Group 1 - The State Council's General Office announced that Premier Li Qiang will attend the opening ceremony of the 2025 World Artificial Intelligence Conference in Shanghai on July 26 [1] - The State-owned Assets Supervision and Administration Commission held a seminar from July 23 to 24, emphasizing the need to optimize the allocation of state-owned assets and resist "involution" competition [1] - The National Development and Reform Commission and the State Administration for Market Regulation are soliciting opinions on the draft amendment to the Price Law, aiming to improve standards for identifying low-price dumping and regulate market pricing order [1] Group 2 - As of June 30, 2025, the total scale of public funds in China reached 34.39 trillion yuan, marking a historical high since early 2024, while money market funds saw a decline of over 160 billion yuan [2] - The second batch of 12 floating fee funds has been approved and will be launched successively [2] - The U.S. has imposed counter-tariffs totaling 93 billion euros on American products, which will take effect on August 7 if no trade agreement is reached with the U.S. [2] Group 3 - Yuanli Co. announced plans to acquire 100% equity of Tongsheng Co., and its stock has resumed trading [3] - Hengtong Optic-Electric won a marine energy project worth 1.509 billion yuan [3] - China Gold Group's Inner Mongolia Mining Co. has suspended production, and the company will promote follow-up work [3] Group 4 - Intel reported second-quarter revenue of $12.86 billion, a year-on-year increase of 0.2%, with a net loss of $2.92 billion compared to a loss of $1.61 billion in the same period last year [4] - OpenAI plans to release its flagship model GPT-5 as early as early August, along with mini and nano versions [4] - The European Central Bank maintained its main refinancing rate at 2.15%, the deposit facility rate at 2%, and the marginal lending rate at 2.4%, all in line with market expectations [4]

Core Viewpoint - The article summarizes significant announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors regarding operational changes, financial performance, and potential risks. Group 1: Company Announcements - Zhongjin Gold announced the suspension of operations at its Inner Mongolia mining subsidiary following a tragic incident where six students drowned during a site visit [3] - China Power Construction is involved in the Yarlung Tsangpo River downstream hydropower project, but the long construction cycle introduces uncertainty regarding its future financial impact [4][5] - Su Bote's stock has seen a significant increase, with its rolling P/E ratio at 55.52, well above the industry average of 19.61, prompting a warning about trading risks [6] - Agricultural Bank of China successfully issued a total of 600 billion yuan in secondary capital bonds, with two different maturities and interest rates [7] - Nanjing Xinbai's major assets are under judicial freeze due to liquidity issues faced by its controlling shareholder [8] - Time Space Technology's stock is suspended as the controlling shareholder plans a change in control [9] - Pioneer New Materials and its former controlling shareholder are under investigation by the China Securities Regulatory Commission for information disclosure violations [10] - *ST Wanfang faces risks of change in control as its major shareholder's stock is subject to auction [11] - ST Xia Chuang plans to publicly transfer 20% of its stake in a subsidiary to optimize its asset structure [12] - Saiwei Microelectronics is planning to transfer up to 18% of its shares through an agreement, without affecting control [13] - Hailun Piano's controlling shareholder is set to change, with a new entity becoming the largest shareholder [14] - Yuanli Co. intends to acquire 100% of Tongsheng Co. to enhance its strategic business layout in silica [15][16] - Zhongtung High-tech is focusing on opportunities in the Yarlung hydropower market [17] - Shen Shui Planning Institute is monitoring developments in the Yarlung hydropower project but is not currently involved [18] - *ST Baoying plans to transfer 50.1% of its stake in a subsidiary to optimize resource allocation [19] Group 2: Financial Performance - Zhimingda reported a net profit of 38.298 million yuan for the first half of 2025, a year-on-year increase of 2147.93% [20] - Leshan Electric Power's net profit for the first half of 2025 was 7.9031 million yuan, down 14.55% year-on-year, attributed to new pricing policies and increased costs [21][22] - Sainuo Medical expects a net profit of 13.84 million yuan for the first half of 2025, a 296.54% increase year-on-year, driven by strong sales of its coronary stent products [23] - China Haisong reported a net profit of 152 million yuan for the first half of 2025, up 8.52% year-on-year [24] Group 3: Shareholding Changes - Beitaini's shareholder plans to reduce its stake by up to 2% [25] - Yaoji Technology's controlling shareholder intends to reduce their stake by up to 3% [26] - Adit's major shareholder plans to reduce their stake by up to 3% [27] - Zhonghuan Environmental Protection's specific shareholder did not execute its planned share reduction [31] - Zhangyue Technology's major shareholder plans to reduce their stake by up to 3% [37] Group 4: Buybacks and Financing - Gaon Environment plans to repurchase shares worth between 100 million and 150 million yuan [38] - Quanzhu Co. intends to raise no more than 180 million yuan through a private placement for AI-related projects [39]

Group 1 - The company is the largest supplier of hard alloys in China [1] - The shield machine rolling cutter is at a leading level domestically [1] - The products are widely used in major urban subway construction, national railways, highway network construction, and national water diversion projects [1] Group 2 - The company plans to continue actively exploring market opportunities [1] - There is a focus on related construction project opportunities in the future [1]

中钨高新材料股份有限公司（以下简称"公司"）股票（证券简 称：中钨高新，证券代码：000657）于 2025 年 7 月 22 日、2025 年 7 月 23 日、2025 年 7 月 24 日连续三个交易日内日收盘价格涨幅偏离 值累计超过 20%，根据《深圳证券交易所交易规则》的有关规定，属 于股票交易异常波动情况。 二、公司关注及核实情况的说明 证券代码：000657 证券简称：中钨高新 公告编号：2025-86 中钨高新材料股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股票交易异常波动情况介绍 针对公司股票异常波动的情况，公司对有关事项进行了核查，现 将有关情况说明如下： 1.公司前期披露的信息不存在需要更正、补充之处； 2.公司未发现近期公共传媒报道了可能或已经对公司股票交易 价格产生较大影响的未公开重大信息； 3.公司近期经营情况正常，内外部经营环境未发生重大变化； 4.经自查和问询，公司、控股股东及实际控制人不存在关于公司 应披露而未披露的重大事项，也不存在处于筹划阶段的重大事项； 5.经问询，在公司本次股 ...

Group 1 - The company, Zhongtung High-tech (000657), has observed unusual fluctuations in its stock trading related to the "Yaxia Hydropower Project" concept [1] - As of the date of this announcement, the "Yaxia Project" is still in its initial stages, characterized by a large investment scale, long construction period, and high technical requirements [1] - The company will actively monitor and seize market opportunities while urging investors to be aware of investment risks [1]

Market Overview - The A-share market saw all three major indices reach new highs for the year, with the Shanghai Composite Index rising by 0.65% to surpass 3600 points, the Shenzhen Component Index increasing by 1.21%, and the ChiNext Index climbing by 1.5% [1] - The total market turnover was approximately 1.87 trillion yuan, a decrease of 24.5 billion yuan compared to the previous trading day, with over 4300 stocks rising [1] Sector Performance - The Hainan sector led the gains, with concepts related to the Hainan Free Trade Zone, horse racing, and duty-free shops showing significant increases [3] - The energy metals, minor metals, and new metal materials sectors ranked among the top three in terms of growth, with stocks like Shengxin Lithium Energy, Tibet Mining, and Zhongtung High-tech hitting the daily limit [3][13] Commodity Futures - Most domestic commodity futures closed higher, with coking coal futures hitting the daily limit, lithium carbonate rising over 7%, glass increasing over 6%, polysilicon up more than 5%, and soda ash rising over 4% [4] Company Highlights - Zhongshe Co., Ltd. (002883) experienced a rapid increase, hitting the daily limit within 9 minutes at the end of trading, marking its fourth consecutive day of limit-up [5][8] - Industrial Fulian saw its stock price rise by over 8% during the day, reaching a historical high, and closing up 7.04% with a total market capitalization of 565 billion yuan [6] Industry Insights - Zhongshe Co., Ltd. focuses on providing comprehensive engineering design consulting and general contracting services across four major business areas: transportation, municipal, construction, and environment [10] - According to Guosen Securities, the infrastructure sector is expected to see new development opportunities driven by policy support and market demand, particularly in major projects that optimize energy structure and enhance regional coordinated development [11] Film and Entertainment Sector - The film and cinema sector showed strong performance, with stocks like Happiness Blue Sea hitting the daily limit, and China Film and Golden Screen Films also seeing significant gains [18] - Recent initiatives, such as the issuance of movie vouchers in multiple regions, are expected to boost cinema attendance and revenue, with Beijing planning to invest 10 million yuan in subsidies for moviegoers [20] - The total box office for the summer season has already surpassed 4.4 billion yuan, with major films leading the box office [21] - Analysts predict a significant year-on-year improvement in box office performance due to a recovery in supply and an increase in the number of films released [22]

Market Overview - A-shares experienced a strong rebound today, with all three major indices reaching new highs for the year [1] - The Shanghai Composite Index rose by 0.62%, marking its fifth consecutive day of gains, while the Shenzhen Component increased by 0.84% and the ChiNext Index rose by 0.61% [2] - Total market turnover was approximately 1.93 trillion yuan, an increase of 201.5 billion yuan compared to the previous trading day [2] Sector Performance - The infrastructure construction sector remains hot, with significant gains in engineering machinery, civil explosives, and coal mining and processing sectors [4] - Multiple stocks in the "Chinese state-owned enterprises" category saw a surge, with companies like China Energy Engineering, China Railway Industry, and China Tungsten High-Tech hitting the daily limit [4] Engineering Machinery Sector - The engineering machinery sector led the market, with several stocks hitting the daily limit, including Wuxin Tunnel Equipment, Iron Tuo Machinery, and Hengli Drilling Tools [10] - Notable performers included: - Wuxin Tunnel Equipment: +29.99%, 5-day increase of 95.18% [11] - Iron Tuo Machinery: +29.99%, 5-day increase of 68.98% [11] - Hengli Aluminum: +29.97%, 5-day increase of 67.05% [11] - The China Construction Machinery Industry Association reported that excavator sales reached 120,520 units in the first half of 2025, a year-on-year increase of 16.8%, with exports up by 10.2% [12] - The demand for engineering machinery is expected to continue to recover, supported by positive macro policies and increased infrastructure investment [12] Coal Sector - The coal sector saw significant gains in the afternoon, with stocks like Shanxi Coking Coal, Haohua Energy, and Shanmei International hitting the daily limit [14] - Key performers included: - Shanxi Coking Coal: +10.07%, 5-day increase of 17.08% [15] - Haohua Energy: +10.06%, 5-day increase of 14.04% [15] - Shanmei International: +10.04%, 5-day increase of 13.77% [15] - The "double焦" futures contracts also surged, with coking coal futures reaching 1,048.5 yuan/ton and coke futures at 1,697 yuan/ton [16] - Expectations for supportive policies in the coal industry are increasing, which may help reverse the sector's challenges [17]

Group 1 - The core viewpoint is that the non-ferrous metal industry is experiencing a strong upward trend, with the industry index rising by 1.86% and individual stocks like Tungsten High-tech and Yahua Group seeing significant gains of 10.02% and 9.99% respectively [1] - The Ministry of Industry and Information Technology is set to release a growth stabilization plan for key industries, including non-ferrous metals, focusing on structural adjustments, supply optimization, and phasing out outdated production capacity [1] - The copper and aluminum sectors are highlighted for their high-quality development plans, with an emphasis on addressing the overcapacity issues in copper smelting and alumina production [1] Group 2 - The non-ferrous metal industry index (399395) includes 50 prominent securities, reflecting the overall performance of listed companies in the non-ferrous metal sector on the Shanghai and Shenzhen stock exchanges [2] - As of June 30, 2025, the top ten weighted stocks in the non-ferrous metal industry index account for 50.02% of the index, with companies like Zijin Mining and Luoyang Molybdenum among the leaders [2]

Group 1 - The local stocks in Hainan showed strength on July 22, with companies like Zhongtung High-tech and Caesar Travel reaching their daily limit up, while Haide Co., Kangzhi Pharmaceutical, and Hainan Development also saw gains [1] - On July 21, the People's Bank of China and five other departments issued the implementation details for the cross-border asset management pilot in Hainan Free Trade Port, allowing foreign investors to invest in various financial products with an initial pilot scale cap of 10 billion [6] - The State Council Information Office will hold a press conference on July 23, 2025, to discuss the construction of Hainan Free Trade Port, featuring key officials from various ministries [6] Group 2 - The cross-border asset management business in Hainan Free Trade Port is expected to enrich the supply of cross-border financial products and attract asset management institutions to operate in Hainan, aiding the development of the free trade port [8] - Hainan aims to start full island closure operations by the end of 2025, positioning itself to align with international standards similar to Hong Kong, which may enhance its global trade competitiveness [7][8] - The independent nature of the offshore duty-free policy in Hainan is anticipated to remain, with expected benefits from consumption-boosting policies post-closure, including an increase in the variety and quantity of duty-free products [8]

Investment Rating - Investment rating: Positive (maintained) [5] Core Views - The rare earth sector is experiencing price increases driven by overseas catalysts, with neodymium oxide rising 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, and terbium oxide increasing 0.84% to 7,180,000 CNY/ton [5][12] - Molybdenum prices are fluctuating at high levels due to increased steel demand, with molybdenum concentrate prices rising 4.46% to 3,985 CNY/ton [5][24] - Tungsten prices are at new highs due to supply contraction expectations, with black tungsten concentrate prices increasing 4.07% to 179,000 CNY/ton [5][29] - Tin prices are under pressure with SHFE tin down 1.01% to 264,500 CNY/ton, influenced by raw material shortages from Myanmar [5][37] - Antimony prices are adjusting downwards, with antimony ingot prices falling 1.30% to 190,000 CNY/ton due to reduced smelting output [5][48] - The controllable nuclear fusion materials sector is in a high-growth phase, with significant opportunities for upstream materials [6] Summary by Category Rare Earths - Recent price increases: neodymium oxide up 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, terbium oxide up 0.84% to 7,180,000 CNY/ton [5][12] Molybdenum - Molybdenum concentrate price increased 4.46% to 3,985 CNY/ton, while molybdenum iron (Mo60) rose 3.49% to 252,000 CNY/ton [5][24] Tungsten - Black tungsten concentrate price increased 4.07% to 179,000 CNY/ton, and ammonium paratungstate rose 4.35% to 264,000 CNY/ton [5][29] Tin - SHFE tin price decreased 1.01% to 264,500 CNY/ton, and LME tin fell 1.82% to 33,160 USD/ton [5][37] Antimony - Antimony ingot price decreased 1.30% to 190,000 CNY/ton, and antimony concentrate price fell 1.49% to 16,500 CNY/ton [5][48] Nuclear Fusion Materials - The controllable nuclear fusion industry is accelerating commercialization, with significant benefits expected for upstream materials [6]