Core Viewpoint - The expansion of the "Southbound Bond Connect" to include non-bank financial institutions enhances the overseas bond investment channels and asset allocation flexibility for domestic institutions, although there are still limitations on quotas and investment scope [1][3]. Group 1: Market Overview - The "Southbound Bond Connect" is a crucial mechanism for interconnection between the mainland and Hong Kong bond markets, allowing mainland investors to efficiently allocate overseas bond assets. It was launched on September 24, 2021, to provide a convenient channel for domestic institutional investors to invest in overseas bonds through the Hong Kong bond market [1]. - Since its inception, the Southbound Bond Connect has continuously broadened the overseas investment channels for domestic institutions, optimizing asset allocation choices and aiding the internationalization of the Renminbi. As of July 2025, the business balance conducted through this mechanism is approximately 556.44 billion yuan [1]. Group 2: Operational Mechanism - The operational mechanism of the "Southbound Bond Connect" includes qualified institutional approval, quota management, and settlement mechanisms. The investment scope covers low to medium-risk, non-structured bonds or products issued overseas and traded in Hong Kong. All qualified institutions must comply with the application, approval, and reporting processes as required by the central bank and regulatory authorities [2]. - The annual total quota is set at 500 billion yuan, with investment restrictions on certain types of bonds, such as municipal investment bonds [2]. Group 3: Recent Developments - In 2025, the Southbound Bond Connect will see significant expansion, with non-bank financial institutions such as brokerages, funds, wealth management, and insurance companies being included in the pilot program. This diversification of investor types is expected to enhance liquidity and depth in the Hong Kong bond market [3]. - The offshore repurchase agreements will support multi-currency operations and allow for the secondary circulation of pledged bonds, significantly improving market efficiency and facilitating diversified asset allocation and cross-border capital operations [3]. Group 4: Investment Value Analysis - An analysis of the yield comparison between domestic and foreign bonds, along with the divergence in interest rate trends between China and the U.S., indicates that overseas bonds present significant investment value. As policies continue to improve, the Southbound Bond Connect is expected to become a preferred channel for overseas bond investments, aside from the Qualified Domestic Institutional Investor (QDII) model [4]. - Currently, the yield on bonds available through the Southbound Bond Connect is generally higher than that of domestic bonds, with investment targets involving more debt products in currencies such as USD and HKD, making the overall returns attractive [4].

1 国泰海通证券 | 研究所 2025上海先导产业大 a 暨第14届医药CEO论坛 ·· +第5届人工智能大会 2025年9月4日-5日 | 上海浦东文华东方酒店 国泰海通证券医药+科技研究 > 》 国桌讨论 《 (D 电热海通过线 | TSK 从本土创新到全球引领：中国药企的出海时代 tel 命文化 4 00 46 5上海先日产业大会 4年度前2000 执行副总裁 5上海先日 但最14.65查的CEP + 前5篇人工前往大 (D 国家用网站 at 7 02 产业大: . M 工程 大学 (D 国泰周通过线 | 198 (D 电热热通过学 | mm STAR (D 国外治理研究 | inn 2025上海先导产 温馨146查的Cart +美巧最大工程和 (D 国際洲通证券 | 195 2025上海先写产业大会 2014年度假Cap论坛 2019人工程试大会 1 国家启明社会 | 196 C HANNELA 450 2025上海沿线广业人物 重要 catalogal stations and Carry of 》 圆桌讨论 《 大药的诞生才是医药的未来 寻找下一个百亿美元重磅炸弹 Watter 2025上海先号产 ...

9月4、5日 连播2天,每天上午9:00开播! 2025研究框架线上培训 消费+金融+总量篇 9月4日 (周四) 9:00-9:30 食品饮料研究(含美妆) 뜰猛-所长助理、消费组长、食品饮料/美妆首席分析师 9:30-10:00 纺织服装研究 盛开-纺织服装首席分析师 10:00-10:30 非银行金融研究 刘欣琦-金融组长、非银首席分析师 10:30-11:00 银行研究 刘源-银行领域负责人 13:00-13:30 海外策略研究 吴信坤-海外策略首席分析师、策略联席首席分析师 13:30-14:00 固定收益研究 唐元懋-固定收益领域负责人 14:00-14:30 基金评价与研究 倪韵婷-基金评价与研究首席分析师 9月5日 (周五) 周期+医药+科技篇 9:00-9:30 煤炭开采研究 黄涛-煤炭首席分析师/王楠瑀-煤炭分析师 9:30-10:00 建筑工程研究 韩其成-建筑首席分析师 10:00-10:30 基础化工研究 刘威-基础化工首席分析师/沈唯-基础化工联席首席分析师 10:30-11:00 交通运输研究 岳鑫-交通运输首席分析师 11:00-11:30 钢铁研究 李鹏飞-钢铁首席分析师 13 ...

Core Viewpoint - The article discusses the upcoming 2025 Shanghai Leading Industries and the 14th Pharmaceutical CEO Forum, highlighting the focus on innovation and global expansion of Chinese pharmaceutical companies [1]. Summary by Sections Event Overview - The event will take place on September 4-5, 2025, at the Mandarin Oriental Hotel in Pudong, Shanghai, featuring nearly a hundred executives from listed companies, including chairpersons, CEOs, and industry leaders [4]. Morning Sessions - The morning session on September 4 will include a keynote speech and several roundtable discussions focusing on topics such as the global expansion of Chinese pharmaceutical companies and the search for the next billion-dollar drug [4][5]. - Notable discussions will include: - "From Local Innovation to Global Leadership: The Era of Chinese Pharmaceutical Companies Going Abroad" [4]. - "The Birth of Big Drugs is the Future of Pharmaceuticals: Finding the Next Billion-Dollar Bomb" [4]. Afternoon Sessions - The afternoon will feature discussions on future disease areas and technologies worth exploring for pharmaceutical assets going abroad, as well as the new cycle of Chinese innovative drugs under global competition [5][6]. - Additional topics will cover advancements in drug development platforms and the emerging field of brain-machine interfaces [6]. TMT Forum - The TMT (Technology, Media, and Telecommunications) forum will also take place, discussing AI's impact on various industries, including gaming and healthcare [7][8]. - Key topics will include AI innovations in mobile internet ecosystems and the future of AI in healthcare [7]. Pharmaceutical Sub-Forum - The pharmaceutical sub-forum will address topics such as ADC technology exploration, probiotic delivery systems, and the future development paths of dual antibodies and XDC [8]. - Discussions will also focus on the integration of medical insurance and the innovative practices in building a multi-level medical security system in China [8].

L3 高阶智驾专题暨 VLA 模型产业 自皮书及产业图谱发布 2025年9月4日(周四) 上海 - 国泰海通外滩金融广场 大模型发展如火如荼,将大模型进一步融合至智能驾驶中已成为产业共识, 而近年来政策正使得 L3 级智能驾驶落地商用渐成可能。在此背景下,视觉 - 语言 - 动作模型 (VLA) 应运而生，VLA 有望构建类似人类驾驶员的整体认知 袁玉记 -Momenta 解决方案总监 Momenta (北京初速度科技有限公司)是全球领先自 动驾驶公司,致力于通过深度学习和人工智能技术实 现可规模化的自动驾驶解决方案。公司基于数据驱动 的"一个飞轮"的技术洞察和"两条腿走路"的产品 战略,实现量产辅助驾驶与自动驾驶 Robo 的规模化 应用,开拓可规模化自动驾驶全新路径。公司为量产车 辆打造的量产辅助驾驶解决方案,能实现多种不同程 度的量产辅助驾驶功能,提供覆盖全场景的端到端智 能辅助驾驶体验。公司 Robotaxi 为自动驾驶出租车打 造的突破性的、可规模化商业化落地的自动驾驶方案 框架,将影响智能笃驶、具身智能产业格局与技术发展路线,并带来巨大的市 场和资本机遇。 13:30-13:40 领导发言致辞 陈 ...

Core Viewpoint - The current AH premium level has potential for further decline, primarily driven by traditional industries such as real estate and banking, while emerging sectors like semiconductors and hardware exhibit higher premiums with potential for narrowing [1]. Summary by Sections Current AH Premium Level - The current AH premium level still possesses certain downward space [1]. Contribution of Traditional Industries - The recent narrowing of the AH premium is mainly attributed to traditional industries [1]. Potential for Decline in Traditional Industries - The AH premium for traditional sectors like real estate and banking still has room for further narrowing [1]. Emerging Industries' Premium Trends - Future trends indicate that the AH premium for emerging industries such as semiconductors and hardware is expected to gradually narrow [1]. A-Share Listed Companies - A-share listed companies have a larger potential for AH premium decline [1].

Core Viewpoint - The sports sector is leading the industry in 25H1, with other segments and stocks still showing potential highlights. A-share brands have improved revenue growth in Q2, driven mainly by e-commerce and direct sales channels, while profit margins are under pressure. Some stocks like Ge Li Si and Jiu Mu Wang have achieved positive net profit growth [1][2]. Group 1: A-share Brands - Revenue growth in 25Q2 improved compared to Q1, with median growth rates of -4.2% in Q1 and -3.0% in Q2, primarily driven by e-commerce and direct sales channels, while franchise channels are under significant pressure [2]. - E-commerce channels are leading growth, with brands like Hai Lan Zhi Jia, Bi Yin Le Fen, and Jiu Mu Wang expanding direct sales channels, showing positive results, while franchise channels are contracting overall [2]. - In terms of profit, Q2 saw increased pressure on net profits, with only Jiu Mu Wang (+41.3%), Ge Li Si (+38.8%), and Hai Lan Zhi Jia (+1.4%) achieving positive growth in net profit, while others experienced varying degrees of decline [2]. - Inventory turnover days increased for most brands in Q2, indicating weak sales and rising inventory levels, with only a few brands like Ge Li Si and Luo Lai Life showing improved turnover days [2]. Group 2: Hong Kong Sports Brands - In 25H1, revenue for Hong Kong sports brands showed positive growth, with e-commerce channels leading, and major brands like Anta Sports and Xtep International achieving high growth through specialized brands [3]. - The competition in the mass sports sector intensified in Q2, with most major brands, except Li Ning, experiencing a slowdown in revenue growth compared to Q1 [3]. - Profitability remained stable in 25H1 despite pressures on gross margins from increased online sales and deeper discounts, with brands maintaining healthy net profit margins through cost control and efficiency improvements [3]. - Inventory management is strong for brands like Xtep International and Li Ning, with stable inventory turnover days, while Anta Sports and 361 Degrees saw increases in inventory levels [3]. Group 3: Investment Recommendations - The company sees four main investment themes: the ongoing trend in sports, resilient performance in the sports sector, opportunities in structural demand for affordable luxury, undervalued high-dividend stocks, and expansion into new businesses and models [3].

每周 一 景：湖南衡阳衡山 点击右上角菜单，收听朗读版 【批发零售 】看 好金价上行提振，品类分化、渠道为基 投资建议： 金价上行预期提振计件黄金与投资金终端动销，3月后进入Q2Q3同期基数回落，黄金珠宝行业有望迎来金价上行+品类分化的结构型行情。黄金 珠宝板块具备低估值与强内需支撑，金价上行有望带来业绩弹性，看好2024年渠道拓店逆势稳步净增，且终端计件黄金与投资金销售占比较高的黄金珠宝品 牌。 渠道为基：渠道网点支撑业绩底盘，同店触底回暖有望提振估值 。对于加盟模式而言，新增的渠道拓店数量与存量门店的终端动销是订货会批发出货量的支 撑，加盟模式下的渠道拓店发力弹性更大、且新店有初期门店铺货的集中批发出货贡献，渠道网点扩张为业绩业绩的核心驱动；而直营模式下，门店终端销售 与品牌总部收入确认同步，更关注同店的增长弹性。我们预计，2024年渠道拓店逆势稳步净增，且终端计件黄金与投资金销售占比较高的黄金珠宝品牌， 2025年有望呈现更优的业绩增速表现。黄金珠宝板块具备低估值与强内需支撑，Q2Q3同期基数回落，同店触底回暖估值向上弹性可期。 风险提示： 金价波动影响消费，门店扩张不及预期，消费力疲软等。 【 海外策 ...

Core Viewpoint - The report indicates that leading brands in the home appliance sector are operating steadily, with short-term tariff disturbances expected to have diminishing effects, and performance exceeding expectations mainly in small appliances and cleaning devices [1]. Group 1: Market Performance - In Q2 2025, the home appliance sector's revenue and profit grew by 5.6% and 3.1% year-on-year, respectively, with a slight deceleration compared to Q1 [2]. - The white goods segment saw revenue and profit growth rates of 5.8% and 6.0%, with leading brands outperforming second and third-tier brands, indicating an increase in industry concentration [2]. - The cleaning appliance segment experienced significant revenue growth of 31.5%, while OEMs faced a profit decline of 23.8% due to tariff impacts [2]. - The black goods segment reported revenue growth of 1.4% but a profit decline of 16.5%, with brand companies experiencing slower volume growth but continuing to raise average prices [2]. - The kitchen appliance sector faced challenges, with revenue and profit growth rates of -5.5% and +1.1%, respectively, particularly for integrated stoves, which saw declines of 39.6% and 16.8% [2]. Group 2: International Expansion and New Business - The overseas revenue share of the home appliance sector reached 39.5% in H1 2025, an increase of 1.4 percentage points year-on-year, indicating a trend towards international expansion [3]. - Companies are actively exploring new business areas, with Bull pushing into data centers and solar lighting, and Yitian Smart focusing on liquid cooling and computing power [3]. - In the core coverage of 40 companies, six exceeded revenue expectations, while four surpassed profit expectations, particularly in small appliances and cleaning devices [3]. Group 3: Investment Recommendations - The report suggests focusing on four main investment lines: 1) core drivers of international expansion and smart home key targets; 2) stable performance with upward elasticity; 3) leading companies with robust operations and high dividends; 4) home appliance companies diversifying into new growth areas [4].

行业需求高度确定，改革创新加速推进， 有望延续高景气度。 近年来，美国及其盟友国防战略重心逐步向印太转向，中国周边紧张局势可能逐步加剧，和平 需要保卫，加大国防投入是必选项，军工行业特别是装备体系建设有望长期趋势向好。 2027 年要确保实现建军百年奋斗目标，十四五期间有望加速补短板。 构建现代化武器装备体系，要求加大淘汰老旧装备力度，逐步形成以高新技术装备为骨干的武器装备体系。考虑到中美航空装备目前仍有一定差距，未来装备 费有望向航空航天等领域倾斜。军工行业有望保持高景气，相关上市公司将持续受益。 风险提示：相关公司军品业务需求情况不及预期的风险；相关公司民品业务业绩不达预期的风险。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 阅兵隆重举行，新装备亮相彰显行业高景气度——纪念抗战胜利80周年阅兵事件点评；报告 日期：2025.09.03 报告作者： 彭磊（分析师），登记编号：S0880518100003 杨天昊（分析师），登记编号：S0880523080010 重要提醒 报告导读： 2025 年 9 月 3 日，纪念抗战胜利 80 周年大会在北京天安门广场隆重举 行。陆海空天各方 ...