优必选 Walker S2 实现全天候作业 随着国内外企业布局加速&AI 技术突破，人形机器有望迎来量产 落地时点。在降本需求的驱动下，人形机器人核心零部件的国 产替代需求强烈，市场空间广阔，率先取得突破的国内企业有 望深度受益。 2.新能源汽车 证券研究报告|行业研究周报 [Table_Date] 2025 年 7 月 20 日 [Table_Title] 英国放宽 AR7 海上风电准入门槛，关注光储边际变 化 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 1.人形机器人 多款新车即将上市 我们认为，新能源汽车进入深度渗透的阶段，高性价比车型为 销售者带来更好的体验感，是扩大销售规模的核心推动力。新 车型的发布，短期有望推动关键环节排产上升以及国内销量增 长，中长期有助于新能源汽车行业稳健发展，看好核心供应商 相应机遇。 3.新能源 上游原材料价格上涨，价格有望向下传导 反内卷背景下硅料价格大幅上涨，本周硅片、电池片价格均有 所上调，我们认为，应当重视光伏产业链后续顺价逻辑：①上 游原材料价格上调，后续组件价格有望向上，按合理利润测 算，短期具备反弹空间 ...

光伏产能布局上，公司今年上半年已实现海外高效电池项目满产，迈出光伏产能海外战略布局关键一 步。技术与产品创新层面，公司量产TOPCon电池效率已达26.85%，核心指标稳居行业领先阵营，非硅 成本控制保持业内优势。公司已相继推出TOPCon G12RT双玻组件、防积灰组件、54版型双玻黑组件、 36版型易安装小组件，以及Greenhouse系列不同尺寸与透光率的定制化产品；针对"光伏+海洋""光伏 +交通"等多元场景，公司专项开发海漂组件、防眩光组件等场景化产品，为全球客户提供更丰富的优 质选择与系统化解决方案。同时，横店东磁前瞻性储备0BB、BC、HJT等新型封装互联技术，进一步完 善产品矩阵，精准响应应用市场的多样化需求。 横店东磁秉持"横向布局多材料体系，纵向延伸发展器件"的发展定位，已形成年产29万吨磁性材料的生 产能力。公司产品涵盖预烧料、永磁铁氧体、软磁铁氧体等多类材料，同时纵向延伸至振动器件、硬质 合金、电感、EMC滤波器件等领域，可向客户提供从材料到器件的一站式解决方案，产品广泛应用于 家电、汽车、光伏、消费电子、通信通讯、大数据中心、充电桩等众多领域。 凭借满足客户对品质、技术的高要求以及精 ...

稀土迎重磅利好！ 一是，7月18日早上，国家安全部官微发声，截断稀土相关物项非法出境渠道，有力维护了我资源安全与国家安全。 二是，从中国地质大学（武汉）获悉，该校联合内蒙古自治区地质调查研究院，在内蒙古白云鄂博矿床主矿矿段的矿体中部，发现一种新稀土矿物，命名为"钕 黄河矿"。 三是，人形机器人迎来大爆发，而稀土当下重要的应用场景增量就是人形机器人。 今天早上，稀土永磁板块再度大爆发。北方稀土一度涨停，包钢股份大涨，久吾高科20%涨停。分析人士认为，若美元周期性走弱，有色板块有望迎来整体重估机 会。而由于行业特性，稀土无疑是弹性最大的分支之一。 三大利好 稀土持续迎来利好。 首先，国家安全部官微7月18日早上刊发文章称，稀土相关物项具有军民两用属性，是国家战略资源。为了更好地维护国家安全和利益，我国充分借鉴国际通行做 法，依法对稀土相关物项实施出口管制。但近年来，境外间谍情报机关及其代理人企图勾连策反境内不法分子，利用寄递手段窃取我稀土相关物项，给我国家安全 带来严重危害。 针对一些非法行为，掌握确凿证据后，国家安全机关会同有关部门依法采取行动，截断稀土相关物项非法出境渠道，有力维护了我资源安全与国家安全。 其 ...

Market Overview - The Shanghai Composite Index fell by 0.42% on July 15, with six industries experiencing gains, led by the communication and computer sectors, which rose by 4.61% and 1.42% respectively. The coal and agriculture sectors saw the largest declines, down by 1.92% and 1.62% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 41.186 billion yuan across the two markets, with only three industries seeing net inflows: communication (2.151 billion yuan), computer (1.839 billion yuan), and a minor inflow in the comprehensive sector (178.56 million yuan) [1] - The electric equipment industry experienced the largest net outflow, totaling 5.055 billion yuan, followed by the non-ferrous metals industry with a net outflow of 4.508 billion yuan. Other sectors with significant outflows included basic chemicals, pharmaceuticals, and defense [1] Electric Equipment Industry Performance - The electric equipment industry declined by 0.74% with a total of 358 stocks, of which 68 rose and 288 fell. One stock hit the daily limit up while another hit the limit down [2] - Within the electric equipment sector, 75 stocks saw net inflows, with six stocks receiving over 100 million yuan in inflows. The top inflow was for Kehua Data, which attracted 394 million yuan, followed by Hengdian East Magnetic and Kotec Power with inflows of 278 million yuan and 236 million yuan respectively [2] - The outflow list for the electric equipment sector included six stocks with outflows exceeding 100 million yuan, led by Sunshine Power and CATL, both with outflows of 346 million yuan, followed by Kelu Electronics with an outflow of 266 million yuan [2][4] Top Gainers in Electric Equipment - The top gainers in the electric equipment sector included: - Kehua Data: +6.95% with a turnover rate of 14.34% and a main capital flow of 393.85 million yuan - Hengdian East Magnetic: +7.69% with a turnover rate of 10.82% and a main capital flow of 277.98 million yuan - Kotec Power: +6.28% with a turnover rate of 17.48% and a main capital flow of 236.49 million yuan [2] Top Losers in Electric Equipment - The top losers in the electric equipment sector included: - Sunshine Power: -0.61% with a turnover rate of 2.88% and a main capital flow of -346.33 million yuan - CATL: -0.28% with a turnover rate of 0.43% and a main capital flow of -345.96 million yuan - Kelu Electronics: -1.67% with a turnover rate of 22.73% and a main capital flow of -265.52 million yuan [4]

| 广晟有色 | 7000万元-8500万元 | 扭亏为盈 | 下 | | --- | --- | --- | --- | | 中科三环 | 3500万元-5200万元 | 扭亏为盈 | | 10家稀土永磁行业上市公司披露中报业绩预告 华宏科技预计上半年净利同比最高增近40倍 智通财经7月15日电，据Choice数据统计，截至发稿，包括华宏科技、北方稀土、宁波韵升、有研新材、金力永磁、横店东磁、盛和资源、中国稀土、广晟 有色、中科三环在内的10家稀土永磁行业上市公司披露上半年业绩预告。其中，华宏科技预计上半年净利同比增长3047%-3722%，北方稀土预计上半年净利 同比增长1883%-2015%。环比表现方面，中科三环预计Q2净利环比增长59%-185%，宁波韵升预计Q2净利环比增长42%-163%。小财注：华宏科技昨日盘后 发布业绩预告，今日收盘录得3连板。 | | | 10家稀土永磁行业上市公 | | --- | --- | --- | | 证券简称 | 预计归母净利润 | 同比变动 | | 华宏科技 | 7000万元-8500万元 | 3047%-3722% | | 北方稀土 | 9亿元-9.6亿元 ...

Group 1 - The core achievement in solar technology is the development of perovskite micro-modules by NREL and CubicPV, which have achieved a world record efficiency of 24.0% for photovoltaic conversion [1] - The performance of the photovoltaic industry is reflected in the 中证光伏产业指数 (CSI Photovoltaic Industry Index), which has seen a decline of 0.58% as of July 15, 2025, with mixed performance among constituent stocks [1] - The top-performing stocks include 横店东磁 (9.98% increase), 科华数据 (6.85% increase), and 罗博特科 (1.75% increase), while the worst performers include 协鑫集成 (4.83% decrease) and 双良节能 (3.98% decrease) [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index account for 55.39% of the index, with major companies including 阳光电源, 隆基绿能, and TCL科技 [2]

Group 1 - The A-share rare earth permanent magnet sector has strengthened again, with Huaxin Environmental Protection hitting the daily limit increase of 20% [1] - Jintian Co., Huahong Technology, and Hengdian East Magnet also reached the daily limit increase [1] - Ruichen Environmental Protection rose over 11%, while Ningbo Yunsheng increased by over 9% [1]

Core Viewpoint - The performance of photovoltaic material companies in the first half of 2025 is deteriorating, with significant losses reported across the sector, indicating that the industry is struggling to recover on its own [1][6][11]. Financial Performance Summary - A total of 24 photovoltaic companies have released their mid-year performance forecasts, with 13 out of 14 major material companies reporting losses [6][11]. - Notable losses include: - Tongwei Co., Ltd.: Expected loss of 4.9 billion to 5.2 billion CNY [1] - TCL Zhonghuan: Expected loss of 4 billion to 4.5 billion CNY [1] - JA Solar: Loss doubled compared to the previous year, with no improvement from the first quarter [9] - Longi Green Energy: Significant reduction in losses year-on-year, but no improvement from the first quarter [9] - Aiko Solar: Achieved profitability in the second quarter, attributed to innovative product offerings and market segmentation [9][10]. Industry Challenges - The photovoltaic industry is facing severe challenges, with increasing competition and financial pressures leading to widespread losses [11][12]. - The industry is characterized by high leverage, particularly among leading companies, making recovery difficult [11]. - The government is urged to implement measures to reduce excess capacity and enforce strict standards to prevent further deterioration of the industry [12][13]. Recommendations for Recovery - Suggestions include reducing polysilicon production capacity by half and halting expansions across all photovoltaic capacities [12][13]. - Establishing a unified standard system for product quality, energy consumption, and carbon emissions is essential to avoid quality issues in the future [13].

[Hengdian DME 2025 Semi-Annual Performance Forecast Interpretation](index=1&type=section&id=Hengdian%20Group%20DME%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) This report interprets Hengdian DME's 2025 semi-annual performance forecast, detailing significant growth drivers and financial highlights [Core Financial Indicators of Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company anticipates significant growth in H1 2025, with net profit attributable to shareholders expected to increase by 49.6% to 63.6% Performance Forecast Summary | Item | January-June 2025 | Same Period Last Year | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of the Listed Company** | **Profit: RMB 960 million to RMB 1.05 billion** | Profit: RMB 641.7953 million | | | **Year-on-year increase: 49.6% to 63.6%** | | | **Net Profit After Non-recurring Items** | **Profit: RMB 1.02 billion to RMB 1.11 billion** | Profit: RMB 602.1783 million | | | **Year-on-year increase: 69.4% to 84.3%** | | | **Basic Earnings Per Share** | **Profit: RMB 0.60/share to RMB 0.66/share** | Profit: RMB 0.40/share | [Explanation of Audit Status](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The company explicitly states that the performance forecast data has not been pre-audited by a certified public accountant - The company's current period performance forecast data has not been pre-audited by a certified public accountant[4](index=4&type=chunk) [Analysis of Performance Growth Drivers](index=1&type=section&id=III.%20Reasons%20for%20Performance%20Change) Significant growth in H1 2025 operating performance is primarily driven by strong contributions from the magnetic materials, photovoltaic, and lithium battery industries - The company's operating performance in H1 2025 achieved significant growth compared to the same period last year, primarily driven by the magnetic materials, photovoltaic, and lithium battery industries[6](index=6&type=chunk) [Magnetic Materials Industry: Market Position Consolidation and Efficiency Improvement](index=1&type=section&id=Magnetic%20Materials%20Industry) The magnetic materials industry contributed to performance growth by consolidating its leading position, expanding new products, and enhancing operational efficiency - Leading position in ferrite magnetic materials consolidated, with further increase in market share[5](index=5&type=chunk) - Initial success in market expansion with multiple new products and devices across horizontal and vertical layouts[5](index=5&type=chunk) - Operational efficiency further improved through organizational reform and digitalization initiatives[5](index=5&type=chunk) [Photovoltaic Industry: Significant Achievements in Internationalization and Differentiation Strategies](index=1&type=section&id=Photovoltaic%20Industry) The photovoltaic industry benefited from resilient global installed capacity growth, achieving full capacity utilization overseas and enhancing product competitiveness - Benefiting from the resilient growth in global photovoltaic installed capacity, the company steadily advanced its deep internationalization strategy[5](index=5&type=chunk) - Overseas capacity achieved full utilization through differentiated layouts, and shipments to high-quality markets both domestically and internationally continued to increase[5](index=5&type=chunk) - Product competitiveness further enhanced through measures such as strict cost control, improved mass production conversion efficiency of cells, and increased average power of modules[5](index=5&type=chunk)[6](index=6&type=chunk) [Lithium Battery Industry: Focusing on Small Power Market with High Capacity Utilization](index=2&type=section&id=Lithium%20Battery%20Industry) The lithium battery industry focused on multi-field applications in the small power market, achieving good market expansion while maintaining high capacity utilization - Business focused on multi-field applications in the small power market, maintaining good market expansion under high capacity utilization[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) Investors are cautioned that this performance forecast is a preliminary, unaudited estimate, and final data will be subject to the 2025 semi-annual report - This performance forecast is a preliminary estimate by the company's financial department and has not been audited by a certified public accountant[7](index=7&type=chunk) - Investors are advised to make cautious decisions and be aware of investment risks, with specific financial data subject to the company's disclosed 2025 semi-annual report[7](index=7&type=chunk)

Core Viewpoint - The company, Hengdian East Magnetic, expects a significant increase in net profit for the first half of 2025, projecting a profit of 960 million to 1.05 billion yuan, which represents a growth of 49.6% to 63.6% compared to the same period last year [1] Financial Performance - The projected net profit attributable to shareholders for the first half of 2025 is between 960 million and 1.05 billion yuan, compared to 642 million yuan in the same period last year, indicating a substantial increase [1] - The net profit after deducting non-recurring gains and losses is expected to be between 1.02 billion and 1.11 billion yuan, up from 602 million yuan year-on-year, reflecting a growth of 69.4% to 84.3% [1] - The basic earnings per share are projected to be between 0.6 yuan and 0.66 yuan [1]