Investment Rating - Industry investment rating: Overweight [1] Core Viewpoints - The advanced manufacturing industry is experiencing accelerated commercialization, particularly in the robotics sector, with significant developments and investments [1][2] - The humanoid robot industry is highlighted as a key area for tracking, with a projected global cumulative demand of approximately 2 million units by 2030, indicating a critical breakthrough phase [4][20] - The report emphasizes the importance of strategic partnerships and investments in enhancing competitiveness within the intelligent robotics sector [9] Summary by Relevant Sections Humanoid Robots - Recent developments include strategic investments in companies like Zhiyuan Robotics, which received backing from Charoen Pokphand Group to explore various verticals [4][9] - The report notes that the humanoid robot industry is entering a production phase, with companies like Ubiquiti Technology expecting to deliver over 300 units of their humanoid robot this year [13][20] Key Stock Recommendations - Recommended stocks include Sanhui Electric, Jingpin Special Equipment, Xinjie Electric, Beite Technology, Hanwei Technology, Zhaowei Electromechanical, Hengli Hydraulic, and Nuwei Co., among others [2][4] Industry Trends - The report identifies several key trends across various sectors: - Photovoltaic equipment is seeing increased penetration of N-type technology, enhancing the competitiveness of leading companies [22] - Energy storage is becoming essential for new grid construction, with favorable policies boosting industry growth [22] - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic alternatives [24] - Automation and industrial consumables are expected to grow significantly, with a market size projected to reach 55.7 billion by 2026 [24] - Hydrogen energy is gaining traction, with green hydrogen aligning with carbon neutrality goals [22][24]

Group 1 - The Yarlung Tsangpo River downstream hydropower project has commenced, with a total investment of approximately 1.2 trillion yuan [3][4] - Five sectors are expected to benefit from the project: main construction, cement and building materials, civil explosives, foundation treatment, and transportation infrastructure [4] - China Energy Construction Corporation holds over 30% market share in the hydropower construction sector, while Tibet Tianlu is a leading local cement and building materials company [4] Group 2 - The stock prices of companies related to the humanoid robot sector have surged, with Weisheng New Materials achieving an eight-day consecutive rise [5][6] - Utree Technology, a profitable company in the industry, has initiated IPO counseling, attracting significant attention [5][6] - The AI chip and server supply chain is gaining interest, with projections indicating the AI chip market could exceed $400 billion by 2027 [7] Group 3 - The London Metal Exchange saw increases in copper, aluminum, zinc, and tin prices, indicating potential opportunities in the non-ferrous metal sector [7] - Solid-state battery technology is gaining traction, with market focus on oxide routes and dry process equipment-related stocks [8]

Group 1 - China's economy shows strong growth in high-tech manufacturing, with an increase of 9.5% in value added for large-scale high-tech manufacturing in the first half of the year [2] - Strategic emerging service industries also saw significant growth, with revenues increasing by nearly 10% from January to May [2] - The innovation-driven development strategy is gaining momentum, enhancing the vitality of innovation and driving economic growth [2] Group 2 - Traditional industries are undergoing upgrades, with companies like Xiangtan Steel focusing on high-end and specialty steel products to capture market demand [3][4] - The integration of advanced technologies such as AI and 5G in industries like coal mining is improving safety, efficiency, and environmental sustainability [5] - Companies are increasingly adopting innovative technologies to enhance productivity and reduce training times, as seen in Suzhou Huazhan Aerospace Electric Co. [5] Group 3 - The development of compound semiconductor industries is crucial, with companies like Huagong Technology achieving breakthroughs in laser wafer cutting equipment [6][7] - Innovation is essential for industries to withstand risks and enhance resilience, with a focus on addressing critical technological challenges [8] Group 4 - The transformation of scientific achievements into productive forces is accelerating, with companies like Xihai Biotechnology rapidly moving from research to industrial production [9] - Over 77% of R&D investment in China comes from enterprises, highlighting the importance of market-driven innovation [9] Group 5 - New industries are gradually emerging, with a focus on sectors such as marine technology and hydrogen energy, as demonstrated by the launch of China's first offshore CCUS project [12] - The development of new materials, such as high magnesium lightweight aluminum, is key to enhancing competitiveness in various fields [15] Group 6 - Private enterprises are becoming increasingly active in innovation, with sectors like integrated circuits and artificial intelligence seeing significant growth [16][17] - Foreign investment is shifting towards innovation-driven projects, as evidenced by new R&D facilities established by companies like Siemens in China [18] Group 7 - Continuous innovation efforts are supported by a robust talent pool, with China leading globally in the number of R&D personnel and STEM graduates [22] - The integration of education, technology, and talent development is crucial for fostering innovation and high-quality growth [21]

人形机器人产业爆发，7家核心企业中报预增 近期人形机器人赛道火热，优必选等企业已迈入小批量交付阶段。政策与资本共振，技术成本双突破， 应用场景加速落地。2025年全球市场规模预计突破5000亿元，中国有望占半壁江山。根据中报预告，筛 选出金田股份、远东股份等7家核心企业，它们在硬件、软件、场景层各有优势，投资价值凸显。详情 >> 美众议院通过加密货币法案，加密市场全线大涨 当地时间7月17日，美国众议院通过稳定币监管法案《天才法案》，还通过了范围更广的加密货币市场 结构法案《清晰法案》。受此消息影响，加密货币市场全线大涨，以太坊突破3600美元/枚，过去24小 时近16万人爆仓，爆仓总金额达5.87亿美元。中信期货认为稳定币或提振美元资产需求，但需警惕金融 稳定风险。详情>> 美联储官员发声，7月降息预期升温 美联储理事沃勒当地时间7月17日表示，美联储应在7月会议上降息25基点。他认为美国经济增长放缓， 就业市场面临风险，关税对通胀影响有限。此外，旧金山联储行长Daly也认为美联储不应等待太久才降 息。市场对7月降息的预期升温，但美联储内部对经济形势判断和政策节奏把握存在争议。详情>> 特朗普关税政策引发全 ...

Core Insights - The industrial added value of large-scale industries in China grew by 6.4% year-on-year in the first half of the year, demonstrating strong resilience following a good start in the first quarter [1] - The manufacturing added value accounted for 25.7% of GDP, remaining stable [1] - Key industries such as electrical machinery, automobiles, electronics, general equipment, chemicals, and non-ferrous metals showed rapid growth, contributing significantly to the overall industrial growth [1] Group 1: Industrial Performance - In the first quarter and second quarter, the industrial added value grew by 6.5% and 6.3% year-on-year, respectively, building on a high base from the previous year [1] - The contribution rates of equipment manufacturing and high-tech manufacturing increased, with their added values reaching 35.5% and 16.4% of large-scale industries, respectively [1] - Profits in industries such as electronics, electrical machinery, and general equipment grew by over 10% [1] Group 2: Regional Contributions - All 31 provinces reported growth in industrial added value, with provinces like Fujian, Anhui, Henan, and Hunan achieving over 8% growth [1] - Eight industrial provinces saw profit growth rates exceeding the national average, with Henan, Hunan, Hubei, and Jiangsu achieving double-digit growth [1] Group 3: Future Initiatives - The Ministry of Industry and Information Technology plans to implement a new round of growth stabilization work for ten key industries, including steel, non-ferrous metals, petrochemicals, and building materials [1] - Support will be provided to key industrial provinces to enhance their roles, including policy implementation, new growth point cultivation, and industrial transformation [1] - The ministry aims to accelerate the "Artificial Intelligence +" initiative, promoting the deployment of large models in key manufacturing sectors to enhance intelligence levels [1]

Core Insights - The third China International Supply Chain Promotion Expo is being held from July 16 to 20, showcasing advancements in global supply chain connectivity and infrastructure [1] - The 2025 Global Supply Chain Promotion Report highlights the increasing connectivity of global infrastructure, particularly in the Global South, and the steady improvement in traditional and new infrastructure [1] - Technological innovation, including advancements in digital and green technologies, is driving the evolution of global supply chains towards digitization and sustainability [1] Group 1 - The report indicates a significant rise in traditional infrastructure such as railways, airports, and ports, alongside new infrastructure like 5G and computing power, which supports the secure operation of global supply chains [1] - China is enhancing its infrastructure connectivity and promoting high-level opening-up to foster global supply chain cooperation, focusing on supply chain financial services and efficiency improvements [1] - The report emphasizes the importance of diversifying supply chains and enhancing productivity to inject certainty into global supply chain collaboration amid uncertainties [1] Group 2 - The report also focuses on the latest developments in global supply chains for cutting-edge technologies and key products, including drones, AR glasses, humanoid robots, hydropower, soybeans, and wine [2] - It provides a clear mapping of the upstream and downstream distribution of these supply chains and summarizes the supply chain-related policies introduced by major economies [2] - China's innovative practices and contributions to the development of these supply chains are highlighted in the report [2]

Group 1 - The core viewpoint emphasizes that developing new productive forces is a crucial policy direction for the domestic economy, with technology innovation companies expected to achieve excess returns under a backdrop of liquidity easing [1] - The Science and Technology Innovation (Sci-Tech) 50 Index includes emerging industries such as domestic AI, deep-sea technology, and humanoid robots, benefiting from policy support and industry trends [1] - The domestic AI sector is being supported by national policies to build a self-controlled industrial chain, while deep-sea technology is recognized as a strategic emerging industry with continuous policy benefits expected to drive high-end equipment manufacturing and marine economy development [1] Group 2 - The humanoid robot industry is accelerating commercialization due to the resonance of policies and industry advancements, with key technological breakthroughs facilitating this process [1] - Overall, the industries related to the Sci-Tech 50 Index possess long-term growth potential driven by policy support and technological innovation [1] - The Sci-Tech Innovation ETF tracks the Sci-Tech 50 Index, which can experience daily fluctuations of up to 20%, and is composed of 50 stocks selected from the Shanghai Stock Exchange's Sci-Tech Board and Shenzhen Stock Exchange's ChiNext Board [1]

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core View - On July 17, all four major stock index futures contracts for the current month rose. IF rose 0.74%, IH rose 0.37%, IC rose 1.17%, and IM rose 1.41%. The overall sentiment in the stock index futures market remains positive in the absence of negative news [1]. - The total trading volume of stock index futures rebounded on this trading day, indicating an increase in investors' trading enthusiasm. The A - share market fluctuated upwards, with the ChiNext Index surging, and theme stocks blooming in multiple areas. The computing power industry chain led the gains [1][2][6]. Group 3: Summary by Relevant Catalogs 3.1期指期现数据跟踪 - **IF Contracts**: The closing prices of IF2507, IF2508, IF2509, and IF2512 all rose, with increases of 0.74%, 0.90%, 0.93%, and 0.86% respectively. The trading volumes of IF2507 decreased by 3881, while those of IF2508, IF2509 increased by 6646 and 4243 respectively. The open interests of IF2507 decreased by 8803, while those of IF2508, IF2509, and IF2512 increased [1]. - **IH Contracts**: The closing prices of IH2507, IH2508, IH2509, and IH2512 all rose, with increases of 0.37%, 0.36%, 0.39%, and 0.42% respectively. The trading volume of IH2507 decreased by 2826, while those of IH2508 increased by 4245. The open interests of IH2507 decreased by 4717, while those of IH2508, IH2509, and IH2512 increased [1]. - **IC Contracts**: The closing prices of IC2507, IC2508, IC2509, and IC2512 all rose, with increases of 1.17%, 1.27%, 1.33%, and 1.31% respectively. The trading volume of IC2507 decreased by 9192, while those of IC2508, IC2509, and IC2512 increased. The open interests of IC2507 decreased by 13453, while those of IC2508, IC2509, and IC2512 increased [1]. - **IM Contracts**: The closing prices of IM2507, IM2508, IM2509, and IM2512 all rose, with increases of 1.41%, 1.42%, 1.42%, and 1.38% respectively. The trading volume of IM2507 decreased by 5989, while those of IM2508, IM2512 increased. The open interests of IM2507 decreased by 11744, while those of IM2508, IM2509, and IM2512 increased [1]. 3.2期指前20大会员持仓增减 - For IF contracts, the long - position changes varied among different contracts. For example, IF2507 had a decrease of 5135 in long - positions, while IF2508 had an increase of 7879. The short - position changes also differed, such as IF2507 having a decrease of 5921 [5]. - For IH contracts, IH2507 had a decrease of 3596 in long - positions and a decrease of 3491 in short - positions. IH2508 had an increase of 4081 in long - positions and an increase of 4524 in short - positions [5]. - For IC contracts, IC2507 had a decrease of 9941 in long - positions and a decrease of 10434 in short - positions. IC2508 had an increase of 7871 in long - positions and an increase of 7792 in short - positions [5]. - For IM contracts, IM2507 had a decrease of 7609 in long - positions and a decrease of 8680 in short - positions. IM2508 had an increase of 7929 in long - positions and an increase of 8536 in short - positions [5]. 3.3趋势强度 - The trend strength of IF and IH is 1, and the trend strength of IC and IM is also 1. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]. 3.4重要驱动 - Potential Fed Chairman candidate Kevin Warsh believes that Trump's public pressure on the Fed is correct. The Fed has stepped into policy areas beyond its scope under Powell's leadership and should not overly worry about inflation caused by Trump's tariffs [6]. - The EU is drafting a tariff list on US service industries in preparation for an escalation of the trade war. If negotiations fail, the EU plans to levy fees on US digital services such as advertising services [6]. - The A - share market fluctuated upwards. The Shanghai Composite Index rose 0.37%, the Shenzhen Component Index rose 1.43%, and the ChiNext Index rose 1.75%. The A - share trading volume reached 1.56 trillion yuan, compared with 1.46 trillion yuan the previous day. The computing power industry chain exploded again, with CPO and PCB sectors leading the gains [6].

Group 1 - The interest of international investment institutions in the Chinese market has significantly rebounded, with a survey covering 83 sovereign wealth funds and 58 central banks managing approximately $27 trillion in assets [1] - Citigroup's report indicates that despite macroeconomic fluctuations, Asian stock markets are performing better than global peers, with a projected 7% return for the MSCI Asia (excluding Japan) index by mid-2026, particularly favoring the Chinese and South Korean markets [1] - Wellington Investment highlights ten key reasons for optimism regarding Chinese assets, including attractive valuations, improving fundamentals, and a resilient economic model [2] Group 2 - The National Bureau of Statistics reported a 5.3% year-on-year GDP growth in the first half of the year, leading several international investment banks to raise their GDP growth forecasts for China [2] - Nomura and Morgan Stanley have adjusted their GDP growth predictions for 2025 upwards, reflecting stronger-than-expected economic performance in the second quarter [2] - CITIC Securities notes that the A-share market has reached a new level, driven by trends such as a weak dollar cycle and continued liquidity easing [3] Group 3 - Companies like UBTECH and SUTENG are advancing in the humanoid robotics sector, with UBTECH's humanoid robot "Tian Gong Hang Zhe" receiving over 100 orders, and SUTENG establishing partnerships with over 20 humanoid robotics firms [4] - Baidu has made significant progress in the large model field by open-sourcing its Wenxin model series, marking a major development in AI technology [4] - Heptagon Pharmaceuticals has entered a strategic partnership with AstraZeneca, involving substantial financial agreements and the establishment of an innovation center in Beijing [5][6] Group 4 - The Asia-Pacific Selected ETF primarily consists of high-quality dividend assets and leading semiconductor companies in the Asia-Pacific region, with a significant portion of its holdings in stable cash flow companies [6] - The Asia-Pacific region accounted for 57.6% of global semiconductor industry revenue in 2022, highlighting its critical role in the global supply chain [6]

今年上半年，各类市场热点层出不穷，影视、人工智能、机器人、创新药、银行等板块都曾上演一番强 势行情。展望下半年行情，机构投资者将如何应对？日前，榕树投资董事长翟敬勇在接受中国证券报记 者专访时表示，无论行情如何变化，"选择便宜的资产"始终是其投资的核心逻辑，但在评估是否便宜的 同时，也需要观察产业趋势，现在更偏好于投资景气产业里的便宜资产。下半年依然看好新能源、半导 体、人形机器人等产业的投资机会，特别是人形机器人产业未来有望诞生多家优秀龙头企业。 区分产业趋势 "历史的车轮从不会为守旧者停留，也不会因为你老了而停下来等你。"翟敬勇感慨地说，近年来，他愈 发感受到及时更新信息和认知，关注创新浪潮的重要性。时代发展和产业创新的势头浩浩荡荡，有时候 一个行业的变迁可能在不经意间就悄然到来，只有保持不断学习的态度，才能不被时代所抛弃，并及时 抓住机遇。 这是他近年来投资策略中的"变"，而持续不变的是价值投资理念的核心，那就是选择那些暂时被市场低 估的便宜资产。只不过，在选择便宜资产时，还需要区分产业趋势，去选择景气度上行的朝阳产 ● 本报记者 张韵 业。"夕阳产业里的资产再便宜，也不会去投资。"翟敬勇认为，投身产业 ...