Summary of Key Points Core Viewpoint - The stock of Poly United has experienced a significant surge, achieving four consecutive daily limit-ups, with a total increase of 46.44% during this period [2]. Recent Stock Performance - As of July 23, the stock price reached 14.19 yuan, with a turnover rate of 0.91% and a trading volume of 4.4074 million shares, amounting to a transaction value of 62.5410 million yuan [2]. - The stock's limit-up order amount reached 704 million yuan [2]. - The total market capitalization of the stock is currently 6.866 billion yuan [2]. Margin Trading Data - As of July 23, the margin trading balance for the stock is 199 million yuan, with a financing balance of 199 million yuan, reflecting a decrease of 9.7965 million yuan (4.69%) from the previous trading day [2]. - Over the past four days, the margin trading balance has decreased by 13.2699 million yuan (6.24%) [2]. Institutional Trading Activity - The stock has appeared on the Dragon and Tiger list due to a cumulative price deviation of 20% over three consecutive trading days [2]. - Institutional investors have net sold 1.7106 million yuan, while other trading desks have net bought 42.3116 million yuan [2]. Financial Performance - The company reported a total operating revenue of 1.197 billion yuan for Q1, representing a year-on-year growth of 21.23% [2]. - The net profit for Q1 was -60 million yuan, showing a year-on-year increase of 9.09% [2]. - The company has projected a net profit for the first half of the year to be between -70 million yuan and -50 million yuan [2]. Daily Trading Data - The stock's daily trading performance over the past week shows fluctuations in price and turnover rates, with notable net inflows and outflows of capital [2].

Group 1 - The hydroelectric concept stocks have shown significant divergence, with companies like Tibet Tianlu (600326), Poly United (002037), Subote (603916), and Zhejiang Fu Holdings (002266) achieving four consecutive trading limit ups [1] - Conversely, Huhua Co., Ltd. (003002) has seen a decline of over 8%, while Jiangnan Chemical (002226) and Dayu Water-saving (300021) have both dropped by more than 7% [1]

Group 1 - The company's stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% in closing prices over two consecutive trading days (July 22 and July 23, 2025) [1] - The company conducted an internal review and confirmed that there were no corrections or supplements needed for previously disclosed information [1][4] - The company has not identified any significant undisclosed information that could impact its stock price, and its operations remain normal without major changes in the internal or external business environment [1][4] Group 2 - The company's controlling shareholders and actual controllers did not engage in buying or selling the company's stock during the period of abnormal trading [2] - The company confirmed that there were no violations of fair information disclosure [3][5] - The company will strictly adhere to legal and regulatory requirements for information disclosure and will ensure timely communication of relevant information [6]

Market Overview - The Shanghai Composite Index reached a high of 3600 points during the day but closed at 3582.3 points, up 0.01% [1] - The total market turnover was 1.9 trillion yuan, a decrease of 30.3 billion yuan from the previous day [1] - The Hang Seng Index rose by 1.62%, reaching a three-and-a-half-year high, while the Hang Seng Tech Index increased by 2.48% [1] Sector Performance - The financial sector played a significant role in pushing the index above 3600 points, but it retreated in the afternoon [2] - Notable performances included Guosen Securities, which rose over 5%, and New China Life Insurance, which hit a historical high of 64.29 yuan per share [2] - The Yajiang Hydropower concept stocks showed mixed results, with some core stocks like China Power Construction and Tibet Tianlu achieving three consecutive gains, while others like Ankao Zhidian fell over 13% [2] Institutional Insights - Analysts from GF Securities suggest that the recent index fluctuations are not indicative of a trend reversal but rather a release of multiple pressures [3] - If trading volume remains below 1.7 trillion yuan in the coming days, short-term support for the Shanghai index may drop to the 3536-3542 point gap [3] - Huatai Securities reports that brokerage firms are expected to see high growth in their semi-annual earnings, indicating a potential recovery in the brokerage sector [3]

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内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 证券代码：002037 证券简称：保利联合 公告编号：2025-30 保利联合化工控股集团股份有限公司 股票的行为。 保利联合化工控股集团股份有限公司（以下简称公司）股票交 易价格连续两个交易日（2025 年 7 月 22 日、7 月 23 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 针对公司股票异常波动，公司就相关事项进行了核查，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本公司股票交 易价格产生较大影响的未公开重大信息。 3.公司目前经营正常，近期公司经营情况及内外部经营环境未 发生重大变化。 4.经向公司控股股东和实际控制人询问，控股股东和实际控制 人不存在其他关于本公司的应披露而未披露的重大事项，或处于筹 划阶段的重大事项。 5.公司控股股东、实际控制人在股票异动期间不存在买卖公司 ...

Investment Rating - Industry rating is Neutral (maintained rating) [5] Core Insights - The Yarlung Tsangpo River hydropower project has commenced, which is expected to significantly boost the demand for civil explosives in the Tibet region [1][3][10] - The project involves an investment of approximately 1.2 trillion yuan, with the potential to create a demand for several hundred thousand tons of industrial explosives [3][11] - The hydropower project is a key investment project as outlined by the National Development and Reform Commission for the 2025 economic development plan [1][9] Summary by Sections Project Overview - The Yarlung Tsangpo River hydropower project is located in Linzhi City, Tibet, and will construct five tiered power stations [3][11] - The theoretical hydropower resource in Tibet is over 200 million kilowatts, accounting for 30% of the national total, with the Yarlung Tsangpo River basin being the most resource-rich area [1][9] Demand for Explosives - The construction of the hydropower project is projected to generate a demand for several hundred thousand tons of industrial explosives, based on the investment scale [3][11] - In 2024, the industrial explosive production and sales volume in Tibet is around 52,000 tons, with a year-on-year increase of 10% in early 2025 [3][11] Company Capacities - Several listed companies have established explosive production capacities in Tibet, including Gaozheng Explosives, Tibet Poly Jiulian, and others [4][15] - In 2024, the revenue from the southwestern (or Tibetan) region for these companies is projected to be significant, with Gaozheng Explosives' revenue from Tibet accounting for 76% of its total revenue [17][18] Financial Performance - The financial performance of companies in the explosive sector shows that Gaozheng Explosives has a high profit margin from its operations in Tibet, with a gross profit of 4.6 billion yuan, representing 89% of the company's total gross profit [17][18] - The revenue growth for companies like Guangdong Hongda in the Tibetan market has been substantial, with increases of 65.15% and 32.41% in 2023 and 2024, respectively [20]

Market Overview - The market experienced fluctuations with mixed performance across the three major indices, with the Shanghai Composite Index briefly surpassing 3600 points before retreating [1] - The overall market saw a high rate of stock volatility, with a 50% rate of stocks hitting their daily limit down [1] - The total trading volume for the day reached 1.9 trillion yuan [1] Hot Topics Yarlung Tsangpo River Hydropower Project - Stocks related to the Yarlung Tsangpo River hydropower project continued to surge, with companies like China Power Construction and Huaxin Cement hitting their daily limit up [4] - The project has garnered significant market attention, leading to a valuation recovery for infrastructure stocks due to low valuations and high dividend yields [5] Consumer Sector - The consumer sector showed strong activity, with companies such as Hanchang Group and Nanjing New百 hitting their daily limit up [6] - The World Health Organization raised alarms regarding the spread of the chikungunya virus, which could impact public health and consumer behavior [6] Nuclear Fusion Sector - The nuclear fusion sector saw notable movements, with companies like GuoJi Heavy Industry and XueRen Group experiencing significant gains [8] - The establishment of China Fusion Energy Co., a subsidiary of China National Nuclear Corporation, was announced, with an investment of approximately 11.49 billion yuan from various stakeholders [8] Stock Performance Yarlung Tsangpo River Project Stocks - Key stocks in this sector included: - ShanHe Intelligent: 10.67 yuan, +10.00%, market cap 11.445 billion yuan - Tibet Tianlu: 12.75 yuan, +10.01%, market cap 16.93 billion yuan - Deep Water Regulation Institute: 27.82 yuan, +20.02%, market cap 6.206 billion yuan [5][16] Consumer Sector Stocks - Notable performers included: - Hanchang Group: 10.92 yuan, +9.97%, market cap 3.22 billion yuan - Nanjing New百: 7.55 yuan, +10.06%, market cap 8.796 billion yuan - Rainbow Group: 22.65 yuan, +10.00%, market cap 2.38 billion yuan [7][16] Nuclear Fusion Stocks - Key stocks included: - GuoJi Heavy Industry: 4.09 yuan, +9.95%, market cap 29.503 billion yuan - XueRen Group: 11.44 yuan, +10.00%, market cap 7.443 billion yuan [9][10]

A股民爆概念盘初走强，凯龙股份、壶化股份、易普力、保利联合等纷纷涨停，金奥博、淮北矿业跟 涨。 ...

Summary of the Conference Call on the Motuo Hydropower Station Project Industry and Company Involved - **Industry**: Hydropower and Explosives Industry - **Company**: Various companies involved in the construction and supply for the Motuo Hydropower Station project, including China Electric Power Construction, China Energy Construction, and local explosive companies like Gaozheng Minbao, Yipuli, and Baoli United. Core Points and Arguments - **Project Overview**: The Motuo Hydropower Station has a total investment of 1.2 trillion yuan, with plans to construct five tiered power stations and a core 50 km water diversion tunnel, aiming for a total installed capacity of 6,000 to 7,000 kilowatts and an expected annual power generation of 300 billion kilowatt-hours, which can supply electricity for 300 million people [1][2]. - **Strategic Significance**: The project will replace 90 million tons of coal, reduce carbon dioxide emissions by 300 million tons, optimize the energy structure in Eastern China, create approximately 200,000 jobs, and enhance military response capabilities at the border. It may also facilitate electricity exports to Bangladesh and Myanmar, increasing China's influence in South Asia [2]. - **Investment Breakdown**: The construction period is approximately ten years, with infrastructure investment accounting for 50% of the total investment. The project will require 250,000 tons of industrial explosives and 360 million electronic detonators, significantly benefiting the explosives industry [1][4]. - **Comparison with the Three Gorges Project**: The Motuo project will use a larger quantity of explosives compared to the Three Gorges Project, with total investment being four to five times greater. The Three Gorges Project used over 50,000 tons of explosives, while Motuo's requirements are expected to be much higher due to its geological and construction challenges [5][10]. - **Current Progress**: As of 2023, preliminary work has focused on geological data collection, traffic tunnel construction, and surface blasting, with approximately 6,000 tons of explosives already used [6][7]. - **Peak Usage of Explosives**: The peak period for explosive usage is anticipated to be from the third to the eighth year of construction (around 2027-2028), after which the demand will decrease as the focus shifts to equipment installation [8]. - **Market Share and Revenue**: Gaozheng Minbao is expected to capture about 50% of the market share for explosives, generating approximately 30 billion yuan in revenue with a profit margin of around 10% [3][17]. - **Explosive Pricing**: Prices for explosives in Tibet vary by region, with costs around 13,000 yuan per ton in Lhasa and up to 20,000 yuan in remote areas. The overall service fees for blasting are relatively fixed, including monthly service fees and operational costs [13][14]. - **Profitability of Explosives**: The profit margin for explosives in the region is higher than in mainland China, positively impacting the overall profitability of the Motuo project. The estimated revenue from explosives could reach around 35 billion yuan based on projected usage [23][24]. Other Important but Possibly Overlooked Content - **Geological Challenges**: The complex geological conditions and transportation difficulties in the region significantly affect construction progress and the reliance on blasting rather than tunneling machines [26]. - **Supplier Involvement**: Various companies are involved in different aspects of the project, including cement supply from Huaxin Cement and road construction by Xizang Tianlu, which are included in the total investment [21][32]. - **Bidding and Contracting**: The bidding process for the project has been ongoing, with several companies already confirmed to participate in construction tasks [35]. - **Impact on Local Economy**: The project is expected to have a substantial impact on the local economy, providing jobs and boosting the demand for local materials and services [2][4].

Core Viewpoint - The article highlights the strong performance of the Yajiang Hydropower Station concept stocks and the short-term rise of CATL's A and H shares, indicating a bullish sentiment in the market [1][12]. Market Overview - On July 22, the A-share market saw a slight increase, with the Shanghai Composite Index rising by 0.25% to 3568.78 points, the Shenzhen Component Index up by 0.56% to 11069.57 points, and the ChiNext Index increasing by 0.69% to 2312.74 points [1]. - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.14 trillion yuan, an increase of 513 billion yuan compared to the previous trading day [4]. Sector Performance - The infrastructure sector experienced a significant rally, with concepts related to hydropower construction, cement manufacturing, and large-scale infrastructure leading the gains. Notably, stocks related to the Yajiang Hydropower Station and water conservancy projects remained hot [4][5]. - Conversely, sectors such as the internet, insurance, and banking saw overall declines, with specific stocks like PEEK materials and Yushun Robotics underperforming [4]. Notable Stocks - The Yajiang Hydropower Station concept stocks saw explosive growth, with over 20 stocks hitting the daily limit up, including companies like China Power Construction and Poly United [10][11]. - CATL's A shares rose nearly 3%, accumulating over 8% in the last three days, while its H shares increased nearly 3%, with a total rise of over 14% in the same period [13]. Special Mention - The Science and Technology Innovation Board (STAR Market) celebrated its sixth anniversary, having accepted 589 companies with a total market capitalization of nearly 8 trillion yuan, showcasing its role in China's capital market reform [18].