Group 1: Macro Strategy and Market Trends - The report indicates a rebound in social financing, with July's social financing scale increasing by 1.16 trillion yuan, which is 389.3 billion yuan more than the same period last year [21] - The report highlights that the M1 and M2 monetary aggregates have shown a year-on-year increase, indicating a recovery in excess liquidity [21] - The report emphasizes the importance of monitoring the progress of US-China trade agreements and the performance of mid-year earnings reports [21] Group 2: Fixed Income and City Investment Bonds - As of August 12, 2025, the scale of city investment bonds planned for early redemption since 2025 is 55.8 billion yuan, showing a slowdown in the redemption pace compared to previous peaks [22] - The report notes that private placement bonds have a higher proportion of planned face value redemptions (61.23%) compared to public bonds (45.24%) [22][23] - The trend of redeeming bonds at face value has shifted, with issuers now more likely to offer fairer prices such as face value plus compensation [22] Group 3: Yellow Wine Industry - The report suggests that the yellow wine industry is poised for revival, driven by leading brands adopting high-end, national, and youth-oriented strategies [6] - It highlights that the market share of ancient yellow wine brands outside Jiangsu and Zhejiang has increased from 27% in 2018 to 43% in 2024, indicating successful national expansion [6] - The report recommends focusing on two leading yellow wine brands, Kuaijishan and Guyuelongshan, which have made significant progress in high-end and national strategies [6] Group 4: Company-Specific Insights - Industrial Fulian reported a sales revenue of 360.76 billion yuan in the first half of 2025, a year-on-year increase of 35.58% [9] - The company anticipates a net profit of 121.13 billion yuan for the first half of 2025, with a forecasted increase to 500 billion yuan in 2026 [9] - Weixing New Materials reported a revenue of 2.078 billion yuan in the first half of 2025, a year-on-year decline of 11.33%, but maintained a significant cash dividend of 157 million yuan [28][29]

Investment Rating - The report rates the industry as "Overweight," indicating that it is expected to outperform the overall market [3]. Core Insights - The axial flux motor has significant advantages in torque density and efficiency, already being applied in robotics. For instance, the YASA axial flux motor achieves torque density and power density of 160 Nm/L and 14.9 kW/kg, respectively, which is four times that of traditional radial flux motors [3]. - PCB motors, a branch of axial flux motors, have increased application potential due to optimized PCB technology. They replace traditional iron core stators with PCBs, leading to reduced weight and enhanced efficiency [3]. - PCB motors excel in lightweight design, high efficiency, stability, automated production, low noise, and flexible design, making them suitable for robotic applications that require high torque density and rapid response [3]. - The robotics sector presents new development opportunities for PCB axial flux motors, with leading companies actively seeking innovative motor technologies as traditional solutions face limitations [3]. Summary by Sections Axial Flux Motor Advantages - The axial flux motor is characterized by a flat shape and a larger effective magnetic area, resulting in higher torque and efficiency compared to traditional motors [3]. - The efficiency of these motors typically exceeds 96%, with lower operational noise and vibration [3]. PCB Motor Characteristics - PCB motors are lightweight, reducing copper usage by 66% and significantly decreasing weight [3]. - They offer high efficiency due to reduced magnetic path losses and improved thermal stability [3]. - The automated production process ensures consistent quality and allows for rapid customization [3]. Investment Opportunities - Recommended companies to watch include: - Wolong Electric Drive: A comprehensive motor supplier focusing on high torque density axial flux motors [3]. - Xiaxia Precision: Invested in ZhiJian Intelligent, specializing in micro motors [3]. - Mingyang Circuit: Capable of full-process PCB production with a focus on robotics [3]. - Dongmu Co., Ltd.: Holds a 22% stake in Xiaoxiang Motor, a leader in axial flux motor technology [3]. - Yidelong: A flexible EMS manufacturer with a diverse product range [3].

Core Viewpoint - Tianfeng Securities issued a report on August 14, giving Dongmu Co., Ltd. (600114.SH, latest price: 26.05 yuan) a "buy" rating based on strong growth in MIM and continuous improvement in profitability [2] Group 1: MIM Growth and Applications - MIM is experiencing strong growth, which is complemented by cost reduction and efficiency enhancement, leading to sustained improvement in profitability [2] - The three major platforms are collaborating effectively, with MIM enabling diverse application scenarios such as foldable screen hinges, AI, and robotics [2] Group 2: P&S and SMC Opportunities - In the P&S segment, hybrid vehicles maintain core scenarios while robotic gears are opening new opportunities [2] - The SMC segment is seeing growth potential driven by demand for automotive applications and AI computing power [2]

公司报告 | 半年报点评 东睦股份（600114） 证券研究报告 业绩再创半年度新高，MIM 业务保持超高速增长 中报业绩：25H1 实现营收 29.3 亿元，同比+24.5%；归母净利润 2.61 亿元，同比+37.6%；扣非归母 净利润 2.5 亿元，同比+40.6%。其中 Q2 实现营收 14.7 亿元，同比+17.6%，环比+0.8%；实现归母净 利润 1.49 亿元，同比+37.6%，环比+33.6%。 MIM 强势增长与降本增效共振，盈利能力持续提升 营收端，25H1 公司实现主营业务营收 29.12 亿元，yoy+24.76%，P&S/SMC/MIM 三大业务板块分别 实现营收 12.61/4.44/12.07 亿元，yoy+13.59%/-2.68%/+57.26%，其中 Q2 分别实现营收 6.35/2.54/5.73 亿元，环比+1.5%/+33.8%/-9.7%，MIM 业务同比保持超高速增长，生产稼动率提升和边际改善，折 叠机铰链成为公司发展重要增长极。盈利端，25H1 公司毛利率 23.72%，yoy-0.72pcts，P&S/SMC/MIM 板块毛利率分别为 24.07%/15.8 ...

Core Points - The company is holding its third extraordinary general meeting of shareholders in 2025 on August 21, 2025, at 14:30, in Ningbo, Zhejiang Province [2][3] - The meeting will utilize a combination of on-site and online voting methods, with online voting available from 9:15 to 15:00 on the same day [2][3] - The agenda includes the review of several key proposals, including the 2025 Restricted Stock Incentive Plan and its implementation management measures [4][6][9] Proposal Summaries - Proposal No. 25-04-01: The company proposes the 2025 Restricted Stock Incentive Plan to attract and retain talent, aligning the interests of shareholders, the company, and core team members [4][5] - Proposal No. 25-04-02: The company seeks approval for the implementation management measures of the 2025 Restricted Stock Incentive Plan to ensure its smooth execution [6][8] - Proposal No. 25-04-03: The company requests authorization from the shareholders to the board for handling matters related to the 2025 Restricted Stock Incentive Plan [9][10] - Proposal No. 25-04-04: The company proposes to authorize the board to manage and sign relevant agreements concerning the acquisition of Shanghai Fuchi High-Tech Co., Ltd. through a combination of stock issuance and cash payment [11][12]

证券代码：600114 股票简称：东睦股份 编号：2025-075 东睦新材料集团股份有限公司 NBTM NEW MATERIALS GROUP Co., Ltd. 关于召开 2025 年第三次临时股东会提示性 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担个别及连带责任。 重要内容提示： ?股权登记日：2025年8月14日 东睦新材料集团股份有限公司（以下简称"公司"）于2025年8月4日 召开了第八届董事会第十八次会议，会议审议通过了《关于提请召开公司 三次临时股东会。具体内容详见公司于2025年8月5日在上海证券交易所网 站（www.sse.com.cn）披露的相关信息。 本次股东会所采用的表决方式是现场投票和网络投票相结合的方式， 公司采用上海证券交易所股东会网络投票系统向公司股东提供网络投票平 台。现将本次股东会的有关事项提示如下： 一、召开会议的基本情况 （一）股东会类型和届次：2025 年第三次临时股东会 （二）股东会召集人：公司董事会 （三）投票方式：本次股东会所采用的表决方式是现场投票和网络投 票相结合的方式 ...

证券日报网讯8月13日晚间，东睦股份（600114）发布公告称，公司将于2025年8月21日召开2025年第三 次临时股东会。本次股东会将审议关于《东睦新材料集团股份有限公司2025年限制性股票激励计划(草 案)》及其摘要的议案等多项议案。 ...

东睦新材料集团股份有限公司 2025 年第三次临时股东会会议资料 2025 年 8 月 21 日 中国·宁波 1 东睦新材料集团股份有限公司 NBTM NEW MATERIALS GROUP Co., Ltd. （证券代码：600114 证券简称：东睦股份） 2025 年第三次临时股东会 会议资料 东睦新材料集团股份有限公司 2025 年第三次临时股东会会议资料 目 录 | 2025 年第三次临时股东会提示 | 3 | | --- | --- | | 2025 年第三次临时股东会议程 | 5 | | 议案： | | | 1、关于《东睦新材料集团股份有限公司 2025 年限制性股票激励计划（草案）》及其 | | | 摘要的议案 7 | | | 2、关于《东睦新材料集团股份有限公司 2025 年限制性股票激励计划实施考核管理办 | | | 法》的议案 8 | | | 3、关于提请股东会授权董事会办理公司 2025 年限制性股票激励计划有关事宜的议案 | | | 9 | | | 4、关于提请股东会授权董事会及其授权人士全权变更并签署相关协议的议案 11 | | 2 东睦新材料集团股份有限公司 2025 年第三次临时 ...

证券代码：600114 股票简称：东睦股份 编号：2025-075 东睦新材料集团股份有限公司 NBTM NEW MATERIALS GROUP Co., Ltd. 关于召开 2025 年第三次临时股东会提示性 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担个别及连带责任。 重要内容提示： 会议日期：2025年8月21日（星期四）下午14:30 本次股东会采用现场投票与网络投票相结合的表决方式 股权登记日：2025年8月14日 东睦新材料集团股份有限公司（以下简称"公司"）于2025年8月4日 召开了第八届董事会第十八次会议，会议审议通过了《关于提请召开公司 2025年第三次临时股东会的议案》，决定于2025年8月21日召开2025年第 三次临时股东会。具体内容详见公司于2025年8月5日在上海证券交易所网 站（www.sse.com.cn）披露的相关信息。 召开的日期时间：2025年8月21日（星期四）14点30分 本次股东会所采用的表决方式是现场投票和网络投票相结合的方式， 公司采用上海证券交易所股东会网络投票系统向公司股东 ...

关于发行股份及支付现金购买资产并募集 配套资金暨关联交易的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担个别及连带责任。 东睦新材料集团股份有限公司 NBTM NEW MATERIALS GROUP Co., Ltd. 二、本次交易的历史披露情况 2025年2月25日，公司披露了《东睦股份关于筹划发行股份及支付现 金购买资产并募集配套资金事项的停牌公告》，因筹划本次交易事项，根 据上海证券交易所的相关规定，经公司申请，公司股票自2025年2月25日 （星期二）开市起开始停牌，预计停牌时间不超过10个交易日，公告编 号：2025-007。停牌期间，公司按照相关规定披露了《东睦新材料集团股 份有限公司关于筹划发行股份及支付现金购买资产并募集配套资金事项的 停牌进展公告》，公告编号：2025-009。 证券代码：600114 股票简称：东睦股份 编号：2025-074 一、本次交易基本情况 东睦新材料集团股份有限公司（以下简称"公司"）拟通过发行股份 及支付现金的方式向深圳市远致星火私募股权投资基金合伙企业（有限合 伙）、钟伟、上 ...