Investment Rating - The investment rating for Xiyu Tourism (300859.SZ) is not explicitly stated in the provided documents, but the report indicates a focus on potential growth and strategic changes within the company [1]. Core Insights - The company anticipates a significant decline in net profit for the first half of 2025, projecting a range of 9 to 11 million yuan, which represents a year-on-year decrease of 62.55% to 69.36% [1]. - The second growth point, tourism performances, is still in the cultivation phase, with projects like "Encounter Kashgar" and "Encounter Sailake" under development, impacting short-term performance [2]. - Xinjiang Cultural Tourism Investment plans to increase its stake in the company by 0.7% to 1.35%, which is expected to stabilize market expectations and support future asset integration [2]. - The appointment of a new chairman, Lü Meirong, is seen as a strategic shift that may enhance governance and drive profitability improvements [2]. Financial Projections - The forecasted net profits for the company from 2025 to 2027 are 105 million, 134 million, and 163 million yuan respectively, with corresponding P/E ratios of 53, 42, and 34 times based on the closing price on July 15, 2025 [3]. - The total revenue is projected to grow from 354 million yuan in 2025 to 467 million yuan in 2027, reflecting a compound annual growth rate of approximately 14.6% [4]. - The gross profit margin is expected to improve from 57.1% in 2025 to 60.2% in 2027, indicating a positive trend in profitability [4].

证券研究报告 宏观研究 [Table_ReportType] 专题报告 | [Table_A 解运亮 uthor宏观首席 | ] 分析师 | | --- | --- | | 执业编号：S1500521040002 | | | 联系电话：010-83326858 | | | 邮 | 箱： xieyunliang@cindasc.com | 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱： mailinyue@cindasc.com [Table_Title] 当前经济增长的两个背离 [Table_ReportDate] 2025 年 7 月 16 日 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 金隅 大厦B 座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [➢Table_Summary] 二季度经济数据喜忧参半。二季度经济增速虽有回落，但整体比预期要 好。从三大需求来看，经济数据喜忧参半。首先，外贸对经济增长确有不 利。美国对等关税的扰动集中在二季度，出口超预期，但二季度 ...

[Table_ReportType] 公司点评报告 [Table_StockAndRank] 奥瑞金(002701) 投资评级 证券研究报告 公司研究 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱：jiangwenqiang@cindasc.com 龚轶之 新消费行业分析师 执业编号：S1500525030005 邮 箱：gongyizhi@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 奥瑞金：二片罐盈利底部、改善可期，三片 罐盈利优异，期待后续业务协同整合 [Table_ReportDate] 2025 年 07 月 16 日 [Table_S 事件：公司发布 ummary] 2025 半年度业绩预告。预计 25H1 实现归母净利润 8.50- 9.60 亿元、同比增长 55.1%-75.2%；扣非归母净利润 3.44 至 4.49 亿元、 同比下降-35.0%至-15.0%。其中 25Q2 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 匠心家居(301061) 投资评级 无评级 上次评级 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com [Table_Title] 匠心家居：产品结构优化，品牌势能提升，推 进多元化市场战略 点评：汇率&关税波动等外部不利因素扰动下，公司凭借产品结构优化、运营效 率提升、费用管控加强，盈利能力逆势提升，我们预计整体利润增速优于收入。 根据公司反馈，美国 4 月家居展会中公司展厅人流优于行业，我们认为公司品 牌在 B 端破圈趋势已较明确，店中店有望持续超预期放量。目前，关税预期趋 于缓和，海外降息将至，补库周期&海外需求强于国内逻辑有望重新演绎，公司 作为出口核心龙头，近期将"有节奏地推进多元市场布局"作为战略重点之一， 长期成长逻辑走通、估值中枢有望稳步向上。 店中店开拓顺畅，品牌逻辑逐步走通。截止 25Q1，公司店中店美国数量超 500 家、在加拿大布局 24 家，根据我们预计，目前店数总量仍在持续提升。店中店 对 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [3] Core Insights - AbbVie has made a strategic investment of $1.925 billion in the CD3/BCMA/CD38 trispecific antibody ISB 2001 from IGI Therapeutics, acquiring exclusive rights in North America, Europe, Japan, and Greater China. This follows a previous investment of $1.055 billion in 2024 for another trispecific antibody, indicating a strong focus on the hematological oncology sector and highlighting investment opportunities in TCE multispecific antibodies [5][14][17] - The pharmaceutical and biotechnology sector has shown a weekly return of 2.82%, outperforming the CSI 300 index by 1.56%, ranking 6th among 31 primary sub-industry indices. The medical services sub-sector had the highest weekly increase of 7.73%, while the pharmaceutical commerce sub-sector had the lowest at 1.12% [4][14] - The innovative drug industry is experiencing a surge in large-scale business development (BD) transactions, indicating a recovery in investment and financing within the biopharmaceutical sector. This trend is expected to boost R&D investments and accelerate project progress, particularly benefiting CXO and upstream life sciences industries [5][14] Summary by Sections 1. Industry Weekly Viewpoints - The pharmaceutical and biotechnology sector's performance has been strong, with significant investments in innovative therapies, particularly in the TCE multispecific antibody space [14] - Recent regulatory updates include the prohibition of a specific surgical technique for Alzheimer's treatment due to insufficient evidence, and the reclassification of a drug from prescription to over-the-counter [14] 2. Market Performance and Valuation - The pharmaceutical and biotechnology industry has underperformed the CSI 300 index by 0.95 percentage points over the past month, with a 1-month increase of 2.20%. However, it has outperformed the index over the past three and six months [25][28] - The current price-to-earnings (P/E) ratio for the industry is 28.97, which is below the historical average of 30.10 [28]

Investment Rating - The report assigns a "Buy" rating for Jiufang Zhitu Holdings (9636.HK) based on its strong performance and growth potential in the market [9]. Core Views - Jiufang Zhitu's H1 2025 performance exceeded expectations, with projected net profit for shareholders between RMB 830 million and RMB 870 million, and revenue expected to reach approximately RMB 2.1 billion, marking a year-on-year increase of about RMB 1.202 billion [1]. - The company is leveraging its AI capabilities through the integration of its large model with a comprehensive financial knowledge base, which is expected to enhance its service offerings and customer base [1]. - The planned acquisition of Yintech Financial aims to expand into overseas markets and diversify its business portfolio, potentially reducing risks associated with market concentration [1]. Financial Summary - For 2024, the company reported revenue of RMB 2,306 million, with projections of RMB 3,512 million for 2025, representing a growth rate of 52% [3]. - The net profit attributable to shareholders is expected to rise significantly from RMB 272 million in 2024 to RMB 1,211 million in 2025, reflecting a growth rate of 344% [3]. - Earnings per share (EPS) are forecasted to increase from RMB 0.61 in 2024 to RMB 2.70 in 2025 [3]. Financial Projections - The financial outlook for Jiufang Zhitu indicates a steady increase in revenue and profit over the next few years, with expected revenues of RMB 4,056 million in 2026 and RMB 4,681 million in 2027 [4]. - The company is projected to maintain a strong gross margin, with estimates of 89.24% in 2025 and 88.34% in 2026 [4]. - The return on equity (ROE) is expected to be 43.14% in 2025, indicating strong profitability relative to shareholder equity [4].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The U.S. government has approved the export license for H20, and NVIDIA will release the RTX PRO GPU, which is designed for computer graphics, digital twins, and artificial intelligence [2] - The lifting of restrictions on H20 after three months will benefit domestic AI large model training and inference, as H20 is NVIDIA's most advanced AI chip that can be exported to China [2] - The resumption of H20 supply is expected to enhance supply chain performance, alleviating previous pessimistic expectations and improving order visibility for NVIDIA's core suppliers [2] Summary by Sections H20 Export License Approval - NVIDIA's CEO stated that the company is submitting an application to resume sales of H20 GPUs to China, with the U.S. government guaranteeing the issuance of the license [2] - H20 chips, based on the Hopper architecture, are a simplified version of H100 and are crucial for AI acceleration in the Chinese market [2] Impact on Domestic AI Development - H20's computational power is one-sixth of H100, but its high bandwidth and memory advantages make it competitive in practical applications [2] - The lifting of restrictions is expected to meet some of the domestic demand for AI model training and inference, enhancing hardware and software capabilities [2] Supply Chain Performance - The resumption of H20 supply may satisfy some of the backlog in computational power demand, improving the visibility of orders and shipment schedules for NVIDIA's core suppliers [2] - The report suggests focusing on both overseas and domestic AI supply chains, highlighting companies such as Industrial Fulian, Huadian Co., and others [2]

Core Insights - The report emphasizes that 2025 marks the beginning of the "proactive output" education AI C-end product era, with multiple education companies launching such products, transitioning from "passive" AI tools to "proactive" course-based offerings [3][8][57] - The shift from B-end to C-end applications of AI in education is highlighted, where AI is now replacing some or all functions of human teachers, providing personalized and scalable learning experiences [11][10] - The financial impact of AI products is shifting from cost reduction to revenue generation, with projected gross margins exceeding 80% for AI products compared to traditional offline education products [11][57] - The current main paradigms include AI super-human teaching, AI coaching, and AI dynamic assessment planning, showcasing the diverse applications of AI in education [58][31] Summary by Sections Introduction to AI in Education - The report outlines the evolution of education AI products from passive to proactive, with notable launches such as "Wu Yanzu Teaches You Spoken English" by Gaotu and "AI Brush Questions System Class" by Fenbi [8][10] Financial Performance and Growth Potential - The report indicates that the proactive AI education products are expected to drive non-linear growth in user numbers and revenue, as evidenced by the rapid sales figures of newly launched products [11][14][25] - MultiLingual's user engagement metrics post-AI feature launches demonstrate significant increases in monthly active users (MAUs) and user stickiness [19][25] Key Companies and Products - DouShen Education's "Super Practice Composition" and Fenbi's AI Brush Questions System Class are highlighted as leading examples of proactive AI education products, showcasing innovative teaching methods and high sales performance [11][40][33] - New Oriental's AI 1-on-1 system aims to enhance English speaking frequency through interactive learning, while Gaotu's course combines celebrity-led instruction with AI coaching [46][53] Investment Strategy - The report advocates for a focus on companies leading in the development and deployment of education AI agents, including DouShen Education, Fenbi, New Oriental, and Gaotu, as they are positioned to benefit from the ongoing transformation in the education sector [57][58]

公司研究 [Table_ReportType] 公司点评报告 | [百Ta龙bl创e_园Sto(c6k0A5n0d1Ra6n)k] | | | --- | --- | | 投资评级 | 买入 | | 上次评级 | 买入 | 赵 雷 食品饮料行业分析师 执业编号：S1500524100003 邮 箱：zhaolei@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 证券研究报告 [Table_Title] Q2 业绩再创新高，阿洛酮糖国内市场开启 [Table_ReportDate] 2025 年 7 月 14 日 投资评级 买入 [T事ab件le：_公Su司mm公ary布] 2025 年半年度业绩快报。2025H1，公司实现营收 6.50 亿 元，同比+22.29%；实现归母净利润 1.71 亿元，同比+42.68%；实现扣非 归母净利润 1.68 亿元，同比+50.78%。其中，25Q2 公司实现营收 3.36 亿 元，同比+20.49%；实现归母净利润 8917 万元，同比+35.0 ...

新消费属性凸显，平台型科技企业未来可期 [Table_CoverStock] —九号公司-WD(689009)公司首次覆盖报告 [Table_ReportDate] 2025 年 07 月 13 日 [Table_CoverAuthor] 姜文镪 骆峥 邓健全 S1500524120004 S1500525020001 S1500525010002 jiangwenqiang@cindasc.com luozheng1@cindasc.com dengjianquan@cindasc.com 证券研究报告 公司研究 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 新消费属性凸显，平台型科技企业未来可期 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 九号公司(689009) 投资评级 买入 上次评级 [公司主要数据 Table_BaseData] | 收盘价（元） | 58.31 | | --- | --- | | 52 周内股价波动区间 ...