公司研究丨深度报告丨比亚迪（002594.SZ） [Table_Title] 全球视野看电车之二：再看比亚迪欧洲，车型与 渠道共振全面起势 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 比亚迪出海持续发力，海外渠道与车型矩阵进一步完善，打开增长新空间，其中欧洲市场表现 亮眼。欧洲碳排放政策下新能源需求恢复，比亚迪加速欧洲拓展，主要市场市占率持续提升。 技术与规模构建超越行业竞争力，智能化、出海与高端发力迈向新巅峰。智能化大战略下，智 驾转型态度坚定。超级 e 平台发布，纯电技术迎来重大革新，持续巩固电动化技术优势。腾势、 仰望与方程豹车型储备丰富，加速布局高端市场。出海持续发力，海外渠道与车型矩阵将进一 步完善。规模效应加持下，随着出海与高端化放量，盈利能力有望持续提升。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 2 / 28 %% %% %% %% research.95579.com ...

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - The report highlights the continuous upgrade of special fabrics and the focus on the promotion of anti-involution policies in the construction materials sector [6] - The glass fiber industry is expected to perform well, with a focus on construction materials and anti-involution measures [2] - The report anticipates that the anti-involution policies will lead to structural adjustments and the elimination of backward production capacity in key industries, including construction materials [6][7] Summary by Sections Basic Situation - Cement prices continue to decline, with a national average shipment rate of approximately 45.5%, a 2.4 percentage point increase month-on-month but a 0.5 percentage point decrease year-on-year [8] - The average price of cement nationwide is 348.87 yuan/ton, down 3.87 yuan/ton month-on-month and down 46.29 yuan/ton year-on-year [24] - Glass prices are showing slight increases, with a national average price of 69.59 yuan per weight box, up 0.14 yuan per weight box month-on-month but down 11.89 yuan year-on-year [37] Recommendations - The report recommends focusing on special fabrics and the African supply chain, with key players such as China National Materials Technology benefiting from domestic substitution in special glass fiber fabrics [10] - It also suggests paying attention to companies like Huaxin Cement and Western Cement, which are expected to benefit from the structural optimization of demand in the construction materials sector [10] - The report emphasizes the importance of existing leading companies in the construction materials sector as a main line for investment throughout the year [2][10]

丨证券研究报告丨 港股研究丨公司点评丨 361 度（1361.HK） [Table_Title] 流水稳健增长，超品大店贡献增量 报告要点 [Table_Summary] 公司发布 2025Q2 零售运营数据，2025Q2 线下大装和童装流水同比增长均约 10%，电商流水 同比增长约 20%，流水延续稳健增长表现。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 361 度（1361.HK） cjzqdt11111 [Table_Title2] 流水稳健增长，超品大店贡献增量 [Table_Summary2] 事件描述 公司发布 2025Q2 零售运营数据，2025Q2 线下大装和童装流水同比增长约 10%，电商流水同 比增长约 20%，流水延续稳健增长表现。 事件评论 丨证券研究报告丨 2025-07-22 港股研究丨公司点评 [Table_Rank]投资评级 买入丨维持 公司基础数据 [Table_Ba ...

丨证券研究报告丨 港股研究丨公司点评丨李宁（2331.HK） [Table_Title] 流水符合预期，短期经营承压 报告要点 [Table_Summary] 李宁发布 2025Q2 运营数据，全渠道流水低单增长，直营中单下滑，批发低单增长，电商中单 增长，零售表现符合预期。 分析师及联系人 [Table_Author] %% %% 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 %% %% 请阅读最后评级说明和重要声明 research.95579.com 1 李宁（2331.HK） cjzqdt11111 短期经营压力加大致收入及毛利率水平承压显著，完成全年目标仍需努力，后续营销活动 推出对增长拉动仍需进一步观察，短期仍需平衡费用与增长。竞争加剧态势下，公司加大 品牌宣传投放寻求增长点，虽费用投入效果仍需观察，但经营层面已磨底较久，后续 Nike 经营逐步改善对行业负面压制或逐步缓解，公司后续有望重启健康向上路径，彼时业绩或 存在较高弹性。预计公司 2025-2027 年实现归母净利润 23.9/25.4/27.1 亿元，同比分别 为-21% ...

丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] AI 应用与稳定币创新正当时 2025 年第 29 周计算机行业周报 报告要点 [Table_Summary] 上周计算机板块持续上涨 2.23%，在长江一级行业中排名第 6 位，两市成交额占比为 11.19%， AI 相关题材活跃。上周月之暗面正式发布并开源最新 MoE 架构基础模型 Kimi-K2；OpenAI 介 绍了即将推出的能够执行复杂、多工具任务的 Agent 模式。本周推荐关注 AI 应用方面：1）中 国特色 infra：数据+算力调优+适配，重点关注 IDC 及国产算力产业链。2）重视 AI 应用落地 大场景：如教育、司法、医疗医药等领域 AI 应用。稳定币方面：1）具有发币资格的相关企业； 2）在区块链等关键技术上有技术积累的企业；3）具有相关牌照的企业；4）金融 IT 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.95 ...

丨证券研究报告丨 行业研究丨专题报告丨基础化工 [Table_Title] 化工专题：反内卷，机会何在？ 报告要点 [Table_Summary] 2024 年以来，政府会议多次提到要综合整治"内卷式"恶性竞争。2024 年 7 月，中央政治局 会议明确提出"防止'内卷式'恶性竞争"，12 月进一步升级为"综合整治'内卷式'竞争"。 最新动态来看，中央财经委第六次会议于 7 月 1 日召开，会议强调，纵深推进全国统一大市场 建设，要聚焦重点难点，依法依规治理企业低价无序竞争，引导企业提升产品品质，推动落后 产能有序退出。本轮供给侧改革下，化工在国家"反内卷"政策之下，有何可为？有哪些潜在 投资机会？ 分析师及联系人 [Table_Author] SAC：S0490516100002 SFC：BUT911 %% %% %% %% research.95579.com 1 基础化工 cjzqdt11111 [Table_Title2] 化工专题：反内卷，机会何在？ 马太 徐静 请阅读最后评级说明和重要声明 [Table_Summary2] 为何当前时点关注化工行业反内卷投资机会？ 2024 年以来，政府会议多次提 ...

Investment Rating - The investment rating for Tencent Holdings is "Buy" and is maintained [13] Core Insights - The report highlights that 2025 is widely regarded as the "Year of AI Agents," with AI Agents becoming a focal point of technology, as global tech giants accelerate their layouts in this area. Tencent is positioning itself to seize the high ground in the industry by deeply embedding AI Agents into its ecosystem, aiming to unlock incremental value in core businesses such as advertising, gaming, and enterprise services [4][7][8] Summary by Sections AI Agent Evolution - AI is transitioning from "information processing" to "action execution," with AI Agents capable of understanding user needs and autonomously planning and executing tasks. This evolution is expected to redefine enterprise operational paradigms and become a core competitive indicator for businesses [7][22][24] Value Chain Reconstruction - AI Agents are anticipated to drive changes in cost structures and reconstruct value distribution chains. They can act as "digital employees," enhancing cost competitiveness and potentially leading to new payment models, such as transitioning from traditional SaaS to "AI Agent as a Service" [8][42] Tencent's AI Agent Strategy - Tencent has established a comprehensive layout for AI Agents through a "model-tool-scenario" closed loop. The company employs a dual-engine strategy of "self-developed models + DeepSeek open-source" to build a multi-modal capability matrix. Tencent's AI core strategy is embodied in its product "Yuanbao," which integrates deeply with the WeChat ecosystem and supports multiple models [9][10][56] Future Outlook for AI Agents - Tencent's Yuanbao is positioned as the intelligent hub of its ecosystem, with significant user growth and engagement since its integration with DeepSeek. The product's competitive edge lies in its flexible model invocation and deep integration with WeChat [10][11] WeChat as an Ecosystem Connector - WeChat is identified as a super entry point for Tencent's AI Agent ecosystem, leveraging its vast user base and diverse data coverage to enhance advertising, subscription, and transaction revenue streams [11][12] Commercialization Potential - The report notes that AI Agents have substantial commercialization potential, with ongoing innovations in payment models and the ability to monetize structured data generated during service interactions. The shift towards usage-based billing models is highlighted as a significant trend [39][42][45]

Investment Rating - The report maintains a "Positive" investment rating for the industry [5] Core Insights - The report highlights the ongoing price increases in the photovoltaic industry chain, with significant price adjustments for silicon wafers and battery cells, indicating a recovery in market sentiment for solid-state batteries [9][15] - The report emphasizes the importance of monitoring price changes in the industry chain, as well as the progress of mergers and acquisitions in the silicon material sector [15][36] Summary by Sections Photovoltaic - The prices of silicon materials have risen to approximately 47-49 CNY/kg, with silicon wafer prices for 183N, 210RN, and 210N reaching 1.45, 1.65, and 1.93 CNY per piece respectively [21][24] - The report notes that the photovoltaic industry is experiencing a reduction in low-price competition, with a focus on orderly exit of backward production capacity [16][36] - Key recommendations include investing in companies benefiting from this trend, such as Tongwei Co., GCL-Poly Energy, LONGi Green Energy, and Aiko Solar [36] Energy Storage - The introduction of capacity pricing for energy storage in Gansu province strengthens the logic for independent energy storage in China, with a capacity price set at 330 CNY/KW per year for the first two years [41][42] - The report indicates that the domestic energy storage market is expected to see continued growth, driven by favorable policies and increasing demand [39][50] - Recommended companies in this sector include Sungrow Power Supply and Deye Technology, with a focus on large-scale energy storage projects [36] Lithium Battery - The report notes a stable upward trend in the lithium battery sector, with a focus on companies with strong profitability and stable market positions, such as CATL and other quality second-tier companies [16][36] - The sentiment around solid-state batteries is improving, with significant advancements expected in materials and technology [16][39] Wind Power - The report highlights the acceleration of offshore wind projects in China, with expectations for increased profitability in the second half of the year as project deliveries ramp up [16][36] - Recommended companies include Mingyang Smart Energy and Zhongji Innolight, which are well-positioned to benefit from this trend [36] Power Equipment - The report emphasizes the importance of high-voltage direct current (HVDC) projects and the expected approval of new projects in the second half of the year [16][36] - Recommended companies in this sector include Sifang Co. and State Grid Information & Communication, which are expected to benefit from these developments [36] New Directions - The report discusses the potential of humanoid robots and advancements in solid-state battery technology, indicating a positive outlook for companies involved in these areas [16][36]

丨证券研究报告丨 港股研究丨公司点评丨安踏体育（2020.HK） [Table_Title] 短期经营承压，中长期经营稳健 报告要点 [Table_Summary] 安踏公布 2025Q2 零售数据，安踏品牌同比低单增长，FILA 品牌同比中单增长，其他品牌增长 50%-55%。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 安踏体育（2020.HK） cjzqdt11111 [Table_Title2] 短期经营承压，中长期经营稳健 [Table_Summary2] 事件描述 安踏公布 2025Q2 零售数据，安踏品牌同比低单增长，FILA 品牌同比中单增长，其他品牌增 长 50%-55%。 事件评论 丨证券研究报告丨 2025-07-21 港股研究丨公司点评 [Table_Rank]投资评级 买入丨维持 公司基础数据 [Table_BaseData] 当前股价（HKD） 93.65 注：股价为 202 ...

"大美丽"法案对储能影响分析 长江证券研究所电新研究小组 2025-07-21 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 2 01 "大美丽"法案变化梳理 表："大美丽"法案与IRA法案对比 | 补贴对象 | 税收抵免项目 | 税收抵免力度及退坡时间 | 税收抵免新增要求 | | --- | --- | --- | --- | | | 户用清洁能源抵免 | IRA法案：2032年及之前项目可获得30%退税，2033/2034年可获得退税比例为26%/22%，2035年停止。 | | | 户用清洁能源 | (25D ITC) | | 无 | | | | 大美丽法案【退坡】：2025年12月31日前投入使用可获得30%退税，2026年停止。 | | | | | IRA法案：符合劳工标准的合格设施税收抵免为30%，抵免在 2032 年或电力生产碳排放达 2022 年 25% 的 | | | | | 较晚年份开始逐步取消 。 | | | | 清洁电力投资税收抵免 （48E ITC） | | 1、新增被禁止外国实体"物料援助" ...