Investment Rating - The report maintains a rating of "Accumulate" for the company [6][12]. Core Views - The company's performance in the first half of 2025 is expected to be under pressure due to the impact of price adjustments on aortic stents, but its competitiveness in the aortic field remains intact. The company is continuously enhancing its layout in peripheral and tumor intervention fields [2][12]. - The company anticipates a revenue of 7.08 to 7.87 billion yuan for the first half of 2025, representing a year-on-year decline of 10% to 0%. The net profit attributable to the parent company is expected to be between 3.04 and 3.61 billion yuan, down 24.78% to 10.52% year-on-year [12][13]. - The report highlights the successful launch of several innovative products and steady progress in R&D projects, which are expected to contribute positively to future growth [12][13]. Financial Summary - Total revenue is projected to grow from 1,187 million yuan in 2023 to 2,301 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 22.7% [4]. - Net profit attributable to the parent company is expected to increase from 492 million yuan in 2023 to 915 million yuan in 2027, reflecting a CAGR of about 21.3% [4]. - The earnings per share (EPS) is forecasted to rise from 3.99 yuan in 2023 to 7.42 yuan in 2027 [4]. Market Data - The company's total market capitalization is approximately 12,641 million yuan, with a 52-week stock price range of 79.81 to 128.30 yuan [7][12]. - The target price for the stock is set at 122.06 yuan, based on a price-to-earnings (PE) ratio of 25 times for 2025 [6][12]. Product and R&D Developments - The company has successfully launched multiple new products, including the Castor branched aortic stent and the Minos abdominal aortic stent, which have shown rapid growth in hospital admissions and terminal implant volumes [12][13]. - The company has received EU CE MDR certification for its Minos abdominal aortic stent and Hercules balloon dilation catheter, enhancing its global market presence [12][13].

基 金 研 究 主动债券开放型基金二季报分析： [Table_Authors] 倪韵婷(分析师) 纯债仓位整体上行，杠杆久期双升 本报告导读： 金 2025 年二季度，主动债基纯债仓位上行，权益仓位整体下降；杠杆久期双升。 季 投资要点： 请务必阅读正文之后的免责条款部分 基 | | | | | 021-38676666 | | --- | --- | | 登记编号 | S0880525040097 | | | 魏玮(分析师) | | | 021-38676666 | | 登记编号 | S0880525040123 | | | 刘悦(研究助理) | | | 021-38676666 | | 登记编号 | S0880125042244 | 究 报 告 报 证 | 1. | 2025 | 年二季度市场回顾 3 | | --- | --- | --- | | 2. | | 大类资产配置：纯债仓位整体上升，权益仓位整体下降 3 | | 3. | | 类属资产配置：纯债类产品利率债和信用债仓位上升 5 | | 4. | 杠杆率：有所回升 | 5 | | 5. | | 个券选择：拉长久期，加仓高等级信用债 6 | | 6 ...

Group 1 - The report maintains a tactical asset allocation view, recommending an overweight position in Hong Kong stocks, a neutral position in the Chinese yuan, and an underweight position in commodities, Japanese stocks, and US Treasuries [1][2][6] - Recent market performance has been driven by improved risk appetite, with equities outperforming commodities and bonds, and the report expresses optimism towards Hong Kong stocks due to rising liquidity and risk preference [2][22] - The report highlights the significant impact of the Yarlung Tsangpo River downstream hydropower project on investor sentiment and related industry earnings expectations, indicating a shift in international capital flows towards Hong Kong stocks [6][19][26] Group 2 - The report reviews major events affecting asset pricing, including Trump's denial of plans to dismiss Fed Chair Powell, which alleviated some market concerns about Fed independence [19][22] - The report notes that the Japanese ruling coalition's loss of a majority in the Senate may weaken policy predictability, increasing volatility in Japanese asset pricing [23] - The report emphasizes that while infrastructure investment may temporarily support commodity prices, it maintains a cautious stance on commodities due to ongoing supply and demand pressures [26][27] Group 3 - The tactical asset allocation strategy includes an overweight in Hong Kong stocks due to strong performance and improved risk appetite, while maintaining a cautious view on US Treasuries amid concerns over fiscal pressures and economic resilience [26][27] - The report suggests that the Chinese yuan is expected to remain stable due to resilient economic growth compared to other major economies, supporting a neutral allocation stance [27][30] - The report outlines the performance of various asset classes, indicating that the tactical asset allocation portfolio achieved a cumulative excess return of 2.87% relative to the benchmark [35][36]

Investment Rating - The report does not explicitly provide an investment rating for the AI industry Core Insights - The AI industry is experiencing significant advancements, with notable developments such as MiniMax's recent financing of approximately 2 billion RMB and its plans for an IPO in Hong Kong [7] - The emergence of domestic models like Kimi K2, which has topped global open-source rankings, indicates a growing competitiveness in the AI sector [9] - Major companies like MiHoYo are heavily investing in AI, with a recent establishment of a new company focused on AI applications, showcasing the industry's potential for growth [15] Summary by Sections 1. AI Industry Dynamics - MiniMax has secured around 2 billion RMB in financing, achieving a post-investment valuation exceeding 28.7 billion RMB, and is preparing for a Hong Kong IPO. The company has launched the MiniMax-M1 model, which is the world's first large-scale mixed architecture inference model with 456 billion parameters, demonstrating superior performance in various benchmark tests [7] - Huang Renxun, CEO of NVIDIA, praised Chinese tech companies during his visit, highlighting the strength of Huawei and the innovation in the electric vehicle sector [8] 2. AI Application Insights - Meitu has launched an AI imaging agent called "RoboNeo," which integrates various functions for image processing and design, aimed at reducing the production barrier for small and medium-sized businesses [10] - The domestic AI search platform, Mita AI, has introduced a free deep research feature that allows users to conduct complex inquiries and generate structured reports without membership requirements [11] - MiniMax has released an Agent full-stack development feature that enables users to build complete applications without programming knowledge [12] 3. AI Large Model Insights - Tencent's open-source A13B model features a fine-grained MoE architecture with 800 billion parameters, significantly enhancing inference throughput and supporting ultra-long context windows [16] - The Zhiyuan Research Institute has launched RoboBrain 2.0 and RoboOS 2.0, focusing on overcoming core bottlenecks in AI models within real physical environments [17] - Tencent's RLVER framework addresses challenges in open-domain reinforcement learning, achieving significant improvements in emotional dialogue capabilities [18] 4. Technology Frontiers - A team from Beijing Normal University has conducted research on the cultural emotions behind Tang and Song dynasty floral imagery using AI models, providing a new quantitative approach to historical studies [20][22] - A collaborative team from West Lake University and Zhejiang University has proposed a new framework for optimizing generative AI performance, which could significantly enhance efficiency in various applications [23] - The startup HeShan Technology has developed the world's first AI tactile perception chip, indicating advancements in robotics and AI integration [24]

Investment Rating - The report maintains a "Buy" rating for the company [6][13]. Core Viewpoints - The company is experiencing rapid growth in plasma collection, with new production capacity expected to enhance production efficiency and new product approvals likely to improve the comprehensive utilization rate of plasma [2][13]. - The company has a strong advantage in acquiring plasma station resources, supported by its affiliation with the China National Pharmaceutical Group [21][22]. - The company is expected to achieve significant revenue growth, with projected revenues of 72.98 billion, 86.42 billion, and 99.26 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 21.0%, 18.4%, and 14.9% [15][19]. Financial Summary - Total revenue is projected to grow from 51.80 billion yuan in 2023 to 99.26 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 14.9% [4][15]. - Net profit attributable to the parent company is expected to increase from 11.10 billion yuan in 2023 to 22.40 billion yuan in 2027, with a CAGR of approximately 15.4% [4][15]. - Earnings per share (EPS) is forecasted to rise from 0.56 yuan in 2023 to 1.13 yuan in 2027 [4][15]. Industry Insights - The blood product industry is expected to see a rise in demand, particularly for domestic alternatives to imported human albumin, with a significant portion of the market still untapped for immunoglobulin and coagulation factor products [18][19]. - The industry is witnessing an increase in plasma collection capacity, with a projected 11% growth in plasma collection volume in 2024 [19][23]. - The concentration of plasma stations among leading companies is increasing, with the top companies holding a significant share of the market [20][23]. Production Capacity and Efficiency - The company has planned three new production facilities, each with a capacity of 1,200 tons per year, which will enhance overall production capacity to over 4,000 tons annually [29][31]. - The integration of production facilities has led to improved operational efficiency and increased yield rates for key products [27][29]. Research and Development - The company is focusing on enhancing its R&D capabilities, with a diverse pipeline of products aimed at addressing rare diseases and improving the utilization rate of plasma [32][33]. - Notable products in development include subcutaneous human immunoglobulin and recombinant coagulation factors, which are expected to contribute to future revenue growth [32][33].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints The report tracks important dynamics in the domestic and international "dual carbon" fields from July 14 to July 18, 2025, mainly focusing on the carbon quota trading sector. It shows that carbon quota prices and trading volumes in different markets have different trends, and there are also significant events in the green development field [2][5]. 3. Summary by Relevant Catalogs International Carbon Trading Market Tracking - **European Carbon Quota Price and Volume**: EUA spot price dropped from 69.68 EUR/ton on July 14 to 69.18 EUR/ton on July 18, a weekly decline of 0.72%. The EUA spot trading volume last week was 250,000 tons, a 21.95% increase from the previous week. EUA futures price decreased from 70.43 EUR/ton on July 14 to 69.89 EUR/ton on July 18, a weekly decline of 0.77%. The EUA futures trading volume last week was 3.331 million tons, a 3.25% decrease from the previous week [6]. - **US Carbon Quota Price and Volume**: EUA futures price fell from 70.42 EUR/ton on July 14 to 69.89 EUR/ton on July 18, a weekly decline of 0.75%. The total EUA futures trading volume last week was 11.946 billion tons, a 0.99% decrease from the previous week. UKA futures price rose from 48.15 GBP/ton on July 14 to 49.21 GBP/ton on July 18, a weekly increase of 2.20% [9]. - **South Korean Carbon Quota Price and Volume**: KAU24 spot price increased from 8,600 KRW/ton on July 14 to 8,660 KRW/ton on July 18, a weekly increase of 0.70%. The trading volume of KAU24 spot in the South Korean market last week was 1.1412 million tons, a 2.82% decrease from the previous week [15]. Domestic Carbon Market Tracking - **National Carbon Market Carbon Quota Volume and Average Transaction Price**: The cumulative trading volume of carbon quotas (CEA) in the national carbon market last week was 155,700 tons, and the cumulative transaction amount was 114.0725 million yuan. Both the cumulative trading volume and transaction amount decreased compared to the previous week, with declines of 20.88% and 22.74% respectively. As of July 18, the average daily transaction price of CEA last week was 73.94 yuan/ton, a 1.67% decrease from the previous week [19]. - **Weekly Average Transaction Price of Carbon Quotas in Domestic Pilot Provincial and Municipal Carbon Markets**: Except for HBEA in Hubei Province and GDEA in Guangdong Province, the weekly average transaction prices of carbon quotas in domestic pilot carbon markets showed an upward trend, with the largest increase of 2.75% in SHEA in Shanghai. Compared with the same period last month (from June 16 to June 20, 2025), the weekly average transaction prices of carbon quotas in each pilot carbon market showed a downward trend except for SZA in Shenzhen, with the largest decline of 8.80% in SHEA in Shanghai [23]. - **Trading Volume and Transaction Amount of Carbon Quotas in Domestic Pilot Provincial and Municipal Carbon Markets**: The carbon quota trading in domestic pilot carbon markets last week was mainly concentrated in the carbon markets of Guangdong, Shenzhen, and Hubei provinces. Their weekly trading volumes accounted for 99.21% of the total weekly trading volume of all pilot carbon markets. The transaction amounts of the carbon markets in Guangdong, Shenzhen, and Hubei provinces accounted for a relatively high proportion, accounting for 98.65% of the total weekly transaction amount of all pilot carbon markets. The total weekly trading volume of domestic pilot carbon markets last week was 52,990 tons, a significant increase of 290.82% from the previous week [25]. Dual Carbon Frontier Technology Tracking - **Three Departments Issue Green Finance Support Project Catalog**: The People's Bank of China, the Financial Regulatory Administration, and the China Securities Regulatory Commission jointly issued the "Catalogue of Projects Supported by Green Finance (2025 Edition)", which will come into effect on October 1, 2025. The catalogue integrates existing standards, delineates eight categories of supported projects such as energy conservation and carbon reduction, and environmental protection, providing a unified basis for various green financial products [2][27]. - **New Records Set for New Energy Power and Electricity in Ningxia**: On July 11, the maximum output of new energy in Ningxia reached 28.41 million kilowatts, and the daily maximum power generation reached 382 million kilowatt-hours, both setting new historical records. In the first half of 2025, the proportion of new energy power generation in Ningxia increased to 34.66%. With over 8 million kilowatts of new energy connected to the grid in the first half of the year and an expected increase of over 17 million kilowatts in the second half of the year, Ningxia will provide strong practical support and technical demonstrations for China's construction of a new power system dominated by new energy [29].

Investment Rating - The report assigns an "Overweight" rating for the industry [1][10]. Core Insights - Gansu has raised the capacity electricity price to 330 RMB/year.kW, and the spot clearing price cap has increased from 0.65 RMB/kWh to 1.0 RMB/kWh, highlighting the value of peak-shaving power sources [3][4]. - The report indicates that the previous cap on spot electricity prices limited the profitability of peak-shaving power sources, which has led to slow development of peak-shaving units and energy storage. The policy change is seen as a response to the rapid growth of new energy installations [4][5]. - By the end of 2024, China is expected to have 1,473 operational electrochemical energy storage stations with a total installed capacity of 62.13 GW/141.37 GWh [5]. - The report notes significant growth in thermal power performance for the first half of 2025, with companies like Gan Energy and Zhejiang Energy showing year-on-year increases in net profit and electricity generation [5]. Summary by Sections - **Electricity Price Changes**: Gansu's capacity electricity price has been raised to 330 RMB/year.kW, and the spot price cap has increased to 1.0 RMB/kWh, which is expected to benefit peak-shaving power sources [3][5]. - **Electricity Demand Growth**: National electricity load reached a historical high of 1.506 billion kW on July 16, 2025, with significant year-on-year increases in various regions [5]. - **Thermal Power Performance**: Companies in the thermal power sector reported generally positive performance in the first half of 2025, with notable increases in net profits for some firms [5].

Group 1 - The report highlights that equity assets have shown strong performance, particularly in the Asia-Pacific emerging markets and technology growth sectors, while commodity performance has been mixed [2][5][11] - The correlation between A-shares and Hong Kong stocks has increased, while the negative correlation between A-shares and Chinese government bonds remains strong [2][11][12] - The risk premium level for A-shares has decreased for seven consecutive weeks, with the current level at 5.8%, indicating a slight increase in relative value compared to historical averages [16][19] Group 2 - In the equity market, the Asia-Pacific region has outperformed, with notable gains in technology growth stocks; for instance, the Hang Seng Technology Index surged by 5.5% [5][24][28] - Emerging markets in Asia, such as the A-share ChiNext Index and Korea's KOSDAQ, have also shown strong performance, with increases of 3.2% and 2.5% respectively [24][28] - In contrast, Latin American markets, including Brazil and Mexico, have faced continued pressure and declines [24][28] Group 3 - The report indicates that the Chinese bond yield curve is "bull steep," with a general downward trend in yields for longer maturities, while the U.S. bond yield curve is "bear steep," reflecting rising yields [46][50] - Specifically, the 10-year to 2-year yield spread in China has widened, indicating a bullish sentiment in the bond market [46][50] - In the U.S., the 10-year Treasury yield has increased to 4.47%, driven by inflation expectations, while the market anticipates a potential rate cut by the Federal Reserve in September [46][59] Group 4 - Commodity prices have shown overall increases, but with significant differentiation; for example, iron ore and natural rubber prices rose over 3%, while crude oil prices fell by 1.5% to 1.6% [63][64] - The report notes that the U.S. dollar continues to appreciate, although at a slower pace compared to previous weeks, with major currencies like the euro and yen depreciating against it [63][64] - Inventory levels for gold and silver have increased, contrary to the average declines seen over the past three years, indicating a potential shift in market dynamics [64][71][75]

Valuation Insights - The overall valuation has increased, with the CSI 1000 leading the gains, rising by 2.5 percentage points in PE-TTM historical percentile[7] - The PB-LF historical percentile for the entire A-share market increased by 3.8 percentage points, with the CSI 1000 also leading in this category[7] - Small-cap stocks have outperformed, with a 2.1 percentage point increase in PE-TTM historical percentile[7] Industry Performance - The machinery sector has shown strong performance, leading in PE valuation with a 3.0 percentage point increase[7] - The oil and petrochemical sector has led in PB valuation, increasing by 3.1 percentage points[7] - The automotive industry is noted for its cost-effectiveness in PE comparison[7] Market Sentiment - Trading activity has increased, with a rise in turnover rate for the ChiNext Index by 5.0%[7] - The average transaction amount for the CSI 1000 rose by 5.8%, while the Shanghai 50 Index saw a decline of 10.3%[7] - The margin financing balance has increased to 1.90 trillion yuan, up by 1.47%[7] Risk Assessment - The equity risk premium (ERP) for the entire A-share market has decreased to 4.73%, down by 0.05 percentage points from the previous week[7] - High uncertainty in the global economy and geopolitical tensions pose risks to market stability[7]

Group 1: Acquisition Overview - Sinochem Equipment plans to issue shares to acquire 100% equity of Yiyang Rubber Machine and 100% equity of Beihua Machine, enhancing its core assets in rubber and chemical machinery[3] - The transaction represents an internal industry chain integration among key enterprises under China National Chemical Corporation[3] - The acquisition aims to create a more complete industrial chain loop by supplementing core assets in two major sectors[3] Group 2: Other Notable Acquisitions - Yuanli Co. intends to acquire control of Tongsheng Co. through a combination of share issuance and cash payment, with specific acquisition ratios to be determined in the formal agreement[3] - ST Weier plans to acquire 51% equity of Zijiang New Materials for a total transaction value of approximately 54.586 million yuan, focusing on energy storage and 3C digital products[3] - Fuda Alloy aims to acquire at least 51% equity of Guangda Electronics, a company specializing in electronic slurry products for solar photovoltaic and electronic components[3] Group 3: Market Trends and Implications - The acquisitions reflect a trend of consolidation within the chemical and machinery sectors, indicating a strategic move towards vertical integration and enhanced market positioning[3] - The reported market share of the target companies, such as Zijiang New Materials with a 22.2% market share in aluminum-plastic film sales, highlights their competitive advantage in the industry[3] - The ongoing mergers and acquisitions activity suggests a robust interest in expanding capabilities and market reach among Chinese enterprises[3]