Group 1: Basic Information - Report research industry: Fertilizer industry [2][8] - Report research company: Zangge Mining [8] - Research date: July 17, 2025 [1][8] - List of participating institutions:华夏 Fund, Huatai-PineBridge Fund, etc. [2][9][10] Group 2: Core Views - The suspension of lithium resource development has little impact on the company's operating performance, and the operations of Zangge Potash and other subsidiaries are normal [16] - The company is actively promoting the handling of lithium resource mining procedures and will apply for resumption of production in time after completion [16] - The progress of the renewal of the mining license for Qarhan Salt Lake is smooth [17] - The first-phase project of the Mamilacuo project has started construction, and the construction period is expected to be 9 - 12 months [18] Group 3: Specific Data - In 2025, the company plans to produce 11,000 tons of lithium carbonate and sell 11,000 tons; in the first half of the year, it is expected to produce 5,350 tons and sell 4,470 tons, with an expected net profit of about 49 million yuan, accounting for a low proportion of the company's current overall net profit [16] - In 2025, the company plans to produce 1 million tons of potassium chloride and sell 950,000 tons [16]

Group 1: Basic Information - The surveyed company is Zhongshan Biologics Co., Ltd., belonging to the traditional Chinese medicine industry. The survey was conducted on July 17, 2025, and the company's receptionists included the board secretary, the president of Zhongrui Innovation, and the securities business manager [8]. - Participating survey institutions include Zheshang Securities Co., Ltd., Tianfeng Securities Co., Ltd., Caitong (a fund management company), Beijing Dingsa Investment Co., Ltd., and individual investors [2][9]. Group 2: R & D Pipeline Layout - The company has established a multi - mode R & D ecosystem, focusing on metabolic and respiratory diseases. It has 2 approved innovative drugs and multiple projects in clinical trials [14]. - In the metabolic disease R & D pipeline, ZSP1601 tablets for MASH are in Phase IIb clinical trials, and RAY1225 injection for T2DM and obesity/overweight has completed Phase II trials and is entering Phase III [14][15]. - In the respiratory disease R & D pipeline, Lairetrievir tablets have been approved and included in the national medical insurance, and Angladivir tablets have been approved in May 2025. Angladivir granules have obtained Phase II clinical trial top - line data [15][16]. Group 3: RAY1225 Injection Phase II Clinical Trial Results - RAY1225 injection has dual - receptor agonistic activity. Its Phase II trials for obesity/overweight and T2DM patients reached the primary endpoints [17]. - In the REBUILDING - 1 trial for obesity/overweight patients, 3mg, 6mg, and 9mg groups showed dose - dependent weight loss, with better results than the placebo group and numerically higher weight - loss达标 rates than Tirzepatide [17][18]. - In the SHINING - 1 trial for T2DM patients, 3mg, 6mg, and 9mg groups showed dose - dependent reduction in HbA1c, with better results than the placebo group and numerically higher glycemic - control达标 rates than Tirzepatide [20][21]. - RAY1225 injection has significant comprehensive advantages in improving cardiovascular - kidney - metabolic indicators and has good safety [22]. Group 4: Angladivir Project R & D Status - Angladivir tablets were approved in May 2025, with better efficacy than the placebo and Oseltamivir in clinical trials, and strong inhibitory effects on various influenza virus strains [24]. - Angladivir granules for 2 - 17 - year - old patients with influenza A have obtained Phase II clinical trial top - line data, showing positive efficacy and good safety [25][26]. Group 5: Marketing Plan for Angladivir Tablets - The company deepens marketing innovation in three dimensions: academic ecosystem construction, data - service upgrade, and key project implementation [27]. Group 6: R & D Investment - The company's annual R & D investment has exceeded 8% of its revenue for many years, and over 10% in the past three years. It will continue to invest in R & D to build a diversified R & D matrix [27][28]. Group 7: Overseas Progress of Innovative Drugs - The company values overseas market opportunities for innovative drugs and will seek international cooperation to create long - term value [28].

Group 1: Research Basic Information - The research object is BOE Technology Group Co., Ltd. [17] - The industry is optoelectronics [17] - The reception time is July 17, 2025 [17] - The listed company's reception staff includes Vice President and Board Secretary Guo Hong, and staff Zhang Yan and Wu Yilin from the Board Secretary's Office [17] Group 2: Detailed Research Institutions - The research institutions include GF Securities, a securities company, with representatives Wang Yuqiao and Xu Yiling, and Guotai Fund, a fund management company, with representatives Liu Bo, Zheng Youwei, Zhi Jian, Li Linjia, and Zhang Yang [18] Group 3: Core Views of the Report - The company's LCD business adjusts production line utilization rate according to market demand, with prices of some LCD TV sizes dropping slightly in July, while MNT and NB panel prices remain stable [24] - The company has built advantages in the flexible AMOLED field, with a significant increase in the proportion of high - end products such as LTPO and folding screens, and is also actively exploring mid - size innovative applications [25] - The company's Chengdu 8.6th - generation AMOLED production line project started equipment installation 4 months ahead of schedule in May, laying a foundation for subsequent production [26] - The average utilization rate of the LCD industry has fluctuated since November 2024, and panel manufacturers will continue to adjust it flexibly in the third quarter [26] - The company's depreciation in 2024 was about 38 billion yuan, and it is expected to peak this year [26] - The company announced a three - year (2025 - 2027) shareholder return plan, aiming to distribute at least 35% of net profit to shareholders in cash annually, with a repurchase amount of no less than 1.5 billion yuan, and has taken actions to implement it [27] - The company's future capital expenditure will focus on semiconductor display business and related high - potential fields based on the "Screen + IoT" strategy [28]

Group 1: Research Basic Information - The research object is CECport [17] - The research industry is not specified [17] - The reception time is July 17, 2025 [17] - The listed company reception staff are Xie Rizeng, the representative of the securities affairs, and Deng Liting, the commissioner of the securities affairs [17] Group 2: Detailed Research Institutions - The reception object type is a fund management company [20] - The relevant personnel of the institution is Ren Siru from Yongying Fund [20] Group 3: Main Content - Distributors play a key "link" role in the electronic information industry, connecting original component manufacturers and downstream electronic information manufacturers and ensuring the stability of the electronic component supply chain [22] - In addition to the authorized distribution business, the company has three other business segments: design chain services, supply chain collaborative supporting services, and industrial data services [22] - In 2024, the company's sales growth mainly came from memory and processors, driven by the increasing demand for consumer terminals and AI servers [22] - In the first quarter of 2025, the company's accounts receivable increased due to the increased demand from downstream customers in the AI server and other fields [24] - The company's major customers are mainly in the fields of consumer electronics, artificial intelligence, industrial electronics, network communication, and automotive electronics [24]

Group 1: Research Basic Information - The research object is Metro Design, belonging to the engineering consulting service industry, and the reception time was on July 9, 2025. The listed company's receptionist was Sun Yihan from Metro Design [17] Group 2: Detailed Research Institutions - The receiving object type is institutional relevant personnel, and the receiving object is Kaiyuan Securities, a securities company, with Hu Yaowen [20] Group 3: Main Content Issuance of shares to purchase assets - The company plans to acquire 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. held by Guangzhou Metro by issuing shares and raise supporting funds to integrate engineering consulting businesses such as survey and design, planning and consulting, and engineering supervision. The transaction consideration is about 511 million yuan, and the injection of relevant assets is expected to further increase the company's operating performance in future years. The transaction has been reviewed and approved by the company's board of directors and shareholders' meeting and is now reported to the exchange for acceptance [24] Reasons for the decline in Q1 performance - The company's Q1 operating performance fluctuated due to the long - cycle of rail transit survey and design projects, different gross margins at different stages of projects, and the impact of specific project progress. Also, the depreciation increased after the Metro Design Building was put into use, leading to higher costs and expenses [24] Asset impairment situation - The company accrues and reverses asset impairment provisions according to actual collection periods and subsequent collections. The Q1 asset impairment accrual increased year - on - year due to factors like the macro - economy and slower collection progress. However, the company's clients have good credit and strong solvency, and the long - term collection risk is relatively small [24][25] Gross margin situation - The company's gross margin fluctuates within a normal range. In 2024, the gross margin of the survey and design business increased because some projects reached the revenue recognition node and the company's cost - control measures were effective [26] Low - altitude economy business - The company actively explores the innovative integration of rail transit and the low - altitude economy. In 2024, it cooperated with the owner to formulate the infrastructure layout plan for "rail transit + low - altitude" in Guangzhou, signed a strategic cooperation framework agreement, and won relevant projects. Recently, it won the "UAV inspection service project for the protection area of Changsha Metro Line 6" [26] Overseas business expansion - The company attaches great importance to overseas business expansion, established an overseas business department, and is based in Hong Kong and Macao to expand business in countries and regions such as Vietnam and Singapore. In 2024, it won the design project of the high - and low - voltage transformation project of the Hong Kong MTR and advanced the project management consulting service in Macao. Recently, it signed a technical consulting service contract for Belgrade Metro Line 1 in Serbia [27] Future dividend plan - According to the company's articles of association and the "Three - year (2024 - 2026) Shareholder Dividend Return Plan", the company will distribute no less than 30% of the distributable profit of the current year in cash under relevant conditions. In the future, it will maintain a stable dividend policy [27]

Report Summary 1. Report Industry and Investment Rating - The industry under research is the home appliance industry. No investment rating is provided in the report [2]. 2. Core Viewpoints - The company, Xingshuaier, is a high - tech enterprise with strong innovation and R & D capabilities. It aims to combine endogenous growth with external mergers and acquisitions, expand new business channels, and seek new profit growth points [24][26]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Xingshuaier, belonging to the home appliance industry. The reception time was July 9, 2025. The company's reception staff included the board secretary, deputy general manager Lu Qunfeng, and the securities affairs representative Tian Bihua [17]. 3.2. Detailed Research Institutions - The reception object is Fangzheng Securities, a securities company, and the related staff is Zhang Lujia [20]. 3.3. Main Content Data - **Company Introduction**: Xingshuaier was listed on the Shenzhen Stock Exchange in April 2017. Its main business includes R & D, production, and sales of various products such as thermal protectors, starters, and photovoltaic components [24]. - **Military Business**: The subsidiary Zhete Motor has obtained military qualifications. Currently, sample orders for the aviation starter - generator integrated machine of large military drones are being delivered orderly, and the company is striving for bulk orders [24]. - **Investment Planning**: The company acquired the fund shares of Rongteng No. 2. It aims to use resources better and expand new business communication channels through co - investment with professional institutions. It is also determined to do well in external mergers and acquisitions [24][25][26]. - **Profit Growth Points**: The home appliance business provides stable customers and orders. The company will focus on R & D of new motor products, support Zhete Motor, and develop high - efficiency permanent magnet motors and servo motors to seek new profit growth [27].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View No information provided. 3. Summary According to Relevant Catalogs 3.1. Research Basic Situation - The research object is Xingrong Environment, belonging to the public utilities industry. The reception time was July 9, 2025, and the listed company's reception staff was Liu Jie [17]. 3.2. Detailed Research Institutions - The research institutions include China Merchants Cigna (a life - insurance company with related personnel Chai Ruoqi, Peng Yiyang, and Zhao Ruoqiong), CITIC Asset Management (an asset management company with related personnel Zhang Xiaoliang, Sun Shuguang, Yuan Zhizhi, and Liu Jiangchao), and Changjiang Securities (a securities company with related personnel Xu Ke and Li Bowen) [18]. 3.3. Main Content Data - **Company's Main Business**: Xingrong Environment is a leading comprehensive water - environmental protection service provider in China, integrating investment, R & D, design, construction, and operation. Its business segments include tap - water business, sewage treatment and reclaimed - water utilization business, environmental protection business (including waste incineration power generation, landfill leachate treatment, sludge disposal, and food waste disposal), and engineering business [25]. - **Water Supply and Drainage Projects**: The scale of the company's current operating and under - construction water supply projects is about 4.3 million tons per day, with the remaining 400,000 tons per day of the third phase of Chengdu Tap - water Plant No.7 in the trial - operation stage. The scale of the company's current operating and under - construction sewage treatment projects exceeds 4.8 million tons per day, with over 4.5 million tons per day already in operation. The under - construction projects are planned to be put into operation in the next 1 - 2 years [27]. - **Water Supply and Drainage Pricing Mechanism**: For the water supply business, price adjustments can be applied to the government price administrative department under certain conditions. The adjustment must go through procedures such as cost supervision and hearings and be adjusted synchronously with upstream resource water prices. For the sewage treatment business, the service - fee unit price is adjusted regularly every 2 or 3 years according to the franchise agreement. Temporary adjustments can be applied for due to factors such as changes in sewage - treatment discharge standards. The tentative average sewage - treatment service fee in the fifth phase (2024 - 2026) in the central urban area of Chengdu is 2.63 yuan per ton [29][30]. - **Waste Incineration Power Generation Project**: The company is currently promoting the construction of the third phase of Chengdu Wanxing Environmental Protection Power Plant, with a domestic - waste treatment scale of 5,100 tons per day, a sludge co - treatment scale of 800 tons per day, and a food - waste treatment scale of 800 tons per day. It is expected to be put into operation in 2026 [32]. - **Sludge Disposal Business**: The scale of the company's current operating and under - construction sludge - disposal projects is 3,116 tons per day. Operating projects include the first, second, and third phases of Chengdu First Urban Sewage Sludge Treatment Plant (with a total treatment scale of 1,400 tons per day), the first and second phases of Wanxing Environmental Protection Power Plant (with a total sludge co - treatment scale of 820 tons per day), and a ditch - sludge disposal project (with a treatment scale of about 96 tons per day). The under - construction project is the third phase of Chengdu Wanxing Environmental Protection Power Plant, with a sludge co - treatment scale of 800 tons per day [34][35]. - **Accounts Receivable**: With the company's market expansion and business - scale growth in recent years, accounts receivable have increased. The company attaches great importance to accounts - receivable management and actively conducts collection work [37]. - **Capital Expenditure and Dividends**: The company has had large capital expenditures in recent years due to multiple water - supply, drainage, and solid - waste projects. These projects will be put into operation in the next 1 - 2 years, and capital expenditures will gradually decline. The company values shareholder returns and has been increasing the cash - dividend ratio in recent years. In the future, it will be more capable of further improving the level of shareholder returns [38].

Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints - The report focuses on the in - depth investigation of Lianhuan Pharmaceutical, covering the company's strategic positioning, responses to challenges, and future development plans [26][28][30]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Lianhuan Pharmaceutical, belonging to the chemical pharmaceutical industry. The reception time was July 9, 2025. The company's reception staff included the chairman, board secretary, general manager, and other key personnel [16]. 3.2. Detailed Research Institutions - The institutions participating in the research include Jiangsu Securities Industry Association, China CITIC Bank, CITIC Construction Securities, Huabao Securities, Yida Capital, Xianghe Investment, Jiazhi Private Equity, Junzilan Capital, Yuanfang Capital, Jintou Assets, Yipin Assets, Deep Vision Technology, and Yangzhou Newspaper Group [17][18]. 3.3. Proportion of Research Institutions - Other types of institutions account for 54%, asset management companies 23%, securities companies 15%, and joint - stock commercial banks 8% [20][21][22]. 3.4. Main Content Information - **Event Background**: On July 8, 2025, CITIC Construction Securities Yangzhou Jiangyang Middle Road Securities Business Department, together with the Jiangsu Securities Industry Association, organized an event to visit Lianhuan Pharmaceutical [25]. - **Strategic Positioning and Core Competitiveness**: The company adheres to the "innovation - driven development" strategy. In 2024, the R & D investment was about 277 million yuan. It focuses on innovation drugs, high - end preparations, and large - variety generic drugs in R & D, promotes business model innovation in sales, and improves quality stability through intelligent transformation in production. It has passed the FDA on - site inspection twice and won the "Advanced - level Intelligent Factory in Jiangsu Province" title [26]. - **Impact of Centralized Procurement and Countermeasures**: The company recognizes the strategic value of centralized procurement policies and has established a dynamic policy research mechanism. It copes with challenges by optimizing product structure, accelerating innovation R & D, and deepening hospital - enterprise cooperation [28]. - **Logic and Synergy of Mergers and Acquisitions**: The acquisition of Changle Pharmaceutical aims at strategic synergy, layout optimization, production line complementarity, and cost advantages. The acquisition of Longyi Pharmaceutical is to expand CSO business and improve the pharmaceutical circulation layout. After the acquisitions, the company achieves all - round synergy through various measures [28]. - **Market Value Management Plan**: As a state - owned enterprise, the company attaches great importance to market value management. It is drafting a special market value management plan, focusing on R & D investment, market expansion, capital operation, and investor relationship management, and has maintained a 30% annual dividend ratio [29][30]. - **Future Development Strategy**: The company will continue to adhere to a market - oriented and innovation - centered development strategy, optimize product structure, expand the market, improve management efficiency, and carry out strategic investments and cooperation in a timely manner [30].

Report Summary 1. Reported Industry Investment Rating No relevant information provided. 2. Core View of the Report The report focuses on the research and analysis of Taihe New Materials in the chemical fiber industry. It covers the current situation, future prospects, and new product development of products such as spandex and aramid fibers [13][15][31]. 3. Summary by Related Catalogs 3.1 Research Basic Information - Research object: Taihe New Materials, belonging to the chemical fiber industry [9] - Reception time: July 9, 2025 - Listed company reception personnel: Board Secretary Dong Xuhai, Board Office staff [9] 3.2 Detailed Research Institutions - Guojin Securities (securities company, represented by Chen Yi) and Lantai Fund (others, represented by Liang Hongrui) participated in the research [10] 3.3 Main Content Spandex - Compared with the end of last year, the spandex price has little difference. The industry price has decreased this year, but the company's product quality has improved and the price has slightly increased [13] - The improvement of spandex is due to process and equipment optimization, reducing processes and energy consumption. The current investment density is higher than that of some peers, and the company plans to reduce it later [17] - The cost in Ningxia is lower than that in Yantai. The high investment density in Ningxia last year was due to factors such as new project design, production line transformation, and inventory management. This year, the quality has stabilized and the selling price has slightly increased [18][20] - There are no major opportunities for spandex in the next 2 - 3 years as the expansion has not ended and the downstream market is average [21] - The current proportion of differentiated spandex is about 10%, and the future plan is to reach 30% [22] Aramid Fibers - Meta-aramid is in a relatively good situation, with increasing volume, revenue, and profit, and the price is basically stable. Para-aramid has not fully stabilized, but the industry's motivation to cut prices is not strong and it should be close to the bottom [15] - The production capacity of both meta-aramid and para-aramid is 16,000 tons. Under normal circumstances, there will be growth, mainly depending on sales [27][29] - The meta-aramid coating production line has been partially put into operation, and products are being delivered in batches. The main customers are those with high requirements for product performance and willing to pay a premium, such as power backup for computing centers, special fields, power tools, and some car companies with battery factories [26] - The company's focus in the next two years is on optimizing products. In terms of incremental products, the coating products may see an increase in volume. In terms of existing products, meta-aramid and aramid paper are in good momentum and need to consolidate advantages and increase market share, especially in overseas markets; spandex and para-aramid need to reduce losses and improve quality [30] New Product Development - The company is conducting a pilot test for T2T recycling. It is promoting safety houses in the security and information business group, especially overseas. It is also providing solutions for aramid fiber series products to large enterprises and preparing a solution for new energy vehicle transportation [31] - The textile recycling technology is self-developed, and the company is currently building a pilot test [33]

Group 1: Research Basic Information - The research object is Runbang Co., Ltd., belonging to the special equipment industry, and the reception time was July 9, 2025. The company's reception staff included the vice president, the secretary of the board of directors, Xie Guixing, the representative of securities affairs, Liu Cong, and the commissioner of securities affairs, Dou Xiaolin [16] Group 2: Detailed Research Institutions - The research institutions include Changjiang Securities (represented by Si Hongli), Guolian Fund (represented by Lu Junyou), Everbright Asset Management (represented by Bian Shaohua), Guoxin Asset Management (represented by Yan Jiaoyang), Bank of Communications Schroder Fund (represented by Feng Qing), Added - value Investment (represented by Zhou Haofeng), and HSBC Jintrust Fund (represented by Zhou Zongzhou) [17] Group 3: Main Content Ship Production Capacity and Order Execution - The company currently has the capacity to produce no less than 10 ships per year, and there is still room for further improvement in shipbuilding capacity through optimization and adjustment. The ship - building contracts are being fulfilled normally [22] High - end Equipment Technology Development - The company seizes the opportunity of AI development, aiming to integrate AI with existing industries. It has gradually realized the R & D and application of intelligent and automated technologies in products such as container port cranes, mobile port cranes, and bulk material handling and conveying equipment, and has obtained multiple orders for automated equipment and equipment automation upgrades. It will further increase R & D efforts [22][23] Future Performance Growth - The material lifting and handling equipment business and the ship and offshore engineering equipment business will be the main growth points for the company's performance in the next few years. The company will expand its business scale through technological innovation and global business layout [24] Tongzhou Bay Base - The company is building the "Tongzhou Bay Equipment Manufacturing Base Project" to expand production capacity in the fields of offshore engineering equipment, material lifting and handling equipment, ships and supporting equipment, and increase market share [24] Internationalization Strategy - The company's high - end equipment business is mainly overseas, with overseas sales accounting for about 70%. It will strengthen the construction of sales and after - sales service networks, increase R & D investment, implement an international talent development strategy, and focus on increasing after - sales service revenue [24] Dividend Policy - Considering factors such as the company's 2024 profitability, future capital needs, industry conditions, and shareholder returns, the company increased dividends in 2024. It will continue to focus on its main business, enhance its core competitiveness, and increase dividends when conditions permit [25][26]