Core Insights - The environmental protection industry is gradually returning to rational investment, focusing on the sustainable development of core businesses and cost reduction while actively exploring new sectors such as renewable energy, AI + environmental protection, and robotics to achieve steady growth amid market policy adjustments and industrial changes [1][2] Water Sector - In H1 2025, the water sector (16 listed companies) achieved revenue of 34.35 billion, a decrease of 0.9% year-on-year, while net profit increased by 4.6% to 5.42 billion. Recent policy changes are expected to catalyze market-oriented water price reforms, providing growth opportunities for efficient water service companies [3] Solid Waste Sector - In H1 2025, the solid waste treatment sector (38 listed companies) generated revenue of 86.53 billion, an increase of 3.4%, but net profit decreased by 3.4% to 8.47 billion. Enhanced dividends from waste incineration and international expansion are anticipated to lead to valuation re-evaluation [4] Environmental Monitoring/Testing Sector - In H1 2025, the environmental monitoring/testing sector (9 listed companies) reported revenue of 4.31 billion, down 4.4%, with net profit dropping 41% to 0.162 billion. New carbon market policies are expected to expand industry participation and drive demand for carbon monitoring as China continues to pursue its dual carbon goals [5] Environmental Equipment Sector - In H1 2025, the environmental equipment sector (26 listed companies) achieved revenue of 30.00 billion, a decrease of 3.69%, and net profit fell by 15% to 1.92 billion. The year 2025 marks the end of the 14th Five-Year Plan, with government initiatives expected to boost demand for energy-saving cooling equipment [6]

Group 1 - The brokerage sector experienced a low opening but rallied, with Guosheng Financial leading gains at 4% and Dongfang Caifu rising over 1% [1] - The 300 billion yuan top-tier brokerage ETF (512000) saw a slight increase of 0.33%, with a trading volume exceeding 400 million yuan within half a day, indicating active trading [1] - Financial data for August revealed a year-on-year decrease of 600 billion yuan in household deposits, while non-bank deposits increased by 550 billion yuan, suggesting a shift towards the stock market [3] Group 2 - The number of new A-share accounts opened in August reached 2.65 million, a 35% increase from July, with average daily trading volume hitting 2.25 trillion yuan, surpassing levels seen in September 2024 and June 2015 [3] - The brokerage sector is expected to benefit from the active market environment, with continuous inflows into the brokerage ETF totaling 1.698 billion yuan over the last five trading days and over 7.6 billion yuan in the past 20 days [3] - Open-source Securities noted that the brokerage sector's valuation remains low, with institutional holdings being relatively low, highlighting the potential for growth driven by trading volume and policy factors [5] Group 3 - Dongwu Securities emphasized that the average valuation of the non-bank financial sector is still low, providing a safety margin, and the transformation of the brokerage industry is likely to create new growth points [5] - The brokerage ETF (512000) has surpassed 33 billion yuan in size, setting a new historical high, with an average daily trading volume of 957 million yuan, making it one of the leading ETFs in A-shares in terms of scale and liquidity [5] - The brokerage ETF passively tracks the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [6]

Core Viewpoint - Oracle's cloud business is experiencing rapid growth, with a projected eightfold increase in the next four years, reflecting strong confidence in the long-term outlook for AI cloud infrastructure [1] Group 1: Oracle's Performance - Oracle reported FY26Q1 revenue of $14.93 billion, a year-over-year increase of 12% [1] - The total revenue from cloud services (IaaS + SaaS) reached $7.2 billion, growing 28% year-over-year [1] - The company's "remaining performance obligations" (RPO) have surged to $455 billion, a significant increase of 359% year-over-year [1] - Oracle signed four contracts worth "tens of billions" with three different clients in Q1, with expectations to sign more such contracts in the coming months, potentially pushing RPO over $500 billion [1] - The company anticipates FY26 cloud infrastructure revenue to reach $18 billion, a year-over-year increase of 77% [1] - Future revenue projections for the next four fiscal years are $32 billion, $73 billion, $114 billion, and $144 billion respectively [1] Group 2: Nvidia's Rubin CPX - Nvidia launched the Rubin CPX, designed for large-scale context inference, featuring 30 petaflops of NVFP4 computing power and 128GB of GDDR7 memory [2] - The Rubin CPX rack integrates 144 Rubin CPX GPUs, 144 Rubin GPUs, and 36 Vera CPUs, providing 8 exaFLOPs of NVFP4 computing capability, which is 7.5 times that of the GB300NVL72 [2] - The design and assembly complexity of the Rubin CPX rack may increase the value of server assembly and PCB usage [2] - The Rubin CPX is expected to stimulate demand among large model manufacturers due to its cost-effectiveness [2] Group 3: Investment Recommendations - Suggested companies to watch in the overseas AI sector include Industrial Fulian (601138.SH), Huadian Co., Ltd. (002463.SZ), and others [3] - Recommended companies in the domestic AI sector include Cambricon-U (688256.SH), Chipone Technology (688521.SH), and others [3]

（1）本公告所述的"基金"也包括按照《证券公司大集合资产管理业务适用〈关于规范金融机构资产管 理业务的指导意见〉操作指引》的要求完成变更后的证券公司大集合资产管理产品。 （2）本集合计划将于2025年9月16日起暂停赎回，拟办理赎回业务的投资者应不晚于2025年9月15日 15:00前提交赎回申请。后续赎回业务办理时间以新管理人信达澳亚基金管理有限公司网站 （www.fscinda.com）公告为准。在重新开放赎回业务前，各类份额的份额持有人将无法赎回本集合计 划份额，请投资者做好安排。 （3）咨询方式：信达证券股份有限公司客户服务热线：95321，公司网址：www.cindasc.com。 ■ 2、 其他需要提示的事项 风险提示：集合计划管理人承诺以诚实信用、勤勉尽责的原则管理和运用集合计划资产，但不保证集合 计划一定盈利，也不保证最低收益或投资者本金不受损失。投资者投资于本集合计划前应认真阅读本集 合计划的资产管理合同、招募说明书及其更新等法律文件。敬请投资者注意投资风险。 1、 公告基本信息 信达证券股份有限公司 2025年9月15日 ...

风险提示：集合计划管理人承诺以诚实信用、勤勉尽责的原则管理和运用集合计划资产，但不保证集合 计划一定盈利，也不保证最低收益或投资者本金不受损失。投资者投资于本集合计划前应认真阅读本集 合计划的资产管理合同、招募说明书及其更新等法律文件。敬请投资者注意投资风险。 信达证券股份有限公司 公告送出日期：2025年9月15日 1、 公告基本信息 ■ 2、 其他需要提示的事项 （1）本公告所述的"基金"也包括按照《证券公司大集合资产管理业务适用〈关于规范金融机构资产管 理业务的指导意见〉操作指引》的要求完成变更后的证券公司大集合资产管理产品。 （2）本集合计划将于2025年9月16日起暂停赎回，拟办理赎回业务的投资者应不晚于2025年9月15日 15:00前提交赎回申请。后续赎回业务办理时间以新管理人信达澳亚基金管理有限公司网站 （www.fscinda.com）公告为准。在重新开放赎回业务前，各类份额的份额持有人将无法赎回本集合计 划份额，请投资者做好安排。 （3）咨询方式：信达证券股份有限公司客户服务热线：95321，公司网址：www.cindasc.com。 2、 其他需要提示的事项 （1）本公告所述的"基金"也 ...

1. Report Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - The central bank maintains a relatively loose stance within the existing framework, as indicated by the OMO's resumption of large - scale operations after DR001 rose above 1.4%, the increase in banks' rigid net lending to over 4 trillion yuan, and the 300 - billion - yuan over - renewal of the 6 - month outright reverse repurchase [3][19]. - There is no need to over - worry about the so - called "deposit relocation" caused by the rise of the A - share market. The increase in M1 in August was affected by the base effect, and the reason for the increase in non - bank deposits is difficult to determine from the data [21]. - The statement of "advancing the issuance of part of the new local government debt quota for 2026 and using debt - resolution quotas earlier" does not necessarily mean that the 2 - trillion - yuan replacement bonds in 2026 will be issued ahead of schedule in Q4 [3][40]. - Without new quotas, the average monthly net financing scale of government bonds in Q4 is estimated to be about 633.5 billion yuan, lower than the average of the first three quarters. Unless there is a significant decline in fiscal deposits in September, the early issuance of Q4 replacement bonds is not the baseline expectation. Even if they are issued early, the impact on liquidity is controllable [4][44]. 3. Summary by Directory 3.1 Money Market 3.1.1 This Week's Fundamentals Review - The central bank's OMO had a net injection of 196.1 billion yuan this week, and announced a 600 - billion - yuan 6 - month outright reverse repurchase operation next Monday, with a monthly net injection of 300 billion yuan. Affected by government bond payments and the previous OMO net withdrawal, funds tightened in the first half of the week, with DR001 rising to 1.43%. After Wednesday, as the central bank's reverse repurchase shifted to net injection, the funds loosened marginally, and DR001 fell back below 1.4% [3][7]. - The trading volume of pledged repurchase decreased from the high level in the second half of last week, but the average daily trading volume increased by 1.8 trillion yuan to 73.9 trillion yuan. The overall scale of pledged repurchase decreased in the first half of the week and then increased in the second half, still slightly lower than last Friday. In terms of institutions, the net lending of large - scale banks decreased continuously in the first half of the week and recovered after Thursday, the net lending of city - commercial banks fluctuated slightly, and the net lending of joint - stock banks increased. The overall rigid net lending of banks decreased in the first half of the week and then fluctuated and recovered in the second half, rising back above 4 trillion yuan. The non - bank rigid lending increased, mainly due to the large increase in money - market fund lending, while the lending of wealth - management products decreased slightly. The non - bank rigid borrowing decreased, mainly due to the decrease in fund borrowing, while the borrowing of insurance and other products increased. The fund gap index first rose and then fell, rising to - 318 billion on Wednesday and then falling to - 539.9 billion on Friday, still higher than - 621.3 billion last Friday [3][17]. 3.1.2 Next Week's Fund Outlook - The estimated scale of treasury bond payments next week is 392 billion yuan. As of this week, the cumulative issuance of new general bonds in 2025 is 635.5 billion yuan, new special bonds is 3.4138 trillion yuan, ordinary refinancing bonds is 2.0641 trillion yuan, and special refinancing bonds is 1.9629 trillion yuan. The issuance scale of local bonds in 10 regions such as Yunnan, Shandong, and Xinjiang next week is 188.5 billion yuan, including 20.7 billion yuan of new general bonds, 97.8 billion yuan of new special bonds, and 70 billion yuan of refinancing bonds, with an actual payment scale of 190.2 billion yuan. The net payment scale of government bonds will rise from 344.2 billion yuan this week to 402.5 billion yuan [22]. - Next week, funds will face multiple disturbing factors, with greater pressure in the first half of the week. However, the funds injected through outright repurchase will provide some hedging. Considering that the central bank's relatively loose stance within the existing framework remains unchanged, the probability of significant fluctuations in subsequent fund prices is relatively limited, and DR001 may not remain above 1.4% [4]. 3.2 Inter - bank Certificates of Deposit - This week, the 1 - year Shibor rate rose 0.7 BP to 1.67%, and the secondary rate of 1 - year AAA - rated inter - bank certificates of deposit rose 0.5 BP to 1.67%. The issuance scale of inter - bank certificates of deposit increased, but the maturity scale increased more, resulting in a net repayment of 424.1 billion yuan. The net financing scales of state - owned banks, joint - stock banks, city - commercial banks, and rural commercial banks were - 135.6 billion yuan, - 98.3 billion yuan, - 159.8 billion yuan, and - 23.6 billion yuan respectively. The issuance proportion of 1 - year certificates of deposit rose to 15%, and the issuance proportion of 3 - month certificates of deposit was the highest at 34%. Next week, the maturity scale of certificates of deposit is about 894.1 billion yuan, a decrease of 315.7 billion yuan compared with this week [4][45][49]. - The issuance success rates of certificates of deposit of various banks decreased compared with last week. Except for the relatively low issuance success rate of state - owned banks, the others were around the average level in recent years. The issuance spread between 1 - year certificates of deposit of city - commercial banks and joint - stock banks widened [50]. - This week, the relative supply - demand strength index of certificates of deposit fluctuated and increased. The willingness of money - market funds to increase their holdings of certificates of deposit significantly increased after Thursday, the overall demand of wealth - management products for certificates of deposit increased slightly, the demand of non - money funds and other products for certificates of deposit decreased in the middle of the week and then recovered on Friday, and joint - stock banks continuously reduced their holdings after Tuesday. The supply - demand index of certificates of deposit continuously increased after Monday, rising to 36.4% on Friday, a 4.8 - percentage - point increase compared with September 5. In terms of different maturities, the supply - demand indexes of 1 - month and 1 - year certificates of deposit decreased, while those of 3 - month, 6 - month, and 9 - month varieties increased [59]. 3.3 Bill Market This week, bill rates showed a divergent trend. The 3 - month national bill rate decreased by 3 BP to 1.15% month - on - month, while the 6 - month national bill rate increased by 6 BP to 0.79% [64]. 3.4 Bond Trading Sentiment Tracking - This week, the bond market performed weakly, the yield curve steepened and rose, and the spread of Tier 2 and perpetual bonds widened [66]. - Large - scale banks' willingness to increase their bond holdings increased significantly, mainly showing an inclination to increase their holdings of certificates of deposit and long - term treasury bonds, and a significant increase in the willingness to increase their holdings of medium - and short - term treasury bonds and long - term policy - bank bonds, but an inclination to reduce their holdings of ultra - long - term treasury bonds and 5 - 7 - year policy - bank bonds. Trading - oriented institutions shifted to a tendency to reduce their bond holdings. Among them, fund companies tended to reduce their holdings, securities companies' willingness to reduce their holdings increased, other products' willingness to increase their holdings decreased, and other institutions' willingness to increase their holdings increased slightly. All allocation - oriented institutions' willingness to increase their bond holdings increased significantly [66].

Group 1 - The core viewpoint of the news is that Shenzhen Energy Group has provided key insights into its operational capacity, coal consumption, coal sourcing, and profitability in the coal power sector during a recent investor meeting [1][2]. Group 2 - As of the end of the first half of 2025, Shenzhen Energy has an operational installed capacity of 25.3144 million kilowatts, with 4.5797 million kilowatts under construction and 5.645 million kilowatts approved but not yet started, indicating both current scale and future growth potential in the power generation sector [3]. - In the first half of 2025, the average coal consumption for conventional coal-fired units was 305.77 grams per kilowatt-hour, while for coal-fired thermal power units, it was 273.33 grams per kilowatt-hour. The company has also decommissioned two 320-megawatt units at the Ma Wan Power Plant and plans to construct two 660-megawatt supercritical coal-fired units at the same site [4]. - The main sources of coal for the company include Guoneng Sales Group Guangzhou Co., Ltd., Guangzhou Pearl River Electric Fuel Co., Ltd., and Yitai Energy Supply Chain Services (Shenzhen) Co., Ltd., which are crucial for the stable operation of its coal power business [5]. - In the first half of 2025, the coal power segment achieved a net profit attributable to the parent company of approximately 329 million yuan, reflecting the profitability of this segment during the period [6].

Core Insights - Yuanli Co., Ltd. engaged in discussions with two institutions, including Xinda Securities, focusing on technology development, product innovation, market expansion, and new energy carbon materials business [1][2] Group 1: Technology and Innovation - Technology innovation is central to Yuanli's sustainable development, with a focus on comprehensive utilization of thermal energy and reducing consumption through R&D and technological upgrades [3] - The company aims to optimize production processes to enhance the stability of three main products: activated carbon, sodium silicate, and silica gel [3] - Yuanli is committed to improving production line efficiency and environmental standards while reducing costs and increasing efficiency through "technology application, process improvement, and equipment enhancement" [3] Group 2: Activated Carbon Product Layout - Yuanli is expanding its activated carbon product range towards full-category and high-end development, including wood-based powdered activated carbon, bamboo-based granular activated carbon, and fruit shell activated carbon [4] - These products find applications across various sectors such as fermentation, food, pharmaceuticals, chemicals, and water treatment [4] Group 3: Market Expansion Strategy - To consolidate market advantages, Yuanli employs flexible sales strategies to increase market share in traditional sectors and enhance bargaining power [5] - The company is expanding the production and sales scale of granular and coconut shell activated carbon while enhancing high-end product market development through exhibitions and forums [5] - Yuanli is focusing on creating a "one-stop overall solution" capability and improving marketing management to increase customer loyalty and promote activated carbon sales growth [5] Group 4: New Energy Carbon Materials Progress - Yuanli's new energy carbon materials business is off to a good start, with bulk production and sales of supercapacitor carbon, hard carbon, and porous carbon [6] - The company is steadily advancing the "2,000 tons annual production of porous carbon construction project," which is expected to become a new growth driver [6]

Core Viewpoint - The report from Xinda Securities indicates a significant decline in soda ash prices, leading to negative industry profits and substantial performance drops for listed companies by 2025 [1][3]. Supply Side - Soda ash production capacity accelerated growth in 2023, surpassing 40 million tons, with a year-on-year increase of 19.5%, and expected to reach 43.45 million tons in 2024 [4]. - The production structure is changing, with natural soda ash's share increasing from 5% in 2022 to 19% in the first seven months of 2025 [4]. - Natural soda ash has a cost advantage due to its simple process and low energy consumption, maintaining full production even during price declines [4][6]. Demand Side - The real estate downturn is the primary factor affecting flat glass demand, with construction area declining by 12.7% in 2024 [5]. - However, automotive glass demand is providing some support, with vehicle production increasing by 10.5% in the first seven months of 2025 [5]. - The photovoltaic glass sector is experiencing short-term fluctuations but is expected to maintain long-term growth, with production projected to reach 2,734 million tons in 2024 [5]. Industry Challenges - The industry is facing a "反内卷" (anti-involution) challenge, requiring supply optimization, demand stimulation, and policy guidance to improve the situation [7]. - The report suggests that high-cost production methods should be phased out to control low-level capacity expansion [7]. Investment Opportunities - In light of the industry's bottom characteristics, companies with cost advantages, such as Boyuan Chemical and Zhongyan Chemical, are recommended for attention [8].

Core Viewpoint - The stock of Xinda Securities has shown a significant increase in both price and trading volume, indicating strong market interest and potential growth opportunities for investors [1][2]. Group 1: Stock Performance - As of September 11, Xinda Securities' stock price rose by 2.02% to 19.20 CNY per share, with a trading volume of 5.07 billion CNY and a turnover rate of 3.89%, resulting in a total market capitalization of 622.66 billion CNY [1]. - Year-to-date, the stock has increased by 28.40%, with a 1.91% rise over the last five trading days, 7.91% over the last 20 days, and 20.73% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Xinda Securities reported a net profit of 10.24 billion CNY, representing a year-on-year growth of 66.78% [2]. - The company achieved zero operating revenue during the same period [2]. Group 3: Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders increased to 83,400, up by 8.57%, while the average number of circulating shares per person decreased by 7.90% to 8,294 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 22.72 million shares, an increase of 4.13 million shares from the previous period [3].