Investment Rating - The report maintains a "Buy" rating for the medical services industry [8] Core Views - The medical and biological sector experienced a decline of 2.20% this week, ranking 24th among 31 primary industries [2][12] - The medical services sub-sector reported a drop of 3.99%, closing at 7150.64 points [2][24] - ADC (Antibody-Drug Conjugates) remains a hot topic in China's innovative drug market, with significant overseas licensing agreements and increasing CDMO (Contract Development and Manufacturing Organization) demand [5][61] Summary by Sections Industry Performance - The medical services sector's PE (Price-to-Earnings) ratio is currently at 36.68X, down 1.52X from the previous week, while the PB (Price-to-Book) ratio is at 3.75X, down 0.15X [4][31] - The sector's performance has been mixed, with some companies like Bid Pharma (+10.0%) and Haoyuan Pharma (+7.4%) showing gains, while others like Haocen Medical (-16.5%) and Sunshine Nuohuo (-13.4%) faced significant declines [3][29] Key Developments - Heng Rui Pharma has entered an exclusive licensing agreement with Glenmark Specialty S.A. for its ADC drug, which could yield up to $1.093 billion in milestone payments [5][62] - The ADC sector has seen 9 business development transactions this year, totaling $17.272 billion, indicating strong market interest [6][63] Investment Recommendations - The report suggests focusing on high-growth areas such as ADC CDMO and weight-loss drug supply chains, with companies like WuXi AppTec and Haoyuan Pharma highlighted as key players [10][64] - It also points to potential recovery in profitability for third-party testing labs and consumer medical sectors, particularly in ophthalmology and dentistry [10][64]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The retail sector experienced a 4.32% decline last week, underperforming the CSI 300 index by 5.39 percentage points [4][9] - The current Price-to-Earnings (PE) ratio for the retail sector is 40.68X, down 1.85 percentage points from the previous week, with a one-year range of 27.98X to 43.58X [5][17] - The retail sales of consumer goods in August reached 39,668 billion yuan, growing by 3.4% year-on-year, with significant contributions from online channels and service consumption [6][20] Summary by Sections Industry Performance - The retail sector's index closed at 2,384.72 points, ranking 29th among Shenwan's primary industries [4][9] - The sector's absolute return over the past 12 months is 38.0%, while the relative return is 9.7% [3] Industry Valuation - The current Price-to-Book (PB) ratio is 1.96X, with a one-year range of 1.36X to 2.1X [5][18] Industry Dynamics - In August, retail sales of consumer goods grew by 3.4%, with a total of 39,668 billion yuan, and online retail sales increased by 9.6% [6][20] - The beauty and personal care segment showed a mild recovery, with retail sales reaching 34.9 billion yuan in August, up 5.1% year-on-year [21] Investment Recommendations - The report suggests focusing on high-end domestic beauty brands and tourism-related retail sectors as potential investment opportunities [7][24] - The upcoming Double Eleven shopping festival is expected to boost sales for domestic beauty brands, particularly high-end products [24][25]

Group 1 - The report highlights that the number of bond funds has steadily increased, currently accounting for approximately 30% of all public funds, with a similar scale proportion [3][14][15] - As of September 12, 2025, the number of medium- and long-term pure bond funds is 2,102, representing 53.75% of total bond funds, while short-term pure bond funds account for 9.36% [18][26] - The average duration of medium- and long-term pure bond funds has risen from 1.61 years in Q1 2023 to 3.98 years by Q2 2025, marking the highest level in nearly a decade [35][46] Group 2 - The report discusses three main methods for calculating the duration of bond funds: weighted average of major bonds, interest rate sensitivity method, and fund net value regression method [34] - The weighted average method is straightforward but suffers from data lag and may not accurately reflect the fund's characteristics due to the low proportion of major bonds disclosed [35][39] - The interest rate sensitivity method provides more accurate results but is limited by the infrequency of data disclosure, which affects its timeliness [42][46] Group 3 - The fund net value regression method is recommended for its higher frequency of data and ability to fit the bond fund's net value trends, although it faces challenges with multicollinearity among explanatory variables [48][50] - The report suggests using Lasso regression for variable selection in the regression model to enhance accuracy and stability [51] - The choice of explanatory variables is crucial, with recommendations to select indices based on government bonds, policy financial bonds, credit bonds, and innovative bonds to ensure granularity [56]

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Views - The central bank emphasizes the need to consolidate the stability of the real estate market and improve the foundational financial systems related to real estate [4] - Recent policies in major cities have positively impacted demand, with significant increases in new and second-hand housing transactions in Beijing and Shanghai, while Shenzhen experienced a slight decline [7] - The report suggests that the end of September is a critical period for real estate policies, with expectations for new supportive measures to be introduced [7] Summary by Sections Market Performance - Over the past 12 months, the real estate sector has shown a relative return of -7% and an absolute return of 26% [3] - In the last week, new housing transaction area in 30 major cities decreased by 3.8% year-on-year, but the cumulative transaction area from January to September showed a decline of only 5.1%, indicating a narrowing drop [6] Transaction Trends - In Beijing, the average daily transaction volume for second-hand homes increased by 11% year-on-year, while new homes saw a 52% increase [4] - In Shanghai, second-hand home transactions rose by 22% year-on-year, and new homes increased by 29% [5] - In Shenzhen, second-hand home transactions increased by 11%, but new home transactions fell by 23% [5] Investment Recommendations - The report recommends focusing on leading real estate companies with strong land acquisition capabilities and land reserves in core cities, such as Poly Developments [7] - It also suggests that leading intermediary firms, like Wo Ai Wo Jia, may benefit from the expected increase in second-hand home transactions and potential valuation recovery [7]

Investment Rating - The industry investment rating is maintained at "Overweight" [1][6][20] Core Views - The launch of the Tengshi N8L, a large six-seat luxury SUV, positions it as a strong competitor against models like Li Auto L8 and Aito M8, with a price range expected between 300,000 to 400,000 CNY [3][4] - The market outlook for the Tengshi N8L is optimistic due to the growing consumer demand for high-end SUVs, supported by Tengshi's advantages in new energy technology and luxury features [4][5] - The automotive industry is experiencing a significant transformation driven by the acceleration of intelligent technology and the increasing penetration of new energy vehicles, creating substantial market opportunities [6][19] Market Performance - Over the past 12 months, the automotive industry has shown a relative return of 20.0% compared to the CSI 300 index, with an absolute return of 53.8% [2][8] - As of September 26, 2025, the automotive industry PE (TTM) stands at 31.11 times, and PB (LF) at 2.84 times, indicating strong valuation metrics [8][13] Product Highlights - The Tengshi N8L features a spacious interior designed for family and business use, with dimensions of 5200mm in length, 1999mm in width, and 1820mm in height, along with a wheelbase of 3075mm [4] - The vehicle is powered by a hybrid system that includes a 2.0T engine with a maximum power output of 207 horsepower and a combined power of 762 horsepower from three electric motors [4] Competitive Analysis - The Tengshi N8L is expected to face intense competition from both traditional luxury brands and emerging new energy brands, necessitating continuous improvement in product quality, brand marketing, and service experience [4][5] - The automotive sector is witnessing a rapid increase in the penetration of intelligent components, which is expected to benefit related companies significantly [6][19] Investment Recommendations - Investors are advised to closely monitor the pre-sale and delivery of the Tengshi N8L, as positive market performance could lead to further stock price appreciation [5] - The report suggests focusing on high-quality companies in the automotive and component sectors, particularly those involved in intelligent driving and electric vehicle technologies [6][19]

——汽车行业周报（09.22~09.26） 相关研究： 1.《20250417湘财证券-汽车行业 -特朗普或将豁免进口汽车零部 件关税，看好汽车零部件板块》 2025.04.17 2.《20250526湘财证券-汽车行业 周 报 - 小米发布首款 SUV 车 型 YU7对比特斯拉ModelY科技含 量更足》2025.05.26 行业评级：增持（维持） 证券研究报告 2025 年 09 月 27 日 湘财证券研究所 行业研究 汽车行业周报 腾势 N8L 携"大六座"入局，理想 L8、问界 M8 迎来强劲对手 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 1.2 0.2 20.0 绝对收益 3.0 15.1 53.8 -20% 0% 20% 40% 24/10 24/12 25/02 25/04 25/06 25/08 汽车(申万) 沪深300 注：相对收益与沪深 300 相比 分析师：汪炜 证书编号：S0500525070001 Tel：(8621)50299604 Email：ww07001@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 腾势 N8 ...

Group 1: Machinery Industry - In August 2025, the production of metal cutting machine tools in China reached approximately 71,000 units, a year-on-year increase of 16.4%, while the cumulative production from January to August was about 564,000 units, up 14.6% year-on-year, indicating a recovery in downstream manufacturing demand [2] - The production of industrial robots in August 2025 was about 64,000 units, a year-on-year increase of 14.4%, with a cumulative production of approximately 521,000 units from January to August, reflecting a year-on-year growth of 29.9% [2] - Manufacturing fixed asset investment in China grew by 5.1% year-on-year from January to August 2025, and cumulative export value increased by 5.9% year-on-year, supporting the stabilization of manufacturing demand [2] Group 2: Lithium Battery Equipment - In August 2025, the sales of new energy vehicles in China reached approximately 1.395 million units, a year-on-year increase of 26.8%, with total sales from January to August amounting to about 9.62 million units, up 36.7% year-on-year [3] - The installed capacity of power batteries in August 2025 was approximately 62.5 GWh, a year-on-year increase of 32.4%, while the total production of power batteries reached 139.6 GWh, up 37.3% year-on-year [3] - Cumulative installed capacity of power batteries from January to August 2025 grew by 43.1% to 417.9 GWh, and total production increased by 54.3% to 970.7 GWh, indicating a robust growth trajectory for the new energy vehicle sector [3] Group 3: Investment Recommendations - The manufacturing PMI in China rose by 0.1 percentage points to 49.4% in August 2025, with key sub-indices such as production and new orders showing improvement, suggesting a recovery in manufacturing supply and demand [4] - The report maintains a "buy" rating for the machinery industry, highlighting opportunities in the general automation sector and lithium battery equipment sector due to the expected recovery in manufacturing demand [5] - Recommended companies include Haomai Technology in the general automation sector and Xianlead Intelligent and Hangke Technology in the lithium battery equipment sector [5]

Group 1 - The macroeconomic environment is showing signs of slowing down, with domestic production, consumption, and investment growth rates declining, and GDP growth in Q3 2025 expected to be below 5% [4][20][21] - The global economic growth is projected to slow down to 3.0% in 2025, according to the IMF, with advanced economies experiencing a decline to 1.5% [4][23][24] - The A-share market has shown a steady upward trend in 2025, with significant gains in technology, communication, and non-ferrous metal sectors, and is expected to maintain a "slow bull" market in Q4 [5][27][28] Group 2 - The bond market is experiencing a downward trend in government bond yields, but the space for further decline is limited, and attention should be paid to interest rate strategies and long-term bonds [5][8][10] - The commodity market, particularly gold, is expected to remain bullish in the medium to long term, supported by factors such as the Federal Reserve's interest rate cuts and central bank gold purchases [6][9] - The report emphasizes the importance of focusing on structural opportunities in the equity market, particularly in technology and policy-driven sectors, while adopting a neutral to slightly bullish allocation strategy [7][10]

Group 1: Banking Industry - The People's Bank of China has implemented structural monetary policies to increase credit support for key service consumption sectors, including a special loan quota of 500 billion yuan for service consumption and elderly care [4] - As of the end of July, the loan balance in key service consumption sectors reached 2.79 trillion yuan, showing a year-on-year growth of 5.3% [4] - With the implementation of fiscal interest subsidies and the activation of credit stock, financing costs in the service consumption sector are expected to decrease, stimulating credit demand [5] - The banking sector is expected to see improved credit demand due to ongoing fiscal subsidy policies, with a positive outlook on bank performance and stock value recovery [6] Group 2: New Materials Industry - The rare earth magnetic materials sector experienced a significant decline of 8.06%, underperforming the benchmark by 7.62 percentage points [8] - Light rare earth concentrate prices have mostly rebounded, while praseodymium and neodymium prices have shown weak fluctuations [9] - The supply of praseodymium and neodymium is expected to increase slightly, while demand remains stable, leading to a balanced market [10] - The overall valuation and performance of the rare earth sector are under pressure, but there are opportunities for recovery as prices stabilize [11] Group 3: Innovative Pharmaceutical Industry - The global biotechnology sector showed mixed performance, with the Nasdaq biotech index rising by 0.86% while other indices fell [12] - The innovative drug industry in China is entering a pivotal phase where research results are beginning to translate into commercial success [13] - The MASH (Metabolic Dysfunction-Associated Steatotic Liver Disease) market is expected to expand rapidly, with significant investment opportunities in related treatments [14] - The innovative drug sector is anticipated to experience a dual recovery in performance and valuation, driven by ongoing policy support and market demand [15]

Group 1: Real Estate Industry Insights - In August 2025, the sales of commercial housing continued to weaken, with a year-on-year decline of 10.6% for commercial housing and 9.7% for residential housing, indicating a significant drop compared to July [3] - From January to August 2025, the total sales area of commercial housing was 573 million square meters, down 4.7% year-on-year, while the sales amount reached 5.5 trillion yuan, a decrease of 7.3% year-on-year [3][5] - The funding for real estate companies saw a year-on-year decline of 8% from January to August 2025, with a notable drop of 11.9% in August alone [5] Group 2: Investment Trends and Recommendations - The report suggests that the real estate market is under significant downward pressure on both sales and investment, necessitating continuous policy support to stimulate market demand [8] - Recent policy adjustments in major cities like Beijing and Shanghai have had a short-term positive effect on new and second-hand housing transactions, but the sustainability of this effect remains uncertain [8][9] - The report maintains a "buy" rating for the real estate sector, recommending focus on leading real estate companies with strong land acquisition capabilities and well-structured land reserves, as well as top-tier intermediary firms benefiting from active second-hand housing transactions [8][9] Group 3: Construction and Land Transactions - From January to August 2025, real estate development investment decreased by 12.9% year-on-year, with a more pronounced decline of 19% in August [6] - The supply and transaction volume of residential land in 100 major cities saw a year-on-year decrease of 14% and an increase of 5%, respectively, indicating a slowdown in land transactions [7] - The average premium rate for residential land transactions in August was 5.08%, continuing to decline from July [7] Group 4: Medical Services Sector Overview - The medical and biological sector experienced a decline of 2.07% last week, ranking 23rd among 31 primary industries [11] - A new policy from the Shanghai government aims to support the high-end medical device industry, focusing on innovation, clinical application, and international development [12] - The report maintains a "buy" rating for the medical services sector, highlighting high-growth opportunities in pharmaceutical outsourcing and improving expectations for third-party testing laboratories [14]