Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Oil prices have experienced a slight decline, with Brent and WTI prices at $67.66 and $65.16 per barrel respectively as of July 25, 2025 [2][8] - The oil market is facing cautious funding due to geopolitical tensions and limited supply impacts from EU sanctions on Russia [2][8] - The oil and petrochemical sector has shown a positive performance, with the sector rising by 2.58% compared to the 1.69% increase in the CSI 300 index [9] Summary by Sections Oil Price Review - Brent crude futures settled at $67.66 per barrel, down $1.62 (-2.34%) from the previous week, while WTI crude futures settled at $65.16 per barrel, down $0.89 (-1.35%) [26] - The price of Russian Urals crude remained stable at $65.49 per barrel, while ESPO crude rose by $0.79 (+1.22%) to $65.75 per barrel [26] Offshore Drilling Services - As of July 21, 2025, the number of global offshore self-elevating drilling platforms was 381, a decrease of 2 from the previous week [32] Oil Supply - As of July 18, 2025, U.S. crude oil production was 13.273 million barrels per day, down by 102,000 barrels per day from the previous week [48] - The number of active drilling rigs in the U.S. decreased to 415, down by 7 rigs [48] Oil Demand - U.S. refinery crude oil processing increased to 16.936 million barrels per day, up by 87,000 barrels per day, with a refinery utilization rate of 95.50%, up by 1.6 percentage points [59] Oil Inventory - As of July 18, 2025, total U.S. crude oil inventories were 821 million barrels, a decrease of 3.369 million barrels (-0.41%) [69] - Strategic oil inventories were 403 million barrels, down by 200,000 barrels (-0.05%) [69] Related Companies - Key companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (CNPC) [2]

主动权益基金情绪偏乐观， 证券研究报告 银行行业配置达到历史高位 —— 量化市场追踪周报（2025W30） 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_ReportTime] 2025 年 4 月 27 日 金工研究 [Table_ReportType] 金工定期报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2025W30)：主动权益基金情绪 偏乐观，银行行业配置达到历史高位 [Table_ReportDate] ...

Group 1 - The core conclusion of the report indicates that a bullish market atmosphere is forming, but there is significant divergence among investors regarding the level of the bull market. The analysis highlights that in small bull markets, earnings are crucial, while in large bull markets, earnings are not the most important factor [2][7][19] - Since 1995, there have been three significant bull markets (with gains exceeding 150%) occurring in 1996-1997, 2005-2007, and 2014-2015, with only one (2005-2007) coinciding with a nominal GDP upturn. In contrast, smaller bull markets (with gains around 50-100%) also occurred three times, all during nominal GDP upturns [3][8][10] - The relationship between macro liquidity (interest rates) and the level of the stock market bull market is weak. Among the four bull markets since 2005, two experienced rising interest rates (2006-2007, 2009), one saw a decline (2014-2015), and one experienced fluctuations (2019-2021) [3][13][15] Group 2 - The report emphasizes that large bull markets are often catalyzed by policies and stock market funding. Historical data shows that when equity financing scales are lower than the dividends of listed companies, larger bull markets tend to follow. This pattern was observed in 1995, 2005, and 2013, leading to significant bull markets in the subsequent years [3][17][20] - The report suggests that the current market conditions, characterized by weak corporate earnings, positive policy stances, and active thematic opportunities, resemble previous periods that led to comprehensive bull markets. It predicts that as policy expectations increase in the second half of the year, the stock market is likely to enter a main upward trend [19][24][25]

Investment Rating - The industry investment rating is "Neutral" based on the performance of the industry index relative to the benchmark [135] Core Viewpoints - The report highlights a significant reduction in inventory for polyester filament due to concentrated purchasing by downstream users, alongside a slight increase in upstream prices [1][96] - Brent crude oil prices experienced fluctuations, with a weekly average of $68.91 per barrel, reflecting a decrease of 0.27% [1][2] - The report indicates that the domestic price difference for key refining projects is 2387.33 CNY/ton, with a week-on-week decrease of 2.44% [2][1] Summary by Sections Refining Sector - The report notes that international oil prices rose initially due to a drone attack in Iraq but later fell due to concerns over economic activity and tariff negotiations [1][14] - Domestic and international refined oil prices are experiencing fluctuations, with domestic diesel and gasoline prices at 7117.86 CNY/ton and 8179.14 CNY/ton respectively [14] Chemical Sector - Demand for chemical products remains weak, leading to a slight decrease in price differentials for various chemicals [1][55] - Polypropylene prices have slightly decreased, with the average price at 6311.86 CNY/ton [70] Polyester Sector - The PX market is seeing a slight increase in supply, with prices rising to 6036.48 CNY/ton, and the PTA market is also showing price increases [87][98] - The report indicates that the average price for polyester filament is stable, with significant inventory reduction due to increased purchasing [96] Market Performance of Major Refining Companies - The report tracks the stock performance of six major refining companies, with notable increases in stock prices over the past week and month [123][124] - The overall performance of the refining index has increased by 26.53% since September 2017, outperforming the broader market [124]

Investment Rating - The investment rating for the environmental protection industry is "Positive" [2] Core Insights - The environmental sector saw a slight decline in fund holdings, with a total market value of 7.5 billion compared to 8.06 billion in the previous quarter [3][14] - The environmental sector index increased by 1.66%, underperforming the broader market, which rose by 1.67% [3][9] - Key segments within the environmental sector showed varied performance, with the resource recovery segment rising by 8.32% and other segments like solid waste management and water treatment also showing positive growth [3][9] Summary by Sections Market Performance - As of July 25, the environmental sector index increased by 1.66%, while the Shanghai Composite Index rose by 1.67% to 3593.66 [3][9] - The top-performing sectors included construction materials and coal, while banking and utilities lagged behind [3][9] Fund Holdings - In Q2 2025, the total market value of fund holdings in the environmental sector was 7.5 billion, accounting for 0.1% of total fund holdings, down from 8.06 billion in Q1 [3][14] - The garbage incineration segment had the highest market value among holdings, with significant increases in fund ownership for companies like Huanlan Environment and Shanghai Washba [14][20] Industry Dynamics - A significant project, the first integrated green electricity supply project for data centers, was launched in Inner Mongolia, aligning with national carbon neutrality goals [24] - Sichuan Province announced a special bond issuance of 85.26698 billion, focusing on project construction and repayment of government debts [25] Investment Recommendations - The report suggests that the "14th Five-Year Plan" will maintain high demand for energy conservation and environmental protection, with a focus on water and waste incineration sectors as stable investment opportunities [45][46] - Key recommendations include Huanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to companies like Wangneng Environment and Junxin Co. [46]

Monetary Market Overview - The central bank conducted a net liquidity withdrawal of 70.5 billion CNY through OMO this week, while on Friday, it injected 200 billion CNY via MLF[3] - The average daily transaction volume of pledged repos rose by 0.45 trillion CNY to 7.70 trillion CNY, although it fell below the previous week by Friday[3] - The funding gap index dropped to -5012 on Tuesday but rebounded to -764 on Thursday, before falling again to -918 on Friday, remaining above last week's -3145[3] Bond Market Insights - The actual net payment of government bonds this week was 271 billion CNY, with cumulative new general bonds issued in 2025 reaching 517.4 billion CNY and new special bonds at 2.5944 trillion CNY[4] - The bond market experienced increased volatility, with concerns about a potential shift in monetary policy due to the central bank's actions[21] - The issuance scale of government bonds in July was 2.44 trillion CNY, with a net financing scale of 1.25 trillion CNY, which is approximately 150 billion CNY lower than expected[4] Institutional Behavior - Large banks' net financing fell below 4 trillion CNY, while the overall rigid net financing from banks reached a new low since late May[3] - Non-bank rigid financing saw a decrease followed by an increase, remaining above last week, with money market funds and other products showing an upward trend[3] - The cross-month progress in the interbank market was 19.9%, slightly below the 20-24 year average by 0.3 percentage points, but higher than the same period in 2022 and 2023[19]

全球 AI 竞赛开启， 看好海内外 AI 产业链有望共振 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_ReportDate] 2025 年 7 月 27 日 [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 证券研究报告 [Table_Title] 全球 AI 竞赛开启，看好海内外 AI 产业 链有望共振 [Table_ReportDate] 2025 年 7 月 27 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.cindasc.com 2 ➢ 本周电子细分 ...

Investment Rating - The report does not specify an explicit investment rating for the industry [2] Core Insights - The joint statement by China and Europe on climate change emphasizes the commitment to sustainable development and global just transition, focusing on the core principles of the UN Framework Convention on Climate Change and the Paris Agreement [3][12] - The report highlights the importance of accelerating global renewable energy deployment and enhancing bilateral cooperation in energy transition and climate adaptation [3][12] - The Asian Climate Risk Regulatory Policy Report by UNEP FI underscores Asia's critical role in global climate change mitigation and adaptation, with 60% of global greenhouse gas emissions originating from the region [4][21] ESG Financial Products Tracking - As of July 26, 2025, China has issued 3,632 ESG bonds with a total outstanding amount of 5.61 trillion RMB, where green bonds account for 61.99% of the total [5][23] - The market has 908 existing ESG products with a total net asset value of 10,218.02 billion RMB, where ESG strategy products represent the largest share at 50.34% [5][33] - There are 1,014 existing ESG bank wealth management products, with pure ESG products making up 54.83% of the total [5][39] Index Tracking - As of July 25, 2025, major ESG indices have shown positive performance, with the WanDe All A Sustainable ESG index increasing by 2.26% and the CSI 300 ESG Leading index rising by 0.96% [7][40] Expert Opinions - The UN Secretary-General stated that the global transition to renewable energy is "irreversible," urging governments to submit comprehensive new climate plans before COP30 [42] - An expert from the National Energy Administration emphasized the need for traditional industries to undergo deep green transformation, particularly in sectors like steel and petrochemicals [15][19]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Risk preference increase impacts the bond market, with significant increases in short - to medium - term credit spreads. Credit spreads mostly rise, with larger increases in the short - to medium - term, and only spreads of 5 - year low - to medium - grade and 7 - year bonds narrowing [2][5]. - This week, most urban investment bond spreads rise. Spreads of external rating AAA, AA +, and AA platforms all increase by about 4BP [2][11]. - Industrial bond spreads generally rise by about 4BP. Central and local state - owned enterprise and mixed - ownership real estate bond spreads rise by 4 - 5BP, and private real estate bond spreads increase by 15BP [2][17]. - The yields of secondary and perpetual (two - type) bonds all rise. The spreads of 3 - to 5 - year high - to medium - grade two - type bonds increase significantly, and their overall performance is weaker than that of ordinary credit bonds [2][27]. - The excess spreads of industrial perpetual bonds remain flat, and the excess spreads of urban investment bonds decline slightly [2][32]. Summary by Directory 1. Risk preference increase impacts the bond market, with significant increases in short - to medium - term credit spreads - Domestic commodity prices rise sharply due to the expected "anti - involution" policy, and the A - share market hits a new high this year. The adjustment of interest - rate bonds intensifies, with the yields of 1Y, 3Y, and 5Y China Development Bank bonds rising by 4BP, 8BP, and 10BP respectively, and those of 7Y and 10Y bonds rising by 9BP [5]. - Some institutional liabilities are affected, leading to large - scale selling of credit bonds and a significant rise in yields. The yields of 1Y credit bonds of all grades rise by 10 - 11BP; the yields of 3Y AA and above - grade credit bonds rise by 10 - 11BP, and those of AA - grade bonds rise by 7BP; the yields of 5Y AA + and above - grade credit bonds rise by 11BP, and those of other grades rise by 6 - 8BP; the yields of 7Y AA + and above - grade credit bonds rise by 5 - 6BP, and those of AA - grade bonds rise by 3BP; the yields of 10Y AA + and above - grade bonds rise by 10 - 12BP, and those of AA - grade bonds rise by 8BP [5]. - Credit spreads mostly rise, with larger increases in the short - to medium - term. Only spreads of 5 - year low - to medium - grade and 7 - year bonds narrow. Rating spreads and term spreads show obvious differentiation [5]. 2. Spreads of all grades of urban investment bonds rise by about 4BP - This week, most urban investment bond spreads rise. Spreads of external rating AAA, AA +, and AA platforms all increase by 4BP. For AAA - grade platforms, spreads mostly rise by 3 - 4BP, with Hainan rising by 5BP, and Tianjin and Liaoning rising by 2BP; for AA + - grade platforms, spreads mostly rise by 3 - 4BP, with Jilin rising by 5BP, Yunnan and Tianjin rising by 2BP, and Qinghai remaining flat; for AA - grade platforms, spreads mostly rise by 2 - 5BP, with Gansu and Henan rising by 6BP, Hebei rising by 1BP, and Guizhou falling by 1BP [2][11]. 3. Industrial bond spreads generally rise by about 4BP - Industrial bond spreads generally rise by about 4BP. Central and local state - owned enterprise and mixed - ownership real estate bond spreads rise by 4 - 5BP, and private real estate bond spreads increase by 15BP. The spreads of Longfor rise by 3BP, those of Midea Real Estate rise by 4BP, those of CIFI rise by 160BP, those of Gemdale rise by 1BP, and those of Vanke fall by 4BP. Spreads of coal and steel bonds of all grades rise by 4BP respectively; spreads of chemical bonds of all grades rise by 3 - 4BP. The spreads of Shaanxi Coal Industry rise by 6BP, those of HBIS Group rise by 5BP, and those of Jinkong Coal Industry rise by 4BP [2][17]. 4. Spreads of 3 - to 5 - year two - type bonds rise significantly - This week, the yields of two - type bonds all rise. The spreads of 3 - to 5 - year high - to medium - grade two - type bonds increase significantly, and their overall performance is weaker than that of ordinary credit bonds. Specifically, the yields of 1Y secondary capital bonds of all grades rise by 7 - 8BP, and spreads rise by 2 - 3BP; the yields of 1Y perpetual bonds of all grades rise by 9BP, and spreads rise by 5BP. The yields of 3Y two - type bonds of all grades rise by 12 - 14BP, and spreads rise by 4 - 6BP. The yield of 5Y AAA - grade secondary capital bonds rises by 14BP, the yields of other grades rise by 17BP, and spreads rise by 7BP; the yields of perpetual bonds of all grades rise by 12 - 14BP, and spreads rise by 3 - 5BP [2][27][29]. 5. The excess spreads of industrial perpetual bonds remain flat, and the excess spreads of urban investment bonds decline slightly - This week, the excess spreads of AAA - grade industrial perpetual bonds remain flat. The spreads of 3Y industrial bonds remain at 3.82BP, at the 1.69% quantile since 2015, and the excess spreads of 5Y industrial perpetual bonds remain at 7.65BP, at the 4.55% quantile since 2015. The excess spreads of urban investment AAA 3Y perpetual bonds decline by 0.12BP to 3.63BP, at the 0.29% quantile; the excess spreads of urban investment AAA 5Y perpetual bonds decline by 0.41BP to 9.80BP, at the 9.10% quantile [2][32]. 6. Credit Spread Database Compilation Instructions - Market - wide credit spreads, commercial bank two - type spreads, and urban investment/industrial perpetual bond credit spreads are calculated based on ChinaBond medium - and short - term notes and ChinaBond perpetual bond data, with historical quantiles since the beginning of 2015. Urban investment and industrial bond - related credit spreads are compiled and statistically analyzed by Cinda Securities R & D Center, with historical quantiles since the beginning of 2015 [38]. - Industrial and urban investment individual bond credit spreads = individual bond ChinaBond valuation (exercise) - yield to maturity of same - term China Development Bank bonds (calculated by linear interpolation method), and then the industry or regional urban investment credit spreads are obtained by arithmetic mean method [38]. - Excess spreads of bank secondary capital bonds/perpetual bonds = credit spreads of bank secondary capital bonds/perpetual bonds - credit spreads of same - grade and same - term bank ordinary bonds; excess spreads of industrial/urban investment perpetual bonds = credit spreads of industrial/urban investment perpetual bonds - credit spreads of same - grade and same - term medium - term notes [38]. - Both industrial and urban investment bonds select medium - term notes and public - offering corporate bonds as samples, and guarantee bonds and perpetual bonds are excluded. If the remaining term of an individual bond is less than 0.5 years or more than 5 years, it is excluded from the statistical sample. Industrial and urban investment bonds use external entity ratings, while commercial banks use ChinaBond implicit debt ratings [38].

6 月光伏装机增速环比大幅降低，天然气进口量同比下降 5.5% 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 7 月 26 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 化工行业： 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@cindasc. ...