Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Insights - The USDA supply and demand report indicates an increase in U.S. corn acreage and yield, with global corn production (excluding China) forecasted to rise by 24.92 million tons to 990 million tons for the 2025/26 season, a year-on-year increase of 51.69 million tons [11] - U.S. soybean planting area has been unexpectedly reduced, with production estimates down by 1.29 million tons to 40.5 million tons, while the yield is projected to reach a record 53.6 bushels per acre [19] - Favorable weather conditions have improved EU wheat yields, but global wheat stock-to-use ratio has been revised down [29][30] Summary by Sections Corn - The USDA report raised the global corn production estimate (excluding China) for 2025/26 by 24.92 million tons to 990 million tons, with U.S. corn acreage up by 1.15 million acres and yield forecasted at a record 188.8 bushels per acre, potentially reaching a total of 42.5 million tons [11] - The ending stocks for global corn (excluding China) are projected to be 10.4 million tons, with a stock-to-use ratio of 10.8%, up 1 percentage point [11] Soybeans - The global soybean production estimate (excluding China) for 2025/26 has been reduced by 1.29 million tons to 40.5 million tons, with U.S. production down by 1.16 million tons to 11.7 million tons, reflecting a 2% year-on-year decrease [19] - The ending stocks for global soybeans (excluding China) are estimated at 8.152 million tons, with a stock-to-use ratio of 27.9%, down 0.4 percentage points month-on-month [19] Wheat - The global wheat production estimate (excluding China) for 2025/26 has been increased by 350,000 tons to 667 million tons, with U.S. production slightly down by 40,000 tons to 52.45 million tons [29] - The ending stocks for global wheat (excluding China) are projected to be 13.53 million tons, with a stock-to-use ratio of 20.5%, down 0.3 percentage points [30] Investment Recommendations - In the context of extreme weather and geopolitical tensions affecting grain prices, the report emphasizes the importance of seed source control for national food security, recommending focus on leading seed companies with transgenic advantages such as Longping High-Tech, Dabeinong, and Qianyinhai [38]

Market Overview - The Shanghai Composite Index fell by 0.5%, while the CSI 300 decreased by 0.1%. The STAR Market 50 rose by 0.7%, the CSI 1000 dropped by 1.2%, the ChiNext Index declined by 1.1%, and the Hang Seng Index decreased by 0.4% [3][4] - The best-performing sectors included non-bank financials (+0.6%), banks (-0.0%), food and beverage (-0.2%), home appliances (-0.3%), and real estate (-0.5%). The worst-performing sectors were comprehensive (-2.7%), defense and military (-2.2%), telecommunications (-2.1%), steel (-2.0%), and textiles and apparel (-1.7%) [3][4] - The total trading volume in the Shanghai and Shenzhen markets was 22,792 billion, with a net inflow of 1.03 billion Hong Kong dollars from southbound funds [3][4] Key Insights - The macroeconomic research indicates a rise in funds and a transition phase, highlighting government leverage and the non-bankization of deposits. The market anticipates a favorable financial data outlook [5] - The credit growth is gradually slowing, reflecting a structural transformation in the economy, leading to a shift in credit demand and a positive substitution for direct financing. Future evaluations of financial support should focus more on the effectiveness of interest rate reductions, indicating a new characteristic of "government increasing leverage, enterprises stabilizing leverage, and residents appropriately deleveraging" [5] - A forward-looking perspective suggests paying attention to new characteristics in financial data and the migration of residents' deposits [5]

Investment Rating - The investment rating for the company is upgraded to "Buy" [6] Core Views - The company is expected to experience a reversal in its performance, with the new product "Dazhen" potentially becoming a significant growth driver, leading to a mid-term revenue target of 6 billion [2][4] - The company anticipates a 39%-40% decline in adjusted net profit for the first half of 2025, which is viewed as the low point of the current adjustment period, with expectations for performance improvement in 2026 [5][10] Summary by Sections Company Overview - The company is positioned as a leading producer of sauce-flavored liquor, with a focus on innovative marketing and product strategies to drive growth [1] Product Innovation - "Dazhen" is designed to compete with top-tier products like Feitian Moutai, featuring minimalist packaging and strong brand recognition [2][3] Marketing Strategy - The marketing approach includes scenario-based marketing, short video promotions, and leveraging cultural heritage through celebrity endorsements [3][4] Financial Projections - Revenue for 2025 is projected to decline by 28.94%, with a recovery expected in 2026 at a growth rate of 29.51% [11] - The company forecasts a net profit decline of 21.35% in 2025, followed by a rebound of 43.03% in 2026 [11] Market Position - The company aims to establish "Dazhen" as a new consumption product in the liquor market, with significant growth potential and a unique distribution model [2][4]

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - In the first half of 2025, the company achieved a revenue of 950 million yuan, representing a year-on-year growth of 10.5%, while the net profit attributable to shareholders decreased by 7.3% to 37.67 million yuan. However, the net profit excluding non-recurring items increased by 18.9% to 38.49 million yuan [1] - The company is expanding into multi-modal flexible sensors, which are expected to open new growth avenues in sectors such as robotics, healthcare, and consumer electronics [3] - The company has a strong foothold in the adhesive materials industry, with plans to ramp up production capacity significantly, targeting revenues of no less than 1.6 billion yuan in 2024 and 2.3 billion yuan in 2026, with a compound annual growth rate of 14% [4] Financial Performance - The gross margin for the first half of 2025 was 16.6%, a decrease of 0.43 percentage points year-on-year, while the net profit margin was 4.15%, down 0.72 percentage points [2] - The company forecasts net profits of 82.3 million yuan in 2025, 120.78 million yuan in 2026, and 159.19 million yuan in 2027, with respective growth rates of 23%, 47%, and 32% [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - Micron's exit from the mobile NAND market is driven by strategic focus and alignment with industry trends, rather than solely profitability concerns [2] - The storage industry is witnessing a shift where wafer manufacturers focus on front-end processes, allowing storage solution providers to enhance their value by developing customized solutions [3] - The exit of Micron, a leading manufacturer, will improve the competitive landscape and create new demand redistribution dynamics within the industry [3] Summary by Sections Micron's Market Exit - Micron has announced significant layoffs in its UFS and eMMC departments, ceasing the development of mobile NAND products due to poor financial performance and slower growth compared to other NAND opportunities [1] - The decision reflects a broader trend where mobile NAND is increasingly customized, with phone manufacturers procuring wafers and outsourcing the design and production of storage solutions [2] Industry Trends - The storage industry is evolving, with major wafer manufacturers concentrating on front-end processes, thus providing more opportunities for storage solution providers to engage directly with clients [3] - The demand for high-performance, high-speed, and high-capacity storage solutions is expected to rise, particularly in the AI era, leading to greater value for solution providers [3] Beneficiaries of the Shift - Storage solution providers, particularly those with a high proportion of embedded storage, such as Jiangbolong and Baiwei Storage, are positioned to benefit from the favorable industry trends following Micron's exit [4]

Market Overview - On August 13, the Shanghai Composite Index rose by 0.48%, the CSI 300 increased by 0.79%, the STAR 50 gained 0.74%, the CSI 1000 climbed 1.45%, the ChiNext Index surged 3.62%, and the Hang Seng Index went up by 2.58% [4][5]. - The best-performing sectors on August 13 were telecommunications (+4.91%), non-ferrous metals (+2.37%), electronics (+2.01%), pharmaceutical biology (+1.73%), and electric power equipment (+1.66%). The worst-performing sectors included banking (-1.06%), coal (-0.81%), food and beverage (-0.42%), textiles and apparel (-0.4%), and public utilities (-0.2%) [4][5]. - The total trading volume for the A-share market on August 13 was 21,752.11 billion yuan, with a net outflow of 8.277 billion Hong Kong dollars from southbound funds [4][5]. Important Recommendations - The report highlights the company "ThinkScan Technology" (688583) as a leader in 3D laser scanning technology, emphasizing its potential for global competitiveness [6]. - The recommendation logic is based on the belief that 3D laser scanning is a high-growth new industry with significant potential, contrary to market perceptions of limited growth due to a fragmented downstream market [6]. - The company's products are applicable in various fields such as quality inspection, simulation assembly, motion state analysis, and reverse engineering, with a traditional coordinate measuring machine market size of 39.7 billion yuan in 2023 [6][7]. - The report anticipates that the penetration of 3D laser scanning technology will increase, driven by its efficiency compared to traditional measurement methods [6][7]. Key Drivers - Expansion of downstream application areas, increased demand for optical inspection, and improvements in product competitiveness due to technological breakthroughs are identified as key drivers for the company's growth [7]. Profit Forecast and Valuation - The projected revenue for the company from 2025 to 2027 is 416 million yuan, 560 million yuan, and 726 million yuan, with growth rates of 25%, 35%, and 30% respectively. The net profit attributable to the parent company is expected to be 149 million yuan, 202 million yuan, and 272 million yuan, with growth rates of 24%, 35%, and 35% respectively [7]. - Earnings per share are forecasted to be 1.69 yuan, 2.28 yuan, and 3.08 yuan, with price-to-earnings ratios of 57, 42, and 31 times [7]. Catalysts - Growth in company orders, the release of production capacity from fundraising projects, and the expansion of 3D laser scanning technology applications in the robotics sector are seen as catalysts for future growth [7]. Important Insights - The report discusses the concept of responsible management in the context of ESG (Environmental, Social, and Governance) practices, emphasizing the need for public fund managers to adopt soft governance strategies to enhance corporate governance, particularly in protecting minority shareholder rights [8][9]. - The shift towards responsible management is viewed as a new model of corporate governance driven by changes in investor structure [9].

1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - After two years of debt resolution, there are improvement signals in the total amount of urban investment debt, with the proportion of bank loans increasing and the "stable quantity and falling price" of urban investment debt driving down interest - payment expenditures. The changes in fundamentals are consistent with the pricing trend of urban investment bonds. In July, the urban investment sentiment index improved, with a double - decline in the number of non - standard and private placement products. The issuance and review side improved month - on - month but remained tight overall, and the urban investment bonds continued to shrink. The trading sentiment in the secondary market warmed up, and the model pointed to going long. In the volatile market, the coupons of medium - and short - term bonds are more certain [1]. - The supply - and - demand pattern of urban investment bonds continues, and institutions still lack coupon assets. Although the registration scale and feedback days on the issuance and review side improved slightly month - on - month, the supply remained tight overall. In July, there was a net outflow of 21.784 billion yuan in urban investment bonds, and the outstanding scale continued to shrink. On the demand side, the net purchase volume of funds was not large in July due to subscription and redemption, while the allocation rhythm of wealth management was not significantly affected. With the relief of the redemption pressure on funds and the seasonal growth of wealth management scale after the quarter, the allocation power of credit bonds in the third quarter is expected to be strongly supported [2]. 3. Summary According to the Table of Contents 3.1 What Changes Have Occurred in Urban Investment Debt in Two Years of Debt Resolution? 3.1.1 Changes in Urban Investment Debt Structure - At the industry level, the scale of urban investment debt is still growing, and the proportion of bank loans has increased slightly. As of the end of March 2025, the total interest - bearing debt of urban investment platforms was 61.72 trillion yuan, a 9.4% increase from the end of June 2023. Among them, bank loans, bonds, and non - standard debts were 40.67 trillion yuan, 15.41 trillion yuan, and 5.63 trillion yuan respectively, with increases of 13.06%, 2.25%, and 4.97% respectively compared to the end of June 2023. The proportion of bank loans in the interest - bearing debt of urban investment platforms increased from 63.76% at the end of June 2023 to 65.9% at the end of March 2025 [14][15]. - There are differences among provinces. As of the end of March 2025, 18 provinces saw an increase in the proportion of bank loans, and 8 provinces including Ningxia, Hainan, Inner Mongolia, etc. had an increase of more than 3 percentage points. The financing structures of key provinces such as Gansu, Guangxi, Guizhou, etc. improved, with an increase in the proportion of bank loans and a simultaneous decrease in the proportion of bonds and non - standard debts [18][19]. 3.1.2 Has the Interest - Payment Pressure of Urban Investment Been Alleviated? - The costs of all channels have decreased. Since June 2023, the financing costs of bank loans and non - standard financing have decreased. In March 2025, the bank loan interest rate was 3.26%, a 69 - basis - point decrease from June 2023, and the non - standard financing cost was 5.14%, a 208 - basis - point decrease. The issuance coupon rate of urban investment bonds also decreased, reaching 2.2% in July 2025 [21]. - The annual interest - payment has decreased by over 190 billion yuan. The interest expenditure of bank loans decreased by 28.438 billion yuan, that of urban investment bonds decreased by 135.535 billion yuan, and that of non - standard debts decreased by 26.173 billion yuan [23][24]. - Except for Beijing and Shanghai, the interest - payment expenditures of urban investment bonds in all provinces have decreased. The interest - payment expenditures of urban investment bonds in some economically strong provinces and provinces that have received more debt - resolution support, such as Jiangsu and Zhejiang, have decreased significantly [29]. 3.2 Market Outlook: Medium - and Short - Term Urban Investment Bonds Are More Certain - In early July, the bond market adjusted due to the anti - involution policy. In the second half of the month, under the influence of multiple factors, the market sentiment eased, and the market started to repair and re - price funds and fundamentals. In the volatile bond market, medium - and short - term coupon assets are more certain, and the recovery of low - and medium - grade urban investment bonds is favored [32]. 3.3 Primary Issuance: Supply Remains Tight, and Issuance Enthusiasm Is High 3.3.1 Urban Investment Bond Issuance and Review Situation - The issuance and review rhythm improved month - on - month but remained tight overall. In July, the registration quota of urban investment bonds in the inter - bank market was 11.7091 billion yuan, a 52.69% month - on - month increase, but the registration completion ratio was only 11%. The number of feedbacks before the meeting decreased from 2.7 times in June to 2.28 times in July but remained at a relatively high level [34]. - The use of raised funds is still mainly for debt replacement, and it is difficult to break through new increments. In July, the proportion of debt replacement in the raised funds of urban investment bonds was 86.13%, and the proportion of other new uses was 3.62%, the lowest in 2025 [36]. 3.3.2 Urban Investment Dim - Sum Bonds: Increased Month - on - Month - The issuance of urban investment dim - sum bonds reached a new high in 2025 but was less popular than the same period last year. In July, 13 urban investment dim - sum bonds were issued, with a total scale of 8.273 billion yuan, significantly lower than 20.166 billion yuan in the same period of 2024. Henan and Shandong were the main issuers [42]. 3.3.3 The Issuance Enthusiasm Remains High, and the Coupon Rate Reached a New Low in the Year - The overall subscription enthusiasm in the primary market of urban investment bonds remained high. In July, the subscription multiple of urban investment bonds reached 3.67 times, and the "issuance coupon - lower limit of the range" was 34.75BP, lower than the same period last year [47]. - The issuance term of urban investment bonds was concentrated in 3 - 5 years, accounting for 46.48% in July. The weighted issuance coupon rate in July was 2.2%, a 7 - basis - point decrease from the previous month [49][50]. 3.3.4 Continued Net Outflow, and Urban Investment Bonds Further Shrunk - The net financing scale of urban investment bonds generally decreased, and the financing of key provinces tightened more significantly. In July, the cumulative net financing scale of urban investment bonds in key provinces was - 104.293 billion yuan, and that in non - key provinces was - 43.302 billion yuan [53]. 3.4 Secondary Market: Trading Sentiment Warmed Up, and the Model Pointed to Going Long 3.4.1 The Turnover Ratio of Each Term Declined Month - on - Month, and 3 - Year Urban Investment Bonds May Be More Suitable for Trading - Since the beginning of 2024, credit bonds have gradually moved towards the logic of liquidity pricing. The liquidity of bonds with a term of less than 1 year is better than that of medium - and long - term bonds. The turnover ratio of 3 - 5 - year bonds slightly recovered in June and July, and 3 - year high - grade urban investment bonds are more suitable for trading [54][55]. 3.4.2 Good Trading Sentiment, and More Low - Valuation Transactions - After a short - term adjustment, the weekly main - buying index began to rise, and the bullish sentiment quickly recovered. In the last week of July, the proportion of Bid transactions reached 34.52%, and the TKN proportion increased by 13.9 percentage points month - on - month [56]. - Low - valuation transactions of urban investment bonds reappeared, and the transaction term remained at a high level. On July 31, the deviation was - 2.40BP, and the weighted transaction term on the last trading day of July was 2.51 years, at the 82.2% quantile level since the beginning of 2024 [56].

Core Insights - The probability of interest rate cuts within the year has decreased, with demand-side policies potentially sustaining inflation expectations, leading to continued pressure on the bond market and further postponement of the buying window [1][3][28] - The personal consumption loan interest subsidy policy is expected to compress the central bank's total monetary policy easing space, with the next potential rate cut window likely pushed to the first quarter of 2026 [3][12][28] - Inflation expectations have been reinforced under the "anti-involution" policy, with demand-side policies providing better support for price increase expectations, leading to a resurgence in "anti-involution trading" [2][20][28] Summary by Sections Understanding Personal Consumption Loan Interest Subsidy Policy - The policy covers personal consumption loans under 50,000 yuan and key areas such as automotive, healthcare, and education, with a maximum subsidy of 3,000 yuan for eligible borrowers [10][11] - The subsidy is equivalent to a targeted interest rate cut of 0.5-1 percentage points, reducing the effective financing cost for consumers [11][12] Impact on Bond Market - The bond market's buying window is likely to be further delayed due to the subsidy policy, which compresses the central bank's monetary policy easing space [3][28] - The anticipated inflation expectations and strong performance in the equity market may continue to exert pressure on the bond market [28] Inflation Expectations and Market Dynamics - The "anti-involution" policy has led to a self-reinforcing cycle of price signals and inflation expectations, with significant price increases in sectors like coal and steel [2][20] - The market has begun to bet on a re-inflation scenario, with indicators showing a shift in investor sentiment towards inflationary expectations [20][27]

证券研究报告 | 浙商早知道 报告日期：2025 年 08 月 13 日 浙商早知道 2025 年 08 月 13 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 重要点评 ❑ 【浙商机械 邱世梁/王华君/何家恺】中力股份（603194）公司点评：与白犀牛战略合作共建智慧物流体系，智能 搬运机器人打开空间——20250812 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 1、主要事件 与白犀牛战略合作共建智慧物流体系，智能搬运机器人打开空间 ❑ 大势：周二上证指数上涨 0.5%，沪深 300 上涨 0.5%，科创 50 上涨 1.9%，中证 1000 上涨 0.3%，创业板指上涨 1.2%，恒生指数上涨 0.3%。 ❑ 行业：周二表现最好的行业分别是通信（+2.2%)、电子（+1.9%)、煤炭（+1.0%)、家用电器（+0.7%)、房地产 （+0.7%)，表现最差的行业分别是国防军工（-1.0%)、钢铁（-0.8%)、建筑材料（-0.5%)、食品饮料（-0 ...

证券研究报告 | 深度研究 | ESG 及绿色金融 以责促优，共筑价值：公募基金 ESG 尽责管理新范式（一） 核心观点 尽责管理本质上是投资者结构变迁下的公司治理新模式。国内公募基金管理人在短中 期内应采取软性治理策略，并尽可能地成为上市公司治理中"具有互惠性质的积极参 与者"，降低公司治理环节的内部摩擦。公募基金尽责管理现阶段的主要任务和最具普 适性的议题应集中在提升公司治理水平，特别是中小股东权利保护上。 ❑ 尽责管理本质上是投资者结构变迁下的公司治理新模式 以美国市场为代表的资管机构主导公司治理模式的形成，是资本市场长期发展过 程中满足较多严苛条件下的产物。但可能也是现阶段可实现"覆盖度广+影响力高" 的一种上市公司治理模式，对我国资本市场和公募基金高质量发展有重要的参考 意义。 ❑ 公募基金尽责管理三大问：委托代理、投资者结构和组合分散化 委托代理问题将因监管要求和尽责管理的投资价值而得到有效缓解。目前 A 股公 司治理模式的最大特点是混合了"控股大股东+专业机构+居民部门"，这一模式并 非终局，而仍在动态演变中。被动指数化会导致低换手率和退出减少，公募基金 逐渐成为耐心资本，实现"组合分散+股东权 ...