Domestic Macro - On September 19, the State Council discussed the revised draft of the Banking Supervision Law of the People's Republic of China [1] - On September 22, the State Council Information Office held a press conference on achieving high-quality completion of the 14th Five-Year Plan, highlighting the financial sector's achievements during this period [1] - The Shanghai Stock Exchange Party Committee announced efforts to promote long-term capital entering the market [1] - The Ministry of Finance indicated guidance for local governments to implement a series of incremental debt support policies [1] - On September 23, the Ministry of Commerce and nine other departments issued policies to promote service exports, including optimizing zero tax rate declaration procedures and increasing export credit insurance support [1] - On September 24, the People's Bank of China announced a 600 billion yuan MLF operation, with a net injection of 300 billion yuan this month, marking the seventh consecutive month of increased operations [1] Industry Policy - On September 20, the National Healthcare Security Administration released the 11th batch of drug procurement documents [2] - On September 21, the China Academy of Science and Technology Development Strategy published the "China Regional Science and Technology Innovation Evaluation Report 2025" [2] - The State Council's Food Safety Office is accelerating the establishment of national standards for prepared dishes [2] - On September 22, the Ministry of Industry and Information Technology and other departments jointly issued the "Steel Industry Growth Stabilization Work Plan (2025-2026)", setting an average annual growth target of around 4% for the steel industry's added value [2] - The National Sports Administration released guidelines to promote the high-quality development of sports for health [2] - On September 23, the Ministry of Commerce and eight other departments issued guidelines to vigorously develop digital consumption, including trials for smart connected vehicles [2] - On September 24, the Ministry of Industry and Information Technology and six other departments issued the "Building Materials Industry Growth Stabilization Work Plan (2025-2026)", with strict capacity control for cement and glass [2] - On September 25, the National Healthcare Security Administration published the "National Long-term Care Insurance Service Project Directory (Trial)" [2] Local Policy - On September 19, Shanghai issued a notice optimizing the personal housing property tax pilot policies, exempting the first home for talent with residence permits and families with residence permits for over three years, and exempting the second home within 60 square meters per person [3] - On September 21, Sanya passed the "Implementation Measures for the Development of Guaranteed Rental Housing", with rental prices for guaranteed rental housing guided by the government [3] - On September 25, Tianjin will conduct a pilot for the registration of real estate trust property [3] Overseas Dynamics - On September 19, the Bank of Japan decided to maintain the benchmark interest rate at 0.5% [4] - The European Commission approved a new round of sanctions against Russia, covering energy, financial services, and trade restrictions [4] - On September 20, U.S. President Trump signed an executive order significantly reforming the H-1B visa program, requiring applicants to pay a fee of $100,000 [4] - On September 22, President Trump stated he would meet with Chinese leaders during the APEC informal leaders' meeting [4] - On September 24, Li Qiang met with European Commission President Ursula von der Leyen in New York; the U.S. officially imposed a 15% tariff on EU cars and automotive products [4] - On September 25, the Ministry of Commerce announced the inclusion of three U.S. entities, including Flat Earth Management, in the export control list and initiated an investigation into trade and investment barriers related to Mexico [4]

Core Viewpoint - Chronic Obstructive Pulmonary Disease (COPD) has a high prevalence and mortality rate, indicating a significant unmet medical need for new treatment options [1] Group 1: Unmet Medical Needs in COPD - COPD is a leading cause of disability and death globally, with approximately 300 million cases worldwide and 100 million in China [1] - Current standard treatments (LAMA/LABA/ICS) have been in use for 40 years and carry risks of pneumonia, cardiovascular issues, and urinary tract infections, highlighting the urgent need for new therapies [1] Group 2: PDE3/4 Inhibitors and Market Activity - Merck acquired Verona for $10 billion to obtain Ensifentrine, while GSK spent approximately $12.5 billion to acquire HRS-9821 from Hansoh Pharma, reflecting the importance of the respiratory market and PDE3/4 targeted drugs [2] - PDE3 and PDE4 inhibitors have synergistic effects, potentially improving airway smooth muscle contraction and controlling inflammation, thus showing significant application potential [2] - Ensifentrine received FDA approval in June 2024, with sales reaching $217 million by Q2 2025, representing a 44% quarter-over-quarter growth, indicating substantial market potential [2] Group 3: Targeted Therapies for Eosinophilic Phenotype - Dupilumab (IL-4R) and mepolizumab (IL-5) have been successfully approved for COPD, focusing on high eosinophil count populations [3] - Dupilumab, the first targeted therapy for COPD, was approved by the FDA in 2024, with sales exceeding $14 billion in 2024 [3] - Mepolizumab showed positive results in trials with eosinophilic phenotype patients, demonstrating a correlation between eosinophil count and reduced acute exacerbation rates [3] Group 4: Emerging Targets and Domestic Innovations - TSLP and ST2/IL33 targets currently lack approved drugs, but domestic companies are innovating [4] - Amgen/AZ's tezepelumab is the only TSLP monoclonal antibody on the market, while domestic firms like Zhengda Tianqing and Kangnuo are developing differentiated therapies with promising efficacy [4] - The ST2/IL33 target, which is upstream of IL-4/IL-13, is being explored by domestic companies, with no approved drugs globally yet [4]

Core Insights - The global financial system is undergoing a profound restructuring driven by digital technologies, with blockchain as a cornerstone of innovation reshaping payment clearing and asset circulation models [2] - The transition of on-chain digital assets from technical experiments to compliant market practices is crucial, particularly in the context of the internationalization of the Renminbi in the digital currency era [2] - The blockchain industry is moving from underlying protocol iterations to a commercial ecosystem explosion, with the tokenization wave transitioning from experimental scenarios to mainstream financial infrastructure [2] Group 1: Blockchain and Financial Infrastructure - Blockchain technology is expected to play a key role in constructing cross-border trust networks, which is a critical variable in the financial competition among major powers [2] - The rapid evolution of the industry necessitates forward-looking assessments of the large-scale implementation of blockchain in sectors such as securities, trade, and supply chain [2] Group 2: Regulatory Challenges - There are significant challenges in mapping on-chain rights to traditional legal frameworks, highlighting the urgent need to explore more innovative regulatory pathways [2]

Group 1: Core Views - Mexico's debt market is one of the most mature and well-structured fixed income markets in Latin America, characterized by a diverse range of government bonds and a transparent debt management mechanism [2][3][4] Group 2: Macroeconomic and Debt Environment - Mexico experienced rapid economic expansion in the 1970s due to oil exports and foreign investment, leading to a significant increase in debt, with external debt exceeding 60% [2] - The debt crisis in 1982 was triggered by the oil crisis and rising U.S. interest rates, but reforms in the 21st century have gradually improved debt structure and management [2] - By 2025, the total amount of government bonds is projected to reach 14.5 trillion pesos, with an increasing proportion of fixed-rate and inflation-linked bonds, reflecting a strategy for long-term, low-interest financing [2] Group 3: Bond Market Characteristics - The Mexican bond market features a variety of instruments, including short-term treasury bills, floating-rate bonds, and inflation-linked bonds, with total government bonds exceeding 14.5 trillion pesos by September 2025 [4] - Domestic institutional investors dominate the market, while foreign investors play a crucial role in enhancing the market's internationalization and pricing transparency, holding approximately 1.76 trillion pesos of total government bonds [4] Group 4: Risks and Investment Strategies - The Mexican bond market faces multiple risks, including exchange rate, interest rate, credit, and liquidity risks, necessitating a focus on duration management as a core investment strategy [5] - Investors are advised to adjust bond portfolio duration to hedge against interest rate cycles and inflation expectations, while also considering credit spreads and macroeconomic data for optimal selection [5] - Diversifying currency risk and including hard currency-denominated bonds can help buffer against peso volatility, emphasizing a balanced approach to risk and return [5]

报告导读： 2025 年以来供需共同驱动即时零售渠道扩张，本轮渠道浪潮有望为酒类品牌 提供结构性机会，白酒、啤酒等领域具备较强渠道力和资金实力的企业有望受益。 投资建议： 零售渠道正经历变革、呈现结构性增长，即时零售成为酒类渠道亮点。 1 ）白酒仍在磨底，全国化名酒及区域头部酒企韧性相对较强、具备领先 的渠道开拓能力和资金实力 ； 2 ）啤酒作为酒类第二大品类、客群广泛，在即时零售中的参与度较高，推荐龙头及成长标的 。 即时零售：大盘景气，酒类积极参与。 我国零售行业经历了传统零售、电商、新零售的发展过程，即时零售极大缩短履约时间、丰富消费者选择。近年来我 国即时零售规模迅速扩大， 2025 年外卖大战边际催化，行业有望在未来几年维持双位数增长。具体到酒水领域，酒类即时零售最早发源于 1919 、酒小二 等垂类平台， 2015 年前后加速，形成垂类、平台型、仓店一体型、前置仓型 4 类渠道模式；与此同时酒企加大布局与合作，酒类即时零售渗透率显著提 升。 我们认为酒类即时零售的兴起主要有三方面原因。 一是消费习惯改变，消费者愈发追求便捷，且临时需求激发后希望快速得到满足。二是契合性价比需求， 压缩流通环节的同时 ...

Core Insights - The article highlights the stable approval process for domestic game licenses in China, with a significant increase in the number of licenses issued in 2025 compared to the previous year [1][3] - The gaming market in August 2025 showed stable performance, with notable revenue contributions from high-quality products, indicating a positive outlook for game development companies [2][3] Group 1: License Approval and Supply - On September 24, 2025, the National Press and Publication Administration approved 145 domestic games and 11 imported games, indicating a robust supply of game licenses [1] - The total number of domestic game licenses issued in 2025 has reached 1,195, significantly higher than the 959 licenses issued in the same period last year, with an average monthly issuance of 132.8 licenses [1] Group 2: Market Performance - In August 2025, the domestic gaming market generated revenue of 29.263 billion yuan, reflecting a month-on-month growth of 0.61% but a year-on-year decline of 13.01% due to a high base from the previous year [2] - Mobile game revenue was 21.521 billion yuan, with a month-on-month increase of 0.85% and a year-on-year decrease of 4.25%, while client game revenue was 6.563 billion yuan, showing a month-on-month decline of 1.11% but a year-on-year increase of 17.59% [2] Group 3: Investment Outlook - The stable approval rhythm for game licenses and the rich supply of game products lead to a favorable investment outlook for companies with strong content reserves and solid fundamentals [3]

Core Insights - The article discusses the transformation in various industries driven by new consumption patterns, technological advancements, and the need for quality over quantity in market offerings [3][4][5][6][17]. Group 1: New Consumption Trends - The new consumption era is characterized by a mismatch between supply and demand, with marketing playing a crucial role in driving consumption growth [3]. - There is a focus on quality and value in the real estate market, which is expected to stabilize consumer confidence [4]. Group 2: Industry Innovations - The article highlights the importance of technological innovation in sectors such as AI, robotics, and communication, indicating a shift towards hardware and algorithm-driven solutions [6][9][10]. - The automotive industry is noted for its vast potential for growth, driven by technological advancements and market expansion [6]. Group 3: Economic and Market Outlook - The article suggests that the Chinese stock market is poised for further growth, with expectations of new highs despite current economic challenges [18]. - It emphasizes the macroeconomic policy framework of "fiscal dominance and monetary cooperation," which is shaping market dynamics [18]. Group 4: Sector-Specific Insights - The steel industry is highlighted as having long-term investment opportunities, particularly in leading companies [5]. - The healthcare sector is undergoing significant changes, with a focus on innovative drug development as a key to its future [4]. Group 5: Broader Economic Context - The article discusses the impact of global changes on China's economic landscape, suggesting that the country is adapting to new macroeconomic realities [17]. - It also mentions the potential for increased industry prosperity due to the easing of competitive pressures and interest rate reductions [17].

Investment Chain - Prices of copper, aluminum, zinc, lead, gold, and silver have risen since September 2025. Fixed asset investment growth rate has decreased to 0.50%, with real estate development investment declining by 12.90% and manufacturing fixed asset investment growth at 5.10% [1] - Infrastructure investment growth rate has also decreased to 5.42%. Prices of tin and nickel have fallen, while the price of thermal coal has slightly increased to 676 RMB per ton [1] Consumption Chain - In August 2025, automobile sales growth rate increased to 16.44%, while home appliance retail sales growth rate decreased to 19.90%. The nominal growth rate of social consumption fell to 3.40% [2] - The cumulative nominal growth rate has decreased by 4.60%, and the sales area of commercial housing has seen a decline of 5.44% [2] Export Chain - In August 2025, export growth rate to the US decreased, while it increased for the EU, Japan, and ASEAN. The overall export growth rate rose to 25.52% [3] - Exports of furniture, refined oil, coke, ships, plastics, and auto parts have seen an increase, while agricultural products, toys, lighting, coal, steel, and aluminum exports have decreased [3] Price Chain - Oil prices have risen to 63.41 USD per barrel as of September 23, 2025. Prices for PVC have increased to 4695 RMB per ton, while prices for MDI have decreased [4] - Pork prices have dropped to 13.71 RMB per kilogram, and the price of domestic urea has also decreased compared to July 2025 [4]

Core Viewpoint - The article provides insights into the latest perspectives and recommendations for the pharmaceutical sector, emphasizing the importance of historical context in analyzing the industry and individual stocks [4]. Group 1: Pharmaceutical Sector Insights - The research team at Guotai Junan Securities specializes in analyzing the global pharmaceutical industry over 40 years and the Chinese pharmaceutical industry over 20 years, focusing on a comprehensive view of industry development to identify investment opportunities [4]. - Key discussions are scheduled for various segments of the pharmaceutical industry, including medical devices, innovative drugs, and CXO & upstream sectors, with prominent analysts leading these discussions [5][6][7]. Group 2: Upcoming Events and Recommendations - A series of conference calls are planned from September 22 to September 26, covering different aspects of the pharmaceutical sector, with notable analysts presenting their insights and recommendations [5][6][7]. - The focus will be on recent key recommendations and deep dives into specific stocks, highlighting the ongoing analysis and updates in the pharmaceutical landscape [7].

Core Viewpoint - The article discusses the ongoing "anti-involution" policies in China aimed at addressing low-price disorderly competition and enhancing product quality across various industries, with a focus on sustainable high-quality growth rather than merely suppressing market competition [12][20]. Group 1: Macro and Strategy Insights - The marginal effects of "anti-involution" policies are beginning to show, with August CPI at -0.4% year-on-year and PPI at -2.9%, indicating a gradual recovery in inflation [7][9]. - The policies are designed to guide enterprises in eliminating excess capacity caused by blind expansion and to enhance competition through regulatory measures rather than administrative interventions [9][12]. - International experiences from the U.S., Japan, and Europe highlight different strategies to combat "involution," including mergers, industry restructuring, and setting competitive boundaries [13][14][15]. Group 2: Industry-Specific Analysis - In the coal sector, the "anti-involution" policies are expected to stabilize prices and improve the supply-demand balance, with coal prices showing signs of recovery [40][47]. - The coal industry is experiencing a significant reduction in production due to economic pressures, with over 50% of coal enterprises reporting losses [40][54]. - The government is actively monitoring coal production to prevent overproduction, which is seen as a critical step in implementing "anti-involution" measures [50][53]. Group 3: New Energy Sector - Multiple departments are emphasizing the importance of "anti-involution" in the photovoltaic sector, with ongoing reforms aimed at addressing low-price competition [58]. - The solar energy industry is witnessing a significant increase in capacity and installation, with expectations for continued growth in renewable energy contributions [20].