Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of 20% or more compared to the benchmark index over the next six months [8]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 120 million to 200 million yuan for the first half of 2025, representing a year-on-year increase of 192.5% to 254.1%. The main drivers for this growth are the continuous improvement in smart cable networks and smart airport businesses, along with a reduction in losses from the smart battery segment [3][4]. - The company has secured contracts worth 15.35 billion yuan in the first half of 2025, a year-on-year increase of 15.2%, with significant contributions from smart cable networks, smart batteries, and smart airport projects [3]. Summary by Sections Company Overview - The latest closing price is 5.90 yuan, with a total market capitalization of 13.1 billion yuan. The company has a debt-to-asset ratio of 78.6% and a current P/E ratio of -41.17 [2]. Business Segments - **Smart Cable Networks**: The company is positioned to benefit from the growing demand in the nuclear cable sector and has established itself as a key player in high-end submarine cable technology, which is expected to enhance profitability [4]. - **Smart Batteries**: The segment is anticipated to further reduce losses, supported by the ongoing energy reform and the potential for a unified national electricity market, which could improve the business model [5]. - **Smart Airports**: The company is involved in several airport construction projects and aims to leverage its expertise to expand into the low-altitude economy, providing comprehensive solutions [5]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 29.74 billion, 33.90 billion, and 38.36 billion yuan, respectively, with net profits expected to reach 530 million, 827 million, and 1.22 billion yuan [6][10]. - The company is expected to achieve a gross margin improvement, with projections indicating a gross margin of 10.7% in 2025, increasing to 11.6% by 2027 [10]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 24.66, 15.83, and 10.76, respectively, indicating a potential for valuation improvement as profitability increases [8][10].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Insights - The company is actively developing key materials and technologies for three major capacitor types, extending the aluminum electrolytic capacitor supply chain, and has become a leading player in the global power electronics application field [4] - The business is expected to grow significantly in various sectors, including consumer electronics, electric vehicles, and charging stations, with solid-state capacitors achieving over 50% growth potential [5] - Strategic collaborations with Japanese companies and academic institutions are enhancing the company's technological capabilities and market position [6] Financial Projections - Projected revenues for 2025, 2026, and 2027 are estimated at 57.6 billion, 67.7 billion, and 78.2 billion yuan respectively, with net profits of 8.3 billion, 10.0 billion, and 11.8 billion yuan [7] - The company is expected to see a revenue growth rate of 19.84% in 2025, followed by 17.48% in 2026 and 15.58% in 2027 [9] - Earnings per share (EPS) is projected to increase from 0.77 yuan in 2024 to 1.39 yuan by 2027 [10]

Group 1: Macroeconomic Insights - June US inflation was lower than expected, indicating "moderate core goods inflation + simultaneous cooling in core services" [2] - The report suggests that tariffs will not have the expected long-term inflationary impact, combined with a weakening job market, leading the Federal Reserve to potentially cut rates in September [2] - Key inflation data for July and August will be critical, especially with signs of potential rebounds in clothing and vehicle prices [2] Group 2: Market Outlook - The upcoming earnings reports for July are expected to exceed consensus estimates, particularly for the S&P 500, despite rising indices [3] - Investor sentiment remains cautious, with a low allocation to equity assets, providing room for further market growth [3] - The most optimistic market pricing for Q3 and Q4 still carries uncertainties [3] Group 3: Risks and Considerations - Risks include unexpected increases in tariff rates, escalation of US-China trade tensions, and worse-than-expected economic fundamentals in the US [4] - Core goods inflation and service price growth could rebound more than anticipated, impacting Federal Reserve decisions [4]

The provided content does not contain any quantitative models or factors related to financial engineering or quantitative analysis. The documents primarily discuss public fund market trends, asset allocation, industry allocation, and fund flows for Q2 2025. There are no mentions of quantitative models, factor construction, or backtesting results. If you have another document or specific content related to quantitative models or factors, please provide it for analysis

Industry Investment Rating - The investment rating for the agricultural, forestry, animal husbandry, and fishery industry is "Outperform the Market" [1] Core Viewpoints - The agricultural sector has shown weak performance despite a general market uptrend, with the agricultural, forestry, animal husbandry, and fishery index declining by 0.14%, ranking 21st among 31 primary industries [11][12] - The report highlights a significant decline in pig prices due to weak demand and increased supply, with expectations of seasonal price fluctuations in the second half of 2025 [5][15] - The white feather chicken sector is experiencing price stabilization but remains deeply unprofitable, with a notable decrease in the number of breeding stock updated in the first half of 2025 [26][30] Summary by Sections 1. Market Overview - The agricultural, forestry, animal husbandry, and fishery index decreased by 0.14%, while the Shanghai and Shenzhen 300 indices increased by 1.09% and 0.69%, respectively [11] - The animal protection sector rebounded, but major sectors like pigs and chickens faced adjustments [12] 2. Livestock Industry Tracking 2.1 Pigs: Weak Demand and Slowing Production Growth - As of July 20, the average price of live pigs was 14.26 yuan/kg, down 0.26 yuan/kg from the previous week, influenced by low consumer demand and high temperatures [5][15] - The average weight of pigs at market was 128.83 kg, a decrease of 0.2 kg from the previous week, indicating a slowdown in weight gain [15] - The report anticipates a seasonal price increase during the peak consumption months of July and August, but significant pressure on prices is expected in the fourth quarter due to increased supply [15][18] 2.2 White Feather Chicken: Price Stabilization and Deep Losses - As of July 18, the price of white feather chicken chicks was 1.50 yuan/chick, showing a slight rebound, while the average price of meat chickens remained at 3.20 yuan/jin [26] - The first half of 2025 saw a 29.62% year-on-year decline in the number of breeding stock updated, raising concerns about future supply [26] - The industry is currently well-supplied, but uncertainties regarding imports due to avian influenza outbreaks pose risks and opportunities [26] 3. Crop Industry Tracking - Sugar prices slightly decreased to 6080 yuan/ton, while soybean prices increased by 1.1% to 3935 yuan/ton [30] - Cotton prices saw a minor increase to 15366 yuan/ton, and corn prices slightly dropped to 2375 yuan/ton [30]

1. Report Information - Report Type: Fixed Income Report - Release Time: July 22, 2025 - Analysts: Liang Weichao, Xie Peng [1][2] 2. Core Viewpoints - The weekly report tracks the liquidity scores of individual bonds in different bond sectors based on the bond asset liquidity scores of qb. - For urban investment bonds, short - duration and low - rated high - grade liquidity bonds have increased. Regionally, Shandong, Sichuan, Tianjin, and Chongqing remained stable, while Jiangsu decreased. In terms of maturity, high - grade liquidity bonds within 1 year, 1 - 2 years, and over 5 years increased, while those in 2 - 3 years and 3 - 5 years decreased. In terms of implied ratings, the number of high - grade liquidity bonds with an implied rating of AAA remained stable, those with AA+ and AA decreased, and those with AA(2) and AA - increased. - For industrial bonds, the number of low - rated high - grade liquidity bonds increased. By industry, high - grade liquidity bonds in the coal industry increased, while those in real estate, public utilities, steel, and transportation remained stable. In terms of maturity, high - grade liquidity bonds within 1 year, 2 - 3 years, and 3 - 5 years increased, while those in 1 - 2 years and over 5 years remained stable. In terms of implied ratings, the number of high - grade liquidity bonds with an implied rating of AAA - and AA increased, while those with AAA+, AAA, and AA+ remained stable. [3][8][18] 3. Summary by Directory 3.1 Urban Investment Bonds - **Liquidity Changes**: Short - duration and low - rated high - grade liquidity urban investment bonds increased. Regionally, Shandong, Sichuan, Tianjin, and Chongqing remained stable, Jiangsu decreased. In terms of maturity, high - grade liquidity bonds within 1 year, 1 - 2 years, and over 5 years increased, 2 - 3 years and 3 - 5 years decreased. In terms of implied ratings, AAA remained stable, AA+ and AA decreased, AA(2) and AA - increased. [8] - **Yield Changes**: Regionally, the yields of high - grade liquidity urban investment bonds in Jiangsu, Shandong, Sichuan, Tianjin, and Chongqing mainly decreased, with a decline of 2 - 5bp. By maturity and implied rating, the yields of high - grade liquidity urban investment bonds mainly decreased, with a small decline of 1 - 2bp. [9] - **Top 20 Ascending Entities in Liquidity Score**: The entity levels are mainly AA, concentrated in regions such as Zhejiang, Sichuan, Tianjin, and Beijing, and the industries mainly involve construction decoration and comprehensive industries. - **Top 20 Ascending Bonds in Liquidity Score**: The bonds are mainly from regions such as Beijing, Hunan, and Zhejiang. - **Top 20 Descending Entities in Liquidity Score**: The entity levels are mainly AA, with regional distributions mainly in Zhejiang, Jiangsu, and Shandong, and the industries are mainly construction decoration, transportation, and real estate. - **Top 20 Descending Bonds in Liquidity Score**: The bonds are mainly from regions such as Jiangsu, Zhejiang, and Shandong. [12][13][15][17] 3.2 Industrial Bonds - **Liquidity Changes**: The number of low - rated high - grade liquidity industrial bonds increased. By industry, high - grade liquidity bonds in the coal industry increased, real estate, public utilities, steel, and transportation remained stable. In terms of maturity, high - grade liquidity bonds within 1 year, 2 - 3 years, and 3 - 5 years increased, 1 - 2 years and over 5 years remained stable. In terms of implied ratings, AAA - and AA increased, AAA+, AAA, and AA+ remained stable. [18] - **Yield Changes**: By industry, the yields of high - grade liquidity bonds in real estate, public utilities, transportation, coal, and steel mainly decreased, with the decline concentrated in 1 - 4bp; the yield of real estate decreased by more than 10bp. By maturity, the yields of high - grade liquidity bonds in each maturity mainly decreased, with a decline of 3 - 5bp. By implied level, the yields of high - grade liquidity bonds in each implied level mainly decreased, with the decline concentrated in 2 - 5bp. [20] - **Top 20 Ascending Entities in Liquidity Score**: The industries are mainly construction decoration, public utilities, and commerce, and the entity levels are mainly AAA and AA+. - **Top 20 Ascending Bonds in Liquidity Score**: The industries are mainly transportation and public utilities. - **Top 20 Descending Entities in Liquidity Score**: The industries are mainly construction decoration, public utilities, and commerce and retail, and the entity levels are mainly AAA and AA. - **Top 20 Descending Bonds in Liquidity Score**: The industries are mainly public utilities and transportation. [21][24][27][29][30]

证券研究报告：房地产|行业周报 发布时间：2025-07-21 行业投资评级 强于大市|维持 | 行业基本情况 | | --- | | 收盘点位 | | 2080.0 | | --- | --- | --- | | 52 | 周最高 | 2656.47 | | 52 | 周最低 | 1627.84 | 行业相对指数表现 -10% -4% 2% 8% 14% 20% 26% 32% 38% 44% 50% 2024-07 2024-10 2024-12 2025-02 2025-05 2025-07 房地产 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:高丁卉 SAC 登记编号:S1340524080001 Email:gaodinghui@cnpsec.com 目前房地产行业仍处于总量过剩与结构性短缺的状态，根据国家 统计局数据，25 年 1-6 月全国商品房销售面积同比下降 3.5%，销售 额下降 5.5%，6 月单月销售面积同比降幅扩大至 5.5%，销售额降幅达 10.8%，主因高基数及需求疲软。但开竣工降幅收窄，反映"保交楼" 推进及核心城市土拍回暖，去年主力在售的及今年预计入市的第四代 ...

Quantitative Models and Construction Methods Diffusion Index Model - **Model Name**: Diffusion Index Model - **Construction Idea**: The model monitors the relative performance of stocks within the micro-cap index over different time windows to identify potential turning points in market trends [41][42] - **Construction Process**: - The horizontal axis represents the percentage change in stock prices from +10% to -10% (1.1 to 0.9) - The vertical axis represents the length of the review window, ranging from 20 days to 10 days - For example, at horizontal axis 0.95 and vertical axis 15 days, the value of 0.37 indicates that if all stocks in the micro-cap index drop by 5% after 5 days, the diffusion index value is 0.37 - Formula: Diffusion Index = $\frac{\text{Number of stocks outperforming the benchmark}}{\text{Total number of stocks}}$ [41][42] - **Evaluation**: The model effectively identifies market trends but faces challenges when bottom-performing stocks are abandoned during strong upward trends [42] - **Testing Results**: Current diffusion index value is 0.94, indicating a strong upward trend [41][42] Threshold Methods - **Model Name**: Threshold Methods (First Threshold Method and Delayed Threshold Method) - **Construction Idea**: These methods use predefined thresholds to generate trading signals based on the diffusion index [45][49] - **Construction Process**: - First Threshold Method: Triggered a sell signal on May 8, 2025, when the diffusion index reached 0.9850 [45] - Delayed Threshold Method: Triggered a sell signal on May 15, 2025, when the diffusion index reached 0.8975 [49] - **Evaluation**: These methods provide clear trading signals but may lag during rapid market changes [45][49] - **Testing Results**: First Threshold Method value: 0.9850; Delayed Threshold Method value: 0.8975 [45][49] Dual Moving Average Method - **Model Name**: Dual Moving Average Method - **Construction Idea**: This method uses adaptive moving averages to generate trading signals based on market trends [50] - **Construction Process**: - The method compares short-term and long-term moving averages to identify buy or sell signals - On July 3, 2025, the method generated a buy signal [50] - **Evaluation**: The method adapts well to changing market conditions and provides timely signals [50] - **Testing Results**: Buy signal generated on July 3, 2025 [50] --- Quantitative Factors and Construction Methods Top Performing Factors - **Factor Names**: Non-liquidity factor, Unadjusted stock price factor, Beta factor, Standardized expected earnings factor, PE_TTM reciprocal factor [4][19][36] - **Construction Idea**: These factors are derived from stock characteristics and financial metrics to predict future returns [4][19][36] - **Construction Process**: - Non-liquidity factor: Measures the illiquidity of stocks - Unadjusted stock price factor: Uses raw stock prices without adjustments - Beta factor: Captures the sensitivity of stock returns to market movements - Standardized expected earnings factor: Standardizes analysts' earnings forecasts - PE_TTM reciprocal factor: Calculates the reciprocal of the trailing twelve-month price-to-earnings ratio - **Evaluation**: These factors show strong predictive power for stock returns [4][19][36] - **Testing Results**: - Non-liquidity factor IC: 0.353 (historical average: 0.04) - Unadjusted stock price factor IC: 0.348 (historical average: -0.016) - Beta factor IC: 0.247 (historical average: 0.005) - Standardized expected earnings factor IC: 0.141 (historical average: 0.014) - PE_TTM reciprocal factor IC: 0.092 (historical average: 0.017) [4][19][36] Underperforming Factors - **Factor Names**: Turnover factor, 10-day total market capitalization turnover rate factor, Liquidity factor, 10-day free float market capitalization turnover rate factor, Leverage factor [4][19][36] - **Construction Idea**: These factors are derived from trading activity and financial leverage metrics [4][19][36] - **Construction Process**: - Turnover factor: Measures trading volume relative to market capitalization - 10-day total market capitalization turnover rate factor: Calculates turnover rate over a 10-day window - Liquidity factor: Assesses the ease of trading stocks - 10-day free float market capitalization turnover rate factor: Similar to the total turnover rate but focuses on free float shares - Leverage factor: Measures financial leverage of companies - **Evaluation**: These factors exhibit weak predictive power and negative correlations with returns [4][19][36] - **Testing Results**: - Turnover factor IC: -0.336 (historical average: -0.082) - 10-day total market capitalization turnover rate factor IC: -0.286 (historical average: -0.06) - Liquidity factor IC: -0.278 (historical average: -0.041) - 10-day free float market capitalization turnover rate factor IC: -0.276 (historical average: -0.062) - Leverage factor IC: -0.225 (historical average: -0.006) [4][19][36] --- Strategy Performance Small-Cap Low-Volatility 50 Strategy - **Strategy Name**: Small-Cap Low-Volatility 50 Strategy - **Construction Idea**: Selects 50 stocks with small market capitalization and low volatility from the micro-cap index [7][19][37] - **Construction Process**: - Stocks are selected bi-weekly based on market capitalization and volatility criteria - Benchmark: Wind Micro-Cap Index (8841431.WI) - Transaction cost: 0.3% on both sides [7][19][37] - **Evaluation**: The strategy demonstrates strong performance but occasionally underperforms the benchmark [7][19][37] - **Testing Results**: - 2024 return: 7.07% (excess return: -2.93%) - 2025 YTD return: 62.07% (weekly excess return: -2.44%) [7][19][37]

Investment Rating - Industry investment rating: Stronger than the market, maintained [1] Core Viewpoints - Focus on the progress of phasing out outdated capacity and upgrading in the petrochemical industry [2] - The petrochemical index performed relatively well this week, closing at 2272.55 points, up 1.13% from last week [5] - The best performer within the petrochemical sector was oil extraction III, which rose by 2.83% [3][5] Summary by Sections 1. Oil Market - Energy prices have shown a slight decline; as of July 18, Brent crude futures and TTF natural gas futures closed at $69.33 per barrel and €33.71 per MWh, down 1.4% and 5.3% respectively [8] - U.S. crude oil inventory increased by 9,346 thousand barrels to 1,255,837 thousand barrels, while total inventory (including strategic reserves) rose by 9,046 thousand barrels to 1,658,540 thousand barrels [12] 2. Polyester - The price of polyester filament has decreased, with POY, DTY, and FDY prices at 6,550, 7,800, and 6,800 yuan per ton respectively, showing mixed changes in price spreads [17] - The inventory days for polyester filament in Jiangsu and Zhejiang increased, with FDY, DTY, and POY inventory days at 25.6, 30.7, and 25.4 days [22] 3. Olefins - Sample prices for polyethylene (PE) and polypropylene (PP) remained stable at 7,700 and 8,200 yuan per ton, with a total petrochemical inventory of 770,000 tons, an increase of 40,000 tons from last week [26]

1. Report Industry Investment Rating No information provided on the industry investment rating in the report. 2. Core Viewpoints - The change in the bond market's "macro - narrative" is a reaction to the over - trading of the "consensus expectation", and the adjustment is a trading opportunity. The probability of long - term yield decline has not decreased substantially, and the odds have increased during the adjustment [3][10]. - The current situation is at the "first step", while the market has already traded the "second step" and "third step". The basis for the "macro - narrative" of large - category assets is not solid [3][11]. - There are significant differences in policy expectations among bonds, equities, and commodities. The bond market has weak expectations for macro - policies, the equity market has expectations, and the commodity market has the strongest expectations [3][13]. - The money market has no risk, and short - term bonds are in a reasonable valuation range. The money market will remain stable and loose overall, and the risk of money price fluctuations is small [4][15]. - Maintain the view that bond adjustment is a trading opportunity, and appropriately layout for the policy expectation game opportunity of the end - of - month meeting. After the adjustment, the bond market becomes a better layout opportunity, and there is an expectation gap in the pricing of policy expectations among large - category assets [4][17]. 3. Summary of Relevant Catalogs 3.1. Macro - Narrative and Policy Expectation Differences - The bond market's "macro - narrative" has changed from trading the lagging impact of external shocks to worrying about the impact of hedging policies on prices and demand. This change is a reaction to the over - trading of the "consensus expectation" [10]. - The real economy is still maintaining its prosperity due to previous policy support and the "strong export" at the middle of the year. The bond market has already traded the marginal weakening of the third - quarter economy and the policy expectations of "anti - involution" and demand - side stimulus [3][11]. - The bond market has not significantly priced in policy stimulus expectations, the equity market has expectations for macro - policies, and the commodity market has the strongest expectations for macro - policies. There is an expectation gap that can be exploited in the end - of - month important meeting [13]. 3.2. Money Market and Short - Term Bond Situation - Although there were fluctuations in the money market in mid - July, mainly due to the tax period, the money market will remain stable and loose overall. The risk of money price fluctuations is small [4][15]. - The pricing center of 1 - year inter - bank certificates of deposit of national joint - stock banks is around 1.6%, and 1.7% is the trading ceiling for the second half of the year. There is net financing pressure in the third quarter, but the risk of price increase is small [4][15]. - The repair of the liability side of large - scale banks continues, which is supported by the deposit growth in June [4][15]. 3.3. Bond Market Investment Strategy - The previous bond market adjustment is a reaction to the over - trading of the "consensus expectation". After the adjustment, the distribution of chips is no longer concentrated, which is a good layout opportunity [4][17]. - There is an expectation gap in the pricing of policy expectations among large - category assets. After the disturbance of risk sentiment, one can play the expectation gap before the important meeting at the end of July [4][17].