Economic Performance - In July, China's retail sales growth declined to 3.7% year-on-year, down from 4.8% in June and below the market expectation of 4.6%[2] - Fixed asset investment growth fell significantly by 1.2 percentage points to 1.6%, much lower than the expected 2.7%[3] - Industrial production growth decreased by 1.1 percentage points to 5.7%, also below the market expectation of 6.0%[5] Sector-Specific Insights - Real estate development investment fell by 12.0% year-on-year in July, worsening from a decline of 11.2% in June[3] - Retail sales of automobiles dropped by 1.5% in July, contrasting with a growth of 4.6% in June[2] - The manufacturing investment growth rate decreased by 1.3 percentage points to 6.2%[7] Policy and Future Outlook - The government is expected to introduce additional fiscal support of 0.5-1 trillion yuan by the end of September to bolster economic recovery[1] - Recent policies include a nationwide childcare subsidy starting in 2025, which is projected to directly aid consumption[10] - The central bank may implement a 50 basis point reserve requirement ratio cut and a 10-20 basis point interest rate cut by the end of September[14]

Core Viewpoint - The company, 高维科技 (02086), anticipates a net loss of approximately HKD 5.2 million in the first half of 2025, a significant decline from a net profit of HKD 2.1 million in the same period of 2024 [1] Financial Performance - Total revenue is expected to decrease by approximately 13.5% to HKD 40.83 million, down from HKD 47.21 million in the previous period [1] - The decline in revenue is attributed to reduced demand for products due to global economic slowdown, ongoing tariff disputes, and an unstable trade environment [1] Cost Factors - Employee costs have risen by approximately 10.8% to HKD 16.98 million, primarily due to the introduction of a sales incentive program and an increase in staff in the technology and R&D departments to meet ongoing product development needs [1] - Administrative expenses have surged by approximately 94% to HKD 7.35 million, driven by the company's expansion into new markets, diversification of product offerings, and increased operational costs [1] Business Strategy - The increase in administrative expenses is also linked to the need for upgrading backend systems, increased travel expenses due to a higher number of trade shows, and strengthened relationships with business partners [1]

Core Viewpoint - The company, High Dimension Technology (02086), anticipates a net loss of approximately HKD 5.2 million in the first half of 2025, a significant decline from a net profit of HKD 2.1 million in the same period of 2024 [1] Financial Performance - Total revenue is expected to decrease by about 13.5% to HKD 40.83 million, down from HKD 47.21 million in the previous period [1] - The decline in revenue is attributed to reduced demand for products due to global economic slowdown, ongoing tariff disputes, and unstable trade environments [1] Cost Factors - Employee costs have risen by approximately 10.8% to HKD 16.98 million, primarily due to the introduction of a sales incentive program and an increase in staff for technology and R&D departments to meet ongoing product development needs [1] - Administrative expenses have surged by about 94% to HKD 7.35 million, driven by the company's expansion into new markets, diversification of product offerings, and increased operational costs [1] Business Strategy - The increase in administrative expenses is also linked to the need for upgrading backend systems, increased travel expenses due to more trade shows, and enhanced relationships with business partners [1]

Core Viewpoint - The company, 高维科技, is expected to report a net loss of approximately 5.2 million HKD for the six months ending June 30, 2025, a significant decline from a net profit of 2.1 million HKD in the previous period [1] Group 1: Financial Performance - The total revenue decreased by approximately 13.5% to 40.83 million HKD, down from 47.21 million HKD in the previous period, primarily due to reduced group earnings reflecting global economic slowdown and trade uncertainties [2] - Employee costs increased by about 10.8% to 16.98 million HKD, compared to 15.32 million HKD in the previous period, driven by the introduction of a sales incentive program and expansion of the technical and R&D workforce [2] - Administrative expenses surged by approximately 94% to 7.35 million HKD, up from 3.79 million HKD in the previous period, attributed to market expansion, product diversification, and increased business travel expenses [2]

Core Viewpoint - Global geopolitical tensions have eased as of May 2025, with the U.S. President agreeing to delay high tariffs on EU imports, leading to a recovery in risk appetite in A-shares and Hong Kong stocks [1] Market Overview - A-shares and Hong Kong markets continue a trend of upward volatility, with a significant recovery in risk appetite observed [1] - Market volatility has decreased, indicating a more stable investment environment [1] Investment Strategy - The company emphasizes the importance of assessing the earnings outlook of investment targets under cautious macro assumptions to support current valuation levels [1] - Focus on protecting against downside risks while seeking medium to long-term value re-evaluation opportunities [1] - Active monitoring of potential investment opportunities arising from market fluctuations [1] Investment Directions 1. **Domestic Demand-Driven Sectors**: - Focus on industries such as the internet, sportswear, food and beverage, and property services, which are characterized by strong cash flow and high dividends [1] 2. **Technology Innovation and Countermeasures**: - Target sectors include autonomous ERP, industrial software, artificial intelligence, robotics, low-altitude economy, and food and energy security, emphasizing foundational safety [1] 3. **Export Sectors with Competitive Advantages**: - Industries like home appliances, home furnishings, and textiles that combine domestic and international demand, as well as sectors with strong international comparative advantages, are prioritized [1] - The company believes that once tariff disputes are resolved, the competitive advantages of leading firms in these sectors will be validated, potentially enhancing long-term valuation [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The fundamentals of the polysilicon market have changed little, as reflected in the large difference in the increase between near - and far - month contracts. Since April, the "rush installation" of photovoltaic terminals has gradually ended, and strong - stimulus policies have created a negative feedback. With the "tariff" dispute, the expectation of export improvement is weak. Polysilicon (280,000 tons), silicon wafers, and battery cells have all accumulated inventory for 4 consecutive weeks. Supply - demand balance requires greater production cuts, and there may be an expectation of increased production during the wet season. The large rebound of the near - month 06 contract is mainly due to the leading enterprises' announcement not to use the futures delivery warehouse for destocking and the exchange having only 60 lots of warehouse receipts, which causes market panic about delivery. The benchmark delivery product has a higher standard than the spot dense material, and the basis provides bottom support. In the short term, the significant increase in the volatility of the 06 contract attracts long - position funds to enter the market, but the weak fundamentals will limit the price rebound space. It is expected to fluctuate cautiously and strongly, and it is not advisable to continue chasing high during the session for the near - month contract. The resistance above 38,000 yuan (the current price range of re - feedstock) increases incrementally, and short - term operations need to be cautious [4] 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - **Market Performance**: The near - month polysilicon 06 contract has deeply declined, over - exhausting the bearish drivers. The shortage of the delivery benchmark product has reversed market sentiment, and the price once rose by 3.34% during the session. The closing price of PS2506 was 36,950 yuan/ton, with a gain of 2.43%, a trading volume of 455,000 lots, an open interest of 6,752 lots, and a net increase of 4,212 lots [4] - **Future Outlook**: The fundamentals have limited changes. Since April, the "rush installation" of photovoltaic terminals has ended, policies have a negative feedback, and export improvement expectations are weak. Polysilicon, silicon wafers, and battery cells have accumulated inventory for 4 consecutive weeks. Supply - demand balance needs larger production cuts and there may be increased production in the wet season. The 06 contract rebounded due to delivery - related factors. The basis supports the price, but weak fundamentals limit the rebound space. It is expected to fluctuate cautiously and strongly, and short - term operations should be cautious [4] 3.2 Market News - As of May 8, 2025, the number of polysilicon warehouse receipts was 40 lots, a decrease of 20 lots from the previous trading day [5] - Longi Green Energy, JinkoSolar, JA Solar, and Trina Solar released their Q1 2025 performance reports and held performance briefings. During the reporting period, the four companies had losses of 1.436 billion yuan, 1.39 billion yuan, 1.638 billion yuan, and 1.32 billion yuan respectively, with a total loss of 5.784 billion yuan. Longi Green Energy reduced its losses year - on - year, while the other three companies' losses decreased by 218.2%, 239.35%, and 355.88% respectively year - on - year [5]