Investment Rating - The report maintains a rating of "Accumulate" for the company [3]. Core Views - The company's operational quality is stable and improving, with ongoing optimization of its "concentric circle" business model. Despite a decline in revenue and net profit due to weak downstream demand, the overall operational quality is on an upward trend. The retail business remains robust, and the waterproofing segment shows steady growth, while overseas operations have turned profitable [2][3]. Financial Summary - **Revenue and Profit Forecasts**: - 2023A: Revenue of 6,378 million, net profit of 1,432 million - 2024A: Revenue of 6,267 million, net profit of 953 million - 2025E: Revenue of 5,872 million, net profit of 878 million - 2026E: Revenue of 6,289 million, net profit of 963 million - 2027E: Revenue of 6,780 million, net profit of 1,079 million - Revenue growth rates are projected at -8.3% for 2023, -1.8% for 2024, -6.3% for 2025, followed by positive growth of 7.1% and 7.8% in 2026 and 2027 respectively [1][2][7]. - **Profitability Metrics**: - The company's return on equity (ROE) is projected to decline from 25.4% in 2023 to 16.7% in 2025, before recovering to 20.4% by 2027. The latest diluted earnings per share (EPS) are expected to decrease from 0.90 yuan in 2023 to 0.55 yuan in 2025, with a gradual recovery to 0.68 yuan by 2027 [1][2][7]. - **Market Position**: - The company has seen a steady increase in market share for its PPR products, with a slight decline in service households being less than the overall industry demand drop. The PVC product's gross margin has increased despite a decrease in sales volume, attributed to improved product strength and brand recognition [2][3]. - **Cash Flow and Dividends**: - Operating cash flow has increased by 99.10% year-on-year, reaching 581 million. The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 157 million, which represents 58% of the net profit attributable to shareholders [2][3].

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company's energy storage business has returned to a positive trajectory, with clear operational turning points [1] - The energy storage segment achieved revenue of 1.282 billion yuan, a year-on-year increase of 177.15%, with a gross margin of 32.95% [2] - The company is actively expanding its domestic and international markets, with traditional smart grid business showing steady progress [3] Financial Summary - Revenue projections for 2025-2027 are 5.475 billion yuan, 6.992 billion yuan, and 8.495 billion yuan, respectively, with year-on-year growth rates of 23.6%, 27.7%, and 21.5% [3] - The net profit attributable to the parent company is expected to be 51 million yuan, 150 million yuan, and 351 million yuan for 2025-2027, reflecting year-on-year growth of 110.9%, 196.3%, and 134% [3] - The latest diluted EPS is projected to be 0.03 yuan, 0.09 yuan, and 0.21 yuan for 2025-2027 [3] Market and Business Development - The company has secured significant contracts in the energy storage sector, including projects with China General Nuclear Power Group and international expansions into markets like Greece, Czech Republic, and Poland [2] - The company is also planning to establish a storage production base in Indonesia, with an initial capacity of 3 GWh expected to be operational by 2026 [2] - The smart grid segment reported a revenue of 1.254 billion yuan, a year-on-year decrease of 9.17%, but the company is focusing on overseas business development to stabilize performance [3]

证券研究报告 | 行业月报 2025 年 08 月 19 日 建材 7 月数据点评：地产及基建投资增速双降，静待政策加码 水泥玻璃产量：水泥、玻璃产量累计同比达-4.5%、-5.0%，玻璃降幅略有 收窄。2025年 1-7月，全国水泥产量累计同比为-4.5%，7月当月同比为-5.6%， 降幅较 6 月当月基本相当。2025 年 1-7 月，全国玻璃产量累计同比为-5.0%， 7 月当月同比为-3.4%，较 6 月降幅继续收窄。 下游投资情况：竣工面积降幅明显扩大，基建投资由正转负。2025 年 7 月商 品房销售、施工、新开工、竣工面积同比变动-8.4%、-16.4%、-15.2%、-29.5%， 6 月同比值分别为-6.5%、+4.8%、-9.5%、-2.2%，降幅均有扩大，竣工面 积降幅扩大尤为明显。2025 年 7 月广义库存去化周期 5.33 年，较上月小幅 增加。2025 年 7 月房地产投资、基建投资同比-17.1%（6 月为-12.4%）、-1.9% （6 月为 5.3%），房地产投资降幅扩大，基建投资增速由正转负。 风险提示：原材料价格上涨或超预期；下游需求或低于预期；环保政策或出 现反复；行 ...

证券研究报告 | 固定收益研究*周报 2025 年 08 月 19 日 固定收益研究 债市周观察（8.11-8.17）——如何看待当前的股债状态 上周十年期国债收益率自 8 月 11 日开盘的 1.69%持续攀升至周尾的 1.75%，股市强势上涨（沪指突破 3700 点创阶段新高）持续压制债市情 绪，悲观氛围蔓延。本周一，债市继续受制于权益行情，一路最高上行至 1.789%，只是在盘尾略有回落至 1.77%。总体来说随着权益的缓慢上 涨，十年期国债已经比前期市场认为的 1.70%的中枢上升了近 7 个 BP， 虽不是大跌，但也有一定回调幅度（回调幅度距一季度的 1.90%左右还有 距离）。 那么如何看待当前这种"股慢牛，债不连续大跌"的股债状态？自去年 924 大幅的总量货币政策下，股市先走出一波快牛后，迅速回落，随之而 来的就是债市利率的快速下行，年末在市场对适度宽松的货币政策误解 下，十年期国债利率与 OMO 利率一度只差 10BP，而 30 年国债利率与十 年期国债利率利差也快压缩接近 10BP，这显然不是货币当局和政府希望 看到的，于是今年以来，货币当局通过一季度的收紧流动性（当时确实也 有这个条件） ...

Investment Rating - The industry investment rating is "Strongly Outperforming the Market" indicating an expected overall performance that surpasses the market in the next six months [51]. Core Insights - Small Modular Reactors (SMRs) are gaining attention due to their flexibility, diverse application scenarios, smaller investment scale, and high safety features. It is predicted that one-third of the global new nuclear power installations will come from SMRs in the future [6][9]. - The North American region is the most active in SMR research and project development, with 30 out of 74 active projects being developed by 25 companies in North America [13][16]. - The global nuclear power capacity is expected to grow from approximately 400 million kilowatts to nearly 1.2 billion kilowatts over the next thirty years, with a significant focus on nuclear energy as a zero/low-carbon solution [6][10]. Summary by Sections 1. Background of SMR Development - The increasing demand for electricity and the emphasis on energy security, especially due to geopolitical tensions, have highlighted the importance of nuclear power as a reliable and low-carbon energy source [6][10]. - A joint declaration signed by 22 countries during COP28 aims to triple nuclear power installations by 2050, marking a significant commitment to nuclear energy [6][10]. 2. Current Status of Global SMR Development - The OECD/NEA report evaluates 126 SMR projects, with 74 showing high activity levels. The majority of these projects are in North America, followed by Europe and Asia [11][13]. - The report indicates that water-cooled and gas-cooled reactors dominate the technology routes, with 43 out of 74 projects utilizing these methods [16][17]. - Financing for SMR development reached $15.4 billion in 2024, with government and public funds contributing $10 billion and private sector investments totaling $5.4 billion [31][35]. 3. Recommendations and Suggestions - The report suggests that the Chinese government should increase funding for SMR research and development to enhance competitiveness in the international market [39][40]. - Encouraging diverse market participants and funding sources is essential for the development of China's SMR industry, moving away from a monopolistic model [40]. - It is recommended to actively promote the development of SMR project sites in coastal and inland areas, aligning with energy and carbon reduction needs [40][41].

Investment Rating - The investment rating for the industry is "Overweight" [4] Core Views - The industrial power generation volume in July increased by 3.1% year-on-year, indicating a recovery in power production [3] - The implementation of Gansu's "Document 136" has established a market-oriented pricing mechanism for renewable energy, with a stock price of 0.3078 yuan/kWh [3][42] - The overall valuation of the public utility sector has slightly decreased, with the industry index PE (TTM) at 17.38 times, down from 17.51 times the previous week [25] Market Performance - The public utility sector index fell by 0.55% during the week of August 11-15, underperforming compared to the Shanghai Composite Index by 2.24 percentage points [2][13] - The individual stock performance showed significant gains for companies like Fuan Energy (+28.72%) and Hongtong Gas (+15.80%), while companies like Huayin Power (-9.44%) and Xinzhu Co. (-8.79%) faced declines [31][31] Industry Dynamics - The total industrial power generation for July reached 926.7 billion kWh, with a notable increase in thermal and solar power generation [37] - Gansu's new pricing mechanism for renewable energy projects aims to stabilize the market and improve project profitability [38][42] - The implementation of demand response subsidies in Guangzhou aims to enhance the efficiency of power supply and demand management [46] Key Data Tracking - As of August 15, the price of Shanxi mixed coal (5500) was 695 yuan/ton, reflecting a week-on-week increase of 2.51% [53] - The trading volume of green certificates for wind and solar power reached 14.22 and 12.26 thousand respectively during the week of August 11-17 [56] - The national CEA trading volume for the week was 93.0 million tons, with an average transaction price of 72.30 yuan/ton [58]

Investment Rating - The report maintains a "Buy" rating for multiple companies in the communication sector, including Huadian Co., Meige Intelligent, and China Mobile, among others [1]. Core Insights - Significant advancements have been made in quantum computing architecture in China, with a promising market outlook. The AshN quantum instruction set architecture has been developed, which allows for direct programming of arbitrary two-qubit gates, enhancing efficiency and reducing error accumulation [2][21]. - The commercial aerospace sector is witnessing accelerated developments, particularly with the successful launch of low-orbit satellites, indicating strong investment opportunities in this area [3][36]. Summary by Sections Quantum Computing - The IDC predicts that the quantum computing market will reach $1.1 billion in sales in 2022, growing at a compound annual growth rate (CAGR) of 48.1%, reaching $7.6 billion by 2027. Investment in the quantum computing market is expected to grow at an 11.5% CAGR, nearing $16.4 billion by the end of 2027 [3][35]. - The AshN architecture developed by Tsinghua University and Beijing Quantum Information Science Research Institute significantly improves the performance of superconducting quantum chips by reducing the number of gate operations required [2][22]. Commercial Aerospace - The successful launch of the low-orbit satellite group by the China Academy of Space Technology marks a significant milestone in the development of satellite internet, with plans for extensive satellite constellations [3][36]. - The report highlights the ongoing acceleration of satellite internet deployment, with multiple launches scheduled for 2025-2026, indicating a robust growth trajectory for the commercial aerospace sector [6][55]. Market Performance - The communication sector index rose by 7.66% during the week of August 11-15, 2025, outperforming the CSI 300 index, which increased by 2.37% [11]. - The report recommends several companies for investment, including China Mobile, China Telecom, and various technology firms involved in satellite internet and quantum computing [20].

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company's wind power business has shown excellent performance, with significant year-on-year growth in revenue and net profit [2][3] - The company is benefiting from a surge in demand in the wind power industry, driven by the "14th Five-Year Plan" and an increase in installed capacity [2] - The gross margin has been improving consistently, attributed to the increase in high-value products and cost reductions through vertical integration [2][3] - The company has a strong order backlog for 2025, indicating robust future growth potential [3] - The company is expanding into new business areas, such as gearbox bearings, which could provide additional growth avenues [3][8] Financial Summary - Revenue is projected to grow from 28.24 billion CNY in 2023 to 56.96 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 11.8% [4][8] - Net profit is expected to increase significantly from 3.75 billion CNY in 2023 to 8.62 billion CNY in 2027, reflecting a CAGR of approximately 13.0% [4][8] - The company's earnings per share (EPS) is forecasted to rise from 0.98 CNY in 2023 to 2.26 CNY in 2027 [4][8] - The price-to-earnings (P/E) ratio is projected to decrease from 39.9 in 2023 to 17.4 in 2027, indicating improving valuation metrics [4][8]

美联储降息预期或有扰动，流动性驱动市场走强格局有望延续-非银 周观点 近期市场交易定价反应了公募考核新规基准回补效应、去产能、高层会议经 济定调及美国关税及美国降息预期波动等政策影响，市场明显放量，两融波 动新高，银行、保险板块高位波动，券商、多元金融有所走强。交易节奏而 言，经济数据走弱下流动性驱动市场走强的趋势或有望延续，可能要重点聚 焦关注内部问题、居民存款搬家持续效应及美国经济可能衰退引发降息的效 应，中期具体或要看包括四中全会等重磅会议。需要高度重视券商及金融 IT 板块走强趋势，并购线建议重点关注以信达证券、首创证券、浙商证券、国 联民生、中国银河等为代表个股；具有估值扩张空间的公司，推荐关注综合 能力强、风险资本指标优化、受益 ETF 发展的东方证券、华泰证券、中金公 司等；同时从赔率弹性角度，建议逢低关注布局金融 IT 板块，建议重点关注 财富趋势、同花顺、九方智投（2025 年中报预告股东净利润中枢 8.5 亿元， 子公司方德证券在港展业；控股旗下九方智擎入驻"模速空间"，抢滩 AI创 新高地，股价历史高位区间）等；互金平台建议关注东方财富（2025H1 营业 总收入同比+39%至 69 亿 ...

Investment Rating - The investment rating for the company is "Buy" with expectations of a stock price increase of over 15% relative to the industry index in the next six months [4][19]. Core Views - The report highlights that the company's profitability has significantly improved due to rising refrigerant prices and the gradual ramp-up of production capacity at Shaowu Yonghe. The company achieved a revenue of 2.445 billion yuan in the first half of 2025, a year-on-year increase of 12.39%, and a net profit attributable to shareholders of 271 million yuan, a year-on-year increase of 140.82% [1][2]. Financial Performance Summary - **Revenue Growth**: The company's revenue is projected to grow from 4.369 billion yuan in 2023 to 6.924 billion yuan in 2027, with a compound annual growth rate (CAGR) of 7.1% [1][10]. - **Net Profit**: The net profit attributable to shareholders is expected to rise from 184 million yuan in 2023 to 1.024 billion yuan in 2027, reflecting a significant growth rate of 18.9% [1][10]. - **Earnings Per Share (EPS)**: The EPS is forecasted to increase from 0.39 yuan in 2023 to 2.18 yuan in 2027 [1][10]. - **Return on Equity (ROE)**: The ROE is expected to improve from 7.0% in 2023 to 20.0% in 2027 [1][10]. Product and Market Dynamics - The company has benefited from favorable quota policies in the refrigerant sector, leading to an optimized supply-demand structure and increased product prices. The average selling prices for fluorocarbon chemicals, fluoropolymer materials, and chemical raw materials in the first half of 2025 were 30,200 yuan/ton, 42,600 yuan/ton, and 1,800 yuan/ton, respectively, showing year-on-year increases of 33.33%, 1.83%, and a decrease of 6.45% [2][9]. - The company has seen a continuous improvement in production efficiency and product quality, particularly in its fluoropolymer materials, contributing to its profitability [2][9]. Capacity and Future Outlook - The company is focusing on optimizing its product structure and enhancing production efficiency. Current projects include the construction of new environmentally friendly refrigerant and fluoropolymer production bases, which will support sustainable business development [9]. - The report anticipates that the company will continue to explore new profit growth areas in fourth-generation refrigerants, electronic immersion cooling liquids, and high-end fluorine fine chemicals [10].