丨证券研究报告丨 行业研究丨专题报告丨运输 [Table_Title] 快递单价涨幅超预期，油运运价延续上行 ——交运周专题 2025W38 报告要点 [Table_Summary] 出行链：客座率持续改善，裸票价格同比转正 海运：油运延续上行，集运挺价落空 物流：单价数据超预期，看好"反内卷"盈利弹性 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 [Table_Title 快递单价涨幅超预期，油运运价延续上行 2] ——交运周专题 2025W38 [Table_Summary2] 出行链：客座率持续改善，裸票价格同比转正 9 月 19 日，航空运量数据增速有所改善，国内客运量七日移动平均同比增加 11%，国际客运 量七日移动平均同比增加 15%； ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - Recent market activity remains high, with Q3 performance expected to continue the trend of significant growth, suggesting a focus on leading companies and high-performing stocks within the sector [2][4] - In the insurance sector, the report confirms the logic of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement and potential valuation recovery [2][4] - Recommendations include Jiangsu Jinzhong for stable profit growth and dividend rates, China Ping An for stable dividends and high yield, and China Pacific Insurance for its strong business model and market position [2][4] Market Performance - The non-bank financial index decreased by 3.7% this week, with a year-to-date increase of 4.2%, ranking low in the industry [5] - The average daily trading volume in the market increased to 25,178.46 billion, up 8.23% week-on-week, indicating a recovery in market activity [5][37] Insurance Sector Overview - In July 2025, the cumulative insurance premium income reached 42,085 billion, a year-on-year increase of 6.75%, with life insurance contributing 31,153 billion and non-life insurance 10,933 billion [21][22] - The total assets of the insurance industry as of July 2025 were 39.59 trillion, with life insurance companies holding 34.69 trillion [26][27] Brokerage and Investment Business - The report highlights a recovery in trading activity, with the average daily turnover in the two markets showing an increase, and the margin financing balance rising to 2.40 trillion, up 2.65% [38][45] - The equity market remains volatile, with the CSI 300 index down 0.44% and the ChiNext index up 2.34% [42] Recommendations - The report recommends focusing on high-performing stocks such as New China Life, China Life, Hong Kong Exchanges, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [2][4]

Investment Rating - The report maintains a "Positive" investment rating for the real estate sector [10] Core Insights - The "two-part pricing" method effectively explains the valuation logic and results of real estate stocks, focusing on inventory structure and the proportion of inefficient inventory [2][8] - Recent policies aimed at stabilizing the market have provided some uplift to market expectations, but marginal downward pressure has increased since April, indicating a higher probability of further easing policies [4] - The industry appears to have passed the rapid decline phase in volume and price, with structural highlights in core areas and quality properties [4] Market Performance - The Yangtze River Real Estate Index increased by 1.13% this week, outperforming the CSI 300 by 1.58%, ranking 8th out of 32 sectors [5][13] - Year-to-date, the Yangtze River Real Estate Index has risen by 12.76%, with a relative underperformance of -1.65% compared to the CSI 300, ranking 19th out of 32 sectors [5][13] Policy Developments - Chongqing is promoting healthy housing consumption through various measures, including financial support for affordable housing and optimizing personal housing loan rates [6][15] - Shanghai has adjusted property tax policies, exempting first-time homebuyers with residence permits for over three years from property tax [6][15] Sales Trends - The transaction volume of new homes in 37 cities showed a year-on-year decline of 4.2%, while second-hand homes improved with a 19.4% increase [7] - As of September 19, new home transaction volume in 37 cities increased by 5.2% month-on-month, while second-hand homes rose by 29.1% [7] Valuation Insights - The valuation of development real estate stocks varies significantly, primarily reflecting inventory quality, impairment levels, and new land acquisition capabilities [2][8] - Efficient inventory and new land acquisitions are critical for supporting sales levels and profitability, influencing both the decrement and increment in valuations [2][8]

Investment Rating - The report maintains a "Positive" investment rating for the industry [13] Core Insights - The dual drivers of advanced intelligent driving and robotics are expected to significantly boost the demand for LiDAR, which is a core component of perception systems. The trend towards affordability is likely to accelerate market penetration [4][11] - Domestic leaders in the LiDAR market, such as Suoteng and Hesai Technology, are well-positioned to benefit from technological advancements in digitalization and solid-state solutions, with multiple competitive products being launched [4][11] Summary by Sections LiDAR: Core Component of Perception Systems - LiDAR, known as the "mechanical eye," is essential for high-precision perception in advanced driving systems. Its applications have expanded from military and research to autonomous driving, robotics, and smart security [7][20] - The multi-sensor fusion approach, which includes LiDAR, emphasizes redundancy and safety, making it a dominant choice in high-level driving solutions [7][36] Market Potential - The combination of intelligent driving and robotics presents a vast market opportunity, with LiDAR demand expected to grow rapidly. The penetration rate for advanced driving in passenger vehicles is projected to reach between 10% and 50% [8][41] - The Robotaxi and specific commercial applications are anticipated to further expand the LiDAR market, with the number of LiDAR units per vehicle typically exceeding that of passenger cars [8][49] Competitive Landscape - Chinese companies are leading the LiDAR market, with domestic firms expected to capture over 90% of the global market share by 2024. Major players include Suoteng and Hesai Technology, with a combined market share exceeding 95% [9][41] - The report highlights the strong competitive positioning of Suoteng and Hesai, with projected market shares of 33.5% and 25.6% respectively by 2024 [9] Trends and Innovations - The report identifies a shift towards digitalization and solid-state LiDAR technologies, which are expected to enhance performance while reducing costs. The introduction of next-generation digital SPAD-SoC LiDAR products is underway [10][11] - The affordability trend in LiDAR is driven by technological advancements and economies of scale, with significant cost reductions expected as solid-state solutions replace traditional mechanical systems [11][53] Investment Recommendations - The report suggests that the dual drivers of advanced intelligent driving and robotics will create substantial growth opportunities for LiDAR, with domestic leaders poised to benefit from ongoing technological transformations [11][41]

丨证券研究报告丨 港股研究丨行业点评丨建筑与工程 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 [Table_Title] 施政报告强调北部都会区，持续推荐中建国际 报告要点 [Table_Summary] 9 月 17 日，香港特区行政长官李家超发表新一份施政报告，报告主题是"深化改革 心系民生 发挥优势 同创未来"。李家超表示，北部都会区与深圳接壤，面积和未来人口约占香港三分之 一，是香港的战略发展区域，具有巨大经济价值和发展潜力，能创造大量职位，提升生产力。 为更好发展经济、改善民生，北部都会区建设务必加速推进。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 建筑与工程 cjzqdt11111 [Table_Title2] 施政报告强调北部都会区，持续推荐中建国际 [Table_Summary2] 事件描述 9 月 17 日，香港特区行政长官李家超发表新 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company reported a revenue of 4.52 billion yuan for H1 2025, representing a year-on-year growth of 22.7%. The net profit attributable to shareholders was 320 million yuan, up 12.1% year-on-year. However, the net profit excluding non-recurring items decreased by 8.4% to 260 million yuan [2][4]. - In Q2 2025, the company achieved a revenue of 2.97 billion yuan, which is a 27.2% increase year-on-year and a significant 92.1% increase quarter-on-quarter. The net profit for Q2 was 220 million yuan, showing a year-on-year growth of 79.3% and a quarter-on-quarter growth of 136.5% [2][4]. Financial Performance - For H1 2025, the company's energy storage system revenue was 4.512 billion yuan, with a gross margin of 17.58%, a decrease of 1.44 percentage points year-on-year. The overseas revenue reached 298 million yuan, with a gross margin of 36.24%, indicating initial profitability elasticity from international markets [11]. - The Q2 gross margin was 16.95%, down 1.72 percentage points from the previous quarter, while the expense ratio was 7.26%, showing a decrease of 1.24 percentage points year-on-year and 4.43 percentage points quarter-on-quarter [11]. Future Outlook - The company is expected to achieve net profits of 900 million yuan in 2025 and 1.3 billion yuan in 2026, driven by increased domestic independent energy storage and higher overseas shipment ratios [6][11]. - The domestic energy storage market is anticipated to grow significantly due to improved business models, while international markets, particularly in Europe and Southeast Asia, are expected to see substantial demand growth [11].

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] AI 产业跟踪：通义首个深度研究 Agent 开源， 看好 AI Agent 迭代及其商业化落地加速 报告要点 [Table_Summary] 2025 年 9 月 17 日，通义首个深度研究 Agent 模型 DeepResearch 正式发布，以 30B-A3B 轻 量级在多个权威评测集上取得 SOTA 成绩，当前模型、框架和方案均已全面开源。当前 Agent 投资核心逻辑不断强化，伴随国内 Agent 能力加速迭代、AI 应用货币化开启，持续看好 Agent 商业化及投资机遇，建议关注：1）AI Infra；2）AI Agent 相关厂商；3）中国推理算力产业链； 4）CSP 厂商方面关注推理需求带来的推动；5）IDC，重点关注与阿里等大厂合作的 IDC。 分析师及联系人 [Table_Author] 宗建树 刘思缘 SAC：S0490520030004 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_Tit ...

Investment Rating - The report maintains a "Buy" rating for the company YingShi Innovation [12] Core Viewpoints - The report emphasizes the importance of cross-industry collaboration between YingShi and DJI, highlighting the shared technological foundations and the pursuit of incremental growth opportunities [4][10] - Both companies are expected to capture additional market share in the handheld smart imaging and drone sectors, with new product lines and software subscriptions likely to contribute to revenue growth [10] Summary by Sections Cross-Industry Exploration - The launch of DJI's OSMO 360 panoramic camera and YingShi's Antigravity A1 8K panoramic drone marks a significant cross-industry move, driven by the commonality in core technologies such as image processing and stabilization algorithms [7][21] - YingShi is projected to hold an 82% share of the global consumer panoramic camera market by 2024, while DJI has a 76% share of the global drone market as of 2023 [7][28] Differentiation and Competitive Strategy - YingShi focuses on leveraging its algorithm capabilities and user demand insights for differentiated competition, while DJI capitalizes on its established hardware and supply chain advantages to maintain cost leadership [8][37] - The report notes that YingShi's Ace Pro 2, equipped with AI dual chips, leads in night scene shooting and noise reduction, contributing to a significant revenue increase in 2024 [43][50] Growth Potential - The report outlines optimistic growth scenarios for both companies, with projections for the global handheld smart imaging device market reaching 88.5 million units by 2027 and the global consumer drone market potentially reaching $13.7 billion by 2030 [9][10] - YingShi's revenue from handheld smart imaging devices could reach between 22.9 billion to 53.1 billion yuan depending on market conditions, while its drone revenue could range from 7.7 billion to 19.2 billion yuan [9][10] Investment Recommendations - The report concludes that the cross-industry strategies of both companies are likely to yield significant growth, with ample opportunities to capture market share from competitors [10][26]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 5.813 billion yuan for H1 2025, representing a year-on-year increase of 61.70%. The net profit attributable to shareholders was 174 million yuan, up 32.41% year-on-year, while the net profit after deducting non-recurring items was 121 million yuan, a slight increase of 2.66% year-on-year [2][4] - In Q2 2025, the company achieved a net profit of 51 million yuan and a net profit after deducting non-recurring items of 38 million yuan [4] - The company has seen significant growth in the production of lithium iron phosphate materials, with an output of approximately 105,000 tons in H1 2025, indicating a substantial year-on-year improvement in profitability per ton [10] - The automotive parts business generated revenue of 1.837 billion yuan in H1 2025, with a gross margin of 22.68%, although profitability slightly declined due to price pressures from end customers [10] - The company is focusing on expanding its robot business, collaborating with partners in humanoid robots and robotic dogs, and has begun mass shipments [10] Summary by Sections Financial Performance - For H1 2025, the company achieved total revenue of 58.13 billion yuan, a 61.70% increase year-on-year, and a net profit of 1.74 billion yuan, reflecting a 32.41% increase year-on-year. The net profit after deducting non-recurring items was 1.21 billion yuan, up 2.66% year-on-year [2][4] - In Q2 2025, the company reported a net profit of 0.51 billion yuan and a net profit after deducting non-recurring items of 0.38 billion yuan [4] Business Segments - The company’s lithium iron phosphate material production reached approximately 105,000 tons in H1 2025, with significant year-on-year improvement in profitability per ton. The high-pressure dense lithium iron phosphate materials have been applied in the mid-to-high-end passenger car market [10] - The automotive parts segment generated revenue of 1.837 billion yuan in H1 2025, with a gross margin of 22.68%. The slight decline in profitability is attributed to price pressures from end customers [10] - The robot business is focused on joint module components and has begun mass shipments in collaboration with partners [10] Future Outlook - The company anticipates price increases for lithium iron phosphate products in Q3, with a gradual increase in the proportion of high-pressure dense products, supporting an upward trend in profitability per ton. The robot business is expected to continue expanding, with ongoing collaborations with key manufacturers [10]

Investment Rating - The investment rating for the company is "Buy" with an upgrade noted in the report [10]. Core Viewpoints - The company, Beite Technology, is a leading domestic automotive parts manufacturer with strong technical accumulation in components such as compressors, steering gear racks, and shock absorber piston rods. The growth in the new energy vehicle market is expected to drive steady growth in the company's automotive parts business, with an anticipated increase in market share. Additionally, the company has strategically developed various screw products in the metal precision processing field, which is expected to become a second growth curve for the company, benefiting from the development wave of humanoid robots [3][6][8]. Summary by Sections Company Overview - Beite Technology has established technical barriers in the research and production of automotive chassis components, particularly in steering gear racks and shock absorber piston rods. The company has a rich product structure and maintains a leading position in segmented markets. Its main business includes three segments: chassis components, aluminum alloy lightweight products, and air conditioning compressors. The company is actively expanding into new business areas, including the establishment of subsidiaries focused on humanoid robot core components [6][17][19]. Market Demand and Growth - The company's main business in automotive parts is expected to grow due to the increasing market demand for new energy vehicle components. The company is enhancing its competitive advantage by collaborating with steel manufacturers to expand its product offerings. The demand for lightweight vehicles is becoming increasingly urgent as the penetration rate of new energy vehicles rises. The company is positioned to accelerate growth in its aluminum alloy business as production capacity comes online [7][48]. Humanoid Robot Industry - The humanoid robot market is poised for significant growth, with various manufacturers expected to ramp up production by 2025. The company has strategically positioned itself in the production of planetary roller screws, which are critical components for humanoid robots. The report anticipates that the company will achieve net profits of 117 million and 155 million yuan in 2025 and 2026, respectively, corresponding to PE ratios of 166 and 125 times [8][73]. Financial Performance - The company has demonstrated steady revenue growth, with a projected revenue of 2.024 billion yuan in 2024, reflecting a year-on-year increase of 7.57%. In the first half of 2025, the company reported total revenue of 1.113 billion yuan, a year-on-year increase of 14.71%. The net profit attributable to the parent company is expected to reach 71 million yuan in 2024, up 40.43% year-on-year, and 55 million yuan in the first half of 2025, up 45.14% year-on-year [27][29][68]. Competitive Position - The company has a stable shareholding structure, with the actual controller holding a significant portion of shares, ensuring stability in management. The company has also been expanding its overseas business, with export revenue accounting for 6.9% of total revenue in 2024, indicating a growing international presence [39][35]. Product Segmentation - The company's product revenue structure is diversified, with automotive chassis components accounting for 64.16%, air conditioning compressors 27.53%, and aluminum alloy lightweight products 8.31%. The company is focusing on enhancing its product offerings and expanding its market share in these segments [20][24].