Core Viewpoint - The barriers to the domestic market for Agents are being removed, with a significant turning point expected in the Chinese to B Agent market by Q1 2026, benefiting industry giants like Alibaba Cloud and fostering the growth of their ecosystems [2][3]. Market Demand - The commercial adoption of Agents is driven by clear market demand, improved product supply, and a recovering primary market. The return on investment (ROI) for Agents is becoming more evident, with a downward trend in token prices in the U.S. market encouraging enterprises to adopt Agents [3][4]. - In the domestic market, the willingness to pay for Agent software has been low due to various factors, but as API usage costs decrease, Agents will provide clearer cost advantages, leading to an increase in ROI and rapid adoption in China [3][4]. Product Supply - Technological advancements are enhancing delivery capabilities, allowing higher-quality Agent products to enter the market. Agents differ from traditional software by providing direct data results based on simple natural language commands, streamlining processes [4][5]. - The release of DeepSeek-R1 has improved the capabilities of domestic models, with expectations of further advancements by the end of this year or early 2026, strengthening the delivery capabilities of Agents [4][5]. Primary Market - The recovery of investment and financing in the primary market is expected to support the flourishing of the to B Agent market by early 2026. The capital input and product innovation have entered a new phase since Q2 of this year, with results anticipated within approximately six months [5][6]. Industry Opportunities - Agents are expected to first land in sectors such as law, finance, and customer service, where data standardization and high labor costs make ROI more favorable. Industry giants like Alibaba Cloud will gain significant advantages in these areas [5][6]. - The delivery of Agent products must enhance client efficiency, necessitating knowledge of vertical scenarios and product ROI [5][6]. Model and Hardware Ecosystem - Large models are central to AI Agent applications, but successful implementation requires a comprehensive solution encompassing applications, training data, computing power, and engineering execution. The integration of hardware and software ecosystems is crucial [6]. - Industry giants' self-developed chip capabilities can significantly reduce inference costs, with chip costs accounting for 60% to 70% of overall AI cloud service costs. Successful self-developed chips could greatly enhance overall gross margins [6]. - The variety of models and partnerships among industry giants facilitates easier access to B-end clients, as enterprises typically select multiple targeted AI Agents based on application scenarios [6].

天风证券研报指出，长春高新与ALK合作，有望开启中国脱敏新时代。本次合作产品包括ALK自主开 发的2款变应原特异性免疫治疗产品和1款用于过敏原诊断的皮肤点刺试剂盒。中国拥有全球尘螨过敏患 者最大的患者人群，但中国过敏免疫疗法市场开发不足、缺乏创新产品。目前接受脱敏治疗的患者数量 不足100万，存在大量未满足临床需求。认为此次合作有望与金赛的生长激素产品形成协同，横向拓展 公司产品线。维持"买入"评级。 ...

9月23日晚，公司发布《关于船舶涂料认证工作进展情况的自愿性公告》，公告披露：近日，公司已取 得中国船级社(CCS)认可证书，具体包括船体防锈漆、船体防污漆、船舶压载舱漆、船体连接漆、车间 底漆等产品。 盈利预测与估值：结合公司未来业务拓展节奏，我们预计公司2025-2027年归母净利润分别为2.6/3.2/4.0 亿元，维持"买入"的投资评级。 船舶涂料持续推进，打开公司成长空间 船舶涂料市场空间较大，但长期被国际巨头垄断，该行业存在较高的技术壁垒、认证壁垒，同时也存在 极高的客户认可门槛。而船级社认证是公司进入船舶涂料领域的必备条件，今年3月公司已取得挪威船 级社(DNV)防污漆证书，并于年中实现船舶涂料的销售突破。 伴随CCS的认证通过，公司船舶涂料市场空间有望进一步开拓，提升公司产品销售规模。同时，公司还 在持续推进美国船级社(ABS)的相关认证工作。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 公司业务范围持续拓宽，工业涂料平台战略初步成型。 （来源：研报虎） 目前公司已经初步形成"三老+三新+四小"的业务格局，"三老"为原有业务，通过产品创新、增加客户覆 盖范围、开拓 ...

Core Viewpoint - Dong-E E-Jiao reported a net profit attributable to shareholders of 818 million yuan in the first half of 2025, representing a year-on-year increase of 10.74% [1] - The company continues to implement mid-term dividends, distributing a cash dividend of 12.69 yuan per 10 shares, totaling approximately 817 million yuan, which accounts for 99.94% of the net profit for the first half of 2025 [1] Financial Performance - In Q2 2025, the company achieved a net profit of 393 million yuan, showing a year-on-year growth of 2.01% [1] - The net cash flow from operating activities for the first half of 2025 was 965 million yuan, indicating improvement compared to Q1 2025 [1] - The cash and cash equivalents at the end of the period stood at 4 billion yuan, reflecting a strong cash reserve [1] Business Strategy and Outlook - The company is focusing on "growth and breakthrough" themes to promote high-quality growth in 2025, with significant improvements in gross margin observed in recent years [1] - Continuous strengthening of online channel layout and ongoing expansion efforts are expected to support stable revenue growth [1] - The company maintains a "buy" rating based on its robust performance and cash flow improvements [1]

格隆汇9月25日｜天风证券研报指出，美格智能25H1实现归母净利润0.84亿元，同比增长151.38%。物 联网行业维持高景气，车+端侧AI带动需求强劲25H1公司受智能网联车、端侧AI硬件等需求拉动，营收 实现快速增长。单季度Q2毛利率环比进一步下行，除出货产品结构影响外，还叠加存储芯片涨价等因 素影响。期待公司盈利能力在下半年能环比改善。公司多应用场景实现拓展，展现端侧能力。端侧AI 方面，公司在多下游应用场景实现了业务拓展。结合最新发布的AIMO智能体产品，公司正加速开发 DeepSeek-R1模型在端侧落地应用及端云结合整体方案。考虑到公司25H1的经营情况和毛利率承压，调 整公司25-27年归母净利润至2.1/3.0/4.1亿元（原值为2.5/3.5/4.7亿元），对应25-27年PE估值分别为 61/42/31倍，维持"增持"评级。 ...

天风证券研报指出，润泽科技25H1实现归母净利润8.82亿元，同比下滑8.73%，Q2实现归母净利润4.52 亿元，同比下滑8.20%。从公司交付节奏来看，基于去年已签订的客户订单支撑以及目前上架节奏判 断，预计在今年年底可实现较好的上架率，看好公司下半年增速显著提升，如平湖100MW、佛山、惠 州新交付的数据中心都有望在上架率提升后带来收入及利润增厚，有望于下半年较好体现于公司业绩。 基于公司2025H1经营情况，毛利率同比有所承压，调整公司盈利预测，但公司整体数据中心及智算中 心仍在快速推进业务发展，看好下半年上架加速对公司利润带来积极影响。维持"买入"评级。 ...

Group 1: AI Hardware and Chip Demand - The report from Tianfeng Securities highlights optimism regarding AI hardware driving chip demand and opportunities for domestic substitution [1][3] - The semiconductor, domestic computing power, and self-controllable sectors are expected to be long-term trends [1][3] - In the context of ongoing uncertainties in US-China trade policies regarding AI computing power chips, domestic large model development companies and internet platforms are likely to gradually increase their procurement and usage of domestic chips [1][3] Group 2: Consumer Electronics and Market Trends - Apple is set to release new features and products, including the iPhone 17 series, AirPods, and Apple Watch, indicating a positive outlook for the Apple supply chain's innovation cycle and valuation recovery [2] - Meta has launched four AI glasses priced between $379 and $799, covering both everyday use and professional sports, creating a comprehensive product matrix [2] - The GPU and AISC markets are expected to expand, with the launch of GB300 servers and the ramp-up of GB200 driving a new growth phase for AI infrastructure [2] Group 3: Semiconductor Market Dynamics - AI SoC chip companies are benefiting from the increasing penetration of AI hardware, with significant growth reflected in the first half of 2025 [3] - Rising storage prices and the demand from AI servers, PCs, and mobile devices are driving rapid upgrades in storage capacity, with high-value products like HBM, eSSD, and RDIMM seeing increased penetration [3] - The domestic storage market is expected to accelerate growth further [3]

Core Viewpoint - The petrochemical industry in China is entering a concentrated production period from 2019 to 2025, with average capacity growth exceeding 10% per year, leading to increased competition and declining operating rates/profits, yet apparent consumption of key petrochemical products is expected to grow rapidly during this phase [1] Group 1: Industry Trends - The petrochemical sector is experiencing a significant expansion in capacity, particularly in refining, ethylene, PX, methanol, and refining by-products, driven by policy [1] - The export of chemical products is shifting towards quantity over price, with a notable decline in price indices across various sectors, while export volumes for plastics, rubber, and automotive products are expected to maintain growth rates above 10% from 2023 to 2025 [3] - Domestic self-sufficiency rates for key petrochemical products have significantly improved, with ethylene and PX self-sufficiency rates increasing by 19% and 18%, respectively, which corresponds to the absorption of 949,000 and 855,000 tons of capacity [4] Group 2: Demand Dynamics - The development of new industries and emerging consumer markets in China is driving demand for chemical products, particularly in the new energy vehicle and wind power sectors, leading to increased demand for EVA, POE, epoxy resins, and PVDF [5] - The overall domestic demand remains moderate, but structural highlights are evident, with traditional plastics benefiting from the rise of e-commerce and delivery services [5] - The integration, scaling, and intensification of domestic industrial chains are establishing comparative advantages, while the economic growth in ASEAN and Africa is expected to create rapid growth opportunities for chemical demand [5] Group 3: Export Opportunities - The expansion of production capacity is leading to a significant increase in exports, particularly to emerging markets in ASEAN and Africa, as well as a decline in competitiveness from Europe and Japan, which is resulting in a trend reversal for Chinese chemical exports [4] - The CAGR for exports of styrene, PP, PTA, EVA, PA6, and PVC is projected to exceed 40% from 2020 to 2024, with other monitored products also showing growth rates between 9% and 40% [4]

智通财经APP获悉，天风证券发布研报称，近日，刚果(金)战略矿产市场监管与管理局发布最新钴出口 政策，短期来看，可能对市场预期和库存去化节奏有一定影响。配额量仅为9.66万吨，再减去9600吨 的"战略配额"，实际可用于普通出口的基础配额仅8.7万吨，这个配额量级或将钴的中长期供需平衡拉 回紧平衡甚至短缺。最为重要的是，一直强调的刚果金后续指标分配的不确定性，以及短期靠印尼的 MHP提供大量增量很难。中长期视角下钴的价格中枢有望提升，并且在长逻辑夯实下，权益端的长久 期资产或面临重估。 天风证券主要观点如下： 施行配额制：从10月16日开始实行，获得配额的条件及其分配方式，将在一份决议中明确规定；该决议 将根据下文所述的总体数量，通知钴市场参与者。此决议还将制定新的出口条款，包括调控费、针对应 缴国家款项的预付款制度，以及新的出口手续制度。具体时间段： 2025年10月16日-12月31日：此期间出口授权最大量为18125吨，其中10月允许出3625吨，11月和12月各 允许出口7250吨。 2026年：全年出口授权最大量为96600吨，由87000吨"基础配额"和9600吨"战略配额"构成。①基础配 额：每 ...

1)去化或已进入尾声。奶价下行4年，行业亏损1.5年，带来奶牛产能已去化约8%(截至25年8月)，叠加 三季度青贮饲料采购季临近，资金需求陡增，或将迫使资金状况不佳的牧场存栏量被动加速出清。以24 年年底产能为基数，该行测算行业有望在今年年底或26H1完成产能筑底，实现奶价拐点。 天风证券（601162）发布研报称，25H1奶价承压，牧企中报表现分化。相较于猪养殖，牛行业的补栏 周期显著更长。从犊牛培育到可投产的成牛，整个周期通常需要约2年时间，远长于猪的10个月补栏周 期。这种更长的生产周期特性，使得行业产能调整相对滞后，因此其周期性的景气阶段往往持续时间更 久。此外，与传统畜禽不同，牛养殖的供给端扰动因素较少(如无禽类行业的换羽等现象)，使得产能变 化趋势的确定性更强。当前肉牛价格进入上行通道，淘汰母牛价格同步回暖，考虑到淘汰母牛占牧场生 物资产存量的重要比重，其价格回暖对当期利润的提振作用不容忽视，有望成为牧企短期业绩的重要助 推力。 天风证券主要观点如下： 奶牛板块：供给强收缩，去化或已进入尾声! 具体标的 1)肉牛在母牛持续减产+奶牛淘牛减少+进口增量受限下，2025H2商品肉牛供给预计进入收缩通道 ...