Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expectations for the industry to perform better than the market in the next six months [4][63]. Core Insights - The national electricity consumption in June 2025 increased by 5.4% year-on-year, with total consumption reaching 867 billion kilowatt-hours [3][36]. - The Yarlung Tsangpo River downstream hydropower project has commenced, with a total investment of approximately 1.2 trillion yuan [3][37]. - The national power load reached a historical high of 1.5 billion kilowatts on July 16, 2025, marking a significant increase compared to previous records [3][38]. Market Performance - The Shenwan Public Utilities Index fell by 1.37% during the week of July 14-20, 2025, underperforming compared to the Shanghai Composite Index by 2.06 percentage points [2][12]. - The industry valuation as of July 18, 2025, shows a Price-to-Earnings (PE) ratio of 17.2, down from 17.43 the previous week, and a Price-to-Book (PB) ratio of 1.73, down from 1.75 [1][23][26]. Stock Performance - Top-performing stocks for the week included Mindong Electric (+6.75%), Jiufeng Energy (+5.52%), and Langfang Development (+4.79%) [2][29]. - Underperforming stocks included Wanqing Energy (-9.25%), Shaoneng Shares (-7.04%), and Huayin Electric (-6.53%) [2][29]. Industry Dynamics - The report highlights the ongoing trend of stable coal prices, with the Qinhuangdao Shanxi mixed coal price at 634 yuan per ton, reflecting a week-on-week increase of 1.6% [3][42]. - The report also notes the significant trading volumes in green certificates, with a total of 17.42 thousand wind power and 6.43 thousand photovoltaic power certificates traded from July 14 to July 20, 2025 [3][45]. Recommendations - For thermal power, the report suggests a long-term view on demand-side supply and peak regulation, with expectations for stable profit margins [7]. - For hydropower, it recommends positioning in relatively undervalued leading stocks during times of reduced risk appetite [8]. - In the green energy sector, the report advises focusing on leading companies and regions with declining electricity prices [8].

Investment Rating - The report maintains a "Buy" rating for companies such as Jin Feng Technology, Daikin Heavy Industries, and Yun Da Co., while recommending "Hold" for companies like Tai Sheng Wind Energy and Jin Lei Co. [1][1][1] Core Insights - The report highlights the acceleration of wind power construction in coastal provinces, driven by the release of key project lists and favorable regulations [3][6][6] - The report notes significant growth in wind power installations, with a 134.21% year-on-year increase in new installations from January to May 2025, totaling 46.28 GW [1][24][24] - The report emphasizes the positive impact of new regulations in the UK and ongoing projects in China, which are expected to boost the wind power sector [6][10][10] Industry Dynamics - The Hainan Power Trading Center has released draft guidelines for the sustainable development pricing mechanism for new energy projects, applicable to projects commissioned after June 1, 2025 [1][10][10] - The report tracks stock performance, noting that companies like Shangwei New Materials and Zhongji United have seen significant stock price increases, while others like Guoda Special Materials have experienced declines [1][18][21] Market Performance - The wind power equipment index has a TTM price-to-earnings ratio of 32.59 and a market-to-book ratio of 1.64, indicating a stable valuation environment [2][20][20] - The report indicates that the wind power equipment sector underperformed compared to the broader market, with a decline of 0.54% in the wind power equipment index [2][13][13] Installation Data - As of May 2025, the cumulative installed capacity of wind power in China reached approximately 567.49 million kW, reflecting a year-on-year growth of 23.10% [24][30][30] - The report details that the first quarter of 2025 saw 13.64 GW of new land-based wind power installations, a decrease of 7.90%, while offshore installations increased by 42.03% to 0.98 GW [24][28][28] Material Prices - The report notes fluctuations in raw material prices, with increases in medium-thick plates and rebar, while prices for copper and aluminum have decreased [33][37][37]

Investment Rating - The report rates the industry as "Outperforming the Market" [1] Core Insights - The commercial and industrial energy storage sector is experiencing a boom, while the rhythm of photovoltaic shipments is adjusting. In June 2025, China's total export value of solar cells and modules was $2.2 billion, down 24.2% year-on-year and 8.6% month-on-month, with an estimated total export volume of 30.03 GW, up 9.3% year-on-year and down 8.4% month-on-month [2] - The inverter exports in June 2025 totaled $917 million, with a year-on-year and month-on-month change of -0.06% and +10.64%, respectively. The export scale reached 5.1289 million units, down 12.4% year-on-year and 13.06% month-on-month [2] - The European inverter channel status has returned to health, with strong demand for commercial energy storage. The overall export value remains stable above 2 billion yuan, with active demand in key Asian markets such as India, Saudi Arabia, UAE, and Southeast Asia [2] - The past year has seen a decline in the photovoltaic storage industry, with no clear bottom performance in financial reports. However, the production changes and price trends suggest that 2024-2025 may represent a bottoming period for industry profits [3] - The report suggests focusing on companies such as Canadian Solar, JA Solar, Junda Co., Sungrow Power, Foster, Deye, Jinlang Technology, Shenghong Co., Dike Co., and Flat Glass [3] Summary by Sections - In June 2025, the export volume of photovoltaic modules to Europe was 9.03 GW, down 6.95% month-on-month, while exports to non-European markets reached 221 GW, up 19.26% year-on-year [2] - The report highlights the performance of various provinces in inverter exports, with Zhejiang exporting 1.9836 million units, Jiangsu 426,500 units, Guangdong 1.6482 million units, and Anhui 59,400 units in June 2025 [2] - The report emphasizes that the supply-side issues in the photovoltaic industry have led to losses in old capacities and delays in new projects, with irrational competition and policy guidance accelerating capacity clearance [3]

证券研究报告 | 宏观经济研究*专题报告 2025 年 07 月 22 日 宏观经济研究 反内卷与市场化改革 伴随着房地产和债务周期深度调整，以及国内需求向服务业的转型升级，投 资和消费存在失衡现象，当前产能过剩的产业包括光伏、新能源、汽车等行 业。新一轮的"反内卷"行动正在紧锣密鼓准备中，市场将这一轮政策看作 是"供给侧改革 2.0"。这不仅因为内卷的原因之一仍是产能过剩，更是因为 政府出面是反内卷能够推动的重要原因。 问题出现的根本原因之一是产能过剩。在 2012 年服务业增加值占比首次超过 制造业之后，中国经济逐渐迈向消费型社会，居民消费需求从商品逐渐转向 服务。但从投资-消费的结构来看，近十年固定资产投资增速依然较快，造成 供给相对过剩，而需求明显不足；商品相对过剩，而服务相对不足。 其次，重点解决的问题是如何退出。市场经济的主要特征就是规模效应，规 模越大成本越低，竞争力越强，在未来的市场竞争中就可以通过降价战胜对 手。这也是过去这些企业大力投资扩产增量的根本原因，在自负盈亏主导的 经济体里这属于正常的市场行为。那么竞争加剧之后，必然会有大企业吞并 小企业，亏损企业退出市场的过程。这种竞争过程必然会 ...

Investment Rating - The automotive industry is rated as "Overweight" with expectations of outperforming the market in the next six months [45]. Core Insights - The automotive sector saw a 3.28% increase from July 14 to July 18, 2025, outperforming the CSI 300 index by 2.19 percentage points [9][19]. - The retail sales of passenger vehicles in the first two weeks of July 2025 increased by 7% year-on-year, with a total of 571,000 units sold [6][36]. - The expansion of the luxury car consumption tax to vehicles priced above 900,000 yuan is expected to benefit domestic luxury brands [3][36]. Summary by Sections Industry Overview - The automotive sector's performance included a 1.76% increase in the passenger vehicle segment and a 5.98% increase in the commercial vehicle segment during the same period [9][19]. - The overall performance of the automotive parts sector rose by 4.05%, while the automotive services sector increased by 4.53% [9][19]. Valuation Levels - As of July 18, 2025, the automotive industry's PE-TTM was 26.69, up by 0.86 from the previous week [10][35]. - The valuations for sub-sectors are as follows: passenger vehicles at 25.55, commercial vehicles at 38.23, and parts at 25.33 [10][35]. Market Trends - The automotive-related concept sectors showed overall positive performance, with smart cars and new energy vehicles increasing by 2.93% and 3.19%, respectively [17][35]. - The price changes for raw materials as of July 18, 2025, included a decrease in aluminum and an increase in battery-grade lithium carbonate [23][35]. Key Company Developments - Foton Motor's net profit is expected to increase by 87.5% in the first half of 2025, driven by a rise in commercial vehicle sales [29]. - Great Wall Motors reported a 10.21% decline in net profit for the first half of 2025, despite a slight increase in revenue [32]. New Vehicle Launches - A total of 22 new and updated vehicle models were launched during the week of July 14-18, 2025, including the Roewe iMAX8 and the Beijing X7 [34].

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [3][29]. Core Insights - The company is entering a concentrated output phase for innovative drug development, with a focus on high-value areas such as oncology, pain management, and autoimmune diseases. It has 20 ongoing first-class innovative drug projects, with 9 in clinical phase II and one product entering the registration application stage [1][2]. - The gradual advancement of innovative drugs is expected to reconstruct the company's valuation system, which currently relies heavily on traditional anesthetic products. The potential value of the innovative drug segment is not yet fully reflected in the company's valuation [2][19]. - The company has significantly increased its R&D investment, with expenditures rising from 404 million to 1.63 billion, and the number of R&D personnel growing from 671 to 2083 over the past decade [9][12]. Summary by Sections Financial Indicators - Projected revenue for 2023 is 24.525 billion, with a year-on-year growth rate of 9.8%. By 2027, revenue is expected to reach 32.346 billion [1]. - The net profit attributable to the parent company is projected to be 2.134 billion in 2023, with a significant increase to 2.913 billion by 2027 [1]. - The company's P/E ratio is expected to decrease from 16.9 in 2023 to 12.4 by 2027, indicating a potential increase in valuation as profits grow [1]. Innovative Drug Development - The company has established a multi-center R&D system in Wuhan and Yichang, enhancing its ability to transition from basic research to clinical application and commercialization [9][12]. - The innovative drug pipeline includes products targeting unmet medical needs in areas such as idiopathic pulmonary fibrosis and postoperative pain, with several products already in advanced clinical stages [13][15]. - Key products like the recombinant plasmid-hepatocyte growth factor injection and RFUS-144 are nearing commercialization, which is expected to significantly enhance market recognition and valuation [2][19]. Market Position and Future Outlook - The company is actively pursuing cutting-edge targets in drug development, with a clear differentiation strategy and ongoing investment in R&D [2][19]. - The innovative drug segment is anticipated to become a major growth driver for the company, contributing to a potential revaluation of its overall market position [19].

电力设备及新能源 新能源车零售渗透率连续超 50%，国产自主品牌始终保持强势 证券研究报告 | 行业动态点评 2025 年 07 月 21 日 事件：乘联会数据显示，6 月新能源车在国内总体乘用车的零售渗透率 53.3%，较去年同期提升 4.8个百分点。6月新能源乘用车产销分别达到 120.0 万辆和 111.1 万辆，同比分别增长 28.3%和 29.7%，生产环比增长 2.0%， 零售环比增长 8.2%；1-6 月累计生产 645.7 万辆，增长 38.7%；1-6 月累计 零售 546.8 万辆，增长 33.3%。1-6 月新能源车市场销量数据持续走高显示 出其强势发展趋势。 新能源车平均售价逐步下降，全价格带市场占比升高。 根据乘联会数据， 2024 年全体乘用车（燃油+新能源）均价是 17.7 万元，2025 年 1-6 月全体 乘用车（燃油+新能源）均价是 17.1 万元，其中 6 月份全体乘用车（燃油+ 新能源）均价 17.4 万元，6 月份均价较同期下降 0.7 万元。新能源车的均价 近期也逐步下降，从 2023 年的均价 18.4 万元，下降到 2024 年的均价 17.1 万元，再到目前 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Viewpoints - The company is positioned as a global leader in wind power, focusing on renewable energy development and has a strong strategic advantage due to its long-standing expertise and technological foundation [16][22]. - The company plans to continue its capital expenditure growth, with a 42% increase in 2024, primarily directed towards renewable energy projects [36]. - The company has successfully completed the divestiture of its thermal power assets, allowing it to concentrate on its core renewable energy business [39]. Financial Performance - The company's revenue is projected to decline slightly in 2024 but is expected to recover with a compound annual growth rate (CAGR) of 6.51% from 2020 to 2024, reaching 37.07 billion yuan [24]. - The net profit is forecasted to grow from 6.63 billion yuan in 2024 to 7.95 billion yuan by 2027, with a CAGR of 6.26% [24]. - The company’s return on equity (ROE) is expected to stabilize around 9.2% from 2025 to 2027 [24]. Business Layout - The company has a total installed capacity of 41.14 million kilowatts, with wind power accounting for 30.41 million kilowatts, representing 73.91% of its total capacity [39]. - The company has a strategic focus on high-value regions and has secured over 14 GW of new development indicators for 2024 [3]. - The company is enhancing its operational efficiency through self-developed monitoring systems and is actively pursuing upgrades in its wind power projects [8]. Industry Trends - The renewable energy sector is transitioning from explosive growth to a high-quality development phase, driven by technological innovation and market reforms [2]. - The industry is expected to face short-term challenges such as declining electricity prices and consumption bottlenecks, but long-term growth will be supported by optimal market allocation and infrastructure improvements [2]. - The report highlights the importance of integrating renewable energy into the power grid and the ongoing reforms in the electricity market [2].

Group 1 - The report highlights a positive trend in the A-share market, with the Shanghai Composite Index rising by 0.69%, the Shenzhen Component Index by 2.04%, and the ChiNext Index by 3.17% during the week of July 14 to July 18, 2025, indicating a strong market sentiment driven by technological advancements and industrial progress [1][14]. - The robotics industry has reached a commercialization milestone, with domestic companies securing orders worth hundreds of millions for humanoid robots, which has activated related supply chains such as reducers and lightweight materials [1][14]. - The semiconductor sector is experiencing robust demand, as evidenced by TSMC's second-quarter earnings call, which confirmed strong AI demand, and NVIDIA's resumption of high-end chip supply, alleviating concerns over AI computing power [1][14]. Group 2 - The report emphasizes the importance of the technology sector, particularly AI hardware, as a core growth engine, with significant signals of industrial benefits emerging, such as NVIDIA's H20 chip supply resuming and AMD restarting MI308 chip exports, which catalyze the computing power industry chain [3][25]. - The light module sector is identified as a key area where China has established a leading advantage in the global AI computing power industry chain, with domestic companies capturing seven out of the top ten global manufacturers in 2022, benefiting from a surge in global AI infrastructure demand [4][28]. - The high-end PCB market is expected to thrive due to policy support and surging demand driven by AI computing, 5G infrastructure, and automotive electronics, indicating a strong growth outlook for this sector [7][28].

Investment Rating - The report maintains a "Buy" rating for multiple companies in the communication sector, including 沪电股份 (002463.SZ), 美格智能 (002881.SZ), 中际旭创 (300308.SZ), 天孚通信 (300394.SZ), and others [1]. Core Insights - The report highlights the broad prospects for domestic computing power chips and the acceleration of AI digital interaction in commercial scenarios, indicating a positive outlook for related industry chain investment opportunities [2][6]. - The reintroduction of the H20 chip is expected to provide more computing power options for AI application companies, alleviating the shortage of high-end chips and accelerating the commercialization of AI applications [3][20]. - The RISC-V summit in 2025 is seen as a pivotal moment for China's chip industry, with significant contributions to the global RISC-V chip shipment volume expected from China [19][20]. Summary by Sections Industry Viewpoints - The communication sector index increased by 7.56%, outperforming the Shanghai and Shenzhen 300 index by 6.47 percentage points [14]. - The report emphasizes the importance of the H20 chip and RISC-V developments in enhancing China's chip autonomy and innovation capabilities [24][32]. Weekly Strategy Insights - The approval of H20 chip exports to China and the launch of the RTX Pro GPU by NVIDIA are significant developments that could enhance the domestic chip market [18][24]. - The AI model Grok 4 has shown substantial improvements in human-like simulation capabilities, indicating a growing trend in AI-driven digital interactions [21][51]. Communication Industry Dynamics - The report notes that the domestic computing power market is expanding rapidly, with the AI chip market expected to reach 141.2 billion yuan in 2024, reflecting a 41.9% year-on-year growth in 2023 [20][36]. - The investment scale of China's intelligent computing center market reached 87.9 billion yuan in 2023, with a projected growth to 288.6 billion yuan by 2028 [50][51].