Group 1 - The core viewpoint of the article highlights the ongoing trends in public fund investments, with a notable shift towards sectors such as telecommunications, biopharmaceuticals, and non-bank financials as of Q2 2025 [3] - As of the end of Q2 2025, the total scale of public funds reached 34.4 trillion yuan, reflecting a quarter-on-quarter increase of 6.76% [3] - Investors continue to favor stable-return bond products, while showing high enthusiasm for commodity and overseas asset allocations; only passive equity fund shares maintained positive growth [3] Group 2 - The tungsten industry is expected to maintain a tight supply-demand balance, with rising prices for tungsten concentrate driven by mining cost increases and supportive policies such as export controls and the construction of the Yajiang hydropower project [4] - The urea industry is anticipated to benefit from the exit of outdated facilities and supply-side reforms, which are expected to enhance industry prosperity [5] - The Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, aims to improve power generation efficiency through a cascade development approach [5] Group 3 - Tesla's Q2 2025 performance showed a year-on-year revenue decline of 11.8% but a quarter-on-quarter increase of 16.3%, reaching 22.5 billion dollars; the gross margin also improved slightly [6] - The company is focusing on the commercialization of Robotaxi operations as part of its growth strategy [6] - The revenue of the reading platform, Yuewen Group, has been influenced by new revenue recognition methods, while its proprietary side has seen profit improvements [6]

Core Viewpoint - The Ministry of Industry and Information Technology of China has announced the approval of the industry standard "Digital Transformation Maturity Assessment for the Petrochemical and Chemical Industry" (HG/T 6346—2025), which will be implemented on February 1, 2026, marking the first digital transformation assessment standard in the petrochemical and chemical sector [1][2]. Group 1 - The standard aims to address the lack of a unified and quantifiable indicator system for assessing the digital transformation status of petrochemical and chemical enterprises, which has hindered the clarity of transformation paths and the overall understanding of the industry's digital capabilities [1][2]. - The digital transformation maturity assessment model includes seven capability domains: organization, technology, data, resources, digital operations, digital production, and digital services, with a total of 30 capability sub-domains [1]. - Enterprises will be classified into five maturity levels, with increasing requirements at higher levels, ranging from clear responsibility systems at level one to enhanced collaboration across the supply chain at level five [1]. Group 2 - The standard includes a general assessment model and specific assessment models for various sub-sectors within the petrochemical and chemical industry, detailing the capabilities and requirements needed to achieve different maturity levels in areas such as digital supply chain, production operations, and environmental management [2]. - This initiative is part of the implementation of the "Digital Transformation Work Plan for the Raw Materials Industry (2024-2026)" and aims to accelerate the digital transformation of the petrochemical and chemical industry by providing tailored assessment indicators and requirements for different sub-sectors [2]. - The next steps involve promoting the application of the standard through training, selecting assessment and consulting institutions, and facilitating the overall digital transformation of the industry [2].

Investment Rating - Industry Rating: Neutral (Maintained Rating) [4] Core Insights - The report emphasizes the progressive policies for the renovation and upgrading of old equipment in the chemical industry, which are expected to redefine cost factors in the sector [2][3] - The old equipment renovation policies are anticipated to optimize supply and stimulate demand, contributing to economic growth [3][2] - The report highlights the need for a systematic approach to manage aging equipment risks and establish a long-term mechanism for aging management in the chemical industry [22][25] Summary by Sections 1. Policy Developments - The Ministry of Industry and Information Technology and other departments have issued notifications to assess old equipment in the petrochemical and chemical industries, with specific guidelines and deadlines for evaluations [10][11][18] - A series of policies have been introduced since 2022 to address safety risks and promote the replacement of outdated equipment [20][21] 2. Old Equipment Capacity Statistics - The report provides statistics on the capacity of chemical sub-industries with equipment over 20 years old, indicating significant portions of production capacity are tied to aging facilities [25][26] - Specific data shows that certain products have a high percentage of production capacity linked to equipment installed before 2005, highlighting the urgency for upgrades [26][27] 3. Evaluation and Assessment - The evaluation process includes assessing the basic conditions of old equipment, safety risks, and compliance with national standards [11][12][18] - The report outlines the need for a comprehensive database of old equipment to facilitate better management and decision-making [19][25]

Group 1: Construction Materials - The central urban work conference emphasized urban renewal and improvement rather than large-scale demolition, focusing on meeting public needs and enhancing existing urban development [1] - The National Development and Reform Commission called for preventing low-level redundant construction and vicious competition, indicating a shift towards high-quality development in the low-altitude economy [1] Group 2: Machinery - Exports to North America continued to decline in June, but the engineering machinery category maintained a high level of prosperity, with excavators, tractors, and mining machinery showing year-on-year growth rates of 22%, 26%, and 23% respectively [2] - Recommendations include关注一拖股份 and 徐工机械 based on the strong performance in the engineering machinery sector [2] Group 3: Non-ferrous Metals - In Q2 2025, the holding ratio of non-ferrous metal heavy stocks increased to 4.3%, with significant increases in rare earths and minor metals [3] - Investment suggestions include 北方稀土 for rare earths, 金诚信 and 紫金矿业 for copper, and 中国宏桥 for aluminum [3] Group 4: Chemicals - The government is expected to promote the elimination of outdated capacity in the petrochemical industry, which could enhance industry competitiveness [4] - The current phase of evaluating the elimination of old chemical production capacity is anticipated to lead to a gradual optimization of supply [4] Group 5: Banking - 常熟银行 reported a 10.1% year-on-year increase in revenue to 6.06 billion yuan and a 13.5% increase in net profit to 1.97 billion yuan for the first half of 2025 [7] - The bank's non-performing loan ratio remains low, and the provision coverage ratio is high, indicating strong resilience in earnings and profitability [7] Group 6: Internet Media - 哔哩哔哩 has significant potential for C-end paid user growth, with a focus on the commercialization of its advertising business and the launch of new gaming products [8] - The company is expected to maintain stable costs while projecting adjusted net profits of 2.15 billion yuan, 3.51 billion yuan, and 4.65 billion yuan for 2025-2027 [8] Group 7: Home Appliances - 海尔智家 is positioned as a leading global home appliance brand, with a notable upward trend in air conditioning operations for 2025 [9] - The company is expected to achieve net profits of 21.5 billion yuan, 24.3 billion yuan, and 27.3 billion yuan for 2025-2027, with a current price-to-earnings ratio of 11, 10, and 9 times respectively [9] Group 8: Electronics - 视源股份 continues to show revenue growth, although net profit forecasts for 2025 and 2026 have been adjusted downwards to 1.048 billion yuan and 1.239 billion yuan respectively [10] - The long-term growth potential remains strong, with a projected net profit of 1.486 billion yuan for 2027 [10] Group 9: Skincare - 林清轩 has established itself as a leading high-end skincare brand in China, with its camellia oil facial essence ranked first in retail sales among all facial essence products for 11 consecutive years [6] - The brand is recognized as the only domestic brand among the top 15 high-end skincare brands in China, according to 灼识咨询 [6]

点击注册小程序 报告摘要 事件： 7月18日，国务院新闻办公室举行新闻发布会，介绍2025年上半年工业和信息化发展情况。工业和信息化部总 工程师谢少锋表示，将实施新一轮钢铁、有色金属、石化、建材等十大重点行业稳增长工作方案，推动重点行 业着力调结构、优供给、淘汰落后产能，具体工作方案将在近期陆续发布。 点评： 一、化工行业稳增长、反内卷政策即将出台，引导行业有序发展 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 我国化工行业于上世纪80年代进入快速发展期，部分上世纪建设的化工装置设备已经运行30年甚至40年以上， 存在设计建设标准和制造水平低、长周期运行后腐蚀减薄、安全保障能力下降等问题，化工老旧装置设备安全 风险进入集中暴露期。我国高度重视设备老化管理，2024年，应急管理部、工信部、国资委、市 ...

Group 1: Non-ferrous Metals Industry - In Q2 2025, the holdings of heavy stocks in the non-ferrous metals sector by actively managed equity funds increased significantly, with notable increases in rare earth and small metal stocks [4] Group 2: Petrochemical Industry - The Ministry of Industry and Information Technology is expected to introduce a growth stabilization plan for the petrochemical industry, which aims to eliminate outdated production capacity and optimize the industry structure [4] - The current phase of eliminating outdated capacity in the chemical industry is in the assessment stage, and its implementation is expected to enhance the overall competitiveness of chemical facilities [4] Group 3: Construction and Building Materials - The Yarlung Zangbo River downstream hydropower station has officially commenced construction, with a total investment of approximately 1.2 trillion yuan, expected to generate substantial construction and material orders [4] - The project, which is six times the investment of the Three Gorges Project, is anticipated to effectively boost infrastructure investment growth in China [4] Group 4: Renewable Energy - The Yarlung Zangbo River downstream hydropower project has a total investment scale of about 1.2 trillion yuan, with an installed capacity of 60 million to 81 million kilowatts, benefiting the "duopoly" in hydropower equipment [5] - The construction of the hydropower project is expected to contribute to incremental orders for the leading companies in the sector, providing strong support for their performance in 2025 [5] Group 5: Textile and Apparel - Lin Qingxuan, a high-end skincare brand, has maintained its position as the top-selling facial oil product in China for 11 consecutive years since its launch in 2014, focusing on natural camellia oil-based skincare solutions [4] - According to a report, Lin Qingxuan ranks first among all high-end domestic skincare brands in China by retail sales in 2024, being the only domestic brand among the top 15 high-end skincare brands [4] Group 6: Banking Sector - Changshu Bank reported a revenue of 6.06 billion yuan for the first half of 2025, representing a year-on-year growth of 10.1%, with a net profit of 1.97 billion yuan, up 13.5% year-on-year [6] - The bank's return on average equity (ROAE) stands at 13.3%, reflecting a slight increase, and it maintains a low non-performing loan ratio with a high provision coverage ratio [6]

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The report highlights that policy changes are expected to drive medium to long-term recovery in the industry, with a continued positive outlook on resource sector performance exceeding expectations [2][9] - The petrochemical sector is anticipated to stabilize growth, with the retirement of outdated facilities likely to enhance industry recovery [9][17] - The report emphasizes the sustained optimism regarding the agricultural resource chain, particularly in the phosphate and potassium sectors, which are expected to maintain a relatively balanced supply-demand situation despite concerns over new capacity releases [9][17] Summary by Sections Price and Price Spread Changes - The report monitors 188 chemical products, noting that the top three price increases were for liquid chlorine (up 21.8%), TDI 80/20 (up 18.8%), and natural gas (up 6.3%), while the largest declines were for D4 (down 9.6%), butane (down 6.7%), and acrylic acid (down 5.0%) [14][18] - The top three price spreads that increased were PTA (up 1103.7%), TDI spread (up 30.1%), and acrylic acid butyl ester spread (up 25.6%), with the largest declines in styrene (down 36.5%), oil head propylene spread (down 36.1%), and polyethylene spread (down 20.8%) [19][18] Industry Recovery Expectations - There is a continuous expectation for industry bottom recovery, driven by policy changes and market dynamics [12] - The report indicates that the petrochemical sector has been in a prolonged low phase, and recent policy adjustments are likely to enhance market expectations for recovery [9][17] Agricultural Resource Sector Outlook - The agricultural resource sector, particularly phosphate and potassium, is expected to remain in a relatively tight supply-demand balance, with traditional agricultural needs and emerging demands contributing to this stability [9][17]

Group 1: Market Overview - The equity market continues to rise, with equity funds showing a net value increase of 3.06%, particularly in the healthcare theme funds which have demonstrated significant performance advantages [2] - Passive funds are seeing a shift, with inflows into financial real estate and dividend-themed ETFs, while large-cap broad-based ETFs are experiencing outflows [2] Group 2: Industry Research - The Yarlung Tsangpo River downstream hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan and an installed capacity of 60-81 million kilowatts, benefiting the "duopoly" in hydropower equipment [4] - The project is expected to generate substantial construction and material orders, significantly boosting infrastructure investment growth in China [5] Group 3: Real Estate Market - As of July 20, 2025, new home transactions in 20 cities totaled 441,000 units, a decrease of 3.5%, while second-hand home transactions increased by 12.8% [6] Group 4: Steel Industry - The expectation for the exit of outdated production capacity has risen, with rebar prices reaching a new high since April 2025, indicating potential recovery in steel sector profitability [8] Group 5: Pharmaceutical Industry - The recent updates on the 2024 medical insurance fund and centralized procurement policies indicate a strong growth momentum for the innovative drug sector, with several companies successfully launching innovative drugs internationally [9] Group 6: Chemical Industry - The Ministry of Industry and Information Technology is set to introduce a stable growth plan for the petrochemical industry, which is expected to optimize the industry structure by phasing out outdated production capacity [10] Group 7: Machinery Industry - The engineering machinery sector is anticipated to benefit from the commencement of the Yarlung hydropower project, with domestic sales recovering and export volumes maintaining growth [10] Group 8: Company Research - The report on Mai Fushi indicates a strong market position due to its comprehensive product matrix and high customer retention, with projected revenues of 2.36 billion, 3.17 billion, and 4.13 billion yuan for 2025-2027 [11]

Core Insights - The event on July 20, 2025, focused on the development of the new materials industry in Guangxi, resulting in 12 signed projects with a total investment of 8.7 billion RMB [1] - Guangxi's non-ferrous metal industry achieved a production value of 393.7 billion RMB in 2024, marking a year-on-year growth of 27.8%, ranking fifth in the country for the production of ten types of non-ferrous metals [1] - The local government is actively inviting enterprises to invest in Guangxi, highlighting the region's advantages in policies, location, resources, and environment [1] Industry Overview - Guangxi has a diverse range of metal mineral resources and a solid industrial foundation in non-ferrous metals, steel, and fine chemicals, making it suitable for developing the new materials industry [2] - The region aims to leverage its geographical and resource advantages to create a new materials industry cluster with regional characteristics and core competitiveness [2] Local Development Initiatives - Baise City is focusing on developing new materials such as aluminum-based, manganese-based, and chemical materials, aiming to enhance the value chain and innovate in non-metallic new materials [1] - The city plans to use the recent signing of projects as a catalyst to deepen the development of high-value-added aluminum materials and expand into the core materials for new energy batteries [1]

Core Viewpoint - The construction of zero-carbon parks is essential for achieving carbon peak and carbon neutrality goals in China, as emphasized by the National Development and Reform Commission, Ministry of Industry and Information Technology, and National Energy Administration in their recent notice [1] Group 1: Zero-Carbon Park Construction - The notice supports regions with conditions to build a number of zero-carbon parks, gradually improving planning, technology, business models, and management standards [1] - The construction of zero-carbon parks is seen as a critical entry point for reducing carbon emissions, particularly in the petrochemical industry, which has a significant share of its activities occurring in industrial parks [2][3] Group 2: Energy Structure and Industrial Adjustment - Adjusting the energy structure and optimizing the industrial structure are crucial for achieving zero-carbon parks, with a focus on developing low-energy, low-pollution, and high-value-added industries [4] - The petrochemical industry has over 700 parks, with more than 50% of the industry's output value generated in these parks, highlighting their importance in the transition to green energy [3] Group 3: Technological Innovation and Management - The successful implementation of zero-carbon parks relies heavily on technological innovation, with a need for advanced applicable technologies and the transformation of scientific achievements into practical applications [4] - Enhancing energy and carbon management capabilities within parks is essential for monitoring and optimizing energy loads [4] Group 4: Participation and Standards - Various stakeholders, including local governments, park enterprises, power generation companies, and third-party energy service providers, are encouraged to participate in the construction of zero-carbon parks [5] - Parks that meet the criteria for national zero-carbon park construction are advised to apply for recognition, with a target year of 2025 for establishing a comprehensive indicator system and construction roadmap [7]