Core Points - The company received approval from the China Securities Regulatory Commission (CSRC) for the public issuance of subordinated bonds to professional investors [1] - The total face value of the subordinated bonds to be issued is not to exceed 30 billion yuan [1] - The approval is valid for 24 months from the date of registration by the CSRC, allowing the company to issue the bonds in tranches during this period [1] - The company will comply with relevant laws and regulations regarding the issuance of these subordinated bonds and will fulfill its information disclosure obligations in a timely manner [1]

Core Viewpoint - Daya Co., Ltd. experienced a 5.13% decline in stock price, closing at 33.81 yuan per share, with a total market capitalization of 6.843 billion yuan as of September 5 [1] Company Overview - Daya Co., Ltd. is located in Yuyao City, Zhejiang Province, and was established on February 17, 2006. The company was listed on September 1, 2020. Its main business includes the research, design, production, and sales of lawn mowers, brush cutters, and other power machinery and accessories [1] Fund Holdings - According to data, one fund under Guotai Haitong Asset Management holds a significant position in Daya Co., Ltd. The Guotai Junan Quantitative Stock Mixed Fund A (016466) held 139,200 shares in the second quarter, accounting for 0.58% of the fund's net value, ranking as the tenth largest holding. The estimated floating loss today is approximately 254,700 yuan [2] - The Guotai Junan Quantitative Stock Mixed Fund A was established on August 18, 2022, with a latest scale of 458 million yuan. Year-to-date returns are 24.67%, ranking 2335 out of 8178 in its category. Over the past year, returns are 57.27%, ranking 1528 out of 7978. Since inception, the fund has achieved a return of 37.83% [2] - The fund manager, Hu Chonghai, has been in position for 3 years and 266 days, with total assets under management of 8.512 billion yuan. The best fund return during his tenure is 59.32%, while the worst is -4.39% [2]

国泰君安量化选股混合发起A（016466）基金经理为胡崇海。 截至发稿，胡崇海累计任职时间3年265天，现任基金资产总规模85.12亿元，任职期间最佳基金回报 66.64%， 任职期间最差基金回报-2.02%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，成都先导药物开发股份有限公司位于四川省成都天府国际生物城(双流区生物城中路二段18 号)，成立日期2012年2月22日，上市日期2020年4月16日，公司主营业务涉及利用其核心技术-DEL技术 提供药物早期发现阶段的研发服务以及新药研发项目转让。主营业务收入构成为：新药研发服务 99.95%，其他(补充)0.05%。 从基金十大重仓股角度 数据显示，国泰海通资管旗下1只基金重仓成都先导。国泰君安量化选股混合发起A（016466）二季度 持有股数35.71万股，占基金净值比例为0.61%，位居第八大重仓股。根据测算，今日浮亏损失约51.78 万元。 国泰君安量化选股混合发起A（016466）成立日期2022年 ...

9月8日，以岭药业涨5.13%，截至发稿，报17.23元/股，成交3.42亿元，换手率1.47%，总市值287.86亿 元。 资料显示，石家庄以岭药业股份有限公司位于河北省石家庄市高新技术产业开发区天山大街238号，成 立日期2001年8月28日，上市日期2011年7月28日，公司主营业务涉及中成药的研发、生产与销售。主营 业务收入构成为：心脑血管类48.60%，呼吸系统类22.80%，其他类22.52%，其他专利产品6.08%。 截至发稿，胡崇海累计任职时间3年269天，现任基金资产总规模85.12亿元，任职期间最佳基金回报 64.99%， 任职期间最差基金回报-2.19%。 邓雅琨累计任职时间1年116天，现任基金资产总规模21.32亿元，任职期间最佳基金回报37.32%， 任职 期间最差基金回报7.68%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，国泰海通资管旗下1只基金重仓以岭药业。国泰君安中证500指数 ...

Group 1: Cement Industry - The cement sector shows a notable profit elasticity with price increases, and companies expanding overseas, such as Huaxin Cement, exhibit strong profitability advantages [1][4] - In Q2 2025, the cement industry's profitability demonstrated a pattern of high-to-low within the quarter, with April and May maintaining price advantages and reduced raw material costs contributing to year-on-year profitability growth [1] - Supply-demand pressures began to increase in June, leading to a slight retreat in profitability, but it is expected that 2024 will mark the bottom for profit per ton, with further downward pressure being unlikely [1] Group 2: Consumer Building Materials - The profitability recovery in the consumer building materials sector is expected to outpace revenue growth, with Q2 revenue growth rates remaining consistent with Q1 [2] - The industry has shown signs of recovery, and the anticipated bottom for revenue growth is projected for Q3 2024, with price recovery and structural upgrades in the coatings and waterproofing sectors leading the way [2] - Cost optimization measures, including personnel and expense management, have significantly improved profitability in the first half of 2025 [2] Group 3: Glass and Fiberglass - The fiberglass sector is supported by high-end demand from wind power and thermoplastics, with leading companies seeing continuous improvement in net profit per ton [3] - The demand for electronic fabrics is expected to rise due to AI trends, leading to an increase in both volume and price for thin fabrics, while the thick fabric prices remain stable [3] - The glass sector is experiencing a price bottoming out due to supply-demand stalemate, with a slight rebound in photovoltaic glass prices following self-regulated production cuts [3] Group 4: Overall Industry Outlook - The building materials industry is expected to present various structural highlights in the 2025 mid-year report, with significant profit recovery in the cement and consumer building materials sectors, and strong demand in the glass and fiberglass sectors [4] - Recommended leading companies include Conch Cement, Huaxin Cement, and China National Building Material in the cement sector; Oriental Yuhong and Beixin Building Materials in consumer building materials; and China Jushi and Xinyi Glass in the glass and fiberglass sector [4]

Investor Relations Activity - The company held an investor relations activity on September 9, 2025, from 10:00 to 11:00 and 13:30 to 17:00, both in-person and online [1] - Participating institutions included Guotai Junan Securities, Jin Ying Fund Management, and others [1] - Key company representatives included the Secretary of the Board, Vice General Manager, and heads of various departments [1] Company Overview and Business Focus - The company introduced its development history, main business, and key products, emphasizing its current R&D directions [1] - The brain-machine interface technology focuses on three core application scenarios: education, healthcare, and elderly care, utilizing AI-driven multimodal data fusion technology [1] - A prototype of the brain-machine business is expected to be launched in March 2026 [1] Market Sales and Strategy - As of the first half of 2025, the company's overseas sales accounted for 76%, while domestic sales were 24% [1] - Future overseas market focus includes North America, Europe, Southeast Asia, and other emerging markets, with specific strategies for each region [1] - The company employs a combined sales model of distribution and direct sales, with distribution accounting for 65.56% of revenue in the first half of 2025 [1] Business Growth and Performance Guidance - The smart retail business grew by 17.10% in the first half of 2025, with a focus on global promotion and customer engagement [1] - The company aims for a 15% increase in annual revenue or net profit attributable to the parent company compared to 2024, showing confidence in achieving this target [1] - The overseas market is expected to maintain a stable growth trend [1]

智通财经APP获悉，国泰海通发布研报称，截至8月27日，中国AA级瓦楞纸120g市场月均价2630元/ 吨，较7月均价2512元/吨，上调118元/吨，环比涨幅4.70%。规模纸厂持续上调出厂价，并发布下一轮 涨价通知，带动市场看涨预期，中小纸厂跟涨意愿较强，市场涨价范围及幅度扩大。木浆方面，8月进 口木浆现货市场价格涨跌各异，下游纸厂逢低采浆，浆市高价交投不足。8-9月进口阔叶浆外盘连续报 涨增加后期到货成本压力，贸易商跟随纸浆期货主力合约价格报涨，但疲于跟跌，因此进口阔叶浆月均 价环比上涨。 国泰海通主要观点如下： 文化纸：出版订单尾声，供需矛盾仍存 截至8月27日，8月70g木浆高白双胶纸市场均价为4957元/吨，环比下跌128元/吨，跌幅2.52%，同比下 跌454元/吨，跌幅8.39%。第一，8月初纸厂报盘个别下调100元/吨，带动市场看空情绪增加；第二，月 内社会面订单暂无明显起色，中下旬教材教辅印制工作基本结束，社会书商暂无集中采买动作，原纸需 求一般，经销商出货缓慢，接单价格逐渐下滑；第三，下旬随着前期停机产线复产消息发酵，业者心态 偏空，原纸成交偏商谈；第四，上游原料木浆市场交投偏刚需，仅个 ...

Core Viewpoint - The report from Guotai Junan indicates a slight improvement in the financial performance of 22 key property companies in H1 2025, with net profits turning positive. Despite cautious expansion, management efficiency remains stable, and valuations have increased due to stock price recovery, although they still sit at long-term low levels. Future valuations are expected to rise as companies focus on third-party expansion and cost reduction [1][2][4]. Group 1: Financial Performance - In H1 2025, the 22 tracked property companies achieved a revenue growth of 4.4% year-on-year, with the top 5 companies showing a growth rate of 7.5% [2]. - The net profit for these companies increased by 32.1% year-on-year, marking a return to profitability, particularly for the top 6-10 companies [2]. - The average gross margin for these companies was 21.5%, a decrease of 1.67 percentage points year-on-year, while accounts receivable showed slight improvement [2]. Group 2: Operational Efficiency - The average growth rate of managed area for key property companies was 4% year-on-year in H1 2025, reflecting cautious expansion due to economic conditions [3]. - Some companies, such as China Resources Vientiane Life, added 6 new shopping centers, indicating potential for future growth in managed areas [3]. - The average occupancy rates for leading companies remained stable, with China Resources Vientiane Life at 97.1%, Starry Commercial at 92.5%, and Baolong Commercial at 91.8% [3]. Group 3: Valuation and Market Performance - As of September 4, 2025, the average PE ratio for key property companies was 10.52, with a PEG ratio of 1.09 [4]. - The average market value per contracted area and managed area were 0.61 and 0.69 respectively, indicating relatively low valuations [4]. - Since the beginning of 2025, 14 property companies have experienced varying degrees of stock price increases, while only 8 companies saw declines [4]. Group 4: Company Listings - Key property companies include: - A-shares: China Merchants Jin Yu (001914), New Dazheng (002968) - H-shares: China Resources Vientiane Life (01209), Wanwu Cloud (02602), China Overseas Property (02669), Poly Property (06049), Country Garden Services (06098), Yuexiu Services (06626), and Sunac Services (01516) [5].

9月9日，赛微电子跌5.04%，截至发稿，报22.80元/股，成交6.72亿元，换手率4.85%，总市值166.94亿 元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，国泰海通资管旗下1只基金重仓赛微电子。国泰君安中证1000优选股票发起A（019505）二 季度持有股数22.93万股，占基金净值比例为0.89%，位居第十大重仓股。根据测算，今日浮亏损失约 27.75万元。 国泰君安中证1000优选股票发起A（019505）成立日期2023年12月12日，最新规模1.55亿。今年以来收 益35.17%，同类排名925/4222；近一年收益83.8%，同类排名669/3798；成立以来收益54.61%。 国泰君安中证1000优选股票发起A（019505）基金经理为胡崇海。 截至发稿，胡崇海累计任职时间3年270天，现任基金资产总规模85.12亿元，任职期间最佳基金回报 64.99%， 任职期间最差基金回报-2.19%。 资料显示，北京赛微 ...

Core Viewpoint - Cat's Eye Entertainment (01896) reported a total revenue of 2.47 billion RMB in the first half of this year, reflecting a year-on-year increase of 13.9% [1] - The gross profit margin decreased to 37.9%, down 15.4 percentage points year-on-year, primarily due to increased costs in content production, marketing, and internet infrastructure [1] - The company's profit for the period was 180 million RMB, a year-on-year decline of 37.3% [1] Financial Projections - The company is expected to achieve earnings per share of 0.25 RMB, 0.42 RMB, and 0.54 RMB for the years 2025 to 2027, respectively [1] - Based on a valuation method using price-to-earnings (P/E) and price-to-sales (P/S) ratios, the target price for Cat's Eye Entertainment in 2025 is set at 9.43 HKD [1] - The report initiates coverage with an "Accumulate" rating for the company [1]