Core Points - In June, the industrial added value above designated size grew by 6.8% year-on-year, accelerating by 1.0 percentage points compared to January-May. For the first half of the year, the growth rate was 6.4% [1] - The strong support for the 6.4% growth rate comes from advanced manufacturing and high-tech industries, particularly high-end equipment manufacturing, which significantly supports the overall industrial economy [1] - Emerging industries such as humanoid robots and 3D printing equipment are expected to see industrialization in the coming years, providing new growth points for the domestic economy [1] Industry Analysis - In June, 36 out of 41 major industries maintained year-on-year growth in added value, with notable increases in various sectors: non-ferrous metal smelting and rolling processing grew by 9.2%, general equipment manufacturing by 7.8%, specialized equipment manufacturing by 4.6%, automotive manufacturing by 11.4%, and electrical machinery and equipment manufacturing by 11.4% [2] - The mining industry saw a year-on-year increase of 6.1%, manufacturing increased by 7.4%, and the electricity, heat, gas, and water production and supply industry grew by 1.8% [1] Future Outlook - Analysts predict that industrial production momentum may weaken in the second half of the year due to factors such as declining exports. It is expected that the annual growth rate of industrial added value will be around 4.8%, primarily impacted by the decline in export growth [4] - The share of export delivery value in China's industrial output is close to 40%, indicating that industrial production growth may experience a sustained slowdown, with a shift in economic growth momentum towards the service sector [4] - Two factors are expected to influence industrial production growth in the second half: the expansion of "anti-involution" efforts leading to sustained production limits in sectors like crude steel and photovoltaics, and a potential decline in export growth following previous "export rush" activities [5]

Group 1: Financial Performance - In 2024, the company reported a revenue of 3.674 billion CNY, a year-on-year decrease of 4.62% [2] - The net profit attributable to shareholders for 2024 was 863 million CNY, down 0.28% year-on-year [2] - Basic earnings per share for 2024 were 1.61 CNY, reflecting a decline of 0.28% [2] - The weighted average return on net assets was 21.80%, a decrease of 4.01% year-on-year [2] - In Q1 2025, revenue was 606 million CNY, down 19.09% year-on-year [2] - The net profit attributable to shareholders in Q1 2025 was 118 million CNY, a decline of 19.58% [2] - Basic earnings per share for Q1 2025 were 0.22 CNY, also down 19.58% [2] - The weighted average return on net assets for Q1 2025 was 2.75%, a decrease of 1.12% year-on-year [2] Group 2: Product Overview - The company focuses on two core segments: compressors and vacuum pumps, with compressors further divided into refrigeration and air compression products [2][3] - The refrigeration product matrix includes commercial central air conditioning compressors, refrigeration compressors, and heat pump compressors, catering to diverse customer needs [3] - The air compressor products are essential in various industries, including engineering machinery, pharmaceuticals, chemicals, and electronics, ensuring efficient production processes [3] - The company is expanding into oil-free air compressors, targeting industries with high air quality requirements, such as food and biomedicine [3] - The vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium batteries, pharmaceuticals, and other sectors [3] - The company has begun small-scale supply of vacuum products to domestic chip manufacturers, indicating potential growth in the semiconductor sector [3]

金十数据7月15日讯，分主要行业看，2025年二季度，煤炭开采和洗选业产能利用率为69.3%，食品制 造业为69.1%，纺织业为77.8%，化学原料和化学制品制造业为71.9%，非金属矿物制品业为62.3%，黑 色金属冶炼和压延加工业为80.8%，有色金属冶炼和压延加工业为77.7%，通用设备制造业为78.3%，专 用设备制造业为76.5%，汽车制造业为71.3%，电气机械和器材制造业为73.5%，计算机、通信和其他电 子设备制造业为77.3%。 国家统计局：二季度汽车制造业产能利用率71.3% ...

证券代码：603356 证券简称：华菱精工 公告编号：2025-025 宣城市华菱精工科技股份有限公司 2025年半年度业绩预告 （二）业绩预告情况 经财务部门初步测算，预计2025年半年度实现归属于母公司所有者的净利润为-4,000万元到-5,000万 元，与上年同期相比，亏损将增加72.28万元到1,072.28万元；预计2025年半年度实现归属于母公司所有 者的扣除非经常性损益后的净利润-3,900万元到-4,900万元。 本次业绩预告为公司初步测算数据，未经注册会计师审计。 ● 本业绩预告适用于净利润为负值的情形。 ● 宣城市华菱精工科技股份有限公司（以下简称"公司"）预计2025年半年度实现归属于母公司所有者的 净利润为-4,000万元到-5,000万元，与上年同期相比，亏损将增加72.28万元到1,072.28万元；预计2025年 半年度实现归属于母公司所有者的扣除非经常性损益后的净利润-3,900万元到-4,900万元。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年6月30日。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 ...

Core Viewpoint - The legal opinion letter addresses the price adjustment of the 2021 restricted stock incentive plan for Suzhou Green's Harmonic Drive Technology Co., Ltd, confirming that the necessary approvals and procedures have been followed for the adjustment [1][2][4]. Group 1: Approval and Authorization of Price Adjustment - The company has completed the necessary procedures for the price adjustment of the restricted stock incentive plan, including resolutions and independent opinions from the board and supervisory committee [2][3]. - The independent directors and supervisory committee have verified and provided opinions on the relevant matters of the incentive plan [3]. Group 2: Details of Price Adjustment - The adjustment of the grant price for the incentive plan is from 41.99 yuan per share to 41.89 yuan per share, following the company's profit distribution and other capital changes [3][4]. - The company has distributed cash dividends based on its total share capital in previous years, which necessitated the adjustment of the grant price [3]. Group 3: Information Disclosure - The company is required to disclose relevant resolutions and information regarding the price adjustment in a timely manner, in compliance with applicable laws and regulations [3][4]. - The company has fulfilled its information disclosure obligations related to the price adjustment as of the date of the legal opinion letter [4].

Core Viewpoint - Chuanrun Co., Ltd. (002272) expects a net loss attributable to shareholders of the listed company between 19 million to 27 million yuan for the period from January 1, 2025, to June 30, 2025, indicating an increase in loss compared to the previous year [1] Financial Performance - The expected net profit loss represents an increase of 52.29% to 66.43% year-on-year [1] - The net profit loss after deducting non-recurring gains and losses is also projected to be between 19 million to 27 million yuan, reflecting a year-on-year increase of 56.89% to 69.66% [1] - The basic earnings per share are anticipated to be a loss of 0.0392 yuan to 0.0557 yuan per share [1] Business Drivers - The increase in operating performance compared to the same period last year is primarily attributed to significant growth in revenue from the new energy business [1] - Reduction in management expenses and improved quality of accounts receivable management also contributed to the performance [1]

宗申动力（001696）公告，截至2025年7月11日，东莞锂智慧原始股东已通过集中竞价方式购买公司股 票173.61万股，占公司总股本的0.15%，累计购买资金额度已超过2500万元，并办理完成股票质押登记 手续。具体情况如下：高少恒通过集中竞价在2025年4月8日至2025年7月7日期间累计购买45.33万股， 交易均价22.27元/股，交易总额1009.52万元。 ...

证券研究报告 | 浙商早知道 报告日期：2025 年 07 月 14 日 浙商早知道 2025 年 07 月 14 日 ：张延兵 执业证书编号：S1230511010020 ：021-80106048 ：zhangyanbing@stocke.com.cn 重要推荐 【浙商国防 邱世梁/王华君/孙旭鹏】华辰装备（300809）公司深度：国内轧辊磨床龙头，布局人形机器人磨床打 开蓝海市场——20250712 重要观点 重要点评 【浙商大制造中观策略 邱世梁/王华君/王家艺】巨星科技（002444）公司点评：盈利正增长，云开见星途 —— 20250710 http://www.stocke.com.cn 1/5 请务必阅读正文之后的免责条款部分 1、国防-华辰装备（300809） 2、推荐逻辑：国内轧辊磨床龙头，布局人形机器人磨床打开蓝海市场 1）超预期点 公司丝杠导轨磨床主要基于亚μ平台开发，通过与国际头部产品对比，其精度已达国际领先水平，同时公 司与贝斯特、福立旺等头部人形机器人厂商已签订磨床订单或交付产品，进一步验证了公司的产品性能。 2）驱动因素 ①钢铁行业有望筑底回升。当前公司业绩主要来自数控轧辊磨床， ...

风险提示：房地产走势不确定性仍存；政策力度不及预期。 "破局"通胀：反内卷与扩内需 [Table_Authors] 2025 年 6 月物价数据点评 本报告导读： 今年以来，"以旧换新"补贴政策持续支撑耐用消费品价格，带动核心 CPI 同比小幅 修复，而其中服务价格方面仍有待提振，指向了居民部门资产负债表的修复进展有 限，需要后续稳增长政策接续。 投资要点： 宏 观 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 宏 观 专 题 宏观研究 /[Table_Date] 2025.07.09 2025-07-13 [Table_Summary] 6 月 CPI 同比转正。食品价格拖累减弱；国际油价上涨输入带动能 源价格；核心 CPI 环比持平，核心消费品 CPI 环比表现显著好于 2023、 2024 年，"618"提前促销影响过去后，"以旧换新"政策支持的相关品 类价格仍相对偏强，而服务相关价格继续稳中偏弱。 6 月 PPI 同比跌幅继续扩张，一是受高温降雨天气影响，房地产、基 建项目施工进度有所放缓。二是"反内卷"具体政策和效果仍待观察， 尤其是对光伏、水泥、钢铁等行业实际供需格局的影响。三 ...

Group 1 - The report highlights optimism for the export of air separation equipment and the development of smart fire safety systems under urban renewal policies, indicating a market space exceeding 100 billion yuan for air separation equipment [3][13][14] - Air separation equipment is crucial for producing industrial gases and is widely used in various industries such as coal chemical, petrochemical, metallurgy, and nuclear power [3][13] - The company Fostar has established a strong brand presence in overseas markets due to its quality certifications, customer resources, project experience, and competitive pricing [14][15][16] Group 2 - Urban renewal policies have been continuously introduced since 2025, focusing on creating livable, resilient, and smart cities, which has led to a significant demand for upgrading fire safety systems in older residential areas [3][17][18] - The report mentions that as of the end of 2024, contracts for urban renewal projects in Beijing have exceeded 50%, indicating a robust market for fire safety equipment upgrades [19] - Qingniao Fire Safety, a leading company in fire alarm systems, is actively exploring the market for upgrading fire safety equipment in existing buildings, focusing on intelligent upgrades and integrated safety solutions [19] Group 3 - The probe station market, a key testing equipment in semiconductor manufacturing, has shown strong growth potential, with a compound annual growth rate (CAGR) of 22.28% from 2013 to 2023 in mainland China [5][14] - The demand for probe stations is closely linked to advancements in semiconductor manufacturing processes and increased production volumes, with domestic leaders like Xidian accelerating the pace of domestic substitution [5][14] - The report indicates that Xidian's market share in China reached 25.7% in 2023, reflecting a strengthening trend towards domestic replacement of imported equipment [5][14]