1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This week, nickel prices continued to be weak. At the beginning of the week, trading was light, but as nickel prices further declined, trading improved. In the industry chain, ore prices remained stable, while ferronickel prices increased slightly, with a firm cost line. Stainless steel inventories increased, and it is expected that the "Golden September and Silver October" period will boost consumption and reduce inventories. New energy vehicle production and sales data were good, but the installed capacity of ternary batteries decreased year - on - year, limiting overall demand growth. The long - term oversupply pattern remains unchanged [8]. - The Shanghai nickel main contract is expected to fluctuate around the 20 - day moving average, and the stainless steel main contract is expected to have a wide - range fluctuation around the 20 - day moving average [9][10]. 3. Summary According to the Directory 3.1. Views and Strategies - **Shanghai Nickel View**: Nickel prices were weak this week. The ore price was stable, ferronickel price rose slightly, stainless steel inventory increased, and the overall demand boost was limited. The long - term oversupply pattern remains unchanged [8]. - **Operation Strategy**: The Shanghai nickel main contract will fluctuate around the 20 - day moving average, and the stainless steel main contract will have a wide - range fluctuation around the 20 - day moving average [9][10]. 3.2. Fundamental Analysis 3.2.1. Industry Chain Weekly Price Changes - **Nickel Ore**: The prices of red clay nickel ore (CIF) NI1.5%, Fe30 - 35% and NI1.4%, Fe30 - 35% remained unchanged from last week [13]. - **Electrolytic Nickel**: Shanghai electrolytic nickel, Shanghai Russian nickel, and Jinchuan ex - factory prices decreased by 0.61%, 0.87%, and 0.57% respectively compared with last week [14]. - **Nickel Iron**: The price of low - grade ferronickel in Shandong increased by 7.81%, while the price of high - grade ferronickel remained unchanged [13]. - **Stainless Steel**: The price of 304 stainless steel decreased by 0.27% compared with last week [14]. - **Sulfuric Acid Nickel**: The price of battery - grade sulfuric acid nickel increased by 0.74%, while the price of electroplating - grade sulfuric acid nickel remained unchanged [13]. 3.2.2. Nickel Ore Market Conditions Analysis - Nickel ore prices were stable, and shipping costs were the same as last week. On August 21, 2025, the total nickel ore inventory at 14 ports in China was 12.0585 million wet tons, an increase of 1.1069 million wet tons or 10.11% from the previous period. In July 2025, the nickel ore import volume was 5.0058 million tons, a month - on - month increase of 0.6591 million tons or 15.16% and a year - on - year increase of 1.5207 million tons or 43.63%. The September quotation was settled, and the ore price remained stable [17]. 3.2.3. Electrolytic Nickel Market Conditions Analysis - Nickel prices fluctuated weakly with support below and pressure above. In the long - term, supply and demand will continue to increase, but the oversupply pattern will not change. In July 2025, China's refined nickel production was 36,151 tons, a month - on - month increase of 4.74% and a year - on - year increase of 24.57%. In July 2025, China's refined nickel import volume was 38,164.223 tons, a month - on - month increase of 21,154 tons or 124.36%, and the export volume was 15,545.572 tons, a month - on - month increase of 5,403 tons or 53.27%. LME inventory decreased by 1,914 tons, and SHFE inventory decreased by 19 tons [22][30][33]. 3.2.4. Nickel Iron Market Conditions Analysis - Ferronickel prices increased slightly. In July 2025, China's nickel pig iron actual production of metal was 22,900 tons, a month - on - month decrease of 1.69% and a year - on - year decrease of 10.63%. In July 2025, China's nickel iron import volume was 836,000 tons, a month - on - month decrease of 206,000 tons or 19.7%. In July 2025, the nickel iron inventory was 224,800 physical tons, equivalent to 21,800 nickel tons [43][46][49]. 3.2.5. Stainless Steel Market Conditions Analysis - The price of 304 stainless steel decreased this week. In July, stainless steel crude steel production was 3.2108 million tons, and the 300 - series production decreased by 2.63% month - on - month. The latest stainless steel import volume was 73,000 tons, and the export volume was 416,300 tons. On August 22, the national stainless steel inventory was 1.0917 million tons, a month - on - month increase of 12,800 tons [56][61][64]. 3.2.6. New Energy Vehicle Production and Sales Situation - In July 2025, the production and sales of new energy vehicles were 1.243 million and 1.262 million respectively, a year - on - year increase of 26.3% and 27.4%. From January to July 2025, the production and sales of new energy vehicles were 8.232 million and 8.22 million respectively, a year - on - year increase of 39.2% and 38.5%. In July 2025, the production of power and other batteries was 133.8 GWh, a month - on - month increase of 3.6% and a year - on - year increase of 44.3%. The installed capacity of ternary batteries decreased year - on - year [73][74][78]. 3.3. Technical Analysis - From the daily K - line, the price fell below the 20 - day moving average and continued to decline along the moving average. The short - selling force is increasing. The MACD continued to diverge downward after a death cross. The KDJ entered the oversold area and may have a rebound demand. The price is testing the support of the golden ratio line. If it breaks down, the downward space will be opened; otherwise, it will continue to fluctuate [81]. 3.4. Industry Chain Sorting and Summary - **Fundamental Views**: The nickel ore market is neutral, the ferronickel market is neutral, the refined nickel market is slightly bearish, the stainless steel market is neutral, and the new energy market is neutral [84]. - **Trading Strategy**: The Shanghai nickel main contract will fluctuate around the 20 - day moving average, and the stainless steel main contract will have a wide - range fluctuation around the 20 - day moving average [86].

Group 1 - The company, Aohai Technology, announced the completion of a share buyback program, repurchasing approximately 1.06 million shares, which accounts for 0.38% of its total share capital, with a total transaction amount of about 44.99 million yuan [2] - The highest transaction price during the buyback was 52 yuan per share, while the lowest was 36.77 yuan per share [2] - For the year 2024, the company's revenue composition indicates that 91.38% comes from the manufacturing of computers, communications, and other electronic equipment, while 8.62% is from the new energy vehicle sector [2]

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly focusing on heat dissipation materials and helium gas from Russia, as well as incidents affecting Zhongkun Chemical [3][4]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected at 2.8%, with stable oil demand despite some slowdown due to tariffs [3][4]. - The trend towards liquid cooling in AI servers is highlighted, with significant power requirements leading to increased demand for specialized cooling materials. The report suggests monitoring companies like Bayi Shikong, New Era, Dongyangguang, Yonghe Co., and Juhua Co. [3][4]. - Recent incidents affecting helium supply in Russia and a fire at Zhongkun Biotech are expected to positively impact the helium supply-demand balance, with recommendations to focus on companies like Guanggang Gas, Huate Gas, and Jinhong Gas [3][4]. Summary by Sections Industry Dynamics - Oil supply is expected to increase significantly, with non-OPEC countries leading the way. Global oil demand remains stable, but growth may slow due to tariff impacts. Coal prices are expected to stabilize at low levels, while natural gas export facilities in the U.S. may reduce import costs [4][5]. Chemical Sector Configuration - The report notes a decrease in oil prices and an increase in coal prices, with industrial product PPI showing a year-on-year decline of 3.6%. Manufacturing PMI recorded at 49.3%, indicating a slight contraction in manufacturing activity [3][5]. Investment Analysis - Traditional cyclical investments should focus on leading companies in their respective sectors, including Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy. Growth sectors include semiconductor materials and OLED panel materials, with specific companies highlighted for their potential [3][4][17].

Group 1 - The core viewpoint of the article is that Luxshare Technology (SZ 002617) held its 16th meeting of the 6th Board of Directors on August 13, 2025, to discuss various proposals, including the authorization of board members [1] - For the fiscal year 2024, Luxshare Technology's revenue composition is as follows: Industrial sector accounts for 80.35%, photovoltaic industry for 19.05%, other sectors for 0.46%, and new energy vehicles for 0.15% [1]

Core Insights - China's economy has shown steady growth in the first half of 2025, with an optimized economic structure and strong performance in high-tech manufacturing [1][2] Group 1: Economic Performance - The added value of China's high-tech manufacturing industry increased by 9.5% year-on-year in the first half of the year [2] - The industrial robot production saw a remarkable growth of 35.6% year-on-year, positioning China as a global leader in this sector [2] - The production of new energy vehicles grew by 36.2% year-on-year, indicating rapid development in this industry [2] Group 2: Innovation and Policy Impact - China's advancements in artificial intelligence applications have diversified its industries, particularly in the automotive sector, including electric and traditional vehicles [2] - The increasing global demand for Chinese high-tech products is attributed to effective national policies, development strategies, and a continuously optimized business environment [2] Group 3: Future Outlook - There is optimism regarding China's future high-quality development, with expectations for innovation-based sustainable growth and enhanced international cooperation, particularly through BRICS collaboration [4]

Group 1 - The company Aohai Technology (SZ 002993) announced on August 4 that it has repurchased approximately 530,000 shares through a special securities account, accounting for 0.19% of its total share capital, with a total transaction amount of about 20 million yuan [1][1][1] - The highest transaction price for the repurchased shares was 38.56 yuan per share, while the lowest was 36.77 yuan per share [1][1][1] - As of the report, Aohai Technology has a market capitalization of 10.7 billion yuan [1][1][1] Group 2 - For the year 2024, Aohai Technology's revenue composition is as follows: 91.38% from the manufacturing of computers, communications, and other electronic equipment, and 8.62% from the new energy vehicle industry [1][1][1]

Economic Performance - In the first half of the year, China's GDP grew by 5.3% year-on-year, with domestic demand contributing 68.8% to economic growth and total imports and exports exceeding 20 trillion yuan [2][3] - Employment, prices, and residents' income remained stable overall, indicating strong economic resilience [2] Policy Implementation - The government plans to continue implementing policies aimed at expanding domestic demand and stabilizing employment and the economy, ensuring policy continuity and flexibility [3][5] - There will be a focus on enhancing economic monitoring and forecasting, as well as developing a comprehensive toolbox for policies aimed at stabilizing employment and expanding domestic demand [3] Market Development - The construction of a unified national market has made significant progress, with a 18.2% year-on-year increase in cross-regional electricity transactions in the first half of the year [4] - The proportion of inter-provincial trade sales accounted for 40.4% of total sales revenue, an increase of 0.6 percentage points compared to the same period last year [4] Consumer Trends - Social retail sales of consumer goods increased by 5% in the first half of the year, with notable growth in specific sectors such as home appliances and new energy vehicles, which saw increases of 30.7% and 40.3% respectively [5] - The government aims to enhance consumer capacity and promote new growth points in service consumption, while also implementing measures to reduce consumption restrictions [5] Energy Supply - The national electricity supply remains stable, with measures in place to ensure adequate energy supply during peak summer demand [6] - The government will focus on securing energy supply, enhancing peak capacity, optimizing demand-side management, and strengthening emergency response [6] Reform Initiatives - The government is accelerating the implementation of key reform measures to drive high-quality development and address economic challenges [7][8] - Reforms will focus on expanding domestic demand, addressing prominent economic issues, and fostering new growth drivers through improved market access and regulatory frameworks [8]

Summary of Key Points Core Viewpoint The 2025 Fortune China 500 list reveals a decline in total revenue for the listed companies, while net profits have increased, indicating a mixed performance in the Chinese corporate landscape. Group 1: Overall Performance - The total revenue of the 500 companies reached $14.2 trillion in 2024, a decrease of approximately 2.7% compared to the previous year [1] - Net profit for these companies was $756.4 billion, showing a growth of about 7% year-on-year [1] - The revenue threshold for inclusion in the list was approximately $3.62 billion, down about 3% from last year [1] Group 2: Notable Companies - State Grid Corporation topped the list with revenue of $548.4 billion, followed by China National Petroleum and Sinopec [1][6] - Bilibili made its debut on the list, driven by revenue growth from gaming and advertising, achieving its first positive adjusted net profit in Q3 2024 [1] - JD.com ranked 11th, the highest among private enterprises in mainland China, with a rise of 2 positions from last year [1][2] Group 3: Industry Trends - The new energy vehicle sector saw significant growth, with Seres (赛力斯) rising 235 positions due to a strong sales increase and a revenue growth exceeding 300% [2] - Other new energy vehicle companies like NIO and Xpeng also saw substantial rank improvements [2] - Major internet companies like JD.com, Alibaba, Tencent, and Pinduoduo continued to grow despite competitive pressures, with Pinduoduo achieving a notable profit exceeding $15.6 billion [2][3] Group 4: Profitability Insights - The top ten most profitable companies included five commercial banks and two state-owned oil companies, with TSMC, Tencent, Alibaba, and Ping An among the private sector leaders [3] - TSMC reported a net profit of $36.1 billion, ranking 4th in profitability [3] - The beverage industry saw high profitability, with Kweichow Moutai leading in profit margin at over 49% [4] Group 5: Challenges in Specific Sectors - 57 companies on the list reported losses, predominantly in the real estate sector, indicating ongoing liquidity pressures [4] - Airlines like China Eastern Airlines and China Southern Airlines have not yet returned to profitability but have significantly reduced their losses [4]

Group 1 - A 6-year-old boy received a settlement of 40 million USD (approximately 287 million RMB) due to permanent injury caused by swallowing a remote control battery from an air conditioner exported to the US [1] - Zurich Insurance (China) Co., Ltd. will bear a compensation responsibility of approximately 141.28 million RMB as the excess liability insurer [1] Group 2 - Emirates Airlines is exploring a partnership with Crypto.com to allow customers to pay for flight tickets using cryptocurrency, with implementation expected next year [2] - Dubai Duty Free has also confirmed a partnership with Crypto.com to accept cryptocurrency for in-store and online shopping [2][3] Group 3 - The National Healthcare Security Administration of China has published a work plan for the adjustment of the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance drug catalog [4] Group 4 - Nvidia CEO Jensen Huang is set to meet with President Trump before visiting China, although specific discussion details remain undisclosed [5] Group 5 - President Trump announced plans to impose a uniform tariff of 15% or 20% on countries that have not yet received tariff notices [6][7] - A 35% tariff on Canadian imports will take effect from August 1 [9] Group 6 - LeEco has been executed for over 10.07 million RMB, with multiple restrictions and enforcement actions against the company [8] Group 7 - OpenAI is preparing to launch an "open weight model" that is expected to be available next week, which will feature the reasoning capabilities of its latest models [10] Group 8 - Tesla's market value increased by 45.1 billion USD (approximately 323.6 billion RMB) overnight, reaching a total market capitalization of 998.08 billion USD [11] Group 9 - China's express delivery volume surpassed 1 trillion packages as of July 9, 2024, 35 days earlier than the previous year, indicating strong economic resilience [12] Group 10 - The Shanghai State-owned Assets Supervision and Administration Commission held a meeting to discuss the development trends and strategies regarding cryptocurrencies and stablecoins [13][14] Group 11 - Ningde Times announced the completion of the transfer of 4.05 million shares donated by Vice Chairman Li Ping and his spouse to a foundation, which will not significantly impact the company's governance structure [15] Group 12 - Multiple hotels in Zhengzhou reported that Ctrip modified their room prices without consent, leading to an investigation by the local market supervision bureau [16]

Core Viewpoint - China has strategically increased its nickel reserves in response to geopolitical tensions and market conditions, particularly in light of the U.S.-China trade war initiated by Trump, which has led to a significant drop in nickel prices due to increased production from Indonesia [1][3]. Group 1: Nickel Procurement Strategy - Since December of the previous year, China has purchased up to 100,000 tons of nickel, with 77,000 tons acquired in the first five months of this year, indicating a potential doubling of reserves by 2025 [1][3]. - The price of nickel has fallen by 40% due to increased production from Indonesia, allowing China to capitalize on this opportunity to stockpile nickel at historically low prices [3]. Group 2: Importance of Nickel - Nickel is a critical alloying element in stainless steel, and China, being the largest stainless steel producer globally, requires substantial nickel reserves [5]. - The growing application of nickel in the electric vehicle industry, particularly in battery production, underscores the necessity for China to secure its nickel supply amid the booming demand for electric vehicles [7]. - Nickel-based alloys are also essential for national defense materials, including components for aircraft engines and rockets, further emphasizing the strategic importance of nickel reserves [7]. Group 3: Timing and Geopolitical Considerations - The timing of China's nickel procurement aligns with the geopolitical landscape, as actions were taken shortly after Trump's election, anticipating potential trade conflicts and supply chain disruptions [9]. - The increasing tensions in the Taiwan Strait and the likelihood of U.S. actions against China in critical mineral sectors necessitate proactive measures to ensure resource security [9].