1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The primary - market project of public REITs is progressing smoothly, and the secondary - market returns continue to improve. The issuance of new products in the primary market has decreased compared to the same period last year, and the secondary - market REITs index has risen while market activity is under pressure [4]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Dynamics - As of September 5, 2025, 15 public REITs products have been successfully issued this year, 2 less than the same period last year. July was a concentrated issuance month, and 0 new products were established this month. There are currently 3 REITs products in the "inquiry" state, 1 in the "accepted" state, 3 with exchange - feedback, 1 with manager - feedback, and 5 that have passed the review. There are no products in the "declared" state. One REITs project's review status was updated this week [4][9]. - The "China Aerospace Hongtu Consumer Closed - end Infrastructure Securities Investment Fund" has its review status updated to "inquiry", with a project valuation of 1.147 billion yuan and a 2025 distribution rate forecast of 3.40% [4][11]. 3.2 Secondary Market Review and Analysis 3.2.1 Market Scale - As of September 5, 2025, the total market value of public REITs in the whole market is 219.167 billion yuan, an increase of 410 million yuan from the previous week. The total circulating market value has increased to 105.424 billion yuan, with a weekly increase of 1.069 billion yuan. The average daily turnover rate this week is 0.55%, a decrease of 0.09 percentage points from the previous week, indicating reduced market trading activity [13]. 3.2.2 Price Changes and Volatility - In the week of September 5, 2025, the CSI REITs Total Return Index closed up 0.47%, outperforming the ChinaBond - New Comprehensive Wealth Index (up 0.10% weekly), the Dividend Index (down 0.69% weekly), and the CSI 300 Index (down 0.81% weekly), only inferior to the CSI Convertible Bond Index (up 0.61% weekly). - The volatility of the CSI REITs Total Return Index this week is 0.42%, higher than the ChinaBond - New Comprehensive Wealth Index (0.07%) but lower than the Dividend Index (0.67%), the CSI Convertible Bond Index (1.22%), and the CSI 300 Index (1.62%) [14]. - By project attribute, the weighted average weekly price change of equity - type REITs is 0.85%, better than the 0.25% of concession - type REITs. By underlying asset type, the consumer infrastructure sector (1.49%) led the gains this week, followed by the affordable rental housing sector (1.27%) and warehousing logistics (0.58%). Only the new infrastructure sector declined, at - 0.24% [21]. - The "Huajin - Yuanlian - Loufeng Street Lianchuang Industrial Park Asset - Backed Special Plan", the first domestic REITs - like product with a collective economic carrier as the underlying asset, was officially issued, with a total scale of 450 million yuan and a full - scale subscription multiple of 3.33 times, and a final coupon rate of 2.1%. - At the individual bond level, Huaxia Hefei High - tech Industrial Park REIT (3.60%) led the gains, followed by Hua'an Bailian Consumer REIT (3.41%) and Huaxia Jinyu Zhizao Factory REIT (2.95%). However, 2 REITs had declines of more than - 2%, namely Boshi Jinkai Science and Industry Park REIT (down 2.72% weekly) and Huatai Jiangsu Expressway REIT (down 2.29% weekly) [22]. 3.2.3 Turnover Rate and Valuation - In terms of weekly trading volume, industrial park infrastructure REITs ranked first with 168 million shares, followed by affordable rental housing (99 million shares), warehousing logistics (92 million shares), transportation infrastructure (77 million shares), consumer infrastructure (66.5 million shares), energy infrastructure (60 million shares), new infrastructure (35 million shares), and municipal environmental protection and water conservancy (22 million shares). In terms of weekly turnover rate, the new infrastructure sector led with 1.29% [25]. - As of September 5, 2025, the average cash distribution rate of equity - type REITs is 3.90%, with industrial park infrastructure and warehousing logistics leading at 4.14%. The average cash distribution rate of concession - type REITs is 7.77%, with transportation infrastructure leading at 9.53%. In terms of the ChinaBond REITs valuation yield (IRR), equity - type (3.92%) is higher than concession - type (3.13%). In the equity - type, warehousing logistics is the highest at 4.86%, followed by industrial park infrastructure at 4.49%. In terms of PV multiplier, equity - type (1.30) is higher than concession - type (1.22) [26].

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal price has reached a bottom, leading to a potential investment opportunity as prices rebound alongside low sector congestion [1][12] - The performance of the coal mining sector in the first half of 2025 has been negatively impacted by falling coal prices, with significant declines in revenue and profit for major coal companies [33][36] - Despite the challenges, the report suggests that the current market pessimism regarding coal prices has been largely priced in, indicating a potential for recovery [12] Summary by Sections 1. Overview of H1 2025 - In H1 2025, the coal supply-demand balance was loose, resulting in a decline in the average coal price [19][21] - The total revenue for 28 key coal companies was CNY 553.918 billion, down 17.8% year-on-year, with net profit dropping 31.5% to CNY 72.284 billion [33][36] - Coal production increased by 1.6% to 615 million tons, while sales volume decreased by 1.8% to 561 million tons [50] 2. Financial Performance - The average sales price of coal fell by 20% to CNY 480 per ton, while the average cost decreased by 9% to CNY 306 per ton, leading to a 33% drop in gross profit [5][8] - The average gross margin for the 28 coal companies was 36%, down 7.4 percentage points year-on-year [8] - Operating cash flow decreased by 27% to CNY 1,042.20 billion, with a slight increase in the average debt-to-asset ratio to 53.2% [9][12] 3. Market Dynamics - The coal price for Q2 2025 continued to decline, but signs of recovery were noted in Q3 due to seasonal demand and supply constraints [10][12] - The report highlights that the coal sector's low congestion levels and high dividend yields present a compelling case for bottom-fishing investments [12] 4. Investment Strategy - The report recommends focusing on companies with strong fundamentals and cash flow, such as China Shenhua, Shaanxi Coal, and Yanzhou Coal [12][14] - It emphasizes the importance of monitoring the evolving supply-demand dynamics and potential policy impacts on the coal market [12][19]

Group 1 - The report highlights investment opportunities in AI applications, particularly in the midstream data services and downstream sectors like AI+Media, AI+IT software, and AI+Healthcare, which show structural growth potential [3][4] - The domestic AI application market is shifting towards a focus on fundamentals, emphasizing actual returns, with potential catalysts for growth including new model releases and decreasing computing costs [4][3] - The report indicates that the overall market trend for domestic AI applications is weaker than computing power, but there are still structural opportunities in individual stocks [4] Group 2 - The report on Xingfa Group indicates a stable performance in Q2 2025, with revenue reaching 14.62 billion yuan, a year-on-year increase of 9.07%, despite a decline in net profit [6][7] - The company has a strong position in the phosphate market, with high prices maintained and a significant increase in revenue from mining operations [8][9] - The acquisition of a 50% stake in Qiaogou Mining is expected to enhance the company's phosphate resource advantages, increasing its total mining rights to 58 million tons [12][13] Group 3 - The report on General Motors shows that the company is advancing mixed-ownership reforms, with a significant increase in revenue to 4 billion yuan in H1 2025, despite a sharp decline in net profit due to international trade barriers [16][17] - The company is expanding its international presence with projects in Thailand and Cambodia, which are expected to enhance its competitive edge in the global market [19] Group 4 - The report on Stanley indicates a dual increase in volume and profit, with revenue of 6.39 billion yuan in H1 2025, a year-on-year increase of 12.66%, driven by phosphate exports [21][22] - The company is focusing on optimizing its product structure and expanding its online retail presence, which has seen significant growth [23][24] Group 5 - The report on New Mile shows a significant decline in revenue to 1.588 billion yuan in H1 2025, primarily due to the impact of medical insurance and centralized procurement policies [28][29] - The company anticipates a recovery in growth in the second half of 2025, supported by strategic restructuring and operational efficiency improvements [30] Group 6 - The report on Hualu Hengsheng indicates a decline in revenue to 15.764 billion yuan in H1 2025, with a focus on innovation and cost reduction to navigate a challenging market environment [31][32] - The company is actively pursuing new projects to enhance production efficiency and market competitiveness [37]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][2]. Core Views - The company's short-term performance is under pressure due to the impact of centralized procurement on traditional Chinese medicine formula granules, while the "Xuebijing" injection shows steady growth [2]. - The implementation of national standards for formula granules is expected to enhance long-term growth prospects for the company [2]. Financial Performance Summary - In the first half of 2025, the company reported revenue of 1.232 billion yuan for formula granules (down 5.75% year-on-year), 467 million yuan for "Xuebijing" injection (up 2.88% year-on-year), and 433 million yuan for the smart supply chain (down 3.92% year-on-year) [2]. - The company forecasts net profits attributable to shareholders of 243 million yuan in 2025, 262 million yuan in 2026, and 352 million yuan in 2027, with corresponding P/E ratios of 48, 45, and 33 times [2][3]. Revenue and Profit Forecast - Projected revenues for the company are 5.464 billion yuan in 2025, 5.693 billion yuan in 2026, and 5.959 billion yuan in 2027, reflecting a decline of 6% in 2025 followed by growth of 4% and 5% in the subsequent years [3][4]. - The expected profit growth rates show a significant rebound, with a forecasted increase of 1,031% in 2025, followed by 8% in 2026 and 34% in 2027 [3][4]. Market Position and Valuation - As of September 8, 2025, the company's stock price is 3.91 yuan, with a total market capitalization of approximately 11.746 billion yuan [1][4]. - The report highlights that the number of national standards for formula granules is gradually increasing, which is expected to improve the competitive position of the company in the market [2].

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Insights - The automotive industry is experiencing a shift towards high-end and intelligent upgrades, supported by the continuation of vehicle replacement policies in 2025, which are expected to bolster automotive consumption [9][19] - The report highlights significant developments such as the launch of the new Wanjie M7, which achieved over 150,000 orders within 24 hours of its reservation opening, and the merger of Geely Auto with Zeekr, which received a 95.14% approval from shareholders [6][7][17] - The report emphasizes the potential benefits for companies with quality offerings priced above 300,000 yuan, recommending companies like Li Auto, Geely, BYD, and Great Wall Motors [9][19] Summary by Sections Recent Developments - The new Wanjie M7 was officially opened for reservations on September 5, with a starting price of 288,000 yuan, featuring advanced driving systems and a range of over 1300 kilometers for the extended range version [6][16] - Geely's merger with Zeekr marks a strategic move to enhance resource integration and market coverage across various segments, including fuel, pure electric, and hybrid vehicles [7][17] - The new models from Leap Motor, Lafa5 and B10, are set to debut at the Munich International Auto Show, aiming to expand their global market presence [8][18] Market Performance - The automotive sector underperformed compared to the Shanghai Composite Index during the week of September 1 to September 5, with the automotive index declining by 1.3% [20] - The report notes that the overall market sentiment is supported by the vehicle replacement policy, which is expected to drive sales upward [19] Recommendations - The report suggests focusing on companies that are positioned to benefit from the high-end market transition, including Li Auto, JAC Motors, and Geely [9][19] - It also highlights the potential for high-level intelligent driving technologies to penetrate the market more widely, recommending companies like XPeng Motors and Desay SV [9][19]

Investment Rating - The report does not provide a specific investment rating for the company ST Huatuo (002602) [1] Core Insights - The company's mid-year performance aligns with the forecast, with all business lines showing positive development trends. For H1 2025, the company achieved a net profit attributable to shareholders of 26.56 billion yuan, which is within the expected range of 24-30 billion yuan [4][6] - The launch of the new game "Benben Kingdom" on September 8, 2025, is anticipated to inject new growth momentum into the domestic market for H2 2025 [5][6] Summary by Relevant Sections Performance Overview - For H1 2025, the company reported operating revenue of 172.07 billion yuan, a year-on-year increase of 85.50%, and a net profit of 26.56 billion yuan, up 129.33% year-on-year. The net profit excluding non-recurring items was 25.86 billion yuan, reflecting a year-on-year increase of 124.43% [6] - In Q2 2025, the company achieved operating revenue of 90.62 billion yuan, a year-on-year increase of 80.73% and a quarter-on-quarter increase of 11.27%. The net profit for Q2 was 13.06 billion yuan, up 157.79% year-on-year but down 3.22% quarter-on-quarter [6] Business Development - The company has seen significant growth driven by successful game releases such as "Whiteout Survival," "Kingshot," and "Endless Winter," which have contributed to its rise to the second position in the "Top 80 Mobile Game Publishers in China H1 2025" ranking [4][6] - The collaboration with Shengqu Games continues to provide a stable revenue stream, ensuring sustained performance growth through high user engagement and consistent income from multiple games [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][13] Core Views - The company has shown stable operations with a continuous decrease in debt ratio, despite a decline in revenue and net profit in the first half of 2025. The revenue was 24.992 billion yuan, down 21.88% year-on-year, while the net profit attributable to shareholders was 2.761 billion yuan, down 2.81% year-on-year [4][5] - The company benefits from high phosphate prices and increased phosphate fertilizer exports, which have positively impacted profits in Q2 2025 [10][11] Financial Performance Summary - In Q2 2025, the company achieved revenue of 11.988 billion yuan, a decrease of 33.90% year-on-year, but a net profit of 1.472 billion yuan, an increase of 6.52% year-on-year [4][10] - The gross profit margin for Q2 2025 was 21.25%, an increase of 6.56 percentage points year-on-year, while the net profit margin was 13.71%, an increase of 4.22 percentage points year-on-year [4][10] - The company’s asset-liability ratio as of June 30, 2025, was 51.58%, a decrease of 0.68 percentage points from the end of 2024 [6] Segment Performance Summary - In the first half of 2025, the phosphate fertilizer segment generated revenue of 6.995 billion yuan, down 15.20% year-on-year, with a gross profit margin of 39.20%, up 4.84 percentage points year-on-year [5] - The compound fertilizer segment saw a revenue increase of 6.00% year-on-year, while the feed-grade calcium phosphate segment experienced a revenue increase of 14.47% year-on-year [5] Market Position and Outlook - The company holds a leading position in phosphate resources with nearly 800 million tons of phosphate reserves and a production capacity of 14.5 million tons per year [11] - The company plans to maintain a high dividend level, proposing a cash dividend of 2 yuan per 10 shares for the first half of 2025, which represents 13.20% of the net profit attributable to shareholders [12] - Revenue forecasts for 2025-2027 are projected at 58.6 billion, 59.4 billion, and 60.1 billion yuan, with net profits of 6 billion, 6.3 billion, and 6.6 billion yuan respectively, indicating a strong growth outlook [13][15]

Investment Rating - The report indicates a positive investment outlook for the AI application sector, particularly in the midstream data services and downstream sectors such as AI+ media, AI+ IT software (mainly cybersecurity), and AI+ healthcare, which are seen as having structural highlights [5][11][14]. Core Insights - The AI application market in the US has entered a second phase, focusing more on fundamentals, with companies that performed well in stock prices this year also experiencing valuation increases, referred to as a "Davis Double" [5][18]. - The potential for significant returns is highest in sectors creating incremental value, such as edge AI (e.g., robotics), which is still in its early stages, while industries with closed business models and barriers to entry, like data services and cybersecurity, also present good investment opportunities [5][11]. - The report emphasizes that the domestic AI application market is beginning to prioritize fundamentals and actual returns, with specific attention to sectors like AI+ media, AI+ IT software, and AI+ healthcare [5][11][14]. Summary by Sections Current Key Areas of Overseas AI Applications - The report identifies key commercial models in overseas AI applications, highlighting the midstream data services and downstream sectors as having high commercialization and recognition [11][24]. - AI+ healthcare is noted for its significant commercial progress and recognition, with companies like HIMS and Tempus AI showing strong revenue growth [13][14]. Investment Opportunities in Domestic AI Applications - The report suggests that domestic AI applications are starting to see a shift towards valuing fundamentals, with potential investment opportunities in sectors such as AI+ industrial applications and smart manufacturing [5][11]. - The overall trend in domestic AI applications is weaker than in computing power, but there are still structural opportunities in key stocks [5][11]. Commercialization Models of AI Applications - The report categorizes AI application commercialization models, ranking edge AI as having the largest potential incremental space, followed by sectors with closed business models and barriers, such as AI+ healthcare and AI+ cybersecurity [5][23][24]. - The report also discusses the importance of data flywheel effects and resource advantages in sectors like AI+ healthcare and AI+ advertising, which can enhance customer stickiness and profitability [5][23][24].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a recovery in Q2 performance, with new projects continuously providing development momentum [3] - The company is actively responding to complex external environments and intensifying competition by focusing on innovation, production operations, and cost reduction [7] - The company is a leading player in the coal chemical industry, with ongoing projects expected to enhance growth potential [12] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 15.764 billion yuan, a year-on-year decrease of 7.14% [7] - The net profit attributable to shareholders was 1.569 billion yuan, down 29.47% year-on-year [7] - The sales gross margin was 18.01%, a decrease of 3.19 percentage points year-on-year [7] - In Q2 2025, the company reported revenue of 7.992 billion yuan, a year-on-year decline of 11.17% but a quarter-on-quarter increase of 2.84% [7] - The net profit for Q2 2025 was 862 million yuan, down 25.62% year-on-year but up 21.95% quarter-on-quarter [7] Product Performance Summary - Revenue from new energy materials-related products in the first half of 2025 was 7.620 billion yuan, a year-on-year decrease of 8.39% [7] - Fertilizer products generated revenue of 3.879 billion yuan, an increase of 6.43% year-on-year [7] - The organic amine series products achieved revenue of 1.155 billion yuan, down 8.53% year-on-year [7] - Acetic acid and its derivatives generated revenue of 1.706 billion yuan, down 16.33% year-on-year [7] Project Development Summary - The company is advancing its project planning and accelerating the implementation of new projects, with several projects nearing completion [10] - The company has announced an investment in a gasification platform upgrade project, with a total investment of 3.039 billion yuan [10] - The project is expected to enhance production efficiency and operational effectiveness, aligning with the company's long-term strategic goals [10] Shareholder Returns - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares, totaling approximately 529.72 million yuan, which accounts for 33.76% of the net profit for the first half of 2025 [11] Earnings Forecast - The company’s projected operating revenues for 2025-2027 are 36.2 billion, 39.8 billion, and 45.8 billion yuan, respectively [12] - The net profit attributable to shareholders is expected to be 4 billion, 4.5 billion, and 5.7 billion yuan for the same period [12] - The company is expected to maintain a price-to-earnings ratio (PE) of 15, 13, and 10 times for the respective years [12]

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Views - The impact of medical insurance and centralized procurement policies is stabilizing, and the company's performance is expected to improve in the second half of 2025 [2][5]. - The company reported a revenue of 1.588 billion yuan in the first half of 2025, a decrease of 20.63% year-on-year, with a net profit of 7 million yuan, down 88.25% [5]. - The company's hospital outpatient volume and average outpatient fees remained stable year-on-year, while inpatient volume decreased by approximately 9% [5][6]. - The company is expected to see improved growth rates in the second half of 2025 due to lower revenue baselines from key hospitals in 2024 [5][8]. - The company is enhancing its market share and operational efficiency through strategic restructuring and expansion [5][8]. Financial Summary - The company’s projected revenues for 2025-2027 are 3.474 billion yuan, 3.911 billion yuan, and 4.471 billion yuan, with year-on-year growth rates of -9%, +13%, and +14% respectively [7][8]. - The projected net profits for the same period are 92 million yuan, 117 million yuan, and 180 million yuan, with growth rates of -20%, +28%, and +53% respectively [7][8]. - The company’s price-to-earnings (P/E) ratios are projected to be 80.43, 62.92, and 41.07 for 2025, 2026, and 2027 respectively [7][8].