Core Points - The CSI Hong Kong 300 High Beta Index (H300HB) reported a value of 1274.62 points, with a monthly increase of 14.01%, a three-month increase of 35.04%, and a year-to-date increase of 45.66% [1][2] Group 1: Index Performance - The CSI Hong Kong 300 High Beta Index reflects the overall performance of securities listed on the Hong Kong Stock Exchange, with a base date of December 30, 2005, set at 1000.0 points [1] - The index's top ten holdings include Dongfang Zhenxuan (2.71%), InnoCare Pharma (2.34%), Sunac China (1.94%), China Merchants Securities (1.78%), FIT HON TENG (1.67%), China Cinda (1.63%), CICC (1.54%), China Galaxy (1.52%), Ping An Good Doctor (1.47%), and China Jinmao (1.45%) [1] Group 2: Sector Allocation - The sector allocation of the CSI Hong Kong 300 High Beta Index shows that finance accounts for 19.88%, consumer discretionary for 19.82%, information technology for 18.22%, healthcare for 12.38%, real estate for 11.38%, industrials for 6.66%, communication services for 5.86%, consumer staples for 2.93%, and materials for 2.87% [2] - The index sample is adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2]

Group 1 - The core viewpoint of the report is that China Galaxy recommends Unisoc (002049.SZ) due to several positive indicators for future performance [2] - A performance turning point is expected in Q2 2025, with an even better growth rate anticipated in Q3 [2] - The production and delivery pace is accelerating, with orders being delivered continuously [2] Group 2 - The completion of share buybacks and the expected acceleration of equity incentives are seen as positive factors [2] - Continuous product updates and iterations are leading to success across multiple fields [2] - The successful production of special chip packaging lines is expected to support high profit margins [2]

Core Viewpoint - Global copper supply is facing disruptions, particularly due to incidents at the El Teniente copper mine in Chile, which will affect future production capacity increases. Additionally, Zambia's copper output has declined in Q2 due to acid leaks and lower ore grades. Despite being in a low-demand season, strong demand from the power grid and new energy sectors, along with low domestic social inventory, is supporting copper prices. The expectation of a stable increase in copper prices is bolstered by supply constraints, potential interest rate cuts by the Federal Reserve, and the upcoming demand peak in September and October. Furthermore, the domestic rare earth industry is experiencing strong demand, leading to rising prices, particularly in the permanent magnet sector, which is expected to see performance improvements by Q3 2025 [1]. Group 1 - Global copper supply disruptions are ongoing, with Chile's El Teniente mine facing capacity issues due to accidents [1] - Chile has lowered its copper production forecast for this year to 5.58 million tons, a 1.5% increase year-on-year, down from a previously projected 3% [1] - Zambia's Q2 copper production has declined due to acid leaks and lower ore grades [1] Group 2 - Despite being in a low-demand season, demand from the power grid and new energy sectors remains resilient, supporting copper prices [1] - Domestic social inventory is at a low level, maintaining a premium in the spot market for copper [1] - The expectation of stable copper price increases is supported by supply constraints, potential Fed interest rate cuts, and the upcoming demand peak in September and October [1] Group 3 - Domestic large manufacturers are intensively bidding, and the tightening of rare earth export controls has led to increased overseas orders for magnetic materials [1] - The demand for permanent magnets is strong, with some companies extending production schedules to mid-October [1] - The tightening of rare earth supply controls and strong downstream demand are driving continuous price increases in rare earth materials [1] - The permanent magnet industry is expected to see performance improvements driven by volume and price increases by Q3 2025 [1]

（文章来源：第一财经） 中国银河证券指出，全球铜矿供应端扰动不断，智利El Teniente铜矿因事故导致未来几年产能增量受 损；智利下调今年的铜产量预期，预计将达到558万吨，同比增长1.5%，而此前5月预测产量增幅为 3%；此外，非洲赞比亚二季度铜产量出现下滑，主因酸性物质泄漏事故、矿山品位下降等。尽管当前 仍处铜需求淡季，但电网及新能源领域需求韧性较强，且国内社会库存仍处同期低位，现货维持升水格 局，继续支撑铜价。我们认为在矿端供给约束、美联储9月大概率重启降息以及"金九银十"的需求旺季 下，铜价有望继续平稳上涨。此外，国内下游多家大厂密集招标，叠加我国加强稀土磁材出口管制后海 外增加磁材订单以补库存，国内永磁行业需求旺盛，部分磁材企业排产已延至十月中旬。我国进一步加 严对稀土供应端的管控，下游需求端的景气，推动稀土价格持续上涨。稀土磁材在上半年的业绩反转 后，2025Q3有望在量价齐升的推动下进一步释放业绩。 ...

Core Viewpoint - The current valuation of the basic chemical industry is at a low level since 2014, indicating medium to long-term investment value [1] Supply Side - In recent years, capital expenditure and the growth rate of new capacity in the chemical industry have slowed down, but existing and under-construction capacity will still require time to digest [1] Demand Side - In the second half of the year, as the effects of policy stimulus gradually become apparent and the recovery momentum of terminal industries strengthens, the potential of domestic demand is expected to be fully released [1] Investment Opportunities - The company is optimistic about structural opportunities in chemical products and the potential for industry valuation recovery in the second half of the year [1]

Core Viewpoint - Company released its 2025 mid-year report, showing significant profit growth despite a slight decline in revenue, and plans to raise funds for new coal power projects [2][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 11.113 billion yuan, a year-on-year decrease of 3.28%, while net profit attributable to shareholders was 897 million yuan, representing a year-on-year increase of 157.96% (non-recurring profit increased by 182.50%) [2]. - For Q2 2025, the company reported revenue of 4.538 billion yuan, a year-on-year increase of 0.68%, and net profit of 453 million yuan, reflecting a substantial year-on-year growth of 374.71% (non-recurring profit increased by 560.34%) [2]. - The company's gross margin and net margin improved to 23.40% and 11.82%, respectively, with year-on-year increases of 9.58 percentage points and 8.41 percentage points [2]. Operational Metrics - The company's power generation volume in the first half of 2025 was 22.837 billion kWh, a year-on-year decrease of 3.52%, with thermal power generation down by 4.06% [3]. - The average on-grid electricity price was 438.95 yuan/MWh, showing a slight year-on-year decrease of 0.05% [3]. - The average coal price for the company decreased by 14.77% year-on-year, but recent market prices have rebounded, indicating potential for profit growth in the second half of the year [3]. Future Projects - The company plans to raise up to 2 billion yuan through a private placement to fund the construction of the Xibaipo Power Plant Phase IV, which will add 660 MW of coal power capacity [4]. - The total investment for this project is estimated at 5.863 billion yuan, with a post-tax internal rate of return of 7.10% and a payback period of 11.83 years [4]. - The company’s coal power capacity is expected to increase by 390 MW, representing a 33% growth in equity capacity upon completion of ongoing and planned projects by 2026 [4]. Investment Outlook - The company is projected to achieve net profits of 1.403 billion yuan, 1.545 billion yuan, and 1.672 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 9.6, 8.7, and 8.1 [4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 董事會會議通告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條而作出。 中國銀河證券股份有限公司（「本公司」）董事會（「董事會」）謹此公告將於2025年 公司截至2025年6月30日止六個月的中期業績及其發佈，並考慮派發中期股息（如 有）。 董事長及執行董事 （在中華人民共和國註冊成立之股份有限公司） 中國北京 （股份代號：06881） 於本公告日期，本公司執行董事為王晟先生（董事長）及薛軍先生（副董事長及總 裁）；非執行董事為楊體軍先生、李慧女士、黃焱女士及宋衛剛先生；以及獨立非 執行董事為羅卓堅先生、劉力先生、麻志明先生及范小雲女士。 承董事會命 中國銀河證券股份有限公司 王晟 ...

中国银河（601881）证券股份有限公司研究员何伟、陆思源、杨策、刘立思8月18日发布研报《欧圣电 气：Q2短暂受美国关税影响看好新品类放量》称，维持欧圣电气"推荐"评级。 中国经济网北京8月18日讯欧圣电气（301187）(301187.SZ)今日股价下跌，截至收盘报34.11元，跌幅 5.12%。 ...

格隆汇8月18日丨中国银河(06881.HK)公告，将于2025年8月28日（星期四）举行董事会会议，藉以（其 中包括）考虑及批准本公司及其附属公司截至2025年6月30日止六个月的中期业绩及其发布，并考虑派 发中期股息（如有）。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 董事會會議通告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條而作出。 中國銀河證券股份有限公司（「本公司」）董事會（「董事會」）謹此公告將於2025年 8月28日（星期四）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬 公司截至2025年6月30日止六個月的中期業績及其發佈，並考慮派發中期股息（如 有）。 董事長及執行董事 中國北京 2025年8月18日 於本公告日期，本公司執行董事為王晟先生（董事長）及薛軍先生（副董事長及總 裁）；非執行董事為楊體軍先生、李慧女士、黃焱女士及宋衛剛先生；以及獨立非 執行董事為羅卓堅先生、劉力先生、麻志明先生及范小雲女士。 承董事會命 中國銀河證券股份有限公司 王晟 ...