Investment Rating - The industry investment rating is "Overweight" indicating a strong expectation for the industry index to outperform the CSI 300 index by 10% or more over the next six months [27]. Core Insights - The report highlights the ongoing trend of domestic substitution in the automation equipment sector, with significant developments in the robotics industry, particularly the demonstration of the A2-W general-purpose robot by Zhiyuan Robotics, which showcased its operational capabilities in an industrial setting [1][7]. - The report also notes the strategic acquisitions and performance forecasts of companies like Huace Testing and Juxing Technology, indicating a positive outlook for their growth and market positioning [10][17]. Summary by Sections 1. Robotics Industry Dynamics - Zhiyuan Robotics successfully conducted a live demonstration of its A2-W robot, which autonomously handled over 800 turnover boxes, showcasing its efficiency and adaptability in industrial operations [1][7]. - Shanghai Zhiyuan Hengyue Technology Partnership is acquiring shares in Upwind New Materials, which specializes in environmentally friendly materials, indicating a strategic move towards sustainable product offerings [1][7]. 2. Testing Industry Dynamics - Huace Testing anticipates a 6.06-7.80% year-on-year increase in net profit for the first half of the year, driven by its "123 strategy" focusing on traditional markets, fast-growing sectors, and new business incubation [10][12]. - The testing industry is undergoing structural adjustments, shifting from scale expansion to quality and efficiency, which is reshaping the competitive landscape [10]. 3. Tools Industry Dynamics - Juxing Technology projects a 5-15% increase in net profit for the first half of the year, despite challenges from U.S. tariff policies affecting production capacity [17][21]. - The company has established 23 production bases globally, enhancing its ability to navigate trade policy fluctuations [17]. 4. Rail Transit Equipment Industry Dynamics - National railway fixed asset investment reached 355.9 billion yuan in the first half of the year, a 5.5% increase year-on-year, with China National Railway reporting significant profit growth expectations [23]. 5. Market Review - The CSI 300 index increased by 0.82%, while the machinery equipment sector outperformed with a 1.87% rise, indicating a positive market sentiment towards the industry [24].

Investment Rating - The report assigns an "Overweight" rating for the industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1]. Core Insights - The report highlights that the liquor sector is showing signs of recovery, particularly with the sentiment around high-end liquor brands improving as major companies stabilize their pricing strategies [5][7]. - The beer segment is experiencing marginal demand improvement, with cost reductions expected to enhance profit margins [5]. - The snack food sector is noted for its high growth potential, driven by strong product categories and new distribution channels [5]. - The report emphasizes the importance of focusing on new product categories and channels to uncover alpha opportunities within the food and beverage industry [6]. Summary by Sections 1. Market Performance - The food and beverage sector rose by 0.84% last week, outperforming the CSI 300 index by 0.03 percentage points, ranking 26th among 31 sectors [12]. - Notable performers included liquor and health products, which increased by 1.41% and 1.37%, respectively [12]. 2. Key Consumption and Raw Material Prices - As of July 13, 2025, the price of 2024 Flying Moutai (original) is 1950 CNY, down 150 CNY from the previous month [21]. - The beer production for May 2025 was 3.584 million kiloliters, showing a year-on-year increase of 1.3% [26]. - The average price of fresh milk is 3.04 CNY per kilogram, remaining stable for a month [28]. 3. Industry Dynamics - In June, liquor prices decreased by 1.7% year-on-year, reflecting ongoing market adjustments [53]. - The report notes a slight increase in the national white liquor price index in early July, indicating a potential stabilization in the market [54]. 4. Core Company Updates - Yanjing Beer expects a net profit of 1.062 to 1.137 billion CNY for the first half of 2025, representing a growth of 40% to 50% [55]. - Wuliangye announced a cash dividend of 31.69 CNY per 10 shares, totaling 12.301 billion CNY [55].

Investment Rating - The report suggests a positive outlook for the electronic sector, indicating a gradual recovery in demand and price stabilization, recommending a slow accumulation of positions in the market [5][6]. Core Insights - The electronic sector is experiencing a mild recovery, driven by strong downstream demand from AIOT and accelerated product penetration by companies like Lexin Technology and Rockchip, which are expected to report impressive half-year results [5][6]. - The release of the multi-modal model Grok 4 by xAI has significantly enhanced reasoning capabilities, potentially opening new application scenarios [5][11]. - The report highlights four main investment themes: AIOT, AI-driven technologies, equipment materials, and consumer electronics [5][6]. Summary by Sections Industry Overview - The report notes that the semiconductor sector is entering a period of intensive earnings forecasts, with companies like Lexin Technology and Rockchip expected to show substantial revenue growth due to ongoing demand in AIOT and other emerging fields [5][6]. Company Performance - Lexin Technology anticipates a revenue of CNY 1.22-1.25 billion for the first half of 2025, a year-on-year increase of 33%-36%, with net profit expected to rise by 65%-78% [5][17]. - Rockchip expects to achieve approximately CNY 2.045 billion in revenue, reflecting a year-on-year growth of about 64%, with net profit projected to increase by 185%-195% [5][17]. Market Trends - The report indicates that the electronic industry outperformed the broader market, with the Shenzhen and Shanghai 300 Index rising by 0.82% and the Shenwan Electronics Index increasing by 0.93% [19][21]. - The semiconductor sub-sector showed a positive trend, with a 1.07% increase in semiconductor stocks [21][26]. Investment Recommendations - The report recommends focusing on companies benefiting from strong domestic and international demand in the AIOT sector, such as Lexin Technology and Rockchip [5][6]. - It also suggests monitoring AI innovation-driven sectors, including computing chips and optical devices, as well as upstream supply chain components [5][6].

Group 1: Market Overview - Global asset performance showed mixed results, with A-shares and European stocks performing well while US stocks declined. Major commodities like crude oil, gold, and aluminum saw price increases, while copper prices fell. The US dollar index rose, leading to depreciation of non-US currencies [5][6][7] - In the domestic equity market, growth stocks outperformed financials, consumer, and cyclical sectors, with an average daily trading volume of 14,762 billion yuan. Among the 31 sectors, 27 sectors rose while 4 sectors fell, with real estate, steel, and non-bank financials leading the gains [6][7] Group 2: Changan Automobile Analysis - Changan Automobile reported a wholesale sales volume of 235,100 vehicles in June 2025, reflecting a month-on-month increase of 4.48% and a year-on-year increase of 4.81%. For the first half of 2025, total wholesale sales reached 1,355,300 vehicles, up 1.59% year-on-year [10][11] - The company’s new energy vehicle sales surged by 57.11% month-on-month and 6.31% year-on-year, indicating strong growth in this segment [10][11] - Changan's global strategy includes launching the Deep Blue S07 in Europe and plans to introduce six new energy models by 2027, aiming for significant market penetration in various regions including Southeast Asia and South America [12][13] Group 3: Machinery Equipment Industry Insights - The excavator market saw a significant increase in domestic sales, with a year-on-year growth of 22.9% in the first half of 2025. In June alone, domestic sales grew by 6.2% [15][16] - Exports of excavators also increased, with a year-on-year growth of 19.3% in June, driven by improved trade conditions. The demand for construction machinery is expected to continue rising due to ongoing infrastructure investments [17][18] - The loader market also showed steady growth, with domestic sales increasing by 13.6% in June and a total of 64,769 units sold in the first half of 2025, reflecting a year-on-year increase of 13.6% [15][18] Group 4: Technical Analysis of the ChiNext Index - The technical conditions of the ChiNext index in July 2025 are similar to those in December 2019, both having experienced significant corrections followed by potential upward trends. The index is currently facing important resistance levels that, if broken, could lead to substantial upward movement [21][22][23] - The index has shown signs of positive momentum with key moving averages indicating upward trends, suggesting a potential for further gains if resistance levels are surpassed [26][27][28]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [8] Core Insights - The report highlights a significant increase in domestic sales of excavators and loaders, with excavator sales in June 2025 reaching 18,804 units, a year-on-year increase of 13.3%, and loader sales reaching 12,014 units, a year-on-year increase of 11.3% [5][7] - The domestic excavator market shows a strong recovery, with a 22.9% year-on-year increase in sales during the first half of 2025, driven by ongoing infrastructure investments and government policies supporting equipment upgrades [7] - Export growth is notable, with excavator exports in June 2025 increasing by 19.3%, reflecting a recovery in the external trade environment and expanding into emerging markets [7] Summary by Sections Excavator Sales - In June 2025, a total of 18,804 excavators were sold, with domestic sales of 8,136 units (up 6.2%) and exports of 10,668 units (up 19.3%) [7] - For the first half of 2025, total excavator sales reached 120,520 units, a year-on-year increase of 16.8%, with domestic sales growing by 22.9% [7] Loader Sales - In June 2025, loader sales totaled 12,014 units, with domestic sales of 6,015 units (up 13.6%) and exports of 5,999 units (up 9.11%) [5] - The first half of 2025 saw total loader sales of 64,769 units, reflecting a year-on-year increase of 13.6% [5] Market Trends - The report notes a strong recovery in domestic demand for excavators, supported by ongoing infrastructure investments and government policies aimed at replacing old equipment [7] - The trend towards electric loaders is evident, with 3,049 electric loaders sold in June 2025, achieving an electric penetration rate of 25.38% [7] Recommendations - The report suggests focusing on leading companies with strong brand recognition, comprehensive product matrices, efficient cost management, and robust R&D capabilities, such as Sany Heavy Industry, XCMG, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic [7]

[Table_Reportdate] 2025年07月11日 总 量 研 究 [创业板月线技术条件相近于 Table_NewTitle] 2019年12月 突破前状态 ——技术分析行业指数简评 [证券分析师 Table_Authors] 王洋 S0630513040002 wangyang@longone.com.cn [相关研究 Table_Report] 1.《波浪里前行 上证指数目前或处 于黎明的曙光中》 2.《上证指数或酝酿反弹动能——技 术分析上证指数系列》 3.《上证指数短线或有反弹需求—— 技术分析上证指数简评》 4.《上证指数或有进一步震荡盘升动 能——技术分析上证指数简评》 5.《上证指数短线技术条件明显修 复，回落空间小上涨空间大——技术 分析上证指数简评》 6.《证券板块技术条件有所向好，上 涨空间大回落空间小——技术分析 行业板块简评》 7.《保险板块或已走出下降趋势，上 涨空间大回落空间小——技术分析 行业板块简评》 8.《若有效上破3418点压力位，指数 或有进一步盘升动能——技术分析 上证指数简评》 9.《证券板块在短线整理充分后，或 仍有震荡盘升动能——技术分析行 业板块简评》 ...

Group 1: Fluorochemical Industry - The fluorochemical industry is expected to maintain a high level of prosperity, with companies like Juhua Co. and Yonghe Co. forecasting significant profit increases for the first half of 2025, with Juhua's net profit expected to rise by 136% to 155% year-on-year [8][9] - The prices of third-generation refrigerants have increased, with R32, R125, and R134a priced at 52,500 CNY/ton, 45,500 CNY/ton, and 49,000 CNY/ton respectively, reflecting increases of 2.94%, 0%, and 1.03% since April [7] - The report suggests focusing on leading companies in the refrigerant industry and those with a complete industrial chain, such as Juhua Co. and Sanmei Co. [9] Group 2: Renminbi Exchange Rate - The Renminbi exchange rate has undergone significant changes, transitioning from a surplus-driven "surplus settlement" to a "interest rate holding" model due to the inversion of interest rates between China and the US [12] - The current account surplus reached a historical high of 165.6 billion USD in Q1 2025, with a strong trade surplus of 237.6 billion USD, indicating robust support for the Renminbi [12][13] - The willingness of foreign trade enterprises to settle in Renminbi has increased, with net settlement rates rising to 41% in April 2025, reflecting a recovery in the foreign exchange market [14] Group 3: Lexin Technology (688018) - Lexin Technology is projected to achieve a revenue of 1.22 to 1.25 billion CNY for the first half of 2025, representing a year-on-year increase of 33% to 36% [17] - The company's net profit is expected to rise by 65% to 78%, driven by the adoption of its wireless SoC solutions across various digital scenarios [18] - Lexin's first Wi-Fi 6E wireless communication chip has completed engineering sample testing and is set for mass production in the second half of 2025, enhancing its competitive edge in high-speed wireless communication [19] Group 4: Renewable Energy and Power Equipment - The global wind power industry is expected to continue its growth, with an estimated 117 GW of new wind power capacity to be added in 2024 and a compound annual growth rate of 8.8% from 2025 to 2030 [25] - The report highlights the increasing demand for energy storage systems driven by the need for reliable power supply amid extreme weather and geopolitical events [24] - Companies with leading market shares and advanced technology in energy storage, such as CATL and EVE Energy, are recommended for investment [25]

Group 1: RMB Exchange Rate Dynamics - The RMB exchange rate has evolved from a fixed system to a more flexible management system since the 2005 reform, with significant changes in pricing logic from "surplus settlement" to "interest rate differential holding" as the main driver[6] - In Q1 2025, the current account surplus reached $165.6 billion, a historical high with a year-on-year growth of 250%, driven by strong goods trade surplus of $237.6 billion, up 90% year-on-year[21] - The financial account recorded a deficit of $496.2 billion in 2024, an increase of $256.8 billion from the previous year, indicating significant downward pressure on direct and securities investments[25] Group 2: Investment Trends and Market Sentiment - Direct investment is expected to recover in 2025, with foreign direct investment (FDI) turning positive in Q4 2024, recording a net inflow of $34.1 billion, a 66% year-on-year increase[28] - Securities investment saw a historical high quarterly outflow of $149.5 billion in Q4 2024, but is anticipated to improve as market conditions stabilize[31] - The willingness of foreign trade enterprises to settle in RMB has increased, with the net settlement rate rising to 41% in April 2025, reflecting a recovery in market confidence[49] Group 3: Policy Implications and Future Outlook - The U.S. Federal Reserve's interest rate decisions are critical for the RMB exchange rate, with expectations of a slower and smaller rate cut cycle impacting emerging markets[14] - The resilience of the current account and the recovery of the financial account are essential for supporting the RMB's bottom line, with potential for continued appreciation in the second half of 2025[22] - Risks include potential setbacks in U.S.-China trade negotiations and geopolitical tensions that could affect capital flows and the current account surplus[42]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The company is experiencing rapid growth in the AIOT long-tail market, with significant scale effects leading to increased profits. The revenue growth is primarily driven by the accelerated adoption of the company's wireless SoC solutions across various digital scenarios, including energy management and industrial control, alongside emerging fields like AI toys and smart agriculture [4][5]. - The company has a robust product matrix that includes Wi-Fi 6E and AI chips, with plans to expand into Wi-Fi 7 technology. The first Wi-Fi 6E chip is set for mass production in the second half of 2025, showcasing strong technical competitiveness [4][5]. - The company is enhancing its AI capabilities through collaborations, such as the launch of the EchoEar AI development kit, which aims to integrate AI into more smart terminal applications, thus expanding the AIoT industry [4][5]. Summary by Sections Financial Performance - The company expects to achieve a revenue of between 1.22 billion to 1.25 billion yuan for the first half of 2025, representing a year-on-year increase of 33% to 36%. The net profit attributable to the parent company is projected to be between 250 million to 270 million yuan, an increase of 65% to 78% year-on-year [4][5]. - The gross margin remains above 40%, with R&D expenses increasing by 20% to 25% year-on-year. The operating leverage effect is expected to drive rapid profit growth as revenue increases outpace R&D expense growth [4][5]. Product Development - The company has completed engineering sample testing for its first Wi-Fi 6E wireless communication chip, which supports advanced features and is designed for high-speed wireless communication applications. The next-generation Wi-Fi 7 chip is also in development, indicating a strong focus on technological advancement [4][5]. - The collaboration with the Volcano Engine team to develop the EchoEar AI development kit highlights the company's commitment to integrating AI into its product offerings, enhancing user interaction and expanding its market reach [4][5]. Future Projections - The company forecasts net profits of 554 million, 717 million, and 884 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 41.94, 32.40, and 26.28 times [4][5].

[Table_Reportdate] 2025年07月10日 [晨会纪要 Table_NewTitle]20250710 [证券分析师： Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.CPI同比转正，PPI仍待"反内卷"发力——国内观察：2025年6月通胀数据 ➢ 2.行业供需弱平衡，关注AI与国产化机会—电子行业2025年中期投资策略 ➢ 1.国家发改委：今年经济体量有望达到140万亿元左右 ➢ 2.市场监管总局召开企业公平竞争座谈会 ➢ 3.国办印发《关于进一步加大稳就业政策支持力度的通知》 | 1. 重点推荐 | | 3 | | --- | --- | --- | | ...