Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4][5][59] Core Viewpoints - The report emphasizes the importance of implementing the spirit of the Central Urban Work Conference and conducting high-quality urban renewal [3][47] - The report highlights that since September 2024, the central government's clear requirement has been to stabilize the real estate and stock markets, which is crucial for boosting social expectations and facilitating domestic demand circulation [5][50] Market Performance - The Shanghai Composite Index fell by 0.9%, the Shenzhen Component Index by 1.6%, the ChiNext Index by 0.7%, and the CSI 300 Index by 1.8%, while the real estate sector (Shenwan) dropped by 3.4% [5][8] - In terms of individual stocks, the top five gainers were Zhujiang Co. (+13.5%), Dazhong Electronics (+10.3%), Zhangjiang Hi-Tech (+6.8%), ST Nanzhi (+6.1%), and Quzhou Development (+5.9%), while the top five losers included Hainan Airport (-8.4%), Jindi Group (-8.1%), Lujiazui (-7.9%), China Merchants Shekou (-7.7%), and Hainan Expressway (-7.7%) [5][8] Data Tracking New Housing Transactions - For the week of July 26 to August 1, 205,000 square meters of new homes were sold across 42 key cities, a 19.9% increase from the previous week, but a 20.8% decrease year-on-year [14][18] - In July, a total of 761,000 square meters of new homes were sold, representing a 31.8% decrease month-on-month and an 18.3% decrease year-on-year [18] Second-Hand Housing Transactions - For the week of July 26 to August 1, 185,000 square meters of second-hand homes were sold across 21 key cities, a 5.4% decrease from the previous week, but a 2.5% increase year-on-year [29][35] - In July, a total of 854,000 square meters of second-hand homes were sold, reflecting a 2.1% decrease month-on-month and a 3.9% decrease year-on-year [35] Industry News - The Central Political Bureau meeting emphasized the need for high-quality urban renewal and the implementation of policies to stabilize the real estate market [47][48] - The National Taxation Administration reported that since the implementation of the housing tax refund policy, 11.1 billion yuan has been refunded, alleviating the tax burden on residents [47][48] Company Announcements - Lujiazui achieved a revenue of 6.598 billion yuan in the first half of 2025, a year-on-year increase of 33.9%, while the net profit attributable to shareholders was 815 million yuan, a year-on-year decrease of 7.9% [50][51] - Dazhong City completed a targeted issuance of 2.426 billion yuan, increasing its total share capital to 4.286 billion shares [50][51]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved significant growth in H1 2025, with revenue reaching 3.24 billion RMB, a year-on-year increase of 21.6%, and net profit attributable to shareholders of 183 million RMB, up 113% year-on-year [5] - The company is focusing on expanding its 2B and other channel revenues, which grew by 125% in H1 2025, contributing to 17.3% of total revenue [5] - The company is also enhancing its membership base, with over 50 million members and a 37.2% increase in member prepayments [5] - The company plans to distribute a mid-term dividend of 0.0716 RMB per share, totaling approximately 190 million RMB, marking a record high in shareholder returns [5] - The forecast for net profit attributable to shareholders for 2025-2027 is 393 million RMB, 487 million RMB, and 596 million RMB, respectively, with growth rates of 70.7%, 23.7%, and 22.5% [5] Financial Summary - For 2025, the company expects revenue of 7.467 billion RMB, with a year-on-year growth rate of 15.41% [6] - The gross profit margin is projected to be 22.2% in 2025, with a net profit margin of 5.3% [6] - The company’s return on equity (ROE) is expected to improve to 12.55% by 2025 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The report highlights the company's acquisition plan to resolve industry competition, indicating a stable and long-term outlook for the coal leader [4] - The company is expected to enhance its coal resource capacity and integrated operational capabilities through the acquisition of assets from the National Energy Group, which is projected to be in the trillion-yuan range [6] - The report anticipates a rebound in coal prices as supply and demand begin to rebalance, making the leading coal stocks more attractive due to their dividend certainty [6] Financial Summary - The company's market capitalization is approximately 746.26 billion yuan [2] - The company's total assets are projected to reach 682.79 billion yuan by 2025 [7] - The estimated revenue for 2025 is 331 billion yuan, with a year-on-year decline of 2.18% [5] - The forecasted net profit attributable to shareholders for 2025 is 53.07 billion yuan, reflecting a decrease of 9.55% year-on-year [5] - The estimated earnings per share (EPS) for 2025 is 2.67 yuan [5] - The company's return on equity (ROE) is expected to decline to 11.84% by 2025 [5]

企业出海提速，科技制造频现大额交易 证券分析师 ——北交所收并购周跟踪第一期（20250805） 投资要点： 证券研究报告 北交所定期报告 hyzqdatemark 2025 年 08 月 06 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 风险提示：并购政策大幅变动、项目审批进度风险、交易宏观环境变化 请务必仔细阅读正文之后的评级说明和重要声明 联系人 写在前面：北交所作为服务创新型中小企业的主阵地，其并购重组活动已成为观 测产业升级与资本流向的窗口。2024 年"并购六条"及 2025 年北交所重组新 规的密集落地，标志着政策红利驱动北交所并购从"量"到"质"转向。在此背 景下，我们希望通过该系列周报系统追踪市场动态：一是结合数据汇总来跟进政 策推动下的北证并购生态，二是梳理先进制造等产业资源整合的脉络；三是通过 稀缺性大额案例的分析来洞察并购事件对公司自身的影响。 政策回顾：提质增效与合规监管并重，监管框架持续优化。证监会"并购六条" （2024.9）鼓励产业 ...

证券研究报告 美容护理 | 个护用品 非金融|首次覆盖报告 hyzqdatemark 2025 年 08 月 05 日 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 联系人 王悦 wangyue03@huayuanstock.com | 基本数据 | | | 年 | 07 | 月 | 日 | | | | 31 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 45.39 | | | | | | | | | 一 年 最 | 最 | 高 | | | 59.44/21.92 | | 低 | 内 | / | | | | | （元） | | | | | | | | | | | | | | 总市值（百万元） | | | | | 7,814.97 | | | | | | | | | 流通市值（百万元） | | | | | 1,953.74 | | | | | | | | | 总股本（百万股） | | | | | ...

Investment Rating - Investment rating: None [4] Core Viewpoints - The report highlights that Cameco's Q2 2025 performance slightly exceeded expectations, with revenues of CAD 877 million, a 47% year-on-year increase, and a net profit of CAD 321 million, reflecting strong profitability resilience in the nuclear fuel industry [4][15] - Despite a 35% year-on-year decline in uranium production due to Key Lake maintenance, sales volume increased by 40%, with an average realized price of CAD 81.03 per pound (USD 57.35), up 5% year-on-year [4][15] - The company maintains its cautious supply rhythm and has adjusted its average realized price guidance for uranium from CAD 84 per pound to CAD 87 per pound, indicating market price improvements [4][15] - The report also notes that the overall performance of Hong Kong and US tech stocks saw significant declines, with the Hang Seng Tech Index dropping 4.9% and the Philadelphia Semiconductor Index down 2.1% during the week [4][7] Summary by Sections Section 1: Overseas AI - The report indicates a significant pullback in Hong Kong and US tech stocks, with the Hang Seng Tech Index closing at 5397.4, down 4.9%, underperforming the Hang Seng Index by 1.4 percentage points [7][8] - The Philadelphia Semiconductor Index closed at 5527.6, down 2.1%, outperforming the Nasdaq 100 and S&P 500 indices [7][8] Section 2: Web3 and Cryptocurrency Market - The total market capitalization of global cryptocurrencies decreased to USD 3.78 trillion as of August 1, 2025, down from USD 3.86 trillion the previous week [18] - The report notes that the cryptocurrency market sentiment is currently neutral, with the Fear and Greed Index at 57 [22] - The report highlights a net outflow of USD 643 million from core cryptocurrency spot ETFs during the week [27] Section 3: Recent Important Events - Upcoming earnings reports include Centrus Energy, Arista Networks, and AMD, all scheduled for August 5, 2025 [17] - The report emphasizes the importance of monitoring these events for potential market impacts [17]

证券研究报告 保险Ⅱ 行业点评报告 hyzqdatemark 2025 年 08 月 05 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 联系人 板块表现： 短期测算对利润影响在 1%以内，长期或可通过资产配置转向高股息来对冲 投资评级： 看好（维持） ——财税新政策对保险公司净利润影响点评 投资要点： 事件：7 月 31 日，财政部和税务总局发布公告，宣布自 2025 年 8 月 8 日起，对在该日 期之后（含当日）新发行的国债、地方政府债券、金融债券的利息收入，恢复征收增值税。 对在该日期之前已发行的国债、地方政府债券、金融债券（包含在 2025 年 8 月 8 日之后 续发行的部分）的利息收入，继续免征增值税直至债券到期。 点评： 1、过往保险机构持有国债、地方政府债同时享有所得税和增值税双重免税优惠，考虑到 企业所得税 25%的税率远大于金融服务增值税 6%的税率，因此在所得税继续免征的情况 下，我们预计对险资当前的实际营收和利润影响是有限的； 2、本次恢复征收增值税后，保险机构将支付持有的 8 月 8 日之后新发上述三类债券利息 ...

Investment Rating - The investment rating for Huaneng International is upgraded to "Buy" [5] Core Views - The company's significant profit increase in the first half of 2025 is attributed to the decline in coal prices and growth in new energy installations [8] - The company achieved a net profit of 9.262 billion yuan in the first half of 2025, a year-on-year increase of 24.26% [8] - The company added approximately 8GW of new low-carbon clean energy capacity in the first half of 2025, with wind and solar power installations increasing by 21% and 59% year-on-year, respectively [8] Financial Performance Summary - Revenue for 2025 is projected at 238.673 billion yuan, a decrease of 2.80% year-on-year [7] - Net profit attributable to shareholders is expected to reach 12.794 billion yuan in 2025, reflecting a year-on-year growth of 26.23% [7] - Earnings per share (EPS) is forecasted to be 0.82 yuan in 2025, with a projected price-to-earnings (P/E) ratio of 9.06 [7] Operational Highlights - The company reported a significant increase in pre-tax profits from coal, wind, and solar energy, with respective profits of 7.31 billion, 3.91 billion, and 1.823 billion yuan in the first half of 2025 [8] - The average on-grid electricity price remained stable at 485.27 yuan per megawatt-hour in the first half of 2025 [8] - The company's return on equity (ROE) reached a historical high of 12.71% in the first half of 2025 [8]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4][7]. Core Views - The company is positioned as the core listed platform of China Rare Earth Group, with expected growth driven by resource and smelting synergies [6][9]. - The supply side is dominated by China, with a gradual improvement in domestic quota growth, while the demand side is benefiting from the expanding market for high-performance rare earth permanent magnets [6][30]. Summary by Sections Company Overview - The company is controlled by China Rare Earth Group, which holds 28.56% of its shares as of April 24, 2025 [6][13]. - The company’s rare earth production in 2024 is projected to be 2,384 tons of REO, accounting for only 2.93% of the group’s total indicators [6][16]. Financial Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 49.08 billion, 60.68 billion, and 67.76 billion RMB, respectively, with net profits of 3.5 billion, 4.5 billion, and 5.5 billion RMB [5][45]. - The company’s price-to-earnings ratios for the same period are expected to be 124, 96, and 80 times [7][45]. Supply and Demand Dynamics - In 2024, global rare earth production is expected to reach approximately 390,000 tons, with China accounting for about 70% of this output [6][26]. - The demand for high-performance rare earth permanent magnets is projected to grow significantly, driven by sectors such as electric vehicles and robotics [30][33]. Growth Drivers - The company benefits from a complete resource and smelting capacity layout, with core mining resources and smelting subsidiaries contributing to its growth potential [23][24]. - The anticipated recovery in rare earth prices, alongside the expected stabilization of supply and demand, is likely to enhance profitability [39][41].

Export Performance - In H1 2025, China's export value reached $180.90 billion, a year-on-year increase of 5.94%, with a growing trade surplus[3] - The export value of electronic components, engineering machinery, and automobiles grew by 11%, 9%, and 10% respectively[7] - The total export of electronic components was $80.81 billion, with a trade surplus of $45.67 billion, marking a 21.36% increase year-on-year[8] Import Trends - In H1 2025, China's import value was $122.31 billion, a decrease of 3.85% year-on-year[3] - The import of electronic components slightly declined, totaling $35.14 billion, with only six product categories showing growth[12] Industry Insights - Among 61 companies listed on the Beijing Stock Exchange, 2024 foreign income accounted for over 30% of their total revenue, with over 80% for companies like Hengtai Lighting and Hongzhi Technology[30] - The median P/E ratio for the machinery industry decreased from 66.7X to 65.7X, while the electronic equipment industry saw a drop from 62.5X to 60.1X[3] Market Performance - The median price change for technology growth stocks on the Beijing Stock Exchange was -3.22% from July 28 to August 1, 2025, with only 19 companies (13%) experiencing an increase[3] - The total market value of the electronic equipment industry fell to $138.4 billion, while the machinery industry’s market value decreased to $114.8 billion[3]