Core Viewpoint - The company maintains a tactical asset allocation strategy, recommending an overweight position in A-shares, a neutral position in US Treasuries and gold, and an underweight position in the US dollar [1][2]. Group 1: A-Shares - The company is highly optimistic about A-shares due to improved economic outlook, strong government support for capital markets, stable market liquidity, improving risk appetite, and solid micro trading structures [1]. - Factors supporting the performance of Chinese assets include accelerated transformation, increased economic visibility, lower opportunity costs in the stock market, and capital market reforms, which are expected to drive a "transformation bull" market [1]. Group 2: US Treasuries - The company maintains a neutral stance on US Treasuries, as the market adjusts to expectations of a more accommodative monetary policy due to slight cooling in the US labor market and economic conditions [2]. - The tactical allocation in US Treasuries is seen as having a moderate risk-return profile and tactical value [2]. Group 3: Gold - The company holds a neutral position on gold, suggesting that the recent geopolitical tensions and expectations of a more accommodative monetary policy will lower the holding costs of gold, thus supporting its price [2]. - Gold is viewed as having a moderate risk-return profile and tactical allocation value [2]. Group 4: US Dollar - The company maintains an underweight position in the US dollar, as expectations of interest rate cuts by the Federal Reserve are likely to weaken the dollar's performance relative to other currencies [2]. - The rising inflation expectations further diminish the dollar's allocation value, leading to a perception of low risk-return profile for the dollar [2].

Core Viewpoint - The beauty industry is experiencing double-digit growth online, driven by promotional events and the rise of domestic brands, suggesting a need for selective investment in companies with adaptable products and channels [2]. Industry Summary - In August, both Tmall and Douyin achieved double-digit growth in beauty sales, with a combined year-on-year increase of 19.0%. Douyin's beauty GMV exceeded 20 billion, growing by 19.56%, while Tmall's GMV rose by 18.37%. The overall GMV growth rate for July and August was 16.1%, indicating a recovery primarily due to Tmall's promotional strategies [2]. - During the Qixi Festival, domestic brands dominated the top sales rankings, with Han Shu leading with over 700 million GMV. The top 20 makeup brands saw an increase of 4 new entrants, including Mao Ge Ping and Carzi Lan, showcasing the competitive strength of domestic brands across various categories [3].

Core Insights - The article emphasizes the reversal of the coal industry bottom and the acceleration of state-owned enterprise reform, indicating a significant shift in market dynamics [4][7]. Industry Analysis - The report highlights the focus on "local transformation" in the coal sector, suggesting a strategic shift towards enhancing domestic production capabilities while supplementing with external resources [4]. - The analysis indicates that the peak season for coal demand has been confirmed, suggesting robust market conditions ahead [7]. Value Proposition - The company aims to maintain its position as a leading industry forecaster, providing insights that can help investors navigate the evolving landscape [4].

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：科创IPO增加，看好PE机构业绩改善；报告日期：2025.09.15 报告作者： 刘欣琦（分析师），登记编号：S0880515050001 孙坤（分析师），登记编号：S0880523030001 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 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。 报告导读： 政策推动叠加市场向好， 2025 年 IPO 数量持续增加，其中科创属性公司占 比高，其加速上市有望使私募股权投资公司退出获利增厚。 IPO 数量持续增加，科创属性企业成为 IPO 的主导力量。 2025 年以来，资本市场持续繁荣， IPO 数量持续增加，截止 2025 年 8 月，共 67 家企业登陆 A 股，同比 +13.56% ； 57 家企业在港股上市，同比 +32.5 ...

Core Viewpoint - The article emphasizes the release of the "Automobile Industry Steady Growth Work Plan (2025-2026)" by the Ministry of Industry and Information Technology and other departments, which outlines a policy direction for the high-quality and steady development of the automotive industry, leading to a maintained "overweight" rating for the sector [2][3]. Summary by Relevant Sections Industry Growth Targets - The work plan aims for approximately 32.3 million vehicle sales in 2025, representing a year-on-year growth of about 3%, with new energy vehicle sales targeted at around 15.5 million units, reflecting a year-on-year increase of approximately 20%. The automotive manufacturing industry's added value is expected to grow by about 6% year-on-year [3]. Key Initiatives - The work plan outlines 15 initiatives across four dimensions: expanding domestic consumption, improving supply quality, optimizing the development environment, and deepening open cooperation. Key measures include accelerating the marketization of new energy vehicles, enhancing efforts to promote automotive consumption, and advancing the industrial application of intelligent connected technologies [2][3]. Market Environment - The work plan builds on previous initiatives such as the "anti-involution" proposal by the Ministry of Industry and Information Technology and the joint notice on addressing online chaos in the automotive industry. It aims to create a healthy and orderly market environment through optimized management policies and standardized market competition [3]. Recent Market Performance - In the first eight months of 2025, the Chinese passenger car market showed steady performance, with sales reaching 18.354 million units, a year-on-year increase of 14%. The industry is expected to maintain a stable growth rate of around 5% in 2026, despite a backdrop of a saturated market [3].

Core Viewpoint - The commercial aerospace industry is experiencing significant growth driven by policy support, technological innovation, and increasing demand for satellite networking, leading to low-cost, high-reliability, and large-scale development opportunities [1][2][4]. Group 1: Policy and Market Dynamics - The central economic work conference in 2023 identified commercial aerospace as a key development industry, with continuous policy support enhancing innovation potential [1]. - In 2024, commercial aerospace was included in the government work report for the first time, and in 2025, the China Securities Regulatory Commission included it in the fifth set of listing standards for the Sci-Tech Innovation Board [1]. - The global commercial aerospace market has reached a scale of $480 billion, with China's investment in this sector expected to account for 24% of global financing in 2024 [2]. Group 2: Industry Chain Development - China has established a complete commercial aerospace industry chain, from satellite manufacturing to rocket launching and terminal operations, facilitating large-scale development [2]. - The overall scale of China's commercial aerospace industry is projected to exceed 2.5 trillion yuan by 2025, driven by the emergence of private aerospace companies [2]. Group 3: Satellite Networking and Technological Advancements - There is a surge in demand for satellite constellations, with significant progress in the deployment of low-orbit satellites, including the launch of multiple satellite groups by China [3]. - The Long March series rockets remain the primary launch vehicles, with private companies like Zhongke Aerospace and Blue Arrow Aerospace expected to contribute to increased launch capacity [3]. - New technologies such as reusable rockets and large liquid rockets are enhancing launch frequency and capacity, with several private companies entering the initial flight phase for these technologies [3]. Group 4: Investment Recommendations - The commercial aerospace sector is seen as a critical area for global technological competition, with opportunities arising from the large-scale deployment of satellite constellations and advancements in reusable rocket technology [4]. - Recommended investment areas include rocket manufacturing, satellite payloads, satellite communication, navigation, remote sensing, and space tourism, which are expected to benefit from the industry's scaling applications [4].

Group 1: Swine Industry - The current average price of live pigs is 13.56 yuan/kg, which has decreased by 0.37 yuan/kg compared to the previous week, with the most significant declines observed in Guangdong and Guangxi, where prices dropped nearly 1 yuan/kg [2] - The decline in prices in Guangdong and Guangxi is attributed to changes in transportation policies, which have restricted external transfers and impacted local prices [2] - The proportion of pigs weighing less than 90kg being sold has slightly increased to 3.71%, indicating that both the epidemic situation and policy changes are affecting short-term prices [2] - Long-term capacity control policies will continue to influence industry supply and the long-term trend of pig prices, making it essential to monitor the determination and strength of these policies [3] - The recommendation to invest in the breeding sector remains strong [3] Group 2: Pet Industry - The top three brands in the pet category on Douyin this week are Maifudi, Weishi, and Frigat, with Zhongchong Co. and Wanpi ranking 27th and 35th respectively [4] - Maifudi has launched a new fresh meat pet food product emphasizing reduced oil content, while Wanpi has received the "Best Growth Award" from Meituan for being the only pet brand on its platform [4] - Overall, innovation in pet brands is shifting from merely pleasing pet owners to focusing on pet health, with domestic brands showing stronger innovation capabilities [4] Group 3: Agriculture - As September approaches, most agricultural products are entering the harvest season, with a recommendation to pay attention to this year's grain harvest situation [5] - Recent spot prices for corn and wheat have slightly increased, and the performance of corn seed varieties under extreme weather conditions in the Huang-Huai-Hai region is of particular interest [5] - The emergence of corn varieties with strong resistance to high temperatures and density is noteworthy [5]

Core Viewpoint - The Ministry of Commerce has initiated an anti-dumping investigation into imported analog chips from the United States, which is expected to enhance both profitability and market share for the domestic analog chip industry [1][2]. Group 1: Anti-Dumping Investigation - The investigation was launched on September 13, 2025, focusing on the period from January 1, 2024, to December 31, 2024, regarding pricing and sales behavior of relevant products from the U.S. [1] - The investigation aims to assess the long-term impact of U.S. imported chips on the domestic industry, covering data from 2022 to 2024, with a completion date expected by September 13, 2026 [1]. Group 2: Profitability and Market Dynamics - A price war initiated by Texas Instruments in May 2023 led to a price reduction of up to 50% for power management and signal chain chips, significantly impacting market dynamics and squeezing profit margins for domestic manufacturers [2]. - From 2022 to 2024, the volume of imported products from the U.S. increased by 37%, while prices dropped by 52%, indicating a substantial negative impact on domestic sales prices and operations [2]. Group 3: Market Share and Domestic Replacement - China is projected to account for approximately 35% of the global analog chip market in 2024, with a market size exceeding 200 billion RMB [3]. - The domestic replacement rate for analog chips has increased from single digits in 2019 to 16% in 2024, although it remains relatively low [3]. - The supply chain for analog chips has matured, ensuring sufficient capacity, and future growth is expected as domestic manufacturers penetrate higher-end markets such as automotive and industrial sectors [3].

Core Viewpoint - The article emphasizes the importance of technological innovation as a core driver for high-quality economic development, highlighting the establishment of the "Academician Forum" as a platform for integrating industry, academia, and investment [3][6]. Group 1: Event Overview - The first "Academician Forum" was held on September 11, attended by over 100 guests from government, research institutions, well-known enterprises, and investment institutions [1]. - The forum was jointly launched by Academician Li Shushen, Chairman Zhu Jian, and other representatives, focusing on semiconductor chips and artificial intelligence [5]. Group 2: Company Initiatives - The company aims to create a technology finance service ecosystem with industry characteristics, promoting the transformation of scientific achievements through professional services [3]. - The establishment of the "Academician Forum" is part of the company's efforts to build a high-end think tank platform and foster deep integration across various sectors [3][6]. Group 3: Strategic Goals - The company is committed to enhancing the synergy between investment, investment banking, and research, while also building a collaborative ecosystem for technological innovation [6]. - The initiative is aligned with the goal of contributing to the construction of Shanghai as a global center in five key areas [6].

Group 1 - The core viewpoint of the article indicates a mixed performance in consumption, investment, and production, with service consumption declining and durable goods showing weak performance [1] - In terms of investment, the real estate sector remains weak despite policy optimizations in major cities, with new home sales not improving significantly [1] - The export market is experiencing a rise in port capacity demand due to the upcoming Christmas stocking season, while domestic export freight rates are declining, indicating a retreat from technical rush shipments [1] Group 2 - Overall production activity is showing signs of recovery, with a stable Consumer Price Index (CPI) and a majority decline in the Producer Price Index (PPI) [1] - The 10-year government bond yield has risen to its highest level since 2025, likely linked to strong equity market performance and improved inflation data [1]