Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Oil prices showed resilience, with Brent and WTI prices reaching $70.36 and $68.45 per barrel respectively as of July 11, 2025, supported by various factors including OPEC+ production increases and a decrease in refined oil inventories [2][8] - The report highlights a significant increase in oil prices, with Brent crude futures rising by $2.06 per barrel (+3.02%) and WTI crude futures increasing by $1.45 per barrel (+2.16%) in the week ending July 11, 2025 [28] - The report notes a decrease in U.S. crude oil production to 13.385 million barrels per day, a reduction of 48,000 barrels per day from the previous week [48] - The report identifies key companies in the sector, including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (CNPC) [2] Summary by Sections Oil Price Review - As of July 11, 2025, Brent crude futures settled at $70.36 per barrel, up $2.06 (+3.02%) from the previous week, while WTI crude futures settled at $68.45 per barrel, up $1.45 (+2.16%) [28][21] - The report indicates that the increase in oil prices is attributed to OPEC+ production adjustments and geopolitical factors affecting supply and demand [2][8] Offshore Drilling Services - The number of global offshore self-elevating drilling platforms increased to 385, with a net addition of 5 platforms, while the number of floating drilling platforms remained stable at 134 [33] U.S. Crude Oil Supply - U.S. crude oil production decreased to 13.385 million barrels per day, with active drilling rigs dropping to 424 [48][39] - The report notes an increase in the number of pressure pumping fleets to 180, indicating some activity in the sector despite the overall production decline [48] U.S. Crude Oil Demand - U.S. refinery crude processing decreased to 17.006 million barrels per day, with a refinery utilization rate of 94.70%, down 0.2 percentage points from the previous week [59] U.S. Crude Oil Inventory - As of July 4, 2025, total U.S. crude oil inventories rose to 829 million barrels, an increase of 7.308 million barrels (+0.89%) from the previous week [68] Refined Oil Prices - In North America, the average prices for diesel, gasoline, and jet fuel were $101.69, $91.13, and $94.08 per barrel respectively, with respective increases of $2.12, $2.86, and $1.96 [89][93]

证券研究报告 -163 68 1,076 272 366 公司研究 806.5 % 1. 4% 12.8% 10 % .7 14.6% 18.4 % -4.3% 1. 22.0% 5.3% 6.6% [Table_ReportType] 公司点评报告 % 8% -0.16 0. 07 1.07 0.27 0.37 [Table_StockAndRank] 继峰股份（603997） — 11 2.05 2. 3 投资评级 35.85 69 上次评级 2 证券研究报告 [Table_Author] 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮 箱：dengjianquan@cindas.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮箱：zhaoyueyuan@cindasc.com 赵启政 汽车行业分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com 徐国铨 汽车行业研究助理 邮 箱：xuguoquan@cindasc.com 信达证券股 ...

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Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is the early stage of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with short-term supply-demand balance and long-term gaps still present [11][12] - Coal prices have established a bottom and are trending towards a new platform, with high profitability, cash flow, return on equity (ROE) of 10-20%, and dividend yields over 5% for quality coal companies [11][12] - The coal sector is relatively undervalued, with overall valuation expected to improve, supported by high premiums in the primary mining rights market and a price-to-book (PB) ratio around 1 for most companies [11][12] - The coal sector is expected to maintain a tight supply-demand balance over the next 3-5 years, with quality coal companies exhibiting high barriers to entry, cash flow, dividends, and yield characteristics [11][12] Summary by Sections Coal Price Tracking - As of July 12, the market price for Qinhuangdao port thermal coal (Q5500) is 624 CNY/ton, an increase of 8 CNY/ton week-on-week [28] - The price for coking coal at Jing Tang port is 1310 CNY/ton, up 60 CNY/ton week-on-week [30] Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 93.7%, down 0.3 percentage points week-on-week, while the utilization rate for coking coal mines is 85.52%, up 1.7 percentage points [11][46] - Daily coal consumption in coastal provinces increased by 6.10 thousand tons/day (+2.92%) week-on-week, while inland provinces saw a decrease of 9.50 thousand tons/day (-2.61%) [11][47] Coal Inventory Situation - As of July 10, coal inventory in coastal provinces decreased by 785 thousand tons (-2.18%) week-on-week, while inland provinces saw a slight decrease of 0.70 thousand tons (-0.01%) [11][47] Key Companies to Watch - Focus on stable and robust performers such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy [12] - Attention to companies with significant upside potential like Yanzhou Coal Mining, China Power Investment, and Guanghui Energy [12]

关注 Q2 业绩高增方向，AI 持续兑现动能 [Table_ReportDate] 2025 年 7 月 13 日 证券研究报告 行业研究 [行业周报 Table_ReportType] | [Table_StockAndRank] 电子 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮箱：yangyuxuan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [关注Table_Title] Q2 业绩高增方向，AI 持续兑现动能 [Table_ReportDate] 2025 年 7 月 13 日 本期内容提要: [Table_S [Table_Summary ummary] ] 请阅读最后一页免责声明及信息披露 http://www.cin ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights that the electric power equipment and new energy sectors are expected to see significant investment opportunities, particularly in the context of the growing demand for electric power driven by emerging industries like AI [2][3] - The report emphasizes the potential recovery in profitability for the lithium battery sector, driven by a decrease in lithium carbonate prices and advancements in fast-charging technologies [2][3] - The report identifies key companies to watch in the new energy vehicle sector, including CATL, BYD, and others, as well as in the electric power equipment sector, such as Sifang Electric and XJ Electric [2][3] Summary by Sections New Energy Vehicles - The lithium battery sector is expected to recover as the supply-demand imbalance improves, with lithium carbonate prices decreasing, which may lower battery costs and stimulate downstream demand [2][3] - The report notes a significant increase in new energy vehicle sales, with June 2025 sales reaching 1.329 million units, a year-on-year increase of 26.7% [11][12] Electric Power Equipment and Energy Storage - The report anticipates a major year for grid investment, with the electric power equipment sector poised for favorable investment opportunities due to the growing demand for electricity from new energy sources [2][3] - In energy storage, the report forecasts continued high growth, particularly in large-scale storage and commercial storage, driven by the development of virtual power plants and seasonal demand increases [3] Photovoltaics - The report indicates sustained high demand in Europe and robust domestic demand for ground-mounted power stations, with new technologies like TOPCon expected to drive further market growth [2][3] Industrial Control and Humanoid Robots - The report suggests a new industrial control cycle is approaching, with companies like Huichuan Technology and Xusheng Group recommended for investment [5] - The humanoid robot sector is maturing, with companies like Zhiyuan Robotics and Yushutech securing significant contracts, indicating a growing market for humanoid robots [5]

Investment Rating - The report maintains a "Positive" investment rating for the environmental sector, consistent with the previous rating [2]. Core Insights - The waste incineration industry is entering a mature development phase, with structural differences in capacity utilization across regions. The average load rate of waste incineration plants in China is approximately 60%, indicating underutilization. However, provinces like Guangdong and Zhejiang have higher construction progress but still face low capacity utilization rates of 60% and 49% respectively, below the national average of 73% [18][19][22]. - The report highlights that the number of waste incineration plants in China has increased from 278 in 2017 to 925 in 2023, a growth of 232.7%. The waste incineration capacity has reached 1.035 million tons per day, surpassing the "14th Five-Year Plan" target [18][19]. - The report suggests that the "14th Five-Year Plan" emphasizes environmental quality and green low-carbon development, which is expected to maintain high prosperity in energy conservation and environmental protection sectors. The water and waste incineration sectors are seen as stable profit generators with positive cash flow [40]. Summary by Sections Market Performance - As of July 11, the environmental sector index rose by 3.17%, outperforming the broader market, with specific sub-sectors like environmental equipment increasing by 6.99% [9][12]. Industry Dynamics - Recent initiatives include subsidies for green electricity in Beijing and the establishment of zero-carbon parks to support carbon neutrality goals. These measures are part of a broader strategy to enhance renewable energy usage and promote green transformation [27][28]. Special Topic: Waste Incineration - The report discusses the structural differences in capacity utilization among provinces, with some regions achieving around 90% utilization while others lag behind. The average capacity utilization for listed companies is projected to be 107% in 2024, indicating efficient operations [19][22][26]. Investment Recommendations - The report recommends focusing on high-quality operational assets in the water and waste incineration sectors, highlighting companies such as Huanlan Environment, Xingrong Environment, and Hongcheng Environment as key investment opportunities [40].

Investment Rating - The investment rating for the automotive industry is "Positive" [2] Core Insights - In the first half of 2025, China's automotive production and sales exceeded 15 million units for the first time, with production at 15.62 million units and sales at 15.65 million units, both showing a year-on-year growth of over 10%. New energy vehicles (NEVs) accounted for 44.3% of total sales, with production and sales of 6.968 million and 6.937 million units respectively, reflecting a year-on-year increase of over 40% [3][8] - The Ministry of Industry and Information Technology (MIIT) has launched a platform to address payment issues faced by small and medium-sized enterprises (SMEs) with car manufacturers, aiming to reduce payment cycles to 60 days, which will alleviate financial pressure on suppliers and shift the industry towards a more sustainable competitive environment [3][8] - A new policy from the National Development and Reform Commission aims to accelerate the construction of high-power charging facilities, targeting the establishment of over 100,000 charging stations by the end of 2027, which is expected to significantly alleviate "charging anxiety" for electric vehicles [3][8] - BYD has introduced a comprehensive safety guarantee for its "Heavenly Eye" intelligent driving system, which claims to achieve L4-level capabilities in smart parking scenarios [4][8] - NIO has completed the establishment of its 1,000th high-speed battery swap station, connecting 550 cities across China, with a total of 3,399 battery swap stations and over 80 million battery swap services provided [4][8] Summary by Sections Industry Key News - The automotive industry in China has seen significant growth in both production and sales, particularly in the NEV sector, which has been bolstered by favorable policies [3][8] - The MIIT's initiative to address payment issues is expected to enhance cash flow for suppliers and promote a healthier competitive landscape [3][8] - The new charging infrastructure policy is set to support the widespread adoption of electric vehicles by addressing charging concerns [3][8] Market Performance - The A-share automotive sector underperformed the broader market, with a decline of 0.99% compared to a 2.00% increase in the CSI 300 index [5][14] - The passenger vehicle sector's price-to-earnings (PE) ratio has slightly decreased, while the commercial vehicle and automotive parts sectors have seen slight increases in their PE ratios [6][20] Company Highlights - BYD's commitment to intelligent parking and safety guarantees reflects its leadership in the NEV market [4][8] - NIO's expansion of its battery swap network demonstrates its strategic focus on enhancing customer convenience and service accessibility [4][8]

Group 1: Monetary Market Overview - The central bank's net liquidity withdrawal this week was 226.5 billion yuan, with a marginal tightening in the funding environment, as DR001 and DR007 remained below 1.35% and 1.5% respectively[6] - The average daily transaction volume of pledged repos increased slightly week-on-week, but the overall scale has dropped to the lowest level since early June, with a significant decline in net financing from large banks[13] - The funding gap index rose to -314.5 on Friday, indicating a worsening liquidity situation compared to the previous week's -701.0[13] Group 2: Government Debt and Tax Payments - This week, the net payment of government debt was 251.1 billion yuan, aligning with expectations, while next week is projected to see an increase to 428.5 billion yuan, primarily concentrated on Monday and Tuesday[18] - The cumulative issuance of new general bonds in 2025 reached 466.5 billion yuan, with special bonds at 2227.5 billion yuan, and refinancing bonds at 1215.6 billion yuan[18] - Next week, the expected scale of national debt payments is 491.2 billion yuan, with significant payments due on July 15, coinciding with the tax payment deadline[18] Group 3: Market Reactions and Predictions - The central bank's operations indicate a reluctance to allow DR001 to breach the 1.3% lower limit, leading to a decrease in net financing from large banks[16] - Despite the upcoming tax payments and government debt payments, the central bank is expected to increase open market operations to mitigate external disturbances, suggesting a stable liquidity environment[16] - Predictions for Q3 government debt net financing have been adjusted downwards, with expected issuance of approximately 2.54 trillion yuan in July and net financing of about 1.38 trillion yuan[18]

Investment Rating - The industry investment rating is "Neutral" as the industry index is expected to be in line with the benchmark [127]. Core Insights - The price spread of refining products remains weak, with domestic key refining project price spread at 2534.93 CNY/ton, down by 101.49 CNY/ton (-3.85%) week-on-week, and international key refining project price spread at 1070.98 CNY/ton, down by 55.46 CNY/ton (-4.92%) [2][12]. - Brent crude oil weekly average price was 69.73 USD/barrel, with a week-on-week increase of 1.70% [2][12]. - The report highlights the impact of OPEC+ production increases and rising EIA crude oil inventories, which negatively affect market expectations, while U.S. tariff delays and Saudi Arabia's price adjustments provide some support to oil prices [13][12]. Refining Sector Summary - The refining sector is facing increased supply expectations due to OPEC+ production increases and rising crude oil inventories, which may negatively impact market conditions [13]. - Domestic refined oil prices have generally declined, while international prices have increased [13]. - The price spread for refined products in the domestic market has decreased, with diesel, gasoline, and aviation kerosene averaging 7174.29 CNY/ton, 8171.86 CNY/ton, and 6165.43 CNY/ton respectively [13]. Chemical Sector Summary - The chemical sector is experiencing overall price declines due to weak demand, with polyethylene prices showing limited increases despite cost support [48]. - EVA prices have decreased due to weak downstream demand, leading to price concessions from suppliers [48]. - The price of pure benzene has also decreased, with a narrowing price spread despite some market support from futures listings [48]. Polyester Sector Summary - The polyester sector is seeing a slight decline in price levels, with PX supply decreasing due to reduced operating rates in some factories [78]. - PTA prices have dropped, and the average profit per ton is negative, indicating challenging market conditions [90]. - The demand for polyester products is weak, with inventory levels rising and production cuts expected [89]. Performance of Major Refining Companies - As of July 11, 2025, the stock price changes for six major private refining companies were as follows: Rongsheng Petrochemical (+0.94%), Hengli Petrochemical (-1.62%), Dongfang Shenghong (+1.76%), Hengyi Petrochemical (+0.51%), Tongkun Co. (+3.51%), and Xin Fengming (+4.50%) [112][113]. - Over the past month, stock price changes were: Rongsheng Petrochemical (+1.18%), Hengli Petrochemical (-3.34%), Dongfang Shenghong (+4.71%), Hengyi Petrochemical (-1.00%), Tongkun Co. (+3.99%), and Xin Fengming (+6.91%) [112][113].