丨证券研究报告丨 市场策略丨专题报告 [Table_Title] 寻找新能源等供给出清的机会——"重估牛"系 列之出清线索 报告要点 %% %% research.95579.com 1 [Table_Title 寻找新能源等供给出清的机会——"重估牛"系 2] 列之出清线索 [Table_Summary2] 回顾：市场短期波动加大，关注供需格局改善的低位板块 过去一周，市场短期波动加大，新能源板块在出海、政策等多方面催化下供需格局显著改善。 2025 年 9 月 1 日至 2025 年 9 月 5 日，市场出现"高低切"，创业板指在新能源产业链爆发的 带动下上涨。1）从基本面来看，根据中报业绩显示，电力及新能源设备 2025 年二季度盈利增 速较高，行业景气度较高。2）从政策端来看，工信部、市场监督管理总局印发《电子信息制造 业 2025－2026 年稳增长行动方案》，提出在破除"内卷式"竞争中实现光伏等领域高质量发 展，依法治理光伏等产品低价竞争。3）从产业端来看，近期多家锂电池巨头披露了固态电池研 发应用最新进展，固态电池产业密集催化。4）从需求端来看，海外储能需求激增，国内储能电 芯制造商的订单量增长 ...

丨证券研究报告丨 报告要点 [Table_Summary] 玻纤协会发布反内卷倡议，中小企业计划复价 光伏玻璃提涨落地，看好旗滨集团光伏价值重估 基本面：水泥价格环比转降，玻璃库存小幅上升 推荐特种布和非洲链，存量龙头为全年主线 分析师及联系人 [Table_Author] 范超 张佩 李金宝 李浩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490516040002 SAC：S0490520080026 SAC：S0490523030002 SFC：BQK473 SFC：BVZ972 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 行业研究丨行业周报丨建材 [Table_Title] 光伏玻璃提涨落地，玻纤反内卷计划复价 ——建材周专题 2025W35 1 [Table_Title 光伏玻璃提涨落地，玻纤反内卷计划复价 2] ——建材周专题 2025W35 [Table_Summary2] 玻纤协会发布反内卷倡议，中小企业计划复价 近期玻纤工业协会发布《关于玻璃纤维及制品行业反对"内卷式"竞争 共同建立和维护公平有 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - In August, the company delivered 57,066 vehicles, representing a year-on-year growth of 88.3% and a month-on-month growth of 13.8%. Cumulatively, from January to August, the total sales reached 329,000 vehicles, up 136.4% year-on-year. The company is expected to continue benefiting from a strong new car cycle domestically and a partnership with Stellantis for overseas expansion, which will enhance global sales potential [2][10]. Summary by Sections Sales Performance - The company achieved record sales in August with 57,066 vehicles delivered, marking an 88.3% increase year-on-year and a 13.8% increase month-on-month. Cumulative sales for the first eight months of 2025 reached 329,000 vehicles, reflecting a 136.4% year-on-year growth [2][5][10]. Future Outlook - The company is set to launch the B10 model in Europe, with plans for its debut at the Munich International Motor Show on September 8. This move is part of the company's global strategy to enhance its market presence. The strong demand for new vehicles and an expanding product lineup are expected to drive continued sales and revenue growth [10]. Product Strategy - The company plans to introduce 2-3 new products globally each year over the next three years. The B10 and B01 models have already been launched in 2025, with another B-series model expected to be introduced at a price range of 100,000 to 150,000 RMB [10]. Distribution Network - As of June 30, 2025, the company has established 806 sales outlets in China, including 315 core stores and 491 experience centers, covering 286 cities. Internationally, the company exported 25,000 vehicles from January to July and has over 600 sales and service points across more than 24 countries [10]. Technological Investment - The company is increasing its investment in intelligent driving technology, with a nearly 100% increase in team size and computational resources in the first half of 2025. The goal is to achieve city NOA (Navigation on Autopilot) capabilities by the end of 2025 [10].

丨证券研究报告丨 报告要点 [Table_Summary] 8 月出口虽仍有韧性但较 7 月确有走弱趋势，结合对各经济体和细分品类出口数据来看，这一 方面缘于对美出口的进一步走弱，另一方面也缘于"抢出口"效应的消退。美国关税政策不确 定性已显著降低，这意味着后续"抢出口"效应出现的频率或更低，未来出口表现将更多取决 于各贸易伙伴的内生需求强弱。年内来看，前期"抢出口"所带来的需求透支效应或在未来几 个月充分体现，9-12 月出口有一定承压风险。更长时间维度来看，美联储降息大环境下，非美 经济体进口需求有进一步攀升可能。这或将支撑我国出口在环比维度上无显著下行风险。 分析师及联系人 [Table_Author] 于博 黄帅 SAC：S0490520090001 SAC：S0490525070005 SFC：BUX667 中国经济丨点评报告 [Table_Title] 出口还会进一步承压吗？ ——8 月外贸数据点评 ——8 月外贸数据点评 [Table_Summary2] 事件描述 2025 年 9 月 8 日，海关总署发布 8 月外贸数据：以美元计，我国 8 月出口 3218.1 亿美元，进 口 2194.8 ...

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 2025 年特殊新增专项债披露逾 9000 亿 ——政府债周报（9/7） 报告要点 [Table_Summary] 9 月 8 日-9 月 14 日地方债披露发行 3016.72 亿元。其中新增债 1466.01 亿元（新增一般债 147.32 亿元，新增专项债 1318.68 亿元），再融资债 1550.72 亿元（再融资一般债 870.45 亿 元，再融资专项债 680.26 亿元）。 9 月 1 日-9 月 7 日地方债共发行 933.91 亿元。其中新增债 178.37 亿元（新增一般债 0.00 亿 元，新增专项债 178.37 亿元），再融资债 755.54 亿元（再融资一般债 190.66 亿元，再融资 专项债 564.88 亿元）。 分析师及联系人 [Table_Author] SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 赵增辉 赖逸儒 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Titl ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In H1 2025, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 8.241 billion, 1.018 billion, and 0.943 billion yuan respectively, with year-on-year changes of -4%, +3%, and +21% [2][6] - For Q2 2025, the figures were 4.794 billion, 0.710 billion, and 0.677 billion yuan, reflecting year-on-year changes of -3%, -8%, and +7% respectively, indicating operational resilience despite a slight revenue decline [2][6] - The company demonstrated improved operating profit margins in Q2, showcasing ongoing supply chain optimization and efficiency enhancements [2][12] - The company is advancing channel structure optimization and the transformation towards a comprehensive home furnishing model, which strengthens operational resilience and competitiveness [2][12] - The company has a robust dividend plan and a competitive home furnishing system, currently possessing a strong safety margin [2][12] Summary by Sections Financial Performance - The company reported a revenue of 8.241 billion yuan in H1 2025, a decrease of 4% year-on-year, while net profit attributable to shareholders increased by 3% to 1.018 billion yuan, and net profit excluding non-recurring items rose by 21% to 0.943 billion yuan [2][6] - In Q2 2025, revenue was 4.794 billion yuan, down 3% year-on-year, with net profit attributable to shareholders at 0.710 billion yuan, down 8% year-on-year [2][6] Operational Insights - The company experienced a slight decline in revenue in Q2, which reflects its operational resilience [12] - The gross profit margin improved by 3.2 percentage points in Q2, with various product lines and channels showing positive trends [12] - The company reduced its number of stores by 104 in H1 2025, while actively encouraging distributors to transition to a comprehensive home furnishing model [12] Strategic Initiatives - The company is focused on cost reduction and efficiency improvements to empower its channels and sustain its comprehensive home furnishing strategy [12] - The company aims to enhance its operational capabilities through product development, quality improvements, and delivery reforms [12] - The company plans to maintain a cash dividend of no less than 1.5 billion yuan annually from 2024 to 2026, indicating strong cash flow and a current dividend yield of approximately 4.4% [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's revenue for H1 2025 is 1.76 billion, with a year-on-year growth of 34%, while net profit attributable to the parent company is 148 million, showing a decline of 23% [2][6] - The second quarter of 2025 saw revenue of 849 million, a 26% increase year-on-year, but net profit decreased by 47% [2][6] - The company anticipates recovery in H2 2025, with orders from major clients like Da Wang and Procter & Gamble expected to contribute to growth [2][6] - The company is optimizing its product structure and focusing on cost control while enhancing its market share in the domestic market [2][6] Summary by Sections Financial Performance - H1 2025 revenue is 1.76 billion, with a 34% increase year-on-year; net profit attributable to the parent company is 148 million, down 23% [2][6] - Q2 2025 revenue is 849 million, a 26% increase year-on-year, while net profit decreased by 47% [2][6] - The company’s internal profit margin for H1 is approximately 10.3%, reflecting a decline due to price reductions and increased sales expenses [2][6] Business Development - The company plans to establish overseas production capacities in Peru and Tanzania, targeting emerging markets in Latin America and Africa [2][6] - The company is focusing on enhancing its market share in the domestic baby diaper market, with an estimated market share of 9.3% in 2024, up from 4.2% in 2019 [2][6] Product and Brand Strategy - The company is launching new products under the Jie Ting brand and optimizing channel operations to enhance brand performance [2][6] - The company is leveraging its strong product capabilities to maintain and expand partnerships with leading brands [2][6]

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - On September 5, Anthropic announced a sales restriction policy, halting AI service provision to groups with over 50% Chinese capital ownership, which may accelerate the domestic development of large models in China [2][4] - The ban from Anthropic is part of a broader trend where overseas large model providers restrict access to Chinese enterprises, potentially pushing these companies towards domestic alternatives [9] - The performance of domestic large models is improving, with examples like Alibaba's Qwen-3-Max-Preview achieving world-leading capabilities in key areas such as knowledge reasoning and programming [9] Summary by Sections Event Description - Anthropic's announcement on September 5 restricts AI services to companies controlled by Chinese entities, impacting both domestic and overseas subsidiaries [4] Event Commentary - The ban may lead to increased reliance on domestic large models as Chinese enterprises seek alternatives to Anthropic's technology, which has been widely used for secondary development [9] - The ongoing improvement in domestic large model performance positions them as viable alternatives to foreign models, with significant advancements noted in Alibaba's offerings [9] Investment Opportunities - The report suggests focusing on the domestic large model supply chain, companies with data advantages in specific verticals, and the domestic computing power supply chain as potential investment opportunities [9]

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 首届深空经济与产业发展大会召开，关注产业由 0 到 1 投资机遇 报告要点 [Table_Summary] 9 月 4 日，由深空探测实验室主办的首届深空经济与产业发展大会在安徽合肥召开，本届大会 以"聚焦深空经济，引领产业未来"为主题，首次提出深空经济概念，并系统梳理发布我国深 空经济十大产业方向。当前时点，我国正持续深化培养新质生产力，深空经济作为驱动航天产 业升级、培育创新动能、重塑空间格局的重要力量，有望成为未来重要新兴产业，关注产业由 0 到 1 而来的产业投资机遇。建议关注：建议关注产业链各环节的核心供应商，重点关注卫星 应用相关标的。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 首届深空经济与产业发展大会召开，关注产业 2] 由 0 到 1 投资机遇 ...

Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Viewpoints - Baijiu Co., Ltd. is the leading player in China's pre-mixed beverage market, with stable growth expected in its pre-mixed beverage business as the market continues to expand. Additionally, as a leading domestic whisky brand, the company is well-prepared in terms of product matrix, channel design, and capacity reserves, which positions it to benefit from the increasing penetration of whisky in the Chinese market [3][8]. Summary by Sections Company Overview - Baijiu Co., Ltd. operates two main businesses: pre-mixed beverages and flavoring agents. In 2024, the pre-mixed beverage segment is projected to generate revenue of 2.68 billion yuan, a year-on-year decrease of 7.2%, accounting for 87.8% of total revenue. The flavoring agent business is expected to achieve revenue of 340 million yuan, a year-on-year increase of 6.3%, making up 11.0% of total revenue [5][19]. Pre-mixed Beverage Business - The company has established a comprehensive product matrix and a multi-channel distribution strategy, including both online direct sales and offline fast-moving consumer goods channels. The product offerings include various series of pre-mixed cocktails, catering to different consumer preferences and occasions. The "RIO" brand has maintained the highest market share in the industry for several years [6][64]. Whisky Business - The whisky segment is positioned for rapid growth, with the company having completed the 500,000th barrel filling, making it the largest whisky distillery in China. The company has launched several new whisky products and is focusing on brand promotion and consumer experience centers to enhance its market presence [7][20][82]. Financial Forecast - The company is expected to see earnings per share (EPS) of 0.70 yuan in 2025 and 0.86 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 37 and 30 times, respectively. The report anticipates stable growth in the pre-mixed beverage market and significant contributions from the whisky segment as market penetration increases [8].