1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The issuance of replacement bonds is tapering off, and the urban investment bond market continues to experience a narrow - scale contraction. In August 2025, the net repayment of urban investment bonds was 840 million yuan, with the scale narrowing compared to the previous month and the same period last year. The issuance and maturity scales both decreased year - on - year. There may still be an unreleased early repayment pressure from special refinancing bonds, and the risk of early discounted redemption should be noted [2][13][17]. - The financing of municipal - level entities has turned positive, and the proportion of short - duration bond issuance has increased in the volatile market. The net financing of municipal - level entities has recovered, mainly due to the marginal improvement in the financing environment of some strong municipal - level entities. The 3 - year - plus bonds remain the main issuance term, but the scale of 1 - year bonds has significantly increased [2][13]. - The overall subscription sentiment has declined, while short - duration varieties have seen an inverse increase. In August, the average subscription multiple of urban investment bonds was 2.88 times, a decrease from the previous month. The subscription multiples of municipal - level entities have marginally increased, while those of other levels have decreased. The demand for bonds within 1 year has increased, while that for bonds over 5 years has decreased [3][14]. - The credit bond market has been continuously volatile, and the market favors short - end varieties. Since August, the credit bond market has shown a volatile upward trend, and the market tends to choose short - end credit assets to avoid risks. The yields of bonds at all terms and levels have generally increased, with short - duration bonds performing relatively stably. The spreads of short - end bonds have been compressed [3][15]. 3. Summary According to the Directory 3.1 Replacement Bonds Issuance Tapering Off, Urban Investment Continues Narrow - Scale Contraction 3.1.1 Issuance and Repayment: Six - Month Consecutive Net Repayment of Urban Investment Financing - As of August 31, 2025, 3,797 urban investment entities under the HA caliber issued 51.74 billion yuan in bonds and repaid 52.58 billion yuan, resulting in a net repayment of 840 million yuan. The net repayment scale decreased compared to the previous month and the same period last year. The financing structure has further differentiated, with municipal - level entities ending five consecutive months of net repayment, while low - level entities such as district - level entities continue to contract [17]. - From an administrative perspective, the net financing of municipal - level entities was 1.25 billion yuan, and that of provincial - level entities was 860 million yuan in August. District - level and park - level entities had net repayments of 1.73 billion yuan and 1.24 billion yuan respectively [17]. - From a rating perspective, only AAA - rated entities had net inflows of 2.63 billion yuan in August, while other rated entities had net repayments, with AA + entities having the highest at 1.98 billion yuan [18]. - From a variety perspective, MTN had the highest net financing of 3.88 billion yuan, while enterprise bonds had the highest net repayment of 2.47 billion yuan [18]. - From a term perspective, bonds with a term of over 3 years had the highest net financing of 11.03 billion yuan, while 2 - year bonds had the highest net repayment of 9.59 billion yuan [18]. - From a regional perspective, Zhejiang had the highest net financing of 1.03 billion yuan, while Jiangsu had the highest net repayment of 1.56 billion yuan. Compared with the previous month, Zhejiang, Jiangsu, and Beijing had increases, while Shanghai, Sichuan, and Henan had decreases [19]. - From a subject perspective, 344 entities had net inflows in August, with Shaanxi Xixian New Area Development Group Co., Ltd. having the highest net financing of 450 million yuan [19]. 3.1.2 Maturity Pressure: Approximately 6.5 trillion yuan will mature before the end of 2026 - As of August 31, 2025, the maturity pressure of 3,797 urban investment bonds under the HA caliber before the end of 2026 is about 6.47 trillion yuan, with 1.81 trillion yuan in 2025 and 4.66 trillion yuan in 2026. The remaining maturity pressure by the end of 2025 is about 180.86 billion yuan, with the peak in September at 55.64 billion yuan [39]. - The top 5 provinces in terms of remaining maturity amount by the end of 2025 are Jiangsu, Shandong, Zhejiang, Sichuan, and Hubei [40]. - The top 5 cities are Qingdao, Nanjing, Suzhou, Chengdu, and Xi'an [41]. - The top 5 districts are Jiangning District of Nanjing, Huangdao District of Qingdao, Huangpu District of Guangzhou, Shapingba District of Chongqing, and Jimo District of Qingdao [41]. - The top 5 parks are Guangzhou Economic and Technological Development Zone, Xi'an High - tech Industrial Development Zone, Taizhou Medical High - tech Industrial Development Zone, Wuzhong Economic and Technological Development Zone, and Suzhou High - tech Industrial Development Zone [41]. - The top 5 entities are Shudao Investment Group Co., Ltd., Jiangsu Communications Holding Co., Ltd., Hunan Expressway Group Co., Ltd., Shandong Hi - Speed Group Co., Ltd., and Qingdao Urban Construction Investment (Group) Co., Ltd. [41]. 3.1.3 Primary Subscription: The average subscription multiple is 2.88 times, and short - duration bonds are favored - In August, among the issued urban investment bonds, 27.28 billion yuan of bonds disclosed bidding data, with a cumulative bidding scale of 78.56 billion yuan and an average subscription multiple of 2.88 times, a decrease from the previous month [44]. - In terms of administrative levels, the subscription multiples of municipal - level entities have marginally increased. The average subscription multiple of provincial - level entities was 2.20 times, a decrease from the previous month; that of municipal - level entities was 3.35 times, an increase; that of district - level entities was 2.87 times, a decrease; and that of park - level entities was 2.86 times, a decrease [46]. - In terms of bond ratings, the overall subscription sentiment of all rated entities has cooled down, and the subscription of AA - rated bonds has significantly declined. The average subscription multiples of AAA, AA +, AA, AA(2), and AA - rated bonds have changed to varying degrees compared to the previous month [46]. - In terms of bond terms, short - and long - duration bonds have shown different performances, and the demand for bonds within 1 year has increased. The average subscription multiple of bonds within 1 year was 2.43 times, an increase from the previous month; that of 1 - 2 - year bonds was 3.41 times, a slight increase; that of 2 - 3 - year bonds was 3.19 times, a decrease; that of 3 - 5 - year bonds was 3.24 times, a slight decrease; and that of bonds over 5 years was 2.61 times, a significant decrease [47]. 3.2 The Credit Bond Market is Continuously Volatile, and the Market Favors Short - End Varieties 3.2.1 Valuation Spread: Credit Volatility Weakens, Triggering Redemption Concerns - Since August, the credit bond market has shown a volatile upward trend. The market tends to choose short - end credit assets to avoid risks. At the beginning of the month, the market stabilized due to factors such as loose liquidity and the resumption of VAT on treasury bonds. In the middle and late months, the equity market affected the bond market, and there was a large - scale net capital withdrawal. The yields and spreads of credit bonds increased rapidly, deviating from the trend of interest - rate bonds, triggering concerns about a redemption wave. By the end of the month, the market stopped falling again and returned to a narrow - range volatile market [54]. - The yields of bonds at all terms and levels have generally increased, with short - duration bonds performing relatively stably. For example, the yields of 1 - year AAA, AA +, AA, and AA(2) bonds have increased by 0.2bp, 0.2bp, 0.7bp, and 0.2bp respectively; those of 3 - year bonds have increased by 5.5bp, 6.0bp, 7.0bp, and 11.5bp respectively; and those of 5 - year bonds have increased by 7.1bp, 9.0bp, 16.1bp, and 16.1bp respectively [55]. - The spreads of short - and long - end bonds have shown different performances, and the spreads of bonds within 1 year have been compressed. For example, the spreads of 1 - year AAA, AA +, AA, and AA(2) bonds have narrowed by 3.3bp, 3.3bp, 2.8bp, and 3.3bp respectively; those of 3 - year bonds have changed to varying degrees; and those of 5 - year bonds have also shown different trends [56][59]. 3.2.2 Secondary Transaction: Activity Continues to Decline, and Risk - Aversion Sentiment Increases - The trading activity of urban investment bonds has declined, and the trading enthusiasm has significantly decreased. In August 2025, the sample trading records of urban investment bonds were about 14,000 transactions, with an average daily trading volume of about 665 transactions, a 11.0% decrease from the previous month. The daily average trading volume has declined for three consecutive months. The proportion of taken transactions was 70%, a 1 - percentage - point decrease from the previous month, and the long - short ratio has also slightly decreased [66]. - Driven by risk - aversion sentiment, the trading proportion of medium - and short - duration urban investment bonds has significantly increased. In terms of bond ratings, the trading proportion of AAA - rated bonds has decreased, while that of AA +, AA, and AA(2) bonds has increased, and that of AA - rated bonds has decreased. In terms of terms, the trading proportion of bonds within 1 year and 1 - 3 years has increased, while that of bonds over 3 years has decreased [67].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Viewpoints - The company reported a revenue of 1.214 billion yuan for the first half of 2025, representing a year-on-year growth of 21.26%, and a net profit attributable to shareholders of 425 million yuan, up 24.11% year-on-year [5] - The PFA solution has emerged as a new highlight in the company's electrophysiology business, with over 800 PFA pulse ablation surgeries completed in the first half of 2025, and an expected total of over 4,500 surgeries for the year [5][6] - Other core businesses are also maintaining rapid growth, with coronary intervention revenue reaching 654 million yuan, a year-on-year increase of 30.02% [6] Financial Performance Summary - For the first half of 2025, the company achieved a gross margin of 73.51%, with a net profit margin of 36.76% [6] - The company forecasts revenues of 2.673 billion yuan, 3.439 billion yuan, and 4.424 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 890 million yuan, 1.158 billion yuan, and 1.501 billion yuan [7][9] - The expected EPS for 2025, 2026, and 2027 are 6.31 yuan, 8.21 yuan, and 10.64 yuan, with P/E ratios of 45x, 35x, and 27x respectively [7][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable performance with a mid-term dividend to reward shareholders. For the first half of 2025, the company achieved revenue of 116.39 billion yuan, a year-on-year increase of 5.12%, and a net profit attributable to shareholders of 7.07 billion yuan, a year-on-year increase of 0.81% [4][6] - The revenue for Q2 2025 was 60.61 billion yuan, a year-on-year decrease of 1.87% but a quarter-on-quarter increase of 8.65%. The net profit for Q2 was 3.53 billion yuan, a year-on-year decrease of 26.18% and a quarter-on-quarter decrease of 0.13% [4] - The performance fluctuations were mainly due to increased profits from the production and sales of primary aluminum and alumina, alongside decreased margins from self-produced coal and reduced profits from trading activities [4] Revenue and Profit Analysis - The revenue from the primary aluminum segment was 75.95 billion yuan (up 11.38% year-on-year), while the alumina segment generated 33.24 billion yuan (up 5.75% year-on-year). Production volumes for metallurgical-grade alumina, electrolytic aluminum, and coal increased by 4.88%, 9.37%, and 3.61% year-on-year, respectively [5] - The average price of alumina in the domestic futures market for H1 2025 was 3,192 yuan/ton, a year-on-year decrease of 8.7%. The price of alumina is expected to stabilize as industry supply pressures ease [5] Dividend Policy - The company has maintained its mid-term dividend policy, planning to distribute a cash dividend of 0.123 yuan per share (before tax) to all shareholders, totaling 2.11 billion yuan (before tax), which accounts for approximately 30% of the company's net profit for the first half of 2025 [6] Profit Forecast - The company forecasts net profits attributable to shareholders for 2025-2027 to be 14.84 billion yuan, 15.89 billion yuan, and 16.61 billion yuan, respectively, with corresponding P/E ratios of 9.08, 8.48, and 8.11 times [7]

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company reported a 12.12% year-on-year increase in revenue for the first half of 2025, reaching 20.428 billion yuan, driven by increased sales volume of electrolytic aluminum products. However, the net profit attributable to shareholders decreased by 16.62% to 1.904 billion yuan, primarily due to a decline in coal sales prices. In Q2 2025, the company saw a significant recovery, with quarterly revenue of 10.797 billion yuan, up 7.99% year-on-year and 12.09% quarter-on-quarter, and a net profit of 1.196 billion yuan, up 0.222% year-on-year and 68.89% quarter-on-quarter [4][5]. Summary by Sections Electrolytic Aluminum - In the first half of 2025, the company's electrolytic aluminum revenue was 14.177 billion yuan, a year-on-year increase of 21.19%. The production and sales volumes for electrolytic aluminum were 871,100 tons and 871,400 tons, respectively, achieving 51.24% and 51.26% of the annual targets, with year-on-year increases of 16.16% and 16.26%. The average price of electrolytic aluminum in Q2 slightly decreased by 1.1% to 20,201 yuan/ton, while the average price of domestic alumina fell by 22.1% year-on-year to 2,901 yuan/ton, easing cost pressures [5]. Coal - The coal segment reported revenue of 2.882 billion yuan in the first half of 2025, a year-on-year decline of 17.91%. The production and sales volumes were 3.7078 million tons and 3.7275 million tons, achieving 50.50% and 51.77% of the annual targets. The average price of coal in Q2 2025 dropped by 18.69% year-on-year to 768.56 yuan/ton, leading to a coal gross margin of 11.83%, down 17.74 percentage points year-on-year. Despite the overall pressure on the coal industry, prices began to recover in Q3, indicating potential for continued improvement in performance [6]. Investment Recommendations - The company is expected to achieve net profits attributable to shareholders of 5.019 billion yuan, 5.784 billion yuan, and 6.678 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 8.64, 7.50, and 6.49. The "Buy" rating is maintained [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is currently undergoing a period of reform, which is causing some pain in its operations. However, there are expectations for revenue improvement in the coming years [5][7] - In Q2 2025, the company experienced marginal revenue improvement due to a low base effect, despite overall revenue pressure [5][6] - The gross margin improved significantly due to cost benefits from lower raw material prices, although profit margins were under pressure due to ongoing reforms [6][7] Financial Performance Summary - For H1 2025, the company reported revenue of 2.13 billion yuan (down 19% YoY) and a net profit of 260 million yuan (down 27% YoY) [9] - In Q2 2025, revenue was 1.03 billion yuan (down 9% YoY) with a net profit of 76 million yuan (down 32% YoY) [9] - The company’s gross margin for Q2 2025 was 39.4%, reflecting a year-on-year increase of 3.2 percentage points, primarily due to lower raw material costs [6][9] - Revenue projections for 2025-2027 are 5.04 billion, 5.50 billion, and 6.03 billion yuan respectively, with expected net profits of 715 million, 854 million, and 965 million yuan [7][10] Product and Regional Performance - In Q2 2025, revenue from soy sauce increased by 6.4% YoY, while chicken essence and cooking oil saw declines of 13.7% and 48.8% respectively [9] - Revenue performance varied by region, with East and North regions showing improvements of 1.1% and 6.8% YoY, while the South region declined by 12.4% [9]

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company achieved robust growth in H1 2025, with revenue of 5.535 billion yuan, up 16.58% year-on-year, and a net profit of 1.522 billion yuan, up 23.18% year-on-year [5] - The company's inverter business generated revenue of 2.644 billion yuan in H1 2025, a year-on-year increase of 13.90%, while the energy storage battery pack business saw a significant revenue increase of 85.80% year-on-year [6] - The company is expected to benefit from strong demand in emerging markets, particularly in the industrial storage sector, which is anticipated to be a key growth driver [7] Financial Performance - For H1 2025, the company reported a net profit of 1.522 billion yuan, with a net profit margin of 27.5% [5] - The company forecasts net profits of 3.550 billion yuan and 4.394 billion yuan for 2025 and 2026, respectively, with a projected P/E ratio of 16x for 2025 [8] - The company's revenue is expected to grow from 11.206 billion yuan in 2024 to 21.203 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 17.4% [11] Market Position and Strategy - The company has established a strong presence in emerging markets, particularly in Africa and Southeast Asia, with a focus on modular energy storage solutions [7] - The company is actively expanding its production capacity in Malaysia to mitigate uncertainties related to U.S. trade policies [7] - The company’s product offerings include a comprehensive range of solutions for residential, industrial storage, and large-scale energy storage applications [6]

Investment Rating - The investment rating for Guoxuan High-Tech is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 19.394 billion yuan in the first half of 2025, representing a year-on-year growth of 15.48%, with a net profit attributable to shareholders of 367 million yuan, up 35.22% year-on-year [6] - The gross margin for the core business of power batteries improved to 14.24%, an increase of 2.16 percentage points year-on-year, while the overall net profit margin rose to 1.89%, up 0.28 percentage points year-on-year [6] - The company is focusing on high-end automotive markets and has established strategic partnerships to enhance its product offerings and market presence [7][9] Summary by Sections Power Battery Business - In the first half of 2025, the power battery segment generated revenue of 14.034 billion yuan, a year-on-year increase of 19.94%, with its revenue share rising from 69.67% to 72.37% [7] - The global market share for power battery installations reached 3.6%, up 1 percentage point year-on-year, with a domestic market share of 5.18%, ranking fourth [7] Energy Storage Battery Business - The energy storage battery systems achieved revenue of 4.562 billion yuan, a year-on-year growth of 5.14%, with the company ranking seventh globally in energy storage battery shipments [8] - The company has made significant strides in localizing production in overseas markets, including a 5MWh liquid-cooled energy storage system produced in Germany [8] Solid-State Battery Development - The company has made rapid advancements in solid-state battery technology, achieving an energy density of 350Wh/kg for its "Jinshi All-Solid-State Battery" [9] - The first experimental line for solid-state batteries has been successfully completed, and the company is expanding its global footprint with new production bases planned in Morocco, Slovakia, and the United States [9] Financial Projections - The projected net profits for 2025, 2026, and 2027 are 1.691 billion yuan, 2.521 billion yuan, and 3.363 billion yuan respectively, with corresponding P/E ratios of 43, 29, and 22 [10] - Revenue forecasts for the years 2024 to 2027 are 35.392 billion yuan, 40.482 billion yuan, 52.207 billion yuan, and 68.537 billion yuan, with year-on-year growth rates of 12.0%, 14.4%, 29.0%, and 31.3% respectively [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported its Q2 2025 performance, with a gross margin decrease of 0.95 percentage points year-on-year to 87.9%, primarily due to product mix issues. The net profit margin also declined by 1.5 percentage points to 43.2% [9][12] - Despite a 15.1% year-on-year decrease in cash sales, the company showed strong channel cooperation willingness, with a slight increase in "revenue + Δ contract liabilities" by 0.6% year-on-year [10] - Looking ahead to the second half of 2025, the company is expected to enhance channel penetration and adapt to younger and lower-alcohol consumption trends, with new products likely to drive growth [11] Financial Performance Summary - For Q2 2025, the company achieved revenue of 7.102 billion (down 7.97%) and a net profit of 3.070 billion (down 11.10%) [12] - For the first half of 2025, revenue was 16.454 billion (down 2.67%) and net profit was 7.663 billion (down 4.54%) [12] - The company anticipates achieving total revenues of 29.474 billion, 30.203 billion, and 33.375 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 12.472 billion, 12.947 billion, and 14.457 billion [13][15] Financial Metrics - The company’s projected P/E ratios for 2025, 2026, and 2027 are 16, 15.44, and 13.83 respectively [13][15] - The gross margin is expected to be 85.2% in 2025, improving to 86.3% by 2027 [15] - The return on equity (ROE) is projected to decline from 28.4% in 2024 to 20.8% in 2025, stabilizing at 19.3% from 2026 onwards [15]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The bond market in September may break the seasonal pattern and still present long - trading opportunities. The latest PMI data shows a marginal improvement in the fundamentals, but the effective demand remains weak. Mid - to long - term interest rates are expected to decline. The seasonal weakness in September may have been adjusted in August. The central bank is supportive of bond market liquidity, and institutional behavior signals still suggest long - trading. Currently, one can focus on the spread compression opportunity between the new 30 - year bond 25 Special 06 and 25 Special 02 [2]. - From a seasonal perspective, the bond market usually corrects in September, but the current market sentiment has improved significantly, and the number of institutions bearish on the bond market has decreased notably [3]. - Most fixed - income buyers hold a neutral view, with over 80% of them remaining neutral [3]. - The basis of the T - contract is at a historical high, and the curve can still be steepened [6]. 3. Summary According to the Directory 3.1 Seller and Buyer Markets 3.1.1 Seller Market Sentiment Index and Interest - rate Bonds - The weighted sentiment index this week is 0.1, and the unweighted index is 0.14, up 0.11 from last week. Currently, institutions generally hold a neutral - to - bullish view, with 7 bullish, 19 neutral, and 3 bearish. 24% of institutions are bullish, citing the attractiveness of the 10 - year Treasury yield around 1.8%, weak fundamentals, and expected central bank easing. 66% are neutral, concerned about the "stock - bond seesaw" effect and incomplete institutional duration adjustment. 10% are bearish, worried about stock market rallies, inflation expectations, and subsequent pro - growth policies [12]. 3.1.2 Buyer Market Sentiment Index and Interest - rate Bonds - The weighted sentiment index is 0.02, and the unweighted index is 0.03, down 0.03 from last week. Institutions generally hold a neutral - to - bullish view, with 3 bullish, 24 neutral, and 2 bearish. 10% of institutions are bullish, citing credit contraction, the improved cost - effectiveness of the bond market, and central bank support. 83% are neutral, believing that the bond market is gradually desensitized to equities. 7% are bearish, concerned that a stronger stock market may raise the interest - rate center [13]. 3.1.3 Credit Bonds - The scale of "fixed - income +" funds is expanding, which may support the demand for medium - to high - grade, medium - to short - duration non - financial credit bonds, but the current increase is limited. The stock - bond seesaw effect still exists, and a rising stock market may continue to pressure long - term bonds [18]. 3.1.4 Convertible Bonds - Institutions generally hold a neutral - to - bullish view this week, with 11 bullish and 4 neutral. 73% are bullish, believing that the logic of incremental funds driving the equity market remains valid. 27% are neutral, concerned about high valuations and increased market divergence [20]. 3.2 Treasury Futures Tracking 3.2.1 Futures Trading - Futures prices have risen across the board. As of August 29, the prices of TS/TF/T/TL contracts are 102.42 yuan, 105.52 yuan, 107.81 yuan, and 116.55 yuan respectively, up 0.10 yuan, 0.14 yuan, 0.15 yuan, and 0.57 yuan from last Friday. - Open interest has increased across the board. As of August 29, the open interest of TS/TF/T/TL contracts is 67,000 lots, 113,000 lots, 178,000 lots, and 121,000 lots respectively, up 38,948 lots, 5,654 lots, 16,595 lots, and 10,567 lots from last Friday. - Trading volume has decreased across the board. As of August 29, the 5 - day moving average trading volume of TS/TF/T/TL contracts is 84.7 billion yuan, 84.1 billion yuan, 120.6 billion yuan, and 212.2 billion yuan respectively, down 43.223 billion yuan, 29.834 billion yuan, 37.99 billion yuan, and 54.024 billion yuan from last Friday. - The trading volume - to - open - interest ratio has decreased across the board. As of August 29, the 5 - day moving average trading volume - to - open - interest ratio of TS/TF/T/TL contracts is 0.65, 0.77, 0.70, and 1.74 respectively, down 0.92, 0.62, 1.16, and 2.20 from last Friday [24][25]. 3.2.2 Spot Bond Trading - The turnover rate of 30 - year Treasury bonds has decreased. On August 29, it was 4.48%, down 0.94 percentage points from last week and 0.79 percentage points from Monday, with a weekly average of 3.99%. The weekly average turnover rate of interest - rate bonds has decreased. On August 29, it was 0.78%, down 0.10 percentage points from last week and 0.19 percentage points from Monday. The turnover rate of 10 - year China Development Bank bonds has increased. On August 29, it was 4.71%, up 0.62 percentage points from last week and down 1.03 percentage points from Monday [32][35]. 3.2.3 Basis Trading - Except for the basis of the TS main contract, which has widened, the basis of other main contracts has narrowed. As of August 29, the basis (CTD) of TS/TF/T/TL main contracts is - 0.04 yuan, 0.05 yuan, 0.44 yuan, and 0.71 yuan respectively, down 0.07 yuan, 0.02 yuan, 0.13 yuan, and 0.23 yuan from last Friday. - The net basis of all main contracts has narrowed. As of August 29, the net basis (CTD) of TS/TF/T/TL main contracts is 0.001 yuan, 0.08 yuan, 0.12 yuan, and 0.21 yuan respectively, down 0.02 yuan, 0.003 yuan, 0.09 yuan, and 0.18 yuan from last Friday. - The IRR of all main contracts has increased. As of August 29, the IRR (CTD) of TS/TF/T/TL main contracts is 1.51%, 1.25%, 1.13%, and 1.01% respectively, up 0.33%, 0.04%, 0.29%, and 0.44% from last Friday [39][42]. 3.2.4 Inter - delivery Spread and Inter - variety Spread - In terms of inter - delivery spreads, the spreads of TS and TF main futures contracts have widened, while those of T and TL main futures contracts have narrowed. As of August 29, the near - to - far spreads of TS/TF/T/TL contracts are - 0.07 yuan, 0.14 yuan, 0.24 yuan, and 0.46 yuan respectively, down 0.07 yuan, up 0.04 yuan, down 0.01 yuan, and down 0.08 yuan from last Friday. - In terms of inter - variety spreads, except for the 3*T - TL futures contract, whose spread has narrowed, the spreads of other main futures contracts have widened. As of August 29, 2*TS - TF, 2*TF - T, 4*TS - T, and 3*T - TL are 99.33 yuan, 103.21 yuan, 301.86 yuan, and 206.90 yuan respectively, up 0.06 yuan, 0.13 yuan, 0.24 yuan, and down 0.17 yuan from last Friday [49][50].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in its performance, with a revenue of 654 million yuan in the first half of 2025, representing a year-on-year increase of 1.08%. The net profit attributable to shareholders was 117 million yuan, also up by 1.07%. However, the non-recurring net profit decreased by 6.93% due to an increase in government subsidies and financial income [4] - The traditional multi-wall carbon nanotube business remains solid, with a domestic market share of 53.2% expected in 2024, reinforcing its leading position in the industry. The company has achieved continuous and large-scale production through its self-developed technology, breaking foreign monopolies [5] - The single-wall carbon nanotube business is entering a phase of mass shipment, driven by strong downstream demand. The technology barriers are high, and once scaled, it is expected to become a core profit growth point for the company [6] Financial Summary - The company is projected to achieve net profits of 419 million yuan, 654 million yuan, and 843 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 45, 29, and 22 times [7] - Key financial indicators for 2025E include revenue of 2,045 million yuan, a year-on-year growth of 41.2%, and a gross margin of 32.2% [9] - The return on equity (ROE) is expected to increase from 10.2% in 2025 to 13.2% in 2027, indicating improving profitability [9]