装备制造 [Table_ReportDate] 2025 年 9 月 15 日 [T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 硅料景气度有所下行 [Table_ReportType]装备制造行业周报（9 月第 2 周） 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 [Table_S 市场行情回顾 ummary] ： 上周 5 个交易日机械设备、电力设备及汽车行业指数涨跌幅 分别为+3.52%、+0.53%及+1.74%，在 31 个申万一级行业中排 名分别为第 7、22、15 位；同期沪深 300 涨跌幅为+1.38%。 行业观点： 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] ...

[Table_ReportDate] 2025 年 09 月 15 日 [Table_Author] 分析师：李时樟 [Table_BaseData] 1) 周度市场回顾。TMT 板块内一级行业上周（9/08-9/12）涨跌 幅为：电子（6.15%）、传媒（4.27%）、计算机（3.37%）、 通信（3.00%），板块整体跑赢沪深 300（1.38%）。TMT 板块 内涨幅靠前的三级子行业分别为印制电路板（13.07%）、数字 芯片设计（11.75%）、其他电子Ⅲ（8.06%），跌幅靠前的三 级子行业分别为教育出版（-0.05%）。 2) 苹果召开秋季新品发布会。9 月 10 日，苹果召开 2025 秋季发 布会，分别推出 iPhone 17 系列手机、Airpods Pro 3 耳机以 及 Apple Watch 系列手表。手机方面：1.iPhone 17 Pro/Pro Max 提供 3 款可选颜色，搭载 A19 Pro 芯片，芯片性能较上一 代高出 40%，引入 VC 液冷式均热板散热系统，确保高性能运 行时的稳定性，3 颗后置摄像头集体采用 4800 万像素，可实 现 8 倍光学变焦和 40 倍数码变 ...

大消费 [Table_ReportDate] 2025 年 9 月 15 日 [T分析师able_A：uthor 郑彬彬] 执业证书号：S1030523030001 电话：0755-23602217 邮箱：zhengbb@csco.com.cn 执业证书号：S1030523040001 电话：0755-23602217 邮箱：luopeng@csco.com.cn 分析师：赵靖 执业证书号：S1030525070001 电话：0755-23602217 邮箱：zhaojing2@csco.com.cn 分析师：罗鹏 公司具备证券投资咨询业务资格 证券研究报告 金价破新高，景气持续，国庆中秋假期出行人数向好 [Table_ReportType] 大消费行业周报（9 月第 2 周） [行业Table_S 观点：ummary ] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] [Table_PageHeader] 2025 年 9 月 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） ...

[Table_ReportDate] 2025 年 09 月 15 日 [Table_ReportType] 医药生物行业周报（9 月第 2 周） [Table_S 行业ummary 观点：] [Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 医药生物 G 国内生物医药底层创新有望加速 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_BaseData] 1) 周度回顾。上周（9 月 8 日-9 月 12 日）医药生物板块 收跌 0.36%，跑输 Wind 全 A（2.12%）和沪深 300 （1.38%）。从板块来看，医疗设备（3.02%）、体外诊 断（2.0%）和医药流通（1.44%）涨幅居前，化学制剂 （-2.83%）、原料药（-1.06%）和血液制品（-0.72%） 跌幅居前。从个股来看，振德医疗（41.3%）、浩欧博 ...

[Table_ReportDate] 2025 年 09 月 08 日 [Table_Author] 分析师：李时樟 执业证书：S1030522060001 电话：18065826333 邮箱：lisz@csco.com.cn 分析师：罗晴 执业证书：S1030524110001 电话：13603091122 邮箱：luoqing@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 TMT [Table_Title] 消费电子新品将陆续发布 TMT 行业周报（9 月第 1 周） [Table_S 行业观点： ummary] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_ReportType] [Table_BaseData] 1) 周度市场回顾。TMT 板块内一级行业上周（9/01-9/05）涨跌 幅为：传媒（-0.65%）、通信（-2.68%）、电子（-4.57%）、 计算机（-7.27%）。板块内涨幅靠前的三级子行业为游戏Ⅲ （1.34%），跌幅靠前的三级子行业分别为数字芯片设计（- 9.13%）、通信终端及配件（-8.54%）、横向通用软件（-8.42 ...

装备制造 [Table_ReportDate] 2025 年 9 月 8 日 [T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 基本面改善带动风电行情 [Table_ReportType]装备制造行业周报（9 月第 1 周） [Table_S 市场行情回顾 ummary] ： 上周 5 个交易日电力设备、汽车行业及机械设备指数涨跌幅 分别为+7.39%、-1.27%及-1.37%，在 31 个申万一级行业中排 名分别为第 1、18、21 位；同期沪深 300 涨跌幅为-0.81%。 [Table_Report] [Table_BaseData] 行业数据 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利 ...

宏观 美国就业数据放缓继续支撑降息预期 [Table_ReportDate] 2025 年 09 月 08 日 [Table_ReportType] 宏观周报（9 月第 1 周） [Table_Author] 分析师：陈江月 执业证书：S1030520060001 电话：0755-83199599-9055 邮箱：chenjy@csco.com.cn 公司具备证券投资咨询业务资格 [Table_S 核心观点： ummary] 请务必阅读文后重要声明及免责条款 4) 风险提示：基本面超预期弱化、资本市场预期波动带来恐慌。 证券研究报告 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 经济预测（一致预期） 单位（%） 2409E 24E GDP（Q3E） CPI PPI 工业增加值增速 固定投资增速 社消增速 出口增速 进口增速 M2 增速 社融增速 数据来源：万得资讯 1) 权益：上周市场缩量下跌。市场方面，9 月 3 日阅兵前后市 场波动率博弈较为显著，市场短期投机止盈需求抬升导致市场 有所调整，大小盘估值差距继续收窄。当前沪深 3 ...

Investment Rating - The report indicates a positive outlook for the pharmaceutical and biotechnology sector, with a weekly increase of 1.4%, outperforming the Wind All A index (-1.37%) and the CSI 300 index (-0.81%) [3][8]. Core Insights - The report highlights the acceleration of business development (BD) in small nucleic acid drugs, with significant deals announced by Arrowhead Pharmaceuticals and Novartis, indicating a strong interest in this area from multinational corporations [3][12]. - The report emphasizes the importance of the World Conference on Lung Cancer (WCLC) held from September 6-9, where several key research advancements in lung cancer were presented, suggesting potential investment opportunities in innovative drug companies participating in the conference [3][11]. - The report notes the strong performance of specific stocks within the sector, such as Haichen Pharmaceutical (28.7%), Changchun High-tech (24.2%), and Baihua Pharmaceutical (21.3%), while also identifying underperformers like Shuyou Shen (24%) and Guangsheng Tang (15.8%) [3][11]. Market Weekly Review - The pharmaceutical and biotechnology sector saw a weekly increase of 1.4%, with the best-performing sub-sectors being other biological products (4.86%), chemical products (4.52%), and medical research outsourcing (3.78%) [3][8]. - Conversely, sectors such as hospitals (-2.31%), vaccines (-2.08%), and medical devices (-1.97%) experienced declines [3][8]. - Notable individual stock performances included significant gains for Haichen Pharmaceutical, Changchun High-tech, and Baihua Pharmaceutical, while Shuyou Shen and Guangsheng Tang faced substantial losses [3][11]. Industry News and Key Company Announcements - Arrowhead Pharmaceuticals announced a global licensing and collaboration agreement with Novartis for a siRNA therapy targeting Parkinson's disease, with an upfront payment of $200 million and potential milestone payments totaling up to $2 billion [3][15]. - A strategic collaboration was established between Novartis and Wobang Pharmaceuticals for cardiovascular products, with an upfront payment of $160 million and potential total milestone payments of $5.2 billion [3][13]. - The report also mentions various clinical trial advancements and approvals for several companies, including the approval of new indications for existing drugs and the initiation of new clinical trials [3][16].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook based on recent policy initiatives and market performance. Core Insights - The consumption policy in Shaoxing aims to stimulate various consumption scenarios, focusing on dining, nightlife, and supermarkets, with over 100 million yuan allocated for consumption incentives [1][2]. - The report highlights a mixed performance in the consumer sector, with textile and apparel, social services, and home appliances showing varied weekly changes, while specific stocks like Huanle Home and Hongzhi Technology saw significant gains [1][3]. - The State Council's recent directives on sports industry development are expected to enhance sports consumption and related sectors, with a target of exceeding 7 trillion yuan in total sports industry scale by 2030 [1][14]. Summary by Sections Market Weekly Review - The consumer sector showed a mixed performance with textile and apparel up by 1.37%, while food and beverage, home appliances, and retail sectors experienced declines [1][3]. - Notable stock performances included Huanle Home (+15.33%) and Hongzhi Technology (+38.13%), while stocks like Youyou Food (-10.91%) and Tianyin Electromechanical (-12.90%) faced declines [1][12][13]. Industry News and Key Company Announcements - The Shaoxing consumption policy is designed to boost dining and nightlife, providing subsidies for large dining events and incentives for 24-hour convenience stores [1][14]. - The State Council's opinion on sports industry development includes measures to expand sports product supply and stimulate consumer demand, aiming for a significant increase in sports-related consumption [1][15]. - Recent announcements from companies like Aokang Electric and others indicate ongoing market activities and strategic partnerships aimed at enhancing operational capabilities and market reach [1][17].

Investment Rating - The report indicates a positive outlook for the TMT sector, particularly in the computing and AI infrastructure segments, suggesting potential investment opportunities in domestic computing chips and wafer foundry sectors [3][4]. Core Insights - The report highlights that global computing power demand is expected to grow rapidly, with NVIDIA projecting a market expansion to $3-4 trillion in AI infrastructure over the next five years, and a 50% annual growth rate in China's computing market, reaching $50 billion this year [3][4]. - Alibaba's Q2 2025 results show a 26% year-on-year growth in its smart cloud business, driven by strong AI demand, indicating a robust domestic computing demand cycle [3][4]. - The report emphasizes the importance of both domestic and overseas computing supply chains, recommending attention to sectors such as domestic computing chips and cooling solutions for overseas supply chains [3][4]. Weekly Market Review - The TMT sector saw significant weekly gains, with telecommunications up 12.38%, electronics up 6.28%, and computing up 1.34% [3][4]. - Notable stock performances included East Microelectronics with a 46.92% increase and Kaiyun Technology with a 133.74% increase in the computing sector [3][4]. Industry News and Key Company Announcements - NVIDIA's optimistic guidance on the computing power market and its substantial capital expenditure forecast of $600 billion from major cloud service providers and enterprises [3][4]. - The establishment of the "Advanced Storage AI Inference Working Group" in collaboration with major tech companies, marking a new phase in AI inference development in China [3][4]. - The report notes the rapid growth of the domestic computing market, with a projected annual growth rate of over 40% in intelligent computing scale by 2025 [3][4].