Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The U.S. government has approved the export license for H20, and NVIDIA will release the RTX PRO GPU, which is designed for computer graphics, digital twins, and artificial intelligence [2] - The lifting of restrictions on H20 after three months will benefit domestic AI large model training and inference, as H20 is NVIDIA's most advanced AI chip that can be exported to China [2] - The resumption of H20 supply is expected to enhance supply chain performance, alleviating previous pessimistic expectations and improving order visibility for NVIDIA's core suppliers [2] Summary by Sections H20 Export License Approval - NVIDIA's CEO stated that the company is submitting an application to resume sales of H20 GPUs to China, with the U.S. government guaranteeing the issuance of the license [2] - H20 chips, based on the Hopper architecture, are a simplified version of H100 and are crucial for AI acceleration in the Chinese market [2] Impact on Domestic AI Development - H20's computational power is one-sixth of H100, but its high bandwidth and memory advantages make it competitive in practical applications [2] - The lifting of restrictions is expected to meet some of the domestic demand for AI model training and inference, enhancing hardware and software capabilities [2] Supply Chain Performance - The resumption of H20 supply may satisfy some of the backlog in computational power demand, improving the visibility of orders and shipment schedules for NVIDIA's core suppliers [2] - The report suggests focusing on both overseas and domestic AI supply chains, highlighting companies such as Industrial Fulian, Huadian Co., and others [2]

Core Insights - The report emphasizes that 2025 marks the beginning of the "proactive output" education AI C-end product era, with multiple education companies launching such products, transitioning from "passive" AI tools to "proactive" course-based offerings [3][8][57] - The shift from B-end to C-end applications of AI in education is highlighted, where AI is now replacing some or all functions of human teachers, providing personalized and scalable learning experiences [11][10] - The financial impact of AI products is shifting from cost reduction to revenue generation, with projected gross margins exceeding 80% for AI products compared to traditional offline education products [11][57] - The current main paradigms include AI super-human teaching, AI coaching, and AI dynamic assessment planning, showcasing the diverse applications of AI in education [58][31] Summary by Sections Introduction to AI in Education - The report outlines the evolution of education AI products from passive to proactive, with notable launches such as "Wu Yanzu Teaches You Spoken English" by Gaotu and "AI Brush Questions System Class" by Fenbi [8][10] Financial Performance and Growth Potential - The report indicates that the proactive AI education products are expected to drive non-linear growth in user numbers and revenue, as evidenced by the rapid sales figures of newly launched products [11][14][25] - MultiLingual's user engagement metrics post-AI feature launches demonstrate significant increases in monthly active users (MAUs) and user stickiness [19][25] Key Companies and Products - DouShen Education's "Super Practice Composition" and Fenbi's AI Brush Questions System Class are highlighted as leading examples of proactive AI education products, showcasing innovative teaching methods and high sales performance [11][40][33] - New Oriental's AI 1-on-1 system aims to enhance English speaking frequency through interactive learning, while Gaotu's course combines celebrity-led instruction with AI coaching [46][53] Investment Strategy - The report advocates for a focus on companies leading in the development and deployment of education AI agents, including DouShen Education, Fenbi, New Oriental, and Gaotu, as they are positioned to benefit from the ongoing transformation in the education sector [57][58]

Investment Rating - The investment rating for the company is "Buy" [1][2][4]. Core Insights - The company achieved record high revenue and profit in Q2, with a revenue of 336 million yuan, up 20.49% year-on-year, and a net profit of 89.17 million yuan, up 35.07% year-on-year [2][4]. - The approval of D-Alulose as a new food ingredient in China is expected to open the domestic market, potentially increasing revenue from health sweeteners [4]. - The establishment of a new factory in Thailand aims to leverage lower raw material costs and enhance production capacity for various products, supporting international market expansion [4]. - Profit forecasts have been raised, with expected EPS for 2025-2027 at 0.84, 1.09, and 1.42 yuan, respectively, maintaining a "Buy" rating [4]. Financial Performance Summary - For H1 2025, the company reported a total revenue of 650 million yuan, a year-on-year increase of 22.29%, and a net profit of 171 million yuan, up 42.68% [2][4]. - The gross profit margin is projected to improve, with estimates of 38.2% in 2025 and 37.4% in 2026 [5]. - The company’s total revenue is expected to grow from 868 million yuan in 2023 to 2.448 billion yuan in 2027, reflecting a compound annual growth rate [5]. - The net profit is forecasted to increase from 193 million yuan in 2023 to 598 million yuan in 2027, indicating strong growth potential [5].

Investment Rating - The report assigns a "Buy" rating for the company [2]. Core Insights - The company is experiencing a rapid growth phase in its main business areas of smart short-distance transportation and service robots, with a diverse product range including electric balance bikes, electric scooters, electric two-wheelers, all-terrain vehicles, service robots, and E-bikes [3][14]. - The electric two-wheeler segment is leading the mid-to-high-end market, characterized by a strong brand presence and innovative product offerings that appeal to younger consumers [4][21]. - The company has a significant growth trajectory, with projected net profits of 2.0 billion, 2.65 billion, and 3.52 billion yuan for 2025, 2026, and 2027 respectively, indicating a strong recovery and growth in revenue and profitability [6][10]. Summary by Sections Company Overview - The company has transitioned from a reliance on OEM business to establishing its own brand, with a notable increase in revenue and profit since 2024, driven by electric two-wheelers and service robots [14][18]. - The company has a concentrated ownership structure, ensuring control remains with the founders, which supports strategic decision-making [25][27]. Electric Two-Wheeler Market - The electric two-wheeler market in China is stabilizing, with the company positioned to capitalize on structural opportunities in the mid-to-high-end segment [4][11]. - The company has successfully built a strong brand identity and product ecosystem around its Ninebot app, enhancing user experience and community engagement [4][21]. Robotic Products - The company is well-positioned in the global robotic lawn mower market, leveraging technological advancements to differentiate its products from traditional competitors [5][21]. - The company has developed a robust technological foundation in robotics, enabling it to innovate and expand its product offerings effectively [5][21]. Other Product Segments - The company’s electric scooters and balance bikes are expected to maintain steady growth, while all-terrain vehicles and E-bikes show significant potential for expansion [6][21]. - The company is actively integrating smart technologies into its E-bike offerings, aiming to redefine the traditional market landscape [6][21]. Financial Projections - The company forecasts substantial revenue growth, with total revenue expected to reach 19.53 billion, 25.07 billion, and 31.11 billion yuan for 2025, 2026, and 2027 respectively, reflecting a strong upward trend [10][18]. - The projected profit margins and return on equity indicate a healthy financial outlook, with a net profit margin expected to improve significantly over the next few years [10][18].

Core Insights - The report suggests that the market performance has decoupled from earnings since September last year, resembling the period from 2013 to 2015. In the early stages of PPI decline, negative impacts on earnings dominated, but as PPI remained negative for a sufficient duration, policy and liquidity factors improved, leading to a decoupling of market performance from earnings [2][10][11] - The current macro-level asset shortage may exceed that of 2014. If the bull market is driven by liquidity and policy rather than earnings, the logic of asset scarcity becomes more significant. The current 10-year government bond yield is about half of that in 2014, and the rate of decline over the past two years is comparable to that of 2014 [3][20][22] - Insurance funds have already impacted the market, and there is potential for increased inflow from household funds. Since the pandemic in 2020, household deposits have risen rapidly, but their inflow into the stock market has been limited due to the lack of a stable profit-making effect. With the market transitioning from bearish to bullish since September last year, conditions for accelerated household fund inflow are gradually being met [22][24] Market Changes - The report indicates that the A-share market has seen significant increases in major indices, with the ChiNext 50 rising by 2.65% and the ChiNext Index by 2.36%. In contrast, sectors like coal and banking have experienced declines [38][42] - Global stock markets have shown mixed performance, with indices such as Germany's DAX and France's CAC40 performing well, while indices in Brazil and Mexico have declined [39] - The report notes a net inflow of 241.19 billion yuan from southbound funds (Hong Kong Stock Connect) this week, indicating strong market interest [40][48]

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 ...

The provided content does not include any specific quantitative models or factors, nor does it provide details about their construction, evaluation, or backtesting results. The report primarily focuses on market trends, fund flows, and sectoral performance analysis. Therefore, no quantitative models or factors can be summarized from the given content.

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 ...