Macro Strategy - The Federal Reserve did not lower interest rates in June and removed the judgment of higher unemployment and inflation from its statement, indicating a more stagflationary economic outlook [1][11] - The Fed revised down its GDP growth forecast for the US to 1.4% for Q4 2025 and raised the unemployment rate forecast to 4.5%, while also increasing the PCE inflation forecast to 3.0% [1][11] - The dot plot distribution has become more hawkish, with a significant number of officials expecting no rate cuts this year, reflecting concerns over inflation risks [1][11] Industry Analysis - The bus industry showed a year-on-year increase in production and exports in May, with Yutong Bus expected to achieve a net profit of 46.3 billion yuan in 2025, growing at 12% annually [6][16] - Jinlong Automobile is projected to have a significant profit rebound, with net profits expected to reach 4.4 billion yuan in 2025, reflecting a 182% increase [6][16] Recommended Stocks - Liyuanheng is positioned to benefit from the recovery in the lithium battery equipment industry, with a projected net profit of 0.6 billion yuan in 2025, and a corresponding PE ratio of 96 [7][17] - Zhenyu Technology is expected to see a net profit of 4.1 billion yuan in 2025, with a growth rate of 63%, supported by its advancements in precision manufacturing and robotics [8][19] - Xiaogoods City has completed the招商 of its jewelry sector and plans to establish a Hong Kong subsidiary to enhance its cross-border payment ecosystem, with projected net profits of 42.3 billion yuan in 2025 [9][21]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [7][16]. Core Viewpoints - The lithium battery equipment industry is expected to recover, with solid-state batteries creating growth opportunities [7]. - The company is positioned to benefit from the domestic lithium battery production expansion, as major manufacturers restart capacity [8]. - The company is accelerating its overseas expansion, with multiple equipment deliveries to clients in North America, Asia, and Europe [9]. - The company has seen a significant increase in high-margin consumer lithium battery equipment orders, which is expected to improve its operational performance [10]. - The company is advancing its solid-state battery initiatives, having successfully bid for its first complete line of sulfide solid-state battery equipment [11]. - The company reported a turnaround to profitability in Q1 2025, with cost reduction and efficiency measures showing initial results [12][14]. Financial Projections - The company is projected to achieve a net profit of 0.6 billion, 1.3 billion, and 1.6 billion yuan for the years 2025 to 2027, respectively, with corresponding P/E ratios of 96, 43, and 33 [16]. - Revenue forecasts indicate a total revenue of 2.48 billion yuan in 2024, with a significant recovery expected in subsequent years [18]. - The gross margin is anticipated to improve significantly, with consumer lithium battery equipment expected to have a gross margin of approximately 26% in 2024 [10].

Group 1 - The manufacturing PMI in May increased by 0.5% to 49.5%, with high-tech manufacturing PMI remaining above the threshold for four consecutive months at 50.9%, indicating a positive development trend in high-end manufacturing sectors such as electronics and semiconductors [1] - The demand growth in the semiconductor sector is driven by new technologies like AI, particularly in automotive electronics, new energy, and the Internet of Things, which are becoming significant growth drivers for the semiconductor industry [1] - The rise of new technologies such as solid-state batteries and composite current collectors is expected to bring growth opportunities for lithium battery equipment, with 2025 being a critical year for the commercialization of solid-state batteries, leading to a comprehensive upgrade of equipment and a substantial increase in value [1] Group 2 - The Consumer Electronics ETF (code: 561310) tracks the consumer electronics index (code: 931494), which is compiled by China Securities Index Co., Ltd., selecting listed companies related to smartphones, home appliances, and wearable devices from the A-share market to reflect the overall performance of leading companies in the consumer electronics industry [1] - The index focuses on the core industrial chain of the consumer electronics sector, covering sub-sectors such as hardware manufacturing, terminal products, and supporting services, demonstrating significant industry representation and market trend orientation [1] - Investors without stock accounts can consider the Guotai Zhongzheng Consumer Electronics Theme ETF Initiated Link A (014906) and Guotai Zhongzheng Consumer Electronics Theme ETF Initiated Link C (014907) [1]

1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core View of the Report The report focuses on the research of Mannster. The company has multiple business layouts, mainly based on advanced coating technology engineering application capabilities. It aims to promote the industrial application of new materials and build a multi - parallel industrial layout of "new energy + pan - semiconductor", covering sectors such as lithium batteries, pan - semiconductors, energy storage, and robots. Although the company's business in the solid - state battery field has made certain progress, the large - scale application of dry - film manufacturing technology still faces challenges, and the robot business is in the early 0 - 1 investment stage [22][24][25]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - The research object is Mannster, and the reception time is June 17, 2025. The listed company's reception personnel include the board secretary Peng Yalin, the securities affairs representative Xu Bijiu, and the securities affairs specialist Zhou Yuan [16]. 3.2 Detailed Research Institutions - The research institutions include investment companies (such as Ruimin Investment, Shansi Investment), securities companies (such as CICC, GF Securities), fund management companies (such as Boshi Fund, Huaxi Securities), asset management companies (such as Hongsike Asset Management), and other types of institutions [17][18][19]. 3.3 Research Institution Proportion - Investment companies account for 16%, other types account for 33%, securities companies account for 30%, fund management companies account for 16%, and asset management companies account for 5% [20]. 3.4 Main Content Data 3.4.1 Solid - State Battery Field - The company has provided test experiments on dry - film manufacturing and wet - electrolyte thin - coating processes for many domestic and foreign enterprises. In May 2025, it launched a solid - state battery pole piece manufacturing solution at the CIBF exhibition, with a preliminary "wet + dry" product layout. Multiple core products have received orders and are being delivered, and some equipment has met customer requirements [22]. - The company's dry - process equipment has advantages. Based on more than ten years of industrial application experience in wet - coating core components, it has in - depth research on high - uniformity film layer preparation. It started researching dry - film manufacturing technology around 2020, and its self - developed dry - process equipment has years of test and verification data. It has proposed an upgrade plan for lithium - battery equipment using new ceramic materials, developed ceramic products, and has a complete solid - state battery pole piece manufacturing solution with multiple process routes. The electrolyte thin - coating technology can control the dry - film thickness between 1 - 15μm [23][24]. 3.4.2 Robot Business - The company's robot business includes products such as micro - linear electric cylinders, dexterous hands, and electric grippers. The micro - linear electric cylinder has received a small number of sample orders, but it is still in the 0 - 1 early investment stage, and there is great uncertainty in industry development and business expansion [24][25]. 3.4.3 Company Strategy - The company's business layout is based on advanced coating technology engineering application capabilities. It aims to promote the industrial application of new materials, build a multi - parallel industrial layout of "new energy + pan - semiconductor", and implement the strategic positioning of a coating technology platform - type enterprise [25].

Group 1: Company Overview and Investor Relations - The investor relations activity involved 43 institutions, including various funds and securities companies [2] - The meeting took place on June 17, 2025, at the company's conference room in Shenzhen [2] Group 2: Solid-State Battery Technology - The company has made significant progress in solid-state battery technology, offering dry and wet film production processes [3] - At the CIBF exhibition, the company launched a solid-state battery manufacturing solution, including dry powder handling and wet electrolyte coating systems [3] - The company has developed multiple core products in dry and wet processes, with ongoing orders and deliveries [3][4] Group 3: Competitive Advantages and Innovations - The company’s dry film technology faces challenges in large-scale application, but it has a strong foundation in wet coating technology [3] - The company has developed innovative ceramic materials for battery equipment, enhancing durability and corrosion resistance [4] - The electrolyte coating technology allows for a thickness control of 1-15µm, providing a competitive edge [4] Group 4: Robotics Business Development - The robotics segment includes products like micro linear actuators and electric grippers, with initial small-scale orders received [5] - The company is in the early investment phase for robotics, with significant uncertainties in industry development and business expansion [5] Group 5: Strategic Business Layout - The company aims to leverage its advanced coating technology to support various applications, focusing on new material industrialization [6] - The strategic positioning encompasses lithium batteries, semiconductors, energy storage, and robotics [7]

Core Viewpoint - The article highlights the recent developments in the lithium battery equipment sector, particularly focusing on the partnership between Ningde Times and Changan Automobile, and the implications for related companies like Xinyuren. Group 1: Partnership Developments - Xinyuren (688573) recently won a bid for the drying line project for the Ningde Times-Changan Times base, marking a new phase in their joint battery project [1] - The joint venture, Times Changan, was established on June 28, 2023, with Ningde Times holding 51%, Changan Automobile 19%, and Deep Blue Automobile 30% [2] - Times Changan has two production bases, one in Yibin with an investment of 6 billion yuan, and another in Guang'an with a planned investment of 5 billion yuan, aiming for an annual production capacity of 25 GWh [2] Group 2: Production Capacity and Future Plans - Changan Automobile has outlined its capacity planning, with the first phase of Times Changan targeting 25 GWh, and plans to reach a total capacity of 75 GWh by 2026 [3] - The Yibin base is the first smart, digital, and low-carbon factory for Ningde Times and Changan, producing both ternary lithium batteries and lithium iron phosphate batteries [2] Group 3: Xinyuren's Business Performance - Xinyuren has faced challenges in the lithium battery equipment market, with a significant drop in net profit to -63.26 million yuan in 2024, a decrease of 208.41% year-on-year [4] - The company's gross margin decreased to 20.33%, down 6.56 percentage points year-on-year, indicating intensified market competition [4] - To improve performance, Xinyuren is diversifying into solid-state battery technologies and enhancing its manufacturing capabilities through smart factories [4][5] Group 4: Market Trends and Challenges - The lithium battery industry is experiencing structural overcapacity, leading to increased competition and a concentration of orders among leading companies [5] - Despite the challenges, Xinyuren aims to accelerate new product commercialization and improve existing product margins as a priority for 2025 [5]

固态电池获政策大力支持，终端车企如宝马、丰田积极推进，部分已进 入路试阶段。宁德时代、青岛金王等电池厂也在搭建固态产线，中试线 预计年中逐步拉通，预示产业链加速发展。 固态电池技术路线逐步采用干法方案，生产工艺对设备提出新需求，如 高压化设备，带动相关设备盈利。干法电极制造设备（包括混合设备） 是未来明确趋势，高压致密化、电解质与极片复合及封装工艺是关键。 固态电池应用场景广泛，包括低空领域、人形机器人、新能源汽车及储 能等。低空领域因价格敏感度较低，有望率先落地，其他领域亦具潜力， 推动固态产线发展，打开市场空间。 干法制备技术在固态电池生产中至关重要，涉及纤维化、滚压、叠片及 高压致密化等环节。干法混合、电极制造、高压致密化等关键步骤提升 产线价值，解决界面结合问题，为全固态电池大规模生产提供支持。 固态电池生产设备在前、中、后道工序均有显著变化。前道工序新增纤 维化、混合等设备需求，滚压机价值量大幅提升。中道工序叠片机需求 增长，后道工序化成分容环节涉及高压化处理，设备需求增加。 Q&A 固态电池加速落地过程中设备环节的变化有哪些？ 固态电池加速落地过程中，设备环节发生了显著变化。首先，从政策层面来看， ...

Investment Rating - The report maintains an "Overweight" rating for the engineering machinery and oil service equipment sectors [1] Core Insights - The oil service equipment sector is experiencing rapid growth in exports to the Middle East, driven by China's increasing foreign investments in energy projects, with a projected total investment of $50.28 billion from 2020 to 2024 in six countries [2][21] - The engineering machinery sector shows a mixed outlook, with a decline in domestic excavator sales but a recovery in non-excavator sales and exports, indicating undervalued investment opportunities [3] - The trend towards lightweight humanoid robots is accelerating, with increased application of magnesium alloys and PEEK materials, enhancing performance and efficiency [4][27] Summary by Sections Oil Service Equipment - China's foreign investment in energy projects in the Middle East is expected to reach $50.28 billion from 2020 to 2024, with oil and gas projects accounting for $29.15 billion [2][21] - Leading companies like Jerry and Neway have seen explosive growth in orders from the Middle East, with Jerry's orders expected to double in 2024 [2][23] - The Middle East oil service market is projected to be worth over $100 billion, with significant growth potential for Chinese companies [2][21] Engineering Machinery - In May 2025, excavator sales reached 18,202 units, a year-on-year increase of 2.12%, with domestic sales declining by 1.48% [3] - Non-excavator machinery sales are recovering, with significant year-on-year increases in sales of road rollers and pavers [3] - The sector is currently undervalued, presenting investment opportunities as export sales continue to support overall performance [3] Humanoid Robots - Lightweight design is becoming a core focus for humanoid robot manufacturers, utilizing materials like magnesium alloys and PEEK to reduce weight and improve performance [4][25] - Magnesium alloy's density is only two-thirds that of aluminum, offering advantages in strength and processing, while PEEK materials are expected to see increased application as costs decrease [26][27] - Investment opportunities in magnesium alloy die-casting and PEEK materials are highlighted, with specific companies recommended for attention [5][28] Forklifts and AI in Logistics - The integration of AI in logistics is driving the transformation towards automation, with a focus on unmanned forklifts and smart logistics solutions [6] - Key players in the forklift industry are forming strategic partnerships to enhance their technological capabilities and market reach [6] Lithium Battery Equipment - The lithium battery equipment sector is expected to benefit from the expansion of major players like CATL, with significant investments in new production facilities [10][30] - The report emphasizes the importance of solid-state battery technology as a future growth area, with companies like Xian Dao Intelligent positioned to capitalize on this trend [10][30] Investment Recommendations - The report suggests focusing on companies in the magnesium alloy die-casting sector such as Xusheng Group and Baowu Magnesium, as well as PEEK material companies like Zhongyan Co. and Watte [5][28]

Investment Rating - The industry investment rating is "Overweight" [3][22]. Core Viewpoints - The report highlights the successful listing of Circle, marking it as the first public stablecoin company, with its stock price increasing nearly 2.5 times since its IPO, leading to a market capitalization of approximately $23.8 billion [6][7]. - The stablecoin market has seen explosive growth, with its total size increasing from $20 billion in 2020 to $246 billion by May 2025, alongside a 598% increase in trading volume [6][7]. - The report emphasizes three main growth themes: Blockchain + Fintech, New Energy + RWA (Real World Assets), and Cross-Border Payments [6][7]. Summary by Sections Recommended Companies - Key recommendations include companies such as Xinjie Electric, Beite Technology, Hanwei Technology, Zhaowei Electromechanical, Hengli Hydraulic, and Nuwei Co., Ltd. [4]. Industry Focus: Humanoid Robots - The humanoid robot industry is expected to see a cumulative demand of approximately 2 million units by 2030, currently in a critical breakthrough phase [5][6]. - The report suggests focusing on Tier 1 and core component suppliers within this sector [6]. Industry Focus: Photovoltaic Equipment - The penetration rate of N-type photovoltaic technology is accelerating, enhancing the competitiveness of leading companies [17]. - The report recommends companies like Maiwei Co. and Jiejia Weichuang for their technological innovations and customer bases [17]. Industry Focus: Energy Storage - Energy storage is essential for building a new type of power grid, with favorable policies boosting industry growth [17]. - Leading companies in battery, inverter, and integration segments are highlighted as key investment opportunities [17]. Industry Focus: Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a growing share from mainland China [17]. - The report suggests focusing on platform companies and domestic replacements that are expected to break through quickly [17]. Industry Focus: Automation - The market for industrial consumables is around $40 billion, expected to reach $55.7 billion by 2026, with leading companies benefiting from increased concentration and import substitution [17][18]. Industry Focus: Hydrogen Energy - Green hydrogen aligns with carbon neutrality goals, with rapid development in photovoltaic and wind energy laying the foundation for hydrogen production [17]. Industry Focus: Engineering Machinery - The report recommends focusing on leading companies with product, scale, and cost advantages in the engineering machinery sector [17][18].

Core Viewpoint - The solid-state battery technology is emerging as the next frontier in battery innovation, driven by the limitations of liquid batteries and the increasing demand for higher energy density and safety [1][2]. Industry Overview - The solid-state battery sector is gaining traction, with significant interest from large capital investors following the introduction of new national standards for power batteries in April [2]. - Recent industry events, such as the Solid-State Battery Summit and the International Solid-State Battery Technology Conference, are expected to stimulate market interest and investment [2]. Company Analysis - **Li Yuanheng**: Recognized as a concept pioneer in solid-state battery equipment, but faces challenges with production speed and delivery. The company reported a significant loss of 1 billion in 2024 and is undergoing internal restructuring due to talent loss [3][4]. - **Xian Dao Intelligent**: A leader in traditional liquid lithium battery equipment, claims to have full solid-state production capabilities. However, it relies on imported core equipment and has faced quality issues, leading to extended order fulfillment timelines [3][4]. - **Hai Mu Xing**: The first company to deliver solid-state battery equipment and achieve commercial validation of its technology. It has a strong competitive edge with proprietary lithium metal interface treatment technology and has secured over 10 billion in orders [4][5]. Market Dynamics - The market has misjudged the capabilities of Li Yuanheng and Xian Dao Intelligent, which are currently under scrutiny for their technical and production capabilities. In contrast, Hai Mu Xing's early industrialization advantage positions it favorably despite short-term performance pressures [5]. - The solid-state battery industry is expected to follow a pattern of "equipment first, materials follow, vehicle deployment," with a predicted peak in equipment bidding between 2025 and 2026 [6]. Companies with mature production capabilities and core technology are likely to lead the upcoming industry upgrade and benefit from significant valuation premiums [6].