证券日报网讯 南都电源8月4日在互动平台回答投资者提问时表示，针对铅回收业务板块，公司目前主 动减产，减少亏损，同时进行相关技改升级，多效并举降本增效，进一步提高工艺水平、开展资源综合 回收利用，调整产品结构，增强综合回收能力及盈利能力。 （编辑 袁冠琳） ...

Core Viewpoints and Investment Recommendations - The report maintains an "Outperform" rating for the home appliance sector, indicating a positive outlook for the industry [7] - The report highlights the expected stable growth in domestic demand driven by the "old-for-new" policy, while external sales may face challenges due to U.S. tariff policies [15][17] - Key recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances, with a focus on those with strong overseas growth potential and efficient operations [14][15][17] Monthly Research Tracking and Investment Insights - In August, the white goods production volume decreased by 5% year-on-year, with domestic sales experiencing a slowdown due to the seasonal demand drop and adverse weather conditions [20][21] - The report notes that in June, domestic sales of major home appliances showed robust growth, with air conditioners, refrigerators, and range hoods achieving over 10% growth [27][29] - U.S. retail sales of home appliances grew by 0.7% year-on-year in June, with inventory levels rising, indicating a stable demand despite tariff impacts [30][33] Key Data Tracking - The home appliance sector experienced a relative decline of 2.90% in July compared to the Shanghai Composite Index, which rose by 3.54% [35][37] - In July, the prices of copper and aluminum decreased by 1.9% and 0.4% respectively, while cold-rolled steel prices increased by 15.8% [38][40] - Shipping indices showed a significant decline in rates for routes to the U.S. West and East coasts, while European routes saw a slight increase [48][49] Key Company Announcements and Industry Dynamics - The report indicates that the home appliance market in China saw significant growth in H1 2025, particularly in the cleaning appliance segment, which grew by 30% year-on-year [52] - The kitchen appliance market is expected to show resilience, with stable performance from leading companies like Robam Appliances, which is focusing on expanding its product categories [15][52] - The report also highlights the ongoing adjustments in the home appliance sector, with companies like Ecovacs and Roborock showing strong overseas growth and product diversification [18][19]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The liquor sector experienced a slight pullback, with stable prices for Feitian liquor. The white liquor index PE-TTM is at 18.06X, which is 5.23% below the reasonable low level over the past decade. Strong alpha companies such as Shanxi Fenjiu and Guizhou Moutai are recommended, along with beta companies like Luzhou Laojiao and Water Well [2][12] - The beer sector saw a decline, with Budweiser Asia reporting a 3.9% decrease in revenue and a 6.2% drop in sales in Q2 2025. However, there is optimism for recovery in beer sales due to upcoming consumption promotion policies and adjustments to alcohol bans [3][13] - The consumer goods sector is experiencing a pullback, with a focus on new products and performance data catalysts. Companies that can enhance efficiency and market share are highlighted as strong investment opportunities [4][20] Summary by Sections Market Performance Review - The food and beverage sector declined by 2.17%, while the Shanghai Composite Index fell by 0.94% and the CSI 300 Index dropped by 1.75%. Specific declines included snacks (-3.03%) and soft drinks (-4.28%) [1][21] Liquor Sector Insights - The white liquor sector saw a 2.40% decline, with notable drops in companies like Shanxi Fenjiu and Shede Liquor. Despite this, the mid-term value of the sector remains promising [2][12] - The yellow wine sector is also under observation, with companies like Gu Yue Long Shan actively repurchasing shares [12] Beer and Beverage Sector Insights - The beer sector's decline was led by companies like Qingdao Beer and Budweiser Asia. The latter's performance was impacted by weak demand in China and Korea [3][13] - The soft drink sector also faced challenges, with companies like Nongfu Spring and Master Kong showing declines [15] Consumer Goods Sector Insights - The consumer goods sector is focusing on new product launches and performance data. Companies like Qiaqia Food and Jinzai are expanding their product lines [4][20] - The dairy sector remains stable, with average milk prices at 3.03 RMB/kg, showing a year-on-year decline of 5.90% [18] Investment Recommendations - Strong alpha liquor companies such as Shanxi Fenjiu and Guizhou Moutai are recommended, along with consumer goods companies that focus on cost reduction and market share growth [5][20]

日前，新华基金宣布已注销旗下浙江分公司。据统计，自去年6月以来，已有8家公募基金公司宣布注销 部分地区的分公司，这一数量较以往明显增加。 新华基金成立于2004年，是我国西南地区第一家公募基金管理公司。除日前注销的浙江分公司外，其下 设北京、上海、广东分公司。截至二季度末，新华基金资产管理规模为532.06亿元，管理公募基金数达 46只。 公募资源整合加速 对于注销分公司的原因，多数公司表示此举是为了顺应自身业务发展需求。值得注意的是，部分公司在 注销原有分公司的同时，也新设立了其他分公司。业内人士认为，这一现象背后，反映出在"提质增 效"的行业大环境下，公募基金行业正加快资源整合的步伐。 新华基金注销浙江分公司 8月1日，新华基金公告称，经公司研究决定，注销本公司浙江分公司。上述事项已在杭州市上城区市场 监督管理局办理完成相关注销手续。 天眼查信息显示，新华基金浙江分公司成立于2022年1月份，位于杭州市，2024年的参保人数为6人，许 可项目包括公募证券投资基金服务业务、公募证券投资基金销售等。 谈及新华基金关闭浙江分公司的原因，一位知情人士表示，"根据公司组织架构调整和业务发展需求， 决定关闭浙江分公司 ...

【导读】新华基金注销浙江分公司。自去年6月以来，已有多家公募机构注销分公司 日前，新华基金宣布已注销旗下浙江分公司。据统计，自去年6月以来，已有8家公募基金公司宣布注销 部分地区的分公司，这一数量较以往明显增加。 对于注销分公司的原因，多数公司表示此举是为了顺应自身业务发展需求。值得注意的是，部分公司在 注销原有分公司的同时，也新设立了其他分公司。业内人士认为，这一现象背后，反映出在"提质增 效"的行业大环境下，公募基金行业正加快资源整合的步伐。 除新华基金外，自去年6月至今的一年多时间里，已有九泰、宏利、金鹰、中银、国投瑞银、银华等至 少8家公募基金公司注销了部分地区的分公司。其中，金鹰基金在两个月内接连注销了深圳分公司与海 南分公司。 而对比来看，2023年仅中金基金注销了厦门分公司，2022年也仅有汇安基金注销海南分公司、德邦基金 注销江苏分公司，可见近一年注销分公司的公募数量显著增多。 从具体情况来看，各公司注销地方性分公司的原因不尽相同。部分公司表示，注销某一分公司是为了配 合整体战略布局调整，且在注销前后会在其他地区增设新的分公司。 正如一位知情人士所说："虽然此前我们在A城市设立了分公司，但近年 ...

在"十四五"收官之年，国能准能集团坚定践行国家能源安全与绿色转型使命，深入贯彻落实国家能源集 团发展战略，坚持"稳中求进、安全为本、创新引领、高质发展"的工作方针，2025年上半年，围绕"降 本增效、创新创效、提质增效、增产增效"4个方面，以81项硬核举措促进生产提效、精益管理和科学采 购，累计实现创效8.05亿元。 准能集团通过体制机制创新、管理流程再造，向生产效率提升要效益，从生产工艺优化挖潜能，激活高 质量发展新动能。 炎炎烈日，在露天煤矿生产现场，电铲挥舞铲臂奋力剥离，将坚硬岩石层层分解；排列整齐的矿用卡车 有序配合，在盘山道路上碾出深深辙印；平路机整装待发，随时准备平整路面……作业现场机器轰鸣、 高效运转。 这紧张有序的矿山图景，是黑岱沟露天煤矿创新推行的"两核心一强化"生产提效思路的生动注脚。以调 度指挥为核心抓各环节组织优化，以电铲有效作业为核心抓重点管控业务，持续强化生产现场管理。随 着管理新思路的落地实施，1-6月份该矿压缩外障时间636小时，效率提升16.85%，年累计自营剥离量超 6000万立方米，提前19天完成剥离总量半年过半，多项数据刷新历史纪录。 黑岱沟露天煤矿和哈尔乌素露天煤矿（ ...

Core Viewpoint - The company emphasizes safety, efficiency, and employee welfare as fundamental principles to navigate challenges posed by high temperatures and operational demands, showcasing a commitment to responsible management and innovation in enhancing productivity and employee satisfaction [1][4][5]. Group 1: Safety Management - The company has implemented multiple measures to strengthen safety management during the summer, including two major inspections of ventilation and drainage systems, five rounds of hazard identification and rectification, and a special equipment inspection [4]. - A total of 29 safety warning education sessions have been conducted, training 641 employees, alongside over 1,600 participants in job drills and emergency exercises [4]. - The completion of advanced geological exploration and drilling activities, totaling 6,007.1 meters, reflects the company's proactive approach to safety [4]. Group 2: Cost Reduction and Efficiency - The company focuses on internal potential to enhance risk resilience amid fluctuating coal prices and rising raw material costs, emphasizing the importance of cost control and efficiency [5]. - Initiatives such as energy-saving actions and internal bidding for minor projects have resulted in significant cost savings, including a reduction of 986,000 yuan in external contracting costs since June [7]. - The implementation of energy-saving technologies is projected to save 1.32 million yuan annually in electricity costs [7]. Group 3: Employee Welfare - The company has addressed employee needs by establishing a barbershop within the mining area, reducing travel time and costs for workers [10]. - Various initiatives, including the introduction of a rest policy, road subsidies, and improvements to recreational facilities, demonstrate the company's commitment to enhancing employee welfare [11]. - The company aims to create a supportive environment that fosters employee morale and productivity, aligning with its broader goals of safety and efficiency [11].

Group 1: Investment Highlights - Key recommendations include companies such as Conch Venture, Hanlan Environment, Green Power, Yongxing Co., and others, indicating a strong focus on the environmental sector [2] - Suggested companies for attention include Green Power Environmental, Deyu Water, and others, highlighting potential investment opportunities in the environmental industry [2] Group 2: Policy Tracking - The first revision of pricing regulations in 27 years aims to promote market-oriented pricing, enhancing ROE and cash flow in sectors like water, waste, and energy [3] - Strengthened environmental inspections signal a more systematic and effective regulatory approach to environmental protection in China [3] Group 3: Industry Insights - The water operations sector is expected to experience a cash flow turning point, similar to the garbage incineration sector, with significant increases in free cash flow anticipated from 2026 [4] - Price reforms are expected to reshape growth and valuation in the water sector, with potential for 2-3 times valuation increases as the market matures [4] Group 4: Company-Specific Analysis - Xingrong Environment shows a current PB of 1.16, with a projected PE of 9.8 for 2025, indicating potential for dividend increases [5] - Yuehai Investment has a PB of 1.08 and a projected PE of 10.6 for 2025, with a dividend yield of 6.2%, suggesting strong market positioning [5] - Hongcheng Environment is committed to maintaining a dividend payout of no less than 50% from 2021 to 2026, with a projected PE of 9.6 for 2025 [5] Group 5: Market Trends - The environmental sanitation equipment sector saw a 7.24% increase in new energy penetration, with a total of 38,164 sanitation vehicles sold in the first half of 2025 [5] - The average price of biodiesel remained stable, with a net profit per ton showing a significant decline [5] - In lithium battery recycling, metal prices showed mixed trends, with lithium carbonate at 71,300 (down 2.2% week-on-week) and cobalt at 276,000 (up 11.3% week-on-week) [5]

Core Viewpoint - The company reported a slight revenue increase in the first half of 2025, but faced challenges in the second quarter due to weak domestic demand and increased competition in the air conditioning sector [1][2][3][4]. Financial Performance - In H1 2025, the company achieved revenue of 49.34 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 2.08 billion yuan, up 3.0% year-on-year [1][2]. - Q2 2025 revenue was 24.50 billion yuan, down 2.6% year-on-year, with a net profit of 0.95 billion yuan, a decline of 8.3% year-on-year [1][3]. - The company’s revenue from domestic and overseas markets in H1 2025 showed a slight decline of 0.3% and an increase of 12.3%, respectively [2]. Business Segment Analysis - Air Conditioning Business: H1 2025 revenue was 23.69 billion yuan, up 4.1% year-on-year, but central air conditioning growth was under pressure, declining by 6.0% due to a weak real estate market [2]. - Washing and Refrigeration Business: H1 2025 revenue reached 15.39 billion yuan, a 4.8% increase year-on-year, with washing machine revenue growing by 37.6% due to technological upgrades [2]. - Automotive Thermal Management: H1 2025 revenue increased by 3.0%, benefiting from the gradual realization of previous new energy orders [2]. Cost and Profitability - The net profit margin in Q2 2025 was 3.9%, down 0.2 percentage points year-on-year, despite a gross margin increase of 1.0 percentage points to 21.5% [3]. - The company faced a one-time expense impact from layoffs in the automotive thermal management segment, amounting to 1.9 billion yen [3]. Future Outlook - The company anticipates a recovery in performance due to favorable weather conditions and the successful rollout of government subsidies [4]. - Internal governance improvements are expected to drive growth, with a focus on supply chain efficiency and cost reduction [4]. - The company has adjusted its EPS forecasts for 2025, 2026, and 2027 to 2.68, 2.94, and 3.20 yuan, respectively, reflecting a slight decrease from previous estimates [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Insights - The company has achieved significant cost reduction and efficiency improvements, with a revenue of 40.03 billion yuan in 2024, a year-on-year increase of 2.36%, and a net profit of 4.75 billion yuan, up 16.02% year-on-year [2][4]. - The company is advancing its nuclear medicine research, with the innovative nuclear drug INR102 entering a new phase of clinical trials [1][3]. - The company is focusing on digital transformation and innovation in traditional Chinese medicine, with multiple projects in various stages of development [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 40.03 billion yuan, with a net profit of 4.75 billion yuan, marking a historical high [2]. - The operating cash flow reached 4.30 billion yuan, reflecting a year-on-year increase of 22.68% [2]. - The company’s gross margin improved to 27.9% in 2024, with a net profit margin of 11.9% [12]. Research and Development - The company is actively pursuing both short-term and long-term projects in traditional Chinese medicine and innovative drugs, with several products in various clinical trial phases [3]. - The nuclear medicine segment is a key focus, with two innovative nuclear drugs entering clinical trials [3]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been slightly adjusted upwards to 5.27 billion yuan and 5.85 billion yuan, respectively [4]. - The current stock price corresponds to a price-to-earnings ratio of 19 for 2025, indicating a favorable valuation [4].