Investment Rating - The report maintains a rating of "Buy" for the company [6]. Core Views - The company's performance in the first half of 2025 was impacted by losses in copper smelting, while the cesium and rubidium business provided a performance cushion [1]. - The lithium salt business saw a decline in profitability due to falling prices, but there are expectations for improvement in the second half of 2025 [3]. - The company is expected to achieve significant growth in net profit from 2025 to 2027, with projections of 6.4 billion, 14.6 billion, and 22.7 billion yuan respectively [3]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 3.27 billion yuan, a year-on-year increase of 35%, but the net profit attributable to shareholders was only 90 million yuan, a decrease of 81% [1]. - The gross profit margin for the first half of 2025 was 18%, with a significant drop in lithium salt gross profit by 75% year-on-year [2]. - The cesium and rubidium business saw a gross profit of 510 million yuan, up 50% year-on-year, which helped offset losses from other segments [1]. Business Segments - The lithium salt segment sold 18,000 tons in the first half of 2025, a year-on-year increase of 6.4%, but the average price fell by 13% in Q2 2025 [2]. - The copper smelting business is expected to incur a net loss of approximately 200 million yuan in the first half of 2025 due to tight global copper concentrate supply [2]. - The cesium and rubidium business showed strong growth, with Q2 2025 gross profit reaching approximately 280 million yuan, a quarter-on-quarter increase of 22% [1]. Future Outlook - The company anticipates improved profitability in the lithium salt business in the second half of 2025, driven by rising lithium prices and cost reduction measures [3]. - The cesium and rubidium business is expected to continue supporting the company's earnings during the transition period [3]. - The company plans to expand its copper production capacity to over 100,000 tons within five years, with the Kitumba copper mine expected to reach production by 2026 [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [4][7]. Core Views - The company has demonstrated stable profit levels, with a slight year-over-year revenue decline of 5.1% in the first half of 2025, while net profit increased marginally by 0.1% [1]. - The company is expected to benefit from the acceleration of its new energy projects, which are anticipated to significantly contribute to future earnings growth [4]. - The company has a robust pipeline of waste incineration projects and is expanding into the new energy materials sector, which is expected to enhance profitability [2][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 3.9 billion yuan from its equipment manufacturing segment, with a notable increase in gross margin to 49.0% [1]. - The company reported a net cash flow from operating activities of 1.32 billion yuan, reflecting a year-over-year increase of 0.9% [1]. - The projected net profits for 2025, 2026, and 2027 are estimated at 3.25 billion yuan, 3.80 billion yuan, and 4.23 billion yuan respectively, with corresponding EPS of 1.91 yuan, 2.23 yuan, and 2.48 yuan [4][6]. Business Segments - The waste incineration segment has 55 operational projects with a combined capacity of approximately 37,000 tons per day, ensuring stable cash flow [2]. - The equipment manufacturing business has seen a significant increase in order volume, with new orders totaling approximately 3.56 billion yuan in the first half of 2025 [3]. - The new energy materials segment has begun production, with the company’s subsidiary achieving a production output of 2,306 tons of nickel-containing products in the first half of 2025 [3].

Group 1: Macro Insights - The export performance remains strong, with August exports expected to exceed expectations, while second-hand housing sales show slight improvement but remain weak overall [5][6] - The Jackson Hole meeting indicated a dovish stance from Powell, with a high probability of interest rate cuts in September and two cuts expected within the year [6][7] - The food and beverage sector has finally seen a daily-level increase, while the oil and petrochemical sectors have also reversed previous downtrends [7][11] Group 2: Company-Specific Insights - Jackson Hole's policy framework revisions suggest a shift away from the "average inflation target," which may limit long-term rate cuts if inflation remains high [6] - Xiaomi Group reported record revenue and profit in Q2 2025, driven by high-end product offerings and growth in IoT and automotive sectors [32][33] - The construction company Lianjian Technology is expected to see significant growth due to successful mergers and acquisitions, with projected net profits increasing substantially from 0.70 billion to 1.66 billion from 2025 to 2027 [20] - Angel Yeast is anticipated to enter a multi-year upward cycle, with projected net profits of 16.4 billion to 21.9 billion from 2025 to 2027, reflecting a strong recovery [21] - Weilai Transmission, a leader in wind power precision transmission, is expected to turn profitable in 2025, with significant growth in net profits projected for the following years [22] - Muyu Group's pig production volume increased by 44.8% in H1 2025, with a focus on cost reduction, aiming to lower costs to 11 yuan/kg by year-end [41][42]

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [5]. Core Viewpoints - The Asian metallurgical coal market is expected to continue its recovery in Q3 2025, supported by post-monsoon inventory replenishment in India and potential rebounds in the Chinese domestic market [2]. - Despite supply pressures from adverse weather and safety issues in Australian mining, the overall outlook for the metallurgical coal market remains positive [2]. Summary by Sections Industry Overview - Global energy prices have shown mixed trends, with Brent crude oil futures at $67.73 per barrel, up by $1.88 (+2.85%) from the previous week, while WTI crude oil futures increased by $0.86 (+1.37%) to $63.66 per barrel [1]. - Natural gas prices in Northeast Asia rose to $11.705 per million British thermal units, an increase of $0.847 (+7.80%) [1]. Coal Price Trends - European ARA port coal prices increased by $3.0 to $101.8 per ton (+3.1%), while Newcastle port coal prices rose slightly by $0.2 to $112.3 per ton (+0.2%) [1]. - The IPE South African Richards Bay coal futures settled at $89.7 per ton, down by $0.5 (-0.4%) [1]. Investment Recommendations - Key recommendations include major coal enterprises such as China Coal Energy (H+A) and China Shenhua (H+A), with a focus on companies showing potential for turnaround like China Qinfa [3]. - High-performing stocks include Shaanxi Coal and Electricity, China Energy Investment, and Huai Bei Mining, while companies like Yancoal and Jinkong Coal are noted for their flexibility and potential for growth [3]. Market Dynamics - The report highlights a significant trend where China is transitioning from a coal importer to an exporter, driven by a surplus in the domestic market [8]. - The forecast for Q3 2025 anticipates that the price of high-quality low-volatile hard coking coal will average $178 per ton, with expectations of $181 per ton in the second half of 2025 [8].

Investment Rating - The report maintains a "Buy" rating for the banking sector, indicating a positive outlook for selected banks based on recent economic policies and market conditions [4][7]. Core Insights - The report highlights that the credit growth rate in China as of June 2025 is 6.7%, a decrease of 0.4 percentage points compared to 2024. Household and corporate loan growth rates are at 3.0% and 8.6%, respectively, also showing declines [1][2]. - Key provinces such as Sichuan, Jiangsu, and Anhui are leading in credit growth, with rates above 9%. Notably, Beijing and Chongqing have seen increases in credit growth rates, contrary to the overall trend [1][2]. - The average interest rate for newly issued corporate loans has decreased to 3.22%, down 41 basis points year-on-year, with many regions reporting rates below 4% [3]. Summary by Sections Credit Growth Analysis - As of June 2025, the total loan balance in China reached approximately 2,676.33 billion yuan, with a year-on-year growth rate of 6.7%. The corporate loan balance was about 1,824.68 billion yuan, growing at 8.6%, while household loans stood at 840.09 billion yuan, growing at 3.0% [16]. - Provinces with notable corporate loan growth include Sichuan (14.1%), Jiangsu (13.6%), and Shandong (13.1%). Beijing's corporate loan growth surged by 4.2 percentage points to 9.3%, marking a 14-month high [2][16]. Interest Rate Trends - The report indicates a continued decline in corporate financing costs, with the average interest rate for new corporate loans at 3.22%, reflecting a downward trend across various regions [3]. - Regions such as Beijing, Shanghai, and Guangdong have seen rates drop below 3%, contributing to a favorable borrowing environment for businesses [3]. Sector Outlook - The report suggests that expansionary policies aimed at stabilizing the real estate market and boosting consumption are expected to support economic growth in the medium term. The banking sector is likely to benefit from these policies, particularly for banks with improving fundamentals [4][7]. - Specific banks such as Ningbo Bank are recommended for attention due to positive changes in their financial performance [4].

有色金属 稀土：《开采分离管理暂行办法》发布，稀土管控全面提级 事件：8 月 22 日，工信部、发改委、自然资源部发布《稀土开采和稀土冶 炼分离总量调控管理暂行办法》，《办法》自公布之日起施行。同时，2012 年工信部印发的《稀土指令性生产计划管理暂行办法》废止。 新旧办法对比： （1）监管提级：老办法监管主体是工信部，2025 年新规明确由工信部、 发改委、自然资源部三部委共同负责指标管理，每年制定的指标计划须报 国务院批准。 （2）范围扩大：进口矿、副产矿（如独居石精矿）以及其他各类稀土矿 产品纳入管控。 （3）产品追溯：稀土生产企业应建立内部稀土产品追溯信息系统和稀土 产品流向记录制度，并每月录入工信部稀土产品追溯信息系统。 （4）企业资质：稀土生产企业由工信部会同自然资源部确定，未经许可， 其他组织、个人不得从事稀土开采和稀土冶炼分离。 证券研究报告 | 行业点评 gszqdatemark 2025 08 24 年 月 日 稀土管控全面提级，战略金属属性凸显。新版开采分离管理办法的出台， 标志着稀土监管层级、管控范围、指标落实的全面升级，国内稀土生产管 控进入全新阶段。具体至对稀土价格的影响，监管提级 ...

证券研究报告 | 行业周报 gszqdatemark 2025 08 24 年 月 日 电力 电企龙头连续发布分红承诺，强化红利提升预期 本周行情回顾：本周（8.18-8.22）上证指数报收 3825.76 点，上涨 3.49%， 沪深 300 指数报收 4378.00 点，上涨 4.18%。中信电力及公用事业指数 报收 3051.63 点，上涨 1.59%，跑输沪深 300 指数 2.58pct，位列 30 个 中信一级板块涨跌幅榜第 25 位。 个股方面，电力及公用事业板块上市公司超半数上涨。 本周行业观点： 我们认为，电力龙头企业纷纷发布分红规划，提升分红预期，回馈股 东，强化电力板块红利优势，具备长期投资价值。 ➢ 7 月太阳能发电新增装机 11GW，风、光新增装机环比 6 月持续下 降。根据国家能源局数据，截至 7 月底，全国累计发电装机容量 36.7 亿千瓦，同比增长 18.2%。其中，太阳能发电装机容量 11.1 亿千瓦， 同比增长 50.8%；风电装机容量 5.7 亿千瓦，同比增长 22.1%。7 月 单月，太阳能发电装机新增 11.04GW，风电新增 2.28GW，新增容量 环比 6 月持续 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6]. Core Views - The company experienced a revenue growth of 1.8% year-on-year in H1 2025, reaching 2.34 billion yuan, while the net profit attributable to shareholders decreased by 11.2% to 370 million yuan due to weak order intake and foreign exchange losses [1][3]. - The company is focusing on enhancing its global market share through a globalization strategy, which has led to a 13.72% increase in international revenue, while domestic revenue declined by 4.09% [2][3]. - The company is expanding its production capacity with ongoing upgrades in its factories in Bangladesh and Vietnam, which is expected to support long-term growth and meet customer demands for overseas production [3]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin improved by 1.1 percentage points to 42.9%, while the net profit margin decreased by 2.3 percentage points to 15.8% due to foreign exchange losses [1]. - For Q2 2025, revenue fell by 9.2% year-on-year to 1.36 billion yuan, and net profit dropped by 20.4% to 269 million yuan, reflecting weak order intake and adverse foreign exchange impacts [1]. Product Segmentation - Sales of zippers and buttons remained stable, with revenues of 1.29 billion yuan and 930 million yuan respectively, while other apparel accessory businesses grew by 11.2% to 80 million yuan [1]. - The company’s strategic focus on "large accessory strategy" is expected to drive growth in other accessory segments, leveraging existing customer relationships [1]. Regional Performance - Domestic revenue decreased by 4.09% to 1.47 billion yuan, while international revenue increased by 13.72% to 860 million yuan, with both domestic and international gross margins showing improvements [2]. Capacity Expansion - As of H1 2025, the company’s button production capacity reached 6.3 billion pieces, and zipper capacity was 485 million meters, reflecting ongoing capacity expansion efforts [3]. - The Vietnam factory, which commenced operations in March 2024, is seeing a rapid increase in capacity utilization, contributing positively to order trends [3]. Profit Forecast - The company is projected to experience a 4.4% decline in net profit for 2025, with expected revenue growth of 3.8% to 4.85 billion yuan [3][4]. - Forecasted net profits for 2025-2027 are 669 million yuan, 760 million yuan, and 846 million yuan respectively, with a PE ratio of 20 times for 2025 [4].

证券研究报告 | 行业周报 gszqdatemark 2025 08 24 年 月 日 通信 光模块：从涨业绩到提升估值 当前光模块等算力板块行情持续火热，而在财报季算力业绩兑现的背景 下，市场普遍存在疑问：光模块行情进展到了哪里？持续性如何？我们认 为，目前光模块的行情仅仅是个开始，其行业正经历从业绩高速增长向提 升估值的关键阶段，头部企业正值从"盈利兑现"到"价值重估"的新阶 段，股价驱动因素将由业务驱动转向业绩+估值双重驱动。 【客观事实：估值的纵向与横向对比】 纵向对比来看，国内光模块龙头估值处于历史估值中枢。我们将国内海外 链光模块龙头目前估值与其自身的历史十年数据进行对比。截至本周 五收盘，从 PE（TTM）角度来看，新易盛、中际旭创均位于历史十年 的中值附近，PE（（FY1，最近预测年度）角度看，两者位于较低位置（（ 体图表参见正文部分）。这种估值仅是统计意义上的水平，受到预测方 法等因素影响，我们只是拉到同一水平线观察。 作者 横向对比来看，国内龙头相比于海外各硬件巨头估值更低。我们选取同样 是硬件设施厂商的海外巨头进行对比，根据市场一致预测，英伟达、博 通、AMD 在 26 年的预测 PE ...

Investment Rating - The report maintains a rating of "Increase" for the industry [4] Core Insights - The basic chemical sector is experiencing a configuration opportunity, with the index declining by 59.5% from a peak of 9565.18 points in September 2021 to a low of 3876.11 points in February 2024 [1] - The construction project growth rate in the chemical industry has turned negative at -7.3% by Q1 2025, indicating a slowdown [1] - The basic chemical index saw a cumulative increase of 12.6% from July 11 to August 22, 2024, while the petroleum and petrochemical index rose by 5.6% during the same period [1] - Institutional holdings in the basic chemical sector peaked in Q3 2021 at 6.69%, but have since declined to 3.72% by Q2 2025 [1] Summary by Sections AI for Science and Material Development - The report emphasizes the importance of AI for Science (AI4S) in revolutionizing material development, particularly through the use of molecular dynamics (MD) and density functional theory (DFT) [2] - The development of algorithm chip-based atomic-level computing APU chips by Dao Technology is highlighted, which significantly improves computational power and reduces energy consumption [2] - Dao Technology's subsidiary, Hexi, is building an AI4S intelligent computing center to support material research [2] Investment Opportunities in AI4S - AI4S is rapidly penetrating the pharmaceutical and chemical industries, with 41 license-out transactions in the Chinese innovative drug sector in Q1 2025, totaling $36.929 billion [3] - AI is expected to replace traditional drug development processes, significantly speeding up research and reducing costs [3] - The report identifies potential investment opportunities in AI4S-related materials, including perovskite, solid-state batteries, semiconductor materials, and more [3] Key Stocks - The report lists key stocks with a "Buy" rating, including Dongyangguang, Jingtai Holdings, Zhongyan Dadi, and Weixing Chemical, with projected earnings per share (EPS) and price-to-earnings (PE) ratios provided for 2024 to 2027 [7]