Core Viewpoint - The recent surge in "horse-themed" stocks in the A-share market is primarily driven by speculative trading rather than fundamental changes in the companies' performance [2][4]. Group 1: Stock Performance - As of September 3, 2023, several "horse-themed" stocks experienced significant price increases, with Feima International (002210.SZ) reaching the daily limit, and Yuma Technology (300993.SZ), Shenma Co., Ltd. (600810.SH), and Yema Battery (605378.SH) rising over 5% [3]. - The stocks listed include a variety of sectors such as environmental protection, electric power, textiles, and chemicals, indicating a broad industry representation [2][4]. Group 2: Market Dynamics - The current "horse" concept speculation is noted to have started nearly six months earlier than previous years, reflecting a shift in market sentiment [2]. - This type of trading is characterized by high market activity driven by liquidity and irrational emotions, rather than intrinsic value or solid fundamentals [4]. - Historical patterns show that similar speculative trading has occurred in the past, with stocks related to zodiac themes experiencing significant price movements [2][4].

Core Viewpoint - The recent surge in "Ma" stocks in the A-share market is primarily driven by speculative trading rather than fundamental changes in the companies' performance [4][5]. Group 1: Stock Performance - On September 3, the A-share market experienced significant fluctuations, but "Ma" stocks saw notable increases, with Feima International (002210.SZ) hitting the daily limit, and Yuma Technology (300993.SZ), Shenma Co., Ltd. (600810.SH), and Yema Battery (605378.SH) rising over 5% [1]. - The performance of "Ma" stocks includes: - Feima International: +9.90% - Yuma Technology: +6.88% - Shenma Co., Ltd.: +5.89% - Yema Battery: +5.26% - Tianma New Materials (838971.BJ): +4.12% - Haima Automobile (000572.SZ): +2.48% [2]. Group 2: Market Trends - The current "Ma" concept speculation is noted to have started nearly six months earlier than previous years, indicating a shift in market behavior [3]. - The "Ma" stocks span various industries, including environmental protection, electric power, textiles, and chemicals, showing a lack of correlation among them [3]. Group 3: Market Analysis - According to economist Song Qinghui, the rise in "Ma" stocks is a typical case of thematic speculation, driven by irrational associations with the zodiac rather than solid company fundamentals [4][5]. - This type of trading reflects a market environment where liquidity and speculative sentiment dominate, similar to previous trends seen with stocks linked to popular themes like the metaverse or ChatGPT [5]. - The recurrence of such speculative behavior suggests that the A-share market remains a battleground for emotions and capital, with investors frequently switching between different themes when substantial positive news is lacking [5].

Investment Rating - Maintain "Buy" rating for the industry [1] Core Insights - The report highlights the growth in the power industry, with a focus on the performance of thermal and hydropower sectors, while nuclear and renewable energy sectors face challenges [48][56] - The carbon trading market is evolving, with significant trading volumes and price fluctuations, indicating a dynamic regulatory environment [29][31] - The report emphasizes the importance of the green certificate system and its impact on renewable energy projects [6][7] Industry News - The National Energy Administration issued 236 million green certificates in July 2025, with 166 million being tradable, reflecting a robust renewable energy project landscape [6] - The Central Government released its first carbon market document, outlining a roadmap for the carbon market's development by 2027 [7] - The Hubei Provincial Development and Reform Commission announced a market-oriented reform plan for renewable energy pricing, effective from October 2025 [10][11] Industry Data Carbon Trading Market Situation - The national carbon market saw a closing price of 72.68 CNY/ton, with a total trading volume of 15.1 million tons in the latest month [29] - Cumulative trading volume from January to August 2025 reached 65.4 million tons, indicating strong market activity [29] Power Industry Related Data - Total electricity consumption in July 2025 reached 1,022.6 billion kWh, a year-on-year increase of 8.6% [31][59] - Cumulative installed power generation capacity reached 3.67 billion kW by the end of July 2025, with solar and wind power showing significant growth rates of 50.8% and 22.1%, respectively [25][37] Performance Overview - The power industry reported a slight revenue decline of 2.2% in the first half of 2025, but net profit increased by 2.6% [48] - Thermal and hydropower sectors showed positive profit growth, while nuclear and renewable sectors faced profitability challenges [52][54] Investment Recommendations and Stock Pool - The report suggests focusing on green electricity and renewable energy sectors, with specific recommendations for leading companies like Longyuan Power and Three Gorges Energy [78][80] - For thermal power, companies with significant coal exposure and stable long-term contracts are recommended, such as Datang Power and Jiantou Energy [80] - Water and nuclear power sectors are highlighted for their long-term investment value, with recommendations for companies like Yangtze Power and China Nuclear Power [80]

Summary of Key Points Core Viewpoint The A-share environmental industry continues to face significant challenges with accounts receivable, which remains a major obstacle to its development, despite efforts to improve collection practices. Group 1: Accounts Receivable Overview - As of June 30, 2025, 115 listed environmental companies reported total accounts receivable of 156.26 billion, averaging approximately 1.3565 billion per company, which is consistent with the end of 2024 figures [1] - The total accounts receivable for 157 A-share environmental companies at the end of 2024 was 213.9 billion, with an average of 1.36 billion per company [1] - The company with the highest accounts receivable is BWS, amounting to 12.3789 billion, a slight decrease from 12.3995 billion in the previous reporting period [1] Group 2: Collection Efforts and Challenges - Since 2025, environmental companies have intensified their efforts to recover accounts receivable, with some taking legal action against large corporate or government clients [2] - Companies like Wande and Jindalai have implemented targeted collection policies and performance evaluation mechanisms to enhance cash recovery [2] - Despite these efforts, companies acknowledge that if the overall economic environment does not improve, there may be risks of bad debts or extended collection periods, adversely affecting operational funding and performance [2]

Market Overview - On September 2, the Shanghai Composite Index fell by 0.45%, with the total margin trading balance at 22,884.52 billion yuan, a decrease of 8.539 billion yuan from the previous trading day [1] - The margin trading balance in the Shanghai market was 11,692.60 billion yuan, down by 2.508 billion yuan; in the Shenzhen market, it was 11,118.61 billion yuan, down by 6.029 billion yuan; and in the Beijing Stock Exchange, it was 73.31 million yuan, down by 179.46 thousand yuan [1] Industry Analysis - Among the industries classified by Shenwan, 14 industries saw an increase in margin trading balance, with the non-bank financial sector leading with an increase of 1.468 billion yuan, followed by the pharmaceutical and biological sector and the non-ferrous metals sector, which increased by 373 million yuan and 250 million yuan, respectively [1] Individual Stock Performance - A total of 1,658 stocks experienced an increase in margin trading balance, accounting for 44.58% of the total, with 362 stocks seeing an increase of over 5% [1] - The stock with the largest increase in margin trading balance was Ruixing Co., with a latest balance of 3.8166 million yuan, an increase of 100.61% from the previous trading day, and its stock price rose by 2.35% [1] - Other notable stocks with significant increases in margin trading balance included Xin'an Clean and Kexin New Materials, with increases of 85.15% and 77.92%, respectively [1] Top Gainers and Losers - Among the top 20 stocks with the largest increase in margin trading balance, the average increase in stock price was 4.67%, with Hengjin Induction, Mankalon, and Xinquan Co. leading with increases of 29.99%, 11.91%, and 10.00%, respectively [2] - Conversely, the stocks with the largest declines included Zhongrong Electric, Haizheng New Materials, and Guangxin Technology, with declines of 7.60%, 6.06%, and 2.94%, respectively [2] Margin Trading Balance Changes - The top 20 stocks with the largest increase in margin trading balance included Ruixing Co. (381.66 million yuan, +100.61%), Xin'an Clean (942.68 million yuan, +85.15%), and Kexin New Materials (731.40 million yuan, +77.92%) [3] - In contrast, the top 20 stocks with the largest decrease in margin trading balance included Henghe Co. (60.06 million yuan, -43.16%), Ningxin New Materials (1,158.41 million yuan, -34.20%), and Zhongshi Consulting (270.81 million yuan, -31.01%) [4][5]

Group 1 - The core viewpoint of the article indicates that the Hong Kong stock market, particularly the dividend sector, experienced a decline last week, with the Hang Seng China Central State-Owned Enterprises Dividend Total Return Index falling by 1.72% and the Hang Seng Index down by 1.00% [1] - The materials sector led the performance among Hang Seng's primary industries, while the healthcare sector lagged behind [1] - Foreign capital continued to flow into the Hong Kong stock market, with a net inflow of 22.2 billion HKD from southbound funds last week, despite a slight outflow of 0.03 million USD from active foreign investments [1][2] Group 2 - The outlook for the Hong Kong stock market suggests a potential easing of liquidity, as the Hong Kong Monetary Authority may not need to continue withdrawing funds due to the appreciation of the HKD against the USD [2] - The anticipated interest rate cuts by the Federal Reserve in September could lead to a flow of US funds into emerging markets, benefiting the Hong Kong stock market [2] - The dividend yield of the Hang Seng China Central State-Owned Enterprises Dividend Index stands at 5.98%, significantly higher than the 4.46% yield of the CSI Dividend Index, with a price-to-book ratio of 0.60 and a price-to-earnings ratio of 6.79 [2] Group 3 - The overall performance of the Hong Kong stock market last week showed a mixed trend, with the broad-based indices reflecting varied sector performances [4] - The recent adjustments in liquidity are viewed as short-term impacts, with the Hong Kong Interbank Offered Rate (Hibor) rising sharply from 0.9% to 3.3% [1][2] - The strong dividend strategy of central state-owned enterprises is expected to continue, supported by a low interest rate environment and a weak economic recovery [2]

| 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 国信证券股份有限公司浙江互联网分公司 | 1530.38 | | | 买二 | 高盛(中国)证券有限责任公司上海浦东新区世纪大道证券 营业部 | 879.12 | | | 买三 | 东方财富证券股份有限公司拉萨金融城南环路证券营业部 | 859.74 | | | 买四 | 中信证券股份有限公司浙江分公司 | 851.19 | | | 买五 | 华鑫证券有限责任公司上海红宝石路证券营业部 | 803.92 | | | 卖一 | 信达证券股份有限公司温州瓯江路证券营业部 | | 2439.62 | | 卖二 | 财通证券股份有限公司杭州上塘路证券营业部 | | 2280.58 | | 卖三 | 华鑫证券有限责任公司深圳益田路证券营业部 | | 2124.06 | | 卖四 | 中信证券股份有限公司杭州凤起路证券营业部 | | 1942.90 | | 卖五 | 机构专用 | | 1792.23 | 德创环保(603177)今日下跌9.09%，全天 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is actively expanding its business through overseas projects and acquisitions, which is expected to enhance its growth trajectory and lead to a potential revaluation of its stock [1][2] - The company has signed multiple overseas waste-to-energy projects, including a significant investment agreement in Kazakhstan, which is projected to contribute to its second growth curve [2] - The acquisition of Renhe Environment has strengthened the company's operational synergies, leading to substantial revenue growth [3] Financial Performance - In the first half of 2025, the company achieved a revenue of 1.478 billion RMB, representing a year-on-year increase of 33.07%, and a net profit of 400 million RMB, up 49.23% year-on-year [3] - The company reported a significant increase in operating cash flow, which rose by 59.81% year-on-year to 724 million RMB, attributed to the acquisition and increased business volume [4] - The company has adjusted its profit forecasts upward, projecting net profits of 785 million RMB, 836 million RMB, and 878 million RMB for 2025, 2026, and 2027 respectively, reflecting a 7% increase in estimates [5] Valuation - The target price for the company's stock has been raised to 19.21 RMB, based on a projected PE ratio of 19.4 times for 2025 [5] - The company is expected to maintain a high dividend payout ratio of at least 50% annually, enhancing shareholder returns [4]

今日早参 2025 年 9 月 02 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日热点 宏观：人民币加速升值，流动性保持宽松 偏低基数和极端天气扰动退坡下，8 月经济高频指标同比稳健；地产成交边 际企稳，部分可能受北京上海地产政策优化和潜在的财富效应提振；居民暑 期出行景气度较高，但以旧换新补贴对汽车消费的支撑边际退坡；外需方 面，8 月港口高频指标显示出口同比或较 7 月放缓。出行及消费方面，7 月 1 日-8 月 23 日全国铁路累计发送旅客数同比+6.4%，8 月国内/国际航班数同比 走高 0.9%/5.3%；8 月 1-24 日，乘用车日均零售销量同比较 7 月的 7%放缓 至 3%。出口方面，高频指标显示 8 月出口同比增速或较 7 月有所放缓。制 造业开工维持韧性：8 月焦化/高炉开工率高于去年同期 3/4.6 个百分点，水 泥开工率同比回落 7.3 个百分点，建筑钢材成交量亦低于去年同期 10.8%。 地产方面，8 月 1-30 日，44 城新房/22 城二手房成交面积同比增速较 7 月的 -19.8%/-6.1 ...

Market Overview - A-shares experienced high volatility in early trading, with key stocks in the computing power sector, referred to as "Yi Zhongtian" (including Xinyi Sheng, Zhongji Xuchuang, and Tianfu Communication), facing profit-taking, leading to a collective decline in their stock prices [1][12] - As of the midday break, the Shanghai Composite Index reported 3844.84 points, down 0.79%, while the Shenzhen Component Index and the ChiNext Index fell by 2.21% and 2.90%, respectively [1] Financing Balance - The A-share financing balance reached a historical high, with a single-day increase of 35.36 billion yuan on September 1, bringing the total to 2280.83 billion yuan, surpassing the previous record of 2266.635 billion yuan set on June 18, 2015 [6] - The top three stocks with net financing purchases on September 1 were BYD, Xinyi Sheng, and Zhongji Xuchuang, each exceeding 1.3 billion yuan in net purchases [8][9] Brokerage Sector - The brokerage sector showed significant movement, with Pacific Securities (601099) rapidly rising to hit the daily limit [3][10] - Analysts noted that the brokerage sector performed well in retail commissions during the second quarter, and with increased market activity expected in the third quarter, the sector's performance may continue to improve [11] Precious Metals Sector - The precious metals sector maintained strength, with the Shenwan Precious Metals Index rising nearly 1% in early trading [19] - Following the recent peak in COMEX gold futures, London spot gold prices also reached a new high of $3508.69 per ounce, surpassing the previous record of $3500.12 per ounce set on April 22 [20][22]