Investment Rating - The report maintains a "Buy" rating for the company Calet (301391) with a target price set at 55.18 [1][7]. Core Views - The company is positioned as a leading enterprise in the LED display control industry, focusing on video processing algorithms and hardware solutions for video image fields [4][14]. - The company is experiencing a recovery in performance growth while actively transforming towards AI technologies [1][9]. - The LED display industry is evolving towards precision and high-definition, with small-pitch LED and ultra-high-definition video driving long-term growth for the company [5][34]. Summary by Sections Company Overview - Calet was established in January 2012 and provides comprehensive solutions in video image fields, with products including LED display control systems, video processing equipment, and cloud-connected players [4][14]. - The company has a clear shareholding structure with a high concentration of ownership, and its management team possesses strong technical backgrounds [20][23]. Industry Trends - The LED display industry is witnessing a shift towards precision and high-definition, with the cost of small-pitch LED displays decreasing, thus expanding downstream application scenarios [34][38]. - The global LED display market is expected to grow, with a projected CAGR of 7% from 2023 to 2028 [34]. Competitive Positioning - The company's products are considered the "brain" of LED displays, directly influencing the stability and display quality of LED screens [56][58]. - The company has established deep partnerships with leading LED display manufacturers, creating high barriers to entry for competitors [5][6]. Financial Performance and Forecast - The company’s revenue is projected to recover, with expected revenues of 7.45 billion, 8.76 billion, and 10.59 billion yuan for 2025, 2026, and 2027 respectively [7][8]. - The gross profit margin has shown an upward trend, increasing from 40.25% in 2020 to 44.01% in 2024 [28][31]. Product Development - The company is expanding its product matrix to lead the AI + display control technology transformation, launching new AI-driven display solutions [6][31]. - The introduction of high-margin products such as video processing equipment and cloud-connected players is expected to enhance revenue growth [29][30].

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core View of the Report This week, the public - offering REITs market declined slightly, but the trading volume increased. The indices of both property - type and franchise - type public - offering REITs dropped, with only the ecological and environmental protection - type REITs rising slightly and the consumer infrastructure - type REITs having the highest decline. The National Development and Reform Commission issued Document No. 782 to promote the development of infrastructure REITs. The market is expected to continue to expand, and public - offering REITs have high - dividend and medium - low - risk advantages with high allocation cost - effectiveness [5][41]. 3. Summary According to the Table of Contents 3.1 Secondary Market: The Public - Offering REITs Market Declined Slightly This Week - The public - offering REITs market declined slightly. As of September 12, 2025, the China Securities REITs Index fell 0.84% from last week to 840.03, and the China Securities REITs Total Return Index was 1070.04, down 0.78% from last week [10]. - The trading volume in the REITs market increased. This week, the total trading volume was 639 million shares, a 3.23% week - on - week increase, and the trading value was 2.891 billion yuan, a 3.99% week - on - week increase. The interval turnover rate was 2.81%, compared with 2.73% last week [12]. - The indices of property - type and franchise - type public - offering REITs both declined, by 0.85% and 0.54% respectively. Among them, only the ecological and environmental protection - type REITs rose 0.87%, while the consumer infrastructure - type REITs had the highest decline [15][18]. - The trading volume and turnover rate of most types of public - offering REITs declined. Only the trading volume of consumer infrastructure - type public - offering REITs increased by 136.83% to 773 million yuan. The turnover rates of consumer infrastructure - type, new - type infrastructure - type, and ecological and environmental protection - type REITs were greater than 1 [21][23]. - Most public - offering REITs products declined. Among the 74 public - offering REITs, except for the newly - listed CICC Vipshop Outlet REIT, 12 rose and 61 fell [24]. 3.2 Primary Market: 23 Public - Offering REITs Funds Are Waiting to Be Listed - 15 public - offering REITs have been issued since 2025. As of September 12, 2025, a total of 74 public - offering REITs have been issued, with a total issuance scale of 194.5 billion yuan. In 2024, 29 REITs were issued, with a total issuance scale of 64.6 billion yuan. In 2025, 15 public - offering REITs have been issued, and no new ones were issued in September 2025 [30]. - There are 23 public - offering REITs funds waiting to be listed, including 12 for initial offerings and 11 for follow - on offerings. In terms of project status, 9 have passed, 7 have been feedbacked, 5 have been questioned, 1 has been accepted, and 1 has been declared [32]. 3.3 Public - Offering REITs Policies and Market Dynamics - Approximately 384 million shares of E Fund Guangzhou Development District High - tech Industrial Park REIT will be lifted from restrictions on September 23. After the lifting, the tradable shares will increase from 136 million shares (17%) to 520 million shares (65%) [36][37]. - The fundraising results of Huaxia CapitaLand Mall REIT were announced, with the strategic placement ratio reaching 100%. The total fundraising share was 400 million shares [38]. - The National Development and Reform Commission encourages listed infrastructure REITs to raise funds through follow - on offerings to purchase high - quality assets, simplifies the application process for new acquisitions, and broadens the asset scope of new acquisitions [39][40]. 3.4 Investment Suggestions - This week, the REITs index declined slightly, but the trading volume increased. The China Securities REITs Index and the China Securities REITs Total Return Index fell 0.84% and 0.78% respectively from last week. The indices of property - type and franchise - type public - offering REITs also declined [5][41]. - The National Development and Reform Commission issued Document No. 782 to promote the development of infrastructure REITs, and CICC Vipshop Outlet REIT was listed on the Shanghai Stock Exchange. 15 public - offering REITs have been established this year, with a total scale of over 30 billion yuan, and 23 REITs funds are waiting to be listed. The market is expected to continue to expand [5][41]. - In the context of the asset shortage, public - offering REITs have high - dividend and medium - low - risk advantages, with high allocation cost - effectiveness [5][41].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Recent price increases observed in bio-jet fuel, polysilicon, refrigerants, and EVA, while prices for Vitamin E and other materials have declined [5][9][46] - The demand for lightweight materials is expected to rise due to advancements in robotics and the low-altitude economy, suggesting potential investment opportunities in related companies [5][24][30] Summary by Sections 1. Subsector Tracking - Bio-jet fuel (SAF) price reached 2670 USD/ton, up 1.14% week-on-week, and up 44.01% year-to-date [9] - Polysilicon spot price at 53945 CNY/ton, up 2.65% week-on-week [9] - Refrigerant R32 price at 61500 CNY/ton, up 0.82% week-on-week [9] - EVA market average price at 11150 CNY/ton, up 2.76% week-on-week [9] - Vitamin E price at 55 CNY/kg, down 8.33% week-on-week [4] 2. Key Product Price Trends - The report highlights significant price fluctuations in key chemical materials, with some products experiencing substantial increases while others, like Vitamin E and PA66, have seen declines [4][10] 3. Industry Performance - The basic chemical index increased by 2.40% during the week, ranking 10th among 30 sectors [60] - The overall chemical industry performance has shown noticeable differentiation, with some sectors performing better than others [63] 4. Focus on Lightweight Materials - The report emphasizes the growing importance of lightweight materials in the context of robotics and low-altitude economic activities, indicating a potential increase in demand for materials like PEEK and carbon fiber [5][24][30] 5. Renewable and Modified Plastics - The report discusses the increasing application of renewable plastics and the growing market for special engineering plastics, driven by environmental concerns and technological advancements [48][55]

Group 1 - The report indicates that the bond market is expected to challenge new lows, with a target set for the low point of September 30, 2024 [4][9][16] - The A-share market shows a strong upward trend, with the North Star 50 index leading the way, while sectors like chemicals, agriculture, steel, and photovoltaics remain at historical lows, providing a higher margin of safety [5][19][20] - The semiconductor and innovative drug sectors have reached their adjustment space, and it is suggested to hold positions for potential gains [5][19] Group 2 - The report highlights that the U.S. job market is showing signs of weakness, which supports the Federal Reserve's dovish stance, paving the way for a potential rate cut in September [24][30] - The report notes that the offshore RMB has returned to an upward trend against the USD, with a recommendation to short the dollar while considering investments in A-shares and precious metals [30][31] - The commodity market is advised to adopt a bullish mindset, with the Wenhua Commodity Index showing an increase, particularly in coal and new energy sectors [7][35] Group 3 - Domestic policies are shifting towards supporting foreign trade enterprises, with the Ministry of Commerce emphasizing the need to stabilize the foreign trade base [42] - The report mentions that the U.S. PPI data fell short of expectations, which could facilitate further rate cuts [46] - The automotive industry in China has seen production and sales exceed 20 million units for the first time in 2025, with significant growth in the new energy vehicle sector [46]

2025 年 09 月 11 日 行业日报 中性/维持 房地产 房地产 太平洋房地产日报（20250910）：大连开展秋季购房节促销活动 <<太平洋房地产日报（20250905）：北 京土拍收金33.46亿元>>--2025-09- 05 走势比较 (10%) 6% 22% 38% 54% 70% 24/8/21 24/11/1 25/1/12 25/3/25 25/6/5 25/8/16 房地产 沪深300 子行业评级 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 推荐公司及评级 相关研究报告 <<太平洋房地产日报（20250909）：绍 兴成功出让一宗上虞区宅地>>-- 2025-09-09 <<太平洋房地产日报（20250908）：东 莞万江街道安置房地块成交>>-- 2025-09-08 报告摘要 市场行情： 2025 年 9 月 10 日，今日权益市场各板块多数上涨，上证综指和 深证综指分别上涨 0.13%和 0.29%，沪深 300 和中证 500 分别上涨 0.21%和 0.05%。申万房地产指数上涨 0.52%。 个股表现： 房地产 ...

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].