Core Insights - The report suggests that the market performance has decoupled from earnings since September last year, resembling the period from 2013 to 2015. In the early stages of PPI decline, negative impacts on earnings dominated, but as PPI remained negative for a sufficient duration, policy and liquidity factors improved, leading to a decoupling of market performance from earnings [2][10][11] - The current macro-level asset shortage may exceed that of 2014. If the bull market is driven by liquidity and policy rather than earnings, the logic of asset scarcity becomes more significant. The current 10-year government bond yield is about half of that in 2014, and the rate of decline over the past two years is comparable to that of 2014 [3][20][22] - Insurance funds have already impacted the market, and there is potential for increased inflow from household funds. Since the pandemic in 2020, household deposits have risen rapidly, but their inflow into the stock market has been limited due to the lack of a stable profit-making effect. With the market transitioning from bearish to bullish since September last year, conditions for accelerated household fund inflow are gradually being met [22][24] Market Changes - The report indicates that the A-share market has seen significant increases in major indices, with the ChiNext 50 rising by 2.65% and the ChiNext Index by 2.36%. In contrast, sectors like coal and banking have experienced declines [38][42] - Global stock markets have shown mixed performance, with indices such as Germany's DAX and France's CAC40 performing well, while indices in Brazil and Mexico have declined [39] - The report notes a net inflow of 241.19 billion yuan from southbound funds (Hong Kong Stock Connect) this week, indicating strong market interest [40][48]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Oil prices showed resilience, with Brent and WTI prices reaching $70.36 and $68.45 per barrel respectively as of July 11, 2025, supported by various factors including OPEC+ production increases and a decrease in refined oil inventories [2][8] - The report highlights a significant increase in oil prices, with Brent crude futures rising by $2.06 per barrel (+3.02%) and WTI crude futures increasing by $1.45 per barrel (+2.16%) in the week ending July 11, 2025 [28] - The report notes a decrease in U.S. crude oil production to 13.385 million barrels per day, a reduction of 48,000 barrels per day from the previous week [48] - The report identifies key companies in the sector, including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (CNPC) [2] Summary by Sections Oil Price Review - As of July 11, 2025, Brent crude futures settled at $70.36 per barrel, up $2.06 (+3.02%) from the previous week, while WTI crude futures settled at $68.45 per barrel, up $1.45 (+2.16%) [28][21] - The report indicates that the increase in oil prices is attributed to OPEC+ production adjustments and geopolitical factors affecting supply and demand [2][8] Offshore Drilling Services - The number of global offshore self-elevating drilling platforms increased to 385, with a net addition of 5 platforms, while the number of floating drilling platforms remained stable at 134 [33] U.S. Crude Oil Supply - U.S. crude oil production decreased to 13.385 million barrels per day, with active drilling rigs dropping to 424 [48][39] - The report notes an increase in the number of pressure pumping fleets to 180, indicating some activity in the sector despite the overall production decline [48] U.S. Crude Oil Demand - U.S. refinery crude processing decreased to 17.006 million barrels per day, with a refinery utilization rate of 94.70%, down 0.2 percentage points from the previous week [59] U.S. Crude Oil Inventory - As of July 4, 2025, total U.S. crude oil inventories rose to 829 million barrels, an increase of 7.308 million barrels (+0.89%) from the previous week [68] Refined Oil Prices - In North America, the average prices for diesel, gasoline, and jet fuel were $101.69, $91.13, and $94.08 per barrel respectively, with respective increases of $2.12, $2.86, and $1.96 [89][93]

证券研究报告 -163 68 1,076 272 366 公司研究 806.5 % 1. 4% 12.8% 10 % .7 14.6% 18.4 % -4.3% 1. 22.0% 5.3% 6.6% [Table_ReportType] 公司点评报告 % 8% -0.16 0. 07 1.07 0.27 0.37 [Table_StockAndRank] 继峰股份（603997） — 11 2.05 2. 3 投资评级 35.85 69 上次评级 2 证券研究报告 [Table_Author] 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮 箱：dengjianquan@cindas.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮箱：zhaoyueyuan@cindasc.com 赵启政 汽车行业分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com 徐国铨 汽车行业研究助理 邮 箱：xuguoquan@cindasc.com 信达证券股 ...

主动权益基金仓位继续下探， 国有险企长周期考核正式落地 —— 量化市场追踪周报（2025W28） 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 金工研究 金工定期报告 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com 量化市场追踪周报(2025W28)：主动权益基金仓位 继续下探，国有险企长周期考核正式落地 2025 年 7 月 13 日 主动权益基金延续下行趋势再创年内新低，"固收+"基金仓位也降至近期 低点。截至 2025/7/11，主动权益型基金的平均仓位约为 83.93%。其中， 普通股票型基 ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is the early stage of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with short-term supply-demand balance and long-term gaps still present [11][12] - Coal prices have established a bottom and are trending towards a new platform, with high profitability, cash flow, return on equity (ROE) of 10-20%, and dividend yields over 5% for quality coal companies [11][12] - The coal sector is relatively undervalued, with overall valuation expected to improve, supported by high premiums in the primary mining rights market and a price-to-book (PB) ratio around 1 for most companies [11][12] - The coal sector is expected to maintain a tight supply-demand balance over the next 3-5 years, with quality coal companies exhibiting high barriers to entry, cash flow, dividends, and yield characteristics [11][12] Summary by Sections Coal Price Tracking - As of July 12, the market price for Qinhuangdao port thermal coal (Q5500) is 624 CNY/ton, an increase of 8 CNY/ton week-on-week [28] - The price for coking coal at Jing Tang port is 1310 CNY/ton, up 60 CNY/ton week-on-week [30] Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 93.7%, down 0.3 percentage points week-on-week, while the utilization rate for coking coal mines is 85.52%, up 1.7 percentage points [11][46] - Daily coal consumption in coastal provinces increased by 6.10 thousand tons/day (+2.92%) week-on-week, while inland provinces saw a decrease of 9.50 thousand tons/day (-2.61%) [11][47] Coal Inventory Situation - As of July 10, coal inventory in coastal provinces decreased by 785 thousand tons (-2.18%) week-on-week, while inland provinces saw a slight decrease of 0.70 thousand tons (-0.01%) [11][47] Key Companies to Watch - Focus on stable and robust performers such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy [12] - Attention to companies with significant upside potential like Yanzhou Coal Mining, China Power Investment, and Guanghui Energy [12]

关注 Q2 业绩高增方向，AI 持续兑现动能 [Table_ReportDate] 2025 年 7 月 13 日 证券研究报告 行业研究 [行业周报 Table_ReportType] | [Table_StockAndRank] 电子 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮箱：yangyuxuan@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 [关注Table_Title] Q2 业绩高增方向，AI 持续兑现动能 [Table_ReportDate] 2025 年 7 月 13 日 本期内容提要: [Table_S [Table_Summary ummary] ] 请阅读最后一页免责声明及信息披露 http://www.cin ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights that the electric power equipment and new energy sectors are expected to see significant investment opportunities, particularly in the context of the growing demand for electric power driven by emerging industries like AI [2][3] - The report emphasizes the potential recovery in profitability for the lithium battery sector, driven by a decrease in lithium carbonate prices and advancements in fast-charging technologies [2][3] - The report identifies key companies to watch in the new energy vehicle sector, including CATL, BYD, and others, as well as in the electric power equipment sector, such as Sifang Electric and XJ Electric [2][3] Summary by Sections New Energy Vehicles - The lithium battery sector is expected to recover as the supply-demand imbalance improves, with lithium carbonate prices decreasing, which may lower battery costs and stimulate downstream demand [2][3] - The report notes a significant increase in new energy vehicle sales, with June 2025 sales reaching 1.329 million units, a year-on-year increase of 26.7% [11][12] Electric Power Equipment and Energy Storage - The report anticipates a major year for grid investment, with the electric power equipment sector poised for favorable investment opportunities due to the growing demand for electricity from new energy sources [2][3] - In energy storage, the report forecasts continued high growth, particularly in large-scale storage and commercial storage, driven by the development of virtual power plants and seasonal demand increases [3] Photovoltaics - The report indicates sustained high demand in Europe and robust domestic demand for ground-mounted power stations, with new technologies like TOPCon expected to drive further market growth [2][3] Industrial Control and Humanoid Robots - The report suggests a new industrial control cycle is approaching, with companies like Huichuan Technology and Xusheng Group recommended for investment [5] - The humanoid robot sector is maturing, with companies like Zhiyuan Robotics and Yushutech securing significant contracts, indicating a growing market for humanoid robots [5]

Investment Rating - The report maintains a "Positive" investment rating for the environmental sector, consistent with the previous rating [2]. Core Insights - The waste incineration industry is entering a mature development phase, with structural differences in capacity utilization across regions. The average load rate of waste incineration plants in China is approximately 60%, indicating underutilization. However, provinces like Guangdong and Zhejiang have higher construction progress but still face low capacity utilization rates of 60% and 49% respectively, below the national average of 73% [18][19][22]. - The report highlights that the number of waste incineration plants in China has increased from 278 in 2017 to 925 in 2023, a growth of 232.7%. The waste incineration capacity has reached 1.035 million tons per day, surpassing the "14th Five-Year Plan" target [18][19]. - The report suggests that the "14th Five-Year Plan" emphasizes environmental quality and green low-carbon development, which is expected to maintain high prosperity in energy conservation and environmental protection sectors. The water and waste incineration sectors are seen as stable profit generators with positive cash flow [40]. Summary by Sections Market Performance - As of July 11, the environmental sector index rose by 3.17%, outperforming the broader market, with specific sub-sectors like environmental equipment increasing by 6.99% [9][12]. Industry Dynamics - Recent initiatives include subsidies for green electricity in Beijing and the establishment of zero-carbon parks to support carbon neutrality goals. These measures are part of a broader strategy to enhance renewable energy usage and promote green transformation [27][28]. Special Topic: Waste Incineration - The report discusses the structural differences in capacity utilization among provinces, with some regions achieving around 90% utilization while others lag behind. The average capacity utilization for listed companies is projected to be 107% in 2024, indicating efficient operations [19][22][26]. Investment Recommendations - The report recommends focusing on high-quality operational assets in the water and waste incineration sectors, highlighting companies such as Huanlan Environment, Xingrong Environment, and Hongcheng Environment as key investment opportunities [40].

【信达汽车|行业周报】汽车行业跟踪（2025.7.7- 2025.7.11）：上半年汽车产销量首破 1500 万辆，比亚迪全球 首推智能泊车兜底承诺 [Table_Industry] 汽车行业 [Table_ReportDate] 2025 年 7 月 13 日 2 证券研究报告 行业研究 [Table_ReportType 行业周报 | ] [Table_StockAndRank] 汽车 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 邓健全 汽车行业首席分析师 执业编号: S1500525010002 联系电话: 13613012393 邮箱: dengjianquan@cindasc.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮箱：zhaoyueyuan@cindasc.com 赵启政 汽车行业高级分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com 徐国铨 汽车行业研究助理 邮箱: xuguoquan@cindasc.com 信达证券股份有 ...

[[Table_R Table_Report eportTTime ime]] 2025 年 7 月 13 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 | 如何看待税期前银行融出的持续回落 —— 流动性与机构行为周度跟踪 250713 邮 箱： liyishuang@cindasc.com 3如何看待税期前银行融出的持续回落 [Table_ReportDate] 2025 年 7 月 13 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：本周央行公开市场净回笼流动性 2265 亿元。 ...