Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The approval of the third phase expansion project of the Yulong Copper Mine opens up growth potential for copper production, increasing the production scale from 19.89 million tons per year to 30 million tons per year [5][6] - The Yulong Copper Mine is the company's main source of revenue and profit, with a net profit of 5.41 billion yuan in 2024, contributing 3.14 billion yuan to the parent company [6] - The company expects to produce 18-20 thousand tons of copper metal annually after the completion of the expansion project, further enhancing its profitability [6] Summary by Sections Market Performance - The report includes a comparative performance analysis of the company against the CSI 300 index [3] Investment Highlights - The Yulong Copper Mine expansion project includes the construction of a new 11 million tons per year concentrator and an increase in hydrometallurgical capacity from 300,000 tons per year to 1 million tons per year, with a total estimated investment of 4.794 billion yuan [5] - The mine's service life is projected to extend to 23 years post-expansion [5] Financial Forecast - The company forecasts revenues of 57.472 billion yuan, 60.229 billion yuan, and 63.043 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 3.616 billion yuan, 3.902 billion yuan, and 4.208 billion yuan for the same years [7][10] - The current stock price corresponds to a price-to-earnings ratio (PE) of 11.4, 10.6, and 9.8 for the years 2025, 2026, and 2027 respectively [7][10]

Group 1 - The current market sentiment score is 63, indicating a "relatively hot" market condition, which suggests a gradual upward trend supported by recent improvements in market sentiment and policy [5][11]. - The report highlights three key themes: photovoltaic, energy metals, and innovative pharmaceuticals, with specific companies identified for potential investment opportunities [6]. Group 2 - In the photovoltaic sector, leading domestic glass manufacturers plan to collectively reduce production by 30% starting in July, which is expected to improve the supply-demand imbalance and decrease domestic glass production to around 45GW [6]. - In the energy metals sector, the Democratic Republic of Congo has extended a temporary ban on cobalt exports for an additional three months due to high inventory levels, impacting companies like Huayou Cobalt and Tianqi Lithium [6]. - The innovative pharmaceuticals theme is supported by new measures from the National Healthcare Security Administration to enhance the use of medical insurance data in drug development, benefiting companies such as Heng Rui Medicine and BeiDa Pharmaceutical [6].

Investment Rating - The report assigns a "Buy" investment rating for Zhengyu Industrial (603089.SH) [2][6] Core Views - Zhengyu Industrial is a well-established automotive shock absorber company benefiting from domestic and overseas capacity expansion [4] - The company aims to transition from an aftermarket and OEM production model to providing comprehensive design and manufacturing solutions for automotive suspension systems [4] - In 2024, the company achieved revenue of 2.303 billion yuan, a year-on-year increase of 30.98%, and a net profit of 71.46 million yuan, up 21.39% year-on-year [4] - The revenue from automotive suspension system shock absorbers was 1.635 billion yuan, growing by 32.09%, with a gross margin of 23.38% [4] - The company has expanded its production capacity significantly and is moving upstream in the supply chain, producing key shock absorber components in-house [5] - The company has begun production at its smart manufacturing base in Thailand, which will enhance its competitiveness in international markets [5] Financial Summary - Revenue projections for 2025-2027 are 3.057 billion yuan, 3.808 billion yuan, and 4.533 billion yuan, respectively, with corresponding EPS of 0.58 yuan, 0.83 yuan, and 1.10 yuan [6][10] - The current stock price corresponds to a PE ratio of 22.2, 15.5, and 11.7 for the years 2025, 2026, and 2027, respectively [6][10] - The company is expected to achieve a net profit growth rate of 95.3% in 2025 and maintain strong growth in subsequent years [10]

2025 年 07 月 02 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：74 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 74 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：光伏、能源金属、创新药 宏观经济意外下滑、地缘政治风险、流动性收紧超预期、行 业政策低于预期。 策 略 研 c 1、光伏主题：据上海有色网了解，为破除"内卷式"竞 争，近日国内头部光伏玻璃企业计划自 7 月开始集体减产 30％，此外部分玻璃企业堵口计划开始增多，预计后续国内 光伏玻璃供应量将快速下滑，国内供需失衡的状况将获得改 善，预计 7 月国内玻璃产量将下降至 45GW 左右。相关标的： 石英股份（603688）、爱旭股份（600732） 2、能源金属主题：刚果金公布，2025 年 6 月 21 日起， 战略矿产市场监管 ...

Investment Rating - The report maintains a "Buy" recommendation for the companies involved, specifically Jianghuai Automobile, Seres, and Wuxi Zhenhua [9]. Core Insights - The launch of the Hongmeng Zhixing Zun Jie S800 sedan has achieved over 6,500 pre-orders in its first month, breaking the monopoly of foreign brands in the million-level sedan market [4][6]. - The vehicle features advanced technology, including a high-pressure silicon carbide motor and a comprehensive range of 1,333 km for the range-extended version, and 702 km for the pure electric version [5][6]. - The report highlights the continuous high growth in pre-order numbers, with daily increments of 100-200 units recently [4]. Summary by Sections Market Performance - The automotive sector has shown a 30.5% increase over the past 12 months, while the Shanghai and Shenzhen 300 index has increased by 13.2% [1]. Investment Highlights - The Zun Jie S800's pre-order milestones include 1,000 units in the first hour, 1,600 in the first 24 hours, and 5,000 in 19 days, indicating strong market demand [4]. - The vehicle's dimensions are 5480×2000×1542 mm with a wheelbase of 3370 mm, and it offers various color options [4]. Company Focus and Earnings Forecast - Jianghuai Automobile is projected to have an EPS of 0.12 in 2024, increasing to 0.25 in 2025, with a PE ratio of 334.08 for 2024 [9]. - Seres is expected to have an EPS of 3.84 in 2024, rising to 4.61 in 2025, with a PE ratio of 34.98 for 2024 [9]. - Wuxi Zhenhua is forecasted to have an EPS of 1.41 in 2024, increasing to 1.80 in 2025, with a PE ratio of 24.23 for 2024 [9].

Investment Rating - The report maintains a "Buy" recommendation for the companies involved, specifically Jianghuai Automobile, Seres, and Wuxi Zhenhua [9]. Core Insights - The report highlights that Hongmeng Intelligent's offline layout has reached a new high, with 32 new user centers established in April and May 2025. Currently, there are over 290 Aito user centers, 160 Hongmeng Intelligent user centers, and 710 experience centers [4][5]. - Hongmeng Intelligent's sales are expected to continue breaking records due to ongoing channel expansion and the new vehicle cycle. The total number of stores has exceeded 1,000, and weekly sales surpassed 12,497 units, achieving over 44,454 vehicle deliveries in May 2025 [5][6]. - The launch of the high-end model, Zun Jie S800, has seen significant demand, with over 6,500 pre-orders in its first month, indicating a potential shift in market dynamics against foreign brands [6]. Summary by Sections Market Performance - The automotive sector has shown a 30.5% increase over the past 12 months, while the Shanghai-Shenzhen 300 index has increased by 13.2% [2]. Company Focus and Earnings Forecast - Jianghuai Automobile (600418.SH) is projected to have an EPS of 0.25 in 2025, with a PE ratio of 160.36, and is rated as a "Buy" [9]. - Seres (601127.SH) is expected to have an EPS of 4.61 in 2025, with a PE ratio of 29.14, also rated as a "Buy" [9]. - Wuxi Zhenhua (605319.SH) is forecasted to have an EPS of 1.80 in 2025, with a PE ratio of 18.98, rated as a "Buy" [9].

2025 年 07 月 01 日 券 研 究 报 告 小米 YU7 正式发布，开售 1 小时大定突破 28.9 万辆 推荐(维持) 事件 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 汽车(申万) 0.3 -1.4 30.5 沪深 300 2.5 1.2 13.2 市场表现 -20 -10 0 10 20 30 40 50 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《汽车行业周报：小米 YU7 上市 18 小时锁单突破 24 万台，特斯拉 ModelY 首次实现全自动驾驶交付》 2025-07-01 2、《汽车行业点评报告：马斯克公 布脑机接口进展，Neuralink 估值快 速上升》2025-06-30 3、《汽车行业点评报告：商务部开 展 2025 年千县万镇新能源汽车消费 季活动，政策加码新能源车下乡再 提速》2025-06-29 6 月 26 日，小米正式发布旗下首款 SUV 车型 YU7，开售一小 时后大定突破 28.9 万辆。 投资要点 ▌小米首款 SUV 正式发布 6 月 26 日小米首款 ...

Market Sentiment - The current market sentiment score is 86, indicating an "overheated" market condition [6][10][22] - Historical trends show that when sentiment is below or close to 30, the market tends to find support, while above 90, it faces resistance [10] Hot Themes Tracking - **Storage Theme**: Major manufacturers are phasing out DDR4, with a reported 53% price increase in May, the highest since 2017. Related stocks include Jiangbolong (301308) and Zhaoyi Innovation (603586) [7] - **Energy Metals Theme**: The Democratic Republic of Congo has extended a temporary ban on cobalt exports due to high inventory levels. Related stocks include Huayou Cobalt (603799) and Tianqi Lithium (002466) [7] - **Stablecoin Theme**: The People's Bank of China discussed the transformation of monetary policy and the rise of digital currencies at the Lujiazui Forum. Related stocks include Sifang Jingchuang (300468) and Jingbeifang (002987) [7] Capital Flow Analysis - The top ten stocks with the highest net inflow include Chengfei Integration (69,333.71 million), Dongxin Peace (54,023.33 million), and Rongfa Nuclear Power (51,283.10 million) [11] - The top ten stocks with the highest net outflow include Hengbao Co. (-77,375.44 million), Dongfang Fortune (-56,211.82 million), and BYD (-53,577.85 million) [13] - The top ten industries with the highest net inflow include Defense Industry (172,656 million) and Media (121,159 million) [17] - The top ten industries with the highest net outflow include Social Services (-21,650 million) and Environmental Protection (-27,401 million) [18]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint As of June 30, 2025, the total planned issuance of local government bonds in the third quarter is 254.99 billion yuan, with new general bonds, refinancing general bonds, new special bonds, and refinancing special bonds accounting for 8% (20.8 billion yuan), 17% (43.95 billion yuan), 54% (138.54 billion yuan), and 15% (37.54 billion yuan) respectively [1]. 3. Summary by Relevant Catalogs 3.1 Overall Planned Issuance in the Third Quarter - The total planned issuance of local government bonds in the third quarter is 254.99 billion yuan, with new general bonds, refinancing general bonds, new special bonds, and refinancing special bonds accounting for 8% (20.8 billion yuan), 17% (43.95 billion yuan), 54% (138.54 billion yuan), and 15% (37.54 billion yuan) respectively [1]. 3.2 Monthly Planned Issuance - In April, May, and June, the planned issuance of local government bonds accounts for 51% (129.7 billion yuan), 28% (71.35 billion yuan), and 21% (53.95 billion yuan) respectively. The proportion of new special bonds in each month is 53% (73.24 billion yuan), 28% (38.73 billion yuan), and 19% (26.57 billion yuan) respectively [2]. 3.3 Regional Planned Issuance - The top regions in terms of planned issuance of local government bonds in the third quarter are Hunan Province (23.55 billion yuan), Zhejiang Province (20.82 billion yuan), Hebei Province (18.14 billion yuan), Anhui Province (16.48 billion yuan), and Sichuan Province (15.59 billion yuan) [2]. 3.4 Regional Planned Issuance of New Special Bonds - The top regions in terms of planned issuance of new special bonds in the third quarter are Zhejiang Province (152.2 billion yuan), Xinjiang (111.5 billion yuan), Hebei Province (108.7 billion yuan), Chongqing Municipality (97.8 billion yuan), and Hunan Province (91.5 billion yuan) [3].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [8]. Core Insights - The company is experiencing short-term performance pressure, but new generation products are expected to drive revenue growth [4]. - The company launched AI products WiNGPT 2.8 and WiNEX Copilot 2.1, enhancing its digital transformation solutions for healthcare institutions [5]. - The company has been focusing on technological innovation and deepening its medical information strategy since its establishment [6]. Financial Performance - In 2024, the company achieved revenue of 2.782 billion yuan, a year-on-year decrease of 12.05%, and a net profit of 88 million yuan, down 75.45% [4]. - For Q1 2025, the company reported revenue of 345 million yuan, a decline of 30.24%, and a net profit of 5 million yuan, down 68.18% [4]. - Revenue forecasts for 2025-2027 are 3.144 billion, 3.585 billion, and 4.088 billion yuan, respectively, with corresponding EPS of 0.18, 0.22, and 0.27 yuan [8][10]. Growth Projections - The company anticipates a revenue growth rate of 13.0% in 2025, followed by 14.0% in 2026 and 14.1% in 2027 [10]. - The net profit is expected to rebound significantly in 2025, with a growth rate of 356.4%, followed by 22.1% in 2026 and 20.7% in 2027 [10]. Market Position - The company has a total market capitalization of 24 billion yuan and a current stock price of 10.83 yuan [1]. - The stock has a 52-week price range of 5.15 to 13.24 yuan, indicating potential volatility [1].