[Table_Reportdate] 2025年08月11日 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.博通2025Q2 AI营收大幅增 长，存储市场持续回暖——电 1. 北美云厂商资本开支持续扩张， AI算力需求强劲——电子行业周报 （2025/7/28-2025/8/3） 子行业周报2025/6/2-2025/6/8 2. 谷歌2025Q2云收入高增，WAIC 2025推动AI规范治理与产业加速— —电子行业周报（2025/7/21- 2025/7/27） ——电子行业周报2025/8/4-2025/8/10 [table_main] 投资要点： 业 研 究 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 行 电 子 1 ➢ 电子板块观点：中芯国际、华虹发布二季度财报，整体业绩表现优于指引，产能利用率 高企， ...

Investment Rating - The report assigns an "Overweight" rating to the non-bank financial industry, indicating a positive outlook for the sector relative to the broader market over the next six months [1][35]. Core Insights - The non-bank financial index increased by 0.6% last week, outperforming the CSI 300 index by 0.6 percentage points, with both brokerage and insurance indices showing synchronized upward trends [3][8]. - The report highlights a significant increase in new A-share accounts, with a year-on-year growth of 70.5% in July, reflecting improved market activity and investor sentiment [4]. - The report emphasizes the ongoing policy support for the commercial health insurance sector, which is expected to drive high-quality development and innovation within the industry [4]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.1%, while the Shenzhen Component Index and CSI 300 both increased by 1.2% last week [8]. - The non-bank financial index saw a 0.6% increase, with the brokerage index up by 0.8% and the insurance index up by 0.3% [8]. Market Data Tracking - The average daily trading volume for stock funds was 20,578 billion yuan, a decrease of 7.1% from the previous week [17]. - The margin trading balance reached 2.01 trillion yuan, reflecting a 1.5% increase week-on-week [17]. Industry News - The Shanghai Financial Regulatory Bureau and other departments issued measures to promote the high-quality development of commercial health insurance, focusing on expanding coverage and encouraging innovation [33]. - The Securities Industry Association released a draft standard for the stability of information systems in the securities industry, aimed at enhancing the sector's resilience against technical risks [33].

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [35]. Core Insights - The pharmaceutical and biotechnology sector experienced a slight decline of 0.84% from August 4 to August 8, 2025, ranking 31st among 31 sectors and underperforming the CSI 300 index by 2.07 percentage points. The current PE valuation for the sector stands at 30.83 times, which is at the historical median level, with a valuation premium of 144% compared to the CSI 300 index [3][11][18]. - The report highlights the strong performance of the medical device sub-sector, which increased by 2.70%, while other sub-sectors such as biological products and pharmaceutical commerce saw declines [3][11]. - A total of 176 stocks in the sector rose (37.13%), while 287 stocks fell (60.55%) during the same period, with notable gainers including Nanmo Biology (42.48%) and Haichen Pharmaceutical (41.29%) [3][24]. Market Performance - The pharmaceutical and biotechnology sector has shown a year-to-date increase of 21.28%, ranking 5th among 31 sectors and outperforming the CSI 300 index by 16.96 percentage points. All sub-sectors have recorded gains, with chemical pharmaceuticals leading at 38.55% [14][19]. - As of August 8, 2025, the PE valuations for various sub-sectors are as follows: biological products at 38.25 times, chemical pharmaceuticals at 36.08 times, and medical devices at 33.29 times [18][27]. Industry News - Recently, seven government departments, including the Ministry of Industry and Information Technology and the National Health Commission, released a document aimed at promoting the innovation and development of the brain-computer interface industry. The plan outlines goals for technological breakthroughs by 2027 and the establishment of a reliable industrial system by 2030 [4][26][28]. - The report emphasizes the potential of brain-computer interfaces to revolutionize the integration of biological and machine intelligence, with significant policy support expected to accelerate industry growth [4][33]. Investment Recommendations - The report suggests focusing on the medical device sector and companies related to brain-computer interfaces, as well as high-quality stocks in innovative drugs, CXO, medical services, and second-class vaccines [4][33]. - Recommended stocks include Betta Pharmaceuticals, Teva Biopharmaceuticals, Kaili Medical, Anjies, and Huaxia Eye Hospital, with additional attention to stocks like Kelun Pharmaceutical and Qianhong Pharmaceutical [5][33].

Group 1 - The report highlights that China's exports in July 2025 increased by 7.2% year-on-year, exceeding expectations, driven by factors such as tariff exemptions and fiscal expansion in Europe [8][31] - The Producer Price Index (PPI) in July 2025 showed a month-on-month decline of 0.2% and a year-on-year decrease of 3.6%, indicating a need for stronger domestic demand despite the export growth [8][12] - The domestic machinery equipment sector experienced significant growth, with excavator sales in July 2025 increasing by 25.2% year-on-year, supported by infrastructure investments and projects like the Yajiang Hydropower Station [17][18] Group 2 - The report notes that the consumer price index (CPI) remained flat at 0.0% year-on-year in July 2025, with service prices performing well, contributing to a rise in core CPI [12][14] - The semiconductor industry is witnessing a recovery, with demand for AI-related products and components driving growth, while capital expenditures from North American cloud companies continue to rise [36][41] - The insurance sector is moving towards high-quality sustainable development, with new regulations promoting a balance between accessibility and commercial viability in urban commercial health insurance [25][26]

Inflation Data Summary - In July 2025, the CPI year-on-year remained at 0.0%, down from 0.1% in June, while the month-on-month increased by 0.4% compared to a previous decrease of -0.1%[2] - The PPI year-on-year remained at -3.6%, with a month-on-month decrease of -0.2%, an improvement from -0.4% in June[2] CPI Analysis - The core CPI year-on-year rose to 0.8%, the highest since March 2024, driven by a 0.6% increase in service prices[2] - Food prices showed significant weakness, with a month-on-month decrease of -0.2%, below the 5-year average of 1.1%[2] - Non-food prices increased by 0.3% year-on-year, up from 0.1% in June, with travel services and certain consumer goods contributing to this rise[2] PPI Insights - The month-on-month decline in PPI narrowed to -0.2%, the smallest drop since March 2025, indicating a potential stabilization in upstream prices[2] - The decrease in production materials was -0.2%, a reduction of 0.4 percentage points from the previous month, influenced by "anti-involution" policies[2] Risks and Future Outlook - Key risks include potential delays in domestic policy implementation, unexpected declines in real estate investment, and inflation in the U.S. exceeding expectations[2]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [6]. Core Insights - The report highlights the recent regulatory guidance from the China Banking and Insurance Regulatory Commission (CBIRC) aimed at promoting the high-quality development of urban commercial health insurance, specifically the "Hui Min Bao" initiative. This marks a significant step towards systematic management and sustainable growth in the sector [5]. - The policy emphasizes a balance between "inclusive positioning" and "commercial attributes," aiming to expand coverage while adhering to commercial insurance principles. This shift is crucial for the long-term sustainability of the products [5]. - The report discusses the need for product optimization through "precise pricing" and "risk prevention," advocating for differentiated pricing based on health status and other factors to enhance fairness and adaptability in insurance offerings [5]. - The report also stresses the importance of ecological protection by discouraging "involution competition" and promoting information sharing among insurance companies, which is expected to improve risk identification and matching capabilities [5]. - Investment suggestions include focusing on life insurance liability transformation and recognizing the optimistic outlook for the equity market, particularly given the historical low long-term interest rates and the potential for improved pricing strategies [5]. Summary by Sections Regulatory Developments - The CBIRC issued a notice on July 31, 2025, to promote the high-quality development of urban commercial health insurance, marking a new phase for "Hui Min Bao" [5]. Product Development - The notice requires insurance companies to adopt differentiated pricing and conduct regular loss assessments to ensure sustainable product offerings [5]. Market Outlook - The report suggests that the life insurance sector is undergoing a transformation, with a focus on capacity enhancement and demand release as consumer awareness grows [5]. Investment Recommendations - The report advises investors to pay attention to large listed insurance companies with strong competitive advantages, as the sector is currently undervalued [5].

Export Data Insights - In July 2025, China's exports increased by 7.2% year-on-year, up from 5.9% in June[7] - The trade surplus reached $98.24 billion, an increase of $12.765 billion compared to the same month last year[7] - Exports to the EU and ASEAN remained strong, while exports to the US saw a significant decline of 21.67%[7] Import Data Insights - Imports rose by 4.1% year-on-year in July, compared to 1.1% in June, with a month-on-month increase of 6.2%[7] - Major commodities like copper and its products showed strong import growth, benefiting from the renewable energy sector[6] - Traditional demand indicators like iron ore and steel continued to experience negative growth[6] Market Trends and Risks - The rebound in export growth is attributed to "export rush" ahead of tariff exemptions and fiscal expansion in Europe[7] - Future export growth may face challenges due to potential policy implementation delays and uncertainties in US-China trade relations[6] - The manufacturing PMIs for the US, Japan, and the Eurozone are below the growth threshold, indicating a cooling global economy[7]

Group 1: Trade Data Overview - In July 2025, exports increased by 7.2% year-on-year, up from 5.9% in June, while imports rose by 4.1%, compared to 1.1% previously[2] - The trade surplus reached $98.24 billion, an increase of $12.765 billion compared to the same month last year[2] - The rebound in export growth was primarily supported by the EU, ASEAN, and other regions, despite a decline in direct exports to the US[2] Group 2: Export Dynamics - The July export growth exceeded expectations, rising 1.3 percentage points from June and surpassing the Wind consensus forecast of 5.79%[2] - The month-on-month export change was -1.0%, slightly below the four-year average of -0.4%[2] - Factors contributing to the export surge included "rush exports" ahead of the August 1 tariff exemptions and a 40% export tariff on transshipments[2] Group 3: Regional Export Performance - Exports to the EU rose by 1.65 percentage points to 9.24% year-on-year in July, while exports to the US, ASEAN, and Japan saw declines[2] - The decline in exports to the US was significant, dropping 5.54 percentage points to -21.67%[2] - Other regions showed a notable increase in export growth, rising from 7.78% to 12.56% year-on-year[2] Group 4: Import Trends - July imports increased by 6.2% month-on-month, outperforming the four-year average of -1.24%[2] - Key commodities like copper and related products saw strong import growth, while traditional demand indicators like iron ore and steel remained in negative growth[2] - Integrated circuits maintained double-digit growth, likely influenced by easing US-China trade relations[2] Group 5: Risks and Outlook - Potential risks include domestic policy implementation falling short of expectations and ongoing uncertainties in US-China trade relations[2] - The overall outlook suggests a possibility of export growth slowing down, but the decline may be gradual due to various supportive factors[2]

Group 1: Yanjing Beer (000729) - Company Deep Report - Strong growth momentum, overcoming low profitability issues. Revenue is expected to grow at a CAGR of 5.04% from 2019 to 2024, while net profit attributable to shareholders is projected to grow at a CAGR of 35.64% during the same period [5] - Cost improvements through production and sales separation have led to a 6.62 percentage point increase in capacity utilization to 46.86% from 2019 to 2024, and a 1.59 percentage point decrease in depreciation and amortization as a percentage of revenue to 4.64% [5] - The effective tax rate is expected to decrease by 18.38 percentage points to 15.78% from 2021 to 2024, contributing to an increase in profitability, with the net profit margin projected to reach 7.20% in 2024, up 2.66 percentage points year-on-year [5] Group 2: Yanjing Beer - Market Dynamics - The main consumer demographic for beer is aged 18-49, with beer production stabilizing since 2021 after a decline. The beer industry is expected to see a slight increase in production from 2025 to 2030, with a CAGR of 0.17% in the main consumer group [6] - The beer industry is highly concentrated, with the top five companies holding over 90% market share. The CR5 is projected to reach 90.73% in 2024, indicating limited potential for further concentration, with price increases being the primary driver for performance growth [6] Group 3: Yanjing Beer - Growth Path - The company plans to expand the U8 product line to create a second national flagship product, aiming to enhance the scale and lifecycle of U8 while increasing its market penetration [7] - The company is focusing on underdeveloped markets through initiatives like the "Hundred Counties, Hundred Cities" project, aiming to improve sales efficiency in key regions [7] - Aiming to enhance factory efficiency and reduce costs, the company is implementing a management system with quantifiable metrics and standards, which is expected to improve capacity utilization and profitability [7] Group 4: Collagen Industry - Deep Report - Collagen is a vital component in the human body, providing strength and support to various tissues. It has low immunogenicity and is biodegradable, making it essential for numerous biological functions [10] - Domestic recombinant collagen technology is leading globally, with a complete industrial chain from raw material development to end application, supported by favorable government policies [10][11] - The market for recombinant collagen is expected to grow at a CAGR of 41.4% from 2023 to 2027, surpassing the growth of animal-derived collagen, which is projected at 27.7% [11] Group 5: Collagen Industry - Applications and Market Potential - The light medical beauty market is expanding, with recombinant collagen expected to grow from 4.3 billion yuan in 2023 to 14.3 billion yuan by 2027, a CAGR of 35.4% [12] - In skincare, the market for functional skincare products is projected to grow from 11.5 billion yuan in 2023 to 66.5 billion yuan by 2027, with a CAGR of 54.9% [12] - The private health sector is seeing innovations with recombinant collagen products, such as vaginal dressings, which address specific health issues [12] Group 6: Investment Recommendations - The domestic beauty care market is rapidly evolving, with increasing consumer acceptance of new products and a focus on efficacy and core ingredients. The collagen market is expected to expand significantly [13]

[Table_Reportdate] 2025年08月07日 公 司 深 度 食 品 饮 料 [Table_invest] 买入（首次覆盖） [燕京啤酒（ Table_NewTitle] 000729）：内外兼修，焕发新 机 ——公司深度报告 投资要点： 吴康辉 S0630525060001 wkh@longone.com.cn 证券分析师 姚星辰 S0630523010001 yxc@longone.com.cn | Table_cominfo] [数据日期 | 2025/08/06 | | --- | --- | | 收盘价 | 12.87 | | 总股本(万股) | 281,854 | | 流通A股/B股(万股) | 250,961/0 | | 资产负债率(%) | 32.81% | | 市净率(倍) | 2.28 | | 净资产收益率(加权) | 1.12 | | 12个月内最高/最低价 | 14.46/8.82 | [Table_QuotePic] -19% -8% 3% 14% 24% 35% 46% 57% 24-08 24-11 25-02 25-05 燕京啤酒 沪深300 证券研究报告 HT ...