Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong expectation for future price appreciation [1]. Core Insights - The company is positioned as a leading provider of financial IT solutions in China, focusing on banking and related sectors, with a stable upward trend in its fundamentals [7][12]. - The collaboration with Ant Group is expected to enhance the company's AI capabilities and expand its market reach in the banking sector [29][30]. - Revenue growth is projected to accelerate significantly, with expected increases of 23.4% in 2025, 125.1% in 2026, and 25.3% in 2027, driven by AI applications and a focus on software business [34]. Summary by Sections 1. Company Overview - The company has established itself as a comprehensive solution provider for financial information technology, serving a diverse client base in banking, insurance, and securities [12]. - It has a strong market position in credit and risk management solutions, with a focus on AI and partnerships with leading data firms like Ant Group [7][12]. 2. Market Opportunities - The report highlights a significant gap in the housing loan market, with an estimated shortfall of 3 trillion yuan by the end of 2024, which is expected to grow to 6 trillion yuan by 2026 [19][20]. - The company aims to leverage its capabilities to provide detailed customer profiles and meet the credit needs of underserved populations [25]. 3. AI and Innovation - The company is actively developing its AI Agent business, focusing on applications in financial marketing, credit assessment, and risk management [29][30]. - It has initiated collaborations with Ant Group to enhance its AI solutions and improve service delivery to banking clients [30]. 4. Financial Projections - Revenue forecasts indicate a recovery with a compound annual growth rate (CAGR) of -9.7% from 2022 to 2024, followed by a positive growth trajectory starting in 2025 [13]. - The projected net profit for 2025 is expected to reach 52.31 million yuan, with significant growth anticipated in subsequent years [1][34]. 5. Valuation Metrics - The report estimates the company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 to be 215, 32, and 23, respectively, reflecting strong profit growth potential [34]. - A target price of 51.5 yuan per share is set for 2026 based on a price-to-sales (P/S) valuation method [34].

证券研究报告·策略报告·策略周评 策略周评 20250922 政策与企业创新并进，AI 内部高低切 2025 年 09 月 22 日 [Table_Summary] 本周 AI 要闻 （信息来源：WIND、陆家嘴财经早餐、新华网、凤凰网、腾讯网等） 周度观点 ◼ 政策与企业创新并进，但 AI 内部关注高低切换。 （1）国内外政策布局与企业创新并进。政策层面，中国—东盟人工智能应 用合作中心在南宁启动，明确构建区域协同创新体系，推动算力共建、多 语言技术合作及行业开源社区发展。我国多省市也积极推进"人工智能+" 应用试点基地建设，覆盖智能制造、智慧医疗、数字政务等领域，形成一 批可复制推广的典型场景，为 A 股 AI 应用企业带来持续的政策红利与业 务机会。与此同时，马来西亚等东南亚国家持续加码 AI 投资，预计到 2030 年吸引超 400 亿美元资金，凸显新兴市场在全球 AI 版图中的战略地位。 （2）巨头应用强化 AI 使用效率。华为公布昇腾芯片至 2028 年的详细技 术路线，推出超节点集群 Atlas SuperPoD 及"灵衢"互联协议，进一步提 升国产 AI 训练与推理集群效能。阿里通义千问团队开 ...

Macro Strategy - The September FOMC meeting resulted in a 25bps rate cut, with guidance indicating two more cuts within the year and an additional cut next year, which is more hawkish than market expectations [1][17] - Powell's statements on employment and inflation were consistent with the August Jackson Hole meeting, lacking significant dovish information, leading to volatile movements in major asset classes [1][17] - The focus is shifting towards the independence of the Federal Reserve, with potential political pressures influencing future rate cuts and increasing dollar credit risks [1][17] Fixed Income - The convertible bond market experienced fluctuations, with high-priced bonds outperforming mid and low-priced ones, indicating a highly structured opportunity landscape driven by the current equity market [2][19] - The China convertible bond index has risen over 30% since its low in August 2024, with a corresponding increase in the premium rate of about 8-12 percentage points [2][19] - The issuance of green bonds totaled approximately 20.052 billion yuan this week, a significant increase from the previous week, indicating strong market interest [4][23] Industry Insights - In the semiconductor equipment sector, domestic equipment manufacturers are expected to benefit significantly from the development of domestic computing power chips [12] - The oil service equipment industry is poised to gain from Saudi Aramco's plan to initiate 85 major projects over the next three years, with specific recommendations for companies like Jereh and Neway [13] - The precision manufacturing sector, particularly in 3C electronics, is highlighted for its growth potential, with companies like Fuliwang expected to see significant profit increases from 2025 to 2027 [16]

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry [1] Core Views - The demand for energy storage and lithium batteries is robust, with advancements in humanoid and solid-state technologies accelerating [1] - The report highlights a significant growth trajectory in the electric vehicle sector, with domestic sales expected to increase by 25% to 16 million units in 2025 [3][26] - The energy storage market is projected to experience a compound annual growth rate (CAGR) of 30-50% from 2025 to 2028, driven by demand in Europe, the Middle East, and the U.S. [3][7] Industry Trends - **Energy Storage**: The U.S. energy storage market saw a cumulative installation of 5.5 GW in the first half of 2025, a year-on-year increase of 27% [7] - **Electric Vehicles**: In August 2025, domestic electric vehicle sales reached 1.4 million units, reflecting a year-on-year growth of 27% [26] - **Humanoid Robots**: The humanoid robot market is expected to reach over 100 million units, with a market potential exceeding 15 trillion yuan [11] Company Insights - **Ningde Times**: Recognized as a global leader in power and energy storage batteries, with a low valuation despite strong growth prospects [6] - **Sunpower**: A leading inverter manufacturer with significant overseas market integration [6] - **BYD**: Continues to see strong sales growth in electric vehicles, with a focus on structural upgrades [6] Investment Strategy - The report recommends investing in leading companies in the lithium battery sector, such as Ningde Times, Yihua Lithium Energy, and Xinwangda, as well as companies involved in humanoid robotics and energy storage solutions [3][6]

Investment Rating - The report maintains a positive outlook on the automotive sector, with a focus on the growth potential of passenger vehicles and related components [1]. Core Insights - The automotive sector is experiencing a notable increase in demand, with passenger car insurance registrations reaching 450,000 units in the second week of September, reflecting a week-on-week increase of 24.9% and a month-on-month increase of 4.9% [2][47]. - Key developments include the successful launches of several new models, such as the Ideal i6, which is set to officially launch on September 26, and the Galaxy M9, which has already received over 23,000 pre-orders [2][3]. - The report identifies three main investment themes: AI smart vehicles, AI robotics, and sectors benefiting from favorable market conditions, such as buses and heavy trucks [3]. Summary by Sections Market Performance - The automotive sector ranked third in A-shares and second in Hong Kong stocks for the week, indicating strong market performance [7]. - The automotive components sector showed the best performance within the automotive industry, with a notable increase in stocks like Yanfeng Automotive and Xinquan [15][24]. Sales and Demand Forecast - The report forecasts a total retail sales volume of 23.7 million units for 2025, representing a year-on-year growth of 4.1% [48]. - The penetration rate of new energy vehicles is expected to reach 56.6% by 2025, with sales projected to be 1.34 million units [49]. Investment Opportunities - The report highlights key investment opportunities in the automotive sector, particularly in the AI smart vehicle supply chain, including companies like Tesla, Xiaopeng Motors, and Horizon Robotics [3]. - The report also emphasizes the importance of component suppliers, such as Desay SV and Junsheng Electronics, in the growth of the automotive sector [3]. Policy and Market Trends - The report notes that government policies, such as the expansion of vehicle scrappage subsidies, are expected to support domestic demand in 2025 [48][56]. - The report anticipates a continued recovery in the bus market, with domestic sales expected to grow by 15% in 2025 [56].

证券研究报告 半导体设备行业深度： AI芯片快速发展， 看好国产算力带动后道测试&先进封装设备需求 首席证券分析师：周尔双 执业证书编号：S0600515110002 zhouersh@dwzq.com.cn 证券分析师：李文意 执业证书编号：S0600524080005 liwenyi@dwzq.com.cn 2025年9月21日 请务必阅读正文之后的免责声明部分 投资建议 2 ⚫ AI芯片快速发展，带来封测设备新需求。（1）测试机：SoC芯片作为硬件设备的"大脑"，承担着AI运算控制等 核心功能，对计算性能和能耗的要求极高，这使得芯片设计和制造的复杂性大幅增加，先进存储芯片为AI算力芯 片提供高带宽的数据存储和传输支持，其容量和带宽的不断提升也进一步增加了芯片的复杂性，因此SoC芯片和 先进存储芯片的复杂性提升共同推动了对高性能测试机需求的显著增长；（2）封装设备：HBM显存的高带宽突 破了加速卡的显存容量限制；COWOS封装技术作为一种2.5D技术，是GPU与HBM高速互联的关键支撑。2.5D和 3D封装技术需要先进的封装设备的支撑，进一步推动了对先进封装设备的需求增长。 ⚫ 后道测试：AI测试要求提升 ...

Economic Indicators - The weekly ECI supply index is at 50.03%, down 0.01 percentage points from last week, while the demand index remains stable at 49.91%[6] - The monthly ECI supply index is at 50.04%, down 0.03 percentage points from August, and the demand index is at 49.91%, up 0.02 percentage points from August[7] - The ECI investment index is at 49.93%, unchanged from last week, while the consumption index is at 49.68%, down 0.04 percentage points[6] Real Estate and Consumption - The transaction area of commercial housing in 30 major cities increased by 14.5% year-on-year, improving from 6.8% in the first half of the month[7] - The retail sales of passenger cars in September showed a year-on-year decline of 4.0%, indicating a gradual emergence of base effect in consumer spending[24] Export and Industrial Production - The cumulative cargo throughput at monitored ports recorded a year-on-year growth of approximately 7.8%, improving from 4.6% in August, suggesting strong export resilience[7] - The industrial production index shows a slight recovery, with the national blast furnace operating rate at 84.00%, up 0.15 percentage points from last week[16] Monetary Policy and Liquidity - The ELI index is at -0.73%, down 0.04 percentage points from last week, indicating a slight decrease in liquidity[12] - The central bank is expected to restart the 14-day reverse repurchase operations to stabilize liquidity around the quarter-end, with a net monetary injection of 562.3 billion yuan this week[51] Risks and Policy Measures - Risks include uncertainties in U.S. tariff policies and the potential for policy measures to fall short of market expectations[58] - Recent policies aimed at expanding service consumption were announced, which may help alleviate pressures on commodity consumption and prices[57]

证券研究报告·固定收益·固收周报 固收周报 20250921 周观：央行重启买入国债将如何影响债市? （2025 年第 37 期） [Table_Summary] [Table_Summary] 观点 ◼ 央行重启买入国债预期再度发酵，如何看待其可能性及对债市影响？本 周（2025.9.15-2025.9.19），10年期国债活跃券收益率从上周五的1.7895% 上行 0.55bp 至 1.795%。周度复盘：周一（9.15），2025 年 8 月经济数据 公布，1-8 月固定资产投资累计同比 0.5%，前值 1.6%；8 月社会消费品 零售总额当月同比 3.4%，前值 3.7%；8 月规模以上工业增加值当月同 比 5.2%，前值 5.7%。受偏弱数据的推动，利率略有下行。午后，两则 消息打压债市情绪。一是《求是》发表习近平总书记重要文章《纵深推 进全国统一大市场建设》，文章中强调着力整治企业低价无序竞争乱象， 二是国新办将于周三下午举行发布会，介绍扩大服务消费有关政策措 施。这两则消息引发政策加码的预期，利率转而大幅上行，全天 10 年 期国债活跃券收益率上行 1.05bp。周二（9.16），早盘受夜盘双焦 ...

Group 1: Federal Reserve Actions - The Federal Reserve lowered interest rates by 25bps as expected during the September FOMC meeting, with indications of two more rate cuts within the year and an additional cut next year, which is more hawkish than market expectations[2] - Following the FOMC meeting, the 10-year U.S. Treasury yield rose by 6.31bps to 4.127%, while the 2-year yield increased by 1.59bps to 3.572%[3] - The market initially reacted to a more dovish 2025 dot plot but later adjusted to a more hawkish outlook for 2026, influenced by Powell's statements[3] Group 2: Market Reactions - The S&P 500 and Nasdaq indices rose by 1.22% and 2.21% respectively, driven by the Fed's rate cut and positive developments in U.S.-China TikTok negotiations[3] - The U.S. dollar index increased by 0.10% to 97.64, reflecting a mixed response to the Fed's actions and economic data[3] - Gold prices initially rose by 1.16% to $3685 per ounce but later declined, indicating volatility in response to the Fed's hawkish stance[3] Group 3: Economic Indicators - U.S. retail sales for August increased by 0.6%, surpassing expectations of 0.2%, with core retail sales (excluding autos) rising by 0.7% against a forecast of 0.4%[3] - Initial jobless claims for the week ending September 13 fell to 231,000, below the expected 240,000, indicating a strengthening labor market[3] - The Atlanta Fed's GDPNow model predicts a Q3 2025 GDP growth of 3.3%, while the New York Fed's Nowcast model estimates it at 2.1%[3] Group 4: Political Risks - The failure of temporary spending bills in the Senate raises the risk of a federal government shutdown on October 1, increasing political uncertainty in the market[4] - The potential for Trump to gain more influence over the Federal Reserve could lead to a shift from a data-dependent to a Trump-dependent policy framework, impacting future monetary policy decisions[4]

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1] Core Views - The fundamentals of the non-bank financial industry show a positive trend with high certainty of recovery in valuations for insurance and brokerage firms [1] Summary by Sections Non-Bank Financial Sub-Industry Performance - In the recent five trading days (September 15-19, 2025), only the diversified financial sector outperformed the CSI 300 index, with diversified finance down 0.03%, securities down 3.55%, insurance down 4.80%, and the overall non-bank financial sector down 3.80% [10][11] - Year-to-date performance shows diversified finance up 11.54%, insurance up 5.74%, brokerage up 4.47%, and the overall non-bank financial sector up 5.27%, while the CSI 300 index is up 14.41% [11][12] Securities Sector - Trading volume has significantly increased year-on-year, with the average daily trading volume for September reaching CNY 28,214 billion, up 209.19% year-on-year and 7.65% month-on-month [16] - The margin trading balance as of September 18 was CNY 24,025 billion, up 75.22% year-on-year and 28.85% since the beginning of the year [16] - The average price-to-book (PB) ratio for the securities industry is projected at 1.3x for 2025, with recommendations for leading firms benefiting from active capital market policies, such as CITIC Securities and Dongfang Zhi Tong [21] Insurance Sector - The net profit of listed insurance companies showed a slight increase, with a total net profit of CNY 1,782 billion in the first half of 2025, a year-on-year growth of 3.7% [23] - The new business value (NBV) for life insurance remains high, with significant growth rates reported by major firms, driven by improved value rates due to declining interest rates and increased new premium sales [23] - The insurance sector's valuation is currently at 0.65-0.86 times the 2025E P/EV, which is considered historically low, maintaining an "Overweight" rating [27] Diversified Financial Sector - The trust industry saw its total assets reach CNY 29.56 trillion by the end of 2024, a year-on-year growth of 23.58%, although profits have significantly declined [29] - The futures market experienced a trading volume of 10.59 billion contracts in July, with a transaction value of CNY 71.31 trillion, reflecting year-on-year growth of 48.89% and 36.03% respectively [36] - The report suggests that innovation in risk management will be a key direction for the futures industry moving forward [41] Industry Ranking and Key Company Recommendations - The recommended ranking for the industry is insurance > securities > diversified finance, with key recommendations including China Ping An, New China Life, China Pacific Insurance, CITIC Securities, and Dongfang Zhi Tong [47]