【东北地产建筑|中期策略】生存到重生，分化与机遇 房地产 [Table_Date] 发布时间：2025-09-22 [Table_Invest] 优于大势 ——房地产 2025 中期策略 [Table_Title] 证券研究报告/行业动态报告 房地产行业有何可预见趋势 上海优化房产税，限制政策持续放松 政策复盘&展望：止跌回稳信心坚决，楼市政策窗口期将 ---2025W38 房地产周报 报告摘要： 近 上海优化房产税，限制政策持续放松 楼市量价止跌回稳进度如何 商业地产：稳地产促消费，消费+地产助力房企穿越周期 2025 展望：二手房市场量升价稳，新房市场各指标磨底 修复 2025 年 9 月 19 日，上海财政局发布《关于优化调整本市个人住房房产税试 点有关政策的通知》，这一通知是对 8 月 25 日上海楼市新政中关于完善房产 税部分的细化落地。①2011 年上海房产税出台背景：抑制"四万亿"经济提 振计划下的楼市过热；②919 房产税新政实际为 825 新政中关于房产税部分 的细化落地，本质是限购政策放松下的户籍差异拉平；③相较 2011 年非本 市户籍家庭购买二套及以上住房，可享受房产税税收减免（与沪籍 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - Huawei's new products, including Ascend chips and supernodes, are set to lead a new era in computing power, with a clear roadmap for product iterations from 2025 to 2028 [1][14] - The introduction of self-developed HBM technology marks a significant advancement in memory bandwidth, enhancing the efficiency of large model training [3][23] - The supernode architecture is designed to integrate hundreds of processors, reshaping the competitive landscape in AI infrastructure [22][24] Summary by Sections 1. Huawei Computing Power Product Launch - Ascend chips will follow a yearly iteration schedule, with the 910C launching in Q1 2025 and subsequent models (950PR, 950DT, 960, 970) planned through 2028 [14][15] - The Ascend 950 series introduces low-precision data formats and self-developed HBM, enhancing training efficiency for large models [15][16] - The Ascend 960 and 970 are expected to double performance metrics across various parameters, including computing power and memory bandwidth [18][19] 2. Supernode Products - The supernode data center (Atlas 900/950/960 SuperPoD) is designed for large-scale AI training, achieving EFLOPS-level computing power with high bandwidth and low latency [2][27] - The supernode cluster (Atlas 950/960 SuperCluster) enhances network performance and energy efficiency, reaching ZFLOPS-level computing power [2][37] - The enterprise-grade air-cooled supernode server (Atlas 850) is tailored for post-training and multi-scenario inference, supporting flexible scaling [2][38] 3. Related Investment Targets - Key investment targets include hardware partners for Ascend, domestic wafer foundries, and companies involved in copper connections, optical connections, power supplies, PCBs, and cooling solutions [4][46]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company, indicating a projected stock price increase of 5% to 15% over the next six months [9]. Core Insights - The company reported a revenue of 182 million yuan in the first half of 2025, representing a year-on-year growth of 37.86%. The net profit attributable to the parent company was -34 million yuan, with a significant reduction in losses compared to the previous year [1]. - The second quarter saw a revenue of 103 million yuan, marking a year-on-year increase of 32.88% and a quarter-on-quarter increase of 29.55%. The net profit for Q2 was -15 million yuan, showing a year-on-year improvement of 21.67% and a quarter-on-quarter improvement of 16.81% [1]. - The company is benefiting from national subsidy policies that have revitalized demand in the smartphone and consumer electronics markets, with domestic smartphone production reaching 563 million units in the first half of 2025, a slight increase of 0.1% year-on-year [2]. - The company is focusing on R&D, with R&D expenses amounting to 17.12 million yuan, a year-on-year increase of 1.53%, representing 9% of total revenue. The company is actively developing new products in semiconductor, new energy, and low-orbit satellite communication fields [3]. Financial Projections - The company forecasts net profits for 2025, 2026, and 2027 to be -38 million yuan, 29 million yuan, and 105 million yuan, respectively, with corresponding price-to-earnings ratios of -97, 27, and 26 [3]. - Revenue is expected to grow significantly, with projections of 463 million yuan in 2025, 650 million yuan in 2026, and 843 million yuan in 2027, reflecting growth rates of 36.6%, 40.3%, and 29.8% respectively [10]. - The gross margin is projected to improve from 19.0% in 2024 to 35.3% in 2027, while the net profit margin is expected to turn positive by 2026, reaching 12.4% in 2027 [10]. Project Developments - The Jiaxing project is expected to gradually ramp up production, with the construction of a 1600-ton facility completed and four production lines starting operations in September 2023. The project aims to enhance the company's supply capabilities in electronics, semiconductors, and new energy applications [3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The automotive lens segment is experiencing significant growth, driven by the integration with the smart automotive industry, while new consumer products are opening new avenues for growth [2][3]. - The company has established a comprehensive optical product matrix covering security, automotive, and consumer electronics, positioning itself as a leading optical solution provider globally [2]. - The company aims to achieve a production capacity of 60 million automotive lenses by 2025, targeting a 10% share of the global market [2][3]. Financial Summary - In the first half of 2025, the company reported revenue of 1.416 billion yuan, a year-on-year increase of 13.38%, with net profit attributable to shareholders reaching 108 million yuan, up 27.19% [3]. - The gross margin for the first half of 2025 was 24.71%, an increase of 2.72 percentage points year-on-year [3]. - Revenue from automotive products was 164 million yuan, reflecting a year-on-year growth of 37.78%, while new consumer market products generated 83 million yuan [3]. Financial Projections - Revenue projections for 2025-2027 are 3.671 billion yuan, 4.216 billion yuan, and 4.592 billion yuan, respectively, with net profits expected to be 304 million yuan, 418 million yuan, and 525 million yuan [4][3]. - The company is expected to maintain a PE ratio of 42.95, 31.24, and 24.89 for the years 2025, 2026, and 2027, respectively [4][3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5] Core Views - The company, Shanshui Technology, is engaged in the research, production, and sales of dye intermediates and pesticide and pharmaceutical intermediates, with a recent stock incentive plan indicating a clear growth path for the next three years [1][2] - The company has shown significant revenue growth, with a 23.08% year-on-year increase in H1 2025, achieving revenue of 305 million yuan, and a notable 38.9% quarter-on-quarter increase in Q2 2025 [2] - The company is expanding into new materials, with a planned investment of approximately 6 billion yuan in a new chemical materials project, expected to generate an annual output value of 8 billion yuan upon completion [3] Financial Summary - For H1 2025, the company reported a revenue of 305 million yuan, with a gross margin of 29.35% and a net profit of 48 million yuan [2] - The projected net profits for 2025-2027 are 130 million yuan, 300 million yuan, and 360 million yuan, respectively, with corresponding price-to-earnings ratios of 51X, 22X, and 18X [3] - The company anticipates a significant increase in revenue, with projections of 608 million yuan in 2025, 1.583 billion yuan in 2026, and 1.868 billion yuan in 2027, reflecting growth rates of 20.44%, 160.49%, and 17.97% respectively [4][11]

Investment Rating - The report gives a "Buy" rating for Huishang Bank with a target price of HKD 4.17 [11][5]. Core Views - Huishang Bank has shown stable performance with a year-on-year increase in revenue and net profit, indicating a solid return on assets and equity [2][20]. - The bank is the only city commercial bank in Anhui province, achieving full coverage of the provincial cities, which provides significant growth potential [3][30]. - The bank's loan and deposit volumes have steadily increased, although net interest margins have slightly narrowed [4][19]. - Investment income has grown rapidly, while non-interest income has seen a slight decline [4][19]. - The asset quality continues to improve, with a low non-performing loan ratio and a high capital adequacy ratio [5][19]. Summary by Sections 1. Performance and Coverage - Huishang Bank was established in 1997 and has merged with several local banks, achieving a market presence in Anhui province with 487 branches, 87.9% of which are located within the province [2][17]. - As of 1H25, the bank's total assets reached CNY 2.25 trillion, with a year-on-year growth of 11.82% [19][26]. 2. Loan and Deposit Growth - The total loan portfolio reached CNY 1.10 trillion, growing by 15.28% year-on-year, with corporate loans at CNY 780.46 billion and personal loans at CNY 320.08 billion [4][19]. - Total deposits amounted to CNY 1.28 trillion, reflecting an 11.76% year-on-year increase [4][19]. 3. Interest Margin and Income - The net interest margin for 1H25 was 1.55%, a decrease of 0.16 percentage points from the previous year [4][19]. - Investment income grew by 12.52% year-on-year to CNY 45.26 billion, while fee and commission income slightly declined by 0.4% [4][19]. 4. Asset Quality and Capital Adequacy - The non-performing loan ratio stood at 0.98%, with a provision coverage ratio of 289.94% as of 1H25 [5][19]. - The core tier 1 capital adequacy ratio was 9.53%, indicating a strong capital position [5][19]. 5. Financial Projections - Revenue projections for 2025 to 2027 are CNY 380.44 billion, CNY 394.60 billion, and CNY 411.49 billion, respectively, with net profit estimates of CNY 163.10 billion, CNY 171.73 billion, and CNY 181.95 billion [5][6].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for the stock's performance in the near term [4][6]. Core Insights - The company reported a revenue of 714 million yuan, a decrease of 9.24%, and a net profit attributable to shareholders of 315 million yuan, down 22.03% [1]. - The gross margin was under pressure due to policy adjustments, with a gross margin of 69.19%, down 7.38 percentage points [1]. - The company is experiencing growth in its international market, with revenue from international sales reaching 123 million yuan, an increase of 77.05%, contributing to 17.25% of total revenue [2]. Summary by Sections Financial Performance - The company achieved a revenue of 714 million yuan and a net profit of 315 million yuan in the latest half-year report, reflecting declines of 9.24% and 22.03% respectively [1]. - The gross margin decreased to 69.19%, while the net profit margin was 43.48%, down 7.28 percentage points [1]. - The company expects revenues of 1.48 billion yuan, 1.86 billion yuan, and 2.21 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 623 million yuan, 758 million yuan, and 904 million yuan [4]. Product and Market Development - The company is a leading player in the domestic aortic stent market and is expanding its peripheral intervention product line [4]. - The new generation of aortic stents has received regulatory approval, and the company is actively enhancing its product pipeline [3]. - The revenue from peripheral and other products increased significantly by 188.57%, reaching 200 million yuan [2]. Future Outlook - The company is expected to continue its growth trajectory, with a projected revenue increase of 22.36% in 2025 and a net profit growth of 24.17% [5]. - The company has expanded its sales coverage to 45 countries, indicating a strong international presence and growth potential [2].

Investment Rating - The report assigns a "Buy" rating to the company [5][7]. Core Insights - The company experienced a revenue decline of 6.20% year-on-year, totaling 383 million yuan, while net profit decreased by 33.80% to 93 million yuan. Adjusted net profit was 150 million yuan, down 6.10% [1][2]. - The gross margin improved to 73.39%, an increase of 1.12 percentage points, despite rising distribution costs due to intensified sales activities domestically and internationally [2]. - The company is a leading player in China's neuro-interventional market, with a diverse product portfolio covering hemorrhagic stroke, ischemic stroke, and atherosclerotic stenosis, and is expected to benefit from the commercialization of several innovative products [5]. Financial Performance Summary - Revenue for the first half of 2025 was 383 million yuan, with a net profit of 93 million yuan. The adjusted net profit was 150 million yuan [1]. - The gross margin was 73.39%, while the profit margin was 24.22%, reflecting a decrease of 10.10 percentage points [2]. - The company’s revenue projections for 2025-2027 are 730 million, 758 million, and 868 million yuan, respectively, with net profits of 238 million, 275 million, and 322 million yuan [5][6]. Product Development and Market Expansion - The company has made significant progress in product approvals and registrations, including the Numen Nest detachable coil and NeuroHawk Medibox thrombectomy stent, which received NMPA approval [4]. - The overseas business showed strong growth, with revenue increasing by 67.39% to 47 million yuan, and the company has commercialized eight products in 34 countries/regions [3][4].

Investment Rating - The report assigns a "Buy" rating to the company [1][4][6] Core Views - The company reported a revenue of 787 million yuan in H1 2025, representing a year-on-year increase of 14.72%, and a net profit attributable to shareholders of 213 million yuan, up by 2.53% [1] - The growth in high-end crystals and soft lenses is accelerating, with a strong product pipeline continuing to advance [1][3] - The company is positioned as a leading domestic ophthalmic consumables manufacturer, benefiting from rapid growth in high-end consumables and capacity expansion in soft lenses [4] Financial Performance Summary - Revenue and Profit: In H1 2025, the company achieved a revenue of 787 million yuan (+14.72%) and a net profit of 213 million yuan (+2.53%) [1] - Gross Margin: The gross margin for H1 2025 was 65.25%, reflecting a decrease of 3.98 percentage points due to the dilution from the colored lens business [2] - Profitability Metrics: The net profit margin was 26.30% (-2.75 percentage points), and the attributable net profit margin was 27.11% (-3.22 percentage points) [2] Business Segments Performance - Artificial Lens: Revenue from the artificial lens business was 345 million yuan (+8.23%) with a gross margin of 86.42% [3] - Orthokeratology Lens: Revenue from orthokeratology lenses was 119 million yuan (+5.63%) with a gross margin of 84.76% [3] - Other Myopia Control Products: Revenue from other myopia control products was 47 million yuan (+15.58%) with a gross margin of 69.65% [3] - Contact Lens: Revenue from contact lenses was 236 million yuan (+28.89%) with a gross margin of 27.76% [3] Product Pipeline and R&D - The company has received approvals for several products, including the "Long Crystal" artificial lens and silicone hydrogel soft lenses [4] - Ongoing R&D includes EDoF artificial lenses and various types of hyaluronic acid for filling, with several products in clinical trials [4] Earnings Forecast and Valuation - The company is expected to generate revenues of 1.738 billion yuan, 2.229 billion yuan, and 2.751 billion yuan for the years 2025, 2026, and 2027, respectively [4] - Projected net profits for the same years are 454 million yuan, 574 million yuan, and 720 million yuan [4] - Corresponding P/E ratios for 2025, 2026, and 2027 are estimated at 33X, 26X, and 21X, respectively [4]

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for the stock over the next six months [4][6]. Core Insights - The company has experienced a significant revenue increase of 77.04% year-on-year, reaching 176 million yuan, while also reducing losses compared to the previous year [1][2]. - The gross profit margin stands at 40.70%, with a notable improvement in operational efficiency due to cost optimization and scale effects [2]. - The company is benefiting from strong growth in overseas markets, with substantial increases in revenue from regions outside of China, particularly in the Asia-Pacific and Europe [3]. - The product pipeline is expanding, with key products receiving regulatory approvals, enhancing the company's competitive position in the market [3]. Financial Summary - Revenue projections for 2025-2027 are estimated at 493 million, 844 million, and 1.193 billion yuan, respectively, with a gradual improvement in net profit expected [4][5]. - The company is expected to achieve a net profit of 125 million yuan by 2027, reflecting a significant turnaround from previous losses [5][10]. - The financial metrics indicate a strong growth trajectory, with revenue growth rates projected at 384.15% for 2024 and 91.50% for 2025 [5][10]. Market Performance - The stock has shown impressive absolute returns of 294% over the past 12 months, outperforming the market significantly [8]. - The company's market capitalization is approximately 30 billion HKD, with a current share price of 29.10 HKD [6][8].