每经AI快讯，有投资者在投资者互动平台提问：请问董秘：公司目前在手的国际新能源订单是否饱 满？公司的国际新能源业务在当地的竞争力有什么优势？ 博威合金（601137.SH）8月1日在投资者互动平台表示，公司美国项目已经投产，鉴于美国的产业特 点，产能处于爬坡订单交付阶段。 公司通过多年的美国、欧洲市场营销和推广积累，已经连续8 年位列 美国布隆伯格新能源（BNEF）全球光伏组件制造商银行可贷性一级供应商列表，连续 6年位列美国光 伏进化实验室（Kiwa PVEL）全球光伏组件可靠性加严测试顶级性能供应商列表。在美国市场，公司已 建立长期、稳定且可靠的客户战略合作关系。通过数字化制造，持续提升公司产品的转换效率并降低成 本，确保其产品在目标市场的竞争力始终处于领先地位。同时，通过为客户提供差异化的增值服务，已 形成博威尔特的品牌优势，公司进一步巩固了其产品在美国光伏市场的竞争优势。 （文章来源：每日经济新闻） ...

记者丨 陈思琦 编辑丨孙超逸 全球资本"再平衡"，外资先声已至，加仓入华。 商务部数据显示，今年上半年，全国新设立外商投资企业30014家，同比增长11.7%；实际使 用外资金额4232.3亿元。 此外，深圳上半年实际使用外资209亿元，同比增长11.3%。在新设外资企业数量上，深圳以 半年新设5581家的成绩，维持全国大中城市第一。 南方财经记者梳理发现，外资逆周期加仓中国，在四大一线城市中有偏好差异。 值得注意的是，随着服务业扩大开放提速加力，电信、医疗等领域正成为外资"抢滩"新风口。 例如，上半年，深圳新设外商投资医疗企业113家、同比增长85.2%；新设外商投资电信企业 累计635家，同比增长60.0%。 年初，德意志银行一份研报引发全球热议。其认为，2025年将是全球投资界重新认识中国国际 竞争力的关键一年，中国在高附加值领域和供应链主导方面正迅速扩展，点燃中国资产价值重 估浪潮。 | 2025年上半年部分城市外资引进情况 | | | --- | --- | | 城市 | 外资引进情况 | | 深圳 | 上半年新设外商投资企业5581家，同比增长51.5% 实际使用外资209亿元，同比增长11.3% ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [3][4]. Core Insights - The company reported a revenue of 178.9 billion yuan in the first half of 2025, a year-on-year increase of 7.27%, and a net profit attributable to shareholders of 30.5 billion yuan, up 33.33% year-on-year [1]. - The gross profit margin improved to 25.0%, an increase of 1.8 percentage points compared to the previous year, reflecting strong profitability [1]. - The company has a robust cash flow with operating cash flow reaching 58.7 billion yuan and cash reserves exceeding 350 billion yuan at the end of the period [1]. - The company plans to distribute a cash dividend of 10.07 yuan per share, totaling 4.573 billion yuan [1]. Revenue and Profit Analysis - In Q2 2025, the company achieved a revenue of 94.2 billion yuan, representing an 8.26% year-on-year growth and an 11.19% quarter-on-quarter increase [1]. - The net profit for Q2 2025 was 16.5 billion yuan, a 33.73% increase year-on-year and an 18.33% increase quarter-on-quarter [1]. Market Position and Product Development - The company’s battery shipments reached nearly 150 GWh in Q2 2025, with a year-on-year growth of over 30% [1][2]. - The company holds a leading market share in the power battery sector, with a global market share of 38.1% as of May 2025, an increase of 0.6 percentage points year-on-year [2]. - New product launches, including the second generation of Shenxing and the sodium-ion battery, are expected to enhance competitive advantages [2]. Infrastructure and Ecosystem Development - The company has established over 400 battery swap stations for passenger vehicles and plans to build 1,000 stations by the end of the year [3]. - Collaborations with major automotive companies and partnerships with companies like Sinopec and NIO are accelerating the development of the battery swap ecosystem [3]. Financial Forecast - The report forecasts net profits of 65.6 billion yuan, 78.9 billion yuan, and 95.3 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18, 15, and 13 [3][4]. - Revenue is projected to grow to 457.2 billion yuan in 2025, with a growth rate of 26.29% [3].

光大证券指出，二季度油价快速下跌，成品油需求持续下行，化工景气度复苏不及预期，下调公司25- 27年盈利预测，预计公司25-27年归母净利润分别为453(下调15.4%)/555(下调3.1%)/662(下调7.6%)亿 元，对应的EPS分别为0.37、0.46、0.55元/股。公司坚守长期主义，前瞻性布局新能源、新材料业务， 未来随着化工景气度整体向好，公司新产能逐步投产，新能源布局落地，业绩有望增厚，我们看好公司 长期成长前景，因此维持A股和H股的"买入"评级。 消息面上，中国石化（600028）发布业绩预告，按中国企业会计准则，预计2025年上半年实现净利润 201亿至216亿元人民币，同比下跌39.5%至43.7%。单看第二季度，公司预计实现归母净利润68亿至83 亿元，同比下降52.1%至60.7%，环比下降37.2%至48.5%，主要受国际原油价格大幅下跌、石油石化市 场竞争激烈、化工市场毛利低迷等因素影响， 中石化(00386)今日低开低走，午后跌幅扩大逾5%。截至发稿，跌5.65%，报4.34港元，成交额14.44亿 港元。 ...

Investment Rating - The report assigns a "Buy" rating for Wuling Motors with a target price of HKD 0.77, based on a current price of HKD 0.49 [6]. Core Insights - Wuling Motors is focusing on transforming its business model to enhance its presence in the automotive industry, particularly in the new energy vehicle sector, while leveraging its extensive experience in manufacturing and supply chain management [15][20]. - The company has seen a significant increase in net profit, with a 60.19% year-on-year growth in 2024, attributed to adjustments in its commercial vehicle business and an increase in high-margin component products [2][5]. - Wuling Motors aims to cultivate three national-level manufacturing champions in the automotive parts sector by 2025-2027, focusing on high-value products and expanding its international footprint [3][26]. Summary by Sections Company Overview - Wuling Motors Group Holdings Limited specializes in the automotive supply chain, focusing on components, power systems, and commercial vehicle design and development, with components contributing 69% of its main revenue in 2024 [1][15]. Business Transformation and Financial Performance - The company has adjusted its business model for commercial vehicles, leading to a 24.17% decrease in total revenue to HKD 7.949 billion in 2024, while operating costs also fell by 24.96% [2][5]. - Despite revenue declines, the company achieved a net profit of HKD 111 million in 2024, reflecting a 60.19% increase year-on-year, driven by a shift towards higher-margin products [2][5]. Focus on Components and New Energy - Wuling Motors is concentrating on its components business, enhancing product quality and expanding its customer base, including partnerships with major manufacturers like BYD and Great Wall [3][29]. - The company is actively developing new energy products, including electric vehicle engines and control systems, and has established Wuling New Energy as a key player in its strategy [4][22]. Profit Forecast and Valuation - The report forecasts Wuling Motors' total revenue to grow to HKD 88.66 billion by 2025, with a projected compound annual growth rate of 12% from 2025 to 2027 [5][26]. - The expected net profit for the same period is projected to reach HKD 0.80 billion in 2025, reflecting a 58% year-on-year increase [5][26].

Core Viewpoint - The National Energy Administration supports the development of solar thermal power as a dual-function energy source that enhances long-term peak regulation capabilities and inertia for new energy systems, contributing to the safe and reliable replacement of traditional energy sources [3][4]. Group 1: Support for Hainan State as "China's Solar Thermal Capital" - The National Energy Administration and the National Development and Reform Commission emphasize the importance of solar thermal power development, aligning with the "14th Five-Year Plan" for renewable energy [4]. - Hainan State is identified as an ideal location for large-scale solar thermal power plants due to its abundant solar resources, flat terrain, and rich land resources [5]. - The government plans to further research and support policies for the large-scale development of solar thermal power, enhancing its role in the new energy system [5][6]. Group 2: Solar Thermal Power Capacity Pricing Policy - Qinghai Province is exploring a solar thermal power pricing policy at 0.55 yuan per kilowatt-hour, aiming to establish a 300,000-kilowatt independent solar thermal power station [6]. - The current stage of solar thermal power development faces challenges related to costs, scale, and return mechanisms, necessitating further research on the feasibility and operability of capacity pricing mechanisms [6].

化工方面，公司以效益为导向优化原料、装置、产品结构，提升装置负荷，增产盈利产品，加大新产 品、高附加值产品开发力度。2025H1，公司乙烯产量为756万吨，同比+16.4%，合成树脂、合成纤维、 合成橡胶产量分别为1104、60、80 万吨，分别同比+12.8%、-5.1%、+18.6%。 三、深化改革推动产业转型升级，看好公司长期竞争力提升"十五五"期间，公司将坚持优化布局、调整 结构、盘活存量、做优增量，统筹推动传统产业转型升级；推动组织管理体系变革提升，大力深化改 革、强化管理，完善公司治理，坚持专业化发展、市场化运作。在上游板块，公司25 年上游资本开支 计划为767 亿元，2025 年油气当量产量计划增长1.3%，未来公司将加大保拓矿权、勘探开发、工程保 障、技术支持力度，加快攻克深层超深层油气等核心技术，坚决打好七年行动计划收官战，实现勘探大 突破、油气稳增长、盈亏平衡点持续下降，全力将油气业务打造成为公司可持续发展的压舱石。在炼油 板块，公司将加强全产业链协同联动，用好用足自产原油资源，做好原油分储分炼，匹配生产润滑油基 础油、特种油品及负极材料，实现差异化增值利用；打造炼油低成本供应能力，坚持 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Sinopec, with current prices at 6.01 CNY and 4.60 HKD respectively [1]. Core Views - The company is expected to face performance pressure in Q2 2025 due to a significant decline in oil prices and low refining margins, with a projected net profit drop of 39.5%-43.7% year-on-year [4][5]. - Despite short-term challenges, the report is optimistic about the company's long-term competitiveness driven by transformation and upgrades in its operations [8][9]. Summary by Sections Performance Outlook - For H1 2025, Sinopec anticipates a net profit of 201-216 billion CNY, with Q2 alone expected to yield 68-83 billion CNY, reflecting a year-on-year decline of 52.1%-60.7% [4][10]. Business Analysis - The company is enhancing its upstream operations with a 2.0% increase in oil and gas equivalent production, while domestic crude oil production remains stable at 126.73 million barrels [6]. - In refining, Sinopec is focusing on optimizing its industrial chain, with a 5.3% decrease in crude oil processing to 111.97 million tons and a notable drop in diesel production by 17.2% [6][7]. Strategic Initiatives - Sinopec is committed to deepening reforms and driving industrial transformation, with a capital expenditure plan of 767 billion CNY for upstream activities in 2025 [8]. - The company aims to enhance its integrated energy services, expanding its charging and hydrogen refueling stations to 10,285 and 142 respectively by the end of 2024 [9]. Financial Projections - The report revises the profit forecasts for 2025-2027, projecting net profits of 453 billion CNY (down 15.4%), 555 billion CNY (down 3.1%), and 662 billion CNY (down 7.6%) respectively, with corresponding EPS of 0.37, 0.46, and 0.55 CNY [10][11].

Report Overview - The report is the "Guotai Junan Futures Commodity Research Morning Report - Green Finance and New Energy" dated August 1, 2025, covering nickel, stainless steel, lithium carbonate, industrial silicon, and polysilicon [1]. Nickel and Stainless Steel Core View - Nickel is expected to experience low - level fluctuations; stainless steel's real - world fundamentals are being verified, and the macro - sentiment is waning [2]. Fundamental Data - For nickel, the closing price of the Shanghai nickel main contract was 121,720 yuan, down 80 yuan from the previous day. The trading volume was 153,323 lots, an increase of 33,388 lots [5]. - For stainless steel, the closing price of the main contract was 12,920 yuan, unchanged from the previous day. The trading volume was 153,403 lots, an increase of 14,642 lots [5]. Macro and Industry News - Ontario, Canada may stop exporting nickel to the US due to tariff threats. An Indonesian nickel - iron project has entered the trial - production stage. Environmental violations were found in an Indonesian industrial park, and potential fines may be imposed. Indonesia plans to shorten the mining quota period and has approved a higher nickel production target for 2025. Some nickel - iron production lines in Indonesia have suspended production due to losses [5][6][7]. Trend Intensity - Nickel trend intensity: 0; stainless steel trend intensity: 0 [9]. Lithium Carbonate Core View - The C - structure of lithium carbonate has declined, and attention should be paid to the August delivery situation [2]. Fundamental Data - The closing price of the 2509 contract was 68,280 yuan, down 2,320 yuan from the previous day. The trading volume was 521,849 lots, a decrease of 271,060 lots [11]. Macro and Industry News - The SMM battery - grade lithium carbonate index price decreased. Mt Marion's lithium concentrate production and shipments decreased in Q2 2025, while Wodgina's production and shipments increased [12][13]. Trend Intensity - Lithium carbonate trend intensity: 0 [13]. Industrial Silicon and Polysilicon Core View - For industrial silicon, attention should be paid to the upstream resumption of production progress; for polysilicon, the short - term sentiment has cooled, and the market should be treated as a callback [2]. Fundamental Data - The closing price of the Si2509 contract for industrial silicon was 8,760 yuan/ton, down 525 yuan from the previous day. The closing price of the PS2509 contract for polysilicon was 49,130 yuan/ton, down 5,575 yuan [15]. Macro and Industry News - A notice was issued to regulate the use of cultivated land in photovoltaic projects [16]. Trend Intensity - Industrial silicon trend intensity: - 1; polysilicon trend intensity: - 1 [17].

Macro Economic Group - In July, China's manufacturing PMI was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a contraction in the manufacturing sector [4] - The production index for July was 50.5%, down 0.5 percentage points from the previous month, while new orders fell to 49.4%, indicating a return to contraction [4] - The inventory index for finished products was 47.4%, a decline of 0.7 percentage points, suggesting worsening supply-demand dynamics in the manufacturing sector [5] Industry Comprehensive Group - The U.S. President's letter to major pharmaceutical companies demands a reduction in drug prices to match overseas levels, which may negatively impact domestic innovative drug valuations if Chinese prices are referenced [8] - The National Internet Information Office's inquiry into NVIDIA regarding security risks of H20 chips is expected to strengthen domestic AI chip development, with global AI application demand growing rapidly [9] Advanced Manufacturing Group - CATL reported a revenue of 178.886 billion yuan for the first half of 2025, a year-on-year increase of 7.27%, driven by a 16.80% growth in the power battery system segment [11] - The market penetration rate for new energy passenger vehicles in China reached 50.4% in the first half of 2025, indicating a growing demand for power and storage batteries [12] - CATL's solid-state battery production is expected to begin in small scale by 2027, with significant implications for future market valuations based on technological advancements [12] Consumer Group - Bailong Chuangyuan reported a revenue of 650 million yuan in the first half of 2025, a year-on-year increase of 22.29%, with a net profit growth of 42.68% [14] - The growth is attributed to the ramp-up of new production projects, including soluble dietary fiber and crystallized sugar, which have improved product margins [15] - The approval of D-allohexose as a new food raw material is expected to boost demand for functional sweeteners, positioning Bailong Chuangyuan favorably in the market [16]