Group 1 - The company announced that it did not implement share repurchase in August 2025 [1] - As of August 31, 2025, the company has cumulatively repurchased 2,710,400 shares, which accounts for 1.9360% of the total share capital [1]

Quantitative Models and Construction Methods 1. Model Name: Coal Industry Profit Forecast Model - **Model Construction Idea**: The model estimates monthly revenue and profit growth rates for the coal industry based on changes in price and capacity factors[10][15] - **Model Construction Process**: 1. The pricing mechanism is determined by the last price index of the previous month, which sets the sales price for the next month[10] 2. The model uses year-on-year changes in price factors and capacity factors to estimate revenue and profit growth rates on a monthly basis[10] - **Model Evaluation**: The model provides a systematic approach to track and predict industry profitability trends, but it is sensitive to price fluctuations and external shocks[15] 2. Model Name: Hog Supply-Demand Gap Estimation Model - **Model Construction Idea**: This model predicts the supply-demand gap for hogs six months in advance based on the relationship between sow inventory and hog slaughter rates[16][17] - **Model Construction Process**: 1. The model assumes a stable proportional relationship between quarterly hog slaughter and sow inventory lagged by six months[16] 2. The formula for the slaughter coefficient is: $ \text{Slaughter Coefficient} = \frac{\text{Quarterly Hog Slaughter}}{\text{Sow Inventory (Lagged 6 Months)}} $[16] 3. The potential supply six months later is calculated as: $ \text{Potential Supply (t+6)} = \text{Sow Inventory (t)} \times \text{Slaughter Coefficient (t+6)} $[17] 4. The potential demand six months later is estimated using historical quarterly slaughter data[17] - **Model Evaluation**: The model effectively identifies hog price cycles but relies heavily on the accuracy of historical slaughter coefficients[17] 3. Model Name: Steel Industry Profit Forecast Model - **Model Construction Idea**: The model predicts monthly profit growth and per-ton profitability for the steel industry by integrating steel prices and raw material costs[19] - **Model Construction Process**: 1. The model incorporates comprehensive steel prices and costs of raw materials such as iron ore, coke, pulverized coal, and scrap steel[19] 2. Monthly profit growth rates and per-ton profitability are calculated based on these inputs[19] - **Model Evaluation**: The model provides a detailed view of profitability trends but may not fully capture external demand-side factors[23] 4. Model Name: Glass and Cement Industry Profitability Tracking Model - **Model Construction Idea**: This model tracks profitability changes in the glass and cement industries using price and cost indicators, and generates allocation signals based on these changes[25] - **Model Construction Process**: 1. The model monitors price and cost indicators to assess profitability trends[25] 2. It incorporates manufacturing PMI and real estate sales data to evaluate macroeconomic impacts on industry expectations[25] - **Model Evaluation**: The model is useful for identifying short-term profitability trends but may be limited by the lag in macroeconomic data updates[26] 5. Model Name: Refining and Oilfield Services Profitability Model - **Model Construction Idea**: This model estimates profit growth and cracking spreads for the refining industry based on changes in fuel prices, crude oil prices, and new drilling activity[27] - **Model Construction Process**: 1. The model calculates profit growth rates using changes in fuel and crude oil prices[27] 2. Cracking spreads are derived from the difference between product prices and raw material costs[27] 3. Allocation signals are generated based on oil price trends and drilling activity[27] - **Model Evaluation**: The model captures key profitability drivers but may not fully account for geopolitical risks affecting oil prices[34][35] --- Backtesting Results of Models 1. Coal Industry Profit Forecast Model - **Excess Return**: The coal industry underperformed the Wind All-A Index by -9.8% in August 2025[10] 2. Hog Supply-Demand Gap Estimation Model - **Supply-Demand Balance**: The potential supply for Q1 2026 is estimated at 19,380 million heads, while the demand is forecasted at 19,476 million heads, indicating a slightly tight balance[18] 3. Steel Industry Profit Forecast Model - **Profit Growth**: The steel industry is predicted to achieve positive year-on-year profit growth in August 2025[23] 4. Glass and Cement Industry Profitability Tracking Model - **Glass Industry**: Profit margins continued to decline year-on-year in August 2025, but the rate of decline narrowed[26] - **Cement Industry**: Profitability slightly declined year-on-year in August 2025[26] 5. Refining and Oilfield Services Profitability Model - **Refining Industry**: Profit growth for August 2025 is predicted to be positive[28] - **Oilfield Services**: Oil prices in August 2025 were lower than the previous year, and drilling activity remained stable, leading to a neutral allocation signal[35]

Choice统计显示，9月1日，沪深两市可交易A股中，上涨个股有3059只，下跌个股有1964只，平盘个股 122只。不含当日上市新股，共有121只个股涨停，7只个股跌停。从所属行业来看，涨停个股主要集中 在医药生物、有色金属、电子、传媒、机械设备、建筑装饰等行业。 （文章来源：证券时报网） ...

Core Viewpoint - The Hong Kong Stock Connect Central Enterprise Dividend ETF Tianhong (159281) will be listed on September 2, 2025, providing investors with a new tool to invest in high-dividend central enterprises within the Hong Kong Stock Connect framework [1]. Group 1: Fund Overview - The fund closely tracks the CSI Hong Kong Stock Connect Central Enterprise Dividend Index, which consists of 50 listed companies controlled by central enterprises, selected for their stable dividend levels and high dividend yields [1]. - The index is weighted by dividend yield and has strict requirements for the sustainability of dividends, with a cap on individual sample weights, focusing primarily on the financial and industrial sectors [1]. Group 2: Top Holdings - The top ten weighted stocks in the index include COSCO Shipping Holdings, Orient Overseas International, China National Freight, PetroChina, CITIC Bank, China Pacific Insurance, CNOOC, China Shenhua Energy, China Unicom, and Sinopec Engineering, collectively accounting for 30.47% of the index as of August 29 [1][2]. Group 3: Investment Strategy and Benefits - The index offers a strategic overlay by allowing mainland investors to conveniently invest in scarce high-dividend central enterprise stocks in the Hong Kong market, avoiding QDII quota restrictions [4]. - Central enterprises exhibit strong operational stability and cash flow, demonstrating resilience during macroeconomic fluctuations [4]. - The index's dividend yield as of August 29 is 5.89%, outperforming the 4.29% yield of the CSI Central Enterprise Dividend 50 Index [4]. Group 4: Market Context - The Hong Kong dividend market continues to benefit from inflows of southbound capital, enhancing the investment value of the Hong Kong Stock Connect Central Enterprise Dividend ETF amid weak economic expectations [4]. - The combination of stable dividends, structural opportunities, and supportive government policies contributes to the attractiveness of this investment vehicle for conservative investors seeking stable cash flow and asset preservation [5].

Group 1 - The State Intellectual Property Office of China has granted a patent for a method and system for constructing three-dimensional models of photovoltaic brackets based on aerial images to China Electric Power Construction Group East Survey and Design Institute Co., Ltd. [1] - China Electric Power Construction Group East Survey and Design Institute Co., Ltd. was established in 1993, located in Hangzhou, with a registered capital of 2,574.63 million RMB. The company has invested in 197 enterprises and participated in 5,000 bidding projects, holding 155 trademark records and 5,000 patent records, along with 254 administrative licenses [1]. - Zhejiang East Engineering Construction Management Co., Ltd., established in 2013 and also located in Hangzhou, has a registered capital of 500 million RMB. The company has invested in 7 enterprises and participated in 932 bidding projects, holding 27 trademark records and 1,185 patent records, along with 107 administrative licenses [1].

Investment Rating - The report suggests a positive outlook for the construction and decoration industry, particularly for undervalued large construction blue-chip stocks [3][10]. Core Insights - The construction industry showed signs of improvement in profitability and cash flow in Q2, despite continued pressure on revenue [1][2]. - The cement industry experienced a significant profit increase, with a notable rise in companies' willingness to raise prices since August [2][36]. - The construction index decreased by 1.27% in the week of August 25-29, while the building materials index increased by 0.53% [3][10]. Summary by Sections Market Review and Summary - The construction index fell by 1.27%, while the building materials index rose by 0.53% during the week of August 25-29 [3][10]. - Year-to-date, the construction index has increased by 7.09%, ranking 23rd out of 29 industries, while the building materials index has risen by 17.91%, ranking 15th [3][10]. Cement Industry Data - In H1 2025, the cement industry achieved a total revenue of 1334.96 billion yuan, a year-on-year decrease of 7.56%, but net profit surged by 901% [2][36]. - The gross profit margin improved by 6.10 percentage points to 22.20%, and the net profit margin increased by 4.86 percentage points to 4.99% [2][36]. Key Company Orders and Valuation - The report emphasizes the importance of focusing on low-growth, low-valuation, and low-holding construction and building materials sectors, particularly large-cap stocks [3][10]. - Recommended stocks include China Railway, China Communications Construction, and China State Construction Engineering [3][10]. Special Debt and Funding Situation - New local government special bond issuance amounted to 1879.79 billion yuan for the week of August 25-29, a decrease of 21.44% week-on-week [22][27]. - Cumulative issuance for 2025 reached 32641.36 billion yuan, an increase of 31.94% compared to the same period in 2024 [22][27]. High-Frequency Data Tracking - As of August 22, 2025, the cement dispatch rate decreased by 0.33 percentage points to 39.81%, while the asphalt plant operating rate fell by 1.40 percentage points to 29.30% [30][34]. - The report indicates a slight recovery in cement demand in southern regions due to reduced rainfall [48][49]. Cement Price Trends - As of August 29, 2025, the national cement market price increased by 0.5%, with notable price hikes in Ningxia and Gansu [36][38]. - The average cement price across the country was 344.3 yuan per ton, with a year-on-year decrease of 9.3% [38][40]. Inventory and Shipping Rates - The national cement industry inventory ratio was 63.6%, a decrease of 1.0 percentage points year-on-year [53][52]. - The average shipping rate for cement companies was 45.6%, with a slight decline of 0.1 percentage points [49][50].

Overall Analysis - In Q2 2025, the overall A-share market experienced a decline in profitability, with a year-on-year growth rate of 1.41% for net profit attributable to shareholders, down from 2.57% in H1 2025 [11][12] - The revenue growth for the entire A-share market in H1 2025 was 0.21%, with Q2 showing a slight improvement to 0.49% [12][19] - The return on equity (ROE) for the non-financial and non-oil sectors stabilized at 6.26% in Q2 2025, indicating a need for further observation regarding upward elasticity [28][31] Industry Analysis - The industries with the highest year-on-year net profit growth in Q2 2025 included comprehensive services (+239.7%), steel (+82.2%), electronics (+27.6%), and electric equipment (+24.6%) [3][24] - The real estate, electric equipment, and defense industries showed improvements in net profit growth compared to Q1 2025 [3][24] - The TMT sector (Technology, Media, and Telecommunications) demonstrated strong performance, with electronics and computing sectors showing significant improvements [3][24] Cash Flow Analysis - Operating cash flow showed a year-on-year improvement in Q2 2025, although overall cash flow levels remained low compared to the past decade [12][19] - The financing cash flow indicated a reduction in corporate debt repayment pressure, while investment cash flow remained stable [12][19] Dividend Distribution - As of August 30, 2025, 813 listed companies had disclosed and implemented dividends, with a total dividend payout of 642.8 billion yuan, reflecting an increase from 2024 [4][25]

Market Overview - The A-share market has reached new highs, with the Shanghai Composite Index surpassing 3674 points, marking its highest level in over a year [1] - The trading volume in the A-share market exceeded 2.1 trillion yuan, indicating strong investor activity [1] - The Shanghai Composite Index has experienced eight consecutive days of gains, leading to concerns among retail investors who sold stocks earlier due to fears of a market correction [1] Investment Sentiment - Analyst Li Daxiao expressed optimism that the Chinese stock market may be entering a "weight bull" phase, indicating a focus on large-cap stocks [3] - Institutional investors are reportedly entering the market, favoring blue-chip stocks as they seek to allocate capital to foundational assets [3] - With bank deposit rates at record lows (below 1.3% annually) and a sluggish real estate market, many investors are turning to the A-share market as a hopeful investment avenue [3] Corporate Investment Behavior - A notable trend has emerged where A-share listed companies are increasingly using idle funds for stock market investments, raising concerns among retail investors [5] - As of now, 57 companies have announced plans to invest over 10 billion yuan of their idle funds into securities, with Liou Co. leading at 30 billion yuan [10][11] - Companies engaging in this trend are primarily from traditional manufacturing sectors such as power equipment, construction decoration, and steel, with most of them being profitable [11] Corporate Confidence and Strategy - Companies may perceive risks in their own industries as too high, opting instead to invest in the stock market, which they view as potentially more lucrative [8] - There is a lack of confidence among companies regarding their ability to generate profits in their core sectors, leading them to seek returns through riskier stock investments [8] - The reliance on stock market investments raises questions about the long-term viability of these companies, as it suggests a lack of faith in their operational capabilities [8]

Core Viewpoint - *ST Jianyi (002789) reported significant declines in revenue and net profit for the first half of 2025, indicating severe financial distress and operational challenges [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.958 billion yuan, a decrease of 28.37% year-on-year [1]. - The net profit attributable to shareholders was -188 million yuan, a staggering decline of 3486.81% compared to the previous year [1]. - In Q2 2025, total revenue was 1.192 billion yuan, down 36.64% year-on-year, with a net profit of -157 million yuan, reflecting a decline of 43874.14% [1]. - The gross margin fell to 4.92%, a decrease of 64.42% year-on-year, while the net margin was -10.13%, down 928.83% [1]. - The total of selling, administrative, and financial expenses reached 231 million yuan, accounting for 11.81% of total revenue, an increase of 39.81% year-on-year [1]. - Earnings per share dropped to -1.18 yuan, a decline of 3483.09% year-on-year [1]. Cash Flow and Debt Analysis - Cash flow from operating activities showed a drastic decline of 1749.31%, indicating reduced cash receipts compared to the previous year [3]. - The company’s cash and cash equivalents increased by 93.60% year-on-year, reaching 1.298 billion yuan [1]. - Interest-bearing liabilities rose by 16.04% to 3.38 billion yuan, raising concerns about the company's debt levels [1]. Business Model and Historical Performance - The company relies heavily on research and marketing for its business model, necessitating a thorough examination of these driving factors [4]. - Historical performance shows a median Return on Invested Capital (ROIC) of 6.65%, with a particularly poor ROIC of -44.54% in 2021 [4]. - The company has reported losses in four out of its eight annual reports since its listing, indicating a pattern of financial instability [4]. Recommendations for Monitoring - Attention is advised on the company's cash flow situation, with a cash to current liabilities ratio of only 25.17% [5]. - The debt situation is concerning, with an interest-bearing debt ratio of 31.14% and negative average operating cash flow over the past three years [5]. - Financial expenses have been consistently high, with negative average cash flow from operating activities over the last three years [5].

Core Viewpoint - In the first half of 2025, A-share listed companies achieved growth in both revenue and net profit, with a total revenue of 34.99 trillion yuan, a slight increase of 0.02% year-on-year, and a net profit of 2.99 trillion yuan, up 2.45% year-on-year [1] Group 1: Financial Performance - Over 77% of listed companies (4,178) reported profits, with nearly 54% (2,908) showing positive net profit growth, including 661 companies with over 100% growth [1] - The top 10 companies by net profit are predominantly from the financial sector, with the "Big Four" banks collectively earning 587.2 billion yuan, each exceeding 110 billion yuan in net profit [4][5] - Among the "Big Four," only Agricultural Bank of China showed positive net profit growth of 2.66%, while the other three banks experienced negative growth [4][5] Group 2: Revenue Highlights - A total of 56 A-share companies reported revenues exceeding 100 billion yuan, with three companies surpassing 1 trillion yuan in revenue [10][11] - The top three companies by revenue are China National Petroleum, China Petroleum & Chemical, and China State Construction, with revenues of over 1.4 trillion yuan each [11][12] Group 3: High Growth Companies - Six companies achieved net profit growth exceeding 100 times, with the highest growth recorded by Wancheng Group at over 500 times, although its net profit was below 500 million yuan [6][8] - The fastest revenue growth was seen in companies from the medical and electronic sectors, with the top two companies achieving over 3,500 times revenue growth [13][14] Group 4: Sector Performance - The consumer and technology sectors showed strong performance, with agriculture, computer, and electronics industries leading in revenue and net profit growth [17][18] - The electronic industry had the highest revenue growth rate at 19.10%, followed by the computer industry at 11.40% [18][19] Group 5: Underperforming Sectors - A total of 1,246 A-share companies reported losses, with 33 companies losing over 1 billion yuan, primarily from the real estate and power equipment sectors [22][23] - Vanke A reported the highest loss of over 11 billion yuan, attributed to decreased project settlement scale and low gross margins [22][23]