TZE(SZ:002129) Western Securities·2025-09-26 01:54Group 1: Core Conclusions - The report emphasizes the historical performance of cyclical sectors, highlighting that valuations in non-ferrous metals, utilities, and transportation are currently low, suggesting potential investment opportunities in these areas [2][6][7] - It provides a detailed analysis of seven major sectors and 44 cyclical indices, including their compilation rules, industry distribution, constituent stocks, risk-return profiles, and correlation coefficients, recommending funds that track rare earths, non-ferrous metals, and specialized chemicals [2][6][9] Group 2: Company Analysis - TCL Zhonghuan - TCL Zhonghuan's performance is significantly impacted by low silicon wafer prices, with projected net profits for 2025-2027 being -5.309 billion, 0.514 billion, and 2.459 billion yuan, respectively, indicating a recovery trend in the following years [3][12] - The company reported a revenue of 13.398 billion yuan in H1 2025, a decrease of 17.36% year-on-year, with a net loss of 4.242 billion yuan, primarily due to declining prices in the photovoltaic materials business and challenges faced by its subsidiary Maxeon [11][12] - The semiconductor business is identified as a growth area, with revenues of approximately 2.74 billion yuan in H1 2025, reflecting a year-on-year increase of 38.2%, driven by higher shipments of 12-inch products [12]