[晨会纪要 Table_NewTitle]20250708 [证券分析师： Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 重点推荐 财经要闻 [Table_Reportdate] 2025年07月08日 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.商保目录将推出，新药上市在加快————医药生物行业周报（2025/06/30- 2025/07/04） ➢ 2.重视新品类和新渠道下的α机会——食品饮料行业周报（2025/6/30-2025/7/6） ➢ 3.旷达科技（002516）：汽车内饰主业稳健增长，2024年员工持股首批解锁落地——公司 简评报告 ➢ 4.国产GPU新秀IPO获受理，EDA对华禁令解封——电子行业周报2025/6/30 ...

Wind数据显示，截至7月7日，已有49家上市公司披露中报业绩预告，其中37家业绩预增。分板块来 看，科创板上市公司释放业绩向好信号，板块中半导体行业公司泰凌微、芯动联科、芯朋微等均预告 2025年上半年归母净利同比大增。创业板中盈利家数近10家，汽车、电子板块表现亮眼，涛涛车业、长 川科技等预增近100%。 科创100ETF增强指数基金(588680)一度涨超1%。拉长时间看，截至7月7日，科创100ETF增强指数基金 近1年净值上涨51.41%，排名可比基金第一，近3个月超越基准年化收益为16.15%，排名可比基金第 一。 东方证券指出，中国科技创新发展带动经济新旧动能转换，是当下时代最激动人心的主题。在各个行业 普遍更加注重开放、交叉、合作的当下，"强链补链"、"围绕产业链部署创新链"、企业间通过竞争锻造 更强实力的意义被大大低估，由此判断，在科技与产业的领域，未来基于协同的创新将层出不穷，成为 持续提振投资者预期与信心的催化剂。 财通证券认为，在当前市场高位整固阶段，中报披露期是挖掘结构性机会的关键窗口。市场整体估值承 压时，业绩驱动成为关键因素。可结合行业景气度分批布局，关注"营收增速跳升"和"盈利 ...

7月3日，京东集团政企业务事业部谭聪率队到玉柴，与玉柴股份董事长李汉阳、总裁吴其伟 等领导，围绕产业链合作等内容展开深度探讨。期间，京东汽车与玉瑆科技正式签订战略合作 协议，为推动双方跨界融合发展注入新动能。 玉柴与京东此次携手，将整合双方优势资源，为市场提供更优质的全品牌车辆维保、运营服务 一体化解决方案。这不仅有利于提升双方在汽车后市场的竞争力，还能推动行业服务标准的升 级，为消费者和企业客户带来更完善、更高效的车辆服务体验，促进汽车服务行业的健康发 展。 京东汽车领导团队，玉柴股份党委书记蒋飞、副总裁姚华雄等领导参加交流。 签约仪式上，京东集团介绍了企业概况，侧重分享了京东汽车及政企业务领域的资源整合能力 与生态布局。玉柴详细介绍了发动机主业、玉瑆科技的业务定位与优势。在充分沟通的基础 上，京东汽车与玉瑆科技正式签订战略合作协议。 ● 长安/长城争冠 福特/江铃晋级 6月皮卡影响力排名出炉 | 头条 ● 福田汽车上半年销量近33万辆 这一车型暴涨1.5倍！ ● 山东重工上半年收入利润领跑行业！潍柴/重汽等子公司各有何亮点？ ● 这一地招标96辆公交车 谁能拿下？ ● 重汽/福田/江淮等刮起人事风暴！ 6 ...

Core Viewpoint - The article highlights the efficient and safe food supply chain of Shuanghui, a leading meat processing company in China, showcasing its advanced technology and comprehensive quality control system that ensures food safety and product quality across the entire industry chain [1][2][4]. Group 1: Production Efficiency - Shuanghui's modern meat processing bases in 18 provinces can deliver fresh meat to consumers within 13 hours from the time pigs are received [1]. - The company slaughters 15 million pigs and processes 300 million chickens annually, with a total meat production and sales volume of nearly 4 million tons, averaging over 10,000 tons sold daily [1]. - A newly upgraded production line, costing 240 million yuan, significantly reduces manual intervention, thereby minimizing quality fluctuations and food safety risks [1]. Group 2: Technological Advancements - Shuanghui has invested 500 million yuan in digital and intelligent technology to enhance its slaughtering and processing lines, including AI identification systems and intelligent temperature control [2]. - The introduction of a unique imaging grading system for pork, utilizing high-definition scanning and AI algorithms, allows for automatic assessment of meat quality [2]. - The automation of data collection and analysis throughout the production process improves efficiency and product quality [2]. Group 3: Quality Control System - Shuanghui has established a comprehensive quality control system based on the philosophy of "prevention first, risk management, full participation, and full control," supported by over 200 quality management documents [3]. - The company employs more than 400 quality control personnel across the supply chain, implementing a strict quality veto system [2][3]. - Shuanghui's internal control system is continuously optimized through regular internal and external audits, ensuring adherence to high standards [3]. Group 4: Supply Chain Management - The company implements a "three evaluations" mechanism and "three no" control measures for supplier selection, effectively mitigating safety risks from the source [3]. - Shuanghui operates over 50 testing laboratories equipped with advanced detection equipment valued at 120 million yuan, conducting extensive testing on raw materials and finished products [3]. - A standardized control system and information technology ensure safe transportation of products, monitored through 10 intelligent control points [3][4]. Group 5: Market Reach and Consumer Commitment - Shuanghui's information platforms enable full traceability across the supply chain, reinforcing its commitment to food safety for consumers [4]. - The company's quality management system not only supports its domestic market expansion but also positions it for international market entry [4].

Group 1 - The core viewpoint of the news is that Shandong Bangji Technology Co., Ltd. expects significant growth in its net profit for the first half of 2025, with an estimated increase of 166.77% to 200.91% compared to the same period in 2024 [2] - The company anticipates a net profit attributable to shareholders of the parent company between 62.5 million to 70.5 million yuan, which represents an increase of 39.07 million to 47.07 million yuan year-on-year [2] - The expected net profit after deducting non-recurring gains and losses is projected to be between 60.8 million to 68.8 million yuan, reflecting a year-on-year increase of 195.55% to 234.44% [2] Group 2 - The primary reason for the anticipated performance increase is the growth in the number of livestock in large-scale breeding companies through direct sales channels, which has driven sales volume and revenue growth [2] - In the first quarter of 2025, the company achieved revenue of 1.076 billion yuan and a net profit of 28 million yuan, with the second quarter expected to yield a net profit of 34.5 million to 42.5 million yuan, representing a quarter-on-quarter growth of 23.21% to 51.79% [2] - On June 16, the company disclosed a plan to acquire 100% equity of six companies and 80% equity of another company, which will allow it to extend its business from solely pig feed to the downstream breeding industry, creating a vertically integrated supply chain [3] Group 3 - This acquisition is expected to enhance the company's ability to utilize its production capacity, reduce risks, and increase revenue sources and profit growth points, thereby improving overall profitability and risk resistance [3] - The integration of the industry chain is anticipated to have a profound positive impact on the company's future performance [3]

| | | PX&PTA&PR | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/7/8 | 品种 | 更新日期 | 单位 | 现值 | 前值 | 涨跌(幅) | | | 期货结算价(连续):WTI原油 | 2025/7/7 | 美元/桶 | 67.93 | 66.50 | 2.15% | | | 期货结算价(连续):布伦特原油 | 2025/7/7 | 美元/桶 | 69.58 | 68.30 | 1.87% | | 上 | 现货价(中间价):石脑油:CFR日本 | 2025/7/7 | 美元/吨 | 577.00 | 578.75 | -0.30% | | 游 | | | | | | | | | 现货价(中间价):二甲苯(异构级):FOB韩国 | 2025/7/7 | 美元/吨 | 715.00 | 716.50 | -0.21% | | | 现货价:对二甲苯PX:CFR中国主港 | 2025/7/7 | 美元/吨 | 842.00 | 839.67 | 0.28% | | | CZCE TA 主力合约 收盘价 | 2025/7/7 ...

Group 1 - The semiconductor sector is experiencing a strong upward trend, with the China Securities Semiconductor Materials and Equipment Theme Index rising by 1.29% as of 1:45 PM on July 8, 2023 [1] - Notable individual stocks include Yake Technology, which increased by 4.11%, and ZhiChun Technology, which rose by 3.88% [1] - The Semiconductor Materials ETF (562590) also saw a rise of 1.27%, with a latest price of 1.11 yuan and a trading volume of 55.8068 million yuan, indicating active market participation [1] Group 2 - As of July 7, 2023, 49 listed companies have disclosed mid-year performance forecasts, with 37 companies expecting profit increases [1] - The semiconductor industry, particularly companies listed on the Sci-Tech Innovation Board, is showing positive performance signals, with firms like Tailin Micro, Xindong Link, and Xinpeng Micro forecasting significant net profit growth for the first half of 2025 [1] - CITIC Securities suggests focusing on sectors with strong performance certainty and reasonable chip structures, highlighting the semiconductor and military technology sectors as having potential catalysts for frequent events [1] Group 3 - The Semiconductor Materials ETF (562590) closely tracks the China Securities Semiconductor Materials and Equipment Theme Index, which includes 40 companies deeply involved in the semiconductor materials and equipment sectors [2] - The index features leading companies that have made significant advancements in domestic substitution, such as North China Huachuang and Zhongwei Company in etching equipment, and Hu Silicon Industry and Nanda Optoelectronics in key materials [2] - The sample selection reflects the trend of self-sufficiency and upgrading within the semiconductor industry chain, showcasing the overall performance of listed companies in semiconductor materials and equipment [2]

Core Viewpoint - The semiconductor materials and equipment sector is experiencing significant growth, driven by domestic policy support and the ongoing trend of self-sufficiency in semiconductor manufacturing in China [1][2]. Group 1: Market Performance - As of July 8, 2025, the CSI Semiconductor Materials and Equipment Theme Index rose by 1.06%, with key stocks such as Yake Technology increasing by 4.11%, Zhichun Technology by 3.76%, and Jingrui Electric Materials by 3.00% [1]. - The Semiconductor Materials ETF (562590) increased by 1.27%, with the latest price at 1.11 yuan [1]. - The ETF showed active trading with a turnover rate of 16.34% and a transaction volume of 54.3741 million yuan, indicating a vibrant market [1]. Group 2: Industry Insights - According to First Capital Securities, the changing dynamics of Sino-U.S. relations do not alter the fundamental logic of self-sufficiency in semiconductor manufacturing, suggesting that there is still room for improvement in the domestic semiconductor equipment localization rate [1]. - The domestic semiconductor industry chain is expected to accelerate its integration through horizontal category expansion and vertical technological complementarity, enhancing industry concentration and overall competitiveness [1]. - Leading companies are likely to leverage their financial scale and industry chain dominance to strengthen their market position [1]. Group 3: ETF Composition - The Semiconductor Materials ETF (562590) closely tracks the CSI Semiconductor Materials and Equipment Theme Index, which includes 40 listed companies deeply involved in the semiconductor materials and equipment sectors [2]. - The index features leading companies that have made significant advancements in domestic substitution, such as North Huachuang and Zhongwei Company in etching equipment, and Hu Silicon Industry and Nanda Optoelectronics in key materials [2]. - The sample selection reflects the trend of self-initiated upgrades in the semiconductor industry chain, showcasing the overall performance of listed companies in the semiconductor materials and equipment sectors [2].

Core Insights - Inner Mongolia is actively developing the hydrogen equipment manufacturing industry, aiming for high-end, large-scale, and safe production in line with national "dual carbon" goals and regional energy strategies [1][2] Group 1: Industry Development - The hydrogen equipment manufacturing sector in Inner Mongolia is rapidly growing, supported by policies such as the "14th Five-Year Plan for Hydrogen Development" and government notifications for high-quality industry advancement [1][2] - The region is establishing a comprehensive industrial chain covering hydrogen production, storage, transportation, refueling, and application [1][2] Group 2: Project and Investment - As of June 2025, Inner Mongolia is implementing nine key hydrogen equipment projects with a total investment of 2.802 billion yuan, featuring ten product types [2] - The design capacity for hydrogen production equipment is set to increase by 160% to 650 units by the end of 2023, with expectations to exceed 750 units by year-end [2] Group 3: Production Capacity - Solid hydrogen storage devices are projected to reach a capacity of 2,200 units, with hydrogen storage materials at 3,300 tons per year and hydrogen transport pipes at 5,000 tons [2] - The production capacity for hydrogen production power sources is 50 units, with purification and separation devices at 15 units; AEM and PEM electrolyzer capacities are currently at 0.2 GW and 0.25 GW respectively [2] Group 4: Future Plans - Inner Mongolia plans to enhance investment attraction and develop a collaborative ecosystem for the entire hydrogen industry chain, focusing on policy coordination, application scenarios, and technological breakthroughs [2]

Group 1 - Hubei Xingfa Group and Wanhua Chemical have established Hubei Xinghua Silicon Materials Co., marking a strategic move into the high-end organic silicon industry [1] - The joint venture is owned 51% by Xingfa and 49% by Wanhua, indicating a comprehensive integration of resources, capacity, technology, and market [1] - Xingfa's integrated industry chain from phosphate mining to chemical products generates significant by-products like chloromethane, essential for organic silicon monomer synthesis [1] Group 2 - Wanhua Chemical has developed a complete process for battery materials, including silicon-carbon anodes, which are crucial for next-generation lithium batteries [2] - High-quality organic silicon materials are vital for the performance of silicon-carbon anodes, and Xingfa's expertise in organic silicon will support Wanhua's R&D and production [2] - Wanhua's recent expansion of PDMS capacity aligns with the joint venture's goals, ensuring stable supply chains for raw materials like chloromethane and metallic silicon [2]