Investment Rating - The industry investment rating is "Positive" [2] Core Views - The report emphasizes the focus on technology growth directions and the recovery opportunities in undervalued sectors, particularly in machinery and robotics [2][15] - The report highlights the strong performance of excavator sales and the steady growth of forklift sales, indicating a positive trend in the machinery sector [12][14] Summary by Sections Company Performance - **Jiaocheng Ultrasonic**: Achieved revenue of 148 million yuan in Q1 2025, a year-on-year increase of 22.35%, and a net profit of 23.63 million yuan, up 2152.47%. The company is expected to benefit from the recovery in the lithium battery industry and growth in semiconductor sectors [3][15] - **Zhenghe Industrial**: Reported revenue of 395 million yuan in Q1 2025, a 6.32% increase, with a net profit of 53.84 million yuan, up 100.09%. The company is developing micro-chain systems for robotics, which may benefit from the mass production of humanoid robots [4][15] - **Lvtian Machinery**: Focused on general power machinery and energy storage products, with revenue growth rates of 47.9%, 72.5%, and 50.1% in Q3 2024, Q4 2024, and Q1 2025 respectively. The company expects a net profit growth of 50%-70% in H1 2025 [5][15] Market Trends - In July 2025, excavator sales reached 17,138 units, a 25.2% year-on-year increase, with domestic sales up 17.2% and exports up 31.9%. This growth is attributed to infrastructure investment and equipment replacement policies [13][58] - Forklift sales in July 2025 totaled 118,605 units, a 14.4% increase year-on-year, with both domestic and export sales showing strong growth [14][41] Robotics and Technology - The report notes the increasing demand for humanoid robots and AI-related equipment, with significant events such as the World Humanoid Robot Games showcasing advancements in this field [12][56] - The domestic industrial robot market is expected to grow significantly, driven by labor cost increases and government policies promoting automation [53][56] Policy Support - The report outlines various government policies aimed at supporting the machinery and robotics sectors, including initiatives for equipment upgrades and technological innovation [39][56]

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry [1] Core Insights - International oil prices have continued to decline as the market awaits the outcome of the Trump-Putin meeting, with a notable increase in bearish sentiment due to EIA and IEA reports indicating record U.S. oil production and oversupply concerns [2][8] - As of August 15, 2025, Brent and WTI crude oil prices were reported at $65.85 and $62.80 per barrel, respectively, reflecting a decrease of 1.11% and 1.69% from the previous week [2][29] - The oil and gas extraction sector has seen a significant increase of 165.75% since 2022, while the refining and trading sector has increased by 27.75% during the same period [12] Summary by Sections Oil Price Review - Brent crude futures settled at $65.85 per barrel, down $0.74 (-1.11%), while WTI crude futures settled at $62.80 per barrel, down $1.08 (-1.69%) as of August 15, 2025 [2][29] Offshore Drilling Services - As of July 28, 2025, the number of global offshore self-elevating drilling platforms was 379, a decrease of 3 from the previous week, while the number of floating drilling platforms remained stable at 133 [35] U.S. Oil Supply - U.S. crude oil production reached 13.327 million barrels per day as of August 8, 2025, an increase of 43,000 barrels per day from the previous week [56] - The number of active drilling rigs in the U.S. was 412 as of August 15, 2025, with an increase of 1 rig from the previous week [56] U.S. Oil Demand - U.S. refinery crude oil processing averaged 17.18 million barrels per day as of August 8, 2025, an increase of 56,000 barrels per day from the previous week, with a refinery utilization rate of 96.40% [67] U.S. Oil Inventory - As of August 8, 2025, total U.S. crude oil inventories stood at 830 million barrels, an increase of 3.262 million barrels (+0.39%) from the previous week [78] Refined Oil Prices - In North America, the average weekly prices for diesel, gasoline, and jet fuel were $94.88, $87.43, and $85.68 per barrel, respectively, as of August 15, 2025 [100]

Investment Rating - The report does not provide a specific investment rating for Yuma Technology (300993) [1] Core Insights - Yuma Technology has shown steady expansion despite challenges, with short-term profit pressure primarily due to currency fluctuations and increased share-based payment expenses [2] - The company is expected to enhance its market presence in non-US regions, leading to stable revenue growth [2] - The product structure remains stable with sufficient growth momentum, although some new products are still in the development phase [2] - The company has a robust production capacity, with a total capacity of 67.65 million square meters by the end of 2023 and plans to add 13 million square meters in the future [2] Financial Performance Summary - In H1 2025, the company achieved revenue of 364 million yuan (up 0.9% YoY) and a net profit attributable to shareholders of 74 million yuan (down 14.1% YoY) [1] - Q2 2025 revenue was 213 million yuan (up 5.4% YoY), with a net profit of 44 million yuan (down 11.6% YoY) [1] - The revenue from different fabric categories in H1 2025 was as follows: sunlight fabric 122 million yuan (down 0.1% YoY), full shading fabric 111 million yuan (up 9.4% YoY), and adjustable shading fabric 81 million yuan (down 1.9% YoY) [2] - The gross profit margins for these categories were 44.7%, 41.6%, and 47.5%, respectively [2] Sales and Market Dynamics - In H1 2025, external sales revenue was 261 million yuan (up 8.3% YoY), while domestic sales revenue was 103 million yuan (down 14.0% YoY) [3] - The decline in domestic sales is attributed to increased competition and export challenges in the industry [3] - The company is expanding its global reach, particularly in the European market, and is establishing a 2,200 square meter overseas warehouse in the US to mitigate tariff impacts [3] Profitability and Cash Flow - The gross margin for Q2 2025 was 39.1% (down 1.9 percentage points YoY), and the net margin was 20.6% (down 4.0 percentage points YoY) [3] - Operating cash flow for Q2 2025 was 47 million yuan (down 9 million yuan YoY) [4] - Inventory turnover days increased to 170.3 days, indicating a rise in inventory levels due to overseas warehouse stocking [4] Profit Forecast - The company’s projected net profits for 2025 to 2027 are 150 million yuan, 180 million yuan, and 210 million yuan, respectively, with corresponding P/E ratios of 37.4X, 31.2X, and 26.5X [4]

AI 基建投资仍处于早期阶段，板块行情演绎有 望持续 [Table_ReportDate] 2025 年 8 月 17 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 [Table_Title] AI 基建投资仍处于早期阶段，板块行情 演绎有望持续 [Table_ReportDate] 2025 年 8 月 17 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: ...

Investment Rating - The investment rating for the company is maintained at "Accumulate" [6] Core Insights - The company reported a revenue of 205.55 billion yuan for the first half of 2025, representing a year-on-year increase of 11.43%, while the net profit attributable to the parent company was 0.52 billion yuan, down 84.34% year-on-year [1] - In Q2 2025, the company achieved a revenue of 101.48 billion yuan, a year-on-year increase of 10.89%, and turned a profit with a net profit of 1.21 billion yuan, compared to a loss of 0.68 billion yuan in Q1 [2] - The core express business is the main driver of revenue growth, with express revenue reaching 186.13 billion yuan in H1 2025, up 11.89% year-on-year, accounting for 90.55% of total revenue [3] Revenue and Profitability - The company's operating costs for H1 2025 were approximately 194.60 billion yuan, an increase of 14.20% year-on-year, leading to a decline in gross margin by 2.30 percentage points to 5.33% [4] - The transportation costs increased by 30.20% year-on-year to about 97.65 billion yuan, primarily due to strategic investments in transportation resources and changes in product structure [4] - The company managed to control period expenses well, with a total of 10.59 billion yuan in period expenses, down 6.03% year-on-year, resulting in a decrease in expense ratio [5] Future Profit Forecast - The company is expected to achieve net profits of 7.14 billion yuan, 8.66 billion yuan, and 10.20 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of -17.1%, +21.3%, and +17.8% [6]

产量核查约束供给，非电需求韧性足 [Table_ReportTime] 2025 年 8 月 17 日 证券研究报告 行业研究-周报 [Table_ReportType] 行业周报 | [Table_StockAndRank] 煤炭开采 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭钢铁行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 刘波： 煤炭钢铁行业分析师 执业编号：S1500525070001 邮箱：liubo1@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,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 [Table_Title] 产量核查约束供给，非电需求韧性足 [Table_ReportDate] 2025 年 8 月 17 日 本期内容提要: [Table_Summary] 请阅读最后一页免责声明及信息披 ...

Investment Rating - The industry investment rating is "Positive" as the industry index is expected to outperform the benchmark [137]. Core Insights - The report highlights that mainstream filament enterprises are reducing production, while downstream concentrated purchasing is driving inventory reduction [2]. - The Brent crude oil weekly average price as of August 15, 2025, was $66.33 per barrel, reflecting a decrease of 2.00% [2][3]. - The domestic key refining project price difference was 2400.36 CNY/ton, with a week-on-week increase of 27.32 CNY/ton (+1.15%) [2][3]. - The report indicates a mixed performance in the chemical sector, with some products experiencing price increases due to supply constraints [2]. Summary by Sections Refining Sector - Market sentiment is cautious due to geopolitical events and rising U.S. oil production, leading to a slight decline in international oil prices [2][13]. - Domestic refined oil prices are fluctuating, with diesel, gasoline, and aviation kerosene averaging 7015.71 CNY/ton, 8122.57 CNY/ton, and 5978.29 CNY/ton respectively [13]. Chemical Sector - The report notes that the cost support for chemicals is weak, leading to varied price movements, but overall price differences are expanding [2][40]. - Polyethylene prices have seen a slight increase, with LDPE, LLDPE, and HDPE averaging 9535.71 CNY/ton, 7314.00 CNY/ton, and 8000.00 CNY/ton respectively [48]. Polyester Sector - The polyester industry chain is experiencing stable prices, with significant inventory reduction in filament due to production cuts and concentrated purchasing [2][99]. - The average price for polyester filament is reported at 6717.86 CNY/ton for POY, 7060.71 CNY/ton for FDY, and 7928.57 CNY/ton for DTY [99]. Market Performance of Major Refining Companies - As of August 15, 2025, the stock price changes for six major refining companies were as follows: Rongsheng Petrochemical (+0.88%), Hengli Petrochemical (-0.59%), Dongfang Shenghong (+0.34%), Hengyi Petrochemical (+2.35%), Tongkun Co. (+6.16%), and Xin Fengming (+8.70%) [124]. - Over the past month, the stock price changes were: Rongsheng Petrochemical (+7.21%), Hengli Petrochemical (+8.36%), Dongfang Shenghong (+3.24%), Hengyi Petrochemical (+3.22%), Tongkun Co. (+17.49%), and Xin Fengming (+21.50%) [124].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the importance of the new consumption valuation switch and anticipates a recovery in the export supply chain [2] - The report highlights various sectors including paper manufacturing, exports, new tobacco, gold and jewelry, electric two-wheelers, cross-border e-commerce, pets, IP retail, maternal and child products, e-commerce, electrical lighting, smart imaging, home furnishings, and tools, each with specific investment recommendations [2][3][4][5][6] Summary by Relevant Sections Paper Manufacturing - Recent price increases in overseas pulp markets are stabilizing domestic paper prices, with boxboard and corrugated paper prices rising by 1.1% and 5.6% respectively from July lows [2] - Recommendations include companies like Sun Paper, Xianhe Shares, and Nine Dragons Paper [2] Exports - Expectations of a significant interest rate cut by the Federal Reserve may lead to a recovery in the export supply chain, with a potential bottom reversal in August [2] - Suggested companies include Jiangxin Home, Yongyi Shares, and others [2] New Tobacco - Stricter regulations in the U.S. are expected to accelerate the recovery of compliant markets, with companies like Smoore International and China Tobacco Hong Kong recommended [2] Gold and Jewelry - Anticipated price increases from Lao Pu Gold are expected to enhance profitability and stimulate terminal sales [3] - Recommended companies include Lao Pu Gold and Chow Tai Fook [3] Electric Two-Wheelers - Strong terminal demand is noted, with sales expected to exceed 200,000 units for Yadea Holdings in July [3] - Companies to watch include Yadea Holdings and Aima Technology [3] Cross-Border E-Commerce - A profit warning from Aoki Holdings indicates challenges due to tariff adjustments and rising logistics costs, but recovery is expected once tariffs stabilize [3] - Recommended companies include Anker Innovations and Zhiou Technology [3] Pets - Guibao Pet's stock incentive plan indicates strong brand performance, with significant sales growth for its brands [3] - Companies to focus on include Petty Holdings and Guibao Pet [3] IP Retail - Pop Mart is entering a new product launch cycle, collaborating with celebrities to enhance brand engagement [4] - Recommended companies include Pop Mart and Miniso [4] Maternal and Child Products - The acquisition of Silk Domain by Kidswant is expected to enhance market positioning and operational efficiency [5] - Companies to watch include Kidswant and Goodbaby International [5] E-Commerce - Huitongda Network is leveraging AI to enhance retail efficiency in lower-tier markets [5] - Recommended company includes Huitongda Network [5] Electrical Lighting - Opple Lighting is expanding its B-end business, with a trend of price increases in LED packaging [6] - Companies to focus on include Bull Group and Opple Lighting [6] Smart Imaging - The launch of the Antigravity A1 drone by Yingshi Innovation is expected to redefine consumer drone experiences [6] - Companies to watch include Yingshi Innovation [6] Home Furnishings - The continuation of national subsidies is supporting furniture retail growth despite pressures in the real estate sector [6] - Recommended companies include Xilinmen and Mousse [6] Tools - The easing of U.S. tariff threats is expected to benefit the tools sector, with a potential upturn starting in Q3 2025 [6] - Companies to focus on include Juxing Technology and Quan Feng Holdings [6]

Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints - The steel market is currently facing a supply-demand imbalance, but with the implementation of various "stabilization growth" policies, overall steel demand is expected to remain stable or slightly increase [5][12] - The report highlights that the steel industry is likely to benefit from structural investment opportunities, particularly in high-margin special steel companies and leading steel enterprises with strong cost control [5][12] Market Performance - The steel sector experienced a decline of 2.00% this week, underperforming the broader market, while the Shanghai and Shenzhen 300 index rose by 2.37% [12] - Among the steel sub-sectors, special steel fell by 0.92%, long products by 1.44%, and flat products by 3.15% [12] Supply Data - As of August 15, the average daily pig iron production was 2.4066 million tons, a week-on-week increase of 0.34 million tons [25] - The capacity utilization rate for blast furnaces was 90.2%, up by 0.13 percentage points week-on-week [25] - The total production of five major steel products reached 7.601 million tons, an increase of 0.27% week-on-week [25] Demand Data - The consumption of five major steel products was 8.31 million tons, a decrease of 1.74% week-on-week [36] - The transaction volume of construction steel among mainstream traders was 102,000 tons, down by 1.08% week-on-week [36] Inventory Data - Social inventory of five major steel products increased to 9.908 million tons, a week-on-week rise of 2.94% [44] - Factory inventory of five major steel products reached 4.251 million tons, up by 2.97% week-on-week [44] Price Data - The comprehensive index for ordinary steel was 3,566.4 yuan/ton, with a week-on-week increase of 0.10% [50] - The comprehensive index for special steel was 6,638.7 yuan/ton, with a slight week-on-week increase of 0.01% [50] Profitability - The profit per ton for rebar was 121 yuan, down by 23.42% week-on-week [59] - The profit per ton for electric arc furnace construction steel was -68 yuan, a significant decrease of 58.14% week-on-week [59] Raw Material Prices - The spot price index for Australian iron ore (62% Fe) was 774 yuan/ton, with a week-on-week increase of 0.13% [72] - The price of primary metallurgical coke was 1,770 yuan/ton, remaining stable week-on-week [72]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View of the Report - Credit bonds adjusted following interest rates, with medium - to long - term high - grade bonds having a larger upward amplitude. Credit spreads mostly declined, with medium - to long - end low - grade varieties having a larger compression amplitude [2][5]. - Urban investment bond spreads had limited changes, with spreads of external rating AAA and AA+ platforms generally up 1BP compared to last week, and AA - rated platforms remaining flat [2][9]. - Industrial bond spreads slightly declined overall, and the spreads of mixed - ownership real estate bonds significantly decreased. Central and state - owned enterprise real estate bond spreads remained flat, while mixed - ownership real estate bond spreads dropped 15BP and private real estate bond spreads rose 7BP [2][17]. - Perpetual and secondary capital (Two - Yong) bonds performed weakly with rising spreads, and the yields of 3 - 5 - year high - grade varieties significantly increased [2][29]. - The excess spreads of industrial perpetual bonds increased, while those of urban investment perpetual bonds narrowed [2][31]. 3. Summary by Relevant Catalog 3.1 Credit Bonds Adjusted Following Interest Rates, with Medium - to Long - Term High - Grade Bonds Having a Larger Upward Amplitude - Affected by the rising equity market and policies such as discount interest and state - owned enterprise purchases, interest - rate bonds weakened significantly this week. The yields of 1Y, 3Y, 5Y, 7Y, and 10Y China Development Bank bonds increased by 3BP, 4BP, 8BP, 7BP, and 8BP respectively [5]. - Credit bond yields also increased, with medium - to long - term high - grade varieties having a larger upward amplitude. For example, the yield of 1Y AAA - rated credit bonds increased by 2BP, and the yields of other grades increased by 3BP [5]. - Credit spreads mostly declined, with medium - to long - end low - grade varieties having a larger compression amplitude. Rating spreads and term spreads showed differentiation [5]. 3.2 Urban Investment Bond Spreads Had Narrow Fluctuations - The spreads of external rating AAA and AA+ urban investment platforms generally increased by 1BP compared to last week, and AA - rated platforms remained flat. Most platform spreads changed within 1BP [9]. - By administrative level, the credit spreads of provincial and municipal platforms generally remained flat, while the credit spreads of district - county platforms increased by 1BP [14]. 3.3 Industrial Bond Spreads Slightly Declined, and the Spreads of Mixed - Ownership Real Estate Bonds Significantly Decreased - Industrial bond spreads slightly declined overall. Central and state - owned enterprise real estate bond spreads remained flat, mixed - ownership real estate bond spreads dropped 15BP due to events such as state - owned enterprise purchases, and private real estate bond spreads rose 7BP [17]. - The spreads of AAA and AA+ coal bonds decreased by 1BP respectively, and the spreads of AA - rated coal bonds remained flat. The spreads of AAA - rated steel bonds remained flat, and the spreads of AA+ - rated steel bonds decreased by 1BP. The spreads of all grades of chemical bonds decreased by 1BP [17]. 3.4 Two - Yong Bonds Performed Weakly with Rising Spreads, and the Yields of 3 - 5 - Year High - Grade Varieties Significantly Increased - This week, Two - Yong bonds performed weakly with rising spreads, and overall they performed worse than ordinary credit bond varieties. The yields of 3 - 5 - year high - grade varieties significantly increased [29]. - For 1Y bonds, the yields of all grades of secondary capital bonds increased by 2 - 3BP, and the spreads compressed by 0 - 1BP; the yields of all grades of perpetual bonds increased by 4BP, and the spreads increased by 1BP [29]. 3.5 The Excess Spreads of Industrial Perpetual Bonds Increased, and the Excess Spreads of Urban Investment Perpetual Bonds Narrowed - This week, the excess spreads of industrial AAA - rated 3Y perpetual bonds increased by 2.76BP to 10.17BP, at the 15.70% quantile since 2015. The excess spreads of industrial AAA - rated 5Y perpetual bonds increased by 0.01BP to 11.83BP, at the 23.40% quantile since 2015 [31]. - The excess spreads of urban investment AAA 3Y perpetual bonds decreased by 1.82BP to 3.34BP, at the 0.29% quantile; the excess spreads of urban investment AAA 5Y perpetual bonds decreased by 3.40BP to 7.51BP, at the 3.67% quantile [31]. 3.6 Credit Spread Database Compilation Instructions - The overall market credit spreads, commercial bank Two - Yong spreads, and urban investment/industrial perpetual bond credit spreads are calculated based on ChinaBond medium - and short - term bill and ChinaBond perpetual bond data. The historical quantiles are since the beginning of 2015 [38]. - The credit spreads of industrial and urban investment individual bonds are calculated by subtracting the yield to maturity of the same - term China Development Bank bonds (calculated by linear interpolation) from the ChinaBond valuation (exercise) of individual bonds, and then the industry or regional urban investment credit spreads are obtained by the arithmetic average method [38].