Core Viewpoint - The solar industry is experiencing a shift towards rational and orderly development, with a focus on "anti-involution" to stabilize and repair the supply chain pricing [1][5][6] Group 1: Industry Trends - The solar industry has faced severe supply-demand imbalances due to previous overexpansion, leading to rapid price declines below cost levels and systemic losses across the sector [2] - Companies are accelerating their expansion into energy storage as a second growth curve, with JinkoSolar targeting 6 GWh in energy storage shipments for the year [2] - The global solar demand is expected to maintain steady growth, with China projected to account for 40% to 45% of the global installed capacity by 2025 [3][4] Group 2: Company Strategies - JinkoSolar's chairman stated that the company has over 80% visibility on both module and storage orders, with significant growth expected in overseas markets [2] - Canadian Solar plans to leverage its domestic manufacturing cost advantages and overseas brand channels to develop its energy storage business alongside its solar operations [2] - The company has signed contracts for energy storage systems amounting to $3 billion as of June 30 [2] Group 3: Market Dynamics - The industry is witnessing a gradual recovery in prices across various segments, with upstream prices showing different degrees of increase since July [4] - Companies are focusing on upgrading production capacity, with JinkoSolar expecting to complete 40% to 50% of its advanced capacity upgrades by year-end [4] - The "anti-involution" consensus is gaining traction, with companies responding positively to market conditions and gradually returning to rational pricing [5][6]

兴业证券股份有限公司 关于深圳市誉辰智能装备股份有限公司 保荐机构名称： 被保荐公司名称： 兴业证券股份有限公司 深圳市誉辰智能装备股份有限公司 联系方式：13564617817 保荐代表人姓名：尹涵 联系地址：上海市浦东新区长柳路 36 号丁 香国际商业中心东塔 10 层 联系方式：13501787067 保荐代表人姓名：王海桑 联系地址：上海市浦东新区长柳路 36 号丁 香国际商业中心东塔 10 层 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为深圳市誉辰 智能装备股份有限公司（以下简称"誉辰智能"或"公司"）首次公开发行股票并在科 创板上市的持续督导机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所 科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号—规范运 作》 《上市公司募集资金监管规则》等法律法规的有关规定，对誉辰智能进行持续督导， 并出具本年度持续督导跟踪报告。 属于上市公司股东的净利润-5,489.33 万元，同比下降 21.27%；归属于上市公司股东的 扣除非经常性损益的净利润-5,848.50 万元，同比下降 22.05%。保荐机构已针对上述问 ...

Core Viewpoint - The dual innovation leader ETF (588330), which encompasses high-growth leaders from the Sci-Tech Innovation Board and the ChiNext, has shown significant resilience and outperformance in the current market rally, with a cumulative increase of 70.59% since its low point on April 8, 2025, surpassing other broad indices [3][4]. Group 1: ETF Performance - The dual innovation leader ETF (588330) recorded a 1.93% intraday increase and closed up 0.84% on September 3, 2025, with a trading volume of 74.4 million yuan, indicating active trading [1]. - Since the low on April 8, 2025, the ETF's underlying index has outperformed the Sci-Tech Innovation Index (50.51%) and the ChiNext Index (60.43%) [3][4]. Group 2: Sector Highlights - In the energy storage sector, companies like Sungrow Power Supply Co., Ltd. and EVE Energy Co., Ltd. have seen significant gains, with Sungrow leading at over 15% and EVE at over 12% [5]. - The photovoltaic sector is experiencing a surge, with a doubling of installations expected in the first half of 2025, driven by a wave of demand [6]. - In the optical module sector, leading companies have reported substantial revenue growth, with NewEase's revenue increasing by 282.64% year-on-year and net profit by 355.68% [6]. Group 3: Market Outlook - Analysts predict that the market may experience a phase of consolidation after previous gains, but active trading and favorable policy expectations will support market conditions [7]. - The focus for future investments is on three main themes: improvement in supply-demand dynamics and industry profitability, domestic consumption under supportive policies, and advancements in technology sectors such as AI and semiconductors [7].

Group 1: Oil Market - International oil prices have sharply declined, with WTI crude oil dropping by 1.81% to $64.402 per barrel and Brent crude oil falling by 1.65% to $67.998 per barrel [1] - OPEC+ is expected to consider increasing oil production at its upcoming meeting on Sunday [1] Group 2: Smartphone Market in Latin America - In Q2 2025, the smartphone market in Latin America saw a slight year-on-year increase of 2%, reaching 34.3 million units shipped [1] - Samsung led the market with 11 million units shipped, an 8% increase, with Galaxy A06 and A16 models accounting for over 60% of sales [1] - Xiaomi ranked second with 6.7 million units shipped, also an 8% increase, marking a historical high [1] - Motorola's shipments declined by 10% to 5.1 million units, while Honor and Transsion ranked fourth and fifth, respectively, with Honor increasing by 70% to 2.9 million units and Transsion decreasing by 23% to 2.4 million units [1] Group 3: Gold Jewelry Prices - Domestic prices for gold jewelry have surpassed 1,050 yuan per gram, with brands like Chow Tai Fook and Luk Fook reporting prices of 1,053 yuan per gram [1] - International gold prices have recently surged, reaching a historical high of $3,546.92 per ounce [1] Group 4: E-commerce and AI - Alibaba's international platform experienced a 33% year-on-year increase in transaction volume on the first day of its September procurement festival, attributed to the integration of AI capabilities [2] - The September procurement festival is a critical period for overseas buyers preparing for year-end shopping events [2] Group 5: Corporate Developments - ByteDance is reportedly implementing an option incentive plan for its Seed department, focusing on large model technology employees, with a total option amount potentially reaching millions [2] - Two companies under the name of Zong Fuli are set to be deregistered, with previous companies also applying for cancellation [2] - Shangdong West Dairy reported a 4.8% month-on-month increase in fresh milk production in August, totaling 2,540.33 tons, although down 7.27% year-on-year [6] - Yong'an Pharmaceutical announced that its actual controller and chairman, Chen Yong, has had his detention lifted, allowing him to resume normal duties [7] - Shengtun Mining plans to repurchase shares worth between 500 million and 600 million yuan, with a maximum repurchase price of 11.82 yuan per share [8] - Zhangjiang Hi-Tech intends to publicly transfer 100% equity and related debts of Shanghai Jixin Rui Construction Technology Company, with a minimum total price of 151 million yuan [9] - Shankai Intelligent won a procurement project for metering devices with a bid of 13.318 million yuan [10] - Pudong Construction's subsidiaries won multiple major projects totaling 1.271 billion yuan [11]

Core Conclusion - The company reported a revenue of 37.624 billion yuan for H1 2025, a year-on-year increase of 14.26%, and a net profit attributable to shareholders of 1.91 billion yuan, up 12.91% year-on-year [1] - The gross profit margin was 15.46%, an increase of 0.1 percentage points year-on-year, while the net profit margin was 5.48%, a slight decrease of 0.01 percentage points year-on-year [1] - R&D expenses for H1 2025 were 1.57 billion yuan, reflecting a 16.45% year-on-year increase due to ongoing investments in technology [1] - Financial expenses decreased by 100.84% year-on-year, and asset impairment losses totaled 667 million yuan, including 210 million yuan in credit impairment [1] Industry Position - The company maintains a leading position in traditional energy equipment, with the highest market shares in nuclear and gas power [2] - Achievements include the first overseas order for a 50 MW heavy-duty gas turbine and improved quality in hydropower orders [2] - In emerging industries, the hydrogen energy sector secured a demonstration project for 30 heavy trucks, and the largest carbon dioxide storage project globally reached structural completion [2] Demand and Orders - As of June 2025, China's total installed power generation capacity reached 3.65 billion kilowatts, a year-on-year increase of 18.7% [3] - The company secured new effective orders worth 65.485 billion yuan in H1 2025, a 16.78% increase year-on-year, with clean and efficient energy equipment accounting for 37.59% of the orders [3] - The company has a robust order backlog, indicating sustained performance growth in the future [3] Investment Outlook - The company's order backlog supports business growth, driven by both core and emerging industries, leading to expected continued performance growth [3] - Forecasted net profits for 2025-2027 are 4.274 billion yuan, 5.078 billion yuan, and 5.578 billion yuan, representing year-on-year growth rates of 46.3%, 18.8%, and 9.8% respectively [3]

Investment Rating - The investment rating for the company is "Buy" [5][10] Core Views - The company has returned to an upward development trajectory, with its energy equipment business flourishing across multiple sectors [1][2] - The demand remains high, supporting future performance growth, with a significant increase in new effective orders [3] - The company is expected to achieve substantial net profit growth over the next few years, driven by both its main business and emerging industries [3][4] Financial Performance - For the first half of 2025, the company reported a revenue of 37.624 billion, a year-on-year increase of 14.26%, and a net profit of 1.91 billion, up 12.91% year-on-year [1] - The gross profit margin was 15.46%, an increase of 0.1 percentage points year-on-year, while the net profit margin was 5.48%, slightly down by 0.01 percentage points [1] - Research and development expenses reached 1.57 billion, reflecting a year-on-year increase of 16.45% [1] Order Growth and Market Position - The company maintains a leading market share in traditional energy equipment, particularly in nuclear and gas power [2] - New effective orders totaled 65.485 billion in the first half of 2025, representing a year-on-year increase of 16.78% [3] - The composition of new orders includes 37.59% from clean and efficient energy equipment and 30.82% from renewable energy equipment [3] Future Projections - The company is projected to achieve net profits of 4.274 billion, 5.078 billion, and 5.578 billion for the years 2025, 2026, and 2027, respectively, indicating growth rates of 46.3%, 18.8%, and 9.8% [3][4]

Group 1 - The company held its 2025 semi-annual performance briefing on September 3, 2025, via an online interactive format [1] - Key executives, including the finance director and independent directors, participated in the briefing to address investor inquiries [2] - The company announced a significant reduction in coal inventory by nearly 50% compared to the beginning of the year, attributed to strategic procurement decisions and declining coal prices [2] Group 2 - The company's energy storage station is operating well, with nearly 100% equipment availability and an average overall efficiency of 87.58%, achieving industry-leading performance [2] - In the second half of 2025, the company plans to focus on upgrading equipment, constructing new heating pipelines, and improving waste biomass boiler systems to enhance heating capacity and efficiency while reducing carbon emissions [2] - The company reported a slight decline in profitability for the first half of 2025, with further details available in the semi-annual report [2] Group 3 - The company made advancements in research and development, including improvements in high-efficiency and low-emission technologies, with seven patents filed in 2024, one of which has been granted [3] - The company is implementing automation and intelligent upgrades across its operational units, with three units already achieving basic automated operation [3] - The company expressed gratitude to investors for their ongoing support and encouraged continued communication through various channels [3]

Group 1 - The energy storage sector has seen a significant surge, with companies like Haibo Sichuang and Shangneng Electric hitting the daily limit up, while others like Chunxing Precision and Tongrun Equipment also reached their limits [1] - The energy storage market is experiencing a supply-demand reversal, with companies such as CATL and EVE Energy operating at full capacity despite a previously oversupplied market [1] - In the first half of 2025, global energy storage cell shipments are expected to reach 226 GWh, marking a 97% year-on-year increase, with Chinese companies accounting for over 90% of the global market share [1] Group 2 - Chinese companies have secured a record number of overseas energy storage orders, with 199 new orders totaling over 160 GWh in the first half of the year, representing a 220.28% year-on-year increase [2] - The Middle East has emerged as the fastest-growing market for energy storage, with significant orders from regions like Australia and Europe also contributing to the growth [2] - The Chinese government has implemented policies to promote the marketization of energy pricing, which is expected to enhance the profitability of the energy storage sector [2] Group 3 - In the first half of 2025, China's new energy storage installed capacity reached 42.6 GWh, a 27.5% increase year-on-year, while global battery storage systems installed capacity reached 86.7 GWh, a 54% increase [3] - Emerging markets such as the Middle East, Southeast Asia, and Latin America are expected to see a significant rise in energy storage demand due to power shortages and supportive government policies [3] - Notable companies in the energy storage sector include CATL, which is a global leader in power batteries, and Sungrow Power Supply, which offers comprehensive energy storage solutions [3][4]

Core Viewpoint - The company reported strong financial performance in H1 2025, with significant revenue and profit growth driven by robust performance in cable and airport businesses, alongside a reduction in battery business losses [1][3]. Financial Performance - In H1 2025, the company achieved revenue of 12.98 billion yuan, a year-on-year increase of 14.4%, and a net profit attributable to shareholders of 140 million yuan, up 210.6% [1]. - Q2 2025 saw revenue of 8.1 billion yuan, with quarter-on-quarter growth of 24.0% and year-on-year growth of 66.2%. Net profit for Q2 was 100 million yuan, reflecting quarter-on-quarter growth of 163.1% and year-on-year growth of 112.4% [1]. Business Segments Smart Cable Network - The smart cable network business generated revenue of 11.49 billion yuan in H1 2025, a year-on-year increase of 11.6%, with a net profit of 270 million yuan, up 75.8% [2]. - The company made significant progress in high-voltage submarine cable projects and is the first in China to meet the requirements for the "Hualong One" nuclear power project [2]. Smart Battery - The smart battery segment reported revenue of 690 million yuan in H1 2025, a year-on-year increase of 40.1%, with a net loss of 190 million yuan, reducing losses by 153 million yuan [3]. - The company is focusing on high-value-added products in the consumer battery sector and has seen a 125.5% year-on-year growth in high-capacity cylindrical cells [3]. Smart Airport - The smart airport business achieved revenue of 750 million yuan in H1 2025, a year-on-year increase of 37.5%, with a net profit of 70 million yuan, up 87.56% [3]. - The company is actively involved in 60 ongoing projects, including 51 domestically and 9 internationally, focusing on low-altitude economy and smart upgrades [3]. Strategic Initiatives - The company is committed to its "Electricity + Computing Power + AI" strategy, maintaining its leadership in power-related products while expanding into AI applications [1]. - In H1 2025, revenue from AI, computing power, and robotics reached 490 million yuan, a year-on-year increase of 204.6% and a quarter-on-quarter increase of 377.3% [1]. Future Outlook - The company anticipates further improvement in performance due to ongoing expansion in submarine cable and energy storage business models, alongside new growth opportunities in AI and robotics [4]. - Revenue projections for 2025-2027 are 29.74 billion yuan, 33.90 billion yuan, and 38.36 billion yuan, with net profits of 530 million yuan, 830 million yuan, and 1.22 billion yuan respectively [4].

Core Viewpoint - The company, Huabao New Energy, has shown significant growth in revenue and profit, driven by its focus on lithium battery storage products and strategic partnerships in the sodium-ion battery sector. Group 1: Company Overview - Huabao New Energy was established on July 25, 2011, and is located in Longhua District, Shenzhen, Guangdong Province [8] - The company specializes in the research, production, and sales of lithium battery storage products, with portable storage products being its core offering [8] - The revenue composition includes 77.46% from portable storage products, 20.84% from photovoltaic solar panels, and 1.37% from other products [8] Group 2: Financial Performance - For the first half of 2025, the company achieved a revenue of 1.637 billion yuan, representing a year-on-year growth of 43.32% [8][9] - The net profit attributable to the parent company was 123 million yuan, showing a year-on-year increase of 68.31% [9] - The company has distributed a total of 378 million yuan in dividends since its A-share listing [10] Group 3: Strategic Developments - On July 11, 2023, the company announced a strategic partnership with Zhongbi New Energy to jointly develop sodium-ion batteries [2] - The company has established a strong supplier network, including Panasonic, LG Chem, and BYD, and has expanded its client base to include Tesla and BMW [2][3] Group 4: Market Position and Trends - The company has a significant overseas revenue share of 95.09%, benefiting from the depreciation of the Chinese yuan [4] - The stock has seen a recent increase of 4.79% with a trading volume of 415 million yuan and a turnover rate of 12.76% [1]