Investment Rating - The investment rating for the industry is "Strong Buy" for several key companies, including Ningde Times, Yiwei Lithium Energy, and Sungrow Power Supply [4]. Core Insights - The overseas energy storage market is showing significant growth, particularly in non-US markets such as Europe and Australia, driven by large auctions and supportive policies [2][9]. - Tesla's energy storage revenue reached $2.789 billion in Q2 2025, with a gross profit of $846 million, while Fluence's revenue was $603 million, with over 50% coming from international markets [2][9]. - The European commercial storage market is expanding rapidly, with Solaredge achieving record sales in Q2 2025, and the Australian household storage market benefiting from subsidy policies [3][34]. Summary by Sections Section 1: Overseas Large-Scale Storage Market - Tesla's energy storage revenue in Q2 2025 was $2.789 billion, a year-over-year decrease of 7% but a quarter-over-quarter increase of 2% [2]. - Fluence's revenue reached $603 million, with a year-over-year increase of 25% and a quarter-over-quarter increase of 40%, with over half of its international business revenue coming from non-US markets [2][9]. - The demand in non-US markets, particularly in Australia and Italy, is significantly increasing due to large auctions and supportive policies [2][10]. Section 2: European and Australian Storage Performance - Solaredge's revenue for household storage was $289 million, with year-over-year and quarter-over-quarter increases of 9% and 32%, respectively [3]. - Enphase reported revenue of $363 million in Q2 2025, with guidance for Q3 between $330 million and $370 million [3]. - The European commercial storage market is growing rapidly, supported by price reductions in the supply chain and the promotion of dynamic pricing [34]. Section 3: Key Companies and Financial Metrics - Ningde Times has a market capitalization of 176.05 billion yuan, with a strong buy rating and expected EPS growth [4]. - Yiwei Lithium Energy and Sungrow Power Supply also received strong buy ratings, indicating robust growth potential in the energy storage sector [4]. - The overall market capitalization of the industry is 732.16 billion yuan, with 303 listed companies [5].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The report indicates that 5Y and 7Y local bonds are cost - effective, and conducts a comprehensive analysis of the primary and secondary markets of local bonds, including net financing, issuance terms, issuance spreads, secondary spreads, and trading volume [1]. 3. Summary by Directory 3.1 Primary Market Situation - **Net Financing**: This week, local bonds issued a total of 103 billion yuan, with a net repayment of 246 billion yuan due to a repayment amount of 348 billion yuan. The issued bonds were all refinancing general bonds [1][9]. - **Issuance Term**: The 7Y local bond issuance accounted for the highest proportion (54%) this week, with the 10Y and above issuance accounting for 46%. The 7Y local bond issuance proportion increased by about 50 percentage points compared to last week, while the 10Y decreased by about 24 percentage points [1][12]. - **Debt - Resolution - Related Local Bonds**: No special refinancing bonds were issued this week. In 2025, 33 regions have disclosed plans to issue a total of 2001.9 billion yuan in special bonds to replace hidden debts, with Jiangsu, Hunan, Guizhou, and Henan having 251.1 billion, 128.8 billion, 127.1 billion, and 115.1 billion yuan respectively. As of the end of this week, the disclosed and issued scales of special special - purpose bonds in 2025 are 1206 billion and 1202.9 billion yuan respectively [2][15][20]. - **Issuance Spread**: The weighted average issuance spread of local bonds this week was 18.9bp, narrowing compared to last week. The 10Y local bond had the highest weighted average issuance spread at 21.9bp, and the spreads of 7Y and 10Y local bonds both narrowed. Only Anhui issued local bonds this week [1][25]. - **Raised Funds Allocation**: As of the end of this week, the main allocation directions of newly - added special - purpose bond funds in 2025 are cold - chain logistics, municipal and industrial park infrastructure construction (29%), transportation infrastructure (18%), land reserve (14%), affordable housing projects (12%), and social undertakings (12%). The proportion of land reserve allocation increased by 14.2% compared to 2024, while that of cold - chain logistics, municipal and industrial park infrastructure construction decreased by 7.5% [2][26]. - **Issuance Plan**: As of the end of this week, 35 regions have disclosed their local bond issuance plans for the fourth quarter of 2025, with a total planned issuance scale of 896.6 billion yuan, of which 544.8 billion yuan is for October. The planned issuance amounts of new bonds and refinancing bonds in the fourth quarter are 556.7 billion and 339.8 billion yuan respectively. Next week, local bonds are planned to be issued at 32.3 billion yuan, with a repayment amount of 52.1 billion yuan and a net repayment of 19.8 billion yuan, a 4.8 - billion - yuan increase from the previous week [3][30][34]. 3.2 Secondary Market Situation - **Secondary Spread**: This week, the secondary spreads of 5Y and 10Y local bonds were relatively high, reaching 17.5bp and 17bp respectively. The secondary spreads of 30Y, 3Y, 20Y, and 15Y local bonds narrowed, while those of other maturities widened. In terms of historical quantiles in the past three years, the secondary spreads of 5Y and 7Y local bonds were at relatively high levels, reaching 76% and 74% respectively. Regionally, the secondary spreads of 5Y - 15Y local bonds in each region were relatively high, all greater than or close to 15bp, and the 15Y - 20Y local bonds in medium - level regions also had relatively high secondary spreads [4][5]. - **Trading Volume**: Due to the holiday, the trading volume and turnover rate of local bonds decreased compared to last week. The trading volume of local bonds this week was 91.3 billion yuan, with a turnover rate of 0.17%. Guangdong had a large trading volume of 12.7 billion yuan, and Ningxia had the highest turnover rate at 2.2% [5].

Investment Rating - The report maintains a positive outlook on the chemical industry, suggesting to focus on phosphate mining and self-controlled new materials [5][6]. Core Insights - The chemical sector experienced a 4.62% increase in the second week of October, outperforming the Shanghai A-share index by 2.82 percentage points [2][12]. - Key stocks that led the gains include Chengxing Co. (+26.15%), Hebang Bio (+17.8%), and Shida Shenghua (+16.28%) [2][12]. - The report highlights the significant price increases in hydrogen peroxide (+5.53%) and isopropanol (+4.5%) among other chemicals [4][18]. - It recommends paying attention to companies with phosphate resources and those involved in the production of critical materials like photoresists [5]. Industry Performance - In the second week of October, 29 out of 32 sub-industries in the chemical sector saw price increases, with phosphate chemicals and phosphates leading at +8.71% [3][15]. - The dynamic PE ratio for the chemical sector is reported at 26.40 times, significantly above the average PE of 17.05 since 2015 [2][12]. Price and Spread Trends - The top five products with the highest weekly price increases include liquid chlorine (+58.91%) and hydrogen peroxide (+5.53%) [4][18]. - The report also notes significant changes in price spreads, with the melamine spread increasing by +522.86% [39][41]. Inventory Changes - Notable inventory increases were observed in methanol (+21.97%) and ethylene glycol (+19.55%) [5][64].

Investment Rating - The industry maintains a "Recommended" rating, indicating a positive outlook for the industry fundamentals and expectations for the industry index to outperform the benchmark index [6]. Core Insights - The average daily signed area for second-hand houses is higher than the same period in 2020, while both new and second-hand house signed areas show significant year-on-year declines [1][18]. - The report highlights that the net rental yield and mortgage rate spread is a key observation point for total demand stabilization in both new and second-hand housing markets [4]. - The report emphasizes the importance of focusing on reasonable valuation ranges for investment, suggesting that the adjusted price-to-book (PB) ratio for the sector is approximately 1.2 times, while the top five real estate companies have an average adjusted PB of about 0.7 times [4]. Summary by Sections New Housing Market - The year-on-year decline in new housing signed area has expanded, with the current levels being lower than the past four years [8][10]. - The signed area for new houses in sample cities shows a significant year-on-year decrease of 40% [3]. Second-Hand Housing Market - The year-on-year signed area for second-hand houses has turned negative, with a decline of 49% compared to the previous year [3][13]. - The average viewing numbers for second-hand houses in 12 sample cities have decreased by 3.3% month-on-month, indicating a contraction in market activity [4][42]. Land Acquisition - The cumulative land transaction area from January to September 2025 shows a year-on-year decline of 9%, while the average transaction price has increased by 17% [21]. - The report notes a decrease in the proportion of properties with rising listing prices, indicating a tightening market [4][50]. Inventory and Market Dynamics - The report indicates that the unsold inventory and the turnover cycle for unsold properties have increased compared to July, suggesting a growing backlog in the market [31][34]. - The liquidity outlook suggests a tightening in macro-level liquidity, which may impact market conditions moving forward [48].

Investment Rating - The report provides a strong buy recommendation for several companies in the HVDC and power equipment sector, including Kehua Data, Kstar, Sungrow, and others [3][8]. Core Insights - The report highlights the transition from traditional UPS systems to HVDC as a key trend for powering large data centers, driven by increasing ICT equipment power density and the limitations of existing UPS technology [1][9]. - It emphasizes the opportunity for Chinese companies to participate in the HVDC supply chain, particularly as overseas firms seek collaboration and outsourcing due to the rapid evolution of technology [1][43]. Industry Overview - The industry consists of 303 listed companies with a total market capitalization of 7,321.6 billion [4]. - The absolute performance of the power equipment and new energy sector has shown significant growth, with a 12-month increase of 45.3% [6]. Key Companies and Financial Metrics - Kehua Data (002335.SZ): Market Cap 35.6 billion, 2025 EPS 1.18, PE 58.3, Investment Rating: Strong Buy [3]. - Kstar (002518.SZ): Market Cap 24.4 billion, 2025 EPS 0.99, PE 42.2, Investment Rating: Strong Buy [3]. - Sungrow (300274.SZ): Market Cap 303.8 billion, 2025 EPS 6.59, PE 22.2, Investment Rating: Strong Buy [3]. - Other notable companies include Megmeet, Shenghong, and Hewei Electric, all receiving strong buy ratings [3][8]. HVDC Technology Adoption - The report discusses the shift towards HVDC systems as a more efficient alternative to UPS, particularly for large-scale data centers, highlighting the advantages of reduced energy conversion losses and lower copper usage [31][34]. - It notes that the efficiency of HVDC systems can be 2-3% higher than traditional UPS systems, with significant reductions in copper requirements [31][34]. Opportunities for Chinese Companies - The report identifies potential opportunities for Chinese firms to engage in OEM and direct supply for HVDC systems, as established overseas companies look to leverage local expertise and manufacturing capabilities [1][54]. - Companies like Kehua Data, Megmeet, and Kstar are positioned to benefit from this trend due to their existing technological capabilities and market presence [55][56]. Related Companies - The report highlights several companies involved in HVDC technology and related components, including: - Kehua Data: Leading in HVDC solutions for various data center applications [55]. - Megmeet: Established in server power supply and expanding into HVDC [56]. - Kstar: Strong background in power electronics and renewable energy solutions [57]. - Sungrow: Notable for its global leadership in power electronics and potential in HVDC [58]. - Hewei Electric: Focused on high-power electronics and emerging HVDC applications [61].

Investment Rating - The report maintains a recommendation for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Insights - The report highlights the upcoming Q3 performance period and suggests a focus on valuation shifts in thriving sectors such as beverages, snacks, and pet products [13][14]. - It notes that the consumption sector has shown relative weakness, but low valuations may attract investment [13]. - The report emphasizes the stable growth of key companies like Shanxi Fenjiu and Wuliangye, with the latter's major shareholder completing a significant share buyback, reflecting confidence in the company [2][3]. Summary by Sections Core Company Tracking - Shanxi Fenjiu's "Glass Fen" series is experiencing steady growth, with plans to expand into markets with weaker consumption atmospheres [10]. - Wuliangye's major shareholder has completed a buyback of shares worth over 800 million yuan, increasing their stake to 55.1% [3]. - Chongqing Beer is expected to continue gaining market share in China, with a current market share of 9%, up from 6% in 2017 [11]. - Qiaqia Foods has seen improved sales in September, with expectations of a slight recovery in gross margin for Q3 [12]. Investment Recommendations - The report recommends focusing on growth stocks in the snack sector, particularly Ximai Foods and Wei Long [14]. - It continues to recommend leading companies in the Hong Kong market such as Nongfu Spring and H&H International Holdings, while suggesting attention to Haitian Flavoring [14]. - In the new consumption sector, it highlights Zhongchong Co., Guibao Pet, and Bairun Co., with additional recommendations for Yuanfei Pet and Petty Co. [14]. - Traditional consumption is entering a configuration phase, with a focus on leading liquor brands like Shanxi Fenjiu, Luzhou Laojiao, and Guizhou Moutai [14].

证券研究报告 | 金融工程 2025 年 10 月 12 日 短期扰动不改看好观点 ——A 股趋势与风格定量观察 20251012 1. 当前市场观察 ❑ 节后两日市场先涨后跌，成长风格明显回调，价值风格逆势上涨。具体来 看，万得全 A 指数下跌 0.36%，上证 50、沪深 300、中证 1000 分别下跌约 0.47%、0.51%、0.54%。国证价值上涨约 1.52%，而国证成长下跌约 1.41%，创业板指、科创 50 分别下跌约 3.85%、2.85%。 ❑ 择时观点上，10 月 10 日夜间中美摩擦再度升级，下周一权益市场大概率走 弱，不过从历史统计上来看，类似事件发生后 5 日内权益资产大概率会有所 修复，结合当前交易情绪仍偏强，我们认为短期扰动并不会改变前期对 A 股 市场震荡看好的观点。具体来看，我们统计了 2018 年以来包括中美贸易摩 擦、疫情、地缘冲突等事件发生当日、5 日、20 日内股、债、商、汇、权益 风格走势，可以发现利空事件发生当日 A 股、港股、美股均有较为明显的回 调（万得全 A 与恒生科技平均跌幅为 3.80%和 4.94%），顺周期的商品如铜 也会明显走低（平均跌幅 2. ...

Investment Rating - The report assigns a "Buy" rating for the company, predicting a net profit of 850 million yuan for 2025 [2]. Core Insights - The company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 4.02 billion, 480 million, and 460 million yuan respectively in the first half of 2025, representing year-on-year growth of 15.6%, 12.4%, and 12.7% [1]. - The company is experiencing high growth in net orders, particularly in the AIDC sector, with significant contributions from new energy and power equipment [1][8]. - The SST solutions have been successfully applied in direct current distribution network projects, enhancing the company's capabilities in the AIDC field [8]. Financial Data and Valuation - Total revenue is projected to grow from 5.751 billion yuan in 2023 to 11.639 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 17% [3][20]. - The net profit attributable to shareholders is expected to increase from 627 million yuan in 2023 to 1.148 billion yuan in 2027, reflecting a CAGR of about 16% [3][20]. - The company's PE ratio is forecasted to decrease from 29.9 in 2023 to 16.4 in 2027, indicating improving valuation metrics [4][20]. Business Performance - The company reported a sales gross margin of 30.5% in the first half of 2025, a decrease of 2.9 percentage points year-on-year, primarily due to lower margins in the power plant and industrial automation sectors [8][10]. - New energy generation and secondary equipment orders have shown strong performance, with new orders in the secondary equipment segment growing approximately 15% [8]. - The company has made significant strides in new business areas, including power electronics and AI applications in the power sector, which are beginning to contribute to revenue growth [8].

证券研究报告 | 行业定期报告 2025 年 10 月 12 日 关税问题再次升级，短期如有调整带来买入良机 金属行业周报 周期/金属及材料 由于特朗普关税威胁，美股大跌，工业金属价格本周大涨，周五大幅回落。本 周贵金属冲高之后横盘，周五冲高。4 月美国关税超预期，市场经历过压力测 试，预计本次对工业金属压力相对可控。我们认为以铜为代表的有色金属大叙 事不改，短期调整是加仓的机会。周四连发四文全方位升级稀土出口管制，看 好稀土的战略地位提升。我们持续看好有色资源股，调整买入。重点关注铜金 银铝钴稀土钨锑镍铀等品种。此外，关注科技成长相关新材料标的。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 236 | 4.6 | | 总市值（十亿元） | 6038.2 | 5.8 | | 流通市值（十亿元） | 5646.1 | 5.9 | 行业指数 | % | 1m | 6m | 12m | | --- | --- | --- | --- | | 绝对表现 | 7.4 | 59.4 | 62.2 | | 相对表现 | 3.6 | 35.8 | 46.8 ...

Investment Rating - The report maintains a positive investment rating for the transportation industry, highlighting potential rebound opportunities in various sectors [4]. Core Insights - The report emphasizes the recovery of shipping rates post-holiday, the impact of US-China tariff disputes on shipping prices, and the potential for price recovery in the aviation sector due to increased travel demand [1][14]. - It identifies key investment opportunities in infrastructure and logistics, particularly in companies with attractive dividend yields and stable earnings [16][18]. Shipping - Post-holiday shipping rates have shown recovery, with the SCFI for the US East route increasing by 2.8% to $2452/FEU, and the European route rising by 10% to $1068/TEU [12]. - The report notes that the US-China tariff disputes are causing short-term fluctuations in shipping rates, particularly affecting oil tankers [14]. - Recommendations include focusing on companies like COSCO Shipping Energy and China Merchants Energy due to expected benefits from these market dynamics [14]. Infrastructure - The report indicates that highway stocks have fallen to a dividend yield of over 5%, suggesting potential for a rebound if market sentiment shifts [16]. - Weekly data shows a 27.6% decrease in truck traffic, while rail freight increased by 0.95% [15][16]. - Key recommended stocks include China Merchants Highway, Anhui Expressway, and Qingdao Port [16]. Express Delivery - The express delivery sector is experiencing a stable growth rate, with a 12.3% year-on-year increase in business volume in August 2025 [17]. - The report highlights the "anti-involution" policy that is expected to ease price competition and improve valuations in the sector [18]. - Recommended stocks include ZTO Express, YTO Express, and SF Express, with a focus on price performance during the peak season [18]. Aviation - The aviation sector is seeing a recovery in passenger numbers, with a 3.9% year-on-year increase during the holiday period [19]. - The report suggests that the low base effect in Q4 could lead to price recovery opportunities for airlines [19]. - Recommended airlines include Air China, China Southern Airlines, and Spring Airlines [19]. Logistics - The logistics sector is showing signs of improvement, with a slight increase in cross-border transport volumes and stable short-haul freight rates [21]. - The report notes that the logistics market is benefiting from increased demand and improved operational efficiencies [21].