Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The stock index futures market has policy support, and there are opportunities to go long on dips. The bond market is affected by the stock - commodity market, and the interest rate is expected to decline in the long - term. The precious metals market is under pressure due to the hawkish stance of the Fed. Different metals in the non - ferrous metals market have different price trends based on their supply - demand fundamentals. The black building materials market is affected by policies and demand, and prices may fluctuate. The energy and chemical market has various trends for different products based on supply - demand and cost factors. The agricultural products market also shows different trends for different products such as livestock, grains, and oils [2][5][7] Summary by Relevant Catalogs Macro - financial Stock Index - **News**: The Politburo meeting emphasized the attractiveness and inclusiveness of the capital market. The Guangzhou Futures Exchange adjusted trading limits for some contracts of industrial silicon, polysilicon, and lithium carbonate. Ningde Times' net profit increased by 33.02% year - on - year. Zhongchuan Emergency will be under risk warning from August 1st [2] - **Base Ratio**: Different base ratios are provided for IF, IC, IM, and IH contracts in different periods [2] - **Trading Logic**: The policy's support for the capital market is confirmed, and there are opportunities to go long on dips [2] Treasury Bonds - **Market Quotes**: On Wednesday, the main contracts of TL, T, TF, and TS all rose [3] - **News**: The Politburo meeting emphasized the implementation of fiscal and monetary policies. The Sino - US economic and trade talks agreed to extend relevant tariffs and counter - measures for 90 days [3] - **Liquidity**: The central bank conducted 3090 billion yuan of 7 - day reverse repurchase operations, with a net investment of 1585 billion yuan [3] - **Strategy**: The interest rate is expected to decline in the long - term, but the stock and commodity markets may suppress the bond market in the short - term [6] Precious Metals - **Market Quotes**: Both domestic and foreign gold and silver prices declined. The US 10 - year Treasury yield was 4.38%, and the US dollar index was 99.82 [7] - **Market Outlook**: The hawkish stance of the Fed and the strong US economic data are negative factors for precious metals [7] Non - ferrous Metals Copper - **Market Quotes**: LME copper fell 0.74%, and SHFE copper was affected. The inventory and basis changed [10] - **Price Outlook**: The pressure on copper prices is relieved, and the price is expected to stabilize in the short - term [10] Aluminum - **Market Quotes**: LME aluminum rose slightly, and SHFE aluminum was in a volatile state. The inventory and basis changed [11] - **Price Outlook**: The price is expected to oscillate due to the low inventory and weak demand [11] Zinc - **Market Quotes**: SHFE zinc index rose slightly. The inventory and basis changed [12] - **Price Outlook**: The long - term price is bearish, and short - term attention should be paid to the Fed's decision and market risks [12][13] Lead - **Market Quotes**: SHFE lead index fell slightly. The inventory and basis changed [14] - **Price Outlook**: The supply is tightening, and the price may strengthen if the smelter inspection expands [14] Nickel - **Market Quotes**: Nickel prices oscillated narrowly. The prices of nickel ore, nickel iron, and refined nickel changed [15] - **Price Outlook**: The price is expected to decline, and short positions can be held or shorted on rallies [15] Tin - **Market Quotes**: Tin prices oscillated narrowly. The inventory and price of upstream tin concentrate changed [16] - **Price Outlook**: The supply and demand are weak in the short - term, and the price is expected to oscillate weakly [16] Carbonate Lithium - **Market Quotes**: The spot index was flat, and the futures price fell. The trading limits were adjusted [18] - **Price Outlook**: The fundamentals are expected to improve, but there is high uncertainty, and speculators are advised to be cautious [18] Alumina - **Market Quotes**: The index rose, and the spot price and basis changed. The inventory increased slightly [19] - **Price Outlook**: The over - capacity pattern may remain, and short - term waiting and watching are recommended [19] Stainless Steel - **Market Quotes**: The futures price was flat, and the spot price and basis changed. The inventory decreased [20] - **Price Outlook**: The price may be affected by supply and demand, and attention should be paid to terminal demand [20] Casting Aluminum Alloy - **Market Quotes**: The futures price rose slightly, and the spot price was flat. The inventory increased slightly [21] - **Price Outlook**: The price is under pressure due to the weak supply and demand in the off - season [21] Black Building Materials Steel - **Market Quotes**: The prices of rebar and hot - rolled coil fell. The inventory and basis changed [23] - **Price Outlook**: The overall fundamentals are weak, and attention should be paid to terminal demand and cost support [24] Iron Ore - **Market Quotes**: The futures price fell, and the spot price and basis changed [25] - **Price Outlook**: The short - term price may be adjusted, and risk control is needed [26] Glass and Soda Ash - **Glass**: The spot price was flat. The inventory decreased. The price is expected to oscillate in the short - term [27] - **Soda Ash**: The spot price was stable. The inventory decreased. The price is expected to oscillate in the short - term [28] Manganese Silicon and Ferrosilicon - **Market Quotes**: The prices of manganese silicon and ferrosilicon fell. The spot price and basis changed [29] - **Price Outlook**: The short - term price fluctuates greatly, and speculation is not recommended. The long - term fundamentals are bearish [30][31] Industrial Silicon - **Market Quotes**: The futures price fell. The spot price and basis changed [33] - **Price Outlook**: The price is expected to oscillate with high volatility, and waiting and watching are recommended [34] Energy and Chemicals Rubber - **Market Quotes**: NR and RU prices fell. The supply concern decreased [37] - **Price Outlook**: The price is expected to oscillate downward, and short - term waiting and watching are recommended [39] Crude Oil - **Market Quotes**: WTI and Brent crude oil rose, while INE crude oil fell. The inventory data changed [40] - **Price Outlook**: The price has upward momentum in the short - term but is limited by the off - season demand [41] Methanol - **Market Quotes**: The futures price fell, and the spot price rose. The basis changed [42] - **Price Outlook**: The supply may increase and demand may weaken, and waiting and watching are recommended [42] Urea - **Market Quotes**: The futures price fell, and the spot price was flat. The basis changed [43] - **Price Outlook**: The supply and demand are weak, and long positions can be considered on dips [43] Styrene - **Market Quotes**: The spot and futures prices rose, and the basis strengthened [44] - **Price Outlook**: The price may rise with the cost after the inventory is reduced [44] PVC - **Market Quotes**: The futures price rose, and the spot price and basis changed [46] - **Price Outlook**: The supply is strong and demand is weak, and the price may fall back [46] Ethylene Glycol - **Market Quotes**: The futures price rose, and the spot price and basis changed [47] - **Price Outlook**: The fundamentals may turn weak, and the price may decline [47] PTA - **Market Quotes**: The futures price rose, and the spot price and basis changed [48] - **Price Outlook**: The supply may increase and inventory may accumulate, and long positions can be considered on dips [50] p - Xylene - **Market Quotes**: The futures price rose, and the spot price and basis changed [51] - **Price Outlook**: The price may go down with inventory, and long positions can be considered on dips [51] Polyethylene PE - **Market Quotes**: The futures price rose [52] - **Price Outlook**: The price may be affected by cost and supply, and short positions can be held [52] Polypropylene PP - **Market Quotes**: The futures price fell [53] - **Price Outlook**: The price may follow the crude oil trend in July [53] Agricultural Products Live Pigs - **Market Quotes**: The pig price was stable with local fluctuations [57] - **Price Outlook**: The price may rise slightly today. Attention should be paid to the spread opportunities [57] Eggs - **Market Quotes**: The egg price was stable [58] - **Price Outlook**: The short - term price may oscillate, and short positions can be considered after the rebound [58] Soybean and Rapeseed Meal - **Market Quotes**: The US soybean price fell, and the domestic soybean meal price rose slightly [59] - **Price Outlook**: The soybean import cost may be affected by trade relations, and long positions can be considered on dips [60][61] Oils - **Market Quotes**: The domestic palm oil oscillated, and the net long positions of three major oils changed [62] - **Price Outlook**: The price is expected to oscillate, and there may be an upward trend in the fourth quarter [63] Sugar - **Market Quotes**: The Zhengzhou sugar futures price fell [64] - **Price Outlook**: The supply may increase, and the price may continue to decline [65] Cotton - **Market Quotes**: The Zhengzhou cotton futures price fell [66] - **Price Outlook**: The price is bearish in the short - term due to the weak consumption and unresolved trade issues [66]

固态电池持续发酵，电池板块净流入显著。数据显示，截至7月30日，表征板块的电池ETF(561910)获资 金连续3日净流入，年内份额扩容近4成。 分析指出，公司25Q2毛利率和净利率水平继续修复，主要受益于（1）碳酸锂价格下行和公司海外资源 长单锁价；（2）产品确认和市场结构优化；（2）上半年产能利用率90%，从库存商品看下半年环比趋 势继续向好。 对全固态电池方面，宁德时代表态积极：科学问题解决，目前是工程问题，小容量样品，真正目标是瞄 准量产化商业化产品去做，目前进展还不错。产品化已在推进，商业化要考虑成本，27年小规模量产， 要看供业链成熟度，需要3-5年，30年商业化。 风险提示：文中提及的指数成份股仅作展示，个股描述不作为任何形式的投资建议。任何在本文出现的 信息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，投资 人须对任何自主决定的投资行为负责。基金投资有风险，基金的过往业绩并不代表其未来表现，基金管 理人管理的其他基金的业绩并不构成基金业绩表现的保证，基金投资须谨慎。 来源：金融界 消息面，宁德时代(300750.SZ)发布2025年半年度报告，该公司营业收入 ...

中原证券认为，周三A股三大指数涨跌互现，上证指数冲高遇阻，盘中银行、保险、游戏以及消费等行 业表现较好；电池、多元金融、小金属以及工程机械等行业表现较弱。长期资金入市步伐加快，ETF规 模稳步增长，保险资金持续流入，形成显著的托底力量。美联储6月议息会议维持利率不变，但降息路 径仍存不确定性，若释放明确降息信号将显著提振全球风险偏好。当前，A股市场已进入政策与资金双 轮驱动阶段，慢涨格局基本确立。虽然短期面临技术性调整压力，但中期上行趋势未改。预计短期市场 以稳步震荡上行为主，仍需密切关注政策面、资金面以及外盘的变化情况。 东莞证券认为，周三A股三大指数涨跌不一，上证指数冲高回落，创业板指全天弱势震荡。海外市场方 面，美联储将于周三结束为期两天的政策会议，市场普遍预计此次会议美联储仍将按兵不动。此外，本 周五，美国还将公布6月非农报告，目前，市场预计报告将显示就业增长放缓、失业率上升，更多线索 可能将在该报告中揭示。目前上证指数来到3600点上方，技术面走势仍处于强势格局，不过高位也出现 一定分化，特别是创业板的回调也显示出市场抛压有所加大，需要注意高位的震荡反复。 财信证券认为，周三A股市场尽管出现冲高回落 ...

人民财讯7月31日电，宁德时代（300750）在业绩说明会上表示，乘用车和重卡换电业务推进顺利。截 至7月底，乘用车换电站已经建成400多座，目前来看可达成全年1000座建站计划；重卡换电站已经建成 约100座，全年预计建设300座左右。此外，公司与车企客户共同发布了20多款巧克力换电新车型，并与 中石化、蔚来、滴滴等上下游企业合作，加速换电生态建设。 ...

韩国总统李在明宣布韩国已与美国“结束关税谈判”，并表示这批3500亿美元的资金“将在促进韩国企业积极进入美国市场方面发挥作用，这些行业都是我们具有优势的行业，例如造船、半导体、电池、生物技术和能源”，其中1500亿美元将用于“造船合作，为韩国企业进入美国造船业提供强有力的支持”，并补充说，“实现互利互惠的结果非常重要，而不仅仅是追求单方面的利益。”外汇交易员 (@myfxtrader):特朗普表示，美韩双方达成一致，美国将对韩国征收15%的关税。同时，美国不会被征收关税。韩国将对美全面开放贸易，接受包括汽车、卡车和农产品在内的美国产品。 ...

重要新闻提示 国家卫生健康委：8月31日前各地全面开放育儿补贴申领 宁德时代（300750）：2025年中期分红拟10派10.07元（含税），合计分红金额为45.73亿元 南新制药（688189）：股票交易异常波动，近期正筹划购买某一国内药品技术等资产组事项 今日提示 商务部今日15时举行新闻发布会，介绍近期商务领域重点工作有关情况。 财经新闻 1. 7月30日，国新办举行新闻发布会，介绍育儿补贴制度及生育支持措施有关情况。国家卫生健康委人 口家庭司司长王海东表示，2022年1月1日以后出生的符合条件的婴幼儿，都可以领取育儿补贴。按照工 作计划，各地将在8月下旬陆续开放育儿补贴申领，8月31日前各地全面开放育儿补贴的申领。财政部社 会保障司司长郭阳介绍，中央财政将设立共同财政事权转移支付项目"育儿补贴补助资金"，今年初步安 排预算900亿元左右。 2. 国家发展改革委网站7月30日消息，国家发展改革委会同有关方面起草《政府投资基金布局规划和投 向工作指引（公开征求意见稿）》和《加强政府投资基金投向指导评价管理办法（公开征求意见 稿）》，现向社会公开征求意见。 工作指引提出，推动政府投资基金支持重点领域。政府投 ...

Group 1 - Xizang Tourism (600749.SH) has not engaged in business cooperation with units related to the lower reaches of the Yarlung Tsangpo River hydropower project [1] - Changjiang Electric Power plans to invest approximately 26.6 billion yuan in the construction of the Gezhouba shipping capacity expansion project [1] - Sinopec Oilfield Service has won a contract worth 3.597 billion yuan for an engineering project [1] Group 2 - Inner Mongolia Huadian completed a power generation volume of 24.324 billion kWh in the first half of the year, a year-on-year decrease of 14.58% [1] - Datang Telecom plans to transfer 3.3333% equity in its subsidiary Hefei Storage [1] - Junsheng Electronics has repurchased a total of 0.925% of its shares, completing the buyback [1] Group 3 - CATL reported a net profit increase of 33.33% to 30.485 billion yuan in the first half of the year and plans to distribute a dividend of 10.07 yuan per share [1] - Rongda Photoelectric's controlling shareholder and concerted parties plan to reduce their holdings by no more than 2.00% [1][2] - Huanzi Technology's shareholders plan to collectively reduce their holdings by no more than 3% [1][2] Group 4 - Yonghui Supermarket plans to raise no more than 3.992 billion yuan through a private placement for store upgrade and renovation projects [3] - Hongxiang Co., Ltd.'s actual controller Yang Cheng has been released on bail [3]

Core Viewpoint - Ningde Times has demonstrated strong financial performance in the first half of 2025, with significant growth in revenue and profit, while also focusing on investor returns through a substantial dividend payout [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 178.89 billion yuan, representing a year-on-year increase of 7.3% [1]. - Net profit attributable to shareholders was 30.49 billion yuan, up 33.3% year-on-year [1]. - The gross profit margin improved to 25.0%, an increase of 1.8 percentage points compared to the previous year [1]. - Operating cash flow amounted to 58.69 billion yuan [1]. - The company announced a mid-year dividend of 10.07 yuan per 10 shares, totaling 4.573 billion yuan [1]. Market Position and Global Strategy - Ningde Times maintains a strong global market position, with a 38.1% market share in the power battery sector from January to May 2025, an increase of 0.6 percentage points year-on-year [1]. - In the energy storage sector, the company ranked first globally in production from January to June 2025 [1]. - The company has cumulatively installed approximately 20 million power batteries and applied energy storage batteries in over 2,000 projects worldwide [1][2]. Capital and Production Expansion - The company successfully listed on the Hong Kong Stock Exchange on May 20, raising 41 billion HKD for overseas project development [2]. - Ningde Times is actively expanding its production capacity both domestically and internationally, with ongoing projects in various locations including China and Hungary [2]. - The company is establishing a global delivery network to meet increasing customer demand [2]. Research and Development - Ningde Times has established six global R&D centers with a team of over 21,000 [2]. - The company has developed three core technology platforms for optimizing product performance and solutions [2]. - The second-generation "Shenxing" battery, featuring an 800 km range and 12C peak charging capability, represents a significant advancement in battery technology [2]. Innovative Solutions - The company is enhancing its energy replenishment ecosystem through innovative battery swap solutions, with over 300 swap stations built in the first half of 2025 [3]. - Strategic partnerships are being formed to accelerate the development of a nationwide energy replenishment network [3]. - Future R&D directions include solid-state batteries and innovative application scenarios, positioning the company to lead in global energy transition [3].

Group 1 - Changjiang Electric Power reported a net profit of 12.984 billion yuan for the first half of 2025, an increase of 14.22% year-on-year, driven by increased power generation from its six hydropower stations [2] - CATL achieved a net profit of 30.485 billion yuan for the first half of 2025, reflecting a year-on-year growth of 33.33%, with total revenue reaching 179 billion yuan, up 7.27% [3] - The company launched several new battery products, including the world's first lithium iron phosphate battery with 800 km range and 12C fast charging capability, and maintained a global market share of 38.1% in power batteries [4] Group 2 - Yonghui Supermarket plans to raise no more than 3.992 billion yuan through a private placement to upgrade stores and logistics [11] - Vanke A's major shareholder provided a loan of up to 869 million yuan to repay bonds and interest [12] - Guangzhou Development intends to issue up to 6 billion yuan in short-term financing notes and 8 billion yuan in medium-term notes for daily operations and debt repayment [13] Group 3 - Lideman is planning to acquire up to 70% of a tuberculosis diagnostic company, which will enhance its IVD business segment [15] - Yunnan City Investment elected a new chairman following the resignation of the previous chairman due to work adjustments [27] - Digital Certification's controlling shareholder will change to Beijing Data Group as part of a restructuring process [31] Group 4 - Inner Mongolia Huadian reported a net profit of 1.557 billion yuan for the first half of 2025, a decrease of 11.91% year-on-year, attributed to increased renewable energy generation affecting thermal power utilization [32]

Group 1 - Lideman is planning a major asset restructuring by acquiring up to 70% of Beijing Xiansheng Xiangrui Biological Products Co., Ltd. This acquisition will grant Lideman control over the target company, which will become a subsidiary [1][2] - The target company specializes in in vitro diagnostic reagents and human vaccines, with products primarily used for tuberculosis screening, diagnosis, treatment, and innovative vaccine development. The acquisition will enhance Lideman's IVD business segment and overall competitiveness [2] Group 2 - Hehua Co. and Sanchao New Materials are planning control changes, leading to a suspension of their stocks starting July 31, 2025, for up to two trading days [3] - Changjiang Electric Power has approved an investment of approximately 26.6 billion yuan for the construction of the Gezhouba shipping capacity expansion project, with funding sourced from its own funds [4] Group 3 - Contemporary Amperex Technology Co., Ltd. (CATL) reported a 7.27% increase in revenue to 178.886 billion yuan and a 33.33% increase in net profit to 30.485 billion yuan for the first half of 2025. The company plans to distribute a cash dividend of 10.07 yuan per 10 shares [5] - Dingtong Technology reported a 73.51% increase in revenue to 0.785 billion yuan and a 134.06% increase in net profit to 0.115 billion yuan for the first half of 2025 [6] - XGIMI Technology expects a net profit of 88.662 million yuan for the first half of 2025, a significant increase of 2062.33% compared to the previous year [7] Group 4 - Jinchengzi is planning to acquire 55% of Changchun Samit Optoelectronics Technology Co., Ltd. through a combination of stock issuance and cash payment, with the stock suspension starting July 31, 2025, for up to 10 trading days [8] - Digital Certification is undergoing a change in its controlling shareholder due to the establishment of Beijing Data Group, which will involve the transfer of shares from its current controlling shareholder [9][10]