Group 1 - The article highlights the launch of Covestro's next-generation flame-retardant encapsulation polyurethane foam materials, addressing a critical challenge in electric vehicle (EV) battery safety [1] - China, as the largest EV market, is implementing a groundbreaking national standard GB 38031-2025 for electric vehicle traction battery safety, effective from July 2026, which mandates that batteries must not catch fire or explode even in thermal runaway situations [1] - The new Baysafe® BEF technology aims to minimize thermal propagation between batteries, enhancing safety and addressing consumer trust issues in electric vehicles [1] Group 2 - Covestro's lightweight foam materials provide superior flame-retardant performance, significantly improving battery safety in applications ranging from electric vehicles to portable energy storage systems [1] - In addition to encapsulation foam materials, Covestro offers a wide range of polyurethane-based solutions for EV batteries, including battery covers and damping materials [1] - The introduction of Baysafe® BEF technology further solidifies Covestro's position in the rapidly growing new energy sector, supporting safer and more reliable applications in electric vehicles and portable battery generators [1]

Group 1 - The core viewpoint of the article emphasizes the importance of lightweight technology in robotics, which enhances performance, energy efficiency, and adaptability in various applications, including space exploration and medical surgery [2][6][13]. - Lightweight design significantly reduces energy consumption and improves the operational efficiency of robots, making them more suitable for demanding environments [2][17][21]. Group 2 - The article outlines the acceleration of humanoid robots entering real-world applications, with events like the humanoid robot marathon showcasing their capabilities and highlighting the need for lightweight designs [6][12]. - Lightweight design is crucial for improving the endurance of humanoid robots, as reducing weight directly correlates with increased operational time and efficiency [14][18][23]. Group 3 - The article discusses three main pathways for achieving lightweight designs in humanoid robots: structural optimization, component replacement, and material substitution [28][29][32]. - Structural optimization involves techniques like topology optimization to reduce weight without compromising performance, as demonstrated by the "Tiangong Ultra" robot [29][30][31]. Group 4 - Material substitution is highlighted as a significant opportunity for lightweighting, with materials like magnesium alloys and PEEK being considered for their lower density and superior performance compared to traditional materials [55][58][73]. - The economic viability of magnesium alloys is emphasized, as their cost-effectiveness compared to aluminum alloys makes them a promising choice for large-scale applications in robotics [67][68]. Group 5 - The article notes that the current lightweighting efforts in humanoid robots are still in the early stages, with many manufacturers being startups lacking sufficient resources and expertise [52][54]. - The integration of components into modular designs is suggested as a way to simplify manufacturing and reduce weight, similar to trends seen in the automotive industry [45][49].

据公告，高纯硫化钠符合项目所在地铜陵市及铜陵经济开发区的产业定位和规划要求，能够实现产业园 区化工新材料产业的延链和补链，项目建成投产后，可以充分利用园区内配套的焦炉煤气及蒸汽进行生 产，产品配套铜陵瑞嘉聚苯硫醚项目生产需要，大幅降低生产、运输以及仓储成本，可实现园区产业良 性循环发展。 不同于传统煤粉还原法，赛恩斯的高纯硫化钠生产技术源于其核心环保业务的技术延伸。公司在污酸资 源化处理中研发的硫化氢合成技术，通过氢气与硫磺在特定条件下反应，结合氢氧化钠吸收工艺，可制 备高纯度产品，具有"三废"排放低、原料利用率高、产品纯度超行业标准的优势，契合国家节能环保政 策要求。目前该技术已完成小试、中试及工业化试验，部分产成品已通过下游PPS厂商验证。 7月21日晚间，赛恩斯(688480)发布关于对外投资暨开展新业务的公告，宣布将与铜陵瑞嘉特种材料有 限公司合作，设立控股子公司铜陵龙瑞化学有限公司（下称"龙瑞化学"），建设年产6万吨高纯硫化钠 项目，预计总投资2.1亿元，其中赛恩斯按照65%的股权比例进行出资。 据行业报告，2025年全球硫化钠市场规模将达约130亿美元，年复合增长率4.9%，中国作为全球最大的 硫 ...

广发周观点：增量资金加码入市、稳增长方案即将出台、关注反内卷政策落地 宏观 | 浮出水面的两条政策线索 策略 | 下行风险和上行收益不对称 非银 | 增量资金加码入市，坚定推荐非银板块 电子 | DDR5 渗透提速，AI PCB 蓬勃发展 传媒 | 市监局要求平台企业理性竞争，景气度继续看好游戏与 IP 衍生品 食饮 | 再迎品牌跃迁黄金期 农业 | 黄鸡价格或触底，关注生猪"反内卷"政策落地情况 家电 | 以旧换新政策拉动内销快速增长，出口受关税政策扰动保持韧性 纺服轻工 | 纺织服装与轻工行业数据周报 环保 | 环保资产 RWA 探索，运营数字化价值将重估 电新 | 固态电池凝聚技术共识，加速材料+设备提质升级 建筑 | 雅下水电项目正式开工、重申资源安全逻辑看好矿服民爆板块，反内卷关注高股息化学、国际工 程 煤炭 | 煤焦价格延续上涨，供需面和市场预期向好，板块估值股息具备优势 建材 | 建材稳增长方案即将发布，雅鲁藏布江下游水电工程正式开工 金材 | 稳增长方案将提振金属价格 公用 | 总理出席雅下开工仪式，甘肃容量电价新政超预期 广发 · 周观点 | 7.14-7.20 核心观点 # 增量资金加码入 ...

Market Overview - A-shares experienced a significant increase in trading volume, reaching 1.73 trillion yuan, with major indices mostly rising, and the Shanghai Composite Index surpassing 3550 points [1][2] - The market is characterized by a "weak economic recovery + strong policy support + capital rebalancing" phase, leading to a rotation and differentiation among sectors [1][9] Sector Performance - The construction materials sector surged over 6%, with 22 related stocks hitting the daily limit [3] - Other cyclical sectors such as construction decoration, steel, non-ferrous metals, basic chemicals, and coal also saw gains exceeding 2% [3] - The machinery equipment sector performed well, with 18 related stocks reaching the daily limit [4] Policy Impact - The commencement of the Yarlung Tsangpo River hydropower project, with an installed capacity of 60 million kilowatts and a total investment of 1.2 trillion yuan, has stimulated the market [4] - The National Development and Reform Commission has allocated over 300 billion yuan to support major strategic projects, benefiting the infrastructure industry chain [4] - The Ministry of Industry and Information Technology plans to implement ten key industry growth stabilization plans, further supporting sectors like chemicals [4] Capital Flow - Main capital is shifting from previously high-performing sectors like new energy, consumption, and technology to undervalued cyclical sectors, creating a "high-low switch" effect [1][5] - The banking sector underperformed, attributed to profit-taking and a cooling of policy expectations, leading to significant net outflows [5][6] Future Outlook - The market is expected to maintain a "震荡整理" (oscillating consolidation) pattern in the coming week, awaiting direction [1][9] - Analysts suggest a balanced allocation between cyclical and technology sectors, with a focus on infrastructure and sectors with strong mid-year performance expectations [11]

Group 1 - Haier Air Conditioning's subsidiary terminates investment in a new energy materials project due to economic feasibility concerns stemming from tariff policy adjustments, transportation and exchange rate fluctuations, and intensified market competition [1] - Chengdu XianDao's majority of self-developed new drug projects are in various pre-clinical stages, with significant uncertainty regarding future external transfers [1] - Huafeng Technology plans to raise up to 1 billion yuan through a private placement to fund expansion projects including high-speed line modules and defense connectors [1] Group 2 - Hehe Information expects a revenue increase of 19.15% to 26.13% year-on-year for the first half of 2025, driven by advancements in AI technology and enhanced product competitiveness [2] - Xiamen Tungsten's net profit for the first half of 2025 is reported at 307 million yuan, a year-on-year increase of 27.76%, benefiting from national subsidy policies and increased demand for 3C consumer devices [3] - China Power Construction signed new contracts worth 686.699 billion yuan in the first half of 2025, a year-on-year growth of 5.83%, with energy and power contracts increasing by 12.27% [4] Group 3 - Beilu Zhikong plans to invest approximately 600 million yuan to establish a smart mining driving industrialization base in Nanjing [5] - Zhongshi Technology anticipates a net profit increase of 85.01% to 105.75% for the first half of 2025, driven by recovering market demand in the consumer electronics sector [6] - Yongli Co. intends to establish a joint venture focused on smart pet appliances, with an investment of 2.55 million yuan for a 51% stake [7] Group 4 - Sanquan Foods plans to set up a wholly-owned subsidiary in Hong Kong and invest approximately 280 million Australian dollars to establish a production base in Australia [7] - Yunda Technology's controlling shareholder intends to transfer 10% of the company's shares at a price of 9.01 yuan per share, totaling 400 million yuan [7] - Zhongya Co.'s actual controller plans to reduce their stake by up to 1.27% over the next three months [8] - Delian Group plans to invest up to 60 million yuan of idle funds in securities to enhance cash utilization and returns [9]

证券之星消息，2025年7月21日苏州天脉（301626）发布公告称公司于2025年7月14日接受机构调研，上 海证券、中金证券、西部证券（002673）、上海信托、汇添富基金、中欧基金、平安养老保险、中邮电 子、华安基金、华夏基金参与。 具体内容如下： 问：请简要介绍下，在智能手机领域散热产品的应用情况？ 答：在智能手机领域，根据散热场景热源功耗、散热要求、空间结构等特点，各类散热产品会被单独或 搭配组合使用，传统4G手机通常采用"导热界面材料+石墨膜"组合作为散热方案，在5G手机、中高性能 4G手机等领域，工作功耗及散热要求相对更高，通常采用"导热界面材料+石墨膜+热管/均温板"组合 或"导热界面材料+热管/均温板"组合作为散热方案。 问：公司目前生产基地是如何分布的，未来生产基地将如何规划？ 答：公司当前生产基地位于苏州、浙江嵊州(租赁厂房)及越南北宁(租赁厂房)。嵊州天脉于2024年购置 54亩土地建设自有厂房，目前上述厂房尚处于建设过程中。在现有的生产基地基础上，公司拟购置100 亩土地用于投资建设苏州天脉导热散热产品智能制造甪直基地建设项目。上述项目的建设实施需要一定 的周期，预计短期内不会对公司 ...

当下，新能源汽车的智能化、高端化升级与机器人的产业化浪潮正以前所未有的速度向前发展。在这两 大极具前景的科技赛道上，锦富技术（300128）（300128.SZ）依托其深厚的技术积累与精准的产业卡 位，近期动作频频，展现强劲发展势头。 车规级石墨烯加热产品再获认可 7月21日，锦富技术在深交所互动易平台表示，公司控股子公司苏州英硕生产的车载石墨烯加热垫产品 已应用于尊界车型，供货方式为苏州英硕直接向尊界车型座椅总成供应商供货。 公开资料显示，锦富技术早在2023年就开始布局高性能热管理材料领域。公司通过定向增发募集资金总 额7.38亿元，用于高性能石墨烯散热膜生产基地建设项目及补充流动资金。此外，锦富技术2024年年报 显示，苏州英硕作为国内车规级石墨烯座椅加热技术的先行者，其产品已成功在上汽、吉利、比亚迪 （002594）、通用、小米等车企的核心平台量产应用，石墨烯座椅加热方案主要在中高端车型中应用。 本次成为华为系汽车座椅总成供应商，石墨烯加热产品的质量及认可度进一步提升。 根据Research and Markets的预测数据，2021年全球热管理市场规模约为29.72亿美元，预计到2025年将 增长至 ...

广发证券 资深宏观分析师 王丹 bjwangdan@ gf.com.cn 广发宏观郭磊团队 摘要 第一， 7 月战略性新兴产业采购经理人指数淡季环比放缓，但同比转正，对应放缓斜率小于季节性。 7 月 EPMI 环比下行 1.1 个点至 46.8 ；中观景气面小 幅走弱， 7 个细分行业中仅新材料位于景气扩张区间，景气扩张的行业个数环比减少 1 个。工业淡季对 7 月 EPMI 的扰动较大，历史（ 2014-2024 年） 环比均值为下降 3.9 个点，本月降幅小于季节性平均水平。绝对景气水平高出去年同期 0.7 个点，实现由负（今年 3-6 月同比为负）转正。 第二， 分项指标看，新兴产业供需均小幅下降，"反内卷"下销售价格企稳。（ 1 ） 7 月新兴产业的生产、产品订单、出口订单指标环比分别下降 1.3 、 1.5 和 2.2 个点，出口订单连续 2 个月下滑幅度大于订单和生产指标，与 7 月前两旬"集装箱吞吐量、 TRVSDCVN 中美货船数据同比较 6 月放缓"相互印证 （详见《 7 月经济初窥》）；（ 2 ）产需比保持稳定， 7 月产需比例（生产指标与产品订货指标差值）为 2.2 ，连续 5 个月在 ...

南京聚隆（300644）公告，公司可转债交易价格连续3个交易日(2025年7月17日、2025年7月18日、2025 年7月21日)收盘价格涨幅偏离值累计超过30%，属于可转债交易异常波动的情况。截至2025年7月21日 收盘，"聚隆转债"价格为205.43元/张，债券面值为100元/张，转股价值为205.85元，转股溢价率 为-0.21%。公司及相关人员已核实，近期公共传媒报道了可能与公司相关的信息，但公司目前与时的科 技公司无合作，且控股子公司南京聚隆复合材料技术有限公司营业收入占公司整体营收比例较小。 ...