东吴证券晨会纪要-20250804

Macro Strategy - The report emphasizes the importance of breaking through key bottlenecks to achieve high-quality development, focusing on technological breakthroughs and economic structure adjustments to stimulate domestic demand and improve income distribution [1][14] - Key industries to watch over the next five years include technology (new productivity), finance, agriculture, and energy, with specific attention to sectors such as robotics, semiconductors, artificial intelligence, and renewable energy [1][14] Fixed Income - The report discusses the impact of the "anti-involution" policy and the commencement of the Yarlung Zangbo River hydropower project, which has influenced the market dynamics between commodities and bonds [2][15] - The issuance of secondary capital bonds totaled 109.9 billion yuan during the week of July 21-25, 2025, with a total trading volume of approximately 288.1 billion yuan, indicating increased market activity [4][20] - Green bond issuance reached approximately 35.99 billion yuan during the same period, reflecting a growing interest in sustainable finance [4][21] Industry Insights - The solid-state battery equipment sector is highlighted, with significant advancements in isostatic pressing technology, which is crucial for addressing solid-solid interface issues in solid-state batteries [6][7] - The report recommends focusing on leading suppliers of solid-state battery equipment, laser welding equipment, and formation capacity equipment, indicating a strong growth potential in these areas [7][8] - The waste-to-energy sector is projected to see substantial growth, with companies like Huanlan Environment expected to achieve a 15% annual growth rate over the next three years due to mergers and acquisitions [8]