Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported strong revenue growth in Q2 2025, with a total revenue of 66.30 billion, representing a year-on-year increase of 61.54% [3] - The company is expected to maintain high growth momentum in the electric two-wheeler segment, driven by expanding channels and new product introductions [3] - The net profit margin exceeded 13% in Q2, indicating room for further improvement in profitability [4] - The company is positioned for significant long-term growth, with new products like electric two-wheelers and robotic lawn mowers gaining traction in the market [5][6] Summary by Sections Revenue Performance - In H1 2025, the company achieved revenue of 117.42 billion, up 76.13% year-on-year, with Q2 revenue of 66.30 billion, up 61.54% year-on-year [3] - Breakdown of Q2 revenue: - Electric two-wheelers: 39.60 billion, up 81% year-on-year, with sales of 1.3087 million units, up 77% [3] - Electric scooters: Retail and ToB revenue of 9.29 billion and 4.34 billion, up 28% and 43% respectively [3] - All-terrain vehicles: Revenue of 3.23 billion, up 11% year-on-year [3] - Accessories and others: Totaling 9.83 billion, with significant growth in robotic lawn mowers [3] Profitability Analysis - In H1 2025, the company reported a net profit of 12.42 billion, up 108.45% year-on-year, with Q2 net profit of 7.86 billion, up 70.77% year-on-year [4] - Q2 sales net profit margin was 12.00%, and the non-GAAP net profit margin was 13.22%, both showing year-on-year increases [4] - The gross margin for Q2 was 30.95%, reflecting a slight year-on-year increase [4] Growth Potential - The electric two-wheeler market is projected to exceed 50 million units in 2025, indicating substantial market demand [5] - The company has over 8,700 dedicated stores for electric two-wheelers in China as of June 30, 2025 [5] - The global market for all-terrain vehicles is expected to reach approximately 121.8 billion in 2025, with the company seeing significant growth in Europe and the U.S. [5] - The robotic lawn mower has received high recognition, with 170,000 households using the product [6] Financial Forecast - Revenue projections for 2025-2027 are 206.36 billion, 262.77 billion, and 332.02 billion, representing year-on-year growth of 45.4%, 27.3%, and 26.4% respectively [7] - Net profit forecasts for the same period are 20.23 billion, 25.87 billion, and 32.45 billion, with year-on-year growth of 86.6%, 27.9%, and 25.4% respectively [7] - The expected EPS for 2025-2027 is 28.12, 35.97, and 45.11 [7]

证券研究报告|行业研究周报 [Table_Date] 2025 年 08 月 03 日 [Table_Title] 中期协发文规范期货公司经纪业务不正当竞 争行为 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周（2025. 7.27-2025. 8.2）A 股日均交易额 18,09 6 亿 元，环比下降 2.1%，同比增加 1 74.5%。2025 年第三季度至今 日均成交额 16,3 30 亿元,较 2024 年第三季度日均交易额增加 1 4 1 . 8%。20 25 年至今日均成交额 14,3 06 亿元,较 2024 年日 均交易额增加 64.6 %。投行：本周发行新股 3 家，募集资金 19.4 亿元；本周上市新股 2 家，募集资金 8.7 亿元。2025 年 至今，A 股 IPO 上市 59 家，募集金额 615.2 亿元。2024 年， A 股 IPO 上市 1 00 家，募集金额 673 .5 亿元。两融：截至 2025 年 7 月 31 日，两市两融余额 19,847.91 亿元，环比增加 2.20%，较 20 24 年日均水平增加 26 .66% ...

Investment Rating - The industry rating is "Recommended" [5] Core Insights - In H1 2025, global TV shipments showed a steady performance with a year-on-year decline of 1.5%, totaling 90.8 million units, while high-end OLED TV shipments increased by 6.7% [9][10] - TCL and Hisense are maintaining their market share expansion, with TCL's global shipments reaching 13.4 million units, up 6.3% year-on-year, and Hisense's shipments at 13.1 million units, up 2.6% year-on-year [10] Summary by Sections Weekly Topic: Global TV Shipment Performance - The global TV shipment growth rate for H1 2025 showed a trend of high growth followed by a decline, with Q2 2025 shipments down by 3.5% year-on-year [9] - Mini-LED TV shipments continued to perform well, with a year-on-year increase of 82.9% in Q1 2025, and an expected annual growth of 50% to reach 11.56 million units [9] Company Announcements - Hisense reported H1 2025 revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit of 2.077 billion yuan, up 3.01% [15] Data Tracking - Raw material prices showed fluctuations, with copper prices down by 2.6% and aluminum prices down by 4.2% as of August 1, 2025 [17] - The CCFI composite index for shipping rates decreased by 2.3% as of August 1, 2025 [23]

证券研究报告|固收研究报告 [Table_Date] 2025 年 08 月 03 日 [Table_Title] 消费设施、租赁住房 REITs 领涨 [Table_Title2] 公募 REITs 周速览（2025 年 7 月 28 日-8 月 1 日） [Table_Summary] 本周（2025 年 7 月 28 日-8 月 1 日）中证 REITs 全收益指 数收于 1100.90 点，周度上涨 1.25%，重回 1100点位，后半周 呈现放量上涨状态。中外运仓储物流、华电清洁能源正式上市 交易，我国上市 REITs 项目达 71 个，总市值收于 2131 亿元。 大类资产角度，"反内卷"商品市场情绪转弱，权益板块显 著回调，市场风险偏好有所降温，资金避险情绪逐渐酝酿，本 周 REITs 与黄金表现亮眼。前期领涨的玻璃、焦煤、碳酸锂、 纯碱等品种跌幅超过 10%，恒生科技下跌 4.94%，沪深 300、 中证 500 和中证转债跌幅介于 1.3-1.7%，均跑输 REITs。 ►二级市场 七大 REITs 板块止跌回升，消费设施、租赁住房涨幅靠 前，分别达 4.58%、3.70%。华润商业作为消费 ...

Group 1: Wealth Management Scale - The wealth management scale decreased by CNY 744 billion to CNY 30.92 trillion during the week of July 28 to August 1[1] - In July, the total growth was only CNY 2,469 billion, significantly lower than the historical average of over CNY 10 trillion for the same month[1] - The decline in scale is attributed to ongoing net value decreases and redemption pressures, with short-term and medium-term debt products experiencing maximum drawdowns of 8bp and 6bp respectively[1] Group 2: Leverage Rates - The average leverage level in the interbank market decreased from 107.41% to 107.34% during the week of July 28 to August 1[3] - Non-bank institutions saw a rebound in leverage rates, increasing from 112.10% to 112.34%[3] - Exchange leverage rates also declined slightly from 122.47% to 122.43% during the same period[3] Group 3: Bond Fund Duration - The duration of interest rate-based medium and long-term bond funds decreased from 5.49 years to 5.45 years[4] - Credit bond fund duration reached a historical high of 2.81 years, up from 2.78 years[4] - Short and medium-term bond fund durations decreased to 1.01 years and 1.65 years respectively[4] Group 4: Government Debt Issuance - The planned issuance of government bonds increased to CNY 5,785 billion for the week of August 4-8, up from CNY 5,174 billion[47] - Net issuance of government bonds rose from CNY 2,876 billion to CNY 3,390 billion, primarily due to a significant increase in national bond net issuance[47] - Local government bond issuance for the week of July 28 to August 1 was CNY 3,372 billion, with a net issuance of CNY 2,360 billion[50]

Market Review - Global equity markets experienced a general adjustment, with Hong Kong, France, Germany, and the US stock markets showing significant declines. A-shares, after five consecutive weeks of gains, faced a correction, with major indices generally declining. In terms of sectors, A-share CPO and innovative pharmaceuticals led the gains, while cyclical products like coal and non-ferrous metals saw a pullback. The domestic commodity market cooled down due to risk warnings from the three major futures exchanges and position limits on certain products, leading to sharp declines in previously strong commodities like coking coal, glass, and polysilicon. On the international front, Trump's announcement on July 30 regarding copper tariffs did not impose restrictions on copper raw materials, resulting in a significant drop in COMEX copper prices. In the foreign exchange market, the US dollar index plummeted after the release of non-farm payroll data on Friday, with market expectations for a rate cut in September significantly increasing [1][2][3]. Market Outlook - The report suggests that the current market correction is temporary, and the slow bull market trend remains unchanged. Following the July Politburo meeting and the new round of China-US economic and trade talks, the market's speculation on incremental policies has cooled down, and after five weeks of consecutive gains, the index requires a phase of adjustment. Looking ahead, the expectation of a Federal Reserve rate cut has reignited, and domestic macro and micro liquidity remains relatively ample, which is conducive to the continuation of the slow bull trend in A-shares. Since the "623" market, A-shares have shown clear characteristics of "rotating upward and low-level replenishment," with better sustainability of the profit-making effect. Additionally, the sources of incremental capital in the market are diverse, with increased participation from public and private equity institutions, and the positive feedback effect of "residents allocating funds into the market and the slow rise of the stock market" is expected to strengthen [2][3]. Sector Allocation - The report recommends focusing on the following areas for sector allocation: 1) New technologies and growth directions such as AI computing power, robotics, and solid-state batteries; 2) Reallocation opportunities in dividend sectors after corrections, such as certain undervalued state-owned enterprises. Thematic areas of interest include self-controllable technologies, military industry, low-altitude economy, and marine technology [2][3].

Investment Rating - Industry Rating: Recommended [4] Core Insights - The humanoid robot industry is expected to accelerate towards mass production due to breakthroughs in AI technology and strategic collaborations among major companies [1][13][14] - The electric vehicle sector is experiencing strong growth, with several manufacturers reporting increased delivery and sales figures, driven by advancements in solid-state batteries and favorable government policies [2][18][19] - The renewable energy sector is poised for growth, supported by government initiatives aimed at enhancing energy efficiency and promoting green development, particularly in the photovoltaic segment [3][26][29] Summary by Sections Humanoid Robots - Strategic cooperation between TaoTao Automotive and YuShu Technology aims to leverage resources for market expansion in North America [1][14] - The domestic supply chain for humanoid robots is strengthening, with key components seeing increased local production to meet demand [15][17] New Energy Vehicles - July 2025 saw significant growth in electric vehicle deliveries, with companies like Xpeng and Li Auto reporting substantial year-on-year increases [2][18] - The introduction of new technologies and models is expected to enhance the competitiveness of electric vehicles, leading to sustained sales growth [19][20] Renewable Energy - The Ministry of Industry and Information Technology has issued a task list for energy efficiency inspections in the polysilicon industry, which is expected to optimize production capacity and promote green development [3][26] - The photovoltaic sector is anticipated to benefit from rising raw material prices and improved efficiency in battery technology, with several companies positioned to gain from these trends [26][34] Power Equipment & AIDC - The rapid development of AI is driving demand for high-power density server power supplies and cooling systems, benefiting the AIDC supply chain [8][29] - The European offshore wind market is expanding, with new projects being approved and increased competition expected in upcoming auctions [7][29]

Investment Rating - Industry Rating: Recommended [4] Core Insights & Investment Suggestions - New regulations standardize the charging behavior of online trading platforms, with WeChat lowering the minimum withdrawal fee from 0.1 yuan to 0.01 yuan, which is expected to promote more standardized development of payment platforms and accelerate the industry's inclusive transformation [2][21] - The film "Nanjing Photo Studio" is projected to exceed 4 billion yuan in box office revenue, with a current box office of over 1.2 billion yuan, indicating strong consumer demand for quality content and reinforcing the "content is king" logic in the industry [3][22] - The report maintains a positive outlook on leading Chinese technology companies, suggesting that those with foundational technological capabilities will gradually demonstrate long-term investment value during future adjustment cycles [22] Summary by Relevant Sections Market Overview - In the week of July 28 to August 1, 2025, the Shanghai Composite Index fell by 0.94%, while the SW Media Index rose by 1.13%, ranking third among 31 industries [1][10] Film Industry - The top three films by box office revenue are "Nanjing Photo Studio" (732.7 million yuan, 64.1% market share), "The Stage" (108.7 million yuan, 9.5%), and "Lychee of Chang'an" (94.2 million yuan, 8.2%) [24][25] Game Industry - The top three iOS games are "Honor of Kings," "Peacekeeper Elite," and "Delta Force," while the top three Android games are "Heart Town," "My Leisure Time," and "Genshin Impact" [27][28] TV Series Industry - The top three TV series by broadcast index are "Mortal Cultivation" (85.6), "Morning Snow" (81.2), and "Sword Rose" (80.1) [30][31] Variety and Animation - The top variety show is "Earth Super Fresh" (78.5), followed by "Comedy King Season 2" (77) and "Battle to the Peak Season 4" (75) [32] - The top three animated shows are "Cang Yuan Tu" (347.2), "Cloud Deep Not Knowing Dream" (287.8), and "Happy Hammer" (279) [34]

证券研究报告|金融工程研究报告 [Table_Date] 2025 年 8 月 3 日 [Table_Title] 7 月份超额收益继续加速——盈利预期期限结构选股月报 202508 [Table_Summary] ► 盈利预期期限结构因子 分析师在某一时点会对上市公司未来多年的盈利做出预 测，我们将预期盈利随未来年度变化的趋势称为盈利预期期 限结构。 我们选择盈利增速、盈利增速加速度综合排名提升最多 的股票，形成的股票组合走势表现优异。 与传统的分析师预期提升策略相比，本方法既体现了年 度间的盈利预期期限结构，又体现了历史业绩成长。 ► 选股组合表现 在沪深 300、中证 500、中证 800、中证 1000 内分别选择 综合因子值排名前 50、50、100、100 名的股票，构成选股组 合。 2025 年 7 月，沪深 300 选股组合、中证 500 选股组合、 中证 800 选股组合、中证 1000 选股组合超额收益继续加速， 大幅跑赢基准，超额收益分别为 2.89%、3.23%、3.39%、 0.99%。 2025 年前 7 个月，沪深 300、中证 500、中证 800、中证 1000 选股组合涨幅 ...

Investment Rating - The industry rating is "Recommended" [4] Core Insights - Figma's IPO on July 31, 2025, exceeded expectations, with a first-day stock price surge of 250%, reaching a market capitalization of $56.3 billion, setting a new record for tech IPOs [1][13][25] - The "AI+" policy aims to drive the large-scale commercialization of artificial intelligence, promoting deep integration of technology across various sectors, enhancing innovation and application cycles [2][14][32] - The report highlights key beneficiaries in the AI sector, including companies focused on computing power, AI healthcare, AI large models, and AI office applications [3][21] Summary by Sections Figma's IPO and Market Position - Figma's successful IPO marked its transition from a high-growth startup to a mature public company, with a user base exceeding 13 million monthly active users, two-thirds of whom are non-designers [13][19][29] - The company faces competition from Adobe and Canva, necessitating continuous innovation to maintain its market leadership [1][24][30] "AI+" Policy and Industry Integration - The "AI+" initiative emphasizes the integration of AI into manufacturing, healthcare, and finance, with local governments actively promoting policies to support this integration [2][14][34][39] - Shanghai and Beijing are leading efforts in AI applications, focusing on manufacturing and healthcare respectively, aiming to enhance efficiency and innovation in these sectors [34][42] Investment Recommendations - Recommended stocks include companies in computing power such as Cambrian and Zhongheng Electric, AI healthcare firms like RunDa Medical and Weining Health, and AI large model companies like iFlytek and Kunlun Wanwei [3][21][18]