Quantitative Models and Construction Methods 1. Model Name: Industry Crowdedness Monitoring Model - **Model Construction Idea**: This model is designed to monitor the crowdedness levels of Shenwan First-Level Industry Indices on a daily basis, identifying industries with high or low crowdedness to guide investment focus[3] - **Model Construction Process**: The model calculates the crowdedness levels of various industries based on daily data. It identifies industries with significant changes in crowdedness and tracks the inflow and outflow of main funds over different time periods[3] - **Model Evaluation**: The model provides a useful tool for identifying industry trends and potential investment opportunities by analyzing crowdedness and fund flows[3] 2. Model Name: Premium Rate Z-Score Model - **Model Construction Idea**: This model is used to screen ETF products with potential arbitrage opportunities by calculating the Z-score of premium rates over a rolling window[4] - **Model Construction Process**: The model involves the following steps: 1. Calculate the premium rate of an ETF product 2. Compute the Z-score of the premium rate over a rolling window 3. Identify ETFs with significant deviations in Z-scores, which may indicate arbitrage opportunities[4] - **Model Evaluation**: The model is effective in identifying ETFs with potential arbitrage opportunities but requires caution regarding the risk of price corrections[4] --- Backtesting Results of Models 1. Industry Crowdedness Monitoring Model - **Top crowded industries**: Communication and electric power equipment had the highest crowdedness levels on the previous trading day[3] - **Least crowded industries**: Coal, non-bank financials, and building decoration had the lowest crowdedness levels[3] - **Significant changes**: Communication and media industries showed the largest changes in crowdedness levels[3] 2. Premium Rate Z-Score Model - **Application**: The model identified ETF products with potential arbitrage opportunities, but specific numerical results or product names were not disclosed in the report[4] --- Quantitative Factors and Construction Methods No specific quantitative factors were explicitly mentioned in the report --- Backtesting Results of Factors No specific backtesting results for factors were provided in the report

Investment Rating - The report maintains a "Buy" rating for the company [1][7][13] Core Views - The newly launched Wanjie M7 has received significant pre-order interest, surpassing 150,000 units within 24 hours, setting a record for the Hongmeng Intelligent Driving series [4][5] - The company's market capitalization has reached a historical high, driven by the upward cycle of new vehicle models [4][6] - The Wanjie M8 has also shown strong sales performance, with over 80,000 units delivered by the end of August [5][6] Financial Projections - Revenue forecasts for the company are as follows: 2025 at 189.11 billion yuan, 2026 at 220.78 billion yuan, and 2027 at 263.83 billion yuan [7][8] - Net profit estimates are projected at 10.22 billion yuan for 2025, 12.60 billion yuan for 2026, and 15.51 billion yuan for 2027, with corresponding PE ratios of 23, 19, and 15 times [7][8] - The company is expected to experience substantial revenue growth rates of 305.04% in 2024, 30.26% in 2025, and 16.75% in 2026 [8] Sales Performance - In August, the company sold 43,262 electric vehicles, marking a year-on-year increase of 19.57%, with cumulative sales reaching 259,951 units from January to August [6][8] - The Wanjie M9 2025 model has also seen strong demand, with over 60,000 pre-orders [6] Strategic Developments - The company is enhancing its production capacity with new factories and is expected to benefit from its H-share listing [7] - The introduction of humanoid robots is anticipated to create new growth opportunities for the company [7]

Investment Rating - The industry rating is optimistic, expecting an overall return exceeding 5% above the CSI 300 index in the next 6 months [7] Core Insights - The Zun Jie S800 has exceeded expectations with over 12,000 pre-orders within 87 days of its launch, contributing to a historical high in Jianghuai Automobile's market value [1] - The Zun Jie S800 aims to become the sales champion in the ultra-luxury market, potentially surpassing both Maybach and Mercedes-Benz S-Class [1] - The new consumption tax policy favoring ultra-luxury vehicles has positively impacted the Zun Jie S800 and similar domestic luxury cars [1] Summary by Sections Product Features - The Zun Jie S800 features Huawei's ADS4 technology, equipped with 36 sensors including 4 laser radars and 11 cameras, enhancing its safety and driving capabilities [2] - It introduces the Tuling Longxing platform, integrating multiple control systems for improved vehicle performance and safety [3] - The vehicle supports an 800V intelligent range extension platform with a maximum power output of 80kW and a 65kWh battery, allowing for rapid charging [3] Market Performance - In August, Hongmeng Zhixing delivered 44,579 vehicles, surpassing 900,000 cumulative deliveries, with an average transaction price of 380,000 yuan, indicating strong market demand [4] - The Zun Jie S800's success has positively influenced the sales of the Xiang Jie S9, which saw a 94.7% increase in deliveries in June [4]

Investment Rating - The report does not provide a specific industry investment rating for the food and beverage sector, but it highlights a positive outlook for certain companies within the industry, particularly in the liquor segment [3][22]. Core Insights - The food and beverage sector experienced a slight decline of 0.94% this week, ranking 18th among 31 sub-industries. The processed food sub-sector showed the highest increase, while various alcoholic beverages and snacks faced the most significant declines [4][12]. - The liquor segment is under pressure, with a notable divergence in performance across price segments. High-end liquor remains relatively stable, while mid-range and regional brands are facing significant challenges [5][16]. - The report emphasizes the potential for a U-shaped recovery in the liquor industry, driven by strong brand advantages and channel management capabilities of leading companies [19]. Summary by Sections Liquor Sector - In H1 2025, the liquor sector generated revenue of 241.51 billion yuan, a year-on-year decrease of 0.9%, with net profit at 94.56 billion yuan, down 1.2%. Q2 2025 saw revenue drop to 88.09 billion yuan, a 5.0% decline, and net profit fell to 31.17 billion yuan, down 7.5% [5][16]. - High-end liquor achieved revenue of 160.32 billion yuan in H1 2025, up 6.2% year-on-year, while mid-range liquor remained flat with revenue of 28.72 billion yuan [5][16]. - The report suggests that the most challenging period for the liquor industry may be coming to an end, with upcoming festivals serving as critical indicators for recovery [17][19]. Consumer Goods Sector - The consumer goods sector is experiencing a divergence, with high-growth segments like beverages and snacks expected to continue their upward trend. The report highlights the importance of new product launches and single-item growth opportunities [20]. - The report identifies three main areas of focus for traditional consumer goods: recovery in dining demand, adjustments in traditional consumption channels, and monitoring of profitability improvements [20]. - Recommended companies in the consumer goods sector include Angel Yeast, New Hope Dairy, Ximai Food, and Dashi Co., with long-term recommendations for Dongpeng Beverage and Nongfu Spring [20][21].

Investment Rating - The report does not provide specific ratings for sub-industries such as power station equipment, electrical equipment, power supply equipment, and new energy power [3]. Core Viewpoints - The overall industry strategy indicates that a new supply-demand cycle is expected to begin, emphasizing the importance of leading companies and flexible directions. The report suggests a continued focus on leading new energy companies during this layout window, with supply-side innovations like "anti-involution" and solid-state batteries, and demand-side growth in areas like energy storage [4][8]. - The core viewpoint of the new energy vehicle supply chain indicates that a new cycle has begun in the mid and downstream sectors, with leading companies making breakthroughs in solid-state battery technology [4][5]. Summary by Sections New Energy Vehicle Supply Chain - Leading companies such as EVE Energy, Peking University, and Xiamen Tungsten Industry are benefiting from advancements in solid-state batteries. EVE Energy's solid-state battery production base in Chengdu is set to achieve a manufacturing capacity of 60Ah by December 2025, with a target energy density of 400Wh/kg by 2025 [4][5]. Energy Storage Industry - Chinese energy storage companies are gaining a significant share of the global market, with a 106% year-on-year increase in global energy storage battery shipments, reaching 258GWh in the first half of 2025. Chinese companies dominate the top ten global energy storage cell shipments, holding a combined market share of 91.2% [5]. - The "anti-involution" strategy is yielding results, with companies like GCL-Poly, Aiko, and LONGi benefiting from government policies aimed at reducing low-price competition in the photovoltaic sector [5][8]. Photovoltaic Supply and Demand - The report anticipates a marginal improvement in photovoltaic supply and demand, with an expected increase in the operating rate of components in September by 2.45% [6][8]. AI and New Energy - The integration of AI and new energy sectors is highlighted, with companies like Zhenyu Technology and Keda Li benefiting from the upward trend in humanoid robots. Tesla's fourth "Master Plan" emphasizes that 80% of its future value will come from robots [8][23].

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - This week, the public - offering REITs market fluctuated and rose. The trading volume and turnover rate of most types of public - offering REITs declined, while most products increased. The market is expected to continue to expand, and its activity is expected to further improve. In the context of the asset shortage, public - offering REITs have the advantages of high dividends and medium - low risks, with a relatively high allocation cost - performance [2][5]. 3. Summary by Relevant Catalogs 3.1 Secondary Market: This Week, the Public - Offering REITs Market Fluctuated and Rose - **Index Performance**: As of September 5, 2025, the China Securities REITs Index rose 0.03% from last week to 847.13, and the China Securities REITs Total Return Index rose 0.47% to 1078.42 [11]. - **Trading Volume and Turnover**: The total trading volume of the REITs market this week was 619 million shares, a month - on - month decrease of 13.31%. The trading volume was 2.78 billion yuan, a month - on - month decrease of 12.74%. The interval turnover rate was 2.73%, compared with 3.22% last week [12]. - **Index Differentiation**: The indices of equity - type public - offering REITs and franchise - type public - offering REITs were differentiated. Equity - type public - offering REITs rose 0.68%, and franchise - type public - offering REITs fell 0.49%. Among them, the guaranteed rental housing - type REITs had the highest increase, and the municipal facilities - type REITs had the highest decrease [14]. - **Trading Volume and Turnover Rate of Different Types**: The trading volume of most types of public - offering REITs declined this week. The turnover rate of most types also decreased compared with last week [22][23]. - **Single - Target Performance**: Among the 73 public - offering REITs, 40 rose, 2 were flat, and 31 fell. The top - gainers included China Asset Management Hefei High - tech Industrial Park REIT, Huaan Bailian Consumption REIT, and China Asset Management Jinyu Zhizao Factory REIT, with weekly increases of 3.6%, 3.4%, and 3.0% respectively. The top - losers included Huatai Jiangsu Expressway REIT, Ping An Guangzhou Expressway REIT, and E Fund Guangzhou Development Zone High - tech Industrial Park REIT, with weekly decreases of 7.3%, 3.6%, and 2.9% respectively [25]. 3.2 Primary Market: 23 Public - Offering REITs Funds are Waiting to be Listed - **Issuance in 2025**: As of September 5, 2025, a total of 74 public - offering REITs had been issued, with a total issuance scale of 194.5 billion yuan. Among them, 29 REITs were issued in 2024, with a total issuance scale of 64.6 billion yuan. Since 2025, 15 public - offering REITs have been issued, and no new ones were issued in September 2025 [31]. - **Pending Listings**: As of September 5, 2025, 23 public - offering REITs funds were waiting to be listed, including 12 initial offerings and 11 expansions. In terms of project status, 10 were approved, 7 had feedback, 5 were under inquiry, and 1 was accepted [33]. 3.3 Public - Offering REITs Policies and Market Dynamics - **Policy Support**: On September 4, the State Council issued a document supporting the issuance of public - offering REITs for eligible sports venue facilities [36]. - **Dividend Information**: On September 4, Huaan Waigaoqiao REIT announced its first dividend in 2025, with an available distribution amount of 45.1671 million yuan [38]. - **New Product Launch**: On September 6, it was reported that the first foreign - funded consumption REIT, China Asset Management CapitaLand Commercial REIT, would be officially launched from September 9 to 10, 2025. The offering price was 5.718 yuan per share, and the proposed total fundraising was 2.2872 billion yuan. During the offline inquiry stage, the subscription amount was 254.50 times the initial offline offering shares, setting a new high for consumption REITs [39][40]. 3.4 Investment Recommendations - **Index and Market Performance**: This week, the REITs index rose. The China Securities REITs Index and the China Securities REITs Total Return Index rose 0.03% and 0.47% respectively from last week. The trading volume of the public - offering REITs market decreased. The equity - type public - offering REITs index rose 0.68% from last week, and the franchise - type public - offering REITs index fell 0.49% [5]. - **Market Outlook**: Since this year, 15 public - offering REITs have been established, with a total scale of over 30 billion yuan. In addition, 23 REITs funds are waiting to be listed, and the market is expected to continue to expand, with its activity expected to further improve. Currently, in the context of the asset shortage, public - offering REITs have high dividends and medium - low risks, with a relatively high allocation cost - performance [5].

Quantitative Models and Construction - **Model Name**: Industry Crowdedness Monitoring Model **Construction Idea**: The model monitors the crowdedness levels of industries daily to identify sectors with high or low crowdedness, providing insights into potential investment opportunities or risks[3] **Construction Process**: The model evaluates crowdedness levels for Shenwan Level-1 industry indices based on daily data. It ranks industries by crowdedness levels and tracks changes over time. Specific metrics or formulas are not provided in the report[3] **Evaluation**: Useful for identifying sectors with significant changes in crowdedness, aiding in portfolio allocation decisions[3] - **Model Name**: ETF Premium Z-Score Model **Construction Idea**: The model identifies potential arbitrage opportunities in ETF products by calculating the Z-score of premium rates[4] **Construction Process**: The Z-score is calculated using rolling measurements of ETF premium rates. The formula or detailed steps are not explicitly provided in the report[4] **Evaluation**: Effective for detecting arbitrage opportunities but requires caution regarding potential price corrections[4] Model Backtesting Results - **Industry Crowdedness Monitoring Model**: No specific numerical backtesting results provided in the report[3] - **ETF Premium Z-Score Model**: No specific numerical backtesting results provided in the report[4] Quantitative Factors and Construction No specific quantitative factors are mentioned in the report. Factor Backtesting Results No specific factor backtesting results are mentioned in the report.

Group 1: Major Asset Tracking - The bond market is experiencing a fluctuation with long-term bonds outperforming short-term ones, indicating a potential risk of continued decline in interest rate bonds in the short term [14][18] - The A-share market is seeing a downward trend, with the ChiNext index dropping over 4%, and over 2900 stocks declining, suggesting a market adjustment phase [2][18] - The commodity market is showing signs of a potential upward trend, particularly in crude oil and precious metals, with the Wenhua Commodity Index nearing a critical support level [5][36] Group 2: Investment Strategy - The strategy suggests avoiding high volatility stocks and focusing on low-position large-cap stocks for better value [2][19] - The report indicates a bullish outlook on commodities, particularly precious metals and crude oil, as they are expected to resonate upward with the stock market's style shift [5][36] - The report emphasizes the importance of monitoring the dollar index for potential upward movement, suggesting that shorting the dollar may not be cost-effective [32][33] Group 3: Important Policies and News - Domestic policies are increasingly focusing on supporting key enterprises in the supply chain, indicating a shift towards enhancing domestic consumption and economic recovery [39][42] - Internationally, India is reducing consumption taxes to stimulate domestic demand amid rising economic risks, reflecting a proactive approach to economic management [42][45] - The report highlights the optimistic tone from the July Politburo meeting regarding overseas risks, suggesting a favorable outlook for US-China trade negotiations [2][18]

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company's computing power revenue is beginning to scale, with promising growth expected in the future [1][4] - The company reported a significant increase in revenue and net profit for the first half of 2025, with operating income reaching 4.944 billion yuan, a year-on-year growth of 38.18%, and net profit attributable to shareholders of 432 million yuan, a year-on-year increase of 20.76% [3][4] Business Performance Summary - The company's revenue growth is primarily driven by the rapid development of computing power services, deep integration of server remanufacturing resources, and synergies from IoT smart terminal products and storage business [4] - Revenue breakdown for H1 2025: - Data storage devices: 1.835 billion yuan, down 20.82% year-on-year, with a gross margin of 10.28% - Smart computing products and services: 1.221 billion yuan, up 100% year-on-year, with a gross margin of 20.6% - IoT smart terminals: 875 million yuan, down 11.61% year-on-year, with a gross margin of 34.45% - Server and peripheral remanufacturing: 835 million yuan, up 110.49% year-on-year, with a gross margin of 9.95% [4] Financial Forecasts - Projected operating income for 2025-2027 is 10.952 billion yuan, 14.515 billion yuan, and 18.547 billion yuan respectively, with net profits of 1.087 billion yuan, 1.578 billion yuan, and 2.082 billion yuan respectively [5][6] - The company expects a revenue growth rate of 47.81% in 2025, 32.53% in 2026, and 27.78% in 2027 [6][10] - The diluted earnings per share are projected to be 3.14 yuan in 2025, 4.56 yuan in 2026, and 6.02 yuan in 2027 [6][10]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating an expected relative increase in stock price compared to the CSI 300 index within the next six months [1][15]. Core Views - The company has demonstrated strong growth in its proprietary brand "Zhenjia," with significant revenue increases and effective brand management capabilities [1][4]. - The company is positioned as a leading player in the domestic agency operation sector, capitalizing on the high-growth markets of household cleaning and health products [6]. Financial Performance - In H1 2025, the company achieved total revenue of 1.319 billion yuan, representing a year-on-year increase of 67.55%, and a net profit attributable to shareholders of 72 million yuan, up 85.60% year-on-year [3][4]. - For Q2 2025, total revenue reached 745 million yuan, with a year-on-year growth of 79.57%, and a net profit of 45 million yuan, reflecting a 71.72% increase year-on-year [3][4]. Business Segmentation - Revenue from proprietary brands, agency operations, and brand management for H1 2025 was 600 million yuan, 380 million yuan, and 340 million yuan respectively, with year-on-year growth rates of 242.4%, -2.8%, and 52.5% [4]. - The "Zhenjia" brand alone saw a revenue increase of 157.11% to 440 million yuan in H1 2025, with significant online sales growth during promotional events [4]. Profitability Metrics - The company's gross margins for H1 2025 and Q2 2025 were 56.9% and 59.2%, respectively, with year-on-year changes of +11.4 and -5.1 percentage points [5]. - The net profit margins for H1 2025 and Q2 2025 were 5.5% and 6.0%, showing year-on-year increases of +0.5 and -0.3 percentage points [5]. Future Projections - The company is expected to achieve revenues of 2.88 billion yuan, 3.80 billion yuan, and 4.69 billion yuan for the years 2025, 2026, and 2027, with respective year-on-year growth rates of 63%, 32%, and 24% [6][8]. - Projected net profits for the same years are 180 million yuan, 250 million yuan, and 310 million yuan, with year-on-year growth rates of 66%, 41%, and 26% [6][8].