Section 1: Investment Rating of the Reported Industry - The provided content does not mention the industry investment rating [1][2] Section 2: Core Views of the Report - Deep learning may be used for convertible bond pricing. Based on the Universal Approximation Theorem (UAT), if there is a reasonable analytical solution for convertible bond pricing, a neural network model can fit the result [2][5] - A Multilayer Perceptron (MLP) model is designed. It uses 11 factors, including core factors, convertible bond-specific factors, and market performance factors, to nonlinearly fit the pricing characteristics of convertible bonds [2][5] - The MLP model has good convergence and excellent extrapolation generalization ability. It can strongly explain out-of-sample data from 2024 to Q1 2025 [2][8] - After developing multiple models, including the MLP, MC, and traditional BS models, they can assist in investment activities in various scenarios such as new bond pricing, market interpretation, and clause pricing [2][13] - The neural network model indicates that the current market pricing of convertible bonds is overestimated, but not as much as expected. Convertible bond valuations are high but may still rise further [2][13] - In new bond pricing, the MLP and MC models form a "high-low combination." The MC model is better at pricing large-scale, high-rated convertible bonds, while the MLP is more effective for regular convertible bond listings [2][16] - The models also work well for pricing convertible bond downward revisions [2][19] Section 3: Summary by Relevant Catalog 1. Deep Learning Pricing Model's Concept and Design - The MLP model is based on the idea that if there is an analytical solution for convertible bond pricing, a neural network can fit it. It uses 11 factors for pricing [5] - The model has good convergence and generalization ability. After training with data from 2022 - 2023 and cleaning the dataset, it can effectively explain out-of-sample data from 2024 to Q1 2025 [8] - Compared with the BS and MC models, the MLP model has better pricing results for the overall market and individual convertible bonds. It has faster computation speed than the MC model and is more suitable for real - world scenarios than the BS model. However, it has limitations such as being a "black box" and requiring a large amount of historical data [10][11] 2. Convertible Bond Quantitative Pricing 2.0 - What Are the Model's Applications? - With multiple models (MLP, MC, and BS), they can assist in investment activities in various scenarios [13] - At the overall market pricing level, the neural network model shows that the current market pricing is overestimated, but not significantly. Convertible bond valuations are high but may still increase [13] - In new bond pricing, the MLP and MC models complement each other. The MC model is better for large - scale, high - rated convertible bonds, and the MLP is better for regular convertible bonds. Over 50% of convertible bond listing prices fall within the range defined by the two models, and over 80% are captured after the pricing repair in November 2024 [16] - For downward revision pricing, the MLP model can predict prices when the convertible bond is revised to the trigger threshold and to the lowest level. Most convertible bond prices on the second trading day after a downward revision proposal fall within or near this predicted range [19]

Core Insights - The report highlights the approval of semaglutide (Wegovy) for the treatment of metabolic dysfunction-associated steatotic liver disease (MASH) by the FDA, which is expected to enhance the market penetration of related products and diagnostic tools [7][10][15] - The report suggests that companies like Furuya Co., Ltd. will benefit from the growth opportunities in the MASH indication market due to the increasing prescription rates of semaglutide and the rising demand for diagnostic instruments [15][5] Industry Performance Review - As of August 15, 2025, the pharmaceutical and biotechnology sector's TTM-PE stands at 51.31 times, which is 110% higher than its historical low of 24.38 times [16] - The healthcare sector has shown a relative premium of 281% compared to the CSI 300 index, which is significantly above the average premium rate of 241% over the past decade [16] - The pharmaceutical and biotechnology sector experienced a 3.08% increase in the week from August 11 to August 15, 2025, ranking 10th among 27 sub-industries [20][24] Company Dynamics - Furuya Co., Ltd. is noted for its FibroScan series of liver fibrosis diagnostic instruments, which are the first globally to utilize transient elastography technology for non-invasive liver stiffness measurement [15] - The report emphasizes the strategic collaborations between Furuya and leading pharmaceutical companies to promote the clinical application and commercialization of new drugs [15] - The report identifies several companies that could be key players in the MASH treatment landscape, including innovative drug and device companies such as Furuya, Anglikon, and others [15]

Investment Rating - The report maintains a "Positive" investment rating for the commercial aerospace industry [1] Core Insights - Satellite internet is identified as the core track of commercial aerospace, leveraging low Earth orbit (LEO) satellites for global coverage, with the U.S. leading in satellite deployment [3][30] - The industry is driven by a resonance of policy, technology, and demand, with a significant increase in satellite applications and government support [3][34] - The commercial aerospace industry encompasses various segments, with satellite communication being the largest application area [3][42] - SpaceX is leading the development of satellite internet, achieving significant bandwidth capacity and operational scale [3][23] - Investment suggestions include focusing on satellite manufacturing, rocket launching, ground terminals, and satellite operation as the industry evolves [3][28] Summary by Sections 1. Commercial Aerospace and Satellite Internet - Satellite internet is a crucial application in commercial aerospace, utilizing satellites to provide broadband-like services [8] 2. Policy, Technology, and Demand Resonance - The "first come, first served" rule for frequency resources accelerates competition in space [32] - The strategic importance of commercial aerospace has been elevated, marking the beginning of its second decade [34] - Military-civilian integration is vital, with satellite internet complementing ground communication [38] 3. Overview of the Aerospace Industry Ecosystem - The commercial aerospace industry chain includes satellite manufacturing, launch services, and application services [42] - The global aerospace economy is projected to grow, with satellite services and ground equipment contributing significantly to revenue [44] 4. Learning from SpaceX Starlink - SpaceX's Starlink has achieved nearly 450 Tbps in bandwidth capacity and operates in around 140 countries [23] - The use of reusable rockets and multi-satellite launches has significantly reduced costs and improved efficiency [4][22] 5. Investment Recommendations - With the acceleration of domestic LEO satellite internet networks, investment opportunities are expected to arise across multiple segments of the industry [3][28]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a half-year performance that met expectations, with a revenue of 410 million yuan, representing a year-on-year growth of 7.73%, and a net profit attributable to shareholders of 89 million yuan, up 44.06% year-on-year [7] - The company is focusing on advancements in AI edge technology, with significant growth in its smart driving and IoT device segments, which saw a revenue increase of 49.10% [7] - The company is expected to achieve revenues of 1.013 billion yuan, 1.272 billion yuan, and 1.630 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 231 million yuan, 302 million yuan, and 392 million yuan [7] Financial Performance Summary - For the year 2023, the company is projected to have a revenue of 670 million yuan, with a growth rate of 26.1% [6] - The net profit for 2023 is expected to be 88 million yuan, with a growth rate of 53.0% [6] - The company's gross margin for the first half of 2025 was reported at 88.37%, while the net margin was 21.58% [7] - The company’s earnings per share (EPS) is projected to be 0.22 yuan for 2023, increasing to 0.98 yuan by 2027 [6] - The price-to-earnings (PE) ratio is expected to decrease from 186.5 in 2023 to 53.1 in 2027, indicating improving valuation over time [6] Business Segment Performance - The smartphone business generated 339 million yuan in revenue, growing 2.23% year-on-year, with a gross margin of 91.30% [7] - The smart driving and other IoT device business achieved 65 million yuan in revenue, marking a 49.10% increase year-on-year, although its gross margin decreased to 71.95% [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a record high revenue of 1.524 billion yuan in 1H2025, representing a year-on-year increase of 79.49%, with a significant narrowing of losses [7] - In 2Q2025, the company reported a revenue of 808 million yuan, up 65.83% year-on-year and 12.49% quarter-on-quarter, marking a historical high for a single quarter [7] - The automotive electronics segment is becoming the core growth engine, with a revenue share of 34.04% in 1H2025 [7] - The company is expanding its product offerings in automotive electronics, including chips for new energy vehicles and AI server-related demands [7] - The forecasted revenues for 2025, 2026, and 2027 are 3.009 billion yuan, 3.705 billion yuan, and 4.436 billion yuan respectively, with corresponding net profits of 21 million yuan, 272 million yuan, and 509 million yuan [7] Financial Performance Summary - The company’s revenue is projected to grow from 1.311 billion yuan in 2023 to 3.009 billion yuan in 2025, with a growth rate of 53.5% [6] - The net profit is expected to turn positive in 2025, reaching 21 million yuan, after losses of 305 million yuan in 2023 and 403 million yuan in 2024 [6] - The gross margin for 2Q2025 was reported at 35.97%, showing improvements both year-on-year and quarter-on-quarter [7] - The earnings per share (EPS) is expected to improve from -2.15 yuan in 2023 to 0.14 yuan in 2025 [6] Market Performance - The company’s stock has outperformed the market, with a 12-month performance of 127%, compared to the Shanghai Composite Index and the semiconductor sector [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 733 million yuan in the first half of 2025, representing a year-on-year growth of 3.73%, while the net profit attributable to shareholders decreased by 32.44% [7] - The company is experiencing a decline in major business areas, but other medical product components are growing rapidly, with home respiratory machine components generating 436 million yuan in revenue, down 2.76% year-on-year, and home and consumer electronics components achieving 107 million yuan, up 35.69% year-on-year [7] - The blood glucose management product line is gradually contributing to revenue, with significant advancements in technology and production for insulin pens and continuous glucose monitoring devices [7] - The company expects to achieve revenues of 1.8 billion yuan, 2.122 billion yuan, and 2.5 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 379 million yuan, 449 million yuan, and 540 million yuan [7] Financial Performance Summary - The company reported a revenue of 1,338 million yuan in 2023, with a projected revenue growth rate of 19.2% in 2024 and 12.9% in 2025 [6][8] - The net profit for 2023 was 313 million yuan, with a projected net profit of 364 million yuan in 2024 and 379 million yuan in 2025, reflecting a net profit growth rate of 16.1% and 4.3% respectively [6][8] - The earnings per share (EPS) for 2023 was 0.77 yuan, expected to decrease to 0.67 yuan in 2025, with a PE ratio projected to decline from 47.8 in 2023 to 30.8 in 2025 [6][8]

Investment Rating - The investment rating for the company is upgraded to "Buy" [2] Core Views - The company is expected to see a gradual recovery in sales in the second half of the year, supported by a rebound in live streaming sales and a stable offline sales network [8] - The company has a strong foundation in recombinant collagen research, with a comprehensive technology platform and a focus on high-quality product offerings [8] - The multi-dimensional product matrix of the company is expected to drive growth, with significant sales increases observed in July [8] - The company is projected to achieve substantial revenue and profit growth from 2025 to 2027, with corresponding price-to-earnings ratios indicating favorable valuation [8] Financial Forecasts - Revenue is forecasted to grow from 3,524 million RMB in 2023 to 10,206 million RMB in 2027, with a compound annual growth rate of approximately 20.17% [5] - Net profit is expected to increase from 1,452 million RMB in 2023 to 3,491 million RMB in 2027, reflecting a strong growth trajectory [5] - Earnings per share (EPS) is projected to rise from 1.49 RMB in 2023 to 3.26 RMB in 2027, indicating improved profitability [5] Market Performance - The company's products have shown resilience in the market, with significant growth in online sales channels, particularly during promotional events [8] - The company maintains a strong presence in both online and offline sales channels, with positive consumer feedback on its core products [8]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - "One - package debt - resolution policy" has been in place for two years, and debt resolution has entered the second half. The credit risk is expected to remain controllable during the debt - resolution cycle, and more attention should be paid to the creditworthiness development in the post - debt - resolution cycle [2][3] - As of now, the local government's implicit debt resolution work is expected to have passed the halfway mark. By the end of 2025, the overall progress of platform delisting in the country may reach 70 - 80%, and the resolution progress of operating debts is also expected to exceed half by the end of the year [2][3][39] Summary According to the Table of Contents 2024 - present Debt Resolution Actions - Since the "one - package debt - resolution" proposal, a series of policies centered around the "Document 35" have been introduced, including "Document 47", "Document 14", "Document 134", "Document 150", "Document 226", and "Document 99", which have continuously refined and supplemented the debt - resolution requirements [6][7] Implicit Debt Resolution Progress - In 2025, the issuance of replacement bonds continued to advance, with a disclosed issuance plan of 19042.34 billion yuan and an annual progress of 95.21%. The issuance scale of special new special bonds reached 8505.78 billion yuan [2][8] - Since 2024, a total of 63225.88 billion yuan of debt - resolution funds have been implemented, accounting for 51.4% of the implicit debt balance to be resolved before 2028. As of now, Guangdong, Beijing, Shanghai, 22 prefecture - level cities, and 113 counties have announced the achievement of the goal of "zero implicit debt across the region", and Inner Mongolia announced its withdrawal from the key debt - resolution provinces on July 29 [2][9][13] Delisting Progress - As of the end of 2024, 40% of local government financing platforms had exited the financing platform sequence. As Inner Mongolia withdrew from the key provinces, Chongqing, Guangxi, Liaoning and other places are also actively seeking delisting. It is expected that by the end of 2025, the overall delisting progress in the country may reach 70 - 80% [3][15][16] Operating Debt Disposal - By the end of 2024, the scale of operating financial debts of financing platforms was 14.8 trillion yuan, a decrease of about 25% compared with the beginning of 2023. The bond issuance interest rate has significantly decreased, and high - interest debts in bank loans and non - standard debts are mainly reduced through three ways. The proportion of bank loans in the interest - bearing debt structure has increased rapidly, and the non - standard debts have been significantly reduced [20][23][26] - In 2024, the overall interest payment scale of urban investment was 3.05 trillion yuan, with a growth rate of only 2.06%. The comprehensive financing cost of urban investment platforms was 4.72%, a decrease of about 7bp compared with 2023 [29] Industrial Transformation - The ways of establishing industrial platforms include setting up a holding parent company, separating or integrating industrial - attribute subsidiaries, and developing industrial businesses on the original basis of entities with low urban investment attributes [33] - The injected operating assets depend on local resource endowments. Industrial transformation can also be achieved through equity investment and mergers and acquisitions of listed companies [36] Summary - The "one - package debt - resolution policy" continues to advance, and debt resolution has entered the second half. The credit risk is expected to remain controllable during the debt - resolution cycle, and more attention should be paid to the creditworthiness development in the post - debt - resolution cycle [3][41]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's revenue from gypsum boards is under pressure, but its two wings of business remain stable and are expanding [7][9] - The company reported a revenue of 13.558 billion yuan in the first half of 2025, a year-on-year decrease of 0.29%, and a net profit attributable to shareholders of 1.930 billion yuan, down 12.85% year-on-year [8] - The company is focusing on promoting high-margin products and expanding overseas projects, with significant growth in its paint segment [9] Financial Performance Summary - Revenue and Profit Forecast: - Revenue is projected to grow from 22.426 billion yuan in 2023 to 31.016 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.05% [6][10] - Net profit is expected to increase from 3.524 billion yuan in 2023 to 4.748 billion yuan in 2027, with a CAGR of approximately 13.98% [6][10] - Earnings Per Share (EPS) is forecasted to rise from 2.09 yuan in 2023 to 2.81 yuan in 2027 [6][10] - The company’s price-to-earnings (PE) ratio is projected to decrease from 11.20 in 2023 to 9.54 in 2027, indicating potential undervaluation [6][10] Business Segment Performance - Gypsum Board and Keel: - Revenue from gypsum boards was 6.677 billion yuan, down 8.57% year-on-year, with a gross margin of 38.68%, down 0.94 percentage points [7][9] - Revenue from keels was 1.137 billion yuan, down 10.72% year-on-year, with a gross margin of 21.65%, up 0.43 percentage points [7][9] - Waterproofing: - Revenue from waterproofing materials was 1.720 billion yuan, up 0.63% year-on-year, with a gross margin of 16.97%, down 2.34 percentage points [7][9] - Paint: - Revenue from paint was 2.511 billion yuan, up 40.82% year-on-year, with a gross margin of 31.79%, up 0.51 percentage points [7][9] Cost and Margin Analysis - The overall gross margin for the first half of 2025 was 30.35%, down 0.60 percentage points year-on-year, primarily due to rising costs of raw materials [7][9] - The net profit margin decreased by 2.05 percentage points to 14.23% due to increased costs and competitive pressures [7][9] Cash Flow and Financial Health - The net cash flow from operating activities was 9.62 billion yuan, down 52.86% year-on-year, attributed to changes in accounts receivable [7][9] - The company’s liquidity ratios indicate a healthy financial position, with a current ratio of 2.19 and a quick ratio of 1.57 [10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The report highlights that structural optimization and fair value changes have improved profits, with a continued high dividend payout [8] - The company is experiencing a decline in revenue due to a downturn in the board industry, but is increasing efforts in auxiliary materials and customized home decoration channels [10] - The report projects a steady growth in net profit for the years 2025 to 2027, with expected EPS of 0.78, 0.89, and 1.02 respectively [8][10] Financial Performance Summary - For 1H2025, the company reported revenue of 3.634 billion yuan, a decrease of 7.01% year-on-year, while net profit was 268 million yuan, an increase of 9.71% [8][9] - The gross margin for the first half of 2025 was 18.27%, an increase of 0.80 percentage points, attributed to better sales of high-margin products [10] - The company’s net profit margin increased by 1.12 percentage points to 7.37% due to structural optimization and fair value changes [10] Revenue and Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are 8.880 billion yuan, 9.562 billion yuan, and 10.344 billion yuan respectively, with growth rates of -3.36%, 7.67%, and 8.18% [7] - The projected net profit for the same years is 651 million yuan, 742 million yuan, and 849 million yuan, with growth rates of 11.26%, 13.94%, and 14.41% [7][10] Dividend Information - The mid-term dividend payout ratio is 86.74%, with a dividend yield of 2.74% [8][9]