Investment Rating - The report maintains a "Strong Buy" investment rating for TCL Electronics [1][3]. Core Views - The company is experiencing high short-term growth due to domestic subsidy policies and the resolution of uncertainties regarding export tariffs. The long-term outlook is positive, with expectations for continued market share growth in the global high-end market, advantages in global supply chain layout, and expansion of innovative businesses alongside cost efficiency improvements [1][6]. Financial Performance - In H1 2025, TCL Electronics achieved revenue of HKD 54.777 billion, a year-on-year increase of 20.4%. The net profit attributable to shareholders grew by 67.8% to HKD 1.09 billion, driven by significant growth in innovative businesses, particularly in the photovoltaic sector, and robust performance in the display business [6][12]. - The company's revenue is projected to reach HKD 79.111 billion in 2023, with a year-on-year growth of 11%, and is expected to grow to HKD 158.475 billion by 2027, reflecting a compound annual growth rate (CAGR) of approximately 15% [2][13]. Business Segments - The display business has shown significant results from its high-end strategy, with global TV shipments increasing by 7.6% to 13.46 million units in H1 2025. The Mini LED TV segment saw a remarkable growth of 176.1%, capturing a 28.7% market share globally [6][12]. - The innovative business segment, particularly the photovoltaic sector, reported a staggering revenue increase of 111.3% to HKD 11.136 billion, accounting for 20.4% of total revenue [6][12]. Valuation Metrics - The report indicates that the projected price-to-earnings (PE) ratio for 2025 is approximately 8.6x, and for 2026, it is expected to be around 7.1x, suggesting that the stock is undervalued relative to its growth prospects [2][14].

Investment Rating - The report initiates coverage with an "Accumulate" investment rating for the company [1] Core Views - The company, Xinji Energy, is a major energy enterprise backed by China Coal, holding 40% of the coal resources among the four major coal companies in Anhui Province. The company is experiencing stable growth in coal production and sales, and the commissioning of new power generation units in 2026 is expected to significantly enhance performance [1][6] - The company has a clear path for capacity expansion, with the reconstruction of the Yangcun coal mine expected to increase total capacity to 28.5 million tons per year. The company also holds multiple exploration rights, which may further enhance long-term capacity [6][33] - Xinji Energy's coal products are of high quality, with low sulfur and environmental characteristics, which support stable pricing. The company has maintained a high proportion of long-term contracts, which helps mitigate market price fluctuations [6][50] - The company has a robust reserve of power projects, with a favorable supply-demand balance in Anhui Province, leading to stable electricity prices and utilization hours. The commissioning of new power plants is anticipated to significantly boost profitability [6][50] - The company has demonstrated steady revenue growth, with a projected revenue of 12.73 billion yuan in 2024, and a net profit of 2.39 billion yuan, marking a 13.44% year-on-year increase. The company has a high dividend potential, with a dividend payout of 0.16 yuan per share in 2024 [6][7] Summary by Sections Section 1: Overview of Xinji Energy - Xinji Energy is a coal and power integrated enterprise in Anhui Province, backed by China Coal Group. The company operates five production mines with a total capacity of 23.5 million tons per year and has a total installed capacity of 3.344 million kilowatts in operation [12][1] Section 2: Coal Business - The company has rich coal resources, with a total resource reserve of 10.16 billion tons, accounting for 40% of Anhui's total. The company is expected to increase its production capacity to 28.5 million tons per year following the reconstruction of the Yangcun coal mine [6][33] - The company has improved its coal washing efficiency, achieving a washing rate of 90.51% in 2023, which supports stable sales and production [42][47] Section 3: Power Business - Xinji Energy's power generation units are primarily located in Anhui Province, where the demand for electricity is growing rapidly. The company has several power plants under construction, expected to add 4.64 million kilowatts of capacity by 2026 [6][50] Section 4: Financial Performance - The company has shown strong financial performance, with a projected revenue of 12.73 billion yuan in 2024 and a net profit of 2.39 billion yuan, reflecting a 13.44% increase year-on-year. The company has a high dividend payout ratio, indicating strong cash flow and profitability [6][7]

Investment Rating - The report maintains a strong buy rating for leading brands such as Li Ning and Anta Sports, focusing on their recovery in brand strength and multi-category operations [3][41]. Core Insights - The sportswear market is experiencing a slowdown in traditional brands, while niche segments like outdoor and sports fashion are growing rapidly, with brands like Descente and KOLON seeing growth rates exceeding 50% [3][14]. - The manufacturing sector is facing challenges with low efficiency in footwear production, while apparel manufacturers are performing better, and upstream raw material processing profits remain stable [3][66]. Summary by Sections Sports Footwear and Apparel - Revenue growth for traditional sports brands (Anta, Li Ning, Xtep, FILA) has slowed to single digits in 25H1 due to weak demand, particularly in offline markets, leading to a slight decline in profitability [1][14]. - Li Ning's revenue growth was 2.7%, Anta's was 11.6%, and Xtep's was 7.1%, indicating a trend of declining growth rates [15][21]. - The basketball category is under pressure, while running and cross-training categories continue to grow, with Li Ning's running category seeing a 15% increase [17][21]. - Online sales are growing faster than offline, with Li Ning's e-commerce growth in the high single digits and Anta's at 10% [21][24]. - Profitability is under pressure, with Li Ning's gross margin down 0.4 percentage points and Anta's down 0.7 percentage points [27][35]. Home Textiles - The big product strategy has driven revenue growth for brands like Water Mercury and Luolai, with Q2 revenue growth improving compared to Q1 [2][42]. - Gross margins have improved, but increased sales expenses have pressured net profit margins [48][49]. - Water Mercury's revenue growth was 1% in Q1 and 12% in Q2, while Luolai's was 1% and 7% respectively [42][48]. Men's Wear and Casual Wear - Revenue growth for men's wear brands has been relatively stable, with Q2 growth slightly better than Q1 [54][56]. - The net profit margin has been under pressure due to increased sales expenses, with brands like Hai Lan's Home and Semir facing significant declines in net profit [54][60]. Textile Manufacturing - Head manufacturers have seen strong revenue performance, with Huayi up 10%, Shenzhou up 15%, and Jingyuan up 11%, but profitability has been pressured due to mismatched production capacity [66][67]. - Upstream raw material processing remains stable, with expectations for overseas capacity to contribute positively [66][67]. Investment Recommendations - Focus on brands with strong recovery potential like Li Ning and Anta Sports, which are expanding their product lines and optimizing operations [3][41][66].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report The report focuses on the weekly situation of local government bonds in 2025, including the primary market issuance and secondary market trading, and analyzes the net financing, issuance term, issuance spread, capital investment, and trading volume and turnover rate of local government bonds [1][6]. 3. Summary According to the Catalog 3.1 Primary Market Issuance Situation - **Net Financing**: This week, the issuance of local government bonds was 934 billion yuan, the repayment was 567 billion yuan, and the net financing was 367 billion yuan, showing a decrease in net financing. The newly - added general bonds were 0 billion yuan, newly - added special bonds were 178 billion yuan, refinancing general bonds were 190 billion yuan, and refinancing special bonds were 564 billion yuan [1][10]. - **Issuance Term**: The issuance proportion of 5Y and 15Y local government bonds was the highest (26%) this week, and the proportion of 10Y and above decreased compared with last week. The issuance proportions of 7Y, 10Y, 15Y, 20Y, and 30Y local government bonds were 2%, 21%, 26%, 0.2%, and 18% respectively. The issuance proportions of 30Y and 15Y local government bonds increased significantly, while that of 20Y decreased significantly [1][12]. - **Debt - Resolution - Related Local Government Bonds**: No special refinancing bonds were issued this week. In 2025, 33 regions have disclosed plans to issue special bonds for replacing implicit debts, with a total of 1962.9 billion yuan. Jiangsu, Hunan, Guizhou, and Sichuan plan to issue 251.1 billion yuan, 128.8 billion yuan, 115.5 billion yuan, and 114.8 billion yuan respectively [15]. - **Issuance Spread**: The weighted average issuance spread of local government bonds this week was 20.1bp, narrowing compared with last week. The weighted average issuance spread of 15Y local government bonds was the highest, reaching 26.6bp. The weighted average issuance spreads of 10Y, 15Y, 20Y, and 30Y local government bonds narrowed, while those of other terms widened. There was significant regional differentiation, with Hebei and Henan having higher spreads and Shandong, Heilongjiang, and Hubei having relatively lower spreads [2][23]. - **Capital Investment of Raised Funds**: As of the end of this week, the main investment directions of newly - added special bonds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (25%), social undertakings (18%), affordable housing projects (17%), transportation infrastructure (15%), and land reserve (12%). The proportion of land reserve investment increased by 11.6% compared with 2024, while that of cold - chain logistics, municipal and industrial park infrastructure construction decreased by 12.0% [2][28]. - **Issuance Plan**: As of the end of this week, 35 regions have disclosed the issuance plan of local government bonds in the third quarter of 2025. Considering the actual issuance in July, the total planned issuance in the third quarter is expected to reach 2.9 trillion yuan, with 1006.9 billion yuan planned for August. New bonds and refinancing bonds are planned to be issued 1828.9 billion yuan and 1111.1 billion yuan respectively. Beijing has disclosed that it will issue 42 billion yuan of local government bonds in October. Next week, the planned issuance of local government bonds is 3017 billion yuan, the repayment is 1089 billion yuan, and the net financing is 1928 billion yuan, an increase of 1561 billion yuan compared with this week [3][30]. 3.2 Secondary Market Situation - **Secondary Spread**: The secondary spread of 15Y local government bonds was relatively high this week, and the secondary spreads of 15Y, 20Y, 1Y, and 3Y local government bonds narrowed. The secondary spread of 15Y local government bonds reached 16.9bp. In terms of the historical quantile in the past three years, the historical quantile of the secondary spread of 5Y local government bonds was relatively high, reaching 45%. Regionally, the secondary spreads of 10 - 15Y local government bonds in medium - level regions were relatively high, and the 3Y - 5Y local government bonds in each region and the 10 - 15Y local government bonds in strong regions also had relatively high secondary spreads [6][34]. - **Trading Volume and Turnover Rate**: This week, the trading volume and turnover rate of local government bonds decreased compared with last week, and the turnover rate of Jiangsu's local government bonds was relatively high. The trading volume of local government bonds this week reached 367.5 billion yuan, with a turnover rate of 0.69%. Jiangsu, Anhui, Sichuan, and Inner Mongolia had large trading volumes, with 98.4 billion yuan, 27.1 billion yuan, 25.4 billion yuan, and 21 billion yuan respectively. The turnover rate of Jiangsu's local government bonds was the highest, reaching 2.9%, higher than 1.6% in Inner Mongolia and 1.3% in Anhui [6][39].

Investment Rating - The report maintains a "Buy" investment rating for the company [4]. Core Views - The report highlights the company's innovative transformation strategy in the pharmaceutical sector, with several key products like FRα-ADC (ELAHERS) already launched. It suggests monitoring the clinical data and potential business development (BD) opportunities for self-developed oral small molecule GLP-1, dual-target, and tri-target therapies [1][7]. Financial Data and Valuation - The company is projected to achieve total revenue of 41.9 billion yuan in 2024, with a year-on-year growth of 3%. The net profit attributable to shareholders is expected to reach 3.51 billion yuan, reflecting a 24% increase compared to the previous year [3][17]. - The earnings per share (EPS) for 2025 is estimated at 2.23 yuan, with a price-to-earnings (PE) ratio of 19.6 [3][4]. - The company’s total market capitalization is approximately 76.8 billion yuan, with a return on equity (ROE) of 15.3% [4]. Business Segments - The pharmaceutical manufacturing segment generated revenue of 15.8 billion yuan in 2024, accounting for 38% of total revenue, with an 8% year-on-year growth [24]. - The pharmaceutical commercial segment achieved revenue of 28.5 billion yuan, representing 68% of total revenue, with a 3% increase from the previous year [24][29]. - The medical aesthetics segment reported a revenue of 2.3 billion yuan, which is a 5% decrease compared to the previous year [24]. Innovation and R&D - The company has over 80 innovative drug projects in its pipeline, focusing on oncology, autoimmune diseases, and endocrine disorders. The report emphasizes the importance of self-developed GLP-1 receptor agonists and ADC products in driving future growth [34][35]. - The company’s R&D expenditure for 2024 is projected to be 1.8 billion yuan, accounting for 13% of the pharmaceutical manufacturing revenue [33]. Market Trends - The report notes a significant increase in the prevalence of overweight and obesity in China, predicting that by 2030, 65.3% of the adult population will be overweight or obese, which will drive demand for related medical treatments [40][41]. - The GLP-1 receptor agonists are highlighted as a promising treatment for type 2 diabetes and obesity, with better long-term efficacy compared to traditional insulin therapies [43][44].

Group 1: Steel Production Indicators - The rebar steel mill operating rate is 42.3%, down 2.29 percentage points month-on-month[18] - The hot-rolled steel operating rate is 76.56%, down 3.13 percentage points month-on-month[26] - The iron water output is 228.84 tons, down 112.9 thousand tons month-on-month[85] Group 2: Real Estate Market - The transaction area of commercial housing in 30 cities has been below 2 million square meters for 9 consecutive weeks[51] - The listing price of second-hand houses has increased by 50% compared to early 2015, while the listing volume is only about 10% of the end of 2014[54] Group 3: Export and Price Trends - The export container shipping price index in Shanghai and Ningbo has shown signs of stabilization in the past two weeks[4] - The average price of cement in East China is 422 yuan/ton, down 11 yuan/ton month-on-month[101] - The rebar price index has decreased by 47 yuan/ton to 3295.8 yuan/ton[109]

❑ 【中美 AI 估值对照】在产业链的角度拆分，中国 AI 行业的特点在于上游、中 游、下游分层明显。上游算力与基础环节正在国产替代背景下快速突破，中游头 部互联网与云厂商已初步建立护城河，下游垂直 AI 应用正进入规模化落地阶段。 从投资与估值角度看，中国 AI 产业链不同环节对应的估值锚点存在差异。上游 基础设施企业通常采用 "产能扩张 × 政策补贴 × 长期供给缺口" 作为核心估值 逻辑，企业估值与资本开支和算力国产化进展高度相关。中游 AI 基础大模型和平 台企业更接近互联网 SaaS 的估值框架，以 "用户数 × 平台订阅/算力租赁单价 × 增长率" 为主要逻辑，短期仍需关注商业化确定性。下游应用型企业的估值锚 点则是 "行业渗透率 × 单客价值 × 可复制性"，往往依赖与特定行业的长期合同 和落地案例。 ❑ 风险提示：产业发展不及预期，政策支持力度不及预期。 定期报告 相关报告 1、反内卷政策预期与现实传导、 期货、现货与股票的价量联动 ——策略阳谋（二） 2、从产能优化到增长为本，供 给侧改革与"反内卷"联动研究 ——策略阳谋（一） 证券研究报告 | 策略专题报告 2025 年 09 月 08 ...

证券研究报告 | 行业点评报告 2025 年 09 月 08 日 百草枯、丙烯酸甲酯价格涨幅居前，建议关注草甘膦行业 招商化工行业周报 2025 年 9 月第 1 周 周期/化工 本报告阐述了基础化工板块一周行情走势、产品价格及价差变化、重点推荐子 行业及公司。 板块整体走势 9 月第 1 周化工板块（申万）下跌 1.36%，上证 A 指下跌 1.17%，板块落后 大盘 0.19 个百分点。涨幅排名前 5 的个股分别为：大东南（+27.09%），领 湃科技（+19.28%），天赐材料（+18.41%），同大股份（+14.64%），丰元 股份（+13.87%）；跌幅排名前 5 的个股分别为：安利股份（-13.86%），广 信材料（-12.67%），再升科技（-11.58%），东材科技（-10.61%），云南 能投（-10.47%）。此外，本周化工板块（申万）动态 PE 为 25.10 倍，高于 2015 年来的平均 PE 11.42%。 细分子行业走势 9 月第 1 周化工行业 11 个子行业上涨，21 个子行业下跌。上涨子行业前五是： 钾肥（+6.03%），改性塑料（+3.92%），其他化学制品（+3.89% ...

证券研究报告 | 金融工程 2025 年 09 月 08 日 300ESG 选股策略组合八月超额收益 3% ESG 选股策略 2025 年 9 月定期跟踪报告 风险提示：本报告结果通过历史数据统计、建模和测算完成，在政策、市场环境 发生变化时模型存在失效的风险；本报告所提及个股仅表示与相关主题有一定关 联性，不构成任何投资建议。 任瞳 S1090519080004 rentong@cmschina.com.cn 麦元勋 S1090519090003 maiyuanxun@cmschina.com.cn 李世杰 S1090524070006 lishijie1@cmschina.com.cn 专题报告 敬请阅读末页的重要说明 ❑ 在当前传统基本面因子日渐拥挤的环境下，作为近年备受关注的一种另类因 子，ESG 因子能够从非基本面的角度评价上市公司在环境、社会、治理三方面 的综合表现，有望成为 A 股市场新的 Alpha 来源； ❑ 根据我们过去的研究，ESG 评价得分能够通过改善上市公司盈利现金流、特质 性风险以及资本成本三条路径，对股票未来估值产生显著的正向影响； ❑ 基于 ESG 综合评价指标，招商证券量化研 ...

证券研究报告 | 债券专题报告 2025 年 9 月 8 日 中短端信用债相对占优 ——信用债策略周报 一、信用利差整体表现分化，短端利差大多收窄 上周各期限信用债收益率大多下行，信用利差整体表现分化，长久期利差大多 走阔，中短久期利差大多收窄。3 年期各评级中短票利差全周累计收窄 2bp 以 内，7 年期各评级中短票利差走阔约 0.4bp。分品种来看，二永债利差大多收窄， 银行永续债短端利差收窄幅度大于其他信用品种：1）城投债：上周城投债信用 利差表现分化。7 年期 AA 级城投债利差走阔幅度最大，约 3bp；1 年期各评级 和 5 年期中高评级城投债利差均收窄；2）金融债：上周二永债信用利差大多收 窄。其中 1 年期和 3 年期二永债利差收窄幅度较大，5 年期和 7 年期各评级二 永债利差表现分化，其中 7 年期高评级二永债利差走阔幅度较大，约 1.3bp。 二、信用债二级成交情况：整体换手率有所回落，各品种 TKN 占比大多下降 上周信用债整体换手率从前周的 1.93%降至 1.63%（降幅 0.3 个百分点），反 映市场交投活跃度有所走弱。与过去三年相比，2025 年换手率处于中等水平， 近期呈现下行 ...