Core Viewpoint - The Low-E glass concept sector experienced a significant decline of 3.55%, with major companies like Yamaton, Sanxia New Material, Jinjing Technology, and Yaopi Glass facing substantial losses [1][2]. Group 1: Market Performance - As of July 15, the Low-E glass concept ranked among the top decliners in the market, with Yamaton hitting the daily limit down [1]. - The sector saw a net outflow of 230 million yuan from main funds, indicating a lack of investor confidence [2]. Group 2: Individual Stock Performance - Yamaton led the outflow with a net withdrawal of 65.6 million yuan, reflecting a drop of 9.99% in its stock price [2]. - Other notable stocks with significant net outflows include Jinjing Technology (34.9 million yuan, down 4.18%) and Yaopi Glass (27.1 million yuan, down 4.03%) [2].

低辐射玻璃概念走低，亚玛顿（002623）触及跌停，三峡新材（600293）、耀皮玻璃（600819）、安彩 高科（600207）、海南发展（002163）跟跌。 "聪明钱"流向曝光！暗盘资金破解主力操盘密码>> ...

上周，沪指再度站上3500点。周二，光伏板块直接"炸场"——亚玛顿上演"地天板"，多晶硅期货涨停， 光伏龙头ETF开启狂飙！这哪里是炒股？这是坐上了火箭啊！这背后，可不止"牛市"那么简单，或许还 隐藏着全行业高质量发展的终极密码！ 光伏行业走到今天，到底经历了什么？从价格战打到"负毛利"，这几年光伏圈就一个字：卷！硅料价格 从30万/吨暴跌到4万/吨，组件报价低至每瓦6毛多，企业每卖一块板亏一杯奶茶钱，一旦停产，亏得更 多！有网友辣评："这哪是做生意？这是做慈善啊！" 这么卷下去，何时熬出头？于是，官方果断"出手"了。首先是人民日报在一篇文章中讲道，"内卷式"恶 性竞争违背了经济规律，破除"内卷式"竞争，是按照经济规律办事的必然要求。 紧接着，工信部紧急召集光伏大佬们开会，主题就俩字："别卷了！"参与此次座谈会的企业家阵容强大 ——有天合光能董事长高纪凡、晶科能源董事长李仙德、隆基绿能董事长钟宝申、TCL中环董事长李东 生等。会后，这些大佬们的反馈惊人一致：这大会，让俺们有信心了！ 6月底，国内十大光伏玻璃厂商宣布：减产30%！这操作堪比"全班优等生约好一起不补课"——你不 卷，我不卷，大家一起保饭碗！结果呢 ...

Core Viewpoint - The "anti-involution" policy is gaining traction, leading to a rebound in related concept stocks, particularly in the steel, coal, and photovoltaic sectors, with significant price increases observed in leading companies [1][5]. Group 1: Market Performance - As of July 14, the Wind Photovoltaic Index has increased by 14.44% since its rebound began on June 20, with leading stocks such as Yamaton (002623), Guosheng Technology (603778), and Jingyuntong (601908) rising by 96.7%, 81.79%, and 54.67% respectively [1][5]. - Research institutions have shown heightened interest in "anti-involution" concept stocks, with over 283 related research reports published by brokers and futures firms since July [2]. Group 2: Policy Developments - The Central Economic Commission emphasized the need to deepen the construction of a unified national market, focusing on addressing low-price disorderly competition and promoting product quality improvement [3]. - The State Administration for Market Regulation held a meeting to strengthen fair competition reviews and enhance anti-monopoly enforcement, involving companies from various sectors including wind power, automotive, and internet platforms [3]. Group 3: Industry Insights - Key industries benefiting from the "anti-involution" policy include steel, cement, photovoltaic, and lithium battery sectors, with expectations of improved profitability and market performance [9][12]. - The "anti-involution" policy aims to guide companies away from cost competition, emphasizing the importance of R&D and product quality enhancement [10]. Group 4: Future Outlook - Analysts suggest that the current "anti-involution" trend may unfold in three phases: initial policy catalysis, subsequent resource price increases, and stabilization of high prices [7]. - The anticipated policy measures are expected to be rolled out by various ministries before September, focusing on supply-side reforms and addressing overcapacity in several industries [6].

Group 1 - The company expects a net loss attributable to shareholders in the range of 15 million to 20 million yuan for the current reporting period, a significant decline of 210.69% to 247.59% compared to a profit of 13.55 million yuan in the same period last year [1] - The basic earnings per share are projected to be a loss of 0.08 to 0.10 yuan per share, compared to a profit of 0.07 yuan per share in the previous year [1] - The decline in performance is attributed to a rapid decrease in product prices and inventory impairment, following a short-term surge in demand and a quick rebound in the sales price of photovoltaic glass [1] Group 2 - The company plans to continue practicing industry self-discipline and rational capacity planning to maintain stable and orderly operations amid challenges in the photovoltaic industry [2] - The company aims to accelerate its overseas industrial layout to enhance global competitiveness [2]

Changzhou Almaden Co., Ltd. 2025 Semi-Annual Performance Forecast [Performance Forecast Overview](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a H1 2025 shift to loss, with net profit attributable to shareholders projected at 15-20 million yuan loss Key Performance Indicators | Item | Current Reporting Period | Prior Year Same Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | Loss: 15 - 20 million yuan | Profit: 13.551 million yuan | | Year-on-Year Change | Decrease: 210.69% - 247.59% | - | | **Net Profit After Deducting Non-Recurring Gains and Losses** | Loss: 29 - 34 million yuan | Profit: 1.862 million yuan | | Year-on-Year Change | Decrease: 1,657.47% - 1,925.99% | - | | **Basic Earnings Per Share** | Loss: 0.08 - 0.1 yuan/share | Profit: 0.07 yuan/share | [Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) This performance forecast's financial data are preliminary company calculations, unaudited by an accounting firm - The data in this performance forecast have not been audited by an accounting firm[4](index=4&type=chunk) [Reasons for Performance Change and Response Strategies](index=1&type=section&id=III.%20Explanation%20of%20Reasons%20for%20Performance%20Change) Loss stems from cooling PV demand, price drops, and inventory impairment; company plans capacity rationalization and overseas expansion - The primary reason for the shift from profit to loss is market volatility: a rush for distributed market installations from January to April 2025 due to policy adjustments drove a rebound in photovoltaic glass prices; however, demand cooled down in May-June, leading to a rapid decline in industry chain prices, compounded by inventory impairment, resulting in the company's performance loss[5](index=5&type=chunk) - Facing industry challenges, the company plans two key measures: 1) practicing industry self-discipline, rationally planning capacity, and maintaining stable operations; 2) accelerating overseas industrial layout to enhance global competitiveness[5](index=5&type=chunk) [Risk Warning](index=1&type=section&id=IV.%20Risk%20Warning) The company warns investors that this performance forecast is preliminary and unaudited, with final data subject to the 2025 semi-annual report - The company explicitly states that this performance forecast is a preliminary calculation by the finance department, unaudited by certified public accountants, and the final data will be based on the officially disclosed semi-annual report, reminding investors to make cautious decisions[6](index=6&type=chunk)

Group 1 - The company, Yamaton (002623), expects a net loss of 15 million to 20 million yuan in the first half of 2025, representing a year-on-year decline of 210.69% to 247.59% [1] - The non-recurring net profit is projected to be a loss of 29 million to 34 million yuan, with a year-on-year decrease of 1,657.47% to 1,925.99% [1] - The basic earnings per share are estimated to be a loss of 0.08 to 0.1 yuan per share [1] Group 2 - The significant changes in the company's performance are primarily attributed to policy adjustments in the photovoltaic industry, which have led to concentrated demand release and a decline in product prices [1]

股票方面，截至上周末，多晶硅板块通威股份（600438）7月至今大涨逾两成，大全能源大涨近两成； 光伏玻璃亚玛顿（002623）大涨逾六成；钢铁股金岭矿业（000655）大涨逾四成，重庆钢铁（601005） 大涨16%。 深圳商报·读创客户端记者 陈燕青 随着"反内卷"政策信号持续释放，市场对行业格局优化的预期增强，近期多晶硅、黑色系商品期货持续 反弹。根据统计，截至7月11日，7月以来多晶硅主力合约大涨23.4%，焦煤主力合约上涨8.37%，玻璃 主力合约上涨6.68%，螺纹钢主力合约上涨4.12%。 业内普遍认为，"反内卷"背后，意在减少低效竞争，解决产能过剩和资源浪费问题。 对此，广发证券首席策略分析师刘晨明表示，从2023年底以来，"反内卷"在多个顶层会议被频繁提及， 自上而下推动的供给调节与需求刺激手段形成配合，目标是使得经济的物价水平重回稳定区间。本轮市 场对于"反内卷"的形式和力度也存在观望期，未来行情斜率的提升还需要看到进一步坚决推进的政策信 号。如果政策持续，单靠供给收缩可以实现相关行业的资产周转率上升、价格上涨、利润修复，构成结 构性机会。 根据统计，7月以来商品价格上涨较多的品类集中在新 ...

Investment Rating - Industry rating: Recommended [5] Core Insights - The humanoid robot industry is expected to accelerate towards mass production due to breakthroughs in AI technology and increasing domestic and international enterprise layouts, with strong demand for domestic replacement of core components [12][15] - The domestic new energy vehicle (NEV) market is experiencing rapid growth, with production and sales in June exceeding 25% year-on-year, driven by technological advancements in vehicle performance [16][18] - The photovoltaic industry chain has seen a significant price increase across the board, with policies promoting orderly competition and a solidified industry foundation [24][29] - The approval of the UK's 1.5GW Mona offshore wind project marks a significant advancement in the European offshore wind sector, with expectations for further auctions and orders in the second half of the year [25][27] Humanoid Robots - The humanoid robot sector is witnessing increased participation from major tech companies, with a focus on the T-chain and domestic supply chain developments, indicating a robust market opportunity [12][15] - Key components such as dexterous hands and lightweight materials are expected to see significant advancements, enhancing the efficiency and application of humanoid robots [13][15] New Energy Vehicles - The NEV sector is in a growth phase, with new models enhancing performance and cost-effectiveness, supported by advancements in solid-state batteries and other technologies [16][18] - The demand for lithium battery materials is expected to expand due to the recovery of the consumer electronics market and the growth of energy storage applications [20][22] Photovoltaic Industry - The photovoltaic industry is experiencing a price surge due to supply chain adjustments and policy support, with specific beneficiaries identified in the silicon material and battery sectors [24][29] - The market is expected to stabilize as inventory levels decrease and production capacity is adjusted, with a focus on high-efficiency products and new technologies [30][32] Offshore Wind Power - The approval of the Mona offshore wind project is anticipated to stimulate further developments in the offshore wind sector across Europe, with domestic companies poised to benefit from upcoming orders [25][27] - The demand for offshore wind components is expected to rise, driven by both domestic and international projects, creating opportunities for companies involved in the supply chain [43][45]

Market Overview - As of July 11, the Shanghai Composite Index closed at 3510.18 points, with a slight increase of 0.50 points, representing a change of 0.01% [1] - The Shenzhen Component Index closed at 10696.10 points, up by 64.97 points, reflecting a growth of 0.61% [1] - The ChiNext Index ended at 2207.10 points, gaining 17.52 points, which is an increase of 0.80% [1] High Turnover Stocks - A total of 103 A-shares had a turnover rate exceeding 20% on this day, indicating significant trading activity [1] - Notable stocks with high turnover rates include: - C Tongyu with a turnover rate of 76.79% and a closing price of 203.04 yuan, up by 5.99% [2] - Zhongke Magnetic with a turnover rate of 58.53% and a closing price of 74.66 yuan, increasing by 14.77% [2] - Kuaijingtong with a turnover rate of 49.95% and a closing price of 6.03 yuan, up by 0.50% [2] Additional High Turnover Stocks - Other stocks with notable turnover rates include: - Xinling Electric at 47.13% turnover, closing at 35.11 yuan, down by 1.90% [2] - Hengbao Co. at 45.74% turnover, closing at 24.02 yuan, up by 9.98% [2] - Zhongyi Technology at 43.60% turnover, closing at 51.38 yuan, up by 6.46% [2] - Stocks like ST Zitian and Guoyuan Technology also showed significant turnover rates of 39.13% and 39.10%, respectively [2]