Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The investment logic for the pig industry continues to strengthen due to dual catalysts from policies and diseases, with a recommendation for long-term positioning despite current price lows [3][5] - The pet food export volume continues to grow year-on-year, indicating a sustained positive trend in the pet food market [4][28] Summary by Sections Weekly Observation - The pig price is running at a low level, with the national average price at 12.71 yuan/kg as of September 21, 2025, down 0.50 yuan/kg week-on-week and down 5.73 yuan/kg year-on-year [3][13] - The average weight of pigs sold is 128.45 kg, showing a slight increase week-on-week and year-on-year [3][13] - The pig industry is expected to see a strong execution of policies aimed at capacity reduction, which will enhance the expectations for substantial capacity reduction [3][13] Weekly Viewpoint - The investment logic for the pig industry is marginally improving, with a recommendation for companies such as Muyuan Foods, Wens Foodstuff Group, and others [5][24] - The domestic feed market is benefiting from the post-cycle of poultry and livestock, with strong overseas demand supporting prices [5][25] - The pet food sector is experiencing a rise in domestic brands due to consumption upgrades and tariff barriers [5][28] Market Performance (September 15-19) - The agricultural index underperformed the market by 1.40 percentage points, with the agricultural index down 2.70% [6][29] - Leading stocks included Shennong Biotechnology (+9.36%), Xuelong Biotechnology (+7.64%), and Tianma Technology (+3.90%) [6][29] Price Tracking (September 15-19) - The average price of pigs was 12.68 yuan/kg, down 0.66 yuan/kg from the previous week [7][37] - The average price of piglets was 22.38 yuan/kg, down 1.57 yuan/kg week-on-week [7][37] - The average price of beef was 65.60 yuan/kg, showing a slight increase [44][37] Key News (September 15-19) - Notification regarding the central reserve frozen pork storage auction scheduled for September 23, 2025, with 15,000 tons available for auction [35]

北交所策略专题报告 2025 年 09 月 21 日 北交所打新策略：上市提速与资金涌入下的供需博弈与投资机遇 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所新股呈现供给加速、资金踊跃、中签率低、收益率高的四重特征 从发审会节奏上来看，从 2025 年 2 季度开始，随着申报企业补充 2024 年报数据 的结束，北交所上市节奏出现提升，从 2024 年上市时间点看，3/4 季度是新股上 市的集中时间。截至 2025 年 9 月 19 日，2025 年 1-9 月北交所合计过会 23 家企 业，合计上市 14 家企业。从 2025 年三季度末开始，北交所网上发行有效申购户 数+冻结资金中枢进一步提高，2025 年 1-9 月北交所网上发行有效申购户数均值 达 56.54 万户，网上冻结资金均值达 5905.46 亿元；其中 2025 年 7-9 月网上发行 有效申购户数和网上冻结资金均值分别达 63.72 万户和 6673.86 亿元。从 2025 年北交所新股申购中签率来看，中签率整体处于低位，北交所 2025 年 ...

Group 1 - The report highlights the encouragement of mergers and acquisitions (M&A) by policies, with two significant M&A events occurring in the past two weeks [3][11] - The report emphasizes the trend of M&A in the Beijing Stock Exchange (BSE), focusing on resource integration within the same group, external acquisitions in new productivity industries, and "strong chain and supplement chain" expansion [3][19] - As of September 21, 2025, a total of 35 significant investment and M&A events have been disclosed on the BSE [21] Group 2 - Chuangyuan Xinke plans to acquire 100% of Weiyu Tiandao's equity through a combination of issuing shares and cash payments, with the transaction expected to be completed by September 30, 2025 [4][24] - Weiyu Tiandao, fully controlling Hunan Weidao, specializes in satellite navigation technology and has received a silver award for its patent technology in 2025 [4][35] - Chuangyuan Xinke focuses on enhancing wireless testing instruments, primarily in 5G/6G communication, vehicle networking testing, and satellite internet testing [5][36] Group 3 - The report notes that the recent M&A activities are part of a broader trend where companies are increasingly engaging in strategic collaborations and M&A to enhance their competitive edge and market presence [12][18] - The report identifies that the characteristics of current M&A activities on the BSE include a focus on synergistic relationships with core business operations and a preference for cash acquisitions [19][39] - The report indicates that the integration of advanced manufacturing and modern service industries is a key area of focus for the BSE, aiming to promote high-quality economic development [18][39]

Group 1 - The amino acid industry is experiencing a multi-field demand resonance, driven by technological upgrades and high-end transformation, with domestic companies like Wuxi Jinghai accelerating breakthroughs in high-end pharmaceutical raw materials [3][11][23] - The global amino acid production scale surpassed 10 million tons in 2021 and is expected to reach 13.8 million tons by 2027, while the global market size was $26.19 billion in 2021 and is projected to grow to $49.42 billion by 2030 [17][19][22] - Amino acids are widely used in pharmaceuticals, agriculture, health care, food feed, and cosmetics, with applications expanding due to increasing public awareness of health and nutrition [3][20][21] Group 2 - The North Exchange chemical new materials industry experienced a decline of 1.62% in the week from September 15 to September 19, 2025, with various sub-industries showing different levels of decrease [4][25][26] - Key stocks in the North Exchange chemical new materials sector that performed well during the week included Sanwei Equipment (+22.53%), Hanwei Technology (+15.26%), and Huitong New Materials (+5.68%) [33][35] - The overall performance of the North Exchange chemical new materials industry was weak, with all sub-industries experiencing declines, including battery materials (-3.93%) and non-metal materials (-4.36%) [26][30][32]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the continued recommendation for domestic AI computing power, highlighting Huawei's announcement of a clear product roadmap for its Ascend AI chips, which showcases a long-term strategic plan in the AI chip sector [5][11] - Domestic AI chip manufacturers, represented by companies like Cambricon, Haiguang Information, and Chipone, are rapidly improving product performance and gradually replacing foreign products, indicating a strong domestic demand for AI computing power [6][12] - The report identifies significant investment opportunities in domestic computing power, recommending key companies such as Haiguang Information, Zhongke Shuguang, and Inspur Information, among others [7][13] Summary by Sections Market Review - During the week of September 15-19, 2025, the CSI 300 index declined by 0.44%, while the computer index fell by 0.16% [4][14] Company Dynamics - Neusoft Group received a designated notification from a well-known domestic automobile manufacturer for supplying intelligent cockpit domain controllers, with an estimated total amount of approximately 5.6 billion RMB over the product lifecycle [15] - Calat announced a stock option incentive plan for 2025, with a total of 1.8 million stock options to be granted [16] Industry Dynamics - Huawei launched the world's strongest computing power supernodes and clusters, with the Atlas 950 SuperPoD and Atlas 960 SuperPoD supporting 8192 and 15488 Ascend cards, respectively, leading in key metrics [25][23] - The report notes that the domestic AI chip market is witnessing a shift towards self-developed chips by major companies like Baidu and Alibaba, which are gradually replacing NVIDIA products [6][12]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - In August, the growth rate of social retail sales declined, with the liquor sector stabilizing and a focus on niche segments in consumer goods. The food and beverage index fell by 2.5%, ranking 23rd among primary sub-industries, underperforming the CSI 300 by approximately 2.1 percentage points. The sub-industries of processed foods (+0.3%), soft drinks (+0.1%), and health products (0.0%) performed relatively well [4][13][15] - The total retail sales of consumer goods in August 2025 increased by 3.4% year-on-year, with a month-on-month decline of 0.3 percentage points from July. The weakening growth rate is attributed to the diminishing marginal effects of the "old-for-new" policy and a general weakness in consumer demand across various categories [4][13] - The liquor industry is currently in a destocking phase, with high inventory levels in some products. However, there are signs of improvement in terminal demand, and the sector is expected to see a recovery in consumption during the upcoming Mid-Autumn Festival and National Day holidays [5][14] Summary by Sections Market Performance - The food and beverage index experienced a decline of 2.5%, ranking 23rd out of 28 sectors, and underperformed the CSI 300 by about 2.1 percentage points. Leading individual stocks included Qianwei Yangchun, Rizhiyuan, and Weizhi Xiang, while Jiahe Foods, Jinzi Ham, and Junyao Health saw significant declines [15][17] Upstream Data - Some upstream raw material prices have decreased. For instance, the price of whole milk powder was $3,790 per ton, down 0.5% month-on-month but up 9.9% year-on-year. Conversely, the price of fresh milk was 3.0 yuan per kilogram, unchanged month-on-month but down 3.5% year-on-year [18][20] Liquor Industry Data - The cumulative production of liquor from January to August 2025 was 2.352 million kiloliters, a decrease of 9% year-on-year. In August alone, production fell by 18.2% year-on-year [41][43] Recommended Portfolio - The report recommends a portfolio including Guizhou Moutai, Shanxi Fenjiu, Ximai Foods, Wancheng Group, and Bairun Shares, highlighting their growth potential and market positioning [6][14]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The solid-state battery sector is expected to reach a critical milestone for vehicle installation validation by 2027, but it must overcome three core challenges: materials, processes, and interfaces. The sulfide system faces high costs and mass production difficulties, with long-term reliability yet to be verified. The national plan aims for an energy density of 500Wh/kg by 2030, with AI technology accelerating the breakthrough of industrialization bottlenecks [21][25] - The solid-state battery is transitioning from the laboratory stage to mass production validation, with small-scale vehicle testing expected by the end of 2025 and widespread testing anticipated between 2026 and 2027. Emerging application scenarios such as low-altitude, robotics, and AI are expected to open up market space for solid-state batteries, accelerating industrialization [23] Summary by Sections Industry Overview - The solid-state battery index decreased by 2.1% from September 15 to September 19, 2025, while the cumulative increase for 2025 is 48.5%. The average performance of solid-state battery-related stocks within the statistical scope was -2.2%, with all segments except aluminum-plastic film experiencing declines [4][10][11] Industry Dynamics - At the 2025 Suining International Lithium Battery Conference, experts indicated that solid-state batteries will face critical challenges in material, process, and interface technology by 2027. The sulfide system is particularly challenged by high costs and mass production difficulties [25] Company Developments - Ganfeng Lithium's subsidiary won the first prize at the "Maker China" low-altitude economy competition for its low-altitude aircraft power battery project, achieving an energy density of 320-550Wh/kg [26] - EVE Energy plans to break through solid-state battery production technology by 2026, aiming to launch a high-power, environmentally resistant, and safe solid-state battery [27] - XianDai Intelligent has achieved multiple breakthroughs in solid-state battery core processes and can provide complete solutions for sodium-ion battery manufacturing [28] - SK On has established a pilot factory for solid-state batteries, focusing on sulfide-based solid-state batteries and solid-state lithium metal batteries [30] - Panasonic aims to achieve sample shipments of solid-state batteries by 2026, accelerating the commercialization process [33]

Investment Rating - Industry investment rating: Positive (maintained) [1] Core Insights - Huawei's Ascend roadmap was released, projecting a tenfold increase in computing power over the next decade, with AI storage capacity expected to grow 500 times by 2035, accounting for over 70% of total storage needs [14][15] - Microsoft announced the construction of the world's most powerful AI data center, Fairwater, with an initial investment of $3.3 billion, expected to be operational by early 2026, which will significantly boost demand for optical modules and switches [5][16] - The report emphasizes the importance of the Huawei AI chain, OCS, and domestic computing sectors, recommending various stocks across these segments [6][11] Summary by Sections 1. Investment Outlook - Huawei's new Ascend chip series will be launched in phases from 2026 to 2028, with significant improvements in bandwidth and computing power [11][12] - The report suggests focusing on seven key investment areas, including network equipment, AIDC construction, IT equipment, computing leasing, cloud computing platforms, AI applications, and satellite internet & 6G [17][18] 2. Communication Data Tracking - As of July 2025, China had 4.598 million 5G base stations, with 1.137 billion 5G mobile users, reflecting a year-on-year growth of 19.68% [25][27] - The report notes a decline in 5G smartphone shipments in June 2025, with a total of 18.436 million units shipped, a year-on-year decrease of 16.7% [25][32] 3. Operator Performance - In the first half of 2025, China Mobile's cloud revenue reached 56.1 billion yuan, a year-on-year increase of 11.3%, while China Telecom's cloud revenue was 57.3 billion yuan, up 3.8% [40][41] - The ARPU values for the three major operators remained stable, with slight decreases noted for China Mobile and China Unicom [40][44]

Group 1 - The core viewpoint of the report emphasizes that the technology sector is favored in the current market environment due to three main long-term factors: relative profitability superiority, overseas mapping support, and the upward resonance of the global semiconductor cycle [1][10][14] - The technology sector has regained relative profitability advantages, which is a sufficient condition for mid-term style superiority, similar to occurrences in 2013, 2015, and 2020-2021 [11][12] - The current semiconductor cycle is expected to experience upward momentum driven by AI computing demand, traditional terminal recovery, and policy support, expanding the beneficiary range [14][28] Group 2 - The current market features frequent micro signals, such as increased trading volume and active fund inflows through ETFs, while macro expectations have not significantly changed [2][18] - The A-share market is characterized by an "incremental market" feature, with ETF inflows reinforcing the importance of leading stocks and creating a concentrated profit effect [18][19] - Despite positive industry catalysts, A-share earnings have not shown clear signs of a turning point, with ongoing declines in new home sales and negative growth in industrial profits [19][22] Group 3 - Conditions for a high-low switch are currently not met, with short-term indicators suggesting that a TMT trading volume exceeding 40% often leads to short-term adjustments in technology stocks [3][25] - Long-term conditions for a high-low switch depend on changes in relative profitability advantages, with key observations needed on real estate recovery and A-share earnings improvement [3][29] Group 4 - Investment strategies should focus on a dual-driven approach, prioritizing technology while considering PPI trading, with specific attention to sectors like gaming, media, internet, and consumer electronics [4][30] - The recommended sector allocation includes technology growth, cyclical recovery, and structural opportunities in overseas markets, emphasizing the importance of industry selection over stock selection [30][32] - The report suggests a diversified investment approach, including stable dividends, gold, and high-yield stocks, to build a solid portfolio [32]

Investment Rating - The investment rating for the non-bank financial industry is "Positive" (maintained) [1] Core Insights - The report highlights a significant increase in the profitability of listed brokerages, with a net profit of 102.1 billion yuan in the first half of 2025, representing a year-on-year increase of 63.1% [5][13] - The report emphasizes the strong performance of retail brokerage and proprietary trading, driven by a bullish market, with an annualized ROE of 7.81% [5][12] - The report suggests that the brokerage sector's fundamentals are favorable, with low valuations and institutional holdings, making it a high-risk-reward investment opportunity [5][14] Summary by Sections Brokerage Business - The brokerage business saw a year-on-year revenue increase of 39%, with retail brokerage income growing by 36% [30][31] - The average daily trading volume in the stock market increased by 66%, contributing to the growth in brokerage income [31] - The report anticipates continued high demand in the brokerage business due to a recovering market and low performance base in the third quarter [30][31] Investment Banking - Investment banking revenues increased by 11% year-on-year, with a notable surge in H-share IPOs, which grew by 719% [6][34] - The report notes that the A-share IPO market remains under strict regulation, but the relaxation of policies for tech companies is expected to improve the investment banking outlook [6][34] Asset Management - The asset management segment experienced a slight decline in net income, down 5% year-on-year, with a total asset management scale increase of 1% [40][48] - The report indicates that the market for non-monetary and equity funds has grown, with total assets under management reaching 20.2 trillion yuan and 8.4 trillion yuan respectively, reflecting year-on-year increases of 13% and 27% [48][49]