Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][9]. Core Insights - The company has shown impressive sales performance and steady progress in innovation and research, with a significant revenue increase of 812% year-on-year for the first half of 2025, amounting to 499 million yuan, while losses narrowed by 77% to 78.79 million yuan [4][5]. - The core pipeline product, Supachibai monoclonal antibody (brand name: Kangyueda), has received approval for three indications: moderate to severe atopic dermatitis (AD), chronic rhinosinusitis with nasal polyps (CRSwNP), and seasonal allergic rhinitis (SAR), contributing approximately 169 million yuan to revenue in the first half of 2025 [5][6]. - The company is positioned as a leader in domestic autoimmune innovative drugs, with a robust pipeline and multiple products nearing commercialization, which is expected to enhance its long-term growth prospects [9]. Company Overview - The latest closing price is 69.15 HKD, with a total market capitalization of 20.7 billion HKD. The company has a debt-to-asset ratio of 31% and a price-to-earnings ratio of -73.2 [3][4]. - The largest shareholder is Moonshot Holdings Limited [3]. Financial Projections - Revenue projections for 2025-2027 are 880 million, 1.5 billion, and 2.2 billion yuan, respectively, with year-on-year growth rates of 106%, 70%, and 49% [9][11]. - The company is expected to achieve a net profit of 0.1 billion yuan by 2027, transitioning from losses in the earlier years [9][11].

证券研究报告：机械设备 | 公司点评报告 发布时间：2025-09-02 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 112.27 | | --- | --- | | 总股本/流通股本（亿股）0.94 | / 0.72 | | 总市值/流通市值（亿元）106 | / 81 | | 52 周内最高/最低价 | 112.27 / 37.67 | | 资产负债率(%) | 15.1% | | 市盈率 | 131.13 | | 第一大股东 | 张滨 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 买入 |维持 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 -8% 11% 30% 49% 68% 87% 106% 125% 144% 163% 精智达 机械设备 精智达(688627) 半导体业务高增 l 事件 8月29日，公 ...

证券研究报告：机械设备|公司点评报告 发布时间：2025-09-02 股票投资评级 买入 |维持 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 -10% -2% 6% 14% 22% 30% 38% 46% 54% 62% 70% 华荣股份 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 20.61 | | --- | --- | | 总股本/流通股本（亿股）3.38 | / 3.34 | | 总市值/流通市值（亿元）70 | / 69 | | 52 周内最高/最低价 | 25.88 / 14.97 | | 资产负债率(%) | 58.7% | | 市盈率 | 15.04 | | 第一大股东 | 胡志荣 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 华荣股份(603855) 业绩保持稳健，外贸增速亮眼 l 事件描述 公司发布 ...

Macroeconomic Insights - The Federal Reserve is expected to restart interest rate cuts, with inflation trends not hindering this decision[2] - Recent data shows declines in the FHFA and S&P/Case-Shiller home price indices, along with a decrease in rental prices[2] - The Manheim used car wholesale price index has also shown a month-on-month decline, indicating slower inflationary pressures on core goods[2] Labor Market Analysis - Employment data has shown a significant slowdown, with average hourly wages in sectors heavily reliant on immigrant labor, such as leisure and healthcare, declining since April[2] - The tightening of immigration policies has had a limited impact on the supply side of the U.S. labor market[2] Asset Price Trends - Anticipation of early interest rate cuts may lead to a steeper U.S. Treasury yield curve[3] - The U.S. dollar experienced a slight strengthening in mid-August, primarily due to reduced uncertainty around tariff policies rather than interest rate differentials[3] - The narrowing interest rate spread between the U.S. dollar and the euro suggests medium-term downward pressure on the dollar index[3] Risk Factors - A stronger-than-expected recovery in the labor market, coupled with persistent inflation above expectations, could delay the Fed's rate-cutting schedule[4]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report emphasizes the growth potential of AI infrastructure, predicting the market could reach USD 171.21 billion by 2029, with a CAGR of 20.12% from 2024 to 2029 [4] - Major cloud providers are significantly increasing their investments in infrastructure, with Alibaba Cloud planning to invest over CNY 380 billion in the next three years [4] - The demand for AI and data solutions is surging, as evidenced by Snowflake's financial performance, which exceeded expectations with a 32% year-on-year revenue increase [6] Summary by Relevant Sections Industry Basic Situation - The closing index is 5786.18, with a 52-week high of 5841.52 and a low of 2844.68 [1] Relative Index Performance - The relative performance of the computer industry shows fluctuations, with a notable increase of 96% from September 2024 to August 2025 [3] Recent Research Reports - The report highlights the strategic focus on AI infrastructure, addressing challenges such as computational bottlenecks and data silos, which are critical in the era of large models [4] - Companies like Tencent Cloud and SenseTime are also expanding their infrastructure capabilities, with Tencent planning new data centers in the Middle East and Indonesia [5] Investment Recommendations - Suggested companies for investment include those in cloud computing such as Deepin Technology and Kingsoft Cloud, as well as AI-related firms like XH Technology and DaMeng Data [7][8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [8][14]. Core Insights - The company reported a revenue of 164.54 billion yuan and a net profit attributable to shareholders of 76.63 billion yuan for the first half of 2025, reflecting a year-on-year decline of 2.67% and 4.54% respectively [3]. - The gross margin for the first half of 2025 was 87.09%, down by 1.48 percentage points year-on-year, while the net profit margin was 46.57%, a decrease of 0.91 percentage points [3]. - The company is focusing on long-term competitiveness and expects a recovery in sales driven by improved consumer demand in the second half of the year [6]. Financial Performance Summary - For Q2 2025, the company achieved a revenue of 71.02 billion yuan, with a net profit of 30.7 billion yuan, showing a year-on-year decline of 7.97% and 11.1% respectively [4]. - The sales collection for the first half of 2025 was 179.50 billion yuan, down 10.97% year-on-year, with a net cash flow of 60.64 billion yuan, a decrease of 26.27% [3]. - The company’s contract liabilities increased by 11.88 billion yuan year-on-year, indicating strong channel performance and proactive cash collection strategies [3]. Product and Market Strategy - The company plans to enhance its market penetration in lower-tier cities and strengthen its digital marketing efforts to improve cost-effectiveness [5]. - It aims to innovate and adapt to changing consumer preferences by developing new products, including a new low-alcohol beverage [5]. - The company is shifting resources towards mainstream mid-to-high-end products and plans to launch a new product line to solidify its market position [5]. Earnings Forecast - The company is projected to achieve revenues of 299.51 billion yuan, 312.54 billion yuan, and 338.63 billion yuan for the years 2025, 2026, and 2027 respectively, with expected growth rates of -3.99%, 4.35%, and 8.35% [6][10]. - The net profit attributable to shareholders is forecasted to be 124.05 billion yuan in 2025, with an EPS of 8.43 yuan, reflecting a PE ratio of 16 times [8][10].

Market Performance Review - A-shares continued to rise this week, with all major indices showing gains. The ChiNext Index had the best performance, rising by 7.74%, while the Sci-Tech 50 also continued its strong performance with a 7.49% increase [4][12] - There was a clear differentiation in market styles this week, with growth styles maintaining strong performance, while cyclical and consumer styles saw a significant reduction in gains compared to the previous week. Stability and financial styles turned negative [4][12] - The mid-cap index performed the best this week, while large-cap and small-cap styles saw a slowdown in gains compared to last week. Core assets represented by the "Mao" index and "Ning" combination also saw significant increases, with the Ning combination rising by 3.91% and the Mao index by 3.63% [4][12] Industry Analysis - The TMT sector continued to lead the market, with significant gains in communication (12.38%), non-ferrous metals (7.16%), and electronics (6.28%). The overall trend remains dominated by TMT [5][16] - Conversely, dividend stocks underperformed, with textiles and apparel (-2.87%), coal (-2.76%), and banking (-2.13%) lagging behind. The value proposition of dividend stocks continues to decline amid rising government bond yields and increased market volatility [5][16] Future Outlook and Investment Views - Market volatility is expected to increase, and investors should pay attention to changes in market rhythm. Despite reaching new highs, market fluctuations have intensified, indicating growing divergence after two months of a trend upward [5][31] - The options market has shown a significant increase in volatility expectations for the next 30 days, suggesting that some funds believe the trend may change and are using options for hedging and protection [5][31] - With the completion of mid-term report disclosures, the overall performance of A-shares is still in a bottom-seeking process, prompting a reassessment of the alignment between macro/micro environments and individual stock valuations [5][31] - In terms of asset allocation, individual stock alpha logic is preferred over industry beta logic, with a focus on valuation recovery opportunities in technology growth sectors. The TMT growth direction, represented by AI applications, computing power chains, and optical modules, is expected to see valuation recovery opportunities [5][31]

证券研究报告：食品饮料 | 公司点评报告 股票投资评级 公司基本情况 | 最新收盘价（元） | 128.87 | | --- | --- | | 总股本/流通股本（亿股）38.82 | / 38.81 | | 总市值/流通市值（亿元）5,002 | / 5,002 | | 52 周内最高/最低价 | 164.05 / 107.69 | | 资产负债率(%) | 27.5% | | 市盈率 | 15.70 | | 第一大股东 | 宜宾发展控股集团有限 | | 公司 | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 预计公司 2025-2027 年实现营收 901.51/939.63/1006.81 亿元， 同 比 增 长 1.09%/4.23%/7.15% ； 实 现 归 母 净 利 润 315.08/329.13/357.03 亿元，同比增长-1.08%/4.46%/8.48%，对应 市场有风险，投资需谨慎 ...

证券研究报告：食品饮料 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） 28.57 | | | --- | --- | | 总股本/流通股本（亿股）63.25 | / 62.94 | | 总市值/流通市值（亿元）1,807 | / 1,798 | | 周内最高/最低价 52 30.98 | / 21.37 | | 资产负债率(%) 62.9% | | | 市盈率 21.48 | | | 第一大股东 | 香港中央结算有限公司 | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 收入利润略超预期，液体乳逐渐企稳 l 投资要点 公 司 单 Q2 实 现 营 业 收 入 / 归 母 净 利 润 / 扣 非 净 利 润 289.15/23.26/23.87 亿元，同比 5.77%/44.65%/49.48%。25Q2，公司 毛利率/归母净利率为 34.37%/8.05%，分 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 增持 |首次覆盖 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 -9% 4% 17% 30% 43% 56% 69% 82% 95% 108% 121% 崇达技术 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 17.70 | | --- | --- | | 总股本/流通股本（亿股）11.70 | / 7.29 | | 总市值/流通市值（亿元）207 | / 129 | | 52 周内最高/最低价 | 17.70 / 7.36 | | 资产负债率(%) | 37.6% | | 市盈率 | 73.75 | | 第一大股东 | 姜雪飞 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 崇达技术(002815) 高端板收入占比持续提升 l 投资要点 重视研发投入，开展多项关键技术研发。2025 年上半年，公司研 发费用投入 1.8 亿元，同比增长 8.35%，开展多项关键技术研发，包 括 AI 芯片用 ...