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]

Report Industry Investment Rating - No information provided Core Viewpoints - The passing of the "Big Beautiful" tax and spending bill in the US marks a shift from the "tight fiscal expectation + neutral monetary" phase in the first half of the year to a policy phase of "easy to loosen, hard to tighten." In China, the Central Financial and Economic Commission's meeting has reignited market inflation trading [3]. - The inflation trading this round is not smooth. Overseas, the core is the inflation expectation dominated by currency, while in China, it is the supply - side. Further details of production reduction policies are needed to determine the main line of inflation trading [3]. - Attention should be paid to corresponding commodity sectors. Domestically, the black and new - energy metal sectors are most sensitive to the supply - side. Overseas, the energy and non - ferrous sectors benefit significantly from inflation expectations [4]. - For commodities and stock index futures, it is recommended to allocate long positions in industrial products on dips [5]. Summary by Related Catalogs Market Analysis - In July, a Politburo meeting in China is awaited. In May, domestic investment data weakened, especially in the real estate sector, which may drag down fiscal revenue and the entire real - estate chain. Exports were also under pressure, while consumption showed resilience. China's June manufacturing PMI rebounded, and the CPI turned positive year - on - year, with the core CPI rising 0.7% year - on - year, driven by industrial consumer goods. The PPI decreased 3.6% year - on - year in June, with the decline widening by 0.3 percentage points [2]. - Since July, policies to address low - price and disorderly competition in industries such as photovoltaics, lithium batteries, automobiles, and steel are expected to heat up, and some commodity prices have recovered. The low base of PPI in the second half of 2024 may boost the year - on - year PPI reading in the second half of this year [2]. - The US will impose tariffs ranging from 25% to 40% on imports from 14 countries including Japan and South Korea starting from August 1. The US and Japan will continue tariff negotiations, and the EU aims to reach a trade agreement with the US by August 1. The US Commerce Secretary plans to talk with China in early August [2]. Macro - inflation Trading - The "Big Beautiful" tax and spending bill in the US may increase the US government's debt by $3.4 trillion in the next decade, leading to a shift in US policies. In China, the Central Financial and Economic Commission's meeting has re - heated market inflation trading [3]. - Overseas, the US one - year inflation expectation in June dropped from 3.2% to 3.0%, a five - month low. However, the Fed's path to restarting easing is not smooth, and although the "Big Beautiful" bill has passed, Treasury bond issuance will still absorb market liquidity [3]. - In China, the core of inflation trading is on the supply - side. The 2025 Central Financial and Economic Commission meeting is different from the 2015 one, and more details of production reduction policies are needed to determine the main line of inflation trading [3]. Commodity Sectors - Domestically, the black and new - energy metal sectors are most sensitive to the supply - side. Overseas, the energy and non - ferrous sectors benefit significantly from inflation expectations [4]. - The black sector is still dragged down by downstream demand expectations. The supply shortage in the non - ferrous sector remains unresolved. In the energy sector, the short - term geopolitical premium has ended, and the medium - term supply is expected to be relatively loose. OPEC+ will increase production by 548,000 barrels per day in August, higher than expected [4]. - The EIA expects the Brent crude oil price to be $69 per barrel in 2025 (previously $66). The price of agricultural products has limited fluctuation in the short term due to the absence of weather disturbances [4]. Strategy - For commodities and stock index futures, it is recommended to allocate long positions in industrial products on dips [5]. Important News - The Chinese government supports enterprises in stabilizing employment positions, including expanding the scope of special loans for stabilizing and expanding employment, increasing the proportion of unemployment insurance refunds for enterprises, and allowing enterprises in difficulty to apply for deferred payment of social insurance premiums [7]. - In June, China's CPI turned positive year - on - year after four consecutive months of decline, mainly due to the recovery of industrial consumer goods prices. The year - on - year decline of PPI widened in June, but prices in some industries are showing signs of stabilization and recovery [7]. - Trump has determined that tariffs will be implemented on August 1, 2025. The US and Japan will continue tariff negotiations, and the EU aims to reach a trade agreement with the US by August 1. The US plans to talk with China in early August [2][7]. - COMEX copper futures maintained a 9.6% increase, and Trump intends to impose a 50% tariff on copper. The investigation of the pharmaceutical and semiconductor sectors will be completed by the end of the month [7]. - The US one - year inflation expectation in June dropped from 3.2% to 3.0%, a five - month low, and the three - year inflation expectation remained stable at 3% [7]. - US API crude oil inventories increased by more than 700,000 barrels last week. The EIA expects the Brent crude oil price to be $69 per barrel in 2025 and $58 per barrel in 2026 [7]. - Trump has approved the shipment of more defensive weapons to Ukraine and is considering further sanctions against Russia. He is also considering supporting a new bill for severe sanctions against Russia [7][8].

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]

Core Viewpoint - The company Xingyuan Material, a leading lithium battery separator manufacturer, is planning to go public in Hong Kong to raise funds for overseas expansion, particularly in Malaysia and the United States, while also establishing a research and development center in Singapore [2][3]. Company Overview - Xingyuan Material specializes in lithium battery separators, which are crucial components that prevent physical contact between electrodes and facilitate ion conduction [2]. - The company claims to be one of the few suppliers to all of the world's top ten lithium-ion battery manufacturers, with a projected global market share of 14.4% in 2024, ranking second in the market [2]. Financial Performance - Despite revenue growth, the company's profitability has been declining, with a projected revenue of 3.541 billion yuan in 2024, up 17.52% year-on-year, but a net profit of 364 million yuan, down 36.87% [4]. - The gross profit margin has decreased from 44.8% in 2022 to a projected 28.1% in 2024, with a further drop to 23.6% in the first quarter of this year, attributed to increased market competition and declining average selling prices [3][4]. Market Dynamics - The company aims to expand its overseas production capacity due to a perceived supply-demand gap in the global market for battery separators, driven by the increasing adoption of electric vehicles [3]. - The competitive landscape in the separator industry is expected to intensify, which has already impacted the company's performance [3]. Industry Trends - The trend of "southbound" financing in the lithium battery sector is notable, with eight companies having submitted IPO applications to the Hong Kong Stock Exchange this year, including Xingyuan Material [4][5].

Market Overview - In the first half of 2025, the A-share market showed a differentiated pattern amidst internal and external disturbances, with the total A-share index rising by 5.83% [2][3]. - Small-cap stocks significantly outperformed, with the North Securities 50 index increasing by 39.45% and the Micro Index by 36.41% [2]. Industry Performance - The non-ferrous metals sector led the industry gains with an 18.12% increase, followed by banking at 13.10% and national defense and military industry at 12.99% [5]. - The AI industry chain experienced a resonance due to breakthroughs in DeepSeek technology, with high-dividend sectors like banking and technology growth sectors forming the core market lines [5]. Future Outlook - The focus for the second half of 2025 will be on three main lines: technology self-sufficiency, new consumption, and supply-side clearing [8][20]. - The technology self-sufficiency line is driven by external pressures, such as tariffs and technology blockades, which are pushing domestic industries to upgrade [8]. - The new consumption line is characterized by the rise of Generation Z, shifting consumer focus from product price to experience [13][16]. - Supply-side clearing is seen as crucial for economic recovery, with sectors like industrial metals, lithium batteries, and innovative pharmaceuticals expected to benefit [20]. Key Trends - In the AI and semiconductor sectors, the commercial application of AI models is driving demand for computing power, benefiting domestic GPU and server supply chains [12]. - The new energy sector is witnessing rapid advancements in technologies like TOPCon batteries and 800V electric drive systems, leading to improved profitability for leading companies [12]. - Generation Z's consumption behavior is marked by a focus on emotional value, with trends such as experiential services and the rise of domestic brands gaining traction [18].