Core Viewpoint - The Federal Reserve's potential shift from a prolonged balance sheet reduction to a new round of quantitative easing is expected to significantly impact the macroeconomy and alter investment styles and preferences in global capital markets. Group 1: Company Overview - Xuyang Group (01907) is highlighted as a potential investment opportunity due to its strong competitiveness in the fine chemicals and coke sectors, particularly as the industry enters a new cycle following a period of low domestic demand for coke [1][2]. - The company has expanded its operational management service model, achieving high-quality scale expansion through a light-asset approach, and has added 2.6 million tons/year of new managed projects in Shanxi and Jilin [2]. Group 2: Business Performance - Xuyang Group's operational scale includes 8 projects with a total capacity of 7 million tons/year for coke and 660,000 tons/year for chemicals, achieving a business volume of 4.5 million tons [2]. - The revenue from the operational management service segment reached 5.095 billion yuan in the first half of 2025, marking a year-on-year growth of 2.01% [2]. Group 3: Market Dynamics - The domestic PPI's year-on-year decline has narrowed, and coal prices, particularly for coke, are showing signs of improvement due to effective capacity governance and market order optimization [3]. - The coke market is expected to see price increases, with a recent rise of 50-75 yuan/ton, and further price hikes are anticipated in the near future [3]. Group 4: Strategic Development - Xuyang Group is accelerating its dual circulation development strategy for the coke business, having established an overseas production park in Indonesia and offices in various countries to enhance its global supply chain [2]. - The company’s international strategy has resulted in a production capacity of 3.2 million tons/year at its Sulawesi park, with projected sales of 2.22 million tons of coke in 2024, covering 51 customers across 17 countries [2]. Group 5: Future Outlook - The anticipated easing of monetary policy by the Federal Reserve and potential structural policies from domestic authorities are expected to positively impact cyclical sectors, including coke and chemicals [4]. - Xuyang Group's performance in the first half of the year has reached historical highs in both coke and chemical new materials, indicating successful transformation towards a service-oriented manufacturing model [4][5].
从蓄力到发力，重估“全能”旭阳集团（01907）的投资价值