Core Viewpoint - Recently, a new company named Green Energy Century (Xiamen) Energy Management Co., Ltd. was established, focusing on energy management and renewable energy solutions [1] Company Summary - The legal representative of the company is Lin Mingzhang, with a registered capital of 10 million RMB [1] - The company is wholly owned by Green Energy Century Energy Technology (Xiamen) Co., Ltd. [1] - The business scope includes contract energy management, sales of solar thermal power products, photovoltaic equipment and components, energy-saving management services, carbon reduction, carbon conversion, carbon capture, and carbon storage technology research and development [1] Industry Summary - The company operates in the electricity, heat, gas, and water production and supply industry, specifically in electricity production [1] - The registered address is located at Room 231, 2nd Floor, No. 27 Jiyuan Road, Jimei District, Xiamen City [1] - The company is classified as a limited liability company with a natural person investment or holding [1]

Core Insights - Delijia primarily engages in the research, production, and sales of high-speed heavy-load precision gear transmission products, with a focus on wind turbine gearboxes as its core product [3] - The company has seen significant growth in business scale and market share due to the rapid development of the wind power industry in China, achieving a global market share of 12.77% in 2023, ranking third globally, and a market share of 20.68% in China, ranking second domestically [3] Company Overview - Since its establishment in 2017, the company has developed a comprehensive business chain that includes front-end design, mid-stage mass production, and back-end operational services in the wind power transmission equipment sector [3] - The company possesses the capability to research and produce a full range of products from 1.5MW to 22MW, with advantages such as equal strength, equal stiffness, lightweight, modular platform design, high power density, high transmission efficiency, and high reliability [3] - The products are suitable for various geographical and climatic conditions, adapting to harsh environments such as low wind speeds, high altitudes, extreme temperatures, and offshore humid corrosion [3] - The company leads the industry in key performance indicators such as power density, transmission efficiency, gear safety factor, vibration, and noise [3] - The products have been certified by multiple authoritative domestic and international institutions, including DNV, TUV, CGC, and CQC [3]

Core Viewpoint - Jinli Permanent Magnet (06680) experienced a stock price increase of over 3% following the announcement of its mid-year results for 2025, with a current price of HKD 19.99 and a trading volume of HKD 1.33 billion [1] Financial Performance - The company reported a revenue of approximately CNY 3.507 billion for the first half of 2025, representing a year-on-year growth of 4.33% [1] - The net profit attributable to shareholders was approximately CNY 305 million, showing a significant year-on-year increase of 154.81% [1] - The net profit excluding non-recurring gains and losses was CNY 234 million, reflecting a remarkable growth of 588.18% year-on-year [1] - Basic earnings per share were reported at CNY 0.22 [1] Segment Performance - In the new energy vehicles and automotive parts sector, the company achieved sales revenue of CNY 1.675 billion, with a corresponding sales volume growth of 28.14% year-on-year [1] - The variable frequency air conditioning sector generated sales revenue of CNY 1.050 billion, with a sales volume increase of 19.85% year-on-year [1] - The wind power generation sector reported sales revenue of CNY 214 million [1] - The robotics and industrial servo motor sector achieved sales revenue of CNY 133 million [1] - The 3C sector generated sales revenue of CNY 101 million [1] Research and Development - The company's R&D expenses for the first half of 2025 amounted to CNY 170 million, accounting for 4.84% of total revenue [1] - The company has developed its own core technologies and patent system, holding a total of 136 authorized and pending patents in regions including Europe, America, and Japan as of June 30, 2025 [1]

Core Insights - Jinli Permanent Magnet (300748) reported a significant increase in net profit for the first half of 2025, with a year-on-year growth of 154.81% to approximately 305 million yuan [1] - The company's revenue for the same period reached about 3.507 billion yuan, reflecting a year-on-year increase of 4.33% [1] - The stock price rose by 3.16% to 19.99 HKD following the earnings announcement, with a trading volume of 133 million HKD [1] Revenue Breakdown - Sales revenue from the new energy vehicles and automotive parts sector amounted to 1.675 billion yuan, with a corresponding sales volume increase of 28.14% [1] - The variable frequency air conditioning sector generated sales revenue of 1.050 billion yuan, with a sales volume increase of 19.85% [1] - Other sectors included wind power generation with 214 million yuan, robotics and industrial servo motors with 133 million yuan, and the 3C sector with 101 million yuan in sales revenue [1] Research and Development - The company invested 170 million yuan in R&D, accounting for 4.84% of its total revenue [1] - As of June 30, 2025, the company holds 136 authorized and pending patents across various regions including Europe, America, and Japan [1]

Quantitative Models and Construction Methods 1. Model Name: 250-Day New High Distance Model - **Model Construction Idea**: This model tracks the distance of stock prices or indices from their 250-day high to identify market trends and hotspots. It is based on the momentum and trend-following strategy, which has been proven effective in various studies[11][19]. - **Model Construction Process**: The 250-day new high distance is calculated using the formula: $ 250\ Day\ New\ High\ Distance = 1 - \frac{Close_t}{ts\_max(Close, 250)} $ Where: - $ Close_t $ is the latest closing price - $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days If the latest closing price reaches a new high, the distance is 0. If the price has fallen from the high, the distance is a positive value representing the percentage drop[11]. - **Model Evaluation**: This model effectively identifies stocks or indices with strong momentum and highlights market leaders during upward trends[11][19]. 2. Model Name: Stable New High Stock Screening Model - **Model Construction Idea**: This model focuses on identifying stocks that exhibit stable momentum characteristics, such as smooth price paths and consistent new highs, which are less likely to be influenced by extreme short-term fluctuations[25]. - **Model Construction Process**: The screening process involves the following steps: 1. **Analyst Attention**: Stocks must have at least five "Buy" or "Overweight" ratings in the past three months[27]. 2. **Relative Strength**: Stocks must rank in the top 20% of the market based on their 250-day price performance[27]. 3. **Price Stability**: Stocks are scored based on two indicators: - **Price Path Smoothness**: Measured by the ratio of price displacement to the total price movement over the past 120 days[25][27]. - **New High Consistency**: The average 250-day new high distance over the past 120 days[27]. 4. **Trend Continuity**: The average 250-day new high distance over the past five days is used to select the top 50 stocks[27]. - **Model Evaluation**: This model emphasizes the importance of smooth momentum and consistent trends, which are often overlooked by investors, leading to stronger momentum effects[25][27]. --- Backtesting Results of Models 1. 250-Day New High Distance Model - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 0.12% - Shenzhen Component Index: 3.19% - CSI 300: 3.55% - CSI 500: 0.53% - CSI 1000: 0.35% - CSI 2000: 0.23% - ChiNext Index: 8.48% - STAR 50 Index: 7.39%[12][32] 2. Stable New High Stock Screening Model - **Selected Stocks**: 50 stocks were identified, including Borui Pharmaceutical, Shenghong Technology, and Huaguang Energy[28][33]. - **Sector Distribution**: - Manufacturing: 18 stocks - Cyclical: 13 stocks - Leading industries: Machinery in manufacturing and basic chemicals in cyclical sectors[28][33] --- Quantitative Factors and Construction Methods 1. Factor Name: 250-Day New High Distance - **Factor Construction Idea**: This factor measures the relative position of a stock's closing price to its 250-day high, capturing momentum and trend-following characteristics[11]. - **Factor Construction Process**: The formula is the same as the 250-Day New High Distance Model: $ 250\ Day\ New\ High\ Distance = 1 - \frac{Close_t}{ts\_max(Close, 250)} $ - $ Close_t $: Latest closing price - $ ts\_max(Close, 250) $: Maximum closing price over the past 250 trading days[11]. - **Factor Evaluation**: This factor is effective in identifying stocks with strong upward momentum and market leadership potential[11][19]. 2. Factor Name: Price Path Smoothness - **Factor Construction Idea**: This factor evaluates the stability of a stock's price movement over time, favoring stocks with less volatile momentum[25]. - **Factor Construction Process**: - **Price Path Smoothness**: Calculated as the ratio of price displacement to the total price movement over the past 120 days[25][27]. - **Factor Evaluation**: Smooth price paths are associated with stronger momentum effects due to reduced investor attention and reaction[25]. 3. Factor Name: New High Consistency - **Factor Construction Idea**: This factor measures the consistency of a stock's new highs over time, emphasizing sustained upward trends[27]. - **Factor Construction Process**: - **New High Consistency**: The average 250-day new high distance over the past 120 days[27]. - **Factor Evaluation**: Consistent new highs indicate strong and sustained momentum, making this factor valuable for trend-following strategies[27]. --- Backtesting Results of Factors 1. 250-Day New High Distance Factor - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 0.12% - Shenzhen Component Index: 3.19% - CSI 300: 3.55% - CSI 500: 0.53% - CSI 1000: 0.35% - CSI 2000: 0.23% - ChiNext Index: 8.48% - STAR 50 Index: 7.39%[12][32] 2. Price Path Smoothness Factor - **Selected Stocks**: 50 stocks were identified, including Borui Pharmaceutical, Shenghong Technology, and Huaguang Energy[28][33]. - **Sector Distribution**: - Manufacturing: 18 stocks - Cyclical: 13 stocks - Leading industries: Machinery in manufacturing and basic chemicals in cyclical sectors[28][33] 3. New High Consistency Factor - **Selected Stocks**: Same as the Price Path Smoothness Factor, as this factor is part of the screening process for stable new high stocks[28][33].

Core Viewpoint - The U.S. President Trump has stated that his administration will not approve wind turbine projects, indicating a significant stance against wind energy development in the country [1] Group 1 - The statement reflects a broader policy direction that may impact the renewable energy sector, particularly wind energy [1] - This decision could influence investment strategies in the energy industry, especially for companies focused on wind power [1] - The announcement may lead to increased scrutiny and potential challenges for existing and future wind energy projects in the U.S. [1]

Group 1 - The project by Shengyuan Chemical (Anshan) Co., Ltd. is expected to achieve an annual sales revenue of 1.2 billion yuan and an average annual tax revenue of 36 million yuan, providing employment opportunities and filling industrial gaps in the Anshan region [1] - The project will enhance the chemical industry cluster effect in the Anshan Economic Development Zone, contributing to the integration of Anshan into high-end industries such as new energy vehicles, integrated circuits, and wind power [1] - Electronic high-performance resins are core materials for high-end industries like semiconductors, new energy, and 5G communications, with market demand continuously growing due to the rapid development of China's electronic industry [1] Group 2 - The total investment for the Shengyuan Chemical project is approximately 340 million yuan, covering an area of over 66,000 square meters, with a streamlined approval process that took only three months, significantly shorter than the usual six months [2] - The construction site is organized and well-maintained, with six out of eleven foundation piles already completed, and the project manager expects to finish the construction by the end of the month [2] - Since obtaining the construction permit on May 30, the project has progressed rapidly, with expectations to complete the factory roof by September and enter equipment debugging by December, aiming for trial production in January 2026 [3]

Core Viewpoint - Trump criticized wind power for its high costs and negative impacts on aircraft and valleys [1] Group 1 - Wind power is considered expensive by Trump, raising concerns about its economic viability [1] - The implications of wind power on aviation and natural landscapes were highlighted, suggesting potential environmental and operational challenges [1]

Core Viewpoint - The expected significant decline in wind power generation during the summer in Europe will lead to an increase in coal and gas power generation, resulting in higher electricity prices and increased emissions [1][4]. Group 1: Electricity Generation Trends - Major markets including Germany, France, and Spain are projected to see a 50% increase in coal power generation this month compared to June [1]. - Energy Aspects estimates a 40% decline in wind power generation for July and August [1]. - Historical fossil fuel power plants in Europe may be reactivated, highlighting their continued importance despite investments in renewable energy [1]. Group 2: Electricity Prices - On July 1, the hourly electricity price at the Paris EPEX Spot SE surged to €557.34 per megawatt-hour, nearly nine times higher than the lowest price of the day [1]. - The electricity futures price in Germany for next month is €80.94 per megawatt-hour, approximately one-third higher than in April [1]. Group 3: Weather Impact - Recent temperatures in parts of Germany have approached 40 degrees Celsius, exacerbating the situation for wind power generation [2]. - If the cessation of wind power generation continues for an extended period, fossil fuels will need to fill the evening demand gap in the electricity market [2]. Group 4: Emissions and Historical Context - According to BloombergNEF, emissions from EU power plants may increase by 14% this month compared to June [4]. - Similar patterns of low power generation were observed last winter and spring, necessitating increased output from fossil fuel power plants to ensure electricity supply [4].

- The report tracks the market trend by monitoring stocks, industries, and sectors that have reached new highs, using a 250-day high distance metric[11][12][13] - The 250-day high distance is calculated as: $ 250 \text{ day high distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and ts_max(Close, 250) is the maximum closing price in the past 250 trading days[11] - As of June 27, 2025, the 250-day high distances for major indices are: Shanghai Composite Index 1.88%, Shenzhen Component Index 9.71%, CSI 300 7.86%, CSI 500 7.38%, CSI 1000 5.07%, CSI 2000 1.91%, ChiNext Index 16.70%, and STAR 50 Index 12.30%[12][13] - The report identifies 832 stocks that reached a 250-day high in the past 20 trading days, with the highest numbers in the pharmaceutical, basic chemicals, and machinery industries[19][20] - The report also tracks "stable new high stocks" based on analyst attention, relative stock strength, trend continuity, price path stability, and new high sustainability, selecting 32 stocks such as Shenghong Technology, Shijia Photon, and Giant Network[26][28][29] - The selected stable new high stocks are mainly from the technology and large financial sectors, with the technology sector having the most new highs in the electronics industry and the large financial sector having the most new highs in the banking industry[29][30][32]