Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is accelerating the industrialization of sodium batteries and manganese iron lithium, with significant progress in lithium-rich manganese and solid-state electrolytes. A 6000-ton production line for sodium battery cathodes has been initiated, with plans for larger scale production, expected to reach a shipment scale of 10,000 tons by 2026. In the manganese iron lithium sector, sales in the commercial vehicle field exceeded 1,000 tons in the first half of 2025, with second-generation products expected to be implemented in passenger vehicles within the year. In the solid-state sector, high-nickel and ultra-high-nickel cathodes have achieved ton-level shipments, with sulfide electrolytes undergoing pilot line construction, expected to be completed by Q4 2025 and commence production in early 2026 [3]. Financial Performance Summary - In Q2 2025, the company's operating cash flow increased significantly, with a net cash flow from operating activities of 890 million yuan in the first half of 2025, up 206% year-on-year. Q2 operating cash flow reached 1.5 billion yuan, a quarter-on-quarter increase of 825% [4]. - The company's revenue for the first half of 2025 was 6.25 billion yuan, a decrease of 9.3% year-on-year, with a net profit attributable to the parent company of -70 million yuan, a decline of 765.5% year-on-year. Q2 revenue was 3.28 billion yuan, with a quarter-on-quarter increase of 2.8% [10]. - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 27 million yuan, 500 million yuan, and 730 million yuan respectively, with corresponding P/E ratios for 2026-2027 at 31x and 22x. The company maintains a "Buy" rating due to its significant overseas layout advantages and the competitive positioning of its new businesses [11].

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 固态和人形产业化加速、AIDC 海外超预期 2025 年 08 月 03 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 -7% -2% 3% 8% 13% 18% 23% 28% 33% 38% 2024-8-2 2024-12-1 2025-4-1 2025-7-31 电力设备 沪深300 相关研究 《25Q2 基金持仓深度：电新重仓 Q2 总体下降，电动车、光伏、储能、工 控、电网板块均下降，风电板块上升 ——基于 12658 支基金 2025 年二季 报的前十大持仓的定量分析》 2025-07-30 《人形国内如火如荼，固态产业化加 速》 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 研究助理 许钧赫 执业证书：S0600123070121 xujunhe@dwzq.com.cn 行业走势 2025-07-2 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to see a significant increase in revenue driven by the self-research trend of AI ASIC, with Q2 2025 revenue forecasted at 584 million yuan, representing a quarter-on-quarter increase of 49.9% [7] - The company has achieved a record high in orders, with a total of 3.025 billion yuan in hand orders as of Q2 2025, marking a quarter-on-quarter increase of 23% [7] - The trend of major companies developing their own ASIC chips is becoming a consensus in the industry, which is expected to drive further order growth for the company [7] Financial Forecasts - The company’s total revenue is projected to be 2.322 billion yuan in 2024, 3.022 billion yuan in 2025, and 3.822 billion yuan in 2026, with a year-on-year growth rate of 30.17% in 2025 [1][8] - The net profit attributable to the parent company is forecasted to be -600.88 million yuan in 2024, -98.21 million yuan in 2025, and 203.98 million yuan in 2026, indicating a significant improvement in profitability [1][8] - The earnings per share (EPS) is expected to improve from -1.14 yuan in 2024 to 0.39 yuan in 2026 [1][8] Market Data - The closing price of the company's stock is 94.49 yuan, with a market capitalization of approximately 49.67 billion yuan [5] - The company has a price-to-book ratio of 24.63 and a price-to-earnings ratio of -82.67 based on the latest diluted earnings per share [5][8] Operational Insights - The company’s revenue from intellectual property licensing fees reached 187 million yuan in Q2 2025, showing a quarter-on-quarter increase of 99.63% and a year-on-year increase of 16.97% [7] - The company’s mass production business revenue was 261 million yuan in Q2 2025, reflecting a quarter-on-quarter increase of 79.01% and a year-on-year increase of 11.65% [7]

Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1] Core Viewpoints - The construction PMI for July is reported at 50.6%, a decrease of 2.2 percentage points from the previous month, indicating a slowdown in construction activities due to adverse weather conditions [3][29] - The report emphasizes the importance of macroeconomic policies to stabilize employment, enterprises, markets, and expectations, with potential for further policy support to boost growth [2][17] - The focus on urban renewal and major infrastructure projects is expected to enhance regional demand, particularly in central and western regions [3][12] Industry Dynamics Tracking - The Central Political Bureau meeting highlighted the need for sustained macroeconomic policy efforts, including accelerating government bond issuance and improving fund utilization efficiency [16][17] - The National Development and Reform Commission announced that the 800 billion yuan "two heavy" construction project list has been fully allocated, with plans to expedite project construction [20] - The July PMI data indicates weak new project landing expectations, with new order and business activity expectation indices at 42.7% and 51.6%, respectively [3][29] Weekly Market Review - The construction and decoration sector (SW) experienced a decline of 2.41% this week, underperforming the Shanghai Composite Index and the Wind All A Index, which fell by 1.75% and 1.09%, respectively [1][34] - Notable gainers in the sector included companies like Design Institute and Tianwo Technology, while companies like Hainan Development and Zhonghua Rock Soil faced significant declines [34][36]

Economic Indicators - The weekly ECI supply index is at 50.07%, down 0.03 percentage points from last week, while the demand index is at 49.92%, down 0.01 percentage points[1] - In July, the ECI supply index averaged 50.11%, down 0.05 percentage points from June, and the demand index averaged 49.92%, down 0.01 percentage points[1] - The real estate market saw a 18.6% year-on-year decline in sales area for new homes in 30 major cities, totaling 6.49 million square meters in July[1] Bond Market and Tax Adjustments - The ELI index is at -0.72%, up 0.09 percentage points from last week, indicating a slight recovery in liquidity for the real economy[1] - The adjustment of the bond value-added tax may lead to increased allocation of funds to non-financial corporate bonds and other real economy assets[1] - The People's Bank of China plans to expand the issuance of technology innovation bonds in the third quarter, focusing on structural monetary policy tools[1] Market Trends and Risks - The export index remains resilient, with port cargo throughput maintaining high levels, although there are concerns about the impact of new tariffs on re-export trade[1] - The report highlights risks including uncertainties in U.S. tariff policies and the sustainability of improvements in the real estate market[1]

Economic Overview - The U.S. economy is currently in a soft landing phase despite short-term recession concerns, as indicated by recent economic data[1] - The U.S. GDP growth rate for Q2 2025 is reported at +3.0%, surpassing Bloomberg's consensus estimate of +2.6%[1] - The core GDP, which excludes net exports and inventory changes, shows a growth of only +1.2%, indicating reliance on external factors rather than domestic growth[1] Labor Market Insights - In July 2025, the U.S. added 73,000 non-farm jobs, significantly below the expected 104,000, with prior months' data revised down by 258,000, marking the largest downward revision since June 2020[1] - The unemployment rate rose to 4.248%, higher than the expected 4.2% and the previous 4.117%, the highest level since November 2021[1] Market Reactions - The disappointing non-farm payroll data has reignited recession fears, leading to declines in U.S. stock markets and a drop in bond yields[1] - The 10-year U.S. Treasury yield fell by 17.2 basis points to 4.216%, while the 2-year yield decreased by 24.2 basis points to 3.682%[1] Monetary Policy Outlook - The July FOMC meeting resulted in a 9-2 vote to maintain the policy rate at 4.25-4.5%, with some members advocating for a rate cut[1] - The Federal Reserve's stance indicates a balancing act between managing inflation and supporting the labor market amid rising unemployment[1] Trade and Tariff Developments - The U.S. has introduced "Tariff 2.0," which lowers tariffs compared to the previous version, but uncertainty remains regarding potential increases in tariffs to expedite trade agreements[1] - The new tariff rates will take effect on August 7, 2025, impacting 69 trade partners, with significant rates set for the EU (15%) and Japan (15%)[1]

Economic Indicators - The weekly ECI supply index is at 50.07%, down 0.03 percentage points from last week, while the demand index is at 49.92%, down 0.01 percentage points[6] - The monthly ECI supply index for July is at 50.11%, down 0.05 percentage points from June, and the demand index is at 49.92%, down 0.01 percentage points[7] - In July, the sales area of commercial housing in 30 major cities recorded 6.49 million square meters, a year-on-year decline of 18.6%, widening from June's 8.4%[6] Bond Market and Tax Adjustments - The ELI index as of August 3, 2025, is -0.72%, up 0.09 percentage points from last week, indicating a slight recovery in liquidity for the real economy[10] - The adjustment of the bond value-added tax may lead to increased allocation of funds to non-financial corporate bonds and other real economy assets[12] - The People's Bank of China plans to expand the issuance of technology innovation bonds, which may compress the yield spread of direct financing tools for the real economy[12] Industrial Production and Consumption - The operating rate for full steel tires is 61.08%, down 3.94 percentage points from the previous week, while the operating rate for semi-steel tires is 74.45%, down 1.42 percentage points[15] - The average daily sales of passenger cars for the week ending July 27 is 66,611 units, a year-on-year increase of 1,244 units, with total retail sales for July at 1.445 million units, up 9.0% year-on-year[20] Export and Inflation Trends - The export container freight index for Shanghai is at 1,550.74 points, down 41.85 points from the previous week, indicating a decline in export shipping costs[31] - The average wholesale price of pork is 20.55 yuan/kg, down 0.17 yuan/kg from the previous week, while the price of 28 monitored vegetables is 4.42 yuan/kg, up 0.03 yuan/kg[36]

Investment Rating - Maintain "Buy" rating for the non-bank financial sector [1] Core Views - The non-bank financial sector has shown significant market activity, with the Hong Kong Stock Exchange optimizing its IPO issuance and pricing mechanisms [1][4] - The insurance sector has outperformed other sub-sectors, with a strong growth in life insurance premiums and a downward adjustment in preset interest rates [4][22] - The securities sector is benefiting from a substantial increase in trading volume and favorable market policies, while the multi-financial sector is transitioning into a stable growth phase [4][31] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - In the recent five trading days (July 28, 2025 - August 1, 2025), only the insurance sector outperformed the CSI 300 index, with the insurance sector down 0.18%, securities down 3.11%, and multi-financial down 3.23% [9] - Year-to-date performance shows the insurance sector up 11.87%, multi-financial up 6.24%, and securities up 1.79%, while the overall non-bank financial sector is up 4.94% [10] 2. Non-Bank Financial Sub-Sector Insights 2.1 Securities - Trading volume has significantly increased, with an average daily trading amount of 19,189 billion yuan in August, up 178% year-on-year [16] - The balance of margin trading reached 19,848 billion yuan, a year-on-year increase of 38.14% [16] - The average PB valuation for the securities industry is projected at 1.3x for 2025E, with recommendations for leading firms like CITIC Securities and Dongfang Caifu [21] 2.2 Insurance - The preset interest rate for traditional insurance has been adjusted down to 1.99%, triggering a reduction in preset rates for various insurance products [22] - Life insurance premiums showed strong growth, with a 5.4% increase in original premium income year-on-year for the first half of 2025 [27] - The insurance sector is expected to benefit from economic recovery and rising interest rates, with a valuation range of 0.60-0.91 times 2025E P/EV, indicating a "Buy" rating [30] 2.3 Multi-Financial - The trust industry saw its asset scale reach 29.56 trillion yuan by the end of 2024, with a year-on-year growth of 23.58% [31] - The futures market experienced a trading volume of 740 million contracts in June 2025, with a transaction value of 52.79 trillion yuan, reflecting a year-on-year increase of 28.91% [38] - The multi-financial sector is transitioning into a stable growth phase, with a focus on innovation and risk management as key future directions [44] 3. Industry Ranking and Key Company Recommendations - The recommended ranking for the non-bank financial sector is insurance > securities > other multi-financial [47] - Key companies recommended include China Ping An, New China Life, China Life, CITIC Securities, and Dongfang Caifu, as they are expected to benefit from favorable market conditions and economic recovery [47]

Group 1 - The report anticipates a strong rebound in the A-share market in August 2025, with potential volatility due to alternating negative scores in the internal model [2][6][30] - The Hong Kong stock market is expected to follow a similar trend as the A-share market, with recent easing of pressure on the Hong Kong dollar from the US dollar index [2][6] - Growth style is likely to outperform in relative returns, while dividend sectors may perform moderately [2][6][30] Group 2 - The US stock market is projected to experience wide fluctuations in August, with high risk levels indicated by the risk trend model [2][6] - The gold market is assessed to have a medium risk level, with no significant overvaluation or undervaluation expected [2][6] - The report suggests a continued inverse fluctuation pattern between US stocks and gold, with attention needed on events driven by the "Trump 2.0" tariff framework [2][6] Group 3 - The domestic bond market is expected to show limited fundamental recovery, with a prevailing loose policy tone and overall interest rates likely to remain strong [2][6] - The US bond market is supported by fundamental pressures, easing supply, and rising risk aversion, contributing to a downward trend in interest rates [2][6] Group 4 - The report recommends a relatively balanced asset allocation strategy, anticipating a wide fluctuation market with ongoing structural opportunities [2][6]

1. Report Industry Investment Rating No relevant information is provided in the given content. 2. Core Viewpoints of the Report - This week, the weekly average prices of Brent/WTI crude oil futures were $71.6/$68.5 per barrel, up $2.8/$2.7 per barrel from last week. The total US crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.3/4.3/4.0/0.2 billion barrels, with a week - on - week increase of 7.94/7.7/0.24/0.69 million barrels respectively. US crude oil production was 13.31 million barrels per day, up 40,000 barrels per day week - on - week. The number of active US crude oil rigs was 410 this week, down 5 week - on - week, and the number of active US fracturing fleets was 168, down 1 week - on - week. US refinery crude oil processing volume was 16.91 million barrels per day, down 30,000 barrels per day week - on - week, and the refinery crude oil utilization rate was 95.4%, down 0.1 pct week - on - week. US crude oil imports, exports, and net imports were 6.14/2.7/3.44 million barrels per day, with a week - on - week change of +160,000/ - 1.16 million/+1.32 million barrels per day respectively [2]. - The weekly average prices of US gasoline, diesel, and jet fuel were $92/$101/$90 per barrel, with a week - on - week change of +$2.9/ - $2.0/ - $4.1 per barrel respectively. The price spreads with crude oil were $20/$30/$19 per barrel, with a week - on - week change of +$0.6/ - $4.3/ - $6.3 per barrel respectively. US gasoline, diesel, and jet fuel inventories were 2.3/1.1/0.4 billion barrels, with a week - on - week change of - 2.72/ + 3.64/ - 2.11 million barrels respectively. US gasoline, diesel, and jet fuel production was 10.04/5.21/1.87 million barrels per day, with a week - on - week change of +680,000/+130,000/ - 10,000 barrels per day respectively. US gasoline, diesel, and jet fuel consumption was 9.15/3.61/2.09 million barrels per day, with a week - on - week change of +190,000/+260,000/+410,000 barrels per day respectively. US gasoline imports, exports, and net exports were 120,000/890,000/770,000 barrels per day, with a week - on - week change of - 40,000/+170,000/+200,000 barrels per day respectively; US diesel imports, exports, and net exports were 230,000/1.31 million/1.09 million barrels per day, with a week - on - week change of +110,000/ - 120,000/ - 230,000 barrels per day respectively; US jet fuel imports, exports, and net exports were 60,000/150,000/80,000 barrels per day, with a week - on - week change of - 90,000/ - 110,000/ - 30,000 barrels per day respectively [2]. - Recommended companies include CNOOC Limited (600938.SH/0883.HK), PetroChina Company Limited (601857.SH/0857.HK), Sinopec Corporation (600028.SH/0386.HK), CNOOC Oilfield Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), and CNOOC Energy Technology & Services Limited (600968.SH). Companies to be noted include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China National Petroleum Corporation Engineering Co., Ltd. (600339.SH), and Sinopec Mechanical Engineering Co., Ltd. (000852.SZ) [3]. 3. Summary by Relevant Catalogs 3.1 Crude Oil Weekly Data Briefing - **Upstream Key Company Price Movements**: This section presents the price, price changes in the recent week, month, three - month, one - year periods, and year - to - date price changes of multiple upstream companies such as CNOOC, PetroChina, and Sinopec, along with their market capitalization and valuation data [8]. - **Crude Oil Price**: The weekly average prices of Brent, WTI, Russian Urals, and Russian ESPO crude oils were $71.6, $68.5, $67.2, and $67.8 per barrel respectively, with week - on - week increases of $2.8, $2.7, $2.3, and $2.9 per barrel respectively. The LME copper spot price was $9,165 per ton, down $653.5 week - on - week, and the US dollar index was 100, up 2.6 week - on - week [8]. - **Crude Oil Inventory**: The total US crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.3/4.3/4.0/0.2 billion barrels, with a week - on - week increase of 7.94/7.7/0.24/0.69 million barrels respectively [2][8]. - **Crude Oil Production**: US crude oil production was 13.31 million barrels per day, up 40,000 barrels per day week - on - week. The number of US crude oil rigs was 410, down 5 week - on - week, and the number of US fracturing fleets was 168, down 1 week - on - week [2][8]. - **Refinery Data**: US refinery crude oil processing volume was 16.91 million barrels per day, down 30,000 barrels per day week - on - week, and the refinery utilization rate was 95.4%, down 0.1 pct week - on - week. The utilization rate of Chinese local refineries was 51.0%, up 0.95 pct, and that of Chinese major refineries was 84.0%, up 0.05 pct [8]. - **Crude Oil Import and Export**: US crude oil imports, exports, and net imports were 6.14/2.7/3.44 million barrels per day, with a week - on - week change of +160,000/ - 1.16 million/+1.32 million barrels per day respectively [2][8]. - **Product Oil Data**: It includes the price, price spread, inventory, production, consumption, and import/export data of product oils in the US, China, Europe, and Singapore [9]. - **Oilfield Services Data**: The weekly average daily rates of offshore jack - up drilling platforms and semi - submersible drilling platforms are provided [9]. 3.2 This Week's Petroleum and Petrochemical Sector Market Review - **Petroleum and Petrochemical Sector Performance**: No specific performance data is provided in the given content, only the section title is mentioned [11]. - **Performance of Sector Listed Companies**: The price, market capitalization, and price changes in the recent week, month, three - month, one - year periods, and year - to - date price changes of multiple listed companies in the sector are presented, along with their valuation data [22][23]. 3.3 Crude Oil Sector Data Tracking - **Crude Oil Price**: Analyzes the prices and price spreads of Brent, WTI, Urals, ESPO crude oils, as well as the relationship between the US dollar index, copper price, and WTI crude oil price [28][30][40]. - **Crude Oil Inventory**: Discusses the relationship between US commercial crude oil inventory and oil prices, the weekly drawdown rate of US commercial crude oil inventory and the change rate of Brent oil prices, and presents the data of US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory [43][44][53]. - **Crude Oil Supply**: Analyzes US crude oil production, the number of crude oil rigs, and the number of fracturing fleets, as well as their relationship with oil prices [57][59][61]. - **Crude Oil Demand**: Presents US refinery crude oil processing volume, refinery utilization rate, and the utilization rates of Chinese local and major refineries [65][69][72]. - **Crude Oil Import and Export**: Analyzes US crude oil imports, exports, net imports, and the import/export and net import data of crude oil and petroleum products [76][81]. 3.4 Product Oil Sector Data Tracking - **Product Oil Price**: Analyzes the relationship between international oil prices and domestic gasoline, diesel retail prices, and presents the prices and price spreads of product oils in different regions such as the US, China, Europe, and Singapore [87][114][120]. - **Product Oil Inventory**: Presents the inventory data of gasoline, diesel, and jet fuel in the US and Singapore [127][131][137]. - **Product Oil Supply**: Presents the production data of gasoline, diesel, and jet fuel in the US [143][145][146]. - **Product Oil Demand**: Presents the consumption data of gasoline, diesel, and jet fuel in the US, as well as the number of US airport passenger screenings [149][150][156]. - **Product Oil Import and Export**: Analyzes the import/export and net export data of gasoline, diesel, and jet fuel in the US [161][166][167]. 3.5 Oilfield Services Sector Data Tracking - Presents the average daily rates of jack - up drilling platforms and semi - submersible drilling platforms in the oilfield services industry [175][180].