Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [11]. Core Views - The company's tank container business is under pressure, leading to a decline in profitability and business performance. In H1 2025, the company achieved revenue of 1.214 billion yuan, a year-on-year decrease of 12.68%, and a net profit attributable to shareholders of 63 million yuan, down 45.61% year-on-year [4][5]. - Despite challenges in the chemical industry and a decrease in demand for tank containers, the company maintains its leading market share globally. The medical equipment segment is emerging as a second growth driver, with revenue from medical device components increasing by 16.12% year-on-year in H1 2025 [5][6]. - The company is exploring opportunities in the controllable nuclear fusion sector, indicating potential for significant market expansion [5]. Financial Summary - Revenue projections for 2025-2027 are 3.002 billion yuan, 3.998 billion yuan, and 4.916 billion yuan, with year-on-year growth rates of -10.36%, 33.16%, and 22.97% respectively. Net profit attributable to shareholders is forecasted at 182 million yuan, 307 million yuan, and 449 million yuan, with growth rates of -40.01%, 68.45%, and 46.24% respectively [6][8]. - The company's PE ratios for the same period are projected to be 57.80, 34.31, and 23.46 [6][8].

Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating a downward adjustment in expectations [6]. Core Views - The company has shown continuous improvement in operating cash flow, with a significant increase in revenue and net profit in the first half of 2025. Revenue reached 2.12 billion yuan, up 10.5% year-on-year, while net profit was 120 million yuan, up 39.8% year-on-year [3]. - The acceleration of renewable energy subsidy disbursement is noted, with the company receiving 646 million yuan in subsidies in August 2025, a 248% increase year-on-year for the first eight months of 2025 [3]. - The company is advancing its light-asset operation strategy and refining its operations, with a focus on overseas power station development [4]. Summary by Sections Company Overview - The latest closing price is 4.60 yuan, with a total market capitalization of 16.4 billion yuan and a total share capital of 3.571 billion shares [2]. Financial Performance - In the first half of 2025, the company reported a net cash flow from operating activities of 1.99 billion yuan, a significant improvement from a negative 730 million yuan in the same period last year [3]. - The company’s revenue and net profit forecasts for 2025-2027 are 5.49 billion yuan, 5.53 billion yuan, and 5.41 billion yuan respectively, with corresponding net profits of 510 million yuan, 530 million yuan, and 560 million yuan [6]. Business Development - The company has reduced its owned power station capacity to 5,953 MW as of the end of the first half of 2025, with a net decrease of 495 MW from the end of 2024. It has also developed 900 MW of new photovoltaic and energy storage projects [4]. - The energy storage business is expanding, with an independent energy storage station capacity of 325.7 MW and new projects totaling 3.9 GWh developed in the first half of 2025 [4]. Market Position - The company has signed contracts for 1.6 billion kWh of electricity in the first half of 2025, with a trading volume of 7.5 billion kWh. It has established a presence in five provinces for virtual power plant operations [5].

证券研究报告：房地产|行业周报 发布时间：2025-09-09 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 2216.58 | | 52 | 周最高 | 2656.47 | | 52 | 周最低 | 1646.31 | 行业相对指数表现 -1% 5% 11% 17% 23% 29% 35% 41% 47% 53% 59% 2024-09 2024-11 2025-01 2025-04 2025-06 2025-09 房地产 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:高丁卉 SAC 登记编号:S1340524080001 Email:gaodinghui@cnpsec.com 近期研究报告 《楼市迎"金九银十" 市场热度待提 升》 - 2025.09.01 房地产行业报告 （2025.09.01-2025.09.07） 深圳优化购房政策 期待楼市温和回升 ⚫ 投资要点 9 月 5 日深圳发布分区优化调整居民购买商品住房政策，针对市 内多区限购措施、以及住房贷款利率等政策进行优化。主要包括：符 合购房条件的在指定区域范 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Short - term bond market is still under pressure. If it is verified that around 1.8% is the relatively top level of the 10 - year Treasury bond and its form is lower than the first - quarter high, the logic of a bond bull market with a downward - trending yield can still be maintained. - Medium - term risk preference recovery is more reflected in the term spread premium, which may return to 50 - 60BP at the extreme. However, major asset pricing should also return to fundamentals. - The bond market in September 2025 may tend to have a weak recovery rather than a seasonal adjustment [3][11]. 3. Summary by Directory 3.1 Impact of New Variables on the Bond Market - **Central Bank's Treasury Bond Trading Operation**: The expectation of the central bank restarting Treasury bond trading has risen. But the relevant meeting is a routine policy - coordination meeting rather than a signal of restart. From the perspective of renewal, there is a need for restart. The large - scale issuance of local bonds from May to August may have increased the duration pressure of large banks' portfolios. Their short - buying and long - selling behavior may be related to adjusting portfolio duration and may decrease after the issuance of special Treasury bonds and local bonds nears completion. Without significant increments, the central bank's Treasury bond trading may mainly improve expectations and sentiment rather than significantly affect short - and long - term interest rates [4][12][14]. - **New Regulations on Public Offering Sales Fees**: These regulations may weaken the trading attribute of public bond funds. Recently, wealth management products have frequently redeemed and subscribed to public bond funds, strengthening the latter's trading attribute. The new regulations encourage long - term holding and increase short - term redemption fees, which will change the current situation. Long - term interest - rate bond funds or interest - rate index bond funds other than ETFs may no longer be suitable as trading tools for wealth management or proprietary accounts. Public bond funds may face pressure on their liability side. Proprietary accounts may re - allocate long - duration bond assets after redemption, while wealth management accounts may prefer bond ETFs or short - duration coupon assets [5][16].

Group 1: Macroeconomic Insights - The recent US non-farm payroll data showed a significant slowdown, with only 22,000 jobs added in August, far below the expected 75,000[10] - The unemployment rate rose to 4.3%, the highest since 2022, indicating a weakening labor market[10] - The job vacancy rate has declined for two consecutive months, with the ratio of job vacancies to unemployed individuals falling below 1, suggesting that demand is weakening faster than supply[1] Group 2: Federal Reserve Outlook - The likelihood of the Federal Reserve continuing to lower interest rates has increased, with market pricing indicating a 90% chance of a 25 basis point cut in September[10][30] - Historical trends show that US stocks typically perform well during rate-cutting cycles, supporting a bullish outlook on the stock market[2] - Risks include a potential unexpected recovery in the job market and persistent inflation, which could delay the Fed's rate-cutting schedule[3][31] Group 3: Currency and Inflation Trends - Since April 2025, the US dollar index has weakened, but the difference between the onshore and offshore RMB exchange rates has not significantly decreased, indicating potential appreciation expectations for the RMB[2] - Eurozone inflation is showing a steady decline, with the overall HICP year-on-year growth rate dropping to 2.1% in August 2025, close to the inflation target[10]

发布时间：2025-09-08 1 1 证券研究报告 联创光电（600363.SH） 传统主业经营效益向好，高温超导和激光新业迈入快速成长期 股票投资评级：增持|首次覆盖 马强 中邮证券研究所 军工团队 中邮证券 投资要点 • 联创光电于1999年由江西省电子工业局整合旗下部分优质资产成立，2001年在上交所挂牌上市。公司布局大功率激 光器件及装备、高温超导磁体及应用、智能控制部件、背光源及应用、电线电缆等产业板块，在南昌、吉安、深圳 和厦门均设立了产业基地。公司先后获评"国家863计划成果产业化基地"、"国家知识产权优势企业"。 • 公司产业结构调整卓有成效，激光、高温超导等高科技壁垒产业逐步进入商业化落地阶段。2019年，公司提出"进 而有为，退而有序"主体战略，要求一切工作均围绕"效率"和"效益"开展，明晰产业升级方向，确定传统产业 发展路径，公司发展开创新局面。自2019年起，公司逐步对部分盈利能力较差的资产业务进行剥离，对LED、线缆 等传统产业进行转型升级，大力推动高温超导和激光产业等新兴产业发展。 • 高温超导：参股子公司联创超导承担高温超导业务，以高温超导磁体技术为核心，涵盖高温超导可控核聚变 ...

发布时间：2025-09-08 大盘指数 3000 4000 1000 2000 3000 5000 6000 7000 8000 中小100 创业板指 资料来源：聚源，中邮证券研究所 研究所 分析师:黄子崟 SAC 登记编号:S1340523090002 Email:huangziyin@cnpsec.com 近期研究报告 《业绩之锚 3：定价困境反转的中报季》 - 2025.09.04 配置方面，个股α逻辑优于行业β逻辑，挖掘个股"困境反转" 逻辑。3 月以来持续调整的以 AI 应用、算力链、光模块为代表的 TMT 成长方向也将迎来估值修复的机会，结合当下出现的产业积极变化， 仍有进一步上行空间。在《业绩之锚 3：定价困境反转的中报季》指 出买中报"业绩超预期"并不能获得持续相对收益，"困境反转"是中 报季更有效的业绩挖掘策略，在行业层面 2025 年中报仍缺乏业绩验 证的主线机会，更应该重视自下而上的个股α机会。基于"跨报告季 业绩预期差"的筛选策略构建了 2025 年中报个股业绩超预期组合， 以致力于在 9-10 月中获取来自个股α的超额收益。 ⚫ 风险提示： 经济数据不及预期、中美摩擦加剧、地缘冲突 ...

证券研究报告：金融工程报告 发布时间：2025-09-08 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:李子凯 SAC 登记编号:S1340124100014 Email:lizikai@cnpsec.com 近期研究报告 《苹果推出 Xcode 26 Beta 7，英伟达 开源 Jet-Nemotron 高性能语言模型— — AI 动 态 汇 总 20250901 》 - 2025.09.03 《双创涨速明显提升，ETF 资金配置思 路偏补涨——行业轮动周报 20250831》 - 2025.09.01 《指数上行重返十年高位，涨幅超 10% 芯片相关 ETF 净流出较多——行业轮动 周报 20250824》 – 2025.08.25 《非银爆发虹吸红利防御资金，指数料 将保持上行趋势持续挑战新高——行 业轮动周报 20250817》 – 2025.08.18 《融资余额新高，创新药光通信调整， 指数预期仍将震荡上行挑战前高—— 行 业 轮 动 周 报 20250810 》 – 2025.08.11 《ETF ...

证券研究报告：金融工程报告 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:金晓杰 SAC 登记编号:S1340124100010 Email:jinxiaojie@cnpsec.com 近期研究报告 《苹果推出 Xcode 26 Beta 7，英伟达 开源 Jet-Nemotron 高性能语言模型— —AI 动态汇总 20250901》 - 2025.08.04 《小市值占优，低波反转显著——中邮 因子周报 20250727》 - 2025.07.28 《微盘股的流动性风险在哪？——微 盘 股 指 数 周 报 20250720 》 - 2025.07.21 《大金融表现居前助指数突破，GRU 行 业轮动调入非银行金融——行业轮动 周报 20250713》 - 2025.07.14 《低估值高盈利，基本面表现占优—— 中 邮 因 子 周 报 20250706 》 - 2025.07.07 《基于宏观经济状态划分的 BL 模型与 ETF 实践》 - 2025.07.01 金工周报 2025.09.03 《微盘股中报资金 ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The report highlights that gold has reached a new historical high, driven by inflation pressures and expectations of interest rate cuts, suggesting a positive outlook for precious metals [3] - Copper prices may rise if a soft landing is achieved due to interest rate cuts, despite recent fluctuations [4] - The cobalt market is experiencing a collective price increase for cobalt intermediates, indicating strong demand and a positive outlook for the sector [5] - Lithium prices are expected to improve as supply concerns ease and demand from energy storage continues to grow [6] Summary by Sections Industry Overview - The closing index for the industry is at 6548.93, with a weekly high of 6635.29 and a low of 3700.9 [1] Price Movements - Basic metals saw LME copper down by 1.48%, aluminum down by 0.72%, zinc down by 0.28%, lead down by 0.53%, and tin down by 1.41%. In contrast, COMEX gold rose by 1.12% [20][21] Inventory Changes - Global visible inventory changes include an increase of 22,871 tons in copper, 6,382 tons in aluminum, and 4,906 tons in nickel, while lead saw a decrease of 12,163 tons [28] Investment Recommendations - The report suggests focusing on companies such as Tianqi Lithium, Ganfeng Lithium, Huayou Cobalt, and others for potential investment opportunities [9]