Group 1 - The core viewpoint of the article highlights that UBTECH has secured a significant contract worth 250 million yuan for humanoid robot products and solutions, marking it as the largest contract in the global humanoid robot sector to date, indicating the early commercialization phase of the humanoid robot industry [1][2] - The recent order from UBTECH is seen as an important milestone in the commercialization of the humanoid robot industry, with a focus on short-term industry fluctuations driven by events and long-term attention on quality companies with order certainty and mass production capabilities [2][3] Group 2 - UBTECH's new order includes the Walker S2 humanoid robot, which features an autonomous hot-swappable battery system, and the company plans to initiate delivery of this contract within the year [2] - Tesla has released its fourth chapter of the "Secret Master Plan," emphasizing sustainable development and the integration of hardware and software to create a safer and cleaner world, with a focus on the role of humanoid robots in redefining labor and allowing humans to focus on preferred activities [3] - Tesla's new compensation plan for CEO Elon Musk includes potential stock grants worth approximately $975 billion, contingent on achieving operational milestones such as delivering 20 million vehicles and 1 million robots [4]

报告导读： 杰克逊·霍尔会议鲍威尔转鸽后，叠加近期偏弱的非农就业数据显示美国经济 仍处于持续放缓通道，9月份美联储降息几乎板上钉钉，但是后续关税向通胀的传导或将对 降息速度和幅度有一定掣肘，全年降息在2次和3次之间持续摇摆，降息节奏仍有不确定 性，后续经济和通胀数据发布的节点或成为博弈摇摆的关键点。 本公众订阅号(微信号: GTHT RESEARCH )为国泰海通证券股份有限公司(以下简称"国泰海通证券") 研究所依法设立、独立运营的唯一官方订阅号。其他机构或个人在微信平台上以国泰海通研究所名义注 册的，或含有"国泰海通研究"，或含有与国泰海通证券研究所品牌名称相关信息的其他订阅号均不是国 泰海通证券研究所官方订阅号 本订阅号不是国泰海通证券研究报告发布平台 本订阅号所载内容均来 全球大类资产表现。 本周（2025.8.29-2025.9.5），全球大类资产价格中，大宗商品价格涨跌分化，股票市场多数上涨。恒生指数上涨1.36%，新兴市场股票指 数上涨1.34%，日经225上涨0.70%，标普500上涨0.33%，发达市场股票指数上涨0.31%，上证综指下跌1.18%。 大宗商品价格涨跌分化，其中，伦敦金现上涨 ...

Core Viewpoint - The article discusses the current high trading heat in thematic investments, with a shift from technology themes to new energy themes, highlighting the performance of sectors like lithium batteries and solid-state batteries while noting a pullback in military and AI-related themes [1]. Group 1: Thematic Trading Overview - The average daily trading volume of hot themes was 1.177 billion yuan, showing a week-on-week decline, while the average turnover rate reached a new high of 5.4% for the year [1]. - New energy themes such as lithium batteries, inverters, and energy storage saw significant increases, with overall net inflows into these sectors [1]. - Military-related themes experienced substantial pullbacks, particularly in ground armaments and commercial aerospace [1]. Group 2: Anti-Competition Measures - The government is accelerating the comprehensive rectification of "involution" competition, particularly in the photovoltaic sector, to promote high-quality development [2]. - The renewable energy sector is witnessing a significant increase in new installations, with the share of power generation reaching nearly 40% [2]. - Recommendations include focusing on industries facing issues with excessive capacity and chaotic price competition, such as photovoltaic, energy storage, and wind power [2]. Group 3: Solid-State Batteries - The industrialization process of solid-state batteries is accelerating, with new applications emerging in humanoid robots and low-altitude economies [3]. - The energy density of the newly launched "Longquan No. 2" solid-state battery by Yiwei Lithium Energy reaches 300 Wh/kg, targeting high-end applications [3]. - By 2030, the shipment volume of solid-state batteries in China is expected to exceed 65 GW, indicating a rapid acceleration in industrialization and large-scale deployment [3]. Group 4: AI Applications - China's AI industry is entering a phase of large-scale commercialization and value creation, with a government goal for over 70% penetration of new intelligent terminals by 2027 [4]. - The trend towards universal access and intelligent equity is driving significant infrastructure investment in computing power [4]. - Recommendations include focusing on application companies benefiting from model efficiency improvements and cost reductions across various sectors [4]. Group 5: Embodied Intelligence - The robotics industry is transitioning from "technical exploration" to "scale commercialization," with significant advancements in product launches and financing [4]. - The domestic robotics sector is poised for rapid development, supported by a comprehensive supply chain and application scenarios [4]. - Recommendations include focusing on core components benefiting from technological upgrades and manufacturers capable of large-scale production [4].

Macro Analysis - The August non-farm payroll data in the U.S. showed a significant miss with only 22,000 jobs added, falling short of market expectations. Additionally, the combined job additions for June and July were revised down by 21,000, marking the first negative job growth since December 2020 [3][4] - The U.S. labor market is characterized by a fragile balance, with a slight increase in the unemployment rate and a stable average weekly hours worked. However, the proportion of long-term unemployed individuals is rising, indicating a challenging job market for those who lose their jobs [3][4] - Historical seasonal trends suggest that August non-farm payrolls are typically weak but may be revised upward in subsequent months. Current unemployment claims data has not shown significant deterioration, and potential interest rate cuts by the Federal Reserve could support the labor market [3][4] Overseas Strategy - The ongoing competition in the food delivery sector has begun to impact the earnings of major Hong Kong-listed internet companies, with a reported cumulative net profit growth of 4.1% for H1 2025 compared to 10.0% for H1 2024. The Hang Seng Technology Index saw a growth rate of 21.6% for H1 2025, down from 61.5% in the previous year [10][11] - Despite the challenges faced by the retail sector, other segments such as technology hardware, materials, and pharmaceuticals have shown strong performance in their mid-year reports. The overall earnings expectations for Hong Kong stocks have been adjusted downward, particularly in the consumer discretionary sector, while materials and technology sectors have seen upward revisions [10][11] - The second half of 2025 may present a turning point for Hong Kong stocks, with the potential for improved earnings expectations as major internet companies increase investments in AI and as domestic policies support the market. The narrative may shift from the food delivery competition to AI empowerment, with foreign capital potentially returning due to interest rate cuts [11][12] Non-Bank Financials - The recent draft regulations on fund sales fees propose reductions across four categories, including lower subscription fees and the elimination of service fees for holdings over one year. The new maximum subscription fees are set at 0.8% for equity funds, 0.5% for mixed funds, and 0.3% for bond funds, compared to current averages of 1.22%, 1.38%, and 0.58% respectively [17][18] - The new regulations are expected to encourage longer holding periods for investors and promote the development of buy-side advisory services. The impact on major fund distribution platforms is anticipated to be limited, as the overall revenue from fund sales is a small portion of their total income [18][19]

Semiconductor Sector Dynamics - The world's first full-band 6G chip has been released [1] - OmniVision Technologies has launched the high-voltage isolation driver chip ORD110x [1] - AMD has officially released the Ryzen 5 9500F [1] Automotive Electronics Sector Dynamics - Hesai has secured a global exclusive lidar order from Motional [1] - Pony.ai has reached a strategic cooperation with Qatar National Transport Company [1] - Qualcomm and BMW Group have jointly launched a driver assistance system [1] AI Sector Dynamics - UBTECH has won the largest global contract for humanoid robots [1] - XianGong Intelligence has partnered with Stardust Intelligence to promote the large-scale application of humanoid robots in industrial and logistics scenarios [1] - The first large-scale reinforcement learning framework for embodied intelligence has been open-sourced [1] Metaverse Sector Dynamics - Oculens is set to unveil multiple new smart glasses [1] - Rivet has secured a $195 million contract with the U.S. Army to provide XR technology support for command systems [1] - VITRUE has raised a total of $100 million in two rounds of Series B financing [1]

Market Overview - The market is expected to continue its upward trend next week, with the liquidity shock indicator for the CSI 300 index at 0.77, lower than the previous week's 1.26, indicating current market liquidity is 0.77 standard deviations above the average level over the past year [2] - The PUT-CALL ratio for the SSE 50 ETF options has increased to 0.80 from 0.66, reflecting a rise in investor caution regarding the short-term performance of the SSE 50 ETF [2] - The average turnover rates for the Shanghai Composite Index and Wind All A are at 1.47% and 2.25%, respectively, indicating a decrease in trading activity compared to historical levels [2] Economic Indicators - The onshore and offshore RMB exchange rates saw weekly increases of 0.66% and 0.68%, respectively [2] - The official manufacturing PMI for China in August was reported at 49.3, slightly below the previous value of 49.7 but above the consensus expectation of 49.25; the S&P Global China Manufacturing PMI was at 50.5, up from 49.5 [2] Technical Analysis - The SAR indicator for the Wind All A index has shown a downward breakout, while the sentiment model has issued a negative signal [2] - The moving average strength index currently scores 211, placing it in the 77.0% percentile for 2023 [2] - The sentiment model score is at 0 (out of 5), indicating a negative trend signal [2] Market Performance - For the week of September 1-5, the SSE 50 index fell by 1.15%, the CSI 300 index decreased by 0.81%, and the CSI 500 index dropped by 1.85%, while the ChiNext index rose by 2.35% [3] - The overall market PE (TTM) stands at 21.9 times, which is in the 73.9% percentile since 2005 [3] Factor Analysis - The small-cap factor's congestion level remains stable at 0.68, while the low valuation factor is at -0.66, and the high profitability factor is at -0.23 [4] - The high profitability growth factor has a congestion level of 0.25 [4] Industry Analysis - The congestion levels for the comprehensive, non-ferrous metals, telecommunications, power equipment, and machinery equipment industries are relatively high, with notable increases in the congestion levels for power equipment and comprehensive sectors [5]

报告导读： 上周住房成交回落。9月5日深圳市出台进一步优化调整房地产政策，放松力度 大于京沪，这将有助于引入包括外地购买力在内的市场需求。维持行业"增持"评级。 2025年8月35城月度库存出清周期环比继续回升 ：35城2025年8月可售面积为31387万平，环比上个月0.64%，同比-4.42%。35城2025年8月库存出清周期（按 12个月月均计算）为22.09个月，环比上个月1.89%，同比去年-4.91%。 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 上周大中城市成交回落。 9月5日深圳市发布《关于进一步优化调整本市房地产政策措施的通知》。我们认为深圳政策的放松力度大于北京、上海，有助于引 入包括外地购买力在内的市场需求，预计全年市场"止跌回稳"的趋势不变。维持行业"增持"评 ...

Group 1 - The core viewpoint of the article highlights the unexpected decline in U.S. employment data, leading to increased market expectations for a Federal Reserve rate cut in September, which may result in marginal liquidity easing [1][2] - The U.S. August non-farm payrolls unexpectedly dropped to 22,000 (previous value 73,000, forecast 75,000), with the unemployment rate rising to 4.3%, indicating increased risks in the labor market [2] - The article discusses the uncertainty surrounding U.S. tariff policies and inflation, suggesting that gold prices may experience high-level fluctuations [1][2] Group 2 - In the industrial metals sector, there is an anticipation of demand recovery during the peak season, supported by macroeconomic policies and improved processing rates in downstream industries [1][2] - The domestic manufacturing PMI index rose by 0.1 percentage points to 49.4% in August, indicating a slight improvement in manufacturing sentiment [2] - The supply-demand dynamics for industrial metals are expected to improve marginally due to seasonal factors and maintenance disruptions, providing price support [2]

Core Viewpoint - The article discusses the upcoming 2025 Europe Country Forum organized by Guotai Junan Securities, focusing on the investment opportunities and challenges for Chinese enterprises in Europe, as well as the evolving geopolitical landscape and its implications for Sino-European economic relations [2]. Summary by Sections - **Event Overview**: The forum marks the 50th anniversary of diplomatic relations between China and Europe, addressing the complexities of global power dynamics and the EU's role in multilateral relations to enhance its economic, energy, industrial, and human resource development [2]. - **Key Sessions**: - **U.S. Tariff Policy and Sino-U.S. Trade Negotiations**: A session led by Yang Shuiqing from the Chinese Academy of Social Sciences, focusing on the implications of U.S. tariff policies on trade relations [4]. - **Trump 2.0 Policies and European Economy**: Discussion by Sun Yanhong on how the new policies under Trump affect the European economy and Sino-European trade relations [4]. - **Geopolitical Landscape and Germany's Fiscal Outlook**: Presentation by Chun from Fudan University, analyzing Europe's geopolitical relations and Germany's financial prospects in a multipolar world [4]. - **European Market and Cross-Border Financial Services**: Insights from Hu Zong, CEO of Guotai Junan Securities (UK), on the significance of the European market and cross-border financial operations [4]. - **Roundtable Discussion**: A forum led by Chen Ximiao, featuring experts discussing economic and market opportunities in Europe and cross-border investments [4]. - **Contact Information**: The article provides contact details for interested parties to register for the forum, emphasizing the exclusivity of the event for group clients and signed customers [4].

Core Viewpoint - The livestock sector shows profit growth, reduced debt, and increased cash flow, with more companies planning to distribute dividends, indicating a positive outlook for the sector [1][2][3]. Financial Performance - Revenue and profit both increased, with Q2 2025 revenue reaching 120.56 billion, a year-on-year increase of 15.20% and a quarter-on-quarter increase of 9.85% [2]. - The net profit attributable to shareholders for Q2 was 8.715 billion, up 23.4% year-on-year and an increase of 0.785 billion from Q1 [2]. Balance Sheet Analysis - The sector has focused on reducing debt, with capital expenditure not significantly increasing; capital expenditure in Q2 decreased by approximately 0.7 billion, and construction in progress fell by 39.65% year-on-year [2]. - The average debt-to-asset ratio for the sector decreased to 56.27% in Q2, down about 2 percentage points from Q1 [2]. Cash Flow Improvement - The net cash flow from operating activities for Q2 was 20.194 billion, an increase of 6.616 billion quarter-on-quarter, indicating improved cash flow alongside reduced debt levels [2]. Dividend Distribution - The livestock industry is experiencing improved cash flow and lower debt ratios, leading to increased dividends from companies such as Muyuan, Shennong, and Jingji Zhino, with expectations for more companies to follow suit as debt levels decrease [3].