied revenue performance, with Yu Yuan Group showing a 9.4% year-on-year increase, while Feng Tai Enterprises experienced a 3.07% decline [6][21]. - Vietnam's textile and apparel exports showed a cumulative year-on-year growth of 13.0% for the first half of 2025, indicating a robust demand in international markets [5][21]. 2. Market Performance - The SW textile and apparel sector increased by 1.62% in the week of July 7-11, 2025, outperforming the broader market index [12][23]. - The SW textile manufacturing sub-sector rose by 2.25%, while the apparel and home textile sector increased by 1.71% [12][23]. 3. Valuation Metrics - As of July 11, 2025, the PE-TTM for SW textile manufacturing was 20.53, placing it in the 30.59% percentile over the past three years. The apparel and home textile sector had a PE-TTM of 27.66, in the 98.68% percentile [30][12]. 4. Industry Data Tracking - The report notes that the domestic retail sales in May 2025 reached 4.13 trillion yuan, a year-on-year increase of 6.4%, with online retail channels continuing to outperform traditional retail [53][55]. - The report also tracks raw material prices, indicating a slight increase in cotton prices and a decrease in gold prices as of July 11, 2025 [40][41]. 5. Industry News - The 2024 Top 100 supermarket report indicates a slight increase in sales, with a total sales scale of approximately 900 billion yuan, reflecting a 0.3% year-on-year growth [67][68]. - Armani Group reported a 6% decline in sales for the 2024 fiscal year, highlighting challenges in the luxury goods market due to geopolitical tensions and economic uncertainties [69][70]. 6. Recommendations - The report suggests focusing on companies with high earnings certainty for the mid-year results, recommending brands like Anta Sports and 361 Degrees for their strong market positioning and growth potential [15][13].