Investment Rating - The investment rating for the company is "Buy" [2] Core Viewpoints - The company has a significant competitive advantage in the nylon industry, driven by a comprehensive vertical integration strategy that enhances profitability and market position [4][12] - The company is expected to benefit from the increasing demand for high-end nylon products, with a projected compound annual growth rate (CAGR) of 7-10% in nylon demand from 2025 to 2027 [4][12] - The company is positioned to capitalize on the growing trend of sustainable materials, with its PRUECO chemical recycling technology gaining recognition and certification [4][12] Summary by Sections Company Overview - The company has established a complete industrial chain from nylon spinning, weaving, dyeing, to finishing, with a production capacity of 345,000 tons of nylon yarn, 716 million meters of grey fabric, and 610 million meters of finished fabric [4][19] - The company has deep partnerships with leading brands such as Decathlon and Li Ning, enhancing its customization capabilities and market reach [4][23] Market Dynamics - The nylon industry is experiencing accelerated capacity expansion, with a clear distinction between high-end and low-end products, where the company is expected to benefit from the increasing concentration of high-end products [4][12] - The demand for nylon products is anticipated to rise due to favorable consumption policies and structural upgrades in consumer preferences, particularly in outdoor sports [4][12] Financial Performance - The company has shown steady revenue growth, with projected revenues of 7,812 million yuan in 2025, reflecting a year-on-year growth rate of 9.7% [5] - The net profit attributable to the parent company is expected to reach 855 million yuan in 2025, with a year-on-year growth of 17.8% [5] - The company's gross margin is projected to improve, reaching 23.0% in 2025, supported by its focus on high-end products [5] Growth Drivers - The company is in the process of ramping up production at its Huai'an project, which is expected to add significant capacity and profitability once fully operational [4][12] - The introduction of recycled nylon products is anticipated to open a new growth curve for the company, with a potential global demand for recycled nylon fibers exceeding 200,000 tons by 2030 [4][12]

Group 1: Overall Market Outlook - The current market situation is similar to 2013 and 2019, with a high probability of evolving into a comprehensive bull market, although tactical breakthroughs may take time [6][12] - The market is characterized by low valuation levels, weak corporate earnings, positive policy tone, and active thematic opportunities, indicating potential for a bull market [12][14] - A possible market pullback in July is expected, but the extent is manageable, with a return to bull market conditions likely in Q3 or Q4 if earnings or policies turn optimistic [12][14] Group 2: Industry Allocation Insights - The report suggests a value-oriented approach in the current quarter, with plans to increase exposure to more elastic sectors in Q3 [12][14] - Key sectors for investment include: - New Consumption: Benefiting from domestic demand stability and potential supportive policies [14] - Media: Attractive valuation with a focus on AI application changes [14] - Military Industry: Likely to see continuous thematic events due to unique demand cycles [14] - Banking and Non-Banking: Low sensitivity to overseas economic fluctuations and high sensitivity to domestic policies [14] - Non-ferrous Metals: Strong capacity structure with resilience to economic fluctuations [14] - Real Estate: Positioned for new policy initiatives with low valuation levels [14] Group 3: Top Stock Picks - The top stock picks for July 2025 include: - 分众传媒 (002027.SZ) in Media and Internet - 顺丰控股 (002352.SZ) in Transportation - 药师帮 (9885.HK) in Pharmaceuticals - 万辰集团 (300972.SZ) in Food and Beverage - 青岛银行 (002948.SZ) in Banking - 新集能源 (601918.SH) in Utilities - 豆神教育 (300010.SZ) in Education - 兖矿能源 (600188.SH) in Energy - 江淮汽车 (600418.SH) in Automotive - 卓易信息 (688258.SH) in Computing [3][15] Group 4: Company-Specific Insights - 分众传媒 (002027.SZ) is focusing on offline advertising with a significant share of daily consumer goods advertisers [16] - 顺丰控股 (002352.SZ) has shown remarkable growth in logistics volume, outperforming industry growth rates, driven by customer penetration and operational optimizations [19][21] - 药师帮 (9885.HK) is expected to achieve a compound annual growth rate of approximately 164% in net profit from 2024 to 2027, benefiting from its deep market penetration and strong cash flow [25][27] - 万辰集团 (300972.SZ) maintains a competitive edge in the snack retail sector, with a focus on operational quality and profitability improvements [28][29] - 青岛银行 (002948.SZ) is expanding its business in a robust economic environment, with significant growth in deposits and loans, supported by a strong financial foundation [31][33]

乐自天成（52TOYS）招股书梳理：多品 类 IP 玩具标杆，全产业链布局构筑优势 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 06 月 30 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | | [Table_Author] 姜文镪 | 新消费行业首席分析师 | 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 陆亚宁 新消费行业分析师 执业编号：S1500525030003 邮箱：luyaning@cindasc.com 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 [Table_Title] 乐自天成（52TOYS）招股书梳理：多品类 IP 玩具标杆，全产业链布局构筑优势 [Table_ReportDate] 2025 年 06 ...

——策略周观点 升级为全面牛市可能的条件 证券研究报告 策略研究 [策略周报 Table_ReportType] | ] [Table_A 樊继拓 uthor策略首席 分析师 | | | --- | --- | | 执业编号：S1500521060001 | | | 箱： fanjituo@cindasc.com | 邮 | [Table_ReportDate] 2025 年 6 月 29 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 李畅 策略分析师 执业编号：S1500523070001 邮 箱： lichang@cindasc.com [升级为全面牛市 Table_Title] 可能的条件 [Table_ReportDate] 2025 年 6 月 29 日 核心结论：战略上，去年 10 月以来震荡市的特征有：估值位置偏低、 上市公司盈利偏弱、政策基调积极、各类主题机会活跃，与 2013-2014 年中和 2019 年的震荡市类似，后续有望迎来全面牛市。但战术层面， 对比之前震荡市升级为全面牛市临界点（2014 年 7 月和 2020 年 7 月） 的催化因素， ...

化债持续推进，部分环保企业应收问题改善 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2025 年 6 月 29 日 156.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 环保 投资评级 看好 上次评级 看好 [左前明 Table_Author] 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 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 化工行业： 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 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 [Table_Title] 化债持续推进，部分环保企业应收问题改善 2025 年 6 月 29 日 本期内容提要: ...

The provided content does not contain any quantitative models or factors, nor does it include any related construction processes, formulas, evaluations, or backtesting results. The documents primarily focus on industry analysis, company updates, and market trends across various sectors such as light manufacturing, exports, new tobacco products, home furnishings, and others. There is no mention of quantitative models or factors in the provided text.

Quantitative Models and Construction Methods Model Name: Momentum Model - Construction Idea: The momentum model is designed to capture the trend-following behavior in the market, particularly effective during the end-of-quarter period when funds tend to adjust their positions based on recent performance trends [13][37] - Detailed Construction Process: The model identifies stocks with strong recent performance and allocates more weight to them. The formula used is: $ \text{Momentum Score} = \frac{\text{Price}_{t} - \text{Price}_{t-1}}{\text{Price}_{t-1}} $ where $\text{Price}_{t}$ represents the current price and $\text{Price}_{t-1}$ represents the price at the previous time period [13][37] - Evaluation: The momentum model performs well during the end-of-quarter period, aligning with the characteristic fund allocation behavior [13][37] Model Backtesting Results Momentum Model - Information Ratio (IR): 1.75 [38] - Excess Return: 1.95% [38] Quantitative Factors and Construction Methods Factor Name: Value Factor - Construction Idea: The value factor aims to identify undervalued stocks by comparing their market price to fundamental metrics such as earnings, book value, and cash flow [13][29] - Detailed Construction Process: The factor is constructed using the following formula: $ \text{Value Score} = \frac{\text{Earnings}}{\text{Price}} + \frac{\text{Book Value}}{\text{Price}} + \frac{\text{Cash Flow}}{\text{Price}} $ where $\text{Earnings}$, $\text{Book Value}$, and $\text{Cash Flow}$ are fundamental metrics, and $\text{Price}$ is the current market price [13][29] - Evaluation: The value factor has shown a significant shift in fund allocation from growth to value stocks since April, indicating its effectiveness in capturing the market's structural adjustments [29][33] Factor Backtesting Results Value Factor - Information Ratio (IR): 1.38 [38] - Excess Return: 1.45% [38]

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry, consistent with the previous rating [1]. Core Insights - Oil prices have retracted from geopolitical premiums due to recent diplomatic developments, including a ceasefire agreement between Israel and Iran, and a request from Trump for energy producers to lower prices. As of June 27, 2025, Brent and WTI prices were $66.80 and $65.52 per barrel, respectively [7][28]. - The report highlights a decrease in oil prices, with Brent down by 11.50% and WTI down by 11.27% compared to the previous week. Russian Urals prices remained stable, while ESPO prices fell by 11.13% [28]. - The report notes a slight increase in U.S. crude oil production to 13.435 million barrels per day, while the number of active drilling rigs decreased to 432 [48][49]. - U.S. refinery crude processing increased to 16.987 million barrels per day, with a refinery utilization rate of 94.70%, up by 1.5 percentage points [59]. - The total U.S. crude oil inventory decreased by 5.599 million barrels to 818 million barrels, with commercial inventories down by 5.836 million barrels [69]. Summary by Sections Oil Price Review - As of June 27, 2025, Brent crude futures settled at $66.80 per barrel, down by $8.68 per barrel (-11.50%) from the previous week. WTI crude futures settled at $65.52 per barrel, down by $8.32 per barrel (-11.27%) [28]. Offshore Drilling Services - The number of global offshore self-elevating drilling platforms was 378, an increase of 1 from the previous week. The number of floating drilling platforms decreased to 134, down by 2 [37]. U.S. Crude Oil Supply - U.S. crude oil production was reported at 13.435 million barrels per day, an increase of 0.04 million barrels per day from the previous week. The number of active drilling rigs decreased by 6 to 432 [48]. U.S. Crude Oil Demand - U.S. refinery crude processing increased by 125,000 barrels per day to 16.987 million barrels per day, with a utilization rate of 94.70% [59]. U.S. Crude Oil Inventory - Total U.S. crude oil inventory was 818 million barrels, a decrease of 5.599 million barrels (-0.68%) from the previous week. Commercial crude oil inventory decreased by 5.836 million barrels (-1.39%) [69]. Related Stocks - Key stocks mentioned include China National Offshore Oil Corporation (CNOOC), PetroChina, Sinopec, and China Oilfield Services [1].

央行 Q2 例会新增信息有限 跨季后资金有望延续宽松 —— 流动性与机构行为周度跟踪 250629 [[Table_R Table_Report eportTTime ime]] 2025 年 6 月 29 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 歌声ue 证券研究报告 债券研究 [Table_ReportType] 专题报告 | ] [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 | 3央行 Q2 例会新增信息有限 跨季后资金有望延续宽松 [Table_ReportDate] 2025 年 6 月 29 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 2 [➢Table_Summary] 货币市场 ...

Investment Rating - The industry investment rating is "Positive" as the industry index is expected to outperform the benchmark [123]. Core Insights - The report highlights a significant decline in costs, leading to an overall improvement in refining product margins. The domestic refining project margin reached 2575.82 CNY/ton, up by 190.23 CNY/ton (+7.97%), while the international margin was 1229.14 CNY/ton, increasing by 226.59 CNY/ton (+22.60%) [1][2]. - Brent crude oil's average price decreased to 69.25 USD/barrel, down by 8.31% [1]. - The report indicates that geopolitical tensions initially raised oil prices, but subsequent signals from the U.S. government and diplomatic efforts led to a price drop [1][12]. - The chemical sector saw improved profitability due to a notable drop in costs, with prices for polyethylene and polypropylene rising, while other chemical products experienced slight price declines but improved margins [1][49]. - The polyester sector also showed a rise in price levels, with PX prices following crude oil trends, leading to a significant expansion in price differentials [1][79]. Summary by Sections Refining Sector - The refining sector experienced a significant increase in product price differentials, with domestic and international margins improving due to falling crude oil prices [1][2]. - The report notes that the average prices for domestic diesel, gasoline, and jet fuel increased, with respective price differentials also rising [12]. Chemical Sector - The chemical sector's profitability improved as costs decreased, with notable price increases for polyethylene and polypropylene, while other products like EVA and pure benzene saw slight price drops but improved margins [1][49][62]. - The report indicates that the price of MMA decreased slightly, but the price differential improved [1][66]. Polyester Sector - The polyester industry saw an upward trend in price levels, with PX prices influenced by crude oil prices, leading to a significant expansion in price differentials [1][79]. - The report highlights that the average price for PTA increased slightly, while the industry faced challenges with profitability [1][91].