Investment Rating - The industry rating is "Outperform the Market" [5][78]. Core Viewpoints - The pig farming sector is experiencing continued price declines, leading to negative profits for farmers. As of September 26, the pig price was 12.50 CNY/kg, down 0.19 CNY/kg week-on-week. The profits for self-breeding and purchased piglet farming were -74.11 CNY/head and -236.57 CNY/head, respectively, with week-on-week declines of -49.66 CNY and -37.25 CNY [2][11][36]. - In the beef sector, prices for calves and fattened bulls have stabilized after recent increases, with calf prices at 32.36 CNY/kg and fattened bull prices at 25.96 CNY/kg, both unchanged week-on-week. The long-term supply of beef is expected to tighten, with a potential price upturn anticipated in 2026-2027 [3][38]. - The poultry sector is seeing mixed trends, with white feathered chicken prices experiencing slight fluctuations due to steady demand ahead of the holidays. As of September 26, the price was 6.90 CNY/kg, up 0.02 CNY/kg week-on-week [4][44]. Summary by Sections Pig Farming - Continued price decline in pig farming, with significant losses reported for farmers. The average weight of pigs being sold has shown a mixed trend, with group farms seeing slight increases while smallholders have decreased [2][11][24]. - The supply pressure remains high, and prices are expected to remain weak in the short term, although long-term adjustments in production capacity may lead to price recovery [36][32]. Beef Industry - The beef market is stabilizing after a period of price increases, with expectations of tightening supply in the medium to long term due to previous losses in the industry [3][38]. - The price of calves has increased by 34% since the beginning of the year, indicating a potential recovery in the market [38]. Poultry Sector - The white chicken market is experiencing stable prices with slight increases in certain areas due to tight supply. The egg price has decreased slightly, reflecting market conditions [4][44]. - The ongoing avian influenza situation may impact supply chains, but there is potential for recovery in consumption due to government policies promoting domestic demand [47]. Agricultural Products - The Argentine government's recent policy changes regarding export tariffs have significantly impacted soybean meal prices, leading to a sharp decline followed by a rebound [4][58]. - The focus on enhancing grain production and food security is emphasized, with potential growth in agricultural technology sectors [54].

Group 1 - The report emphasizes the establishment of a thematic investment database aimed at identifying high-quality price-volume patterns and monitoring the peak rhythm of popular themes and the adjustment levels of leading stocks [2][9]. - The report highlights that there are currently 125 thematic indices showing a bottoming pattern, with key industries being comprehensive, computer, and defense [12]. - The report notes a decline in trading heat for the humanoid robot and Deepseek themes, with trading heat dropping to 80% and 73% respectively, while the leading stocks are positioned above their 60-day moving average [3][20]. Group 2 - The report outlines two main objectives of the thematic database: to find investment opportunities and to provide warnings for potential peaks [9]. - The report indicates that there are 10 thematic indices that have broken out, primarily in the communication sector, and 2 indices in a main rising pattern, mainly in electronics and basic chemicals [12]. - The report mentions that the trading heat for humanoid robots has decreased by 1.8% for Changsheng Bearing, while Daily Interaction's stock price is up by 7.1% [20].

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The report highlights that the pharmaceutical industry is experiencing a significant increase in the complexity of drug molecules, leading to higher R&D and production value [5][19] - The small molecule CDMO sector is expected to maintain a compound annual growth rate (CAGR) of over 16% in the next five years, with peptide CDMO projected to grow at over 25% and oligonucleotide CDMO at over 31% [5][22] - The report indicates that leading CDMO companies are showing strong order acquisition capabilities and operational efficiency despite external uncertainties [5][31] - The overall industry is in a phase of increasing R&D investment and outsourcing rates, with global pharmaceutical R&D spending expected to rise from $154.9 billion in 2015 to $277.6 billion by 2024, reflecting a CAGR of 6.7% [22][26] Summary by Sections 1. Weekly Market Review - The CITIC Pharmaceutical Index fell by 2.1% during the week of September 22-26, 2025, underperforming the CSI 300 Index by 3.2 percentage points [4][44] - Year-to-date, the CITIC Pharmaceutical and Biotech Index has risen by 22.6%, outperforming the CSI 300 Index by 7.0 percentage points [4][44] - The top five performing stocks for the week included Xiangrihui (+57.9%), Aopumai (+23.9%), and Xinlitai (+15.8%) [4][64] 2. Industry Trends from WuXi AppTec - The report discusses the trends observed during WuXi AppTec's investor day, emphasizing the continuous innovation in drug technologies and the increasing complexity of drug molecules [5][19] - The average weight of drug molecules has increased by 14% from 2021 to 2025, with the proportion of molecules weighing over 600 Da rising by 63% [19][21] - The report notes that the CRO outsourcing rate is expected to exceed 50% by 2024, driven by the increasing R&D investments from smaller biotech firms [26][27] 3. CDMO Performance - Leading CDMO companies have shown robust growth in Q2 2025, with some raising their annual performance guidance, indicating an accelerating recovery in the industry [39] - WuXi AppTec provided production services for 20% of the 40 small molecule innovative drugs approved by the FDA from 2024 to the first half of 2025 [31][32] 4. Investment Recommendations - The report suggests focusing on innovative drugs, particularly those with strong revenue and commercialization capabilities, as well as potential high-value targets based on technological and industry trends [6][44] - Recommended stocks include Kangfang Biotech, BaiLi Tianheng, and Yuantong Biotech among others for October [6][44]

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The report highlights the positive outlook for the lithium battery sector, with iron-lithium battery prices continuing to rise and significant breakthroughs in solid-state battery technology [1][8] - The photovoltaic sector is supported by government initiatives aimed at promoting high-quality development in the renewable energy industry, with expectations for price stabilization as excess capacity is eliminated [2][17] - The wind power sector aims for a total installed capacity of 360 GW by 2035, with ongoing tenders for offshore wind projects in Hainan [2][30] - The energy storage sector is seeing new technology layouts from government departments, with recent price increases in battery cells and tight supply conditions [3][42] - The electric power equipment sector is experiencing increased capital expenditure forecasts from major companies like Alibaba, indicating growth potential [4][49] Summary by Sections Lithium Battery Sector - Iron-lithium battery prices have increased by 0.15% to 0.33 CNY/Wh for 100Ah cells, and 0.17% to 0.30 CNY/Wh for 280Ah cells [8] - Solid-state battery advancements have been published in Nature, moving towards a lithium-rich manganese-based cathode and metallic lithium anode [9] - The automotive sector plans to implement solid-state batteries by 2026, with consumer electronics rapidly adopting semi-solid batteries [10] Photovoltaic Sector - The National Energy Administration emphasizes the need for high-quality development in the renewable energy sector, addressing "involution" in the photovoltaic industry [2][17] - The report anticipates a gradual recovery in prices as outdated capacity is phased out due to new national standards and industry self-regulation [2][18] - Recent price trends show fluctuations in silicon material and module prices, with expectations for future price increases [19][21] Wind Power Sector - China's wind and solar installed capacity target for 2035 is set at 360 GW, with significant growth expected in the coming years [30] - Recent tenders for offshore wind projects in Hainan indicate ongoing investment and development in the sector [31] Energy Storage Sector - The government has released guidelines for new energy storage technologies, focusing on solid-state and liquid flow batteries [3][39] - The price of battery cells has seen slight increases, with supply remaining tight [42][45] - The report highlights the growing demand for energy storage solutions in both domestic and international markets [46] Electric Power Equipment Sector - Alibaba's increased capital expenditure forecast suggests a robust growth trajectory for the electric power equipment sector [49] - The report notes the significance of the Yantai-Weihai high-voltage project, which is expected to be completed by 2026 [50] Industrial Control and Robotics Sector - The report discusses the introduction of various robotic technologies at the 2025 Industrial Expo, indicating advancements in automation [56][57] - The manufacturing sector shows signs of recovery, with an increase in the PMI index suggesting improved demand for industrial control components [56] Hydrogen Energy Sector - The National Energy Administration has issued guidelines for the high-quality development of hydrogen energy equipment, with significant projects being approved [4][66] - The report highlights the approval of a large-scale green hydrogen project by Goldwind Technology, indicating growth in the hydrogen sector [67][68] - The report suggests focusing on companies involved in green hydrogen production and fuel cell systems [69][72]

Investment Rating - The industry rating is "Outperform the Market" [6][54]. Core Insights - The low-altitude economy sector is currently experiencing a period of stagnation, with expectations for a rebound driven by industry catalysts and supportive policies [4][29]. - The focus for the low-altitude industry this year is on infrastructure development and the implementation of drone applications, which are seen as essential for the sector's growth [5][30]. - The market is awaiting significant policy support and advancements in the industry, with local governments actively working on practical measures such as airspace planning and low-altitude flight management [4][29]. Summary by Sections Market Review - The Wind Low Altitude Economy Index decreased by 0.55% this week, ranking 164 out of 338, underperforming the market as the Shanghai Composite Index rose by 0.21% [3][13]. - The top five gainers in the A-share and Hong Kong stock markets included: Kaizhong Co. (up 15.44%), Xingwang Yuda (up 11.84%), Shencheng Transportation (up 10.13%), Aerospace Nanhua (up 5.99%), and Zongheng Co. (up 5.78%) [3][16]. Industry Dynamics - Recent developments include strategic partnerships and policy announcements aimed at fostering the low-altitude economy, such as the signing of a cooperation agreement between Hefei City and a helicopter company, and the release of support policies for low-altitude economic development in Shanghai [33][36]. - The Guangdong low-altitude economy has reached a scale of over 100 billion, with more than 15,000 related enterprises, accounting for over 30% of the national low-altitude economy industry chain [37]. Investment Strategy - The report suggests focusing on infrastructure companies such as Les Information and Suzhou Planning, as well as drone-related companies like Jifeng Technology and Henghe Precision [6][32]. - The low-altitude industry is seen as having the potential for a rebound, with the right conditions and catalysts expected to drive growth in the coming months [4][29].

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The automotive market is expected to experience a surge in sales as major models are being launched in preparation for the fourth quarter sales targets [2][13] - New energy vehicle retail sales reached 697,000 units in September, a year-on-year increase of 10% [6][41] - The overall automotive sector has shown a year-to-date increase of 26.3%, ranking 8th among 31 sectors [19] Summary by Sections 1. Weekly Highlights - Major models launched include the all-new Wanjie M7, priced between 279,800 to 379,800 yuan, featuring dual power options and advanced driving assistance systems [3][13] - The launch of the Shangjie H5, priced at 159,800 to 199,800 yuan, offers both electric and extended-range versions [3][14] - The Li Auto i6, a pure electric SUV, is priced at 249,800 yuan and features advanced suspension and driving assistance systems [14] - The Tengshi N8L has a pre-sale price range of 319,800 to 349,800 yuan, focusing on family-oriented features [14][15] - The Lantu Taisan was globally unveiled, featuring an 800V high-voltage platform and advanced driving systems [4][15] 2. Market Performance - From September 22 to 26, the automotive sector remained flat at 0%, underperforming the CSI 300 index by 1.1 percentage points [19] - The automotive sector's performance ranks 7th among 31 sectors for the week [19] - Sub-sectors such as passenger cars and commercial vehicles saw declines of 0.9% to 5.5%, while automotive parts and motorcycles experienced gains [23] 3. Key Industry Data - Retail sales of passenger cars from September 1 to 21 reached 1.191 million units, a 1% increase year-on-year [6][40] - Wholesale sales for the same period were 1.307 million units, showing no growth year-on-year but a 16% increase from the previous month [41] - The overall automotive sales in August were 2.857 million units, with a year-on-year growth of 16.4% [46] 4. Material Prices - The report includes data on the prices of key materials such as lithium carbonate, steel, aluminum, and copper, which are crucial for automotive production [60][65] 5. Industry News - Notable developments include FAW's acquisition of equity in Zhuoyue Technology and Chery's successful listing on the Hong Kong Stock Exchange [72][73]

行 华福证券 投资要点： 始祖鸟/萨洛蒙 8 月天猫平台同比翻倍 行 业 定 期 报 告 7-8 月运动电商平台分化，户外天猫抖音平台保持高增。据久谦 数据，2025 年 7-8 月三大平台运动服饰大盘表现分化，8 月天猫/京东 /抖音分别同比+13%/-11%/+1%，天猫表现较 Q2 显著改善。户外服饰 在天猫、抖音平台延续高增趋势，其中 8 月天猫/京东/抖音分别同比 +50%/-20%/+18%。 行情数据 本周家电板块涨跌幅-0.8%，其中白电/黑电/小家电/厨电板块涨 跌幅分别-0.8%/-0.7%/-2.5%/-3.6%。原材料价格方面，LME 铜、LME 铝环比上周分别-1.46%、-1.04%。 本周纺织服装板块涨跌幅-2.59%，其中纺织制造涨跌幅-1.75%， 服装家纺涨跌幅-2.89%。本周 328 级棉现货 15043 元/吨（-1.57%）， 美棉CotlookA77.7美分/磅（-0.89%），内外棉价差891元/吨（-15.86%）。 投资建议 政策支持下内需有望迎来复苏，建议关注以下方向：1）大家电 预计继续受益以旧换新，建议关注美的集团、海尔智家、格力电器、 海信家电、TC ...

行 业 研 究 煤炭 2025 年 09 月 27 日 8 月用电量同比+5.0%，焦炭开启新一轮提涨 投资要点： 动力煤 行 业 定 期 报 告 截至 2025 年 9 月 26 日，秦港 5500K 动力末煤平仓价 701 元/吨， 周环比-0.4%，内蒙、陕西产地价微涨，山西产地价小涨。截至 2025 年 9 月 26 日动力煤 462 家样本矿山日均产量为 565.1 万吨，环比+3.0 万吨，年同比-1.5%。本周电厂日耗小跌，电厂库存小涨，秦港库存大 跌，截至 9 月 22 日，动力煤库存指数为 179.2（-5.7）。非电方面，甲 醇、尿素开工率分别为 82.5%（+2.6pct）和 85.6%（+4.4pct），仍处于 历史同期偏高水平。 焦煤 截至 9 月 26 日，京唐港主焦煤库提价 1750 元/吨，周环比+4.8%， 山西产地价格大涨，河南、安徽产地价格持平。截至 9 月 26 日，523 家样本矿山精煤日均产量 77.2 万吨（+1.1 万吨），年同比-3.2%，532 家精煤库存 211 万吨（-21.8 万吨），年同比-23.1%；甘其毛都蒙煤通 关量 18.3 万吨（-0.1 ...

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [12]. Core Insights - The overseas AI cloud market has entered a competitive phase between established cloud providers and emerging players, with established firms developing their own ASICs to reduce reliance on Nvidia's computing power, while new players focus on scaling up to secure priority supply from Nvidia [2]. - Oracle is fully transitioning from a traditional database provider to an AI cloud player, with deep collaborations with Nvidia and OpenAI, and has made significant innovations in its OCI architecture to enhance performance and cost efficiency [2][3]. - CoreWeave, an independent cloud provider closely tied to Nvidia, has secured a $6.3 billion contract with Nvidia to repurchase unsold cloud capacity, establishing a strong strategic partnership [4]. - Nebius, a full-stack AI cloud provider backed by Nvidia, has signed a major $17.4 billion contract with Microsoft, marking its first deep collaboration with a hyperscaler, which is expected to significantly bolster its revenue over the next five years [5]. - Lambda Labs, an early GPU cloud computing startup, is preparing for an IPO in 2026 after raising $480 million in funding, with Nvidia as an investor, indicating strong market interest and potential growth [6]. Summary by Sections Oracle - Oracle is aggressively entering the AI cloud space with its OCI, which has seen a 359% year-on-year increase in RPO, reaching $455 billion, and expects OCI revenue to grow by 77% to $18 billion in FY26 [3]. CoreWeave - Nvidia holds approximately 7% of CoreWeave's A shares, ensuring priority supply of GPUs, and has a contract to buy back unsold cloud capacity valued at $6.3 billion [4]. Nebius - Nebius has established itself as a key player in the AI cloud infrastructure market, securing a $17.4 billion contract with Microsoft, which could increase to $19.4 billion with additional purchases [5]. Lambda Labs - Lambda Labs is valued between $4 billion to $5 billion and is preparing for an IPO in 2026, highlighting its growth potential in the AI cloud sector [6].

Investment Rating - The industry investment rating is "Outperform" (maintained) [1] Core Insights - This report is the third in a series on the U.S. healthcare industry, focusing on the complex drug payment system in the U.S. It analyzes the causes of high drug prices and assesses the impact of Trump's drug pricing policies [4][6] - In 2023, the total expenditure on prescription drugs in the U.S. is projected to be $693.4 billion, accounting for 14.2% of overall healthcare costs, with a CAGR of 6.6% from 2018 to 2023 [4][7] - The retail prescription drug expenditure is estimated at $459 billion, representing 66% of total prescription drug spending, while non-retail prescription drug spending is $234.4 billion, accounting for 34% [10][11] - The primary payers for prescription drugs in the U.S. are commercial insurance and Medicare, with commercial insurance spending at $286.5 billion (41%) and Medicare spending at $238.4 billion (34%) [11][14] - The retail prescription drug payment system is dominated by Pharmacy Benefit Managers (PBMs), characterized by high list prices and significant rebates [4][17] - The non-retail prescription drug payment system operates under a "Buy-and-Bill" model, where high prices lead to high profits for providers [4][16] - Trump's drug pricing policies are numerous and include key areas such as Most Favored Nation pricing, PBM transparency reforms, FDA review process reforms, and changes to the 340B program [4][5] Summary by Sections U.S. Prescription Drug Expenditure Breakdown - The overall expenditure is projected at $693.4 billion, with retail and non-retail segments at a ratio of 7:3 [6][7] - Retail prescription drug spending is $459 billion, while non-retail spending is $234.4 billion, with respective CAGRs of 5.1% and 10.1% from 2018 to 2023 [10][11] Payment Sources - In 2023, the breakdown of prescription drug spending by payer is as follows: commercial insurance at $286.5 billion (41%), Medicare at $238.4 billion (34%), Medicaid at $65.4 billion (10%), and out-of-pocket spending at $82.5 billion (12%) [11][14] Retail Prescription Drug Payment System - The retail prescription drug payment system is primarily managed by PBMs, which profit from rebates and price spreads, incentivizing high list prices [4][17][19] - The flow of funds in the retail drug distribution system involves multiple stakeholders, including manufacturers, distributors, pharmacies, and payers, with PBMs playing a central role [19][20] Non-Retail Prescription Drug Payment System - The non-retail system follows a "Buy-and-Bill" model, where providers are reimbursed based on the Average Sales Price (ASP) plus a markup, leading to higher costs and profits [4][16] Impact of Trump's Drug Pricing Policies - The report highlights the need to monitor the implementation of various drug pricing policies introduced during Trump's administration, which could significantly affect the industry landscape [4][5]