GOLDEN SUN SECURITIES·2025-07-31 00:36Group 1: Macro Insights - The core signal from the July Politburo meeting is the confirmation of the Fourth Plenary Session of the 20th Central Committee in October, focusing on reviewing the "14th Five-Year Plan" preparation suggestions [2] - The meeting emphasizes stabilizing policies in the second half of the year, aiming to achieve annual targets, indicating a focus on implementation rather than strong stimulus measures [2] - New policies are expected to be introduced if the situation worsens, with a focus on enhancing flexibility and predictability in economic measures [2] Group 2: Home Appliances - Hisense Electric - Hisense Electric reported a total revenue of 49.34 billion yuan for H1 2025, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 2.077 billion yuan, up 3.01% [5] - The second quarter of 2025 saw a revenue of 24.502 billion yuan, a decrease of 2.60% year-on-year, with a net profit of 949 million yuan, down 8.25% [5] - The company is expected to achieve net profits of 3.75 billion, 4.186 billion, and 4.602 billion yuan for 2025-2027, with growth rates of 12.0%, 11.6%, and 9.9% respectively, maintaining a "buy" rating [5] Group 3: Energy - Huaneng International - Huaneng International, a leading power company, is experiencing improved coal power profits and has significant growth potential in renewable energy, with projected net profits of 12.728 billion, 12.976 billion, and 13.561 billion yuan for 2025-2027 [6] - The expected earnings per share (EPS) for 2025-2027 are 0.81, 0.83, and 0.86 yuan, with corresponding price-to-earnings (PE) ratios of 8.7, 8.5, and 8.1 [6] - The company maintains a "buy" rating based on its strong market position and growth prospects [6] Group 4: Environmental Protection - Huicheng Environmental - Huicheng Environmental reported a revenue of 560 million yuan for H1 2025, a year-on-year decrease of 5.1%, with a net profit of 5.02 million yuan, down 85.6% [9] - The second quarter of 2025 saw a revenue of 280 million yuan, a decrease of 5.9% year-on-year, and a net profit of 13.324 million yuan, down 7.4% [9] - The decline in revenue is attributed to delayed steam sales and increased competition in the catalyst business, leading to higher overall costs [9]