1. Report Information - Report Title: Weekly Report on Capital Flows of Exchange-Traded Index Funds - Data Date: September 8 - 12, 2025 - Research Institution: Great Wall Securities Industrial Finance Research Institute - Analyst: Jin Ling - Report Date: September 17, 2025 [1] 2. Core View - The report presents the capital flow, fund scale, and weekly price change data of various exchange-traded index funds from September 8 - 12, 2025, covering comprehensive, industry theme, style strategy, enterprise nature, regional, QDII, bond, commodity, and index-enhanced funds. 3. Summary by Category Comprehensive Index Funds - **Fund Performance**: The Shanghai Composite 50 had a fund scale of 15.9456 billion yuan, a weekly increase of 0.99%, and a net weekly capital outflow of 394 million yuan; the CSI 300 had a scale of 98.3449 billion yuan, a rise of 1.51%, and an outflow of 4.095 billion yuan; the CSI 500 had a scale of 14.012 billion yuan, a 3.41% increase, and an inflow of 1.174 billion yuan [6]. Industry Theme Index Funds - **Sector Performance**: The large technology sector had a fund scale of 21.6688 billion yuan, a 5.13% increase, and an outflow of 6.616 billion yuan; the large finance sector had a scale of 12.8483 billion yuan, a 0.92% rise, and an inflow of 11.468 billion yuan; the large health sector had a scale of 10.0161 billion yuan, a 0.50% decline, and an inflow of 6.432 billion yuan [7]. Style Strategy Index Funds - **Style Performance**: The dividend style had a fund scale of 5.9877 billion yuan, a 1.01% increase, and an inflow of 633 million yuan; the growth style had a scale of 730.6 million yuan, a 3.02% increase, and an outflow of 252 million yuan; the value style had a scale of 330.8 million yuan, a 1.11% increase, and an outflow of 102 million yuan [9]. QDII Index Funds - **Overseas Market Performance**: The Nasdaq 100 had a fund scale of 7.8421 billion yuan, a 0.73% increase, and an outflow of 197 million yuan; the S&P 500 had a scale of 2.0837 billion yuan, a 0.69% increase, and an outflow of 38 million yuan; the German DAX had a scale of 975 million yuan, a 0.43% decline, and an inflow of 101 million yuan [11]. Bond Index Funds - **Bond Type Performance**: The 30-year bond had a fund scale of 896.9 million yuan, a 1.18% decline, and an inflow of 149 million yuan; the 10-year bond had a scale of 409 million yuan, a 0.20% decline, and no net inflow; the 5 - 10-year bond had a scale of 3.8952 billion yuan, a 0.26% decline, and an outflow of 302 million yuan [12]. Commodity Index Funds - **Commodity Performance**: Gold had a fund scale of 7.0887 billion yuan, a 2.33% increase, and an inflow of 2.095 billion yuan; soybean meal had a scale of 419.3 million yuan, a 0.75% increase, and an inflow of 12 million yuan; non-ferrous metals had a scale of 74.5 million yuan, a 1.40% increase, and an inflow of 7.7 million yuan [12]. Index-Enhanced Funds - **Index Enhancement Performance**: The Shanghai Composite 50 index-enhanced fund had a scale of 76 million yuan, a 0.99% increase, and no net inflow; the CSI 300 had a scale of 320.9 million yuan, a 1.30% increase, and an outflow of 108 million yuan; the CSI 500 had a scale of 197.8 million yuan, a 2.72% increase, and an inflow of 21.6 million yuan [12].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next six months [5]. Core Viewpoints - The company's traditional business is under short-term pressure, but the ultra-high molecular weight polyethylene and nylon businesses are expected to contribute to future growth [1][12]. - The company has successfully launched its nylon products into the market, focusing on high-end apparel and functional textiles [10][12]. - The financial forecast shows a slight decline in revenue and profit for 2023, with expectations of recovery and growth in subsequent years, particularly in 2026 and 2027 [1][12]. Financial Summary - **Revenue**: Expected to grow from 1,600 million CNY in 2023 to 2,512 million CNY by 2027, with a CAGR of approximately 25% from 2025 to 2027 [1]. - **Net Profit**: Projected to increase from 203 million CNY in 2023 to 294 million CNY in 2027, with a notable growth rate of 27% in 2027 [1]. - **EPS**: Expected to rise from 0.47 CNY in 2023 to 0.68 CNY in 2027, reflecting a positive trend in earnings per share [1][12]. - **P/E Ratio**: Forecasted to decrease from 50.7 in 2023 to 35.0 in 2027, indicating a potential increase in valuation attractiveness [1][12]. Product Performance - **Nylon Products**: Achieved revenue of 73 million CNY with a gross margin of 7.91%, focusing on high-value, differentiated products for high-end apparel [2][10]. - **Ultra-High Fiber Products**: Revenue increased by 2.61% to 88 million CNY, with a significant gross margin improvement of 12.98 percentage points [2]. - **Woolen Products**: Revenue declined by 16.15% to 342 million CNY, but the gross margin improved slightly [2]. Strategic Initiatives - The company is focusing on high-quality positioning in its woolen products, utilizing premium raw materials and innovative design to meet luxury market demands [3][12]. - The ultra-high molecular weight polyethylene fiber is a strategic focus, with an annual production capacity of 3,600 tons, aimed at various applications including robotics and protective gear [9][12]. - The company has launched a new generation of tactile smart gloves in collaboration with strategic partners, enhancing its product offerings in the robotics sector [11][12].

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company is leveraging its battery technology to expand into international markets, particularly in Europe, aligning with the trend of electrification in the automotive sector [8] - The company showcased its Omnicell cylindrical battery technology at the IAA MOBILITY 2025, highlighting its advanced features such as high energy density and safety measures [2] - The new EU Battery Regulation will impose strict requirements on battery manufacturers, which the company is preparing to meet with its innovative products [3] Financial Summary - Revenue is projected to grow from 48,784 million yuan in 2023 to 117,384 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 31% [9] - Net profit attributable to shareholders is expected to increase from 4,050 million yuan in 2023 to 8,788 million yuan in 2027, reflecting a CAGR of around 14.4% [9] - The company's return on equity (ROE) is forecasted to improve from 11.9% in 2023 to 15.3% in 2027 [9] Market Position and Strategy - The company is actively collaborating with major automotive manufacturers, such as BMW, to enhance its market presence in Europe [2][8] - The construction of a factory in Hungary is underway, which will supply cylindrical batteries to BMW's facility, expected to create around 1,000 jobs [8] - The company aims to achieve a competitive edge through innovation and sustainable practices in battery production [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][10][18]. Core Views - The report highlights that the polyether amine industry is currently at a low point, with the company's performance under short-term pressure. However, there is optimism regarding the gradual ramp-up of COC (Cyclic Olefin Copolymer) products in the future [2][9][10]. - The company is actively exploring niche markets and has made progress in its COC production line, which has entered formal production, potentially opening a second growth curve for the company [9][10]. Financial Summary - **Revenue Projections**: The company is expected to generate revenues of 6.08 billion, 11.26 billion, and 16.31 billion yuan from 2025 to 2027, with year-on-year growth rates of 30.3%, 85.3%, and 44.8% respectively [10]. - **Net Profit Projections**: The projected net profits for the same period are 0.17 billion, 1.17 billion, and 2.70 billion yuan, with significant year-on-year growth rates of 185.9%, 593.0%, and 130.5% [10]. - **Earnings Per Share (EPS)**: The EPS is expected to be 0.18, 1.22, and 2.82 yuan for 2025, 2026, and 2027 respectively [10]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratios are projected to be 252.8, 36.5, and 15.8 for the years 2025, 2026, and 2027 respectively [10]. Industry Context - The polyether amine industry is facing intense competition, leading to a decline in both sales volume and price. The report notes that the average selling price of the company's products has decreased, while raw material costs have increased significantly [2][8]. - The company is focusing on expanding its international market presence and enhancing relationships with high-quality clients to mitigate competitive pressures [8][9].

Investment Rating - The report maintains a "Buy" rating for Taihe New Materials [4] Core Views - The company's performance is under short-term pressure due to low prices of spandex and aramid, but there is potential in the industrialization process of aramid-coated membranes [2][9] - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 44.16 billion, 53.44 billion, and 63.32 billion yuan respectively, reflecting year-on-year growth rates of 12.4%, 21.0%, and 18.5% [10] Financial Summary - Revenue for 2023 is projected at 39.25 billion yuan, with a slight increase to 39.29 billion yuan in 2024, followed by a significant rise to 44.16 billion yuan in 2025 [11] - The net profit attributable to the parent company is expected to decline to 0.73 billion yuan in 2025, before recovering to 2.17 billion yuan in 2026 and 3.23 billion yuan in 2027, with corresponding year-on-year changes of -18.8%, 198.9%, and 48.5% [10] - The company's return on equity (ROE) is projected to improve from 0.6% in 2025 to 2.3% in 2027 [11] Market and Product Insights - The spandex industry is experiencing continuous capacity expansion, leading to an imbalance in supply and demand, which has resulted in a price decline of approximately 17.82% for spandex in the first half of 2025 [2][3] - The aramid industry is facing increased competition due to new capacity releases and weakened demand in traditional industrial sectors, causing significant price drops and narrowing profit margins [3] - The company is making progress in the promotion of its aramid paper and aramid-coated membrane products, with successful applications in various high-value sectors such as new energy vehicles and aerospace [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4]. Core Viewpoints - The company's performance in the first half of 2025 exceeded market expectations, showing signs of recovery with a revenue increase of 5.76% year-on-year and a significant net profit growth of 1481.94% [1][2]. - The recovery in profitability from the agricultural protection business and significant growth in the pharmaceutical sector are key drivers of the company's improving performance [2][8]. - The company is focusing on expanding its overseas operations and enhancing its product offerings in the agricultural protection and pharmaceutical sectors, which are expected to contribute to long-term growth [8][9]. Financial Summary - **Revenue Forecast**: The company is projected to achieve revenues of 68.82 billion, 79.49 billion, and 90.29 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21.2%, 15.5%, and 13.6% [9]. - **Net Profit Forecast**: Expected net profits are 4.09 billion, 5.81 billion, and 7.28 billion yuan for the same years, with growth rates of 297.0%, 42.0%, and 25.2% [9]. - **Earnings Per Share (EPS)**: The projected EPS for 2025, 2026, and 2027 are 0.44, 0.63, and 0.79 yuan, respectively [9]. - **Valuation Ratios**: The price-to-earnings (P/E) ratios are expected to be 25.6, 18.0, and 14.4 for the years 2025, 2026, and 2027 [9]. Business Segment Performance - **Agricultural Protection**: Revenue from agricultural intermediates was 17.02 billion yuan, with a year-on-year decline of 9.13%. However, the gross margin improved to 24.99%, up 9.48 percentage points year-on-year [2]. - **Pharmaceuticals**: The pharmaceutical segment saw revenue of 10.18 billion yuan, a year-on-year increase of 42.80%, with a stable gross margin [8]. - **New Energy**: The company has commercialized four new energy products and is advancing several others through various stages of development, indicating potential for a second growth curve [9].

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company has experienced rapid revenue growth in H1 2025, primarily driven by the optimization of its PCB business structure and increased orders in high-end sectors such as AI servers and optical modules [2] - The company is focusing on expanding its high-end HDI production capacity, which is expected to drive a new round of growth [4] - The company has established strong partnerships with leading domestic telecommunications firms and is actively involved in multiple R&D projects for 5G mainboards and antenna PCBs [3] Financial Performance Summary - In H1 2025, the company achieved a revenue of 2.14 billion yuan, a year-on-year increase of 35.60%, and a net profit attributable to shareholders of 173 million yuan, up 15.29% year-on-year [1] - The company's gross margin for H1 2025 was 22.28%, an increase of 1.44 percentage points year-on-year, while the net margin was 8.06%, a decrease of 1.42 percentage points year-on-year [2] - The company plans to raise up to 1.98 billion yuan for the construction of an AI and computing HDI board production base, which is expected to generate an annual output value of 2.003 billion yuan upon reaching full capacity [4] Future Projections - The company forecasts net profits attributable to shareholders of 352 million yuan, 440 million yuan, and 545 million yuan for the years 2025, 2026, and 2027, respectively [9] - The projected EPS for the same years is expected to be 0.08 yuan, 0.10 yuan, and 0.13 yuan, with corresponding P/E ratios of 145X, 116X, and 94X [9]

Investment Rating - The report maintains an "Outperform" rating for the semiconductor industry [1] Core Insights - The semiconductor sector is experiencing a recovery, with Q2 2025 net profit increasing by 58.8% quarter-on-quarter, driven by AI demand and domestic substitution trends [2][8] - The digital and analog chip design segments are leading the growth, with net profits increasing by 152.8% and 44.6% respectively [25][26] - The overall revenue for the semiconductor sector reached a historical high of 1700.23 billion yuan in Q2 2025, marking a 15.2% year-on-year and 14.4% quarter-on-quarter increase [4][8] Summary by Sections Q2 2025 Sector Review - The semiconductor sector shows signs of recovery with a significant increase in revenue and net profit, achieving a record high in Q2 2025 [7][8] - The revenue growth is attributed to a rebound in downstream demand and AI terminal requirements [8][12] - The sector's gross margin and net profit margin have improved, with gross margin at 27.12% and net profit margin at 8.72% [12][16] Subsector Performance - The digital chip design sector leads in revenue growth, with a quarter-on-quarter increase of 35.1% and a year-on-year increase of 30.8% [26][35] - The semiconductor equipment sector also shows strong performance, with a revenue increase of 17.4% quarter-on-quarter and 29.0% year-on-year [39] - The semiconductor packaging and testing sector saw a remarkable net profit increase of 157.9% quarter-on-quarter [25][26] Investment Strategy - The report emphasizes the clear trend of domestic substitution and the potential for AI-driven growth, recommending a focus on companies within the AI supply chain and undervalued leaders [6][20] - The semiconductor sector's current price-to-earnings ratio (PE) is approximately 145.7, indicating a significant increase compared to previous quarters [16][19] Market Positioning - The A-share electronic sector maintains the highest allocation in the market at 18.67%, with a slight decrease from the previous quarter [19][23] - Public fund holdings in the semiconductor sector have generally increased, reflecting positive sentiment towards leading companies [23][24]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][21]. Core Views - The modified plastics segment is leading the company's growth, with significant potential in the new materials sector, driving integrated collaboration across the industry chain [1][12]. - The company reported a substantial increase in profitability for the first half of 2025, with a 35.50% year-on-year rise in revenue and a 54.12% increase in net profit attributable to shareholders [1][2]. - The company is focusing on enhancing its technological advantages and expanding its market share in new materials, with a strong emphasis on innovation and capacity expansion [10][11]. Financial Performance Summary - Revenue is projected to grow from 47,941 million yuan in 2023 to 85,409 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 11.9% [1][12]. - Net profit attributable to shareholders is expected to increase from 317 million yuan in 2023 to 2,489 million yuan in 2027, reflecting a significant growth trajectory [1][12]. - The company's return on equity (ROE) is forecasted to rise from 0.4% in 2023 to 3.4% in 2027, indicating improving profitability [1][12]. Segment Performance Summary - The modified plastics segment achieved a record sales volume of 1,308,800 tons in the first half of 2025, marking a 19.74% year-on-year increase [3][10]. - The new materials segment is expected to maintain rapid growth, driven by advancements in technology and production capacity, particularly in specialty engineering plastics and biodegradable plastics [8][10]. - The green petrochemical segment reported a revenue increase of 49.23% year-on-year, highlighting the effectiveness of cost reduction and efficiency improvement initiatives [11][12]. Market Outlook - The company anticipates significant growth opportunities in emerging industries such as new energy vehicles, electronics, and consumer electronics, with overseas sales expected to be a key growth driver [9][12]. - The company plans to accelerate capacity expansion in overseas markets, particularly in Vietnam and Spain, to enhance its global production footprint [9][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][11]. Core Views - The company is experiencing a slight performance pressure due to rising raw material costs, but there is optimism regarding its capacity expansion and ramp-up [1][11]. - The company has achieved historical highs in tire production and sales, although its performance has been impacted by increased raw material costs [2]. - The company is actively expanding its global footprint, with significant revenue growth from overseas operations [9][10]. Financial Summary - Revenue projections for the company are as follows: 2025E at 37,040 million, 2026E at 42,113 million, and 2027E at 45,508 million, with growth rates of 16.5%, 13.7%, and 8.1% respectively [11]. - The net profit attributable to the parent company is expected to be 4,158 million in 2025E, 5,132 million in 2026E, and 6,144 million in 2027E, with growth rates of 2.3%, 23.4%, and 19.7% respectively [11]. - The company's earnings per share (EPS) are projected to be 1.26 in 2025E, 1.56 in 2026E, and 1.87 in 2027E [11]. Operational Performance - In the first half of 2025, the company reported tire product revenue of 173.92 billion, a year-on-year increase of 16.40%, with a gross margin of 24.58%, down 4.38 percentage points [2]. - The company produced 40.60 million tires in the first half of 2025, reflecting a year-on-year increase of 14.66%, while sales volume reached 39.14 million, up 13.32% [2]. - The average price of self-produced tires increased by 5.85% year-on-year in the second quarter of 2025 [2]. Cost and Pricing Dynamics - The prices of key raw materials such as natural rubber, synthetic rubber, and carbon black have shown a high-level decline, although overall prices remain above last year's levels [2]. - The comprehensive procurement price of the main raw materials increased by 0.82% year-on-year but decreased by 4.64% quarter-on-quarter in the second quarter of 2025 [2]. Cash Flow and Financial Health - The company generated a net cash flow from operating activities of 8.84 billion in the first half of 2025, a year-on-year increase of 179.10% [8]. - The ending cash and cash equivalents balance was 56.22 billion, up 10.54% year-on-year [8]. - Accounts receivable increased by 35.02% year-on-year, while inventory rose by 29.29% [8]. Global Expansion and New Capacity - The company reported overseas revenue of 134.13 billion in the first half of 2025, a year-on-year increase of 18.72% [9]. - New capacity projects include a planned investment of 29,148 million USD in Egypt for a tire production project and an investment of 170,093 million CNY for the expansion of an existing facility [10].