Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating to Su Shi Testing (300416.SZ) based on strong financial performance and growth prospects [2] - In Q2, the company's net profit attributable to shareholders increased by 26% year-on-year, exceeding expectations, driven by impressive growth in integrated circuit testing [2] - Although the gross profit margin has declined, the net profit margin has remained stable and is on the rise, indicating effective cost management [2] - The company is positioned in a high-barrier, high-growth sector, which supports a positive outlook for its future development [2]

Core Viewpoint - The solid-state battery scientific issues have been resolved and the current focus is on engineering challenges, aiming for commercialization by 2030 with small-scale production expected in 2027 [2][6] Group 1: Industry Progress - The solid-state battery product development is progressing well, with commercialization considerations focusing on cost [2][6] - The supply chain is expected to mature in 3-5 years, with a target for commercial viability by 2030 [2][6] Group 2: Equipment and Technology - Leading companies in the solid-state battery equipment sector include Xian Dao Intelligent (整线), Hong Gong Technology (混料&纤维化), and Na Ke Nuo Er (辊压), which are well-positioned to benefit from the rising demand for upstream equipment [3][4] - The PTFE fiberization method is anticipated to become the mainstream solution for dry film formation, requiring higher equipment performance in terms of pressure, precision, and uniformity [3][4] Group 3: Equipment Challenges - The isostatic pressing process presents significant technical challenges, requiring ultra-high pressures of 500-600 MPa, which raises safety concerns [4] - Companies like AVIC's subsidiary Chuanxi Machinery are leading in isostatic equipment, while Xian Dao Intelligent and Na Ke Nuo Er are accelerating their investments in this area [4] Group 4: Investment Recommendations - Key recommendations include Xian Dao Intelligent (整线), Lian Ying Laser (激光焊接), and Hang Ke Technology (化成分容) as solid-state battery equipment suppliers [6] - Other companies to watch include Hong Gong Technology (前道设备龙头), Ying He Technology (干/湿法电极), and Li Yuan Heng (整线供应商) among others [6]

东吴证券研报指出，宁德时代25Q2归母利润略超预期，净利率再提升，龙头恒强。Q2汇兑收益贡献明显，库存商品增加。Q2该行测算汇兑收益15亿元+，较25Q1增加9亿元，主要受益于欧元升 ...

Group 1 - The core viewpoint of the article highlights that Anker Innovations plans to issue a restricted stock incentive plan, with a grant price set at 126.9 yuan per share, reflecting the company's confidence in its future prospects [1] - The grant price being set without a discount indicates that if the stock price does not increase post-unlocking, the employees receiving the shares will not benefit, showcasing the company's commitment to long-term growth [1] - Anker Innovations is recognized as a leading brand in the cross-border consumer goods sector, with recent expansions in energy storage, security products, and emerging overseas markets driving sustained high growth in performance [1] Group 2 - The company is expected to maintain a net profit forecast of 2.46 billion, 3.35 billion, and 4.22 billion yuan for the upcoming years, representing year-on-year growth of 16%, 36%, and 26% respectively [1] - The corresponding price-to-earnings ratios are projected at 27x, 20x, and 16x for the respective years, indicating a favorable valuation outlook [1] - The introduction of new products such as UV printers is anticipated to open new growth avenues for the company, further reinforcing its long-term confidence [1]

东吴证券研报指出，永辉超市拟定增融资40亿元，主要用于支持门店调改。公司拟通过门店升级改造项 目的建设，进一步对298家门店进行"胖东来模式"调改；通过物流仓储升级改造项目建设，引进自动分 拣线、AGV机器人等先进自动化设备，并配置WMS智能仓储管理系统、TMS物流运输管理系统等先进 的数字化、智能化物流仓储配送系统。期待公司加速调改和关闭长尾门店之后，中长期业绩逐步实现修 复。考虑公司调改和关店进度快于预期，该行对公司财务模型进行调整，将2025-27年归母净利润预期 从-8.7/2.4/14.3亿元，调整至-8.7/4.4/10.9亿元，考虑调改店推进和关闭长尾门店之后公司远期业绩有望 展现较好弹性，仍维持"增持"评级。 ...

Core Viewpoint - The report from Dongwu Securities highlights that the equity incentive plan of Feilihua binds core talents with the long-term interests of the company, further enhancing the long-term incentive mechanism [1] Group 1: Company Performance and Incentives - The company’s performance assessment is based on a net profit of 314 million yuan for 2024, with required net profit growth rates of no less than 25%, 56%, and 95% for the years 2025-2027 [1] - Individual performance must reach at least a B grade to unlock 100% of the incentives; otherwise, the incentives will be repurchased and canceled at 50% or 0% [1] Group 2: Talent and Market Focus - The incentive plan covers both technical backbones and the sales team, emphasizing the company's dual focus on R&D innovation and market expansion [1] - This approach is expected to help the company consolidate its competitive advantage amid the wave of domestic semiconductor material localization [1] Group 3: Industry Position - The company is recognized as a leading domestic manufacturer of quartz glass materials and products, and one of the few globally capable of mass production of quartz fibers [1] - The competitive landscape is favorable, leading to a maintained "buy" rating for the company [1]

Core Viewpoint - The report from Dongwu Securities indicates that CATL's performance in Q2 2025 slightly exceeded expectations, with an increase in net profit margin, leading to an upgraded target price of 440.0 CNY and a "buy" rating for the stock [1]. Financial Performance - In H1 2025, CATL achieved revenue of 178.9 billion CNY, a year-on-year increase of 7%, and a net profit of 30.5 billion CNY, up 33% year-on-year. The adjusted net profit was 27.2 billion CNY, reflecting a 36% increase year-on-year. In Q2 alone, revenue reached 94.2 billion CNY, with a quarter-on-quarter increase of 8% and a year-on-year increase of 11% [2]. - The gross profit margin for H1 2025 was 25.6%, with a net profit margin of 17.5%, showing a quarter-on-quarter increase of 3 percentage points [2]. Production and Sales - In Q2 2025, CATL's battery production reached nearly 150 GWh, with a capacity utilization rate of approximately 90%. For H1 2025, the total production was 310 GWh, a 47% increase year-on-year, with an expected shipment volume of 270 GWh, up 32% year-on-year [3]. - The company anticipates a total shipment volume of 650 GWh for the year, representing a growth of over 35%, with energy storage expected to contribute 140-150 GWh, marking a growth of over 50% [3]. Pricing and Profitability - In H1 2025, revenue from the power battery segment was 131.6 billion CNY, a 17% increase year-on-year, while the average price per watt-hour was 0.69 CNY, down 13% year-on-year. The gross margin for this segment was 22.4% [4]. - The energy storage segment generated 28.4 billion CNY in revenue, a slight decline of 1% year-on-year, with an average price of 0.59 CNY per watt-hour, down 20% year-on-year [4]. Other Business Segments - Revenue from battery material recycling was 7.9 billion CNY, down 45% year-on-year, but the gross margin improved to 26%, up 18 percentage points year-on-year [4]. - The mining resources segment reported revenue of 3.4 billion CNY, a 28% increase year-on-year, with a gross margin of 9% [4]. Exchange Gains and Inventory - In Q2, CATL recorded an estimated exchange gain of 1.5 billion CNY, benefiting from the appreciation of the Euro. The company also reported investment income of 1.5 billion CNY, a 22% increase quarter-on-quarter [5]. - As of the end of Q2, inventory increased to 72.3 billion CNY, up 21% from the beginning of the year, primarily due to an increase in inventory of 11.2 billion CNY [5]. Profit Forecast and Investment Rating - The company maintains profit forecasts of 66.1 billion CNY, 80.2 billion CNY, and 96.6 billion CNY for 2025-2027, with expected growth rates of 30%, 21%, and 20% respectively. The target price of 440 CNY corresponds to a PE ratio of 25 for 2025 [5].

Core Viewpoint - Dongwu Securities has issued a buy rating for CATL (300750.SZ) based on strong performance indicators and positive outlook for the company's profitability and market position [2] Financial Performance - In Q2 2025, CATL's net profit slightly exceeded expectations, with an improved net profit margin [2] - The company achieved battery shipments of nearly 150 GWh in Q2, with a capacity utilization rate of approximately 90% [2] - The stability of battery pricing has contributed to profitability, with stronger momentum in the power battery segment compared to energy storage [2] Business Operations - Significant improvement in gross profit margins across other business segments [2] - Notable contribution from foreign exchange gains in Q2, alongside an increase in inventory [2]

东吴证券7月31日发布研报称，给予安克创新（300866.SZ，最新价：126.9元）买入评级。评级理由主 要包括：1）本次激励计划授予股份数占总股本1%，首次授予激励范围涵盖608名骨干员工；2）授予价 格无折让，彰显公司对未来前景的信心；3）激励目标：年化收入或扣非净利增速约10%；4）激励成本 较低：根据公司激励草案测算。风险提示：股权激励计划落地尚存不确定性，地缘及关税影响，新品发 展低于预期等。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint of the report is that Dongwu Securities has given Yonghui Supermarket (601933.SH, latest price: 4.88 yuan) an "overweight" rating due to its strategic initiatives and financial plans [2] - The company plans to raise 4 billion yuan through a private placement, primarily aimed at supporting store upgrades and renovations [2] - Yonghui Supermarket is actively advancing the renovation of old stores and closing long-tail stores, indicating a focus on optimizing its retail footprint [2]