8月27日晚间，国网英大股份有限公司（600517）披露2025年半年度报告。2025年上半年，公司实现营 业总收入53.06亿元，同比增长6.35%；实现利润总额19.90亿元，同比增长22.33%；实现归属于上市公 司股东的净利润11.47亿元，同比增长25.18%；基本每股收益0.20元，同比增长25.63%。公司实行持 续、稳定的利润分配政策，今年中期分红向全体股东每10股派发现金红利0.42元（含税）。公司坚持产 融协同发展，持续做优做强金融业务、碳资产业务和电力装备业务，核心竞争能力持续增强，努力打造 央企控股上市公司高质量发展典范。 2025年上半年，国网英大坚决贯彻党中央、国务院决策部署，坚持稳中求进、以进促稳总基调，服务实 体持续提质，经营业绩稳健增长，风险防线强化加固，高质量发展迈出坚实步伐。在今年3月召开的高 质量发展大会上，公司深入研判全球经济格局深度调整、贸易关税环境复杂多变以及改革发展任务艰巨 繁重等内外部形势，进一步统一思想、优化治理，为上市公司高质量发展奠定了坚实基础。 未来，国网英大将紧扣高质量发展这一主线，深化产融协同，发挥资源优势，突出专业特色，完善治理 体系，加强风险防 ...

出海是当下诸多科技创新企业拓展市场的重要策略之一，调研团队也向企业了解了其全球业务经营和 布局方面的经验。面对复杂的海外市场，受访企业展现出了对于风险和收益高度理性的考量，对于自 身技术实力的充足信心，以及对于企业未来增长目标的清晰认识。 中小企业是中国经济的重要组成部分，其健康发展是完善产业结构和释放创新活力的关键一环。在 AI 等前沿技术快速冲击，全球产业生态加速重构的大背景下，这种" 小而美" 的经济单元凭借灵活 的创新机制，为我国经济稳健发展、产业持续升级提供了充足动力，已成为我国发展新质生产力的重 要生力军。 随着全球经贸环境和前沿科技的持续演变，企业将凭借怎样的技术优势在日趋激烈的行业竞争中脱颖 而出，又是何种商业策略将助力企业最终成长为明日的科创栋梁？为了寻找这些答案， 2025 年第 一财经再度携手安永（中国）、矽亚资产管理以及嘉定新城，发起"未来 20 （ NEXT20 ）·中国 A 股上市公司成长力评选"活动，以持续跟踪和系统研究资本市场中小市值企业的成长发展潜力为目 标，致力于填补资本市场对中小市值上市公司成长研究与跟踪评价的空白。 通过数据指标筛选、模型量化评分以及评委投票选举等多轮科 ...

王凡 文 中小企业是中国经济的重要组成部分，其健康发展是完善产业结构和释放创新活力的关键一环。在AI等前沿技术快速冲击，全球产业生态加速重构的大背 景下，这种"小而美"的经济单元凭借灵活的创新机制，为我国经济稳健发展、产业持续升级提供了充足动力，已成为我国发展新质生产力的重要生力军。 随着全球经贸环境和前沿科技的持续演变，企业将凭借怎样的技术优势在日趋激烈的行业竞争中脱颖而出，又是何种商业策略将助力企业最终成长为明日的 科创栋梁？为了寻找这些答案，2025年第一财经再度携手安永（中国）、矽亚资产管理以及嘉定新城，发起"未来20（NEXT20）·中国A股上市公司成长力 评选"活动，以持续跟踪和系统研究资本市场中小市值企业的成长发展潜力为目标，致力于填补资本市场对中小市值上市公司成长研究与跟踪评价的空白。 通过数据指标筛选、模型量化评分以及评委投票选举等多轮科学严谨的评审流程，A股市场数千家上市公司中最终有68家企业入围，成为第二阶段调研对 象。 8月初，项目评审团队正式启动面访，陆续调研了多家入围企业，其中不乏来自于半导体、电力装备产业的制造企业和关键零部件厂商，也有医疗领域具有 极高研发能力的先进设备企业。通 ...

Core Viewpoint - Chinese private enterprises are actively participating in high-quality co-construction of the "Belt and Road" initiative, focusing on green development and innovation, contributing significantly to global green and low-carbon transformation [1] Group 1: Ningxia Wo Zhi Yuan Technology Co., Ltd. - The company focuses on technological innovation in water-saving agriculture, with products like composite drip irrigation pipes and photovoltaic greenhouses, successfully applied in 13 provinces in China and 9 countries including Oman and Qatar [2][3] - The "intelligent wind-solar complementary water-saving irrigation technology" developed by the company was crucial for establishing high-quality turf for the 2022 Qatar World Cup, leading to further cooperation in smart agriculture and desertification prevention [3] - The company aims to enhance its brand and promote Chinese desertification prevention wisdom globally, emphasizing resource complementarity and ecological-industrial symbiosis [3] Group 2: Shenyang Huade Haitai Electric Co., Ltd. - The company showcased its "zero-carbon" switchgear and solutions at the Hannover Messe, attracting interest from 12 foreign clients, with expected overseas orders surpassing 100 million RMB this year [4][5] - The company has developed "zero-carbon" switchgear using clean air or nitrogen to replace sulfur hexafluoride, a potent greenhouse gas, achieving full lifecycle carbon neutrality [5] - Continuous investment in R&D, averaging over 9% annually, has led to the development of a full series of "zero-carbon" switchgear capable of operating in extreme environments, with 145 national patents and 2 international patents [5][6] Group 3: Ningbo Taiji Environmental Protection Equipment Co., Ltd. - The company has developed a flue gas desulfurization system with over 99% desulfurization efficiency, securing nearly 100 million RMB in overseas orders, accounting for 40% of its annual output [7][8] - The company emphasizes technological innovation as its core competitive advantage, having invested over 3 million RMB in digital transformation of its production line to enhance efficiency and reduce costs [8] - The company aims to contribute to ecological protection and environmental governance globally, leveraging high-quality co-construction of the "Belt and Road" initiative to expand its international presence [7][8]

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights that while new orders have slowed down, demand for data centers and gas turbines remains strong, suggesting a shift in focus within the industry [6][13]. - Companies such as Siemens Energy and Eaton Electric have reported significant revenue growth, with Siemens Energy's revenue increasing by 23% year-on-year and Eaton's by 14% [10][25]. - The report emphasizes the importance of data centers as a strategic growth area, with Eaton's data center orders growing by 55% [25]. - The long-term outlook for overseas electrical equipment remains positive, driven by AI data centers, infrastructure upgrades, and the increasing penetration of renewable energy [6][13]. Summary by Sections 1. Performance of Overseas Power Equipment Companies - Most overseas power equipment companies reported strong performance in Q2, with significant revenue growth and improved profit margins [10]. - Companies like GE Vernova and Eaton Electric achieved double-digit revenue growth, while Siemens Energy also saw a 23% increase in revenue [10][25]. 2. New Order Trends - New order growth has slowed, particularly in high-voltage transmission, but data center-related orders continue to grow robustly [13]. - Siemens Energy's new orders increased by 24%, driven by strong demand in the U.S. market, while GE Vernova experienced a 32% decline in new orders due to high base effects [10][13]. 3. Gas Turbine Orders - Gas turbine orders have seen significant growth, with GE Vernova's new orders nearly doubling year-on-year [10]. - Siemens Energy's new gas turbine orders also grew by 17%, indicating strong demand in this segment [10]. 4. Investment Recommendations - The report suggests focusing on companies that have gained a foothold in overseas markets and are entering localized operations or have integrated into the supply chains of large enterprises [6][10].

Core Insights - The flexible DC transmission technology is a key technology for constructing a new power system and supports large-scale renewable energy integration and inter-regional energy cooperation [1][2] - This technology is more flexible and efficient than traditional transmission methods, allowing for real-time adjustment of power delivery and reducing power loss over long distances [1][2] Technology Development - China Electric Power Research Institute (CEPRI) has been a pioneer in flexible DC transmission technology since 2004, developing a proprietary core technology system over nearly two decades [2] - The research team has overcome several global challenges in the field, including converter mechanism and complex stress control, leading to significant advancements in high-capacity flexible DC converters [2] Patent Strategy - CEPRI has implemented a comprehensive patent conversion strategy, creating a high-value patent group consisting of 142 key patents that cover the entire technology chain from basic principles to system control [2][3] - The strategy includes a "core technology decomposition + modular authorization" model, allowing for precise licensing of technology modules to specialized manufacturing companies [3] Industry Impact - The flexible DC transmission technology has been widely applied in major domestic and international power projects, generating direct economic benefits exceeding 11.2 billion yuan and foreign exchange earnings of 262 million euros [4] - Successful implementation of this technology has established a solid foundation for cultivating a high-end power equipment industry cluster worth hundreds of billions [3][4]

Economic Policy and Market Outlook - The Politburo meeting on July 30 provided a framework for economic policies for the second half of the year and the next five years, focusing on the impacts on the real estate market, stock market, and commodity prices [1] - The absence of explicit mentions of "real estate" in the meeting's communiqué suggests a nuanced approach to housing market stability, indicating that while the government has not abandoned the goal of stabilizing housing prices, the current phase of the real estate cycle complicates policy implementation [5] - The stock market has shown a significant rebound, with the Shanghai Composite Index rising over 30% since last year, and the meeting emphasized the need to enhance the attractiveness and inclusivity of domestic capital markets [7] Interest Rate and Monetary Policy - The meeting did not explicitly mention "timely interest rate cuts," which raises questions about the likelihood of further monetary easing; however, the context of improving economic indicators suggests that aggressive monetary policy may not be necessary at this time [3] - The shift from a "prudent" to a "moderately accommodative" monetary policy indicates a potential for interest rate cuts to lower financing costs, especially if external economic pressures increase [3] Commodity Prices and Supply Chain Dynamics - Recent rebounds in commodity prices are contingent on supply-demand dynamics, and the government's focus on regulating competition aims to prevent disorderly price increases without necessarily expanding demand [10] - The meeting highlighted the need for capacity governance in key industries, including steel and automotive, to optimize supply and eliminate excess capacity, which could influence commodity price trends [10][11] Fiscal Policy and Economic Recovery - The meeting underscored the importance of fiscal policy in driving economic recovery, with a noted increase in macro leverage ratios, particularly in government sectors, indicating a reliance on government spending to stabilize the economy [14] - The government's capacity for further fiscal expansion remains significant compared to other economies, suggesting that proactive fiscal measures will be essential in countering economic contraction and boosting confidence [14]

Macro Information and Commentary - Recent policies from various government departments, including the National Development and Reform Commission and the Ministry of Industry and Information Technology, are accelerating the deployment of "Artificial Intelligence+" across multiple sectors, focusing on high-quality data supply and new digital infrastructure [2] - In August, new housing supply decreased both month-on-month and year-on-year, with first-tier cities facing significant pressure, except for Guangzhou, which saw growth. Over 60% of second-tier cities experienced a decline, while third and fourth-tier cities remained at low supply levels [2] - The Ministry of Industry and Information Technology is set to issue a growth stabilization plan for industries such as machinery, automotive, and electric equipment, aiming to enhance quality supply capabilities and optimize the industry development environment [2] Industry and Company Analysis Innovative Drug Industry - The innovative drug sector is benefiting from major domestic pharmaceutical companies securing significant overseas licensing deals, indicating a continuation of the upward trend in this market. The industry is at a pivotal point where innovation results are beginning to translate into financial performance [4][5] - The focus for the market is currently on mid-year performance reports and the 2025 National Medical Insurance Directory negotiations. It is recommended to pay attention to the marginal changes in the value of research pipelines and to increase the weight of commercial value realization factors [4] Key Developments - On July 28, 2025, Heng Rui Medicine announced a collaboration with GlaxoSmithKline (GSK) regarding the PDE3/4 inhibitor HRS-9821, with an upfront payment of $500 million and potential total payments of approximately $12 billion [5] - On July 30, 2025, CSPC Pharmaceutical Group entered into an exclusive licensing agreement with Madrigal for the oral small molecule GLP-1 receptor agonist SYH2086, with a total transaction value potentially reaching $2.075 billion [5] Investment Recommendations - The innovative drug industry is expected to reach a turning point in 2025, shifting from capital-driven to profit-driven growth, presenting dual opportunities for performance and valuation recovery [6] - The first year of payment policy implementation is anticipated to expand the market size for innovative drugs, with ongoing support policies expected to enhance the overall industry landscape [6] - Two main investment lines are recommended: 1. Pharma companies transitioning to innovation, with strong performance resilience and a focus on companies like Huadong Medicine, Aosaikang, and Health元 [6] 2. Biotech companies with validated research platforms and potential for overseas product registrations [7] Long-term Outlook - The innovative drug sector is moving towards a high-quality development phase characterized by research upgrades and international integration, with traditional Pharma companies gradually clearing out existing business lines [7]

Policy Overview - The new growth stabilization plan for key industries is set to be released, focusing on structural optimization and elimination of outdated capacity[1] - The previous plan (2023-2024) successfully achieved industrial added value growth targets across most key industries, with specific targets set for various sectors[3] Industry Performance - The power equipment sector aimed for an average annual growth rate of approximately 9%, while the non-ferrous metals sector had targets of 5.5% for both 2023 and 2024[3] - The automotive industry exceeded its 2023 target of 5% growth, achieving a 13% increase, while the non-ferrous metals sector grew by 7.5% in 2023 and 8.9% in 2024[3] Growth Targets and Achievements - Seven out of ten key industries met or exceeded their industrial added value growth targets, with the light industry achieving a growth rate of 3.4%, slightly below the target of 4%[3] - The construction materials sector fell short of its targets, with a decline of 0.5% in 2023 and 1.4% in 2024, against a target of 3.5% and 4% respectively[3] Future Expectations - The new growth stabilization plan is expected to be effective until 2026, likely maintaining industrial added value targets similar to the previous plan[4] - The upcoming policies may emphasize supply-side governance, balancing production efficiency with capacity optimization[7] Risks and Considerations - Potential risks include slower-than-expected economic recovery and uncertainties in external markets, which could impact the effectiveness of the growth stabilization policies[6] - The balance between production limits and sustainable profitability remains a critical concern, particularly in high-emission industries like steel[7]

Economic Performance - The Politburo meeting affirmed the good performance of the economy in the first half of the year, with GDP growth reaching 5.3% year-on-year, exceeding market expectations[2] - The meeting emphasized the need to consolidate the economic recovery and address prominent issues in economic operations, such as insufficient effective demand and low price levels[2] Policy Direction - The meeting highlighted the importance of "bottom-line thinking" to safeguard domestic economic and social stability, prioritizing employment as a key policy goal[2] - It was stated that macro policies should continue to exert force and be implemented in a timely manner, with a focus on more proactive fiscal policies in the second half of the year[3] Monetary Policy - The monetary policy remains moderately loose, with expectations for 1-2 interest rate cuts in the second half of the year, totaling a reduction of 20-30 basis points[3] - The meeting indicated that structural monetary policy tools would be utilized to support technology innovation, boost consumption, and stabilize foreign trade, with a new focus on small and micro enterprises[3] Market Competition and Consumption - The meeting called for the promotion of a unified national market and the optimization of market competition order to eliminate disorderly competition[3] - Service consumption is emphasized as a new growth point, with per capita service consumption expenditure increasing by 4.9% year-on-year, accounting for 45% of total per capita consumption expenditure[3] Long-term Planning - The decision to hold the Fourth Plenary Session in October to formulate the "14th Five-Year Plan" proposal reflects a long-term strategic vision[2] - The "14th Five-Year Plan" is seen as crucial for achieving the long-term goal of socialist modernization, with a focus on new quality productivity and emerging pillar industries[4]