Core Viewpoint - The report highlights the performance of the Jiashi New Energy Materials Stock A fund, indicating a profit of 4.7057 million yuan in Q2 2025, with a net asset value growth rate of 0.46% and a total fund size of 2.059 billion yuan as of the end of Q2 2025 [2][15]. Fund Performance - As of July 18, 2025, the fund's one-year cumulative net value growth rate is 33.18%, ranking 7th out of 44 comparable funds [3]. - The fund's three-month net value growth rate is 8.86%, ranking 34th out of 44 comparable funds, and the six-month growth rate is 6.97%, ranking 22nd out of 44 [3]. - Over the past three years, the fund has experienced a net value growth rate of -44.60%, ranking 21st out of 31 comparable funds [3]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years is -0.3224, ranking 18th out of 31 comparable funds [8]. - The maximum drawdown over the past three years is 63.37%, ranking 3rd out of 31 comparable funds, with the largest single-quarter drawdown occurring in Q3 2022 at 24.88% [10]. Investment Strategy - The fund manager indicates that corporate profit recovery is similar to historical cycles, suggesting potential for exceeding expectations in various industries due to suppressed capital expenditures [2]. - The fund has maintained a high average stock position of 91.71% over the past three years, with a peak of 94.62% at the end of 2023 [13]. - The fund's investment focus is on sectors related to new energy lithium batteries and intelligent driving, adjusting the portfolio dynamically based on market fluctuations [2]. Holdings Concentration - The fund has a high concentration of holdings, with the top ten stocks including Ningde Times, Putailai, Yiwei Lithium Energy, and others, indicating a stable selection of investment targets [18].

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The report indicates that the fluorochemical industry is entering a long-term prosperity cycle, with significant growth potential across various segments, including raw materials like fluorite, refrigerants, and high-end fluorinated materials [22][23] - The refrigerant market is experiencing a sustained upward trend, driven by high temperatures and improved demand, particularly in the air conditioning sector [21][22] Summary by Sections Industry Overview - The fluorochemical index increased by 0.96% during the week of July 14-18, outperforming the Shanghai Composite Index by 0.54% [6][25] - The average price of fluorite (97% wet powder) remained stable at 3,200 CNY/ton as of July 18, 2025, with a year-on-year decrease of 13.61% [7][32] Refrigerant Market - As of July 18, 2025, the prices for various refrigerants are as follows: R32 at 54,000 CNY/ton, R125 at 45,500 CNY/ton, R134a at 50,000 CNY/ton, R410a at 49,500 CNY/ton, and R22 at 35,000 CNY/ton [20][24] - The report highlights that R32 and R134a prices have increased by 50.00% and 61.29% respectively compared to 2024 [45] Company Performance - Companies such as Dongyangguang, Juhua, and Sanmei are expected to report significant profit increases for the first half of 2025, with growth rates ranging from 136% to 192.81% [9][10] - Recommended stocks include Jinshi Resources, Juhua, Sanmei, and Haohua Technology, which are positioned to benefit from the ongoing trends in the fluorochemical sector [10][22]

Core Insights - The article provides a detailed analysis of various mutual funds managed by the company, highlighting their performance metrics, including annualized returns and significant stock holdings [1][3]. Fund Performance Summary - The "Baoying Nasdaq 100 Index Fund" (QDII) A USD has a scale of 3.47 billion with an annualized return of 12.66% and a Q2 2025 increase of 16.66%, heavily invested in Nvidia (NVDA) with a weight of 8.56% [1]. - The "Baoying Nasdaq 100 Index Fund" (QDII) A RMB also has a scale of 3.47 billion, achieving an annualized return of 17.89% and a Q2 2025 increase of 16.43%, similarly focused on Nvidia [1]. - The "Baoying Xiangyi Regular Open Mixed A" fund has a scale of 1.76 billion with a modest annualized return of 1.92% and a Q2 2025 increase of 0.84%, primarily invested in Nanjing Bank [1]. - The "Baoying Zhongzheng A100 Index Enhanced A" fund has a scale of 1.69 billion, with an annualized return of 5.23% and a Q2 2025 increase of 1.44%, focusing on Kweichow Moutai [1]. Stock Trading Performance - Fund manager Cai Dan achieved a cumulative return of 4.88% during her tenure managing the "Baoying Xiangrui Mixed A" fund, with an average annualized return of 1.17% and a trading success rate of 56.79% across 81 stock adjustments [3]. - Notable stock trading examples include: - "Xinhua Bang" was bought in Q1 2020 and sold in Q3 2021, yielding an estimated return of 223.25% with a company performance growth of 152.36% [4][6]. - "Ningde Times" was held from Q2 2020 to Q1 2021, resulting in a return of 149.16% with a company growth of 185.34% [4]. - "Zijin Mining" was bought in Q2 2023 and has an estimated return of -86.18% despite a company growth of 51.76% [5][8]. ETF Insights - The "Gold Stock ETF" (Product Code: 159562) tracks the CSI Hong Kong and Shanghai Gold Industry Stock Index, showing a recent increase of 0.44% over five days and a price-to-earnings ratio of 20.86 times, with a net inflow of 237.7 million [10].

Core Viewpoint - The global electric vehicle supply chain remains highly prosperous in the first half of 2025, driving strong growth in the upstream electrolyte market, with China's dominant position in the global market further strengthened [1]. Production and Growth - In the first half of 2025, domestic electrolyte production in China reached 941,000 tons, a year-on-year increase of 54.57%, while global electrolyte production was 1,005,000 tons, with a year-on-year growth of 46.71% [2]. - It is projected that global electrolyte production will exceed 2.1 million tons in 2025 [2]. Market Trends - Despite a slowdown compared to the over 80% growth rates of 2022-2023, the year-on-year growth of nearly 55% in China and over 46% globally in the first half of 2025 indicates strong market momentum even at high base levels [4]. - The domestic market is highly competitive, particularly among second-tier companies, with market shares closely contested [4]. Competitive Landscape - The market concentration continues to rise, with leading companies holding significant advantages. Tianqi Materials leads with over 30% market share, followed by BYD and New Zhongbang [7]. - The top three companies (Tianqi, BYD, New Zhongbang) collectively hold a market share of 62.4%, firmly controlling the market [8]. - Second-tier manufacturers, including Xianghe Kunlun and Zhuhai Saiwei, have market shares around 4-5%, indicating fierce competition [8]. Global Market Dynamics - Only Yienke has entered the global top thirteen rankings, while other overseas companies are falling behind, leading to a gradual decrease in their market share [9]. - The electrolyte market in the first half of 2025 continued its high growth trend, with Chinese companies maintaining a core position in the global supply chain [11]. Future Outlook - As the global electrification process deepens, technological iterations (such as new lithium salts and solid-state electrolyte exploration) and cost control capabilities will be key for companies to maintain and enhance competitiveness [11]. - The industry concentration is expected to further tilt towards leading companies, with China's electrolyte industry continuing to empower the development of the global electric vehicle industry through its scale and technological advantages [11].

Investment Rating - The report maintains a positive outlook on the chemical industry, with specific buy and hold recommendations for various companies [2][20]. Core Insights - The report highlights the closure of Dow's organic silicon production capacity in Barry, UK, which is expected to increase domestic export demand and support the upstream industrial silicon costs, indicating a potential reversal in the organic silicon industry [4][5]. - The demand for high-end AI PCBs is projected to surge due to the continuous growth in computing power requirements, driven by GPU, ASIC, and 800G switch technologies [4]. - The report notes that the recent tariff announcements from the US on imports from Southeast Asia are lower than expected, stabilizing pessimistic market sentiments [4]. Industry Dynamics - The macroeconomic outlook for the chemical industry indicates a significant increase in oil supply led by non-OPEC countries, with a stable global GDP growth rate of 2.8% [5]. - The report mentions that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream sectors [5]. - Natural gas exports from the US are anticipated to accelerate, potentially lowering import costs [5]. Company Recommendations - Companies to watch in the organic silicon sector include Dongyue Silicon Materials, Xin'an Chemical, and Xingfa Group [4]. - In the PCB sector, recommended companies include Shengquan Group, Dongcai Technology, Lianrui New Materials, Yake Technology, Tiancheng Technology, and Jiuri New Materials [4]. - For traditional cyclical stocks, the report suggests focusing on leading companies in various segments such as Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy [4]. Price Trends - The report provides specific price movements for various chemical products, such as PTA prices decreasing by 2.8% to 4715 RMB/ton, while MEG prices increased by 0.7% to 4409 RMB/ton [11]. - Urea prices rose by 2.9% to 1800 RMB/ton, while phosphate prices remained stable [12]. - The report notes that the price of DMC increased by 1.9% to 11000 RMB/ton, indicating a recovery in the organic silicon market [15].

Group 1 - The report highlights a steady increase in domestic electrification rates and a strong recovery in European sales, with global sales expected to grow by 21% in 2025 and maintain over 15% growth in 2026 [2][3] - In 2025, domestic electric vehicle sales are projected to reach 5.61 million units, a year-on-year increase of 44%, with an annual growth forecast of 25% [2][5] - The report anticipates a robust demand for lithium batteries, with a revised growth estimate of over 30% in 2025 and nearly 20% in 2026, driven by strong energy storage policies and market dynamics [2][3] Group 2 - The report indicates that the profitability of the industry has begun to recover slightly, with leading companies starting to expand production in an orderly manner, while smaller firms continue to exit the market [2][3] - The report notes a significant disparity in profitability across different segments of the supply chain, with leading battery manufacturers maintaining high profit levels compared to second-tier manufacturers [2][3] - The solid-state battery technology is highlighted as a key area of focus, with advancements expected in sulfide-based materials and core equipment, indicating a rapid acceleration in industrialization [2][3] Group 3 - Investment recommendations emphasize focusing on leading lithium battery companies and those accelerating the industrialization of solid-state technologies, with specific companies identified for potential investment [2][3] - The report suggests that the lithium carbonate price has reached a bottom, making it favorable to invest in companies with quality resources [2][3] - The report identifies several companies in the solid-state battery sector that are expected to benefit from technological advancements and market demand [2][3]

Group 1: Photovoltaic Silicon Material Industry - The photovoltaic silicon material industry is expected to accelerate capacity consolidation, with the Ministry of Industry and Information Technology emphasizing the need for high-quality development in the solar industry [1] - By 2027, the industry is projected to enter a stable development phase, with significant advantages in the silicon material segment due to differences in capacity costs and financial strength among companies [1] - Key companies to watch include GCL-Poly Energy, Xinte Energy, Tongwei Co., and TBEA [1] Group 2: Solid-State Battery Industry - The solid-state battery industry is witnessing continuous advancements, with equipment from Winbond Technology successfully delivered to major domestic clients [2] - Material production is ramping up, with significant capacity in oxide electrolytes and expectations for sulfide electrolytes to achieve ton-level shipments by 2025 [2] - Companies of interest in this sector include Xiamen Tungsten, Tianqi Lithium, and others involved in the solid-state battery supply chain [2] Group 3: Offshore Wind Power Development - The central government is promoting the orderly development of offshore wind power, with a focus on enhancing the marine economy and encouraging private investment [3] - Goldwind Technology has secured over 7.7GW of international orders for 2024, with significant revenue growth reported for its international subsidiary [3] - Key players in the wind power sector include Goldwind Technology, Oriental Cable, and Dajin Heavy Industry [3] Group 4: Data Center Investment - Global data center investments are accelerating, with Amazon planning to invest AUD 20 billion (approximately USD 13.1 billion) in Australia and SK Telecom collaborating with Amazon Web Services for a significant data center project in South Korea [4] - The deployment of NVIDIA's GB300 AI systems is underway, indicating a growing demand for AI computing resources [4] - Companies to monitor in the AIDC power equipment sector include Jinpan Technology, Xinte Electric, and others [4] Group 5: Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, with Goldwind Technology rated "Outperform" and projected to have an EPS of 1.28 in 2025 [5] - Jinpan Technology and other companies also received "Outperform" ratings, indicating positive market sentiment [5] Group 6: Industry Performance Overview - The electric power equipment sector outperformed the market in June, with a 6.68% increase compared to a 2.5% rise in the CSI 300 index [13] - The sector's PE ratio at the end of June was 30.3, reflecting a slight recovery in valuations [13] - The report highlights that the electric power equipment industry has shown strong performance across various sub-sectors, including lithium battery materials and wind power [23]

Core Viewpoint - The global electric vehicle supply chain remains highly prosperous in the first half of 2025, with China's dominance in the market further strengthened [2]. Group 1: Production and Growth - In the first half of 2025, domestic electrolyte production in China reached 912,000 tons, a year-on-year increase of 49.74%, while global production reached 980,000 tons, up 43.12% year-on-year [3]. - Despite a slowdown compared to the over 80% growth rates of 2022-2023, the nearly 50% year-on-year growth in China and over 40% globally in 2025H1 indicates strong market momentum even at high base levels [5]. Group 2: Market Competition Landscape - The domestic electrolyte market concentration continues to rise, with leading companies showing significant advantages. Tianqi Materials holds over 30% market share, followed by BYD and New Zobang [8]. - The top three companies (Tianqi, BYD, New Zobang) together control 61.73% of the market, firmly establishing their dominance [9]. - The competition among second-tier manufacturers is intense, with companies like Xianghe Kunlun, Shida Shenghua, and Zhuhai Saiwei each holding market shares in the 4%-5% range [9]. - The share of "other" manufacturers is only 4.65%, indicating a narrowing space for smaller players and an increasing Matthew effect in the industry [10]. Group 3: Future Outlook - The electrolyte market in the first half of 2025 continues to show high growth, with Chinese companies maintaining a core position in the global supply chain. The market structure exhibits a "tripod" pattern dominated by Tianqi, BYD, and New Zobang, while second-tier companies face fierce competition [13]. - As the global electrification process deepens, technological iterations and cost control will be key for companies to maintain and enhance competitiveness, with industry concentration expected to tilt further towards leading firms [13].

Core Viewpoint - The article emphasizes the transformation of China's capital market from a focus on financing to restructuring, highlighting the importance of mergers and acquisitions (M&A) as a strategic tool for companies to adapt to market changes and enhance competitiveness [1][7][8]. Group 1: Characteristics of China's Capital Market - The capital market is transitioning from a "manufacturing + market" model to an "innovation + capital" model, driven by the need for technological advancement and innovation [4][5]. - The current market shows a significant disparity in valuation, with many profitable companies having low price-to-earnings (P/E) ratios, indicating a need for a shift towards innovation-driven growth [4][5]. - The U.S. has a more developed innovation investment system, which has led to higher valuations for tech companies compared to their Chinese counterparts [5][6]. Group 2: Role of Mergers and Acquisitions - M&A has become a crucial method for addressing industry overcapacity and fostering orderly competition, as evidenced by the increase in M&A activity in recent years [7][8]. - The article notes that from January 21, 2025, there have been 708 M&A cases, averaging 4 to 5 per day, indicating a robust trend in the market [7]. - M&A is also highlighted as a vital means for companies to secure financing and facilitate strategic transformations, especially in times of declining core business performance [8][9]. Group 3: Strategic Considerations for M&A - Companies are encouraged to adopt a long-term perspective in M&A, focusing on their core competencies and the competitive advantages of potential targets [8][9]. - The article stresses that successful M&A requires a clear strategic direction, with the alignment of organizational structure and external partnerships [10][11]. - A systematic approach to M&A, including thorough due diligence and risk assessment, is essential for achieving successful outcomes [12][15]. Group 4: Case Studies and Examples - The article provides examples of companies like Aier Eye Hospital and Huichuan Technology, which have successfully utilized M&A to achieve significant growth in revenue, net profit, and market capitalization [13][14]. - It highlights the importance of strategic acquisitions in fostering new growth avenues, as seen in the case of New Zobang and Baidao Chemical [14][15]. Group 5: Future Outlook - The future of China's capital market is expected to be shaped by the integration of innovation and capital, with M&A playing a pivotal role in this evolution [5][6][8]. - The article concludes that understanding and adapting to these changes will be crucial for companies aiming to thrive in the evolving market landscape [1][7].

Investment Rating - The investment rating for the chemical raw materials industry is optimistic (maintained) [1] Core Viewpoints - The refrigerant market continues its upward trend, with firm pricing observed [4][22] - The fluorochemical industry chain is entering a long-term prosperity cycle, with significant growth potential across various segments [22][23] Summary by Sections 1. Fluorochemical Industry Overview - The fluorochemical index increased by 1.4% during the week of June 30 to July 4, underperforming the Shanghai Composite Index by 0.002% and the CSI 300 Index by 0.14% [6][26] - The index closed at 4161.71 points, outperforming the basic chemical index by 0.73% and the new materials index by 0.12% [6][26] 2. Fluorspar Market - As of July 4, the average market price for 97% wet fluorite powder was 3,200 CNY/ton, down 2.88% from the previous week and down 13.61% year-on-year [7][33] - The market is experiencing a stalemate due to high inventory levels and weak demand, leading to a subdued trading atmosphere [19][34] 3. Refrigerant Market - As of July 4, refrigerant prices showed an upward trend: R32 at 53,000 CNY/ton (+0.95%), R125 at 45,500 CNY/ton (unchanged), R134a at 49,500 CNY/ton (+1.02%), R410a at 49,500 CNY/ton (+1.02%), and R22 at 35,000 CNY/ton (unchanged) [8][20][47] - The market for refrigerants remains stable, with companies raising prices to boost confidence despite seasonal demand challenges [21] 4. Beneficiary Companies - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhou Bang [10][22][23]