Investment Rating - The industry investment rating is Neutral, indicating performance is expected to be in line with the CSI 300 Index [17]. Core Insights - The report highlights the launch of DPVR's first AI smart glasses, Vision Ray, which aims to penetrate the wearable device market by combining lightweight design, fashion, and technology [6][10]. - Vision Ray features innovative functionalities such as the "Hey Sunny" AI assistant, which supports smart translation, note-taking, meeting minutes, and AI visual recognition, enhancing user experience in outdoor photography and daily recording [7][9]. - The global AI smart glasses market is projected to accelerate growth, with Q2 2025 sales reaching 870,000 units, a year-on-year increase of 222% [5]. Summary by Sections 1. Vision Ray Overview - DPVR officially launched Vision Ray on August 28, 2025, marking its entry into the wearable device market with a focus on lightweight and stylish technology [6]. 2. Vision Ray Features - Vision Ray enhances user experience with high-quality imaging, directional spatial audio technology, and a robust battery life, making it suitable for outdoor use [7][9]. 3. Vision Ray Specifications and Configuration - The device weighs only 46g without lenses, features a 12MP Sony IMX681 sensor, supports 4032×3024 resolution photos, and 1080p video recording, with a 210mAh battery and IPX4 waterproof rating [9]. 4. Future Outlook for Vision Ray - DPVR's Vision Ray targets young consumers and outdoor creators, combining lightweight hardware with practical AI tools, positioning it as a fashionable and functional wearable device [10].

Group 1: Fixed Income + Product Performance Tracking - As of September 5, 2025, the total scale of fixed income + funds in the market is 1,785.415 billion, with 1,179 products, of which 94 reached historical net value highs last week [2][18] - The median performance of various fund types for the week (September 1-5, 2025) is as follows: mixed bond type I (0.09%), mixed bond type II (0.05%), and bond type FOF (0.14%) [2][12] - The performance of conservative, stable, and aggressive funds for the week is 0.07%, 0.06%, and 0.05% respectively [2][12] Group 2: Major Asset Allocation and Industry ETF Rotation Strategy Tracking - The macro environment forecast for Q3 2025 indicates an inflation scenario, with the performance of major indices as follows: CSI 300 (-0.81%), national debt total wealth index (0.11%), and AU9999 contract (3.78%) [3][22] - Recommended industry ETFs for September 2025 include: Huafu CSI Artificial Intelligence Industry ETF, Guotai CSI All-Share Securities Company ETF, Guotai CSI All-Share Communication Equipment ETF, and GF CSI Media ETF [3][22] - The combined return for the recommended ETFs last week was -3.04%, with a cumulative return of -3.04% for September [3][22] Group 3: Absolute Return Strategy Performance Tracking - The macro-timing driven stock-bond 20/80 rebalancing strategy had a return of -0.15% last week, with a year-to-date (YTD) return of 3.77% [4] - The small-cap growth style in the stock-bond 20/80 combination showed the best performance with a YTD return of 10.99% [4] - The cumulative return for the small-cap growth combination based on a macro momentum model is 12.48% [4]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 13.57 CNY [5][13][15] Core Views - The company has a rich pipeline of film investment projects and is focusing on cinema transformation, strategic investments, and the development of trendy toys and gaming businesses to explore new growth points [2][13] - Despite a relatively weak box office performance in Q2, the company is optimistic about the recovery of the film market and has adjusted its EPS forecasts for 2025-2027 to 0.45, 0.59, and 0.69 CNY respectively [13][15] - The company achieved a total revenue of 6.689 billion CNY in the first half of 2025, representing a year-on-year growth of 7.57%, and a net profit attributable to shareholders of 536 million CNY, a significant increase of 373% year-on-year [13] Financial Summary - Total revenue projections for the company are as follows: 14,620 million CNY for 2023, 12,362 million CNY for 2024, 13,474 million CNY for 2025, 15,397 million CNY for 2026, and 16,610 million CNY for 2027, with a growth rate of 50.8% in 2023 followed by a decline of 15.4% in 2024 [4][14] - The net profit attributable to shareholders is projected to be 912 million CNY in 2023, a loss of 940 million CNY in 2024, and a recovery to 959 million CNY in 2025, with a growth rate of 202.1% [4][14] - The company maintains a stable market share with 14.4% and leads in the number of direct-operated cinemas, with 705 cinemas and 6,121 screens in China as of June 30, 2025 [13][14] Market Position - The company has a strong market presence, with 51 of the top 100 cinemas in terms of box office revenue, and a significant increase in membership numbers, reaching approximately 80 million [13][14] - The company is actively building a second growth curve by diversifying its investments beyond traditional cinema and film projects, including partnerships with brands like 52TOYS and the launch of its own snack and beverage brand [13][15]

1. Report Industry Investment Rating There is no information provided about the industry investment rating in the report. 2. Core Views of the Report - The second batch of Sci - tech Bond ETFs is about to be issued. It is advisable to select products with top - ranked comprehensive strength in fixed - income management, company empowerment, and ETF operation. Under the new sales fee regulations, bond ETFs are expected to have greater development opportunities [1][3]. - The scale of the first batch of Sci - tech Bond ETFs has expanded rapidly, and the second batch of 14 products will be issued on September 12, 2025, which will further boost the market expansion, enrich investor choices, and improve market liquidity and pricing efficiency [3]. - Since 2025, the coupon strategy has been dominant, and Sci - tech Bond ETFs have shown certain resilience during market adjustments. With the improvement of the market environment, the liquidity of bond ETFs is expected to continue to improve [3]. 3. Summary According to the Directory 3.1. Expansion of Underlying Bonds of Sci - tech Bonds: Continuous Growth in Quantity and Scale - Since the joint release of the relevant announcement by the People's Bank of China and the China Securities Regulatory Commission on May 7, 2025, the supply of sci - tech bonds has been increasing. As of the first half of 2025, 853 sci - tech bonds were issued with a cumulative scale of 989.1 billion yuan. From the beginning of the second half of the year to early September, 459 bonds were issued with a scale of 431.6 billion yuan. This provides a wider selection of underlying bonds for Sci - tech Bond ETFs [7]. - As of September 8, 2025, 42.8% of the remaining maturity of outstanding sci - tech bonds is concentrated in 1 - 3 years, and the average remaining maturity after balance - weighting is about 3.4 years. In the future, the duration of issuance is expected to increase [8]. - As of September 8, 2025, over 85% of the outstanding balance of broad - sense sci - tech bonds is issued by central and local state - owned enterprises, while the proportion of private enterprises has also increased, exceeding 7.2% [8]. 3.2. The Market of Sci - tech Bond ETFs is Expected to Maintain High - level Prosperity 3.2.1. The First Batch of Sci - tech Bond ETFs Performed Well After Listing - The first batch of 10 Sci - tech Bond ETFs were issued on July 7, 2025, with an initial raise of about 29 billion yuan. As of September 8, 2025, the total scale exceeded 120 billion yuan, a growth of over 300% compared to the initial amount, accounting for 21.3% of all bond ETFs [15]. - Since mid - July, the trading of the first batch of Sci - tech Bond ETFs has been active. As of September 8, 2025, the average daily trading volume of some funds exceeded 7 billion yuan, and that of others was above 4 billion yuan [15]. - In 2025, the coupon strategy of credit bonds has shown advantages, and Sci - tech Bond ETFs have shown certain resilience during market adjustments. Their callback amplitude is smaller than that of interest - rate bond ETFs, and they have better secondary - market acceptance [16][22]. 3.2.2. The Second Batch of Sci - tech Bond ETFs is About to be Listed, and the Market is Expected to Expand at an Accelerated Pace - The second batch of 14 Sci - tech Bond ETFs was approved on September 8, 2025, and will be issued on September 12. The participating entities are more diversified, which will accelerate the expansion of the bond ETF market. Sci - tech Bond ETFs will become the largest sub - category in terms of market value [25]. - The three major indices tracked by Sci - tech Bond ETFs have excellent historical returns. The CSI AAA Sci - tech Bond Index has a higher underlying bond capacity, with a cumulative return of 13.29 and an annualized return of 4.89% from the end of 2022 to September 9, 2025 [26]. 3.3. How to Select the Second Batch of Sci - tech Bond ETFs: Three Dimensions and One Variable 3.3.1. The Comprehensive Strength in Fixed - Income Management, Company Empowerment, and ETF Operation Will Determine Success - With the expansion of the Sci - tech Bond ETF market, competition will intensify. The comprehensive strength in fixed - income management, company empowerment, and ETF operation will determine whether a product can stand out [30]. - Among the issuers of the second batch of Sci - tech Bond ETFs, Huatai - PineBridge has strong comprehensive strength. As of the end of the second quarter of 2025, its managed asset scale exceeded 1 trillion yuan, and the scale of bond funds exceeded 260 billion yuan. Its ETF management scale also exceeded 100 billion yuan. It also adopted the T + 1 same - day bond - replenishment model [31]. 3.3.2. Under the New Sales Fee Regulations, Bond ETFs are Expected to Have Greater Development Opportunities - On September 5, 2025, the China Securities Regulatory Commission issued a notice on soliciting opinions on the revised regulations of public - offering fund sales fees. The optimization of the redemption - fee mechanism will have a significant impact on bond funds [38]. - The new regulations require that 100% of the redemption fee be included in the fund property, simplify the redemption - fee schedule to three levels, and cover all bond - fund categories, which will increase the cost of short - term trading [38]. - Calculations show that under the new regulations, redeeming bond funds within six months may not be economically viable. In a low - interest - rate environment, bond ETFs are expected to attract more trading - oriented funds [40][41].

Group 1: Inflation Trends - August CPI year-on-year growth is -0.4%, with a month-on-month change of 0.0%[10] - August PPI year-on-year growth is -2.9%, with a month-on-month increase to 0.0%[10] - Core CPI year-on-year improved significantly to 0.9% compared to the same period in 2024[15] Group 2: Impact of Policies - The effects of the anti-involution policy are beginning to show in the August PPI data, with mining industrial prices recovering for three consecutive months[22] - Prices in the black chain have stabilized, with coal mining and washing industry increasing by 2.8% month-on-month[22] - The rise in bulk commodity prices has positively impacted downstream manufacturing industries, with factory prices showing a month-on-month recovery of -0.05%[22] Group 3: Food Price Dynamics - Food prices, particularly pork and eggs, are the main drag on CPI, contributing -0.81% to the index[13] - Pork prices contributed -0.29% to CPI, while other food items contributed -0.51%[13] - The demand for pork is expected to recover in September, potentially lifting prices from their current low[15] Group 4: Risks and Future Outlook - There are ongoing pressures in the real estate sector, and consumer recovery momentum may not meet expectations[30] - The sustainability of price increases in bulk commodities and their impact on downstream industries will be closely monitored[28]

地产销售边际改善，耐用品增长乏力 [Table_Authors] 方奕(分析师) 中观景气 9 月第 1 期 本报告导读： 地产政策优化，楼市景气边际改善；耐用品增长乏力，受高基数影响，8 月乘用车零 售增速继续放缓，开学周服务景气有所回落；降息预期提升，金价大幅上涨。 投资要点： | | 021-38031658 | | --- | --- | | | fangyi2@gtht.com | | 登记编号 | S0880520120005 | | | 陶前陈(研究助理) | | | 0755-23976164 | | | taoqianchen@gtht.com | | 登记编号 | S0880125070014 | | | 张逸飞(分析师) | | | 021-38038662 | | | zhangyifei@gtht.com | [Table_Report] 相关报告 海外降息节奏临近，国内基金费率改革 2025.09.09 融资资金流入放缓，交易压力集中释放 2025.09.07 成交活跃度下降，创业板指估值领涨 2025.09.06 资产概览：金价创新高，新兴权益亮眼 2025.09.06 海纳百川 ...

Investment Rating - The report maintains a "Buy" rating for Jiangnan Buyi, indicating a positive outlook for the company's stock performance [11]. Core Insights - Jiangnan Buyi achieved a revenue of 5.55 billion RMB in FY2025, reflecting a year-on-year growth of 5%. The net profit for the same period was 0.89 billion RMB, also up by 5% [11]. - The company aims to achieve a sales target of 10 billion RMB by FY2026, focusing on a "fan economy" strategy to drive growth [3][11]. - The report highlights a strong performance in emerging brands, with a revenue increase of 107% in FY25, while mature and growth brands saw modest increases of 2% and a slight decline of 0.5%, respectively [11]. Financial Summary - **Revenue Forecast**: - FY2024: 5.24 billion RMB - FY2025: 5.55 billion RMB - FY2026E: 6.00 billion RMB - FY2027E: 6.45 billion RMB - FY2028E: 6.93 billion RMB - Growth rates: 17.3% (2024), 5.9% (2025), 8.2% (2026), 7.5% (2027), 7.4% (2028) [5]. - **Net Profit Forecast**: - FY2024: 0.85 billion RMB - FY2025: 0.89 billion RMB - FY2026E: 0.90 billion RMB - FY2027E: 0.97 billion RMB - FY2028E: 1.05 billion RMB - Growth rates: 36.7% (2024), 5.1% (2025), 0.9% (2026), 8.0% (2027), 8.3% (2028) [5]. - **Valuation Metrics**: - PE ratios for FY2025, FY2026, FY2027 are 8.38, 9.15, and 11.72 respectively, indicating a relatively low valuation compared to peers [5][12]. Market Data - The stock price range over the past 52 weeks is between 13.50 and 22.12 HKD, with a current market capitalization of 10.08 billion HKD [8]. - The report notes that over 80% of retail sales are contributed by active members, with 560,000 active members recorded [11]. Strategic Focus - Jiangnan Buyi is committed to maintaining stable discounts and enhancing customer loyalty through its fan economy strategy, which is expected to support its ambitious sales targets [3][11]. - The company plans to continue high dividend payouts, with a total dividend of 1.38 HKD per share for FY25, corresponding to a dividend yield of over 6% [11].

Group 1 - The report highlights a significant decline in US Treasury yields, driven by rising global risk aversion and expectations of a potential interest rate cut by the Federal Reserve due to weakening economic data [7][9][27] - European long-term government bond yields have reached near-decade highs, particularly in the UK, France, and Germany, influenced by fiscal expansion and political uncertainties, leading to a sell-off in European bonds [8][9][10] - The report suggests a shift in global capital flows, indicating increased risk aversion and a preference for high-quality, liquid bonds amid diverging monetary policies across major economies [8][9][10] Group 2 - The US Treasury yield curve has shifted downward, with the 10-year yield falling to 4.08% and the 30-year yield decreasing by 16.8 basis points to 4.76%, reflecting heightened demand for safe-haven assets [9][10][11] - In contrast, UK 30-year government bond yields have surged to their highest levels since 1998, with significant increases in yields for French and German bonds as well, indicating a divergence in bond market performance [9][10][11] - The report notes that Asian government bonds have remained stable, with limited yield fluctuations, highlighting a risk diversion effect in the market [9][10][11] Group 3 - The issuance of credit bonds has primarily involved high-rated entities, focusing on sectors such as infrastructure, real estate, and transportation, with maturities mainly between 1-3 years [17][19] - The offshore RMB bond market has shown a slight widening of the yield spread between dim sum bonds and domestic bonds, indicating a stable long-term outlook for offshore RMB liquidity [15][16][21] - The report emphasizes the importance of maintaining a diversified credit exposure, particularly in high-rated corporate bonds and sovereign debt, while being cautious of over-concentration in any single sector or credit rating [33][34]

Investment Rating - The report maintains an "Accumulate" rating for the company [11][13][20] - The target price is set at 32.89 CNY [11][13] Core Insights - The company is experiencing high growth in its FWA (Fixed Wireless Access) business and has entered mass delivery of AI edge and robotic products [2][13] - The company plans to list on the Hong Kong Stock Exchange to raise funds for further investments [2][13] - Revenue projections for 2025-2027 are 82.28 billion CNY, 99.72 billion CNY, and 119.62 billion CNY respectively, with net profits of 5.19 billion CNY, 6.80 billion CNY, and 8.53 billion CNY [13][14] - The company has launched its AI edge technology platform, Fibocom AI Stack, and is focusing on expanding its AI and robotics business [13][14] Financial Summary - Total revenue for 2023 is projected at 7,716 million CNY, with a year-on-year growth of 36.7% [4][14] - Net profit attributable to the parent company for 2023 is expected to be 564 million CNY, reflecting a 54.5% increase [4][14] - The company’s gross margin for the first half of 2025 is reported at 16.42%, down 5.16 percentage points year-on-year [13][14] - The company has a net asset return rate of 18.0% for 2023, projected to be 18.5% in 2024 [4][14] Business Performance - The FWA business is expected to see significant growth, particularly in the Indian market, where 5G penetration is still low [13][14] - The company is actively pursuing new clients in the automotive sector and is transitioning from 4G to 5G modules [13][14] - The report highlights the successful mass production of robotic solutions, including a lawnmower robot and a new RTK visual fusion positioning solution [13][14]

Macroeconomic Insights - The U.S. added only 22,000 non-farm jobs in August, significantly below market expectations, with prior months' data revised down by 21,000 jobs[13] - The unemployment rate is rising, but the labor participation rate is also increasing, indicating a fragile balance in the job market[13] - Eurozone GDP showed a slowdown in Q2 2025, while inflation remains stable, with the unemployment rate decreasing slightly[9] Market Trends - The Hang Seng Index rose by 1.36%, while the Shanghai Composite Index fell by 1.18% during the week of August 29 to September 5, 2025[8] - Commodity prices showed mixed results, with gold prices increasing by 4.04% and Brent crude oil prices decreasing by 3.60%[8] - The average daily trading volume in the A-share market decreased to 2.6 trillion CNY, indicating a decline in market activity[15] Investment Strategies - The recommendation for September is to overweight equities, suggesting a 55% allocation to equities, with specific allocations to A-shares (9.63%), Hong Kong stocks (9.63%), and U.S. stocks (19.25%)[29] - The report emphasizes the importance of focusing on sectors benefiting from policy changes and improving supply-demand dynamics, particularly in renewable energy and AI applications[20][21] Sector Performance - The machinery and automotive sectors saw significant inflows, while the electronics and computer sectors experienced notable outflows of 33.9 billion CNY and 33.3 billion CNY, respectively[17] - The report highlights a 14.8% year-on-year increase in domestic excavator sales in August, indicating a recovery in the manufacturing sector[5] Risk Factors - Potential risks include geopolitical tensions affecting commodity prices and the impact of U.S. political pressures on the Federal Reserve's independence[9][12] - The report warns of uncertainties in global economic conditions and the potential for further declines in consumer demand[26]