Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report As of October 20, 2025, the disclosed issuance plans for local government bonds in November and October are presented, including the breakdown by region and bond type [1][2][3]. 3. Summary by Relevant Content 3.1 October Local Government Bond Issuance Plan - Total disclosed issuance plan in October is 5406 billion yuan [6]. - Top regions in terms of October issuance plan: Jiangsu (635 billion yuan), Jiangxi (407 billion yuan), Zhejiang (363 billion yuan), etc. [2]. - Top regions in terms of October new special - purpose bond issuance plan: Jiangxi (407 billion yuan), Jiangsu (400 billion yuan), Xinjiang (307 billion yuan), etc. [2]. 3.2 November Local Government Bond Issuance Plan - Total disclosed issuance plan in November is 4794 billion yuan, with new general bonds, refinancing general bonds, new special - purpose bonds, and refinancing special - purpose bonds accounting for 8% (366 billion yuan), 22% (1040 billion yuan), 44% (2092 billion yuan), and 20% (969 billion yuan) respectively [1]. - Another disclosed total issuance plan in November is 2994 billion yuan, with new general bonds, refinancing general bonds, new special - purpose bonds, refinancing special - purpose bonds, and undisclosed - type refinancing bonds accounting for 3% (82 billion yuan), 26% (786 billion yuan), 39% (1180 billion yuan), 31% (928 billion yuan), and 1% (18 billion yuan) respectively [3]. 3.3 Fourth - Quarter Local Government Bond Issuance Plan - The table provides a detailed breakdown of the fourth - quarter local government bond issuance plans for each province and planned -单列 city, including new general bonds, refinancing general bonds, new special - purpose bonds, refinancing special - purpose bonds, and undisclosed - type refinancing bonds [6].

Investment Rating - The report maintains a "Buy" rating for Jiangfeng Electronics and Semiconductor Manufacturing International Corporation, while other companies remain unrated [10][18]. Core Insights - The second Bay Area Semiconductor Industry Expo was successfully held, showcasing over 600 companies and highlighting advancements in domestic semiconductor equipment and materials [5][16]. - ASML reported a significant increase in Q3 performance with net sales of €7.5 billion and a gross margin of 51.6%, driven by strong demand for EUV lithography machines [6][17]. - TSMC's Q3 revenue reached NT$989.92 billion, a 30% year-on-year increase, primarily due to the growing demand for high-performance computing and automotive chips [8][17]. - The report emphasizes the positive outlook for AI-driven demand, which is expected to sustain robust growth in upstream equipment, materials, and midstream manufacturing [8][17]. Summary by Sections Market Performance - The electronic sector experienced a decline of 7.14% from October 13 to October 17, ranking 31st among the primary industries [5][29]. - The electronic industry's price-to-earnings ratio stands at 67.51, with semiconductor equipment showing the largest drop of 9.52% during the same period [5][32]. Key Events - The Bay Area Semiconductor Industry Expo featured four main exhibition areas and highlighted AI chip applications in various scenarios, showcasing China's advancements in semiconductor processes and materials [5][16]. - The report suggests focusing on domestic semiconductor equipment and materials companies such as North Huachuang, Shengmei Shanghai, and others [5][16]. Company Performance - ASML's Q3 net sales were €7.5 billion, with a net profit of €2.1 billion and new orders totaling €5.4 billion, indicating strong market demand [6][17]. - TSMC's capital expenditure for the first nine months of 2025 reached $29.39 billion, maintaining a historically high level [8][17]. Investment Recommendations - The report recommends monitoring companies in the semiconductor equipment and materials sectors, including North Huachuang, Zhongwei Company, and others, due to their strong growth potential [8][17].

Core Insights - The report indicates that the current market sentiment is rated at 25, categorizing it as "cold," which suggests a cautious investment environment [5][8] - Key investment themes identified include energy storage, eSIM technology, and nuclear fusion, with specific companies highlighted for potential investment opportunities [5] Energy Storage - The "New Energy Storage Special Action Plan" in China aims for an installed capacity of 180 million kilowatts by 2027, potentially attracting 250 billion yuan in direct investment. Policies are expected to enhance project IRR to over 8%, shifting investment from mandatory storage to proactive profit-seeking [5] - International orders for energy storage are projected to surge by 220% year-on-year in the first half of 2025, reaching 160 GWh, indicating a significant shift in supply-demand dynamics [5] - Related companies include CATL (300750) and Sungrow Power (300274) [5] eSIM Technology - China Unicom launched its eSIM service nationwide on October 13, with over 60,000 reservations, indicating strong market interest. This move is seen as preparation for the upcoming domestic iPhone Air [5] - The revival of eSIM services by the three major telecom operators in China is expected to accelerate commercial adoption [5] - Related companies include Eastcompeace Technology (002017) and Unisoc (002049) [5] Nuclear Fusion - The CRAFT project in China achieved a significant breakthrough with the successful testing of a key component, demonstrating a steady thermal load capacity of 20 MW/m² and a precision alignment of less than 1 mm [5] - This development marks a milestone in the creation of the largest and highest thermal load prototype component designed independently by China [5] - Related companies include Chuangyuan New Materials (002171) and Hongxun Technology (603015) [5] Market Dynamics - The report notes that when market sentiment is below or near 50, it tends to provide support for the market, while sentiment above 90 may create resistance [8] - The report also highlights the net inflow and outflow of major funds in various sectors, indicating investor sentiment towards specific stocks and industries [9][11][19]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [10][59]. Core Insights - The feedback from the recent Nanjing Autumn Sugar Fair was relatively flat, with major liquor companies showing low enthusiasm for participation. The focus is shifting towards consumer engagement through live streaming and other sales models [6][57]. - The white liquor sector is experiencing a demand bottoming phase, with inventory levels still relatively high. The report suggests focusing on high-dividend leaders like Kweichow Moutai, Wuliangye, and Luzhou Laojiao, as well as flexible stocks that have corrected to appropriate levels [6][57]. - The consumer sector is rebounding, driven by market sentiment towards domestic demand policies amid U.S.-China tariff impacts. Companies in the snack food sector, such as Yanjin and Weidong, are benefiting from increased market penetration and revenue growth [7][58]. Summary by Sections Industry News - From January to August, the export value of Zunyi liquor increased by 776.17% year-on-year. In September, liquor prices fell by 1.3% year-on-year, and the Hubei liquor market reached a scale of 35 billion yuan [5][17][19]. Company News - Kweichow Moutai reported a significant recovery in terminal sales for its sauce-flavored liquor in September. Luzhou Laojiao held a 110th anniversary event, continuing to lead the vintage liquor market [19]. Key Company Feedback - The report highlights the performance of key companies, with a focus on their stock price movements and earnings forecasts. For instance, Kweichow Moutai's stock price is at 1455.00 yuan, with an EPS forecast of 68.64 for 2024 [60]. Industry Data Trends - The white liquor industry saw a cumulative production of 4.145 million tons in 2024, a decrease of 7.72% year-on-year, while industry revenue reached 796.4 billion yuan, an increase of 5.3% year-on-year [34][36]. Investment Strategy - The report emphasizes the importance of focusing on companies with long-term value and high dividends in the white liquor sector, while also highlighting the potential in the snack food and beverage sectors due to changing consumer preferences and market dynamics [58][59].

分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1. 创新药出海节奏恢复，中国创新优势继续保持 证 券 研 究 报 告 行业周报 创新药对外授权节奏有望恢复 医药行业周报 投资评级： 报告日期： 推荐 （维持 ） 2025年10月19日 10月的第三周，国内落地多个创新药的对外授权项目，包括维立志博（BDCA2/TACI双抗，临床前）、翰森制药（CDH17 ADC, I期）、奥赛康(VEGF/ANG-2, II期）、海和药物（PI3Kα抑制剂，NDA）等。虽然缺少首付款超过2亿美元以上的重 磅交易，但创新药对外授权的节奏已恢复。根据医药魔方数据，截至2025年8月，中国License-out出海交易数量已达93笔， 占全球交易数量32%，License-out首付款总额已达43亿美元，总金额848亿美元，首付款与总金额均已超过去年全年总额， 并有望创下近十年新高。从BD的阶段分析，MNC依然青睐于中国早期研发资产，II期临床前数量占比更高，而市场期待已 久的双抗，ADC等热点领域，2025年Q3却没有重磅BD落地。实际 ...

Investment Rating - The report assigns a "Buy" rating for the company, Samsung Medical (601567.SH) [1][8] Core Insights - The company has experienced significant growth in overseas orders, with a 51% year-on-year increase in overseas revenue, reaching 1.495 billion yuan [4] - The company is expanding its production capacity to alleviate bottlenecks in its distribution business, with a new project expected to produce 16,000 sets of new energy box substations annually [4] - The company maintains a leading position in domestic power grid business and has made breakthroughs in non-grid business sectors, particularly in renewable energy [5][7] Summary by Sections Market Performance - The stock price is currently at 24 yuan, with a market capitalization of 33.7 billion yuan and a 52-week price range of 21.21 to 34.48 yuan [1] Financial Performance - In the first half of the year, the company achieved operating revenue of 7.97 billion yuan, a 14% increase year-on-year, and a net profit of 1.23 billion yuan, up 7% [3] - The gross margin for the first half was 28.97%, down 5.64 percentage points year-on-year, while the net margin was 15.43%, down 1 percentage point [3] Order Backlog and Growth - The total order backlog reached 17.632 billion yuan, an 18.39% increase year-on-year, with overseas distribution orders growing by 123.96% to 2.182 billion yuan [4] - The company is focusing on high-end markets in Europe, the Middle East, and Latin America, with successful bids in Hungary, Romania, and Kyrgyzstan [4] Profit Forecast - Revenue projections for 2025-2027 are 16.1 billion, 18.9 billion, and 22.4 billion yuan, respectively, with corresponding EPS of 1.76, 2.14, and 2.62 yuan [8][10]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The overall outlook for China in 2025 is that the real GDP growth rate of the asset side will run smoothly, fluctuating narrowly between 4 - 5%. The liability side will see the debt growth rate of the real - sector decline and approach the nominal economic growth rate. The monetary policy will coordinate with the fiscal policy, maintaining an overall neutral and oscillating stance [21]. - The stock - bond performance shows that the risk preference has declined, funds tend to flow into long - term bonds and value - style equities. The equity style is dominated by value, and the stock - bond ratio favors bonds. The long - term bond yield has decreased, and the short - term bond yield has increased [6][22]. - In the contraction cycle, the stock - bond ratio favors equities to a limited extent, and the value style is more likely to be dominant. A + H dividend portfolios and A - share portfolios are recommended, mainly concentrated in industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [10][25]. 3. Summary According to the Directory 3.1 National Balance Sheet Analysis - **Liability Side**: In September 2025, the debt growth rate of the real sector was 8.9%, in line with expectations. It is expected to drop to around 8.7% in October, and further to around 8.5% by the end of the year. The financial sector's capital is still tight, and risk preference has declined, with funds flowing into long - term bonds and value - style equities [1][17]. - **Fiscal Policy**: Last week, the net reduction of government bonds was 238 billion yuan, higher than the planned 69.1 billion yuan. Next week, the net increase of government bonds is planned to be 133.3 billion yuan. The government debt growth rate in September 2025 was 14.5%, expected to drop to around 13.6% in October and around 13.0% by the end of the year [2][18]. - **Monetary Policy**: Last week, the average weekly trading volume of funds increased, the price decreased, and the term spread narrowed significantly. The one - year Treasury yield rose to 1.44% at the weekend, and its lower limit is estimated to be around 1.3%. The term spread between the ten - year and one - year Treasury bonds narrowed to 38 basis points. The future yield fluctuation ranges of the ten - year and thirty - year Treasury bonds are estimated to be around 1.6% - 1.9% and 1.8% - 2.3% respectively [3][19]. - **Asset Side**: The physical volume data in August continued to weaken compared to July. The annual real economic growth target for 2025 is around 5%, and the nominal economic growth target is around 4.9%. It remains to be seen whether 5% will become the central target for China's nominal economic growth in the next 1 - 2 years [5][20]. 3.2 Stock - Bond Ratio and Stock - Bond Style - **Overall Outlook**: In 2025, China's asset side real GDP growth will be stable, and the liability side's real - sector debt growth rate will decline. The stock - bond ratio favors bonds, and the equity style is dominated by value. The recommended allocation is 60% for the Shanghai Composite 50 Index, 20% for the CSI 1000 Index, and 20% for the 30 - year Treasury Bond ETF [21][25]. - **Market Performance**: Last week, the risk preference declined, funds flowed into long - term bonds and value - style equities. The ten - year Treasury yield decreased by 2 basis points to 1.82%, the one - year Treasury yield increased by 7 basis points to 1.44%, and the 30 - year Treasury yield decreased by 8 basis points to 2.20%. The broad - based rotation strategy outperformed the CSI 300 Index by 1.51 percentage points last week [6][22]. 3.3 Industry Recommendation - **Industry Performance Review**: This week, the A - share market declined with shrinking trading volume. Among the Shenwan primary industries, banking, coal, food and beverage, transportation, and textile and apparel had the largest increases, while electronics, media, automobiles, communications, and machinery had the largest declines [30]. - **Industry Crowding and Trading Volume**: As of October 17, the top five crowded industries were electronics, power equipment, non - ferrous metals, computers, and machinery. The industries with the largest increase in crowding this week were pharmaceutical biology, transportation, coal, banking, and commercial retail. The overall average daily trading volume of A - shares decreased this week. Industries such as steel, coal, transportation, banking, and beauty care had the highest year - on - year trading volume growth [33][34]. - **Industry Valuation and Earnings**: Among the Shenwan primary industries this week, banking, coal, food and beverage, transportation, and textile and apparel had the largest increases in PE (TTM), while electronics, media, communications, basic chemicals, and machinery had the smallest increases. Industries with high 2024 full - year earnings forecasts and relatively low current valuations compared to history include banking, insurance, petroleum and petrochemicals, transportation, traditional Chinese medicine, pharmaceutical biology, beauty care, and consumer electronics [38][39]. - **Industry Prosperity**: Externally, the global manufacturing PMI declined in September, the CCFI index decreased, and the port cargo throughput declined. South Korea's export growth rate decreased in early October. Domestically, the second - hand housing price decreased last week, and the quantity indicators showed mixed trends. The highway truck traffic volume increased, the ten - industry fitted capacity utilization rate declined from September to October, the automobile trading volume was at a relatively high level in the same period of history, the new - housing trading volume was at a historical low, and the second - hand housing trading volume declined seasonally [43]. - **Public Offering Market Review**: In the second week of October (October 13 - 17), most active public - offering equity funds underperformed the CSI 300. As of October 17, the net asset value of active public - offering equity funds was 4.04 trillion yuan, slightly higher than 3.66 trillion yuan in Q4 2024 [59]. - **Industry Recommendation**: In the contraction cycle, the stock - bond ratio favors equities to a limited extent, and the value style is more likely to be dominant. Recommended A + H dividend portfolios and A - share portfolios mainly include 20 stocks each, concentrated in industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [10][63].

- The report does not contain specific quantitative models or factors for analysis[2][3][4] - The report primarily discusses macroeconomic trends, asset allocation strategies, and market observations without detailing quantitative models or factor construction[2][3][4] - No formulas, construction processes, or backtesting results for quantitative models or factors are provided in the report[2][3][4]

证 券 研 究 报 告 行业周报 汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2025年10月19日 小鹏新一代机器人即将登场，主机厂探索业务、零售新模式 ◼ 分析师：林子健 ◼ SAC编号：S1050523090001 投 资 要 点 ▌小鹏新一代机器人即将登场，2026年有望量产数千台 小鹏布局具身智能已久，技术团队储备深厚。汽车人形机器人团队从2020年前后便开始筹备，目前一号位 为米良川，米良川曾经担任卡内基梅隆大学担任研究员，2005年曾加入英伟达团队，负责中国的安卓平台 部门。在英伟达期间，米良川曾向英伟达全球副总裁吴新宙汇报，有过管理百人团队的经验。何小鹏对机 器人赛道的关注始于2016年，"几乎每年都会认真调研一次机器人方向"，曾与宇树王兴兴长谈。2020 年，何小鹏收购了赵同阳创办的"多够机器人（Dogotix）"，并成立「鹏行智能」，高峰期团队人数高 达300多人。后续「鹏行智能」核心团队出走，曾经的团队负责人赵同阳创办了「众擎机器人」。2023年 以后，何小鹏又引进了米良川负责机器人业务。近两年，小鹏汽车的机器人团队进行了一波持续调整，团 队人数一度缩减到70个人，又重新建 ...

Core Insights - The report indicates a neutral market sentiment with a score of 56, suggesting a balanced outlook for investors [2][10] - Key themes identified for investment opportunities include energy storage, eSIM technology, and nuclear fusion [4] Energy Storage - The "New Energy Storage Special Action Plan" in China aims for an installed capacity of 180 million kilowatts by 2027, attracting direct investments of 250 billion yuan. Policies are expected to enhance project IRR to over 8%, shifting investment from mandatory storage to proactive profit-seeking [4] - International orders for energy storage are projected to surge by 220% year-on-year in the first half of 2025, reaching 160 GWh, indicating a potential shift in supply-demand dynamics [4] - Relevant companies include CATL (300750) and Sungrow Power (300274) [4] eSIM Technology - China Unicom launched a nationwide reservation channel for eSIM services on October 13, with over 60,000 reservations already made, indicating strong market interest [4] - The revival of eSIM services by major telecom operators is expected to accelerate commercial adoption [4] - Related companies include Eastcompeace Technology (002017) and Unisoc (002049) [4] Nuclear Fusion - The CRAFT project in China achieved significant breakthroughs, with a prototype component passing expert tests, demonstrating a steady thermal load capacity of 20 MW/m² and a precision error of less than 1 mm [4] - This development marks a milestone in the creation of the largest and highest thermal load prototype component designed independently by China [4] - Associated companies include Chuangyuan New Materials (002171) and Hongxun Technology (603015) [4]