1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoint The convertible bond market currently meets the pre - condition of "long - term and significant valuation increase with the hundred - yuan premium rate at a historical high", but the recent upward trend of the equity market remains intact, and there has been no prior continuous shock adjustment to erode market confidence. Therefore, convertible bond valuations are expected to continue to fluctuate in the short - to - medium term. Future focus should be on equity trends and expected changes [3][25]. 3. Summary by Related Catalogs 3.1. Convertible Bond Sharp Valuation Compression Reappears, Conditions for Continuous Compression Not Met - On August 27, 2025, the CSI Convertible Bond Index dropped 2.82% in a single day, the hundred - yuan premium rate compressed by 3.48 pcts to 29.08%, and the trading volume exceeded 110 billion yuan. One reason for the sharp valuation compression was the vulnerability of convertible bond valuations at a historical high, and the other was the first significant net redemption of first - and second - tier bond funds since continuous net subscriptions in July, with securities firms, trusts/futures, and wealth management subsidiaries contributing the main net redemption volume [1][5]. - There were differences in the intraday performance of valuation compression. In terms of rhythm, the compression slope of the convertible bond hundred - yuan premium rate started to increase around 11:20, while the convertible bond underlying stock index lagged behind and began to decline rapidly around 13:25. After the lunch break, the equity market continued to decline, but the hundred - yuan premium rate bottomed out and fluctuated around 14:00. Structurally, the compression of the fitted premium rate of low - parity convertible bonds was more obvious, the valuations of financial and AA+/AAA convertible bonds were relatively resilient, and new bonds (listed for less than 1 year) had the largest valuation compression in the morning but also a strong rebound after the lunch break [1][8]. 3.2. Historical References for Rapid Valuation Compression - Since 2017, there have been 17 times when the single - day valuation compression of the hundred - yuan premium rate exceeded 2 pcts. Nine of these occurred during the period from 2017 - 2018 when the sample size was small and fluctuations were large, and the rest occurred on 2020 - 03 - 23, 2021 - 12 - 07, 2022 - 02 - 14, 2022 - 02 - 15, 2022 - 08 - 19, 2024 - 02 - 28, 2025 - 04 - 07, and 2025 - 08 - 27 [2][10]. - **2020 - 03 - 23**: Due to the unexpected spread of the pandemic globally, leading to deep adjustments in equity markets in many countries/regions. The Wind All - A Index dropped 3.81% and the Nasdaq Index dropped 9.49% on that day. Convertible bond valuations compressed by 2.55 pcts due to panic, but they stabilized and recovered as the global equity markets stabilized [10]. - **2021 - 12 - 07**: A typical period when convertible bond fluctuations increased after a rapid valuation increase to a high level. On that day, the conversion premium rate compression of high - priced convertible bonds and the decline in convertible bond prices were both prominent. However, from the end of 2021 to the beginning of 2022, fixed - income + funds and insurance funds entered the market significantly. With strong support from the capital side and the strength of convertible bond underlying stocks represented by small - cap stocks, convertible bond valuations continued to rise after a two - day correction, and the CSI Convertible Bond Index also fluctuated upward [14]. - **2022 - 02 - 14 and 2022 - 02 - 15**: The Wind All - A Index had been oscillating and declining for over 2 months, and convertible bond underlying stocks also had a sharp adjustment in mid - January. However, convertible bond valuations continued to oscillate upward, creating a divergence. After the equity market rebounded in early February but quickly declined again, the convertible bond market lost confidence and patience, resulting in a sharp valuation decline in mid - February. After the equity market stabilized in mid - to - late February, convertible bond valuations did not continue to decline, and only continued to compress when the equity market adjusted again in March [14]. - **2022 - 08 - 19**: Similar to the situation in February 2022, convertible bond valuations climbed to a high level. The Wind All - A Index had already adjusted significantly in advance, but convertible bond valuations remained high. After the small - and micro - cap stocks declined, the valuations were quickly adjusted to a relatively reasonable level of around 26%. However, the continued adjustment of the equity market caused convertible bond valuations to continue to decline [15]. - **2024 - 02 - 28**: During the repair process of the squeeze - out decline of small - and micro - cap stocks caused by quantitative funds, on the 28th, affected by market rumors about quantitative fund supervision, the equity market adjusted sharply again. The convertible bond underlying stock index mainly composed of small - and micro - cap stocks dropped 5.83%, and the hundred - yuan premium rate compressed by 2.29 pcts. After the rumor effect subsided, the equity market continued to repair, and convertible bond valuations stabilized, oscillated, and recovered the next day [18]. - **2025 - 04 - 07**: Mainly due to unexpected changes in peripheral tariff policies, the Wind All - A Index dropped 9.26% and the convertible bond underlying stock index dropped 12.19% on that day. Affected by the pessimistic sentiment in the equity market, convertible bond valuations compressed by 2.53 pcts. However, the subsequent equity market continued to repair, and the hundred - yuan premium rate rose 2.48 pcts on April 8, basically recovering all the losses [18]. - In the two sample periods of 2022 - 02 - 14 and 2022 - 08 - 19, there was still significant valuation decline in the 30 trading days after the rapid valuation compression. The commonalities were long - term and significant valuation increases before the compression, with the hundred - yuan premium rate at a historical high, and the equity market had started to oscillate and adjust, and continued to weaken in the future [2][19]. - In other sample periods, neither the decline of convertible bond valuations nor the CSI Convertible Bond Index lasted more than 3 days, and there was no obvious continuous compression of convertible bond valuations in the 30 trading days after the rapid valuation compression, regardless of whether the equity market rose, oscillated, or declined [3][23].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][8]. Core Views - The company reported a net profit of 384 million yuan for Q2 2025, representing a year-on-year increase of 9% and a quarter-on-quarter increase of 19%. The non-recurring net profit was 375 million yuan, up 15% year-on-year and 20% quarter-on-quarter [2][3]. - The company is focusing on advanced technologies, particularly in the smart automotive lighting sector, which is expected to drive significant growth [2][3]. - The company has made substantial investments in R&D, with a notable increase in R&D expenses due to rising employee compensation and material costs [8]. Financial Summary - Total revenue is projected to grow from 13,253 million yuan in 2024 to 22,188 million yuan in 2027, with year-on-year growth rates of 29.3%, 20.8%, 18.1%, and 17.3% respectively [4][9]. - The net profit attributable to the parent company is expected to rise from 1,408 million yuan in 2024 to 2,598 million yuan in 2027, with growth rates of 27.8%, 20.8%, 22.1%, and 25.1% respectively [4][9]. - The earnings per share (EPS) is forecasted to increase from 4.93 yuan in 2024 to 9.10 yuan in 2027 [4][9]. Market Position and Growth Potential - The company is becoming a leading player in the high-end smart automotive lighting market, with significant product upgrades and collaborations with major tech firms [8]. - The global automotive lighting market is expected to expand to 47.6 billion USD by 2028, and if the company captures a 10% market share, its revenue could reach 33.8 billion yuan [8]. - The company is also expanding its global footprint, with notable revenue growth in the European market and plans to enter the North American market [8].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 42.30 CNY [2][9]. Core Views - The company's revenue for H1 2025 reached 2.522 billion CNY, representing a year-on-year increase of 48.5%, while the net profit attributable to shareholders was 855 million CNY, up 216.6% year-on-year [2][3]. - The potassium fertilizer industry is expected to maintain high prosperity, with the company showing significant growth potential [3]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 3,548 million CNY, 5,707 million CNY, 7,532 million CNY, and 9,336 million CNY respectively, with growth rates of -9.0%, 60.8%, 32.0%, and 23.9% [4][10]. - Net profit attributable to shareholders is forecasted to be 950 million CNY, 1,847 million CNY, 2,602 million CNY, and 3,359 million CNY for the same years, with growth rates of -23.0%, 94.4%, 40.8%, and 29.1% [4][10]. - Earnings per share (EPS) are projected to be 1.03 CNY, 2.00 CNY, 2.82 CNY, and 3.64 CNY for 2024A, 2025E, 2026E, and 2027E respectively [4][10]. - The company has a total market capitalization of 30.549 billion CNY and a circulating market value of 26.838 billion CNY [5]. Production and Sales Performance - In H1 2025, the company produced and sold 1.0141 million tons and 1.0454 million tons of potassium chloride, respectively, marking increases of 20.0% and 21.4% year-on-year [9]. - The average selling price of potassium fertilizer has increased due to sustained demand and reduced supply uncertainties, leading to improved profitability [9]. Future Growth Potential - The company is advancing its construction of additional potassium fertilizer production capacity, aiming to leverage economies of scale and reduce overall costs [9]. - The non-potassium business segment, particularly bromine production, is expected to expand, enhancing the company's competitive position in the chemical industry [9].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of HKD 45.26, compared to the current price of HKD 37.84 [5][9]. Core Insights - The company achieved a revenue of HKD 8.524 billion in the first half of 2025, representing a year-on-year growth of 6.5%. The net profit attributable to shareholders was HKD 2.03 billion, up 7.4% year-on-year, while the core net profit attributable to shareholders increased by 15% to HKD 2.011 billion [2][9]. - The shopping center business continues to show strong growth, with retail sales increasing by 21% year-on-year. The average occupancy rate for operational projects reached 97.1%, an increase of 0.4 percentage points from the end of 2024 [9][10]. - The company has declared an interim dividend of HKD 0.529 per share, a year-on-year increase of 89.6%, with a total dividend of HKD 0.881 per share, reflecting a growth of 216% compared to the same period last year [9][10]. Financial Performance Summary - The company’s total revenue is projected to grow from HKD 17.043 billion in 2024 to HKD 23.064 billion by 2027, with a compound annual growth rate (CAGR) of approximately 12% [4][10]. - The net profit attributable to shareholders is expected to rise from HKD 3.629 billion in 2024 to HKD 5.622 billion in 2027, with a CAGR of 15% [4][10]. - Earnings per share (EPS) are forecasted to increase from HKD 1.59 in 2024 to HKD 2.46 in 2027, indicating a strong growth trajectory [4][10]. Business Segment Performance - Revenue from the shopping center segment reached HKD 2.26 billion, growing by 19.8% year-on-year, while office and property management segments saw revenues of HKD 1 billion and HKD 5.16 billion, respectively [9][10]. - The gross margin for the shopping center segment improved to 78.7%, while the property management segment experienced a slight decline in gross margin to 18.8% [9][10]. Dividend Policy - The company has adopted a policy of distributing 100% of its core net profit as dividends, reflecting a commitment to returning value to shareholders [9][10].

Investment Rating - The report maintains a "Strong Buy" rating for Xiamen Xiangyu (600057) with a target price of 9.0 CNY, representing a potential upside of approximately 27% from the current price of 7.12 CNY [1][2][6]. Core Views - The report highlights a 32.48% year-on-year increase in net profit attributable to shareholders for the first half of 2025, driven by the company's strong position in the bulk supply chain sector [1][6]. - The company is expected to benefit from a recovery in demand for bulk commodities, with a focus on operational efficiency and cost reduction strategies [6][7]. - The report emphasizes the positive performance of various business segments, particularly in agricultural products and logistics, indicating a trend towards improved profitability [6][7]. Financial Summary - Total revenue for 2025 is projected to reach 418.86 billion CNY, with a year-on-year growth rate of 14.2% [2][14]. - Net profit attributable to shareholders is expected to increase to 1.95 billion CNY in 2025, reflecting a growth rate of 37.2% [2][14]. - Earnings per share (EPS) is forecasted to be 0.55 CNY for 2025, with a price-to-earnings (P/E) ratio of 13 [2][14]. Business Segment Performance - The bulk commodity trading segment achieved a volume of 120.76 million tons in H1 2025, a 19.02% increase year-on-year, generating revenue of 193.4 billion CNY [6][7]. - The logistics segment reported a revenue increase of 17.39% to 4.996 billion CNY, with a gross margin improvement [6][7]. - The manufacturing segment, however, saw a decline in revenue by 6.71% to 5.284 billion CNY, indicating challenges in this area [6][7]. Future Outlook - The report suggests that the company is well-positioned to capitalize on the recovery of the industrial sector, particularly in cyclical commodities, as economic conditions improve [6][7]. - The anticipated growth in net profit and revenue for 2026 and 2027 indicates a sustained upward trend in the company's financial performance [6][7].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][22]. Core Views - The company has shown a revenue growth of 7.64% year-on-year in H1 2025, achieving a total revenue of 2.579 billion yuan. The net profit attributable to shareholders increased by 26.89% year-on-year to 384 million yuan [7]. - The growth is attributed to an increase in business volume and optimization of product structure, with a focus on high-value products and new customer acquisition [7]. - The company is actively expanding into emerging sectors such as AI and robotics, which are expected to create a second growth curve [1][7]. - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 871 million yuan, 1.245 billion yuan, and 1.651 billion yuan respectively, reflecting a strong growth outlook [7]. Financial Summary - Total revenue is projected to grow from 5.022 billion yuan in 2024 to 11.062 billion yuan in 2027, with a compound annual growth rate (CAGR) of 27.6% [2]. - The net profit attributable to shareholders is expected to increase from 675 million yuan in 2024 to 1.651 billion yuan in 2027, with a CAGR of 32.6% [2]. - Earnings per share (EPS) is forecasted to rise from 0.94 yuan in 2024 to 2.29 yuan in 2027 [2]. - The company maintains a healthy financial position with a debt-to-equity ratio of 8.8% in 2024, expected to decrease to 6.8% by 2027 [8].

Investment Rating - The report maintains a "Strong Buy" rating for Mengniu Dairy (02319.HK) with a target price of HKD 21, while the current price is HKD 16.20 [4][7]. Core Views - The revenue performance is under pressure, but operating profit margin (OPM) has improved, indicating a focus on quality and returns despite external demand challenges [4][7]. - The company is expected to face continued revenue pressure in the second half of the year, but profitability is anticipated to recover due to cost benefits and improved operational efficiency [7][8]. Financial Summary - **Revenue Forecasts**: Total revenue is projected to decline from HKD 88.675 billion in 2024 to HKD 81.210 billion in 2025, with a slight recovery expected in subsequent years [4][13]. - **Net Profit**: The net profit is expected to rebound significantly from HKD 105 million in 2024 to HKD 4.511 billion in 2025, reflecting a growth rate of 4216.4% [4][13]. - **Earnings Per Share (EPS)**: EPS is forecasted to increase from HKD 0.03 in 2024 to HKD 1.16 in 2025, with further growth to HKD 1.36 and HKD 1.56 in 2026 and 2027 respectively [4][13]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 554 in 2024 to 13 in 2025, indicating a more favorable valuation as earnings recover [4][13]. Segment Performance - **Product Categories**: Liquid milk revenue decreased by 11.2% year-on-year, while infant formula and ice cream showed positive growth of 2.5% and 15% respectively, indicating a mixed performance across product lines [7][8]. - **Cost Management**: The company benefited from lower raw milk prices, leading to a gross margin increase to 41.75% in the first half of 2025, up by 1.48 percentage points year-on-year [7][8]. Market Outlook - The report suggests that while external demand remains weak, the company’s inventory management is healthy, and operational improvements are expected to support profitability recovery in the second half of the year [7][8].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][21]. Core Insights - The company achieved a revenue of 1.187 billion yuan in H1 2025, representing a year-on-year increase of 58.20%. The gross margin was 28.16%, with a slight increase of 0.37 percentage points year-on-year. However, the net profit attributable to the parent company was a loss of 295 million yuan [5]. - The report highlights a recovery in demand, driven by the gradual completion of inventory destocking in the downstream market and the ramp-up of new products in computing and automotive sectors, which is expected to lead to performance recovery [5]. - The semiconductor industry is entering an upturn, with accelerated domestic substitution, particularly in the analog chip market, where domestic manufacturers are expected to experience a new growth phase [5]. - The company is focusing on high-growth areas such as computing, automotive electronics, and renewable energy, with a diverse product portfolio that includes over 3,200 analog product models [5]. - The company is transitioning towards a comprehensive semiconductor solution provider through both organic growth and strategic acquisitions, enhancing operational efficiency and scale [5]. Financial Summary - For H1 2025, the company reported a revenue of 1.187 billion yuan, with a year-on-year growth of 58.20%. The net profit attributable to the parent company was a loss of 295 million yuan [5]. - The forecast for 2025-2027 indicates a gradual recovery in net profit, with projections of -379 million yuan in 2025, 19 million yuan in 2026, and 213 million yuan in 2027 [6]. - The company’s gross margin is expected to improve from 27.3% in 2024 to 37.3% in 2027, reflecting a positive trend in profitability [6].

Investment Rating - The report maintains a "Recommended" rating for Mango Excellent Media (300413) [1] Core Views - The company is currently under pressure, with a focus on the pace of content release and the implementation of the new broadcasting regulations [1] - Short-term performance is impacted by increased content investment and weak macroeconomic conditions, but there is optimism for medium to long-term growth driven by quality content strategies [7] Financial Summary - Total revenue for 2024 is projected at 14,080 million, with a decline to 12,616 million in 2025, followed by a recovery to 13,363 million in 2026 and 14,317 million in 2027 [2] - The net profit attributable to the parent company is expected to be 1,364 million in 2024, increasing to 1,431 million in 2025, 1,764 million in 2026, and 2,128 million in 2027 [2] - Earnings per share (EPS) is forecasted to be 0.73 yuan in 2024, rising to 0.76 yuan in 2025, 0.94 yuan in 2026, and 1.14 yuan in 2027 [2] - The target price is set at 30.6 yuan per share, with the current price at 25.60 yuan [2] Revenue and Profit Trends - The company reported a revenue of 5,964 million for the first half of 2025, a year-over-year decline of 14.3%, with a net profit of 763 million, down 28% year-over-year [7] - In Q2 2025, revenue was 3,063 million, reflecting a year-over-year decrease of 15.7% but a quarter-over-quarter increase of 5.6% [7] - The gross margin for Q2 2025 was 27%, down 2.37 percentage points year-over-year, primarily due to increased content costs [7] Strategic Insights - The company is focusing on enhancing its content offerings, with a significant investment in high-quality productions expected to drive long-term growth [7] - The new broadcasting regulations are anticipated to benefit content innovation and demand stimulation in the medium to long term [7] - The company is also exploring new growth areas such as international expansion, AI, and intellectual property [7]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 48.7 CNY [2][9]. Core Insights - The company's 2Q25 performance met expectations, with a notable increase in the proportion of high-margin businesses contributing to net profit growth [9]. - Revenue for 2Q25 was 21.4 billion CNY, down 3.7% year-on-year, while net profit rose by 20% year-on-year to 3.01 billion CNY, indicating a net profit margin of 15.0% [9]. - The company is actively transforming its commercial vehicle gear business and expanding its passenger vehicle gear operations in Hungary, which is expected to drive future growth [9]. - The intelligent actuator business is stable, with new growth opportunities in the robot reducer market, positioning the company as a key supplier in this sector [9]. - The forecast for net profit for 2025-2027 has been adjusted upwards, reflecting a positive outlook for the company's performance [9]. Financial Summary - Total revenue is projected to grow from 8,781 million CNY in 2024 to 14,179 million CNY by 2027, with a compound annual growth rate (CAGR) of 21.7% [4]. - Net profit is expected to increase from 1,024 million CNY in 2024 to 1,866 million CNY in 2027, with a CAGR of 21.9% [4]. - The earnings per share (EPS) is forecasted to rise from 1.21 CNY in 2024 to 2.20 CNY in 2027 [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 30 times in 2024 to 17 times in 2027, indicating a potentially more attractive valuation over time [4].