Market Overview - The market experienced fluctuations with mixed performance across the three major indices, with a total trading volume of 1.49 trillion [1] - The innovative drug sector saw a resurgence, with stocks like Angli康 and塞力医疗 hitting the daily limit [1] - Chip stocks continued their strong performance, with companies such as诚邦股份 and凯美特气 also reaching the daily limit [1] - Bank stocks rebounded, with建设银行 and浦发银行 reaching historical highs [1] - The military industry showed localized activity, with stocks like长城军工 and际华集团 hitting the daily limit [1] - Stablecoin concept stocks declined, with吉大正元 hitting the daily limit down [1] Key Highlights Pharmaceutical Sector - The pharmaceutical sector rebounded significantly, with昂立康 hitting the daily limit and reaching a historical high [3] - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, including increased support for R&D and inclusion in insurance directories [3][4] - Companies like阳普医疗, 塞力医疗, and山河药辅 also reached the daily limit [3] Chip Sector - The domestic chip sector remained strong, with stocks like诚邦股份, 凯美特气, and常青股份 hitting the daily limit [6] - Reports indicated that Texas Instruments is raising prices for various analog devices by 30%, with some data converters seeing price increases of 100% [6] - The semiconductor industry is entering a new growth cycle driven by AI innovations and electric vehicle developments, which is expected to boost demand for high-performance analog chips [6][8] Glass Fiber Sector - The glass fiber sector saw significant gains, with companies like宏和科技, 中材科技, and山东玻纤 hitting the daily limit [9] - Market rumors suggest that NVIDIA's upcoming Rubin cabinet may utilize quartz cloth with lower dielectric constants, enhancing its application prospects in AI servers [9][10] Military Sector - The military sector showed mixed performance, with some stocks experiencing gains while others remained stable [11] Other Sectors - The electric power, PCB, and brain science sectors showed localized activity, while solid-state batteries and blockchain concepts faced declines [11]

Group 1 - The solid-state battery concept stocks are experiencing a partial rebound, with notable increases in share prices for several companies [1] - Transfar Technology (002866) has reached a daily limit increase, while China National Materials (002080) has risen over 8% [1] - Other companies such as Wanshun New Materials (300057), Zhenhua Holdings (603067), and Dadongnan (002263) have also seen their stock prices rise [1] Group 2 - There is a noticeable influx of dark pool funds into these stocks, indicating increased investor interest [1]

Summary of Zhongcai Technology Conference Call Company Overview - **Company**: Zhongcai Technology - **Industry**: Specialty Fiberglass Fabric Key Points and Arguments Specialty Fiberglass Fabric Business - Zhongcai Technology's specialty fiberglass fabric business relies on Taishan Fiberglass, with strong product quality and technical capabilities benefiting from increased shipments of NVIDIA's B series GPUs, leading to a rise in demand for low dielectric and low expansion specialty fiberglass fabrics [2][5] - The first-generation fabric market demand is stable, while demand for second-generation and Q-step high-end products is expected to increase significantly in the future [2] - The second-generation fabric has high technical barriers, with only a few manufacturers able to supply small quantities, while the third-generation (Q-step) is in the sample testing phase [2][7] - The price of second-generation fabric is approximately three times that of the first generation, with Q-step prices being even higher [8] Market Dynamics - The specialty fiberglass fabric market has technical barriers, limiting the impact of new entrants on supply and pricing [9] - The demand for first-generation specialty fiberglass fabric is several million meters per month, driven by NVIDIA and ASIC requirements, with stable pricing [6] - The second-generation fabric's average monthly demand is currently under one million meters, with expectations for significant future growth [6] Financial Performance and Projections - The specialty fiberglass fabric segment is projected to achieve a profit of approximately 300 million yuan in 2025, with expectations to reach 900 to 1,000 million yuan in 2026 [2][11] - Overall, Zhongcai Technology anticipates total profits of 1.4 to 1.5 billion yuan in 2025, with traditional business remaining stable and specialty fiberglass fabric driving growth [15] - The company’s market capitalization is estimated to be between 40 billion and 42 billion yuan, with traditional business valued at 12 to 15 times earnings and new business at around 20 times earnings [17] Challenges and Risks - The company faces challenges in stabilizing the yield of second-generation fabrics, with downstream customers preferring suppliers with comprehensive supply capabilities [10] - The wind blade business has seen improvements in shipment volume and pricing, but there are concerns about potential declines in wind power installations next year [12] - The lithium battery separator industry is experiencing price pressures, but the company is managing costs through increased production and government subsidies [13] Future Outlook - Zhongcai Technology is optimistic about the future, particularly regarding the profitability of its specialty fiberglass fabric business and potential catalysts from industry dynamics [20] - The company is expected to release new product structures and improve production capacity in the specialty fiberglass fabric sector, contributing significantly to future profits [16] Potential Catalysts - Key catalysts for stock performance include increased capital expenditures in the ASIC sector and the confirmation of technology routes for second-generation fabrics by major clients like NVIDIA [19] - The company's ability to maintain high product quality and stable supply will be crucial for its profitability and market position [18]

中材科技股份有限公司公司债券 2024 年度受托管理事务报告 债券受托管理人 （住所：北京市朝阳区安立路66号4号楼） 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）《公 司债券受托管理人执业行为准则》（以下简称《执业行为准则》）《公司信用类 债券信息披露管理办法》《证券交易所公司债券上市规则》（以下简称"上市规 则"）或《证券交易所公司债券挂牌转让规则》（以下简称"挂牌转让规则"）、 中材科技股份有限公司（以下简称"发行人"或"公司"）与中信建投证券股份 有限公司（以下简称"中信建投证券"或"受托管理人"）签订的《债券受托管 理协议》（以下简称"受托管理协议"）、相关信息披露文件以及发行人提供的 资料等，由受托管理人中信建投证券编制。中信建投证券编制本报告所引用的财 务数据，引自经中审众环会计师事务所(特殊普通合伙)审计的 2024 年度审计报告和 发行人出具的 2024 年度公司债券年度报告。本报告其他内容及信息均来源于中 材科技股份有限公司提供的资料或说明，请投资人关注并独立做出投资判断。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事 ...

色公司债券（第一期） 中材科技股份有限公司 2022 年面向专业投资者公开发行绿 重要声明 目 录 | 重要声明 | | 3 | | --- | --- | --- | | 第一章 | 债券概况 | 4 | | 第二章 | 受托管理人履行职责情况 | 6 | | 第三章 | 发行人的经营与财务状况 | 7 | | 第四章 | 发行人募集资金使用及专项账户运作情况与核查情况 | 9 | | 第五章 | 发行人信息披露义务履行的核查情况 | 12 | | 第六章 | 内外部增信机制、偿债保障措施的有效性分析，重大变化及 | | | 发行人偿债保障措施的执行情况 | | 14 | | 第七章 | 公司债券的本息偿付情况 | 15 | | 第八章 | 发行人在公司债券《募集说明书》中约定的其他义务的执行 | | | 情况 | | 16 | | 第九章 | 债券持有人会议召开的情况 | 17 | | 第十章 | 债券信用评级情况 | 18 | | 第十一章 | 偿债能力和意愿分析 | 19 | | 第十二章 | 重大事项 | 20 | | 第十三章 | 与发行人偿债能力和增信措施有关的其他情况及受托管理 | | | 人 ...

Metal Sector - China Hongqiao's net profit forecast for 2024 is CNY 223.72 billion, with a PE ratio of 6.78[12] - Luoyang Molybdenum's net profit forecast for 2025 is CNY 167.43 billion, with a PE ratio of 10.42[12] Building Materials Sector - China National Materials' net profit forecast for 2025 is CNY 18.54 billion, with a PE ratio of 16.65[12] - Keda Manufacturing's net profit forecast for 2025 is CNY 17.24 billion, with a PE ratio of 10.82[12] - Three Trees' revenue compound growth rate from 2015 to 2018 was approximately 33%[40] Transportation Sector - SF Holding's net profit forecast for 2025 is CNY 117.44 billion, with a PE ratio of 20.58[12] - The company has seen a significant increase in daily package handling, reaching an average of 166 packages per courier in 2024[56] Chemical Sector - Yara International's net profit forecast for 2025 is CNY 22.52 billion, with a PE ratio of 12.30[12] - Ba Tian's net profit forecast for 2025 is CNY 12.84 billion, with a PE ratio of 7.59[12] Financial Performance - The overall net profit for Keda Manufacturing is projected to reach CNY 19.0 billion by 2026, with a significant increase in overseas revenue contributing to growth[31]

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the real estate market policies are continuously tightening, creating investment opportunities in building materials. Recent policies from the central bank and local governments aim to support home purchases and improve safety in construction sites, indicating a shift towards a balanced supply-demand dynamic in the real estate market [3][4] - Recommended stocks in the consumer building materials sector include Sankeshu (channel penetration and retail expansion), Dongfang Yuhong (waterproof leader with optimized operational structure), Weixing New Materials (high-quality operations with a significant retail business), and Jianlang Wujin. Beneficiary stocks include Beixin Building Materials (gypsum board leader with diversified expansion in coatings and waterproof sectors) [3] - The report also notes that the National Development and Reform Commission has issued a plan for energy conservation and carbon reduction in the cement industry, aiming to control cement clinker capacity to around 1.8 billion tons by the end of 2025, which is expected to accelerate the iteration of energy-saving and efficient equipment [3][4] Market Performance - The building materials index increased by 2.41% in the week from June 23 to June 27, 2025, outperforming the CSI 300 index, which rose by 1.95%, resulting in a 0.46 percentage point advantage [4][13] - Over the past three months, the CSI 300 index has risen by 0.88%, while the building materials index has decreased by 3.79%, indicating a 4.67 percentage point underperformance [4][13] - In the past year, the CSI 300 index has increased by 13.29%, while the building materials index has only risen by 7.19%, showing a 6.11 percentage point underperformance [4][13] Cement Sector - As of June 27, 2025, the average price of P.O42.5 bulk cement nationwide was 284.72 yuan/ton, a decrease of 4.47% month-on-month. The price trends varied by region, with Northeast China seeing a significant drop of 21.95% [6][24] - The clinker inventory ratio reached 69.36%, an increase of 1.27 percentage points from the previous month [6][25] Glass Sector - The report indicates that the spot price of float glass as of June 27, 2025, was 1200.53 yuan/ton, reflecting a slight increase of 0.13%. The inventory of float glass decreased by 2.51%, with a total of 59 million weight boxes [6][75] - The average price of photovoltaic glass was 120.70 yuan/weight box, down by 3.44% [6][78] Fiberglass Sector - The report notes that the price of fiberglass remains stable, with various types of fiberglass priced between 3400 to 6600 yuan/ton depending on the type and region [6][3] Consumer Building Materials - The report tracks the prices of key raw materials for consumer building materials, noting slight fluctuations. For instance, the price of asphalt remained stable at 4520 yuan/ton, while the price of acrylic acid increased by 1.87% to 6825 yuan/ton [6][3]

Core Insights - Hydrogen storage technology has three main routes: gaseous, liquid, and solid, with gaseous storage being the most mature and widely applied technology currently [2] - The release of the national standard for IV-type hydrogen storage bottles has accelerated the mass production process and provided a technical consensus for the industry [2][3] - The market for hydrogen fuel cell vehicles is expected to expand due to favorable government policies, reduced green hydrogen costs, and improved infrastructure [5] Industry Developments - IV-type hydrogen storage bottles have been showcased by manufacturers at the FCVC 2025, indicating a shift towards standardized products [2][3] - The first 70MPa IV-type hydrogen storage bottle produced by Zhongcai Technology (Suzhou) has a storage capacity of 18.9 kg, reaching the national standard's volume limit [3] - The company also introduced a liquid hydrogen storage system with a 1350L capacity, capable of storing approximately 88 kg of liquid hydrogen, enabling a vehicle range exceeding 1000 km [3] Market Trends - The future of hydrogen storage is expected to see a coexistence of III-type and IV-type bottles, with the latter being more suitable for fuel cell passenger vehicles due to its lightweight structure and higher hydrogen density [3][4] - The competition in the hydrogen storage sector will focus on product performance and cost, as more companies enter the market [6] - Despite recent underperformance in the hydrogen market, industry insiders remain optimistic about its future prospects [4][5]

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The report emphasizes the need to focus on the optimization of real estate policies in Guangzhou, which includes the cancellation of purchase restrictions and the reduction of down payment ratios and interest rates to stimulate housing consumption [6][20] - The report highlights a decline in cement shipments and an increase in glass inventory, indicating a weak demand in the real estate sector [7][24] - Recommendations include focusing on domestic substitution chains and African chains, with leading companies being the main investment theme for the year [9] Summary by Sections Real Estate Policy - Guangzhou plans to optimize real estate policies, including the cancellation of purchase restrictions and the reduction of down payment ratios and interest rates. The city aims to support housing consumption and urban renewal projects, with a fixed asset investment of 100 billion yuan for the renovation of urban villages and old communities by 2025 [6][20] Cement Market - In early June, the average shipment rate for cement companies in key regions was 45.5%, down approximately 2.3 percentage points month-on-month and 4.0 percentage points year-on-year. The average price of cement decreased by 0.9% month-on-month, reflecting weak demand [7][24][25] - The national average price of cement was 365.32 yuan per ton, a decrease of 3.23 yuan per ton month-on-month and a decrease of 29.03 yuan per ton year-on-year [25] Glass Market - The domestic float glass market showed a weak price trend, with a total inventory of 60.45 million weight boxes, an increase of 34,000 weight boxes week-on-week. The production capacity utilization rate was 81.56% [8][37] - The average price of glass was 71.15 yuan per weight box, down 0.44 yuan per weight box month-on-month and down 19.00 yuan per weight box year-on-year [37] Recommended Companies - For domestic substitution, companies such as China National Materials, Meijia Xincai, and Puyang Huicheng are recommended due to their strong positions in the market. For the African chain, Keda Manufacturing is highlighted as a leading player with advantages in production and branding [9] - The report also suggests focusing on companies with strong business models and growth potential, such as Sanke Tree and Rabbit Baby, which are expected to benefit from urban renewal policies [9]

Investment Rating - The report maintains an "Outperform" rating for the hydrogen energy sector [4] Core Viewpoints - The hydrogen energy industry is experiencing continuous development due to favorable policies in China, with an increase in electrolyzer bidding projects and breakthroughs in hydrogen production technology. It is recommended to pay attention to companies involved in electrolyzer bidding [3][41] - The midstream sector is accelerating the development of hydrogen transportation and the construction of hydrogen refueling stations, suggesting a focus on companies capable of hydrogen transportation [3][41] - The downstream sector is exploring various application scenarios for hydrogen energy, promoting the adoption of hydrogen vehicles, and recommending attention to companies in the hydrogen vehicle application field [3][41] Industry Performance - As of June 13, 2025, the hydrogen energy index closed at 2047.76 points, with a weekly increase of 0.34% and a year-to-date increase of 15.25%. The hydrogen energy index ranked 42nd among the Shenwan secondary industry rankings, improving by 9 places compared to the previous week [8][15] - The top five companies in the hydrogen energy sector by weekly increase were Meichen Technology (40.96%), Yong'an Pharmaceutical (26.38%), Hengguang Co., Ltd. (25.1%), ST Baili (22.89%), and Pan-Asia Micro透 (22.02%). The top five companies by weekly decrease were Chaojie Co., Ltd. (-23.23%), Xue Ren Co., Ltd. (-14.57%), Huapei Power (-9.09%), Zhongcai Technology (-8.54%), and Xin Xun Da (-8.3%) [15][16] Hydrogen Industry Data Review - As of June 13, 2025, there have been 20 cumulative electrolyzer bidding projects in China, primarily involving alkaline and PEM types. A significant breakthrough was achieved with the development of a 2 MW AEM electrolyzer by Beijing Green Wave Hydrogen Energy Technology Co., Ltd. [17] - In April 2025, the production of fuel cell vehicles (FCVs) saw a decrease, with 342 units produced and 328 units sold, marking a month-on-month decline of 6.3% and 13%, respectively. Cumulatively, 926 FCVs were produced and 957 sold from January to April 2025, representing year-on-year declines of 22.45% and 10.89% [21][24] Industry Dynamics and Company Developments - Significant breakthroughs in hydrogen transportation technology were reported, including the successful operation of a non-metal flexible hydrogen pipeline by State Power Investment Corporation [36] - The first domestic hydrogen internal combustion engine generator set has been commercially operated in Hubei, showcasing the ability to utilize industrial by-product hydrogen for power generation [36] - Plug Power has partnered with Allied Green to advance a green hydrogen project in Uzbekistan, highlighting international collaboration in the hydrogen sector [38]