BOHAI SECURITIES·2025-09-01 03:59Macro and Strategy Research - The US durable goods orders showed a negative growth for the second consecutive month, while core capital goods orders turned positive, indicating stable investment demand from enterprises [2] - The European Central Bank (ECB) officials have differing views on inflation trends, suggesting a pause in rate cuts in September, with potential for easing later in the year due to economic uncertainties [3] - Domestic industrial enterprises' revenue growth continues to decline, but profit margins are improving, supported by previous "anti-involution" policies [3] Fixed Income Research - The bond market experienced a slight recovery before weakening again, with investor confidence remaining low [4] - The central bank's net injection of 167.6 billion yuan in the open market indicates a mixed performance in funding prices, with a divergence between cross-month and non-cross-month funding rates [5] - The supply pressure in the primary market for government bonds is expected to decrease in the remaining months of the year [6] Company Research: Haomai Technology (002595) - The company reported a revenue of 5.265 billion yuan for H1 2025, a year-on-year increase of 27.25%, and a net profit of 1.197 billion yuan, up 24.65% [8] - The company's core businesses are performing well, with significant growth in the CNC machine tool segment, which saw a revenue increase of 145.08% [9] - The new electric heating vulcanization machine has shown significant advantages and has received orders totaling 135 million yuan [10] Company Research: China Aluminum (601600) - The company achieved a revenue of 116.392 billion yuan in H1 2025, a 5.12% increase year-on-year, with a net profit of 7.071 billion yuan, up 0.81% [12] - Production of alumina and primary aluminum increased, with alumina production reaching 8.6 million tons, a 4.88% increase [14] - The company has improved its resource self-sufficiency rate and has accelerated the production of key projects [14]