Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 588.3 billion yuan in the first half of 2025, representing a year-on-year growth of 12.5%, with a net profit attributable to the parent company of 26.4 billion yuan, up 24.2% year-on-year [3][4] - The company is close to achieving its annual feed sales growth target, with an external sales increase of approximately 284 million tons in the first half of 2025, nearing the annual target of over 300 million tons [4][8] - The overseas feed sales maintained a high growth rate of 40% year-on-year, indicating strong market expansion [5][6] Summary by Sections Financial Performance - In the first half of 2025, the company reported a gross profit margin of 9.79% in its feed business, showing a slight year-on-year increase [5] - The company’s net profit for the first half of 2025 was 26.5 billion yuan, reflecting a 30.6% increase after excluding non-recurring items [3] - The projected revenue for 2025-2027 is expected to reach 1397.9 billion yuan, 1580.6 billion yuan, and 1790.8 billion yuan, with year-on-year growth rates of 22.0%, 13.1%, and 13.3% respectively [8][10] Market Position - The company’s feed sales volume reached approximately 14.7 million tons in the first half of 2025, a year-on-year increase of about 25% [5] - The company’s market share in the industrial feed sector has further increased, with total national industrial feed production reaching 158.5 million tons, up 7.7% year-on-year [5] Product Segmentation - The company’s poultry feed external sales were about 7.3 million tons, growing approximately 24% year-on-year, while pig feed external sales increased by about 43% to 3.4 million tons [5][6] - The company is actively developing a comprehensive service system for pig farming groups, which has led to rapid growth in feed product sales to these clients [7] Future Outlook - The company expects to see steady growth in pig slaughtering volumes, with projections of 660 million heads in 2025, 693 million in 2026, and 728 million in 2027, reflecting year-on-year growth of 10%, 5%, and 5% respectively [8] - The company aims to enhance its competitive advantage by expanding its service offerings across the entire aquaculture value chain, including high-quality seedling and health management services [6][8]

Group 1: Report Summary - The report focuses on the bond market correction in the 4th week of July 2025 and analyzes its causes and future trends [1][2] Group 2: Investment Rating - No investment rating for the industry is provided in the report Group 3: Core Viewpoints - The bond market correction on July 29 was mainly due to institutional behavior, and future attention should be paid to the decline in borrowing volume and the stabilization of bond fund redemptions [2][7] - The long - term bullish logic of the bond market has not changed, and it is still too early to talk about a bond market reversal [7] Group 4: Characteristics of the Bond Market Correction - Intra - day fluctuations were small, and interest rates continued to rise, different from the rapid decline in the late trading in 2024 [3] - The correction was not directly caused by factors such as the stock - bond seesaw, and it was difficult to explain from the macro - capital flow [3] - The adjustment of 10Y China Development Bank bonds and 30Y treasury bonds was the most obvious, with an upward amplitude of about 4bp [3] Group 5: Reasons from the Institutional Behavior Perspective - On July 29, both securities firms and funds were net sellers throughout the day, which was different from the past [4] - Medium - and long - term bond funds faced redemption pressure, and funds continued to flow out slightly [4] - Securities firms were borrowing and selling bonds, mainly borrowing 10Y China Development Bank bonds and 30Y treasury bonds for short - selling on the cash bond side, similar to the situation in the first quarter of this year [4] Group 6: Macro - background Factors - With increasing macro - disturbance factors such as the childcare subsidy policy and waiting for the Politburo meeting and Sino - US negotiations, securities firms may increase borrowing and selling [6] Group 7: Future Market Outlook - The bond market correction was a resonance of trading desks actively increasing borrowing and selling and continuous bond fund redemptions [7] - High - frequency attention should be paid to whether securities firms further increase short - selling through borrowing and whether the bond fund redemption pressure ends completely [7] Group 8: Impact of Insurance Institutions - The reduction of the预定 interest rate by insurance institutions may have a "short - term positive and long - term negative" impact on the bond market [6] - In the short term, increased premium income may lead to more purchases of ultra - long bonds during corrections, but in the long term, the preference for 30Y treasury bonds has declined, and local government bonds are the main allocation bonds [6] Group 9: Potential Scale of Securities Firms' Borrowing and Selling - If securities firms continue to increase borrowing and selling, the net selling scale may reach up to 35 billion yuan under a pessimistic assumption [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported continuous growth in performance for Q2 2025, with revenue reaching 650 million yuan, a year-on-year increase of 22.29%, and a net profit attributable to shareholders of 171 million yuan, up 42.68% year-on-year [4][6] - The domestic market for D-alloheptulose has officially opened, allowing the company to leverage its technological, cost, and production capacity advantages to capture new market opportunities [7] - The establishment of a production base in Thailand is expected to enhance cost efficiency and strengthen the company's competitive position in the global supply chain [8][9] Financial Performance Summary - In Q2 2025, the company achieved revenue of 336 million yuan, a year-on-year increase of 20.49% and a quarter-on-quarter increase of 7.40% [4] - The first quarter of 2025 saw revenue of 313 million yuan, reflecting a year-on-year growth of 24.27% [5] - The company's gross margin reached 39.74% in Q1 2025, an increase of 5.99% year-on-year, driven by cost optimization and product innovation [6] Future Projections - The company expects net profits attributable to shareholders to be 338 million yuan, 412 million yuan, and 537 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 26, 21, and 16 [10]

-20% 0% 20% 40% 中化国际 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S0010524070002 电话：13816562460 邮箱：pannx@hazq.com [Table_StockNameRptType] 中化国际（600500） 公司点评 拟收购南通星辰，公司发展迈上新台阶 | 投资评级：增持（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-07-29 | | | [Table_BaseData] 收盘价（元） | | 3.86 | | 近 12 个月最高/最低（元） | | 4.82/3.49 | | 总股本（百万股） | | 3,589 | | 流通股本（百万股） | | 3,587 | | 流通股比例（%） | | 99.95 | | 总市值（亿元） | | 139 | | 流通市值（亿元） | | 138 | [Table_Chart] 公司价格与沪深 30 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The chemical sector has shown a performance increase of 4.03% in the week from July 21 to July 25, 2025, ranking 8th among all sectors, outperforming the Shanghai Composite Index by 2.35 percentage points [4][22] - The report highlights a continued trend of differentiation in the chemical industry for 2025, recommending focus on sectors such as synthetic biology, pesticides, chromatography media, sugar substitutes, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Summary by Sections 1. Industry Review - The chemical sector's overall performance for the week was a 4.03% increase, ranking 8th among sectors, with the Shanghai Composite Index increasing by 1.67% and the ChiNext Index by 2.76% [22] - The top three performing sub-sectors were construction materials (8.20%), coal (7.98%), and steel (7.67%) [22] 2. Key Industry Dynamics - The report discusses the upcoming implementation of quota policies for third-generation refrigerants, which are expected to enter a high prosperity cycle due to supply constraints and stable demand growth from markets like heat pumps and cold chains [5] - The electronic specialty gases market is highlighted as a critical area for domestic substitution opportunities, driven by rapid upgrades in the semiconductor industry and increasing demand for high-end electronic specialty gases [6][8] - The light hydrocarbon chemical trend is noted as a global shift, with a move towards lighter raw materials for olefin production, which is expected to enhance the valuation of leading companies in this sector [8] - The COC polymer industry is experiencing accelerated domestic industrialization, with significant potential for domestic companies to break through supply bottlenecks [9] - The potassium fertilizer market is anticipated to rebound as major producers reduce output, leading to a tightening supply situation and increased prices [10] - The MDI market is characterized by oligopoly, with a favorable supply structure expected as demand recovers, making it a resilient chemical product through economic cycles [12]

Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The pharmaceutical sector is experiencing a divergence among its sub-industries, entering a phase of logical exploration [5] - The pharmaceutical index has outperformed the CSI 300 index, with a 1.9% increase this week, ranking 19th in terms of performance [17][19] - The highest valuation sub-industry is vaccines, with a PE (TTM) of 62X, while the lowest performing sub-industry is chemical preparations, which decreased by 2.02% [22] Summary by Sections Market Review - The pharmaceutical index rose by 1.9%, outperforming the CSI 300 index by 0.21 percentage points and the Shanghai Composite Index by 0.23 percentage points [17] - As of July 25, the PE (TTM) for the pharmaceutical industry is 28X, which is below the historical average of 33X [19] - Among 13 sub-industries, 11 saw increases, with medical research outsourcing leading at an 8.29% rise [22] Stock Performance - In the A-share market, 72.36% of the 474 pharmaceutical stocks increased in value this week [24] - The top ten performing stocks include Haitai Biological (+46.93%) and Zhendong Pharmaceutical (+42.89%) [25] - In the Hong Kong market, 66.67% of 114 stocks rose, with the top performer being MicroPort Medical (+28.86%) [31] Weekly Insights - The divergence in sub-industries is attributed to the focus on innovation and potential high-value products, with medical devices gaining market attention [5] - The National Healthcare Security Administration's guidance against price-only bidding has renewed interest in the medical device and IVD sectors [5] - The report maintains a bullish outlook on the pharmaceutical sector, emphasizing innovation in hard technology, including innovative drugs and devices [37] Investment Strategy - The investment strategy is divided into two main areas: innovative drug sector and other sectors [38] - Key recommendations include Zai Lab, BGI Genomics, and Junshi Biosciences, with a focus on oncology and innovative drug development [38] - Other sectors of interest include medical hard technology, medical consumption, and companies with significant overseas business [39][41]

Investment Rating - Industry investment rating: Overweight [2] Core Viewpoints - The nuclear fusion industry is an emerging sector that warrants attention, with policies potentially influencing investment hotspots [3][4] - The development of nuclear fusion technology is progressing, and there is optimism for future industrial applications [4][5] - Investment suggestions indicate that if technological breakthroughs occur, the nuclear fusion industry could see significant growth, with companies like Western Superconducting Technologies as potential investment targets [5][95] Summary by Sections 1) Overview of Nuclear Fusion - Controlled nuclear fusion is a reaction where light atomic nuclei combine under specific conditions, releasing substantial energy [15] - Nuclear fusion is considered a strategic energy source due to its high energy density and sustainability [19] 2) Literature Descriptions of the Nuclear Fusion Industry - The nuclear fusion technology research has gained attention from various countries, with ongoing advancements since the 1970s [51] - Multiple international projects, including the ITER initiative, are underway to promote nuclear fusion research [52] 3) Attention on Nuclear Fusion - The global nuclear fusion industry has seen significant financing recently, indicating a shift in investment strategies that favor industry development [74] 4) Investment Recommendations - The report suggests that the nuclear fusion industry could have a promising future if relevant technologies continue to advance [95]

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - Wuhan Xinxin is a leading semiconductor specialty process wafer foundry in China, focusing on specialty storage, analog-digital mixed, and three-dimensional integration business areas [18][19] - The company aims to become a leader in advanced semiconductor manufacturing in the three-dimensional era, enhancing customer competitiveness and promoting high-end applications in China's semiconductor industry [18][19] Summary by Sections 1. Business Overview - Wuhan Xinxin's main business can be categorized into specialty storage, analog-digital mixed, and three-dimensional integration [19][26] - The company is the largest Nor Flash manufacturer in mainland China, with a leading code-type flash technology [21][30] 2. Specialty Storage - Revenue from the specialty storage process platform for 2021, 2022, 2023, and the first nine months of 2024 was 2.177 billion, 2.450 billion, 2.570 billion, and 1.600 billion CNY, accounting for 74.32%, 73.47%, 67.71%, and 50.89% of total revenue respectively [19][30] - The company provides Nor Flash and MCU products, with Nor Flash being widely used in consumer electronics, computing, and industrial control [30][38] 3. Analog-Digital Mixed - Revenue from the analog-digital mixed process platform for the same periods was 0.572 billion, 0.671 billion, 0.769 billion, and 1.031 billion CNY, representing 19.55%, 20.14%, 20.26%, and 32.80% of total revenue respectively [20][27] - The company focuses on high-end CIS and RF-SOI products, with a complete CMOS image sensor manufacturing process [20][45] 4. Three-Dimensional Integration - Revenue from the three-dimensional integration process platform was 0.158 billion, 0.211 billion, 0.172 billion, and 0.342 billion CNY, accounting for 5.40%, 6.33%, 4.54%, and 10.86% of total revenue respectively [20][28] - The company has developed four major process platforms for three-dimensional integration, including dual-wafer stacking and 2.5D interposer technology [52] 5. Shareholder Background - Wuhan Xinxin and Yangtze Memory Technologies Co., Ltd. are both part of the Long Control Group, with strong shareholder backing [7][9] - The company is focusing on the critical period of three-dimensional integration and SOI industry ecosystem construction [9][10]

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The report highlights that the price of silicon materials continues to rise, driving strength in the upstream of the photovoltaic industry chain, while module prices remain stable. The overall performance of the photovoltaic sector is strong, with a 3.66% increase in the sector during the week [11][12] - In the wind power sector, multiple GW-level offshore wind projects are being tendered, indicating a sustained push in offshore wind development [18][19][20] - The energy storage market is experiencing robust growth in Europe and the US, with significant increases in household storage demand and favorable policies in regions like Anhui and Jiangsu [23][24][28][29] Summary by Sections Photovoltaics - Silicon material prices have increased, with N-type materials showing significant price rises. The prices of silicon wafers and battery cells have also been adjusted upwards, while module prices remain stable. The industry chain is expected to continue its strong performance, but attention should be paid to the progress of terminal project orders and downstream acceptance [12][13][14] - Investment suggestions include focusing on companies with high certainty in the BC technology industry trend, such as Longi Green Energy and Tongwei Co., Ltd. [13][17] Wind Power - Recent tenders for large offshore wind projects include a 1000MW project in Dandong, a 1300MW project in Jiangsu, and a 1500MW project in Hainan, indicating a concentrated release of large-scale projects [18][19][20] - Investment opportunities in the wind power sector include undervalued companies and those benefiting from offshore wind developments [20] Energy Storage - The global energy storage battery shipment reached 258GWh in the first half of 2025, a 106% year-on-year increase. Major players like CATL and Hicharge are leading the market [23][27][40] - The report emphasizes the importance of household storage markets in Europe and North America, with significant growth expected in the coming years [24][27] Hydrogen Energy - The successful maiden flight of a four-seat electric-hybrid aircraft and a significant order for hydrogen metallurgy green steel highlight the positive development of the hydrogen energy sector [32][33] - Investment in hydrogen energy applications, including fuel cell vehicles and hydrogen production, is recommended [34][35] Electric Grid Equipment - Investment in the electric grid is growing rapidly, with a reported 291.1 billion yuan invested in the first half of 2025, a 14.6% increase year-on-year. The focus is shifting towards enhancing grid infrastructure and smart grid technologies [38][39] - Key investment opportunities include companies involved in ultra-high voltage transmission and distribution networks [39] Electric Vehicles - The price of lithium carbonate has significantly increased, and the report suggests continuing to invest in companies with stable profitability in the battery and structural components sectors [40][43]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The recent bond market has experienced increased volatility, with interest rates stabilizing after a correction last week and declining on Monday. The report maintains its previous view that the suppression of the bond market by the recent surge in commodity prices is mainly due to short - term sentiment. Attention should be paid to whether the "anti - involution" policy will be transmitted to the downstream price, driving up inflation such as PPI/CPI. Currently, high - frequency data shows weak demand. The bond fund redemption wave may have ended, and the recent fund selling is mainly of interest - rate bonds rather than credit bonds, which is mainly to cope with liquidity shocks. The central bank conducted large - scale reverse repurchase operations on Monday, indicating its intention to support the capital market. Future attention should be paid to potential incremental policies from the Politburo meeting in July and the impact of events such as the China - US talks in August and the Fourth Plenary Session on the bond market [2]. - Nearly 60% of fixed - income sellers are bullish on the bond market this week, showing an optimistic sentiment. Fixed - income buyers' views are generally neutral, with a decline in the sentiment index [3]. - The report believes that Treasury bond futures will stop falling and rise this week. There are certain reverse - arbitrage opportunities in TS/TL contracts. The inter - delivery spread of TS/TF/T contracts is still inverted but at a relatively high level, while the inter - delivery spread of the TL contract is positive and rising. If the IRR of the 2512 contract is significantly higher than the capital cost, it may be appropriate to participate in positive arbitrage. The current futures price curve has flattened, but the term spreads are generally at a neutral level in history, with limited space for further flattening [5]. 3. Summary by Relevant Catalog 3.1 Seller and Buyer Market 3.1.1 Seller Market Sentiment Index and Interest - Rate Bonds - The weighted sentiment index of sellers this week is 0.41, with a bullish view, up from last week. The unweighted index is 0.56, an increase of 0.02 from last week. Currently, institutions generally hold a neutral - bullish view, with 16 bullish, 10 neutral, and 1 bearish. 59% of institutions are bullish, with key factors including limited impact of the "anti - involution" policy on demand, possible slowdown in export demand, unchanged fundamentals, continuous support from the central bank, narrow spread space, potential new central bank easing, and incremental policies from the Politburo meeting may not exceed expectations. 37% of institutions are neutral, focusing on the central bank's liquidity support from August to September and whether the "anti - involution" policy can be effectively transmitted to the price end. 4% of institutions are bearish, believing that all - round policy implementation may lead to economic surprises and drive up interest rates [12]. 3.1.2 Buyer Market Sentiment Index and Interest - Rate Bonds - The weighted sentiment index of buyers this week is 0.13, with a neutral view, unchanged from last week. The unweighted index is 0.19, a decrease of 0.09 from last week. Currently, institutions generally hold a neutral - bullish view, with 6 bullish, 19 neutral, and 1 bearish. 23% of institutions are bullish, considering that the upward movement of interest rates driven by short - term sentiment is an opportunity, and the broad - spectrum interest rates are generally declining. 73% of institutions are neutral, believing that the suppression of the bond market by the commodity and equity markets needs further observation, and the capital and supply sides do not form a basis for an upward adjustment of interest rates. 4% of institutions are bearish, citing factors such as global inflation driven by the depreciation of the US dollar/expansion of fiscal deficits in developed countries, a rise in domestic risk appetite, and "multi - killing - multi" among institutions [13]. 3.1.3 Credit Bonds - Market hot topics include central bank's capital injection and redemption pressure on credit - bond ETFs. The central bank's large - scale capital injection, with a net injection of 801.8 billion yuan through reverse repurchases and MLF, has loosened the capital market. Credit - bond ETFs' component bonds were over - heated previously, and attention should be paid to the risk of valuation adjustment [17]. 3.1.4 Convertible Bonds - Institutions generally hold a neutral - bullish view on convertible bonds this week, with 8 bullish and 6 neutral. 57% of institutions are bullish, believing that the equity market has strong momentum, convertible bond prices still have room to rise, and attention should be paid to industries not priced by the "anti - involution" expectation at low levels. Fixed - income plus funds have strong demand for convertible bonds. 43% of institutions are also bullish, but they think that convertible bond prices are at a historical high, with a decline in cost - effectiveness. Considering refinancing policies, the subsequent issuance pressure of convertible bonds is expected to be low, and attention should be paid to the risk of a decline in the underlying stock's volatility [20]. 3.2 Treasury Bond Futures Tracking 3.2.1 Futures Trading - As of July 25, the prices of Treasury TS/TF/T/TL contracts decreased to 102.31 yuan, 105.57 yuan, 108.18 yuan, and 117.95 yuan respectively, down 0.12 yuan, 0.42 yuan, 0.61 yuan, and 2.51 yuan from last Friday. The overall open interest of Treasury bond futures increased. As of July 25, the open interest of TS/TF/T/TL contracts was 104,000 lots, 159,000 lots, 196,000 lots, and 122,000 lots respectively, with changes of - 8926 lots, + 753 lots, + 3964 lots, and + 6947 lots from last Friday. The trading volume of Treasury bond futures increased across the board. From a 5 - day moving average perspective as of July 25, the trading volume of TS/TF/T/TL contracts reached 95.4 billion yuan, 86.5 billion yuan, 100.9 billion yuan, and 186 billion yuan respectively, an increase of 34.187 billion yuan, 28.162 billion yuan, 42.779 billion yuan, and 80.347 billion yuan from last Friday. The trading - to - open - interest ratio of Treasury bond futures also increased across the board [25][26]. 3.2.2 Cash Bond Trading - The turnover rate of 30 - year Treasury bonds increased. On July 25, the turnover rate was 6.91%, up 4.04 percentage points from last week and 3.19 percentage points from Monday, with a weekly average turnover rate of 5.79%. The weekly average turnover rate of interest - rate bonds increased. On July 25, the turnover rate was 1.11%, up 0.29 percentage points from last week and 0.19 percentage points from Monday. The turnover rate of 10 - year China Development Bank bonds also increased. On July 25, the turnover rate was 5.69%, up 0.55 percentage points from last week but down 0.68 percentage points from Monday [32]. 3.2.3 Basis Trading - The basis of the main contracts widened across the board. As of July 25, the basis (CTD) of TS/TF/T/TL main contracts was 0.02 yuan, 0.07 yuan, 0.10 yuan, and 0.50 yuan respectively, up 0.01 yuan, 0.06 yuan, 0.03 yuan, and 0.27 yuan from last Friday. The net basis of the main contracts also widened across the board. As of July 25, the net basis (CTD) of TS/TF/T/TL main contracts was 0.03 yuan, 0.60 yuan, 0.08 yuan, and 0.28 yuan respectively, up 0.04 yuan, 0.08 yuan, 0.06 yuan, and 0.33 yuan from last Friday. The IRR of the main contracts decreased across the board. As of July 25, the IRR (CTD) of TS/TF/T/TL main contracts was 1.47%, 1.25%, 1.11%, and 0.21% respectively, down 0.09%, 0.40%, 0.27%, and 1.50% from last Friday [44][47]. 3.2.4 Inter - Delivery Spread and Inter - Variety Spread - In terms of the inter - delivery spread, the inter - delivery spreads of TS and TL futures contracts widened, while the spreads of other main futures contracts narrowed. As of July 25, the near - month minus far - month spreads of TS/TF/T/TL contracts were - 0.08 yuan, - 0.06 yuan, - 0.02 yuan, and 0.22 yuan respectively, with changes of - 0.02 yuan, - 0.005 yuan, + 0.04 yuan, and + 0.04 yuan from last Friday. In terms of the inter - variety spread, except for the narrowing of the spread of the 2*TF - T futures contract, the spreads of other main futures contracts widened. As of July 25, 2*TS - TF, 2*TF - T, 4*TS - T, and 3*T - TL were 99.07 yuan, 102.98 yuan, 301.11 yuan, and 206.47 yuan respectively, with changes of + 0.20 yuan, - 0.22 yuan, + 0.18 yuan, and + 0.56 yuan from last Friday [54][55].