Core Viewpoint - The performance of various industries in the first half of the year has shown significant improvement, with 52.88% of the 938 listed companies reporting a year-on-year increase in net profit attributable to shareholders [1] Group 1: Non-ferrous Metals Industry - The non-ferrous metals sector has experienced substantial profit growth, driven by rising prices of raw materials such as copper and gold [2] - 20 companies in the non-ferrous metals industry reported a year-on-year profit increase of over 50%, with 6 companies achieving a profit doubling [2] - For instance, Jincheng Mining expects a net profit of 1.07 billion to 1.12 billion yuan, a year-on-year increase of 74.62% to 82.78%, attributed to increased sales volume and prices of mineral products [2] - Luoyang Molybdenum anticipates a net profit of 8.2 billion to 9.1 billion yuan, reflecting a growth of 51.37% to 67.98% due to rising copper and cobalt prices [2] - Huayou Cobalt's profit is expected to rise by 55.62% to 67.59%, with a projected net profit of 2.6 billion to 2.8 billion yuan, driven by increased cobalt prices [2] Group 2: Gold Industry - The gold sector has also reported strong performance, with companies like Western Gold expecting a net profit of 130 million to 160 million yuan, a year-on-year increase of 96.35% to 141.66% [3] - Shandong Gold anticipates a net profit of 2.55 billion to 3.05 billion yuan, reflecting an increase of 84.30% to 120.50% due to higher gold sales prices and increased sales volume [3] - Other gold companies, including Chifeng Gold and Zhongjin Gold, also expect net profit increases exceeding 50% [3] Group 3: Agricultural Chemicals Industry - The agricultural chemicals sector has seen significant profit growth, with 49 out of 89 companies reporting increases, representing 55.1% [4] - Xian Da Co. expects a net profit of 130 million to 150 million yuan, a staggering year-on-year increase of 2443.43% to 2834.73%, driven by rising market prices of its main product [4] - Su Li Co. anticipates a net profit of 72 million to 86 million yuan, reflecting a growth of 1008.39% to 1223.91% due to increased sales of pesticides [4] - Li Min Co. expects a net profit of 260 million to 280 million yuan, a year-on-year increase of 719.25% to 782.27% [4] Group 4: Fertilizer Industry - Fertilizer companies like Yara International and Dongfang Iron Tower are also forecasting over 50% profit growth due to increased product demand [5] - Yara International expects a net profit of 730 million to 930 million yuan, a year-on-year increase of 170% to 244%, driven by higher production and sales volumes [5] - Dongfang Iron Tower anticipates a net profit of 451 million to 495 million yuan, reflecting a growth of 63.80% to 79.78% [5] Group 5: Fluorochemical Industry - The fluorochemical sector has benefited from rising market prices, with companies like Sanmei Co. expecting a net profit of 948 million to 1.042 billion yuan, a year-on-year increase of 146.97% to 171.67% [6] - Juhua Co. anticipates a net profit of 1.97 billion to 2.13 billion yuan, reflecting a growth of 136% to 155% due to rising prices of fluorinated refrigerants [6] - Yonghe Co. expects a net profit of 255 million to 280 million yuan, a year-on-year increase of 126.30% to 148.49% [6]

Group 1 - The chemical sector is experiencing a strong rally, with the chemical ETF (516020) rising by 1.24% as of the latest update [1] - Key stocks such as Yipuli and Yara International have seen significant gains, with some stocks increasing over 3% [1] - The current situation in the chemical industry is reminiscent of the supply-side reforms of 2014-2015, suggesting a potential turning point for the sector [2] Group 2 - Domestic policies frequently emphasize supply-side requirements, while international factors like rising raw material costs and capacity exits in Europe and the U.S. add uncertainty to chemical supply [3] - The Chinese chemical industry is expected to leverage its competitive advantages in cost and technology to fill gaps in the international supply chain [3] - The implementation of new policies aimed at stabilizing growth in key industries, including chemicals, is anticipated to lead to structural adjustments and the elimination of outdated capacities [3] Group 3 - The chemical ETF (516020) tracks the CSI Sub-Industry Chemical Index, with nearly 50% of its holdings in large-cap stocks, providing an efficient way to invest in the sector [4] - The ETF includes a diverse range of chemical sub-sectors, allowing investors to capture various investment opportunities within the chemical industry [4]

在"外扩"方面，我国已成为全球钾肥产能的重要投资者。中农控股原料肥事业部总经理杨国敏指出，未 来我国在老挝的钾肥项目有望实现500万吨以上的钾肥回国量。他进一步表示，中农始终坚守保供稳 价"初心"，做关键时期抓得住、用得上、靠得住的重要力量。 中化新网讯 "'十五五'期间，钾肥行业要坚持'内稳外扩，内外兼修'的发展战略，继续推进国内钾资源 勘查与储备，统筹布局加速推进境外钾肥基地建设，优化钾肥品种并提高储备应急保障能力。"在上周 举行的2025世界钾盐钾肥大会暨格尔木盐湖论坛钾盐钾肥高峰论坛上，中国无机盐工业协会钾盐钾肥行 业分会秘书长周月表示。 "亚钾国际产业园正在打造老挝优质产业发展平台，为中国更多企业出海提供共享区域发展红利的机 遇。"亚钾国际北京公司副总经理尹彤介绍说，亚钾国际在老挝的产业园具有规模、区位、成本、配套 和政策五重优势。在此基础上，亚钾国际提出了"三化模式"，即以链式升维，实现工业化、城镇化、农 业现代化联动发展。 记者在会上了解到，近年来，我国钾肥行业在"内稳"和"外扩"方面持续推进。"从'内稳'来看，'十四 五'期间，我国钾肥保障能力不断提升，资源型钾肥生产趋于稳定，在技术创新和数智 ...

7月16日—7月18日，在2025世界钾盐钾肥大会上，亚钾国际（000893）作为全球新兴钾盐领军企业 及"一带一路"中老合作典范，深度剖析了境外新兴市场的发展机遇与挑战，分享了亚钾国际产业园模式 的探索实践，突出了工业化、城镇化、农业现代化"三化"协同发展模式，为中国企业深耕境外新兴市场 提供了可复制的实践框架，也为共建"一带一路"国家产业协同发展提供了新的思路。 境外新兴市场的发展潜力与挑战：亚钾国际的破局实践 会议上，亚钾国际表示，在全球产业新格局的背景下，海外新兴市场增量空间优势明显，产业链向东盟 国家转移趋势明显，以老挝为代表的东盟国家正在迎来发展机遇，具有成本低，资源丰富、政策利好、 市场广阔、产业链互补性强等优势。 境外项目也存在着挑战，亚钾国际表示："由于矿业项目投资金额大、回报周期长，矿企融资较难，海 外开发更多依赖自有资金。"亚钾国际凭借规模化发展带动业绩提升，在此基础上获得了国内国际银行 信贷支持，还积极拓展多元化融资渠道，以保障项目的资金需求。 "老挝钾盐矿主要以光卤石为主，形成于海相沉积环境，存在地层错动和断裂，不同于国内卤水提钾工 艺，缺乏对固体钾盐矿大规模开采技术。"会议上，亚钾 ...

Industry Investment Rating - The industry investment rating is "Outperform" [2] Core Views - The report highlights strong price support for TDI, with multi-crystalline and mono-crystalline silicon responding positively to the "anti-involution" policy. The focus is on preventing cutthroat competition in sectors such as silicon materials, coal chemical, and chlor-alkali chemical, with attention on performance and price increases in potassium fertilizer, phosphorus fertilizer, TDI, and pesticides as the mid-year report period approaches [5][9] - The basic chemical sector has shown a weekly increase of 1.77%, outperforming the CSI 300 index, which increased by 1.09%, resulting in a 0.69 percentage point advantage [6][19] Summary by Sections Industry Overview - The closing index for the basic chemical sector is 3635.87, with a 52-week high of 3635.87 and a low of 2687.54 [2] Price Movements - Major price increases were observed in multi-crystalline silicon (28.21%), liquid chlorine (21.78%), and TDI (18.83%) [9][25] - The report also notes a decline in prices for strontium carbonate (-16.67%) and vitamin K3 (-6.85%) [10][27] Stock Performance - Notable stock performances include significant increases for companies such as Shangwei New Materials (148.85%) and Dongcai Technology (33.16%) [7][20] - Conversely, stocks like Xingmin Zhitong (-16.56%) and Hongbai New Materials (-14.77%) experienced substantial declines [8][22] Key Companies and Ratings - Key companies with investment ratings include: - Wanhua Chemical: Buy, closing price 59.7, market cap 186.95 billion, 2025E EPS 139.5, PE 13.4 [12] - Runfeng Co.: Buy, closing price 61.6, market cap 17.31 billion, 2025E EPS 10.4, PE 16.6 [12] - Yangnong Chemical: Buy, closing price 61.1, market cap 24.78 billion, 2025E EPS 13.8, PE 17.9 [12] - Sailun Tire: Buy, closing price 13.3, market cap 43.57 billion, 2025E EPS 43.1, PE 10.1 [12]

Group 1 - The Yarlung Tsangpo River downstream hydropower project has officially commenced with a total investment of approximately 1.2 trillion yuan, aiming to build five tiered power stations primarily for electricity transmission and local consumption in Tibet [1] - The Ministry of Industry and Information Technology (MIIT) plans to accelerate the development of biomanufacturing and low-altitude industries, while promoting innovation in future industries such as humanoid robots and brain-computer interfaces [2][3] - The MIIT and the National Development and Reform Commission (NDRC) are set to issue work plans to stabilize growth in key industries including steel, non-ferrous metals, petrochemicals, and building materials [2][3] Group 2 - The U.S. Department of Commerce has imposed a preliminary anti-dumping duty of 93.5% on Chinese imported anode-grade graphite, citing unfair subsidies [5] - The State Administration for Market Regulation has urged major platform companies like Ele.me, Meituan, and JD.com to standardize promotional activities and foster a healthy competitive environment in the food service industry [6] - A meeting was held to discuss the regulation of the new energy vehicle industry, focusing on enhancing supervision and monitoring product prices and quality [8] Group 3 - The China Iron and Steel Association has proposed a new mechanism for capacity governance to prevent overcapacity risks in the steel industry and to eliminate irrational competition [10] - Yu Shu Technology has initiated its listing guidance, with its controlling shareholder holding approximately 34.76% of the company's shares [11] - Multiple provinces are planning to establish companies to develop local cultural creative Moutai liquor, with participation from distributors based on their allocation of Moutai products [12] Group 4 - As of July 18, 1551 A-share listed companies have released performance forecasts for the first half of 2025, with 26 companies expecting a net profit increase of over 1000% year-on-year [14] - Longhua Automobile reported a net profit of 6.337 billion yuan for the first half of the year, reflecting a year-on-year decline of 10.22% [19] - The major shareholder of Hongbaoli plans to reduce its stake by up to 2% [20]

Market Overview - US stock indices closed mixed, with the Dow down 0.32%, S&P 500 down 0.01%, and Nasdaq up 0.05%, marking its fifth consecutive day of gains and reaching a new all-time high [1] - Major tech stocks showed mixed performance, with Tesla up over 3% and Netflix down over 5% [1] - Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index up 0.6% [1] Oil and European Markets - International oil prices slightly declined, with WTI crude down 0.3% at $66.03 per barrel and Brent crude down 0.42% at $69.23 per barrel [4] - European stock indices had mixed results, with Germany's DAX down 0.33% and France's CAC40 up 0.01% [4] Semiconductor Industry - China's Ministry of Commerce expressed hope for the US to lift unreasonable trade restrictions on China, particularly regarding the sale of Nvidia's H20 chips [5] - The meeting between China's Commerce Minister and Nvidia's CEO highlighted the attractiveness of the Chinese market for foreign investment, especially in AI [6] New Energy Vehicles (NEVs) - The Central Guidance Group is conducting research on irrational competition in the NEV industry, indicating a focus on regulatory measures [7] - A joint meeting by various government departments aims to regulate competition in the NEV sector, emphasizing product safety and quality [8] Foreign Investment - The National Development and Reform Commission (NDRC) announced measures to encourage foreign investors to reinvest in China, establishing a project database for foreign investment [9] Low-altitude Economy - The NDRC held a meeting to discuss the safe and healthy development of the low-altitude economy, emphasizing localized development strategies [10] Banking Regulations - The People's Bank of China is seeking public opinion on a draft regulation for interbank market brokerage business management, aiming to enhance supervision and compliance [11] Key Industries - The Ministry of Industry and Information Technology is set to release a growth plan for ten key industries, including steel and petrochemicals, focusing on structural adjustments and eliminating outdated capacity [12] E-commerce and Competition - The State Administration for Market Regulation held talks with major food delivery platforms, urging them to engage in rational competition and comply with relevant laws [13] Corporate Developments - Xiaomi's founder and BYD's chairman met, indicating potential collaboration in the automotive sector [18] - BYD's new hybrid SUV, the Titanium 7, is set to launch in Q4 2025, enhancing its market presence in the NEV sector [19] - Yushutech has begun its listing guidance process, indicating potential growth in the capital market [21] - Tencent's integration of its virtual currency with QQ Music aims to enhance user engagement [22] - ByteDance's food poisoning incident in Singapore resulted in a fine for the catering company involved, highlighting the importance of food safety [24] - Douyin clarified its focus on in-store services, dismissing plans for a self-built food delivery service [25] - A significant corporate governance issue arose with the arrest of the chairman of Yara International for alleged financial misconduct [26]

Core Viewpoint - The chairman of Yaqi International Investment (Guangzhou) Co., Ltd., Guo Baichun, has been detained for suspected embezzlement and abuse of power, but the company's operations remain normal and unaffected by this personal matter [1]. Group 1 - The company announced that Guo Baichun is under investigation by the Ningxia Hui Autonomous Region Supervisory Committee and has been criminally detained [1]. - The company reassured stakeholders that its production and operations are normal, with a sound governance structure and internal control mechanisms in place [1]. - As of the announcement date, the company's control has not changed, and the board of directors continues to operate normally, with daily management handled by the management team [1].

Core Viewpoint - The chairman of Yaqi International, Guo Baichun, has been criminally detained for suspected embezzlement and abuse of power, but the company's operations remain normal and unaffected by this incident [1]. Group 1: Company Announcement - On July 18, Yaqi International announced that its chairman Guo Baichun was detained by the Ningxia Hui Autonomous Region People's Procuratorate for suspected embezzlement and abuse of power [1]. - The company stated that this matter is personal to the chairman and does not relate to the company itself. The company's governance structure and internal control mechanisms are intact [1]. - As of the announcement date, there has been no change in the company's control, and the board of directors is functioning normally, with daily management handled by the management team [1]. Group 2: Financial Performance - Yaqi International disclosed a half-year performance forecast, expecting a net profit between 730 million to 930 million yuan, representing a year-on-year increase of 170% to 244% [2]. Group 3: Market Information - As of July 18, Yaqi International's stock closed at 31.29 yuan per share, with a market capitalization of 28.914 billion yuan [3]. - The trading data shows an opening price of 31.63 yuan, a high of 31.95 yuan, and a low of 30.96 yuan, with a trading volume of 402 million yuan and a turnover rate of 1.58% [4]. Group 4: Company Profile - Yaqi International is listed on the Shenzhen Stock Exchange and focuses on integrated potassium mining, production, and sales. The company aims to develop the largest single potassium mine in Asia, having obtained mining rights in Laos [6].

Mergers and Acquisitions - Caesar Travel Industry's wholly-owned subsidiary plans to acquire 51% stake in China National Travel (Fujian) for 16.83 million yuan [1] Shareholding Changes - Dingsheng New Materials' shareholders plan to reduce their holdings by up to 3% of the company's shares, totaling approximately 9.31 million shares through centralized bidding and 18.62 million shares through block trading [2] - Hongbaoli's largest shareholder and actual controller plan to reduce their holdings by up to 2% of the company's shares, with specific reductions of 5.75 million shares and 1.6 million shares respectively [3] - Yaopi Glass's third-largest shareholder plans to reduce its holdings by up to 2% of the company's shares, approximately 18.70 million shares, due to strategic focus [4] Earnings Forecast - Great Wall Motors reported a net profit of 6.34 billion yuan for the first half of 2025, a year-on-year decrease of 10.22% [5] - StarNet Yuda expects a net loss of between 11 million and 21 million yuan for the first half of 2025, compared to a loss of 16.40 million yuan in the same period last year [6] - Jiabiyou anticipates a net profit of approximately 107 million yuan for the first half of 2025, representing a year-on-year increase of 57.61% [7] Investment Activities - Bohui Co. plans to invest up to 390 million yuan to purchase assets for developing intelligent computing services [8] - Weiguang Biological plans to invest 2.308 billion yuan to build an intelligent industrial base with an annual processing capacity of 1,200 tons of plasma [9] - Quicheng Co. intends to invest 900 million yuan in constructing a biomass (rice husk) silica comprehensive utilization project and a thickener project [10]