2025 年 8 月 3 日 FY26Q2 指引相对平淡，自主芯片设计挑战和机遇并存 ——ARM（ARM.O）FY2026Q1 业绩点评 要点 事件： FY26Q1 业绩符合指引，FY26Q2 指引平淡。1）FY26Q1：FY26Q1 营 收 10.53 亿美元，YoY+12%，QoQ-15%，符合此前公司 10-11 亿美元指引区 间，市场预期 10.54 亿美元。授权收入 4.68 亿美元，YoY-1%；版税收入 5.85 亿美元，YoY+25%，系 Armv9 架构占比提升、Arm 芯片在数据中心的使用量 增长、CSS 芯片放量。盈利方面，FY26Q1 Non-GAAP EPS 0.35 美元， YoY-12.50%，符合此前公司 0.30~0.38 美元指引区间，市场预期 0.351 美元。 2）FY26Q2 利润指引偏弱：公司指引 FY26Q2 营收 10.1~11.1 亿美元，中值 对应 YoY+25.6%，QoQ+0.7%，市场预期 10.59 亿美元；指引 FY26Q2 Non-GAAP EPS 0.29~0.37 美元，中值较市场预期的 0.349 美元低 5.4%。公 司计划加大研发投入聚 ...

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [5]. Core Insights - The report highlights the recent outbreak of Chikungunya fever in Foshan, prompting a level III public health response, which has led to increased attention on related detection products [2][21]. - The report emphasizes the potential for rapid clinical data accumulation and expedited product approvals for companies offering Chikungunya detection solutions [23][25]. - It suggests focusing on companies that have launched Chikungunya detection solutions, including Da An Gene, Wanfu Biology, and others [2][25]. Summary by Sections Market Review - The pharmaceutical and biotechnology index rose by 2.95%, outperforming the CSI 300 index by 4.70 percentage points, ranking first among 31 sub-industries [1][15]. - The Hong Kong Hang Seng Medical Health Index increased by 1.87%, surpassing the Hang Seng Index by 5.65 percentage points [1][15]. Company R&D Progress - Recent clinical applications include DB-1419 by Yimeng Bio and SHR-7782 by Heng Rui Medicine, both newly undertaken [28]. - Ongoing clinical trials include SYHX1901 and SHR-1905 by Shiyao Group and Heng Rui Medicine, respectively [28]. Important Company Announcements - Da An Gene and others have developed PCR-based detection solutions for Chikungunya fever, while BGI and Dian Diagnostics have introduced high-throughput sequencing solutions [23][25]. - Recent approvals include a medical device registration for digital X-ray systems by Xinhua Medical [27]. Financial Forecasts and Valuations - Key companies such as Heng Rui Medicine and Yuyue Medical are highlighted with projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024-2026 [4]. - Heng Rui Medicine is rated "Accumulate" with a PE ratio forecast of 62 for 2024, decreasing to 49 in 2025 [4]. Industry Trends - The report notes a structural selection of investment opportunities based on payment channels within the pharmaceutical industry, focusing on hospital payments, out-of-pocket payments, and overseas payments [3][25]. - It identifies three key directions for investment: policy support for innovative drugs and devices, expansion of public demand for blood products and home medical devices, and an upward cycle for overseas sales [3][25].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Insights - The company has achieved significant cost reduction and efficiency improvements, with a revenue of 40.03 billion yuan in 2024, a year-on-year increase of 2.36%, and a net profit of 4.75 billion yuan, up 16.02% year-on-year [2][4]. - The company is advancing its nuclear medicine research, with the innovative nuclear drug INR102 entering a new phase of clinical trials [1][3]. - The company is focusing on digital transformation and innovation in traditional Chinese medicine, with multiple projects in various stages of development [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 40.03 billion yuan, with a net profit of 4.75 billion yuan, marking a historical high [2]. - The operating cash flow reached 4.30 billion yuan, reflecting a year-on-year increase of 22.68% [2]. - The company’s gross margin improved to 27.9% in 2024, with a net profit margin of 11.9% [12]. Research and Development - The company is actively pursuing both short-term and long-term projects in traditional Chinese medicine and innovative drugs, with several products in various clinical trial phases [3]. - The nuclear medicine segment is a key focus, with two innovative nuclear drugs entering clinical trials [3]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been slightly adjusted upwards to 5.27 billion yuan and 5.85 billion yuan, respectively [4]. - The current stock price corresponds to a price-to-earnings ratio of 19 for 2025, indicating a favorable valuation [4].

Investment Rating - The report maintains a "Buy" rating for the agricultural, forestry, animal husbandry, and fishery sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The report highlights a strong rebound in meat and poultry prices due to increased stocking and the arrival of the consumption peak season [1][2]. - The pig price has shown a week-on-week increase of 1.27%, with the average price reaching 14.33 yuan/kg as of August 1 [23]. - The white feathered chicken price rose by 1.94% to 6.83 yuan/kg, while chick prices surged by 33.16% to 2.57 yuan/bird, driven by limited market supply and increased stocking enthusiasm among farmers [2][35]. - Corn and wheat prices have decreased slightly, while soybean meal prices have increased, indicating mixed trends in feed costs [3][50]. Summary by Sections 1. Market Overview - The agricultural sector underperformed against the broader market, with the agricultural index declining by 2.97% [14]. - The animal husbandry segment saw a significant drop, particularly in pig farming, which fell by 4.63% [14]. 2. Key Data Tracking - Pig prices increased to 14.33 yuan/kg, while the average weight of pigs at slaughter was 127.98 kg, reflecting a slight decrease [22][23]. - The white feathered chicken price reached 6.83 yuan/kg, and chick prices rose significantly, indicating a recovery in the poultry market [35][21]. - Yellow chicken prices improved due to seasonal demand, with medium-speed chicken prices increasing by 8.33% to 5.46 yuan/jin [45]. 3. Investment Recommendations - The report recommends focusing on the pig farming sector, anticipating a favorable supply-demand balance in August, with key companies to watch including Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [4][71]. - For the feed and veterinary sectors, companies like Haida Group and Reap Bio are highlighted due to rising demand from increased pig stocks [4][71]. - In the planting chain, companies such as Suqian Agricultural Development and Beidahuang are recommended as grain prices are expected to rise [4][71]. - The pet food sector is also noted for growth potential, with companies like Guibao Pet and Zhongchong Co. being highlighted [4][74].

Investment Rating - The report maintains a "Buy" rating for the agricultural, forestry, animal husbandry, and fishery sector [5] Core Insights - The report indicates a strong rebound in meat and poultry prices due to increased stocking and the arrival of the consumption peak season [1][2] - The pig price has shown a week-on-week increase of 1.27%, with the average price reaching 14.33 yuan/kg as of August 1 [23] - The white feather broiler price has risen by 1.94% to 6.83 yuan/kg, while chick prices surged by 33.16% to 2.57 yuan/bird [33] - Corn and wheat prices have decreased slightly, with corn averaging 2402.75 yuan/ton (down 0.21%) and wheat at 2440.5 yuan/ton (down 0.17%) [48] Summary by Sections 1. Market Review - The agricultural, forestry, and fishery sector underperformed the market, with a decline of 2.97% in the sector index [14] - The animal husbandry segment saw a significant drop of 4.63% [14] 2. Key Data Tracking 2.1 Swine - The average weight of market pigs is 127.98 kg, down 0.5 kg week-on-week, with a frozen meat inventory rate of 14.54% [23] 2.2 White Feather Broilers - The market is experiencing limited supply, leading to price increases for both broilers and chicks [33] 2.3 Yellow Feather Broilers - Yellow chicken prices have increased by 8.33% to 5.46 yuan/jin, driven by improved supply-demand dynamics during the summer [43] 2.4 Feed Sector - The report notes a slight decrease in corn and wheat prices, while soybean meal prices have increased by 0.49% to 2977.71 yuan/ton [48] 3. Investment Recommendations - The report recommends focusing on the swine breeding sector, highlighting companies such as Muyuan Foods, Wens Foodstuffs, and Juxing Agriculture [4] - It also suggests monitoring the feed and animal health sectors, particularly Haida Group and Reap Bio [4] - In the planting chain, companies like Suqian Agricultural Development and Beidahuang are recommended due to favorable grain price trends [4] - The pet food sector is also highlighted for its growth potential, with recommendations for companies like Guibao Pet and Zhongchong Co [4]

2025 年 8 月 3 日 行业研究 政治局会议强调"反内卷"及"科技创新"，关注龙头白马及国产替代 ——基础化工行业周报（20250728-20250803） 要点 中共中央政治局召开会议，强调"产能治理"及"科技创新"。 7 月 30 日， 中共中央政治局召开会议，会议分析研究当前经济形势，部署下半年经济工 作。会议认为，今年以来，我国经济运行稳中有进，高质量发展取得新成 效。主要经济指标表现良好，新质生产力积极发展，改革开放不断深化，重 点领域风险有力有效防范化解，民生兜底保障进一步加强，我国经济展现强 大活力和韧性。但同时，会议指出，当前我国经济运行依然面临不少风险挑 战。此外，会议指出，要坚定不移深化改革。坚持以科技创新引领新质生产 力发展，加快培育具有国际竞争力的新兴支柱产业，推动科技创新和产业创 新深度融合发展。纵深推进全国统一大市场建设，推动市场竞争秩序持续优 化。依法依规治理企业无序竞争。推进重点行业产能治理。 新一轮供给侧改革来临，利好化工细分子行业龙头。近期各有关部门和部分 地方政府陆续发布重点行业产能治理、老旧装置摸底评估相关政策与文件。 伴随着"反内卷"相关政策的陆续出台，老旧产能 ...

2025 年 8 月 3 日 行业研究 四大石化央企召开年中工作会议，政治局会议再度强调"反内卷" ——石油化工行业周报第 414 期（20250728—20250803） 要点 四大石化央企召开年中工作会议，强调深化改革、科技创新与能源安全。本 周中国石油、中国石化、中国海油、中国中化集团分别召开 2025 年中工作会 议，中国石油要求深化体制改革和科技创新，结合发展新质生产力的需要，持 续推进公司治理体系和治理能力现代化。中国石化强调推动产业转型升级和科 技创新融合，加快管理体系变革。中国海油坚持降本增效、科技创新，加快培 育海洋能源新质生产力，纵深推进国企改革深化提升行动。在国企改革深化的 背景下，"三桶油"有望推进体制机制改革和管理创新，不断清除制约高质量 发展、新质生产力培育的体制机制障碍，有望不断向高端产业链延伸，同时突 破各项"卡脖子"技术，引领我国石化产业高质量发展。同时，"三桶油"持 续深化数智赋能和数智化转型，有望推进数智赋能创新，驱动主业与数智产业 协同发展。此外，"三桶油"强调能源安全保障，有望增强能源高效供给能力， 深化油气业务结构优化和质量效益提升。 政治局会议强调治理无序竞争与产 ...

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry, indicating a positive outlook for the sector in the near term [6]. Core Insights - Significant decrease in port coal inventories and sustained increase in thermal coal prices during the peak season. The average closing price of thermal coal at Qinhuangdao Port (5500 kcal weekly average) increased by 9 CNY/ton (+1.36%) this week, marking six consecutive weeks of upward movement. Port coal inventory at Qinhuangdao is now at 5.22 million tons, down 10.77% week-on-week, returning to normal levels for this time of year, suggesting a tightening supply-demand situation [1][2]. - The coal supply-demand structure is expected to continue improving due to policies aimed at reducing overproduction, which may support further price increases for port coal [1]. Summary by Sections Price Trends - The average closing price of thermal coal at Qinhuangdao Port is 658 CNY/ton, up 9 CNY/ton (+1.36%) week-on-week. The average price of mixed thermal coal in Yulin, Shaanxi (5800 kcal) is 510 CNY/ton, up 23 CNY/ton (+4.72%) [2]. Inventory Levels - As of August 1, coal inventory at Qinhuangdao Port is 5.22 million tons, down 10.77% week-on-week, and up 1.36% year-on-year. The inventory at the Bohai Rim ports is 24.73 million tons, down 8.22% week-on-week, and up 0.64% year-on-year [4]. Production and Utilization Rates - The operating rate of 110 sample coal washing plants is 61.5%, down 0.8 percentage points week-on-week and down 5.1 percentage points year-on-year, remaining at a five-year low. The capacity utilization rate of 247 blast furnaces is 90.24%, down 0.57 percentage points week-on-week, but up 1.37 percentage points year-on-year [3]. Investment Recommendations - The report suggests that recent policies aimed at reducing overproduction and the peak season for coal may lead to significant improvements in coal price expectations. It recommends stocks such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry, with a particular focus on coking coal stocks like Lu'an Mining and Shanxi Coking Coal [4].

Employment Data Summary - In July 2025, the U.S. non-farm payrolls increased by 73,000, significantly below the expected 110,000, and the previous value was revised down from 147,000 to 14,000[1][11]. - The unemployment rate in July 2025 was 4.2%, matching expectations but up from the previous 4.1%[1][14]. - Average hourly earnings rose by 3.9% year-on-year, exceeding the expected 3.8% and revised from a previous increase of 3.7%[1][14]. Data Revision Insights - The June non-farm payrolls were revised down by a total of 258,000, with significant downward adjustments in government, leisure, and construction sectors, accounting for 90,000 of the total revision[2][12]. - The downward revision reflects the impact of tariffs on the U.S. economy, indicating a decline in the accuracy of the "birth-death model" used for employment predictions[2][5]. Sector Performance - In July, the financial activities, education, and healthcare sectors added 15,000, 79,000, and 16,000 jobs respectively, showing stability in service sector demand[3][27]. - The goods-producing sector continued to show negative job growth for three consecutive months, indicating weak production intentions among businesses[3][28]. Labor Market Dynamics - The labor force participation rate fell to 62.2% in July, down from 62.3% in June, with a notable decline in employment willingness among younger demographics[4][35]. - The number of unemployed individuals increased by 221,000 in July, contributing to the rise in the U3 unemployment rate to 4.2%[4][35]. Economic Outlook - The Federal Reserve is expected to initiate rate cuts, with market predictions indicating three rate cuts in 2025, starting in September with an 83.4% probability[5][26]. - The overall economic environment remains challenging, with the second quarter GDP growth at 3.0%, driven by a "import rush" effect, but core GDP growth showing signs of decline[5][23].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - From July 28 to August 1, 2025, the secondary - market prices of China's listed public REITs showed an overall upward trend, with a weighted REITs index return of 2.2%. Compared with other mainstream asset classes, REITs ranked second in terms of return [1][11]. - This week, two new REITs were listed, and the status of two first - offering projects was updated [4]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - **At the major asset level**: The secondary - market prices of listed public REITs in China showed an upward trend. The weighted REITs index closed at 143.13 with a return of 2.2%. The return ranking from high to low was: crude oil > REITs > gold > pure bonds > convertible bonds > A - shares > US stocks [1][11]. - **At the underlying asset level**: Both property - right and franchise - right REITs showed a fluctuating upward trend, with property - right REITs having a larger increase. Among the underlying asset types, consumer - related REITs had the largest increase, and the top three in terms of return were consumer - related, municipal facilities, and water conservancy facilities [16][18]. - **At the single - REIT level**: After excluding the newly listed REITs this week, 57 REITs rose and 12 fell. The top three in terms of increase were China Merchants Shekou Industrial Zone REIT, Industrial and Commercial Bank of Inner Mongolia Energy Clean Energy REIT, and China Resources Commercial REIT [22]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The total trading volume of public REITs this week was 3.61 billion yuan. Warehouse logistics REITs led in terms of daily average turnover rate. The top three in terms of trading volume were park infrastructure, warehouse logistics, and transportation infrastructure; the top three in terms of daily average turnover rate were warehouse logistics, park infrastructure, and energy infrastructure [26]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Bank of China Sinotrans Warehouse Logistics REIT, CICC Jinhua Agricultural REIT, and Huaxia Huadian Clean Energy REIT; the top three in terms of trading amount were CICC Jinhua Agricultural REIT, Bank of China Sinotrans Warehouse Logistics REIT, and Huaxia Huadian Clean Energy REIT; the top three in terms of turnover rate were Bank of China Sinotrans Warehouse Logistics REIT, Huaxia Huadian Clean Energy REIT, and CICC Jinhua Agricultural REIT [27]. 3.1.3 Main Capital Inflow and Block Trading - **Main capital inflow situation**: The total main capital inflow this week was 30.86 million yuan, and the market trading enthusiasm decreased. The underlying asset types with positive main capital inflow were energy infrastructure and warehouse logistics. The top three REITs in terms of main capital inflow were Huaxia Huadian Clean Energy REIT, Bank of China Sinotrans Warehouse Logistics REIT, and Penghua Shenzhen Energy REIT [31]. - **Block trading situation**: The total block trading amount this week reached 205.55 million yuan, an increase compared with last week. There were block trading transactions on five trading days this week, and the highest single - day block trading amount was on August 1, 2025. The top three REITs in terms of block trading amount were CICC Jinhua Agricultural REIT, CITIC Construction Investment Mingyang Smart New Energy REIT, and Industrial and Commercial Bank of Hebei Expressway REIT [32]. 3.2 Primary Market 3.2.1 Listed Projects - As of August 1, 2025, the number of public REITs products in China reached 71, with a total issuance scale of 183.952 billion yuan. Transportation infrastructure had the largest issuance scale, followed by park infrastructure [36]. - This week, Bank of China Sinotrans Warehouse Logistics REIT was listed on July 29, 2025, with an asset type of warehouse logistics and an issuance scale of 1.311 billion yuan; Huaxia Huadian Clean Energy REIT was listed on August 1, 2025, with an asset type of energy infrastructure and an issuance scale of 1.895 billion yuan [36]. 3.2.2 Pending - Listing Projects - According to the project announcements of the Shanghai and Shenzhen Stock Exchanges, there were 24 REITs in the pending - listing state, including 13 first - offering REITs and 11 REITs pending expansion [40]. - This week, the status of the first - offering project of "China International Capital Corporation Vipshop Outlets Closed - end Infrastructure Securities Investment Fund" was updated to "approved", and the status of the first - offering project of "China Aerospace Hong Consumer Closed - end Infrastructure Securities Investment Fund" was updated to "accepted" [41].