Core Viewpoint - The mid-year reports of public funds reveal the hidden heavy holdings of foreign public funds, indicating their investment strategies for the second half of the year, with a focus on technology, new consumption, high-end manufacturing, pharmaceuticals, and high-dividend stocks [1][2]. Group 1: Hidden Heavy Holdings - Fidelity's hidden heavy holdings include Jiangsu Shentong, ZhongAn Online, Jinzheng Co., AVIC Xi'an Aircraft Industry, and Xingyun Co., with a high allocation in information technology and industrial sectors [2]. - In the case of the Invesco Great Wall Mixed Fund, hidden heavy holdings include Yunnan Baiyao, Chongqing Bank, Giant Network, Qilu Bank, and China Pacific Insurance, focusing on AI supply, experiential consumption, financial dividends, and pharmaceuticals [2]. - Allianz China Select Mixed Fund's hidden heavy holdings consist of Zhuoyi Information, Junshi Biosciences, Zhaomin Technology, Fuda Co., Fule New Materials, and Zhongjian Technology, maintaining a high stock position amid global tech transformation [2]. Group 2: Investment Strategies for the Second Half - Fund managers express optimism about the market's investment value due to ongoing supportive policies, strong growth potential in AI and advanced manufacturing, and stable expansion of corporate return on equity [3]. - Schroder's China Power Stock Fund adopts a barbell strategy, focusing on high-dividend sectors benefiting from risk-averse capital inflows and technology and high-end manufacturing sectors [3]. - Allianz's fund manager emphasizes the importance of quality tech assets in the ongoing value reassessment of Chinese stocks, with a focus on TMT, machinery, pharmaceuticals, and chemicals [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][16]. Core Viewpoints - The company is experiencing rapid revenue growth, with projected revenues increasing from 6,019 million yuan in 2023 to 17,292 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 23.4% [1][8]. - The net profit attributable to shareholders is expected to rise significantly from 43 million yuan in 2023 to 1,348 million yuan in 2027, with a remarkable growth rate of 493.8% in 2024 [1][8]. - The company is actively expanding into the robotics industry, which is anticipated to become a second growth curve, leveraging its core technologies in precision components and molds [3][8]. Financial Performance Summary - Revenue is projected to grow from 6,019 million yuan in 2023 to 17,292 million yuan in 2027, with year-over-year growth rates of 4.6%, 18.4%, 43.7%, 36.9%, and 23.4% respectively [1][9]. - The net profit attributable to shareholders is forecasted to increase from 43 million yuan in 2023 to 1,348 million yuan in 2027, with significant growth rates of -58.7%, 493.8%, 99.7%, 92.8%, and 37.9% [1][9]. - The company's return on equity (ROE) is expected to improve from 1.6% in 2023 to 23.4% in 2027, indicating enhanced profitability [1][9]. Business Segment Performance - The precision structural components business is projected to generate 32.00 billion yuan in revenue in the first half of 2025, with a year-over-year growth of 28.62% and a gross margin of 14.83% [2]. - The mold business is expected to achieve 2.31 billion yuan in revenue, reflecting a 15.22% increase, although its gross margin is projected to decline to 51.10% [2]. - The company has significantly increased its R&D investment, reaching 1.65 billion yuan in the first half of 2025, which constitutes 4.09% of its revenue [2]. Robotics Industry Development - The company has made substantial progress in the robotics sector, developing various products such as linear actuators and precision components, which are now ready for mass production [3][8]. - The company has established automated production lines for planetary roller screws and linear actuators, enhancing production capacity and efficiency [3][8]. - The integration of advanced technologies in the robotics field is expected to position the company favorably for future growth, with ongoing collaborations with major domestic and international clients [3][8].

证券研究报告 | 2025年08月29日 乘势而起：市场新高趋势追踪：截至 2025 年 8 月 29 日，上证指数、深证 成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 0.66%、0.00%、0.00%、0.00%、0.52%、1.95%、 0.00%、1.71%。中信一级行业指数中有色金属、电力设备及新能源、通 信、基础化工、计算机行业指数距离 250 日新高较近，煤炭、房地产、 银行、交通运输、食品饮料行业指数距离 250 日新高较远。概念指数中， 宁组合、黄金、航天军工、万得全 A、万得双创、卫星互联网、金属非 金属等概念指数距离 250 日新高较近。 见微知著：利用创新高个股进行市场监测：截至 2025 年 8 月 29 日，共 1738 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 是机械、电子、医药行业，创新高个股数量占比最高的是有色金属、国防军 工、电子行业。按照板块分布来看，本周制造、科技板块创新高股票数量最 多；按照指数分布来看，中证 2000、中证 1000、中证 500、沪深 30 ...

Group 1: Market Trends and Highs - The report tracks stocks, industries, and sectors reaching new highs, serving as market indicators and highlighting the effectiveness of momentum and trend-following strategies [1][4][22] - As of August 29, 2025, major indices such as the Shanghai Composite and Shenzhen Component are close to their 250-day highs, with respective distances of 0.66% and 0.00% [5][22] - Among the CITIC primary industry indices, sectors like non-ferrous metals, electric equipment and new energy, and communication are near their 250-day highs, while coal, real estate, and banking are further away [8][22] Group 2: High-Performing Stocks - A total of 1,738 stocks reached 250-day highs in the past 20 trading days, with the highest numbers in the machinery, electronics, and pharmaceuticals sectors [2][13][22] - The manufacturing and technology sectors have the most stocks reaching new highs, with respective counts of 535 and 492 [15][22] - The proportion of stocks reaching new highs within various indices, such as the CSI 2000 and CSI 1000, is significant, with ratios of 32.50% and 32.30% respectively [15][22] Group 3: Stable High-Performing Stocks - The report identifies 50 stable high-performing stocks based on criteria such as analyst attention, price strength, and trend continuity, with a focus on technology and manufacturing sectors [3][19][23] - The technology sector has the highest number of stable high-performing stocks, particularly in the electronics industry, while the manufacturing sector is led by the machinery industry [19][24]

Group 1 - The overall profit growth rate of A-shares has rebounded significantly, with a year-on-year growth rate of +4.7% as of August 27, 2025, compared to a decline of -3.32% in the same period of 2024 [5][7][9] - The disclosure rate of A-share mid-term reports reached 81.1%, with 4,401 out of 5,426 listed companies having disclosed their performance [5][7][9] - Among the disclosed companies, 47.1% achieved positive profit growth, with the main board, ChiNext, and STAR Market showing varying growth rates [5][9][10] Group 2 - The cyclical and growth industries have shown superior profit growth rates, particularly in agriculture, forestry, animal husbandry, fishery, steel, building materials, media, computers, non-ferrous metals, and electronics, with growth rates reaching as high as 194% and 168% [9][10][18] - The banking, non-banking, automotive, and other sectors also reported high proportions of positive profit growth, with non-banking financials at 84.9% and automotive at 57.1% [9][10][18] - Conversely, industries such as real estate, coal, and light manufacturing reported negative profit growth rates, with real estate at -128% [9][10][18] Group 3 - Industrial profit growth has improved, with the cumulative year-on-year growth rate for industrial enterprises in April to June 2025 at -1.8%, an improvement from -3.3% in 2024 [12][13][16] - Specific sectors such as transportation, electrical new energy, non-ferrous metals, and machinery have shown high profit growth rates, with transportation at 39.2% and electrical new energy at 13.0% [12][16][17] - The automotive sector also experienced a slight profit increase of 3.6% during the same period [12][16][17] Group 4 - The real estate, computer, and other industries face low year-on-year growth rate bases, which may benefit their performance in 2025 [18][19] - Industries like agriculture, electronics, and automotive had high growth rates in 2024, which may pose challenges in 2025 due to high base effects [18][19] - Conversely, sectors such as steel, building materials, and media are expected to benefit from low base effects, with significant year-on-year growth rates anticipated [18][19] Group 5 - The upstream sectors, particularly non-ferrous metals, have seen price increases, contributing to improved industry sentiment [21][22] - The midstream sectors, including electronics and transportation, have also shown signs of recovery, with significant profit growth in the first half of 2025 [31][33] - Downstream sectors like automotive and retail are expected to improve, driven by strong demand and supportive policies [37][38]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company has demonstrated steady revenue growth, with a revenue of 3.373 billion yuan in H1 2025, up 4.27% year-on-year, and a net profit of 477 million yuan, up 14.57% year-on-year [1]. - The company achieved a record high gross margin in Q2, reaching 35.52%, driven by an increase in sales of high-margin products [7]. - The company is expected to continue its growth trajectory, with projected revenues of 6.788 billion yuan in 2025, 7.322 billion yuan in 2026, and 8.399 billion yuan in 2027, reflecting year-on-year growth rates of 11%, 8%, and 15% respectively [2][7]. Financial Performance - In Q2 2025, the company reported a revenue of 1.58 billion yuan, a decrease of 1.61% year-on-year and 11.86% quarter-on-quarter, while the net profit was 232 million yuan, an increase of 1.28% year-on-year [1]. - The company’s gross margin for H1 2025 was 34.07%, an increase of 2.25 percentage points year-on-year, with a net margin of 14.44%, up 1.47 percentage points year-on-year [7]. - The company’s operating profit is projected to grow significantly, with estimates of 1.041 billion yuan in 2025, 1.170 billion yuan in 2026, and 1.379 billion yuan in 2027, reflecting growth rates of 15%, 12%, and 18% respectively [2][14]. Market Position and Strategy - The company has successfully entered multiple major clients with its high-end AI sewing machines, which are expected to be launched in the market in the second half of 2025, supporting future revenue growth [7]. - The company has made advancements in core technologies, including intelligent fabric handling and autonomous processing centers, which are expected to enhance its competitive position in the market [7]. Valuation Metrics - The company’s projected PE ratios are 25x for 2025, 22x for 2026, and 19x for 2027, indicating a favorable valuation outlook as earnings grow [7][14].

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company is experiencing steady performance improvements, with a solid foundation in its main business and an active expansion into the robotics sector [2][4] - The company has increased its R&D investment significantly, with a 127.31% year-on-year growth in R&D spending in the first half of 2025, indicating a strong commitment to innovation [3] - The company is strategically expanding its overseas production capacity, increasing its investment in its Thai subsidiary from $8 million to $28 million to enhance its ability to mitigate tariff risks [3] - The company is actively pursuing opportunities in the robotics industry, including investments in humanoid and quadruped robots, which are expected to become new growth drivers [4][9] Financial Summary - The company's revenue is projected to grow from 667 million yuan in 2023 to 2,088 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 31.7% [1] - The net profit attributable to the parent company is expected to increase from 48 million yuan in 2023 to 221 million yuan in 2027, reflecting a strong growth trajectory [1] - The company's return on equity (ROE) is forecasted to rise from 6.9% in 2023 to 18.2% in 2027, indicating improved profitability [1] - The earnings per share (EPS) is anticipated to grow from 0.26 yuan in 2023 to 1.20 yuan in 2027, showcasing the company's potential for shareholder value creation [1] Business Performance - In the first half of 2025, the company achieved a revenue of 503 million yuan, a year-on-year increase of 5.29%, and a net profit of 51 million yuan, up 13.99% year-on-year [1][2] - The company's main products showed varied performance, with the wheeled lawn mower generating 284 million yuan in revenue (up 11.33% year-on-year) and the chainsaw declining by 28.50% to 74 million yuan [2] - The overall gross margin for the first half of 2025 was 29.37%, reflecting a year-on-year increase of 2.61 percentage points [2]

Macro Strategy - The core viewpoint highlights the unprecedented removal of Federal Reserve Governor Cook by Trump, raising concerns about the independence of the Federal Reserve and the potential for more "Trump-aligned" appointees, which could lead to increased expectations for interest rate cuts in the future [1] - Following the removal announcement, market reactions included rising long-term U.S. Treasury yields and gold prices, while the U.S. dollar index declined, indicating a shift in investor sentiment towards risk assets [1] Fixed Income - The report indicates a cautious approach in the convertible bond market, suggesting a reduction in exposure to high-priced targets while increasing allocations to ETFs to balance risks [2][3] - The 10-year government bond yield increased from 1.745% to 1.785%, reflecting market adjustments to macroeconomic conditions [2] Industry Insights - New Lai Ying Material (300260) reported improved Q2 performance, benefiting from growth in the semiconductor and liquid cooling sectors, with a focus on domestic substitution and an optimized customer structure [5][6] - Li Yuan Heng (688499) achieved profitability with a robust order backlog in solid-state battery equipment, indicating a strong operational cash flow and successful delivery to major clients [7] - Jin Zai Food (003000) is experiencing a Q2 adjustment period, leading to a downward revision of profit forecasts for 2025-2027, reflecting a mismatch between internal expansion strategies and external market conditions [8][9] - Anpei Long (301413) reported steady growth in its temperature and pressure sensor business while investing in humanoid robotics, adjusting profit forecasts for 2025-2026 [10] - Xinde New Materials (301349) is seeing significant growth in fast-charging products, with profit forecasts adjusted upwards due to improved margins [11] - The report on China National Railway (601766) indicates strong growth in H1 2025, driven by recovery in railway fixed asset investments [18] - The report on China Duty Free Group (601888) highlights a narrowing revenue decline in Q2 2025, with a focus on expanding city store operations to boost sales [31] - Yun Aluminum (000807) reported a 17.98% increase in revenue for H1 2025, with a focus on maintaining high profit margins amid fluctuating aluminum prices [32][33]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company's mid-year performance aligns with forecasts, showing significant growth in electric tools, with a revenue increase of 4.87% year-on-year to 7.027 billion yuan in H1 2025 [1]. - The report anticipates better industry conditions in the second half of the year, driven by potential interest rate cuts that could enhance demand elasticity [7]. - The company is focusing on product innovation to sustain high growth in electric tools, which have seen a revenue increase of 56.03% year-on-year, raising their revenue share from 7.1% to 10.56% [7]. - The report projects revenues of 15.56 billion yuan for 2025, with a year-on-year growth of 5%, and net profits of 2.564 billion yuan, reflecting an 11% increase [2][7]. Financial Performance Summary - H1 2025 financials: Total revenue of 7.027 billion yuan, net profit of 1.273 billion yuan, and a non-recurring net profit of 1.254 billion yuan [1]. - Q2 2025 performance: Revenue of 3.371 billion yuan, net profit of 0.812 billion yuan, and a non-recurring net profit of 0.792 billion yuan [1]. - The company’s gross margin for H1 2025 was 31.95%, with a slight year-on-year decrease, while the net margin improved to 18.69% [7]. Revenue and Profit Forecast - Projected total revenue for 2025 is 15.56 billion yuan, with subsequent years expected to grow to 17.201 billion yuan in 2026 and 19.021 billion yuan in 2027 [2][14]. - Forecasted net profit for 2025 is 2.564 billion yuan, increasing to 2.896 billion yuan in 2026 and 3.255 billion yuan in 2027 [2][14]. Valuation Metrics - Current price-to-earnings (PE) ratio is projected at 16x for 2025, decreasing to 14x in 2026 and 13x in 2027 [7]. - The price-to-book (PB) ratio is expected to decline from 2.3 in 2025 to 1.8 by 2027 [2][14].

Macro Strategy - The core viewpoint highlights the unprecedented removal of Federal Reserve Governor Cook by Trump, raising concerns about the independence of the Federal Reserve and the potential for more "Trump-aligned" appointees, which could lead to increased expectations for interest rate cuts next year [1] - Following the removal announcement, long-term U.S. Treasury yields and gold prices rose, while the U.S. dollar index fell, indicating market reactions to the uncertainty surrounding the Federal Reserve's future [1] Fixed Income - The report indicates a cautious approach in the convertible bond market, suggesting a reduction in exposure to high-priced targets while increasing allocations to ETFs to balance risks [2][3] - The 10-year government bond yield increased from 1.745% to 1.785%, reflecting market adjustments [2] Industry Insights - Longi Green Energy's Q2 performance showed a reduction in losses, with production capacity gradually increasing, maintaining a "buy" rating [4] - Zhuhai Guanyu's mobile phone shipments saw significant growth, aligning with expectations, and the company is rated as a "buy" [4] - Hunan YN's profit forecast for 2025-2027 was adjusted downwards due to lithium carbonate price pressures, but the company maintains a "buy" rating based on its market position [7] - The report on Aima Technology indicates a slight downward adjustment in profit forecasts for 2025-2026, but the company is still rated as a "buy" due to its strong market position and ongoing product development [9] - The report on Yutong Bus highlights performance driven by exports, with expectations for a strong second half of 2025 [10] - The analysis of Minsheng Health indicates stable growth in traditional products and clear growth in probiotics, suggesting a positive outlook for future growth [13] - The report on Ganfeng Lithium indicates a downward adjustment in profit forecasts for 2025-2027, but the company is still rated as a "buy" due to its global resource layout [20] - The report on Jianghuai Automobile indicates a strategic partnership with Huawei and ongoing collaborations with other tech firms, maintaining a "buy" rating despite competitive pressures [22] - The report on Yingjia Wine suggests a focus on mid-range products, with expectations for improved performance following inventory clearance [23]