Investment Rating - The report maintains a "Buy-A" rating for the company [6] Core Views - The company is expected to achieve a revenue of 923 billion yuan in the first half of 2025, representing a year-on-year increase of 1.03%, while the net profit attributable to shareholders is projected to be 63.4 billion yuan, down 10.2% year-on-year [1] - The second quarter of 2025 saw a revenue of 523.5 billion yuan, an increase of 7.8% year-on-year and 30.8% quarter-on-quarter, driven by new vehicle launches and improved overseas sales [2] - The company is entering a new growth phase with the launch of new models and a focus on direct-to-consumer channels, which is expected to enhance brand value and sales [4] Summary by Sections Financial Performance - In Q2 2025, the company achieved a net profit of 45.9 billion yuan, up 19.1% year-on-year and 161.9% quarter-on-quarter, while the non-recurring net profit was 21.1 billion yuan, down 30.1% year-on-year [3] - The average selling price (ASP) per vehicle in Q2 2025 reached 167,000 yuan, a decrease of 2.1% year-on-year but an increase of 7.3% quarter-on-quarter [2] Market Outlook - The mainstream market for new vehicles is expected to see an upward sales trend, supported by the successful launch of new models and a comprehensive marketing strategy [4] - The company has significant potential in the off-road vehicle market, with the Hi4Z technology expected to enhance product offerings and profitability [4] - The company has a diverse product range and strong technological capabilities, indicating substantial export potential as new models and powertrains are introduced [4] Valuation and Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 140.3 billion yuan, 174.0 billion yuan, and 209.6 billion yuan respectively, with corresponding price-to-earnings ratios of 13.4, 10.8, and 9.0 times [4][10] - The six-month target price is set at 32.79 yuan per share, reflecting a 20 times price-to-earnings ratio for 2025 [4]

土地供应（7.7-7.13） 2025 年 07 月 20 日 房地产 稳步推进城中村改造 周观点：城市工作会议召开，强调稳步推进城中村改造 7 月 15 日，中央城市工作会议召开，明确城市发展正从大规模增量 扩张阶段转向存量提质增效为主的阶段。房地产行业层面，会议明确 强调加快构建房地产发展新模式，稳步推进城中村和危旧房改造。 我们认为，相较于 2015 年城市工作会议，本轮城中村改造推进的目 的已经从"棚改"带来的增量需求，转向了城中村改造对存量项目的 提质增效，措辞从"加快"转为"稳步推进"，部分核心城市城中村 改造进度有望持续推进。建议关注困境反转类房企：金地集团、新城 控股等；保持拿地强度的龙头招商蛇口、绿城中国、保利发展、滨江 集团等；多元经营稳健发展的地方国企浦东金桥、外高桥等。 销售回顾（7.12-7.18） 百城土地宅地供应规划建筑面积 382 万㎡，2025 年累计供应规划建 面 11756 万㎡，累计同比下降 12.1%，供求比 1.14。 重点监测 32 城合计成交总套数为 1.1 万套，环比上周下降 4.8%； 2025 年累计成交总套数为 45.2 万套，累计同比下降 5.9%。其 ...

Investment Rating - The report maintains an "Outperform" rating for the environmental and public utility sector [7]. Core Insights - The report emphasizes the potential of Real World Assets (RWA) in conjunction with renewable energy companies, highlighting that RWA could become a significant development direction for stablecoins, with a projected market size of $16 trillion by 2030 [24][39]. - The report discusses the recent advancements in RWA, particularly in Hong Kong, where the Ensemble project has initiated themes related to green and sustainable finance, indicating a shift towards tokenizing assets like carbon credits and renewable energy charging stations [39][40]. Summary by Sections 1. RWA and Renewable Energy - RWA connects real-world assets with digital finance, providing unique value in bridging virtual and real economies [27]. - The Ensemble project in Hong Kong includes green finance as a key theme, with the first project involving the tokenization of electric vehicle charging stations [39][40]. - RWA technology can lower investment thresholds and attract more investors, offering new financing channels for renewable energy companies [42]. 2. Market Review - From July 5 to July 18, the Shanghai Composite Index rose by 1.79%, while the environmental index increased by 2.66%, outperforming the composite index [43]. - The public utility index decreased by 0.27%, underperforming the Shanghai Composite Index by 2.06 percentage points [43]. 3. Market Information Tracking - In July 2025, the average transaction price for electricity in Jiangsu was 395.6 RMB/MWh, up 26.47% month-on-month [55]. - The price of thermal coal at Qinhuangdao Port was reported at 642 RMB/ton, reflecting a 19 RMB/ton increase from the previous week [58]. 4. Industry Dynamics - The report notes that the garbage incineration sector is seeing improved cash flow due to debt reduction policies, while companies are exploring new trends such as high-energy direct power supply [13]. - The water service sector is expected to enhance profitability as residential water prices gradually adjust [13]. 5. Investment Portfolio and Recommendations - For public utilities, the report suggests focusing on thermal power companies that are expected to perform well due to proximity to coal production areas and cost reductions [12]. - In the green energy sector, companies that integrate power generation, sales, and consumption are recommended for their resilience against market disruptions [12].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the electronics industry [6]. Core Insights - The electronics industry is experiencing significant growth driven by substantial investments in AI data centers and advanced semiconductor processes. Companies like Meta are investing "hundreds of billions" in AI infrastructure, while TSMC and ASML report strong quarterly earnings, indicating robust demand for advanced chips [1][4][2]. - The semiconductor sector is highlighted as a key area for investment, with companies like Nvidia and AMD resuming sales of AI chips to China, which could lead to substantial revenue recovery [2][12]. - The report emphasizes the performance of specific companies within the electronics sector, noting significant profit increases for firms like Pengding Holdings and Shengyi Technology, driven by product optimization and high-value product ratios [1][4]. Summary by Sections Industry Performance - The electronics sector saw a weekly increase of 2.15%, ranking 7th among all industries [5][11]. - The semiconductor sub-sector has a PE ratio of 83.52, indicating a high valuation compared to historical averages [41]. Company Highlights - ASML reported a Q2 net sales of €7.7 billion with a gross margin of 53.7%, and TSMC achieved revenues of $30.07 billion, a 44.4% year-on-year increase [3][4]. - Pengding Holdings forecasted a net profit of 1.2-1.26 billion yuan for the first half of the year, reflecting a year-on-year increase of 52.79%-60.20% [1]. Market Trends - The report notes that the semiconductor investment share in total wafer fab investments is increasing, particularly in the DRAM sector, which is performing strongly [3]. - The demand for RISC-V chips is expected to lead the market, with significant growth projected in consumer electronics [24]. Future Outlook - The report suggests focusing on companies within the computing power supply chain, including Shenghong Technology, Huadian Technology, and others, as potential investment opportunities [12].

本周新药行业重点分析： 维立志博即将于下周 2025 年 7 月 25 日正式在港交所主板挂牌上市。 目前公司创新药管线有约 14 款候选药物，有 6 款已在临床开发阶段， 其中核心产品二代 IO 产品 PD-L1/4-1BB 双抗 LBL-024 已在治疗肺外 神经内分泌瘤后线的关键注册临床阶段，后续进展值得关注。 目前全球范围已有多个 PD-L1/4-1BB 双抗在研，进度最快的为 Genmab 的 Acasunlimab，已开展治疗 PD-L1 阳性 NSCLC 二线的 3 期临床研 究；其次维立志博 LBL-024 已开展治疗肺外神经内分泌瘤后线的关键 注册临床研究。 从 PD-L1/4-1BB 双抗已披露的早期数据来看，维立志博 LBL-024 已 在 SCLC 一线展示优异的 ORR 数据，Genmab Acasunlimab 已在 PD-L1 阳性 NSCLC 二线展示出优异的生存数据，中国生物制药的 FS222 已 在黑色素瘤后线展示优异的 ORR 数据。 本周新药上市申请获批准&受理情况： 2025 年 07 月 20 日 生物医药Ⅱ 新药周观点：维立志博 IPO 在即，二代 IO 产品 P ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 41.50 CNY, compared to the current stock price of 33.86 CNY as of July 18, 2025 [6]. Core Insights - The company is expected to benefit significantly from the digital transformation and high growth trends in the energy sector, particularly in the development of new power systems. Projected revenues for 2025, 2026, and 2027 are 40.45 billion CNY, 53.92 billion CNY, and 72.09 billion CNY respectively, with net profits of 4.69 billion CNY, 5.94 billion CNY, and 7.99 billion CNY [12][14]. Summary by Sections Recent Developments - The company successfully completed a black start test for a 100MWh grid-type energy storage system in Yunnan, marking a significant milestone as the first of its kind in the southern power grid region [2][3]. - The company has developed a comprehensive intellectual property system based on its self-developed "machine replaces human" technology, which has generated direct economic benefits of 639 million CNY over the past three years [2]. Business Expansion - The company is advancing its power special robots and drones business, which are crucial for intelligent inspection and operations in the power grid. The introduction of various inspection robots and drones aims to enhance operational efficiency and expand applications in multiple sectors [4]. Financial Performance - The company reported a total market value of approximately 19.12 billion CNY and a circulating market value of about 7.73 billion CNY [6]. - The projected net profit margin for the upcoming years is expected to remain stable, with a net profit margin of 11.1% in 2023, slightly increasing to 11.6% in 2025 [14].

2025 年 07 月 20 日 广联达(002410.SZ) 发布 CIM 平台和建筑 AI 白皮书，赋能城市高质量发展 事件概述 1)7 月 14-15 日，中央城市工作会议在北京举行，习近平总书记针对 城市工作提出明确要求：以推动城市高质量发展为主题，以推进城市 更新为重要抓手，走出一条中国特色城市现代化新路子。广联达致力 于从建筑数字化向城市数字化拓展，基于 CIM 平台赋能数字城市建 设，未来有望迎来更大的发展机会。 2）7 月初，广联达在"2025 产业互联网创新发展论坛"正式发布行 业白皮书《建筑企业 AI 应用行动指南》，系统提出了可操作、可落地 的行动框架，为建筑企业推进 AI 应用提供了清晰可行的行动参考。 从建筑数字化向城市数字化拓展 广联达作为数字建筑平台服务商，近年来积极拓展数字城市业务，打 造 CIM（城市信息模型）平台形成孪生城市数字底座，并开展 CIM+ 应用，提供城市的规建管运、智慧生态、城市更新等综合解决方案， 为城市可持续发展提供有力支撑。根据公司官网披露，今年上半年， 广联达推出新一代 CIM 基础平台——"广联达城市信息模型（CIM）基 础平台 4.0"， 全面支撑智 ...

2025 年 07 月 20 日 先守后功，是为上 金融工程定期报告 证券研究报告 本期要点：先守后攻，是为上 上期提到，大盘来到阻力位附近，伴随着情绪与预期的博弈，或将处 于高位震荡格局。事后来看，大盘指数虽然确实处于震荡状态，但市 场表现比我们预期要强一些。 当下来看，大盘确实处于去年四季度形成的情绪极值点附近，这一极 值点无论从成交量还是形成逻辑来看都具有重要的锚定价值或者说 阻力位含义。一般而言，这个位置应该是需要反复确认或新的基本面 逻辑驱动才有可能突破。 从筹码和价值中枢对称逻辑看,值得关注的是：与 4 月 7 日情绪对称 低点相比，对应的对称高点在 3600 附近，这意味着当前情绪上已经 接近了波动上界。而且，6 月底以来的上涨伴随着融资余额再度大幅 上行，该指标已经接近 2016 年以来最高点。也就是说，当前大部分 筹码都具有较为明显的浮盈，再叠加两融资金处于偏高位，这或许意 味着未来一旦出现情绪上的负面扰动，市场的波动或将被放大。 近期市场表现偏强，但板块的轮动节奏较快，主要原因或在于两融资 金的相对占比在上升，这类资金的风险偏好相对较高但持有期相当较 短。而对于相对更偏基本面的机构资金而言 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 6-month target price of 161.52 CNY, representing a dynamic price-to-earnings ratio of 60 times for 2025 [4][9]. Core Viewpoints - The company is positioned as a leading domestic player in medical imaging, with a strong focus on innovation and technology, comparable to top international manufacturers [1][14]. - The medical imaging industry is experiencing sustained growth, with China's market expected to grow at a compound annual growth rate (CAGR) of around 10% until 2030, significantly outpacing global growth [2][3]. - The company is witnessing a notable increase in both domestic and international market shares, with a CAGR of 93% in overseas revenue from 2018 to 2024 [3][9]. Summary by Sections Company Overview - The company has established itself as a leader in the domestic medical imaging sector since its inception in 2011, with a focus on high-quality product offerings and a robust R&D capability [14][16]. - The product line includes high-end medical imaging diagnostic products and radiation therapy products, aligning closely with offerings from international competitors like GE Healthcare and Siemens [1][21]. Core Growth Logic 1: Industry Growth - The global medical imaging equipment market surpassed 43 billion USD in 2020 and is projected to reach 63 billion USD by 2030, with a CAGR of nearly 4% [2]. - China's medical imaging market is expected to capture nearly 20% of the global market share by 2030, driven by high-end product demand and expanding market needs [2]. Core Growth Logic 2: Market Share Increase - The company has been rapidly increasing its market share domestically, with significant room for growth as current market shares for various product categories hover around 20% [3]. - The company's international strategy has led to a substantial increase in overseas revenue, which now accounts for approximately 20% of total revenue [3]. Marginal Catalysts - The medical equipment industry is experiencing a recovery in procurement and bidding processes, with a notable increase in tender amounts observed in early 2025 [4][8]. - The anticipated recovery in the industry is attributed to several factors, including a reasonable base for 2024, the revival of routine procurement, and accelerated construction of medical community systems [8]. Financial Forecast and Valuation - The company is expected to achieve revenue growth rates of 24.1%, 21.5%, and 20.2% for the years 2025 to 2027, with net profit growth rates of 75.8%, 19.8%, and 23.6% respectively [9][10].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 83.27 CNY per share based on a PE valuation method of 40 times for 2025 [5][4]. Core Views - The company is positioned as a leading player in the global sputtering target material industry, benefiting from stable growth in domestic and international orders, particularly from major semiconductor manufacturers like TSMC and SMIC [2][3]. - The semiconductor materials market is projected to grow significantly, with a forecasted size of 74 billion USD in 2024, increasing to over 87 billion USD by 2027, which will positively impact the company's revenue [2]. - The company is actively expanding its precision components business and has initiated a project for electrostatic chucks, aiming to enhance its strategic positioning in key semiconductor components [3]. Summary by Sections Financial Performance - For the first half of 2025, the company expects revenue of 2.1 billion CNY, a year-on-year increase of 29.04%, and a net profit attributable to shareholders of 247-267 million CNY, reflecting a growth of 53.29%-65.70% [1]. - In the second quarter of 2025, the anticipated revenue is 1.1 billion CNY, with net profit expected to range from 90-110 million CNY, showing a year-on-year change of -11.53% to +8.18% [1]. Market Position and Growth - The company is recognized as a core supplier for major chip manufacturers, which supports its growth trajectory in the sputtering target market [2]. - The global semiconductor precision components market is expected to reach approximately 428.8 billion CNY by 2025, with strong demand from wafer manufacturers and semiconductor equipment manufacturers [3]. Strategic Initiatives - The company is progressing with its ultra-high purity metal sputtering target project, with the Huanghu target material factory's main construction advancing smoothly [2]. - A partnership with South Korea's KSTE was established to expand the domestic market for electrostatic chucks, with a planned fundraising of 1.948 billion CNY, of which 1 billion CNY is allocated for the production of integrated circuit equipment electrostatic chucks [3].