首次覆盖：可降解封堵器内资龙头，瓣膜高速增长 心泰医疗(2291) 现有管线护城河深，第二增长曲线放量在即 [Table_Industry] 医药 本报告导读： 公司是国内先天性心脏病介入医疗器械领导者，传统业务依托生物可降解技术，利 润稳步提升，并开辟心脏瓣膜产品为第二增长曲线。我们认为该两块业务将对公司 未来 1-5 年有较大利润增厚。 投资要点： 资料来源：Wind，HTI 股 票 研 究 海 外 公 司 ( 中 国 香 港 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 ) 股票研究 / [Table_Date] 2025.10.14 | 财务摘要(百万人民币) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入 | 472 | 728 | 959 | 1231 | | (+/-)% | 45% | 54% | 32% | 28% | | 毛利润 | 424 | 633 | 825 | 1046 | | 净利润 | 246 | 310 | 400 | 503 | | (+/-)% | 62% | ...

Investment Rating - The report maintains a positive outlook on the computer industry, emphasizing that artificial intelligence (AI) remains a key focus area [4][9]. Core Insights - NVIDIA plans to invest up to 100 billion USD in OpenAI to support data center development, with a goal to deploy at least 10 GW systems by 2026, which will extend the global AI infrastructure expansion cycle and boost demand for high-end GPUs and advanced packaging [4][9]. - Moore Threads' IPO has been approved, aiming to raise approximately 8 billion RMB for the development of autonomous and controllable AI chips, marking a significant step for domestic GPU manufacturers [4][9]. - Alibaba Cloud has launched the Pangu 128 AI server, which supports 128 AI chips per cabinet and enhances inference performance by about 50%, indicating a shift in focus towards interconnect optimization and efficient systems [4][9]. Summary by Sections Investment Highlights - AI continues to be a primary focus, with significant investments from major players like NVIDIA and OpenAI [4][9]. - The report highlights the approval of Moore Threads' IPO, which will facilitate the development of new AI chip technologies [4][9]. - The launch of Alibaba Cloud's Pangu 128 AI server showcases advancements in high-density and low-latency computing capabilities [4][9]. Key Targets - The report identifies key investment targets in the computer sector, including Wuxi Unicomp Technology, Kingdee International, Iflytek, Newland Digital Technology, Autel Intelligent Technology, Hand Enterprise, ArcSoft Corporation, and Hygon Information Technology [4][9].

yy.kou@htisec.com yl.luo@htisec.com [Table_Title] 研究报告 Research Report 15 Oct 2025 万辰集团 Wanchen Group (300972 CH) 前期股权计划第二阶段落地，彰显公司对业绩增长的信心 Stock Incentive Plan Phase II Demonstrates Company's Confidence in Earnings Growth 寇媛媛 Yuanyuan Kou 骆雅丽 Yali Luo [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2025 年 5 月 14 日，万辰集团首次发布 2025 年限制性股票激励计划。2025 年 10 月 13 日，公司发布 2025 年 预留部分（第一批次）限制性股票激励计划。两次激励计划的考核目标一致，股权激励计划中仍剩余 23.5 万股暂 未授予。 2025 年限制性股票激励计划：公司计划拟向激励对象授予共计约 ...

Market Overview - Southeast Asia ETFs fell by 1.75%, while Vietnam outperformed by 9.15 percentage points[2] - The Global X FTSE Southeast Asia ETF dropped 1.75% over the two-week period from September 27 to October 10, 2025[6] - Southeast Asia ETFs outperformed China but underperformed the U.S., Japan, Africa, India, Latin America, and the U.K.[2] Country-Specific Performance - Indonesia's iShares MSCI Indonesia ETF fell by 1.65%, outperforming by 0.10 percentage points; GDP is expected to grow over 5.5% in Q4 2025[3] - Singapore's iShares MSCI Singapore ETF decreased by 0.07%, outperforming by 1.68 percentage points[3] - Thailand's iShares MSCI Thailand ETF dropped by 2.18%, underperforming by 0.44 percentage points; the Manufacturing PMI rose to 54.6 in September 2025[3] - Malaysia's iShares MSCI Malaysia ETF fell by 1.55%, outperforming by 0.19 percentage points; palm oil production is estimated to decrease by 2.35%[3] - Vietnam's Global X MSCI Vietnam ETF rose by 7.40%, outperforming by 9.15 percentage points; GDP growth reached 8.23% year-on-year in Q3 2025[3] Investment Insights - The Southeast Asia Technology ETF increased by 3.18%, outperforming the broader Southeast Asia ETF by 4.93 percentage points[2] - FTSE Russell reclassified Vietnam as an emerging market, expected to attract billions in foreign investment[3]

电力板块 Q3 业绩值得期待 [Table_Industry] 公用事业 股票研究 / [2025.10.1 Table_Date]4 2025-10-14 本报告导读： 国资委提及电力反内卷、国庆现货电价好于此前假期、Q3 火电水电业绩预计表现不 错。 投资要点： 证 券 研 究 报 告 股 票 研 究 请务必阅读正文之后的免责条款部分 行 业 报 [table_Authors] [Table_Summary] 稳电价稳煤价，电力首提反内卷之后第一周有较好表现。国庆节前， 国资委开会，要求稳定电价煤价，防止内卷式恶性竞争，电力行业 首提反内卷，节后第一周电力板块表现不错（华能国际、华电国际 都涨了 3%以上），临近 Q3 季报，据我们测算，火电公司普遍 Q3 增 速会继续增长，预计主要在 30-80%之间，传统火电龙头业绩预计增 速都不错。 国庆期间，最低电价表现好于此前假期。根据统计的现货电价可以 发现，山东国庆 8 天中仅 1 天现货最低价为负，好于去年国庆 7 天 中 5 天现货最低价为负数，我们认为，可能是酒店、餐饮、娱乐等 服务业用电负荷急剧攀升，颠覆了市场此前对假日用电低谷的刻板 印象，弥补了工 ...

Investment Rating - The report suggests a positive outlook for the oligonucleotide drug industry, indicating that it is on the verge of a therapeutic paradigm revolution, particularly in the treatment of common diseases [3]. Core Insights - The oligonucleotide drug market is approaching a critical point of explosion, with significant advancements in delivery technologies and therapeutic targets [3]. - The report highlights the potential for multiple innovative treatment paradigms for common liver diseases over the next five years, focusing on lipid-lowering, blood pressure reduction, and hepatitis B [3]. - The report emphasizes the importance of differentiated delivery technologies and the potential for business development (BD) opportunities in the industry [3]. Summary by Sections Industry Overview - The report revisits the previous assessment from January 2021, which predicted that oligonucleotide drugs would become the third major class of therapeutics after small molecules and monoclonal antibodies [3]. - It notes that the market has seen a significant increase in the number of approved siRNA/ASO drugs since 2022, addressing unmet medical needs [4]. Market Dynamics - The report identifies key players in the industry, including Alnylam, Arrowhead, and Ionis, and discusses their market capitalization changes from 2021 to 2025, highlighting Alnylam's significant growth due to successful drug launches [7]. - It mentions that the market for oligonucleotide drugs is expanding into common diseases, with Alnylam's drugs like Amvuttra and Inclisiran showing strong sales potential [20]. Technological Advancements - The report discusses advancements in delivery technologies, particularly the GalNAc conjugation platform, which has significantly improved the efficacy and safety of oligonucleotide drugs [41][42]. - It highlights the ongoing research into dual-target oligonucleotide drugs, which may become a new trend in the industry [36]. Competitive Landscape - The report outlines the competitive landscape, noting that multinational corporations (MNCs) are actively acquiring clinical-stage FIC drugs and exploring collaborations with biotech firms [3]. - It emphasizes the need for targeted delivery systems for different organs, indicating that the advancement and differentiation of delivery platforms will be crucial for the future success of oligonucleotide drug companies [26][27].

Group 1: Economic Overview - China's GDP growth rate for the first half of the year was significantly above 5.3%, exceeding market expectations[4] - Despite a strong supply side, demand remains weak, particularly in the real estate sector, which still holds a high proportion of household wealth[4] Group 2: Real Estate Insights - Rental yield is crucial; properties with rental yields above 3% are considered attractive if government bond yields are around 2%[8] - Historical data shows that even with high rental yields, such as 6% in the U.S. during 2012, housing prices did not stabilize until later[8] - The rental yield and price-to-rent ratio are essential indicators for assessing property value, similar to price-to-earnings ratios in the stock market[8] Group 3: Price Stability Factors - Housing prices are influenced by expectations of future price movements; when prices are expected to rise, rental yields become less significant[13] - A study of 13 economies revealed that during housing price adjustments, rental yields often revert to historical highs, indicating a compression of property valuations[16] - Stabilizing housing prices requires managing inflation expectations, as asset prices reflect the underlying economy[16] Group 4: Policy Implications - Recent macroeconomic policies in China have focused on boosting expectations and inflation, which are critical for stabilizing housing prices[17] - Continuous policy efforts are expected to play a key role in stabilizing housing prices and supporting domestic demand[17] Group 5: Risks - Global geopolitical risks, uncertainties in U.S. policies, and changes in regulatory policies pose significant risks to the housing market[20]

[Table_Title] 研究报告 Research Report 12 Oct 2025 Global AI Industrial and Energy 新能源及工业周报(10/06-10/12)：铀期货价格触及今年高点，IEA 将 2030 年美国可再生能源容量增长的预期下调 50% Uranium futures prices hit this year's high, IEA revised down its 2030 US renewable energy capacity growth forecast by 50% from last year's estimates 毛琼佩 Olivia Mao 杨钰其 Yuqi Yang olivia.qp.mao@htisec.com yq.yang@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 核心观点： 1）全球基建和建筑装备：数据中心：AMD 将向 OpenAI 供应芯片，作为双方携手 ...

[Table_Title] 研究报告 Research Report 12 Oct 2025 中国宏观 China Macro "反内卷"的路径选择与需求侧机遇 Path Selection for "Anti-Involution" and Demand-Side Opportunities Shengzu Wang 周林泓 Amber Zhou 李加惠 Jiahui Li, CFA 本文系统回顾了 2015 年重工业供给侧改革，并对"反内卷"做出展望。"反内卷"未来根据市场化程度的不同有两条路径，需求侧 持续发力，建议关注相关机会。 1、2015 年供给侧改革： sz.wang@htisec.com amber.lh.zhou@htisec.com jh.li@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) ②若依赖市场化竞争来实现产能出清，或需要较长时间，这种情况下预计主要推动力为行业自律协会的号召，政策方面主要依 靠减少政府补助。短期内 ...

Investment Rating - The report maintains an "Outperform" rating for the company, projecting significant growth in revenue and net profit over the next few years [3][8]. Core Insights - The company is expected to achieve revenues of 1.08 trillion RMB, 1.13 trillion RMB, and 1.17 trillion RMB for the years 2025, 2026, and 2027 respectively, with net profits attributable to shareholders of 145.6 billion RMB, 152.9 billion RMB, and 160.2 billion RMB during the same period [3][8]. - The report highlights a strong profitability trend, with a net profit of 84.2 billion RMB in H1 2025, reflecting a year-on-year increase of 5.0% [3][8]. - The company is expanding its AI capabilities, with self-built AI computing reaching 33.3 EFLOPS in H1 2025, contributing to rapid growth in AI-related revenues [3][8]. Financial Summary - Total revenue for 2023 is projected at 1,009.3 billion RMB, with a year-on-year growth of 7.7% [2]. - Net profit attributable to shareholders for 2023 is estimated at 131.8 billion RMB, reflecting a growth of 5.0% [2]. - The earnings per share (EPS) is expected to increase from 6.10 RMB in 2023 to 7.41 RMB by 2027 [2][3]. Revenue Breakdown - In H1 2025, the company's main business revenue was 467 billion RMB, showing a slight increase of 0.7% year-on-year [3][8]. - The personal market revenue was 244.7 billion RMB, down 4.1% year-on-year, while the government and enterprise market revenue grew by 5.6% to 118.2 billion RMB [3][8]. - Emerging market revenue reached 29.1 billion RMB, reflecting a year-on-year increase of 9.3% [3][8]. Profitability Metrics - The gross profit margin (GPM) for H1 2025 was reported at 31.62%, an increase of 0.80 percentage points year-on-year [3][8]. - The EBITDA margin stood at 39.8%, with a year-on-year increase of 0.5 percentage points [3][8]. - The net profit margin (NPM) was 15.5%, reflecting a year-on-year increase of 0.8 percentage points [3][8]. Capital Expenditure and Dividends - Capital expenditure for H1 2025 was 58.4 billion RMB, with expectations for acceleration in the second half of the year [3][8]. - The interim dividend per share was set at 2.75 HKD, representing a year-on-year increase of 5.8% [3][8].