Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 5.69 and a sector rating of "Outperform" compared to the market [2][4]. Core Insights - The company's operating performance is under short-term pressure, with a significant decline in revenue and net profit for the first half of 2025. Revenue decreased by 10.60% year-on-year to RMB 1,409.05 billion, while net profit attributable to shareholders fell by 39.83% to RMB 21.48 billion [4][10]. - The refining business structure is continuously optimizing, and the layout of new materials is accelerating, supporting the "Buy" rating despite the challenges [6][9]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of RMB 1,409.05 billion, down 10.60% from RMB 1,576.13 billion in the same period of 2024. The net profit attributable to shareholders was RMB 21.48 billion, a decrease of 39.83% from RMB 35.70 billion [10][11]. - The second quarter of 2025 saw revenue of RMB 673.70 billion, a 14.31% decline year-on-year, with net profit of RMB 8.22 billion, down 52.73% [11][12]. Business Segments - The exploration and development segment showed resilience, with an oil and gas equivalent production of 262.81 million barrels, a 2.0% increase year-on-year. The average realized sales price for crude oil was RMB 3,415 per ton, down 12.9% [9][10]. - The refining segment processed 120.94 million tons of crude oil, a decrease of 5.5% year-on-year, with a shift towards increasing the production of aviation kerosene and high-value products [9][10]. Valuation and Forecast - The report adjusts the profit forecast for 2025-2027, estimating net profits of RMB 44.79 billion, RMB 49.31 billion, and RMB 55.54 billion respectively, with corresponding EPS of RMB 0.37, RMB 0.41, and RMB 0.46. The current P/E ratios are projected at 15.4x, 14.0x, and 12.4x [6][8].

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company reported a significant improvement in Q2 performance, with the innovative drug Didasinib entering a rapid growth phase [3][8] - Despite a year-on-year decline in revenue and net profit for the first half of 2025, the company showed a positive trend in its core business and R&D efforts [3][8] - The report emphasizes the potential for Didasinib's commercialization and the company's ongoing R&D investments as key drivers for future growth [5][8] Financial Summary - For the first half of 2025, the company achieved revenue of 2.017 billion RMB, a year-on-year decrease of 6.20%, while net profit was 388 million RMB, down 3.54% [3][8] - The company forecasts net profits of 843 million RMB for 2025, 965 million RMB for 2026, and 1.058 billion RMB for 2027, with corresponding EPS of 0.98, 1.12, and 1.23 RMB respectively [5][7] - The report projects a revenue growth rate of 9.1% for 2025 and 11.9% for 2026, with EBITDA expected to reach 1.215 billion RMB in 2025 [7][9] Business Performance - In Q2 2025, the company recorded a revenue of 1.060 billion RMB, a 10.92% increase from Q1, while net profit for the quarter was 225 million RMB, reflecting a 37.54% quarter-on-quarter growth [8] - The company’s core product, Didasinib, generated 55 million RMB in revenue during the first half of 2025, with over 1,500 hospitals now covered under its network [8] R&D and Pipeline - The company increased its R&D expenditure to 185 million RMB in the first half of 2025, focusing on key therapeutic areas such as mental health, cardiovascular, and digestive diseases [8] - Significant progress has been made in clinical trials for several innovative drugs, including JX11502 for schizophrenia and new treatments for cardiovascular diseases [8]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has seen a 40% year-on-year decline in net profit for the first half of 2025, with a revenue decrease of 4.87% [3][8] - Despite the decline, the company’s photovoltaic conductive paste shipments remain stable, and it is actively expanding into non-photovoltaic paste businesses to create a second growth curve [3][8] - The company is set to launch a new generation of copper paste products in Q3 2025, following multiple optimizations tailored to different technical routes and customer needs [8] Financial Summary - The company’s revenue projections for 2025-2027 are adjusted to RMB 14,192 million, RMB 14,940 million, and RMB 15,755 million respectively, with growth rates of 13.6%, 5.3%, and 5.5% [7] - The adjusted earnings per share (EPS) for 2025-2027 are projected at RMB 1.67, RMB 2.04, and RMB 2.63, reflecting a significant downward revision from previous estimates [5][7] - The company’s net profit for 2025 is expected to be RMB 403 million, a decrease of 3.5% compared to the previous year [7] Market Performance - The company's stock has shown strong performance with a 25.1% increase year-to-date and an 88.3% increase over the past 12 months, outperforming the Shanghai Composite Index [2]

电力设备 | 证券研究报告 — 行业周报 2025 年 9 月 8 日 强于大市 亿纬锂能固态电池下线，欧盟发布核聚变投资计划 新能源汽车方面，随着新车型发布带来的产品力提升以及销售旺季到来，我们预 计 2025 年国内新能源汽车销量有望保持高增，带动电池和材料需求增长。新技 术方面，固态电池产业化趋势明确，亿纬锂能固态电池研究院成都量产基地正式 揭牌，"龙泉二号"全固态电池同时下线，后续关注固态电池相关材料和设备企 业验证进展。光伏方面，中央经济工作会议明确提出综合整治"内卷式"竞争， 中央财经委员会明确将依法依规治理企业低价无序竞争，引导企业提升产品品 质，推动落后产能有序退出。维持"反内卷"为光伏投资主线判断，玻璃、胶膜 出现涨价迹象，关注组件涨价何时落地以传导成本涨幅，建议关注硅料、电池组 件、BC 电池新技术、贱金属降本方向。储能方面，在招标高景气度下储能电芯、 系统出现涨价迹象，重点标的估值修复力度明显，关注涨价幅度及持续性，建议 关注大储、户储集成厂商。核电方面，海外 AI 厂商针对核聚变厂商投资，核电 有望成为 AI 电源供应解决方案，建议关注具备差异化需求的电源环节。氢能方 面，国家能源局开 ...

Key Insights - The report highlights a potential turning point for the US dollar, indicating a shift from strong to weak, which may lead to a systematic revaluation of Chinese technology assets during the global asset rebalancing process [4][5][6] - The report identifies specific companies as key investment opportunities, including 京沪高铁, 桐昆股份, 雅克科技, 宁德时代, 恒瑞医药, 三友医疗, 北京人力, 菲利华, 兆易创新, and 鹏鼎控股 [1] Strategy Research - The report discusses the implications of a weak dollar environment, suggesting that it could benefit Chinese technology assets as they undergo a revaluation process [6] - It notes that the current long-wave economic downturn is characterized by global restructuring and asset price volatility, which could create investment opportunities in emerging markets and non-US equities [4][5] Electric Equipment Sector - 通威股份 reported a significant loss in the first half of 2025, with revenue of 405.09 billion yuan, a decrease of 7.51% year-on-year, and a net loss of 49.55 billion yuan, which has expanded compared to the previous year [7][8] - The company maintains a strong position in the photovoltaic sector, with a global market share of approximately 30% in polysilicon sales and leading sales in solar cells and modules [8] - The report anticipates a recovery in profits for 通威股份 in the second half of 2025, driven by rising silicon prices due to regulatory changes aimed at reducing "involution" in the industry [9] Retail Sector - 王府井 reported a revenue of 5.361 billion yuan in the first half of 2025, down 11.17% year-on-year, with a net profit of 81 million yuan, a decrease of 72.33% [15][16] - The company is undergoing a transformation to adapt to changing consumer preferences, with a focus on enhancing its business ecosystem and launching new retail formats [17] - The report highlights the resilience of the outlet business, which saw a revenue increase, while other segments faced challenges due to store closures and changing consumption patterns [16]

Core Insights - The report highlights the current industry allocation of the Bank of China’s multi-strategy system, with significant positions in non-ferrous metals (15.3%), non-bank financials (12.9%), and comprehensive sectors (7.3%) [1] - The average weekly return for the CITIC primary industries was -3.0%, while the average return over the past month was 3.1% [3][10] - The report identifies the top-performing industries for the week as electric equipment and new energy (2.4%), food and beverage (0.8%), and pharmaceuticals (0.5%), while the worst performers were defense and military (-11.9%), computers (-9.8%), and electronics (-9.7%) [3][10] Industry Performance Review - The report provides a detailed performance review of CITIC primary industries, indicating that the average weekly return was -3.0% and the average monthly return was 3.1% [10] - The top three industries by weekly performance were electric equipment and new energy (2.4%), food and beverage (0.8%), and pharmaceuticals (0.5%) [11] - The bottom three industries were defense and military (-11.9%), computers (-9.8%), and electronics (-9.7%) [11] Valuation Risk Warning - The report employs a valuation warning system based on the PB ratio over the past six years, identifying industries with a PB ratio above the 95th percentile as overvalued [14][15] - Currently, the industries triggering high valuation warnings include retail, media, computers, and defense and military, all exceeding the 95th percentile in PB valuation [15][16] Strategy Performance - The report outlines the performance of various strategies, with the composite strategy yielding a cumulative return of 20.2% year-to-date, outperforming the CITIC primary industry benchmark by 2.3% [3] - The highest excess return strategy was the industry profitability tracking strategy (S1), with an excess return of 5.1% compared to the benchmark [3] - The report indicates a shift in strategy allocations, increasing positions in upstream cyclical and pharmaceutical sectors while reducing exposure to TMT, consumer, and midstream cyclical sectors [3] Current Industry Rankings - The report ranks industries based on profitability expectations, with non-ferrous metals, non-bank financials, and agriculture being the top three [18] - The implied sentiment momentum strategy ranks communication, non-ferrous metals, and electronics as the top three industries based on market sentiment indicators [22] - The macroeconomic style rotation strategy identifies comprehensive finance, computers, communication, defense and military, electronics, and media as the top six industries based on macroeconomic indicators [25]

1. Report Industry Investment Rating - No information regarding the industry investment rating is provided in the given content. 2. Core Views of the Report - The issue of slow employment growth in the US is prominent, and the risk of economic stall is increasing. The year - on - year growth rate of non - farm employment in the US from June to August has been continuously below 1%, with a gradual slowdown trend. Given the relationship between GDP, consumption growth, and employment growth, there is a high risk of economic stall if non - farm employment growth further slows. Thus, the probability of the Fed cutting interest rates in September is high, and the possibility of more than 50BP interest rate cuts within the year is also increasing [2][10]. - The uncertainty of US fiscal balance has increased again. The US Federal Appellate Court recently ruled that most of President Trump's global tariffs are illegal but allowed them to continue until October 14. The US Supreme Court's subsequent ruling still has great uncertainty. If the Supreme Court rules the tariffs illegal, the US government may seek congressional authorization for tariffs, and this process is also highly uncertain. If most of Trump's tariff policies are cancelled, it will have a significant impact on the US fiscal situation [2][12]. - During the initial stage of the Fed's restart of the interest rate cut cycle, 4% remains an important threshold for the 10 - year yield of US Treasury bonds. Given the increasing uncertainty of tariff policies, it is not advisable to chase long - term US Treasury bonds. Particular caution should be exercised when the 10 - year yield of US Treasury bonds reaches or falls below 4% [2][14]. - The producer price index continues to decline. In the week of September 6, 2025, the average wholesale price of pork from the Ministry of Agriculture decreased by 0.26% week - on - week and 27.00% year - on - year. The Shandong Vegetable Wholesale Price Index increased by 2.15% week - on - week and decreased by 18.40% year - on - year. The price of Brent and WTI crude oil futures decreased by 1.01% and 0.38% week - on - week respectively. The domestic cement price index decreased by 1.84% week - on - week, and the Nanhua Iron Ore Index decreased by 0.55% week - on - week [2]. 3. Summaries Based on Relevant Catalogs 3.1 High - frequency Data Panoramic Scan - The issue of slow employment growth in the US is prominent, and the risk of economic stall is increasing. The year - on - year growth rate of non - farm employment from June to August has been continuously below 1%, with a slowdown trend. The probability of the Fed cutting interest rates in September is high, and the possibility of more than 50BP interest rate cuts within the year is increasing [10]. 3.2 High - frequency Data and Important Macroeconomic Indicators Trend Comparison - No specific summarized content is provided in the given text, only information about relevant charts and data sources. 3.3 Important High - frequency Indicators in the US and Europe - No specific summarized content is provided in the given text, only information about relevant charts and data sources. 3.4 Seasonal Trends of High - frequency Data - No specific summarized content is provided in the given text, only information about relevant charts and data sources. 3.5 High - frequency Traffic Data in Beijing, Shanghai, Guangzhou, and Shenzhen - No specific summarized content is provided in the given text, only information about relevant charts and data sources.

- The report does not contain any specific quantitative models or factors for analysis[1][2][3]

Investment Rating - The report maintains an "Overweight" rating for the company [1][5]. Core Views - The company reported a strong performance in the first half of 2025, with a year-on-year revenue growth of 49% and a net profit increase of 49.26% [3][8]. - The company's diverse technology portfolio in photovoltaic equipment supports its profitability, while its semiconductor business is expected to contribute to long-term growth [3][8]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of RMB 8.37 billion, a 26.41% increase year-on-year, and a net profit of RMB 1.83 billion, reflecting a 49.26% growth [8][9]. - The company’s EBITDA for 2025 is projected at RMB 2.55 billion, with a net profit forecast of RMB 2.41 billion [7][10]. Earnings Forecast - The earnings per share (EPS) estimates for 2025-2027 have been adjusted to RMB 6.92, RMB 4.57, and RMB 5.11 respectively, with corresponding price-to-earnings ratios of 14.6, 22.1, and 19.8 [5][11]. Market Position - The company is noted for its comprehensive technology solutions in the photovoltaic sector, being the only supplier capable of providing a full range of solutions across multiple technology routes [8][9]. - The semiconductor segment is highlighted for its advancements, particularly in wet processing equipment for wafer manufacturing, which is expected to enhance the company's market position [8][9].

Investment Rating - The report maintains an "Overweight" rating for the company [1][5] Core Views - The company reported a significant reduction in losses year-on-year for the first half of 2025, with a turnaround to profitability in the second quarter [3][8] - The demand for the company's inverters remains strong, with notable sales growth in both grid-connected and energy storage inverters [8] - The Australian government's new subsidy policy for household energy storage systems is expected to drive high growth in the company's overseas inverter and battery pack business [8] Financial Summary - The company achieved a revenue of RMB 4.09 billion in the first half of 2025, representing a year-on-year growth of 29.80% [9] - The net profit attributable to the parent company for the first half of 2025 was a loss of RMB 0.17 billion, a reduction from the previous year's loss [8] - The company forecasts earnings per share (EPS) of RMB 1.17, RMB 1.94, and RMB 2.60 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 45.6, 27.5, and 20.5 [5][7] Sales Performance - The company sold 399,500 inverters in the first half of 2025, a year-on-year increase of 43.45% [8] - The sales of energy storage batteries reached 214.47 MWh, marking a growth of 62.65% compared to the previous year [8] Market Outlook - The report highlights the potential for significant growth in the Southeast Asian market for energy storage solutions, alongside the positive impact of the Australian subsidy policy [8]