Market Overview - A total of 78 stocks hit the daily limit up, with 54 stocks achieving consecutive limit ups, and 10 stocks failed to close at the limit, resulting in a limit-up rate of 89% (excluding ST and delisted stocks) [1] - The focus stock, Aowei New Materials, achieved a record of 10 consecutive limit ups, setting a new record for "20cm" stocks in A-shares [1] - Infrastructure-related stocks continued to perform well, with Liugang Co. achieving 10 limit ups in 16 days and Sifang New Materials achieving 7 limit ups in 12 days [1] Key Stocks and Their Performance - Aowei New Materials: 10 consecutive limit ups, 20.00% increase [24] - Liugang Co.: 10 limit ups in 16 days, 9.94% increase [26] - Sifang New Materials: 7 limit ups in 12 days, 10.02% increase [26] - Beihua Co.: 4 consecutive limit ups, 10.02% increase [14] - Meibang Co.: 4 consecutive limit ups, 10.00% increase [14] Sector Performance - The "Super Hydropower" sector saw significant activity, with multiple stocks achieving limit ups due to the announcement of a 1.2 trillion yuan investment in hydropower projects [5][9] - The "Shield Machine" sector also performed well, with several stocks hitting limit ups, attributed to the same investment announcement [6][7] - The "Water Conservancy" sector showed strong performance, with stocks like Sanhe Pipe Pile and Hanjian Heshan achieving limit ups [8] Investment Themes - The announcement of the 1.2 trillion yuan investment in hydropower projects is driving interest and investment in related sectors, including construction, materials, and machinery [5][9][15] - Geopolitical tensions are expected to boost the valuation of domestic defense and military companies, as noted by analysts [13]

Group 1 - On July 21, a total of 13 companies were investigated by institutions, with 8 companies being surveyed by funds, highlighting a significant interest in Zhejiang Fu Holdings, which had 14 participating funds [1] - Other companies that attracted attention included Jieya Co., which had 9 funds participating, and Chutianlong, which had 6 funds involved in the survey [1] - Among the surveyed companies, 4 were from the Shenzhen main board and 4 from the ChiNext board, indicating a balanced interest across different market segments [2] Group 2 - The total market capitalization of the surveyed companies included 4 with a market cap of less than 10 billion yuan, specifically Jieya Co., Yuningwei, and Aidi Te [2] - In terms of market performance, 7 out of the surveyed stocks increased in value over the past 5 days, with North Chemical Co. leading at a rise of 32.77%, followed by Suzhou Tianmai at 23.93% and Zhejiang Fu Holdings at 11.48% [2] - Only one stock, Chutianlong, experienced a decline, with a drop of 6.85% [2] Group 3 - Among the surveyed companies, only 2 released half-year performance forecasts, with one company expecting an increase in net profit [2] - North Chemical Co. is projected to have the highest net profit growth, with an expected median net profit of 105 million yuan, representing a year-on-year increase of 201.48% [2]

Group 1: Production Capacity and Utilization - The company's overall production capacity utilization has increased compared to last year [2][3] - The cellulose and its derivatives segment has optimized production organization while ensuring safe operations [2] - The special industrial pump segment maintains stable production [3] Group 2: Export Structure and Strategy - The company is implementing a precise pricing strategy for nitrocellulose products based on market demand [3] - The export structure is primarily self-operated foreign trade, with port trade as a supplementary method [3] - The company aims to continuously expand the market and optimize product structure to enhance operational efficiency [3] Group 3: Financial Performance - Overall revenue has increased year-on-year, and product gross margin levels have improved [3] - Specific financial data will be disclosed in the upcoming 2025 semi-annual report [3] Group 4: Automation and Capacity Expansion - The automation transformation of the nitrocellulose production line focuses on safety and quality, with projects progressing as planned [3] - The company is monitoring market demand changes to validate capacity needs based on operational realities [3] Group 5: Stability in Chemical and Environmental Business - The chemical and environmental business segment has maintained stable operational performance [3] - Detailed performance data will be available in the forthcoming 2025 semi-annual report [3]

New Stock Issuance - The new stock issued by Hanguo Group is priced at 15.43 RMB per share[1] - The subscription period for the tender offer of ST Kelly is from July 17, 2025, to August 15, 2025[1] Abnormal Fluctuations - Several stocks, including ST Zitian and Guangshengtang, have reported severe abnormal fluctuations[2] - The announcement links for stocks experiencing abnormal fluctuations are provided for investor reference[2] Market Updates - A total of 30 stocks have been listed for trading updates, with various announcements made between July 15 and July 21, 2025[1] - The report includes links to detailed announcements for each stock, ensuring transparency and accessibility for investors[1]

Group 1 - The stock of Beihua Co., Ltd. has hit the daily limit up for three consecutive trading days, with a current price of 19.57 yuan and a trading volume of 19.5 million shares, amounting to 376 million yuan in transaction value [2] - During the consecutive limit-up period, the stock has increased by 33.13% with a cumulative turnover rate of 26.55% [2] - The latest total market capitalization of the A-shares reached 10.745 billion yuan [2] Group 2 - As of July 18, the margin trading balance for Beihua Co., Ltd. was 345 million yuan, with a financing balance of 345 million yuan, reflecting a decrease of 11.11 million yuan or 3.12% from the previous trading day [2] - The stock has been listed on the Dragon and Tiger list due to a cumulative price deviation of 20% over three trading days, with institutional net selling of 43.72 million yuan and a net buying of 77.97 million yuan from the Shenzhen Stock Connect [2] - The company's Q1 report indicated a total operating revenue of 444 million yuan, representing a year-on-year increase of 49.50%, and a net profit of 30 million yuan, up 365.32% year-on-year [2] Group 3 - The company expects a net profit of between 98 million yuan and 111 million yuan for the first half of the year, with a year-on-year change range of 182.72% to 220.23% [2] - Recent trading data shows significant fluctuations in daily price changes and turnover rates, with notable net inflows of main funds on specific days [2]

Investment Rating - The report maintains a positive outlook on the defense and military industry, suggesting an increase in focus on military investments [4][5]. Core Insights - The military trade supply and demand are strongly resonating, creating a new industry landscape, with expectations for continuous progress [5]. - The military industry is entering an upward cycle, driven by domestic demand from military construction, particularly in the transition to "mechanization + informationization" and the upcoming "intelligent + unmanned" equipment [5]. - The global geopolitical changes are expanding military trade demand, with China's military products gaining recognition, leading to a strong resonance between supply and demand in military trade [5]. - The growth cycle in the military sector is expected to enhance industry valuations, with a recognition of "technological equity" in military advancements [5]. - Recommendations include increasing attention to military investments, focusing on next-generation equipment and precision-guided weapons, which are expected to see initial growth by 2025 [5]. Market Review - Last week, the Shenwan Defense and Military Index rose by 2.26%, while the CSI Military Leaders Index increased by 3.68%, outperforming the Shanghai Composite Index, which rose by 0.69% [6][4]. - The top five performing stocks in the defense and military sector were Beihua Co. (23.37%), Yingliu Co. (20.37%), Feilihua (15.98%), AVIC Shenyang Aircraft (12.78%), and Aerospace Power (11.37%) [6][13]. - The bottom five performing stocks included Changchun Yidong (-9.36%), Rongfa Nuclear Power (-6.6%), Rainbow Co. (-6.14%), Guorui Technology (-5.02%), and Galaxy Electronics (-4.66%) [6][13]. Valuation Changes - The current PE-TTM for the Shenwan Military Sector is 83.84, placing it in the upper range historically, with a valuation percentile of 71.57% since January 2014 [14]. - Valuations are slightly differentiated among sub-sectors, with aerospace and aviation equipment at a relatively high valuation since 2020 [14][19]. Key Valuation Targets - The report lists key valuation targets in the military sector, including companies like AVIC Shenyang Aircraft, AVIC Chengfei, and others, with projected net profits and PE ratios for the coming years [21].

Group 1 - The company's stock (referred to as "Beihua Co., Ltd." with stock code 002246) experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from July 16 to July 18, 2025 [1] - The company's board of directors conducted verification regarding the stock's abnormal fluctuation and inquired with the controlling shareholder and actual controller [1] - The board confirmed that there are no undisclosed matters that should have been disclosed according to the Shenzhen Stock Exchange's listing rules, nor any significant information that could impact the stock price [1]

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、 误导性陈述或者重大遗漏。 证券代码：002246 证券简称：北化股份 公告编号：2025-035 北方化学工业股份有限公司 股票交易异常波动公告 一、股票交易异常波动的情况介绍 北方化学工业股份有限公司（以下简称"公司"、"本公司"）股票（股票简称： 北化股份，股票代码：002246）于 2025 年 7 月 16 日、2025 年 7 月 17 日、2025 年 7 月 18 日连续三个交易日内收盘价格涨幅偏离值累计超过 20%，根据深圳证券交易所的 有关规定，属于股票交易异常波动的情况。 二、公司关注、核实情况说明 针对公司股票异常波动的情形，公司董事会对有关事项进行了核实，并函询了公 司控股股东及实际控制人，现就有关情况说明如下： 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、公司及公司控股股东、实际控制人不存在关于公司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、股票异 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company is expected to achieve a significant increase in net profit for the first half of 2025, with estimates ranging from 0.98 to 1.11 billion yuan, representing a year-on-year growth of 183% to 220% [5][6] - The growth in revenue and improvement in gross margin are the main drivers behind the company's strong performance [6] - The company aims for a revenue target of 2.6 billion yuan for 2025, which is a 34% year-on-year increase, and anticipates exceeding its annual profit target of 140 million yuan [6][7] - The demand for nitrocellulose is increasing while supply is contracting, leading to a rise in both export volume and price [6][7] - The company is positioned to benefit from the growing global demand for military-grade nitrocellulose and the potential market for environmentally friendly fireworks [7][8] Financial Performance and Projections - The company reported a net profit of 0.30 billion yuan in Q1 2025, with Q2 expected to show a significant increase to between 0.68 and 0.81 billion yuan [6] - The financial forecast for 2025-2027 includes projected revenues of 2.66 billion, 3.27 billion, and 3.95 billion yuan, with net profits of 186 million, 320 million, and 451 million yuan respectively [10][11] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 43, 25, and 18 times respectively [7][10]

Investment Rating - The report does not explicitly state the investment rating for North Chemical Industries Core Insights - North Chemical Industries is a global leader in nitrocellulose production, established in 2002 and listed on the Shenzhen Stock Exchange in 2008. The company has three main business areas: nitrocellulose, special industrial pumps, and activated carbon and protective equipment. It has maintained a leading position in global production and sales of nitrocellulose since 2004, with products sold to over 50 countries and regions [2][4][5] Financial Performance - For the first half of 2025, the net profit attributable to the parent company is expected to be between RMB 98 million and RMB 111 million, representing a year-on-year increase of 182.72% to 220.23%. The non-recurring net profit is expected to be between RMB 71 million and RMB 84 million, indicating a year-on-year increase of 1,387.97% to 1,660.42%. The growth is attributed to increased revenue and improved product gross profit margins [3][5] Business Segments - The company is recognized as the most comprehensive nitrocellulose manufacturer in the industry, producing three main product lines and over 80 grades of nitrocellulose, with applications in various fields including coatings and biomedical membranes [3][5] - The chemical defense and environmental protection business targets the mid-to-high-end market, focusing on developing environmental protection equipment centered on activated carbon deep adsorption purification devices [3][5] - The special industrial pump segment has a high market share, with a 70% market share in the phosphorous chemical industry and a 40% market share in flue gas desulfurization pumps in China [3][5]