Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The coal mining industry is entering the off-season, with port coal prices experiencing fluctuations. As of September 12, the spot price of thermal coal at ports increased by 1 CNY/ton to 680 CNY/ton. Supply from the four ports in the Bohai Rim averaged 1.6136 million tons per day, a decrease of 207,900 tons week-on-week, representing an 11.41% decline. Demand also saw a reduction, with daily outflows dropping by 25.59% to 1.5834 million tons. The inventory at the four ports decreased slightly to 22.687 million tons, down 0.10% from the previous week. The report suggests that as the industry enters the off-season, with a notable drop in temperatures and residential electricity demand, there may be short-term pressure on inventory depletion, leading to a forecast of fluctuating coal prices in the near term [1][2][5] Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index closed at 3,870.60 points, up 1.14% week-on-week. The coal sector index closed at 2,642.87 points, down 0.14% with a trading volume of 38.209 billion CNY, a decrease of 13.07% [10] 2. Price Movements - The price of thermal coal at production sites showed mixed trends. As of September 12, the price for 5500 kcal thermal coal in Datong increased by 6 CNY/ton to 560 CNY/ton, while the price for 4000 kcal thermal coal in Inner Mongolia decreased by 10 CNY/ton to 370 CNY/ton. The port price for 5500 kcal thermal coal at Qinhuangdao rose by 1 CNY/ton to 680 CNY/ton [15][17] 3. Inventory and Shipping - The average daily coal inflow at the four Bohai Rim ports was 1.6136 million tons, down 11.41% week-on-week. The average daily outflow was 1.5834 million tons, down 13.91%. The number of anchored vessels decreased to 71, a drop of 8.82% [25][28] 4. Recommendations - The report emphasizes the importance of monitoring insurance capital inflows and suggests focusing on resource stocks. It recommends specific thermal coal stocks, including Haohua Energy and Guanghui Energy, which are considered undervalued [2][33]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The report highlights the listing of Dahon Technology on the Hong Kong Stock Exchange, emphasizing the rising trend of cycling as a new consumption pattern [5][10] - Dahon Technology is the largest folding bicycle company in mainland China, with a market share of 36.5% in 2024 [5][10] - The company's revenue and net profit are experiencing high growth, with revenues of 4.51 million and 1.85 million yuan for the first four months of 2024 and 2025, respectively, reflecting year-on-year increases of 50% and 47% [5][10] - The report notes a stable gross margin of 33% and a net profit margin of 12%, which are higher than competitors like Giant and Merida [5][13] - The folding bicycle market is witnessing a shift towards mid-to-high-end products, with the share of mid-range bicycles increasing from 51% in 2022 to 68% in early 2025 [5][18] - The global bicycle market is projected to grow at a CAGR of 11.8% from 2024 to 2029, following a recovery post-pandemic [24][25] - The folding bicycle market in mainland China is expected to grow from approximately 4 billion yuan in 2019 to about 17 billion yuan by 2024, with a CAGR of 31.6% [29] Summary by Sections Industry Overview - The report discusses the significant growth in the folding bicycle market, driven by urbanization and improved infrastructure, making it suitable for urban commuters [29] Company Performance - Dahon Technology's revenue and net profit growth are attributed to the expansion of domestic distribution channels and online direct sales [5][10] - The company maintains a competitive edge with higher profit margins compared to major players in the bicycle industry [5][13] Market Trends - The report identifies a trend towards premium consumption in the cycling sector, with increased consumer interest in mid-to-high-end bicycles [5][25] - The rise of cycling as a leisure activity is contributing to the growth of the folding bicycle market, with a notable increase in consumer spending [30]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Views - Zhou Li Fu, a well-known domestic gold jewelry brand, leverages an online and offline sales model to penetrate lower-tier markets and achieve differentiated layouts and multi-channel development. The online business is rapidly expanding and is currently leading the industry. With the continuous expansion of the gold jewelry market and the company's potential layout in North and East China, future revenue has strong growth momentum and broad prospects. The company is expected to achieve net profits of 850 million, 980 million, and 1.12 billion yuan from 2025 to 2027, with year-on-year growth rates of 20%, 16%, and 14% respectively. The latest closing price corresponds to a PE ratio of 23, 20, and 17 times for 2025-2027. Given the company's high online growth and significant expansion potential for offline stores, long-term growth is promising, and the company continues to distribute dividends [3]. Summary by Sections 1. Company Overview - Zhou Li Fu was established in 2004 and officially listed on the Hong Kong Stock Exchange on June 26, 2025. The company provides a variety of jewelry products, including gold jewelry and diamond-inlaid jewelry, through a comprehensive sales network of offline stores and online sales channels. In 2024, the company achieved revenue of 5.72 billion yuan, a year-on-year increase of 11.0%, and a net profit of 710 million yuan, also up 7.1% year-on-year. In the first half of 2025, the company reported revenue of 3.15 billion yuan, a year-on-year increase of 5.2%, and a net profit of 420 million yuan, up 11.9% year-on-year [9][14]. 2. Industry Overview - The Chinese gold jewelry market is experiencing steady expansion, with the market size expected to grow from 328.2 billion yuan in 2019 to 568.8 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 11.6%. By 2029, the market size is projected to reach 818.5 billion yuan, with a CAGR of 7.6% from 2024 to 2029. The gold jewelry segment is expected to maintain a dominant position, accounting for 73.0% of the total retail sales in 2024, increasing to 75.2% by 2029 [50][49]. 3. Future Growth - Zhou Li Fu is focusing on expanding its offline store network while enhancing its online sales channels. As of the end of 2024, the company had over 4,129 stores, including more than 4,125 in China and 4 overseas. The company is actively penetrating lower-tier markets and expanding into first and second-tier cities. In the first half of 2025, online sales reached 1.63 billion yuan, a year-on-year increase of 34.3%, accounting for 51.8% of total revenue [60][61].

证券研究报告·行业点评报告·社会服务 社会服务行业点评报告 高教股：低估值硬资产发生了怎样的转变？ 2025 年 09 月 14 日 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 增持（维持） 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 王琳婧 [Table_Tag] [Table_Summary] 投资要点 执业证书：S0600525070003 wanglj@dwzq.com.cn 行业走势 证券分析师 吴劲草 ◼ 高教公司资产特点：低估值，恢复空间大。高校公司具有资产扎实，预 收账款现金流好，行业竞争壁垒极高等主要特点。而目前高校公司 2025 年对应估值大体是 3-6 倍 PE，估值较低，恢复空间大。低估的主要原 因，在于市场担心高校股分红存在一些障碍，但实际上高教公司通过 VIE 等方式，过去若干年，实际上存在很强的实际分红。根据我们整理 的相关高教公司的估值，分红等数据，可以看到中教控股，华夏控股， 新高教集团，中国科培等公司，过去均有实际且较高的分红率和股息率。 ◼ 边际变化：宇华教育旗下湖南涉外经济学院 ...

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250914 本周北证 50 创新高后震荡回落，建议关注科 技成长个股 [Table_Tag] [Table_Summary] 北交所市场表现 行业重要新闻 观点 ◼ 本周北交所市场活跃度有所回落，建议关注产业景气度高的科技成长性 企业。本周北证 50 指数在周一创出新高后开始震荡回落，全周累计下 跌 1.07%，北交所内部行情呈现高度分化，资金较为关注科技题材相关 个股，如曙光数创（数据中心）、戈碧迦（半导体）、舜宇精工（AGV）、 华密新材（PEEK）等。建议关注产业景气度高，重点布局人工智能、机 器人、商业航天、低空经济等方向、估值相对低位的成长型个股。 新股上市 ◼ 三协电机（ 920100.BJ）：成立于 2002 年，专注于研发、制造并销售控 制类电机，主要产品包括步进电机、伺服电机和无刷电机及与其配套产 品，以其体积小、功率密度大、绿色节能的显著特点，在精密控制电机 领域树立了良好口碑及自主品牌。其产品已广泛用于安防、纺织、光伏、 半导体、3C 电子、汽车制造、机器人、医疗设备和智能物流等领域。 投资建议 2025 年 09 月 14 ...

Core Insights - The market is currently experiencing a structural shift, transitioning from a trend-driven rally to a range-bound consolidation phase, which often serves as a critical window for structural changes [1][4] - The focus is on the AI sector, particularly in upstream hardware such as optical modules, PCBs, and domestic GPUs, which have seen concentrated bullish sentiment [2][6] - The report suggests that if the market fails to break through the upper range with increased volume, it may lead to a new fragile balance between bulls and bears, making lower-risk investments more favorable [2][3] Market Dynamics - The current market structure is highly concentrated, with a few segments significantly impacting the overall index. If liquidity remains low, it could lead to increased volatility and risks in high-leverage segments [2][6] - The report highlights that the PPI data from August showed a narrowing year-on-year decline, indicating some improvement, but not enough to support a strong market rally [3][6] - The report emphasizes the importance of identifying sectors that are less crowded and have potential for growth, particularly in the AI industry, where certain segments remain undervalued [3][4] Investment Opportunities - The report identifies several promising areas within the AI sector, including storage solutions, AIDC-related infrastructure, and AI applications in healthcare and robotics [7][9][10] - Specific investment opportunities include companies involved in high-performance storage products, AI infrastructure, and AI applications in pharmaceuticals, which are expected to benefit from technological advancements and increased demand [7][9][10] - The report suggests that the AI application sector, particularly in areas like smart driving and humanoid robots, is poised for significant growth, driven by technological breakthroughs and market demand [12][13][14] Historical Context - The report draws parallels with the 2019-2021 new energy market, illustrating how structural shifts often occur during consolidation phases, leading to a rotation between high and low-performing sectors [4][24] - Historical data indicates that during previous market consolidations, certain sectors outperformed while others lagged, suggesting a similar pattern may emerge in the current AI-driven market [4][24] Sector Analysis - The report provides a detailed analysis of various AI-related sectors, highlighting the potential for growth in storage, AIDC, AI in healthcare, and consumer electronics [7][8][9][11] - It emphasizes the importance of monitoring developments in these sectors, as they are likely to experience significant investment and innovation in the coming years [7][8][9][11] - The report also includes a table of relevant stocks within the AI sector, providing a snapshot of market capitalization and industry classification for potential investors [30]

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry, specifically highlighting the potential in PCB equipment, solid-state battery equipment, and humanoid robots [1]. Core Insights - The demand for AI computing power is driving the high-end PCB market, with significant growth expected in the server market from 2024 onwards, leading to increased production capacity among domestic PCB manufacturers [2][29]. - Solid-state battery equipment is seeing steady industrialization, with key suppliers like Xian Dao Intelligent delivering critical production lines, indicating a growing market for solid-state batteries [4]. - The humanoid robot sector is poised for significant opportunities, particularly with upcoming product launches from Tesla and other companies, suggesting a favorable investment environment [5]. Summary by Sections PCB Equipment - Oracle's recent financial results indicate a substantial increase in remaining performance obligations (RPO), suggesting a strong demand for AI computing infrastructure [2]. - Leading PCB manufacturers in China are expanding their high-end HDI production capacity to capture quality orders in the server PCB market, which will significantly boost demand for drilling equipment [3]. - Key recommendations for PCB production include focusing on drilling, exposure, and electroplating processes, with specific companies highlighted for their roles in these areas [3][30]. Solid-State Battery Equipment - Leading equipment manufacturers are successfully delivering key solid-state battery production equipment, with significant energy savings and cost reductions reported [4]. - The solid-state battery sector is expected to enter a critical phase of pilot production by 2025-2026, with ongoing equipment optimization anticipated [4][22]. Humanoid Robots - The humanoid robot sector is experiencing a surge in interest, driven by new product releases and advancements in AI capabilities, with specific companies recommended for investment [5][44]. - The report emphasizes the importance of high-performance AI models for the development of humanoid robots, indicating a need for continued innovation in this area [44][45]. Industry Trends - The mechanical equipment industry is witnessing a strong upward trend, with significant sales growth in excavators and other machinery, driven by infrastructure projects and international demand [11][36]. - The report highlights the increasing importance of electric and unmanned machinery in high-altitude projects, suggesting a shift in industry dynamics towards more advanced technologies [37][38].

证券研究报告·行业点评报告·电子 电子行业点评报告 模拟反倾销调查启动，多维拆解影响几何？ 2025 年 09 月 14 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：政策不及预期，技术发展不及预期，市场竞争风险。 行业走势 0% 11% 22% 33% 44% 55% 66% 77% 88% 99% 2024/9/18 2025/1/15 2025/5/14 2025/9/10 电子 沪深300 相关研究 《国产算力认知强化！GPU"芯片"视 角向"超节点"转换》 2025-09-11 证券分析师 陈海进 执业证书：S0600525020001 chenhj@dwzq.com.cn 研究助理 谢文嘉 执业证书：S0600125020003 xiewenjia@dwzq.com.cn 《百万 Token 时代来临，Rubin CPX 重塑推理架构与产业链》 2025-09-10 东吴证券研究所 1 / 3 请务必阅读正文之后的免责声明部分 ◼ 核心观点：我们认为"海外价格战"一直为模拟板块核心压制，尤其是 汽车/工业/通信领域。反倾销的推进，有望解放模拟厂商 ...

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601) [1] Core Views - China Pacific Insurance plans to issue approximately HKD 15.6 billion in zero-coupon H-share convertible bonds to support its main insurance business and the implementation of three major strategies: "Great Health", "Artificial Intelligence+", and "Internationalization" [2][7] - The issuance of convertible bonds is expected to enhance the company's capital strength at a low cost, supporting its main business development [7] - The report forecasts that the company's net profit attributable to shareholders will be CNY 51.6 billion, CNY 52.7 billion, and CNY 55.3 billion for the years 2025 to 2027, respectively [7] Financial Forecasts - Total revenue is projected to be CNY 404.1 billion in 2024, with a year-on-year growth of 24.74% [1] - The net profit for 2024 is expected to be CNY 44.96 billion, reflecting a significant year-on-year increase of 64.95% [1] - The report indicates that the company's price-to-earnings (P/E) ratio is expected to be 7.99 in 2024 and decrease to 6.81 by 2027 [9] - The price-to-embedded value (P/EV) is projected to decline from 0.64 in 2024 to 0.52 in 2027, indicating a potential undervaluation [9] Market Data - The closing price of China Pacific Insurance is CNY 37.32, with a market capitalization of CNY 359.03 billion [5] - The company has a price-to-book (P/B) ratio of 1.27 and a net asset value per share of CNY 29.30 [5][6]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company focuses on the fields of mental health and cardiovascular diseases, with a promising development of innovative drugs. The launch of the insomnia drug, Dazisni, is expected to significantly contribute to revenue growth. The company is also advancing in the development of a small molecule Lp(a) inhibitor, which has potential for international markets [7][9]. Summary by Sections 1. Company Overview - The company has diversified its business across raw materials, finished drugs, and medical devices, marking a new phase in innovative drug development. It has become a leading enterprise in the mental health and cardiovascular sectors, with a production capacity exceeding 10 billion tablets [12][14]. 2. Financial Performance - The company’s total revenue for 2023 is projected at 3,999 million yuan, with a year-on-year growth of 5.79%. The net profit attributable to shareholders is expected to be 618.90 million yuan, reflecting a decline of 6.55% compared to the previous year. Revenue is forecasted to grow to 5,770 million yuan by 2027, with a compound annual growth rate of approximately 12.59% [1][18]. 3. Product Pipeline - The company has a rich pipeline of over ten innovative drug projects, including the small molecule Lp(a) inhibitor JX2201, which is currently in Phase I clinical trials. The drug has significant potential due to the large patient population with elevated Lp(a) levels and the absence of approved treatments targeting this condition [7][61]. 4. Market Dynamics - The insomnia drug market in China is projected to grow significantly, with the number of insomnia patients expected to reach 300 million by 2025. The company’s insomnia drug, Dazisni, is anticipated to capture a substantial market share following its launch and subsequent inclusion in the medical insurance list [45][54]. 5. Revenue Contributions - The finished drug segment is expected to contribute approximately 61% of total revenue in 2024, with a projected revenue of 25.22 billion yuan. The company is also focusing on expanding its overseas market presence and enhancing its product offerings through innovative drug development [29][35].