Market Overview - The A-share market shows mixed performance with the Shanghai Composite Index closing at 3519.65, up 0.27% [2][4] - The Shenzhen Component Index decreased by 0.11%, while the ChiNext Index fell by 0.45% [2][4] - The overall market sentiment remains cautious with a focus on the electric power sector, which has shown strength recently [4][11] Economic Indicators - In the first half of 2025, China's total goods trade reached 21.79 trillion yuan, a year-on-year increase of 2.9% [18][19] - The total value of exports was 13 trillion yuan, growing by 7.2%, while imports decreased by 2.7% to 8.79 trillion yuan [19][20] - The People's Bank of China reported an increase of 12.92 trillion yuan in RMB loans during the same period [20][21] Industry Dynamics - The EVTank report indicates that in 2024, Chinese companies dominated the global high-rate battery market, occupying eight out of the top ten positions [30] - The construction of the largest 750 kV ring network project in China has been completed, enhancing power supply capabilities in the Xinjiang region [34] - The photovoltaic industry is undergoing a transformation with efforts to reduce "involution" and improve overall market conditions [62] Company Performance - KingMed Diagnostics (603882.SH) is expected to report a net loss of 0.65 billion to 0.95 billion yuan for the first half of 2025, a significant decline from a profit of 0.90 billion yuan in the previous year [36] - Zhongji United (605305.SH) anticipates a net profit of 0.25 billion to 0.30 billion yuan, reflecting a growth of 78.02% to 113.63% year-on-year [37] - JiuLi Special Materials (002318.SZ) is set to enhance its production capabilities with a new high-tech seamless steel pipe production line [40] Financial Performance - Youfu Co., Ltd. (002427.SZ) expects to turn a profit in the first half of 2025, with a net profit forecast of 10 million to 15 million yuan [44] - MiaoKe LanDuo (60882.SH) projects a net profit increase of 56% to 89% for the first half of 2025, driven by rising cheese product sales [46] - Shengyi Technology (688183.SH) anticipates a staggering net profit growth of 432% to 471% for the same period, attributed to strategic product optimization [55]

Group 1 - The A-share market has recently experienced a "anti-involution" theme rally, with sectors such as steel, polysilicon, and glass seeing significant growth. The "anti-involution" theme is expected to become one of the main investment lines in the near future as it spreads across various industries [1] - Securities firms have shown considerable interest in the "anti-involution" theme, with dozens of firms publishing over a hundred reports and articles related to it since July. The most covered industries include building materials, steel, photovoltaics, and coal [1] - Analysts suggest that the implementation of "anti-involution" policies is likely to accelerate the exit of outdated production capacity, improving the net asset return rates in related industries, which would be a significant benefit for the stock market [1] Group 2 - "Expectation management" is the primary method of the current "anti-involution" policy. Traditional cyclical industries like coal and steel have largely cleared their outdated production capacity, and the concentration of industries has significantly increased [2] - The impact of the "anti-involution" policy may vary by industry. Some sectors, such as photovoltaics and lithium batteries, still have growth potential, making direct capacity clearance less likely, while traditional industries with higher capacity utilization and low product prices may see more significant effects on profitability [2] - A report from Huachuang Securities identified potential beneficiary industries of the "anti-involution" measures, with coal mining, coke, and ordinary steel being the most frequently mentioned. Other industries like passenger vehicles and wind power equipment were also highlighted as potential beneficiaries [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve significant growth in its performance for the first half of 2025, with a projected net profit attributable to shareholders ranging from 250 to 300 million yuan, representing a year-on-year increase of 78% to 114% [1] - The company has seen a 50% year-on-year increase in new orders from January to May 2025, with a notable improvement in the order structure, particularly in large-load elevators and gear rack elevators, which now account for approximately 40% of the total order value [2] - The company is enhancing its international presence, with overseas revenue reaching 650 million yuan in 2024, a 19% increase year-on-year, and accounting for 50% of total revenue, with a gross margin of 56% from international sales, significantly higher than domestic margins [2] - The company is actively innovating its product offerings in the wind power sector, introducing new products that align with the trend of larger wind turbines, while also expanding into non-wind sectors such as industrial and emergency rescue applications [3] Summary by Sections Financial Performance - The company forecasts a net profit of 492 million yuan for 2025, with a year-on-year growth of 56.4%, and an EPS of 2.32 yuan, translating to a PE ratio of 12.9 [4] - Revenue projections for 2025 are set at 1.915 billion yuan, reflecting a 47.5% increase compared to 2024 [4] Order and Market Dynamics - The company has optimized its order structure, with a focus on high-value products, leading to improved customer recognition and market coverage [2] - The company has established wholly-owned subsidiaries in key international markets, enhancing its ability to provide comprehensive services to overseas clients [2] Product Development - Continuous product innovation is a priority, with new solutions being developed to increase the value and profitability of wind power products [3] - The company is also diversifying its product applications beyond wind power, targeting various industries [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][15][19] Core Views - The company is expected to achieve a net profit attributable to shareholders of 234-255 million yuan in the first half of 2025, representing a year-on-year growth of 51%-65% [1] - The growth is primarily driven by the performance of the new energy control business, which has shown significant year-on-year growth [1] - The company has successfully expanded its overseas business, with revenue from overseas operations reaching 260 million yuan in 2024, a year-on-year increase of 123% [2] - The implementation of a divisional system has improved operational efficiency, enhancing market responsiveness and business development [2] - The company is expected to open a second growth curve through its AIDC power equipment products, benefiting from the surge in demand for AI computing power [3] Financial Forecasts - The company is projected to achieve operating revenues of 4.51 billion yuan in 2025, with a year-on-year growth of 20.9% [4][12] - The net profit for 2025 is forecasted to be 603 million yuan, reflecting a year-on-year increase of 37% [4][12] - The earnings per share (EPS) for 2025 is estimated at 1.33 yuan, with a corresponding price-to-earnings (PE) ratio of 24.0 [4][12] - The EBIT margin is expected to improve to 15.2% by 2025, indicating enhanced profitability [4][12] - The return on equity (ROE) is projected to be 13.2% in 2025, showing a positive trend in shareholder returns [4][12]

证券代码：605305 证券简称：中际联合 公告编号：2025-046 中际联合（北京）科技股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比上升 50% 以上。 ? 业绩预告相关的主要财务数据情况：中际联合（北京）科技股份有限公 司（以下简称"公司"）预计 2025 年半年度实现归属于母公司所有者的净利润 为 25,000.00 万元到 30,000.00 万元，同比增长 78.02%到 113.63%；公司预计 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 经财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的净利 润为 25,000.00 万元到 30,000.00 万元，与上年同期相比，将增加 10,956.76 万元到 15,956.76 万元，同比增长 78.02%到 113.63%。 公司本次业绩预测是公司财务部门基于自身专业判断进行的初步核算，未经 注册会计师审计。目前公司尚未发现影响本次业绩预 ...

Investment Rating - The report maintains an "Outperform" rating for the wind power industry [1] Core Insights - The domestic wind power industry is expected to see long-term demand remain optimistic, with significant cost advantages in electricity generation. The share of wind power development is likely to increase under the backdrop of comprehensive new energy market entry [3][4] - The wind turbine price is expected to rebound due to multiple factors, leading to a recovery in profitability for turbine manufacturers. The competitive landscape is improving as companies focus on profitability rather than just market share [3][25] - Emerging markets are anticipated to experience a turning point in wind power demand, with significant export opportunities for Chinese wind turbines. The export capacity is projected to reach 5.2GW in 2024, a year-on-year increase of 42% [3][25] Summary by Sections Domestic Wind Power Industry Development - The long-term outlook for the domestic wind power industry remains positive, with a projected CAGR of 106% for the retirement of old wind turbines from 2025 to 2030, creating demand for new equipment [3][12] - The average new installed capacity for onshore wind is expected to be 120GW in 2025, while offshore wind is projected at 10GW [12] Wind Turbine Manufacturing Industry - The report highlights a recovery in profitability for wind turbine manufacturers, with a 5%-10% increase in bidding prices for turbines in 2024 [3][25] - The average new installed capacity for onshore and offshore wind turbines is expected to reach 5.9MW and 10.0MW respectively by 2024, reflecting a significant increase from 2020 [20][24] Export Market Potential - The report emphasizes the growing international market for Chinese wind turbines, with a projected CAGR of 44% from 2020 to 2024 for exports [3][25] - The report notes that the international brand influence of Chinese wind turbines has been increasing, leading to a significant rise in overseas orders [3][25] Cost Reduction and Technological Advancements - The average cost of onshore wind power is expected to decrease to 0.1-0.15 yuan/KWh by 2025, down from 1.5 yuan/KWh in 2002, representing an 88% reduction [24] - The average cost of offshore wind power is projected to decline to 0.3 yuan/KWh by 2025, down from 1.3 yuan/KWh in 2009, a 74% decrease [24] Competitive Landscape - The report indicates that the competitive landscape is improving, with a focus on fair competition and self-regulation among manufacturers to mitigate "involution" in the industry [3][42] - The concentration of the wind turbine manufacturing industry is increasing, with the top five manufacturers accounting for 75% of new installations by 2024 [33][34]

Core Viewpoint - The "anti-involution" research trend is gaining momentum in the A-share market, with expectations that it may become the main theme for the next market phase, benefiting various sectors such as lithium batteries, photovoltaics, coal, steel, chemicals, energy, and construction materials [2][3][4]. Group 1: Research and Analysis - In the past week, a total of 176 research reports on the "anti-involution" theme were published by institutions, covering multiple industries including strategy, macroeconomics, steel, fossil energy, electrical equipment, building materials, non-ferrous metals, chemicals, and aquaculture [2]. - The "anti-involution" theme has become a focal point in analyst roadshows, with 79 related events held in the past week, indicating a strong institutional interest [2]. - Analysts believe that the current round of "anti-involution" has a higher standing, broader coverage, and stronger synergy, with potential implications for the market's next phase [3]. Group 2: Policy and Market Implications - The Central Financial Committee's recent meeting emphasized the need to promote a unified national market and address issues of low-price competition, which has led to increased attention on "anti-involution" in the capital market [3]. - The "anti-involution" policy is expected to unfold in three stages: policy expectations, price increases, and demand expansion, with a focus on sectors that may experience a turnaround [4]. Group 3: Beneficiary Industries - Key sectors expected to benefit from the "anti-involution" policies include: - Midstream and downstream manufacturing such as lithium batteries, photovoltaics, wind power, passenger vehicles, paper, and medical devices - Service and consumer sectors like food processing, express delivery, and small appliances - Resource materials including steel, cement/glass, consumer building materials, chemical fibers/agricultural chemicals, and energy metals - Real estate-related sectors such as kitchen appliances and home furnishings [5][6]. - The steel industry is highlighted for its potential bottom reversal, with supply-side reforms and improved profitability expected [8]. Group 4: Sector-Specific Insights - The photovoltaic industry is entering a high-quality development phase, with significant stock price increases observed in related sectors [9]. - Analysts suggest that the photovoltaic sector's recovery will depend on effective supply-side reforms and the establishment of a long-term mechanism for eliminating outdated capacity [9]. - Recent downgrades in specific photovoltaic stocks indicate a cautious outlook despite the overall positive sentiment in the sector [10].

Group 1 - The core viewpoint of the report indicates that the Shanghai Composite Index has closed above 3500 points, suggesting a likely medium-term trend of a slow bull market characterized by fluctuations, influenced by recent tariff shocks and rising overseas uncertainties [1] - The report emphasizes the importance of structural opportunities, recommending a focus on sectors that may benefit from unexpected earnings in mid-year reports and those that could gain from anti-involution trends, including photovoltaic equipment, batteries, passenger vehicles, steel, fiberglass, innovative pharmaceuticals/CXO, and optical modules/PCBs [1] - The analysis highlights that the recovery in profits is expected to be gradual, with ample market liquidity and long-term funds playing a stabilizing role, while also noting that the current core incremental funds are dominated by low-risk preference rather than speculative capital [1] Group 2 - The report discusses the recent clear rotation in the market, where the "anti-involution" trend has reinforced the "high-low switch" strategy, suggesting a focus on sectors that have lagged since March 20 and may benefit from this trend, such as lithium batteries, passenger vehicles, steel, and building materials [2] - It also mentions that since July, the market has responded positively to high growth or exceeding expectations in mid-year reports, with a focus on blue-chip leaders reflecting overall industry improvement expectations, particularly in sectors like shipbuilding, CXO, semiconductor equipment, aquaculture, wind power equipment, military electronics, and overseas computing power [2] - The report notes the impact of new tariff policies initiated by Trump, which introduce uncertainties for global markets and the Federal Reserve's interest rate decisions, as well as a recent trade agreement with Vietnam that could affect related transshipment goods with a 40% tariff [2]

Group 1 - The company expects a loss for the first half of 2025, primarily due to delays in the delivery of mixed towers and the ongoing development of its new energy business, which has not yet generated revenue [4][5][6] - The company has produced 25 mixed tower products by June 30, 2025, with deliveries expected to begin in the third quarter [4] - Compared to the same period last year, the company's losses have decreased by 25.75% to 42.67%, attributed to the sale of a poorly performing subsidiary and investment income from idle funds [6][7] Group 2 - The company has provided a guarantee for its wholly-owned subsidiary, Changhe Wind Power Equipment Co., Ltd., for a credit line of up to RMB 80 million from Shanghai Pudong Development Bank [11] - The guarantee amount for a performance bond related to a wind power project is RMB 17.71 million, which is within the approved limit for guarantees [12][20] - As of the announcement date, the total amount of guarantees provided by the company and its subsidiaries is RMB 26.74 million, representing 0.98% of the latest audited net assets [21][22]

Overview - Goldwind Technology Co., Ltd. has signed a parent company guarantee agreement to support its wholly-owned subsidiary, Goldwind Energy S.r.l., in fulfilling its obligations under a wind turbine supply and installation agreement with Draghiescu Partners S.r.l. in Romania [1][2] Guarantee Situation - The guarantee amount is set for the obligations of Goldwind Energy S.r.l. under the wind turbine supply and installation agreement, with the agreement signed on July 11, 2025, in Beijing [1] - Goldwind Energy S.r.l. has a debt-to-asset ratio exceeding 70%, which necessitates investor attention regarding guarantee risks [1] Financial Status of the Guaranteed Party - As of December 31, 2024, and May 31, 2025, Goldwind Energy S.r.l. reported: - Total assets of approximately 11.32 billion RMB and 42.13 billion RMB respectively - Total liabilities of approximately 11.52 billion RMB and 43.17 billion RMB respectively - Net assets of approximately -197 million RMB and -1.04 billion RMB respectively - Total revenue and profit figures were reported as zero and negative, indicating financial challenges [1] Main Content of the Guarantee Agreement - The guarantee will automatically extend for six months if the obligations under the wind turbine supply and installation agreement are not fulfilled by the expiration date due to reasons not attributable to the owner [2] Board of Directors' Opinion - The board approved a guarantee limit of 96 billion RMB for subsidiaries with a debt-to-asset ratio below 70% and 204 billion RMB for those above 70% [2][3] - The company is authorized to provide guarantees without further board meetings, as long as the guarantees fall within the approved limits [3] Cumulative External Guarantees - After this guarantee, the total external guarantee balance for the company and its subsidiaries will be approximately 288 million RMB, which is 0.75% of the latest audited net assets [3]