Core Viewpoint - Dali Pu Holdings (01921.HK) anticipates a significant reduction of over 70% in net loss for the six months ending June 30, 2025, compared to the previous period [1] Financial Performance - The unaudited net loss for the six months ending June 30, 2024, was RMB 69.8 million [1] - The company’s subsidiary, Dali Pu Special Pipe Co., Ltd., has successfully turned around its operations by significantly adjusting its product structure [1]

Core Viewpoint - The company acknowledges a suggestion from an investor to establish a dedicated entity to bid for projects related to Yajiang Group, indicating a proactive approach to potential business opportunities in the pipeline [1] Group 1 - The company expresses gratitude for the investor's suggestion and emphasizes its commitment to closely monitor the bidding dynamics of relevant projects [1] - The company highlights its advantages in pipe manufacturing technology, product quality, and project experience, which will be leveraged to actively participate in bidding processes [1] - The company assures that any substantial progress will be disclosed in accordance with relevant regulations, encouraging ongoing investor engagement and feedback [1]

Core Insights - Tenaris S.A. reported a revenue of $3.09 billion for the quarter ended June 2025, reflecting a decrease of 7.1% year-over-year, while EPS increased to $0.99 from $0.59 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $3.01 billion by 2.54%, and the EPS also surpassed the consensus estimate of $0.88 by 12.5% [1] Financial Performance Metrics - Tubes Sales volume for Seamless was 803.00 Kmt, exceeding the average estimate of 778.36 Kmt [4] - Total Tubes Sales volume reached 982.00 Kmt, slightly above the average estimate of 978.87 Kmt [4] - Welded Tubes Sales volume was 179.00 Kmt, below the average estimate of 200.50 Kmt [4] - Net sales for Tubes in North America were $1.4 billion, surpassing the average estimate of $1.26 billion, but showing a year-over-year decline of 0.5% [4] - Net sales for Tubes in Asia Pacific, Middle East, and Africa were $771 million, below the estimated $809.92 million, representing a 4.8% decline year-over-year [4] - Net sales for Tubes in Europe were $215 million, slightly above the average estimate of $208.36 million, but down 19.5% year-over-year [4] - Net sales for Tubes in South America were $531 million, below the average estimate of $566.22 million, reflecting an 8.8% decline year-over-year [4] - Revenues from Other segments were $166 million, exceeding the average estimate of $157.38 million, but down 34.4% year-over-year [4] - Total Revenues from Tubes were $2.92 billion, above the average estimate of $2.86 billion, but down 4.9% year-over-year [4] - Operating income from Other segments was $29 million, slightly below the average estimate of $32 million [4] - Operating income from Tubes was $554 million, in line with the average estimate of $551.36 million [4] Stock Performance - Tenaris shares returned +3.2% over the past month, compared to the Zacks S&P 500 composite's +3.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Viewpoint - Donghong Co., Ltd. (603856) has signed a procurement contract for steel pipes and fittings for a water supply project with a total amount of RMB 178 million, which is expected to have a positive impact on the company's operating performance [1] Group 1 - The contract will be effective upon the signatures and seals of the legal representatives (or authorized persons) of both parties [1] - The performance period of the contract will last from the effective date until all rights and obligations are fulfilled by both parties [1] - The signing of the contract will positively influence the company's operating performance without affecting its business independence [1]

Core Viewpoint - Baoshi Pipe Industry Co., Ltd. has successfully produced the first batch of 50 pieces of 457mm diameter pure hydrogen transport straight seam submerged arc welded pipes, which will be used in China's first cross-province, long-distance, large-scale green hydrogen pipeline project [1] Group 1: Product Development - The R&D team of Baoshi Pipe Industry has developed pure hydrogen transport straight seam submerged arc welded pipes with independent intellectual property rights, filling the gap in domestic hydrogen transport products [1] - The pipes feature ultra-high purity and ultra-fine grain size, effectively reducing hydrogen embrittlement risk and ensuring long-term stable operation in high-pressure pure hydrogen environments [1] Group 2: Project Involvement - Baoshi Pipe Industry will supply nearly 1,000 tons of pure hydrogen pipes for the demonstration project of the hydrogen transport pipeline from Ulanqab City in Inner Mongolia to the Beijing-Tianjin-Hebei region [1]

Core Points - The company, Shandong Donghong Pipe Industry Co., Ltd., is set to list 25,641,460 shares for public trading on July 22, 2025, following a non-public issuance to specific investors [1][2] - The total share capital of the company will increase from 256,414,600 shares to 282,056,060 shares after this issuance [2][3] - The issued shares will be subject to a six-month lock-up period, during which they cannot be transferred or managed by others [1][2] Summary by Sections 1. Type of Issuance - The shares being listed are from a non-public issuance approved by the China Securities Regulatory Commission, totaling 25,641,460 shares [1][2] 2. Changes in Share Capital - After the issuance, the company's total share capital will rise to 282,056,060 shares, with no other changes in share capital due to actions like stock splits or buybacks since the issuance [2][3] 3. Lock-up Commitments - The investors who subscribed to the shares have committed to not transferring or managing the shares for six months post-issuance, and all commitments have been adhered to as of the announcement date [2][3] 4. Verification by Intermediaries - The sponsoring institution has confirmed that the application for the listing of the restricted shares complies with relevant regulations and that all commitments by shareholders have been fulfilled [3]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The A-share market showed a volatile upward trend last week, with the futures market showing a differentiated pattern. The market has strong expectations for policies at the end of July, which has increased risk appetite. However, factors such as weak manufacturing PMI, deflation pressure, and insufficient domestic demand have affected the performance of some contracts. The loose liquidity environment supports the A-share market, and the market may maintain an upward - biased state in the short term. Traders are advised to avoid blind chasing and seize callback opportunities [2][20]. Summary by Relevant Catalogs Market Performance - On July 11, the Shanghai Composite Index rose 0.01% to 3510.18 points, the Shenzhen Component Index rose 0.61% to 10696.10 points, and the ChiNext Index rose 0.80% to 2207.10 points. The trading volume of the two markets reached 1712.1 billion yuan, an increase of 218 billion yuan from the previous day. Industry sectors mostly rose, with shipbuilding, small metals, securities, diversified finance, and software development leading the gains, while glass fiber, engineering consulting services, and the banking sector leading the losses [2]. - Last week, the domestic stock index futures market showed a differentiated trend. The weekly increases of the main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 futures were 1.46%, 1.27%, 2.69%, and 3.40% respectively [2]. - Last week, 30 - year and 10 - year treasury bond futures rose, while 5 - year and 2 - year treasury bond futures fell [3]. Fundamental Analysis - The Ministry of Finance requires state - owned commercial insurance companies to improve asset - liability management and adjust the assessment methods of "return on net assets" and "(state - owned) capital preservation and appreciation rate" [7]. - The Shenzhen Stock Exchange will revise the compilation plan of the ChiNext Composite Index on July 25, including introducing a monthly elimination mechanism for risk - warning stocks and an ESG negative elimination mechanism [7]. - As of July 12, 483 companies have disclosed their semi - annual performance forecasts, of which 281 reported good news, accounting for 58.18%, and 155 are expected to have a net profit increase of over 100% [8]. - Last week, the central bank's open market had a net withdrawal of 22.65 billion yuan. This week, 42.57 billion yuan of reverse repurchases will expire, and 10 billion yuan of MLF will expire on July 15 [8]. Valuation Analysis - As of July 11, the PE of the CSI 300 Index was 13.34 times, the percentile was 72.35%, and the PB was 1.39 times; the PE of the SSE 50 Index was 11.42 times, the percentile was 84.12%, and the PB was 1.25 times; the PE of the CSI 1000 Index was 39.33 times, the percentile was 58.24%, and the PB was 2.18 times [9]. - Two formulas for calculating the stock - bond yield spread are provided, one based on the reciprocal of the price - earnings ratio and the other based on the dividend yield [15][17]. Comprehensive Analysis - Last week, the main contracts of stock index futures showed a volatile upward trend, but there were obvious differences among varieties. The market has strong expectations for policies at the end of July, which has increased risk appetite. However, factors such as weak manufacturing PMI, deflation pressure, and insufficient domestic demand have affected the performance of some contracts. The loose liquidity environment supports the A - share market, and the market may maintain an upward - biased state in the short term. Traders are advised to avoid blind chasing and seize callback opportunities [20].

Core Viewpoint - The company, Beijing Hanjian Heshan Pipeline Co., Ltd., expects to achieve a turnaround in net profit for the first half of 2025, projecting a net profit attributable to shareholders of between 5.5 million and 8 million yuan, compared to a loss in the same period last year [2][6]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to June 30, 2025 [3]. - The expected net profit attributable to shareholders is between 5.5 million and 8 million yuan, indicating a significant improvement from a loss of 34.09 million yuan in the same period last year [2][4]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 5 million and 7.5 million yuan [3]. Group 2: Previous Year Performance - In the same period last year, the total profit was -38.20 million yuan, with a net profit attributable to shareholders of -34.09 million yuan [4]. - The net profit after deducting non-recurring gains and losses was -36.09 million yuan [4]. - The earnings per share for the previous year was -0.0871 yuan [5]. Group 3: Reasons for Profit Turnaround - The primary reason for the expected profit turnaround is the stable delivery of signed sales contracts for prestressed concrete pipes (PCCP), leading to a significant increase in revenue compared to the previous year [6]. - Non-operating gains and losses are not expected to have a significant impact on the current period's performance [7]. - Accounting treatment is also not anticipated to have a major effect on the current period's performance [8].

Group 1 - The company, Beijing Hanjian Heshan Pipeline Co., Ltd., forecasts a net profit attributable to shareholders of the parent company for the first half of 2025 to be between 5.5 million and 8 million yuan, indicating a turnaround from a loss in the same period last year [1][2] - The expected net profit after deducting non-recurring gains and losses is projected to be between 5 million and 7.5 million yuan [1] - The previous year's net profit attributable to shareholders was a loss of 34.0859 million yuan, with a total profit of -38.2027 million yuan [2] Group 2 - The primary reason for the expected profit turnaround is attributed to stable delivery of signed sales contracts for prestressed concrete pipes (PCCP), leading to a significant increase in revenue compared to the previous year [2] - Non-operating gains and losses are not expected to have a significant impact on the current period's performance [2] - Accounting treatment is not anticipated to have a major effect on the current period's performance [2]

Performance Forecast - The company expects a net profit attributable to shareholders for the first half of 2025 to be between 35 million and 47 million yuan, representing a year-on-year increase of 111.76% to 184.37% compared to 16.53 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is projected to be between 33 million and 45 million yuan, reflecting a year-on-year growth of 137.30% to 223.59% from 13.91 million yuan [1] - Basic earnings per share are anticipated to be between 0.0627 yuan and 0.0841 yuan, compared to 0.029 yuan per share in the previous year [1] Reasons for Performance Change - The significant increase in performance is attributed to the company's ongoing initiatives to enhance quality and efficiency, which have led to a decrease in relevant expense ratios compared to the same period last year [1]