Investment Rating - The report suggests a focus on sectors with high growth potential, particularly in artificial intelligence, commercial aerospace, and low-altitude economy, while avoiding purely speculative stocks [4][36]. Core Insights - The average daily trading volume of all A-shares on the Beijing Stock Exchange reached 25.1 billion yuan, a decrease of 19.2% week-on-week. The North Exchange 50 index fell by 2.7% during the same period [2][8]. - Key stocks that saw significant gains included Dingjia Precision (394.8%), Guangdao Digital (28.5%), and Shengwugu (23.0%), while stocks like Tianrun Technology (-22.5%) and Weichuang Optoelectronics (-14.7%) experienced notable declines [2][17]. Summary by Sections Market Overview - The North Exchange's average daily trading volume was 25.1 billion yuan, down 19.2% from the previous week. The North Exchange 50 index decreased by 2.7%, with an average turnover rate of 2.5% [8][9]. Key News and Policies - The Ministry of Industry and Information Technology is focusing on consolidating the results of the "involution" governance in the new energy vehicle sector and enhancing the governance of the photovoltaic industry [19]. - The State Administration for Market Regulation is addressing low-quality and low-price competition, with plans to increase product sampling for online sales by 70% in 2025 [21]. Core Driving Factors - The report highlights a continued moderately loose monetary policy in China, ensuring ample liquidity in the banking system and directing credit resources towards technological innovation and small enterprises [31]. - Emerging industries such as artificial intelligence and green technology are expected to benefit from policy support, with significant growth opportunities identified in these sectors [32][34]. Investment Recommendations and Strategies - The report recommends focusing on three main lines for investment: 1. Scarce productivity targets in policy-intensive areas like AI and commercial aerospace [36]. 2. Growth-oriented companies with revenue/profit growth exceeding 20% and R&D intensity above 5% [36]. 3. Event-driven opportunities related to significant orders in humanoid robotics and progress in major projects [36].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests focusing on sectors like innovative pharmaceuticals and AI hardware for potential growth opportunities [3][29]. Core Insights - The market experienced a slight decline on August 1, with the North Exchange A-share trading volume reaching 21.73 billion yuan, down by 4.37 billion yuan from the previous trading day. The North Exchange 50 Index closed at 1419.61, down 0.23%, while the specialized index closed at 2425.87, down 0.29% [1][7]. - The pharmaceutical sector showed strong performance, with notable gains in stocks such as Bio Valley (up 23.2%) and Datang Pharmaceutical (up 10.2%), driven by positive expectations regarding innovative drug commercialization and new healthcare policies [3][15]. - The AI hardware theme remains active, spurred by government initiatives to implement AI strategies, which is expected to accelerate the commercialization of AI technologies [3][18]. Summary by Sections Market Review - On August 1, the North Exchange A-share trading volume was 21.73 billion yuan, a decrease of 4.37 billion yuan from the previous day. The North Exchange 50 Index fell by 0.23% to 1419.61, with a PE_TTM of 66.36. The specialized index also declined by 0.29% to 2425.87 [1][7]. - Among 269 companies listed, 158 saw their stock prices rise, 6 remained unchanged, and 105 experienced declines. The top gainers included Bio Valley (23.2%), Cube Holdings (11.1%), and Datang Pharmaceutical (10.2) [15][17]. Important News - Nvidia's new 800V architecture is set to transform the AIDC power supply efficiency, with the potential for higher voltage applications to become mainstream, reducing space occupied by power lines [18]. - Key announcements included Kunming Technology receiving a patent for a lead-carbon battery state assessment method and Huaguang Source Sea planning to acquire a 51% stake in Hunan Haniu Logistics Technology for 10.2 million yuan [21][24]. Investment Suggestions - The report recommends focusing on sectors such as innovative pharmaceuticals, AI hardware, and new productivity technologies, while being mindful of high valuation pressures and market dynamics [3][29].

Investment Rating - The report assigns a "Buy" rating for the company [4]. Core Insights - Hengshuai Co., Ltd. is a leading enterprise in automotive micro-motors and cleaning systems, with steady global expansion. The company primarily focuses on automotive motor technology and fluid technology. In 2024, it is projected to achieve revenue of 960 million yuan, a year-on-year growth of 4.21%, with a CAGR of 29.6% from 2020 to 2024. The net profit attributable to shareholders is expected to reach 210 million yuan, a year-on-year increase of 5.75%, with a CAGR of 34.2% during the same period [1][4][31]. Summary by Sections Automotive Micro-Motor and Cleaning System Leadership - Hengshuai Co., Ltd. has been deeply engaged in the automotive cleaning system and micro-motor industry since its establishment in 2001, continuously enhancing its product matrix and expanding its global footprint [21][22]. - The company has established subsidiaries in various locations since 2019, actively expanding its domestic and international customer base [21][31]. Growth in Automotive Electrification - The trend of automotive electrification is evident, driving rapid growth in the demand for automotive micro-motors. The average usage of micro-motors in mid-to-high-end electric vehicles is significantly higher than in traditional fuel vehicles [50][53]. - The global automotive micro-motor market is expected to reach 20.4 billion USD by 2031, with a CAGR of 3.1% from 2025 to 2031 [60][61]. Advancements in Automotive Intelligence - The report highlights the increasing penetration of intelligent driving technologies, with the demand for ADAS (Advanced Driver Assistance Systems) cleaning systems expected to grow as the number of sensors in vehicles increases [2][71]. - The company has made significant progress in developing ADAS active perception cleaning systems, having secured batch business designations from various clients [79]. Strategic Expansion into Humanoid Robot Motors - Hengshuai Co., Ltd. is strategically positioning itself in the humanoid robot motor market, which is projected to have a market space of 58.3 billion yuan by 2027. The company’s harmonic magnetic field motors are entering the industrial expansion phase, indicating potential growth in this sector [2][80]. Financial Projections - The company is expected to achieve net profits of 239 million, 294 million, and 389 million yuan from 2025 to 2027, representing year-on-year growth rates of 11.8%, 23.0%, and 32.4%, respectively [2][15]. - The projected revenue for the same period is expected to be 1.08 billion, 1.32 billion, and 1.71 billion yuan, with corresponding growth rates of 12.4%, 22.1%, and 29.3% [2][15]. Valuation - The report notes that Hengshuai Co., Ltd. has a lower PE valuation compared to comparable companies in the automotive micro-motor sector, with projected PE ratios of 37.2, 30.2, and 22.8 for 2025 to 2027 [15].

Group 1: Chemical Industry Insights - The report highlights that the chemical industry is expected to benefit from policies aimed at addressing "involution," potentially leading to higher-than-expected profitability [6][7]. - The current valuation and profitability of the chemical sector are at historical lows, creating opportunities for profit recovery driven by policy changes [6][7]. - Recommended companies with safety margins include Boyuan Chemical, Longbai Group, Tongkun Co., Hualu Hengsheng, and Yuntu Holdings, among others [6][8]. Group 2: Pharmaceutical Company Analysis - The report on Puluo Pharmaceutical indicates that the company is entering a growth phase for its CDMO business, with significant project growth and advanced capacity construction [10][11]. - Revenue projections for Puluo Pharmaceutical are set at 10.26 billion, 11.27 billion, and 12.52 billion yuan for 2025-2027, with net profit expected to grow by 2.1%, 25.5%, and 24.2% respectively [10][11]. - The company is leveraging its integrated raw material and formulation advantages to expand its formulation business rapidly, benefiting from centralized production and cost efficiencies [11]. Group 3: Computer Industry Performance - Hikvision's half-year report shows resilience with revenue of 41.82 billion yuan in H1 2025, reflecting a year-on-year increase of 1.48% [13][14]. - The company is experiencing pressure in its domestic business while its overseas and innovative segments are showing good growth, particularly in the Middle East and Africa [13][14]. - Future revenue projections for Hikvision are optimistic, with expected revenues of 95.86 billion, 102.28 billion, and 110.64 billion yuan for 2025-2027 [15]. Group 4: Macro Economic Observations - The report discusses the potential for the Federal Reserve to lower interest rates in September, influenced by recent economic data indicating a slowdown in U.S. demand [17][19]. - Key indicators such as retail sales and manufacturing output have shown signs of weakness, suggesting a cooling labor market and reduced economic momentum [18][19]. - The overall economic environment is characterized by moderate inflation and strong consumer resilience, which may affect the urgency of rate cuts [17][19].

Investment Rating - The report maintains a positive outlook on industry leaders with low valuations, particularly China Chemical [1][3]. Core Viewpoints - The construction and building materials industry is currently at the bottom of its economic cycle, with expectations for stabilization and recovery due to supportive government policies [1][2]. - Recent government meetings emphasized the need for high-quality investment and the activation of private investment, which could enhance the industry's outlook [1]. - The report highlights the recent approval of two coal-to-natural gas projects in Xinjiang, marking a significant step towards low-carbon and clean development in the coal chemical industry [1]. Market Overview - As of August 1, 2025, the newly issued local government special bonds amounted to 183.204 billion yuan, a week-on-week decrease of 10.82% [2]. - In July, the total new local government special bonds issued reached 616.936 billion yuan, a month-on-month increase of 17.04% and a year-on-year increase of 119.18% [2]. - The construction index fell by 2.51% and the building materials index fell by 3.32% during the week of July 28 to August 1, 2025 [10]. Cement Market Analysis - National cement prices continued to decline, with a week-on-week drop of 0.3% as of August 1, 2025 [41]. - The average national cement price was 339.7 yuan per ton, with significant regional variations [46]. - The report anticipates a stabilization in cement prices in the short term, despite current demand not showing significant improvement [41]. Company Performance and Valuation - The report strongly recommends focusing on major construction blue-chip stocks such as China Communications Construction, China Railway Construction, and China State Construction [3]. - The construction sector's overall valuation is at a historical low, with the current price-to-earnings (P/E) ratios for the construction and building materials sectors at 8.72 and 19.67, respectively [18]. - Key companies in the construction sector are experiencing varying growth rates in new orders, with China Railway Construction showing a decline in order growth in recent quarters [63].

Tariff Negotiations - On July 9, President Trump announced a delay in "reciprocal" tariffs until August 1, with a commitment that this date "will not change" [2] - By August 1, the U.S. had reached trade agreements with most major trading countries, reducing uncertainty around tariff policies [2] - The new tariff rates are expected to be lower than previous proposals but will still range from 10% to 20% for various countries [16] Economic Impact - The Yale Budget Lab estimates that the tariffs could generate $2.3 trillion in revenue for the U.S. government over the next 10 years, assuming import shares remain unchanged [3] - The increase in tariffs may lead to a 1.8% rise in consumer prices in 2025 if the Federal Reserve does not respond with policy changes [17] - The tariffs are projected to decrease GDP growth by 0.5 percentage points in 2025 and 2026 due to increased consumer burden and retaliatory measures [17] Currency and Investment - Increased investment in the U.S. and procurement of American goods may support the dollar's exchange rate and facilitate the return of manufacturing [24] - The combination of trade surplus and capital inflow could lead to a temporary appreciation of the dollar [24] Inflation and Federal Reserve Response - The impact of tariffs on inflation is expected to become fully evident in July and August, with price adjustments typically occurring 1-3 months after tariff implementation [25] - Following recent comments from Fed Chair Powell, the probability of a rate cut in September has dropped below 50% [25] Risk Factors - There are significant geopolitical risks that could exceed expectations, potentially impacting trade agreements and economic stability [35]

Investment Rating - The report maintains a positive outlook on the power equipment industry, highlighting significant growth opportunities driven by technological advancements and policy support [2][62]. Core Insights - The 800V high-voltage architecture is set to transform the AIDC power supply system, with Nvidia planning to launch an 800V high-voltage direct current power supply system by 2027, prompting a shift in the industry [2][55]. - The demand for AI continues to surge domestically, leading to a projected 30% increase in the price of large diesel generators within the year [2]. - The renewable energy sector is experiencing a robust transition, with significant increases in installed capacity and generation from renewable sources, accounting for 39.7% of total electricity generation in the first half of 2025 [62][63]. Summary by Sections AIDC Power Supply System - The introduction of the 800V high-voltage direct current system is expected to enhance power delivery efficiency and reduce infrastructure complexity, potentially increasing data center energy efficiency by 5% and cutting copper cable usage by 45% [55][56]. - Major suppliers like InnoSilicon are seeing substantial growth, with a reported 986.7% increase in automotive-grade product shipments [55]. Diesel Generators - AIDC bidding has commenced, with diesel generator prices expected to rise to 3.3-3.5 million yuan per unit, up from 2.6 million yuan earlier this year [57][59]. Renewable Energy Developments - In the first half of 2025, renewable energy installations reached 268 million kilowatts, a 99.3% year-on-year increase, with wind and solar power contributing significantly to this growth [62]. - Wind power saw an addition of 51.39 GW of new grid capacity, with a total installed capacity of 573 million kilowatts, reflecting a 22.7% year-on-year increase [63]. Policy and Market Dynamics - The Henan province has introduced new trading rules for auxiliary power services, enhancing market efficiency and competition [60][61]. - Shandong province is moving towards market-based pricing for renewable energy, indicating a shift in regulatory frameworks to support green energy initiatives [65]. Fusion Energy Sector - The fusion energy sector is advancing with multiple projects and a total budget exceeding 97 million yuan for recent procurement and engineering tenders [66].

行业日报 | 北交所 延续调整，关注 AI+、创新药持续性 北交所市场点评——20250731 核心结论 行情回顾：1）指数层面：7 月 31 日北证 A 股成交金额达 261.0 亿元，较上 一交易日减少 9.1 亿元，北证 50 指数收盘价为 1422.87，下跌 1.16%， PE_TTM 为 66.55 倍。北证专精特新指数收盘价为 2432.93，下跌 1.09%； 2）个股层面：当日北交所 269 家公司中 44 家上涨，2 家平盘，223 家 下跌。其中涨幅前五的个股分别为：鼎佳精密（479.1%）、广道数字（29.9%）、 方盛股份（15.1%）、美登科技（9.1%）、星昊医药（8.0%）；跌幅前五的 个股分别为：恒立钻具（-11.4%）、骑士乳业（-7.8%）、百甲科技（-7.5%）、 五新隧装（-7.2%）、中航泰达（-7.0%）。 新闻汇总：1）国常会：要深入实施"人工智能+"行动，大力推进人工智能规 模化商业化应用：会议审议通过《关于深入实施"人工智能+"行动的意见》， 会议部署实施个人消费贷款贴息政策与服务业经营主体贷款贴息政策，以降低居 民信贷成本和服务业经营主体融资成本；2）脑机 ...

Macro Insights - July manufacturing PMI decreased by 0.4 percentage points to 49.3%, influenced by adverse weather conditions [6][8] - Manufacturing prices have begun to stabilize and rise due to ongoing capacity governance policies [8] - There is a need to further expand domestic demand, particularly in investment [8] Political Meeting Insights - The July Politburo meeting emphasized improving policy quality and effectiveness for the second half of the year [10][11] - The meeting highlighted the importance of consumer demand and stabilizing livelihoods, suggesting a focus on demand-side policies [13] - Policies to combat "involution" and promote collaboration between government and enterprises were also discussed [12] Fixed Income Insights - The July PMI data indicates a supply-demand decline, with the price index continuing to rise [16][18] - The manufacturing PMI remains below the expansion threshold for four consecutive months, reflecting weak seasonal performance [17] - The bond market is expected to enter a narrow fluctuation phase, with limited incremental policies [20] Computer Industry Insights - The AI application continues to progress, with significant growth in overseas tech giants driven by AI [22][25] - Domestic AI applications are expected to see increased monetization as models improve [25] - Key investment targets include companies like Kingdee International and Yonyou Network in the domestic AI application space [25] Pharmaceutical Industry Insights - Guobang Pharmaceutical reported a revenue of 3.026 billion yuan in the first half of 2025, a 4.63% increase [31] - The animal health segment saw a significant revenue increase of 53.5%, driven by strong sales of core products [32] - The company is expanding into new areas such as plant protection and health products, indicating a long-term growth strategy [32] Market Strategy Insights - The report suggests focusing on innovative drugs, AI hardware, and military-related themes for investment opportunities [36] - The macro policy environment is expected to support long-term investments in specialized and innovative enterprises [36] - Investors are advised to look for structural opportunities in growth-oriented companies with core technological advantages [36]

Market Overview - On July 30, the North Exchange A-shares trading volume reached CNY 27.01 billion, an increase of CNY 0.59 billion from the previous trading day[1] - The North Exchange 50 Index closed at 1439.64, down 1.75%, with a PE_TTM of 67.33 times[1] - The North Exchange Specialized and New Index closed at 2459.66, down 1.57%[1] Stock Performance - Out of 268 companies on the North Exchange, 81 rose, 4 remained flat, and 183 fell[1] - The top five gainers were: Yun Chuang Data (28.1%), Ke Li Co. (9.6%), Knight Dairy (9.3%), Fang Yi Pharmaceutical (9.2%), and Da Yu Biological (7.6%)[1] - The top five losers were: Ji Kang Instruments (-12.0%), Wu Xin Tunnel Equipment (-8.7%), Tie Tuo Machinery (-8.1%), Hui Tong New Materials (-7.0%), and Na Ke Nuo Er (-5.7%)[1] Investment Insights - Market focus was on themes such as innovative drugs, AI hardware, and military industry, with notable performance in these sectors[3] - The innovative drug sector showed increased activity due to policy support from the National Medical Insurance Administration[3] - The macro policy direction from the Central Political Bureau meeting supports long-term capital investment in specialized and new enterprises, indicating potential structural opportunities for growth-oriented companies[3] Risk Factors - Potential risks include policy regulatory risks, North Exchange policies falling short of expectations, and intensified industry competition[3]