Report Industry Investment Rating - The rating for the stock index is "Oscillation" [4] Core View of the Report - This week, global stock markets rebounded, and market risk appetite strengthened. Chinese equity assets showed significant differentiation, with A-shares performing better than Hong Kong stocks. The logic for Hong Kong stocks is that the HIBOR rate has the potential to rise, suppressing market performance. A-shares have chosen a new theme, anti-involution. Affected by the information from the Central Financial and Economic Commission meeting, sectors such as steel and coal in A-shares staged a "capacity reduction" market, with stock prices rising from low levels. The sustainability of the subsequent market remains to be verified. In July, the core variable determining whether the stock market can continue to rise is the disturbance factor of overseas reciprocal tariffs [2][10] Summary According to the Directory 1. One-week View and Overview of Macro Key Events - **Next Week's View**: The high-level oscillation will continue. Chinese equity assets are differentiated, with A-shares outperforming Hong Kong stocks. A-shares focus on the anti-involution theme, and the sustainability of the market depends on overseas reciprocal tariffs [10] - **This Week's Key Events**: - **June 30**: China's manufacturing PMI in June was 49.7%, and the three major indices all rebounded. Shanghai's 500 million yuan consumption vouchers were distributed, and the TOP100 real estate enterprises' sales in June decreased by 18.5% year-on-year [11][12][13] - **July 1**: The Central Financial and Economic Commission meeting emphasized governance of low-price disorderly competition and promotion of marine economic development. From January to May, the added value of above-scale electronic information manufacturing increased by 11.1% year-on-year [14][16] - **July 2**: Sichuan Province issued a detailed plan to boost consumption. From January to May, the profits of above-scale Internet and related service enterprises decreased by 2.2% year-on-year. The possibility of a stablecoin pegged to the offshore RMB in Hong Kong was proposed. The 80 billion yuan "two major" project list for this year was fully issued [17][18][20] - **July 3**: The volume of electric bicycle trade-ins reached 6.1 times that of 2024. The Shanghai Stock Exchange held a promotion meeting for the "1+6" policy of the Science and Technology Innovation Board [21][22] - **July 4**: The Ministry of Housing and Urban-Rural Development called for greater efforts to stabilize the real estate market. The domestic high temperature drove up the electricity load, setting a new record [24][25] 2. One-week Market Quote Overview - **Global Stock Market Weekly Overview**: From June 30 to July 4, global stock markets denominated in US dollars rose. The MSCI Global Index rose 1.2%, with frontier markets (+1.55%) > developed markets (+1.31%) > emerging markets (+0.25%). The Brazilian stock market led the world with a 4.40% increase, while the Swedish stock market had the worst performance, falling 1.6% [26] - **Chinese Stock Market Weekly Overview**: Chinese equity assets were differentiated, with A-shares > Chinese concept stocks > Hong Kong stocks. The average daily trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1441.7 billion yuan, a decrease of 45.3 billion yuan from last week. The micro-cap stock index rose 1.89%, performing the best, while the North Exchange 50 Index fell 1.71%, underperforming the market [29] - **Weekly Overview of GICS Primary Industries in Chinese and Foreign Stock Markets**: Most global GICS primary industries rose this week, with materials leading the way (+2.75%), and telecommunications services performing poorly (-0.40%). In the Chinese market, healthcare led the rise (+3.48%), and information technology underperformed the market (+0.05%) [32] - **Weekly Overview of China A-share CITIC Primary Industries**: Among China A-share CITIC primary industries, 25 rose (29 last week) and 5 fell (1 last week). The steel industry led the rise (+5.27%), and the comprehensive finance industry had the largest decline (-4.45%) [34] - **Weekly Overview of China A-share Styles**: The large-cap value style was dominant. This week, the value style outperformed the growth style, and the market capitalization style was biased towards large-cap [38][39] - **Overview of Stock Index Futures Basis**: Included information on the basis of IH, IF, IC, and IM in the past 6 months [42][45] 3. Overview of Index Valuation and Earnings Forecast - **Broad-based Index Valuation**: Provided PE and PB data for various broad-based indices this week, at the beginning of the year, and their changes, as well as the eight-year percentile [46] - **Primary Industry Valuation**: Presented PE and PB data for various primary industries this week, at the beginning of the year, and their changes, as well as the eight-year percentile [47] - **Broad-based Index Equity Risk Premium**: The ERP of the Shanghai and Shenzhen 300, CSI 500, and CSI 1000 decreased slightly this week [48][53] - **Broad-based Index Consensus Earnings Growth Rate**: The expected earnings growth rate of the Shanghai and Shenzhen 300 in 2025 was adjusted down to 7.92%, and in 2026 it was adjusted up to 8.08%. For the CSI 500, the 2025 expected earnings growth rate was adjusted down to 32.00%, and the 2026 rate remained flat at 15.37%. For the CSI 1000, the 2025 expected earnings growth rate was adjusted down to 41.87%, and in 2026 it was adjusted up to 17.02% [54] 4. Liquidity and Capital Flow Tracking - **Interest Rates and Exchange Rates**: This week, the 10Y and 1Y rates decreased, and the spread widened. The US dollar index was 96, and the offshore RMB was 7.16 [65] - **Trading Capital Tracking**: This week, the average daily trading volume of northbound funds decreased by 1.14 billion yuan compared with last week, and the margin trading balance increased by 1.99 billion yuan [63] - **Capital Flow Tracking through ETFs**: There were 29 on-exchange ETFs tracking the Shanghai and Shenzhen 300, 27 tracking the CSI 500, 15 tracking the CSI 1000, and 38 tracking the CSI A500. This week, the shares of ETFs tracking the Shanghai and Shenzhen 300 decreased by 2.5 billion, those tracking the CSI 500 decreased by 0.5 billion, those tracking the CSI 1000 decreased by 1.2 billion, and those tracking the CSI A500 decreased by 13.9 billion [68][72] 5. Tracking of Domestic High-frequency Macro Data - **Supply Side**: The tire operating rate decreased [75] - **Consumption Side**: The transaction volume of first-hand houses was weaker than the seasonal level [84] - **Inflation Observation**: The prices of production materials rebounded from a low level, and agricultural product prices flattened at a low level [96][97]

Group 1 - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 1.52% to 23916.06 points, losing the 24000-point mark [4][16] - Among the sectors, healthcare, materials, and industrial sectors saw the highest gains, with increases of 5.49%, 3.24%, and 2.72% respectively, while information technology, consumer discretionary, and financial sectors faced declines [7][27] - The average daily trading volume on the Hong Kong Stock Exchange was HKD 2455.12 billion, a decrease of HKD 33.71 billion from the previous week [16][27] Group 2 - As of July 4, the PE and PB ratios for the Hang Seng Index were 10.65 times and 1.12 times, respectively, both down by 1.28% from the previous week, placing them at the 73% and 75% percentile levels since 2019 [18][24] - The risk premium for the Hang Seng Index was calculated at 5.04%, which is -1.84 standard deviations from the 3-year rolling mean, indicating a low-risk appetite in the market [21][24] - The report suggests that the technology sector remains a high investment opportunity due to strong policy support and growth potential, while the consumer sector is expected to improve performance driven by domestic consumption policies [40][41] Group 3 - The report highlights that the A-share market performed better than the Hong Kong market, with the AH share premium index rising to 130.88, at the 46% percentile level since 2014 [27][40] - The healthcare sector is expected to benefit from new policies supporting innovative drug development, which may enhance the performance of related stocks [11][40] - The report emphasizes the importance of high-dividend stocks in providing stable returns amid global uncertainties, particularly in the energy and financial sectors [40][41]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report presents a comprehensive analysis of the economic situation across various sectors, including demand, production, investment, trade, prices, and interest - rate bonds. It shows that the real - estate market has a complex performance with new home sales having a mixed trend and second - hand home sales mostly declining. The automotive consumption is warming up, industrial production is stable with strong infrastructure construction, and there are specific changes in investment, trade, prices, and the issuance progress of interest - rate bonds [1][2][3]. Summary by Directory 1. Demand - New home sales: The weekly new home sales increased month - on - month but decreased year - on - year. As of the week ending July 4, the transaction area of commercial housing in 20 cities was 3.498 million square meters, up 2% month - on - month and down 8% year - on - year, significantly lower than the seasonal level. There were differences among different city - tiers, with second - tier cities seeing a large increase in new home sales [1][11]. - Second - hand home sales: The transaction volume of second - hand homes in key cities mostly decreased month - on - month and year - on - year. As of the week ending July 4, the transaction areas of second - hand homes in Beijing, Shanghai, Shenzhen, and Hangzhou decreased by 10%, 4%, 5%, and 18% month - on - month respectively, and 14%, 7%, 9%, and 22% year - on - year respectively [28][30]. - Automotive consumption: It continued to warm up. As of the week ending July 4, the average daily retail sales of passenger cars increased by 18.4% month - on - month, and were basically the same as the same period last year. The national movie box office increased by 17.0% month - on - month, but was weaker than the same period last year. The national migration scale index increased by 6.6% month - on - month, while the subway passenger volume in first - tier cities decreased by 0.2% month - on - month [39]. 2. Production - Mid - upstream: The operating rate of Tangshan blast furnaces and rebar decreased, while the operating rate of PTA, polyester filament in Jiangsu and Zhejiang, and petroleum asphalt plants increased, indicating a possible marginal improvement in infrastructure construction [2][46]. - Downstream: The operating rates of all - steel and semi - steel tires of automobiles decreased, but the absolute value of semi - steel tires was still higher than the same period in previous years. The trade - in subsidy policy may support the production side in the short term [2]. 3. Investment - Rebar: The apparent consumption of rebar improved, with the price increasing by 0.9% month - on - month to 3230.6 points, and the apparent consumption increasing by 2.3% month - on - month to 2.25 million tons as of the week ending July 4 [63]. - Cement: The cement price decreased by 1.4% month - on - month to 111.5 points as of the week ending July 4. As of the week ending June 27, the cement shipping rate decreased by 0.3 percentage points to 40.8%, and the cement storage ratio decreased by 0.4 percentage points to 62.8% [63]. 4. Trade - Export: The port container throughput decreased by 0.7% month - on - month as of the week ending July 4, but was higher than the same period last year. The CCFI composite index decreased by 1.9% month - on - month. The freight rates of European and Southeast Asian routes increased, while those of the US West and East routes decreased. The BDI index continued to decline, dropping 10.3% month - on - month [77]. - Import: The container shipping price decreased, and the CICFI composite index was 685.4 points, a slight decrease of 0.6% month - on - month [77]. 5. Prices - CPI: The agricultural product wholesale price 200 index decreased by 0.1% month - on - month. The pork price increased by 0.8% month - on - month, while the prices of eggs, vegetables, and fruits decreased by 1.8%, 0.5%, and 0.8% month - on - month respectively [5][89]. - PPI: Commodity prices were differentiated. The metal price index increased, the Nanhua industrial product price index increased by 0.3% month - on - month, the Brent crude oil spot price decreased by 1.8% month - on - month, the COMEX gold futures price increased by 0.1% month - on - month, and the LME copper spot price increased by 0.6% month - on - month [5][96]. 6. Interest - rate Bond Tracking - Next - week issuance plan: From July 7 to July 11, the disclosed issuance of interest - rate bonds is 268.8 billion yuan, with a net financing of 58.7 billion yuan. Among them, the issuance of national bonds is 0 billion yuan with a net financing of - 80.1 billion yuan, the issuance of local bonds is 231.8 billion yuan with a net financing of 107.8 billion yuan, and the issuance of policy - bank bonds is 37 billion yuan with a net financing of 31 billion yuan [107]. - Issuance progress: As of July 4, the cumulative issuance of replacement bonds this year was 1.8246 trillion yuan, with a cumulative issuance progress of 91.2%. The issuance of new general bonds was 452 billion yuan, with a cumulative issuance progress of 56.5%. The issuance of new special bonds was 2.1635 trillion yuan, with a cumulative issuance progress of 49.2% [6][109][112]. 7. Policy Week Observation - Central Financial and Economic Commission's 6th meeting: On July 1, Xi Jinping chaired the meeting to discuss promoting the construction of a unified national market and high - quality development of the marine economy [118]. - Central Bank's operation: In June, the central bank did not conduct open - market treasury bond transactions, marking the sixth consecutive month of no such operations [119]. - China's PMI data: In June, the manufacturing PMI, non - manufacturing business activity index, and composite PMI output index were 49.7%, 50.5%, and 50.7% respectively, up 0.2, 0.2, and 0.3 percentage points from the previous month, indicating an overall expansion of the economic prosperity level [120]. - US "Big and Beautiful" Act: On July 3 local time, the US House of Representatives passed the "Big and Beautiful" Act, which is expected to increase the US deficit by $3.4 trillion in the next decade [121]. - Trump's tariff statement: On July 4 local time, Trump said that countries will start paying new tariffs on August 1, but did not name specific countries [122]. - Nanjing's housing provident fund policy: Nanjing adjusted its housing provident fund policy, including expanding the scope of off - site loans, relaxing the conditions for off - site housing purchase withdrawals, and extending the maximum loan term for existing housing [123]. - Hubei's real - estate policy: On July 3, Jingmen, Hubei issued policies to stabilize the real - estate market, including promoting the sales of underground parking spaces and commercial and office buildings, and promoting the spot - house sales from January 1, 2026 [124].

Group 1 - The core concept of "Deep Sea Technology" is the intersection of policy certainty under "bottom line thinking," focusing on domestic demand expansion, technological innovation, and international trade as key response strategies to external shocks [4][13][14] - The introduction of "Deep Sea Technology" solidifies the policy status of the marine economy, marking a shift from supplementary industries to a core component of national strategic emerging industries, indicating a new phase in the top-level design of China's marine economy [5][18] - The "Deep Sea Technology" industry chain is complex and interdisciplinary, with core technologies categorized as "three deep" technologies: deep diving, deep drilling, and deep networking [6][26] Group 2 - The upstream of the deep sea technology industry chain includes raw materials and components, requiring high-pressure resistance and corrosion resistance, while the midstream focuses on industrialization capabilities in deep sea detection, equipment manufacturing, and system integration [6][26] - The downstream includes mature sectors like deep sea oil and gas development, while emerging areas such as natural gas hydrate commercialization and marine renewable energy are in early stages, indicating future growth potential [32] - The policy framework for deep sea technology has established a dual-driven development model at both national and local levels, with significant initiatives from various provinces to enhance marine industry capabilities [22][25]

据微信公众号"中国船舶报"消息，2025年7月4日，中国船舶工业股份有限公司（600150.SH，以下简称"中国船舶"）公告称，公司发行股份吸收合并中国 船舶重工股份有限公司（601989.SH，以下简称"中国重工"）的重大资产重组事项，获上海证券交易所并购重组审核委员会审议通过。这标志着中船集团 旗下两大船舶总装核心上市平台整合迎来重大进展。 关于换股比例与定价，中国船舶换股价格为37.84元/股，中国重工换股价格为5.05元/股，换股比例为1:0.1335。2024年度利润分配实施后，中国船舶换股 价格调整为37.59元/股，中国重工换股价格调整为5.032元/股，换股比例调整为1:0.1339。 1999年，原中国船舶工业总公司分拆，成立了中船集团和中船重工，在业内分别被称为"南船"和"北船"，此后二十年，"南船""北船"通过市场良性竞争提 升影响力，不断推进中国造船行业一步步走到世界第一的位置。 上交所公告截图 本次交易是我国船舶工业领域的国家队、主力军之间的整合升级，也被业内认为是积极响应国家发展战略性新兴产业"深海科技"号召，落实中央财经委 员会关于推动"海洋经济"高质量发展的战略部署，将军工、海 ...

A股近十年最大规模的吸收合并交易完成证监会注册前全部程序！ 7月4日晚间，中国船舶公告称，当天，公司吸收合并中国重工事项获上交所审核通过。此次交易尚需中国证监会予以注册以及其他可能涉及的 必要批准、核准、备案或许可（如需）后方可正式实施。 此次重组完成后，存续公司中国船舶将成为全球最大造船上市公司 ，资产规模、营业收入规模、手持订单数均领跑全球。 截至7月4日收盘，中国船舶市值达到1467亿元，中国重工市值为1056亿元。 2025年5月8日晚，中国船舶公告称，对于公司拟向中国重工全体换股股东发行A股股票的方式换股吸收合并中国重工，上交所决定予以受理并 依法进行审核。本次交易的具体方式为：中国船舶以向中国重工全体换股股东发行A股股票的方式换股吸收合并中国重工。 中国船舶为吸收合 并方，中国重工为被吸收合并方，即中国船舶向中国重工的全体换股股东发行A股股票，交换该等股东所持有的中国重工股票 。 "两船"合并的影响有多大？ 据悉，重组完成后，新的中国船舶将成为手持船舶订单规模领跑全球的世界第一大旗舰型造船上市公司。 根据克拉克森数据统计，截至2024年9月14日，中国船舶和中国重工的总手持订单规模达6263万载重 ...

Report Overview - Report Date: July 4, 2025 - Industry: General Equipment - Company: Icewheel Environment - Participating Institutions: Rongtong Fund, GF Securities, etc. Core Viewpoints - The company focuses on providing advanced system solutions and full - lifecycle services in the energy and power fields, with a wide range of products and significant technological advantages [13]. - It has products applicable to multiple high - end fields such as controllable nuclear fusion, data centers, nuclear power, etc., and has achieved certain successes in these areas [14][15][17]. - The company's continuous technological innovation is its greatest competitive advantage, which consolidates its leading position in the industry [25]. Key Points by Discussion Topic Company Business and Product Portfolio - The company's main products include various types of compressors and heat exchange devices, covering a temperature range of - 271°C - 200°C, and serving multiple customer industries [13][14]. - It has built a full - series magnetic levitation compressor product matrix, which performed well in the Beijing Winter Olympic Village project [13]. Products for Controllable Nuclear Fusion - Helium compressors are key equipment for superconducting magnet cooling systems in magnetic - confinement controllable nuclear fusion devices [14]. - In 2016, the company successfully developed ultra - low - temperature helium compressors, filling a domestic gap, and has supplied them to many scientific research institutes for major national frontier science and technology research projects [15]. Products for Data Centers - The company's subsidiaries provide cooling equipment for data centers. Some products have been included in relevant national catalogs [15][17]. - It has served many domestic and overseas data center projects, and the overseas manufacturing base is expanding tactically [16]. New products were launched in 2024 to enhance competitiveness [17]. Products for the Nuclear Power Industry - With the acceleration of national nuclear power construction, the company has developed a series of innovative technologies for nuclear power, covering core scenarios such as nuclear island cooling and nuclear energy heating [17]. - It has served many domestic nuclear power plants and achieved certain results in nuclear energy heating projects [18]. Industrial Thermal Management Business - The company launched the "Industrial Global Thermal Control Comprehensive Solution", focusing on the industrial thermal control market and realizing efficient energy utilization [19]. - Beijing Huayuan Taimeng Energy - Saving Equipment Co., Ltd., a key subsidiary, has multiple core technologies and a large number of patents and has won many national honors [20]. Products for the Marine Economy - The company provides full - scenario intelligent solutions for the marine economy, including traditional ship refrigeration systems and new green energy system solutions [23]. - It has provided equipment for the "Dream" research vessel and won a provincial - level science and technology progress award [24][25]. Competitive Advantages - The company's greatest competitive advantage is continuous technological innovation. It has many national - level certifications and honors, and has established a central research institute this year to strengthen R & D [25][27].

Investment Rating - The report assigns an "Overweight" rating for the industry [1] Core Insights - The "Strengthening Ocean Economy" strategy is accelerating, with significant developments in offshore wind power, ultra-deepwater platforms, and breakthroughs in high-end shipbuilding [2] - The central government's focus on high-quality development of the marine economy presents long-term growth opportunities for deep-sea technology and related industries [3] Summary by Sections Wind Power - The wind power sector is expected to see a profit restructuring and order expansion, with high demand projected for 2025. The domestic wind power installation reached 19.96 GW from January to April 2025, with a total bidding capacity of 53.4 GW from central state-owned enterprises [3] - The deep-sea wind power projects are entering a substantial advancement phase, with notable projects like the Zhejiang deep-sea demonstration project initiating equipment bidding, creating new opportunities for suppliers [3] - Recommended stocks include XinQiangLian, with related stocks being Tongyu Heavy Industry [3] Oil and Gas Equipment - The marine oil and gas sector is becoming a crucial growth area for China's energy supply, with marine crude oil accounting for nearly 80% of the national crude oil increment [3] - China has made significant advancements in deepwater oil and gas exploration, breaking the monopoly of a few international oil companies, exemplified by the domestically designed and built sixth-generation ultra-deepwater drilling platform "Fenjin" [3] - Recommended stocks include Jereh, Neway, with related stocks being CIMC, CNOOC, PetroChina, and China Oilfield Services [3] Shipbuilding Industry - The policy support is accelerating the construction of deep-sea equipment, with high demand arising from deep-sea oil and gas development, offshore wind power, and marine fisheries [3] - Key breakthroughs have been achieved in high-end ship types such as LNG carriers and ultra-deepwater drilling platforms, with the industry experiencing high levels of new orders and deliveries [3] - Recommended stocks include China Shipbuilding, China Shipbuilding Defense, and Zhenhua Heavy Industry [3]

Domestic Highlights - China's Caixin Manufacturing PMI for June recorded at 50.4, up 2.1 percentage points from the previous month, indicating a return to expansion[10] - The Ministry of Finance announced a tax credit policy for foreign investors reinvesting profits in China, effective from January 1, 2025, to December 31, 2028, allowing a 10% tax credit on eligible reinvestments[9] - The National Development and Reform Commission allocated over 300 billion yuan to support the third batch of "two重" construction projects, which are expected to stabilize domestic demand growth in the second half of 2025[14][15] International Highlights - The U.S. Senate passed the "Big and Beautiful" tax and spending bill, projected to increase the national debt by approximately $3.3 trillion over the next decade[19] - The U.S. non-farm payrolls increased by 147,000 in June, with the unemployment rate dropping to 4.1%, leading to reduced expectations for interest rate cuts in July[23][25] - The Hong Kong Monetary Authority purchased 20.02 billion HKD to defend the local currency as it hit the weak end of its peg against the U.S. dollar[21][22] Market Trends - Brent crude oil prices decreased by 2.13% week-on-week, while iron ore and copper prices increased by 1.73% and 1.95%, respectively[26] - Rebar prices rose by 0.72%, while cement prices fell by 1.37% week-on-week, indicating mixed trends in the construction materials market[32]

Group 1: Company Overview and Business Segments - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271°C to 200°C [2] - The product matrix includes various types of compressors and heat management systems, showcasing significant technical advantages and market performance, particularly in the Beijing Winter Olympic Village project [2] - Key customer industries include food freezing and refrigeration, chemical production, commercial air conditioning, and industrial special air conditioning [2] Group 2: Innovations in Nuclear Fusion and Low-Temperature Applications - The company developed a helium compressor for superconducting magnets used in nuclear fusion, filling a domestic gap and supplying to major national research projects [2] - The helium compressor is part of a large low-temperature refrigeration system capable of achieving near absolute zero temperatures (-273.15°C) [2] - The company’s helium compressors are recognized as significant technological equipment in the energy sector by the National Energy Administration [2] Group 3: Data Center Solutions - The company provides cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems, which have been recognized in the national green data center technology product directory [3] - Successful projects include major data centers for national supercomputing and telecommunications companies, with ongoing expansion in overseas markets [3] Group 4: Nuclear Power Industry Products - The company focuses on core scenarios in nuclear power, developing innovative technologies for nuclear island cooling and heat recovery [4] - It has provided services to multiple nuclear power stations across China, enhancing safety and efficiency in energy utilization [4] Group 5: Industrial Heat Management Solutions - The company has launched comprehensive industrial heat control solutions, integrating advanced technologies for efficient energy recovery and utilization [6] - Key subsidiary recognized as a national-level "little giant" enterprise, holding numerous patents and awards for its innovative heat management technologies [6] Group 6: Marine Economy and Green Energy Solutions - The company is committed to high-quality development in the marine economy, providing smart solutions for fishing and seafood processing industries [7] - Recent projects include providing ultra-low temperature laboratory equipment for China's first ultra-deepwater scientific research vessel [7] Group 7: Competitive Advantages - The company’s competitive edge lies in continuous technological innovation, with multiple national-level recognitions and a strong focus on research and development [7] - It has established a central research institute to enhance foundational and strategic technology development, further solidifying its industry leadership [7]