Core Insights - The "14th Five-Year Plan" period has seen a surge in Chinese companies going global, transitioning from "manufacturing exports" to "intelligent manufacturing exports" and from "single operations" to "industry chain collaboration" [1][2] - A total of 3,667 A-share listed companies disclosed overseas business income in 2024, accounting for 68% of A-share companies, with total overseas income reaching 9.52 trillion yuan, a 56.58% increase from 2020 [2] - Manufacturing companies have shown remarkable performance, with overseas income reaching 6.39 trillion yuan in 2024, a 75.42% increase from 2020 [2] Industry Performance - The new growth drivers in foreign trade include new energy vehicles, lithium batteries, and photovoltaics, with companies like Great Wall Motors and Changan Automobile seeing over 600% growth in overseas income compared to 2020 [3] - CATL's overseas income reached 110.34 billion yuan in 2024, growing over 14 times since 2020, with significant investments in Indonesia [3] - The engineering machinery sector has seen overseas income share rise from 11.38% in 2020 to 47.48% in 2024, with major companies like SANY Heavy Industry and Zoomlion contributing over half of their revenue from overseas [3] Strategic Trends - The trend of "industrial chain going overseas" and "ecosystem going overseas" has become prominent, with leading companies enhancing efficiency by leveraging their chain advantages [4] - ASEAN has become China's largest export market, with significant investments in production capacity in Southeast Asia, such as Changan Automobile's new energy vehicle base in Thailand [4] - Latin America is emerging as a new growth area, with companies like BYD and Linglong Tire making substantial investments in Brazil [5] Cross-Border M&A Activity - Cross-border mergers and acquisitions (M&A) have seen a resurgence, with 216 disclosed cases in 2024, a 32.52% increase year-on-year, marking a five-year high [6] - M&A activities are categorized into three types: acquiring overseas brands, core technology acquisition, and channel acquisition, with significant examples in advanced manufacturing and biomedicine [6] Capital Market Developments - In 2025, leading companies in hard technology are accelerating their overseas strategies, with over 50 A-share companies announcing plans to list in Hong Kong [7] - Notable companies like CATL and Hengrui Medicine have successfully listed in Hong Kong, with CATL raising 35.3 billion HKD, the largest IPO globally for the year [7] Future Outlook - Industry experts express optimism about the future of Chinese companies going global, highlighting opportunities in green exports, capacity expansion, and infrastructure projects [10] - The focus on protecting national security and intellectual property while targeting high-end markets is emphasized for companies in high-tech sectors [10]

Group 1 - The upcoming disclosure of mid-year reports by listed companies is expected to become a mainstream market focus, with Zhongyan Chemical set to report on July 15 [1] - Companies with significantly better-than-expected performance, such as Huayin Power with a projected increase of over 40 times in earnings, have seen substantial stock price increases, with a 76.72% rise in July [1] - Investors are advised to focus on companies with sustained earnings growth during the mid-year report season, particularly in sectors like artificial intelligence, biomedicine, machinery, and Huawei's supply chain [1] Group 2 - Investors should pay attention to companies with large absolute net profit increases, while also considering the sustainability of future earnings growth and valuation levels [2] - The market is expected to maintain a slow bull trend in the second half of the year, with a focus on blue-chip stocks in banking, non-bank financials, and high-dividend sectors [2] - Investment strategies should consider three main lines: sectors with mid-year report highlights like gold and technology hardware, high-growth opportunities less affected by economic cycles such as the AI industry, and industries that have achieved supply-side clearing in a mild recovery environment [2]

Core Insights - The European automotive market is experiencing a significant shift towards hybrid vehicles, with plug-in hybrid electric vehicles (PHEVs) leading the growth, marking 2025 as a pivotal year for the industry [1][2][3] Group 1: Market Trends - In May 2025, the market share of hybrid vehicles (including HEVs and PHEVs) reached 43.3%, surpassing traditional fuel vehicles for the first time [1] - PHEV sales saw a robust year-on-year growth of 46.9%, nearly double the growth rate of battery electric vehicles (BEVs) at 25% [1] - The market share of pure electric vehicles is slowly increasing to around 15%, indicating a preference for hybrid solutions among European consumers [1] Group 2: Chinese Automakers' Performance - Chinese automotive brands achieved total sales exceeding 60,000 units in Europe in May 2025, marking an 85% year-on-year increase and a market share rise to 5.4%-5.9% from 2.9% [2][3] - BYD's registrations in the EU and UK surged by 397% in May, leveraging a strategy that combines pure electric and hybrid models to navigate impending tariffs on pure electric vehicles [2] - The export volume of Chinese PHEVs grew by 240% year-on-year in May 2025, significantly outpacing pure electric vehicle exports [3] Group 3: Strategic Shifts - Leading Chinese automakers are shifting focus from product exports to local production and ecosystem development in Europe [4] - BYD announced the establishment of its European headquarters in Hungary, with plans for manufacturing facilities to be operational by 2026-2027 [4] - A collaborative ecosystem for lithium battery production is emerging in Hungary, with major players like CATL and others establishing operations [4] Group 4: Competitive Landscape - European automakers are responding to the rise of hybrids by launching new generations of hybrid models, intensifying competition in the hybrid technology market [3] - Local manufacturers are introducing affordable pure electric models, with new entries priced between €15,000 and €30,000, which could stimulate consumer demand [6] - The market is transitioning into a post-subsidy era, presenting challenges in balancing production costs, supply chain resilience, and stringent carbon emission regulations [6]

Market Overview - A-shares experienced a collective rise on July 10, with the Shanghai Composite Index surpassing the 3500-point mark, closing at 3509.68 points, up 0.48% [1] - The Shenzhen Component Index rose 0.47% to close at 10631.13 points, while the ChiNext Index increased by 0.22% to 2189.58 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 149.42 billion yuan, a slight decrease of 11 billion yuan compared to the previous day [1] Sector Performance - The majority of industry sectors saw gains, with real estate development, engineering consulting services, real estate services, cement and building materials, coal, small metals, diversified finance, and steel industries leading the increases [1] - Conversely, the jewelry, shipbuilding, and manufacturing sectors experienced declines [1] Stock Movement - A total of 2947 stocks rose, with 69 hitting the daily limit up, while 2279 stocks fell, with 14 hitting the daily limit down [1] - The market showed signs of volatility, with significant fluctuations observed during the trading day, particularly in blue-chip stocks such as banks, insurance, and real estate [1] Investment Trends - Market focus on sectors experiencing a turnaround, particularly in photovoltaic, lithium battery, and real estate concepts, with significant price increases in silicon wafer prices ranging from 8% to 11.7% due to upstream silicon material price hikes [2] - Despite positive technical indicators, including a bullish engulfing pattern in the Shanghai Composite Index, the overall buying strength remains insufficient, indicating caution in stock selection is necessary [2] Company Spotlight - Xiangguo's stock performance was notable, with 86 out of 147 stocks rising, including Qidi Pharmaceutical, which hit the daily limit up after a previous gain of over 9% [3] - Qidi Pharmaceutical's main business includes "Guhang Yangshengjing" series products and traditional Chinese medicine, reporting a net profit of -16.26 million yuan for Q1 2025, a year-on-year decline of 96.23% [3] - The company is preparing for a potential change in control due to the auction of 24.47% of shares held by its controlling shareholder, and it has signed a strategic cooperation agreement to develop a traditional Chinese medicine health and wellness tourism base [3]

证券代码：002240 证券简称：盛新锂能 公告编号：2025-038 盛新锂能集团股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 盛新锂能集团股份有限公司（以下简称"公司"）全资子公司盛威致远国际 有限公司（以下简称"盛威国际"）及控股子公司印尼盛拓锂能有限公司（以下 简称"印尼盛拓"）因业务发展需要，拟向汇丰银行（中国）有限公司（以下简 称"汇丰银行"）申请合计不超过 5,000 万美元（含本数，按合同签署日汇率折 合人民币约 35,770.5 万元）综合授信额度，其中 4,000 万美元为盛威国际、印尼 盛拓共用综合授信额度，1,000 万美元为盛威国际、印尼盛拓共用外汇衍生品交 易综合授信额度，期限不超过 12 个月。2025 年 7 月 9 日，公司与汇丰银行签署 了《保证书》，为上述事项提供连带责任保证。 公司分别于 2025 年 3 月 21 日、2025 年 4 月 11 日召开第八届董事会第十八 次会议和 2024 年年度股东大会，审议通过了《关于对下属子公司提供担保额度 预计的议案》，同意公司（含下属子公司） ...

Group 1: "Anti-Involution" Framework - The government has shifted its focus from merely preventing "involution" to a comprehensive rectification of "involution-style" competition, emphasizing the need for industry self-discipline and the elimination of local protectionism [5][6][8] - Recent high-level meetings have highlighted the importance of addressing "involution-style" competition, with specific measures aimed at promoting a unified national market and improving regulatory frameworks [5][6][8] Group 2: Supply-Side Reform Review - The previous supply-side reform focused on reducing excess capacity in traditional industries through administrative measures, while the current "anti-involution" approach aims to mitigate low-price competition in emerging industries using market-oriented methods [2][17] - The supply-side reform from 2015 to 2017 resulted in significant capacity reductions, with over 170 million tons of steel and 1 billion tons of coal capacity eliminated, leading to improved profitability in related sectors [18][19] Group 3: Market Outlook - The current "anti-involution" market is still in the expectation catalysis phase, with industries like photovoltaic and steel showing positive performance, while others like lithium batteries and e-commerce are lagging [2][3] - The report suggests that industries with lower capacity utilization and higher profit pressures are more likely to self-correct, indicating a potential for improvement in sectors such as photovoltaic equipment and construction materials [2][3] Group 4: Industry-Specific Measures - The government is promoting industry self-discipline and innovation, with initiatives encouraging companies to enhance product quality and phase out outdated capacities [7][14] - Specific industries, including photovoltaic, steel, and cement, are being targeted for regulatory measures to curb low-price competition and promote sustainable development [7][14][16]

FICC日报 | 2025-07-10 中国6月通胀数据分化，政策效果待观察 市场分析 7月将迎来国内的政治局会议。5月国内数据好坏参半，5月投资数据整体走弱，尤其是地产边际压力再增，后续或 将拖累财政收入，及整个地产链条；同时出口也略有承压，5月"抢出口"成色一般，叠加美国5月零售销售走弱， 前期需求透支下，后续外需预计将承压；5月仅有消费表现韧性，第三批消费品以旧换新资金将于7月下。国务院 办公厅印发《关于进一步加大稳就业政策支持力度的通知》，进一步加大稳就业政策支持力度。中国6月制造业PMI 有所回升，但主要依赖部分原材料行业回升带动，国内经济企稳基础仍需夯实。中国6月CPI同比转正，核心CPI 同比上涨0.7%，工业消费品推动CPI的复苏；6月份PPI同比下降3.6%，降幅较上月扩大0.3个百分点，连续4个月呈 扩大态势，主要受国际大宗商品价格波动、部分原材料制造业价格季节性下行及出口行业承压影响。7月以来，中 央财经委、工信部等部门再次强调治理企业低价无序竞争，光伏、锂电池、汽车、钢铁等行业"反内卷"政策预期 升温，部分商品价格回暖。此外，2024年下半年PPI的低基数或将对今年下半年PPI同比读数 ...

Group 1 - The Hong Kong stock market indices opened lower, with the Hang Seng Index down 0.11% at 23,865.64 points, and the Hang Seng Tech Index down 0.26% [1] - The recent focus on addressing "involution" competition in various industries aims to eliminate low-price disorderly competition and promote the exit of backward production capacity [1] - Industries such as photovoltaic, lithium batteries, automobiles, and cement are highlighted as areas to watch for potential improvements in supply-demand dynamics due to policy interventions [1] Group 2 - The Hong Kong Stock Connect Automotive ETF (159323) is focused on the Hong Kong automotive sector, featuring a higher proportion of passenger vehicles and new energy vehicle manufacturers compared to similar indices [2] - As of July 9, the index's price-to-earnings ratio (TTM) is 16.78, significantly lower than various A-share automotive theme indices, indicating potential valuation attractiveness [2] - The index includes key players in the intelligent driving industry, aligning with the trends in automotive sector development [2]

Macro Economic Overview - The National Bureau of Statistics reported that the Consumer Price Index (CPI) rose by 0.1% year-on-year in June, while the Producer Price Index (PPI) decreased by 3.6% year-on-year, with a 2.8% decline in the first half of the year compared to the same period last year [5] - The Director of the National Development and Reform Commission stated that the average economic growth rate in China during the first four years of the 14th Five-Year Plan reached 5.5%, with an expected economic increment of over 35 trillion yuan during this period [5] Industry Dynamics - The national marine economy is projected to exceed 10 trillion yuan for the first time in 2024, with related stocks including China COSCO Shipping (601919) and China Shipbuilding Industry (600150) [6] - BYD has launched "L4-level automatic parking," with institutions optimistic about the incremental component opportunities, related stocks include Desay SV (002920) and Bertel (603596) [6] - Since 2025, despite overall revenue pressure on innovative pharmaceutical companies, the export growth rate has turned positive, with related stocks including BeiGene (688235) and Kelun Pharmaceutical (002422) [6] Company Focus - Northern Rare Earth (600111) expects a net profit of 900 million to 960 million yuan for the first half of the year, representing a growth of 1883% to 2015% compared to the same period last year [7] - Shenglong Development (002299) anticipates a net profit attributable to shareholders of 850 million to 950 million yuan for the first half of 2025, a year-on-year increase of 732.89% to 830.88% [7] - Guibao Pet (301498) plans to invest 650 million yuan from its own funds to build an intelligent warehousing and digital sorting center project [7] - Baoming Technology (002992) has developed a fourth-generation composite copper foil product in response to future market demands for high safety and ultra-fast charging in lithium batteries, which has undergone customer sample testing [7] Market Review and Outlook - On July 9, the market opened slightly higher, with the Shanghai Composite Index reaching a peak of 3512 points during the day but closing down 0.13% at 3493.05 points, failing to stay above 3500 points [8] - The Shenzhen Component Index fell by 0.06%, while the ChiNext Index rose by 0.16%, with a total trading volume of 1.51 trillion yuan, an increase of 51.2 billion yuan compared to the previous trading day [8] - Sectors such as diversified finance, cultural media, medical services, banking, and cement materials saw gains, while insurance, non-ferrous metals, shipbuilding, wind power equipment, and semiconductors experienced notable declines [8] - The market is showing increased divergence, with leading sectors lacking sustainability, contributing to cautious buying behavior among investors [8]

Group 1 - Enjie Co., Ltd. expects a loss of 82.65 million to 107 million yuan in the first half of 2025, compared to a profit of 291 million yuan in the same period last year [1] - The primary reasons for the expected loss include a decline in the profit margin of lithium battery separator films, losses in certain business segments, increased overseas operating expenses, and a provision for inventory impairment based on prudence [1] - The company needs to adjust its strategy to cope with intensified industry competition and should focus on subsequent performance improvement measures [1] Group 2 - Tianci Materials has filed a request to withdraw a lawsuit regarding a technical secret dispute, which has been approved by the Hangzhou Intermediate People's Court [2] - The withdrawal of the lawsuit is not expected to have a significant adverse impact on the company's current or future profits, and the company plans to file a new lawsuit based on the situation [2] - The outcome of this case may influence the company's future rights protection strategy, necessitating attention to the progress of new litigation and potential risks [2] Group 3 - Multiple silicon wafer manufacturers have raised their prices, with increases ranging from 8% to 11.7% for different sizes of wafers [3] - The price hike is attributed to the upward pressure from rising upstream silicon material costs, although the demand growth at the downstream level is slowing, raising concerns about market acceptance [3] - The ability to pass on price increases to end-users will test the collaborative capacity of the industry chain, and short-term price negotiations are expected to continue [3]