Investment Rating - The report maintains an "Outperform" rating for the industry [8] Core Insights - The report highlights the significant potential of FGF21 as a treatment for MASH (Metabolic Associated Steatotic Liver Disease), with a global patient population potentially reaching nearly 500 million and a market size exceeding $30 billion [5][17] - Recent large-scale business development (BD) deals in the FGF21 space, including Novo Nordisk's $4.7 billion acquisition of Akero Therapeutics and Roche's $3.5 billion acquisition of 89bio, indicate strong interest and investment in this area [5][31] - Key domestic companies to watch include China Biologic Products, Dongyang Sunshine Pharmaceutical, and Huadong Medicine, all of which have promising FGF21-related products in various stages of clinical development [5][31] Summary by Sections 1. Investment Focus on FGF21 - MASH is a common liver disease globally, with a potential patient population of nearly 500 million and a drug market projected to exceed $30 billion [17] - FGF21 shows great promise in addressing core issues of MASH, including significant reductions in liver fat, inflammation improvement, and reversal of fibrosis [23][25] - The global R&D landscape for FGF21 is relatively favorable, with low competition among candidates targeting MASH [25][27] 2. Market Performance Review - The CITIC Pharmaceutical Index rose by 0.3% during the week of September 29 to October 10, 2025, underperforming the CSI 300 Index by 1.2 percentage points [4][42] - Year-to-date, the CITIC Pharmaceutical Index has increased by 23.0%, outperforming the CSI 300 Index by 5.7 percentage points [4][42] - Top-performing stocks during this period included Zhend Medical (+31.8%), Wanbangde (+21.2%), and Changshan Pharmaceutical (+12.9%) [4][59] 3. Clinical Development Highlights - China Biologic Products has a leading position with its single-target FGF21-Fc fusion protein in Phase II clinical trials [31] - Dongyang Sunshine Pharmaceutical's FGF21/GLP-1 fusion protein has shown promising results in reducing liver fat by 47% compared to a 15% reduction in the placebo group [32][34] - Huadong Medicine's multi-target FGF21/GLP-1R/GCGR fusion protein demonstrated a 79% reduction in liver fat in clinical trials, significantly outperforming the placebo [38][40]

华福证券 2025 年 10 月 12 日 金 融 工 程 科创板组合 9 月录得显著收益，10 月模型推荐调 低价值风格配置——策略化选股月报（2025/10） 投资要点： 多策略选股策略 金 融 工 程 定 策略在 2025 年 10 月对子策略的权重配置在质量选股策略权重占 比最高，约 35.71%，在价值股选股策略上的权重占比最小，约 15.16%。 9 月多策略选股策略绝对收益-0.38%，多策略选股策略相对中证全指超 额收益-2.95%。 极致风格高 BETA 选股策略 期 报 告 策略在 2025 年 10 月对子策略的权重配置在大盘价值策略权重占 比最高，为 50%，在小盘成长策略上的权重占比最小，为 17.29%。9 月极致风格高 BETA 策略绝对收益-3.28%，极致风格高 BETA 策略相 对中证全指超额收益低 5.77%。 "红利+"优选股票策略 2025 年 9 月，"红利+"优选股票策略绝对收益 0.83%，相对中证 全指指数超额收益-1.77%，相对红利收益指数超额收益 4.16%。策略持 仓合计选入 30 支股票，平均市值 1320.14 亿元，主要分布在银行和电 力及公共事 ...

宏 观 研 究 华福证券 2025 年 10 月 12 日 中方罕见主动"出牌" ，中美谈判有望加快 ——国内宏观周报（第 2 期） 投资要点： 宏 观 定 期 报 告 我国对境外相关稀土、稀土相关技术实施出口管制，特朗普威胁对华 再加高额关税和高科技出口限制。10 月 9 日，我国商务部发布公告，宣布 对境外组织和个人向中国以外的其他国家和地区出口包含原产于中国或使 用中国技术在境外生产的稀土实施出口管制，对军事用途上述出口原则上 不予许可，对其他用途的上述出口必须获得中国商务部许可。同日，商务 国总统特朗普于当地时间周五作出反应，称"似乎没有理由"在月底于韩 国与中方进行首脑会晤，威胁自 11 月 1 日起对华额外加征 100%关税，并 称美国政府将对美国企业生产的全部关键软件对华出口实施出口管制。 上述两项最新措施，可能意味着我国对美国发起的本轮关税战采取的 应对模式正在日益转向主动。与对美船舶收取特别港务费、对高通公司涉 嫌违反反垄断法实施调查等"被动应战"模式不同，此次商务部实施的稀 土和技术相关两项最新出口管制措施，是我国主动运用在全球稀土产业链 中的领先优势地位，在美中关税缓和期临近尾声时，为争 ...

行 华福证券 AI 的尽头是算力，算力的尽头是电力，这已成为科技行业的共识。 根据中国信通院，2024 年我国数据中心用电量达到 1660 亿千瓦时，占 全社会用电量比例达到 1.68%，又根据华为近日发布的《智能世界 2035》报告预测，2035 年全社会的算力总量将增长 10 万倍，则彼时我 国数据中心用电量占比或将大幅增加，对电力的需求也有望急剧增长。 SMR 具有科学固有安全，重视国内领先布局企业 机械设备 2025 年 10 月 11 日 业 研 究 机械设备 美股 Oklo 持续大涨，SMR 或比聚变更早落地，成为满 足 AI 能源需求的关键解决方案 投资要点： Oklo 持续大涨，SMR 有望加速落地 行 业 定 期 报 告 美股 Oklo 9 月上涨 51.59%，10 月份截止目前的 8 个交易日上涨 31.83%。美国 Oklo 公司是小型模块化反应堆（Small Modular Reactor, SMR）领域的积极参与者，Open AI 首席执行官 Sam Altman 曾担任公 司 CEO，其曾表示"裂变是满足人工智能日益增长的能源需求的关键 解决方案"。科技巨头正联合 SMR 及核聚 ...

轨交设备Ⅱ 2025 年 10 月 11 日 行 业 定 期 报 告 10 月 10 日，中国国家铁路集团所属京津冀城际铁路投资有限公 司（简称 "京津冀铁路公司"）正式从北京迁驻雄安新区办公。此举 是国铁集团贯彻党中央、国务院高标准高质量建设雄安新区决策部署 的具体行动，既有助于疏解北京非首都功能，又能推动雄安新区资源 要素聚集、带动相关产业发展，通过发挥铁路建设投资的辐射拉动作 用，为雄安 "千年大计" 和京津冀协同发展注入新动能。 公司肩负多项铁路任务，未来持续完善区域高铁网 京津冀铁路公司成立于 2015 年 3 月，注册资本金 800 亿元， 核心职责是京津冀区域内城际铁路的规划、建设、运营、投融资及综 合开发。"十四五" 期间，该公司承担 11 个铁路项目，总里程约 1220 公里、总投资约 2950 亿元，目前部分项目已通车，部分正顺利建设 或推进前期工作。接下来，公司将以迁驻为契机，深化改革创新，统 筹发展与安全，提升经营效益，高标准推进铁路建设，进一步完善京 津冀高速铁路网，助力打造 "轨道上的京津冀"。 营业里程持续增长，20 万公里目标创造广阔市场空间 2022 年国务院印发《"十四五" ...

行 业 研 究 煤炭 2025 年 10 月 11 日 年底供给偏紧，非电旺季或支撑煤价上行 投资要点： 动力煤 行 业 定 期 报 告 截至 2025 年 10 月 10 日，秦港 5500K 动力末煤平仓价 705 元/吨， 周环比+0.9%，内蒙、陕西、山西产地价持平。截至 2025 年 10 月 10 日动力煤 462 家样本矿山日均产量为 552.9 万吨，环比-1.3 万吨，年同 比-0.2%。本周电厂日耗微跌，电厂库存小涨，秦港库存大涨，截至 9 月 29 日，动力煤库存指数为 178.5（-0.7）。非电方面，甲醇、尿素开 工率分别为 89.6%（持平）和 85.7%（持平），仍处于历史同期偏高水 平。 焦煤 截至 10 月 10 日，京唐港主焦煤库提价 1630 元/吨，周环比持平， 山西产地价格持平，河南、安徽产地价格大涨。截至 10 月 10 日，523 家样本矿山精煤日均产量 75.2 万吨（-2.2 万吨），年同比-1.8%，532 家精煤库存 195.9 万吨（+4.3 万吨），年同比-23.2%；甘其毛都蒙煤通 关量 17.7 万吨（-0.6 万吨），年同比+42.6%；日均铁水 ...

华福证券 2025 年 10 月 09 日 金 融 工 程 10 月行业配置重点推荐电新、有色金属、通信行 业——行业配置策略月度报告(2025/10) 投资要点： 动态平衡策略 金 融 工 程 定 期 报 告 我们从平衡的角度提出了兼顾胜率和赔率的动态平衡策略。自 2015 年初至 2025 年 9 月 30 日策略年化绝对收益 18.00%，年化相对收 益 12.08 %，信息比率为 1.77，相对最大回撤为 10.18%。模型在 2025 年 10 月份推荐行业为计算机、电力设备及新能源、有色金属、通信、 农林牧渔、钢铁。9 月动态平衡策略绝对收益 5.68%，跑赢基准，超额 收益为 4.64%。2025 年以来至 9 月 30 日，动态平衡策略绝对收益 23.80%，相对偏股混合型基金指数超额收益-11.56%，在主动权益基金 中排名 67.40%。 宏观驱动策略 自2016年初至2025年9月30日，综合模型超额年化收益率4.88%， 超额波动率 7.16%，信息比率 0.68，最大回撤 9.51%，IC 均值 4.54%， ICIR16.73%，年化换手 3.14 倍。模型在 2025 年 10 ...

Core Insights - The report highlights the rapid growth and potential of the tumor immune cell therapy industry, which is seen as a key breakthrough in cancer treatment, driven by increasing global cancer challenges and limitations of traditional therapies [3][8][10] - The global market for tumor immune cell therapy is projected to reach $84.9 billion by 2030, with China expected to reach 69.5 billion yuan, reflecting a compound annual growth rate (CAGR) of 177.4% from 2017 to 2023 [3][9][10] Disease Challenges - The global cancer burden is escalating, with over 20 million new cases and nearly 10 million deaths expected in 2024, highlighting the urgent need for more effective and safer treatment options beyond traditional methods [3][8] Technology Principles - Tumor immune cell therapy enhances the body's immune response by modifying immune cells outside the body and reintroducing them to target cancer cells, utilizing technologies such as CAR-T, TCR-T, and NK cell therapies [3][8][9] Market Scale - The industry has entered a high-growth phase since the approval of the first CAR-T cell therapy product in 2017, with significant market expansion anticipated as more therapies receive approval [9][10] Industry Collaboration - There is a collaborative effort among government, enterprises, and research institutions to support the development of the tumor immune cell therapy industry, including policy initiatives to streamline product evaluation and enhance research and development [10]

行 华福证券 国防军工 2025 年 10 月 09 日 业 研 究 国防军工 军工本周观点：关注军贸及出口产业链 投资要点： 本周核心观点： 行 业 定 期 报 告 本周（9.22-9.30）申万军工指数（801740）上涨 2.51% ，同期沪深 300 指数上涨 3.08%，相对超额-0.57pct，其中节前最后一天 9.30 军工板块呈 现明显反弹趋势，指数上涨 2.59%。9.3 阅兵以来，军工板块已沉寂近一月 时间，随着十五五计划将近，行业基本面改善预期明确，叠加军工已呈现 明显反弹趋势，我们强烈看好 2025Q4-2026 军工行业基本面向好发展；此 外，相关新兴产业主题热度也层出不穷，如核聚变板块因 BEST 装置杜瓦底 座成功安装热度高涨；军工新景气周期即将到来！ 资金层面，本周被动基金规模及份额均有所提升，且被动资金持续净流入 趋势，表明被动资金持续加码军工板块；杠杆类资金净流入额有所下降； 考虑到军工行业 2025-2026 的强需求恢复预期及确定性，看好后续资金面 持续向好。 估值层面，截至 9 月 30 日，申万军工指数五年维度看，当前市盈率 TTM（剔 除负值）77.86 倍，分位 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Views - The report highlights a moderate recovery in the automotive market during September, with a 9% month-on-month increase in sales among eight major car manufacturers [9] - A breakthrough in solid-state battery interface issues using iodine ions is noted, which may enhance battery performance and longevity [10] - The launch of a significant renewable energy project in Inner Mongolia, with an investment of 98.8 billion yuan, is expected to facilitate a green energy transition in North China [15][16] - The Zhejiang deep-sea demonstration project is progressing, with substantial wind turbine tenders announced in Zhejiang and Guangdong [24][25] - The report emphasizes the strong performance of the energy storage sector, particularly with the listing application of Sungrow Power Supply and the publication of technical standards for megawatt-level energy storage systems [30][32] Summary by Sections New Energy Vehicles and Lithium Battery Sector - The automotive market showed a 9% month-on-month increase in sales for major manufacturers, with a total delivery of 673,500 vehicles in September, marking an 11% year-on-year increase [9] - The introduction of iodine ions in solid-state batteries may resolve interface contact issues, enhancing battery efficiency [10] Photovoltaic Sector - The Inner Mongolia renewable energy base, with a total investment of 98.8 billion yuan, is set to begin construction, aiming for a capacity of 8 million kilowatts of solar and 4 million kilowatts of wind energy [15][16] - The project is expected to significantly contribute to the green energy transition and improve the allocation of high-quality electricity resources across regions [17] Wind Power Sector - The Zhejiang deep-sea demonstration project is on track, with significant tenders for wind turbines announced, indicating robust growth in offshore wind projects [24][25] - The report notes that domestic offshore wind turbine tenders have exceeded 2GW in September, reflecting strong market demand [26] Energy Storage Sector - Sungrow Power Supply has submitted a listing application, and the company reported impressive performance in its energy storage system integration business [30][31] - New technical standards for megawatt-level energy storage systems have been published, emphasizing rapid response times and operational efficiency [32] Power Equipment Sector - Southern Power Grid is planning to expand into Chile, with a potential transaction value exceeding 4 billion USD, indicating a strategic move into international markets [37][38] - A new 1000kV ultra-high voltage nuclear power transmission project in Shandong is set to be operational by 2028, enhancing energy distribution capabilities [39] Industrial Control and Robotics Sector - The manufacturing PMI rose to 49.8% in September, indicating a slight recovery in the manufacturing sector, which is expected to boost demand for industrial control components [42] - The collaborative robot market in China is expanding steadily, with significant contracts awarded to leading companies [44][45] Hydrogen Energy Sector - Longi Hydrogen and two other companies won bids for Sinopec's electrolyzer projects, with alkaline electrolyzers dominating the market with a 97.55% share [48][49] - A three-year action plan for the hydrogen energy industry was released in Wuhan, aiming to establish a significant hydrogen equipment hub by 2027 [49][50]