Core Insights - Ningbo Jingda achieved stable revenue growth with operating income of 401 million yuan and net profit of 65 million yuan in the first half of 2025 [2] - The company made significant progress in various fields, particularly in heat exchanger equipment and precision presses, with a notable expansion into multiple sectors for microchannel heat exchangers [2][6] Group 1: Capital Strategy and Acquisitions - The company successfully acquired 100% of Wuxi Weiyan's shares, enhancing its competitive edge through synergies in technology and customer resources [3] - Wuxi Weiyan's new orders, over 50% of which were export orders, saw a year-on-year increase of approximately 70%, with significant market performance in North America and emerging markets [4] - The acquisition allows for resource integration in customer channels and technology development, enhancing overall competitiveness and risk resilience [4] Group 2: Product Development and Market Expansion - The establishment of JSMachinery GmbH in Germany aims to leverage local technological resources and enhance brand influence in the European market [5] - The company continues to lead in the heat exchanger equipment sector, with the successful mass production of a three-station fin access machine, improving competitiveness in the market [6] - The automotive thermal management equipment market is expanding, with a projected market size of approximately 16 billion USD by 2028, and the company is enhancing its competitiveness in this sector [7] Group 3: Microchannel Heat Exchanger Applications - Microchannel heat exchangers are extending into diverse fields, including data center liquid cooling, driven by the rapid growth of the digital economy [8] - The company has developed specific air conditioning fin molds for AI data centers, laying the groundwork for entering the high-margin liquid cooling market [8] - The microchannel heat exchanger market in China is expected to reach nearly 20 billion yuan by 2030, with an annual compound growth rate of approximately 10.8%, presenting new growth opportunities for the company [8]

Global Market Overview - The Hang Seng Index closed at 25,177, down 0.37% for the day but up 25.51% year-to-date [1] - The S&P 500 closed at 6,449, down 0.01% for the day and up 9.65% year-to-date [1] - The Shanghai Composite Index rose by 0.85% to 3,728, with a year-to-date increase of 11.23% [1] Industry Insights - The healthcare sector showed resilience, with major life sciences companies reporting better-than-expected performance in 2Q25, leading to upward revisions in annual guidance [5][6] - The pharmaceutical industry is facing pressure on profit margins due to external factors, but major pharmaceutical companies continue to invest in R&D, indicating a stable outlook for innovation [8] - The retail sector in the U.S. demonstrated resilience with a monthly growth rate increase from 0% in the first half of the year to 0.7% in July, indicating strong consumer spending [4] Company Analysis - Tongcheng Travel reported a total revenue of RMB 4.7 billion in 2Q25, a 10% year-on-year increase, with adjusted net profit rising by 18% to RMB 775 million, exceeding expectations [8] - Xtep's sales for the first half of 2025 grew by 7% to RMB 6.8 billion, with net profit increasing by 21% to RMB 913 million, surpassing forecasts [13] - Leap Motor achieved a revenue of RMB 14.2 billion in 2Q25, a 42% quarter-on-quarter increase, marking its first positive operating profit [14] Investment Ratings - Leap Motor is rated as a "Buy" with a target price of HKD 80, reflecting a strong growth outlook driven by new model launches and expanding sales [14] - Xtep maintains a "Buy" rating with a target price of HKD 7.39, supported by robust sales performance and operational efficiency [12] - Tongcheng Travel is also rated as a "Buy," with a target price of HKD 24.00, based on its strong core business performance [8]

Core Insights - National fixed asset investment (excluding rural households) reached 288,229 billion yuan from January to July, showing a year-on-year growth of 1.6% [1] Group 1: Equipment Investment - The "Two New" policies have led to a significant increase in equipment purchase investment, which grew by 15.2% year-on-year, outpacing overall investment growth by 13.6 percentage points, contributing 2.2 percentage points to total investment growth [2] Group 2: Manufacturing Investment - Manufacturing investment has seen a robust increase, growing by 6.2% year-on-year, which is 4.6 percentage points higher than the overall investment growth, contributing 1.5 percentage points to total investment growth. Notably, consumer goods manufacturing investment rose by 10.8%, while equipment manufacturing investment increased by 4.8%. High-tech manufacturing sectors such as aerospace and equipment manufacturing saw investment growth of 33.9% and 16.0%, respectively [3] Group 3: Infrastructure Investment - Infrastructure investment has shown a steady growth of 3.2% year-on-year, exceeding overall investment growth by 1.6 percentage points, with a contribution rate of 43.0% to total investment growth, an increase of 6.0 percentage points from the first half of the year. Key sectors include water transportation (18.9% growth), water management (12.6% growth), and railway transportation (5.9% growth) [4] Group 4: Green Energy Investment - Green energy investment has surged, with the electricity, heat, gas, and water production and supply sector growing by 21.5% year-on-year, contributing 1.4 percentage points to total investment growth. Investments in solar, wind, nuclear, and hydropower collectively increased by 21.9% [5] Group 5: High-Tech Service Investment - High-tech service investment has expanded, growing by 6.2% year-on-year, which is 4.6 percentage points higher than overall investment growth. This sector now accounts for 5.1% of total service industry investment, up by 0.4 percentage points from the same period last year, with information service investment increasing by 32.8% [6] Group 6: Project Investment - National project investment (excluding real estate development) grew by 5.3% year-on-year, surpassing overall investment growth by 3.7 percentage points. Projects with total planned investments of 100 million yuan and above saw a 4.1% increase, contributing 2.3 percentage points to total investment growth. Private sector project investment (excluding real estate) rose by 3.9%, with notable growth in accommodation and catering (19.6%), infrastructure (8.8%), and cultural, sports, and entertainment sectors (8.1%) [7]

今年上半年，在自贸港政策利好推动下，海南省装备制造业稳步提升，风电装备、航空维修等领域获得 多项突破。图为海口空港综合保税区内，某公司的技术团队对一台航空发动机进行"体检"，为下一步维 修做准备。 图片来源：视觉中国 质量和总量，是经济发展中最重要的关系之一。习近平总书记强调："必须统筹好提升质量和做大总量 的关系，夯实中国式现代化的物质基础。"这一重要论断为做好新时代经济工作提供了科学指引和根本 遵循。当前，我国正处在加快转型升级、推进高质量发展的关键阶段，必须辩证认识、科学统筹质量和 总量的关系，坚持以质取胜和发挥规模效应相结合，把质的有效提升和量的合理增长统一于高质量发展 的全过程。 把握住质变与量变的辩证统一关系 经济发展理论强调，经济发展不仅要关注量的增长，更要注重质的提升。"量"通常表现为规模、程度和 速度，量变是这些方面连续的、逐渐的、不显著的变化。"质"通常表现为结构、效率和效益，质变是这 些方面发生的根本性变化、突破性飞跃。二者相辅相成，辩证统一，没有无质的量，也没有无量的质。 因地制宜发展新质生产力需要从"质量跃迁""规模扩大"两端双向发力。新质生产力作为驱动经济高质量 发展的强大动力，其 ...

Group 1 - Jiangsu's power grid reached a historical peak load this summer, with the "super battery" independent energy storage station in Haizhou High-tech Zone ensuring electricity supply for enterprises and residents, dispatching 1.7 million kWh daily since July [1] - The Taizhou Feima Vehicle Parts Co., Ltd. invested 5 million yuan to upgrade automation equipment, achieving full-process automation and a daily output of 45,000 parts, expected to complete last year's total business volume within the first eight months of this year [1] - The Taizhou New Energy Industrial Park was upgraded to a provincial high-tech industrial development zone, focusing on high-end, intelligent, and green development to contribute to the goal of becoming a "trillion-dollar main city" [1] Group 2 - The Taizhou New Energy Industrial Park, established in 2010, transitioned from a traditional park to a modern one under the leadership of the "Jiulong Town + Haineng Group" model, achieving a qualitative upgrade from a municipal park to a provincial high-tech zone [2] - The park aims to build a "main and two special" industrial system, with a focus on new energy as a landmark industry, supporting the growth of equipment manufacturing and smart home industries through technological innovation [2] - The production line of the photovoltaic component junction box project at Shidi Photovoltaic Technology (Taizhou) Co., Ltd. is set to be operational by July 2024, with a rapid construction timeline of 315 days from land acquisition to production [2] Group 3 - Shidi Photovoltaic's Taizhou company, invested by Sichuan Shidi New Energy Co., Ltd., aims for an annual production capacity of 200 GW for photovoltaic component junction boxes, achieving over 95% automation in production processes [3] - The company is positioned to become the highest standard production base for junction boxes in the industry, providing reliable products for efficient photovoltaic systems [3] Group 4 - The Haizhou High-tech Zone has attracted several leading photovoltaic companies, including Jiangsu Longi and Haineng New Energy, covering downstream sectors of the industry chain, achieving "wall-to-wall supply" for industrial support [4] - Companies like Kangqian Machinery and Yulong Technology are leading in their respective fields, with Kangqian holding over 25% market share in precision GIS aluminum alloy castings and exporting to multiple countries [5] - The Haizhou High-tech Zone aims to enhance its development capabilities and foster a competitive ecosystem, focusing on nurturing specialized and innovative enterprises [6]

证券代码：603088 证券简称：宁波精达 公告编号：2025-053 宁波精达成形装备股份有限公司 关于召开2025年第一次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 召开的日期时间：2025 年 9 月 4 日 9 点 30 分 召开地点：浙江省宁波市江北工业园 C 区金山路 377 号公司会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 4 日 至2025 年 9 月 4 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引 ...

Group 1: Stock Recommendations - Geely Automobile is rated as a "Buy" with a target price of HKD 25.00, representing a potential upside of 25%[5] - Li Auto is rated as a "Buy" with a target price of HKD 72.00, indicating a potential upside of 7%[5] - Sany International is rated as a "Buy" with a target price of HKD 8.70, suggesting a potential upside of 22%[5] - Luckin Coffee is rated as a "Buy" with a target price of USD 44.95, indicating a potential upside of 17%[5] - Tencent is rated as a "Buy" with a target price of HKD 705.00, representing a potential upside of 19%[5] Group 2: Performance Overview - The basket of 26 long positions had an average return of 4.7%, compared to the MSCI China Index return of 5.2%[10] - Out of the 26 stocks, 11 stocks outperformed the benchmark[10] - The report includes a total of 26 stocks with varying sectors such as automotive, technology, and healthcare[5]

Core Viewpoint - The company has received five invention patent certificates from the National Intellectual Property Administration of the People's Republic of China, which reflects the important core technology and extension of the company [1] Group 1 - The patents provide strong technical support for the railway track comprehensive inspection instrument products [1] - The recent patent acquisition will not have a significant impact on the company's short-term operations [1] - The patents will help improve the company's intellectual property protection system and enhance its technological innovation [1] Group 2 - The development of these patents is expected to strengthen the company's core competitiveness [1]

Group 1 - The company announced that its subsidiary, Jiangsu Changlong Petrochemical Equipment Co., Ltd., has applied for a credit limit of RMB 30 million from Jiangsu Zhangjiagang Rural Commercial Bank, with a one-year term and the company providing joint liability guarantees [2] - The company plans to apply for a credit limit of RMB 100 million from Bank of China Zhangjiagang Branch, with a one-year term, guaranteed by its wholly-owned subsidiaries [2] - Additionally, the company intends to apply for a credit limit of RMB 100 million from CITIC Bank Suzhou Branch, with a one-year term and a credit guarantee method [2] Group 2 - As of the announcement date, the company's total external guarantees amounted to RMB 1.911 billion, accounting for 87.06% of the latest audited net assets and 47.17% of the total assets [3] - After the board's approval of the external guarantee matters, the total external guarantees will increase to RMB 2.141 billion, representing 97.54% of the latest audited net assets and 52.84% of the total assets [3] - The company and its subsidiaries do not have overdue guarantees and have not provided guarantees for shareholders, actual controllers, or their related parties [3]

Economic Performance - In July, the industrial production and service sectors experienced rapid growth, with the industrial added value of enterprises above designated size increasing by 5.7% year-on-year [1] - The service production index also saw a year-on-year increase of 5.8%, driven by increased tourism during the summer [1] Consumer Goods and Manufacturing - From January to July, retail sales of home appliances and audio-visual equipment increased by 30.4%, while communication equipment retail sales rose by 22.9% due to the "old for new" policy [5] - The equipment manufacturing industry added value grew by 9.9% year-on-year, supported by significant investments in water conservancy and electricity [5] High-tech Manufacturing - The added value of high-tech manufacturing above designated size increased by 9.5% from January to July, indicating steady growth in new driving forces [8] - Emerging industries such as 3D printing, industrial robots, and new energy vehicles showed remarkable growth [8] Economic Outlook - The International Monetary Fund raised its economic growth forecast for China by 0.8 percentage points, with several international investment banks upgrading China's asset ratings to "overweight" [10] - Experts anticipate that macro, meso, and micro policies will further strengthen efforts to stabilize employment, businesses, markets, and expectations [10]