Report Industry Investment Rating No relevant content provided. Core Viewpoints The report tracks the supply and trading of local government bonds, including the issuance rhythm, pricing, and regional characteristics in the primary market, as well as the trading volume, price fluctuations, and regional differences in the secondary market [10][23]. Summary According to the Directory 1. Primary Supply Rhythm - **Issuance Scale**: Last week (August 18 - 22, 2025), local government bonds issued a total of 369.2 billion yuan, including 239.3 billion yuan in new special bonds and 73.5 billion yuan in refinancing special bonds. As of August 22, 2025, the issuance of special refinancing special bonds in August reached 55 billion yuan, accounting for 5.6% of the monthly local bond issuance [10]. - **Fund Use**: "Special new special bonds" and "ordinary/project revenue" are the main areas for special bond fund investment [10]. - **Pricing**: The average issuance interest rate of local bonds continued to rise. The spreads between the issuance interest rates of 30 - year, 20 - year, and 10 - year local bonds and the same - term treasury bonds widened to 23BP, 22BP, and 19BP respectively [17]. - **Regional Differences**: In August, Anhui, Zhejiang, Hebei, Hunan, and Jiangsu were the main regions for local bond issuance. Jiangsu's issuance scale of local bonds with a term of 7 years and less exceeded 50 billion yuan. The average coupon rates of local government bonds in Ningxia, Gansu, and Jilin were above 2.2% [20]. 2. Secondary Trading Characteristics - **Price Fluctuations**: Last week, the weekly fluctuations of the 7 - 10 - year and over - 10 - year local bond indexes were a decline of 0.56% and 1.03% respectively, with a larger decline than the same - term treasury bonds and the same performance as ultra - long - term credit bonds [23]. - **Trading Volume**: The trading volume of Sichuan government bonds decreased significantly on a month - on - month basis, with a weekly decrease of 160 transactions. The trading volumes of local bonds in Guangxi and Zhejiang increased marginally [23]. - **Trading Income**: The average trading terms of government bonds in Shandong, Sichuan, Hebei, and Hunan were over 25 years, and the average trading income was basically between 2.2% and 2.3% [23].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported FY26Q2 revenue of $46.743 billion, a year-on-year increase of 55.6% and a quarter-on-quarter increase of 6.1%. The GAAP gross margin was 72.4%, with a GAAP net profit of $26.422 billion [2]. - The data center business continues to grow, with FY26Q2 revenue reaching $41.096 billion, up 56.4% year-on-year and 5.1% quarter-on-quarter. Network revenue surged by 98% year-on-year, driven by cabinet shipments and the Spectrum-X platform [3]. - Non-data center businesses also showed strong growth, with gaming, professional visualization, and automotive revenues of $4.287 billion, $601 million, and $586 million, respectively, reflecting year-on-year increases of 48.9%, 32.4%, and 69.4% [4]. - The company is expected to become a significant AI hardware platform, with downstream cloud vendors driving growth through model iteration and increased inference demand. Sovereign AI demand is anticipated to contribute additional revenue [5]. Summary by Sections Performance Review - FY26Q2 revenue was $46.743 billion, with a GAAP net profit of $26.422 billion and a GAAP gross margin of 72.4% [2]. Business Analysis - Data center revenue for FY26Q2 was $41.096 billion, with a notable increase in network revenue due to product iterations and new customer adoption [3]. - Non-data center revenue segments, including gaming and automotive, also experienced significant growth [4]. Profit Forecast and Valuation - Projected GAAP net profits for FY26, FY27, and FY28 are $111.15 billion, $164.14 billion, and $188.22 billion, respectively, supporting the "Buy" rating [5].

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 7.8 billion, 9.0 billion, and 10.8 billion respectively, corresponding to PE ratios of 16, 14, and 12 [4]. Core Insights - The company reported a revenue of 2.48 billion yuan for the first half of 2025, a year-on-year decline of 28.4%, and a net profit attributable to shareholders of 320 million yuan, down 45.9% year-on-year [2]. - The electric meter business showed steady growth with a revenue of 1.43 billion yuan, up 24.2% year-on-year, although the gross margin decreased by 4.00 percentage points to 34.9% [3]. - The sales of power stations experienced a significant decline, with revenue dropping 91.3% to 83 million yuan, primarily due to the slowdown in project transfers following the implementation of policy "136" [4]. - The company is accelerating its storage planning and development, with a total planned capacity exceeding 3.7 GWh, and has made significant progress in overseas markets, achieving contract amounts exceeding 500 million yuan [4]. Summary by Sections Performance Review - In Q2, the company achieved a revenue of 1.36 billion yuan, a year-on-year decline of 28.9%, but a quarter-on-quarter increase of 20.8% [2]. - The net profit for Q2 was 200 million yuan, down 47.4% year-on-year, but up 62.1% quarter-on-quarter [2]. Operational Analysis - The electric meter segment's overseas sales increased significantly, with a nearly 50% year-on-year growth, driven by partnerships with leading global companies [3]. - The company is expanding its market share in Western Europe and the Asia-Pacific region, with a focus on emerging markets like Romania [3]. Sales and Project Development - The company has over 1,225 MW of projects under construction and has initiated projects exceeding 495 MW, with a grid-connected capacity of over 200 MW [4]. - The company expects a gradual recovery in power station transfer business in the second half of the year as policy details are implemented [4]. Profit Forecast and Valuation - The projected net profits for the company are expected to grow from 7.8 billion in 2025 to 10.8 billion in 2027, with corresponding PE ratios decreasing over the years [4].

麦高证券重整进展不及预期；定增募资不及预期；资本市场行情大 幅波动的风险。 业绩简评 2025 年 8 月 27 日，公司披露 2025 年度中期业绩：公司 2025 年 上半年实现营收 9.3 亿元，同比增长 71.6%；净利润为 1.4 亿元， 较上年同期扭亏，其中麦高证券净利润上半年为 0.7 亿元，同比增 长 614.5%，以及报告期内公司收购先锋基金股权并进行并表，形 成了0.66亿元的投资收益。报告期内公司扣非后归母净利润为0.7 亿元，较上年同期转亏。 2024 年第二季度，公司营业收入为 3.9 亿元，同比增长 56.2%； 净利润为 332 万元，扣非后归母净利润为 283 万元，均较上年同 期扭亏。 经营分析 金融信息服务业务 2025 年上半年营收为 6.8 亿元，同比增长 60.4%；销售商品、提供劳务收到的现金为 7.2 亿元，同比增长 46.9%。主要由于 2025 年第一季度公司开展完成了高端产品全赢 系列私享家版的营销，且报告期内市场行情较好。上半年销售费用 中的职工薪酬支出/金融信息服务收入为 26.1%，较上年同期该比 值下滑 2.3pct。 麦高证券上半年营收为 3.2 ...

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints of the Report - If PPI is to turn positive by the end of this year, the average monthly PPI MoM from August to December needs to reach 0.43%, similar to the average during the 2016 supply - side reform. Commodity prices need to rise significantly, with rebar, anthracite, copper, and crude oil prices needing to increase by 11% from July levels [2][8]. - Given that crude oil and copper are globally - priced commodities and crude oil prices have been weakening, domestic - priced commodities like rebar and coal need to rise more for PPI to turn positive by the end of the year. For example, if oil and copper prices remain flat, rebar and anthracite need to rise about 20% from July averages [8]. - A more realistic scenario is for PPI to approach positive growth in Q2 next year. With a low - base effect, rebar, anthracite, copper, and crude oil prices only need to rise about 4% from July this year to drive PPI to turn positive [9]. - PPI turning positive depends on demand. Weak demand can block price transmission, requiring larger price increases in upstream commodities for PPI to turn positive [12]. 3) Summary by Related Catalog Current Commodity Price Situation - Since July, commodities first rose and then slightly declined. As of mid - August, coal and ferrous metals rose 13.8% and 3.9% MoM respectively compared to mid - July, leading the increase among major commodities [4]. - Due to a low base last year, the PPI YoY in August is expected to rebound but will still remain in negative territory for the 34th consecutive month [4]. PPI Composition and Impact Factors - In the PPI composition, the weights of ferrous metals, non - ferrous metals, crude oil, coal, and other commodities are 13.6%, 7.3%, 16.7%, 9.3%, and 53.2% respectively. From January to July 2025, crude oil, ferrous metals, coal, and other commodities dragged down PPI by 1, 0.9, 0.5, and 0.9 percentage points respectively, while non - ferrous metals boosted PPI by 0.4 percentage points [4]. Representative Commodities for PPI - The spot prices of rebar, anthracite, copper, and Brent crude oil are selected as representative commodities for ferrous, coal, non - ferrous, and crude oil PPI, with correlation coefficients of 81%, 93%, 75%, and 96% respectively [5]. Historical Examples of Commodity Price Increases - In 2021, "sports - style" energy conservation and emission reduction drove coal prices up. In October 2021, anthracite prices rose 198% compared to April, driving the PPI YoY of the coal mining and washing industry from 13% to 103.7% in October [8]. - From 2016 - 2017, the supply - side reform drove up ferrous metal prices. At the end of 2016, rebar and wire rod prices rose 82% and 91% compared to the end of 2015, driving the PPI YoY of the ferrous metal smelting and rolling processing industry up by 35% at the end of 2016 [9]. Commodity Price Requirements for PPI to Turn Positive | Time | Rebar | Anthracite | Copper | Crude Oil | Average Commodity Price Increase | | --- | --- | --- | --- | --- | --- | | July Average | 3213 yuan/ton | 844 yuan/ton | 78644 yuan/ton | 71 dollars/ton | - | | Q4 2025 | 3580 yuan/ton | 940 yuan/ton | 87609 yuan/ton | 79 dollars/ton | 11% | | Q1 2026 | 3519 yuan/ton | 924 yuan/ton | 86115 yuan/ton | 78 dollars/ton | 10% | | Q2 2026 | 3342 yuan/ton | 877 yuan/ton | 81789 yuan/ton | 74 dollars/ton | 4% | [10]

Investment Rating - The report suggests a strong investment outlook for the AI pharmaceutical industry, highlighting the imminent approval of the first AI-driven drug as a pivotal moment for investment opportunities [5]. Core Insights - The application of AI in drug development is transitioning from concept to reality, with multi-omics development expected to reduce costs and increase efficiency by 1000 times, marking the dawn of a new era in innovative drug development [12][16]. - The report emphasizes the importance of computational power, data quality, and model development as critical factors driving the success of AI in pharmaceuticals [3][48]. - Major technology companies are entering the AI pharmaceutical space, with significant investments from top pharmaceutical firms, indicating a robust shift in the industry landscape [4][5]. Summary by Sections AI Application and Industry Transformation - AI applications in pharmaceuticals are moving towards practical implementation, with significant milestones such as the success of AlphaFold in protein structure prediction [12]. - The report notes that the AI pharmaceutical sector is on the verge of a transformative phase, driven by advancements in multi-omics applications [16]. Computational Power and Data Utilization - The availability of cloud computing resources from major tech companies like Amazon and Google is enhancing the computational capabilities necessary for AI applications in drug development [3]. - Innovations in federated learning are breaking down data silos, allowing for better data sharing while maintaining privacy, which is crucial for AI model training [37][39]. Industry Dynamics and Major Players - The entry of tech giants like NVIDIA and Google into the AI pharmaceutical space is reshaping the industry, with substantial investments in AI drug development [4]. - Leading pharmaceutical companies are also heavily investing in AI-related initiatives, with over $50 billion in significant transactions occurring in the past five years [4]. Investment Strategies - The report recommends focusing on companies with rich pipelines and strong validation capabilities, such as Insilico Medicine and Crystal Holding, as they are poised to benefit from the upcoming breakthroughs in AI drug approvals [5]. - It also suggests monitoring traditional pharmaceutical companies that are making significant strides in AI, such as CSPC Pharmaceutical Group and Fosun Pharma, for potential high returns [5].

Group 1: Core Views - The report emphasizes that the global stock market has seen significant increases since the tariff conflicts in April, with A-shares showing strong performance due to improved manufacturing sentiment and rising expectations for interest rate cuts [4][12] - The report suggests that the A-share market's strength is driven by China's sensitivity to global manufacturing demand and diverse external markets, alongside supportive domestic policies [4][12] - The report indicates that the TMT and military sectors have outperformed, with valuation levels reaching historical highs, while the healthcare sector and ChiNext still show significant valuation dispersion [4][13] Group 2: Industry Recommendations - For the machinery sector, Xugong Machinery is recommended due to domestic demand stabilization and overseas market recovery, with short-term catalysts from specific projects [19] - In the non-ferrous metals sector, China Rare Earth is favored due to policy support and rising processing fees, indicating a potential third wave of price increases [20] - China Pacific Insurance is highlighted in the non-bank financial sector, benefiting from low valuations and expected profit growth due to a favorable shift in product offerings [21] - In the building materials sector, Keda Manufacturing is recommended for its strong market position and growth potential in African markets [22] - For transportation, Milkewei is noted for its integrated logistics and chemical distribution advantages, with growth expected in the hazardous materials logistics sector [23] - In defense and military, AVIC Chengfei is recognized as a leading manufacturer with strong growth prospects in military exports and technological innovation [24] - In the biopharmaceutical sector, Kelun-Bio is recommended for its leading position in ADC technology and strong pipeline prospects [25] - Tencent Holdings is highlighted in the media and internet sector for its AI integration and growth in advertising revenue [26] - In the electronics sector, Lante Optics is favored due to strong demand in automotive and smart imaging applications [28] - Hikvision is recommended in the computer sector for its recovery in operating quality and growth in AI-related products [30]

Investment Rating - The report maintains a "Buy" rating for the company, predicting significant profit growth in the coming years [6]. Core Insights - The company reported a revenue of 17.14 billion yuan for the first half of 2025, a year-on-year increase of 45.3%, while the net profit attributable to shareholders was 610 million yuan, a decrease of 7.7% [3]. - The company's product sales revenue reached 15.8 billion yuan, up 51.2% year-on-year, with a gross margin of approximately 10.1%, showing a slight improvement [4]. - The company has successfully implemented its "Two Seas" strategy, achieving significant milestones in offshore wind projects and expanding its presence in international markets, which is expected to contribute to performance flexibility [5]. Summary by Sections Performance Review - In Q2 2025, the company achieved a revenue of 9.44 billion yuan, a 40.4% year-on-year increase and a 22.5% quarter-on-quarter increase, with a net profit of 310 million yuan, down 13.6% year-on-year but up 1.9% quarter-on-quarter [3]. Operational Analysis - The sales revenue from wind turbines and accessories was 12.48 billion yuan, a 57.5% increase year-on-year, accounting for 79% of total sales. The revenue from power station products was 3.14 billion yuan, up 48.6% year-on-year, maintaining a 20% share [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 1.92 billion, 2.70 billion, and 3.39 billion yuan, respectively, with corresponding P/E ratios of 15, 11, and 9 [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% over the next 6 to 12 months [5][13]. Core Insights - The company reported a revenue of 14.875 billion yuan for the first half of 2025, representing a year-on-year growth of 39.3%, and a net profit attributable to shareholders of 2.693 billion yuan, up 42.9% year-on-year [2]. - Revenue exceeded expectations, with strong cost control leading to profits also surpassing forecasts. The sales from products and equipment reached 14.495 billion yuan and 0.38 billion yuan respectively, with year-on-year growth of 39.6% and 29.8% [3]. - The company accelerated its store openings, surpassing 53,000 global stores, with a net increase of 6,535 stores in the first half of 2025 [4]. - Domestic growth remains robust while international expansion is being optimized, particularly in Southeast Asia and Central Asia [4]. Financial Performance - The company has adjusted its profit forecasts upwards, expecting net profits of 5.953 billion yuan, 6.436 billion yuan, and 7.183 billion yuan for FY2025, FY2026, and FY2027 respectively, with corresponding P/E ratios of 27, 25, and 22 [5]. - Key financial metrics indicate a revenue growth rate of 49.55% for 2023, with a projected growth of 22.29% in 2024 [10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company reported a revenue of 10.89 billion RMB for the first half of 2025, a year-on-year increase of 26.3%, while the net profit attributable to shareholders was 144 million RMB, a decrease of 2.6% [2]. - In Q2 2025, the company achieved a revenue of 6.88 billion RMB, reflecting a year-on-year growth of 41.2% and a quarter-on-quarter increase of 71.7%, with a net profit of 85 million RMB, up 10.4% year-on-year and 44.2% quarter-on-quarter [2]. - The wind turbine gross margin has significantly improved, with a gross margin of 7.27% in the first half of 2025, an increase of 2.15 percentage points year-on-year [2]. - The company sold 6.3 GW of wind power units in the first half of 2025, a 55.6% increase year-on-year, generating revenue of 9.54 billion RMB, up 47.1% year-on-year [2]. - The company has a cumulative grid-connected capacity of approximately 1.2 GW, with a power generation revenue of about 220 million RMB in the first half of 2025, a 31.1% increase year-on-year [3]. - The company is optimistic about the steady progress of new power station projects and expects the transfer rhythm of power stations to gradually return to normal as local policies are implemented [3]. - The company has made significant advancements in its offshore wind business, including the successful grid connection of the world's largest 16 MW floating offshore wind turbine prototype [3]. Financial Forecasts and Valuation - The company is projected to achieve net profits of 620 million RMB, 1.28 billion RMB, and 1.76 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 21, 10, and 7 [4][8].