Market Performance - As of July 25, 2025, the North Exchange A-share component stocks totaled 268, with an average market capitalization of 3.184 billion yuan[16] - The North Exchange 50 Index rose by 2.85% to close at 1458.98 points, compared to the previous week's closing[16] - The average daily trading volume for North Exchange A-shares reached 31.082 billion yuan, an increase of 41.81% from the previous week[16] Sector Comparison - The PE ratios for North Exchange A-shares, ChiNext, Shanghai Main Board, Shenzhen Main Board, and Sci-Tech Innovation Board are 55.14, 38.43, 21.81, 23.69, and 35.79 respectively as of July 25, 2025[25] - The North Exchange A-share turnover rate was 7.04%, up by 1.83 percentage points from the previous week, indicating improved liquidity[16] Investment Insights - The report suggests focusing on sectors with strong mid-year report expectations and high thematic interest[25] - The North Exchange continues to expand, with a total of 11 new companies listed in April 2024 and 12 in July 2025, reflecting a trend of increasing average net profit among new listings[16] Risks - Potential policy risks may affect investor enthusiasm and market heat[26] - Liquidity risks exist due to smaller trading volumes compared to other boards, which could negatively impact the market[26] - There is a risk of companies not meeting profit expectations due to external market changes, potentially affecting stock prices[26]

Investment Rating - The report maintains an "Increase" rating for the non-bank financial industry [1] Core Views - The non-bank financial sector has shown significant performance, with the securities and insurance sub-sectors outperforming the CSI 300 index recently. The securities sector rose by 4.90%, while the insurance sector increased by 1.81% [10][11] - The report highlights a substantial increase in trading volume in the securities market, with July's average daily trading volume reaching 18,191 billion yuan, a year-on-year increase of 139.92% [16][21] - The insurance sector is benefiting from a reduction in predetermined interest rates, leading to improved liability costs. The second quarter saw a strong growth in life insurance premiums, with a year-on-year increase of 15.2% [25][27] - The multi-financial sector is entering a stable transformation phase, with trust assets growing but profits declining significantly [31][32] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - In the last five trading days, the non-bank financial sector overall rose by 3.65%, outperforming the CSI 300 index which increased by 1.69% [10] - Year-to-date, the insurance sector has shown the best performance with a 12.07% increase, followed by the multi-financial sector at 9.79% and the securities sector at 5.05% [11] 2. Non-Bank Financial Sub-Sector Insights 2.1 Securities - Trading volume has significantly increased, with a year-on-year rise of 139.92% in July [16] - The average margin balance reached 19,420 billion yuan, a year-on-year increase of 35.34% [16] - The average price-to-book (PB) ratio for the securities industry is projected at 1.4x for 2025 [21] 2.2 Insurance - The predetermined interest rate has been lowered to 1.99%, triggering a reduction in actual rates for various insurance products [22][23] - Life insurance premiums for the first half of 2025 reached 29,606 billion yuan, a year-on-year increase of 5.6% [25] - The insurance sector's valuation is currently between 0.61-0.94 times the expected present value (P/EV) for 2025, indicating a historical low [28] 2.3 Multi-Financial - The trust industry saw its asset scale reach 29.56 trillion yuan, a year-on-year growth of 23.58%, but profits fell by 45.5% [31] - The futures market experienced a trading volume of 740 million contracts in June, with a year-on-year increase of 28.91% [33] 3. Industry Ranking and Key Company Recommendations - The report ranks the insurance sector as the most favorable, followed by securities and other multi-financial services [27] - Recommended companies include China Ping An, New China Life, China Pacific Insurance, CITIC Securities, and Tonghuashun [27]

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Views of the Report - The prices of filaments and staple fibers weakened in the week. The domestic key large refining project spread increased slightly, while the foreign spread decreased slightly. The profits of the polyester filament industry declined, and the inventory decreased. The prices of domestic and US refined oil products showed a downward trend. The PX price increased, and the spread with crude oil widened, but the PX operating rate decreased [2]. 3. Summary According to Related Catalogs 3.1 Big Refining Weekly Data Briefing 3.1.1 Price and Spread of Key Refining Projects - The spread of domestic key large refining projects this week was 2,526 yuan/ton, a week - on - week increase of 45 yuan/ton (1.8%). The spread of foreign key large refining projects was 1,098 yuan/ton, a week - on - week decrease of 12 yuan/ton (-1.1%) [2][8]. 3.1.2 Polyester Plate - **Product Prices and Profits**: The average weekly prices of POY/FDY/DTY were 6,579/6,814/7,804 yuan/ton respectively, with week - on - week decreases of 25/18/75 yuan/ton. The weekly average profits were - 155/-264/-205 yuan/ton, with week - on - week decreases of 76/71/109 yuan/ton. The price of polyester staple fiber was 6,617.1 yuan/ton, a week - on - week decrease of 32.9 yuan/ton, and the profit was 36.6 yuan/ton, a week - on - week decrease of 81.1 yuan/ton [2][9]. - **Inventory and Operating Rate**: The inventory of POY/FDY/DTY was 15.5/20.3/28.1 days respectively, with week - on - week decreases of 9.9/5.3/2.6 days. The operating rate of filaments was 92.7%, a week - on - week increase of 0.5 percentage points. The operating rate of downstream looms was 55.6%, a week - on - week decrease of 0.2 percentage points. The raw material inventory of weaving enterprises was 10.4 days, a week - on - week increase of 1.2 days, and the finished product inventory was 30.7 days, a week - on - week increase of 0.3 days [2][9]. 3.1.3 Refining Plate - **Domestic Refined Oil**: The prices of diesel and jet fuel decreased this week. - **US Refined Oil**: The US gasoline price decreased this week [2]. 3.1.4 Chemical Plate - The average PX price this week was 849.3 US dollars/ton, a week - on - week increase of 6.7 US dollars/ton. The spread with crude oil was 346.3 US dollars/ton, a week - on - week increase of 8.1 US dollars/ton. The PX operating rate was 82.4%, a week - on - week decrease of 0.8 percentage points [2][9]. 3.1.5 Related Listed Companies - Private large refining and polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin Fengming [2]. 3.2 Big Refining Weekly Report 3.2.1 Big Refining Index and Project Spread Trends - The report shows the changes in the Shanghai - Shenzhen 300, the petroleum and petrochemical index, and the oil price, as well as the market performance of six private large refining companies and the weekly spreads of domestic and foreign large refining projects [13][15][18]. 3.2.2 Polyester Plate - The report presents multiple data related to the polyester industry chain, including the prices and spreads of crude oil, PX, PTA, MEG, and various polyester products, the operating rates of related products, inventory days, and sales - to - production ratios [24][37][45]. 3.2.3 Refining Plate - The report analyzes the prices and spreads of refined oil products in different regions (domestic, US, Europe, and Singapore) and their relationships with crude oil prices [79][93][105]. 3.2.4 Chemical Plate - The report shows the prices and spreads of various chemical products such as polyethylene, polypropylene, EVA, and styrene and their relationships with crude oil prices [130][135][138].

1. Report Industry Investment Rating No information provided in the content about the industry investment rating. 2. Core Viewpoints of the Report - The profitability of the gas - based olefin production route has strengthened due to the decline in ethane prices [1]. - The prices and gross profits of pure MDI, polymer MDI, and TDI in the polyurethane sector have increased this week [2]. - In the oil - gas - coal olefin sector, the prices of raw materials such as ethane, propane, and stone naphtha have changed, and the theoretical profits of different production processes for polyethylene and polypropylene have also changed [2]. - In the coal chemical sector, the prices and gross profits of products such as synthetic ammonia, urea, DMF, and acetic acid have changed [2]. 3. Summary by Relevant Catalogs 3.1 Basic Chemical Weekly Data Briefing 3.1.1 Related Company Performance Tracking - The basic chemical index had a weekly increase of 4.0%, a monthly increase of 9.0%, a quarterly increase of 13.7%, an annual increase of 34.4%, and a year - to - date increase of 15.3% as of July 25, 2025 [8]. - The stock price increases of relevant companies such as Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng in different time periods are different, and their profit - related indicators such as net profit and PE also vary [8]. 3.1.2 Polyurethane Industry Chain - The weekly average prices of pure MDI, polymer MDI, and TDI were 16,800 yuan/ton, 15,560 yuan/ton, and 16,148 yuan/ton respectively, with a week - on - week increase of 200 yuan/ton, 660 yuan/ton, and 2,612 yuan/ton respectively. The corresponding gross profits were 3,649 yuan/ton, 3,335 yuan/ton, and 4,425 yuan/ton, with a week - on - week increase of 176 yuan/ton, 591 yuan/ton, and 1,321 yuan/ton respectively [8]. 3.1.3 Oil - Gas - Coal Olefin Industry Chain - The weekly average prices of raw materials such as ethane, propane, and stone naphtha changed. For example, the price of ethane was 1,255 yuan/ton, a week - on - week decrease of 79 yuan/ton [8]. - The theoretical profits of different production processes for polyethylene and polypropylene also changed. For example, the theoretical profit of ethane cracking to produce polyethylene was 1,257 yuan/ton, a week - on - week increase of 76 yuan/ton [2][8]. 3.1.4 C2 and C3 Plates - In the C2 plate, products such as ethylene, HDPE, and ethylene glycol had price and spread changes. For example, the price of ethylene was 5,866 yuan/ton, a week - on - week decrease of 4 yuan/ton [10]. - In the C3 plate, products such as propylene, polypropylene, and acrylic acid also had price and spread changes. For example, the price of propylene was 5,503 yuan/ton, a week - on - week decrease of 24 yuan/ton [10]. 3.1.5 Coal Chemical Industry Chain - In the coal - coking products, the prices of coking coal and coke changed. For example, the price of coking coal was 1,082 yuan/ton, a week - on - week increase of 33 yuan/ton [10]. - In traditional coal chemical products, the prices and gross profits of products such as synthetic ammonia, urea, and DMF changed. For example, the price of synthetic ammonia was 2,354 yuan/ton, a week - on - week increase of 102 yuan/ton [10]. - In new materials, the prices and gross profits of products such as DMC, oxalic acid, and octanol changed. For example, the price of DMC was 12,300 yuan/ton, a week - on - week increase of 1,180 yuan/ton [10]. 3.2 Basic Chemical Weekly Report 3.2.1 Basic Chemical Index Trend No detailed content provided in the given text about the basic chemical index trend analysis. 3.2.2 Polyurethane Sector - The prices and gross profits of pure MDI, polymer MDI, and TDI have increased, and their price and profit trends are presented through relevant charts [2][17]. 3.2.3 Oil - Gas - Coal Olefin Sector - The prices of raw materials such as MB ethane, NYMEX natural gas, and East China propane have changed, and the profitability of different production processes for polyethylene and polypropylene has also changed, which are presented through relevant charts [24][31]. 3.2.4 Coal Chemical Sector - The prices and gross profits of products such as coking coal, coke, urea, and acetic acid have changed, and their price and profit trends are presented through relevant charts [41][45].

Report Summary 1. Report Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoint The report provides a weekly update on the US crude oil and refined oil markets, including price, inventory, production, demand, and import/export data. It also list recommended and suggested companies in the oil and gas sector [2][3]. 3. Summary by Section 3.1 Crude Oil Weekly Data Briefing - **Upstream Company Performance**: The report presents the stock price changes and valuations of major upstream companies, such as CNOOC, PetroChina, and Sinopec, over different time - frames [8][9]. - **Crude Oil Price**: Brent and WTI crude oil futures had weekly average prices of $68.8 and $65.8 per barrel respectively, down $0.3 and $1.2 from the previous week [2][9]. - **Crude Oil Inventory**: US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.2, 4.2, 4.0, and 0.2 billion barrels respectively, with weekly changes of - 337, - 317, - 20, and + 46 thousand barrels [2][9]. - **Crude Oil Production**: US crude oil production was 13.27 million barrels per day, down 100 thousand barrels per day. The number of active oil rigs was 415, down 7, and the number of active fracturing fleets was 174, down 6 [2][9]. - **Crude Oil Demand**: US refinery crude oil processing volume was 16.94 million barrels per day, up 90 thousand barrels per day, and the refinery utilization rate was 95.5%, up 1.6 percentage points [2][9]. - **Crude Oil Import and Export**: US crude oil imports, exports, and net imports were 5.98, 3.86, and 2.12 million barrels per day respectively, with weekly changes of - 400, + 340, and - 740 thousand barrels per day [2][9]. 3.2 This Week's Petroleum and Petrochemical Sector Market Review - **Sector Performance**: The report shows the performance of the petroleum and petrochemical sector and its sub - industries, as well as the performance of listed companies in the sector [13][23]. - **Company Performance**: It details the stock price changes of various upstream companies in the sector over different time - frames, including CNOOC, PetroChina, and Sinopec [24]. 3.3 Crude Oil Sector Data Tracking - **Price**: It analyzes the prices of different types of crude oil (Brent, WTI, Russian Urals, Russian ESPO) and their relationships with other factors such as the US dollar index and copper prices [9][41][46]. - **Inventory**: It examines the relationship between US commercial crude oil inventory and oil prices, and presents the inventory data of different types of US crude oil [48][52][62]. - **Supply**: It tracks US crude oil production, the number of oil rigs, and the number of fracturing fleets [65][67][71]. - **Demand**: It monitors US refinery processing volume and utilization rate, as well as the utilization rate of Chinese refineries [74][75][80]. - **Import and Export**: It shows US crude oil import, export, and net import data [86][87][92]. 3.4 Refined Oil Sector Data Tracking - **Price**: It analyzes the prices of refined oil products (gasoline, diesel, jet fuel) in different regions (US, China, Europe, Singapore) and their spreads with crude oil [10][97][123]. - **Inventory**: It presents the inventory data of US and Singapore refined oil products [142][143][154]. - **Supply**: It tracks the production of US refined oil products [160][161][164]. - **Demand**: It monitors the consumption of US refined oil products and the number of US airport passengers [165][166][169]. - **Import and Export**: It shows the import, export, and net export data of US refined oil products [177][178][183]. 3.5 Oilfield Services Sector Data Tracking It tracks the average daily rates of self - elevating and semi - submersible drilling platforms [192][194][195]. 3.6 Recommended Companies The report recommends CNOOC, PetroChina, Sinopec, CNOOC Energy Technology & Services, Offshore Oil Engineering, and CNOOC Energy Development. It also suggests paying attention to Sinopec Oilfield Service, China Petroleum Engineering & Construction, and Sinopec Mechanical Engineering [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This week, the yield of the 10-year active Treasury bond rose from 1.664% last Friday to 1.664% + 6.85bp = 1.7325%. The "anti-involution" policy and the start of the Yarlung Zangbo River hydropower project extended the stock-bond seesaw last week to the commodity-bond seesaw this week. By referring to the supply-side reform from 2015 - 2017, it is predicted that the PPI year-on-year will steadily recover but is unlikely to turn positive this year, and the recovery of the year-on-year growth rate of social financing stock requires time and central bank support. It is expected that the interest rate will mainly show a downward trend this year [1][18]. - Last week, overseas markets generally continued the previous week's trend, with US Treasuries falling and US stocks remaining flat. The short - end of US Treasuries rose less than the long - end. Considering the impact of Trump's tariff policy on prices and the support of stablecoins for the short - end of US Treasuries, and based on the new data, the report analyzes the US economic data in July 2025, including PMI, housing sales, unemployment benefits, and EIA crude oil inventory. The "Shadow Fed Chairman" and Trump are pressuring the Fed to cut interest rates. The probability of a 25bp interest rate cut in July remains at 4.1%, while the probability of a rate cut in September has increased to 61.9% [3][7]. 3. Summary According to the Table of Contents 3.1 One - Week Views 3.1.1 Impact of "Anti - Involution" Policy on Commodity - Bond Seesaw - This week (July 21 - 25, 2025), the yield of the 10 - year active Treasury bond rose 6.85bp from 1.664% last Friday to 1.7325%. The start of the Yarlung Zangbo River hydropower project and the "anti - involution" policy affected the bond market. The yield increased on most days, with a slight decline on Friday [1]. - By looking back at the supply - side reform from 2015 - 2017, there was a one - year lag between the rise in commodity prices and bond yields. It is predicted that the PPI year - on - year will recover but not turn positive this year, and the recovery of the social financing stock growth rate needs time and central bank support. It is expected that the interest rate will mainly decline this year [18]. 3.1.2 Outlook for US Treasury Yields After Data Release - Last week, overseas markets continued the previous week's trend, with US Treasuries falling and US stocks remaining flat. The short - end of US Treasuries rose less than the long - end. The report analyzes the July 2025 US economic data: the service PMI decreased, the manufacturing PMI increased; the EIA crude oil inventory decreased by 316.9 million barrels; the annualized month - on - month decline in existing home sales in June was 2.7%; the number of initial jobless claims decreased, and the number of continued jobless claims increased. The "Shadow Fed Chairman" and Trump are pressuring the Fed to cut interest rates. As of July 25, the probability of a 25bp interest rate cut in July remained at 4.1%, and the probability of a rate cut in September increased to 61.9% [3][7]. 3.2 Domestic and Overseas Data Summaries 3.2.1 Liquidity Tracking - In terms of open - market operations, from July 21 - 25, 2025, the net investment was 1295 billion yuan. The money market interest rates generally increased compared to last week [40]. - The yields of various bonds and the term spreads of bonds also changed. For example, the yields of 1 - year and 3 - year Treasury bonds increased, and the term spreads of some bonds also changed [48]. 3.2.2 Domestic and Overseas Macroeconomic Data Tracking - Steel prices significantly increased. For example, the price of HRB400 20mm rebar nationwide rose from 3321 yuan/ton on July 18 to 3472 yuan/ton on July 25, an increase of 151 yuan/ton [55]. - The official prices of LME non - ferrous metal futures all increased. For example, the price of LME 3 - month zinc rose from 2782 dollars/ton on July 18 to 2845 dollars/ton on July 25, an increase of 2.26% [57]. - The total commercial housing transaction area increased across the board [56]. 3.3 One - Week Review of Local Government Bonds 3.3.1 Primary Market Issuance Overview - This week, 61 local government bonds were issued in the primary market, with a total issuance amount of 3757.55 billion yuan, a repayment amount of 828.46 billion yuan, and a net financing amount of 2929.09 billion yuan. The top three provinces in terms of issuance amount were Zhejiang, Chongqing, and Guangdong [68]. - One province issued special refinancing bonds to replace hidden debts, with Henan issuing 118.6481 billion yuan. From January 1 to July 25, 2025, the total issuance of such bonds nationwide was 18364.35 billion yuan [71]. - The total early redemption scale of urban investment bonds this week was 19.58 billion yuan, with Chongqing, Gansu, and Yunnan leading in redemption amount [75]. 3.3.2 Secondary Market Overview - The stock of local government bonds this week was 52.3 trillion yuan, the trading volume was 3861.04 billion yuan, and the turnover rate was 0.74%. The top three provinces in terms of trading activity were Guangdong, Shandong, and Sichuan. The top three active trading maturities were 30Y, 20Y, and 10Y [80]. - The yields of local government bonds generally declined this week [84]. 3.3.3 This Month's Local Government Bond Issuance Plan The report shows the local government bond issuance plan for the end of July, with multiple provinces having planned issuances [85]. 3.4 One - Week Review of the Credit Bond Market 3.4.1 Primary Market Issuance Overview - This week, 370 credit bonds were issued in the primary market, with a total issuance amount of 3508.44 billion yuan, a total repayment amount of 2959.29 billion yuan, and a net financing amount of 549.15 billion yuan, an increase of 96.95 billion yuan compared to last week [87]. - Specifically, the net financing amount of urban investment bonds was - 308.31 billion yuan, and that of industrial bonds was 857.46 billion yuan [88]. 3.4.2 Issuance Interest Rates The issuance interest rates of various bonds changed. For example, the issuance interest rate of short - term financing bonds decreased by 3.55bp, while that of medium - term notes increased by 9.57bp [99]. 3.4.3 Secondary Market Transaction Overview - The trading volume of credit bonds in the secondary market was 5722.35 billion yuan. Among them, the trading volume of medium - term notes was the largest, reaching 3252.69 billion yuan [101]. 3.4.4 Yield to Maturity - The yields of various bonds generally increased. For example, the yield of 1 - year short - term financing bonds increased by 9.61bp, and the yield of 3 - year medium - term notes increased by 10.40bp [104]. 3.4.5 Credit Spreads - The credit spreads of short - term financing bonds and medium - term notes generally widened, while those of urban investment bonds showed a differentiated trend [109][116]. 3.4.6 Rating Spreads - The rating spreads of short - term financing bonds, medium - term notes, and corporate bonds generally widened, while those of urban investment bonds showed a differentiated trend [120][125]. 3.4.7 Trading Activity - The report lists the top five most actively traded bonds in each bond type. The industrial industry had the largest weekly trading volume of credit bonds, reaching 3262.06 billion yuan [133]. 3.4.8 Changes in Subject Ratings There were no bonds with upgraded or downgraded ratings or outlooks this week [134].

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Viewpoints - The report emphasizes the importance of high prosperity investment directions and suggests a continuous focus on these areas for sustained offensive strategies [3][20] Summary by Sections A-share Market Overview (July 21-25, 2025) - The top three broad indices were: STAR 50 (up 4.63%), STAR Composite Index (up 3.95%), and STAR 100 (up 3.72%). The bottom three were: Shanghai 50 (up 1.12%), Shenzhen Dividend (up 1.33%), and Shanghai Index (up 1.67%) [12] - The top three style indices were: Mid-cap Value (up 4.29%), Small-cap Value (up 3.85%), and Mid-cap Growth (up 3.55%). The bottom three were: Large-cap Value (down 0.11%), Financial (up 0.36%), and National Value (up 1.32%) [14] - The top three Shenwan first-level industry indices were: Building Materials (up 8.20%), Coal (up 7.98%), and Steel (up 7.67%). The bottom three were: Banking (down 2.87%), Communication (down 0.77%), and Utilities (down 0.27%) [18] A-share Market Outlook (July 28 - August 1, 2025) - The macro model continues to signal holding positions, indicating that any short-term adjustments may be limited in time and space, presenting new opportunities [20] - The technical timing model shows that the Wind All A Index has a risk level of 106.78 and a composite momentum score of 69.78, indicating a strong upward trend and potential for increased volatility and sustained growth [20][24] - The report suggests maintaining positions in the A-share market, focusing on high prosperity trends, and highlights structural market movements, particularly in the STAR 50 and semiconductor sectors [21][23] Fund Allocation Recommendations - The report recommends a balanced ETF allocation strategy, emphasizing the importance of selecting ETFs with a minimum one-year establishment period and a fund size exceeding 100 million [67][68] - The report lists several recommended ETFs, including those focused on steel, non-ferrous metals, robotics, and 5G communications, among others [70]

Investment Rating - Maintain "Buy" rating for the machinery equipment industry [1] Core Insights - The engineering machinery sector is poised for significant opportunities due to the commencement of the Yarlung Zangbo River downstream hydropower project, with an estimated total investment of approximately 1.2 trillion yuan, which is expected to drive domestic machinery demand by 100-150 billion yuan [2] - The project will require a variety of large machinery, including excavators and concrete machinery, with an annual equipment demand increase projected at 15-20 billion yuan, potentially reaching 20-30 billion yuan when considering electrification and automation [2] - The report highlights the importance of lightweight materials in humanoid robots, with a focus on magnesium alloys and PEEK materials, which are expected to enhance performance and reduce weight [3][4] Summary by Sections Recommended Stocks - Key stocks to focus on include SANY Heavy Industry, Hengli Hydraulic, and others in the engineering machinery sector [1][16] Engineering Machinery - The Yarlung Zangbo River hydropower project is expected to significantly boost the demand for engineering machinery, with a total investment of around 1.2 trillion yuan [2] - The project will create a demand for large-scale machinery, with a projected annual profit increase of 3-4 billion yuan for main engine manufacturers [2] Robotics - The humanoid robot sector is experiencing rapid advancements, with the introduction of new products like the Unitree R1, which showcases capabilities such as dynamic movement [3] - The report emphasizes the trend towards lightweight designs in robotics, with a focus on materials like magnesium alloys and PEEK, which are expected to enhance performance [4][5] Lithium Battery Equipment - The launch of a new electric vehicle model with a semi-solid-state battery by SAIC is expected to benefit equipment manufacturers in the solid-state battery sector [5] - Key suppliers for solid-state battery equipment include companies like Xian Dao Intelligent and Hanke Technology, which are positioned to benefit from the growing demand [5][35] Oil and Gas Equipment - The report highlights the growth potential in the Middle East oil service market, with significant investments expected in energy projects [37][38] - Companies like Jereh and Neway are recommended due to their strong positioning and growth in the Middle East market [41]

Market Overview - The average daily trading volume of the entire A-share market reached 1.85 trillion CNY, an increase of over 300 billion CNY compared to the previous week[8] - The Shanghai Composite Index experienced a weekly decline of 1.67%[12] Market Style Performance - The ChiNext 50 index led the gains with a weekly increase of 4.63%[12] - Small-cap growth stocks showed a relative advantage over value stocks, maintaining positive returns in the rolling 30-day performance[15] Participant Performance - The Social Security heavy stock index outperformed with a weekly increase of 3.65%[21] - The Fund heavy stock index also performed well, rising by 3.07% during the week[21] Market Sentiment - The total margin trading balance increased to over 1.94 trillion CNY[30] - The number of stocks hitting the daily limit up was 130, indicating a strong market sentiment at the beginning of the week[25] Industry Trends - Key sectors showing strength included semiconductors and renewable energy, driven by domestic policy support and technological advancements[42] - The launch of the Yarlung Tsangpo River hydropower station on July 19 is expected to boost cyclical industries[42] Risk Factors - Economic recovery may not meet expectations, potentially increasing market uncertainty[49] - Geopolitical risks and uncertainties surrounding U.S. policies towards China could negatively impact A-share liquidity[49]

Investment Rating - The report assigns an "Accumulate" rating to the company for the first time, considering its differentiated layout in solid-state battery solutions and potential benefits from the industrialization of solid-state batteries [11]. Core Viewpoints - The company, Xinyuren, is a leader in lithium battery drying equipment and is actively expanding into new energy and emerging fields, focusing on high-end equipment research, production, and sales [2][16]. - Xinyuren has developed a comprehensive product matrix covering all stages of liquid lithium battery manufacturing, including the innovative SDC coating machine, which offers competitive advantages in speed, uniformity, and efficiency [3][21]. - The company is launching a differentiated dry solution for halide electrolytes, aiming to benefit from the solid-state battery market by developing both energy-type and fast-charging-type solid-state electrolytes [4][56]. Summary by Sections 1. Company Overview - Xinyuren specializes in lithium-ion battery intelligent manufacturing equipment, focusing on drying and coating equipment, and has expanded into hydrogen fuel cells, optoelectronics, and medical fields [2][16]. - The company has established a strong technical advantage and market competitiveness through a three-in-one R&D system of high-end equipment, processes, and new materials [2][16]. 2. Product Development - The company has a complete product matrix that includes drying equipment, coating machines, roller cutting equipment, and hydrogen fuel cell equipment, providing diversified solutions for intelligent manufacturing [3][21]. - The SDC coating machine is noted for its fast coating speed and high utilization rate of coating liquid, enhancing its competitive position in the industry [3][21]. 3. Financial Performance - The company is expected to see a revenue of 5.83 billion yuan in 2025, with a projected growth of 21.5% in 2026 and 18.6% in 2027 [11][61]. - The forecasted net profit for 2025-2027 is 8.5 million yuan, 54.7 million yuan, and 79.4 million yuan respectively, with corresponding P/E ratios of 346, 54, and 37 [11][61]. 4. Market Position and Strategy - Xinyuren is positioned to benefit from the solid-state battery industry's growth, with a focus on developing low-cost, high-ion conductivity halide solid-state electrolytes [4][56]. - The company plans to establish a pilot production line within three years to validate its energy-type and fast-charging-type solid-state electrolytes [4][56].