Corporate Announcements - Guotai Environmental announced that its controlling shareholder and chairman Chen Baixiao has been placed under investigation and detention by the Hangzhou Municipal Supervisory Committee, but the company's operations remain normal and unaffected [3] - Huahong Company is planning to acquire the controlling stake in Shanghai Huahong Microelectronics to resolve industry competition issues, with stock suspension expected for no more than 10 trading days starting August 18, 2025 [4] - ST Kelly announced that the offer period for the acquisition by Yongjin Investment has expired, leading to stock suspension starting August 18, 2025 [5] Financial Performance - Shengnong Development reported a net profit of 910 million yuan for the first half of 2025, a year-on-year increase of 791.93%, with revenue of 8.856 billion yuan, up 0.22% [7] - Sifang Optoelectronics achieved a net profit of 84.12 million yuan, a 103.41% increase year-on-year, with revenue of 508 million yuan, up 49.36% [8] - Huayou Cobalt reported a net profit of 2.711 billion yuan, a 62.26% increase year-on-year, with revenue of 37.2 billion yuan, up 23.78% [9] - Yiming Foods posted a net profit of 32.22 million yuan, a 21.73% increase year-on-year, with revenue of 1.401 billion yuan, up 2.12%, and plans to distribute a cash dividend of 0.25 yuan per share [10] - Tongling Nonferrous Metals reported a net profit of 1.441 billion yuan, a 33.94% decrease year-on-year, with revenue of 76.079 billion yuan, up 6.39% [11][12] - Sanxia New Materials reported a net loss of 26.99 million yuan, with revenue of 625 million yuan, down 28.01% year-on-year [13] Shareholding Changes - Nanwei Medical announced that its shareholder Zhongke Investment plans to reduce its stake by up to 2% through trading on the Shanghai Stock Exchange from September 9 to December 7, 2025 [15] - Medike announced that its shareholder Hong Kong Fengsheng Jiamei (International) Investment Co., Ltd. plans to reduce its stake by up to 3% within three months after the announcement [16] Share Buybacks - Honghui New Materials plans to repurchase shares worth between 10 million and 20 million yuan at a price not exceeding 15.90 yuan per share, subject to shareholder approval [18] Major Contracts - Bluestar Technology has won a bid for a lithium extraction project in the Lop Nur Salt Lake with a contract value of 35.77 million yuan, representing 1.40% of its audited revenue for 2024, although the contract is not yet finalized [20]

Core Viewpoint - Tunan Co., Ltd. announced the convening of its fourth board meeting on August 15, 2025, to discuss the semi-annual profit distribution plan for 2025 [2] Group 1: Company Information - Tunan Co., Ltd. reported that its revenue composition for the year 2024 is entirely from non-ferrous metal smelting and rolling processing, accounting for 100.0% [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Based on Wind data, among the bonds traded at a discount, "24 Chengtong Holdings MTN009A" had a relatively large deviation in valuation price. Among the bonds with rising net prices, "24 Huangchan 02" led in terms of valuation price deviation. Among the Tier 2 and perpetual bonds with rising net prices, "23 Haixia Bank Perpetual Bond 03" had a relatively large deviation in valuation price; among the commercial financial bonds with rising net prices, "25 Nanjing Bank Green Bond 01" led in terms of valuation price deviation. Among the bonds with a trading yield higher than 6%, real - estate bonds ranked at the top. The changes in credit bond valuation yields were mainly distributed in the (0,5] range. The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the highest proportion of discount transactions in the 0.5 - 1 - year varieties; the trading terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the highest proportion of discount transactions in the within - 1 - year varieties. By industry, the bonds in the agriculture, forestry, animal husbandry, and fishery industry had the largest average deviation in valuation price [2]. 3. Summary by Relevant Catalogs 3.1 Discounted Bond Trading Tracking - "24 Chengtong Holdings MTN009A" had a valuation price deviation of - 0.28%, a valuation net price of 110.08 yuan, a valuation yield of 2.52%, and a trading volume of 5,519 million yuan. Other bonds such as "25 Ganfeng Lithium MTN001 (Science and Technology Innovation Notes)" also had different degrees of discount trading [4]. 3.2 Tracking of Bonds with Rising Net Prices - "24 Huangchan 02" had a valuation price deviation of 0.39%, a valuation net price of 105.38 yuan, a valuation yield of 3.96%, and a trading volume of 1,148 million yuan. There were also many other bonds with rising net prices and different degrees of valuation price deviations [5]. 3.3 Tracking of Tier 2 and Perpetual Bond Trading - "23 Haixia Bank Perpetual Bond 03" had a valuation price deviation of 0.03%, a valuation net price of 107.30 yuan, a valuation yield of 2.46%, and a trading volume of 4,291 million yuan. Most of the Tier 2 and perpetual bonds had a valuation price deviation of around 0.02% - 0.03% [6]. 3.4 Tracking of Commercial Financial Bond Trading - "25 Nanjing Bank Green Bond 01" had a valuation price deviation of 0.01%, a valuation net price of 99.83 yuan, a valuation yield of 1.75%, and a trading volume of 998 million yuan. Most of the commercial financial bonds had a valuation price deviation of 0.01% [7]. 3.5 Tracking of Bonds with a Trading Yield Higher than 6% - Bonds such as "22 Vanke 02", "22 Vanke 04", and "22 Vanke 06" all had trading yields higher than 6%, with "22 Vanke 02" having a valuation yield of 7.25% and a trading volume of 727 million yuan [8]. 3.6 Distribution of Credit Bond Valuation Deviations on the Day The changes in credit bond valuation yields were mainly distributed in the (0,5] range [2]. 3.7 Distribution of Non - financial Credit Bond Trading Terms on the Day The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the highest proportion of discount transactions in the 0.5 - 1 - year varieties [2]. 3.8 Distribution of Tier 2 and Perpetual Bond Trading Terms on the Day The trading terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the highest proportion of discount transactions in the within - 1 - year varieties [2]. 3.9 Deviation and Trading Volume of Non - financial Credit Bond Valuation Prices by Industry The bonds in the agriculture, forestry, animal husbandry, and fishery industry had the largest average deviation in valuation price [2].

Fixed Income Research - The issuance amount and net financing of credit bonds increased significantly on a low base effect, while transaction amounts slightly decreased [2] - The overall change in the issuance guidance rates was a decline of 4 to 2 basis points, with corporate bonds seeing zero issuance [2] - The net financing amount for credit bonds is at a historically high level, with corporate bonds showing a decrease in net financing while other types increased [2] - The transaction amount in the secondary market for credit bonds slightly decreased, with corporate bonds and company bonds seeing an increase [2] - Credit bond yields declined across the board, with credit spreads for medium-term notes, corporate bonds, and urban investment bonds narrowing [2] - The current pricing of credit bonds is considered high, suggesting a cautious approach to increasing positions, with a focus on the trend of interest rate bonds and individual bond coupon values [2] Fund Research - The major indices in the Shanghai and Shenzhen markets experienced fluctuations, with active equity fund positions rising [5] - The average increase for QDII funds was 1.67%, while equity funds averaged a 1.56% increase, with 87.16% showing positive returns [6] - The ETF market saw a net inflow of 15.717 billion yuan, with cross-border ETFs attracting the largest inflow of 13 billion yuan [7] - A total of 38 new funds were issued, raising 39.740 billion yuan, indicating an increase in fundraising activity [8] Industry Research - The suspension of operations in the Ningde Jianxiawo mining area raises concerns about domestic supply disruptions in the metal industry [9] - The steel market is currently in a state of observation due to cooling speculative sentiment, with potential impacts from coal production restrictions [9] - Copper prices are expected to be supported by tight supply, while aluminum prices may fluctuate based on domestic demand and supply adjustments [11] - The gold market is influenced by U.S. employment data and interest rate expectations, with potential upward pressure on prices [11] - The lithium market faces supply disruptions due to mining suspensions, with limited upward price potential in the short term [11] - The rare earth market is experiencing price adjustments after a rapid increase, with attention needed on downstream production and demand [12]

宝武镁业（SZ 002182，收盘价：12.61元）8月11日晚间发布公告称，公司第七届第九次董事会会议于 2025年8月11日以通讯方式召开。会议审议了《关于修订〈董事会审计委员会工作细则〉的议案》等文 件。 2024年1至12月份，宝武镁业的营业收入构成为：有色金属冶炼及压延加工占比97.84%，其他业务占比 2.16%。 （文章来源：每日经济新闻） ...

（文章来源：每日经济新闻） 宝武镁业（SZ 002182，收盘价：12.61元）8月11日晚间发布公告称，近日，宝武镁业科技股份有限公 司收到董事吴剑飞女士的书面辞职报告，因个人原因辞去公司第七届董事会董事职务，辞职后在公司担 任其他职务。 2024年1至12月份，宝武镁业的营业收入构成为：有色金属冶炼及压延加工占比97.84%，其他业务占比 2.16%。 ...

格隆汇7月30日｜中色股份公告，2025年第二季度新签项目合同数量为5个，合同金额为3.93亿元。在执 行未完工项目合同数量为34个，合同金额为349.37亿元。已签约未生效项目合同数量为2个，合同金额 为110.18亿元。已中标未签约项目合同数量为2个，合同金额为1.33亿元。重大项目方面，印尼阿曼铜冶 炼厂项目合同金额为65.61亿元，已完成工程进度99.61%。印尼阿曼铜选厂扩建项目合同金额为30.75亿 元，已完成工程进度71.83%。越南多农电解铝项目合同金额为41.96亿元，项目设计、采购和现场施工 准备工作有序进行中。 ...

Investment Rating - The report maintains an "Increase" rating for the financial products sector [1]. Core Insights - The report emphasizes the importance of structural changes in the market, indicating that a turning point in market trends may be approaching [5][17]. - The overall market performance for the week of July 7 to July 11, 2025, showed positive returns across most indices, but rapid rotation among stocks suggests a preference for holding rather than chasing hot stocks [17][20]. - The macro model for July scored -5, indicating a potential dominance of large-cap value stocks, while the overall market may experience adjustments [24]. - The technical timing model indicates a high risk level for the market, suggesting that while the trend remains positive, the relative position may be too high [17][21]. Summary by Sections A-share Market Overview (July 7 - July 11, 2025) - Major broad indices showed varied performance, with the top three being the Wind Micro-Pan Daily Equal Weight Index (2.99%), CSI 1000 (2.36%), and the ChiNext Index (2.36%) [10]. - Style indices also varied, with small-cap value (2.71%) and small-cap growth (2.31%) leading, while large-cap value (-0.18%) lagged [11]. - Among the Shenwan first-level industry indices, real estate (6.12%), steel (4.41%), and non-bank financials (3.96%) performed best, while coal (-1.08%) and banks (-1.00%) underperformed [15]. A-share Market Outlook (July 14 - July 18, 2025) - The report suggests a focus on structural changes, with a potential turning point in market trends [17]. - The macro model indicates that the market may experience adjustments, with a focus on performance post-earnings announcements [17][24]. - The report recommends a balanced ETF allocation strategy, anticipating a relatively volatile market with ongoing structural opportunities [65][66]. Fund Allocation Recommendations - The report advocates for a balanced ETF allocation strategy, emphasizing the importance of selecting funds with a minimum one-year establishment and a fund size exceeding 100 million [65][66].

Group 1: Power Industry Insights - The report suggests that both electricity and coal prices are likely to rise, with electricity price increases expected to outpace coal prices. This trend may end the previous two years' pattern of declining power sector performance in the second half of the year [2][26][27] - National power load reached a historical high of 1.465 billion kilowatts on July 4, 2025, marking a 200 million kilowatt increase from the end of June and a 150 million kilowatt increase year-on-year. The eastern power grid accounted for 422 million kilowatts, with air conditioning loads constituting 37% [4][27] - The Ningxia-Hunan ±800 kV UHVDC project is set to enhance power supply in Hunan, with a total investment of 28.1 billion yuan and a transmission capacity of 8 million kilowatts, expected to deliver over 36 billion kilowatt-hours annually [5][28] Group 2: Capital Market Transformation - The report emphasizes the necessity for capital transformation to match economic restructuring, highlighting the role of government-led funds and patient capital in supporting innovation-driven growth [7][8] - The scale of the primary market has reached approximately 10 trillion yuan, growing rapidly, which presents five key opportunities for secondary market investors, including the need for research-based exit strategies and the increasing importance of mergers and acquisitions [9] - Successful overseas experiences in venture capital are boosting confidence in China's economic transformation, with a focus on integrating government and market-driven approaches [8] Group 3: Real Estate Market Trends - The report maintains an "overweight" rating for the real estate sector, recommending several companies across different categories, including Vanke A, Poly Development, and China Overseas Development [15][35] - In the first half of 2025, land transaction prices outperformed transaction volumes, with a notable structural divergence favoring first- and second-tier cities. The average land transaction price increased by 30.3% year-on-year [16][36] - The average premium rate for land transactions in first-tier cities was 10.7%, reflecting a 6.6 percentage point increase year-on-year, driven by local governments increasing the supply of quality land [17][37]

Summary of Key Points Core Viewpoint - The company has signed a share transfer agreement with Jiuzhou Hengchang Logistics Co., Ltd. to transfer 79,879,575 shares of Xinjiang Alloy Investment Co., Ltd., representing 20.74% of its total share capital, for a total price of RMB 599,096,812.50 at a price of RMB 7.5 per share. This transaction aims to enhance the company's core competitiveness by divesting non-core assets and allowing Jiuzhou Hengchang to integrate its logistics capabilities with Alloy Investment's operations [2][3][32]. Transaction Overview - The share transfer involves the sale of 20.74% equity in Alloy Investment, with Jiuzhou Hengchang becoming the controlling shareholder post-transaction [2][12]. - The transaction is part of the company's strategy to focus on its core energy business and improve operational efficiency [3][32]. - The agreement does not constitute a related party transaction or a major asset restructuring as defined by relevant regulations [2][4]. Financial Details - The share transfer price is set at RMB 7.5 per share, totaling RMB 599,096,812.50 [2][16]. - The transaction has been approved by the company's board and does not require further shareholder approval [2][4]. Jiuzhou Hengchang Logistics Co., Ltd. Profile - Jiuzhou Hengchang is a major logistics service provider in Xinjiang, focusing on bulk energy logistics, including coal and iron ore [3][9]. - The company has a strong asset base with total assets of approximately RMB 4.48 billion and a net profit of RMB 8.18 million for the first quarter of 2025 [9][11]. Alloy Investment Co., Ltd. Profile - Alloy Investment is a publicly listed company specializing in nickel-based alloy materials and has a significant presence in the non-ferrous metal industry [14][15]. - The company has a diverse product range, including high-strength corrosion-resistant materials, and is positioned to benefit from the growing demand for high-performance materials [14][15]. Impact on the Company - The divestment is expected to optimize resource allocation, reduce operational costs, and enhance the company's long-term profitability and sustainability [32]. - The transaction aligns with the strategic needs of both parties, facilitating Alloy Investment's growth through Jiuzhou Hengchang's logistics capabilities [32].