Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue growth of approximately 12% year-on-year in the first half of 2025, with a projected net profit attributable to shareholders ranging from 368 to 388 million yuan, reflecting a year-on-year increase of 24.3% to 31.06% [7] - The core products are showing steady growth, with significant results from the expansion of the OTC (over-the-counter) channels, which is expected to enhance the company's profitability [7] - The strategic layout of "Wuling Fungus+" is anticipated to open a second growth curve in the medium term, with plans to invest 20 million yuan in developing unique products related to Wuling Fungus [7] Financial Forecasts - The company’s total revenue is projected to reach 3,178 million yuan in 2025, with a year-on-year growth of 23.29% [1] - The net profit attributable to shareholders is forecasted to be 655.34 million yuan in 2025, representing a year-on-year increase of 29.06% [1] - The earnings per share (EPS) is expected to be 0.93 yuan in 2025, with a price-to-earnings (P/E) ratio of 20.26 based on the current price [1]

1. Report Industry Investment Rating - Expected to outperform the benchmark by more than 5% in the next 6 months (Industry investment rating: Overweight) [49] 2. Core Views of the Report - Solid-state batteries offer stronger safety and higher energy density but face issues such as low ionic conductivity, poor cycle life, and relatively high costs [2][8][10] - There are diverse technological routes for solid-state batteries, with sulfides being the current mainstream direction [2][17][19] - With increased policy and industrial chain support, the commercialization of solid-state batteries is accelerating, and it is expected that the demand will reach 100 GWh by 2030 [2][22][28] - Considering the accelerated technological iteration of solid-state batteries, the successive establishment of pilot lines, and the continuous emergence of new technologies in equipment and materials, specific companies are recommended for investment [2][44] 3. Summary by Relevant Catalogs 3.1 Solid-state Batteries: Stronger Safety and Higher Energy Density - Solid-state batteries use non-flammable solid electrolytes instead of liquid electrolytes, achieving higher energy density and stronger safety [6][8][10] - The energy density of solid-state batteries can exceed 500 Wh/kg, breaking through the energy density bottleneck of liquid batteries and enabling longer electric vehicle range [8] - Solid-state batteries are safer because solid electrolytes have a higher melting point and can suppress lithium dendrite growth, reducing the risk of thermal runaway and short circuits [10] - Solid-state batteries have disadvantages such as low ionic conductivity, poor cycle life, and high production costs [12][15] 3.2 Diverse Technological Directions with Sulfides as the Mainstream - Solid-state batteries can be divided into four technological routes: polymers, oxides, sulfides, and halides, each with its own advantages and disadvantages [17][18] - Sulfide solid electrolytes have the greatest potential in the future, with high ionic conductivity, good interface contact performance, and flexibility, making them the key layout direction for mainstream manufacturers [19] 3.3 Increased Policy and Industrial Chain Support, Accelerating Solid-state Commercialization - The national level has successively issued policies to support the development of solid-state batteries, accelerating the industrialization process [22][23] - Battery manufacturers have updated their solid-state progress, with small-scale mass production expected in 2027 and large-scale mass production in 2030 [24][25] - Automobile manufacturers have released solid-state-related plans, with small-scale mass production expected in 2027 and large-scale implementation in vehicles by 2030 [26][27] - With the support of leading enterprises and the industrial chain, the mass production speed of solid-state batteries is expected to exceed expectations, and the cost is expected to approach that of liquid batteries by 2030 [28][30] 3.4 North Exchange Industrial Chain Targets - The solid-state battery industrial chain includes upstream (mineral resources, positive electrodes, negative electrodes, solid electrolytes, production equipment), midstream (cells, batteries, PACK, BMS), and downstream (consumer, power, energy storage, aerospace fields) [33] - Lingge Technology provides an automated overall solution for front-end materials in solid-state batteries and is expected to benefit from the development of the solid-state battery industry [34] - Nakonor is a pioneer in dry electrode equipment, continuously expanding into the solid-state field, and its products are expected to increase in value and contribute to the company's performance [37] - Yuanhang Precision focuses on the R & D of nickel-copper/nickel-aluminum layered composites, aiming to meet the technical requirements of iron-based current collectors for solid-state batteries [39] - The report recommends Nakonor, Yuanhang Precision, and Lingge Technology, and suggests paying attention to other companies such as BTR, Tianma New Materials, Wuhan Landian, Liwang Co., Ltd., Lijia Technology, Yintu Network, and Haixi Communication [2][44]

Macro Strategy - The report indicates that the US non-farm payrolls for June exceeded expectations, leading to a delay in interest rate cut expectations to September. The 10-year US Treasury yield rose by 6.89 basis points to 4.346% during the week [1][15][17] - The ISM services PMI returned above the expansion line, reflecting strong economic data, while the unemployment rate decreased, contributing to a positive market sentiment [1][15][17] - The signing of Trump's "One Big Beautiful Bill" (OBBB) increased the debt ceiling by $5 trillion to $41 trillion, which may lead to a "buy the rumor, sell the news" trading pattern [1][15][17] Fixed Income - In the week of June 30 to July 4, 12 green bonds were issued in the interbank and exchange markets, totaling approximately 34.961 billion yuan, an increase of 3.531 billion yuan from the previous week [4] - The secondary market saw a total trading volume of green bonds amounting to 56.2 billion yuan, a decrease of 17.3 billion yuan from the previous week [4] Industry Analysis Robotics and Automation - The report highlights that the human-like robot sector is entering a year of mass production, with supply chain adjustments and component innovations being crucial. Tesla's Musk has set a production target of 5,000 to 10,000 units for the year [7][8] - The report emphasizes the importance of component innovations such as dexterous hands and lightweight materials in enhancing robot capabilities [7][8] Insurance Industry - The insurance sector is expected to see improvements on both the liability and asset sides, with low valuations and low holdings providing a balanced risk-reward profile. The estimated valuation for the insurance sector is between 0.61-0.96 times PEV and 0.98-2.21 times PB, indicating historical lows [9] REITs - The report discusses the potential of REITs in a low-interest-rate environment, highlighting the importance of policy support and structural optimization to enhance investment value. The diversification of asset types is expected to accelerate, with new assets like data centers and wind power emerging [10] Engineering Machinery - The domestic engineering machinery market is at the beginning of an upward cycle, with a projected demand growth of 0-3% for the year. The report notes that the export market remains strong, contributing to high industry sentiment [11] Unmanned Forklift Industry - The report suggests that the unmanned forklift sector is poised for rapid growth driven by AI technology and smart logistics. It recommends investing in leading companies in the smart forklift space [12] Consumer Services - The analysis of consumer spending in China indicates that the overall consumption rate is low, with both service and goods consumption needing improvement. The service consumption rate in China was 21.1% in 2019, compared to an average of 28.4% across 43 countries [20][21]

Group 1: Human-shaped Robots - The global human-shaped robot market is entering a mass production phase, with significant attention on supply chain adjustments and incremental changes in components [2][6][12] - Tesla aims to produce 5,000 to 10,000 units of its humanoid robot in 2025, with production schedules affected by trade tensions and personnel changes [2][9] - Domestic companies like Yuzhu, Zhiyuan, and Ubtech are leading in mass production, while automotive firms such as Xiaopeng and Xiaomi are preparing for official product launches [2][9][10] Group 2: AIDC (Artificial Intelligence Data Center) - The overseas supply chain continues to deliver high profitability, with Nvidia exceeding expectations and domestic cloud vendors increasing CAPEX investments [2][4] - New computing cards are expected to accelerate investment rhythms, with upcoming models like DeepseekR2 anticipated to drive long-term demand [2][4] - Domestic power supply upgrades are projected to enhance profit margins for related companies, with a focus on HVDC penetration rates [2][4] Group 3: Industrial Control - Domestic demand for industrial control has shown signs of recovery, with a year-on-year increase in H1, particularly in logistics, packaging, and engineering machinery sectors [2][4] - The overall demand for industrial control is expected to grow by 0-3% for the year, with ongoing price competition among domestic manufacturers [2][4] - Key players in the market are focusing on humanoid components, with significant overseas expansion opportunities [2][4] Group 4: Power Grid - Domestic investment in the power grid is expected to grow by over 10% this year, with a focus on ultra-high voltage projects [2][4] - The approval pace for power grid projects is anticipated to accelerate in H2, with new electricity trading models emerging [2][4] - Overseas supply is returning to a growth phase, with demand from data centers and power grids driving market recovery [2][4] Group 5: Investment Recommendations - Recommended companies in the humanoid robot sector include Sanhua Intelligent Controls, Top Group, and others, with a focus on emerging players like Fengcai Technology and Lingyun Co [2][4] - AIDC recommendations include Megmeet, Heweike, and others, with attention on companies like Keda Data and Invec [2][4] - Industrial control recommendations feature Huichuan Technology, Hongfa Technology, and others, with a focus on Hechuan Technology and Zhengxian Electric [2][4] - Power grid recommendations include Siyi Electric, Samsung Medical, and others, with attention on Huaming Equipment and Weisheng Information [2][4]

Investment Rating - The report maintains an "Overweight" rating for the REITs industry [1] Core Insights - The REITs market in China has evolved significantly since the pilot program began in 2021, focusing on infrastructure and public goods, with a dual structure of public funds and ABS [2][13] - The low interest rate environment enhances the attractiveness of REITs as high-yield assets, with strong policy support expected to drive market growth [3][6] - The asset selection logic is shifting from policy-driven to cash flow quality-oriented, indicating a trend towards higher asset quality [32] Summary by Sections 1. REITs Basic Information: Product Structure and Differences - REITs are financial instruments that convert stable cash flows from real estate into tradable securities, providing liquidity and investment opportunities for long-term funds [12] - China's REITs focus on policy goals and liquidity, with a dual structure emphasizing compliance and transparency [13][16] - The types of assets included in the REITs pilot program have expanded to 13 categories, including industrial parks and affordable rental housing [13] 2. REITs Development Review: Policy Foundation and Market Expansion - The market has seen fluctuations in issuance scale, with 2023 experiencing a decline due to macroeconomic pressures, but a rebound is expected in 2024 [36] - The issuance mechanism involves a high proportion of strategic placements, averaging 72.2%, which enhances project stability but limits secondary market liquidity [38] 3. Future Outlook: Finding Allocation Value in a Low-Interest Era - The diversification of asset types is accelerating, with new categories like data centers and wind power expected to emerge by 2025 [6][3] - Long-term capital inflows are anticipated to increase, driven by the rising proportion of insurance and pension fund holdings [6][3] - The market is expected to continue expanding, with performance across sectors aligning more closely with the underlying asset logic [6][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see stable nickel profits in Q2, with cobalt performance showing elasticity. The forecast for H1 2025 indicates a net profit of 2.6-2.8 billion, representing a year-on-year increase of 56%-68% [7] - Nickel wet-process projects are expected to continue overproducing, with a projected shipment of over 70,000 tons in Q2, maintaining stable profits. The company anticipates nickel intermediate shipments of over 280,000 tons for the year, a 25% increase year-on-year [7] - Cobalt prices are expected to rise, potentially leading to a second wave of price increases in the second half of the year, with the company’s cobalt projects contributing significantly to profits [7] - Copper is expected to contribute stable profits, while lithium is projected to break even. The company aims for a total copper shipment of 90,000 tons for the year, contributing 700-800 million in profits [7] - The sales of positive materials are expected to recover significantly, with a target of 130,000 tons for the year, a 30% increase year-on-year [7] - The profit forecast has been adjusted upwards for 2025-2027, with expected net profits of 6 billion, 6.75 billion, and 8.24 billion respectively, reflecting a growth of 44%, 12%, and 22% [7] Financial Summary - Total revenue for 2023 is projected at 66.304 billion, with a year-on-year growth of 5.19%. The net profit attributable to the parent company is expected to be 3.351 billion, down 14.25% year-on-year [1] - The earnings per share (EPS) for 2025 is estimated at 3.53 yuan, with a price-to-earnings (P/E) ratio of 10.58 [1] - The company’s total assets are projected to reach 138.963 billion by 2025, with total liabilities of 84.779 billion [8]

Macro Strategy - The report indicates that the US non-farm payrolls for June exceeded expectations, leading to a delay in interest rate cuts to September, with the 10-year US Treasury yield rising by 6.89 basis points to 4.346% [1][12][13] - The ISM services PMI returned above the expansion line, reflecting strong economic data, while the unemployment rate decreased, contributing to a positive market sentiment [1][12][13] - The signing of Trump's "One Big Beautiful Bill" (OBBB) increased the debt ceiling by $5 trillion to $41 trillion, which may shift market dynamics from "buy the rumor, sell the news" [1][12][13] Fixed Income - In the week of June 30 to July 4, 12 green bonds were issued in the interbank and exchange markets, totaling approximately 34.961 billion yuan, an increase of 3.531 billion yuan from the previous week [4][19] - The secondary market saw a total trading volume of green bonds amounting to 56.2 billion yuan, a decrease of 17.3 billion yuan from the previous week [4][19] - The report suggests that the central bank will continue to buy government bonds as a policy tool to support bank balance sheets, with the 10-year government bond yield expected to fluctuate between 1.6% and 1.7% [6][22] Industry Analysis - Hangcha Group (603298) is set to acquire Guozhi Robotics, enhancing its smart forklift layout, with profit forecasts for 2025-2027 at 2.2 billion, 2.4 billion, and 2.7 billion yuan, maintaining a "buy" rating [8] - Anker Innovations (300866) has seen its 3D texture printer crowdfunding reach historical highs, with adjusted revenue forecasts for 2025-2027 at 2.46 billion, 3.35 billion, and 4.22 billion yuan, maintaining a "buy" rating despite short-term profit adjustments [8] - Yutong Bus (600066) reported a significant increase in sales for H1 2025, with revenue forecasts for 2025-2027 at 42.9 billion, 49.9 billion, and 56.7 billion yuan, maintaining a "buy" rating [9][10] - Yanjing Beer (000729) continues to show strong growth potential with updated profit forecasts for 2025-2027 at 1.505 billion, 1.845 billion, and 2.204 billion yuan, maintaining a "buy" rating [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant year-on-year growth in its half-year performance for 2025, with a projected net profit increase of 193% to 228% [7] - The growth is primarily driven by the company's global strategy, with a notable increase in overseas project deliveries and a shift to a higher value-added delivery model [7] - The company has successfully completed the delivery of a major offshore wind project in the Baltic Sea, marking a significant achievement in its international operations [7] - The European offshore wind sector continues to receive substantial government subsidies, which may further support the company's growth [7] - The profit forecast has been revised upwards, with expected net profits for 2025-2027 now at 11.0 billion, 15.1 billion, and 20.0 billion respectively, reflecting a growth rate of 133%, 37%, and 32% [7] Financial Projections - Total revenue for 2023 is projected at 4,325 million, with a significant increase to 6,752 million in 2025, representing a year-on-year growth of 78.63% [1] - The net profit attributable to shareholders is expected to rise from 425.16 million in 2023 to 1,102.04 million in 2025, indicating a growth of 132.56% [1] - The earnings per share (EPS) is forecasted to increase from 0.67 in 2023 to 1.73 in 2025 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 50.87 in 2023 to 19.62 in 2025, suggesting improved valuation [1]

Investment Rating - The industry investment rating is maintained at "Add" [1] Core Viewpoints - Domestic market shows resilience with June excavator sales increasing by 13% year-on-year, indicating a recovery in demand [1] - The export market remains strong, with excavator exports up by 19% year-on-year in June, supported by improving global investment sentiment [2] - Emerging markets are experiencing high demand, and domestic non-excavator segments are showing signs of recovery, enhancing profit certainty for manufacturers [3] Summary by Sections Domestic Market - In June 2025, excavator sales reached 18,804 units, with domestic sales at 8,136 units, reflecting a 6% year-on-year increase. Cumulative domestic excavator sales for the first half of 2025 were 65,637 units, up 22.9% year-on-year. Loader sales in June were 12,014 units, with domestic sales at 6,015 units, increasing by 14% year-on-year. The report suggests that the engineering machinery sector can achieve considerable growth throughout the year due to factors such as improved funding availability and ongoing replacement demand [1] Overseas Market - In June 2025, excavator exports totaled 10,668 units, a 19% year-on-year increase, while loader exports reached 5,999 units, up 9%. For the first half of 2025, cumulative excavator exports were 54,883 units, reflecting a 10% year-on-year increase. Despite some downward pressure in regions like Europe and Russia, demand in emerging markets such as the Middle East, Southeast Asia, Africa, and South America remains strong. The anticipated reduction in tariff uncertainties is expected to boost market recovery [2] Profitability and Market Conditions - The report indicates that over 80% of profits for engineering machinery manufacturers come from overseas markets, with significant contributions from regions like Indonesia, South America, Africa, the Middle East, and Europe. The first half of 2025 saw a recovery in overseas demand, supporting manufacturer profits. Additionally, the domestic non-excavator segment is expected to recover, with profit margins projected to improve from 15% to 20% in 2025, reducing previous profit drag [3] Investment Recommendations - The report suggests that the domestic market is at the beginning of an upward cycle, with 2-3 years of growth potential remaining. The overseas emerging market expansion is progressing well, maintaining high demand levels. Recommended stocks include Sany Heavy Industry, a leading comprehensive manufacturer, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic [4]

杭叉智能拟收购国自机器人，智能叉车布局 渐趋完善 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 16,299 | 16,486 | 17,746 | 19,160 | 20,709 | | 同比（%） | 13.09 | 1.15 | 7.64 | 7.97 | 8.08 | | 归母净利润（百万元） | 1,716 | 2,022 | 2,212 | 2,411 | 2,659 | | 同比（%） | 73.76 | 17.86 | 9.39 | 9.01 | 10.26 | | EPS-最新摊薄（元/股） | 1.31 | 1.54 | 1.69 | 1.84 | 2.03 | | P/E（现价&最新摊薄） | 16.48 | 13.99 | 12.79 | 11.73 | 10.64 | [Table_Tag] [投资要点 Table_Summary] ◼ 事件：7 月 7 日，杭叉集团发布关于控股子公司 ...