Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report From June 16 - 20, 2025, the central bank conducted a net injection of funds through 7 - day reverse repurchase, with 182 billion yuan of MLF maturing. The overall liquidity remained relatively loose, with DR001 operating below 1.40%. From June 16 - 22, 2025, the net payment scale of government bonds increased, the yields of most maturing inter - bank certificates of deposit (NCDs) declined, and the leverage ratio in the inter - bank bond market increased. From June 23 - 29, 2025, the expected net payment of government bonds is 749.8 billion yuan, and the maturing scale of NCDs is about 1137.8 billion yuan. Despite factors such as the end - of - month period, large net payment of government bonds, and quarter - end bank assessment pressure, the central bank's attitude of caring for liquidity is clear, and the cross - quarter liquidity is expected to remain relatively stable [2]. 3. Summary by Relevant Catalogs 3.1 Funds - **Central Bank's Fund Operation**: From June 16 - 20, 2025, the central bank conducted reverse repurchase operations of 960.3 billion yuan and repurchased 858.2 billion yuan, with a net injection of 102.1 billion yuan. The maturing scale of MLF was 182 billion yuan, resulting in a net withdrawal of 79.9 billion yuan in the full - scale operation. From June 23 - 27, 2025, 960.3 billion yuan of reverse repurchases in the open market and 10 billion yuan of treasury cash fixed - term deposits will mature [6]. - **Liquidity Situation**: From June 16 - 20, 2025, the average values of DR001 and R001 were 1.38% and 1.44% respectively, down 0.3 basis points and up 0.8 basis points compared with June 9 - 13, 2025. The average values of DR007 and R007 were 1.52% and 1.58% respectively, up 0.5 basis points and 1.5 basis points compared with June 9 - 13, 2025 [6]. - **Net Payment of Government Bonds**: From June 16 - 22, 2025, the net payment of government bonds was about 474.2 billion yuan, an increase of about 467.8 billion yuan compared with June 9 - 15, 2025. Among them, the net payment of treasury bonds was about 306.7 billion yuan, and that of local government bonds was about 167.5 billion yuan. From June 23 - 29, 2025, the expected net payment of government bonds is about 749.8 billion yuan, including about 291 billion yuan for treasury bonds and about 458.8 billion yuan for local government bonds [7]. 3.2 Inter - bank Certificates of Deposit (NCDs) - **Yield Changes**: As of June 20, 2025, the yields of 1 - month and 3 - month NCDs were 1.6250% and 1.6023% respectively, down 1 basis point and 3 basis points compared with June 13, 2025. The yield of 1 - year NCDs was 1.6392%, down 3 basis points compared with June 13, 2025 [8]. - **Maturity Scale and Net Financing**: From June 16 - 22, 2025, the net financing of NCDs was about 8.07 billion yuan, compared with a net financing of about - 16.29 billion yuan from June 9 - 15, 2025. From June 23 - 29, 2025, the expected maturity repayment of NCDs is 1137.8 billion yuan, continuing the scale of over one trillion yuan [8]. 3.3 Institutional Behavior - **Leverage Ratio in the Inter - bank Bond Market**: From June 16 - 20, 2025, the average calculated leverage ratio in the inter - bank bond market was 108.25%, compared with 107.83% from June 9 - 13, 2025. On June 20 and June 13, 2025, the calculated leverage ratios in the inter - bank bond market were about 108.44% and 107.92% respectively [9].

Group 1 - The core viewpoint of the report emphasizes the investment value of high-dividend strategies, particularly through the Guangfa CSI Select High Dividend Strategy ETF (159207), which focuses on high-yield assets while maintaining low risk and high certainty [4][10][11] - The CSI Select High Dividend Strategy Index selects 50 companies with a history of continuous dividends and high cash dividend proposals, achieving an annualized return of 13.37% from December 31, 2005, to June 11, 2025, outperforming major indices like CSI 500 and CSI 300 [4][10][51] - The report highlights the ongoing policy support for increasing cash dividends among listed companies, which is expected to benefit high-dividend strategies [8][33][34] Group 2 - The report discusses the effectiveness of high-dividend strategies, noting that they provide strong liquidity and stable returns for investors, while also reflecting the operational health of companies [19] - In a low-interest-rate environment, high-dividend products become more attractive, with the 10-year government bond yield declining significantly, enhancing the appeal of high-dividend assets [20][23] - The CSI Select High Dividend Strategy Index has shown lower volatility compared to broad market indices, indicating its defensive characteristics during market fluctuations [54]

Investment Rating - The industry investment rating is "Positive" and maintained [13] Core Viewpoints - Although the prices of the three major pesticides are still fluctuating at the bottom, with continuous optimization of supply and steady growth in terminal demand, some small varieties may see a turning point first. It is recommended to pay attention to pesticide companies like Yangnong Chemical, which is a domestic leader, with its Huludao Phase I project expected to be fully operational by Q3 2025 [2][11][63] Summary by Sections Overall Market Conditions - The overall pesticide raw material prices have been fluctuating at the bottom since July 2023, with significant inventory reduction observed. As of June 13, 2025, the raw material price index reported 74.2 points, a year-on-year decrease of 4.0% and a month-on-month increase of 1.9% [18][20] Supply and Demand Improvements - The supply situation is improving, and some small varieties may see a turning point. For example, the price of Bacillus amyloliquefaciens has steadily increased to 30,000 yuan/ton by June 15, 2025, a year-on-year increase of 68.6% [24][25] - The price of Acetochlor has risen from 84,000 yuan/ton in April to 145,000 yuan/ton by June 15, 2025, due to supply disruptions [29][33] - The price of Chlorpyrifos has increased due to rising raw material costs, with the price of its upstream raw material, Trichloroacetyl chloride, rising from 6,800 yuan/ton to 8,200 yuan/ton [39][42] Specific Product Insights - The demand for Abamectin and Methomyl is steadily increasing, with a significant number of registration certificates in China. The production capacity is concentrated among a few companies, with China being the largest producer and exporter globally [48][51] - The supply of Chlorantraniliprole has been affected by an explosion at a chemical plant, leading to a price increase from 225,000 yuan/ton to 305,000 yuan/ton by June 15, 2025 [56][59] Investment Recommendations - The report suggests focusing on pesticide companies with prices at the bottom and potential for upward movement, particularly Yangnong Chemical, which is expected to benefit from the upcoming production ramp-up [11][63]

Market Performance - Financial sector leads in growth, with a slight excess return over industry benchmarks[2] - The low valuation index shows a return of 1.70%, outperforming the high valuation index which declined by 2.84%[25] - Year-to-date, the quantitative fund heavy positions have outperformed the fund heavy index[11] Style and Sector Analysis - Style rotation speed has significantly declined, indicating a shift in market dynamics[16] - Large-cap and low-valuation stocks are currently favored, with PB-ROE performance being notably strong[23] - The financial dividend index has shown a return of 1.40%, leading the industry dividend performance[20] Thematic Trends - REITs and digital currencies have seen notable gains, with the REITs index returning 0.81%[27] - The digital currency index has surged by 3.27%, indicating strong market interest[27]

Investment Rating - The industry investment rating is Neutral, maintained [11] Core Insights - Steel exports showed resilience with a volume of 10.58 million tons in May 2025, up 11.5% year-on-year and 1.1% month-on-month, despite a decline in export prices [2][8] - The report highlights that the growth in steel exports is supported by the opening of new markets in Southeast Asia and the Middle East, which offsets declines from traditional markets like Vietnam and South Korea due to anti-dumping measures [8][10] - The export structure is shifting towards higher-value products, with significant increases in the export volumes of rebar and wire rods, which counterbalance declines in flat steel products [9][10] Summary by Sections Export Performance - In May 2025, steel export volume reached 10.58 million tons, reflecting a year-on-year increase of 11.5% and a month-on-month increase of 1.1%. The average export price was $698 per ton, down 8.5% year-on-year but up 0.5% month-on-month [2][8] - The report notes that the export volume exceeded market expectations, particularly in light of anticipated declines due to geopolitical tensions and trade conflicts [2][8] Market Dynamics - The report indicates that the overall demand for steel remains weak, with apparent consumption down 2.34% year-on-year but up 2.21% month-on-month [6] - Inventory levels have slightly decreased, with total steel inventory down 1.19% week-on-week, indicating a gradual reduction in stockpiles as the market enters a seasonal lull [7] Export Market Analysis - The report identifies that while exports to Vietnam and South Korea have declined significantly (26% and 11% respectively), exports to Turkey, Saudi Arabia, Indonesia, and Malaysia have increased by 27%, 51%, 17%, and 41% respectively [8][9] - The shift in export focus to emerging markets is seen as a strategic response to the challenges posed by anti-dumping tariffs in traditional markets [10] Product Mix and Pricing - The growth in exports of construction steel products has helped mitigate the decline in flat steel exports, with rebar and wire rod exports increasing by 89% and 40% respectively [9][10] - The report emphasizes that the export price decline is part of a broader strategy of "trading price for volume," which may lead to future trade disputes but currently supports export volumes [10]

丨证券研究报告丨 公司研究丨点评报告丨鼎捷数智（300378.SZ） [Table_Title] 数智未来峰会亮点频出，AI 全面赋能业务创新 报告要点 [Table_Summary] 6 月 19 日，公司以"AI 创变、破界生长"为主题，于武汉举办第四届数智未来峰会。会上创新 发布多款 AI 相关套件，并设立多个 AI 专题论坛共话 AI 落地现状与未来，标志公司 AI 赋能业 务融合与场景创新进展积极。公司坚定拥抱 AI 战略初显成效，商业化进展积极看好 2025 放 量。预计公司 2025-2027 年实现归母净利润 1.96 亿元、2.38 亿元、2.87 亿元，对应增速为 26%、22%、21%，对应 PE 为 44.4x、36.5x、30.2x，持续推荐。 分析师及联系人 [Table_Author] SAC：S0490520030004 SFC：BUX668 宗建树 宋浪 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 鼎捷数智（300378.SZ） cjzqdt11111 [Table_Title2] 数智未来峰会亮点频出，AI 全面赋能业务创 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [11] Core Insights - The pulp molding industry is expected to grow significantly, with a projected CAGR of 7.4% from 2024 to 2030, driven by global trends towards banning plastics and environmental sustainability [6][20] - The market is highly concentrated in China, which accounted for 40% of global production capacity in 2022, with the Asia-Pacific region being the largest market [7][20] - Leading companies in the industry benefit from technological advancements and cost optimization, achieving gross margins that are over 10 percentage points higher than their peers [8][30] Summary by Sections Market Demand - The pulp molding sector aligns with global "plastic ban" policies, making it a key alternative to traditional plastics [6][19] - The Asia-Pacific region is projected to hold a 41% share of the global pulp molding market by 2024, with the U.S. being a major importer [20] Supply Dynamics - Global pulp molding capacity was 4.42 million tons in 2022, with China contributing 40% of this capacity [7][28] - The U.S. is set to import 250,000 tons of molded pulp products in 2024, with 59% of imports coming from China [20][28] Competitive Landscape - The industry is characterized by a high concentration of leading firms, with the top five companies in the Chinese pulp molding food service sector holding approximately 50% market share [28] - Major players like Zhongxin Co., Shaoneng Co., and Jinseng Environmental have reported revenues of 1.5 billion, 800 million, 500 million, and 100 million CNY respectively from pulp molding products [8][30] Technological and Cost Advantages - The core competitive advantage in the pulp molding industry lies in technology-driven cost control and efficiency improvements [8][30] - Companies can reduce raw material costs by sourcing semi-finished wet pulp and utilizing biomass boiler technology for energy savings [8][39] - The use of intelligent production lines enhances production efficiency, reduces labor intervention, and optimizes production rhythms, leading to improved capacity utilization and return on equity (ROE) [8][44] Financial Metrics - The gross margin for leading firms is significantly higher than that of their competitors, with an average ROE of 23% for top companies [8][30][44]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9][11]. Core Viewpoints - The company has a solid position as a leader in the secondary equipment sector, with a robust competitive advantage and a diversified business model. The current valuation is low, and the company offers high dividends, with a dividend yield among the industry leaders [9][11]. - The company has achieved a compound annual growth rate (CAGR) of 12.8% in revenue and net profit over the past 19 years, indicating stable development [3][6]. - The management team possesses extensive industry experience and expertise, positioning the company for new growth opportunities in the context of the new power system [3][6]. Summary by Sections Company Overview - Founded in 1994 by Yang Qixun, an academician of the Chinese Academy of Engineering, the company has over 30 years of history. It started with relay protection technology and has expanded its business to cover various segments of power generation, transmission, distribution, usage, and storage [3][6][17]. Market Position - The company's secondary system business, particularly relay protection, is a cornerstone of its operations and is currently experiencing favorable growth opportunities. The State Grid's conventional bidding for secondary equipment has maintained a scale of 4 to 5 billion yuan, with a significant increase expected in 2025 [7][40]. Financial Performance - The company has shown consistent revenue growth, with a CAGR of 12.8% from 2006 to 2024. The revenue growth rate reached 20.86% in 2024, marking a new high since 2022 [23][25]. - The company's net profit reached 716 million yuan in 2024, with a CAGR of 12.8% from 2005 to 2024, indicating strong internal governance and recovery post-2019 [37][38]. Business Segments - The company has seen significant growth in its power plant and industrial automation business, with an annual growth rate of 20.6% from 2019 to 2024. This segment has become a major contributor to overall revenue growth [8][25]. - The company is actively expanding into new areas such as renewable energy services, microgrids, and energy storage, with notable projects in offshore wind and data centers [8][9]. Investment Outlook - The company is expected to achieve net profits of 844 million yuan and 958 million yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 16 and 14 times [9].

Investment Rating - The report maintains a "Buy" rating for the company [2][47]. Core Viewpoints - The company has a long-term asset advantage with abundant resources and a high coal reserve lifespan of 81 years, positioning it among the industry leaders [10][13]. - Short-term profitability is supported by a high proportion of long-term contracts, providing stability against price fluctuations, and an improving coal chemical business [24][26]. - There is potential for increased dividends as the company's debt repayment capacity improves and capital expenditures are expected to decrease in the next 2-3 years [35][40]. - The investment suggestion highlights the potential for valuation recovery for this stable central enterprise [43][47]. Summary by Sections Long-term Asset Advantages - The company has sufficient resources with a coal production capacity of 198 million tons (equity 161 million tons) and a coal reserve lifespan of 81 years [10][13]. - The company is optimizing its assets, which enhances profitability, with a lower cost increase compared to peers [18][22]. Short-term Profitability Advantages - The company benefits from a high long-term contract ratio of over 75%, which stabilizes profitability and reduces sensitivity to market price fluctuations [26][28]. - The coal chemical business is expected to improve profitability due to cost reductions and new capacity coming online [31][31]. Dividend Potential - The company's debt repayment capacity is improving, with an EBDA to interest-bearing debt ratio reaching 0.51, indicating potential for increased dividends [37][40]. - Capital expenditures are projected to decrease in the next 2-3 years, which may further enhance the willingness to increase dividends [40][41]. Investment Recommendations - The report suggests that the company is a stable central enterprise with potential for valuation recovery, supported by a favorable market outlook for coal [43][47].

Investment Rating - The report maintains a "Positive" investment rating for the industry [5]. Core Viewpoints - The solid-state battery industry is accelerating its industrialization process, and there is a notable inflection point in wind power performance expected in Q2 [17]. - The report emphasizes the importance of monitoring the recovery of the electricity consumption growth and the continuous high export levels in the power equipment sector [18]. Summary by Sections 1. Photovoltaics - The photovoltaic sector is witnessing a dual bottom in fundamentals and market sentiment, with leading companies actively promoting supply-side reforms [17][41]. - In May, the export of photovoltaic components reached 21.37 GW, a month-on-month increase of 4% but a year-on-year decrease of 8% [16][31]. - The report suggests focusing on segments with new technology advancements, such as BC and copper reduction methods, and recommends stocks like Longi Green Energy and Tongwei Co [17][41]. 2. Energy Storage - The energy storage sector is expected to benefit from the recovery of expectations in North America, with a positive outlook for both large-scale and residential storage markets [17][46]. - The U.S. Senate's revision of the "One Big Beautiful Bill" extends storage subsidies, which is anticipated to stimulate market demand [48]. 3. Lithium Batteries - Concerns regarding the lithium battery sector's profitability are noted, but the report highlights the potential for a liquidity premium following CATL's Hong Kong IPO [17]. - The solid-state battery industry is progressing, with new technologies and materials emerging, which could enhance the sector's growth [17]. 4. Wind Power - The report indicates that Q2 will see an acceleration in offshore wind project commencements, with a focus on the recovery of performance metrics [17]. - Key investment opportunities are identified in companies involved in offshore wind projects, such as Tian顺风能 and 明阳智能 [17]. 5. Power Equipment - The report highlights the upcoming intensive bidding period from June to August by the State Grid, which could catalyze opportunities in the power equipment sector [17]. - Continuous high export levels are noted, with a focus on new opportunities in power AI and virtual power plants [17]. 6. New Directions - The report discusses the potential in the humanoid robot sector, particularly with Tesla's adjustments in production schedules and the anticipated rollout of Gen3 solutions [17][18].