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].

证券代码：002658 证券简称：雪迪龙 公告号：2025-027 北京雪迪龙科技股份有限公司 股票交易异常波动公告 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、误导性陈述或重大遗漏。 特别提示： 公司股票连续三个交易日内（2025 年 6 月 27 日、2025 年 6 月 30 日、2025 年 7 月 1 日）日收盘价格涨幅偏离值累计达到 20.12%，连续二个交易日内（2025 年 7 月 2 日、2025 年 7 月 3 日）日收盘价格涨幅偏离值累计达到 20.74%，根据 《深圳证券交易所交易规则》的相关规定，目前公司股票属于股票交易异常波 动的情况，可能存在市场情绪过热的情形，交易风险较大。公司郑重提醒广大 投资者，注意二级市场交易风险，审慎决策、理性投资。 一、股票交易异常波动的情况介绍 北京雪迪龙科技股份有限公司（以下简称"公司"或"本公司"）股票连续 二个交易日内（2025年7月2日、2025年7月3日）日收盘价格涨幅偏离值累计达到 20.74%。根据《深圳证券交易所交易规则》的相关规定，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 ...

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 - The stock of Xuedilong has reached a trading limit, marking three consecutive days of limit-up, with a current price of 9.47 yuan and a turnover rate of 3.17% [2] - During the consecutive limit-up period, the stock has increased by 33.01%, with a cumulative turnover rate of 23.66% [2] - The latest total market capitalization of the A-shares is 60.21 billion yuan, with a circulating market capitalization of 33.96 billion yuan [2] Group 2 - The company reported a total operating revenue of 254 million yuan in the first quarter, representing a year-on-year growth of 9.66%, and a net profit of 10 million yuan, which is a significant increase of 257.20% year-on-year [2] - The stock has appeared on the Dragon and Tiger list due to a cumulative deviation of 20% in its price over three trading days, with institutional net purchases amounting to 11.98 million yuan [2] - The trading data shows significant net inflows from major funds, with a net inflow of 114.6 million yuan on June 30, 2025 [2]

证券代码：002658 证券简称：雪迪龙 公告号：2025-026 4、经核查，公司、控股股东和实际控制人不存在关于本公司的应披露而未 披露的重大事项，或处于筹划阶段的重大事项。 5、公司股票异常波动期间，公司控股股东、实际控制人未买卖本公司股票。 北京雪迪龙科技股份有限公司 股票交易异常波动公告 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、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 北京雪迪龙科技股份有限公司（以下简称"公司"或"本公司"）股票连续 三个交易日内（2025年6月27日、2025年6月30日、2025年7月1日）日收盘价格涨 幅偏离值累计达到20.12%。根据《深圳证券交易所交易规则》的相关规定，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情况，公司对有关事项进行了核查，并询问了公司控 股股东、实际控制人，现将有关情况说明如下： 1、经核查，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了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息。 3、近期公司生产经营情况正常，内外部 ...

Core Insights - The 2024 revenue of the domestic instrument industry shows significant differentiation, with leading companies like Antu Bio achieving counter-cyclical growth while others face challenges due to market contraction and cost pressures [2][4] Group 1: Revenue and Income Disparities - The income of executives in the instrument sector has widened significantly compared to last year, primarily driven by high dividends [4] - Antu Bio's chairman, Miao Yongjun, is the only executive with an income exceeding 100 million yuan, with 99% of his income coming from dividends [4] - The dividend payout ratio for Antu Bio is 60.28% of net profit, while Tailin Bio has an even higher ratio of 91.94%, raising concerns about sustainable development [4] Group 2: Growth Drivers and Market Challenges - The biopharmaceutical supply chain and overseas markets are identified as core growth drivers, with Antu Bio's overseas revenue increasing by 36.25% year-on-year and Wanyi Technology achieving a remarkable 447% growth [4] - Traditional sectors like environmental monitoring and industrial process analysis are under severe pressure, as evidenced by the declining income of Xuedilong's chairman, which fell from 140 million yuan in 2022 to 110 million yuan in 2023 [5] Group 3: Cost Pressures and Profitability - Cost pressures are intensifying, squeezing net profit margins across the industry, with Tailin Bio facing significant profit margin erosion due to raw material price increases and price wars [6] - Despite a 15.01% year-on-year revenue growth, Lihua Technology experienced a decline in net profit due to rising costs and increased expenses [6] - Companies like Nanwei Technology have successfully implemented quality improvement and efficiency enhancement measures, restoring growth in core business areas while controlling expenses [6] Group 4: Executive Compensation Trends - The average pre-tax salary of executives has decreased to approximately 860,000 yuan, down from 1.2 million yuan last year, reflecting cost-cutting measures amid profit pressures [9] - The compensation structure for executives in the instrument industry is evolving, emphasizing the importance of strategic transformation, industry upgrades, and cost management [9]

内容概况：从生产地区来看，中国目前是全球激光气体分析仪的主要生产地区，占全球25%以上的市场 份额。近年来，随着国内环保政策的不断加强和工业化进程的加速推进，激光气体分析仪市场需求持续 增长。与此同时，国内激光气体分析仪企业在技术研发和市场拓展方面取得了显著进展，部分产品在性 能上已达到国际先进水平。国产激光气体分析仪凭借成本优势和定制化服务，在中低端市场具有较强的 竞争力，逐步缩小了与国外品牌的差距。此外，中国政府出台了一系列政策，旨在推动环保、能源、工 业等领域的技术进步和产业升级。这些政策为激光气体分析仪行业提供了良好的发展环境，促进了市场 的快速增长。据统计，2023年中国激光气体分析仪市场规模为1.36亿美元，约占全球的25.95%，预计 2030年将达到1.88亿美元，占全球的比重将达到26.23%。 相关上市企业：聚光科技（300203）、汉威科技（300007）、雪迪龙（002658）、ST天瑞 （300165）、ST先河（300137）、华工科技（000988）、中航电测（300114）、四方光电 （688665）、锐科激光（300747）、大族激光（002008）、杰普特（688025）等 ...

Core Viewpoint - The environmental monitoring market is expanding continuously, driven by policy support, technological advancements, and increased environmental awareness, leading to intensified competition and accelerated domestic substitution in the industry [2][3]. Market Overview - The environmental monitoring market is experiencing steady growth, with significant developments in sub-sectors such as carbon monitoring, water ecological monitoring, and pollution source monitoring, attracting numerous companies to compete [3]. - The competitive landscape is characterized by a diversification of players, with large enterprises dominating the high-end market through advanced technology and service innovation, while small and medium-sized enterprises compete in the mid-to-low-end market by enhancing cost performance and after-sales service [3][8]. Financial Performance of Listed Companies - A review of eight representative listed companies in the environmental monitoring sector reveals a clear polarization in financial performance, with some companies like 聚光科技 achieving significant revenue and profit growth, while others like 先河环保 and 蓝盾光电 face substantial losses [8][10]. - 聚光科技 reported a revenue of 36.14 billion and a net profit of 2.07 billion, with a net profit growth of 164.11% [6]. - In contrast, 先河环保 reported a net loss of 1.52 billion, reflecting a decline of over 200% [8]. Business Composition and Margins - Most companies exhibit high gross margins, with 聚光科技's instrument and related software business achieving a gross margin of 48.50% [9]. - 四方光电's gas sensor business accounts for 75.83% of its revenue, with a gross margin of 41.13%, indicating strong product competitiveness in its niche [9]. Industry Trends and Opportunities - The ecological environment monitoring industry is set to benefit from the modernization of monitoring systems, the integration of digital technologies, and the increasing demand for carbon monitoring services due to climate change initiatives [15][17]. - The trend of domestic substitution is accelerating, with local companies overcoming key technological barriers and gaining recognition in government procurement and monitoring sectors [17].

Investment Rating - The investment rating for the environmental engineering and services sector is "Positive" [2] Core Viewpoints - The environmental industry is gradually returning to rationality after experiencing a decline in national subsidies, PPP projects, and mixed ownership reforms. Companies are focusing on core business development while exploring new growth areas such as renewable energy and AI+environmental solutions [24] - In 2024, the environmental sector achieved a total revenue of CNY 395.986 billion, a year-on-year decrease of 1.2%, and a net profit attributable to shareholders of CNY 26.289 billion, a decrease of 10.7%. However, in Q1 2025, the sector's revenue increased by 1.5% year-on-year to CNY 87.873 billion, and net profit rose by 1.3% to CNY 8.723 billion, indicating a steady improvement in performance [24] Summary by Relevant Sections Water Sector - In 2024, the water sector generated revenue of CNY 75.376 billion, a decrease of 1% year-on-year, while net profit increased by 24.1% to CNY 11.822 billion. In Q1 2025, revenue remained flat at CNY 16.785 billion, with net profit growing by 7.6% to CNY 2.663 billion. Recent policy changes are expected to catalyze market-oriented water price reforms, benefiting efficient water companies [3][35] Solid Waste Sector - The solid waste treatment sector achieved revenue of CNY 174.722 billion in 2024, a year-on-year increase of 10.6%, with net profit rising by 10.2% to CNY 14.248 billion. In Q1 2025, revenue grew by 8.6% to CNY 41.34 billion, and net profit increased by 7.9% to CNY 4.3 billion. The new paradigm of waste incineration combined with data centers is expected to enhance profitability and cash flow [4][30] Environmental Monitoring/Testing Sector - The environmental monitoring/testing sector reported revenue of CNY 11.146 billion in 2024, a year-on-year increase of 1.5%, with net profit rising significantly by 46.2% to CNY 0.733 billion. In Q1 2025, revenue decreased by 6.3% to CNY 1.788 billion, while net profit remained stable with a slight increase of 0.4% [4] Environmental Equipment Sector - The environmental equipment sector generated revenue of CNY 61.497 billion in 2024, a decrease of 10.27%, with net profit falling by 33% to CNY 2.873 billion. In Q1 2025, revenue decreased by 6.42% to CNY 13.822 billion, and net profit decreased by 4.6% to CNY 0.986 billion. The demand for energy-saving equipment is expected to rise as the government promotes energy efficiency [5][6] Investment Recommendations - Three main investment lines are highlighted: 1. Water and waste incineration operations, which are expected to benefit from market reforms and stable cash flows. Recommended companies include Xirong Environment and Hongcheng Environment. 2. Environmental equipment, which is anticipated to see increased demand due to ongoing energy-saving initiatives. Suggested companies include Zhongtai Co. and Ice Wheel Environment. 3. Circular economy initiatives, with significant growth potential as outlined in the "14th Five-Year Plan" for circular economy development. Recommended companies include Inke Recycling and High Energy Environment [6][30]

Core Viewpoint - The company, Xuedilong, reported a decline in revenue and net profit for the year 2024, indicating challenges in its core business segments, particularly in environmental monitoring and industrial process analysis systems [2][3]. Financial Performance - The total revenue for 2024 was 1.42 billion yuan, a decrease of 5.97% compared to 2023 [3][4]. - The net profit attributable to shareholders was 169 million yuan, down 16.90% year-on-year [2][3]. - The net assets attributable to shareholders decreased by 3.09% to 2.58 billion yuan [2][3]. - Basic earnings per share fell to 0.27 yuan, a decline of 15.63% from the previous year [3][4]. Business Segments Environmental Monitoring - The ecological environment monitoring system generated sales of 1.14 billion yuan, down 5.83% from 1.21 billion yuan in 2023 [3][4]. - The company has established long-term partnerships with major clients in industries such as steel, petrochemicals, and power, enhancing its market position [5]. Industrial Process Analysis - The industrial process analysis system reported sales of 185 million yuan, a significant drop of 24.13% from 244 million yuan in the previous year [3][4]. - The company has secured strategic collaborations with large petrochemical and construction groups, including a major gas analysis system project [8]. Other Business Areas - Other business segments achieved sales of 97 million yuan, showing a growth of 67.54% compared to 58 million yuan in 2023 [4]. - The company is actively promoting carbon monitoring and measurement products, integrating digital technologies into its offerings [7]. Regional Performance - Revenue from the Northeast region was 59.75 million yuan, a slight decrease of 0.84% year-on-year [4]. - The East China region saw a revenue increase of 9.77%, reaching 331 million yuan [4]. Strategic Initiatives - The company is focusing on high-quality project development in environmental quality monitoring, leveraging its reputation from national monitoring projects [6]. - It is also expanding its international business in Southeast Asia, Central Asia, and Africa, executing various industrial process analysis projects [8].