创新塑造未来 2025中国国际工程塑料产业创新评选 网络投票环节正式开始啦！ 涵盖 万华化学、DOMO、旭化成、LG化学、会通 等30+企业 新材料、新解决方案正在持续发布！ 全网在线投票 专家权威评审 入选丰厚回报 网络投票通道已开启 快来看看吧 ！ 网络投票时间：即日起截止至 7 月 20 日 12 时。 投票前先了解一下 2025中国国际工程塑料产业创新评选--新塑奖"活动，以"创新塑造未来"为主题，专注于挖掘工程塑 料新材料、新工艺、新设备等产业创新点。评选设有 "创新材料奖"、"创新工艺改进奖"、"创新行 业解决方案奖" 三大奖项，旨在宣传行业内的优秀企业，传递企业创新的点滴信息，表彰工程型料行 业的佼佼者，以此推动整个工程型料行业乃致整个塑料行业的发展。 （注：经初审评估， 2025 年 度 " 创新工艺奖 " 申报新品数量不足，该奖项本年度暂停评选。） 往届产业专家评委 排名不分先后 朱雄波 DT新材料 技术顾问 12 3 > 周甘华 奇瑞汽车内外饰部长 高级工程师 劲洲葡 伊斯蘭城 放A東區 15 D Partic 上海普利特复合材料股份有限公司 A 黄家奇 国家轻量化材料成形技术及装备创新中 ...

Group 1: Deepwater Equipment Delivery - China National Offshore Oil Corporation (CNOOC) has delivered 24 sets of 2000-meter deepwater suction anchors to Brazil, marking it as one of the largest deepwater oil and gas equipment deliveries by China [1][3] - The suction anchors weigh approximately 2674 tons, with a maximum height of 21 meters and a diameter of 8 meters, presenting significant technical challenges in precision control and deformation management due to their large size and thin wall thickness of 25 millimeters [3] Group 2: Technological Innovations - The project team achieved a quality compliance rate exceeding 99.9% through innovative construction techniques, including horizontal extension and vertical assembly, as well as advanced technologies like 3D scanning and finite element simulation [5] - The suction anchors will be installed at the Mero oil field in the Santos Basin, located in southeastern Brazil [5] Group 3: Marine Research Vessel - The first ocean-class intelligent comprehensive scientific research vessel, "Tongji," has been delivered, designed and built independently by China, featuring a 2000-ton capacity and advanced green, quiet, and intelligent technologies [6][8] - "Tongji" measures 82 meters in length and 15 meters in width, capable of accommodating 15 crew members and 30 research team members, with an operational range of 8000 nautical miles [8] Group 4: Power Grid Development - The Xinjiang 750 kV ring network project is nearing completion after 15 years of construction, with a total line length of 4197 kilometers, making it the largest 750 kV ultra-high voltage transmission ring network in China [11][17] - The project will enhance the power grid coverage to approximately 1.06 million square kilometers, nearly one-ninth of China's land area, and will facilitate the integration of renewable energy resources in the Tarim Basin [11][17]

7月11日，山东省人民政府新闻办举办新闻发布会，介绍山东布局"天空之城"，打造低空产业新标杆的有关情况。 山东省工业和信息化厅副厅长王茂庆介绍，当前，山东低空产业呈现制造和服务一体化发展态势，经营服务规模大于生产制造。目前，山东拥有经营性无人 机企业达到1400余家，居全国第3位。从制造环节来看，主要以综合集成为主，涵盖了工业级无人机、通航飞机、电动垂直起降飞行器（eVTOL）及关键系 统等主要领域，培育通用飞机和无人机整机、发动机、零部件和航空材料研发制造企业400余家，展现出强劲的发展势头。 下一步，山东将牢牢把握低空经济发展的战略窗口期，从加强产业链建设、提升产品创新能力、深化场景应用推广、构建完善产业生态等方面发力，努力将 低空产业打造成山东高质量发展的强劲引擎和闪亮名片。 1，山东计划到2027年机器人制造产业规模突破500亿元 7月10日，山东省人民政府新闻办举行政策例行吹风会，解读《山东省机器人产业高质量发展行动计划（2025-2027年）》（下称《行动计划》）的有关情 况。 山东省工业和信息化厅副厅长王茂庆介绍，《行动计划》共包括18条措施，既包含技术创新、产业培育的政策，又包含财金支持、标准 ...

2025 年 7 月 13 日 公司研究 中国建筑表观股息率相较银行已有竞争力 ——中国建筑（601668.SH）动态跟踪报告 买入（维持） 当前价：6.08 元 作者 分析师：孙伟风 执业证书编号：S0930516110003 021-52523822 sunwf@ebscn.com 分析师：吴钰洁 执业证书编号：S0930523100001 021-52523879 | wuyujie@ebscn.com | | --- | | 市场数据 | | | --- | --- | | 总股本(亿股) | 413.20 | | 总市值(亿元)： | 2512.28 | | 一年最低/最高(元)： | 4.72/6.79 | | 近 3 月换手率： | 22.94% | 股价相对走势 -12% -3% 5% 14% 23% 07/24 10/24 01/25 04/25 中国建筑 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 2.58 | 7.27 | -2.90 | | 绝对 | 6.48 | 14.07 | ...

Group 1 - The report highlights that both Chinese and US stock markets are experiencing a strong upward trend, driven by optimistic investor expectations regarding future corporate capital returns. A-shares are pricing in a stabilization of ROE at historical lows, while US stocks are anticipating continued growth in ROE from already high levels [3][12][14] - Since Q4 2021, A-shares have faced declining capital returns due to intense competition amid trends of "de-financialization" and "de-real estate," while US stocks have benefited from government debt expansion stimulating demand, resulting in higher ROE [3][14][17] - The report anticipates a shift in trends, with US capital returns potentially facing downward pressure due to tax policies encouraging manufacturing investment and capital repatriation, while A-shares may see a recovery in capital returns driven by anti-involution policies, stronger overseas manufacturing activity, and a halt in debt contraction [3][4][17] Group 2 - Three key catalysts for the stabilization and recovery of A-share capital returns are identified: anti-involution policies, overseas manufacturing activity surpassing service sector growth, and the end of the debt repayment cycle [4][23][31] - The report provides an example from the cement industry, where current operational rates are at their lowest since 2019, and a rebound in price indices is expected by late 2024, indicating a potential recovery in ROE [4][23][25] - The report notes that the demand for domestic capital goods and intermediate products is expected to rise due to stronger overseas manufacturing activity compared to services, with significant rebounds in excavator sales and steel exports observed [4][27][29] Group 3 - The current market pricing indicates that short-term stock prices have outpaced ROE, necessitating a buffer for uncertainty in recovery rhythms. The report emphasizes that the internal industry structure is more critical than the overall market [5][36] - The report discusses the historical context of PB (Price-to-Book) ratios, noting that the current PB levels are not extreme compared to historical standards, but the low absolute level of ROE may affect the pace of PB recovery [5][36][38] - A significant reduction in the proportion of stocks with low PB ratios has been observed, particularly in sectors like TMT (Technology, Media, and Telecommunications), high-end manufacturing, and banking, while traditional industries still show a high percentage of low PB stocks [5][38][40] Group 4 - The report suggests that the dynamics of capital returns are shifting, with domestic capital returns expected to stabilize and rise, while overseas capital returns may decline. This shift positions A-shares as more attractive compared to other markets [6][46] - Recommendations for asset allocation include focusing on upstream resource products benefiting from increased overseas demand and domestic anti-involution policies, as well as emphasizing equity over debt investments [6][46]

Group 1 - The core viewpoint is that the current strong resonance between Chinese and American stock markets reflects optimistic expectations for future corporate capital returns, with A-shares stabilizing from historical lows and U.S. stocks maintaining high ROE levels [1][2] - The three main catalysts for stabilizing and recovering capital returns in A-shares are: (1) anti-involution leading to stabilization in industries previously constrained by excessive capital expansion, (2) overseas manufacturing demand exceeding service sector demand, and (3) the end of debt contraction cycles [2][3] - The current market pricing indicates that short-term stock prices are ahead of ROE, which aligns with historical bottoming characteristics, and while the absolute level of PB is not extreme, the low absolute level of ROE affects the elasticity and pace of PB recovery [3][4] Group 2 - The future state of capital returns is expected to shift, with domestic capital returns stabilizing and overseas capital returns potentially declining due to the combination of anti-involution, cessation of debt contraction, and the development of overseas manufacturing [4][5] - The relative advantage of the "barbell strategy" may diminish as ROE gradually recovers, with traditional industries such as coal, oil, steel, and utilities showing a higher proportion of low PB stocks compared to TMT and high-end manufacturing sectors [3][4] - Recommendations for asset allocation include focusing on upstream resource products and capital goods benefiting from increased overseas demand and domestic anti-involution policies, as well as exploring opportunities in new consumption sectors like hospitality and retail [5]

Core Points - China National Offshore Oil Corporation (CNOOC) has successfully delivered 24 sets of 2000-meter deep international suction anchors for the Mero Phase II project in Brazil, marking a significant achievement in deepwater engineering [2] - The suction anchors, which utilize negative pressure to secure marine facilities, are essential for deep-sea energy development and are recognized for their high efficiency, reusability, and load-bearing capacity [2] - The project represents the largest application depth for suction anchors constructed domestically, with a total structural weight of approximately 2674 tons [2] Technical Innovations - The Mero Phase II suction anchors feature a maximum construction height of 21 meters, a diameter of 8 meters, and a wall thickness of only 25 millimeters, presenting substantial construction challenges [3] - The project team pioneered several construction techniques, including horizontal extension and vertical assembly, and employed advanced technologies such as 3D scanning and finite element simulation to address technical difficulties [3] - The quality assurance rate exceeded 99.9%, with dimensional deviations maintained within 1 millimeter per meter, achieving an industry-leading standard [3] Industry Contributions - CNOOC has been enhancing its core technologies in deepwater oil and gas equipment, successfully constructing several significant platforms, including the world's first 100,000-ton semi-submersible production and storage platform [3] - The company has also delivered multiple large-scale floating production storage and offloading units (FPSOs) internationally, contributing to the global deepwater oil and gas equipment market and promoting high-level cooperation in marine energy [3]

Core Insights - The report indicates that the current real estate market is experiencing a phase of valuation recovery, supported by policy expectations, with potential for further upside in the coming weeks [3][7][24] - The banking sector is expected to maintain a trend of upward momentum, driven by high dividend yields and stable operational logic, despite recent market fluctuations [6][21][23] Market Perspectives - The upcoming economic data release on July 15 is anticipated to show resilience, with GDP growth expected to be in the range of 5.1% to 5.3%, slightly lower than the previous quarter's 5.4% [4][14][18] - The divergence in CPI and PPI trends suggests a potential for mild price improvements, which could positively impact the market if the GDP growth exceeds expectations [4][14][15] Industry Allocation - The banking sector is projected to see a significant increase in dividend yields, with short-term expectations of a rise of 0.3% to 0.62% before August, and a further increase of 0.6% to 1.21% by early 2026 [6][21][23] - The real estate sector is currently in a typical down-cycle phase, with historical patterns suggesting a potential for a 5% to 15% increase in the index over the next month, driven by policy easing [7][24][26] Specific Opportunities - The report highlights three main investment themes: 1. Banks and insurance companies with strong dividend stability and long-term capital inflow [30] 2. Real estate stocks benefiting from anticipated policy easing [30] 3. Sectors with robust demand support, including rare earths, precious metals, and agricultural chemicals [31]

Core Points - The company announced a cash dividend of 0.30 yuan per share (before tax) for A-share shareholders, totaling approximately 4.07 billion yuan [1] - The profit distribution plan was approved at the annual general meeting held on June 20, 2025 [1] - The record date for the dividend is July 21, 2025, with the ex-dividend date and last trading date both set for July 22, 2025 [1] Distribution Plan - The total number of shares for the dividend distribution is based on the company's total share capital of 13,579,541,500 shares [1] - Cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch [1] - Shareholders who have not completed designated trading will have their dividends held by the China Securities Depository and Clearing Corporation until the trading is completed [1] Taxation Information - Individual shareholders holding shares for more than one year will be exempt from personal income tax on dividend income [3] - For shares held for one month or less, the actual tax burden is 20% on the dividend income [3] - For shares held between one month and one year, the effective tax rate is 10% [3] H-Shares and Other Shareholders - The cash dividend distribution for H-share shareholders is not covered in this announcement and will be detailed in a separate announcement on June 30, 2025 [2] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net dividend of 0.27 yuan per share [5] - Other institutional investors are responsible for their own tax obligations, with a cash dividend of 0.30 yuan per share being distributed [5]

Core Viewpoints - The mechanical industry is expected to outperform the market, with a focus on high-quality leading companies and structural growth opportunities [15][5][24] - The industry is undergoing a transformation driven by domestic upgrades, self-sufficiency, and accelerated overseas development [15][20] Industry Overview and Outlook - The core equipment localization is fundamental for the rise of the industry, breaking through bottlenecks in high-end equipment is essential for true autonomy and industrialization [15] - The trend of industrial upgrading is inevitable, with advancements in digitalization and energy transformation enhancing social efficiency and reducing costs [15] - The development of exports is transitioning from point to surface, with competitive manufacturing enterprises moving from import substitution to export substitution [15] Investment Strategy - The report recommends focusing on emerging growth sectors and export-driven leading companies, particularly in areas such as humanoid robots, AI infrastructure, and coal chemical equipment [25][26] - Key recommended stocks include Huace Testing, Guodian Measurement, and Yizhiming, among others [24][2] Key Recommendations - The report highlights specific companies for investment, including: - Humanoid Robots: Hengli Hydraulic, Huichuan Technology, and Zhenyu Technology [26] - AI Infrastructure: Yingliu Technology and Haomai Technology [28] - Engineering Machinery: Hengli Hydraulic, XCMG, and Sany Heavy Industry [29] - Nuclear Power Equipment: Jiadian Co., Zhongmi Holdings, and Jiangsu Shentong [29] - General Equipment: Huichuan Technology, Green Harmonic, and Baichu Electronics [29] Performance Tracking - In June, the mechanical industry index rose by 2.82%, outperforming the CSI 300 index by 0.32 percentage points, with stable valuation levels [6][11] - The manufacturing PMI index for June was reported at 49.70%, indicating a slight improvement [6][12] Financial Projections - The report provides forecasts for key companies, indicating resilience in operations, with expected revenue and profit growth across various sectors [31] - For example, Hengli Hydraulic is projected to achieve a revenue of 27.68 billion yuan in Q2 2025, with a net profit of 7.96 billion yuan [31]