发放运营牌照，上海政策助推 Robotaxi 落地 ——行业周报 | 赵旭杨（分析师） | 徐剑峰（联系人） | 王镇涛（联系人） | | --- | --- | --- | | zhaoxuyang@kysec.cn | xujianfeng@kysec.cn | wangzhentao@kysec.cn | | 证书编号：S0790523090002 | 证书编号：S0790123070014 | 证书编号：S0790124070021 | 本周专题：发放运营牌照，上海政策助推 Robotaxi 落地 7 月 26 日世界人工智能大会上，上海新一批智能网联汽车示范运营牌照发放，运 营牌照发放意味着上海的自动驾驶从"道路测试"正式向"规模运营"跃升，有 望进一步推动 L4 自动驾驶的大规模商业化应用。会上还发布《上海高级别自动 驾驶引领区"模速智行"发展行动方案》，总体目标为 2027 年基本建成全球领 先的高级别自动驾驶引领区，形成有国际竞争力的智能网联产业集群。 本周观点：智驾关注技术、政策、产业产生积极变化，行业迈向行稳致远 （1）智驾方面，技术端：特斯拉召开业绩交流，未来仍将大幅提升车端模型参 数量 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to offer good investment opportunities due to the downward pressure on bond market interest rates, the "asset shortage" logic, and the expected inflow of social security and pension funds [5][6] - The market remains active with 12 REITs funds waiting to be listed, indicating ongoing interest and activity in the sector [8] Market Overview - As of the 30th week of 2025, the CSI REITs (closing) index was 860.11, up 8.11% year-on-year but down 1.79% month-on-month; the CSI REITs total return index was 1087.36, up 16.32% year-on-year but down 1.56% month-on-month [5][21] - The trading volume in the REITs market reached 741 million units, a year-on-year increase of 12.1%, with a transaction value of 3.348 billion yuan, up 29.17% year-on-year [28][30] Sector Performance - Weekly and monthly performance for various REIT sectors showed declines: affordable housing (-3.09%), environmental (-2.02%), expressways (-1.32%), industrial parks (-0.87%), warehousing and logistics (-0.69%), energy (-3.75%), and consumer REITs (-0.82%) [38][55] - Monthly performance for these sectors included declines for affordable housing (-5.88%), environmental (+0.04%), expressways (-1.64%), industrial parks (-1.22%), warehousing and logistics (+0.15%), energy (-4.85%), and consumer (-0.90%) [38] Recent Developments - Tianhong Consumer REIT has submitted its initial public offering application to the Shenzhen Stock Exchange, while Chuangjin Hexin Shounong REIT has successfully listed on the Shanghai Stock Exchange, raising 3.685 yuan per share with a total fundraising of 3.685 billion yuan [6][14]

Group 1 - The report highlights the selection of 12 innovative companies from the North Exchange, focusing on their strong technological attributes and scarcity in the market, with an average revenue of 582 million yuan and an average net profit of 72.05 million yuan for 2024 [2][4][10] - Key selected companies include: - Caike Technology: A specialized fine chemical "little giant" with expected revenue of 454 million yuan and net profit of 115.64 million yuan in 2024 [2][3] - Meikang Co., Ltd.: A leader in medical knowledge base construction, with expected revenue of 245 million yuan and net profit of 91.09 million yuan in 2024 [2][3] - Aikem: A "little giant" in pre-dispersed rubber additives, with expected revenue of 516 million yuan and net profit of 84.22 million yuan in 2024 [2][3] - Fuyin New Materials: A "little giant" in precision functional materials, with expected revenue of 724 million yuan and net profit of 81.83 million yuan in 2024 [3][4] - Tianjian New Materials: A leading company in high-performance modified plastics, with expected revenue of 1.129 billion yuan and net profit of 63.52 million yuan in 2024 [3][4] - Juxin Technology: A "little giant" in semiconductor power devices, with expected revenue of 564 million yuan and net profit of 54.53 million yuan in 2024 [3][4] - Tiniou Technology: Focused on semiconductor cleaning equipment, with expected revenue of 148 million yuan and net profit of 49.08 million yuan in 2024 [3][4] Group 2 - The North Exchange has a rich reserve of new productivity companies, including 189 companies accepted for listing, covering high-end equipment manufacturing, TMT, chemical new materials, consumption, and biomedicine [1][10][13] - Among the companies awaiting approval, 153 are in various stages, with the highest number in high-end equipment (54 companies) and TMT (28 companies), showing an average revenue of 830 million yuan and net profit of 95.79 million yuan for 2024 in the high-end equipment sector [1][13][14] - The report emphasizes the importance of innovation and technology in driving industrial growth and enhancing productivity, aligning with government initiatives to promote a modern industrial system [10][12]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights a significant increase in trading volume, with daily stock transactions exceeding 2 trillion yuan, indicating a robust market recovery [4] - The report emphasizes the low allocation of the brokerage sector in actively managed funds, suggesting potential for growth as the sector remains undervalued [4] - The insurance sector is experiencing a reduction in preset interest rates, which is expected to lower liability costs and enhance the competitiveness of traditional insurance products [5] Summary by Sections Non-Bank Financials - The brokerage sector's daily trading volume has reached 2.23 trillion yuan, a 19.4% increase week-on-week, reflecting heightened market activity [4] - The report notes that the allocation of brokerages in actively managed funds is only 0.78%, which is significantly below the average of the past five years, indicating a potential for reallocation and growth [4] Insurance - The preset interest rate for ordinary life insurance has been adjusted down to 1.99%, a decrease of 14 basis points from the previous rate, aligning with market expectations [5] - Major insurance companies are adjusting their new insurance products' preset interest rates, which is anticipated to accelerate the industry's transformation and improve the cost-effectiveness of dividend insurance products [5] Recommended and Beneficiary Stocks - Recommended stocks include Guotai Junan, Dongfang Securities, Hong Kong Exchanges, and others, while beneficiary stocks include Guosen Securities and China Pacific Insurance [6]

Group 1 - In the first half of 2025, the number of public funds heavily invested in North Exchange companies reached a record high of 39 [10][11] - The total amount of public fund investments in North Exchange companies in the first half of 2025 reached 9.892 billion yuan, with a heavy investment ratio of 0.17% [11][12] - The average return of 11 theme funds in the North Exchange was 51.72% as of July 25, 2025, with all funds achieving positive returns [18][21] Group 2 - The top ten companies by market value held by public funds in the North Exchange include Jinbo Biological, Tongli Co., Naconoer, Better Ray, and others [22][23] - The top ten companies with increased holdings by public funds include Tongli Co., Naconoer, and Better Ray, indicating a trend of increasing investment in these firms [25][26] - The top ten companies with reduced holdings include Audiwei, Lusi Co., and Wuxin Tunnel, reflecting a shift in investment strategy [27][28] Group 3 - The North Exchange 50 Index reported a weekly increase of 2.85%, reaching 1458.98 points, with a PE TTM of 68.42X [33][35] - The overall PE of North Exchange A-shares increased from 50.83X to 52.17X, indicating a rising valuation trend [30][32] - The daily average trading volume of North Exchange A-shares reached 31.082 billion yuan, up 42.03% from the previous week [32][34]

电力设备 电力设备 2025 年 07 月 27 日 投资评级：看好（维持） 相关研究报告 《欧洲电动车销量月报（2025 年 6 月）：上半年新能源车销量同比+26%， 看好欧洲电动化趋势—行业点评报 告》-2025.7.21 《低空经济行业周报（第二十五期）： 小鹏汇天完成 2.5 亿美元融资，时的科 技获 350 架 E20 订单—行业周报》 -2025.7.20 《固态电池行业周报（第六期）：固 态电池中试、量产节奏加快，设备先 行 下 订 单 持 续 交 付 — 行 业 周 报 》 -2025.7.20 低空经济行业周报（第二十六期）：敏实集团与亿航 签署五年战略协议，沃兰特获 17.5 亿美元国际订单 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-07 2024-11 2025-03 电力设备 沪深300 ——行业周报 殷晟路（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 敏实集团与亿航签署五年战略协议，沃兰特获 17.5 亿美元国际订单 行 业 （1）政策支持：7 月 24 日，湖南 10 亿元低空经济基金在长沙 ...

Investment Rating - The investment rating for the power equipment industry is "Positive" (maintained) [1] Core Insights - The solid-state battery sector is transitioning from laboratory to mass production validation, with small batch vehicle trials expected by the end of 2025 and widespread trials anticipated in 2026-2027. Emerging applications in low-altitude, robotics, and AI are expected to accelerate market opportunities for solid-state batteries [25][28] - The solid-state battery index increased by 3.5% from July 21 to July 25, 2025, with a cumulative increase of 25.5% for the year. The average increase for related stocks was 2.8% during the same period [4][11] - Key companies in the solid-state battery sector include CATL, Naconor, Honggong Technology, and others, with specific recommendations for investment in these companies [25][28] Summary by Sections 1. Weekly Sector Review - The solid-state battery index rose by 3.5%, with transaction volume increasing by 41.4% compared to the previous week. Equipment and conductive agent sectors led the gains [11][14] - The top five gainers included Naconor (+19.2%), Xingyun Co. (+16.9%), Delong Laser (+16.3%), Guansheng Co. (+15.6%), and Funeng Technology (+13.1%) [17][22] 2. Industry Dynamics - Qingyan Nako delivered the first domestic high-speed wide-width dry electrode equipment, which features solvent-free, low-energy consumption, and high-efficiency capabilities [29] - QuantumScape expanded its strategic partnership with Volkswagen's PowerCo to accelerate the development of its QSE-5 battery pilot production line, with potential funding of up to $131 million [28] 3. Individual Company Updates - Funeng Technology reported achieving GWh-level shipments of its semi-solid-state batteries, with costs only 5%-10% higher than liquid batteries, indicating strong market competitiveness [33][26] - Hanhua Energy plans to begin trial production of its first generation of 140Ah semi-solid-state batteries in Q4 2025, targeting supply for the next generation of BMW MINI models [37][26] - Qingyan Nako's high-speed wide-width dry electrode equipment has a width of 800mm and a maximum speed of 50m/min, supporting precise control of key parameters [29][24]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The agricultural sector's public fund heavy holdings increased in Q2 2025, benefiting from US-China tariff disturbances and policy catalysts, with total market capitalization rising to 13,208 billion yuan, up 6.80% quarter-on-quarter [13][12] - The investment logic for the pig industry is improving marginally, with expectations for a price increase in H2 2025 driven by both fundamental and policy factors [23][5] - The pet sector is experiencing a rise in domestic brands, supported by consumption upgrades and tariff barriers, with the pet food market expected to exceed 60 billion yuan by 2025 [26][25] Summary by Sections Weekly Observation - The agricultural sector's public fund heavy holdings increased, with a total market capitalization of 13,208 billion yuan, representing 1.74% of the A-share market [13][12] - The pig price is expected to stabilize and rise due to ongoing capacity adjustments and supply pressures [4][16] Weekly Market Performance (July 21-25) - The agricultural index outperformed the market by 1.95 percentage points, with the agricultural index rising 3.62% [27][29] - Leading stocks included Shen Nong Group (+15.42%), Zhong Ji Health (+11.63%), and Bang Ji Technology (+11.41%) [32][27] Price Tracking (July 21-25) - The average price of live pigs was 14.15 yuan/kg, down 0.12% from the previous week, while the average price of piglets was 31.89 yuan/kg, also down 0.07% [35][38] - The price of soybean meal increased to 2,983 yuan/ton, up 1.86% week-on-week, driven by rising import costs [19][49] Key Recommendations - Recommended stocks in the pig sector include Muyuan Foods, Wens Foodstuff, and Juxing Agriculture [5][23] - In the feed sector, recommended stocks include Haida Group and New Hope [5][23] - For the pet sector, recommended stocks include Guibao Pet, Zhongchong Co., and Petty Co. [25][26]

Group 1 - The report highlights that the "anti-involution" policies are being implemented, which are expected to benefit the chemical industry. The central government has emphasized the need for industry self-discipline and the elimination of inefficient production capacity [1][10][11] - The chemical industry is identified as a "disaster area" for involution competition, with some product sales prices significantly below production costs, leading to prolonged losses. Under the backdrop of national measures to address this issue, these industries are expected to rebound [2][11] Group 2 - The report notes that the chemical new materials sector on the North Exchange experienced a weekly increase of 1.71%, with all sub-sectors showing positive growth. The sectors with the highest weekly increases include professional technical services (+4.19%) and textile manufacturing (+2.90%) [3][21][22] - Individual stocks within the chemical new materials sector that performed well include Zhongyu Technology (+16.79%), Litong Technology (+9.98%), and Huitong New Materials (+7.34%) [3][25][26] Group 3 - The report provides insights into the price trends of chemical products, indicating fluctuations in various materials. For instance, Brent crude oil prices decreased by 1.2%, while TDI prices increased by 2.6% and natural rubber prices rose by 3.4% [29][32][37] - The report also mentions that the prices of polyethylene increased by 0.6%, while ABS prices fell by 0.7% [45][49] Group 4 - The report includes a company announcement regarding KQ Co., which has postponed its fundraising project to September 2026 to ensure the project's effectiveness and mitigate risks [4][53] - Minshida reported a revenue of 237 million yuan for the first half of 2025, representing a year-on-year growth of 27.91%, with a net profit of 63.03 million yuan, up 42.28% year-on-year [4][54]

Group 1 - The report highlights the commencement of the Yarlung Zangbo River downstream hydropower project, which involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan [2][13][14] - There are 10 key companies related to water conservancy and tunnel construction, with a total market capitalization of 34.762 billion yuan as of July 25, 2025 [2][12][16] - Key companies include Weixin Tunnel Equipment, Jikang Technology, and Hengli Drill Tools, which are involved in various aspects of construction and technology services [2][19][22] Group 2 - The five major industries, including high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology, all experienced positive average weekly returns, with high-end equipment leading at +5.48% [3][25] - The average price-to-earnings (P/E) ratios for these industries have increased, with high-end equipment reaching a median of 50.7X and information technology at 92.7X [3][27][29] Group 3 - In the technology sector, 107 out of 150 companies saw an increase in stock prices, with a median increase of +1.47%, and notable performers included Hengli Drill Tools (+184.05%) and Jikang Technology (+51.12%) [4][40][42] - The overall market capitalization of the technology sector rose from 468.617 billion yuan to 485.780 billion yuan, with the median market capitalization increasing from 2.370 billion yuan to 2.452 billion yuan [4][43][48] Group 4 - Companies such as Minshida and Parallel Technology reported significant growth in their semi-annual reports, with Minshida achieving a total revenue of 237 million yuan (+27.91%) and a net profit of 63 million yuan (+42.28%) [5][62] - Parallel Technology reported a total revenue of 458 million yuan (+69.27%) and a net profit of 5 million yuan (+20.05%) for the first half of 2025 [5][62]