Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [8]. Core Insights - The company is accelerating its international expansion, having licensed its innovative drug SHR-A1811 to Glenmark Specialty for an upfront payment of $18 million, with potential milestone payments and sales royalties totaling up to $1.093 billion. This marks the second significant overseas licensing deal for the company within the month [5][6]. - The drug SHR-A1811 has been approved for use in treating adult patients with HER2-mutated non-small cell lung cancer (NSCLC) and is the first Chinese-developed antibody-drug conjugate approved for this indication. The company is also pursuing new indications for breast cancer treatment [5]. - The company is enhancing its R&D capabilities and integrating into the global innovation network by collaborating with multinational pharmaceutical companies and innovative startups, aiming to maximize product value through international partnerships [5]. Financial Summary - The company’s projected financials for 2024 to 2027 show a steady increase in total revenue, from 27,985 million yuan in 2024 to 42,378 million yuan in 2027. Net profit is expected to rise from 6,337 million yuan in 2024 to 9,629 million yuan in 2027, with EPS projected to grow from 0.95 yuan in 2024 to 1.45 yuan in 2027 [6]. - The company’s return on equity (ROE) stands at 7.88%, with a market capitalization of 465.334 billion yuan and a closing price of 70.11 yuan as of September 24, 2025 [3][5].

Market Performance - The A-share market showed a strong performance with the Shanghai Composite Index closing at 3853.64, up by 0.83%, and the Shenzhen Component Index closing at 13356.14, up by 1.80% [2] - The ChiNext Index reached a new three-year high, closing at 3185.57, with a gain of 2.28% [4] - The STAR 50 Index saw a significant increase, rising by 3.49% to close at 1456.47 [2] Sector Analysis - The top-performing sectors included Electric Equipment (up 2.88%), Electronics (up 2.76%), and Media (up 2.59%) [3] - Conversely, the Banking sector experienced a decline of 0.36%, and the Coal sector fell by 0.29% [3] - Notable concept stocks such as those in the chip industry and real estate showed strong performance, while sectors like Food & Beverage and Communications lagged behind [4][5] Future Outlook - The market is expected to continue its upward trend, with a focus on whether the Shanghai Composite Index can maintain above the 3850-point level [6] - The technology sector is anticipated to play a crucial role in driving market sentiment, with ongoing capital market vitality expected post-holiday [6] - Investment opportunities are likely to emerge from sectors such as TMT (Technology, Media, and Telecommunications), public utilities, and non-ferrous metals [6]

证券研究报告 2025 年 9 月 24 日 星期三 【A 股市场大势研判】 市场全天探底回升，创业板尾盘快速翻红 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3821.83 | -0.18% | -6.74 | | | 深证成指 | 13119.82 | -0.29% | -38.16 | | | 沪深 300 | 4519.78 | -0.06% | -2.83 | | | 创业板 | 3114.55 | 0.21% | 6.67 | | | 科创 50 | 1407.30 | -0.10% | -1.34 | | | 北证 50 | 1547.45 | -2.63% | -41.74 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万一级涨幅前五 | | | 申万一级跌幅前五 | 热点板块 n | 涨幅前五 | 热点板块跌幅前五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 银行 | 1.52% ...

证券研究报告 2025 年 9 月 23 日 星期二 【A 股市场大势研判】 市场全天震荡拉升，三大指数均收涨 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3828.58 | 0.22% | 8.49 | | | 深证成指 | 13157.97 | 0.67% | 87.11 | | | 沪深 300 | 4522.61 | 0.46% | 20.69 | | | 创业板 | 3107.89 | 0.55% | 16.88 | | | 科创 50 | 1408.64 | 3.38% | 46.00 | | | 北证 50 | 1589.19 | 0.71% | 11.19 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万一级涨幅前五 | | | 申万一级跌幅前五 | 热点板块 n | 涨幅前五 | 热点板块跌幅前五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 电子 | 3.71% | 社会服务 | ...

2025 年 1-8 月快递行业跟踪点评 | | | | | | | 分析师：邓升亮（SAC | 执业证书编号： | S0340523050001） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025 | 年 | 9 | 月 | 22 | 日 | | | | | | | | | | | | 电话：0769-22119410 邮箱： | dengshengliang@dgzq.com.cn | 事件： 邮政局发布 2025 年 1-8 月快递发展报告与邮政行业运行情况。 交通运输行业 超配 （维持） 多省市启动快递反内卷，申通单票收入超预期 提升 点评： 8月快递价格止跌，件量增速放缓。据国家邮政局统计，2025年1-8月快递业务量累计完成1282.0亿件， 同比增长17.8%，其中8月快递业务量完成161.5亿件，同比增长12.3%。1-8月行业快递业务收入累计完 成9583.7亿元，同比增长9.2%，其中8月快递业务收入完成1189.6亿元，同比增长4.2%。8月行业平均 单票收入为7.37元，同比下降7.16%，环比提高0.01 ...

Weekly New Stock Performance - One new stock was listed from September 15 to September 19, with an average first-day price increase of 271.56%[2] - The only new stock, Shichang Co., saw a first-day increase exceeding 100%[2] - No new stocks experienced a first-day decline[2] Weekly New Stock Issuance Trends - The total fundraising amount for new stock issuance last week was 1.71 billion yuan, a decrease of 588 million yuan compared to the previous week[3] - The previous week (September 8 to September 12) had two new stocks listed, raising 7.59 billion yuan[4] Monthly New Stock Overview - From September 1 to September 19, four new stocks were listed, raising a total of 17.44 billion yuan, with a first-day price increase average of 374.95%[6] - All four new stocks listed during this period had first-day increases exceeding 100%[6] Upcoming New Stock Listings - One new stock, Yousheng Co., is scheduled to be listed on September 23, with an issue price of 46.36 yuan and a price-to-earnings ratio of 22.31[13] - One new stock, Aomeisen, is set for online subscription on September 22, with expected fundraising of 165 million yuan[14] Risk Considerations - New stock performance is influenced by market sentiment, and poor performance may affect future market behavior[15] - Newly listed stocks may experience significant price volatility due to limited liquidity[15]

Market Overview - The A-share market is experiencing a volume contraction and adjustment, with major indices showing mixed performance [1][4] - The Shanghai Composite Index closed at 3820.09, down 0.30%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [2] Sector Performance - The top-performing sectors include coal (+1.97%), non-ferrous metals (+1.19%), and building materials (+1.05%) [3] - Conversely, the worst-performing sectors are automotive (-1.94%), pharmaceutical biology (-1.41%), and computer technology (-1.26%) [3] Concept Index Performance - The leading concept indices are photolithography (+2.09%), civil explosives (+1.70%), and lithium extraction from salt lakes (+1.10%) [3] - The lagging concept indices include reducers (-2.68%), PEEK materials (-2.65%), and humanoid robots (-2.17%) [3] Future Outlook - The market is expected to maintain a long-term upward momentum despite short-term volatility due to profit-taking [5] - The report suggests a flexible positioning strategy, avoiding high-risk investments while focusing on sectors with favorable valuation and growth prospects, such as non-ferrous metals, transportation, public utilities, banking, and TMT [5]

Investment Rating - The industry investment rating is "Overweight" [1][48]. Core Viewpoints - The newly released "New Energy Storage Scale Construction Special Action Plan (2025-2027)" aims for a national new energy storage installed capacity of over 180GW by 2027, driving direct investment of approximately 250 billion yuan, with lithium battery storage as the main technology route [3][44]. - The lithium battery index has shown significant growth, outperforming the CSI 300 index by 14.92 percentage points over the past two weeks, with a year-to-date increase of 46.60% [2][11]. - The overall demand for lithium batteries is rapidly increasing, with a notable recovery in net profits for the lithium battery industry chain, which grew by 30% year-on-year in the first half of 2025, marking a turning point after two years of decline [3][44]. Summary by Sections Market Review - As of September 18, 2025, the lithium battery index has increased by 17.97% in the last two weeks, outperforming the CSI 300 index by 14.92 percentage points [2][11]. - The lithium battery index has risen by 19.54% this month and 46.60% year-to-date [2][11]. Price Changes in the Lithium Battery Industry Chain - As of September 18, 2025, the average price of battery-grade lithium carbonate is 73,100 yuan/ton, down 2.14% over the past two weeks [3][24]. - The price of lithium hydroxide (LiOH 56.5%) is 71,600 yuan/ton, down 0.42% [3][24]. - The price of lithium iron phosphate remains stable at 34,300 yuan/ton, while NCM523, NCM622, and NCM811 have seen slight declines [3][26]. Industry News - The demand for new energy vehicles is expected to peak in September, with retail sales projected at around 1.25 million units, leading to a penetration rate of 58.1%, a historical high [3][39]. - Global battery production in August 2025 reached 198.42 GWh, a year-on-year increase of 50.31% [3][39]. - The solid-state battery industry is progressing towards commercialization, with companies like Panasonic and SK On making significant advancements in solid-state battery technology [3][40][42]. Company Announcements - Key companies to watch include CATL, which reported a revenue of 178.886 billion yuan in the first half of 2025, a year-on-year increase of 7.27% [3][45]. - Other notable companies include Yiwei Lithium Energy, which has launched a solid-state battery production base, and Enjie, which is focusing on solid-state battery materials [3][45].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating an expectation that the industry index will outperform the market index by over 10% in the next six months [50]. Core Insights - The automotive sector has shown strong performance, with the Shenwan Automotive Index rising 9.38% over the past two weeks, outperforming the CSI 300 Index by 6.33 percentage points, ranking 4th among 31 industries [11][12]. - The report highlights a systematic policy support cycle for automotive manufacturers, which is expected to positively impact sales growth and investments in new models and technologies [46]. - The report emphasizes the importance of the recently issued "Automotive Industry Stabilization Growth Work Plan," which aims for total vehicle sales of 32.3 million units in 2025, a year-on-year increase of approximately 3%, and 15.5 million units of new energy vehicles, a year-on-year increase of about 20% [46]. Industry Data Tracking - In August, China's automotive production reached 2.815 million units, a year-on-year increase of 13.0% and a month-on-month increase of 8.6%. Sales were 2.857 million units, up 16.5% year-on-year and 10.2% month-on-month. Exports totaled 611,000 units, reflecting a year-on-year increase of 19.6% and a month-on-month increase of 6.3% [18][19]. - The automotive dealer inventory warning index stood at 57.0%, showing a year-on-year increase of 0.80 percentage points but a month-on-month decrease of 0.20 percentage points [18]. Industry News - The Ministry of Industry and Information Technology is soliciting public opinions on safety standards for intelligent connected vehicles, which is expected to strengthen the safety baseline for the industry [26][28]. - The market for intelligent driving components and systems is projected to reach $100 billion by the end of the 14th Five-Year Plan, with significant growth anticipated in the coming years [29]. - The report notes a decline in retail sales of passenger vehicles in early September, with a total of 732,000 units sold, a year-on-year decrease of 4% [30]. Corporate News - NIO has completed a $1.16 billion equity issuance, with proceeds intended for investment in core technologies for smart electric vehicles [36]. - Chery Automobile plans to open its IPO on September 17, targeting a valuation of HKD 140 billion [37]. - The report mentions the launch of the Xiangjie S9T, priced from 309,800 yuan, featuring advanced technology and a long range [38][39]. Investment Recommendations - The report suggests focusing on manufacturers enhancing brand competitiveness through smart technology, such as BYD and Seres [46]. - It also highlights the potential for growth in the intelligent driving supply chain, recommending companies like Fuyao Glass and Junsheng Electronics [46]. - Additionally, it identifies Yutong Bus as a beneficiary of the "old-for-new" policy for new energy buses [46].

Market Overview - The Shanghai Composite Index experienced a fluctuation and consolidation this week, with trading volume consistently above 2 trillion, indicating active trading sentiment. The index fell by 1.30%, while the Shenzhen Component rose by 1.14%, the ChiNext Index increased by 2.34%, and the STAR Market 50 Index rose by 1.84. The North Exchange 50 Index decreased by 1.43% [1][3][8]. Economic Analysis - Economic data for August shows a continued weakening trend, with various indicators reflecting a slowdown. The industrial added value for August grew by 5.2% year-on-year, a slight decline of 0.5 percentage points from the previous value. Fixed asset investment from January to August increased by only 0.5% year-on-year, down 1.1 percentage points from the previous value [9][10]. - The fiscal revenue for August was 1.24 trillion, a year-on-year increase of 2.03%, but down 0.62 percentage points from the previous month. Tax revenue was 1.02 trillion, up 3.39% year-on-year, but also down 1.61 percentage points from the previous month. Non-tax revenue fell to 220.7 billion, marking a 3.79% decline, continuing a four-month streak of negative growth [10][11]. Federal Reserve Impact - The Federal Reserve lowered the federal funds rate by 25 basis points to a range of 4.00%-4.25%, aligning with market expectations. The Fed's decision is seen as a neutral signal, with expectations of two more rate cuts within the year. This move creates external space for monetary easing in China [3][11][14]. Sector Recommendations - It is recommended to focus on sectors such as public utilities, finance, electric equipment, non-ferrous metals, and TMT (Technology, Media, and Telecommunications) [4][15]. Stock Performance Tracking - The report includes a tracking of potential stocks for the month, highlighting companies like Xinhua Insurance, which closed at 45.05 with a maximum increase of 5.92%, and Xiamen Tungsten, which closed at 20.30 with a maximum increase of 3.48% [22][23]. Conclusion - Overall, the market is expected to continue its oscillating upward trend in the short term, despite the high-level fluctuations. The ongoing economic pressures and the need for policy support suggest a cautious but optimistic outlook for the capital market [3][14].