Core Insights - The stock of Aowei New Materials has become the first 10x stock in A-shares for 2025, with a peak increase of over 17% and a closing rise of 13.12% on the day of the report [1] - Aowei New Materials has achieved 10 limit-up trading days since July, setting a record for A-shares [1] - The company is a major supplier of environmentally friendly corrosion-resistant resins and is seeking control through a combination of share transfer and tender offer by Zhiyuan Robotics [1] Company Performance - Aowei New Materials was listed on the Sci-Tech Innovation Board in September 2020 and primarily focuses on industrial robots, with its thermosetting resins not widely applied in humanoid robots [1] - Other notable stocks include Shoutai Shen, which has seen a 5x increase due to a rich pipeline of products entering critical clinical trials [1] - ST Yushun has experienced over a 4x increase in stock price, recovering from previous performance declines through management optimization and asset restructuring [1] - United Chemical has also seen over a 4x increase, benefiting from industry prosperity and strong demand growth, leading to improved product pricing and market expansion [1] Market Trends - Since the beginning of 2025, the Shanghai Composite Index has surpassed 3600 points, with 21 stocks increasing by over 2x, entering the "star stock" category [1] - The four highlighted stocks represent different industries but share a common theme of proactive change and continuous innovation driving their growth [1]

L- 丙氨酰 -L- 谷氨酰胺 (Ala-Gln) 是由氨基酸 L- 丙氨酸和 L- 谷氨酰胺组成的二肽。它是一种高度稳定且水溶性的谷氨酰胺，旨在克服游离 谷氨酰胺在溶液中化学不稳定且热敏感的局限性。因此， Ala-Gln 广泛应用于医学营养、运动补充剂以及动物饲料等新兴领域。 丙氨酰 - 谷氨酰胺 全球市场总体规模 据 QYResearch 调研团队最新报告"全球丙氨酰 - 谷氨酰胺市场报告 2025-2031 "显示，预计 2031 年全球丙氨酰 - 谷氨酰胺市场规模将达到 2.2 亿美元，未来几年年复合增长率 CAGR 为 6.1% 。 根据 QYResearch 头部企业研究中心调研，全球范围内丙氨酰 - 谷氨酰胺生产商主要包括协和发酵、赢创、江苏诚信药业、 Fresenius Kabi 、 味之素、济南诚汇双达化工、武汉麦可欣科技、西安立飞生物科技、 Company 9 、 Company 10 等。 2024 年，全球前五大厂商占有大约 86.0% 的市场份额。 就产品应用而言，目前运动营养与补充剂是最主要的需求来源，占据大约 60.7% 的份额。 就产品类型而言，目前酶促合成法是最主要的细分产品 ...

甘草酸二钾是甘草酸的二钾盐。它可以用作调味剂和皮肤调理剂，具有抗过敏和抗炎的特性。在医药、化妆品日化、食品等行业有广泛的应 用。 甘草酸二钾 (DPG) 全球市场总体规模 根据 QYResearch 头部企业研究中心调研，全球范围内甘草酸二钾 (DPG) 生产商主要包括泛植制药、 MAFCO Worldwide 、 Nikko Chemicals 、新疆天山制药工业、 GfN Selco 、青岛泰东制药、江苏天晟药业、陕西富捷药业、青海湖药业、陕西锦泰生物等。 2024 年，全球前五大厂 商占有大约 68.0% 的市场份额。 就产品类型而言，目前化妆品级是最主要的细分产品，占据大约 68.4% 的份额。 据 QYResearch 调研团队最新报告"全球甘草酸二钾 (DPG) 市场报告 2025-2031 "显示，预计 2031 年全球甘草酸二钾 (DPG) 市场规模将达到 0.8 亿美元，未来几年年复合增长率 CAGR 为 7.0% 。 主要驱动因素 技术迭代与产业升级：绿色提取工艺（如酶辅助提取、超临界流体技术）的工业化应用显著降低能耗与污染，在环保政 策 趋 严 背 景 下 形 成 合 规 优 势 ； 膜 ...

Market Overview - On July 28, 2025, A-shares saw collective gains across the three major indices, with the Shanghai Composite Index rising by 0.12%, the Shenzhen Component Index by 0.44%, and the ChiNext Index by 0.96%. The total trading volume in the Shanghai and Shenzhen markets exceeded 1.7 trillion yuan [1]. Innovation Drug Sector - Innovation drug-related ETFs led the market with significant gains, including the Innovation Drug ETF Hong Kong-Shenzhen (159622) rising by 4.10%, and the Hong Kong Innovation Drug 50 ETF (513780) increasing by 4.04% [1]. - A notable announcement from Heng Rui Medicine involved a potential license-out collaboration with GlaxoSmithKline (GSK) worth up to $12.5 billion, covering a clinical-stage respiratory innovation drug and up to 11 non-clinical candidates. This news led to a surge in Heng Rui's stock, reaching a four-year high in A-shares and over 16% increase in H-shares [2]. ETF Performance - The top-performing ETFs included several innovation drug-related funds, with multiple ETFs achieving gains above 3.70% [1]. - Conversely, the energy sector faced declines, with the top ETF, the Sci-Tech Comprehensive Aluminum ETF (589300), dropping by 14.01% [3]. Trading Activity - The trading volume for the Short-term Bond ETF (211360) was the highest at 33.9 billion yuan, followed by the Silver Hua Daily ETF (511880) at 21.0 billion yuan [4]. - The turnover rate for the Benchmark National Bond ETF (511100) was the highest at 552.67%, indicating strong trading activity in this segment [5][6].

Industry Investment Rating - The industry investment rating is "Outperform" and is maintained [2] Core Viewpoints - The report emphasizes the importance of preventing inward competition and focuses on leading chemical companies, particularly in sectors like silicon materials and pesticides. Key companies to watch include Wanhua Chemical, Yangnong Chemical, and Hualu Hengsheng, with a focus on Li Min Co., Ltd. in the pesticide sector [5][6] Summary by Relevant Sections Industry Overview - The closing index for the basic chemical industry is 3782.32, with a weekly high of 3782.32 and a low of 2687.54 [2] - The basic chemical sector has outperformed the CSI 300 index by 2.34 percentage points this week, with a weekly increase of 4.03% compared to the CSI 300's 1.69% [6][19] Stock Performance - Notable stock performances include significant increases for companies such as: - Shangwei New Materials (up 97.37%) - Henghe Precision (up 64.42%) - Poly United (up 52.73%) [7][20] - Conversely, companies like Pioneer New Materials and Dazhongnan experienced declines of 11.67% and 9.90%, respectively [8][22] Commodity Price Movements - Key commodities that saw price increases include: - Chick seedlings (up 53.38%) - Industrial-grade lithium carbonate (up 15.38%) - Battery-grade lithium carbonate (up 15.15%) [9][25] - On the other hand, commodities such as PVDF powder and acrylic acid methyl ester saw declines of 10.34% and 9.47%, respectively [10][27] Key Company Earnings Forecasts and Investment Ratings - Selected companies and their investment ratings include: - Wanhua Chemical: Buy, closing price 63.0, market cap 197.16 billion, 2025E EPS 139.4, PE 14.1 [12] - Yangnong Chemical: Buy, closing price 68.2, market cap 27.63 billion, 2025E EPS 13.8, PE 20.0 [12] - Hualu Hengsheng: Buy, closing price 24.1, market cap 51.06 billion, 2025E EPS 40.5, PE 12.6 [12]

转自：新华财经 云天化大为制氨全球首套深度融合人工智能算法、先进过程控制（APC）与实时优化（RTO）技术的智能煤气化装置自2024年6月28日一次投运成功后已连 续安全运行一年，多项关键指标刷新行业纪录，标志着我国煤化工行业在"双碳"赛道上跑出加速度。 图为：云天化大为制氨办公大楼 零点突破：16个AI模型"接管"复杂工况 "往昔，我们依靠人工紧盯仪表，凭借过往经验来调节阀门，而如今，先进的算法能够在秒级时间内给出最佳解决方案。"大为制氨总经理于最达感慨。 为积极响应国家"双碳"战略目标，加速自身数字化转型进程，云天化大为制氨联合华为、华东理工大学、杭州司南智能等单位，历时18个月攻克气化炉温度 软测量、强耦合变量控制等"卡脖子"难题，自主研发16个AI子模型，实现装置大规模、多变量、强干扰工况下的"一键智控"。 图为：云天化大为制氨厂区一角 效益亮眼：投资回收期不足一年 2025年，锅炉、硫回收、除盐水、尿素等装置APC改造相继验收，锅炉吨蒸汽煤耗降低2.08%，年节标煤6602吨；尿素装置氨耗下降1.51%，年减排二氧化 碳3162吨，各运行指标"亮眼"。 今年上半年，合成氨、尿素、高压蒸汽产量均创建厂 ...

PTA：商品情绪回落预期下，PTA套保或可参与 MEG：宏观驱动明显，MEG跟随宏观波动为主 正信期货聚酯周报 20250728 数据来源：WIND,隆众 成本端：原油因关注美国关税进展及中东地缘关系而延续宽幅波动态势。PX方面，PX供应量将相对平稳， 浙石化200万吨PX装置存在停车预期，需求端PTA新装置投产带来需求增量，国内PX仍处于去库阶段，预 计短期延续偏暖运行。 供应端：PTA：下周，国内供应端维持稳定，装置无新的变化，关注新装置试车情况。乙二醇：下周，乙 二醇供应端国产量平稳，进口货上升，总供应预计增加。 需求端：前期减产、检修装置暂无重启预期，龙头企业亦无明确减产计划，预计下周聚酯供应变动不大。 目前高温天气影响以及国内外需求淡季双重因素下，下游厂商生产积极性下降，原料采购仅刚需，终端 需求偏弱下行，后市来看，织造行业开工率仍然处于低位调整阶段。 策略：PTA：宏观情绪驱动商品整体走势，PTA新装置投产叠加终端表现不佳，供需平衡表持续累库，商 品情绪回落预期下，短期PTA或高位回落，关注新装置试车情况。乙二醇：煤炭价格大幅回落，乙二醇成 本支撑有限，沙特装置重启不顺，国产开工率短期提升有限，供 ...

1.口子窖：控股股东之一拟减持公司不超1.67%股份 口子窖7月20日晚间公告，公司控股股东、实控人之一刘安省拟通过大宗交易方式，减持公司股份不超 过1000万股（占公司总股本的1.67%）。 2024年1至12月份，蓝盾光电的营业收入构成为：仪器仪表制造业占比99.6%，其他业务占比0.4%。 2.蓝盾光电：实际控制人袁永刚拟减持不超过约185万股 蓝盾光电7月21日晚间发布公告称，安徽蓝盾光电子股份有限公司控股股东、实际控制人、董事袁永刚 先生持有公司股份约4420万股（占公司总股本比例为23.94%），计划在减持计划披露之日起15个交易 日后的3个月内以集中竞价交易、大宗交易方式合计减持公司股份数量不超过约185万股（占公司总股本 比例为1%）。 3.蔚来控股增资至111亿 天眼查App显示，蔚来控股有限公司近日发生工商变更，注册资本由约82.57亿人民币增至约111.15亿人 民币。该公司成立于2017年11月，法定代表人为李斌，经营范围包括新能源汽车整车及相关零部件的技 术开发、技术服务、技术转让和技术咨询等，由Nio Nextev Limited、NIO User Enterprise Limit ...

证券研究报告：金融工程报告 发布时间：2025-07-28 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:李子凯 SAC 登记编号:S1340124100014 Email:lizikai@cnpsec.com 近期研究报告 《Kimi K2 发布，秘塔发布国内首个免 费 Deep Research——AI 动态汇总 20250721【中邮金工】》 - 2025.07.24 《ETF 资金净流入红利流出高位医药， 指数与大金融回调有明显托底——行 业轮动周报 20250720》 – 2025.07.21 《大金融表现居前助指数突破，GRU 行 业轮动调入非银行金融——行业轮动 周报 20250713》 - 2025.07.14 《ETF 流入金融与 TMT，连板高度与涨停 家数限制下活跃资金处观望态势—— 行 业 轮 动 周 报 20250706 》 – 2025.07.07 《指数创下年内新高但与题材炒作存 在较大割裂，银行 ETF 获大幅净流入— — 行 业 轮 动 周 报 20250629 》 - 2025. ...

Macro Overview - The overall fiscal data for the first half of 2025 shows a continuous improvement trend in both total and structural aspects, with broad fiscal spending increasing significantly, providing important support for economic growth [2][3] - The general public budget revenue decreased by 0.3% year-on-year, while expenditure increased by 3.4%, indicating a limited fiscal revenue gap [4][6] Industry Insights Food and Beverage: Baijiu Sector - The proportion of heavy holdings in the Baijiu sector by public funds has fallen below the standard allocation level, with a market value of 209 billion yuan, accounting for 2.9% of stock investment [28][31] - Major Baijiu companies are becoming high-dividend stocks, providing support for fund allocation despite a decline in overall holdings [31][30] Chemical Industry - The chemical industry is expected to recover from its cyclical bottom due to the "anti-involution" wave, which aims to eliminate low-price competition and improve product quality [33][34] - Supply-side structural contradictions are anticipated to ease, with capital expenditure growth slowing down, indicating potential for improved profitability in the sector [35][36] Public Utilities: Renewable Energy - The first half of 2025 saw significant growth in renewable energy installations, with wind and solar power showing year-on-year increases of 98.9% and 107.1%, respectively [39][40] - Despite a decline in new installations in June, the overall outlook for renewable energy remains positive, with substantial growth expected in the second half of the year [40][43] Robotics and Energy Storage - The company is positioned as a leader in the reverse Carnot cycle industry chain, with significant growth potential in humanoid robots and energy storage thermal management systems [22][25] - The automotive parts business is also expected to grow rapidly, particularly in the context of the increasing demand for new energy vehicles [24][25]