Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The North Exchange saw a historical high in margin trading balance, with an average daily value of 6.045 billion yuan, reflecting a 9.51% increase month-on-month [25] - The North Exchange 50 Index's price-to-earnings ratio (PE-TTM) is 48.04, placing it at the 85.15th percentile over the past two years, while the price-to-book ratio (PB-MRQ) is 9.34, at the 91.13th percentile [28][29] - The report highlights a mixed performance across industries, with notable gains in construction decoration, pharmaceutical biology, and building materials, while sectors like transportation and communication experienced declines [37] Market Overview - As of July 31, 2025, the North Exchange had 269 listed companies with a total market capitalization of 838.455 billion yuan and a circulating market value of 513.506 billion yuan, showing a month-on-month change of -1.2% and 0.0% respectively [15] - The trading volume for the month was 26.763 billion shares, with a total transaction amount of 585.584 billion yuan, reflecting a decrease of 0.9% and 3.7% month-on-month [19][20] Industry Performance - The North Exchange 50 Index declined by 1.6797% for the month, contrasting with gains in major indices such as the Shanghai and Shenzhen 300, which rose by 3.5444% [32] - The report indicates that the construction decoration, pharmaceutical biology, and building materials sectors showed positive returns, while transportation, communication, and defense industries faced significant declines [37] New Listings and Market Activity - One new company, Dingjia Precision (920005.BJ), was listed this month, bringing the total number of companies on the North Exchange to 269 [4][15] - The report notes that 140 companies updated their listing project review status, with 4 accepted and 96 in inquiry [4] Valuation Metrics - The report provides a detailed breakdown of industry median price-to-earnings ratios, with the computer sector leading at 125 times, followed by building materials at 107 times and communication at 105 times [28][29]

证券日报网讯山东威达（002026）8月5日在互动平台回答投资者提问时表示，公司子公司苏州德迈科电 气有限公司主要为消费品、食品饮料、精细化工、汽车、电商物流、工程设备、机加工等细分产业提供 一站式智能制造解决方案。苏州德迈科电气有限公司已经为公司总部所处的电动工具行业和济南一机所 处的机加工行业的部分客户都提供了智能制造解决方案，并正在积极拓展行业内其他客户。 ...

投资界消息，8月1日，洛阳市隆兴国晟产业投资基金合伙协议签约仪式在孟津区举行。本支基金由轩银基金公司、国晟产业基金联合隆兴集团发起，总规 模3亿元，围绕孟津区优势重点布局高端石化、新能源、新材料、智能制造等战略性新兴产业，深度挖掘产业生态投资机遇，通过"投资+赋能"双轮驱动， 为被投企业注入资本、应用场景与产业资源等关键要素，实现区域产业链补位、价值链提升，助力洛阳重点行业企业蓬勃发展。 图：签约仪式现场 来源：洛阳轩银私募基金管理有限公司 ...

Core Viewpoint - The recent stock issuance plan by Yawen Co. is under regulatory scrutiny due to its financial investments totaling 3.789 billion yuan, raising concerns about capital operations involving state-owned assets in Yangzhou [1] Financial Investment Analysis - As of March 2025, Yawen Co. has other non-current financial assets amounting to 3.789 billion yuan, which constitutes 21.76% of its net assets, approaching the 30% regulatory threshold [1] - The majority of these funds are allocated to four industrial funds, with the largest being the Jiangsu Diquan Yawen Fengying Intelligent Manufacturing Fund, valued at 3.364 billion yuan, representing 88.79% of the total investment [1] - Despite claims of investments in the intelligent manufacturing sector, regulatory rules require thorough verification of underlying assets in industrial funds, and the investments include areas like new materials and auto parts, which do not align with Yawen Co.'s core business [1] Shareholding and Control Changes - The recent capital increase involves Yangzhou Industrial Investment Development Group subscribing to 128 million shares at a price of 7.21 yuan per share, totaling 925 million yuan [1] - Following this transaction, Yangzhou Industrial Investment Development Group will hold a 29.99% stake, becoming the controlling shareholder, with the Yangzhou State-owned Assets Supervision and Administration Commission gaining actual control [1] Financial Position and Fund Utilization - Yawen Co. reports cash and cash equivalents of 910 million yuan and trading financial assets of 161 million yuan, yet plans to allocate 67.17% (621 million yuan) of the total raised funds for liquidity support and debt repayment [1]

Core Insights - In the first half of the year, the China Council for the Promotion of International Trade approved 1,418 overseas economic and trade exhibition projects, covering an exhibition area of 826,000 square meters [1] - A total of 54 organizing units have implemented exhibition projects in 44 countries and regions, with an actual exhibition area of 382,000 square meters and over 23,000 participating enterprises [1] - There is a notable increase in participation from emerging markets, with the number of Chinese exhibitors in ASEAN and Latin America accounting for 39.8% of the total, an increase of 8.5 percentage points compared to the same period in 2024 [1] Industry Trends - Emerging industries are showing a sustained increase in overseas exhibition participation, particularly in fields such as electronic information, artificial intelligence, green low-carbon technology, and intelligent manufacturing [1] - Chinese enterprises showcased their independent innovation achievements in key international technology exhibitions, contributing to the expansion of exports of high-tech and high-value-added products [1] - At the European International Smart Energy Exhibition, the number of Chinese participating enterprises increased to 850, with organizers and professional visitors expressing admiration for China's international leadership in the new energy sector [1] Overall Performance - The overall operation of overseas exhibition work in the first half of the year has been stable, with a more diverse range of participating industries, continuous expansion of participating regions, and steady improvement in the quality of participating enterprises [2] - There has been a significant enhancement in the sense of gain for enterprises involved in these exhibitions [2]

Core Viewpoint - The "Soochow Business Delegation Visits Dongfang" investment promotion conference was held in Dongfang City, attracting over 20 participating enterprises, indicating strong interest in the region's development potential and investment environment [1] Group 1: Investment Opportunities - Participating entrepreneurs expressed optimism about Dongfang's development prospects and are seeking deep cooperation in fields such as artificial intelligence, low-altitude economy, and high-tech industries [1] - Dongfang is focusing on a "5+3" development path and five major projects to continuously optimize the business environment and promote the integration of primary, secondary, and tertiary industries [1] Group 2: Collaboration and Agreements - A signing ceremony took place where Dongfang City officials signed cooperation agreements with several Jiangsu companies, including Jiangsu Xinlantian Steel Structure Co., Ltd., Norde Network Technology Co., Ltd., and others, covering areas such as intelligent manufacturing, digital economy, cultural tourism, and high-tech [1] - The chairman of Hainan Su Business Construction Development Co., Ltd. emphasized the importance of this conference as an opportunity to strengthen communication and seek mutually beneficial cooperation with Dongfang [1]

Core Viewpoint - Industrial Fulian's stock price experienced a slight decline on August 4, 2023, indicating a stable yet cautious market sentiment towards the company [1] Group 1: Stock Performance - On August 4, 2023, Industrial Fulian's stock price was reported at 32.97 yuan, down by 0.03 yuan, reflecting a decrease of 0.09% [1] - The trading volume for the day was 1.3818 million lots, with a total transaction value of 4.507 billion yuan [1] - The net outflow of main funds on August 4 was 56.906 million yuan, accounting for 0.01% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 108 million yuan, representing 0.02% of the circulating market value [1] Group 2: Company Overview - Industrial Fulian is recognized as a global leader in smart manufacturing and industrial internet solutions, with primary business segments including cloud service equipment and communication network devices [1] - In the revenue structure for 2024, cloud service equipment is expected to account for 52.43%, while communication network devices will represent 47.26% [1] Group 3: Financial Performance - As of July 31, 2025, Industrial Fulian has repurchased approximately 7.7 million shares, which is 0.04% of the total share capital, with a total repurchase amount of 147 million yuan [1] - The repurchase price range was between 18.4 yuan and 19.84 yuan per share [1] - In the first quarter of 2025, the company achieved a revenue of 160.415 billion yuan and a net profit attributable to shareholders of 5.231 billion yuan [1]

Company Performance - Fengli Intelligent reported a net profit of 3.22 million yuan for the first half of the year, a decrease of 68.79% year-on-year, with revenue of 242 million yuan, a slight increase of 0.25% [1] - Yutong Bus sold 3,219 units in July, a year-on-year decline of 4.05%, while total sales from January to July reached 24,500 units, an increase of 2.63% compared to the same period last year [4] - Fenbi expects its revenue for the first half of the year to be no less than 1.472 billion yuan, with a net profit of at least 215 million yuan [5] New Products and Services - Ruikeda has begun small-scale supply of humanoid robot products, expecting sales revenue of approximately 10 million yuan by 2025, which would account for 0.41% of its 2024 revenue [2] - Xiaoma Zhixing launched Robotaxi services in Shanghai's Pudong area, operating from 7:30 AM to 9:30 PM on weekdays, covering key commercial areas and subway stations [9] Industry Insights - The China Machinery Industry Federation reported that the overall production and sales of machinery products in the first half of the year were better than the same period last year, with 68.9% of 122 monitored products showing year-on-year production growth [10] Collaborations and Investments - Peak has officially partnered with ByteDance's Feishu to enhance its digital management system [6] - Zhongwan International led a $40 million Series A2 financing round for Yuanbi Technology, alongside other investors [7][8] Regulatory Updates - The State Administration for Market Regulation and the China Consumers Association issued a warning that ordinary food products cannot claim health benefits, addressing concerns over misleading marketing practices [10]

日前，中山召开2025年中小企业数字化转型深化推进会。数据显示，中山市已累计推动超4500家规上工 业企业进行数字化转型，转型覆盖率达86%。自入选国家中小企业数字化转型试点城市以来，中山数字 化转型成果持续显现，今年上半年便推动703家规上工业企业在关键环节实现数字化升级。 数字化转型的深入推进，为中山企业注入强劲发展动能。多家企业通过数字化改造实现提质增效，成为 转型浪潮中的典型代表。例如，中山市铧禧电子科技有限公司探索"政策+生态"双轮驱动路径，借助政 策扶持与生态资源整合加速转型；中山市雁鸣智造科技有限公司聚焦中小企业转型痛点，形成一套可复 制的破解方案；广东伊莱特科技股份有限公司则通过数据赋能经营决策，让生产运营更精准高效。这些 企业的实践，生动展现了数字化转型在优化流程、提升效率、驱动创新等方面的作用。 为推动数字化转型走深走实，中山市构建全方位支持体系。资金方面，2025年中小企业数字化转型城市 试点预奖补项目已下达97个，资助金额达883.6万元；截至目前，累计支持164家企业数字化改造项目， 下达资金超2000万元，524家中小企业已开展数字化改造项目备案建设。服务供给上，中山面向全国遴 选 ...

Core Viewpoint - Sichuan Province has announced the first batch of pilot zero-carbon industrial parks, aiming to establish them within approximately three years, focusing on replicable and scalable experiences in zero-carbon development [1][2]. Group 1: Pilot Industrial Parks - Four industrial parks have been selected as pilot projects: Yibin High-tech Industrial Park, Yibin Lingang Economic and Technological Development Zone, Sichuan Panzhihua West District Economic Development Zone, and Sichuan Jintang Economic Development Zone [1]. - These parks cover four key areas: resource processing, green high-energy, export-oriented, and dominant industry parks [1]. Group 2: Development Strategies - Yibin High-tech Industrial Park will focus on industries like crystalline silicon photovoltaics and smart manufacturing, aiming to create a pure green electricity supply through smart microgrid projects [2]. - Yibin Lingang Economic and Technological Development Zone will develop a smart carbon system to enhance the green and low-carbon competitiveness of enterprises and products [2]. - Sichuan Panzhihua West District Economic Development Zone will promote clean and efficient energy use and deep decarbonization of production processes [2]. - Sichuan Jintang Economic Development Zone will strengthen the integration with surrounding clean energy sources to establish large-scale conversion and utilization bases [2]. Group 3: Financial Support and Oversight - Provincial industrial development funds will support zero-carbon industrial parks, providing subsidies for qualifying projects that pass inspections [2]. - The government encourages pilot parks to seek local government special bonds for financing zero-carbon construction and promotes market-based support from industrial funds [2]. - The Sichuan Provincial Economic and Information Technology Department requires strict adherence to pilot construction plans and regular progress reporting from relevant local agencies [3].