Core Viewpoint - The A-share market showed a slight recovery after a dip, with the three major indices experiencing minor increases despite a majority of stocks declining [1] Market Performance - The Shanghai and Shenzhen markets recorded a half-day trading volume of 1.14 trillion, an increase of 51.3 billion compared to the previous trading day [1] - Over 2,700 stocks in the market experienced declines, indicating a broad-based downturn [1] Sector Analysis - The super hydropower concept stocks remained strong, with companies like China Power Construction hitting the daily limit [1] - The photovoltaic sector rebounded, with Yijing Photovoltaic also reaching the daily limit [1] - Solid-state battery concept stocks were active, with Dexin Technology hitting the daily limit [1] - In contrast, bank stocks underwent adjustments, with Xiamen Bank dropping over 3% [1] Index Performance - By the end of the trading session, the Shanghai Composite Index rose by 0.25%, the Shenzhen Component Index increased by 0.56%, and the ChiNext Index gained 0.69% [1]

Core Viewpoint - The market showed a slight recovery in the morning session, with the three major indices experiencing small gains, while the overall market saw more declines than advances among individual stocks [1] Market Performance - The total trading volume in the Shanghai and Shenzhen markets reached 1.14 trillion, an increase of 51.3 billion compared to the previous trading day [1] - The Shanghai Composite Index rose by 0.25%, the Shenzhen Component Index increased by 0.56%, and the ChiNext Index gained 0.69% [1] Sector Performance - Super water and electricity concept stocks maintained strong performance, with companies like China Power Construction hitting the daily limit [1] - Photovoltaic concept stocks rebounded, with Yijing Photovoltaic also reaching the daily limit [1] - Solid-state battery concept stocks were active, with Haopeng Technology hitting the daily limit [1] - In contrast, bank stocks underwent adjustments, with Xiamen Bank declining by over 3% [1] - The sectors with the highest gains included super water and electricity, steel, photovoltaic equipment, and batteries, while sectors with the largest declines included AI, banking, gaming, and software development [1]

Group 1 - Several companies, including Defu Technology and Huazi Technology, saw stock increases of over 10%, while companies like Dongfang Zirconium and Aoke Co., Ltd. experienced gains exceeding 5% [1] - The solid-state battery sector is witnessing significant advancements, with multiple companies announcing their latest developments and mass production timelines since July 2025 [1] - Changan Automobile disclosed on an interactive platform that it is fully committed to solid-state battery research and development, expecting to achieve vehicle validation by 2026 and gradually ramp up mass production by 2027, targeting an energy density of 400 Wh/kg [1]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The macroeconomic recovery momentum remains to be strengthened, and it is recommended to be cautious about the Treasury bond market [6][7] - Although the domestic economic recovery momentum is weak, it is still optimistic about the long - term performance of Chinese equity assets and suggests going long on stock index futures [10][11] - It is expected that the long - term bull market trend of precious metals will continue, and it is advisable to go long on gold futures [13][14] - For steel products such as rebar and hot - rolled coils, wait for short - selling opportunities after the rebound [15] - For iron ore, pay attention to low - level buying opportunities and take profits in time [18] - For coking coal and coke, wait for suitable mid - term short - selling entry points [20] - For ferroalloys, consider low - level out - of - the - money call options if spot losses continue to widen [24] - For crude oil, pay attention to short - selling opportunities [27] - For fuel oil, pay attention to short - selling opportunities [29] - For synthetic rubber, wait for the market to stabilize and then participate in the rebound [30][31] - For natural rubber, it is expected to be strongly volatile, and pay attention to mid - term long - buying opportunities [31][32] - For PVC, it may enter a bottom - grinding stage [33][34] - For urea, it is expected to be short - term volatile and bullish in the medium term [35][36] - For PX, it is in a short - term volatile adjustment, and participate cautiously [37] - For PTA, it may be under short - term volatile pressure, and participate in the range [38][39] - For ethylene glycol, participate in the range mainly and pay attention to port inventory and imports [40] - For short - fiber, it may follow the cost and fluctuate, and be cautious about the repair of processing margins [41][42] - For bottle chips, it is expected to follow the cost and fluctuate, and participate cautiously [43] - For soda ash, it is expected to be in a low - level volatile state in the short term [44] - For glass, it is expected to rebound in the short term [46] - For caustic soda, the alumina price is expected to be strongly volatile, and the overall support for caustic soda is limited [48][49] - For pulp, the pulp price is expected to fluctuate and sort out [50][51] - For lithium carbonate, do not chase the high price [53] - For copper, go long on the main contract in the short term [55][56] - For tin, the tin price is expected to be strongly volatile [57] - For nickel, the nickel price is expected to fluctuate [59] - For soybean oil and soybean meal, pay attention to long - buying opportunities for soybean meal after adjustment, and consider call options for soybean oil after the decline [60][61] - For palm oil, consider widening the spread between rapeseed oil and palm oil [64] - For rapeseed meal and rapeseed oil, consider long - buying opportunities for the oil - meal ratio [66] - For cotton, it is recommended to short at high prices [69][70] - For sugar, it is recommended to wait and see [72] - For apples, pay attention to short - selling opportunities at high prices [74][75] - For live pigs, consider short - selling at high prices [77][78] - For eggs, consider a 9 - 10 reverse spread [81] - For corn and starch, it is advisable to wait and see for corn, and starch follows the corn market [83][84] - For logs, it is expected to fluctuate and adjust before the first delivery [87] Summary by Directory Treasury Bonds - The previous trading day, Treasury bond futures closed up across the board, with the 30 - year, 10 - year, 5 - year, and 2 - year main contracts rising by 0.47%, 0.18%, 0.13%, and 0.04% respectively [5] - The central bank carried out 342.5 billion yuan of 7 - day reverse repurchase operations, with a net investment of 173.5 billion yuan on the same day [5] - The current macro - data is stable, but the economic recovery momentum needs to be strengthened, and the Treasury bond yield is at a relatively low level [6] Stock Index - The previous trading day, stock index futures showed mixed trends, with the main contracts of IF, IH, IC, and IM falling by 0.24%, 0.64%, 0.12%, and 0.55% respectively [8][9] - The Central Urban Work Conference was held, and seven key tasks for urban work were deployed [9] - In the first half of the year, real estate development investment decreased by 11.2% year - on - year, and the real estate development climate index was 93.60 in June [9] Precious Metals - The previous trading day, the main contract of gold closed at 780.4, down 0.13%, and silver closed at 9,225, up 0.20% [12] - The US CPI in June increased year - on - year, and the core CPI was lower than expected [12][13] - The current global trade and financial environment is complex, and the long - term bull market trend of precious metals is expected to continue [13] Rebar and Hot - Rolled Coils - The previous trading day, rebar and hot - rolled coil futures declined slightly [15] - The early meeting triggered the expectation of supply contraction, but the real estate downturn and over - capacity still suppress the price [15] - The market is in the off - season, and the price rebound space is limited [15] Iron Ore - The previous trading day, iron ore futures fluctuated and sorted out [17] - Policy expectations boosted the price, but the supply - demand pattern has weakened marginally [17][18] - The price valuation is relatively high, and it may fluctuate and sort out later [18] Coking Coal and Coke - The previous trading day, coking coal and coke futures fluctuated and sorted out [20] - The early meeting triggered the expectation of supply contraction, but the actual supply may increase [20] - The steel mill's iron - making output is falling, and the coke cost support is effective [20] Ferroalloys - The previous trading day, the main contracts of manganese - silicon and silicon - iron rose by 0.35% and 0.33% respectively [22] - The manganese ore shipment volume decreased, and the iron alloy production increased at a low level [23][24] - The short - term demand has peaked, and the supply is still excessive [24] Crude Oil - The previous trading day, INE crude oil declined significantly due to potential US sanctions on Russia [25] - Fund managers reduced their net long positions in US crude oil futures and options, and the number of US oil and gas rigs decreased [25] - The summer oil demand provides support, but tariffs and sanctions still restrict the price [26] Fuel Oil - The previous trading day, fuel oil declined significantly, hitting a new low [28] - The Asian high - sulfur fuel oil market supply is sufficient, and the ARA region's inventory increased [28] - Trade frictions are negative for the fuel oil price [28] Synthetic Rubber - The previous trading day, the main contract of synthetic rubber fell by 0.43%, and the raw material price decreased, with the profit turning positive [30] - The supply is relatively loose in the short term, and the demand is difficult to increase [30] - Wait for the market to stabilize and then participate in the rebound [30][31] Natural Rubber - The previous trading day, the main contracts of natural rubber and 20 - grade rubber rose by 0.63% and 0.73% respectively [31] - The supply may increase, the demand is mixed, and the inventory is slightly reduced [31] - It is expected to be strongly volatile in the next week [31] PVC - The previous trading day, the main contract of PVC fell by 0.20%, and the supply - demand imbalance continues [33] - The production decreased slightly last week, and the demand in the off - season is weak [33] - It may enter a bottom - grinding stage [33][34] Urea - The previous trading day, the main contract of urea fell by 1.70%, and the supply is expected to be high in the next period [35] - The demand is limited, and the inventory is higher than expected [35] - It is expected to be short - term volatile and bullish in the medium term [35][36] PX - The previous trading day, the main contract of PX2509 fell by 0.89%, and the PXN and PX - MX spreads adjusted [37] - The PX load increased slightly, and some enterprises carried out maintenance [37] - The short - term supply - demand is tight, but the cost support is insufficient [37] PTA - The previous trading day, the main contract of PTA2509 fell by 0.63%, and the supply increased [38] - The polyester industry plans to cut production, and the demand weakened [38][39] - It may be under short - term volatile pressure [38][39] Ethylene Glycol - The previous trading day, the main contract of ethylene glycol fell by 0.21%, and the overall start - up load increased [40] - Some devices were shut down for maintenance, and the inventory decreased [40] - The short - term supply - demand weakened, and the inventory is at a low level [40] Short - Fiber - The previous trading day, the main contract of short - fiber 2509 fell by 0.69%, and the device load decreased [41] - The demand is weak, and the cost drive is insufficient [41] - It may follow the cost and fluctuate [41][42] Bottle Chips - The previous trading day, the main contract of bottle chips 2509 fell by 0.54%, and the raw material price fluctuated [43] - The device maintenance increased, and the demand from downstream soft drinks and exports is good [43] - It is expected to follow the cost and fluctuate [43] Soda Ash - The previous trading day, the main contract of soda ash 2509 closed at 1214 yuan/ton, down 0.65% [44] - The production was flat last week, and the inventory increased by 2.98% [44] - The short - term market is expected to be low - level volatile [44] Glass - The previous trading day, the main contract of glass 2509 closed at 1071 yuan/ton, down 1.47% [46] - The number of production lines remained low, and the market price center moved up [46] - It is expected to rebound in the short term due to cost support [46] Caustic Soda - The previous trading day, the main contract of caustic soda 2509 closed at 2512 yuan/ton, down 0.59% [47] - The production increased slightly last week, and the inventory decreased [47] - The alumina price is expected to be strongly volatile, and the support for caustic soda is limited [48][49] Pulp - The previous trading day, the main contract of pulp 2509 closed at 5262 yuan/ton, up 0.57% [50] - The supply has an expansion tendency, and the downstream demand is weak [50][51] - The pulp price is expected to fluctuate and sort out [50][51] Lithium Carbonate - The previous trading day, the main contract of lithium carbonate rose by 0.21% to 66,660 yuan/ton [53] - The supply - demand pattern remains unchanged, and the inventory is still high [53] - Do not chase the high price [53] Copper - The previous trading day, Shanghai copper rebounded after reaching the bottom, and the spot price decreased [54][55] - The US tariff on copper will be implemented on August 1, which may cause the price to fall and then rebound [55] - Go long on the main contract in the short term [55][56] Tin - The previous trading day, Shanghai tin fluctuated, and the mine supply is tight [57] - The downstream production is good, and the inventory is decreasing [57] - The tin price is expected to be strongly volatile [57] Nickel - The previous trading day, Shanghai nickel rose by 1.34% to 121,060 yuan/ton [58] - The solid - state battery concept boosts the demand expectation, but the actual consumption is not optimistic [58][59] - The nickel price is expected to fluctuate [59] Soybean Oil and Soybean Meal - The previous trading day, the main contracts of soybean meal and soybean oil rose by 0.03% and 0.30% respectively [60] - The US soybean growing conditions are good, and the domestic oil factory inventory is increasing [60] - Pay attention to long - buying opportunities for soybean meal after adjustment [60][61] Palm Oil - Malaysian palm oil fell nearly 2% due to profit - taking and weak export data [62] - The domestic palm oil inventory is at a medium - high level in the past 7 years [63] - Consider widening the spread between rapeseed oil and palm oil [64] Rapeseed Meal and Rapeseed Oil - Canadian rapeseed rose, and the domestic import of rapeseed oil and meal decreased in May [65] - The domestic rapeseed and related product inventories are at different levels [65] - Consider long - buying opportunities for the oil - meal ratio [66] Cotton - The previous trading day, domestic Zheng cotton fluctuated, and the US cotton production and inventory are expected to increase [67][68] - The domestic cotton planting area and output are expected to increase [68] - It is recommended to short at high prices [69][70] Sugar - The previous trading day, domestic Zheng sugar fluctuated, and the Brazilian sugar production is expected to decrease [71][72] - The Indian sugar inventory and production are at certain levels [72] - It is recommended to wait and see [72] Apples - The previous trading day, domestic apple futures rose slightly, and the production is expected to increase slightly [74] - The inventory is decreasing, and the price is stable [74] - Pay attention to short - selling opportunities at high prices [74][75] Live Pigs - The previous day, the national average price of live pigs was 14.54 yuan/kg, down 0.07 [77] - The supply and demand situation varies in different regions, and the price is expected to be stable and weak [77] - Consider short - selling at high prices [77][78] Eggs - The previous trading day, the average price of eggs in the main production areas rose to 2.78 yuan/jin, and the cost decreased [79] - The egg - laying hen inventory is increasing, and the supply is expected to increase in July [80] - Consider a 9 - 10 reverse spread [81] Corn and Starch - The previous trading day, the main contract of corn rose by 0.09% to 2295 yuan/ton, and starch fell by 0.19% to 2641 yuan/ton [82] - The port inventory decreased, and the supply - demand is approaching balance [83] - It is advisable to wait and see for corn, and starch follows the corn market [83][84] Logs - The previous trading day, the main contract of logs 2509 closed at 790.0 yuan/ton, up 0.38% [85] - The import freight may decline, and the inventory is basically stable [86] - It is expected to fluctuate and adjust before the first delivery [87]

Market Overview - The A-share market experienced mixed performance on July 14, with the Shanghai Composite Index recording a three-day rise, reaching a new closing high for the year. The index rose by 0.27% to 3519.65 points, while the Shenzhen Component and ChiNext Index fell by 0.11% and 0.45%, respectively. The total trading volume in the Shanghai and Shenzhen markets was 148.09 billion yuan, a decrease of 25.57 billion yuan from the previous trading day, with over 3100 stocks rising [1]. Robotics Sector - The robotics sector saw a collective surge, particularly in PEEK materials and reducers, with stocks like Upway New Materials, Zhongdali De, Dafeng Industrial, and Jintian Co. hitting the daily limit. Upway New Materials announced on July 8 that it would acquire at least 63.62% of shares from Shanghai Zhiyuan New Technology Co., thereby changing its controlling shareholder. The stock price of Upway New Materials increased by 107.46% over the period from July 9 to 14, achieving four consecutive limit-ups [2]. - China Mobile recently announced a procurement project where Zhiyuan Robotics and Yushu Technology won a contract for humanoid biped robot manufacturing services, with a total budget of 124 million yuan, marking the largest order in the domestic humanoid robot sector to date. Analysts believe that with capital market support, humanoid robot manufacturers are expected to enter a rapid production and expansion phase, positively impacting the entire supply chain [2]. Short-term Profit Taking - There has been a noticeable increase in short-term profit-taking actions in the market, leading to significant declines in several strong stocks. For instance, Huicheng Environmental Protection fell over 9%, and Honggong Technology dropped over 10%. Dazhihui announced a projected net loss for the first half of the year, estimating a loss between 4.2 million and 2.8 million yuan, primarily due to the sale of a subsidiary. The company indicated that while some business revenues increased, they were insufficient to cover costs, resulting in a net loss [3]. Market Outlook - Citic Securities anticipates that the "step-up" market trend is likely to continue, driven by ample liquidity and rising market sentiment. Positive external conditions are expected to further enhance this trend. The firm maintains a strategic optimistic outlook, noting that macroeconomic conditions and market risk appetite are showing positive signals [4]. - Huaxi Securities highlights that after the Shanghai Composite Index first surpassed 3500 points this year, major financial sectors and technology themes are experiencing alternating upward movements. The increase in market financing and trading volumes reflects a recovery in risk appetite among investors. The current market valuation has returned to above historical median levels, indicating a more favorable investment environment [4][5]. - For investment strategies, Huaxi Securities recommends focusing on three main areas: stable dividend assets in a low-interest-rate environment, resource-related sectors benefiting from price increases, and new technology and growth sectors such as marine economy, AI computing power, and solid-state batteries [5].

Core Viewpoint - The market continues its upward trend with the Shanghai Composite Index surpassing 3500 points, driven by strong performance in the financial sector and mixed results across various stocks [1] Market Performance - The Shanghai Composite Index increased by 0.29%, the Shenzhen Component rose by 0.36%, and the ChiNext Index gained 0.8% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 955.3 billion, an increase of 82.3 billion compared to the previous trading day [1] Sector Analysis - The financial sector showed significant strength, with major banks like Industrial and Commercial Bank of China reaching new historical highs [1] - Other notable sectors included short drama concepts, with companies like Huanrui Century hitting the daily limit [1] - Cyclical stocks such as cement and electricity also saw temporary gains, with Fujian Cement hitting the daily limit [1] - Conversely, solid-state battery concept stocks faced adjustments, with Baoming Technology nearing the daily limit down [1] Leading and Lagging Sectors - The top-performing sectors included diversified finance, childcare services, short drama games, and banking [1] - The sectors that experienced declines included organic silicon, storage chips, rare earth permanent magnets, and solid-state batteries [1]

Group 1 - The solid-state battery concept has shown strong fluctuations, with Dazhongnan achieving a straight limit-up and recording 7 trading limits in 11 days [1] - Other companies such as Delong Laser and Meilian New Materials have seen nearly a 10% increase, while Huayou Cobalt, Del Shares, Shanshan Co., and Tianqi Lithium also experienced gains [1] - Anhui Anwa New Energy Technology Co., Ltd. announced the successful launch of the first batch of engineering samples from its self-developed GWh-level solid-state battery production line [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - On July 5th, the current-month contracts of the four major stock index futures showed mixed performance. IF rose 0.44%, IH rose 0.61%, IC fell 0.01%, and IM fell 0.29%. The total trading volume of stock index futures rebounded, indicating increased trading enthusiasm among investors. The trend intensities of IF and IH are 1, and those of IC and IM are also 1. There are important news including the resumption of product exports from the US to China and local measures for population development. The three major stock indices showed a pattern of rising and then falling [1][2][6] Group 3: Summary According to Related Catalogs 3.1 Stock Index Futures Data Tracking - **IF Contracts**: The closing prices of IF2507, IF2508, IF2509, and IF2512 all rose, with increases of 0.44%, 0.40%, 0.46%, and 0.47% respectively. The trading volumes and open interests of these contracts also increased. For example, the trading volume of IF2509 increased by 28,804, and the open interest increased by 14,488 [1] - **IH Contracts**: The closing prices of IH2507, IH2508, IH2509, and IH2512 all rose, with increases of 0.61%, 0.58%, 0.62%, and 0.59% respectively. The trading volumes and open interests also increased. For instance, the trading volume of IH2509 increased by 19,867, and the open interest increased by 9,229 [1] - **IC Contracts**: The closing prices of IC2507, IC2508, IC2509, and IC2512 all fell slightly, with decreases of 0.01%, 0.01%, 0.08%, and 0.04% respectively. The trading volumes and open interests increased. For example, the trading volume of IC2509 increased by 13,772, and the open interest increased by 6,230 [1] - **IM Contracts**: The closing prices of IM2507, IM2508, IM2509, and IM2512 all fell, with decreases of 0.29%, 0.36%, 0.43%, and 0.47% respectively. The trading volumes and open interests increased. For instance, the trading volume of IM2509 increased by 55,982, and the open interest increased by 16,019 [1] 3.2 Changes in the Top 20 Member Positions of Stock Index Futures - For most contracts, the long and short positions of the top 20 members showed increases. For example, in the IF2509 contract, the long positions increased by 11,728, and the short positions increased by 11,807 [5] 3.3 Important Driving Factors - There are reports that the US has resumed exports of products such as EDA software, ethane, and aircraft engines to China. Relevant departments in multiple regions are about to introduce measures for population development. The three major stock indices had a performance of rising and then falling, with some sectors showing strong performance and others weakening [6]

Market Overview - The market experienced a high and then a pullback, with the Shanghai Composite Index briefly rising over 1% to approach 3500 points [1] - Market hotspots were mixed, with over 4100 stocks declining, while the total trading volume in the Shanghai and Shenzhen markets reached 1.43 trillion yuan, an increase of 118.8 billion yuan from the previous trading day [2] Sector Performance - Bank stocks strengthened again, with several stocks like Pudong Development Bank reaching historical highs [3] - Stablecoin concept stocks rebounded, with companies like Jingbeifang hitting the daily limit [3] - Power stocks remained active, with Huayin Electric also hitting the daily limit [3] - In contrast, solid-state battery concept stocks underwent adjustments, with companies like Xinyu Ren falling over 10% [3] Regulatory Changes - A significant upgrade in A-share system construction is set to take place, with the implementation of the "Procedural Trading Management Implementation Rules" on July 7, 2025, aimed at regulating quantitative trading practices [4] - The new regulations detail four types of abnormal trading behaviors, including excessive order submission rates, frequent order cancellations, simultaneous manipulation of multiple stocks, and large transactions within a short time frame [5] - High-frequency trading is defined as more than 300 orders per second or over 20,000 orders per day, which will attract regulatory scrutiny [6] - These changes may limit trading enthusiasm in the short term, particularly for small-cap stocks that are heavily traded by quantitative strategies [6] Earnings Outlook - The upcoming earnings season is expected to highlight companies with better-than-expected performance, with several companies already issuing forecasts since late June [8] - The TMT sector, driven by AI, is anticipated to show strong earnings growth, with the computer industry reporting a profit growth rate of 671.5% in the first quarter [9] - The "trade-in" policy is expected to support resilience in the home appliance and automotive sectors, with profit growth rates of 25.3% and 11.3%, respectively [10] - Other sectors such as steel, building materials, and non-ferrous metals are also expected to see marginal improvements in profitability due to low base effects and price increases [10] - Key sectors expected to maintain high growth rates in mid-year reports include TMT (semiconductors, optical electronics, consumer electronics), midstream manufacturing (automotive, photovoltaics), and consumer services [13]

Group 1 - The China Securities Regulatory Commission (CSRC) has approved the registration of propylene futures and options at the Zhengzhou Commodity Exchange, ensuring a smooth launch and stable operation [1] - The second batch of 11 floating fee funds has been submitted for approval, including 2 stock funds and 9 mixed equity funds, focusing on themes such as high-end equipment, pharmaceuticals, and manufacturing [2] - Multiple quantitative private equity firms have clarified that the rumor regarding high-frequency trading frequency being limited to 30 times per second is false, as the current regulatory standards remain unchanged [2] Group 2 - GGII reported that in the first five months of 2025, global power battery installations reached approximately 369.8 GWh, with a year-on-year growth of 35%, driven by a 28% increase in global new energy vehicle sales [3] - Several paper companies have raised the price of corrugated paper by 30 yuan per ton, indicating a normal adjustment range as the industry gradually recovers [3] - IDC predicts that by 2028, the market size for security intelligent agents in China will reach $1.6 billion, with a compound annual growth rate exceeding 230% [4] Group 3 - Xinhua Insurance has invested 11.25 billion yuan to subscribe to the National Fengxinghua Honghu Zhiyuan Phase III private equity fund, which has a total fund size of 22.5 billion yuan [7] - Anhui Construction has won three projects with a total bid price of 9.156 billion yuan, including a highway project with an estimated total investment of 7.487 billion yuan [8] - Times New Material has signed sales contracts for wind turbine blades worth approximately 2.711 billion yuan, covering both offshore and onshore wind power [9] Group 4 - Chip Motion Technology expects a net profit increase of 144.46% to 199.37% for the first half of 2025, with projected revenue growth of 66.04% to 102.45% [10] - Pulit anticipates a net profit increase of 38.88% to 66.65% for the first half of 2025, with a projected net profit of 200 million to 240 million yuan [11] - Haitong Development expects a net profit decrease of 60.78% to 69.04% for the first half of 2025, with a projected net profit of 7.5 million to 9.5 million yuan [12] - Whirlpool forecasts a net profit increase of approximately 559% for the first half of 2025, with a projected net profit of about 205 million yuan [13]