证券研究报告 晨会 hyzqdatemark 2025 年 07 月 09 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年07月09日 华源晨会精粹 20250709 固定收益 美降息预期回落，国内债基久期继续上升——利率周报：中观高频数据： 经济修复呈现"弱复苏中的结构性亮点"的格局。消费市场复苏动能分化；货运量 保持韧性，出口指标承压；基建相关行业扩张，化工链阶段性调整；商品房成交量 分化；大宗商品价格承压。机构行为：截至 7 月 6 日，理财公司公募理财产品破净 率约为 0.86%，较年初下降 1.11pct，当前破净率的年内百分位已低于 10%。截至 7 月 4 日，本周债基久期继续上升，我们估算利率债中长期债基久期平均数自 4 月初 以来快速走高，7 月 4 日测算约 5.2 年，信用债中长期债基久期平均数自 5 月中旬以 来持续窄幅震荡，7 月 4 日测算约 2.2 年。三季度利率债预计窄幅震荡，继续看多收 益率 2%以上的长久期城投债及资本债。7 月理财规模预计大幅增长，看多长久期下 沉的城投及资本债，看多城投点心债及美元债，力推民生、渤海、恒丰银行永续债， 关注保险次级债机会。 ...

Group 1: Institutional Research Highlights - The top twenty companies with the most institutional research in the past 30 days include Ice Wheel Environment, Boshi Jie's, Jun Ding Da, Huichuan Technology, and Dazhu Laser[5] - In the last five days, the most researched companies include Hu Dian Co., Guilin Sanjin, Ice Wheel Environment, Mankalon, and Xingrong Environment[5] - Among the top twenty companies in the past 30 days, five had ten or more rating agencies, namely Ice Wheel Environment, Boshi Jie's, Jun Ding Da, Huichuan Technology, and Dazhu Laser[5] Group 2: Shareholder Increase and Buyback Situations - From June 30 to July 4, 2025, two companies announced significant shareholder increases, both having ten or more rating agencies: Renfu Pharmaceutical and Suzhou Bank[7] - From January 1 to July 4, 2025, 234 companies announced shareholder increases, with 64 having ten or more rating agencies[24] - In the same period, 288 companies announced buyback progress, with 78 having ten or more rating agencies, including Xiamen Xiangyu, Huafa Shares, Changhong Meiling, Pingmei Shares, and Mengbaihe[28] Group 3: Financial Metrics and Recommendations - The average expected buyback amount as a percentage of the market value on the announcement date exceeded 1% for companies like Xiamen Xiangyu (6.42%), Huafa Shares (3.21%), and Changhong Meiling (3.03%)[29] - For the year 2025, 1,573 companies announced buyback progress, with 345 having ten or more rating agencies, and 93 companies had a buyback amount exceeding 1% of their market value[30]

建筑保温材料、防水卷材、人造板、燃气灶具等产品与消防安全紧密关联，为充分发挥案例警示教育作 用，提高相关企业及负责人依法履责意识，辽宁省市场监督管理局发布市场监管领域消防安全集中整治 第一批（共4起）典型案例。 案例1.沈阳永晟伟业建材科技有限公司生产不符合国家标准保温材料案 2025年1月24日，沈阳市新民市市场监管局依法对沈阳永晟伟业建材科技有限公司对生产不符合国家标 准保温材料的违法行为，责令当事人改正，并作出罚款16200元的行政处罚。 2024年9月，在省市场监管局组织的省级产品质量监督抽查中，沈阳永晟伟业建材科技有限公司生产的 绝热用模塑聚苯乙烯泡沫塑料，经检验，导热系数项目不符合GB/T 10801.1-2021《绝热用模塑聚苯乙 烯泡沫塑料》标准要求，判定为不合格。 经查，当事人于2024年7月5日生产规格为1000*500*50（mm）18Kg/m³Ⅰ级037级B1级绝热用模塑聚苯 乙烯泡沫塑料54立方米，以200元/立方米的价格进行销售，当事人生产的该批次产品中4块（4m³）供抽 检机构检验，剩余50m³未出售，货值金额共计10800元。当事人的行为违反了《中华人民共和国产品质 量法》第十 ...

1.保障了在复杂环境（多雨、地形复杂）及工期紧张条件下的混凝土施工质量与进度。 项目概况： 镇康县帮东河水库最大坝高达87.2米，总库容1386万立方米。本次浇筑的大坝面板混凝土总量约9679立 方米，采用分块设计（共29块），单块最大浇筑量超600立方米，总历时74天。 解决方案： 本项目位于地形复杂、气候多雨地区，面临施工窗口期紧张等挑战，对混凝土性能提出了严格要求：须 具备优异的工作性、强度发展能力、耐久性（特别是抗渗和抗冻性能）以及良好的体积稳定性（抗裂 性）。 中建新材通过精准应用高性能聚羧酸减水剂，成功确保了混凝土在无轨滑模工艺下的工作性和可泵性， 实现了一次连续浇筑成型，大幅提升了施工效率。 本项目的成功实践充分证明了中建新材在水利水电应用场景下，解决复杂工程痛点中的核心价值： 近日，由中建新材参建的云南省"十四五"规划重点水利工程——临沧市镇康县帮东河水库项目迎来关键 里程碑，全长279米的大坝面板混凝土浇筑圆满完成最后一仓收面作业，为后续下闸蓄水和全面竣工奠 定了坚实基础。 2.显著提升了混凝土的综合性能（高强、高抗渗、高抗冻、高抗裂），确保大坝面板这一关键结构的长 期安全与耐久。 3.支撑 ...

| 公司简称：北新建材 | | 证券代码：000786 | | --- | --- | --- | | 上海荣正企业咨询服务（集团）股份有限公司 | | | | 关于 | | | | 北新集团建材股份有限公司 | | | | 之 | | | | 独立财务顾问报告 | | | | | | 目 录 | | 一、释义 | | | | 以下词语如无特殊说明，在本文中具有如下含义： | | | | 北新建材、本公司、公司 | | 指 北新集团建材股份有限公司 | | 独立财务顾问 指 | | 上海荣正企业咨询服务（集团）股份有限公司 | | | | 《上海荣正企业咨询服务（集团）股份有限公司关于北新集 | | 独立财务顾问报告、本报 | | | | 指 | | 团建材股份有限公司 2024 年限制性股票激励计划（草案修 | | 告 | | | | | | 订稿）之独立财务顾问报告》 | | 限制性股票激励计划、本 | | | | 指 | | 北新集团建材股份有限公司 2024 年限制性股票激励计划 | | 激励计划、本计划 | | | | | | 上市公司按照预先确定的条件授予激励对象一定数量的公司 | | 限制性股票 ...

Overview - The report emphasizes the importance of domestic demand as a key theme in the current economic landscape [1] Research Insights Machinery Equipment - XCMG Machinery (000425.SZ) reported a total revenue of CNY 91.66 billion in 2024, a decrease of 1.28% year-on-year, while net profit attributable to shareholders increased by 12.2% to CNY 5.976 billion. In Q1 2025, revenue grew by 10.92% to CNY 26.815 billion, and net profit rose by 26.37% to CNY 2.022 billion, with a net profit margin of 7.6% [6] Construction Decoration - China Railway (601390.SH) faced a 19% decline in net profit in Q1 2025, attributed to pressure in traditional infrastructure sectors, although overseas orders showed strong growth. The projected net profit for 2025-2027 is CNY 28.1 billion, CNY 28.3 billion, and CNY 28.9 billion, respectively [7] Steel - Hunan Steel (000932.SZ) saw a significant improvement in Q1 2025, with net profit increasing by 43.55% to CNY 562 million. The overall profitability of the steel industry is recovering, with a gross profit margin expected to improve [8] Automotive - Silver Wheel Co., Ltd. (002126.SZ) reported a revenue of CNY 3.4 billion in Q1 2025, a 15% increase year-on-year, with net profit rising by 11% to CNY 210 million. The company is well-positioned for growth in the automotive sector [11] Home Appliances - Haier Smart Home (600690.SH) achieved a revenue of CNY 79.118 billion in Q1 2025, a 10.06% increase, with net profit rising by 15.09% to CNY 5.487 billion. The company is expected to maintain a steady growth trajectory [14] Food and Beverage - Hengshun Vinegar (600305.SH) reported a revenue of CNY 626 million in Q1 2025, a 35.97% increase, with net profit rising by 2.36% to CNY 57 million. The company is focused on strengthening its core business and expanding into new markets [15] Construction Materials - Oriental Yuhong (002271.SZ) faced challenges in Q1 2025, with a decline in performance due to reduced demand in new construction areas. The company is optimizing its distribution channels [22] Power - Zhejiang Energy Power (600023.SH) reported stable performance in Q1 2025, with revenue projected to be CNY 87.698 billion in 2025, a slight decrease of 0.3% year-on-year. Net profit is expected to be CNY 6.25 billion [20] Textile and Apparel - Jian Sheng Group (603558.SH) reported a 2% increase in revenue in Q1 2025, but net profit decreased by 27%. The company is adjusting its production capacity to match orders [29] Coal - Shanxi Coking Coal (000983.SZ) reported a revenue of CNY 90.26 billion in Q1 2025, a decrease of 14.46%, with net profit down by 28.33% to CNY 6.81 billion. The company is focusing on cost reduction and efficiency improvements [43]

Bernd Pomrehn Good morning. Welcome to Holcim's First Quarter 2025 Trading Update. My name is Bernd Pomrehn, and I'm pleased to be here with our CEO, Miljan Gutovic; and our CFO, Steffen Kindler. After their presentations of our results, you will have the opportunity to ask your questions. [Operator Instructions] And with this, I'll directly hand it over to Miljan. Miljan, please. Miljan Gutovic Thank you, Bernd. Good morning to all of you and welcome to Holcim's Q1 trading update. Steffen and I are pleased ...