Market Overview - The Shanghai Composite Index closed at 3,597.94, with a year-to-date increase of 10.28% [2] - The ChiNext Index rose by 0.96% to 2,362.60, with a year-to-date increase of 14.66% [2] - The CSI 300 Index increased by 0.21% to 4,135.82, with a year-to-date increase of 8.26% [2] - The CSI 1000 Index closed at 6,729.98, up 0.35% with a year-to-date increase of 16.09% [2] - The STAR 50 Index closed at 1,055.11, with a year-to-date increase of 10.44% [2] - The North Exchange 50 Index decreased by 0.25% to 1,455.37, but has a significant year-to-date increase of 42.70% [2] Overseas/Education Research - The U.S. White House released an AI Action Plan aimed at accelerating AI development by easing regulations and expanding energy supply for data centers [8] - The plan emphasizes the need for a reliable and adjustable energy infrastructure to support AI growth, highlighting the potential role of nuclear energy [8] Media Industry - The summer film market is showing signs of recovery, with daily box office reaching 294 million yuan on July 26, 2025 [20] - Notable films include "Nanjing Photo Studio" which grossed over 100 million yuan in its first two days [21] - The animation film "The Legend of Luo Xiaohei 2" has grossed 213 million yuan in nine days [21] - The gaming sector is also expected to see growth with new game releases and updates during the summer [22] Metals and New Materials - Copper prices are expected to fluctuate, with a recent increase in prices due to a general rise in commodities [30] - Lithium carbonate prices rose by 9.38% to 73,000 yuan per ton, driven by supply disruptions [32] - Cobalt prices also increased as inventory levels are gradually consumed [33] Pharmaceutical Industry - The pharmaceutical index rose by 1.90%, outperforming the CSI 300 index by 0.21% [35] - Key players in the innovative drug sector are recommended for investment, including companies like Yuyuan Pharmaceutical and Frontline Bio [35] New Consumption - Pop Mart (09992.HK) reported a projected revenue growth of no less than 200% for H1 2025, driven by increased global brand recognition and diverse product offerings [35] - The company’s overseas business is also expanding, positively impacting profit margins [35] Electronics Industry - Yangjie Technology (300373.SZ) expects a net profit of 552 to 637 million yuan for H1 2025, marking a growth of 30%-50% [35] - The company is optimizing its product matrix and expanding its market presence through acquisitions [35]

Report Investment Rating - No industry investment rating provided in the report. Core Viewpoints - The bond market is under triple pressure, but a short - term small - scale rally may be expected. The bond market sentiment was suppressed due to the triple factors of the "anti - involution" sentiment driving up commodity prices, the continuous improvement of the stock market diverting funds, and the marginal improvement of some macro signals boosting risk appetite. From July 21st to 25th, the bond market underwent a rapid adjustment, with the yields of government bonds, policy - bank bonds, local government bonds, and credit bonds of all tenors rising across the board. Currently, there is a phased bullish view on the bond market, and the 10Y government bond yield may return to around 1.65%. It is expected that the Federal Reserve will significantly cut interest rates in 2026, presenting prominent opportunities in short - to medium - term US Treasury bonds [3][11][83]. Summary by Directory 1. Macro News - From January to June this year, the total profit of industrial enterprises above designated size in China was 3.44 trillion yuan, a year - on - year decrease of 1.8%. The total operating income was 66.78 trillion yuan, a year - on - year increase of 2.5%, and the operating cost was 57.12 trillion yuan, a year - on - year increase of 2.8%. The operating profit margin was 5.15%, a year - on - year decrease of 0.22pct. On July 19th, the construction ceremony of the Yarlung Zangbo River downstream hydropower project was held. The project has a total investment of about 12 trillion yuan and a total installed capacity of about 60 million kilowatts. On December 18, 2025, the full - island customs closure of Hainan Free Trade Port will be officially launched. The scope of "zero - tariff" goods will be expanded to about 74% of all commodity tariff items, an increase of nearly 53 percentage points compared to before the closure. On July 23rd (local time), US President Trump stated that he would impose simple tariffs of 15% to 50% on most other countries in the world. On July 24th (local time), EU member states overwhelmingly passed a decision to impose tariffs on US products worth 93 billion euros [12][15]. 2. Medium - term High - frequency Data 2.1 Consumption - As of July 20th, the daily average retail volume of passenger car manufacturers was 58,000 vehicles, a year - on - year increase of 16.8%, and the daily average wholesale volume was 58,000 vehicles, a year - on - year increase of 8.3%. As of July 25th, the total box office revenue of domestic movies in the past 7 days was 984.43 million yuan, a year - on - year decrease of 33.6% but an increase of 110.2% compared to a month ago. As of July 11th, the total retail volume of three major household appliances was 2.471 million units, a year - on - year increase of 26.5%, and the total retail sales were 5.81 billion yuan, a year - on - year increase of 28.9% [13][21]. 2.2 Transportation - As of July 20th, the container throughput of ports was 6.642 million TEUs, a year - on - year increase of 5.2%. As of July 25th, the CCFI composite index was 1261.4, a year - on - year decrease of 42.2%. The average daily subway passenger volume in first - tier cities in the past 7 days was 39.519 million person - times, a year - on - year decrease of 2.2% but an increase of 1.0% compared to a month ago. As of July 20th, the postal express pick - up volume was 3.67 billion pieces, a year - on - year increase of 13.8% but a decrease of 10.0% compared to 4 weeks ago. The railway freight volume was 80.488 million tons, a year - on - year increase of 6.8%, and the highway truck traffic volume was 53.431 million vehicles, a year - on - year increase of 2.0% [26][28][31]. 2.3 Capacity Utilization - As of July 23rd, the blast furnace capacity utilization rate of major steel enterprises in China was 77.6%, a year - on - year increase of 2.3 percentage points. As of July 24th, the average asphalt capacity utilization rate was 26.0%, a year - on - year increase of 3.0 percentage points. As of July 24th, the soda ash capacity utilization rate was 82.8%, a year - on - year decrease of 6.5 percentage points, and the PVC capacity utilization rate was 74.9%, a year - on - year increase of 1.8 percentage points. As of July 25th, the average PX capacity utilization rate was 80.8%, and the average PTA capacity utilization rate was 80.7% [34][37]. 2.4 Real Estate - As of July 18th, the transaction area of second - hand houses in 9 sample cities decreased by 16.0% compared to 4 weeks ago. As of July 25th, the total transaction area of commercial housing in 30 large - and medium - sized cities in the past 7 days was 1.564 million square meters, a year - on - year decrease of 5.6% [41][42]. 2.5 Prices - As of July 25th, the average wholesale price of pork was 20.7 yuan per kilogram, a year - on - year decrease of 17.5% but an increase of 2.4% compared to 4 weeks ago. The average wholesale price of vegetables was 4.4 yuan per kilogram, a year - on - year decrease of 10.3% but an increase of 0.5% compared to 4 weeks ago. The average wholesale price of 6 key fruits was 7.1 yuan per kilogram, a year - on - year decrease of 0.6% and a decrease of 4.2% compared to 4 weeks ago. The average price of thermal coal at northern ports was 641 yuan per ton, a year - on - year decrease of 24.5% but an increase of 4.7% compared to 4 weeks ago. The average spot price of WTI crude oil was 65.7 US dollars per barrel, a year - on - year decrease of 15.7% and a decrease of 2.5% compared to 4 weeks ago. The average spot price of rebar was 3310.4 yuan per ton, a year - on - year increase of 2.6% and an increase of 7.9% compared to 4 weeks ago. The average spot price of iron ore was 799.6 yuan per ton, a year - on - year decrease of 0.7% but an increase of 10.8% compared to 4 weeks ago. The average spot price of glass was 15.1 yuan per square meter, a year - on - year decrease of 14.8% but an increase of 9.2% compared to 4 weeks ago [46][49][54]. 3. Bond and Foreign Exchange Markets - On July 25th, R001 was 1.55%, up 15.10BP from July 21st; R007 was 1.69%, up 19.60BP from July 21st. DR001 was 1.52%, up 15.65BP from July 21st; DR007 was 1.65%, up 16.22BP from July 21st. Most government bond yields rose. On July 25th, the yields of 1 - year, 5 - year, 10 - year, and 30 - year government bonds were 1.39%, 1.59%, 1.73%, and 1.98% respectively, up 4.1BP, 6.0BP, 6.8BP, and 8.7BP respectively from July 18th. The yields of 1 - year, 5 - year, 10 - year, and 30 - year policy - bank bonds were 1.52%, 1.70%, 1.81%, and 2.08% respectively, up 4.6BP, 9.5BP, 9.0BP, and 5.2BP respectively from July 18th. The yields of 1 - year, 5 - year, and 10 - year local government bonds were 1.44%, 1.67%, and 1.83% respectively, up 5.2BP, 6.2BP, and 6.1BP respectively from July 18th. The yields of 1 - month and 1 - year AAA and AA + inter - bank certificates of deposit were 1.57%, 1.67%, 1.58%, and 1.70% respectively, up 6.0BP, 5.3BP, 6.0BP, and 5.3BP respectively from July 18th. As of July 25th, 2025, the 10 - year government bond yields of the US, Japan, the UK, and Germany were 4.4%, 1.6%, 4.6%, and 2.8% respectively, down 4BP, up 8BP, down 4BP, and up 6BP respectively from July 18th. On July 25th, the central parity rate and spot exchange rate of the US dollar against the Chinese yuan were 7.14 and 7.17 respectively, down 79 and 87 pips respectively from July 18th [56][61][70]. 4. Institutional Behavior - As of July 27th, the net - loss rate of public - offering wealth management products of wealth management companies was about 1.2%, down 0.77 percentage points from 1.97% at the beginning of the year, and the current percentile of the net - loss rate within the year was 36.7%. Since the beginning of 2025, the duration of medium - and long - term pure bond funds investing in interest - rate bonds has shown a trend of first decreasing and then increasing, with a slight decline in the past week. On July 25th, 2025, the estimated average duration was about 5.3 years, a decrease of about 0.17 years compared to the previous week (July 18th), and the weekly data showed the first decline since early May. The duration of medium - and long - term pure bond funds investing in credit bonds has shown a fluctuating trend since the beginning of 2025, and has risen rapidly in the past two weeks. On July 25th, 2025, the estimated median duration was about 2.5 years, and the estimated average duration was about 2.6 years, an increase of about 0.3 years compared to the previous week (July 18th) [77][80][81]. 5. Investment Recommendations - Currently, there is a phased bullish view on the bond market, and the 10Y government bond yield may return to around 1.65%. In 2025, there is no trend - based bond market rally, so it is advisable to take profits in a timely manner. Due to the rapid adjustment of the bond market and the rapid reduction of the duration of bond funds, it is believed that the bond market risks may have been mitigated. It is expected that the Federal Reserve will significantly cut interest rates in 2026, presenting prominent opportunities in short - to medium - term US Treasury bonds [83].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is a small but efficient wind power operator that is expanding into green fuels, which opens up growth opportunities [6] - The company has received approval for a specific stock issuance and is increasing its stake in its subsidiary, Shanghai Jiayi Rongyuan, which is involved in green methanol, green ethanol, and green aviation fuel [7] - The company plans to raise 1.2 billion yuan through a private placement, which will increase the actual controller's shareholding to 44.3% [7] - The company is collaborating with Ningxia Jiazhe Group to enter the green chemical sector, significantly enhancing growth potential [7] - The company has a robust wind power operation with approximately 2GW of installed capacity and plans for additional capacity, ensuring sustained growth [7] - The potential launch of wind power REITs is expected to contribute to short-term performance and improve cash flow [7] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 2,403 million yuan (2023), 2,422 million yuan (2024), 2,529 million yuan (2025E), 3,003 million yuan (2026E), and 3,853 million yuan (2027E) [9] - The expected growth rates for net profit from 2025 to 2027 are 44.2%, 12.28%, and 19.48% respectively, with corresponding PE ratios of 10, 9, and 8 times [10] - The company’s return on equity (ROE) is projected to improve from 12.25% in 2025 to 14.00% in 2027 [10]

Investment Rating - The report maintains a "Positive" investment rating for the express delivery industry [1] Core Insights - The express delivery industry is experiencing a trend of "anti-involution," leading to a revaluation of its value [3] - The report emphasizes the importance of regulatory actions in stabilizing the industry and improving profitability [3] - Short-term price improvements are expected, with potential for further increases during peak seasons [3] Summary by Sections 1. Review of 2021's "Anti-Involution" - In 2021, the express delivery industry saw a significant policy push to protect courier rights, leading to price increases and improved profitability [3][19] - The average price per ticket for the "Tongda" system increased by approximately 0.6 yuan from the low point in August 2021 to January 2022 [3] - By Q4 2021, YTO Express reported a net profit of 1.15 billion yuan, a year-on-year increase of 202% [3] 2. Current Industry Dynamics - After 2023, the industry has re-entered a phase of price competition due to increased capacity and market share strategies, leading to profitability nearing historical lows [3][39] - The National Postal Administration has clearly opposed "involution-style" competition, indicating a regulatory environment similar to that of 2021 [3][65] - The report suggests monitoring regulatory developments in key production areas like Yiwu and Guangdong for potential price adjustments [3] 3. Short-term and Long-term Outlook - Short-term price improvements are anticipated, particularly in traditionally low-price cities, with potential for broader price increases in peak seasons [3][69] - The report forecasts a shift from price wars to value competition, which could enhance long-term profitability for leading express companies [3][69] - Investment recommendations include focusing on A-shares such as Shentong Express, YTO Express, and Yunda Express, as well as H-shares like Jitu Express and ZTO Express [3] 4. Financial Performance Metrics - In Q1 2025, the net profit per ticket for major companies like Zhongtong, YTO, Yunda, and Shentong fell close to or below historical lows [50] - The report highlights significant cash flow pressures, with some companies experiencing cash flow performance worse than the bottom of 2021 [50] - The report provides elasticity calculations indicating that price increases could significantly enhance profitability for express companies [70]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the ongoing consolidation in the express delivery sector, with Shentong Express planning to acquire Daniao Logistics for 362 million yuan, aiming to enhance its market position and differentiate itself from competitors [5] - The report emphasizes the recovery in air travel demand and the potential for long-term growth in the aviation sector, driven by macroeconomic improvements and a favorable supply-demand dynamic [13] - The shipping market is expected to benefit from rising oil transport demand due to OPEC+ production increases and a favorable interest rate environment, with a positive outlook for dry bulk shipping as well [14] Summary by Sections Express Delivery - Shentong Express is set to acquire Daniao Logistics for 362 million yuan, which is expected to enhance its market share by 0.8 percentage points and improve brand influence [5] - The express delivery sector shows resilient demand, with terminal prices at historical lows, limiting further downside [13] - Key companies to watch include Zhongtong Express, YTO Express, and SF Express, which are expected to benefit from cyclical recovery and cost control [13] Aviation - The aviation sector is experiencing low long-term supply growth, but demand is anticipated to benefit from macroeconomic recovery, leading to a favorable supply-demand balance [13] - The report notes that the overall passenger transport volume in civil aviation reached 370 million in the first half of 2025, a year-on-year increase of 6% [7] - Key companies to focus on include China Southern Airlines, Air China, and HNA Group [13] Shipping - The Baltic Dry Index (BDI) reached a new high of 2258 points, up 119% year-to-date, driven by improved consumption expectations and seasonal factors [9] - The report suggests a positive outlook for oil transportation due to OPEC+ production increases and a favorable interest rate environment [14] - Companies to watch include China Merchants Energy Shipping and COSCO Shipping [14] Ports - China's port cargo throughput increased by 2.43% week-on-week, reaching 26.677 million tons, while container throughput rose by 2.61% to 6.64 million TEU [12][77] - The report highlights the stable cash flow and growth potential of port operations, suggesting a focus on companies like Tangshan Port and Qingdao Port [14] Road and Rail - National logistics operations are running smoothly, with rail freight volume increasing by 1.11% and highway freight traffic up by 0.67% [12] - The report indicates that road passenger traffic decreased by 3.92%, while freight volume increased by 2.86% [45]

Investment Rating - Investment rating: Positive (maintained) [4] Core Viewpoints - The report emphasizes the high-quality development of the pig industry, recommending "platform + ecological" service-oriented enterprises like Dekang Agriculture and Animal Husbandry [4][18] - The Ministry of Agriculture held a meeting on July 23 to promote high-quality development in the pig industry, focusing on reducing breeding capacity, controlling new production capacity, and enhancing the competitiveness of the entire industry chain [6][60] - The report indicates that the pig price is currently at 14.1 CNY/kg, with a slight decrease in average weight to 128.48 kg, and a 15 kg piglet priced at 542 CNY/head, reflecting weak demand and a slight price drop [5][17] Summary by Sections 1. Pig Industry - The latest pig price is 14.1 CNY/kg, with a slight decrease in average weight to 128.48 kg, and a 15 kg piglet priced at 542 CNY/head. Weak demand has led to a slight price drop, with a 0.8% decrease in the national pig inventory in June, indicating a potential reduction in pig output in July and August [5][17] - The Ministry of Agriculture's meeting emphasized high-quality development, including reducing breeding capacity, strengthening disease prevention, and promoting resource utilization [6][18] - The report suggests that companies with cost advantages and strong connections with farmers may enjoy excess profits and valuation premiums, recommending Dekang Agriculture and Animal Husbandry and leading pig farming companies like Muyuan Foods and Wens Foodstuffs [18] 2. Poultry Industry - The price of chicken seedlings in Yantai is 2.5 CNY/chick, up 39% month-on-month but down 28% year-on-year. The price of broiler chickens is 3.43 CNY/kg, up 3.9% month-on-month but down 11.4% year-on-year. Demand pressure is easing, and if supply contracts in Q3, prices may rebound [19] - The report highlights the ongoing contradiction of "high capacity, weak consumption" in the white feather chicken industry, with losses forcing breeding farms to reduce capacity [19] 3. Feed Industry - The report recommends Haida Group due to the recovery of the industry, improved management effects, and increased capacity utilization, which is expected to lead to growth in volume and profit [21] 4. Pet Industry - In June, exports of dog and cat food decreased by 13.8% year-on-year, totaling 29,000 tons, with revenue of 820 million CNY (approximately 110 million USD), down 20.2% year-on-year [22][24] - The report notes that while there are concerns about export fluctuations due to tariff uncertainties, long-term prospects remain positive for domestic brands like Guibao and Zhongchong [24] 5. Agricultural Products - The report discusses uncertainties in soybean imports for Q4 and the upward trend in rubber prices, with natural rubber prices breaking through 15,000 CNY/ton [28]

Investment Rating - Investment rating: None [4] Core Insights - The White House released the "AI Action Plan" aimed at accelerating the development of artificial intelligence in the U.S. by easing regulations and expanding energy supply for data centers. The plan focuses on three pillars: accelerating innovation, building AI infrastructure domestically, and establishing U.S. hardware and software as the global standard for AI innovation [4][15][17] - The plan includes a threefold energy strategy to prevent the premature closure of key power plants, upgrade existing transmission systems to enhance capacity, and utilize emerging technologies such as enhanced geothermal energy, nuclear fission, and nuclear fusion to expand the grid. This emphasizes the need for a reliable and dispatchable energy foundation to support AI infrastructure [16][17] - The nuclear power sector is expected to gain from this plan, as stable power supply capabilities will become increasingly important in the future energy structure, benefiting related uranium resources and supply chain enterprises [4][17] Summary by Sections 1. Overseas AI 1.1 Market Performance Review - Hong Kong tech stocks continued to rise, with the Hang Seng Tech Index closing at 5677.9, up 2.5%, outperforming the Hang Seng Index by 0.2 percentage points [7][8] - The Philadelphia Semiconductor Index closed at 5645.9, down 1.5%, underperforming the Nasdaq 100 and S&P 500 indices [7][8] 1.2 Recent Important Events Review - The "AI Action Plan" was released, focusing on easing regulations and expanding energy supply for AI development [15] - The plan emphasizes the upgrade of the power grid as a core component of AI infrastructure [16][17] 1.3 Upcoming Important Events - Key earnings reports from major companies such as VERTIV, ARM, Qualcomm, and others are scheduled for July 30, 2025 [18] 2. Web3 and Cryptocurrency Market 2.1 Cryptocurrency Market Performance Review - The total market capitalization of cryptocurrencies remained stable at $3.86 trillion as of July 25, 2025, with a total trading volume of $202.46 billion, accounting for 5.25% of the total market cap [19][27] - The market sentiment is currently in the "greed" zone, with a fear and greed index of 66 [23] 2.2 Recent Important Events Review - The core assets of cryptocurrency ETFs recorded a net inflow of $0.72 billion this week [28] 2.3 Upcoming Important Events - Earnings reports from companies like Ebang International Holdings, Microstrategy, and Coinbase Global are scheduled for late July and early August 2025 [34]

Investment Rating - The investment rating for the company is "Buy" (maintained) due to strong performance in both domestic and international markets, with H1 2025 revenue growth exceeding market expectations [5]. Core Views - The company anticipates a revenue growth of no less than 200% year-on-year for H1 2025, with a projected profit increase of no less than 350% during the same period. This growth is attributed to enhanced brand recognition, diversified product offerings, and increased overseas revenue contribution [7]. - The global design and supply chain strategies have laid a solid foundation for the company's successful international expansion, leveraging collaborations with global artists and influencers to enhance brand visibility [7]. - The collectible toy market is in a rapid growth phase, with leading brands expected to continue gaining market share. The company has increased its market share from 8.5% in 2019 to 13.6% in 2021, supported by its proprietary IP and strong operational capabilities [7]. Financial Summary - Revenue projections for the company are as follows: - 2023: 6,301 million RMB - 2024: 13,038 million RMB (growth of 106.92%) - 2025E: 35,068 million RMB (growth of 168.97%) - 2026E: 50,980 million RMB (growth of 45.38%) - 2027E: 60,001 million RMB (growth of 17.69%) [6][8] - Net profit forecasts are: - 2023: 1,082.34 million RMB - 2024: 3,125.47 million RMB (growth of 188.77%) - 2025E: 10,546.48 million RMB (growth of 237.44%) - 2026E: 16,244.08 million RMB (growth of 54.02%) - 2027E: 19,769.32 million RMB (growth of 21.70%) [6][8] - The company maintains a healthy return on equity (ROE) forecast, with values projected at 29.26% for 2024, 49.62% for 2025, and 34.49% for 2027 [6][9].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to achieve a rapid growth in net profit for the first half of 2025, with a projected increase of 30%-50% year-on-year, driven by the continuous improvement of its product matrix and the favorable conditions in the semiconductor industry [7] - The company is focusing on high-value new product development, enhancing its competitive edge, and expanding its market presence through both organic growth and acquisitions [7] - The automotive electronics sector is anticipated to be a significant growth area, with the company developing SiC modules for electric vehicles and gaining traction with major Tier 1 suppliers [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 5,410 million RMB - 2024: 6,033 million RMB (11.53% YoY growth) - 2025E: 7,061 million RMB (17.03% YoY growth) - 2026E: 8,402 million RMB (19.00% YoY growth) - 2027E: 9,794 million RMB (16.57% YoY growth) [6] - Net profit forecasts are: - 2023: 924 million RMB - 2024: 1,002 million RMB (8.50% YoY growth) - 2025E: 1,278 million RMB (27.51% YoY growth) - 2026E: 1,536 million RMB (20.20% YoY growth) - 2027E: 1,807 million RMB (17.62% YoY growth) [6] - Earnings per share (EPS) estimates are: - 2024: 1.84 RMB - 2025E: 2.35 RMB - 2026E: 2.83 RMB - 2027E: 3.33 RMB [6] Market Performance - As of July 25, 2025, the closing price of the company's stock is 54.61 RMB, with a total market capitalization of approximately 29,672.22 million RMB [3][4]

Group 1 - The company is rated as a "national-level 'little giant'" in the photovoltaic support field, with a projected net profit of 90.05 million yuan in 2024, representing a year-on-year increase of 15% [13][24]. - The company's main products include core components of photovoltaic supports such as the Torque Tube (TTU), Bearing Assembly (BHA), and Installation Structure (URA), which are essential for forming the "skeleton" of photovoltaic power stations [13][16]. - The company has established strong partnerships with well-known photovoltaic support enterprises like NEXTracker and has a significant market presence in regions such as Brazil, Chile, Australia, Canada, Europe, and the Middle East [13][24]. Group 2 - The photovoltaic industry in China has been rapidly developing, maintaining the world's leading position in cumulative installed capacity for nine consecutive years, with a projected global new installed capacity of 530 GW in 2024, a year-on-year increase of 35.9% [31][32]. - The global market for tracking and fixed supports is expected to reach 93.8 billion yuan and 104.4 billion yuan respectively in 2025, with average compound growth rates of 27.4% and 9.5% from 2023 to 2027 [36][39]. - The company operates in the midstream of the photovoltaic industry, focusing on the production of photovoltaic support components, which are critical for the construction and operation of solar power plants [31][34].