Investment Rating - The report gives a "Buy" rating for the company, with a target price of 37 CNY per share, indicating a potential upside from the current price of 28.77 CNY [6][3]. Core Insights - The company is positioned as a high-growth leader in copper and gold mining, with plans to spin off its subsidiary, Zijin Gold International, for a listing on the Hong Kong Stock Exchange by September 30, 2025, which is expected to catalyze a revaluation of the company's stock [1][3]. - The company has significant mineral resources, with copper reserves of 50.43 million tons and gold reserves of 1,487 tons, ranking second and fifth globally, respectively [1]. - The projected compound annual growth rate (CAGR) for copper and gold production from 2024 to 2028 is approximately 10%, with expected production of 1.07 million tons of copper and 73 tons of gold in 2024, increasing to 1.5-1.6 million tons of copper and 100-110 tons of gold by 2028 [2][3]. Financial Summary - The company’s revenue is projected to grow from 293.4 billion CNY in 2023 to 401.2 billion CNY by 2027, reflecting a growth rate of 8.54% in 2023 and 7.95% in 2027 [4][12]. - Net profit attributable to shareholders is expected to rise from 21.1 billion CNY in 2023 to 70.8 billion CNY in 2027, with a significant increase of 51.76% in 2024 [4][12]. - Earnings per share (EPS) is forecasted to increase from 0.80 CNY in 2023 to 2.67 CNY in 2027, indicating strong profitability growth [4][12]. Production and Expansion Plans - The company is expanding its production capacity across three major regions: Serbia, the Democratic Republic of Congo, and Tibet, with significant projects underway to increase copper output [2][3]. - The gold segment is also expected to grow through multiple operational projects in Colombia, Suriname, and China, contributing to the overall growth of the company's gold business [2][3].

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5] Core Insights - The defense and military sector is expected to see a recovery in demand as the adverse effects of personnel adjustments have been largely eliminated, with a clear long-term growth trajectory supported by national defense modernization goals set for 2035 and 2050 [3][38] - The recent successful electromagnetic catapult and recovery training of three aircraft types on the Fujian aircraft carrier marks a significant milestone in China's naval transformation and highlights the potential for investment opportunities in electromagnetic launch technology [2][37] - The low-altitude economy is entering a phase of accelerated commercialization, driven by policy support and new product development, making it a sector worth monitoring [3][36] Summary by Sections Market Review - The Shenwan Defense and Military Index fell by 0.42% last week, ranking 13th among 31 Shenwan primary industries, while the overall market indices showed positive growth [1][13] - The current PE (TTM) for the defense and military sector is 84.84 times, with aerospace equipment at 166.50 times and military electronics at 109.04 times [21][22] Key Recommendations - Recommended companies include: 1. Downstream manufacturers: AVIC Chengfei, Hongdu Aviation, AVIC Shenyang, AVIC Xifei 2. New military technologies: Lianchuang Optoelectronics, Guangqi Technology, Zhongjian Technology 3. Underwater equipment: Yaxing Anchor Chain, Zhongke Haixun, Changying Tong 4. Missile industry chain: Feilihua, Guoke Military Industry, Zhongbing Hongjian 5. Military titanium materials: Western Superconducting 6. Electronic components: Hongyuan Electronics, Aerospace Electric [4][40][41][42][43][44][45][46] Industry Dynamics - The low-altitude economy is gaining traction with recent developments in regulatory frameworks and strategic partnerships, indicating a robust growth potential [32][34][36] - The defense sector is poised for improvement as military orders begin to recover, with a focus on new domains and new quality capabilities such as drones and commercial aerospace [38][39]

Investment Rating - The report rates the PEEK industry as "Outperform" [4] Core Insights - PEEK exhibits excellent mechanical properties, high thermal resistance, and corrosion resistance, making it suitable for various applications, particularly in automotive and robotics sectors [1][58] - The global PEEK market is projected to grow from 4.9 billion yuan in 2022 to 8.4 billion yuan by 2027, with a demand increase from 10,203 tons in 2024 [2][46] - In China, PEEK demand is expected to rise from 1,100 tons in 2018 to 3,904 tons by 2024, reflecting a compound annual growth rate of 23.5% [2][46] Summary by Sections PEEK Market Overview - PEEK has been steadily growing since its introduction in 1978, with production capacity increasing and market space expanding [2][46] - The global PEEK market demand is expected to reach 10,203 tons in 2024, with a market size of 49 billion yuan in 2022, projected to grow to 84 billion yuan by 2027 [2][46] Applications in Automotive and Robotics - The automotive industry's demand for lightweight components drives PEEK's growth, as it can replace metals in critical parts like engine covers and bearings [3] - PEEK's strength-to-weight ratio is significantly higher than aluminum, making it ideal for humanoid robots, reducing weight by 40% while maintaining rigidity [3] Competitive Landscape - The global PEEK market is dominated by Victrex, which holds approximately 60% of the market share, followed by Solvay and Evonik [41][51] - Domestic manufacturers like Zhongyan and Zhejiang Pengfulong are gaining recognition, with Zhongyan being the largest PEEK producer in China [42][43] Material Properties - PEEK is recognized for its superior mechanical properties, thermal stability, and chemical resistance, making it one of the best thermoplastic materials globally [58] - It is suitable for high-performance applications in various industries, including aerospace, electronics, and medical devices [58] Financial Performance of Key Companies - Key companies in the PEEK industry include Hengbo Co., Ltd., Zhaomin Technology, and Ningbo Huaxiang, with ratings of "Add" and "Buy" based on their financial performance [3][4]

Investment Rating - The industry investment rating is "Outperform" [1] Core Views - Gold prices remain strong despite a slight cooling in interest rate cut expectations, driven by strong buying interest and a resilient economic backdrop [2][11] - Copper supply disruptions are expected to tighten supply and demand balance in Q4 and next year, reinforcing a bullish outlook for copper mining assets [3][12] Summary by Sections Weekly Research Insights - Gold: Despite a slight cooling in interest rate cut expectations, gold prices continue to rise, reflecting strong buying interest and a resilient economic backdrop. The Federal Reserve's mixed signals on interest rates contribute to market dynamics [11] - Copper: Significant supply disruptions, particularly from the Grasberg mine, are expected to impact future copper supply, leading to a bullish outlook for copper prices and mining stocks [12] Market Performance - The non-ferrous metals index increased by 3.24%, outperforming the broader market by 3.03%, ranking second among 30 sub-industries. Copper led the performance with an 8.26% increase [13] Metal Prices and Inventory - Precious Metals: Gold prices rose by 2.8% to $3,809 per ounce, while silver prices increased by 8.6% to $46.66 per ounce [45] - Base Metals: SHFE copper rose by 3.38% to 82,540 CNY/ton, while LME copper increased by 1.93% to $10,182/ton [30][33]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.56 yuan per share, based on a 29 times PE valuation for 2026E [5][7]. Core Insights - The company, Qiaofeng Intelligent, is a leading enterprise in the metal cutting machine tool sector, focusing on high-end CNC machine tools and benefiting from the domestic substitution process in China [2][3]. - The company has shown significant revenue growth, with a projected revenue of 1.76 billion yuan in 2024, up 21.02% year-on-year, and a net profit of 205 million yuan, up 21.33% year-on-year [2][3]. - The company is expanding into the robotics processing equipment field, which is expected to further enhance its growth potential [4]. Summary by Sections Company Overview - Qiaofeng Intelligent, established in 2009, specializes in the R&D, production, sales, and service of mid-to-high-end CNC machine tools, recognized as a national-level specialized "little giant" enterprise [2][21]. - The company has a comprehensive product range, including vertical machining centers, gantry machining centers, and horizontal machining centers, serving various industries such as general equipment, consumer electronics, automotive parts, and aerospace [2][3][21]. Market Opportunity - The high-end machine tool market in China is vast, with domestic enterprises still underperforming compared to global standards, indicating a strong need for domestic substitution [3][4]. - The company is well-positioned to benefit from this trend due to its strong product quality, complete product layout, and self-sufficient key components [3][4]. Growth Potential - The company plans to enhance its production capacity through new projects and is actively pursuing overseas expansion opportunities [4]. - It is also developing new products in key sectors such as new energy vehicles and aerospace, which are expected to contribute significantly to revenue [4][5]. Financial Performance - The company has demonstrated robust financial growth, with a projected revenue increase to 2.52 billion yuan in 2025, representing a 43.02% year-on-year growth, and a net profit of 325 million yuan, up 58.37% [5][6]. - The revenue from the vertical machining center segment has been a major contributor, accounting for 83.8% of total revenue in the first half of 2025 [33][34]. Profitability - The company maintains a strong profitability profile, with a gross margin around 30%, which is higher than many peers in the industry [46][49]. - The net profit margin has also improved, reaching 15% in the first half of 2025, reflecting effective cost control and product quality [46][49].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][6]. Core Insights - The company has established long-term partnerships with major automotive manufacturers, focusing on internal combustion engine intake systems and components, while also expanding into the new energy vehicle sector [1][2]. - The company is actively developing and applying modified high-performance polymer materials, particularly PEEK, which is expected to become a core material in high-end precision manufacturing due to its excellent properties [2][3]. - A joint venture has been formed with Discover Material Inc. to enhance market expansion and overall efficiency by leveraging over 30 years of experience in modified materials [3]. Financial Summary - The company forecasts revenue growth from 785 million in 2023 to 1,459 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 15.96% [4]. - Net profit is projected to increase from 115 million in 2023 to 237 million by 2027, with a CAGR of 18.94% [4]. - Earnings per share (EPS) are expected to rise from 1.27 in 2023 to 2.29 by 2027, indicating strong profitability growth [4]. Profitability and Valuation Metrics - The report anticipates a price-to-earnings (P/E) ratio of 57.10 in 2025, decreasing to 40.32 by 2027, suggesting improving valuation as earnings grow [3][4]. - The net asset return rate is projected to increase from 9.2% in 2024 to 12.6% in 2027, indicating enhanced operational efficiency [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][12]. Core Insights - The company launched the new "SF-X1" satellite-denial embodied intelligent drone at the Huawei Connect Conference, showcasing its wide application scenarios [1]. - The SF-X1 drone features seamless indoor and outdoor positioning, autonomous flight path planning, and real-time decision-making capabilities, even in environments where satellite signals are disrupted [2]. - The drone is equipped with advanced technologies such as a full-range obstacle avoidance system, high-definition imaging capabilities, and robust physical protection, making it suitable for complex industrial environments [3]. Financial Summary - The company is projected to achieve a net profit attributable to the parent company of 0.81 billion, 1.24 billion, and 1.83 billion yuan for the years 2025, 2026, and 2027, respectively [4]. - Revenue forecasts indicate growth from 798 million yuan in 2023 to 2.12 billion yuan in 2027, reflecting a compound annual growth rate of approximately 22.63% [5]. - The earnings per share are expected to increase from 0.27 yuan in 2023 to 0.79 yuan in 2027, with a significant rise in net profit margin from 5.3% to 8.6% over the same period [5].

Investment Rating - The report upgrades the investment rating of the company to "Buy" from "Hold" [5] Core Viewpoints - The company is positioned as a leader in AI and coal industry, expanding its business into chemical and new energy sectors [1][3] - The market for coal intelligentization is projected to exceed 434.3 billion yuan by 2035, driven by increasing safety regulations and frequent coal mine accidents [2][49] - The company has established six major business lines, with intelligent mining and intelligent washing being the core revenue drivers [1][23] Summary by Relevant Sections Company Overview - The company, backed by state-owned Shan'neng Group, has undergone significant restructuring and now focuses on providing digital and intelligent solutions for the energy sector [16][19] - As of Q2 2025, Shan'neng Group holds a 35.20% stake in the company [1] Business Segments - The core product offerings include industrial internet platforms, intelligent mining products, intelligent washing solutions, smart power new energy solutions, and ERP implementation services [1][23] - Intelligent mining and washing accounted for 34.66% and 23.01% of total revenue in 2024, respectively [1][34] Financial Performance - The company achieved a revenue of 1.14 billion yuan in 2023, with a projected increase to 1.35 billion yuan in 2024, representing an 18.35% growth [4] - The net profit attributable to the parent company is expected to grow from 93 million yuan in 2024 to 154 million yuan by 2027, reflecting a compound annual growth rate of 20.75% [4] Market Potential - The intelligent mining market is expected to grow significantly, with the penetration rate of intelligent coal mines currently at 21.09% [2] - The company has strategic partnerships, including a core collaboration with Huawei to enhance digital solutions in the mining sector [3][49] Profitability and Growth Forecast - The company is projected to achieve net profits of 1.08 million yuan in 2025, increasing to 1.54 million yuan by 2027 [3] - The report highlights a strong growth trajectory, supported by the digital transformation trends within the energy sector [28]

1. Report Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - The target price of Jin 25 Convertible Bonds on the first trading day is estimated to be between 128 and 133 yuan, and investors are advised to actively subscribe [20]. - The estimated first - day new - bond subscription winning rate is around 0.0121% - 0.0149% [21]. 3. Summary According to Relevant Catalogs 3.1 Jin 25 Convertible Bonds New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Jin 25 Convertible Bonds are priority placement and online issuance, with both the bond and issuer rated AA. The issuance scale is 2 billion yuan, the initial conversion price is 63.46 yuan, the bond parity on September 24, 2025, is 99.78 yuan, and the pure bond value is 98.93 yuan. The game terms (downward revision, redemption, and put - back clauses) are normal. The bond has high issuance scale, good liquidity, acceptable rating, and good bond - floor protection. It is easy for institutions to include in their portfolios, and there is no objection to primary - market participation [16]. 3.1.2 New - Bond Initial Listing Price Analysis - Considering the current market environment and parity level, the conversion premium rate of Jin 25 Convertible Bonds on the first listing day is expected to be in the range of 28% - 33%, corresponding to a first - day listing target price of around 128 - 133 yuan. The company is a group - based mining listed company mainly engaged in mining services and mining resource development [20]. 3.1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - Assuming the old - shareholder placement ratio is 41% - 52%, the scale available for the market is 951 million - 1.175 billion yuan. Assuming the online effective subscription number is 7.89 million households, the winning rate when subscribing to the full quota is estimated to be around 0.0121% - 0.0149% [21]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream - Downstream Situation - The company's main business includes mining operation management, mine engineering construction, mining resource development, mine engineering design and research, and mining machinery equipment manufacturing. The upstream is the mining machinery equipment manufacturing industry, which has little impact on the company. The downstream of mining services is the mineral resource development industry, and the downstream of resource development is the mineral resource smelting, processing, and trading industry [22][23]. 3.2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed an upward trend, with year - on - year growth rates of 18.90%, 38.18%, 34.37%, and 47.82% respectively. The core business is mining operation management. The sales revenue of cathode copper, copper concentrate, and phosphate ore increased due to the acquisition of mines. The comprehensive gross profit margin and net profit margin increased steadily. The company's receivables' proportion of operating revenue decreased, and the accounts - receivable turnover rate increased. The net profit attributable to the parent company maintained high - speed positive growth [25][29][35]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the equity structure was relatively dispersed. Jinchengxin Group was the largest shareholder with a 38.88% shareholding ratio. The top two shareholders held a combined 41.25% stake, and the top ten shareholders held a combined 52.47% stake. Wang Xiancheng, Wang Cicheng, Wang Youcheng, Wang Yicheng, and Wang Yicheng were the actual controllers, directly and indirectly controlling 43.16% of the company's shares [43]. 3.2.4 Company's Business Characteristics and Advantages - The company has advantages in technology R & D, deep - resource development services, talent, and equipment - maintenance - operation integration. It has rich experience in complex geological conditions, a large number of technical achievements, a high - quality talent team, advanced equipment, and a mature mechanized operation model [48]. 3.2.5 Current Raised - Capital Investment Arrangements - The raised funds after deducting issuance fees are planned to be used as follows: 800 million yuan for the Zambia Lubumbi Copper Mine Beneficiation Project (technical renovation), 800 million yuan for the mine mining operation and infrastructure equipment purchase project, 80 million yuan for the underground green unmanned intelligent equipment R & D project, and the remaining 320 million yuan for working - capital replenishment [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The surge in non - bank deposits is not simply due to "deposits entering the market." It is influenced by government fiscal funds, enterprise "manual interest compensation" policy changes, and the transfer of residents' excess net savings [17][18]. - The current equity market rally may have some sustainability. If the A - share market rises steadily, about 3.3 trillion yuan of residents' "excess net savings" may continue to transfer, with 0.49 - 0.82 trillion yuan potentially entering the equity market [5][18]. 3. Summary According to the Directory 3.1 Non - bank Deposits Surge is Not Simply "Deposits Entering the Market" - In August 2025, the newly - added household deposits were only 110 billion yuan, the lowest in the same period in the past decade. In contrast, the newly - added non - bank financial institution deposits were 1180 billion yuan, significantly exceeding the seasonal level for two consecutive months [19]. - The view of "deposits entering the market" has methodological flaws, as the "household deposits/A - share total market value" ratio is affected by stock price changes and ignores data seasonality [19][21]. - The seasonal fluctuations of household deposits are mainly due to seasonal consumption demand and bank deposit assessment at the end of the half - year. The seasonal fluctuations of non - bank deposits are related to bank MPA assessments and the scale increase of bank wealth management products [21][25]. 3.2 Support Factor from the Government: Lubrication Effect of Active Fiscal Fund Allocation - As of August 2025, the balance of fiscal deposits was 7.8 trillion yuan. Fiscal deposits are mainly affected by broad fiscal revenues and expenditures and government bond net financing [30]. - In 2025, fiscal front - loading provided sufficient funds for government deposits. However, fiscal revenue showed a situation of "high financing, low precipitation," which may be related to the improvement of fiscal expenditure efficiency and the conversion of fiscal funds into entity - sector deposits [31][38]. 3.3 Support Factor from Enterprises: Persistent Scar Effect of Canceling the "Manual Interest Compensation" Policy 3.3.1 Calculation of the Proportion of "Ultra - compliant" Deposits Based on the Annual Reports of Listed Banks - Since the end of 2022, the central bank and regulatory authorities have introduced policies to guide large banks to increase credit investment in specific areas, resulting in more enterprise deposits being concentrated in large - bank systems [45]. - Banks have taken multiple measures to reduce deposit costs, but the effect is not obvious. The main reasons are the regular - ization of household deposits and the high cost of enterprise deposits affected by "manual interest compensation" [47][50]. - After the "manual interest compensation" was stopped in April 2024, about 40% of the current deposits of large state - owned and joint - stock banks were estimated to be "ultra - compliant" deposits. However, not all of these deposits will flow out immediately [56][61]. 3.3.2 Calculation of the Proportion of "Ultra - compliant" Deposits Based on the Trend of Enterprise Current Deposits in the Credit Caliber - After the cancellation of "manual interest compensation," the year - on - year decline of enterprise current deposits significantly expanded. From April to August 2024, the cumulative year - on - year over - reduction scale was 4502.42 billion yuan, accounting for about 18.3% of the total balance at the end of March 2024 [65][69]. 3.3.3 Two Factors for the Improvement of Enterprises' Short - term Capital Position - The issuance of government bonds and the allocation of fiscal funds have accelerated, injecting liquidity into the enterprise sector. The increase in settlement demand has led to an increase in RMB funds, which has also promoted the recovery of enterprise current deposits [70][71]. 3.4 Support Factor from Residents: Maturity Transfer of Excess Net Savings 3.4.1 Historical Review of Two Rounds of Residents' "Deposit Outflows" - From 2009 - 2011, residents' savings first flowed into the stock and real - estate markets and then into wealth management and trust products. This was due to the economic stimulus policies after the financial crisis and the subsequent tightening of monetary policy to control inflation [78][82]. - From 2014 - 2016, the bull markets in stocks and bonds, the rise of Internet finance, and the relaxation of real - estate policies led to the diversion of residents' deposits [89][102]. 3.4.2 Calculation of the Precipitated "Savings" with Migration Potential in the Resident Sector - Since 2020, residents' savings have significantly deviated from the linear trend, mainly in the form of regular deposits. As of August 2025, the excess regular savings were about 47.75 trillion yuan, while the excess current savings were only 0.33 trillion yuan [111][115]. - The concept of "excess net savings" is introduced to measure the real "excess" savings accumulation by considering both the asset and liability sides of the resident sector [118]. 3.5 The Bull Market Continues, and 3.3 Trillion Yuan of Deposits May Continue to Transfer This Year, with 0.49 - 0.82 Trillion Yuan Potentially Entering the Market - From June to August 2025, the "deposit transfer" of residents may be in the initial stage, mainly due to the transfer of matured "excess net savings" rather than a fundamental change in residents' risk preference [5][18]. - The equity market rally may have some sustainability. Leveraged funds, medium - and long - term funds entering the market, and foreign capital may support the market. If the A - share market rises steadily, about 3.3 trillion yuan of funds may continue to transfer, with 15% - 25% (about 0.49 - 0.82 trillion yuan) potentially entering the equity market [5].