Emerging Fields - The National Market Regulation Administration has approved the release of 167 national standards related to rare earth permanent magnet materials, fine ceramics, and carbon fiber composite materials, promoting the iteration and transformation of new material technologies and guiding standardized industrial development [1][2] - Four national standards concerning intelligent computing have been published, focusing on terminology, reference architecture, and testing methods, which solidify the foundation for AI-enabled industrial upgrades [2] Transportation and Green Low Carbon - Three national standards have been released for urban rail transit vehicle alarm information and signaling systems, enhancing public rail transit safety capabilities [2] - Thirty national standards have been published, covering areas such as unmanned aerial vehicle registration, road traffic signs, gas vehicles, and urban rail transit screen doors, contributing to the safe development of transportation [2] - Twenty-two national standards related to kitchen waste treatment equipment, waste incineration equipment, and greenhouse gas management systems have been introduced, further improving the green low carbon standard system [2] - A total of 199 national standards have been released for wind power generation systems and high-end equipment, accelerating technology upgrades and product quality improvements in the manufacturing sector [2] Safety Production - Twenty-two national standards have been published regarding gas transmission and distribution equipment safety, pressure pipeline specifications, and small amusement facility safety, reinforcing the safe operation of facilities and public spaces [3] - Mandatory national standards for fireworks safety and quality have been established, enhancing safety performance requirements for fireworks products [3] - Eleven mandatory national standards for key fire safety products, including automatic sprinkler systems and foam extinguishing agents, have been updated to improve performance and reliability in fire prevention [3] Economic and Trade Services - Three national standards have been released for cross-border e-commerce and e-commerce platform transaction information, guiding risk prevention and independent site construction for e-commerce platforms [3] - Five national standards related to logistics documentation and multi-modal transport have been published, enhancing the standardization of logistics processes and promoting scientific evaluation of multi-modal transport capabilities [3] Agriculture and Rural Development - Thirty national standards have been established for agricultural safety, providing a technical foundation for safe agricultural production [4] - Forty-six national standards related to grain, oil, tobacco, and forestry biomass materials have been published to support high-quality agricultural product supply [4] - Seven national standards concerning water-saving irrigation and agricultural product trading have been introduced to enhance the standardization level of agricultural production [4] Daily Life - Ten national standards for smart home appliances, including applications and recycling materials, have been released to promote the intelligence, greenness, and safety of home appliance products [4] - Thirteen national standards for textiles and footwear, including smart textiles and size conversion charts, have been published to guide enterprises in standardized production and enhance consumer experience [4] - Six national standards related to the elimination of iodine deficiency have been established to strengthen healthcare service guarantees [4]

Emerging Fields - The National Standards Administration has approved the release of 167 national standards related to rare earth permanent magnet materials, fine ceramics, and carbon fiber composite materials, promoting the iteration and transformation of new material technologies and guiding standardized industrial development [1][2] - Four national standards concerning intelligent computing have been published, covering terminology and social products [1] Transportation and Green Low Carbon - Three national standards have been released for urban rail transit vehicle alarm information and signal systems, enhancing public rail transit safety [2] - Thirty national standards have been published for unmanned aerial vehicle registration and operation identification, road traffic signs, gas vehicles, container repairs, and urban rail transit screen doors, supporting the safe development of transportation [2] - Twenty-two national standards have been introduced for kitchen waste treatment equipment, waste incineration equipment, oilfield production energy consumption testing, lighting facility economic operation, and greenhouse gas management systems, further improving the green low-carbon standard system [2] - A total of 199 national standards have been released for wind power generation systems, CNC plate rolling machines, and reciprocating internal combustion engines, accelerating high-end equipment technology upgrades and product quality improvements, promoting sustainable development in manufacturing [2] Safety Production - Twenty-two national standards have been published for gas transmission and distribution equipment safety, pressure pipeline specifications, and small amusement facilities safety, reinforcing the safe and stable operation of infrastructure and public places [3] - Mandatory national standards for fireworks safety and quality have been established, enhancing safety performance requirements for fireworks products [3] - Eleven mandatory national standards for key fire-fighting products, including automatic sprinkler systems and foam extinguishing agents, have been updated to improve performance and reliability through enhanced quality control [3] Economic and Trade Services - Three national standards have been released for cross-border e-commerce and e-commerce platform transaction information, guiding risk prevention and independent site construction for cross-border e-commerce [4] - Five national standards related to logistics documents, logistics service contracts, automotive parts turnover boxes, and multimodal transport capacity evaluation have been published to enhance the standardization level of logistics and multimodal transport [4] - National standards for the Chinese translation of place names from Sweden, Finland, Norway, Denmark, and Thailand have been established to support economic and cultural exchanges with Nordic and ASEAN countries [4] Agriculture and Rural Areas - Thirty national standards have been published to ensure agricultural production safety [6] - Forty-six national standards related to grain, oil, tobacco, and forestry biomass materials have been released to support high-quality agricultural product supply [6] - Seven national standards for water-saving irrigation and agricultural product trading have been introduced to enhance the standardization level of agricultural production [6] People's Daily Life - Ten national standards for smart home appliances, including application scenarios and lithium-ion batteries, have been published to promote the intelligence, greenness, and safety of home appliance products [8] - Thirteen national standards for smart textiles, silk fabrics, and shoe size comparison tables have been released to guide enterprises in standardized production and enhance consumer experience [8] - Six national standards related to the elimination of iodine deficiency diseases have been published to strengthen healthcare service guarantees [8]

Emerging Fields - A total of 167 national standards have been approved in emerging fields, including rare earth permanent magnet materials, fine ceramics, and carbon fiber composite materials, promoting the iteration and transformation of new material technologies [1] - Four national standards related to intelligent computing have been released, covering terminology, reference architecture, and testing methods, laying a foundation for AI-enabled industrial upgrades [1] - Fourteen national standards concerning semiconductor equipment and materials have been published, focusing on electronic components and integrated circuit packaging testing, supporting the healthy development of the semiconductor industry [1] Transportation and Green Low-Carbon - Three national standards have been released for urban rail transit vehicle alarm information and signal systems, enhancing public rail transit safety [2] - Thirty national standards have been published for unmanned aerial vehicle registration, road traffic signs, gas vehicles, container repairs, and urban rail transit screen doors, contributing to the safety of transportation [2] - Twenty-two national standards related to kitchen waste treatment equipment, waste incineration equipment, oilfield energy consumption testing, lighting facility economic operation, and greenhouse gas management systems have been established to improve the green low-carbon standard system [2] - A total of 199 national standards for wind power generation systems, CNC plate rolling machines, and reciprocating internal combustion engines have been released, accelerating the upgrade of high-end equipment technology and product quality in the manufacturing sector [2] Safety Production - Twenty-two national standards have been published for gas transmission and distribution equipment safety, pressure pipeline specifications, and small amusement facility safety, reinforcing the safe operation of infrastructure and public places [2] - Mandatory national standards for fireworks safety and quality have been established to enhance safety performance requirements for fireworks products [2] - Eleven mandatory national standards for key fire-fighting products, including automatic sprinkler systems and foam extinguishing agents, have been updated to improve performance and reliability [2] Economic and Trade Services - Three national standards for cross-border e-commerce and e-commerce platform transaction information have been released to guide risk prevention and independent site construction for e-commerce platforms [3] - Five national standards related to logistics documents, logistics service contracts, and multimodal transport capacity evaluation have been published to enhance the standardization of logistics and multimodal transport [3] - National standards for the Chinese translation of geographical names from Sweden, Finland, Norway, Denmark, and Thailand have been established to support economic and cultural exchanges with Nordic and ASEAN countries [3] Agriculture and Rural Areas - Thirty national standards for feed, pesticides, animal health, fertilizers, and soil conditioners have been published to ensure agricultural production safety [3] - Forty-six national standards for grain, oil, tobacco, and biomass materials have been released to support high-quality agricultural product supply [3] - Seven national standards related to water-saving irrigation and agricultural product trading have been established to enhance the standardization level of agricultural production [3] Daily Life - Ten national standards for smart home appliances, including application scenarios and lithium-ion batteries, have been published to promote the intelligence, greenness, and safety of home appliance products [4] - Thirteen national standards for textiles, clothing, and footwear products have been released to guide enterprises in standardizing production and enhancing consumer experience [4] - Six national standards related to the elimination of iodine deficiency diseases have been established to strengthen healthcare service guarantees [4]

Summary of Key Points Core Viewpoint - The National Market Regulation Administration has approved a series of important national standards aimed at enhancing quality of life, ensuring safety, and promoting sustainable development across various sectors. Emerging Fields - A total of 167 national standards have been released for new materials such as rare earth permanent magnet materials, fine ceramics, and carbon fiber composites, facilitating technology iteration and industry standardization [1] - Four national standards related to intelligent computing have been established, focusing on terminology, reference architecture, and testing methods to support AI-driven industrial upgrades [1] - Fourteen national standards concerning semiconductor equipment and materials have been introduced, which include electronic components and integrated circuit packaging testing, promoting healthy development in the semiconductor industry [1] Transportation and Green Low-Carbon - Three national standards for urban rail transit vehicles have been published to enhance public transportation safety [2] - Thirty national standards have been released for unmanned aerial vehicles, road traffic signs, and gas vehicles, contributing to the safety of transportation systems [2] - Twenty-two national standards related to waste treatment and greenhouse gas management have been established to improve the green low-carbon standard system [2] - A total of 199 national standards for high-end equipment technology upgrades have been introduced, promoting sustainable development in manufacturing [2] Safety Production - Twenty-two national standards for gas distribution equipment and pressure pipelines have been published to ensure the safety and stability of infrastructure [2] - Mandatory national standards for fireworks safety and quality have been established to enhance product safety requirements [2] - Eleven mandatory national standards for key fire safety products have been updated to improve performance and reliability in fire prevention [2] Economic and Trade Services - Three national standards for cross-border e-commerce and transaction information have been released to guide risk prevention and management for e-commerce platforms [3] - Five logistics and multimodal transport national standards have been introduced to enhance the standardization of logistics documentation and service contracts [3] - National standards for the Chinese translation of geographical names from Nordic and ASEAN countries have been published to support economic and cultural exchanges [3] Agriculture and Rural Development - Thirty national standards for feed, pesticides, and animal health have been established to ensure agricultural production safety [3] - Forty-six national standards for grain, tobacco, and biomass materials have been released to support high-quality agricultural product supply [3] - Seven national standards related to water conservation and agricultural trade have been introduced to enhance standardization in agriculture [3] Daily Life - Ten national standards for smart home appliances have been published to promote the intelligence, greenness, and safety of household products [3] - Thirteen national standards for textiles and footwear have been established to guide production and enhance consumer experience [3] - Six national standards related to health care, including iodine deficiency elimination, have been released to strengthen medical service guarantees [3] Additional Standards - The National Market Regulation Administration has also published standards related to smart manufacturing, semiconductor equipment, and enterprise safety management [4]

Group 1: Market Performance - As of July 18, 2025, the Shanghai Composite Index rose by 0.50% to close at 3534.48 points, while the Shenzhen Component Index increased by 0.37% to 10913.84 points, and the ChiNext Index gained 0.34% to 2277.15 points [1] - The Semiconductor Materials ETF (562590) increased by 0.91%, and the Sci-Tech Semiconductor ETF (588170) rose by 0.79% [1] - In the overnight U.S. market, the Dow Jones Industrial Average fell by 0.32%, the S&P 500 decreased by 0.01%, and the Nasdaq Composite rose by 0.05% [1] Group 2: Company News - TSMC reported impressive financial results for Q2, achieving revenue of $30.07 billion, a year-on-year increase of 44.4% from $20.82 billion, and a quarter-on-quarter growth of 17.8% from $25.53 billion [2] - TSMC's gross margin was 58.6%, operating profit margin was 49.6%, and net profit margin was 42.7% [2] - TSMC plans to build 11 wafer fabs and 4 advanced packaging plants in Taiwan to meet strong structural growth demand, with a focus on 2nm technology in Hsinchu and Kaohsiung [2] Group 3: Industry Insights - Donghai Securities emphasizes that the Chinese semiconductor industry is characterized by a dual resonance of cyclicality and growth, with significant pressure at the current cycle's bottom and strong domestic demand for localization [3] - The semiconductor industry is cyclical, influenced by price, inventory, capacity supply, and end-user demand, with the last four cycles lasting 7, 3, 3, and 4 years respectively [3] - The current cycle peaked at the end of 2021, with bottom oscillation expected in 2023-2024 [3] Group 4: ETF Information - The Semiconductor Materials ETF (562590) and its connected funds focus heavily on semiconductor equipment (55.5%) and semiconductor materials (21.3%), together accounting for over 76% of the index [4] - The Sci-Tech Semiconductor ETF (588170) tracks the Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index, including companies in semiconductor equipment and materials [3]

Core Viewpoint - The report anticipates that convertible bonds with positive performance in Q2 2025 will be concentrated in high-end manufacturing sectors such as communication, electronics, military, automotive parts, transportation equipment, industrial control equipment, energy equipment, and electric power equipment, as well as in non-ferrous and basic chemical industries benefiting from price increases [1]. Group 1: Industry Performance Insights - The profit growth in the non-ferrous metal mining industry is expected to reach 41.7% year-on-year, driven by rising prices and increased production and sales of metals like gold, copper, zinc, and silver [2]. - The railway, shipbuilding, aerospace, and other transportation equipment manufacturing sectors are projected to see a profit increase of 56% year-on-year, benefiting from global shipping recovery and significant orders for LNG carriers and container ships [2]. - The computer, communication, and other electronic equipment manufacturing sectors, along with electrical machinery and general equipment manufacturing, are expected to maintain double-digit profit growth due to high demand for AI hardware, smart terminals, and industrial control equipment [2]. - The agricultural and sideline food processing industry is anticipated to experience a profit growth rate of 38.2%, primarily due to the demand for high-value-added products like prepared dishes and health foods [2]. Group 2: Company-Specific Performance - Among the companies that have disclosed their H1 2025 performance forecasts, 272 companies are expected to achieve a non-net profit growth of over 30% in Q2 2025, mainly in the basic chemicals, electric power equipment and new energy, machinery, electronics, and automotive sectors [3]. - In the basic chemicals sector, companies are expected to benefit from price increases in phosphates, pesticides, and refrigerants [3]. - The electric power equipment and new energy sector's high-performing companies are expected to benefit from increased overseas photovoltaic storage orders, domestic ultra-high voltage and smart grid construction, and rising domestic orders for new energy vehicles and military products [3]. - The machinery sector's growth is driven by high demand for industrial mother machines, semiconductor equipment, energy equipment, shipbuilding, and rail transit equipment [3]. - The electronics sector's growth is attributed to increased investment in AI computing power, accelerated domestic substitution of semiconductor equipment and materials, and growth in consumer electronics and smart terminal shipments [3]. - The automotive sector is expected to see high growth due to increased sales of domestic new energy vehicles and accelerated exports of commercial vehicles and automotive parts [3]. Group 3: Performance Forecast Adjustments - A list of 13 convertible bond targets has been identified, which have seen their average net profit forecasts raised by over 5% in the past three months, with more than three forecasting institutions involved, indicating potential marginal improvements in performance [4].