本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 点击注册小程序 查看完整报告 特别申明： iPhone 17系列发布，2025H2消费电子销售旺季开启 北京时间9月10日凌晨，苹果公司召开2025年秋季新品发布会，正式推出iPhone17、iPhoneAir、 iPhone17Pro与iPhone17ProMax四款机型，全系配备6.3-6.9英寸OLED全面屏，支持ProMotion自适应刷新 率技术，显示效果全面升级。此前，华为Mate XTs非凡大师机型已于9月4日亮相，小米等主流厂商也将在 后续陆续发布旗舰新品，标志着2025年下半年消费电子市场全面进入新品集中发布期，有望激发换机需 求，拉动全球智能手机出货回暖。 柔性OLED渗透率稳步提升，国产OLED面板生产商市场份额进一步增长 2025年上半年，尽 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 25年全球上游资本开支小幅下行，钻井日费维持高位 Raytad Energy预测2025年全球上游勘探开发支出预计在6000亿美元左右，同比-4%，其中深水领域投资同 比-6%。截至2025年7月，全球自升式平台平均日费为10.97万美元/天，同比增长5.9%，位于2022年以来同期最 高水平；全球半潜式平台平均日费为27.96万美元/天，同比增长11.5%，位于2022年以来同期最高水平。当前 自升式、半潜式钻井平台日费仍维持高位，由于钻井日费变化滞后于油价变动，且当前全球勘探开发活动仍保 持活跃，日费景气有望维持。 油服企业业绩逆势上行，经营质量持续改善 2025H1，油服行业一方面受益于国内"增储上产"持续推进，一方面海外业务逐渐 ...

Market Overview - The China Convertible Bond Index increased by 0.4% during the week of September 8 to September 12, 2025, marking two consecutive weeks of gains, while the overall index rose by 2.1% [7] - Year-to-date, the China Convertible Bond Index has risen by 16.0%, compared to a 21.2% increase in the overall index, indicating that the convertible bond market has underperformed relative to the equity market [7] Performance by Rating - High-rated bonds (AA+ and above) decreased by 0.05%, while medium-rated bonds (AA) increased by 2.06%, and low-rated bonds (AA- and below) rose by 0.99%, showing that high-rated bonds underperformed compared to others [8] Performance by Size - Large-scale convertible bonds (over 5 billion) fell by 0.06%, medium-scale bonds (between 500 million and 5 billion) increased by 1.0%, and small-scale bonds (under 500 million) rose by 1.3%, indicating that larger bonds did not perform as well as smaller ones [8] Performance by Par Value - Ultra-high par value bonds (over 130 yuan) increased by 2.66%, high par value bonds (between 110 and 130 yuan) rose by 0.72%, and medium par value bonds (between 90 and 110 yuan) increased by 1.37%, while low and ultra-low par value bonds saw slight declines [8] Average Metrics - As of September 12, 2025, the average price of convertible bonds was 132.0 yuan, the average par value was 105.10 yuan, and the average conversion premium rate was 26.0% [9] - The number of outstanding convertible bonds decreased to 437, with a total balance of 607.83 billion yuan [9] Market Dynamics - The convertible bond market is currently experiencing high valuation levels, with all valuation metrics approaching or exceeding historical highs [10] - Since August 25, 2025, convertible bonds have not outperformed their underlying stocks, indicating a phase of high valuation compression [10] - Despite the strong demand for convertible bonds, the overall market remains in a high valuation phase, suggesting a need for strategic adjustments in asset allocation [10]

Core Viewpoint - The article introduces a "Five-Dimensional Industry Comparison Framework" that evaluates industries based on market style, fundamentals, capital flow, trading conditions, and valuation, emphasizing the need for a comprehensive analysis of multiple factors affecting stock prices [4][5]. Group 1: Five-Dimensional Framework - The framework scores industries equally across five dimensions during non-earnings seasons, while prioritizing fundamentals during earnings seasons [4]. - Historical backtesting from 2016 to February 2025 shows that industries with higher scores in this framework tend to perform better, with annualized returns of 11.8% for the top group and -10.5% for the bottom group [5]. Group 2: September Subjective Judgments - In September, the framework indicates potential market volatility and sustained high market sentiment, suggesting a rotation between growth and balanced styles [6]. - The capital flow is expected to be dominated by financing and public funds, with high valuation sectors likely to perform better due to maintained market sentiment [6]. Group 3: Industry Allocation Insights - The article recommends focusing on growth sectors, with high-scoring industries such as electric equipment, telecommunications, computers, electronics, automotive, and media being highlighted for potential investment [8].

Group 1: Company Analysis - Hao Oubo is a leading enterprise in the field of allergy testing and autoimmune testing in China, with a strategic focus on biopharmaceutical empowerment and the gradual formation of collaborative diagnosis and treatment for allergic diseases [3][4]. - The company is projected to achieve EPS of 0.58, 0.78, and 1.01 yuan for the years 2025-2027, with corresponding PE ratios of 224, 166, and 128 times, respectively, indicating a positive outlook for future growth [4]. Group 2: Industry Dynamics - The semiconductor materials industry is experiencing steady growth driven by the rapid increase in AI demand, with the market for photolithography, wet electronic chemicals, and electronic specialty gases all maintaining a growth trend [9]. - In the first half of 2025, listed companies in the semiconductor materials sector reported overall revenue and profit growth, with Q2 profits showing both year-on-year and quarter-on-quarter increases, suggesting a favorable industry outlook [9]. Group 3: Economic Indicators - In August 2025, the CPI remained flat at 0%, while the PPI finally stopped declining after eight months, indicating a potential turning point in price trends [11][24]. - The increase in new RMB loans and social financing in August 2025 suggests a positive trend in credit and social financing, with new loans amounting to 0.59 trillion yuan and social financing increasing by 2.57 trillion yuan [15].

特别申明： 点击注册小程序 查看完整报告 从量能择时信号来看，截至2025年9月12日，各大宽基指数量能择时信号为谨慎观点。 资金面跟踪： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本周市场核心观点与市场复盘： 本周（2025.09.08-2025.09.12，下同）A股震荡上行，量能表现先抑后扬、震荡回升。资金面方面，周度 融资增加额环比上期大幅提升，ETF资金延续净流出——杠杆资金仍延续积极做多状态。 从近期资金变化看，市场从前期重宽基逐步转向重主题指数，主题博弈参与积极。叠加市场交易波动放 大，短期仍待市场量能进一步积累，后市或能实现指数点位方面的新高突破。短线市场主题博弈波动或加 剧，"高低切"或成为下一阶段市场交易主线。中长期仍维持市场震荡上行观点。 本周上证综指上涨1.52%，上证50上涨0.89 ...

点击注册小程序 查看完整报告 1、二级市场 2025年9月8日-2025年9月12日（以下简称"本周"），我国已上市公募REITs二级市场价格整体呈现波动态 势，整体较上周小幅回调：加权REITs指数收于186.04，本周回报率为-0.81%。与其他主流大类资产相 比，回报率由高至低排序分别为：A股>美股>可转债>黄金>纯债>REITs>原油。 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 大宗交易：本周大宗交易总额达73720万元，较上周有所上升。本周周内有5个交易日有大宗交易成交，大 宗交易总成交额为73720万元，星期一（2025年9月8日）大宗交易成交额是周内单日最高，为23335万元； 单只REIT来看，周内大宗交易成交额前三的是华夏首创奥莱REIT/华夏深国际REIT/中金印力消费REIT ...

新房：1-8月光大核心30城住宅成交面积同比-7.8%，成交均价同比+2.8% 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 1）2025年8月，光大核心30城商品住宅(不含保障)成交面积为882万㎡，同比-12.5%，环比-2.2%；其中， 北上广深杭蓉成交面积268万㎡，同比-17.9%，环比-4.7%，余下二线24城成交面积614万㎡，同比-9.9%， 环比-1.1%。 4）2025年1-8月，光大核心10城二手住宅成交均价为24,007元/㎡，同比-0.4%；其中，一线城市成交均价 为35,118元/㎡，同比+0.8%，余下二线城市成交均价为16,281元/㎡，同比-5.0%。 2）2025年1-8月，光大核心30城商品住宅(不含保障)成交面积为8,499万㎡，同 ...

Market Overview - The A-share market has shown signs of recovery this week, influenced by increased risk appetite and positive industry catalysts, with major indices generally rising [4] - The ChiNext 50 index recorded the highest increase of 5.5%, while the Shanghai 50 index had the smallest rise at 0.9% [4] - The overall valuation of the market is currently at a historically moderate to high level since 2010 [4] Market Style and Sector Performance - There has been a noticeable divergence in market style, with small-cap stocks performing better; small-cap growth stocks rose by 3.4%, while large-cap value stocks fell by 0.2% [4] - In terms of sector performance, the electronics, real estate, and agriculture sectors performed relatively well, with increases of 6.1%, 6.0%, and 4.8% respectively [4] Important Events - Policy advancements include adjustments to the old-for-new appliance subsidy rules in Shanghai and a crackdown on malicious subsidies in the food delivery sector [5] - Economic data released this week showed that China's August exports increased by 4.4% year-on-year, while CPI growth slowed down [5] International Relations - Recent interactions between China and the U.S. have been frequent, with upcoming talks scheduled in Spain involving high-level officials [6] Market Outlook - The market is expected to continue its upward trend, supported by reasonable valuations and emerging positive factors such as a potential interest rate cut by the Federal Reserve [7] - Key sectors to focus on in September include power equipment, communications, computers, electronics, automobiles, and media [7] - The TMT sector is anticipated to be a main focus due to liquidity-driven trends and existing upward momentum [7]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 1、一级市场 注：本篇报告的信用债口径包括定向工具、短期融资券、公司债、金融债（不含同业存单和政金债）、中期票 据、企业债。 发行期限方面，本周信用债整体的平均发行期限为2.97年，其中，产业债平均发行期限为2.15年、城投债平均 发行期限为3.98年、金融债平均发行期限为2.20年。 发行票面利率方面，本周信用债整体的平均发行票面利率为2.27%，其中，产业债平均发行票面利率为 2.19%、城投债平均发行票面利率为2.46%、金融债平均发行票面利率为1.88%。 本周共有6只信用债取消发行。 2、二级市场 利差方面，分行业来看，申万一级行业中，AAA级行业信用利差上行最大的为医药生物，上行5.6BP；AA+级 行业信用利差上 ...