Market Overview - The A-share market is experiencing a volume contraction with the overall market indices showing slight declines, particularly the ChiNext Index and the Sci-Tech 50 Index, which fell by 1.13% and 1.22% respectively [7][9] - The total market capitalization of the Shanghai Composite Index is 6715.52 billion, with a price-to-earnings (PE) ratio of 12.37 and a price-to-book (PB) ratio of 1.28 [3] Industry Dynamics - The Chinese logistics industry experienced a slight increase in the logistics prosperity index, reaching 50.8% in June, indicating a continued expansion in business volume [16][17] - The engineering machinery export market showed a divergence in performance, with Africa leading in growth at 49.52%, while exports to Europe and North America faced declines of 12.30% and 10.42% respectively [28][29] - In July 2025, China's battery production is projected to increase by 37% year-on-year, with a total output of 138 GWh across various battery types [30] - The top three companies in global energy storage cell shipments for the first half of 2025 are CATL, EVE Energy, and BYD, with market shares of 30.7%, 13.2%, and 10.7% respectively [32][33] - The first customs support measures for the cosmetics industry were implemented in Shanghai, aimed at enhancing the quality and scale of domestic cosmetics brands [35] Company Updates - Woge Optoelectronics announced the results of its stock option incentive plan, with 724,100 shares exercised, representing 53.66% of the total options available [40][41] - Nanjing Julong released its second stock incentive plan, aiming to bind core personnel with 785,000 shares allocated [43][44] - Bull Group has repurchased shares worth 2.47 billion, accounting for 0.27% of its total share capital [45][46] - Kid King projected a net profit of 119.64 million to 159.52 million for the first half of 2025, reflecting a year-on-year increase of 50% to 100% [47][48] - Water Sheep Group reported progress on its share repurchase plan, having bought back 8,097,150 shares, which is 2.08% of its total share capital [50][51]

新能源及有色金属日报 | 2025-07-03 政策及情绪扰动较大，多晶硅盘面触及涨停 工业硅： 市场分析 2025-07-02，工业硅期货价格大幅上涨，主力合约2509开于7805元/吨，最后收于8210元/吨，较前一日结算变化（375） 元/吨，变化（4.79）%。截止收盘，2509主力合约持仓386361手，2025-07-02仓单总数为51916手，较前一日变化 -221手。 供应端：工业硅现货价格小幅上涨。据SMM数据，昨日华东通氧553#硅在8600-8700（150）元/吨；421#硅在8800-9100 （150）元/吨，新疆通氧553价格8000-8100（50）元/吨，99硅价格在8000-8100（50）元/吨。昆明、黄埔港、天津、 西北、新疆、四川、上海地区部分硅价也上涨。97硅价格暂稳元/吨。 消费端：据SMM统计，有机硅DMC报价10300-10600（0）元/吨。据SMM报道，当前国内单体企业开工仍在继续 小幅提高，截至当前，国内开工达到70％左右，预计7月国内DMC排产仍将小幅提高1万吨左右，对工业硅消耗量 增多。 策略 当天工业硅期货盘面大幅上涨，短期由于大厂减产，下游排产小 ...

Core Viewpoint - The photovoltaic industry is experiencing a downturn after a brief surge in demand due to policy incentives, with prices declining significantly across the supply chain [2][12]. Group 1: Market Trends - In the first half of the year, the photovoltaic industry saw a "rush to install" driven by policies like the "136 Document," but this has since subsided, leading to a decline in prices [2]. - As of July 2, the average trading price of dense silicon material is approximately 35 yuan/kg, down 2.7% month-on-month and over 10% compared to the beginning of the year, with a year-on-year decline of 46.2% [3]. - The average trading price of N-type 182-183.75mm silicon wafers is currently 0.88 yuan/piece, down 7.4% month-on-month and 58% compared to the beginning of the year [5][6]. Group 2: Supply Chain Dynamics - Major silicon material manufacturers are struggling to secure orders due to low prices, leading to a continuous decline in market averages [5]. - The "six giants" in the silicon material sector are reportedly considering a special fund to consolidate existing production capacity, indicating some progress in industry integration [5]. - The average trading price of N-type 182-183.75mm TOPCon battery cells is 0.23 yuan/W, reflecting an 8% month-on-month drop and a 51.1% decline since the beginning of the year [10]. Group 3: Industry Challenges - The photovoltaic industry is facing significant challenges, including overcapacity and a lack of clear policies following the "531 rush," which has led to a pessimistic outlook for downstream investment [12][14]. - The Central Financial Committee has emphasized the need to regulate low-price competition and promote the exit of outdated production capacity [14]. - The industry is urged to break the "involution" cycle to achieve high-quality development, as highlighted in recent discussions and reports [13][14].

联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 周三夜盘甲醇主力合约期货价格上涨 19 元/吨至 2412 元/吨，华东主流地区甲醇现 | | --- | --- | --- | --- | | | | 减少 | 货价格下跌 65 元/吨至 2465 元/吨。多头持仓减少 382 手至 43.13 万手，空头持仓 19618 手至 49.81 万手。 【重要资讯】 1、供应方面，国内甲醇开工率 88.65%，环比上涨 0.76%。海外甲醇开工率 54.25%， 环比下降 0.7%。 2、库存方面，中国甲醇港口库存总量在 67.37 万吨，较上一期数据增加 0.32 万吨。 | | | | | 其中，华东地区累库，库存增加 1.35 万吨；华南地区去库，库存减少 1.03 万吨。 | | | | | 中国甲醇样本生产企业库存 35.23 万吨，较上期增加 1.07 万吨，环比涨 3.14%。 | | | | | 3、需求方面，西北甲醇企业签单 6.1 万吨，环比减少 0.4 万吨。样本企业订单待发 | | 能源与化 | 甲醇 | 震荡偏 24.13 | 万吨，较上 ...

智通财经7月3日电，早盘光伏概念延续强势，亚玛顿、耀皮玻璃2连板，欧晶科技、亿晶光电、双良节 能、赛伍技术等涨幅靠前。消息面上，上海有色网称，近日光伏玻璃企业聚集讨论当前供需矛盾，多数 玻璃企业计划7月开始减产改善供应端，减产规模预计将达到30%。 光伏概念延续强势 亚玛顿、耀皮玻璃2连板 ...

多晶硅日报 请阅读正文后的声明 每日报告 一、行情回顾与展望 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2025 年 07 月 03 日 能源化工研究团队 研究员：李捷, ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -10% -4% 2% 7% 13% 19% 25% 30% 2024.07 2024.10 2025.03 2025.06 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,454.79 | -0.09 | | 深证成指 | | 10,412.63 | -0.61 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,943.68 | 0.02 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,736.25 | 0.08 | | 中证 | 500 | 5,892.95 | -0.70 | | 中证 | 1000 ...

证券代码：300820 证券简称：英杰电气 四川英杰电气股份有限公司投资者关系活动记录表 答：公司当前正为国内行业龙头企业研发充电桩新产品， 相关产品已进入技术验证阶段。若验证工作顺利推进，预计将 获取高附加值订单，为充电桩业务板块构建稳固的营收支撑体 系。与此同时，公司加速海外市场战略布局并取得实质性突破， 通过旗下英杰新能源的控股与参股企业，已初步构建起覆盖海 编号：2025-005 问题 3：核聚变电源的市场空间如何？英杰的竞争优势是 什么？ 答：国内目前有多个核聚变项目，投资规模较大，达数十 亿元至百亿元级别，电源在项目投资中占相当比例，其中公司 已供货的磁场与加热电源占比更高。2025 年下半年多个项目将 进入招标阶段，公司正积极对接并跟踪项目招标进展。 核聚变领域的电源属于大功率电源，数兆瓦级的功率要求 及电源稳定性对厂商技术水平要求较高，形成了较高的技术壁 垒。依托公司多年大功率电源研发经验，在高电压、大电流控 制及抗干扰设计方面形成一定技术优势，同时作为营收规模达 十多亿元的专业电源研发制造企业，公司的量产能力具备相应 优势。 问题 4：请介绍一下公司 2025 年充电桩业务的情况。 投资者关 ...

2025 年 07 月 03 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 111 期 观点精粹: 最新报告摘要 快递行业深度报告：末端降本三阶段，无人车打开新空间--行业 PPT 报告 一级市场项目进展顺利，二级市场收益承压--资产配置报告 草甘膦价格上涨，关注农药市场修复机会--行业动态研究 光伏设备行业深度报告：叠层钙钛矿：从 0 到 1，超越β——基于技术、设备及投资视角--行业 PPT 报告 证券研究报告 1、最新报告摘要 1.1、快递行业深度报告：末端降本三阶段，无人车打开新空间--行业 PPT 报 告 分析师：祝玉波 S0350523120005 联系人：史亚州 S0350124060026 一、末端降本背景：转运规模效应递减，末端降本空间大 1、快递价值链拆分：在行业价格下行背景下，成本控制直接决定盈利能力，且在转运成本降幅逐渐收窄的背 景下，末端成本管控成为网络竞争力关键。 2、降本看末端：以加盟制快递圆通速递为例，2024 年相比 2013 年，运输/操作/网点中转/面 ...

证券研究报告 2025 年 7 月 3 日 星期四 【A 股市场大势研判】 市场窄幅震荡，沪指微跌 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3454.79 | -0.09% | -2.96 | | | 深证成指 | 10412.63 | -0.61% | -63.67 | | | 沪深 300 | 3943.68 | 0.02% | 0.92 | | | 创业板 | 2123.72 | -1.13% | -24.20 | | | 科创 50 | 982.64 | -1.22% | -12.16 | | | 北证 50 | 1439.15 | -1.23% | -17.92 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 钢铁 | 3.37% | 电子 | ...