Core Viewpoint - The company reported that new orders in the first half of the year were comparable to the same period last year, but the order structure has significantly improved, with overseas orders now accounting for over 50% of new contracts [2]. Group 1: Order Performance - New signed orders in the first half of the year are similar to last year's levels [2]. - The structure of new orders has improved, with over 50% being overseas orders [2]. Group 2: Project Updates - The company has achieved a leading position in the domestic coal chemical deep cooling segment [2]. - Xinjiang is a key regional market for the company, which has secured new orders for coal chemical projects in the area [2]. - The first set of Xinjiang coal-to-gas projects has been obtained this year [2]. - Many projects related to the coal chemical boom in Xinjiang will undergo multiple processes before reaching the company's operational segments, with the earliest projects expected to materialize in Q3 or Q4 of this year [2]. - The sales team will actively follow up on market projects, which could lead to significant order increases if they materialize [2].

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power, Huaneng International, and Kunlun Energy, among others [49][51]. Core Insights - The adjustment of capacity prices for coal and gas power plants in Guangdong is expected to improve profitability for gas power plants significantly, with capacity prices increasing by 65% to 296% depending on the type of gas plant [4][10]. - The rapid development of renewable energy installations in Guangdong has increased the reliance on coal power for flexible peak regulation, with renewable energy capacity reaching 59.13 million kW by the end of 2024, accounting for 26.6% of the total installed capacity [9][10]. - The report highlights the geopolitical factors affecting natural gas prices, with European gas prices experiencing a slight increase due to renewed geopolitical tensions, while U.S. gas prices remain stable [13][20]. Summary by Sections 1. Power Sector - Guangdong has raised the capacity price for coal power plants to 165 RMB per kW per year starting January 1, 2026, and for gas power plants, prices will range from 165 to 396 RMB per kW per year starting August 1, 2025 [8][10]. - The increase in capacity prices is expected to provide annual revenue boosts of 1.72 billion RMB for Guangdong Power A and 350 million RMB for Guangzhou Development [11]. 2. Gas Sector - As of August 1, 2025, the Henry Hub spot price is $3.00/mmBtu, while the TTF spot price in Europe is €32.95/MWh, reflecting a week-on-week increase of 2.74% [13][14]. - The report notes that the domestic LNG price is 4388 RMB per ton, showing a week-on-week decrease of 1.06% [32]. 3. Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, power, and environmental sectors lagged behind [39]. 4. Company and Industry Dynamics - The National Energy Administration has released guidelines to enhance the management of natural gas pipeline transportation prices, promoting transparency and optimizing resource allocation [37]. - The report discusses the performance of key companies, including Huaneng International and Inner Mongolia Huadian, with varying revenue and profit trends [44].

Core Viewpoint - The company is actively expanding its overseas market presence, with nearly 40% of current orders coming from international clients and over 50% of new orders signed this year being from overseas [3]. Group 1: Company Performance - As of July 31, 2025, the company's stock price closed at 15.51 yuan, reflecting a 1.17% increase, with a turnover rate of 2.35% and a trading volume of 86,500 shares, amounting to a transaction value of 134 million yuan [1]. - The company has not yet disclosed its second-quarter performance, with investors advised to await the upcoming semi-annual report for detailed financial results [2][3]. Group 2: Product and Market Development - The company produces liquid oxygen coolers that enhance rocket payload capacity and has entered the Chinese aerospace system with its independently operated specialty gases [2]. - The company has successfully operated air separation devices in high-altitude areas like Tibet, addressing challenges related to oxygen supply in harsh environments [2]. - The company is involved in ammonia methanol projects, claiming to have a mature technology path and successful operational experience, contributing to the "dual carbon" goals [2]. Group 3: Financial and Market Dynamics - The company anticipates that the recent drop in natural gas futures prices to $3, a near five-year low, will have a limited short-term impact on its gas segment profits due to existing annual procurement contracts with major suppliers [2]. - The company has experienced a decline in revenue for two consecutive years, prompting concerns about market participation and the need for enhanced company value management and promotion [2][3]. Group 4: Investor Relations - The company acknowledges the importance of improving operational efficiency and increasing promotional efforts to enhance its value for investors [3].

Core Viewpoint - The company has successfully operated air separation units in high-altitude areas of Tibet, addressing challenges related to oxygen supply in harsh environments [1] Group 1 - The company has optimized the design process of air separation equipment to account for the low pressure and high altitude conditions in Tibet [1] - Specialized liquid air separation units have been developed specifically for projects in Tibet, significantly alleviating the difficulties of oxygen supply and delivery in cold and high-altitude regions [1] - The solutions provided by the company ensure that downstream customers have reliable access to gas supply [1]

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - The report highlights a recovery in electricity consumption in June, driven by the tertiary sector and residential usage, with a total electricity consumption of 8,670 billion kWh, representing a year-on-year growth of 5.4% [15][17]. - Natural gas consumption showed a slight increase in June, with a total apparent consumption of 35.05 billion m³, up 1.4% year-on-year, indicating a recovery in industry sentiment [21][48]. - The report emphasizes the ongoing optimization of energy structure in China, with significant contributions from renewable energy sources, particularly solar and nuclear power [2][8]. Summary by Sections 1. Electricity: June Consumption Growth Accelerates - In June, the industrial electricity generation reached 7,963 billion kWh, a year-on-year increase of 1.7% [7][9]. - The breakdown of electricity generation types shows a decline in hydropower by 4.0%, while nuclear power grew by 10.3%, and solar power surged by 18.3% [9][15]. - The report notes that the second industry contributed significantly to the electricity increment, accounting for 38% of the total increase [16][17]. 2. Natural Gas: Global Price Decline and June Consumption Growth - The report states that the apparent consumption of natural gas in June was 35.05 billion m³, marking a 1.4% increase year-on-year [21][48]. - The average price of LNG in Northeast Asia decreased to $11.90/mmBtu, reflecting a broader trend of declining global gas prices [22][41]. - The report anticipates that the long-term outlook for natural gas will improve due to rising LNG export capacities from the US and the Middle East [48]. 3. Weekly Market Review - The public utilities and environmental sectors underperformed compared to the CSI 300 index, while the electrical equipment sector outperformed [50]. 4. Company and Industry Dynamics - The report mentions the increase in installed capacity for solar and wind energy, with solar capacity growing by 54.2% year-on-year [53]. - It highlights the ongoing construction of large seawater desalination projects in coastal provinces to support high water-consuming industries [53]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utilities and environmental sectors, indicating potential investment opportunities [60].

Group 1 - The controllable nuclear fusion sector is experiencing a significant upward trend, with companies like Wangzi New Materials (002735) hitting the daily limit increase [1] - Baobian Electric (600550) has seen an increase of over 4% in its stock price [1] - Other companies such as Hezhong Intelligent (603011), Xue Ren Group (002639), and Zhongtai Co., Ltd. (300435) are also witnessing gains [1]

Group 1 - The company is a leading enterprise in the domestic cryogenic technology field, achieving a dual-driven development model of "equipment manufacturing + gas operation" [1] - The core products in the equipment manufacturing segment include natural gas liquefaction devices and large air separation units, with the plate-fin heat exchangers being a domestic leader and exported to 53 countries and regions [1] - The company has diversified its operations by investing in the sales of natural gas, industrial gases, and rare gases, enhancing its overall competitiveness [1] Group 2 - Rising oil prices have led to increased upstream investment, with the economic viability of energy and chemical industries improving, particularly in coal chemical and synthetic gas sectors [2] - Fixed asset investment in the domestic petroleum, coal, and other fuel processing industries increased by 18.8% year-on-year from January to May 2025 [2] - The company signed new orders worth approximately 1.8 billion yuan in 2024, representing a year-on-year growth of over 25%, with overseas orders also showing significant growth [2] Group 3 - The gas operation segment is expanding, with the company investing in industrial and rare gases, which are expected to become new revenue growth sources as projects reach production capacity [3] - A joint venture with Korea's Posco Holdings marks the company's first step in both equipment and operation overseas, providing valuable experience for future expansions [3] - The profit margin for industrial gas operations is relatively high, and as the business expands, the company's profitability is expected to improve [3] Group 4 - The company is projected to achieve revenues of 3.23 billion, 3.86 billion, and 4.72 billion yuan from 2025 to 2027, with year-on-year growth rates of 18.8%, 19.7%, and 22.2% respectively [4] - Net profit attributable to the parent company is expected to reach 400 million, 510 million, and 630 million yuan during the same period, with significant growth in 2025 [4] - The company is assigned a target price of 20.9 yuan based on a 20x PE ratio for 2025, indicating a potential upside of approximately 39% from the current stock price [4]

Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 20.9 CNY, indicating a potential upside of approximately 39% from the current price of 15.00 CNY [2][9]. Core Insights - The company is a leading player in the deep cooling technology sector, leveraging a dual-engine model of "equipment manufacturing + gas operation" to drive growth. The company has successfully diversified its operations and is expanding into international markets [6][13]. - The demand for deep cooling technology is expected to grow due to rising oil prices and the economic viability of technological innovations in the energy and chemical sectors. The company has seen a significant increase in new orders, particularly from overseas markets [7][8]. - The gas operation segment is also expanding, with the company investing in industrial and rare gases, which are anticipated to become new revenue sources as projects reach production capacity [6][8]. Financial Summary - The company forecasts total revenue of 27.17 billion CNY in 2024, with a year-on-year decline of 10.9%. However, revenue is expected to rebound with growth rates of 18.8%, 19.7%, and 22.2% in the following years [2][9]. - The net profit attributable to shareholders is projected to be -78 million CNY in 2024, but is expected to recover significantly to 403 million CNY in 2025, reflecting a year-on-year growth of 616.3% [2][9]. - Earnings per share (EPS) are expected to improve from -0.20 CNY in 2024 to 1.04 CNY in 2025, with a projected price-to-earnings (P/E) ratio of 20 times for 2025 [2][9]. Business Model and Market Position - The company has established a strong market position in the deep cooling technology sector, with its core products including natural gas liquefaction devices and large air separation units. The company has also successfully exported its products to 53 countries [6][13]. - The gas operation segment has been enhanced through strategic investments, including a joint venture with Posco Holdings to operate projects abroad, marking a significant step in the company's international expansion [6][8]. - The company has a robust order backlog, with new orders in 2024 expected to reach approximately 1.8 billion CNY, a year-on-year increase of over 25% [6][8]. Industry Outlook - The deep cooling technology industry is poised for growth, driven by increasing domestic investments in energy security and the economic viability of coal chemical and natural gas sectors. The company is well-positioned to benefit from these trends [7][8]. - The report highlights the importance of deep cooling technology in enhancing energy efficiency and meeting environmental standards in the coal chemical industry, which is expected to see sustained demand [6][45].

Core Viewpoint - The 2025 TrendBank Lithography Industry Conference aims to address the challenges and advancements in lithography technology, materials, and equipment, focusing on enhancing domestic capabilities and self-sufficiency in the semiconductor industry [12][21]. Conference Overview - The conference will take place on July 9-10, 2025, in Hefei, Anhui, at the Sheraton Hotel [16][20]. - It will feature over 20 industry experts discussing advanced lithography technologies, including EUV, electron beam lithography, and nanoimprint techniques [13][12]. - The agenda includes sessions on lithography materials, chemical products, and equipment, emphasizing the need for domestic production and innovation [12][21]. Keynote Speakers and Topics - Li Jiarong, General Manager of Hangzhou Zhongtai Hydrogen Energy Technology Co., will present on "Application of Lithography Gases and Development of China's Rare Gas Industry" [6][11]. - Other notable speakers include representatives from BOE Technology Group and Nankai University, discussing various aspects of lithography technology and materials [9][10]. Industry Challenges - The domestic lithography industry faces significant challenges, including low self-sufficiency in high-end photoresists and reliance on imports for critical materials and equipment [20][21]. - The conference aims to foster collaboration between academia and industry to address these challenges and promote technological innovation [21][12]. Registration and Participation - Registration fees are set at RMB 2600 before June 30 and RMB 2800 thereafter, which includes conference materials, meals, and a gala dinner [17][16]. - The conference is expected to attract around 300 participants, providing a platform for networking and resource integration within the lithography supply chain [16][21].

Group 1 - Star Stone Investment recently conducted research on Zhongtai Co., which has an order backlog of approximately 2.4 billion yuan for Q1 2025, with 40% of orders coming from overseas [1] - The company expects new orders to accelerate in the second half of the year, with a sales target for the equipment segment in 2025 projected to grow by 20% compared to 2024 [1] - Deep cooling technology has been applied in the Korea Nuclear Fusion Research Institute's experimental device, which can be utilized in the low-temperature phase of controllable nuclear fusion [1] Group 2 - The high dependence on ethane imports and restrictions from the United States may impact the olefin industry, potentially creating a demand for domestic ethane production [1] - The company has not locked in prices for major raw materials due to the long project cycles and unpredictable aluminum price fluctuations [1] - Overseas orders signed in 2023 are expected to be delivered gradually starting from Q1 2024, leading to a gradual release of performance [1] Group 3 - Adjustments in procurement structure are anticipated to lower costs, as the pricing for Shandong's civil gas has not been fully completed [1]