Core Insights - The report focuses on the macroeconomic environment, endowment characteristics, industrial structure of the UAE, and its comparative position in the Middle East, particularly in relation to China and the Gulf Cooperation Council (GCC) [1][2] Economic Overview - The UAE has a strategic geographical location and a stable political environment, contributing to its role as a major trade and logistics hub in the Middle East [1] - The UAE's economy is significantly supported by its oil and gas resources, ranking sixth and seventh globally in reserves, respectively. As of Q4 2024, the oil sector accounts for 20% of the UAE's GDP, making it the second-largest economy in the Gulf region and one of the highest per capita GDPs worldwide [2][3] Economic Diversification - Recent years have seen the UAE actively pursuing economic transformation, resulting in a notable increase in the share of non-oil sectors. The service industry has become a significant contributor to economic growth, with domestic demand and private consumption driving this expansion [3] - The UAE has established itself as a key commercial and financial logistics center in the Gulf, with a competitive business environment and rapid development in re-export trade and financial services [3] Demographics and Consumption - The UAE has a favorable demographic structure, with a high percentage of foreign immigrants (88%) and a well-educated workforce, which supports industrial transformation and domestic market expansion [4] - The UAE's consumption patterns reflect a coexistence of high income and inequality, but ongoing urbanization and economic diversification are expected to further expand the non-oil economy and stimulate consumer market growth [4] Trade Relations with China - The UAE is a crucial energy supplier to China and the largest export market in the Middle East. Recent years have seen strengthened trade cooperation, with a growing preference for importing machinery, automobiles, and home goods from China [4] - The energy sector remains a cornerstone of UAE-China relations, with a shift from traditional oil purchases to clean energy collaborations and an expansion into new economic and digital infrastructure projects [4]

【策略】 商业航天：启航空天经济新纪元 每周 一 景：湖南衡阳衡山 点击右上角菜单，收听朗读版 商业航天顶层设计持续强化，政策引领释放产业创新势能。 2023 年中央经济工作会议将商业航天列为重点发展产业以来，政策端持续加码。 2024 年商业 航天首次写入政府工作报告； 2025 年 6 月证监会将商业航天纳入科创板第五套上市标准适用范围， 9 月 8 日工信部向中国联通颁发卫星移动通信业务经营 许可，应用场景 进一步打开。低轨卫星频轨资源稀缺加剧全球竞争，美国商业卫星发射节奏显著加快，我国仍需补足运力 / 成本 / 可靠性等短板，随着国内 GW 星座、"千帆"星座等卫星组网明显提速、卫星移动通信牌照发放打通终端应用场景、产业链公司投融资路径拓宽，产业创新势能逐步释放。 商业航天产业链加速完善，供需双轮驱动产业规模化发展。 商业航天是依托技术创新与产业链配套的新域新质力，我国具备从高端制造到场景应用，从上游 卫星制造、中游火箭发射到终端运营的完整产业链。全球商业航天市场规模已达 4800 亿美元，细分领域中定位导航 / 授时、地面站 / 设备、卫星电视、卫 星通讯市场占比高； 2024 年我国商业航天领域投 ...

Core Viewpoint - Anthropic has announced a global ban on providing Claude services to companies controlled by Chinese entities (over 50% ownership), citing legal, regulatory, and national security risks, which may result in a loss of hundreds of millions in revenue for the company [2]. Group 1 - The ban affects major Chinese internet companies such as ByteDance, Alibaba, and Tencent, which rely on Claude services for their innovative and international applications [2]. - Domestic AI companies, like Zhizhu and its GLM-4.5 model, are quickly launching migration solutions to attract users from Claude, thereby accelerating the domestic replacement process [2][3]. - The trend towards self-sufficiency in domestic AI has shifted from a slogan to an industry consensus, with domestic chip manufacturers like Huawei, Cambricon, and Haiguang ramping up self-research efforts [3]. Group 2 - Despite the performance gap with international leaders, domestic chips are beginning to see large-scale deployment in key sectors such as government, finance, and energy [3]. - The closure of Claude services provides a "replacement window" for domestic models like Zhizhu GLM and Alibaba Qwen to rapidly capture market share through price subsidies and ecosystem binding [3].

国泰海通证券 | 研究所 韩其成 建筑工程首席分析师 行业核心洞察 宏观:经济周期政策主题投资 中观:实物工作量产业链验证 微观:科技转型第二增长曲线 价值主张 一供需关系变化为本,DCF 现金流贴现为纲;基 于商业模式和竞争优势,致力挖掘最快业绩加 速度和永续现金流的拾贝龙头。 年度代表作 . . . . . . . . . 点击下方图片 查看电话会回放详细议程 推 荐 阅 读 上线了！国泰海通2025研究框架培训视频版｜洞察价值，共创未来 报告来源 :: 13:41 观点来自国泰海通证券已发布的研究报告。报告名称：拾贝龙头复盘：商业模式特质与业绩估值规律； 报告日期：20250706；报告作者：韩其成S0880516030004；风险提示：总结方法见仁见智，相关公 司所涉及股价和业绩等为已披露年报历史数据资料，不代表未来趋势的判断和投资建议。 重要提醒 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 ...

报告导读： 产业园区包含生产制造类园区和科创类园区两大类。本文基于该判断，综合考 虑园区的基本特征，设计偏定性，有园区自身特点，且以评分作为主要模式的产业园区评 估体系。 园区REITs是公募REITs市场的重要组成部分，对底层资产价值的合理评估是投资的重要支点。 本文旨在搭建关于产业园区更优评估体系。产业园区作为我国 实体经济发展的核心载体和产业升级的重要引擎，长久以来其发展历程与国家战略演进脉络深度契合。从2021年第一只园区REITs上市至今，园区REITs累积 上市19只，总市值374亿元；涉及底层资产36处，均位于核心一二线城市。由于当前偏传统和通用指标的产业园估值体系存在一定价值刻画困难或研究盲 区，我们尝试打造偏定性、有园区自身特点，且以评分作为主要模式的全新评估体系，用以追踪REITs底层资产的定期运营变化，并筛选出在中长期潜力上更 优的园区REITs。 产业园区在根本上可以分为生产制造类园区和科创类园区两大类，前者强调品牌与复制性，后者强调创新与独特性。 生产制造类园区核心在于由政策优势向 品牌力和优质运营管理传导，具备强异地复制性，同时也要求园区能够实现与产业链的升级更迭同步发展。科创类园 ...

Core Viewpoint - Rokid Glasses, an all-functional AI smart glasses, will officially launch on September 1, 2025, with a price of 3,299 yuan, showcasing a unique integration of voice, photography, and display capabilities [2][3]. Product Overview - Rokid Glasses features a lightweight design of approximately 49 grams, utilizing a single optical machine with dual display technology and a diffraction waveguide solution, achieving a maximum brightness of 1500 nits for clear visibility outdoors [3]. - The device is powered by the Qualcomm AR1 chip and NXP RT600 dual-chip architecture, balancing high performance with low power consumption [3]. - It includes a 210 mAh battery, supporting various functionalities such as 6 hours of music playback, 4 hours of voice calls, 2 hours in always-on mode, and 30 minutes of intensive photography [3]. Design Philosophy - The glasses support voice control, real-time translation, and navigation prompts, with a dual-direction real-time translation feature that syncs with mobile screens, enhancing cross-language communication [2]. - Equipped with four-array microphones, it can achieve precise voice capture and positioning, distinguishing it from competitors [2]. Product Combination - Rokid Glasses stands out in the market due to its comprehensive functionality, combining voice, photography, and display capabilities, making it one of the most complete AI smart glasses available [2][3]. - The product's pre-sale performance is notable, with over 40,000 units sold within five days, indicating a strong consumer demand for display-enabled smart glasses [3]. Future Outlook - The adoption of waveguide technology has significantly improved the display quality and lightweight design, positioning Rokid Glasses as a leader in the industry [3]. - However, challenges remain in the AR glasses market, particularly regarding the high BOM costs associated with MicroLED and waveguide technologies, which can account for up to 50% of the total cost [4]. - Current diffraction waveguide technology still faces issues such as rainbow patterns and light leakage, limiting its application to basic functions like translation and notifications [4].

Core Viewpoint - The domestic economy continues to slow down in August, with a mix of resilience in production and pressure on demand, highlighting the need for policy support to boost consumption and investment [1] Production Sector - Industrial added value growth has slowed year-on-year but remains at a relatively high level, with policy-related and energy supply industries maintaining vitality [1] - External demand is under pressure, leading to a negative growth rate in export delivery value [1] - There is a divergence within the service sector, with strong performance in technology and finance but weakness in business services [1] Consumption Sector - Retail sales growth has declined year-on-year, although summer economic activities and policy support have bolstered some upgrades and durable goods consumption [1] - Essential consumption and real estate-related consumption are under pressure, indicating insufficient internal recovery momentum [1] Investment Sector - Fixed asset investment growth rates, both cumulative and monthly, are declining across various components, necessitating increased policy measures to stimulate investment [1] Future Outlook - The economy is expected to maintain a slow but stable trajectory with structural optimization, although demand recovery will take time [1] - There is a need for policies to focus on boosting demand, enhancing consumption willingness, optimizing investment structure, and mitigating risks in key areas to ensure stable economic operation [1]

Core Viewpoint - The recent Shanghai Leading Industry Conference and the 14th Pharmaceutical CEO Forum, along with the 5th Artificial Intelligence Conference, successfully highlighted the forefront trends and cross-industry opportunities in the biopharmaceutical and technology sectors [2][8]. Group 1: Conference Overview - The conference gathered nearly 100 industry leaders, representatives from around 200 listed companies, and close to 1,000 investors, creating a platform for deep industry insights and investment value [2]. - Chen Zhongyi, Vice President of Guotai Junan, emphasized the company's role as a "witness and companion" in the leading industry since the first Pharmaceutical CEO Forum in 2012, which has evolved alongside China's innovative drug industry [4]. Group 2: Key Themes and Discussions - The biopharmaceutical sessions focused on three main themes: innovative drug development, medical technology innovation, and global layout, featuring nearly 10 roundtable discussions with executives from about 50 leading pharmaceutical companies [5]. - The technology sessions concentrated on the disruptive impact of AI on industries, discussing breakthroughs in large-scale AI chips, intelligent computing centers, and high-performance switches, as well as innovative applications in gaming, video content generation, and health management [5]. Group 3: Future Directions - The conference is recognized as a significant platform for understanding trends in biopharmaceuticals and technology, aiming to further promote the integration of these sectors [8]. - Guotai Junan Research Institute plans to leverage its professional strengths and company resources to contribute to the high-quality development of leading industries [8].

风险提示： 分析维度存在局限性，模型设计存在主观性，历史与预期数据存在偏差，市场一致预期调整，量化模型局限性。 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：宽松在望：美联储降息预期持续强化；报告日期：2025.09.15 报告作者： 王子翌（分析师），登记编号：S0880523050004 方奕（分析师），登记编号：S0880520120005 重要提醒 报告导读： 我们维持此前的战术性大类资产配置观点。我们建议战术性超配 A 股，战术 性标配美债与黄金，战术性低配美元。 美国劳动力市场降温强化了货币政策预期的"预防式"宽松预期 。权益资产中， 我们对经济景气预期持续上修、国家高度支持资本市场发展、市场流动性稳 定、风险偏好逐渐改善以及微观交易结构稳固优化的 A 股高度乐观。 债券资产中， 我们对受到货币政策预期趋松以及国内景气边际收敛支持的美债相对中 性。 大宗商品中 ， 我们认为黄金价格或将边际受益于地缘政治形势升温与美联储货币政策预期的调整。 全球外汇中 ， 我们认为美联储货币政策指引以及货 币政策预期趋松或边际削弱美元相较于其他货币的表现 。 多重因素有望支持中国资产继续表现 ...

国泰海通证券 | 研究所 黄 涛 煤炭首席分析师 行业核心洞察 行业底部反转, 国企改革掀大旗 价值主张 坚持做领先的行业预判 : 21842 《疆煤聚焦"就地转化",外云补充内 " """""" ... 重要提醒 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 点击下方图片 查看电话会回放详细议程 推 荐 阅 读 上线了！国泰海通2025研究框架培训视频版｜洞察价值，共创未来 报告来源 观点来自国泰海通证券已发布的研究报告。 报告名称：反内卷下国企整合加速，旺季更旺已充分证 实；报告日期：20250810；报告作者：黄涛S0880515090001；风险提示：宏观经济增长不及预期; 进口煤大规模进入;供给超预期。 扫码关注 星标不迷路 国泰海通证券研究所官方公众号 海量研报 | 热门活动 | 视听内容 ...