Investment Rating - The report maintains an "Accumulate" rating for the electric power equipment industry [1] Core Views - The lithium battery sector is entering a peak season, with energy storage demand exceeding expectations [1] - The report highlights a significant increase in energy storage system and EPC orders, reaching a historical high of 25.8GW/69.4GWh in August 2025 [3] - The report emphasizes the robust growth potential in the electric vehicle market, with a projected annual growth rate of 25% [3] Industry Trends - The electric power equipment sector has shown strong performance, with the electrical equipment index rising by 7.39% in the week of September 1-5, 2025, outperforming the broader market [3] - The report notes that the cumulative investment in the power grid from January to July 2025 reached 331.5 billion yuan, a year-on-year increase of 12.5% [3] - The report discusses the ongoing recovery in the industrial control sector, driven by demand from lithium batteries and wind power [3] Company Insights - Companies such as Ningde Times, BYD, and Sunshine Power are highlighted as key players with strong growth prospects in the lithium battery and energy storage sectors [3][6] - The report mentions that BYD's total installed capacity for new energy vehicle power batteries and energy storage batteries in August 2025 was approximately 23.175 GWh [3] - The report also notes that companies like Trina Solar and JinkoSolar are leading in the integrated component market, with a focus on profitability recovery [4] Investment Strategy - The report recommends focusing on leading companies in the lithium battery sector, such as Ningde Times and Yiwei Lithium Energy, as well as companies involved in energy storage and robotics [3] - It suggests that the energy storage market is expected to grow by 30% in the coming years, driven by demand in emerging markets [3] - The report anticipates a significant increase in the production of solid-state batteries and related technologies, with a focus on companies that are leading in this area [3]

（1）本周 AI 方向出现大幅波动，以 CPO 为主的海外算力链大幅调整： 一方面由于市场情绪出现大幅波动，不少资金存在止盈心态，尤其是自 4 月以来持续大涨；另一方面由于 8 月以来融资资金大幅买入科技类的大盘 成长标的，融资存在明显超配，而融资的流出则加剧市场波动。AI 行情尚 未结束，但产业级别行情并非一帆风顺；短期 AI 进入博弈期，市场或面临 风格切换。 证券研究报告·策略报告·策略周评 策略周评 20250908 风格切换期，关注应用端产业变化 2025 年 09 月 08 日 [Table_Summary] 本周 AI 要闻 （信息来源：WIND 陆家嘴财经早餐、华尔街见闻、美团、财联社） 周度观点 ◼ 市场风格切换，AI 进入博弈期，关注应用端产业变化。 （2）科技巨头持续布局，重心逐步从模型本身向应用端转向。腾讯开源轻 量级模型 Hunyuan-MT-7B，推理速度比同类模型快 30%，为专业翻译场景 提供精准支持，标志着中国在低资源语言翻译领域取得显著进步。美团发 布并开源 LongCat-Flash-Chat 大模型，采用混合专家架构实现算力按需分 配，在智能体任务中表现突出且已应用于美 ...

Investment Rating - The report maintains a positive outlook on the automotive sector, suggesting an increase in investment weight towards automotive dividend style configurations in the second half of 2025 [3]. Core Insights - The automotive industry is at a crossroads, with the end of the electric vehicle (EV) dividend phase and the dawn of automotive intelligence. The report suggests that structural opportunities may arise similar to past transitions in 2011 and 2018 [3]. - The report highlights significant developments in the industry, including the pre-sale of the Wanjie M7, which has surpassed 100,000 small orders, and the unveiling of Tesla's new generation Optimus robot [2][3]. - The report forecasts a retail sales volume of 23.7 million units in 2025, representing a year-on-year growth of 4.1% [51]. Weekly Review - In the fourth week of August, the total number of compulsory insurance for passenger vehicles reached 515,000 units, reflecting a week-on-week increase of 9.7% and a month-on-month increase of 11.5% [50]. - The report notes that the commercial passenger vehicle segment performed the best among sub-sectors, with a weekly increase of 5.1%, while the passenger vehicle segment saw a decline of 2.3% [2][16]. - The report indicates that the overall price-to-earnings (P/E) ratio for the automotive sector has decreased, with the P/E ratio for passenger vehicles at 0.99 times that of the components [33][41]. Market Trends - The report emphasizes the importance of the new energy vehicle (NEV) market, with NEV sales reaching 286,000 units in the fourth week of August, marking a week-on-week increase of 8.2% and a month-on-month increase of 16.5%, with a penetration rate of 55.4% [50]. - The report predicts that the demand for vehicle updates will provide a bottom support for domestic sales, with expectations of continued stimulus policies [56][59]. - The report highlights the competitive landscape for intelligent driving, predicting that L3 automation will see a penetration rate of 20% by 2025, driven by major players like Tesla and Huawei [54]. Company-Specific Developments - The report mentions that companies such as Tesla and Yujing Technology are making significant strides in the robotics sector, with Tesla's new generation Optimus robot being showcased on social media [64]. - The report identifies key stocks to watch, including Top Group and Junsheng Electronics, as well as companies involved in robotics and intelligent driving technologies [64].

Macro Strategy - The report highlights the need to monitor domestic economic policy changes due to the upcoming Fourth Plenary Session and the focus on countering "involution" [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to reduce their balance sheets, citing factors such as the need to support the economy during a slowdown, the current accommodative monetary policy, and the role of state-owned capital in maintaining financial services to the real economy [2][22] - It emphasizes that the probability of a sector-wide balance sheet reduction is low, despite some smaller banks potentially facing this situation [22] Industry Analysis - The environmental industry report indicates that the waste incineration sector saw a revenue increase of 1% year-on-year in H1 2025, with net profit rising by 8% and an improvement in cash flow [4][6] - The report notes that operational efficiency improvements and reduced financial costs are driving performance growth, with a significant increase in return on equity (ROE) for pure waste operation companies [4][6] - It highlights the importance of enhancing operational efficiency and expanding both B-end and C-end markets to boost profitability and cash flow [6] Food and Beverage Industry - The beer industry report suggests that the sector is expected to benefit from a recovery in consumption, particularly in dining and retail scenarios, with a focus on high-growth companies like Yanjing Beer and Qingdao Beer [7] - The health supplement sector is noted for its potential valuation reconstruction, with a focus on quality stocks [8] Company-Specific Insights - The report on Yingke Recycling indicates strong growth in the decorative building materials business, with a focus on expanding its recycling capabilities and global presence [9] - The analysis of Magmi Te highlights a revenue increase of 16.5% year-on-year in H1 2025, despite a significant drop in net profit due to increased strategic investments [10][11] - The report on Weirgao emphasizes its leadership in the power PCB sector, projecting significant revenue growth driven by AI server demand and production capacity expansion [12] - The analysis of Dacilin shows a revenue increase of 1.33% year-on-year in H1 2025, with a notable profit growth of 21.38% [13] - The report on Dazhu CNC highlights its position as a leader in PCB equipment, benefiting from the demand for high-layer PCB devices driven by AI server needs [14]

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The report emphasizes the need to focus more on domestic demand as the industry navigates through current challenges [1] - The construction materials sector has shown a decline of 2.79% this week, underperforming compared to the Shanghai Composite Index and the Wind All A Index [5] - The report highlights potential recovery in consumption-related building materials, with expectations for growth in the second half of the year [5] Summary by Sections 1. Industry Trends - The construction materials sector has experienced fluctuations, with a notable decline in prices for cement and glass products [5][12] - The average price of high-standard cement is reported at 342.7 yuan/ton, down 1.7 yuan from the previous week and down 40.0 yuan from the same period last year [19][20] - The average cement inventory level is at 64.1%, showing a slight increase from the previous week but a decrease compared to last year [22] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - Cement demand has not shown significant improvement, with a slight increase in average shipment rates [12] - The report anticipates a rebound in cement prices due to ongoing efforts to stabilize the market [12] - Major cement companies are expected to benefit from improved industry dynamics and potential consolidation [12] 2.2 Glass - The glass market is currently facing weak demand and high inventory levels, leading to price fluctuations [14] - The report suggests that supply-side adjustments may help stabilize prices in the medium term [14] 2.3 Fiberglass - The fiberglass sector is expected to see a recovery in profitability as supply pressures ease and demand remains resilient [13] - The report highlights the potential for growth in new applications, particularly in renewable energy sectors [13] 3. Industry Dynamics Tracking - The report notes that government policies aimed at boosting domestic demand are expected to positively impact the construction materials sector [15] - The ongoing recovery in the real estate market is anticipated to further enhance demand for building materials [15] 4. Weekly Market Review - The construction materials sector has underperformed compared to broader market indices, indicating potential investment opportunities in undervalued stocks [5][20]

Investment Rating - The report maintains an "Overweight" rating for the construction decoration industry [1] Core Viewpoints - The construction sector's mid-year performance is under pressure, with revenue and profit still facing challenges, although cash flow has improved. The overall sector remains under pressure due to weak infrastructure and real estate investments, but some specialized engineering fields are performing relatively well. The construction PMI for August has dropped into contraction territory, indicating a slowdown in construction activities and a persistently low new order index. There is potential for increased fiscal policy support to boost growth [2][11] - The report highlights the importance of urban renewal and major infrastructure investment projects, suggesting that central fiscal efforts and funding support could accelerate the implementation of key projects, particularly in regions like Xinjiang, Tibet, and Sichuan-Chongqing [2][11] - The overseas contracting business has shown growth, with a 9.3% year-on-year increase in completed operating revenue and a 13.7% increase in new contracts signed in the first half of 2025. The report suggests that the Belt and Road Initiative will continue to drive infrastructure cooperation, benefiting overseas engineering demand [3][12] - There are investment opportunities in specialized manufacturing engineering, energy-saving, and carbon reduction sectors, as well as in new energy-related infrastructure fields. Companies with relevant transformation layouts are expected to benefit [3][12] Summary by Sections Industry Viewpoints - The construction sector's mid-year report indicates continued pressure on revenue and profit, with cash flow showing some improvement. The overall industry remains weak, with a decline in the construction PMI and a slowdown in new orders. There is potential for fiscal policy support to enhance growth [2][11] - The report recommends focusing on major projects in central and western regions, particularly in Xinjiang, Tibet, and Sichuan-Chongqing, where infrastructure investments are expected to recover [2][11] Industry Dynamics Tracking - The Shanghai Cooperation Organization summit proposed the establishment of a development bank to support regional infrastructure projects, which could benefit construction enterprises involved in the Belt and Road Initiative [14] - From January to July, 19,800 urban old community renovation projects were initiated, reflecting a strong progress in construction activities, which is expected to drive demand for related engineering and materials [15] Weekly Market Review - The construction decoration sector experienced a decline of 1.37% this week, while the Shanghai Composite Index and the Wind All A Index saw declines of 0.81% and 1.37%, respectively [20]

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology industry, specifically recommending an increase in holdings for companies like Chengyitong and Sanbo Brain Science [1]. Core Insights - The report highlights the significant support from policies and technological breakthroughs in the brain-computer interface (BCI) industry, indicating a promising development trajectory. It suggests that the BCI industry is entering a golden development period, with applications in neural rehabilitation and motor function reconstruction expected to be among the first to commercialize [4][29]. - The report notes that the A-share pharmaceutical index has seen a year-to-date increase of 27.3%, although it underperformed compared to the CSI 300 index [4]. - The report emphasizes the importance of the BCI technology as a strategic high ground in global technological competition, with substantial investments from the U.S. government exceeding $4 billion from 2014 to 2023 [22][26]. Summary by Sections Industry Trends - The A-share pharmaceutical index has increased by 2.8% this week and 27.3% year-to-date, while the Hang Seng Biotechnology Index has risen by 11.3% this week and 108.1% year-to-date [4][9]. - The report identifies strong performance in chemical drugs (+6.0%), biological products (+2.7%), and medical services (+5.6%), while traditional Chinese medicine and medical devices have seen declines [4]. Policy Support and Technological Breakthroughs - The report discusses the clear policy support for the BCI industry, with the Ministry of Industry and Information Technology and other departments releasing the "Brain-Computer Interface Industry Innovation Development Action Plan (2025-2028)" [26][29]. - It highlights that China has successfully conducted its first invasive BCI clinical trial, marking a significant milestone in the industry [29]. R&D Progress and Company Dynamics - The report details various companies' advancements, including the acceptance of clinical applications for new drugs by Maiwei Biotech and Hansoh Pharmaceutical [4][29]. - It recommends focusing on companies involved in BCI technology, such as Chengyitong, Sanbo Brain Science, and Xiangyu Medical [4][29]. Market Performance - The report provides a detailed overview of stock performance, noting significant gains for companies like Puris (+35.61%) and Haichen Pharmaceutical (+33.04%) this week [4][9]. - It also highlights the strong performance of large-cap pharmaceutical stocks compared to smaller-cap stocks [4].

Employment and Inflation Outlook - The upcoming FOMC meeting in September will be influenced by the recalibration of non-farm payroll data and August inflation figures[2] - The BLS will adjust non-farm employment data based on the QCEW, which covers 97% of businesses, providing a more accurate employment picture[2] - A significant downward revision of 818,000 jobs in March 2024 was noted, marking the second-largest adjustment since 1979, which may lead to a 50bps rate cut in September 2024[2] Inflation Data Expectations - Analysts expect August CPI to show a month-on-month increase of 0.3% and a year-on-year increase of 2.9%, with core CPI also expected to rise by 0.3% month-on-month[4] - The impact of tariffs on core CPI is anticipated to manifest gradually, with a moderate effect expected on inflation[4] Market Reactions and Predictions - The recent cooling of U.S. employment data has led to a strong market expectation for a rate cut in September, with a baseline prediction of a 25bps cut and potential for 1-2 additional cuts throughout the year[3] - Gold prices surged to over $3,600 per ounce, driven by falling U.S. Treasury yields and increased risk aversion due to fiscal concerns in the Eurozone[3] Economic Indicators - The ISM Manufacturing PMI for August was reported at 48.7, slightly below expectations, while the ISM Services PMI rose to 52, indicating mixed economic signals[3] - Non-farm payrolls added only 22,000 jobs in August, significantly below the expected 75,000, with the unemployment rate at 4.324%[3] GDP Forecasts - The Atlanta Fed's GDPNow model predicts a 3.0% growth for Q3 2025, while the New York Fed's Nowcast model estimates a 2.1% growth for the same period[3]

Economic Indicators - The weekly ECI supply index is at 50.03%, down 0.02 percentage points from last week, while the demand index remains stable at 49.90%[6] - The monthly ECI supply index decreased by 0.04 percentage points from August, while the demand index increased by 0.01 percentage points[7] - The ECI investment index is at 49.90%, unchanged from last week, and the consumption index is at 49.71%, down 0.02 percentage points[6] Loan and Financing Trends - The ELI index is at -0.68%, up 0.01 percentage points from last week, indicating a potential decrease in new loans for August[11] - New loans in August are expected to be between 800 billion and 850 billion CNY, a year-on-year decrease of 100 billion to 50 billion CNY[15] - Government bond financing in August is projected at 1.33 trillion CNY, down 510 billion CNY year-on-year[15] Real Estate Market - As of September 6, the transaction area of commercial housing in 30 major cities has turned positive year-on-year, indicating a potential recovery in real estate sales[7] - Recent policy adjustments in major cities like Shenzhen, Beijing, and Shanghai aim to ease purchase restrictions, which may stabilize the real estate market[7] Industrial Production and Consumption - The operating rate for automotive tires has decreased, with full steel tires at 59.78%, down 4.06 percentage points from last week[16] - The average wholesale price of pork is 19.91 CNY/kg, down 0.05 CNY/kg from last week, while the price of key monitored vegetables is 5.08 CNY/kg, up 0.17 CNY/kg[40] Export and Shipping - The Shanghai export container freight index is at 1444.44 points, down 0.62 points from last week, indicating a slight decline in export shipping costs[34] - South Korea's export growth rate for August is 1.30%, down 4.60 percentage points from July, reflecting a slowdown in export performance[34]

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1]. Core Insights - The public fund fee reform's third phase has commenced, and listed insurance companies continue to increase their allocation to OCI stocks [1]. - The non-bank financial sector has shown a decline of 5.05% recently, underperforming the CSI 300 index, which fell by 0.81% [10]. - The insurance sector's net profit has generally increased, with a notable growth in new business value (NBV) for life insurance [24][25]. - The securities sector has experienced a significant increase in trading volume, with a year-on-year rise of 223.25% in daily average stock trading value [16]. - The multi-financial sector is transitioning into a stable growth phase, with trust assets continuing to grow despite a decline in profits [35]. Summary by Sections Non-Bank Financial Sector Performance - All sub-sectors of non-bank financials underperformed the CSI 300 index in the recent five trading days, with declines of 4.07% in insurance, 5.29% in securities, and 6.32% in multi-financials [10][12]. Securities Sector - Trading volume has significantly increased, with a daily average stock trading value of CNY 29,496 billion as of September 5, 2025, marking a 223.25% increase year-on-year [16]. - The margin balance reached CNY 22,795 billion, up 63.74% year-on-year [16]. - The average price-to-book (PB) ratio for the securities industry is projected at 1.3x for 2025 [22]. Insurance Sector - Listed insurance companies reported a total net profit of CNY 1,782 billion for the first half of 2025, reflecting a 3.7% year-on-year increase [24]. - The NBV for life insurance has shown substantial growth, with increases of 20% to 72% across major companies [25]. - The insurance sector's valuation is currently between 0.62-0.93 times the expected P/EV for 2025, indicating a historical low [34]. Multi-Financial Sector - The trust industry saw its asset scale reach CNY 29.56 trillion by the end of 2024, a 23.58% increase year-on-year, despite a 45.5% drop in total profits [35]. - The futures market experienced a trading volume of 10.59 billion contracts in July 2025, with a transaction value of CNY 71.31 trillion, representing year-on-year growth of 48.89% and 36.03%, respectively [41]. Industry Ranking and Recommendations - The report ranks the sectors as follows: Insurance > Securities > Other Multi-Financials, with key recommendations including China Ping An, New China Life, China Pacific Insurance, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings [51].