煤炭加工后变成环保材料，"黑色固废"煤矸石能制成生态土壤，塞上秋风将绿电送往千家万户……在陕 西榆林，以科技创新为指引，越来越多的新兴产业、项目追"新"逐"绿"，奏响高质量发展的澎湃乐章。 作为国家重要能源化工基地，榆林近年来锚定"双碳"目标，以创新驱动为核心，通过培育壮大新兴产业 集群，走出了一条从资源依赖到创新驱动的高质量发展新路。 今年1月至7月，榆林市规模以上工业增加值同比增长9.2%，总量位居陕西省第一。 9.2%背后有怎样的"发展密码"？ 连日来，记者走进榆林各大工业园区，实地探寻这座能源之城在产业转型中的破局之道。 延链补链 产业追新 9月29日，记者在国能榆林化工有限公司厂区看到，管道如银龙盘绕，反应器吞吐"乌金"。 在位于榆神工业园区的年资源化综合利用20万吨煤气化渣生产无机纤维板材示范项目现场，不同规格的 板材样品整齐排列。 "公司一期项目投产后每年能'吃掉'20万吨气化渣、产出10万吨防火防水的无机纤维板材。"榆林科立科 盈科技有限公司董事长刘初平说。 在位于榆阳区的陕西碳基固废资源化利用中试基地厂房内，被机器碾成细粉的煤矸石经微生物"改造"， 成了沙地的"营养餐"。 "这项由中国科学院 ...

Core Viewpoint - The company reported strong performance in H1 2025, with revenue of 2.723 billion (YoY +34.76%) and net profit of 546 million (YoY +56.72%), driven by high demand for advanced materials [1][2] Financial Performance - H1 2025 revenue reached 2.723 billion, showing a year-over-year increase of 34.76%, while net profit was 546 million, up 56.72% YoY [1] - Q2 2025 continued the growth trend with revenue of 1.649 billion (YoY +34.40%, QoQ +53.57%) and net profit of 376 million (YoY +58.05%, QoQ +121.28%) [1] - The overall gross margin improved to 38.70%, an increase of 6.67 percentage points YoY, indicating enhanced profitability [1] - Operating expenses decreased, with a total expense ratio of 11.82%, down 2.04 percentage points YoY [1] Business Segments - Superconducting products saw revenue of 798 million in H1 2025, a significant increase of 65.75% YoY [2] - High-end titanium alloy revenue reached 1.567 billion, growing by 22.06% YoY [2] - High-performance high-temperature alloy revenue was 245 million, up 56.68% YoY, supported by product certifications and increased production capacity [2] Contract Liabilities and Cash Flow - Contract liabilities rose to 227 million, a 58.94% increase from the previous year, indicating a recovery in demand and order growth [3] - Operating cash flow improved significantly, with a net cash flow of 204 million, up 77.73% YoY, primarily due to increased sales collections [3] - Inventory levels were high at 4.16 billion, a 7.7% increase from the previous year, with work-in-progress and finished goods also rising [3] Strategic Developments - The company is strengthening its leadership in high-end materials, with advancements in titanium alloy applications and successful deliveries of large-scale corrosion-resistant titanium alloy products [4] - The superconducting business is expanding with increased orders and production capacity, including the mass production of high-performance superconducting wires [4] - High-temperature alloy production is also growing rapidly, with several key grades receiving product certifications, enhancing the company's industry position [4] Investment Outlook - The company is expected to benefit from a high demand cycle, with projected net profits of 1.007 billion, 1.253 billion, and 1.567 billion for 2025-2027, respectively [4] - Earnings per share (EPS) are forecasted to be 1.55, 1.93, and 2.41 for the same period, with corresponding price-to-earnings (PE) ratios of 37, 30, and 24 [4]

Core Viewpoints - The A-share market saw all three major indices rise on Wednesday, with the Shanghai Composite Index up 0.45%, the Shenzhen Component Index up 0.64%, and the ChiNext Index up 0.66%. The total trading volume in the Shanghai and Shenzhen markets reached 1,733.774 billion yuan. The leading sectors included defense and military, machinery equipment, and coal, while the lagging sectors were pharmaceuticals, retail, and building materials [2][7]. - In the concept sectors, PEEK materials, China Shipbuilding System, and military equipment restructuring concepts had the highest gains, while assisted reproduction, cell immunotherapy, and hepatitis concepts saw the largest declines. In the Hong Kong market, the Hang Seng Index rose by 0.03%, and the Hang Seng Technology Index increased by 0.2%. Internationally, all three major US indices also rose, with the Dow Jones up 0.18%, the S&P 500 up 0.73%, and the Nasdaq up 1.21% [2][7]. Important News - The Ministry of Transport, the Ministry of Finance, and the Ministry of Natural Resources issued the "New Round of Rural Road Improvement Action Plan," aiming to complete the reconstruction of 300,000 kilometers of rural roads by 2027, establishing a convenient, efficient, and equitable rural road network, with a target of over 55% of administrative villages having access to public transport [3][8]. - President Trump signed an executive order imposing an additional 25% tariff on goods from India, raising the total tariff rate faced by India to 50%. This new tariff will take effect in 21 days, following the first round of 25% tariffs that will take effect on Thursday. Trump also announced a nearly 100% tariff on chips and semiconductors, with no tariffs for companies that build factories in the US [3][8]. Research Highlights - The report tracks the dynamics of the US's reciprocal tariff policy, noting that the third round of trade negotiations between China and the US took place from July 28 to 29, resulting in an extension of the current tariff truce agreement. The previously suspended 24% reciprocal tariffs and countermeasures have been extended for 90 days until November 11, 2025, maintaining an actual execution tax rate of 10% [9]. - On July 31, President Trump signed a new executive order imposing tariffs ranging from 10% to 41% on imports from 69 trading partners. Countries not listed will face a uniform 10% tariff, and goods rerouted through third countries to evade tariffs will incur a 40% transshipment tax [9]. - As of August 4, several countries and regions have reached tariff agreements with the US, with Vietnam's tariff rate set at 20%, and rates for the Philippines, Thailand, and Cambodia at 19%. Japan, South Korea, and the EU have rates of 15%, while the UK has a rate of 10%. Overall, these rates are lower than the estimated levels during the April tariff conflict, and further observation is needed regarding the final tariff agreements and exemptions for other economies [10]. Investment Recommendations - The report suggests focusing on leading companies in the hard technology sector that have advantages in overseas layout, strong independent research and development capabilities, and high product added value. It also recommends actively seizing opportunities for domestic substitution in core areas such as semiconductors, operating systems, and high-end materials [12].

Group 1 - Recent breakthroughs in high-end materials technology in China include the successful production of nickel-based alloy hot-rolled wide plates, breaking foreign monopolies, and the first mass-produced aluminum alloy for automotive applications, overcoming reliance on U.S. and European materials [1] - The development of high-end materials is driven by the dual pressures of global trade protectionism and the need for industrial upgrades, guided by the "14th Five-Year Plan for Raw Materials Industry Development" [1] - High-end materials are essential for the advancement of high-end manufacturing, with improvements in material performance directly enhancing the capabilities of high-end equipment, such as a nearly 30% weight reduction in electric vehicles and a 20% increase in range due to lightweight aluminum alloys [1] Group 2 - The high-end materials industry in China faces challenges, including a reliance on imitation rather than original technology, leading to a vicious cycle of "backward-imitation-backward" [2] - There is insufficient integration of technological innovation and industrial innovation, hindering the transition from laboratory samples to large-scale products [2] - To meet the growing demand for advanced materials in strategic emerging industries, China must pursue a path of independent innovation, enhancing original innovation capabilities and digital material design [2] Group 3 - Strengthening standard leadership is crucial, with a focus on advancing original innovation and application verification while developing standards to improve supply capabilities in key areas [3] - China aims to actively participate in international standard-setting to convert its advantageous products or technology standards into international standards, thereby enhancing its international competitive voice [3]