券研究报 请务必阅读正文之后的免责条款部分 宏观研究 / 2025.07.09 "破局"通胀:反内卷与扩内需 应锈钢(分析师) 021-38676666 2025年6月物价数据点评 本报告导读: 贺媛(分析师) 今年以来,"以旧换新"补贴政策持续支撑耐用消费品价格,带动核心 CPI 同比小幅 021-38676666 修复,而其中服务价格方面仍有待提振,指向了居民部门资产负债表的修复进展有 登记编号 S0880525040129 限,需要后续稳增长政策接续。 梁中华(分析师) 投资要点: 02 -38676666 Q 6月 CPI 同比转正。食品价格拖累减弱;国际油价上涨输入带动能 登记编号 S0880525040019 源价格;核心 CPI 环比持平,核心消费品 CPI 环比表现显著好于 2023、2024年,"618"提前促销影响过去后,"以旧换新"政策支持 的相关品类价格仍相对偏强,而服务相关价格继续稳中偏弱。 6月 PPI 同比跌幅继续扩张,一是受高温降雨天气影响,房地产、 o 基建项目施工进度有所放缓。二是"反内卷"具体政策和效果仍待 观察,尤其是对光伏、水泥、钢铁等行业实际供需格局的影响。三 观去 ...

Core Points - The document outlines the rules for the board of directors of Xi'an Shaangu Power Co., Ltd, aiming to ensure effective governance and decision-making [1] - The board is accountable to the shareholders and is responsible for executing resolutions passed by the shareholders' meeting [2][3] Chapter Summaries Chapter 1: General Principles - The rules are established to ensure the board operates effectively and in compliance with relevant laws and regulations [1] - The board is responsible for the daily affairs through the Securities Investment Department [1] Chapter 2: Directors - Directors must be natural persons and do not need to hold shares in the company [4] - Non-employee directors are elected by the shareholders and can be removed by them before their term ends [5] - The term for directors is three years, with independent directors limited to a maximum of six years [5] Chapter 3: Composition of the Board - The board consists of nine directors, including three independent directors, a chairman, and a vice-chairman [3] - The board has specialized committees for strategy, audit, nomination, and remuneration, with specific composition requirements for independent directors [3] Chapter 4: Powers of the Board - The board has the authority to formulate profit distribution plans, capital changes, and major acquisition proposals [12] - The board must establish strict review and decision-making procedures for external investments and significant transactions [5] Chapter 5: Board Meetings - The board must hold at least two regular meetings annually, with specific notice requirements for meetings [19] - Decisions require a majority vote from attending directors, and specific rules apply for proxy voting [27][28] Chapter 6: Board Secretary - The board secretary is responsible for assisting the board in daily operations and ensuring compliance with regulations [39] - The secretary must maintain important documents and manage relationships with regulatory bodies and investors [39] Chapter 7: Document Management - The board must establish regulations for document management to ensure proper record-keeping [42] Chapter 8: Supplementary Provisions - The rules take effect upon approval by the shareholders' meeting and are subject to interpretation by the board [44][46]

Market Overview - On July 7, the A-share market experienced fluctuations, with the Shanghai Composite Index closing slightly up by 0.02% at 3473.13 points, while the Shenzhen Component Index fell by 0.7% and the ChiNext Index dropped by 1.21% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 1.21 trillion yuan, a decrease of 219.9 billion yuan compared to the previous trading day [1] International Market - The US stock market saw all three major indices decline on July 7, with the Dow Jones Industrial Average down by 422.17 points (0.94%) to 44406.36 points, the S&P 500 down by 49.37 points (0.79%) to 6229.98 points, and the Nasdaq Composite down by 188.59 points (0.92%) to 20412.52 points [2] - European markets showed mixed results, with the UK FTSE 100 down by 0.19%, the French CAC 40 up by 0.35%, and the German DAX up by 1.20% [2] Commodity Prices - International oil prices rose on July 7, with WTI crude oil increasing by $0.93 to $67.93 per barrel (1.39% increase) and Brent crude oil rising by $1.28 to $69.58 per barrel (1.87% increase) [3] Policy and Regulatory Updates - The US President signed an executive order extending the delay of "reciprocal tariffs" until August 1, affecting imports from 14 countries, including Japan and South Korea [4][5] - The People's Bank of China increased its gold reserves for the eighth consecutive month, reaching 7390 million ounces (approximately 2298.55 tons) as of the end of June, with a month-on-month increase of 70,000 ounces (approximately 2.18 tons) [5] - Four departments in China aim to establish over 100,000 high-power charging facilities by the end of 2027, focusing on the development of charging infrastructure for electric vehicles [6][7] Investment Opportunities - Analysts suggest that the rapid growth in the fast-charging sector, driven by strong policy support and technological advancements, presents significant investment opportunities [7] - The Shanghai government is promoting the use of public data in various sectors, which may create investment opportunities in data management and processing companies [8] Upcoming Indices - The Shanghai Stock Exchange and Shenzhen Stock Exchange plan to launch a series of specialized indices on July 21, focusing on innovative and specialized companies [9] Stablecoin Developments - Hong Kong's Financial Secretary indicated that the government aims to issue stablecoin licenses by the end of the year, following the implementation of the Stablecoin Regulation in August [10]

Core Viewpoint - Shaoyang Hydraulic (301079) has announced a major asset restructuring plan, revealing significant changes in shareholder composition and stock price movements prior to the announcement [1][19]. Shareholder Changes - A new investor named "Li Yuanfang" has emerged as the fifth largest shareholder, holding 724,200 shares, which is 0.66% of the total share capital. This investor was not listed in the previous quarterly report [1][4]. - Another shareholder, "Cao Kangseng," is now the seventh largest shareholder with 537,750 shares, representing 0.49% of the total share capital [3][5]. - Notably, foreign entities Morgan Stanley & Co. International PLC and UBS AG were absent from the latest shareholder list [3][5]. Stock Price Movements - On the trading day before the announcement, Shaoyang Hydraulic's stock price rose by 11.93%, closing at 31.90 CNY per share, compared to 28.50 CNY per share 21 trading days prior [9][19]. - The stock's performance was contrasted with the broader market, where the ChiNext Index fell by 1.74% and the CITIC Machinery Index dropped by 2.62% during the same period [9]. Financial Performance - Shaoyang Hydraulic reported a revenue of 276 million CNY in 2023, a decrease of 8.32% year-on-year, and a net profit of 6.58 million CNY, down 86.88% [16]. - For 2024, the company expects a revenue increase to 351 million CNY, a rise of 27.33%, but a slight decline in net profit to 6.40 million CNY, down 2.76% [16][18]. - The company ranks 142nd out of 213 in total market capitalization within its industry, indicating a relatively weak financial position compared to peers [18]. Asset Acquisition - The target company for the acquisition, Chongqing Xincheng Hangrui Technology Co., Ltd., reported revenues of 353.23 million CNY and 346.65 million CNY for 2023 and 2024, respectively, with net profits of 43.51 million CNY and 30.23 million CNY [14][15]. - The acquisition aims to create synergies and enhance the company's supply chain [14]. Confidentiality Measures - Shaoyang Hydraulic has stated that it has implemented necessary measures to prevent information leakage regarding the asset restructuring and has adhered to confidentiality obligations [10][19].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The recent trade agreement between the US and Vietnam, which imposes a 20% tariff on Vietnamese goods and a 40% tariff on goods transshipped through Vietnam, is expected to improve export chain sentiment [12][6] - The manufacturing PMI in China showed a slight recovery in June 2025, indicating improved new orders and production indices, which may contribute to a positive outlook for the industry [12][24] Company Summaries 1) Jiao Cheng Ultrasonic - The company focuses on ultrasonic equipment and solutions, achieving a revenue of 148 million yuan in Q1 2025, a year-on-year increase of 22.35%. The net profit attributable to shareholders reached 23.63 million yuan, up 2152.47% [3][13] - The business recovery in the new energy sector, particularly in lithium battery expansion, is expected to bring performance elasticity [13] 2) Zhenghe Industrial - Engaged in the research, manufacturing, and sales of various chain transmission systems, the company reported a revenue of 395 million yuan in Q1 2025, a 6.32% year-on-year increase, with a net profit of 53.84 million yuan, up 100.09% [4][14] - The company is developing a micro-chain system project, focusing on robotic dexterous hand transmission technology, which may benefit from the mass production of humanoid robots [14] 3) Lvtian Machinery - The main products include general power machinery and high-pressure cleaning machines, with energy storage products entering mass production. Revenue growth rates for Q3 2024, Q4 2024, and Q1 2025 are projected at 47.9%, 72.5%, and 50.1%, respectively [5][15] - The company is expected to experience a performance turning point, indicating a positive outlook for valuation recovery [15] Industry Overview - The mechanical index (CITIC) increased by 0.41% last week, while the overall market indices also showed positive growth [16][19] - The manufacturing sector's fixed asset investment in China grew by 8.5% year-on-year from January to May 2025, indicating a recovery trend [24]

Group 1 - The stock price of Hangzhou Chaojin (601177) closed at 17.69 yuan on July 4, 2025, down 5.3% from the previous week's closing price of 18.68 yuan [1] - The highest intraday price on June 30 was 18.8 yuan, while the lowest intraday price on July 4 was 17.65 yuan [1] - The current total market capitalization of Hangzhou Chaojin is 7.217 billion yuan, ranking 48th out of 216 in the general equipment sector and 2218th out of 5149 in the A-share market [1] Group 2 - The company announced a cash dividend of 0.06 yuan per share, with the record date set for July 9, 2025 [1] - The total cash dividend distribution amounts to 24.4785 million yuan based on the total share capital of 407,975,000 shares before the implementation of the plan [1] - For individual shareholders and securities investment funds holding shares for over one year, the dividend income is exempt from personal income tax, resulting in an actual cash dividend of 0.06 yuan per share [1]

Core Viewpoint - Xianheng International (605056) has seen a stock price increase of 3.42% this week, closing at 15.71 yuan as of July 4, 2025, with a market capitalization of 6.447 billion yuan [1] Shareholder Changes - On July 3, 2025, Xianheng International announced that shareholders, including Hangzhou Xianing Investment Partnership and others, collectively reduced their holdings by 1.7954 million shares, representing 0.4375% of the total share capital, during a period when the stock price increased by 5.99% [2][5] - Prior to the reduction, these shareholders held a total of 243,745,175 shares, accounting for 59.40% of the company's total shares [3] Company Announcement Summary - The reduction plan disclosed on May 20, 2025, allowed the limited partnership to sell up to 12,311,016 shares, or 3% of the total share capital. As of July 3, 2025, they had reduced their holdings by 12,310,503 shares, achieving the maximum planned reduction [3] - After the completion of the reduction plan, the shareholders collectively held 231,434,672 shares, which is 56.40% of the total share capital. Individual holdings include: Xianing with 58,908,746 shares (14.36%), Wanning with 29,250,214 shares (7.13%), Hongning with 23,167,225 shares (5.65%), Dening with 23,570,925 shares (5.74%), and Yining with 14,087,492 shares (3.43%) [3]

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].

Group 1 - The core viewpoint of the article highlights the performance and valuation of Gangdi Technology, which closed at 70.53 yuan with a PE ratio of 43.77 times, below the industry average of 76.22 times [1][2] - The company has a total market capitalization of 3.927 billion yuan and ranks 129th in the general equipment industry based on PE ratio [1][2] - Gangdi Technology experienced a net outflow of 2.8671 million yuan in principal funds on July 4, with a total outflow of 8.8995 million yuan over the past five days [1] Group 2 - The main business of Wuhan Gangdi Technology Co., Ltd. includes research, production, and sales of products in the industrial automation field, such as inverters and intelligent control systems [1] - The company has received several honors, including being recognized as one of the "Top 10 Intelligent Information Enterprises in the Cement Industry" in 2021 and a "National Key Support Specialized and Innovative 'Little Giant' Enterprise" by the Ministry of Industry and Information Technology [1] - The latest financial results for Q1 2025 show a revenue of 60.7797 million yuan, a year-on-year decrease of 5.50%, and a net loss of approximately 5.1919 million yuan, with a gross profit margin of 35.45% [1]

Market Overview - In H1 2025, there were 76 listed private placement projects in the A-share market, a year-on-year decrease of 7% but a quarter-on-quarter increase of 23%[3] - The total fundraising amount reached CNY 695.92 billion, a sixfold increase year-on-year and quarter-on-quarter, accounting for 91% of equity financing[3] Investor Participation - The average number of participants per project increased to 23, leading to a selection rate of 57.99%[3] - The bidding projects' full fundraising rate rose to 71.43%, a year-on-year increase of 27 percentage points[3] Discount Rates - The average benchmark discount rate and market price discount rate reached new lows at 11.17% and 11.68%, respectively[3] - 16.67% of bidding projects were priced at the floor price, marking the lowest since H1 2024[3] Performance Metrics - The average absolute return for 43 bidding projects that were unlocked was 24.88%, a significant increase of over 29 percentage points year-on-year[3] - 65% of these projects outperformed the Shenwan first-level industry, with an average excess return of 11.60%[3] Future Outlook - The approval pace for new projects is expected to remain steady, with a focus on small-cap stocks, as 58% of existing bidding projects have a total market value of less than CNY 5 billion[3] - The discount rates are anticipated to remain low, with expected ranges of 10% to 15% in H2 2025, influenced by stable supply and increased participation[3] Risk Factors - Potential risks include slower-than-expected issuance and review progress, changes in market conditions, and fluctuations in secondary market stock prices[3]