近日，马上消费金融股份有限公司（简称"马上消费"）正式披露了其首次公开发行股票并上市的辅导工 作进展报告（第十九期），标志着这家科技驱动型金融机构向A股市场迈出了关键一步。中金公司与中 信建投两大知名券商将担任其上市辅导机构，为马上消费的IPO之路保驾护航。 | 营业支出 | | | | | --- | --- | --- | --- | | 税金及附加 | 26 | (93.073.188.83) | (95,649,114.60) | | 业务及管理费 | 27 | (7.157.824.162.21) | (6,257,811,231.11) | | 研发费用 | 28 | (1,392,291,802.90) | (1,029,786,555.42) | | 信用减值损失 | 29 | (3,860,374,661.48) | (6.023,883,052.06) | | 其他业务支出 | 30 | (185,506.45) | (3,120,869.58) | | 营业支出合计 | | (12,503,749,321.87) (13,410,250,822.77) | | | 营业利润 | | 2, ...

Group 1 - The company conducted a conference call with six institutions to discuss its lithium battery business layout, products, competitive advantages, solid-state battery layout, customer structure, and gross margin [1] Group 2 - The company provides automated material handling solutions for lithium battery manufacturers, focusing on digital, flexible, and intelligent transformation. Its main products include customized automated handling production lines and equipment, forming a comprehensive industrial layout supported by "intelligent equipment - material handling systems - intelligent software - intelligent production lines" [2] Group 3 - The company has established itself as a major supplier in the lithium battery industry, recognized by leading clients such as CATL. It has a strong core technology reserve and industry application experience, continuously investing in R&D to develop key equipment and products for material handling in battery production [3] Group 4 - The customer base includes well-known companies like CATL and EVE Energy, with significant equipment procurement demand driven by the expansion and upgrading of production lines. The company has been expanding its new customer base since 2022, leading to a decrease in the concentration of revenue from the top five customers and optimizing the customer structure [4] Group 5 - The gross margin has been affected by the slowdown in the growth of the lithium battery production equipment market, leading the company to adopt competitive pricing strategies to secure orders and enhance customer loyalty. The gross margin for signed projects is expected to decline from 2022 to 2024 due to industry capacity mismatches, intensified competition, and downstream price pressures [4]

智通财经APP获悉，中信建投发布研报称，美联储议息会议前最关键的数据美国非农就业数据表现显著 低于预期，9月16-17日议息会议宣布降息几无悬念，同时年内降息3次的概率接近80%，美元指数明显 走弱，激发黄金货币属性与铜的金融属性，黄金价格不断刷新高点，打开权益标的上行空间。一则低利 率激发价格，二则金属战略地位提升估值，有色各个子版块全面开花，价格驱动EPS与情绪改善及战略 定位提升PE的双击进行时，建议积极参与。 中信建投主要观点如下： 行业动态信息 美国8月新增非农就业2.2万，低于预期值7.5万和前值7.9万，前两月数据合计下修2.1万;失业率4.3%，略 高于前值4.2%，为2021年11月以来最高。非农公布后，利率观测工具隐含的9月降息概率维持100%，年 内降息次数从2.4次升至2.8次，即9月、10月、12月有大约80%的概率连续降息3次。降息预期强化，美 元指数走低，黄金的货币属性被进一步激发，金价不断刷新历史高点，上方去向4000美元的空间打开。 黄金板块的主要标的普遍计价3300美元金价20倍左右PE，随着金价上方空间打开，黄金标的亦获得向 上弹性。 铜：突破8w关口的反复尝试 短期消费 ...

Group 1 - The core viewpoint of the article highlights the strong performance of Broadcom in Q3, achieving revenue of $15.95 billion, a 22% year-over-year increase, surpassing analyst expectations and previous guidance, marking the highest revenue for the same period in the company's history [1] - Broadcom's guidance for Q4 indicates expected revenue of approximately $17.4 billion, reflecting a 23.8% year-over-year growth, exceeding market expectations of $17.05 billion [1] - The communication ETF (515880) experienced a significant decline of over 8% during intraday trading, with active trading volume exceeding 1.4 billion yuan, while net inflows over the past 10 days exceeded 4.3 billion yuan, positioning it as the largest in its category with a current scale of over 11.2 billion yuan [1] Group 2 - The recent adjustment in the computing power sector is noted, with Citic Securities stating that Broadcom's performance reaffirms the high prosperity of the computing power industry chain [1] - The penetration rate of AI large models remains low, indicating that the industrialization cycle has just begun, and investments in computing power driven by large models are expected to grow significantly [1] - The communication ETF (515880) has nearly 50% allocation in optical modules, with "optical modules + servers + optical fibers + copper connections" accounting for over 75%, suggesting a strategic focus on the core engines of computing power [1]

Group 1 - On September 5, Tianrui Automotive Interior (06162) transferred shares from CITIC Securities to Futu Securities International Hong Kong, with a market value of HKD 96.96 million, accounting for 25.25% of the total [1] - On September 3, H&C Group Holding Limited reduced its holdings in Tianrui Automotive Interior by approximately 492 million shares at an average price of HKD 0.1682 per share, totaling around HKD 82.80 million [1] - After the reduction, H&C Group's latest shareholding is 560 million shares, representing a holding percentage of 28% [1]

中信建投证券研报称，近日，工业和信息化部、市场监督管理总局联合印发《电子信息制造业2025— 2026年稳增长行动方案》。其中提到，提升协同攻关效率，支持全固态电池等前沿技术方向基础研究。 这一政策推出正值锂电设备行业即将迎来固态电池专项中期审查与电池厂和整车厂中试线招标的关键节 点，行业有望在政策催化下发展进一步加速。此外，锂电设备企业披露半年报，固态电池作为新技术被 频繁提起，设备公司从今年6月起开始陆续给下游厂商交付固态电池相关设备，并且今年上半年固态设 备订单快速增长。这都预示着固态电池产业化进程显著提速，产业链各环节的投资机会也日益凸显，设 备端作为整个产业资本开支的最上游，将率先受益。 ...

Market Performance - The Shanghai Composite Index rose by 1.24% to 3812.51 points, while the Shenzhen Component Index increased by 3.89% to 12590.56 points, and the ChiNext Index surged by 6.55% to 2958.18 points, indicating a strong market performance across major indices [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 23,488 billion yuan, a decrease of over 2,300 billion yuan compared to the previous day [1] Sector Analysis - Key sectors such as semiconductors, automotive, and pharmaceuticals saw significant gains, with solid-state batteries and lithium battery concepts experiencing explosive growth [1] - The CPO concept, composite copper foil concept, and consumer electronics concept also showed strong performance [1] Real Estate Policy Changes - Shenzhen has relaxed its real estate regulations, particularly in non-core areas, which is expected to help reduce inventory and support the housing market [3] - The new policy is more aggressive than recent measures in Beijing and Shanghai, potentially stabilizing the real estate market in Shenzhen [3] Solid-State Battery Industry - The Ministry of Industry and Information Technology has issued a plan to support the development of solid-state battery technology, indicating strong governmental backing [4] - The policy is expected to accelerate the industrialization process of solid-state batteries, with significant growth in orders for related equipment observed since June [4] Computer Industry Growth - The computer industry is experiencing a notable increase in revenue and net profit, driven by factors such as sustained CAPEX, technological upgrades, and improved supply [5] - AI applications are significantly contributing to growth, with expectations for continued acceleration in the second half of 2025 [5] Robotics Sector Developments - Tesla's Optimus remains a central figure in the robotics market, with plans for mass production and ambitious delivery targets [7] - The sector is expected to see continuous positive developments, with various companies making strides in humanoid robotics [7] Government Initiatives - The Ministry of Industry and Information Technology is focusing on fostering emerging industries, including AI and robotics, to enhance the competitiveness of the information and communication sectors [8] Hang Seng Index Adjustments - The Hang Seng Index will increase its constituent stocks from 85 to 88, with new additions including China Telecom, JD Logistics, and Pop Mart [9] Tesla AI Chip Developments - Tesla is working on a new AI chip, with expectations that the upcoming AI6 chip will be the best to date, showcasing the company's commitment to advancing AI technology [10]

Market Overview - A-shares opened mixed on September 8, with the Shanghai Composite Index down 0.02%, the Shenzhen Component Index up 0.33%, and the ChiNext Index up 0.21% [1] - Sectors such as batteries and aerospace equipment saw significant gains, while sectors like duty-free and CPO experienced notable declines [1] Institutional Insights - Huatai Securities noted that the A-share mid-term performance has shown a clear divergence, with short cycles continuing to bottom out but showing initial signs of improvement [2] - The report highlighted that advanced manufacturing and TMT sectors are expected to see continued supply-demand improvements, while infrastructure chain revenue is approaching a turning point [2] - A-share mid-term dividend payouts have reached a historical high, suggesting a favorable environment for investors [2] Sector Focus - CITIC Securities expressed a bullish outlook on lithium batteries and energy storage, citing the upcoming peak season and unexpected demand in the storage sector [3] - The report indicated that the supply-demand relationship in the lithium battery sector has fundamentally shifted, with strong earnings visibility and low valuations [3] - Tianfeng Securities emphasized the investment opportunities in edge AI, driven by policy support and major company innovations, particularly highlighting Apple's commitment to product innovation in this area [4]

Market Overview - The market experienced a rebound last Friday, with the ChiNext Index leading the gains, and the Shanghai Composite Index regaining the 3800-point level. The total trading volume in the Shanghai and Shenzhen markets was 2.3 trillion yuan, a decrease of 239.6 billion yuan compared to the previous trading day. The Shanghai Composite Index rose by 1.24%, the Shenzhen Component Index increased by 3.89%, and the ChiNext Index surged by 6.55% [1]. Sector Performance - Solid-state batteries, photovoltaics, CPO, and third-generation semiconductors were among the top-performing sectors, while a few sectors such as banking and dairy experienced declines [1]. Analyst Insights Huatai Securities - Huatai Securities noted that the short-cycle continues to show differentiation, with TMT and advanced manufacturing likely to see sustained proactive inventory replenishment. The overall recovery in inventory levels is expected to take time to reflect in revenue. The report highlighted that the mid-term dividend distribution in A-shares has reached a historical high, suggesting a focus on sectors like power grid equipment, engineering machinery, and basic chemicals [2]. CITIC Securities - CITIC Securities expressed a bullish outlook on lithium batteries and energy storage, citing the upcoming peak season and unexpected demand in energy storage. The supply-demand relationship in the lithium battery sector has significantly improved, with stable performance from low-valuation leading companies being favored. The report also mentioned that the domestic market for energy storage is expected to grow due to favorable policies and increasing demand in overseas markets [3]. Tianfeng Securities - Tianfeng Securities highlighted the investment opportunities in edge AI, driven by supportive policies, leadership from major companies, and upcoming product launches. The report emphasized Apple's commitment to innovation in edge AI products, which could lead to unexpected improvements in user experience and sales, suggesting a focus on Apple's supply chain [4].

Group 1 - On September 5, Tianrui Automotive Interior (06162) transferred shares from CITIC Securities to Futu Securities International Hong Kong, with a market value of HKD 96.9569 million, accounting for 25.25% of the total shares [1] - On September 3, H&C Group Holding Limited reduced its holdings in Tianrui Automotive Interior by approximately 492 million shares at an average price of HKD 0.1682 per share, totaling around HKD 82.7961 million [1] - After the reduction, H&C Group's latest shareholding is 560 million shares, representing a holding percentage of 28% [1]