1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report The report analyzes the economic growth, inflation, and related market trends in July 2025, including production, demand, CPI, and PPI indicators, and points out the price changes and influencing factors of various products and industries [4]. 3. Summary According to the Table of Contents 3.1 Economic Growth: Cement Prices Approach Previous Lows 3.1.1 Production: Power Plant Daily Consumption Fluctuates at a High Level - Power plant daily consumption fluctuates at a high level. On July 29, the average daily consumption of 6 major power - generation groups was 882,100 tons, a 0.01% decrease from July 22. On July 22, the daily consumption of power plants in eight southern provinces was 2.18 million tons, a 4.0% decrease from July 15 [4][11]. - The blast furnace operating rate remains at a high level. On July 25, the national blast furnace operating rate was 83.5%, unchanged from July 18; the capacity utilization rate was 90.8%, a 0.1 - percentage - point decrease from July 18. On July 25, the blast furnace operating rate of steel mills in Tangshan was 92.0%, unchanged from July 18 [4][14]. - The tire operating rate shows weak and stable operation. On July 24, the operating rate of all - steel truck tires was 65.0%, a 0.1 - percentage - point decrease from July 17; the operating rate of semi - steel car tires was 75.9%, a 0.1 - percentage - point decrease from July 17. The operating rate of looms in the Jiangsu and Zhejiang regions declined moderately [4][16]. 3.1.2 Demand: Cement Prices Approach Previous Lows - The new - home sales in 30 cities turned negative month - on - month. From July 1 - 29, the average daily sales area of commercial housing in 30 large and medium - sized cities was 201,000 square meters, a 31.4% decrease compared to the same period in June, an 18.8% decrease compared to the same period in July last year, and a 34.7% decrease compared to the same period in July 2023 [4][22]. - The retail sales of the auto market are stable and relatively strong. In July, retail sales increased by 9% year - on - year, and wholesale sales increased by 17% year - on - year [4][23]. - Steel prices maintain resilience. On July 29, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil increased by 2.1%, 0.8%, 0.9%, and 0.9% respectively compared to July 22 [4][30]. - Cement prices approach previous lows. On July 29, the national cement price index decreased by 1.6% compared to July 22, with prices in the East China and Yangtze River regions decreasing by 2.3% and 2.7% respectively [4][31]. - Glass prices corrected. On July 29, the active futures contract price of glass was 1,182 yuan/ton, a 1.7% decrease from July 22 [4][37]. - The container shipping freight index has declined for seven consecutive weeks. On July 25, the CCFI index decreased by 3.2% compared to July 18, and the SCFI index decreased by 3.3% [4][40]. 3.2 Inflation: Pig Prices Weaken 3.2.1 CPI: Pig Prices Weaken - Pig prices weaken. On July 29, the average wholesale price of pork was 20.5 yuan/kg, a 1.2% decrease from July 22 [4][46]. - The agricultural product price index fluctuates weakly. On July 29, the agricultural product wholesale price index decreased by 0.04% compared to July 22. By variety, eggs (+5.1%) > fruits (+1.7%) > mutton (+0.9%) > vegetables (+0.7%) > chicken (+0.4%) > beef (-0.02%) > pork (-1.2%) [4][50]. 3.2.2 PPI: Oil Prices Rise - Oil prices rise. On July 29, the spot prices of Brent and WTI crude oil were 71.6 and 69.2 dollars/barrel respectively, increasing by 2.2% and 6.0% compared to July 22 [4][53]. - Copper and aluminum prices decline. On July 29, the prices of LME 3 - month copper and aluminum decreased by 0.9% and 1.2% respectively compared to July 22 [4][58]. - The month - on - month increase of the domestic commodity index widens. On July 29, the Nanhua Industrial Products Index decreased by 0.8% compared to July 22, and the CRB index decreased by 0.3% [4][58]. - Most industrial product prices rise. Since July, most industrial product prices have increased, with wire rod, cement, and steam coal prices decreasing month - on - month, while other industrial product prices increasing month - on - month, with coking coal and coke having the largest increases. The year - on - year decline of most industrial product prices has narrowed [62].

Group 1 - The core viewpoint of the news is that the National Energy Group has shown significant operational improvements in the first half of the year, with strong coal production and sales, electricity generation, and transportation metrics [1][2] - In the first half of the year, the group achieved coal production and sales of 374 million tons, electricity generation of 580.6 billion kilowatt-hours, railway freight volume of 27.6 million tons, and chemical product output of 13.55 million tons [1] - The group maintains a high average coal production level of 51 million tons per month and holds over 40% market share in the northern port coal market, with electricity generation utilization hours leading the industry [1] Group 2 - The National Energy Group is focused on optimizing its industrial structure, with key projects advancing rapidly, including the high-quality commencement of new wells and the production of thermal power plants [1] - The group has made breakthroughs in new energy bases in Xinjiang and Inner Mongolia, achieving a historical high in new energy indicators with 14.39 million kilowatts obtained and 9.11 million kilowatts put into production [1] - The second half of the year is seen as a critical period for the group to achieve its annual goals, with a focus on stable operations, innovation, investment optimization, management strengthening, and safety assurance [2]

Core Viewpoint - The company is facing significant losses from its subsidiaries, totaling 667 million in the previous year, and there are suggestions for restructuring to improve profitability and reduce debt levels [1] Financial Performance - The company reported losses from three subsidiaries: - Shanxi Chenghe Electric Power: 153 million - Puzhou Thermal Power: 239 million - Linfen Thermal Power: 275 million - The total loss from these subsidiaries amounts to 667 million [1] Strategic Recommendations - An investor suggested that the company should consider selling these loss-making subsidiaries to the parent group or swapping them for renewable energy companies or two million-kilowatt units to enhance profitability and reduce debt [1] Company Response - The company acknowledged the investor's concerns and expressed commitment to strengthening its core business, improving quality and efficiency, and enhancing core competitiveness [1]

截至2025年7月30日收盘，电投产融股价报6.77元，较前一交易日下跌1.02%，成交额2.09亿元。 电投产融主营业务涵盖电力投资与金融服务，涉及绿色电力、并购重组等概念。公司在互动平台表示， 目前重大资产重组事项仍在推进中，尚未完成，后续需通过深交所审核及证监会批准，具体完成时间仍 存不确定性。 风险提示：市场有风险，投资需谨慎。 来源：金融界 ...

Investment Rating - The investment rating for Huaneng International is "Outperform" (maintained) [2] Core Views - The report highlights that the decline in coal prices has significantly improved profitability, and an adjustment in capacity electricity prices is imminent [7] - The company reported a revenue of RMB 112.03 billion in H1 2025, a decrease of 5.7% year-on-year, while the net profit attributable to shareholders was RMB 9.26 billion, an increase of 24.3% year-on-year, exceeding expectations [7] - The report emphasizes the company's ability to leverage falling coal costs to enhance profit margins in thermal power generation [7] - The company is actively expanding its renewable energy capacity, with significant increases in wind and solar installations [7] - The adjustment in capacity electricity pricing is expected to stabilize profitability and enhance the value of thermal power generation [7] - The report projects an increase in net profit for 2025-2027, with corresponding price-to-earnings ratios indicating a favorable valuation [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at RMB 241.48 billion, with a year-on-year decline of 1.7% [6] - The net profit attributable to shareholders is projected to be RMB 13.05 billion in 2025, reflecting a year-on-year growth of 28.7% [6] - Earnings per share are expected to rise to RMB 0.83 in 2025, with a gross margin of 17.2% [6] - The return on equity (ROE) is forecasted to be 8.8% in 2025 [6] - The report indicates a significant improvement in profit margins due to lower coal prices, with thermal power profit per kilowatt-hour increasing by 98% year-on-year [7]

新京报贝壳财经讯 7月30日，长江电力公告，2025年上半年实现营业总收入365.87亿元，同比增长 5.02%；归母净利润129.84亿元，同比增长14.22%。业绩增长主要系2025年1-6月公司六座梯级电站发电 量同比增加所致。公司第六届董事会第四十四次会议决议公告，同意由公司出资建设葛洲坝航运扩能工 程，出资范围为葛洲坝航运扩能工程及与其相关的其他费用，资金来源为自有资金， 出资金额约为266 亿元(可研估算)，最终具体出资金额以国家核定的初步设计概算为依据进一步确认。 （文章来源：新京报） ...

Group 1 - The company Guangzhou Development announced the convening of its 16th meeting of the 9th Board of Directors on July 30, 2025, via a combination of in-person and video conference [2] - The meeting reviewed the proposal regarding the issuance of ultra-short-term financing bonds [2] Group 2 - For the fiscal year 2024, the revenue composition of Guangzhou Development is as follows: coal accounts for 50.72%, pipeline gas for 19.58%, coal power for 10.36%, gas power for 6.75%, and oil products for 4.21% [2]

Core Viewpoint - Changjiang Electric Power (600900.SH) announced the approval of a proposal to invest in the Gezhouba Navigation Capacity Expansion Project, with an estimated investment of approximately 26.6 billion yuan [1] Group 1 - The sixth board of directors' 44th meeting is scheduled for July 30, 2025, to review the investment proposal [1] - The investment will cover the Gezhouba Navigation Capacity Expansion Project and related expenses [1] - The funding will be sourced from the company's own funds, with the final investment amount to be confirmed based on the preliminary design estimate approved by the state [1]

Group 1 - The core viewpoint of the news is that Harbin Hato Investment Co., Ltd. (哈投股份) has experienced a decline in stock price and financial performance as of the first quarter of 2025 [1] - As of July 30, 2025, the stock price of Harbin Hato is 6.9 yuan, down 1.29%, with a trading volume of 449,300 hands and a transaction amount of 310 million yuan [1] - The company's latest financial report shows total operating revenue of 973 million yuan, a year-on-year decrease of 0.85%, and a net profit attributable to shareholders of 119 million yuan, a year-on-year decrease of 16.05% [1] Group 2 - The company has a current ratio of 1.326 and a quick ratio of 1.320, indicating its liquidity position [1] - The asset-liability ratio stands at 70.91%, suggesting a relatively high level of debt [1] - Harbin Hato has made investments in 13 companies and participated in 1,287 bidding projects, along with holding 21 administrative licenses [2]

人民财讯7月30日电，长江电力（600900）7月30日晚间发布业绩快报，2025年上半年实现营业总收入 365.87亿元，同比增长5.02%；归母净利润129.84亿元，同比增长14.22%；基本每股收益0.53元。业绩增 长主要系2025年上半年公司六座梯级电站发电量同比增加所致。 ...