Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The clinical data indicates an ultra-long half-life for ASC30, which is expected to be launched as a quarterly formulation [7] - ASC30 has shown a 75-day apparent half-life in obese subjects, suggesting the potential for a long-term weight management solution with quarterly dosing [7] - The safety data for ASC30 is excellent, with no serious adverse events reported, supporting the possibility of higher dosing [7] - The Ultra-Long-Acting Platform (ULAP) will facilitate the development of various subcutaneous injection formulations [7] - The company has multiple catalysts in the second half of the year, with important clinical data expected to be disclosed [7] - Revenue forecasts for 2025 are set at 0.02 billion, 0.64 billion, and 2.03 billion for 2025, 2026, and 2027 respectively, with a maintained "Buy" rating [7] Financial Summary - Total revenue for 2023 is projected at 56.69 million, with a significant increase expected in 2026 at 64.43 million and 203.23 million in 2027 [1][8] - The net profit attributable to the parent company is forecasted to be negative, with figures of (144.72) million in 2023 and (358.40) million in 2027 [1][8] - The earnings per share (EPS) is expected to improve from (0.15) in 2023 to (0.37) in 2027 [1][8] - The price-to-earnings (P/E) ratio is projected to decrease from (54.06) in 2023 to (21.83) in 2027 [1][8]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Views - The company is positioned to benefit from a cyclical turnaround in the steel industry, driven by non-U.S. demand and policies aimed at reducing competition, presenting a significant opportunity by 2025 [1][7]. - The company is the world's leading ductile iron pipe manufacturer, with a domestic market share of 58% expected to increase further [1][27]. - The report anticipates a recovery in the company's financial metrics starting in 2025, with significant profit growth projected for the following years [1][43]. Summary by Sections Steel Industry Outlook - The steel industry is transitioning from active to passive destocking, influenced by policies that drive supply reduction and structural demand recovery [7][12]. - Rebar inventory is at a historical low, with a notable decrease in steel consumption expected [13][14]. - The current cycle is characterized by a shift in demand dynamics, with non-U.S. markets becoming increasingly important [20][21]. Company Performance and Strategy - The company has a robust market position, with a projected increase in its ductile iron pipe market share and significant contract signings [27][39]. - The establishment of a factory in Egypt is part of the company's strategy to localize production and mitigate trade barriers, enhancing its global supply chain [39][40]. - Financial forecasts indicate a recovery in revenue and profit margins, with a significant increase in net profit expected by 2027 [43][44]. Financial Projections - Revenue is projected to decline in 2025 before recovering in subsequent years, with a compound annual growth rate expected in the following years [43][44]. - The company's earnings per share (EPS) is forecasted to rise significantly, reflecting the anticipated recovery in profitability [1][43]. - The report highlights a favorable valuation compared to peers, suggesting the stock is undervalued at current levels [43].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has launched a restricted stock incentive plan to effectively consolidate core management members and R&D backbone, enhancing its long-term development potential [7] - The company is the only domestic producer of wet-type paper-based friction plates for passenger vehicles, with growth driven by the release of new energy hybrid vehicle systems and capacity expansion [7] - The incentive plan aims to attract and retain talent, with performance targets set for revenue and net profit growth, indicating a positive outlook for future performance [7] Financial Forecasts - Total revenue is projected to grow from 206.56 million yuan in 2023 to 915.45 million yuan in 2027, with a compound annual growth rate (CAGR) of 50.52% [1] - Net profit attributable to the parent company is expected to increase from 49.18 million yuan in 2023 to 323.16 million yuan in 2027, reflecting a CAGR of 50.63% [1] - The latest diluted EPS is forecasted to rise from 0.88 yuan in 2023 to 5.79 yuan in 2027, indicating strong earnings growth [1] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 113.51 in 2023 to 17.28 in 2027, suggesting improving valuation as earnings grow [1] - The company’s market capitalization is approximately 5,582.85 million yuan, with a circulating A-share market value of 2,927.51 million yuan [5] Incentive Plan Details - The stock incentive plan involves granting 765,000 restricted shares, accounting for 1.37% of the total share capital, to 37 key personnel [7] - The grant price is set at 51 yuan per share, based on the average trading price over the preceding 20, 60, and 120 trading days [7] - The plan aims to align the interests of management with the company's long-term goals, enhancing operational efficiency and strategic development [7]

Macro Strategy - The recent cooling of US employment data makes a rate cut in September almost certain, with expectations of a 25bps cut and potential for 1-2 additional cuts throughout the year [1][10][14] - Gold prices surged, breaking the $3600 per ounce mark, driven by concerns over Eurozone fiscal stability and US rate cut expectations [1][10] - Upcoming US non-farm payroll data and inflation metrics (PPI, CPI) will set the tone for the September FOMC meeting [1][10] Employment Data Analysis - In August, the US added only 22,000 jobs, significantly below the expected 75,000, with previous months' figures revised down [2][14] - The unemployment rate rose to 4.324%, slightly above expectations, indicating a weakening labor market [2][14] - The labor market is characterized by a "bizarre balance" of weak supply and demand, leading to a more pronounced decline in job additions compared to the rise in unemployment [2][14] Fixed Income Market - In the week of September 1-5, 19 green bonds were issued, totaling approximately 8.767 billion yuan, an increase from the previous week [3][16] - The secondary market saw a total trading volume of green bonds amounting to 48.2 billion yuan, a decrease from the prior week [3][16] - The bond market is experiencing a "stock-bond seesaw" effect, with limited downward movement in bond yields despite a significant stock market pullback [4][18] Industry Insights - Haibo Sichuang (688411) reported a strong increase in shipments and accelerated overseas growth, with revised profit forecasts for 2025 and 2026 [7] - Jing Sheng Electric (300316) is expected to benefit from new applications of silicon carbide substrates in next-generation GPUs, maintaining a "buy" rating [8] - Zhongwei Company (688012) continues to expand its platform with new etching and film products, with profit forecasts for 2025-2027 remaining robust [8] - Maiwei Biotech (688062) is positioned as a leader in IL-11 monoclonal antibodies, with stable revenue forecasts for 2025-2027 [9]

Market Performance - The North Exchange 50 Index rose by 1.78% on September 8, 2025[11] - The average market capitalization of North Exchange component stocks is 3.471 billion yuan, with a trading volume of 44.715 billion yuan, an increase of 0.656 billion yuan from the previous trading day[11] Capital Market News - The National Energy Administration released implementation opinions to promote the integration of "Artificial Intelligence+" in the energy sector, aiming for a leading position in AI technology by 2030[6] - The draft amendment to the Foreign Trade Law was submitted for review, establishing a negative list management system for cross-border service trade to enhance the trade environment[7] Industry News - Tesla's Optimus 2.5 humanoid robot is entering mass production, with the Chinese humanoid robot market expected to reach 2.76 billion yuan by 2024 and grow to 75 billion yuan by 2029[8] - CATL launched the NP3.0 technology platform in Munich, enhancing battery safety and performance, with the new battery capable of charging 478 kilometers in just 10 minutes[9][10] Individual Stock Performance - The top three gainers on the North Exchange were Sanxie Electric (785.62%), Chuangyuan Xinke (15.76%), and Wangcheng Technology (15.23%) as of September 8, 2025[12] - The major decliners included Hongyu Packaging (-20.32%), Lijia Technology (-13.55%), and Runpu Food (-13.33%) on the same date[12]

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Insights - The report highlights that the leading position of Han Shu in the mass skincare market remains solid, while Shangmei's multi-brand strategy is set to drive growth [4][9] - Shangmei Co., Ltd. is recognized as a leading multi-brand cosmetics company in China, focusing on skincare, maternal and infant care, and hair care products [4][9] - The company has successfully built a brand matrix that covers various consumer needs, from mass to high-end price ranges, with notable brands like Han Shu and Newpage [4][9] Summary by Sections Industry Trends - During the week from September 1 to September 7, the Shenwan retail index decreased by 0.59%, while the overall market indices showed mixed results [4][27] - Han Shu's revenue reached 3.34 billion yuan in the first half of 2025, marking a year-on-year growth of 14.3% [13][4] Brand Development - Han Shu has undergone a significant transformation over its 20-year journey, evolving from offline sales to a strong online presence, particularly on platforms like Douyin [10][12] - The brand has maintained its position as the top beauty brand on Douyin for over 23 months, indicating robust market performance [4][12] - The company has introduced several new brands, including Newpage, which focuses on sensitive skin care for infants and has seen a revenue increase of 146.5% in the first half of 2025 [17][4] Future Growth Potential - Shangmei's multi-brand strategy is expected to continue driving growth, with plans for new product launches in the cosmetics sector, including the NAN beauty brand targeting the mid-to-high-end market [25][4] - The upcoming Double Eleven shopping festival is anticipated to be a critical period for assessing brand momentum and forecasting performance [4][4] Market Performance - The report notes that the retail sector has shown a year-to-date increase of 6.15% in the Shenwan retail index, indicating a positive trend despite recent fluctuations [27][31] - The report includes a valuation table for various companies within the industry, highlighting their market capitalization and projected earnings [33]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant growth in shipments and accelerated overseas expansion in Q2 2025, indicating a substantial future potential in independent storage and operational maintenance [1] - The company achieved a revenue of 4.52 billion yuan in H1 2025, representing a year-on-year increase of 22.7%, with a net profit of 320 million yuan, up 12.1% year-on-year [1] - The company is expected to ship over 30 GWh in total for the year, with overseas shipments projected to reach 3 GWh [1] Financial Summary - Revenue projections for the company are as follows: - 2023A: 6,982 million yuan - 2024A: 8,270 million yuan - 2025E: 15,200 million yuan - 2026E: 21,300 million yuan - 2027E: 27,322 million yuan - Net profit projections are as follows: - 2023A: 578.12 million yuan - 2024A: 647.84 million yuan - 2025E: 915.87 million yuan - 2026E: 1,266.87 million yuan - 2027E: 1,815.67 million yuan - The latest diluted EPS is projected to be: - 2023A: 3.21 yuan - 2024A: 3.60 yuan - 2025E: 5.09 yuan - 2026E: 7.03 yuan - 2027E: 10.08 yuan - The P/E ratios based on the latest diluted EPS are: - 2023A: 46.13 - 2024A: 41.16 - 2025E: 29.12 - 2026E: 21.05 - 2027E: 14.69 [1][8]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The environmental protection industry is experiencing stable operational growth and improving cash flow, with opportunities arising from the automation of sanitation services [10][12] - The report highlights significant acceleration in national subsidies for waste incineration and the potential for increased profitability through operational efficiency and cash flow improvements [10][12] Summary by Sections Waste Incineration - In H1 2025, the sector saw a revenue increase of 1% and a net profit growth of 8%, with a gross margin improvement of 2.9 percentage points [10][12] - Free cash flow reached 32 billion yuan, up from 17 billion yuan in H1 2024, indicating a strong cash generation capability [10][12] - Key companies recommended include Huanlan Environment, Green Power, and Yongxing Co., with a focus on operational efficiency and dividend increases [12][17] Water Services - The water services sector reported a 2% decline in revenue but a 6% increase in net profit, with a notable improvement in cash flow [13][24] - The report emphasizes the importance of water pricing reforms to ensure reasonable returns on investments, with cities like Guangzhou and Shenzhen implementing price increases [13][24] - Recommended companies include Yuehai Investment and Xinyuan Environment, with a focus on high dividend yields and improving cash flows [14][15] Sanitation Services - The report notes a 3.3% increase in total sanitation vehicle sales, with a remarkable 77.6% growth in sales of new energy sanitation vehicles, raising the penetration rate to 16.14% [16][31] - The rise of autonomous sanitation vehicles is highlighted, with over 290 new projects in the field, indicating a strong market trend towards automation [16][31] - Key companies recommended include Yutong Heavy Industry, with additional companies suggested for attention [16][31] Biofuels and Lithium Battery Recycling - The average price of biodiesel remained stable, but profitability per ton has decreased significantly [43][46] - The report indicates a decline in lithium carbonate prices and profitability in lithium battery recycling, suggesting a challenging market environment [46][47]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Views - The gas industry is expected to benefit from supply easing, cost optimization by gas companies, and a continued adjustment of pricing mechanisms leading to increased demand [2] - The report highlights the importance of monitoring the impact of tariffs on US LNG imports and the potential for companies like New Oriental to mitigate these impacts through resale strategies [2] Summary by Sections Price Tracking - As of September 5, 2025, US gas prices increased by 6%, while European and Chinese gas prices remained stable [10][11] - The average total supply of natural gas in the US decreased by 0.6% week-on-week to 1,119 billion cubic feet per day, with a year-on-year increase of 3% [15] Supply and Demand Analysis - US natural gas demand decreased by 3% week-on-week to 996 billion cubic feet per day, with a year-on-year increase of 0.5% [15] - European natural gas consumption from January to May 2025 was 2,180 billion cubic meters, reflecting a year-on-year increase of 6.6% [17] Pricing Progress - Nationwide, 65% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [38] - The report indicates that there is still a 10% room for price adjustment in the gas distribution sector [38] Investment Recommendations - Key recommendations include New Oriental Energy, China Resources Gas, Kunlun Energy, and China Gas, all with attractive dividend yields [2][55] - Companies with quality long-term contracts and cost advantages, such as Jiufeng Energy and New Oriental, are highlighted for their potential [2][55] - The report emphasizes the importance of energy independence and suggests monitoring companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [2][55]

Core Insights - The report emphasizes the imminent industrialization inflection point for solid-state batteries, highlighting significant investment opportunities in this sector [1] - Solid-state batteries are expected to replace traditional lithium batteries across various applications, with a projected global shipment of 614 GWh by 2030 and a market size in China reaching 20 billion yuan by 2030 [4][15] Technology Comparison - Solid-state batteries utilize solid electrolytes, offering advantages such as improved safety, higher energy density (over 500 Wh/kg), and better cycle life compared to traditional liquid batteries [2][10] - Among the three main electrolyte technologies (sulfide, oxide, and polymer), sulfide is anticipated to become the mainstream due to its theoretical advantages in energy density, despite challenges in production [3][12] Market Potential - The solid-state battery market is expected to grow at a CAGR of over 80% from 2024 to 2030, with consumer electronics being the first sector to adopt this technology [4][15] - The report identifies eVTOL and robotics as emerging application areas for solid-state batteries, driven by their high energy density requirements [9] Policy and Industry Support - Since 2024, policies supporting solid-state battery development have intensified, with significant government investments and initiatives aimed at advancing this technology [7][16] - Key players in the industry, such as CATL and BYD, are expected to achieve small-scale production of solid-state batteries by 2027, marking a critical validation point for the industry [17] Investment Opportunities - The report suggests focusing on leading battery cell manufacturers and equipment suppliers, as the solid-state battery sector is still in the early stages of development [8][21] - The equipment sector is highlighted as having a clearer path to profitability, with companies like Xian Dai Intelligent and others showing promising performance [8][21]