Investment Rating - The report does not explicitly provide an investment rating for the oil processing industry Core Insights - The report indicates a more relaxed fundamental outlook for the oil market, with adjustments in supply and demand forecasts from IEA, EIA, and OPEC for 2025 and 2026 [1][2][3] Supply Overview - IEA, EIA, and OPEC predict global oil supply for 2025 to be 10,488.00, 10,434.42, and 10,410.62 million barrels per day respectively, showing increases from 2024 of +182.72, +154.73, and +175.68 million barrels per day [2][32] - For 2026, the supply predictions are 10,603.04, 10,513.81, and 10,505.26 million barrels per day, reflecting increases from 2025 of +115.04, +79.39, and +94.64 million barrels per day [2][32] - The average change in global oil supply for Q2 2025 is forecasted to be +70.56 million barrels per day, a significant increase from previous predictions [2][27] Demand Overview - Global oil demand predictions for 2025 are 10,376.27, 10,352.80, and 10,513.49 million barrels per day from IEA, EIA, and OPEC respectively, with year-on-year increases of +72.41, +78.67, and +129.49 million barrels per day [2][4] - For 2026, the demand forecasts are 10,450.19, 10,458.75, and 10,641.54 million barrels per day, indicating increases from 2025 of +73.92, +105.95, and +128.05 million barrels per day [2][4] Price Trends - As of July 2, 2025, Brent crude, WTI, Russian ESPO, and Urals crude prices are $69.11, $67.45, $62.59, and $65.49 per barrel respectively, with recent monthly changes of +6.93%, +7.89%, +3.54%, and 0.00% [9][10] - Year-to-date price changes show Brent crude at -8.98%, WTI at -7.77%, Russian ESPO at -13.01%, and Urals at -4.41% [9][10] Inventory Insights - IEA, EIA, and OPEC predict global oil inventory changes for 2025 to be +111.73, +81.62, and -102.87 million barrels per day respectively, with an average change of +30.16 million barrels per day [3][27] - For 2026, the inventory changes are forecasted at +152.85, +55.06, and -136.28 million barrels per day, averaging +23.88 million barrels per day [1][27] Related Companies - The report highlights several related companies including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (CNPC) among others [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company plans to invest CNY 11 billion in an integrated high-performance paper-based new material project in Sichuan, which includes the construction of 400,000 tons of bamboo pulp and 600,000 tons of paper, contributing a total of 800,000 tons of bamboo pulp and 1.2 million tons of paper [1] - The first phase is expected to achieve an annual output value of approximately CNY 5.15 billion, with production anticipated to commence within three years from the start of construction [1] - The investment aims to seize high-quality bamboo forest resources in China, with the bamboo pulp production line expected to be the first to commence operations [1][2] Summary by Sections Market Potential - The bamboo pulp market is expected to expand significantly, with 2023 production at 2.54 million tons, accounting for only 2.9% of total pulp production [2] - Government initiatives, such as the "Replace Plastic with Bamboo" action plan, are set to boost the bamboo pulp paper industry, with an anticipated 200,000 to 250,000 tons of new capacity to be launched in the next three years [2] Financial Performance - The company is projected to achieve a revenue growth rate of over 30% for the year, with a net profit forecast of CNY 1.31 billion in 2025, reflecting a 30% year-on-year increase [3][4] - The gross profit margin is expected to improve from 11.6% in 2023 to 15.8% in 2025, indicating a positive trend in profitability [4] - The company's earnings per share (EPS) is projected to increase from CNY 0.94 in 2023 to CNY 1.85 in 2025, with a corresponding price-to-earnings (P/E) ratio decreasing from 21.90 to 11.14 [4]

行业研究 [Table_ReportType] 点评报告 证券研究报告 [Table_StockAndRank] 煤炭开采 | 投资评级 | 看好 | | --- | --- | | 上次评级 | 看好 | 左前明：能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 新《矿产资源法》核心要点及对煤炭行业影 响分析 [Table_ReportDate] 2025 年 7 月 3 日 [Table_S ➢ 事件ummar ：2024y] 年 11 月 8 日，《中华人民共和国矿产资源法（修订草 案）》经十四届全国人大常委会第十二 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The report analyzes the liquidity situation from May to July 2025, predicting that the excess reserve ratio in June will reach 1.5%, and in July it will be around 1.3%. It also points out that the central bank may have adjusted its monetary policy operation target to focus on DR001, and the funding rate in July is expected to continue to decline, maintaining an optimistic outlook on the July liquidity environment [2][3] 3. Summary by Relevant Catalogs 3.1 May: Central Bank's Continuous Additional Withdrawal and Slow Disbursement of Replacement Bonds Lead to Lower - than - Expected Increase in Excess Reserve Ratio - In May, the excess reserve ratio rose by about 0.1pct to 1.0%, lower than the expected 1.2%, remaining at the lowest level in the same period since 2019. The central bank's claims on other depository corporations decreased by an additional about 140 billion yuan, and the cumulative decline since March exceeded 1.5 trillion yuan [6] - Fiscal deposits in May increased by 28.1 billion yuan, slightly higher than expected. The government deposit decreased by an additional 53 billion yuan compared to the sum of the general fiscal surplus and net government bond payments, lower than the expected 65 billion yuan. The progress of special refinancing bonds in May might still be lower than expected [8] - The cash return in May was slow, and the reserve requirement and foreign exchange funds were close to expectations. The central bank's claims on the government decreased by 8.42 billion yuan, and the increase compared to before the central bank started bond - buying in July last year was less than 1 trillion yuan [8] 3.2 June: Excess Reserves Return to Neutral, and the Central Bank Promotes Funding Normalization Step by Step with DR001 as the Anchor - In June, the government deposit is expected to decrease by about 74 billion yuan, which is an important source of liquidity supplement. The reserve requirement may consume about 32 billion yuan of excess reserves, currency issuance may increase by about 3 billion yuan, and foreign exchange funds may withdraw about 5 billion yuan. The central bank's claims on other depository corporations are expected to increase by about 1.23 trillion yuan month - on - month, and the excess reserve ratio is expected to be about 1.5%, up about 0.5pct from May [11] - The central bank disclosed the liquidity injection situation of various central bank tools in May and announced the tender information of repurchase - style reverse repurchase one day before the operation, which is interpreted as an attempt to increase policy transparency, but it is still difficult to fully convey the central bank's policy intention [24][27] - In June, the central bank's net lending center of banks continued to rise, accompanied by a decline in funding rates. DR007 did not fall to the expected 1.4% - 1.5% range, while the average value of DR001 fell below 1.4%, which may reflect a change in the central bank's funding regulation model. The central bank may have adjusted its monetary policy operation target to focus on DR001 [29][35] 3.3 In a Steady - State Environment, the Lower Limit of Funding Easing Has Not Been Reached, and Funding Rates in July Are Expected to Continue to Decline - In July, the government deposit is expected to increase by about 46 billion yuan month - on - month, at a relatively low level in the same period of previous years, and the consumption of excess reserves will be marginally weakened. The reserve requirement may decrease by about 10 billion yuan, currency issuance may increase by about 3 billion yuan, and foreign exchange funds may continue to withdraw about 5 billion yuan. The central bank's claims on other depository corporations are expected to decrease by about 24 billion yuan month - on - month, and the excess reserve ratio is expected to be about 1.3%, down 0.2pct from June [42] - As of June, the average value of DR001 has fallen close to the policy rate. Whether it can continue to decline in July is the core issue of market concern. Although the central bank maintains the goal of restricting the rapid decline of interest rates, it also needs to balance cost reduction and maintaining bank spreads. If the current fundamental environment does not change significantly, the current monetary easing tone may continue [3][54] - Historically, interest rate cuts have often occurred in Q3, and if there is an interest rate cut this year, it is likely to be after the Politburo meeting in July. Even if there is no interest rate cut, there may still be room for further easing in the funding market, and it is likely that DR001 will fall below 1.3%. The overall outlook for the July liquidity environment is still optimistic [3]

[李一爽 Table_ First固定Author 收益]首席分析师 执业编号：S1500520050002 联系电话：+86 18817583889 邮 箱：liyishuang@cindasc.com 张 弛 固定收益分析师 执业编号：S1500524090002 联系电话：+86 18817872149 邮 箱：zhangchi3@cindasc.com 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 甜蜜中不再畏高？ —— 7 月转债投资策略与关注个券 [Table_ReportTime] 2025 年 07 月 02 日 债券研究 [T债券able_ReportType] 专题 [Table_A 李一爽 uthor固定收益 ] 首席分析师 执业编号：S1500520050002 联系电话：+86 18817583889 邮 箱： liyishuang@cindasc.com 张 弛 固定收益分析师 执业编号：S1500524090002 联系电话：+86 18817872149 邮 箱：zhangchi3@cindasc.com 信达证券股份有限公司 ...

航运港口 2025 年 6 月专题 集装箱吞吐量稳增，干散货吞吐量企稳 [Table_Industry] 航运港口专题 [Table_ReportDate] 2025 年 7 月 1 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | 交通运输 | [Table_StockAndRank] | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 匡培钦 交运行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com 黄安 交运行业分析师 执业编号：S1500524110001 邮 箱：huangan@cindasc.com 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_Author] [Table_S [➢Table_Summary 一、ummar 综述：全国进出口总额及货物吞吐量情况 y] ] ◼ 进出口总额：2025 年 1～5 月，全国进出口总额实现 17.94 万亿 元，同比增长 2.5%，其中，全国进口总额实现 7.28 万亿 ...

[Table_StockAndRank] 影石创新(688775) 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 | | | | | | 发布马克·马奎斯联名款 Ace Pro2 相机，加速骑行群体产品渗透。公司发 布与 8 冠王摩托车手马克·马奎斯联名的运动相机 Ace Pro2，机身镌刻"93" 铭文及标志性红色元素，限定礼盒包括收藏级签名照及全套骑行配件。针对 摩托骑行者用户额外升级"MM93"数据仪表盘 UI、定制关机动画，并突出 夜景、防风收音、157°广角镜头等功能。我们认为公司延续深度绑定垂类 代言人的营销打法，此次联名款发布能有效实现人群破圈，增强骑行人群中 的品牌势能。 618 总口径 GMV 同增 160%，维持强劲增长势能。公司 618 全周期 GMV 超 4 亿元，同增 160%，其中天猫/京东/抖音分别增长 136%/155%/248%， 并霸榜运动相机销售榜 TOP1。我们认为在公司新一轮推新周期中，创意产 品+高效营销均有助于维持公司增长势能，预计以 ONE X5 为代表的新机型 仍将保持优异销售表现。 智能影像稀缺标的，持续享受渗透率提升红利。公司 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 310-360 million yuan in the first half of 2025, representing a year-on-year growth of 70.3%-97.8% [1] - The growth in the first half of 2025 is primarily driven by electric golf carts, with a potential slight price increase to mitigate external policy risks [2] - The company is actively expanding its supply chain overseas, particularly in Vietnam, which is expected to enhance production capacity and support sales growth in the U.S. market [2] - The company has entered the humanoid robot sector, with its first prototype successfully launched, indicating a significant step in smart manufacturing and innovation [3] Financial Performance Summary - The company’s total revenue is projected to grow from 2,144 million yuan in 2023 to 5,737 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 21.7% [5] - The net profit attributable to shareholders is expected to increase from 280 million yuan in 2023 to 1,079 million yuan in 2027, reflecting a CAGR of approximately 25.6% [5] - The gross margin is forecasted to slightly decline from 37.6% in 2023 to 33.4% in 2027, while the return on equity (ROE) is expected to improve from 9.5% in 2023 to 24.4% in 2027 [5] Product and Market Insights - The company anticipates steady growth in special vehicles, while electric balance scooters and skateboards may perform slightly weaker [2] - The company is developing a comprehensive sales network in North America for its humanoid robots, leveraging a global supply chain that includes China, Southeast Asia, and North America [3] - The production capacity of the company's factory in Vietnam is expected to significantly increase, with electric golf cart production reaching new highs in June 2025 [2]

Investment Rating - The report does not explicitly state an investment rating for the chemical industry Core Insights - In June 2025, the basic chemical index increased by 6.42%, ranking 10th among primary industries, driven by rising oil prices affecting certain chemical product prices [2][11] - Among the 600 chemical products monitored, the top ten products with the highest price increases included butanone (16.36%) and ammonium sulfate (14.39%) [3][24] - The report highlights that 407 companies in the basic chemical sector achieved positive returns, while 130 companies reported negative returns in June 2025 [20] Market Overview - Major market indices in June 2025 showed the following changes: Shanghai Composite Index increased by 2.90%, Shenzhen Component Index by 4.23%, and the ChiNext Index by 8.02% [11] - The basic chemical sector's performance was notably strong, with sub-industry growth rates such as plastics and products at 7.79% and other chemical products II at 7.36% [16] Product Price Movements - The report identifies significant price movements in various chemical products, with the top gainers being butanone and ammonium sulfate, while the largest declines were seen in vitamin E (-27.66%) and vitamin D3 (-26.32%) [24][28] - The report provides detailed price data for key products, indicating a general upward trend in prices for many chemicals due to rising raw material costs [26][27] Industry Profitability - From January to May 2025, the total profit of the chemical raw materials and products manufacturing industry decreased by 4.7%, with a total profit of 151.58 billion yuan [4][32] - The report notes a decline in factory prices by 4.1% year-on-year, reflecting broader economic challenges faced by the industry [4][32] Company Performance - The report lists the top ten basic chemical companies by monthly performance, with notable increases in stock prices for companies like Keheng Co. (122.00%) and Xingye Co. (97.50%) [21][22] - Conversely, companies such as Shanghai Jahwa and Yongguan New Materials experienced significant declines, with monthly drops of -11.32% and -11.68% respectively [23]

证券研究报告 宏观研究 [Table_ReportType] 专题报告 | ] [Table_A 解运亮 uthor宏观首席 分析师 | | --- | | 执业编号：S1500521040002 | | 联系电话：010-83326858 | | 邮 箱： xieyunliang@cindasc.com | 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱： mailinyue@cindasc.com [Table_Title] PMI 小幅回升背后的逻辑 [Table_ReportDate] 2025 年 6 月 30 日 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金隅 大厦B 座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 一、制造业企业"反直觉"的补库行为 制造业 PMI 小幅改善，新订单和采购量是最大的亮点。6 月制造业 PMI 为 49.7%，较前值提升 0.2 个百分点（图 2），除了从业人员和经营活动预期外，制造业的全部分项指标都出现了不同程度的改善， ...