Market Overview - On July 15, A-shares experienced a rise and then a pullback, with the Shanghai Composite Index closing down 0.42% and the Shenzhen Component Index up 0.56% [1] - The market turnover reached 1.64 trillion yuan, an increase of over 150 billion yuan compared to the previous trading day [1] - More than 4,000 stocks declined, with the CPO concept stocks showing strength throughout the day, while the real estate sector saw a midday rally [1] Institutional Trading - On July 15, institutional investors net bought 5.80 billion yuan worth of stocks, with 13 stocks being net bought and 15 stocks being net sold [2] - The top net bought stocks included Zhongji Xuchuang, Xinyi Technology, and COSCO Shipping Technology, with net buying amounts accounting for 5.23%, 0.99%, and 1.57% of the day's trading volume, respectively [2] - The top net sold stocks included Dongtianwei, Laisentongling, and Pengding Holdings, with net selling amounts accounting for 5.01%, 25.42%, and 2.15% of the day's trading volume, respectively [2] Stock Performance - The stocks with the highest institutional net buying on July 15 included Zhongji Xuchuang (16.68% increase), Xinyi Technology (20.00% increase), and COSCO Shipping Technology (3.05% increase) [3] - The average increase for stocks rated as buy by institutions was 1.49%, outperforming the Shanghai Composite Index [5] - Notable stocks with significant upward potential included Shui Jing Fang, with a target price of 64 yuan, indicating a potential increase of 56.33% [5] Announcements - Sinochem International announced plans for an asset restructuring involving the acquisition of a 100% stake in Nantong Xingchen Synthetic Materials Co., Ltd., with stock suspension starting July 16 for up to 10 trading days [7] - Shengao Technology is planning to transfer 22.35% of its shares for 2.5 billion yuan, which may lead to a change in control, with stock suspension starting July 16 for up to 2 trading days [7] Earnings Forecasts - Several companies provided earnings forecasts for the first half of the year, with significant growth expected: - Sitaiwei-W anticipates a net profit of 360 million to 420 million yuan, a year-on-year increase of 140% to 180% [8] - Juxin Technology expects a net profit of 91 million yuan, a year-on-year increase of 122.28% [8] - Satellite Chemical forecasts a net profit of 2.7 billion to 3.15 billion yuan, a year-on-year increase of 31.32% to 53.20% [9]

Group 1 - The A-share market experienced significant movements, with the ChiNext index reaching a peak due to stocks like New Yi Sheng and Zhong Ji rising sharply [2] - A total of 1,450 companies have disclosed their mid-year earnings forecasts, with 43% expecting positive results, indicating a mixed performance among companies [3] - Notable companies such as Luoyang Molybdenum and Chifeng Jilong Gold reported substantial profits, while others like Dazhihui and Vanke faced significant losses [3] Group 2 - The second quarter GDP growth was recorded at 5.2%, surpassing market expectations, which may reduce the need for large-scale fiscal stimulus in the second half of the year [4] - Economic data released showed a year-on-year increase in retail sales and industrial output, suggesting a positive trend in the economy [5] - The market is experiencing a divergence in investor sentiment, with some taking profits while others remain bullish despite potential risks from upcoming IPOs and tariff impacts [6]

Group 1 - The core viewpoint is that the A-share market is expected to operate with a strong oscillation trend, driven by improved investor sentiment and increased capital inflow, despite facing strong resistance levels [2][3] - The macroeconomic environment shows no significant risk events before August, indicating a new window for bullish sentiment [3] - The "anti-involution" policy, if implemented effectively, may alleviate the "increasing income without increasing profit" dilemma, potentially leading to a new phase of upward movement in the index [3] Group 2 - Short-term volatility in the market may increase due to diverging capital flows, with trading funds remaining active but showing slight declines in activity [4][5] - Passive foreign capital has seen net inflows for two consecutive weeks, while active foreign capital outflows have narrowed [5] - The current market pressure is relatively low, with only 37.5% of the A-share top signal system indicating caution, although certain indicators suggest potential short-term volatility [5] Group 3 - Positive factors in the A-share market continue to accumulate, with the Shanghai Composite Index breaking through key levels, enhancing risk appetite and spreading short-term profit-making effects [6][7] - The market is beginning to reflect long-term improvement opportunities, with a bullish atmosphere emerging [7] - The necessary conditions for a bull market are expected to accelerate by Q4 2025, although the bull market may not develop rapidly, leading to potential market fluctuations [7][8]

Core Insights - The opening of the direct passenger route from Shenzhen to Mexico City has significantly enhanced trade and cultural exchanges between China and Mexico, with Shenzhen's exports to Mexico projected to reach $8.551 billion in 2024, a 13.39% increase year-on-year [1][3] - Mexico has become a crucial platform for Chinese companies to enter the North American market, with growing cooperation in sectors like new energy vehicles and e-commerce [1][3] - The establishment of the Brazil Export and Investment Promotion Bureau in Shenzhen aims to deepen technological innovation and industrial cooperation between China and Brazil [1][6] Trade and Economic Cooperation - Shenzhen's trade with Mexico has shown remarkable growth, with a 4.07% increase in the first five months of 2024, amounting to $3.824 billion [3] - Mexico is projected to attract $39 billion in foreign direct investment in 2024, with 50% directed towards the manufacturing sector [3][4] - The direct flight has reduced travel time from China to Mexico from 30-40 hours to 16 hours, facilitating easier business interactions [5] Industry Developments - The electric vehicle sector is a key area of collaboration, with Mexico aiming for 50% of new car sales to be zero-emission vehicles by 2030 [4] - Chinese companies like BYD and ZTE have established significant operations in Brazil, with BYD's factory covering over 100 cities [2][6] - The Go Global service center in Shenzhen provides comprehensive support for companies looking to expand into Brazil, integrating various professional services [6][7] Future Prospects - The cooperation between Shenzhen and Mexico is expected to continue growing, particularly in emerging fields such as new energy vehicles and e-commerce [1][4] - The establishment of a strong logistical framework, including air cargo routes, is set to further enhance trade efficiency between Shenzhen and Mexico [5] - The collaboration between Chinese companies and local Brazilian firms is anticipated to strengthen, with a focus on technology and innovation [7]

| 中国银河证券股份有限公司 | | | --- | --- | | 关于 | | | 广东通宇通讯股份有限公司 | | | 授予相关事项 | | | 之 | | | 独立财务顾问报告 | | | 独立财务顾问： | | | 二〇二五年七月 | | | 一、本次实施的股权激励计划与股东大会审议通过的股权激励计划差异情况 | 9 | | 第一节 | 释义 | | 在本报告书中，除非文意另有所指，下列简称具有如下特定意义： | | | | 《中国银河证券股份有限公司关于广东通宇通讯股份有限 | | 本独立财务顾问报告 指 | 公司 2025 年股票期权与限制性股票激励计划授予相关事项 | | 之独立财务顾问报告》 | | | 激励计划/本激励计划/本次 | 广东通宇通讯股份有限公司 2025 年股票期权与限制性股票 | | 指 | | | 激励计划 | 激励计划 | | 通宇通讯/上市公司/公司 指 | 广东通宇通讯股份有限公司 | | 本独立财务顾问、银河证券 | 指 中国银河证券股份有限公司 | | | 公司授予激励对象在未来一定期限内以预先确定的价格和 | | 股票期权、期权 指 | | | | 条件购买本 ...

Market Overview - The Shanghai Composite Index has fallen below the 5-day moving average, indicating a potential pause in the protective sentiment from the banking sector [1] - Over 4,000 stocks experienced a decline today, with a significant increase in trading volume of 150 billion, primarily driven by panic selling during the downturn [1] - The market's risk-averse sentiment is evident, as bond prices have risen relative to stock prices, influenced by economic data and upcoming U.S. CPI data [1] Sector Performance - The adjustment in the market is seen as a process of redistributing shares, with a shift in sentiment from heavyweight sectors to thematic sectors, such as the communication equipment sector today [1] - The banking sector initially led a slight rally in the morning, but the market subsequently retreated, indicating a lack of confidence in the banking sector's ability to support the market [1] Future Outlook - There are signs of potential fund inflows towards thematic stocks, as indicated by a slight recovery in the last half hour of trading [2] - The upcoming U.S. CPI data is expected to significantly influence market sentiment for the next trading day, with a possibility of emotional recovery following today's widespread declines [2] - Historical patterns suggest that after a significant number of stocks decline, there is often a subsequent emotional rebound, even in bearish market conditions [2]

Market Overview - On July 15, the A-share market experienced slight fluctuations, with the Shanghai Composite Index facing resistance at 3527 points and closing at 3505.00 points, down 0.42%[3][8] - The Shenzhen Component Index closed at 10,744.56 points, up 0.56%, while the ChiNext Index rose by 1.73%[8][9] - Total trading volume for both markets reached 16,353 billion yuan, above the three-year average daily trading volume[4][14] Sector Performance - Internet services, computer equipment, automotive, and communication equipment sectors performed well, while electricity, coal, mining, and photovoltaic equipment sectors lagged[4][8] - Over 70% of stocks in the two markets declined, with significant inflows into internet services, gaming, software development, and automotive sectors[8][10] Valuation and Economic Indicators - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 14.46 times and 39.17 times, respectively, indicating a mid-level valuation over the past three years[4][14] - June's Consumer Price Index (CPI) rose by 0.1% year-on-year, while the Producer Price Index (PPI) fell by 3.6%[4][14] Investment Strategy - The report suggests a balanced investment strategy, focusing on stocks with strong mid-year performance and reasonable valuations[4][14] - Short-term investment opportunities are recommended in internet services, software development, automotive, and communication equipment sectors[4][14] Risks - Potential risks include unexpected overseas economic downturns, domestic policy changes, and macroeconomic disturbances[5]

Performance Forecast - The company forecasts a net profit attributable to shareholders of approximately 29.61 million to 39.48 million yuan, representing a decline of 60% to 70% compared to the same period last year, where the profit was 98.69 million yuan [1] - The net profit after deducting non-recurring gains and losses is expected to be between 18.72 million and 28.08 million yuan, a decrease of 70% to 80% from the previous year's 93.60 million yuan [1] Revenue and Profitability - The company achieved an operating revenue of nearly 360 million yuan during the reporting period, reflecting a year-on-year decline of nearly 25% [1] - The decrease in operating revenue led to a reduction in gross profit by over 50 million yuan [1] - The comprehensive gross profit margin for the first half of 2025 is approximately 41%, which has remained relatively stable over recent years [1] Factors Affecting Performance - Multiple factors contributed to the decline in revenue, including negative impacts from global trade, trade frictions, seasonal and cyclical demand fluctuations from major clients, and the upgrade and replacement of new products [1] - Increased costs were noted due to new project development, rising labor costs in marketing and R&D, and financial expenses related to exchange rate fluctuations [2]

Market Performance - The three major stock indices in Shanghai and Shenzhen opened higher on July 15, with the Shanghai Composite Index slightly up, the Shenzhen Component Index up modestly, and the ChiNext Index significantly higher. However, all indices experienced fluctuations throughout the day, with the Shanghai index closing slightly down, while the Shenzhen and ChiNext indices closed significantly up [1][2]. Company Performance - New Yi Sheng expects a net profit of 3.7 billion to 4.2 billion yuan for the first half of 2025, representing a year-on-year increase of 327.68% to 385.47%. This led to a 20% limit-up in its stock price on July 15, with a total trading volume exceeding 8 billion yuan. The significant profit forecast also boosted the stock prices of related companies in the CPO concept sector [1]. - Other companies in the computing power industry, such as Shenghong Technology, Inspur Information, and Industrial Fulian, also saw substantial stock price increases due to rising market risk appetite [1]. Sector Analysis - The CPO concept, communication equipment, NVIDIA concept, liquid cooling servers, and AI sectors saw notable gains, while sectors like POE adhesive film, horse racing concept, and coal mining experienced declines [1]. - According to institutional views, the semiconductor, consumer electronics, artificial intelligence, and robotics sectors are recommended for investment due to their sustained high growth potential [3]. Policy and Economic Outlook - The Central Urban Work Conference emphasized the need to accelerate the construction of a new model for real estate development, focusing on urban renewal and improving public service levels [5]. - The National Bureau of Statistics announced measures to enhance market order and address issues of excessive competition in certain industries, which is expected to improve market supply-demand relationships and promote high-quality economic development [6].

Group 1: Silver Market Insights - The report highlights a significant market perception gap regarding silver, emphasizing that its long-term price trends are more closely correlated with gold than industrial demand [8]. - It argues that the market has overestimated the impact of industrial demand on silver prices while underestimating the investment demand driven by its financial attributes [8]. - The report suggests that even with a decline in photovoltaic demand, silver may still maintain a supply-demand gap due to recovering investment demand [8]. Group 2: Company Performance and Financials - The report indicates that the company achieved a record revenue of 30.332 billion yuan in 2024, reflecting a year-on-year increase of 6.1%, with beverage business revenue growing by 8.2% [9][10]. - The net profit attributable to the parent company reached 1.849 billion yuan in 2024, marking a 10.9% increase year-on-year, driven by product structure upgrades and cost reductions [9][10]. - The company is expected to maintain a robust growth trajectory, with projected net profits of 2.21 billion, 2.50 billion, and 2.76 billion yuan for 2025-2027, representing year-on-year growth rates of 19.3%, 13.2%, and 10.6% respectively [11]. Group 3: Industry Trends and Future Outlook - The report notes that the REITs market is expected to continue to heat up in 2025 due to a low interest rate environment and macroeconomic recovery, with a focus on asset resilience and market pricing [12]. - It highlights the importance of the PCB and switch market, driven by the growing demand for high-performance networks and AI applications, with projected revenue growth for the company in the coming years [13]. - The report emphasizes the successful trial production of a mixed waste plastic resource utilization project, which is expected to significantly contribute to the company's growth trajectory in the waste recycling sector [14][15]. Group 4: Investment Recommendations - The report recommends a "buy" rating for the company, citing its strong operational barriers, high dividend attributes, and the essential nature of its products, which are expected to benefit from increased consumer demand and cost advantages [11]. - It also suggests that the company’s innovative capabilities and strategic management will enhance its market position and profitability in the long term [10][11].