Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [4] Core Viewpoints - Infrastructure investment continues to show steady growth, with energy, heating, gas, and water sectors maintaining high growth rates. In the first half of 2025, narrow infrastructure investment (excluding electricity) reached 881.22 billion yuan, a year-on-year increase of 4.6%, while broad infrastructure investment totaled 11.98 trillion yuan, up 8.9% year-on-year, significantly higher than the narrow measure, indicating strong support from high-demand sectors like energy [5][8] - The commencement of the Yarlung Tsangpo River hydropower project, with a total investment of 1.2 trillion yuan, marks a significant step in advancing clean energy and hydropower construction in China. This project is expected to generate an annual power output of 300 billion kilowatt-hours, equivalent to three Three Gorges or five Baihetan projects, and will accelerate construction in the hydropower sector [10][11] - The Central Urban Work Conference highlighted a shift in urbanization from rapid growth to stable development, focusing on quality improvement and efficiency enhancement. This transition is expected to create systematic development opportunities in urban renewal, green construction, and infrastructure upgrades within the construction industry [11] Summary by Sections Infrastructure Investment - Infrastructure investment in China has shown a steady upward trend, with narrow infrastructure investment growing by 4.6% year-on-year and broad infrastructure investment increasing by 8.9% year-on-year in the first half of 2025. Key sectors such as transportation, energy, and water supply are driving this growth [5][8] Market Performance - The Shanghai Composite Index rose by 0.69%, the Shenzhen Component Index increased by 2.04%, and the ChiNext Index grew by 3.17% during the week. However, the construction decoration index fell by 0.71%. Notable stock performances included Shikong Technology (+17.83%) and Huitong Group (+12.70%) [21] Company Dynamics - Several companies reported significant changes in their financial performance for the first half of 2025. For instance, Longyuan Construction is expected to turn a profit, while Chongqing Construction anticipates losses. Notably, companies like Zhongjian Construction and China Energy Engineering reported new contract values of 5,481.9 billion yuan and 775.36 billion yuan, respectively, indicating a mixed performance across the sector [12][17][18]

证券研究报告 房地产 行业定期报告 hyzqdatemark 2025 年 07 月 22 日 板块表现： 从增量扩张转向存量提质增效，城市更新为重要抓手 投资评级： 看好（维持） ——房地产行业周报（25/07/12-25/07/18） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 板块行情：本周上证指数上升 0.7%、深证成指上升 2.0%、创业板指上升 3.2%、沪 深 300 上升 1.1%、房地产(申万)下跌 2.2%。个股方面，涨跌幅前五的分别为：市北 高新(+13.0%)、福星股份(+10.2%)、中新集团(+7.6%)、海南高速(+7.0%)、衢州发 展(+6.3%)，涨跌幅后五的分别为: 光大嘉宝(-15.7%)、南山控股(-12.1%)、渝开发 (-10.9%)、信达地产(-10.1%)、华夏幸福(-9.8%)。 数据跟踪：新房：本周(7.12-7.18)，42 个重点城市新房合计成交 141 万平米，环比 下降 10.8%。7 月截至本周(7.1-7.18)，42 个重点城市新房合计成交 407 万平米， 环比下降 20.7%，同比下降 19.7%，年初至今累计成交同比 ...

Investment Rating - Investment rating: None [4] Core Insights - The report highlights the U.S. Department of Energy's (DOE) pilot program aimed at accelerating advanced nuclear reactor development and strengthening the domestic nuclear fuel supply chain. This initiative is part of a broader strategy to reduce reliance on imported enriched uranium and key materials, fostering a domestic nuclear fuel industry [4][16] - The report emphasizes that the U.S. is accelerating the self-sufficiency layout of critical resources, with nuclear fuel being a vital component of national energy security. The transition from heavy reliance on imports to rebuilding a domestic system is underway, supported by a comprehensive mechanism from policy guidance to financial support [4][16] - The report notes significant market movements, particularly in the uranium sector, with top-performing companies experiencing substantial gains, reflecting heightened market focus on energy and critical resources [4][9] Summary by Sections 1. Overseas AI - The report indicates that Hong Kong and U.S. tech stocks saw an increase, with the Hang Seng Tech Index rising by 5.5% and the Philadelphia Semiconductor Index increasing by 0.6% during the week of July 14 to July 18, 2025 [7][8] - The uranium sector experienced a notable surge, with top companies like ENERGY FUELS and ASP ISOTOPES seeing increases of 42% and 39% respectively, indicating strong market interest in energy self-sufficiency [9][14] 2. Web3 and Cryptocurrency Market - The global cryptocurrency market capitalization rose to $3.86 trillion as of July 18, 2025, up from $3.61 trillion the previous week, indicating a positive market trend [18][22] - The report highlights that the core assets in the cryptocurrency market saw a net inflow of $2.386 billion during the week, reflecting strong investor interest [28] - Key legislative developments in the U.S. regarding cryptocurrency, including the passage of the GENIUS Act, have bolstered market expectations, contributing to a rise in core asset prices [32][32]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The outdoor trend is driving high growth for the company's other brands, while the main brand's efficiency improvements are being monitored [5] - The company has shown stable performance from its main brand and FILA, with all other brands experiencing rapid growth [7] - The company is expected to maintain a strong growth trajectory due to its multi-brand strategy and overseas expansion potential [7] Financial Performance Summary - Revenue projections for 2023 to 2027 are as follows: - 2023: 62,356 million RMB - 2024: 70,826 million RMB (growth of 16.23%) - 2025E: 78,944.69 million RMB (growth of 11.46%) - 2026E: 87,795.88 million RMB (growth of 11.21%) - 2027E: 96,556.82 million RMB (growth of 9.98%) [6] - Net profit projections for the same period are: - 2023: 10,236 million RMB - 2024: 15,596 million RMB (growth of 52.36%) - 2025E: 13,500.18 million RMB (decline of 13.44%) - 2026E: 15,567.18 million RMB (growth of 15.31%) - 2027E: 17,163.18 million RMB (growth of 10.25%) [6] - Earnings per share (EPS) are projected to be: - 2023: 3.69 RMB - 2024: 5.55 RMB - 2025E: 4.81 RMB - 2026E: 5.55 RMB - 2027E: 6.11 RMB [6] Brand Performance Summary - In Q2 2025, the main brand recorded low single-digit growth, while FILA achieved mid-single-digit growth, and all other brands saw growth of 50-55% [7] - The main brand's growth is expected to improve in the second half of the year due to operational efficiency initiatives [7] - The outdoor segment remains strong, with high demand for premium outdoor brands like Descente and Kolon [7]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 07 月 21 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 英伟达 H20 解禁促进 AI 行业赋能、国产 GPU 有望提速，北交所 AI+产业链再梳理 ——北交所科技成长产业跟踪第三十五期（20250720） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 黄仁勋宣布英伟达将恢复对中国的 H20 芯片销售，国产 GPU 或将提速。英伟达近日发布公告，其创始 人兼 CEO 黄仁勋宣布将恢复对中国的 H20 销售，并将推出针对中国市场的全新、完全兼容的 GPU。H20 是为遵守美国出口限制而推出，专为中国市场设计的 AI 加速器。2025 年 4 月，美国政府决定禁止英伟达 向中国市场销售其 H20 芯片。上一波 H20 芯片断供，国产 GPU 公司快速获得市场验证的机会，且获资 源倾斜，生态合力加速形成。中国 GPU 重点企业发展迅速，凭借技术 ...

Investment Rating - Investment rating: Positive (maintained) [5] Core Views - The rare earth sector is experiencing price increases driven by overseas catalysts, with neodymium oxide rising 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, and terbium oxide increasing 0.84% to 7,180,000 CNY/ton [5][12] - Molybdenum prices are fluctuating at high levels due to increased steel demand, with molybdenum concentrate prices rising 4.46% to 3,985 CNY/ton [5][24] - Tungsten prices are at new highs due to supply contraction expectations, with black tungsten concentrate prices increasing 4.07% to 179,000 CNY/ton [5][29] - Tin prices are under pressure with SHFE tin down 1.01% to 264,500 CNY/ton, influenced by raw material shortages from Myanmar [5][37] - Antimony prices are adjusting downwards, with antimony ingot prices falling 1.30% to 190,000 CNY/ton due to reduced smelting output [5][48] - The controllable nuclear fusion materials sector is in a high-growth phase, with significant opportunities for upstream materials [6] Summary by Category Rare Earths - Recent price increases: neodymium oxide up 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, terbium oxide up 0.84% to 7,180,000 CNY/ton [5][12] Molybdenum - Molybdenum concentrate price increased 4.46% to 3,985 CNY/ton, while molybdenum iron (Mo60) rose 3.49% to 252,000 CNY/ton [5][24] Tungsten - Black tungsten concentrate price increased 4.07% to 179,000 CNY/ton, and ammonium paratungstate rose 4.35% to 264,000 CNY/ton [5][29] Tin - SHFE tin price decreased 1.01% to 264,500 CNY/ton, and LME tin fell 1.82% to 33,160 USD/ton [5][37] Antimony - Antimony ingot price decreased 1.30% to 190,000 CNY/ton, and antimony concentrate price fell 1.49% to 16,500 CNY/ton [5][48] Nuclear Fusion Materials - The controllable nuclear fusion industry is accelerating commercialization, with significant benefits expected for upstream materials [6]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 07 月 21 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com HPP 设备和 HPP 果汁市场发展前景向好，关注北交所相关标的 ——北交所消费服务产业跟踪第二十三期（20250720） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险。 请务必仔细阅读正文之后的评级说明和重要声明 联系人 2025 年亚太地区 HPP 设备规模预计年增长率达 25%，中国有望开启国产替代。HPP（超高 压非热灭菌技术）是一项通过物理高压而非高温进行杀菌的前沿技术，能较大限度保留食品 的营养与风味。HPP 技术可应用于多个领域，如果汁饮料、肉制品、水产品、乳制品等。国 内 HPP 设备设计与生产的成熟程度以及厂家运用设备进行冷杀菌的成熟程度均与国外存在一 定差距。根据利通科技官网，2025 年亚太地区 HPP 设备规模预计约为 18 亿美元，年增长 ...

Investment Rating - Investment rating: Positive (maintained) [5] Core Viewpoints - The precious metals sector is experiencing a narrow fluctuation in gold prices while silver continues to rise. Over the past two weeks, London spot gold increased by 0.70% to $3355.10 per ounce, while the Shanghai gold price slightly decreased by 0.01% to 777.02 yuan per gram. In contrast, London spot silver rose by 3.75% to $38.27 per ounce, and the Shanghai silver price increased by 3.97% to 9273 yuan per kilogram [6][12] - The recent fluctuations in gold prices are attributed to the volatility in tariff policies and interest rate cut expectations. Key factors include potential tariffs on imports announced by President Trump, the possibility of changes in the Federal Reserve's leadership, and the opening of the $9 trillion U.S. pension market to alternative investments such as cryptocurrencies and precious metals [6][7] - In the medium term, the combination of "interest rate cut trading" and "Trump 2.0" will provide strong momentum for gold price increases, supported by the recent economic data from the U.S. and the ongoing tariff negotiations [6][7] Summary by Sections 1. Price Trends - Over the last two weeks, London spot gold rose by 0.70% to $3355.10 per ounce, while the Shanghai gold price fell by 0.01% to 777.02 yuan per gram. London spot silver increased by 3.75% to $38.27 per ounce, and the Shanghai silver price rose by 3.97% to 9273 yuan per kilogram [11][12] 2. U.S. Economic Data and Federal Reserve Tracking - The U.S. job market and economic performance show resilience, with the current interest rate cut cycle potentially extended due to employment strength and inflation concerns. The Federal Reserve has significant policy space, which increases the window for bullish gold positions [7][23] 3. Positions and Trading Volume - The report indicates changes in trading volumes and positions, with specific data on COMEX and Shanghai gold and silver holdings, reflecting market dynamics [41][45] 4. Domestic and International Price Differences and Gold Benchmark Ratios - The report notes that the domestic gold price difference is 5.69 yuan per gram, a decrease of 4.13 yuan from two weeks ago, while the silver price difference is 440.20 yuan per kilogram, down by 40.03 yuan [59] 5. Futures Basis Situation - As of the last week, the international gold basis (spot-futures) was -0.40 USD per ounce, an increase of 3.70 USD from two weeks prior, while the domestic gold basis was -3.65 yuan per gram, up by 1.84 yuan [67]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The pig industry is experiencing a slight increase in breeding stock in Q2, with high profitability and a trend towards "de-involution" [2] - The latest pig price is 14.39 CNY/kg, with an average slaughter weight of 128.83 kg, indicating a potential for price stability despite slight fluctuations [3][13] - The Ministry of Agriculture's monitoring shows a 0.8% decrease in the national inventory of large pigs in June, suggesting a reduction in pig slaughter in July and August [3][47] Summary by Sections 1. Pig Industry - Breeding stock has slightly increased, with a national breeding sow inventory of 40.43 million heads, a year-on-year increase of 0.12% [4][13] - The industry has maintained profitability for 14 consecutive months, with 11 out of 14 listed companies forecasting increased performance for the first half of 2025 [4] - The Ministry of Agriculture is implementing capacity regulation policies to stabilize pig prices, indicating a strong commitment to maintaining price stability [4][13] - Recommended companies include Dekang Agriculture, Muyuan Foods, and Wens Foodstuff Group, focusing on cost-leading enterprises with strong profit certainty for 2025 [4] 2. Poultry Industry - The price of chicken seedlings in Yantai is 1.9 CNY/bird, up 27% month-on-month but down 40% year-on-year; the price of broiler chickens is 3.3 CNY/kg, up 3.8% month-on-month [5][14] - The industry faces a "high capacity, weak consumption" contradiction, leading to a reduction in production capacity among breeding farms [5][14] - Key investment focuses include high-return enterprises with sustainable ROE improvements, such as Yisheng Livestock and Shennong Development [5][14] 3. Feed Industry - The prices of various aquatic products have shown positive performance, with significant year-on-year increases for several species [6][15] - Recommended company is Haida Group, which is expected to benefit from industry recovery and improved management effectiveness [6][15] 4. Pet Industry - The uncertainty of tariffs and export fluctuations in Q2 have impacted the pet sector, but long-term effects are expected to be limited due to strong brand positioning and overseas factory layouts [7][17] 5. Agricultural Products - There is significant uncertainty regarding soybean imports in Q4, with August 1 being a critical date for monitoring US-China trade negotiations [8][18] - Natural rubber prices are expected to maintain a strong trend due to favorable macroeconomic conditions [8][18] 6. Market and Price Situation - The Shanghai and Shenzhen 300 Index closed at 4059, up 1.09% from the previous week, while the Agricultural Index closed at 2755, down 0.14% [19][21] - The livestock sector index is at 3071, indicating a stable performance amidst market fluctuations [19][35]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The release of the restricted stock incentive plan aims to bind core talent and reflects confidence in performance growth. The revenue from simulation testing machines is steadily increasing, and the company is awaiting positive developments regarding SoC testing machines [3][4] - The company is expected to benefit from the recovery of the semiconductor industry, with strong demand from AI, new energy vehicles, consumer electronics, and the Internet of Things, leading to a robust business development momentum [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 691 million - 2024: 905 million (31.05% YoY growth) - 2025E: 1,167 million (28.96% YoY growth) - 2026E: 1,483 million (27.04% YoY growth) - 2027E: 1,855 million (25.04% YoY growth) [6] - Net profit forecasts are as follows: - 2023: 252 million - 2024: 334 million (32.69% YoY growth) - 2025E: 430 million (28.74% YoY growth) - 2026E: 564 million (31.11% YoY growth) - 2027E: 721 million (27.84% YoY growth) [8] - The company’s R&D investment for 2024 is projected to be 1.72 billion, accounting for 19.04% of revenue, with a continued increase in R&D spending expected in 2025 [7] Valuation Metrics - The projected P/E ratios for the company are: - 2025E: 42.18 - 2026E: 32.17 - 2027E: 25.17 [8] - The company’s return on equity (ROE) is expected to improve from 9.35% in 2024 to 15.17% in 2027 [8]