Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Insights - The implementation of the childcare subsidy policy is expected to stimulate growth in the food and beverage sector, particularly benefiting the infant formula and dairy product markets [4]. - The report highlights three main investment themes in the liquor segment: strong leading brands, sustained regional advantages, and recovery-driven elastic stocks [1][2]. - In the beer and beverage segment, Budweiser faces sales pressure but is seeing price recovery, while the sugary tea category is gaining market share during peak seasons [3]. Summary by Sections Liquor Industry - Leading brands such as Moutai, Wuliangye, and Luzhou Laojiao dominate the global rankings, with Moutai valued at $58.4 billion, maintaining its position as the most valuable liquor brand globally [2]. - The liquor sector is transitioning from scale growth to high-quality development, with a focus on brand strength and market positioning [2]. Beer and Beverage Sector - Budweiser's Q2 2025 results show a revenue decline of 3.9% and a profit drop of 31.1%, with a notable 6.2% decrease in sales volume [3]. - The sugary tea segment is experiencing a resurgence, with brands like Kang Shifu and Uni-President maintaining leading positions, and sales of Yuanqi Forest's iced tea growing by 53.9% year-on-year [3]. Food Sector - The national childcare subsidy program, effective from January 1, 2025, is projected to enhance birth rates and subsequently increase demand for dairy products [4]. - New product launches by companies like Qiaqia and Ximai are aimed at expanding market presence and tapping into health-oriented consumer trends [4][7].

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Xtep International, and Li Ning, among others [12]. Core Insights - The report highlights the rapid expansion of the high-performance outdoor apparel market in China, with a projected market size growth from 53.9 billion yuan in 2019 to 102.7 billion yuan in 2024, representing a CAGR of 13.8% [22][25]. - The company Pelliot, established in 2012, has shown significant revenue growth, achieving 1.77 billion yuan in 2024, a 94% increase year-on-year, with a net profit of 280 million yuan, reflecting an 86% increase [1][17]. - The competitive landscape of the high-performance outdoor apparel market is relatively fragmented, with the top 10 brands holding a combined market share of 27.2% in 2024, and Pelliot being the fastest-growing brand with a retail CAGR of 127.4% from 2022 to 2024 [2][29]. Summary by Sections Company Overview - Pelliot focuses on high-performance outdoor apparel and equipment, offering a wide range of products suitable for various outdoor activities and urban commuting [1][17]. - The brand's revenue from the Pelliot brand accounted for 98% of total revenue in 2024, with the Excelsior brand contributing 33 million yuan [1][17]. Industry Overview - The high-performance outdoor apparel market in mainland China is expected to grow from 539 billion yuan in 2019 to 1,027 billion yuan in 2024, with a forecasted CAGR of 16% from 2024 to 2029 [2][22]. - The apparel segment is the largest within the high-performance outdoor apparel market, projected to reach 712 billion yuan in 2024, accounting for 69% of the total market [25]. Operational Highlights - Pelliot employs a Direct-to-Consumer (DTC) sales model, focusing on enhancing product quality and brand image through targeted marketing strategies [3][4]. - The company has invested significantly in R&D, with expenditures increasing from 13.6 million yuan in 2022 to 31.5 million yuan in 2024, representing a commitment to product innovation [3][30]. Financial Data Analysis - Pelliot's revenue and profit have shown rapid growth, with a projected revenue of 1.77 billion yuan and a net profit of 280 million yuan in 2024, indicating strong financial performance [1][21]. - The report emphasizes the importance of maintaining a healthy inventory turnover ratio, with the overall inventory situation being stable across the sector [5]. Market Trends - The report notes a healthy growth trajectory for the outdoor apparel sector, driven by increasing consumer participation in outdoor activities and a rising demand for multifunctional high-performance apparel [27][28]. - The report recommends focusing on brands with strong fundamentals and growth potential, particularly in the sportswear segment, which is expected to outperform the broader apparel market [5].

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for investment opportunities in the Xinjiang region [5][8][9]. Core Insights - The upcoming Fourth Central Xinjiang Work Conference in 2025, coinciding with the 70th anniversary of the Xinjiang Uyghur Autonomous Region, is expected to catalyze significant policy support and investment in infrastructure and industry [1][12]. - Xinjiang's strategic importance, energy security, and ethnic unity are highlighted as key factors for sustained national support for high-quality development in the region [2][4]. - Major transportation infrastructure projects, such as the China-Kyrgyzstan-Uzbekistan Railway and the New Tibet Railway, are set to accelerate, with significant investments projected [3][15]. - The coal chemical industry in Xinjiang is anticipated to see substantial growth, with over 800 billion yuan in planned investments by mid-2025, driven by national energy security needs [4][19]. Summary by Sections Investment Opportunities - The report emphasizes the potential for investment in Xinjiang due to upcoming policy support and infrastructure projects, particularly in transportation and coal chemical sectors [1][3][4]. - Key companies recommended for investment include major construction firms like China Railway, China Railway Construction, and local firms such as Xinjiang Communications Construction [8][23]. Transportation Infrastructure - Significant railway projects are underway, including the China-Kyrgyzstan-Uzbekistan Railway with an estimated investment of 8 billion USD and the New Tibet Railway with an investment of 96 billion yuan [3][15]. - The report suggests that these projects will benefit major construction companies and local firms involved in infrastructure development [8][15]. Coal Chemical Industry - The coal chemical sector is projected to attract over 800 billion yuan in investments, with a significant portion already underway [4][19]. - Key players in this sector include China Chemical Engineering, Donghua Technology, and Sanwei Chemical, which are expected to benefit from the acceleration of project developments [19][23].

Investment Rating - The report maintains an "Increase" rating for the renewable energy sector [5] Core Insights - The report highlights three main areas of focus: supply-side reform leading to price increases in the industry chain, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite GW-level layouts [15][18] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - The Ministry of Industry and Information Technology has initiated energy-saving inspections for polysilicon, targeting 41 companies, which is expected to optimize energy-saving efforts and reform outdated capacities [14] - The National Development and Reform Commission emphasizes the need to eliminate "involution" competition and advance the bidding system reform, which has led to an increase in polysilicon prices, potentially restoring component prices [14][15] - Key companies to watch include Xiexin Technology, Tongwei Co., Daqo New Energy, and JA Solar [15] 1.2 Wind Power & Grid - The AR7 wind auction reform has significantly increased wind power prices, with floating offshore wind power prices rising by 10.6% and fixed offshore wind power prices by 10.8% [16] - The contract duration for CfD has been extended from 15 to 20 years, improving project financing feasibility [16] - The introduction of Clean Industry Bonuses (CIB) is expected to drive investment in local supply chains, with a total subsidy budget exceeding £544 million [16] 1.3 Hydrogen & Energy Storage - A major user-side energy storage project in the aluminum industry has been launched by Penghui Energy and Sichuan Zhongfu, with a scale exceeding 100MW/400MWh [18] - The average bidding price for energy storage systems in July was 0.4645 RMB/Wh, with a range for EPC bids between 0.7399 RMB/Wh and 1.5748 RMB/Wh [25][27] - Recommended companies include Longi Green Energy, Sungrow Power Supply, and Kehua Tech [27] 2. New Energy Vehicles - LG Energy has signed a supply contract for lithium iron phosphate batteries worth 5.94 trillion KRW (approximately 30.9 billion RMB), which represents 23.2% of its projected sales for 2024 [28][30] - The contract is expected to enhance the performance of Longpan Technology, which has also signed an agreement to supply 260,000 tons of lithium iron phosphate materials to LG Energy [30]

Investment Rating - The industry investment rating is "Maintain Buy" [4] Core Viewpoints - Global new coal mining capacity is expected to drop to a ten-year low of 105 million tons in 2024, a decrease of 46% compared to 2023, representing the smallest increase in a decade [2] - The slowdown in new capacity may reflect delays in expansion approvals, the inherent long-term nature of coal mine development, and a potential easing of supply-demand pressures after a surge in capacity in the previous two years due to special events [2] Summary by Sections Coal Mining Capacity - In 2024, global new coal mining capacity is projected at approximately 105 million tons, accounting for only 1% of the total global coal production capacity of 8.9 billion tons [2] Price Trends - As of August 1, 2025, coal prices at various ports have shown significant fluctuations, with European ARA port coal prices at $108.5 per ton (up 16.98% week-on-week), Newcastle port coal at $117.25 per ton (up 1.52%), and IPE South African Richards Bay coal futures at $93.6 per ton (down 1.04%) [1][39] Investment Recommendations - Key recommendations include major coal enterprises such as China Coal Energy (H+A) and China Shenhua (H+A), as well as turnaround opportunities like China Qinfa [3] - Other recommended stocks include high-performing companies such as Shaanxi Coal and Electricity, China Power Investment, Huai Bei Mining, and New Energy [3] Market Dynamics - The report indicates that many countries are still planning to build new coal mines, with a total capacity of 2.27 billion tons, where new thermal coal capacity dominates, accounting for 75% of the proposed projects [11] - China, India, Australia, and Russia account for nearly 90% of the planned development projects, with China alone accounting for 1.35 billion tons of the proposed capacity [11]

Investment Rating - The report maintains a "Buy" rating for several companies in the Guangdong region, particularly those expected to experience performance reversals due to the recent adjustments in electricity capacity pricing [5][12]. Core Insights - Guangdong has raised the capacity price for coal and gas power plants, with coal power capacity price set to increase to 165 RMB per kW per year starting January 1, 2026. Gas power plants will see varied increases based on the type of unit, with adjustments ranging from 165 to 396 RMB per kW per year [2][3][12]. - Nationally, renewable energy installations account for nearly 60% of total capacity, with renewable energy generation making up about 40% of total electricity generation. In the first half of 2025, renewable energy installations increased by 99.3% year-on-year, contributing significantly to the overall power supply [4][12]. Summary by Sections Industry Insights - The adjustment in capacity pricing in Guangdong is expected to alleviate electricity pricing risks and improve profitability for gas power plants, which have faced significant cost pressures [3][12]. - The report highlights that renewable energy generation has surpassed the combined electricity consumption of the tertiary industry and urban residents, indicating a strong shift towards sustainable energy sources [4][12]. Market Performance - The Shanghai Composite Index closed at 3559.95 points, down 0.94%, while the CSI 300 Index fell by 1.75%. The CITIC Power and Utilities Index decreased by 1.88%, underperforming the CSI 300 by 0.13 percentage points [60][61]. - Over half of the listed companies in the power and utilities sector experienced declines in their stock prices during the week [60]. Key Companies - Recommended companies include Huaneng International, Huadian International, and Baoneng New Energy, which are expected to show resilient quarterly performance in the thermal power sector [5][9]. - The report also suggests focusing on leading companies in flexible thermal power modifications, such as Qingda Environmental Protection [5][9].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The central bank protected the cross - month liquidity. Capital prices declined, and bill rates hit a new low for the year. The central bank conducted net open - market operations to inject funds during the cross - month period and then shifted to net withdrawal after the cross - month period [1]. - Certificate of deposit (CD) yields decreased, and the government bond yield curve shifted downward. CD net financing rebounded, with large - bank CD issuance rates rising and the average issuance term shortening [2]. - Next week, the net issuance of government bonds will decrease, while the net payment amount will increase. Inter - bank repurchase trading volume and leverage ratio declined before the cross - month period and rebounded after it [3]. 3. Summary by Directory 3.1 Capital Market - **Capital Prices**: R001 closed at 1.35% (previous 1.55%), DR001 at 1.31% (previous 1.52%), R007 at 1.49% (previous 1.69%), and DR007 at 1.42% (previous 1.65%). The 6M national - share bank bill transfer and discount rate closed at 0.79% (previous 0.72%), hitting a new low of 0.40% for the year during the week [1]. - **Central Bank Operations**: The central bank's reverse repurchase injection was 1663.2 billion yuan, with 1656.3 billion yuan maturing, resulting in a net injection of 6.9 billion yuan. There was also 1.2 trillion yuan of buy - out reverse repurchase maturing this week [1]. 3.2 Inter - bank Certificates of Deposit - **Yield and Net Financing**: CD yields decreased. The 3M, 6M, and 1Y yields decreased by 4.44bp, 5.13bp, and 4.00bp respectively. CD net financing was 10 billion yuan (previous - 559.8 billion yuan) [2]. - **Issuance Rate and Term**: The 1Y CD issuance rates of state - owned banks, joint - stock banks, city commercial banks, and rural commercial banks were 1.63%, 1.63%, 1.70%, and 1.75% respectively, with changes of + 0.35bp, - 4.30bp, + 0.84bp, and + 6.67bp compared to the previous period. The weighted average issuance term was 5.9M (previous 7.3M) [2]. 3.3 Government Bonds - **This Week**: National debt net issuance was 160.2 billion yuan, and local government bond net issuance was 243.1 billion yuan, with a total net issuance of 403.3 billion yuan and a total net payment of 294.7 billion yuan [3]. - **Next Week**: It is expected that national debt net issuance will be 283 billion yuan, and local government bond net issuance will be 82.8 billion yuan, with a total net issuance of 365.8 billion yuan and a total net payment of 302.2 billion yuan [3]. 3.4 Market Transactions and Leverage - **Trading Volume**: The average daily volume of pledged repurchase transactions was 6.74 trillion yuan (previous 7.70 trillion yuan) [3]. - **Leverage Ratio**: The average daily inter - bank market leverage ratio was 108.72% (previous 108.85%) [3].

证券研究报告 | 金融工程 gszqdatemark 2025 08 03 年 月 日 量化专题报告 "量价淘金"选股因子系列研究（十三） 事件簇：量价事件驱动信号的规模化生产 前言：本文为国盛金工《"量价淘金"选股因子系列研究》的第十三篇报 告，也是"事件簇"系列研究的首次尝试。在截面多因子策略竞争加剧的 背景下，我们希望从"时序"视角挖掘不一样的 Alpha 信息，帮助策略迭 代。相比于基本面数据，量价数据在更新频率、股票覆盖度方面都更具优 势，因此本文先聚焦"量价类"事件驱动策略的研究。 趋势资金事件信号的体系化构建思路：将""因子簇"的研究理念拓展到事 件驱动信号的构建上。具体地，本文以"识别趋势资金入场信号"为例， 利用高频量价数据，多维度、多视角地识别趋势资金并分析其交易行为， 批量挖掘事件驱动信号，得到""趋势资金事件簇"。最终将事件簇中的有效 信号合成，得到更为稳定的综合信号，构建趋势资金事件驱动策略。 趋势资金事件信号的规模化生成：将趋势资金事件驱动信号的构建流程拆 分为"事件识别"、"信号定义"、"信号筛选与合成"这 3 个步骤，分别展 开详细讨论：（1）事件识别：通过观测成交量、价格涨跌 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Views - The AI computing infrastructure is transitioning from an "investment phase" to a "harvest phase," with significant capital expenditure increases from major cloud service providers indicating high industry prosperity [6][22] - The domestic AI computing industry is gradually building a self-controlled computing system, supported by policy, technological iteration, and ecological collaboration, although challenges such as reliance on imported high-end GPUs remain [24][26] Summary by Sections Investment Strategy - The report recommends focusing on the computing sector, particularly in optical communication companies such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, as well as domestic computing supply chains including liquid cooling segments like Yingweike and Dongyangguang [6][14][26] Market Performance - The communication sector has seen an increase, with the optical communication index performing the best, rising by 8.5% [18][21] - Tianfu Communication led the sector with a 25% increase in stock price, benefiting from AI concepts [19][20] AI Computing Infrastructure - Major cloud providers like Google, Meta, and Microsoft have significantly increased their capital expenditures for AI infrastructure, with Google raising its 2025 capital expenditure guidance from $75 billion to $85 billion, primarily for AI infrastructure and server investments [25][26] - The report highlights that the demand for AI services is experiencing explosive growth, with Google Cloud revenue increasing by 32% year-over-year to $13.62 billion, driven by AI contributions [25][26] Supply and Demand Dynamics - The supply side shows NVIDIA increasing orders for GPUs, while the demand side indicates a projected investment of 655 billion yuan in AI-related projects in China for 2025, reflecting a 51% increase [11][25][26] - The report notes that the market may be underestimating the long-term growth potential and certainty of overseas computing infrastructure [6][26] Key Companies to Watch - The report suggests monitoring key players in the computing sector, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, as well as companies involved in liquid cooling and edge computing platforms [6][14][26]

事件：公司 2025 年上半年实现营业收入 13.7 亿元，同比增长 12%，实 现归母净利润 3.1 亿元，同比增长 12%，扣非归母净利润 3 亿元，同比增 长 13%。单 Q2 来看，实现营收 8.1 亿元，同比增长 5%，实现归母净利 润 1.7 亿元，同比增长 3%。 国际化战略加速落地，海外收入占比突破 20%。海外营收 2.8 亿元，同 比增长 26%，占比提升至 21%（较 24 全年占比提升 5 个百分点），增速 远超国内业务（国内业务营收 10.8 亿元，同比增长 9%，占比 79%）。 公司全球化布局进展顺利，印尼工厂全面投产，沙特工厂预计下半年可投 产，墨西哥工厂建设积极推进，且在阿联酋/孟加拉/埃及等设有制造工厂， 未来有望进军南非等区域。我们认为，公司积极拓展海外，依靠自身优质 产品能力有望逐步拓展到系统和生态集成交付模式，进一步提升全球市场 话语权，创造多个营收增长极，目前公司海外业务整体尚处于前期投资阶 段，未来释放利润后有望进一步增强公司盈利能力。 订单储备创新高，电网主业韧性凸显，智能终端下半年有望加速迭代。公 司上半年新签订单 16 亿元（同比+8%），在手订单 40 亿 ...