1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In 2025, driven by policy focus, the "science - technology board" of the bond market has accelerated its progress. On July 17, the first batch of Science - Innovation Bond ETFs were listed collectively. These ETFs have investment value due to factors such as high - quality index components, better performance in bull and bear markets, potential for spread compression, and suitability for certain types of investors [1][8][9]. - Science - Innovation Bond ETFs have differences from other mainstream ETFs in terms of sample scope, sample rating, and sample remaining maturity. The tracking index of Science - Innovation Bond ETFs has the characteristics of high return, low volatility, and low drawdown [4][30]. - The Guangfa Shanghai Stock Exchange AAA Science - Innovation Corporate Bond ETF has features such as low credit risk, stable coupon income, and suitability for both conservative allocation investors and stock - bond rotation strategies [5][55]. 3. Summary According to the Directory 3.1 How to Evaluate the Investment Value of Science - Innovation Bond ETFs? 3.1.1 Index Component Structure - Among the 10 Science - Innovation Bond ETF products, 6 track the CSI AAA Science - Innovation Bond Index, 3 track the Shanghai AAA Science - Innovation Bond Index, and 1 tracks the Shenzhen AAA Science - Innovation Bond Index. The Shanghai AAA Science - Innovation Bond Index has advantages such as better sample subject quality, relatively larger sample size, and physical redemption [11]. - The industry distributions of the CSI AAA, Shanghai AAA, and Shenzhen AAA Science - Innovation Bond Indexes are similar with high concentration. The top four industries of the first two are industry, public utilities, energy, and materials, accounting for 90% of the total scale; for the Shenzhen AAA index, they are industry, materials, public utilities, and information technology, accounting for 85% of the total scale [13]. 3.1.2 Policy Attributes: Better Returns in Bull Markets and More Resilience in Bear Markets - Since 2025, Science - Innovation Bonds have shown more resilience in bear markets (yield up 3BP less than medium - term notes and short - term commercial paper) and better return elasticity in bull markets (yield down 6BP more than medium - term notes and short - term commercial paper). Their policy attributes support their performance in bull - bear cycles [2][18]. 3.1.3 Allocation Demand: Room for Spread Compression - Currently, the 10 - year Treasury yield has been fluctuating in the range of 1.63% - 1.73% for over two months. The 3 - year and 5 - year AAA - rated Science - Innovation Bonds still have an excess spread of 29BP and 5BP respectively compared with medium - term notes of the same term and rating, indicating attractive yield levels [2][22]. 3.1.4 High Correlation between Science - Innovation Bond Index and Dividend Index, Suitable for Conservative Allocation Investors - The Shanghai AAA Science - Innovation Bond Index has a strong positive correlation (correlation coefficient of 0.56) with the Shanghai Dividend Index, and a low correlation (correlation coefficient of 0.16) with the Shanghai Composite Index. Science - Innovation Bond ETFs are suitable for conservative allocation investors and those who prefer stable high - coupon income [25][28]. 3.2 Comparison between Science - Innovation Bond ETFs and Other ETFs 3.2.1 Comparison of Indexes Tracked by Mainstream ETFs - Science - Innovation Bond ETFs, as a new category, differ from other mainstream bond ETFs (such as Policy - Financial Bond ETFs, Treasury Bond ETFs, and Credit Bond ETFs) in sample scope, sample rating, and sample remaining maturity. For example, the Shanghai AAA Science - Innovation Bond Index requires high - credit - rated bonds and has no restriction on the remaining maturity [30][31]. 3.2.2 The Index Tracked by Science - Innovation Bond ETFs has High Return, Low Volatility, and Low Drawdown - From 2023 to July 2025, the Shanghai AAA Science - Innovation Bond Index had the highest annualized return (5.41%) among the four compared indexes, relatively low annualized volatility (1.02%), and relatively low maximum drawdown (- 1.42%) [38][39]. 3.3 Introduction to Science - Innovation Bond ETF Products 3.3.1 Product Information of Guangfa Science - Innovation Bond ETF - The Guangfa Shanghai Stock Exchange AAA Science - Innovation Corporate Bond ETF (fund code: 511120.SH) is a contract - type open - ended index fund tracking the Shanghai AAA Science - Innovation Bond Index. As of July 17, 2025, its floating scale was 5.172 billion yuan [5][43]. 3.3.2 Trading Mechanism: On - exchange Trading with "T + 0" Real - time Trading for Convenient Operation - The ETF supports on - exchange continuous trading without subscription and redemption limits and "T + 0" real - time trading, which improves capital turnover efficiency and provides flexible trading space. The cash - dividend mechanism provides investors with a predictable cash source [47]. 3.3.3 The Index Tracked by the ETF has Medium - to - Short Duration, High Credit Rating, High Industry Concentration, and Many Leading Enterprises - The Shanghai AAA Science - Innovation Bond Index has a medium - to - short duration (bonds with a maturity of less than 5 years account for 80% of the total scale, and the weighted average duration is 4.40 years), high - credit - rated components (bonds with an implied rating above AAA - account for nearly 70% of the total scale), and high industry concentration with leading enterprises in the top four industries accounting for over 90% of the total scale [48][50][51]. 3.3.4 Good Liquidity and Low Correlation with Stocks Make it Suitable for Stock - Bond Rotation Strategies - The Guangfa Shanghai Stock Exchange AAA Science - Innovation Corporate Bond ETF is suitable for conservative allocation investors. Its low correlation with the Shanghai Composite Index and good secondary - market liquidity support stock - bond rotation strategies, enabling risk control during stock market downturns and efficient asset switching [55].

Investment Rating - The report provides an investment rating for the industry, indicating a "Neutral" stance, which suggests a relative performance range of -5% to 10% compared to the benchmark index [7]. Core Insights - The report emphasizes the performance of the engineering machinery index, which has shown fluctuations over the specified periods, with notable changes observed from January 2023 to March 2025 [2]. Summary by Sections - **Industry Performance**: The engineering machinery index has experienced a significant decline of 25% from its peak, reflecting broader market trends and specific challenges within the sector [2]. - **Analyst Background**: The report is authored by a seasoned analyst with 10 years of experience in the securities industry, highlighting a strong academic background and recognition in the field [4]. - **Research Commitment**: The report asserts a commitment to independent and objective analysis, ensuring that the insights provided are based on diligent research practices [4].

Investment Rating - The textile and apparel industry is rated as "Recommended" [1] Core Views - The report highlights a slowdown in clothing sales growth in June, with retail sales totaling 12.75 billion yuan, a year-on-year increase of 1.9%, and a month-on-month decrease of 2.1 percentage points [4][7] - The overall retail sales for the first half of the year reached 74.26 billion yuan, reflecting a year-on-year growth of 3.1%, indicating a steady recovery [4][15] - The report notes that the slowdown in June was primarily due to the early start of the 618 shopping festival in May, which affected consumer demand [4][7] - Domestic sports apparel leaders reported a decline in Q2 revenue growth compared to Q1, with brands like Anta Sports and Li Ning showing low single-digit growth [8] - The outdoor consumption segment continues to show high growth, with Anta's other brands experiencing a revenue growth of 50%-55% in Q2 [8] Summary by Sections 1. Weekly Views - The report discusses the impact of the 618 shopping festival on June sales and the overall retail performance in the textile and apparel sector [4][7] 2. Key Industry Data Review (a) Stock Market Review - The Shanghai Composite Index increased by 0.69%, while the textile and apparel sector saw a modest increase of 0.24% [10] (b) Terminal Retail Performance - Retail sales for clothing and textiles in June totaled 12.75 billion yuan, with a year-on-year growth of 1.9% [15] (c) Upstream Textile Exports - Textile yarn, fabric, and related products exported amounted to 12.048 billion USD in June, showing a year-on-year decrease of 1.9% [18] (d) Upstream Raw Materials - Cotton prices have risen, with the Chinese cotton price index at 15,508 yuan per ton, an increase of 242 yuan from the previous week [27][29] 3. Investment Recommendations - The report suggests focusing on quality stocks with expected stable growth, including brands like Hailan Home and Bosideng in the apparel sector, and Anta Sports and Li Ning in the sportswear segment [9] 4. Recent Company Announcements - Companies like Meibang Apparel and Ru Yi Group are expected to report significant declines in net profits for the first half of 2025, highlighting challenges in the industry [49][50][53] 5. Industry News - The report mentions the launch of a new ion liquid method for producing regenerated cellulose fibers, marking a significant advancement in textile manufacturing [54]

-25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 23-01 23-03 23-05 23-07 23-09 23-11 24-01 24-03 24-05 24-07 24-09 24-11 25-01 25-03 25-05 25-07 工程机械指数 沪深300 ⚫⚫⚫⚫ 本报告可能附带其它网站的地址或超级链接，对于可能涉及的银河证券网站以外的地址或超级链接，银河证券不对其内容负 责。链接网站的内容不构成本报告的任何部分,客户需自行承担浏览这些网站的费用或风险。 银河证券在法律允许的情况下可参与、投资或持有本报告涉及的证券或进行证券交易,或向本报告涉及的公司提供或争取提供 包括投资银行业务在内的服务或业务支持。银河证券可能与本报告涉及的公司之间存在业务关系,并无需事先或在获得业务关系后 通知客户。 银河证券已具备中国证监会批复的证券投资咨询业务资格。除非另有说明,所有本报告的版权属于银河证券。未经银河证券书 面授权许可，任何机构或个人不得以任何形式转发、转载、翻版或传播本报告。特提醒公众投资者慎重使用未经授权刊载或者转发 的 ...

Investment Rating - The report assigns a "Buy" rating for the company, 建投能源 (000600.SZ) [4] Core Views - The company has a solid foundation in thermal power generation, with significant potential for profit improvement due to declining coal prices and ongoing capacity expansion [6][41] - The company is actively transitioning towards renewable energy, with substantial growth in solar power capacity and ongoing projects aimed at reducing carbon emissions [46][52] Financial Performance Summary - Revenue is projected to grow from 23.52 billion yuan in 2024 to 23.50 billion yuan in 2027, with a compound annual growth rate of 11.22% from 2020 to 2024 [2][15] - Net profit attributable to shareholders is expected to increase significantly, reaching 1.33 billion yuan in 2025 and 1.46 billion yuan in 2026, reflecting a growth rate of 149.62% and 10.14% respectively [2][6] - The gross profit margin is forecasted to improve from 15.35% in 2024 to 24.45% in 2027, indicating enhanced profitability [2][21] Business Overview - The company is a key player in the thermal power sector in Hebei, holding a 25% market share in installed capacity [6][8] - The revenue structure is heavily reliant on thermal power, which accounts for over 90% of total revenue [13][15] - The company has a total installed thermal power capacity of 11.77 GW, with plans to increase this to 16.02 GW by 2026 through ongoing projects [6][41] Growth Potential - The company is expected to benefit from a significant increase in installed capacity, with ongoing projects projected to add 3.90 GW of thermal power capacity by 2026 [41][46] - The renewable energy segment is also expanding, with a current solar capacity of 457,100 kW and additional projects in the pipeline [46][52] Investment Recommendations - The report forecasts net profits of 1.33 billion yuan, 1.46 billion yuan, and 1.58 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 10.6x, 9.6x, and 8.9x [6][27]

Key Insights - The report emphasizes the shift towards high-quality, connotative urban development, with a focus on policies aimed at reducing "involution" in various sectors [2][5] - The launch of the Yarlung Zangbo River hydropower project is expected to significantly boost cement demand in Tibet and surrounding areas, benefiting regional cement companies [11][12][15] - The report highlights the importance of technology innovation and self-discipline in the construction industry, as 33 construction companies advocate for a transition towards high-end, intelligent, and green development [5][11] Policy Dynamics - The Central Urban Work Conference marks a strategic shift in urban development from expansion to high-quality, connotative growth, emphasizing human-centered approaches and efficient resource use [3] - The adjustment of long-term assessment mechanisms for state-owned insurance companies aims to enhance the stability of insurance funds as long-term capital [4] - The promotion of Shanghai's free trade zone experiences is set to enhance the business environment and foster fair competition across regions [4] Industry Developments - The embodied intelligence sector is witnessing active product iterations, with a focus on specific application scenarios such as industrial logistics and special environments [7][8] - The Yarlung Zangbo River hydropower project is projected to require over 40 million cubic meters of concrete, translating to approximately 16 million tons of cement, significantly impacting local supply chains [12][13] - The cement industry is undergoing a "de-involution" phase, with collaborative production strategies expected to stabilize supply and enhance pricing power [14] Investment Opportunities - The report recommends investing in state-owned enterprises responsible for the design and construction of hydropower projects, as well as regional cement and explosives companies that stand to benefit from increased demand [21][19] - The focus on high-quality development in urban planning and construction is expected to create long-term growth opportunities for companies that align with these strategic shifts [3][5]

Policy Dynamics - The Central Urban Work Conference emphasized a shift from rapid urbanization to high-quality, inclusive development, focusing on five transformations and five areas of increased attention[22] - The Central Financial Committee's sixth meeting highlighted the need for a unified national market and high-quality marine economic development, with a focus on eliminating "involution" competition[8][9] Fiscal Policy - The adjustment of the long-term assessment mechanism for state-owned insurance companies aims to enhance their role as stable long-term capital providers, with total insurance fund utilization reaching approximately CNY 34.9 trillion by March 2025[44][45] - The government is enhancing the management of special bond project revenues and asset management to improve the efficiency of fiscal policy implementation[46] Monetary Policy - The People's Bank of China continues to maintain a moderately loose monetary policy, with M2 growth at 8.3% and M1 growth at 4.6% in June 2025, indicating a recovery in liquidity[54] - New social financing reached CNY 4.2 trillion in June, with a year-on-year growth rate of 8.9%, supported mainly by government bonds and loans[54] Regional Policy - The experience from the Shanghai Free Trade Zone is being promoted nationwide, with 77 tasks outlined to enhance trade and investment environments across various sectors[59] - The Yangtze River Delta region is collaborating to create a unified national market, focusing on optimizing the business environment and maintaining fair competition[63] Industry Policy - Policies addressing "involution" are set to accelerate, with a focus on technological innovation and high-end development in the construction sector, as indicated by a joint initiative from 33 construction companies[5][6]

Investment Rating - The report assigns a "Buy" rating for the company [6]. Core Views - The company is a leading supplier of lithium battery separators, actively expanding its global presence and product offerings in response to the solid-state battery trend [9][20]. - The company has established a strategic partnership with Zhongke Shenlan to develop solid-state electrolyte membranes, enhancing its product portfolio [35][40]. - The company is positioned to benefit from the growing demand for solid-state batteries, with significant investments in production capacity planned for the coming years [45]. Summary by Sections 1. Traditional Separator Leader, Diversifying Future - The company has over 20 years of experience in the separator industry, being the first in China to export both dry and wet process separators [9]. - In 2024, the company achieved a market share of 17.6% in separator shipments, maintaining its position as the second-largest domestic supplier [12]. 2. Embracing the Solid-State Battery Wave - The solid-state battery trend is supported by government policies, with significant investments planned for research and development [20]. - The company has launched innovative rigid skeleton separator products and is collaborating with leading firms to accelerate industrialization [35][36]. 3. Welcoming the AI Era, Acquiring Quality Overseas Assets - The company is acquiring global semiconductor equipment leaders to enhance its capabilities in semiconductor and new material sectors [9]. 4. Forward-Looking Layout for Embodied Intelligence, Positioning in Electronic Skin - The company is investing in electronic skin technology, which is expected to have a substantial market potential as the demand for humanoid robots increases [9]. 5. Investment Recommendations - Revenue forecasts for 2025-2027 are projected at 45 billion, 54 billion, and 68 billion yuan, respectively, with net profits of 4.3 billion, 5.4 billion, and 6.5 billion yuan [9]. - The company is expected to maintain a strong growth trajectory, supported by its technological advantages and strategic partnerships [9][45].

"反内卷"政策预期强化催生底部金属机遇 有色金属行业周报 2025年7月 20 日 核心观点 行业周报 · 有色金属行业 有色金属行业 | | | 分析师 华立 ☎: 021-20252629 网: huali@chinastock.com.cn 分析师登记编码：S0130516080004 阎予露 ☎：010-80927659 0: yanyulu @chinastock.com.cn 分析师登记编码：S0130522040004 相对沪深 300 表现图 2025-7-20 4000 资料来源：中国银河证券研究院 相关研究 【银河有色】行业周报_中美关税谈判缓和,稀土磁 材反制作用凸显 20250608 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 市场行情回顾:截止到7月18日周五收市:本周上证指数+0.69%,报 3534.48 ● 点; 沪深 300 指数+1.09%,报 4058.55点; SW 有色金属行业指数+1.82%, 报 5294.21点。分子行业来看,本周有色金属行业 5个二级子行业中,工业金 属、贵金属、小金属、能源金 ...

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting its investment value and potential for performance improvement [36]. Core Insights - The banking sector is experiencing a marginal recovery in credit growth, with government bonds continuing to be a major contributor to social financing growth. The central bank's recent operations are expected to maintain a moderately loose monetary policy, improving banks' funding costs. Urban renewal initiatives present opportunities for credit expansion and asset quality improvement for banks [36]. Summary by Sections Latest Research Insights - In June, social financing (社融) increased by 4.2 trillion yuan, exceeding expectations, with a year-on-year increase of 900.8 billion yuan. The total social financing stock grew by 8.9% year-on-year, with a month-on-month increase of approximately 0.2 percentage points [6][7]. - The People's Bank of China (PBOC) announced a record 14 trillion yuan in reverse repos on July 15, 2025, aimed at releasing liquidity and improving banks' funding costs [8][9]. Market Performance - The banking sector underperformed the market, with a decline of 1.03% compared to a 1.09% increase in the CSI 300 index. The price-to-book (PB) ratio for the banking sector is currently 0.75, with a dividend yield of 4.06% [4][27]. Investment Recommendations - The report suggests that the banking sector's fundamentals are accumulating positive factors, indicating a potential turning point in performance. It recommends specific banks, including Industrial and Commercial Bank of China (601398), Agricultural Bank of China (601288), and others, as attractive investment opportunities [36][37].