Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is a small but efficient wind power operator that is expanding into green fuels, which opens up growth opportunities [6] - The company has received approval for a specific stock issuance and is increasing its stake in its subsidiary, Shanghai Jiayi Rongyuan, which is involved in green methanol, green ethanol, and green aviation fuel [7] - The company plans to raise 1.2 billion yuan through a private placement, which will increase the actual controller's shareholding to 44.3% [7] - The company is collaborating with Ningxia Jiazhe Group to enter the green chemical sector, significantly enhancing growth potential [7] - The company has a robust wind power operation with approximately 2GW of installed capacity and plans for additional capacity, ensuring sustained growth [7] - The potential launch of wind power REITs is expected to contribute to short-term performance and improve cash flow [7] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 2,403 million yuan (2023), 2,422 million yuan (2024), 2,529 million yuan (2025E), 3,003 million yuan (2026E), and 3,853 million yuan (2027E) [9] - The expected growth rates for net profit from 2025 to 2027 are 44.2%, 12.28%, and 19.48% respectively, with corresponding PE ratios of 10, 9, and 8 times [10] - The company’s return on equity (ROE) is projected to improve from 12.25% in 2025 to 14.00% in 2027 [10]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 本公司謹此補充，有關合作將委任經驗豐富的第三方服務提供者（「服務提供者」）， 為本集團提供包括穩定幣結算在內的金融解決方案，旨在實現跨境支付並有效規避外 匯風險（該方案既供本集團自用，亦可作為解決方案服務向客戶提供）。此舉完全基於 本公司對沖外匯風險的實際需求。過往經營中，本公司曾飽受匯率劇烈波動、高昂交 易手續費及冗長結算週期之苦。鑒於東盟地區持續的地緣政治不確定性，當地貨幣可 能面臨進一步波動。本公司在東盟地區從事消費電子、企業增值服務及雲計算解決方 案分銷業務，涉及大量境外上游供應商及客戶，長期承受人民幣、新加坡元、泰銖、 菲律賓比索及印尼盾等多幣種匯率波動風險。通過實施創新型支付系統，本集團將有 效降低運營成本，並顯著提升盈利穩定性。 儘管創新支付系統的運營對本公司（包括其董事及高級管理層）而言是一項全新業務， 但本公司相信服務提供者的專業知識將有助於為本集團成功實施並管理定制化的交易 解決方案 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][10]. Core Views - The completion of the preliminary design for China's first 1 million kilowatt fourth-generation commercial fast reactor marks a significant advancement in the country's nuclear energy strategy [2][16]. - The public utility sector saw a 7.64% increase in the total market value of fund holdings, reaching 63.28 billion yuan in Q2 2025, with a focus on hydropower companies [3][17]. - The report emphasizes the importance of coal and electricity prices moving in tandem, which is expected to sustain reasonable profitability for thermal power companies [4][25]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.69%, while the public utility index fell by 0.27% and the environmental index increased by 1.66% [1][15]. - Within the power sector, thermal power decreased by 0.29%, hydropower by 1.31%, while new energy generation rose by 1.24% [1][28]. Important Events - The preliminary design of the CFR1000 fast reactor has been completed, which is crucial for energy security and sustainable development in nuclear energy [2][16]. - In August 2025, the electricity trading price in Jiangsu was 393.8 yuan per megawatt-hour, with a total transaction volume of 12.353 billion kilowatt-hours [2][16]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [4][25]. - The report suggests focusing on high-dividend hydropower stocks like Yangtze Power for their defensive attributes [4][25]. Fund Holdings - In Q2 2025, the total market value of fund holdings in the public utility sector was 63.28 billion yuan, with a notable increase in hydropower and gas sectors, while thermal power saw a reduction [3][19]. - The environmental sector's fund holdings totaled 7.352 billion yuan, showing a slight decrease from the previous quarter [21][24]. Key Company Predictions and Ratings - Companies such as Huadian International, Longyuan Power, and China Nuclear Power are highlighted with an "Outperform" rating, indicating strong future performance expectations [10][25]. - The report identifies significant investment opportunities in the environmental sector, particularly in waste management and renewable energy technologies [26][24].

市场交易热度继续回升，主要指数波动率均回升。行业上，建材、钢铁、建筑、医药、消费者服务、机械等板块交易 热度均处于 80%分位数以上，大多数行业的波动率均处于 40%历史分位数以下。 机构调研： 电子、计算机、商贸零售、通信、医药等板块调研热度居前，房地产、非银等板块的调研热度环比仍在上升。 分析师预测： 全 A 的 25/26 年净利润预测同时被下调。行业上，有色、轻工、钢铁、电力及公用事业、消费者服务、军工、石油石 化、银行、传媒等板块 25/26 年净利润预测均被上调。指数上，中证 500 的 25/26 年净利润预测均被上调，沪深 300、 上证 50、创业板指的 25/26 年净利润预测均被下调。风格上，大盘成长、小盘价值的 25/26 年的净利润预测均被上 调，中盘/小盘成长、大盘/中盘价值的 25/26 年的净利润预测均被下调。 北上活跃度回升，整体净买入 A 股 节奏上，北上先持续净买入、后净卖出 A 股。基于前 10 大活跃股口径，上周北上资金在有色、医药、电新等板块的 买卖总额之比上升，在金融、电子、计算机等板块的买卖总额之比回落。基于陆股通持股数量小于 3000 万股的标的 口径：北上主 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [4][5][12]. Core Views - The home appliance sector is expected to experience steady growth driven by government subsidies and a recovery in domestic demand, despite challenges in export markets due to tariffs [11][12][18]. - The second quarter saw a decline in the heavy holding ratio of home appliance stocks, with an increase in the black appliance sector's weight [3][11][22]. - The report highlights the positive impact of the third batch of 690 billion yuan in government subsidies on consumer demand for home appliances [2][20]. Summary by Sections 1. Investment Recommendations - Key recommendations include Midea Group, Gree Electric, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances in the white goods sector [4][12]. - For kitchen appliances, Boss Electric is recommended, while for small appliances, Bear Electric, Roborock, and Ecovacs are highlighted [12][15]. 2. Market Tracking and Investment Insights - In August, air conditioner production decreased by 7%, with domestic sales entering a seasonal slowdown [1][17]. - The third batch of 690 billion yuan in government subsidies is expected to support strong domestic sales [2][20]. - The heavy holding ratio for home appliance stocks fell to 3.3%, with white goods seeing the largest decline [3][22]. 3. Key Data Tracking - The home appliance sector's relative performance was -1.65% this week compared to the broader market [29]. - Raw material prices showed an increase, with LME copper and aluminum prices rising by 1.2% and 2.3% respectively [32][36]. - Shipping prices have decreased, with the export shipping index for the West America route down by 6.44% [46]. 4. Company Announcements and Industry Dynamics - The report includes forecasts for key companies, indicating stable growth in domestic sales and a recovery in export orders [53][54]. - The overall market for home appliances is expected to benefit from the government's "old for new" policy, which has already led to significant sales increases [20][21].

不久前，工业和信息化部总工程师谢少锋在国新办新闻发布会上曾透露，钢铁、有色金属、石化、建材等十大 重点行业稳增长工作方案即将出台，工业和信息化部将推动重点行业着力调结构、优供给、淘汰落后产能。 在推动科技创新与产业融合方面，工业和信息化部将启动促进工业新兴产业发展培育壮大新动能行动，完善人 形机器人、物联网、高端仪器仪表等产业发展政策。完善服务型制造创新发展政策措施，提升工业设计发展水 平，大力发展工业文化，促进文化与产业深度融合等。 7月28日，全国工业和信息化主管部门负责同志座谈会在京召开。会议指出，今年以来，我国工业经济保持 平稳运行，展现出强大韧性和活力，产业结构持续优化，新动能不断壮大，行业治理得到加强，高质量发 展取得新成效。 上半年，全国规模以上工业增加值同比增长6.4%，其中制造业增加值同比增长7%，装备制造业、高技术制造 业增加值同比分别增长10.2%、9.5%，电信业务总量同比增长9.3%，软件和信息技术服务业收入同比增长 11.9%。截至6月底，5G基站达455万个，在用算力标准机架达1043万架。 会议强调，做好下半年工作，要重点抓好八个方面工作。一是落实扩大内需战略，全力巩固工业经济 ...

7月27日，国家统计局发布数据显示，6月份，规模以上工业企业实现利润总额7155.8亿元，同比下降 4.3%，降幅较5月份收窄4.8个百分点。其中，制造业改善明显，利润由5月份下降4.1%转为增长1.4%。 同时，从上半年整体情况来看，1—6月份，全国规模以上工业企业实现利润总额34365.0亿元，同比下 降1.8%。 广开首席产业研究院资深研究员马泓表示，工业企业利润增速主要受短期外部环境冲击、落后产能出清 缓慢、PPI持续负增长，以及有效内需不济等综合因素影响，工业企业经营困难依旧不小。 从数据来看，1—6月份，工业产成品周转天数为20.4天、应收账款平均回收期接近70天，均高于去年同 期水平；总资产利润率降到4%，为过去十多年以来新低，表明工业部门正在结构转型的困难过渡时 期，需要加快落后产能的出清步伐，以改善整体工业企业经营状况。"上半年，国有控股企业利润增速 跌幅不小，后续有待更多针对性政策帮助困难企业加快转型升级步伐。"马泓说。 值得注意的是，以装备工业为代表的新动能行业利润增长较快，支撑作用突出，"两新"政策持续带动利 润改善。6月份，装备制造业营业收入同比增长7.0%，较5月份加快0.3个百分 ...

策略研究 · 策略专题 证券分析师：王开 证券分析师：陈凯畅 021-60933132 021-60375429 wangkai8@guosen.com.cn chenkaichang@guosen.com.cn S0980521030001 S0980523090002 2025年7月28日 证券研究报告 | ESG热点周聚焦（7月第4期） 雅下水电开工，清洁能源启新章 01 ESG重要事件梳理 02 ESG学术前沿 目录 请务必阅读正文之后的免责声明及其项下所有内容 请务必阅读正文之后的免责声明及其项下所有内容 n 海外ESG热点事件：国外绿色金融与ESG政策、资本与技术三线并进，达到"规则-资金-技术"共振。政策法规方面，英国政府确认2029年 将工程碳去除纳入排放交易计划并保留配额总量不变；国际法院7月23日发表咨询意见，首次明确"国家未能控制温室气体排放可能构成国 际不法行为"。地方政府层面，阿布扎比发布首个环境部门气候适应计划（2025-2050），锁定地下水、土壤和生物多样性三大脆弱系统。 产业方面，全球首艘深远海绿色智能技术试验船"未来"号在中国命名交付，将作为"移动海上实验室"验证绿色技术与 ...

投资策略点评 2025 年 07 月 28 日 策略研究团队 调研热度回落，但电力设备、基础化工、有色金属关 注度提升 ——投资策略点评 韦冀星（分析师） 简宇涵（分析师） weijixing@kysec.cn 证书编号：S0790524030002 jianyuhan@kysec.cn 证书编号：S0790525050005 "机构调研信息"是投资者决策过程当中，重要的信息补充 机构调研是资本市场信息传递和价值挖掘的重要环节。对于专业机构而言，是深 度研究、投资决策的关键步骤。相较财务信息，机构调研具备披露及时、信息多 维且深入等优势。往往在调研结束后 1-2 天内，公司以公告方式对外披露，主要 内容包含参会人员信息、会议问答等，投资者与公司管理层之间的问答往往涉及 行业最新动态及公司运营细节。 机构调研信息是对基本面信息的重要补充，但信息量大且杂乱。为了清晰梳理出调 研中有效、增量信息，我们推出机构调研周跟踪系列，汇总最近一周、一个月公开 的机构调研信息，涵盖行业、个股两维度，包含调研热度（环比、同比数据）、调研 获得的行业及个股信息增量。 行业视角看机构调研情况:电力设备、基础化工、有色金属关注度同比增 ...

Core Viewpoint - The article discusses the investigation of Shi Yongxin, the abbot of Shaolin Temple, for alleged criminal activities, including misappropriation of funds and inappropriate relationships, raising questions about the commercialization of the temple and its impact on its spiritual integrity [3][8][24]. Group 1: Background and Development of Shaolin Temple - Shi Yongxin has been the abbot for 26 years, transforming Shaolin Temple from a dilapidated site into a commercial empire spanning culture, tourism, and food industries [8][24]. - The temple's commercialization began with the recognition and protection of its cultural value, leading to the establishment of the Henan Shaolin Intangible Asset Management Company in 2008 [16][24]. - The temple's tourism revenue was significant, with 2010 figures showing it accounted for one-third of Dengfeng's fiscal income, and in 2019, visitor numbers peaked at 4.2 million, generating over 1.2 billion yuan in total revenue [18][24]. Group 2: Commercialization Strategies - Shi Yongxin's approach to commercialization included legal actions to protect the Shaolin brand, establishing the first Buddhist enterprise in China, and embracing digitalization early on [12][16]. - The temple has diversified its revenue streams through various means, including e-commerce, cultural performances, and the development of health products, with sales of Shaolin medicinal products exceeding 80 million yuan in 2019 [20][21]. - The temple's brand has expanded into various sectors, with over 706 registered trademarks covering food, beverages, and cultural products by 2022 [22]. Group 3: Controversies and Challenges - The increasing commercialization has led to public scrutiny regarding the temple's spiritual integrity, with rising ticket prices and significant investments in commercial real estate raising concerns about its original purpose [24][28]. - Allegations against Shi Yongxin, including complex relationships and asset misappropriation, have sparked debates about the accountability and governance of religious institutions [26][28]. - The temple's ventures into real estate and high-profile projects, such as plans for hotels and golf courses, have further fueled criticism regarding the alignment of its commercial activities with Buddhist principles [28].