Economic Indicators - August PPI in the US increased by 2.6% year-on-year and decreased by 0.1% month-on-month, both below expectations[4] - August CPI in China remained flat month-on-month, while the year-on-year decline in PPI narrowed[4] Market Performance - 2-year US Treasury yield fell by 2.28 basis points to 3.538%[4] - 5-year US Treasury yield decreased by 2.08 basis points to 3.599%[4] - 10-year US Treasury yield dropped by 4.21 basis points to 4.047%[4] Stock Market Indices - Nasdaq Index closed at 21,886.06, up by 0.03%[6] - Dow Jones Industrial Average closed at 45,490.92, down by 0.48%[6] - S&P 500 Index closed at 6,532.04, up by 0.30%[6] Commodity Prices - ICE Brent crude oil price rose by 1.82% to $67.60[6] - London gold price increased by 0.43% to $3,639.81[6] - CME Bitcoin futures rose by 2.11% to $114,055.00[6] Hong Kong Market - Hang Seng Index closed at 26,200.26, up by 1.01%[6] - Hang Seng China Enterprises Index closed at 9,328.16, up by 0.93%[6] - Hang Seng Technology Index closed at 5,902.69, up by 1.27%[6]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price raised to HKD 3.20 per share, indicating a potential upside of 22% from the current price of HKD 2.62 [5][11]. Core Insights - The company achieved a revenue of RMB 6.845 billion in the first half of 2025, reflecting a year-on-year growth of 3.30%. However, the net profit attributable to shareholders decreased by 4.37% to RMB 1.688 billion [8][9]. - The company plans to increase its dividend payout ratio to approximately 33% during the 14th Five-Year Plan period, indicating a commitment to shareholder returns [8][9]. - The company aims to add 3 GW of new installed capacity in 2025, with a target of reaching a total installed capacity of 21 GW by the end of the 14th Five-Year Plan, with wind power accounting for over 80% of this capacity [3][9]. - The acceleration of subsidy payments is expected to improve cash flow, with the company recovering RMB 8.42 billion in subsidies in July 2025, significantly higher than the previous year [4][10]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a pre-tax profit of RMB 2.358 billion, a 1.37% increase year-on-year, while the basic earnings per share were RMB 0.2046, with an interim dividend of RMB 0.03 per share [8][9]. - The company anticipates a stable increase in the dividend payout ratio, with a minimum of 30% of net profit being distributed as dividends from 2025 to 2027 [9]. Installed Capacity and Growth Targets - The company maintains its target of obtaining and commissioning 3 million kilowatts of new capacity in 2025, with a long-term goal of achieving 21 million kilowatts by the end of the 14th Five-Year Plan [3][9]. Cash Flow and Subsidy Recovery - The company has a substantial subsidy receivable balance of approximately RMB 23.5 billion as of June 2025, with expectations for accelerated recovery of these funds, which will enhance its cash flow and financial position [4][10]. Valuation and Market Position - The report highlights an expected improvement in industry cash flow due to faster subsidy disbursements, which is likely to enhance industry valuations. The target price corresponds to a price-to-earnings ratio of 10.4 times for 2025 and 9.4 times for 2026 [5][11].

Investment Rating - The report suggests a positive outlook for the company, indicating that the current market capitalization of HKD 57 billion is significantly undervalued, recommending active attention to the stock [6]. Core Insights - The company presented excellent preliminary efficacy and safety data for IMM2510, a PD-L1xVEGF dual antibody, at the 2025 World Lung Cancer Conference, showing an objective response rate (ORR) of 35.3% and a progression-free survival (PFS) of 9.4 months in patients with advanced squamous non-small cell lung cancer (sq-NSCLC) [2][3]. - The safety profile of IMM2510 is manageable, with common grade ≥3 treatment-related adverse events (TRAEs) reported at 8.7% for thrombocytopenia, lymphopenia, and infusion-related reactions [3]. - The company has a rich pipeline with significant product potential, including the CD47CD20 dual antibody (IMM0306) and other candidates, indicating a broad space for business development [4][5]. Summary by Sections Clinical Data - The ORR for IMM2510 was reported at 35.3% (6 out of 17 patients), with a disease control rate (DCR) of 76.5% (13 out of 17). The median duration of response (DoR) was 7.59 months, and the median PFS was 9.4 months [2]. Safety Profile - Among 23 enrolled patients, the common grade ≥3 TRAEs included thrombocytopenia (8.7%), lymphopenia (8.7%), and infusion-related reactions (8.7%), indicating that the safety of IMM2510 is controllable [3]. Pipeline and Development - The company is advancing multiple clinical trials, including a Phase III registration trial for IMM2510 in sq-NSCLC and various combinations with other therapies [3]. The CD47 fusion protein (IMM01) is progressing well in Phase III trials for CMML and cHL, with mid-term data analysis expected next year [5]. Additionally, the new drug IMM72 for pulmonary arterial hypertension (PAH) has received approval and is currently recruiting healthy volunteers [5].

Core Insights - The report highlights significant economic events, including the U.S. Supreme Court's upcoming hearing on the Trump tariff case and adjustments in non-farm employment data, indicating a downward revision of 911,000 jobs over the past year [4] - The report notes that EIA has slightly raised its oil price forecast for this year while maintaining the forecast for next year [4] - The report mentions that major food delivery platforms in China have been urged to resist malicious subsidies by the market regulatory authority [4] Economic Data Summary - The Baltic Dry Index closed at 2019.00, up by 2.02% - The Nasdaq Index closed at 21879.49, up by 0.37% - The Dow Jones Industrial Average closed at 45711.34, up by 0.43% - The ICE Brent Crude Oil price was at 66.53, up by 0.77% - The London Gold price closed at 3624.17, down by 0.33% - The U.S. Dollar Index was at 97.77, up by 0.33% - The Hong Kong Hang Seng Index closed at 25938.13, up by 1.19% [5]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 9.60 per share, indicating a potential upside of 22% from the current price of HKD 7.87 [1][6][12]. Core Insights - The acceleration of national subsidies for renewable energy in August has exceeded expectations, signaling positive cash flow improvements for the company. The company is expected to benefit significantly from the recovery of outstanding subsidies, which amount to over RMB 30 billion [3][9]. - The company has committed to a dividend payout ratio of at least 30% of net profit attributable to shareholders for the years 2025-2027, with an initial interim dividend of HKD 0.1 per share planned for 2025, reflecting a strong focus on shareholder returns [4][10]. - The company achieved a total power generation of 5,273,319 MWh in August 2025, a year-on-year increase of 5.56%, with wind and solar power generation growing by 22.38% and 74.41%, respectively. The target for new installed capacity in 2025 remains at 5 GW, which is expected to support stable performance growth [5][11]. Financial Summary - For FY2025, the company is projected to generate revenue of RMB 32,526 million, a 3.7% increase from the previous year, with net profit attributable to shareholders expected to reach RMB 6,622 million, reflecting a growth of 3.8% [7][15]. - The earnings per share (EPS) for FY2025 is estimated at RMB 0.79, with a price-to-earnings (P/E) ratio of 9.1 based on the current share price [7][15]. - The company plans to maintain a dividend of RMB 0.238 per share for FY2025, resulting in a dividend yield of 3.31% at the current price [7][15].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The primary market issuance volume of Chinese offshore bonds continued to rebound last week, with 9 new bonds issued, totaling approximately $2.55 billion [1][6]. - In the secondary market, investment - grade Chinese dollar bonds outperformed high - yield bonds. The Chinese dollar bond index (Bloomberg Barclays) rose 0.46% week - on - week, and the emerging market dollar bond index rose 0.68%. The investment - grade index had a weekly increase of 0.50%, while the high - yield index rose 0.22%. The Chinese dollar bond return index (Markit iBoxx) rose 0.41% week - on - week, with the investment - grade return index up 0.44% and the high - yield return index up 0.18% [4]. - U.S. employment data fell short of expectations, leading to a significant decline in U.S. Treasury yields. The 2 - year U.S. Treasury yield dropped 10.75bps to 3.5092%, and the 10 - year yield fell 15.42bps to 4.0742% [2]. Summary by Relevant Catalogs 1. Primary Market - Last week, the primary market issuance volume of Chinese offshore bonds continued to rebound, with 9 new bonds issued, totaling approximately $2.55 billion (converted to US dollars at the exchange rate on the pricing start date). The largest issuance was two green notes worth a total of $1.5 billion issued by the London branch of China Construction Bank [1][6]. 2. Secondary Market 2.1 Chinese Dollar Bond Index Performance - The Chinese dollar bond index (Bloomberg Barclays) rose 0.46% week - on - week, and the emerging market dollar bond index rose 0.68%. The investment - grade index closed at 200.0169, up 0.50% for the week, while the high - yield index closed at 162.9957, up 0.22% [8]. - The Chinese dollar bond return index (Markit iBoxx) rose 0.41% week - on - week, closing at 248.8668. The investment - grade return index closed at 241.2337, up 0.44%, and the high - yield return index closed at 244.8969, up 0.18% [13]. 2.2 Chinese Dollar Bond Industry Performance - In terms of industries, the healthcare and materials sectors led the gains, while the consumer staples and real estate sectors led the losses. The healthcare sector's yield decreased by 1.9Mbps, and the materials sector's yield decreased by 36.2bps. The consumer staples sector's yield increased by 963.1bps, and the real estate sector's yield increased by 440.6bps [17]. 2.3 Chinese Dollar Bond Different Rating Performance - According to Bloomberg's comprehensive ratings, investment - grade names all rose, with the A - grade weekly yield down 5.7bps and the BBB - grade weekly yield down 6.6bps. Most high - yield names fell, with the BB - grade yield down 6.6bps, the DD+ to NR - grade yield up about 93.2bps, and the unrated names' yield up 595.2bps [18]. 2.4 Last Week's Bond Market Hot Events - Aoyuan Group Co., Ltd. failed to repay a total of RMB 42.774 billion in due debt principal as of August 30, 2025. The company and its subsidiaries are involved in multiple major pending lawsuits, with an outstanding litigation amount of approximately RMB 66.689 billion [19]. - Shenzhen Longfor Holdings Co., Ltd. failed to repay a total of RMB 31.212 billion in due debt as of August 31, 2025. The company is actively communicating with relevant institutions and creditors to seek an overall solution [20][21]. - Country Garden Real Estate Group Co., Ltd. had a total amount of pending litigation within the consolidated scope of approximately RMB 40.4 billion as of June 30, 2025. As of August 26, 2025, the company's headquarters had 58 pieces of enforcement information, involving a total enforcement amount of RMB 6.3 billion [22]. 2.5 Last Week's Subject Rating Adjustments - S&P adjusted its outlook on Zhongsheng Group Holdings Limited to negative due to expected continued revenue decline in 2025 and 2026 [24]. - Fitch adjusted its outlook on Meituan to stable, expecting short - term revenue growth to slow down but a recovery in free cash flow in 2026 [26]. - United International adjusted its outlook on Fujian Zhanglong Group Co., Ltd. to positive, expecting an enhanced strategic importance [26]. 3. U.S. Treasury Bond Quotes - The report provides quotes for 30 U.S. Treasury bonds with maturities over 6 months, including details such as code, maturity date, current price, yield to maturity, and coupon [27]. 4. Macroeconomic Data Tracking - As of September 5, the yields of U.S. Treasury bonds were as follows: 1 - year (T1) at 3.6499%, down 18.37bps from the previous week; 2 - year (T2) at 3.5092%, down 10.75bps; 5 - year (T5) at 3.5817%, down 11.41bps; 10 - year (T10) at 4.0742%, down 15.42bps [31]. 5. Macroeconomic News - U.S. non - farm payrolls in August increased by only 22,000, far below market expectations. The unemployment rate rose to 4.3%, the highest since 2021, increasing the expectation of a Fed rate cut in September [30]. - U.S. President Trump signed an executive order to implement the U.S. - Japan trade agreement, and Japan plans to increase U.S. rice purchases by 75% [32]. - Trump exempted gold bars, graphite, tungsten, uranium and other metal products from global country - specific tariffs and included silicone products in the tariff scope [33]. - The U.S. trade deficit in July soared 32.5% month - on - month to $78.3 billion, higher than market expectations [34]. - U.S. ADP employment in August increased by only 54,000, far below market expectations [35]. - The U.S. ISM services PMI in August was 52, the fastest expansion in six months [36]. - The U.S. ISM manufacturing index in August rose slightly from 48 in July to 48.7, below market expectations [38]. - Barclays expects the Fed to cut interest rates three times this year, 25 basis points each time [40]. - The Eurozone CPI in August increased by 2.1% year - on - year, higher than the expected 2% [41]. - The Eurozone's composite PMI in August rose slightly to 51, the highest in 12 months [42]. - The Eurozone's manufacturing PMI in August rose to 50.7, expanding for the first time since mid - 2022 [43]. - The Eurozone's Q2 GDP final value increased by 1.5% year - on - year, up 0.1 percentage point from the initial value [44]. - China will implement a visa - free policy for Russia from September 15, 2025, to September 14, 2026, and Russia will implement a reciprocal visa - free policy [45][46]. - The probability of the Bank of Japan raising interest rates in October has increased significantly [47]. - Shenzhen further relaxed its housing purchase restriction policy [48].

2025 年 9 月 9 日星期二 【实时热点】 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 证 券 研 究 报 告 法国总理贝鲁未通过信任投票 将递交辞呈 韩国：本月底起对中国团体游客试行免签 两部门：到 2030 年能源领域人工智能专用技术与应用总体 达到世界领先水平 前 8 个月我国货物贸易进出口增长 3.5% 商务部：推动年底前正式签署中国—东盟自贸区 3.0 版议定 书 中国 8 月新能源车零售 110.1 万辆，同比增 7.5% 中国 8 月稀土出口 5791.8 吨，同比增 22.6% 北京："8·8"楼市新政落地满月，新房、二手房成交量双升 特斯拉 8 月美国电动汽车市场份额降至 38% LG 电子拟于 10 月在印度启动规模约 1500 亿印度卢比的首 次公开募股 2 年期美债收益率跌 2.08 个基点报 3.486% 5 年期美债收益率跌 2.42 个基点报 3.558% 10 年期美债收益率跌 3.82 个基点报 4.038% 【新股资讯】 | 序号 | 招股日 | 代码 | 简称 | | --- | ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price raised to HKD 14.00 per share, indicating a potential upside of 25% from the current price of HKD 11.19 [5][10]. Core Views - The company's performance in the first half of 2025 was impacted by a decline in photovoltaic glass prices and asset impairments, leading to a revenue drop of 27.66% year-on-year to RMB 77.37 billion and a net profit decline of 82.58% to RMB 2.61 billion [2][8]. - The photovoltaic glass market is showing signs of recovery, with improved pricing expected in September 2025, driven by supply-demand dynamics and a reduction in industry inventory levels [4][9]. - The company is positioned as a leading player in the industry, with advantages in technology and cost, which are expected to facilitate a quicker recovery in profitability compared to peers [4][10]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of RMB 77.37 billion, down 27.66% year-on-year, and a net profit of RMB 2.61 billion, down 82.58% year-on-year. Q2 2025 revenue was RMB 36.58 billion, a decrease of 26.41% year-on-year and 10.33% quarter-on-quarter, with a net profit of RMB 1.55 billion, down 79.02% year-on-year but up 46.02% quarter-on-quarter [2][8]. - The gross margin for photovoltaic glass in H1 2025 was 12.31%, a decline of 12.39 percentage points year-on-year, although Q2 showed a near 5 percentage point improvement quarter-on-quarter [8]. Market Outlook - The company has recently cold-repaired three glass furnaces, totaling a daily melting capacity of 3,000 tons, while current production capacity stands at 16,400 tons. The photovoltaic glass pricing is improving, with recent quotes indicating a range of RMB 18.5-19.5 per square meter for 3.2mm single-layer coated glass and around RMB 13 per square meter for 2.0mm [4][9]. - The overall supply-demand structure in the photovoltaic glass industry is beginning to improve, with inventory levels dropping to a reasonable 20 days [4][9]. Valuation - The target price has been increased to HKD 14.00 per share, corresponding to a 23x PE ratio for 2026, reflecting an anticipated valuation uplift as the company navigates through the current cycle [5][10].

Core Insights - The report highlights that the U.S. job market data for August, referred to as "small non-farm," fell short of expectations, indicating potential economic concerns [4] - The report notes that the median annual salary for Americans is $62,192, which may impact consumer spending and economic growth [4] - The report discusses significant developments in the tech sector, including Huawei surpassing Apple in smartwatch shipments and Nvidia's new AI chip for China, which could influence market dynamics [4] Economic Data Summary - The Baltic Dry Index decreased by 2.32% to 1940.00, indicating a decline in shipping rates [5] - The Nasdaq Index rose by 0.98% to 21,707.69, while the Dow Jones Industrial Average increased by 0.77% to 45,621.29, suggesting a mixed performance in U.S. equities [5] - Crude oil prices fell by 1.07% to $66.88, and gold prices decreased by 0.39% to $3,544.65, reflecting fluctuations in commodity markets [5] - The Hang Seng Index dropped by 1.12% to 25,058.51, and the Shanghai Composite Index fell by 1.25% to 3,765.88, indicating a downturn in the Hong Kong and mainland Chinese markets [5]

Economic Indicators - The Eurozone's August Composite PMI slightly increased to 51[4] - The number of billionaires globally has surpassed 3,000 for the first time[4] - The penetration rate of new energy vehicles in August reached a record high, exceeding 50% for six consecutive months[4] Market Performance - The 2-year U.S. Treasury yield fell by 2.68 basis points to 3.610%[4] - The 5-year U.S. Treasury yield decreased by 3.12 basis points to 3.691%[4] - The 10-year U.S. Treasury yield dropped by 4.27 basis points to 4.217%[4] Stock Market Movements - The Nasdaq Index closed at 21,497.73, up by 1.02%[5] - The Dow Jones Industrial Average closed at 45,271.23, down by 0.05%[5] - The S&P 500 Index closed at 6,448.26, up by 0.51%[5] Commodity Prices - The price of ICE Brent crude oil fell by 2.53% to $67.39[5] - The price of London gold rose by 0.74% to $3,558.48[5] - The CME Bitcoin futures price increased by 1.33% to $112,870.00[5]