Group 1 - The company, Kaimete Gas (002549), announced an expected net profit of 45 million to 63 million yuan for the first half of 2025, compared to a loss of 55.9441 million yuan in the same period last year [1]

Investment Rating - The industry rating is "Outperform the Market" [3][50]. Core Insights - Breakthroughs in electrolyzer technology have been observed, and the hydrogen heavy-duty truck sector is gradually maturing. The newly awarded electrolyzer projects are still primarily alkaline, but both PEM and AEM electrolyzer technologies have made significant advancements. It is recommended to pay attention to companies at the forefront of electrolyzer technology [2][40]. - The midstream sector is accelerating the development of hydrogen transportation and utilization, promoting the construction of hydrogen refueling stations. Companies with hydrogen transportation capabilities are recommended for attention [2][40]. - Transportation applications are leading the gradual maturation of the hydrogen fuel cell industry ecosystem, with a recommendation to focus on hydrogen vehicle companies related to heavy-duty trucks [2][40]. Industry Performance - As of July 4, 2025, the hydrogen energy index closed at 2135.09 points, with a weekly change of 1.03% and a year-to-date change of 20.16%. The hydrogen energy index ranked 53rd among the Shenwan secondary industry rankings this week, showing a significant decline [8][14]. - The TTM price-to-earnings ratio of the hydrogen energy index is 24.66 times, and the MRQ price-to-book ratio is 1.60 times as of July 4, 2025 [11][13]. Company Dynamics - The top five companies in the hydrogen energy sector by weekly increase are Xuedilong (31.74%), Kaimeteqi (27.46%), Shengdexintai (22.40%), Zhongcai Technology (20.71%), and Huaguang Huaneng (20.06%). The top three companies by weekly decrease are Guangzhi Technology (-15.82%), Taihe Technology (-9.40%), and Xinxunda (-9.13%) [14][16]. - This week, there were 9 awarded projects in the hydrogen energy sector, with 3 electrolyzer bidding projects totaling 520 MW and a total hydrogen production capacity of 104,000 Nm³/h [17][18]. Industry Dynamics - Significant developments include the approval of the first cross-province green hydrogen pipeline in Inner Mongolia and the launch of hydrogen two-wheelers in Dongguan. These initiatives are part of broader efforts to promote hydrogen energy as a strategic industry [35][36]. - Internationally, Morocco's large-scale green hydrogen project is making progress, and Uzbekistan's Tashkent green hydrogen project has successfully achieved hydrogen production [36][37].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The industrial gas sector is experiencing a price upturn, with liquid oxygen showing a continuous year-on-year growth for three consecutive weeks [3][10] - The market for industrial gases in China is approximately 200 billion yuan, with a compound annual growth rate exceeding 10% over the past five years [4][56] - The electronic gas sector is expected to benefit from the gradual recovery of the semiconductor industry, with the global electronic gas market projected to exceed 50 billion yuan by 2025 [54][57] Price Tracking - In June, the average prices for liquid oxygen, liquid nitrogen, and liquid argon were 448 yuan/ton (up 4.7% month-on-month, up 0.5% year-on-year), 480 yuan/ton (up 6% month-on-month, up 5% year-on-year), and 629 yuan/ton (up 3.5% month-on-month, down 35.6% year-on-year) respectively [3][9] - As of July 3, the prices were 449 yuan/ton for liquid oxygen (up 1.4% month-on-month, up 3.5% year-on-year), 469 yuan/ton for liquid nitrogen (down 0.2% month-on-month, up 7% year-on-year), and 628 yuan/ton for liquid argon (down 1.1% month-on-month, down 27% year-on-year) [10] Supply and Demand Tracking - The operating load rate of air separation units in China is showing a rebound, with market supply tightening due to maintenance and increased self-use by major enterprises [36] - In June, the PMI was recorded at 49.7, indicating a slight improvement over the past two months [37] Investment Recommendations - Key recommendations include Hangyang Co., Ltd., with continuous recommendations for Qiaoyuan Co., Ltd. and Shangu Power, and suggestions to pay attention to HeYuan Gas, China Shipbuilding Special Gas, Guanggang Gas, Huate Gas, and Kaimeite Gas [55][56] - The report emphasizes the potential for domestic companies to increase their market share in the electronic gas sector, with a significant shift from foreign to domestic suppliers [53][57]

Investment Rating - Industry Rating: Neutral (maintained rating) [6] Core Viewpoints - The approval of D-Alulose as a new food ingredient is a significant development, indicating potential growth in the food additive sector [1] - TDI and DMF prices have shown upward trends, with TDI prices increasing by 6.7% and DMF by 5.1% in the recent week, reflecting supply-demand dynamics in the chemical market [2][3] - The basic chemical sector has underperformed compared to the broader market, with a weekly increase of 0.46% compared to a 1.54% rise in the CSI 300 index, ranking 21st among all sectors [4][16] Summary by Sections Key News Tracking - On July 2, the National Health Commission announced the approval of D-Alulose and other substances as new food materials, which may enhance market opportunities in the food sector [1][13] Product Price Tracking - WTI oil prices rose by 1.5% to $66.5 per barrel, while key chemical products like TDI and DMF saw price increases of 6.7% and 5.1%, respectively [2] - The top five chemical products with price increases included carbon dioxide (+25.6%) and TDI (+6.7%) [2][30] Sector Performance - The basic chemical sector's performance was weaker than the CSI 300 index, with a 0.46% increase compared to the index's 1.54% rise, indicating a need for strategic focus on sectors with better growth potential [4][16] Focused Sub-industry Insights - The report suggests focusing on industries with stable demand and supply dynamics, such as refrigerants and phosphates, while also highlighting opportunities in MDI and agricultural chemicals [5] - Companies recommended for investment include Juhua Co., Yuntianhua, and Wanhua Chemical, reflecting a strategic approach to capitalize on market trends [5]

New Stock Issuance - Huadian New Energy (证券代码: 730930) issued shares at a price of 3.18 on July 7, 2025[1] - Jichuan Pharmaceutical (证券代码: 600566) has a tender offer period from June 18 to July 17, 2025[1] - ST Yazhen (证券代码: 603389) has a tender offer period from June 10 to July 9, 2025[1] Trading Alerts - The last trading day for TSM Jinguang (证券代码: 600190) is in 9 trading days[1] - The last trading day for TSM Jinyou (证券代码: 600462) is in 5 trading days[1] - The last trading day for TSM Gongzhi (证券代码: 000584) is in 3 trading days[1] Abnormal Fluctuations - Northern Long (证券代码: 301357) is experiencing severe abnormal fluctuations[1] - ST Dongjing (证券代码: 002199) reported abnormal fluctuations[3] - ST Yunchuang (证券代码: 835305) reported abnormal fluctuations on July 4, 2025[3]

Industry Investment Rating - The industry investment rating is "Outperform" and is maintained [2] Core Views - The report highlights the need to prevent disorderly competition and encourages companies to enhance product quality while promoting the orderly exit of outdated production capacity. Focus areas include silicon materials, coal chemical, and chlor-alkali chemical sectors, with price increases expected in potassium fertilizers, phosphorus fertilizers, active dyes, and pesticides [5][6] Summary by Sections Industry Overview - The closing index for the industry is at 3518.55, with a 52-week high of 3564.08 and a low of 2687.54 [2] - The basic chemical sector experienced a weekly change of +0.80%, underperforming the CSI 300 index, which had a weekly change of +1.54% [6][19] Stock Performance - Notable stock price increases include: - Kaimete Gas: +27.46% - Kete Biology: +21.90% - Jiuri New Materials: +21.01% [7][20] - Significant stock price decreases include: - Tiansheng New Materials: -15.80% - Jinji Co.: -15.34% - Xinyaqiang: -14.41% [8][21] Commodity Price Movements - Key commodities with price increases include: - Dichloropropane-white material: +8.82% - Isobutyraldehyde: +7.20% - TDI: +7.02% [9][23] - Key commodities with price decreases include: - Liquid chlorine: -86.51% - Chick seedlings: -47.31% - Meta-cresol: -9.09% [10][26] Investment Recommendations - The report suggests focusing on opportunities in silicon materials, coal chemical, and chlor-alkali chemical sectors while monitoring price trends in fertilizers and pesticides [5][6]

Market Overview - The Shanghai Composite Index rose by 0.32% on July 4, with 13 out of the 28 sectors experiencing gains, led by the banking and media sectors, which increased by 1.84% and 0.91% respectively [1] - The sectors that saw the largest declines were beauty care and non-ferrous metals, with decreases of 1.87% and 1.60% respectively [1] - The basic chemical industry ranked third in terms of decline today [1] Capital Flow Analysis - The net outflow of capital from the two markets was 21.74 billion yuan, with 8 sectors experiencing net inflows [1] - The computer industry had the largest net inflow of capital, totaling 2.81 billion yuan, despite a slight decline of 0.05% in its stock price [1] - The banking sector also saw a net inflow of 758 million yuan, with a daily increase of 1.84% [1] Basic Chemical Industry Performance - The basic chemical industry fell by 1.22%, with a total net outflow of 2.174 billion yuan [2] - Out of 401 stocks in this sector, 41 stocks rose, and 354 stocks fell, with 4 stocks hitting the daily limit down [2] - The top three stocks with the highest net inflow in the basic chemical sector were Huafeng Super Fiber (1.62 billion yuan), Dongcai Technology (1.39 billion yuan), and Limin Co., Ltd. (1.24 billion yuan) [2] Basic Chemical Industry Capital Inflow and Outflow - The top stocks with capital inflow included: - Huafeng Super Fiber: +1.83%, 16.59% turnover, 161.85 million yuan inflow - Dongcai Technology: +10.01%, 11.12% turnover, 138.64 million yuan inflow - Limin Co., Ltd.: +5.83%, 22.57% turnover, 124.30 million yuan inflow [2][3] - The top stocks with capital outflow included: - Dazhongnan: +2.55%, 38.91% turnover, -195.83 million yuan outflow - Wanhua Chemical: -0.86%, 0.72% turnover, -137.99 million yuan outflow - Yanhai Co., Ltd.: -2.43%, 0.88% turnover, -98.39 million yuan outflow [3]

New Stock Offerings - Jichuan Pharmaceutical (600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - *ST Yazhen (603389) has a tender offer period from June 10, 2025, to July 9, 2025[1] - Zhongcheng Tui (300208) has 11 trading days remaining until the last trading day[1] Delisting and Trading Reminders - Tui Shi Jin Gang (600190) has 11 trading days remaining until the last trading day[1] - Hengli Tui (000622) is in the delisting arrangement period with 8 trading days remaining[1] - Tui Shi Jiu You (600462) has 7 trading days remaining until the last trading day[1] Market Volatility - Beifang Changlong (301357) reported severe abnormal fluctuations[1] - Multiple companies, including Jichuan Pharmaceutical and *ST Yazhen, are under scrutiny for trading anomalies[1]

Group 1 - Guizhou Moutai has repurchased a total of 3.3821 million shares as of June 30, 2025, accounting for 0.2692% of the total share capital, with a total expenditure of 5.202 billion yuan [2] - Luxshare Precision is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global financing capabilities and governance transparency [2] - Huazhong Xinchuang has received a project notification from a leading domestic eVTOL manufacturer for the development and supply of an intelligent cockpit multimedia display system [3] Group 2 - Meinohua expects a net profit of 46 million to 52 million yuan for the first half of 2025, representing a year-on-year increase of 142.84% to 174.52% [4] - Jiangnan Water has received a report from shareholder Lianan Life Insurance indicating an increase in shareholding by 46.99 million shares, representing 5.03% of the total share capital [5] - Huasen Pharmaceutical has received approval for clinical trials of its CX001 sustained-release tablets, marking a milestone for its innovative drug development platform [6] Group 3 - Zongshen Power anticipates a net profit growth of 70% to 100% for the first half of the year [7] - Yutong Bus reported a sales volume of 5,919 units in June, a year-on-year increase of 24.79% [7] - Guangzhou Port expects a 7.0% year-on-year increase in container throughput for June 2025 [7] Group 4 - Data Port's shareholders plan to reduce their holdings by up to 1.74% and 0.26% of the company's shares [9] - Humanwell Healthcare's shareholder plans to increase its stake by 1% to 2% [9] - Nengte Technology plans to repurchase shares worth between 300 million to 500 million yuan [10]

Core Viewpoint - The company, Kaimete Gas (002549.SZ), announced that its current production and operational situation is normal, with no significant changes in the internal and external operating environment [1] Company Summary - Kaimete Gas confirmed that there are no undisclosed significant matters related to the company or its controlling shareholders and actual controllers [1] - The company is not in the process of planning any significant undisclosed matters [1]