Group 1 - The core viewpoint of the report highlights that the banking sector is experiencing a recovery in revenue growth and profitability, with a year-on-year increase in operating income of 1.04% and a net profit growth of 0.80% in the first half of 2025, indicating a positive trend after previous declines [3][17][19] - The report emphasizes the importance of "volume-price balance" in banking operations for 2025, with banks focusing on improving asset quality and avoiding excessive low-priced credit supply, leading to a slight decrease in the loan ratio to 55.8% for listed banks [4][27][29] - Non-interest income has shown significant recovery, with a notable contribution from investment income, which is expected to account for 29.5% of total revenue in the first half of 2025, reflecting a shift towards diversified income sources [3][4][24] Group 2 - The report identifies challenges in the asset side of banks, including difficulties in finding quality assets and the need for balance sheet adjustments rather than mere expansion, as the demand for credit remains weak [4][5] - On the liability side, the trend of "wealthization" of deposits is creating liquidity management challenges, with a significant amount of high-interest fixed deposits maturing in the second half of 2025, potentially leading to a reduction in deposit costs [5][6] - The report notes a divergence in the provisioning trends between state-owned banks and smaller banks, with state-owned banks increasing their provisions while smaller banks face a decline in their coverage ratios due to rising non-performing loans [6][7][24] Group 3 - Investment strategies suggested in the report include focusing on banks with stable dividends and low implied price-to-book ratios, as well as selecting stocks based on funding attributes, competitive landscape, safety margins, and dividend strategies [7][8] - The report highlights specific banks that are expected to benefit from the current competitive landscape, including Agricultural Bank of China, China Merchants Bank, and CITIC Bank, among others [7][8][24] - The overall outlook for the banking sector remains cautiously optimistic, with expectations of a stabilization in net interest margins around 1.4% for the year [3][4][5]

基础化工/化学原料 龙佰集团（002601.SZ） 钛白粉价格有望企稳反弹，两矿整合持续推进 2025 年 09 月 17 日 投资评级：买入（维持） | 日期 | 2025/9/16 | | --- | --- | | 当前股价(元) | 19.55 | | 一年最高最低(元) | 22.85/15.82 | | 总市值(亿元) | 466.52 | | 流通市值(亿元) | 388.62 | | 总股本(亿股) | 23.86 | | 流通股本(亿股) | 19.88 | | 近 3 个月换手率(%) | 66.85 | 股价走势图 数据来源：聚源 0% 10% 20% 30% 40% 50% 2024-09 2025-01 2025-05 龙佰集团 沪深300 相关研究报告 《2024 年业绩承压，积极推进矿山开 发与钛白粉国际化进程—公司信息更 新报告》-2025.4.25 《Q3 业绩环比增长，持续分红回报股 东—公司信息更新报告》-2024.10.29 金九银十逐步到来，钛白粉价格有望企稳反弹 据百川盈孚数据，上周国内钛白粉行业开工率 60.68%，环比下降 4.21%，行业 整体负荷有所下降。库 ...

其 他 研 究 沪深300 及创业板指数近1年走势 数据来源：聚源 -40% 0% 40% 80% 120% 2024-09 2025-01 2025-05 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 综合 | 3.625 | | 机械设备 | 2.065 | | 计算机 | 2.064 | | 商贸零售 | 1.964 | | 汽车 | 1.815 | | 数据来源：聚源 | | 开 源 证 券 证 券 研 究 报 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 农林牧渔 | -1.293 | | 银行 | -1.150 | | 有色金属 | -0.991 | | 国防军工 | -0.503 | | 食品饮料 | -0.384 | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 数据来源：聚源 总量视角 【宏观经济】供给偏强，需求略弱——宏观经济专题-20250915 【宏观经济】内需续弱，政策加码窗口临近——兼评 8 月经济数据-20250915 ...

金融工程定期 2025 年 09 月 16 日 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 张 翔（分析师） 证书编号：S0790520110001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 何申昊（分析师） 证书编号：S0790524070009 相关研究报告 《基于港交所 CCASS 数据的港股投 资策略 — 开源量化评论（112）》- 2025.9.14 《固态电池板块的资金行为监测—金 融工程定期》-2025.9.12 《基金投顾产品 8 月调仓一览—基金 投顾产品月报系列（21）》-2025.9.2 9 月转债配置：转债估值偏贵，看好偏股低估风格 ——金融工程定期 | 魏建榕（分析师） | 张翔（分析师） | 何申昊（分析师） | | --- | --- | -- ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the pig price is expected to remain stable in the future despite a decline in August due to factors such as heavy weight slaughtering and the spread of African swine fever [3][13] - The average national pig sales price in August 2025 was 13.77 yuan/kg, down 5.35% month-on-month and down 32.35% year-on-year [3][13] - The report highlights that the supply of pigs may gradually tighten in the future due to a decrease in the proportion of large pigs in stock and an increase in the proportion of large pigs being slaughtered [4][17] Summary by Sections Industry Overview - In August 2025, the national pig slaughter volume was 4.3388 million heads, an increase of 4.34% month-on-month and 5.66% year-on-year [3][13] - The report notes that the completion rate of pig slaughtering plans was 100.04% in August, with a planned increase of 3.92% in September compared to actual slaughter in August [3][13] Market Dynamics - The structure of pig slaughtering shows an increase in the proportion of large pigs (over 150kg) being slaughtered, while the proportion of large pigs in stock has decreased [4][17] - The average profit for self-breeding and self-raising pigs in August was 36.80 yuan/head, a decrease of 63.80% month-on-month [5][20] Company Performance - A total of 12 listed pig farming companies reported a combined slaughter of 15.116 million heads in August, an increase of 29.79% year-on-year [6][23] - The average sales price of pigs for major listed companies decreased month-on-month, with specific companies reporting the following prices: - Muyuan Foods: 13.51 yuan/kg, down 5.5% - Wens Foodstuffs: 13.90 yuan/kg, down 6.5% - New Hope Liuhe: 13.54 yuan/kg, down 6.9% [7][28]

2025 年 09 月 16 日 创业板进化论 策略研究团队 ——投资策略专题 韦冀星（分析师） 耿驰政（联系人） weijixing@kysec.cn 证书编号：S0790524030002 gengchizheng@kysec.cn 证书编号：S0790125050007 创业板发展史—市场对成长的追逐周期 近期市场对于"纺锤策略"的关注度较高，本质焦点在于能够兼具成长弹性与 估值修复潜力的方向。创业板凭借机构化特征明显，直接受益于中风险资产的 收益回归，我们此前于 9 月 3 日发布的《居民参与股市的生态变化：ETF》报告 中提到居民入市资金方式变为 ETF 净流入后可能推动成长风格向龙头集中，扩 散至中大盘成长，创业板当前为行业相对均衡的中大盘成长代表性宽基或相对受 益。以年线为镜，创业板指作为中国新兴产业的潮头，在各时代中成为成长主 线的锚点与起点。纵观整个阶段，可以看到创业板在不同产业周期中表现出较为 清晰的节奏特征：（1）其启动往往依赖于产业趋势与景气赛道的形成；（2）上涨 过程中伴随龙头权重的更迭；（3）在保持估值与基本面增长底线的同时，价格通 常回到增长元年收盘价附近，估值也随之回归对应区间 ...

机械设备 机械设备 2025 年 09 月 16 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 0% 17% 34% 50% 67% 84% 2024-09 2025-01 2025-05 机械设备 沪深300 相关研究报告 《人形机器人：准备迎接 Q4 开启的大 行情—行业点评报告》-2025.9.8 《大阅兵即将举行，无人智能倍受关 注—行业点评报告》-2025.9.1 《9.3 阅兵即将举行，无人智能倍受关 注—行业周报》-2025.8.31 灵巧手：特斯拉机器人迭代最重要的方向，量产落地 的"最后一厘米" ——行业点评报告 | 孟鹏飞（分析师） | 罗悦（分析师） | 朱珠（联系人） | | --- | --- | --- | | mengpengfei@kysec.cn | luoyue@kysec.cn | zhuzhu@kysec.cn | | 证书编号：S0790522060001 | 证书编号：S0790524090001 | 证书编号：S0790124070020 | 拓普集团、震裕科技、五洲新春、隆盛科技、雷迪克，受益标的：骏鼎达、恒勃 股份、信质集团、丰立智能、兆威机电、荣泰 ...

2025 年 09 月 16 日 房地产 投资评级：看好（维持） 行业走势图 数据来源：聚源 0% 12% 24% 36% 48% 60% 2024-09 2025-01 2025-05 房地产 沪深300 相关研究报告 《新房成交面积同环比下降，主动适 应城市发展阶段新变化—行业周报》 -2025.9.14 《2025 上半年房地产行业综述：行业 仍处于缩表进程，关注重点房企边际 改善—行业点评报告》-2025.9.10 《深圳政策调整点评：八个行政区限 购大幅放松，有望对金九银十形成支 撑—行业点评报告》-2025.9.8 新房上海持续领涨，二手房价格同比降幅缩小 ——行业点评报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编号：S0790124070064 | 新房上海持续领涨，二手房价格同比降幅缩小 国家统计局发布 202 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The macro - policies continue to exert force, and structural adjustment is advancing steadily. In the second half of 2025, the economic growth rate is not expected to decline significantly. Structural issues such as prices are expected to improve trend - wise. Bond yields and the stock market are expected to rise continuously. [1][7] 3. Summary by Related Catalogs Overall Situation - **Production**: In August, the added value of industrial enterprises above designated size increased by 5.2% year - on - year and 0.37% month - on - month. The equipment manufacturing industry continued to support industrial production, with its added value increasing by 8.1% year - on - year. The high - end trend of the manufacturing industry continued, and the added value of high - tech manufacturing increased by 9.3% year - on - year. [3] - **Consumption**: In August, the total retail sales of consumer goods reached 396.68 billion yuan, a year - on - year increase of 3.4% and a month - on - month increase of 0.17%. The third batch of consumer goods "trade - in" policy funds were issued, and the retail sales of related "trade - in" goods continued to grow rapidly. The catering revenue stabilized and rebounded. [4] - **Investment**: From January to August, fixed - asset investment increased by 0.5% year - on - year. The "two - heavy" construction advanced steadily, with infrastructure investment increasing by 2.0% year - on - year. Real estate investment accelerated to find the bottom, with the real estate development investment decreasing by 12.9% year - on - year, and the sales area and sales amount of newly built commercial housing both declining. The National Real Estate Climate Index further declined to 93.05. [5] Market - After the economic data was released at 10:00, the bond market continued the repair market under the support of fundamentals, and the long - term yield fluctuated downward. After the futures closed at noon, the long - term yield rose rapidly, possibly due to the intensification of policies to expand service consumption. [6] Bond Market View - With the revision of economic expectations, bond yields are expected to rise trend - wise. For stock and bond allocation, the view is maintained that in the second half of 2025, the economic growth rate will not decline significantly, structural issues such as prices will improve, and bond yields and the stock market will rise continuously. [7]

行 业 研 究 2025 年 09 月 16 日 投资评级：看好（维持） AI 大模型厂商加速导入硬件入口，端侧 AI 产业链投 资机遇可期 ——行业点评报告 | | 行业走势图 | | 陈蓉芳（分析师） 张威震（分析师） | 仇方君（分析师） | | --- | --- | --- | --- | --- | | | | | chenrongfang@kysec.cn zhangweizhen@kysec.cn | qiufangjun@kysec.cn | | | 电子 | 沪深300 | 证书编号：S0790524120002 证书编号：S0790525020002 | 证书编号：S0790525050004 | | 120% | | |  AI 模型持续迭代，端侧化与轻量化成为核心方向 | | | 96% | | | 全球主流大模型通过算法优化与数据积累实现快速迭代，核心表现为能力增强与 | | | 72% | | | 推理效果优化两大维度。基础模型层面，GPT 系列、Gemini 等通过扩大参数规 | | | 48% | | | 模、引入多模态融合，实现复杂任务处理能力突破，例如支持代码生成、逻辑 ...