Core Viewpoint - The report from Tianfeng Securities indicates that Lutai A's net profit attributable to shareholders reached 360 million, a year-on-year increase of 112%, with Q2 net profit at 200 million, up 109% [1] Financial Performance - In the first half of the year, fabric revenue decreased by 7.85% to 1.9 billion, with both sales volume and price declining [1] - Shirt revenue increased by 24.82% to 800 million, primarily driven by sales volume growth, while prices remained stable [1] Market Conditions - The impact of equal tariffs is expected to gradually manifest after April 2025, with clients delaying or postponing orders in May and June due to cautious sentiment, leading to a slight impact on apparel sales in Q2 [1] - Although a final agreement on the China-U.S. tariff issue has not been reached, there are signs of easing, and clients have a demand for replenishment orders [1] Strategic Focus - The company emphasizes channel development and aims to create a diversified market layout [1] - The profit forecast has been adjusted, maintaining a "buy" rating [1]

天风证券研报指出，深信服上半年归母净利润为-2.28亿元，同比+61.54%；单2025Q2净利润0.22亿元， 同比+121.3%，自2020年以来首次在Q2实现盈利。公司持续提升内部管理效率，报表持续体现较高质 量。若宏观经济进一步复苏，公司国内业务收入增速有望进一步提升。长期看，"出海+大客户+AI"驱 动，公司新增长曲线正在清晰。该行认为2025年收入有望进一步提速（在海外与大客户需求增长、云业 务+XaaS产品发力等多重驱动下），公司利润弹性有望进一步释放，预计25-27年归母净利润达 4.05/7.44/8.58亿，维持"买入"评级。 ...

Group 1 - Securities firms have conducted a total of 3,845 research activities involving 644 listed companies since September 21, with a focus on industries such as industrial machinery and electronic components [1][2] - The most frequently researched company is Lanke Technology, which has been surveyed by 54 securities firms, followed by Juguang Technology with 40 surveys [1] - Leading securities firms include CITIC Securities and Guotai Junan, each conducting 175 surveys, while Changjiang Securities has conducted 135 surveys [1] Group 2 - Among the 644 listed companies, 76 are in the industrial machinery sector, and 42 are in the electronic components sector, indicating a preference for these industries [2] - As of September 19, 288 of the surveyed stocks have seen price increases this month, with 24 stocks rising over 30%, led by World with a 76.94% increase [2] Group 3 - Key issues of interest in the surveys include companies' overseas expansion strategies, with Juguang Technology actively integrating its acquisitions in Switzerland and Singapore [3] - Companies like Kaiying Network reported a 59.57% year-on-year increase in overseas revenue in the first half of the year, focusing on enhancing their product matrix for international markets [3] - Analysts predict that a number of Chinese companies will emerge as influential players in international markets, potentially leading to greater valuation premiums for leading domestic firms [3]

Group 1 - Institutional investors have shown interest in 123 stocks this week, with 22 stocks receiving target prices [1] - XJ Electric (603416) received a "Buy Over Market" rating from Guosen Securities, with a target price range of 75.43 to 82.98 CNY, while the latest closing price was 63.49 CNY [1] - Kailaiying (002821) was rated "Recommended" by Huachuang Securities, with a target price of 136.15 CNY, and the latest closing price was 110.70 CNY [1] Group 2 - Youyou Green Energy (301590) received a "Buy" rating from Tianfeng Securities, with a target price of 285.70 CNY, and the latest closing price was 200.00 CNY [1] - Shede Liquor (600702), Fudan Microelectronics, and China Satellite (600118) also received initial attention from institutions this week [1]

Group 1 - The core viewpoint of the report is that Jiangxin Home (301061.SZ) is rated as a "buy" due to its successful customer acquisition in the U.S. market, which has improved both quantity and quality, thereby strengthening its foundation for continued expansion and brand influence in North America [1] - The company has a significant advantage over U.S. local furniture manufacturers, particularly in the sofa manufacturing sector, which positions it favorably in the competitive landscape [1] Group 2 - The report highlights potential risks including trade uncertainties, weakening overseas demand, exchange rate fluctuations, and the possibility of customer acquisition not meeting expectations [1]

（记者 胡玲） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，天风证券9月21日发布研报称，给予华旺科技（605377.SH，最新价：9.04元）买入评级。 评级理由主要包括：1）多环节联动，全面实施降本增效；2）强化服务，夯实收入基础。风险提示：原 材料价格波动风险；汇率波动风险；产能扩张滞后风险；下游需求恢复不及预期风险等。 每经头条（nbdtoutiao）——鲍威尔"大战"特朗普，11:1赢得一场独立性之战！特朗普的"沉默48小时"： 揭秘美联储降息背后…… ...

Group 1: Base Metals - Copper prices have decreased, with Shanghai copper closing at 80,080 yuan/ton, influenced by the conclusion of central bank meetings and a gradual recovery in downstream orders as the peak season progresses [1] - The supply side shows notable contradictions, with domestic smelters undergoing maintenance but not significantly impacting supply due to imports; however, increased downstream orders are expected to boost refined copper consumption [1] - Aluminum prices have also seen a phase adjustment, with Shanghai aluminum closing at 20,760 yuan/ton; the overall theoretical cost of electrolytic aluminum is expected to decrease, leading to increased theoretical profits for the industry [1] Group 2: Precious Metals - Gold and silver prices have risen following the Federal Reserve's interest rate cut, with domestic gold averaging 829.33 yuan/gram and silver at 9,964 yuan/kilogram, reflecting market concerns about the U.S. economic outlook [2] - The market is currently experiencing fluctuations in COMEX gold and silver prices, with gold trading between 3,650-3,700 USD/oz and silver between 41.5-42.0 USD/oz [2] - Suggested companies for investment include China National Gold, Shandong Gold, and Zhaojin Mining [2] Group 3: Minor Metals - The domestic market for antimony continues to operate weakly, with prices for various grades of antimony ingots and oxides decreasing by 0.4 million yuan/ton compared to the previous week [3] - There is a cautious attitude among major manufacturers regarding price adjustments, and the market is characterized by a weak supply-demand balance, leading to a prevailing wait-and-see sentiment [3] - Short-term price stability is expected for antimony ingots, with a forecasted range of 172,000-175,000 yuan/ton [3] Group 4: Rare Earths - Prices for rare earths have shown slight increases, with light rare earth oxide prices decreasing by 0.7% to 571,000 yuan/ton, while heavy rare earth oxides remain stable [4] - The integration of separation plants is ongoing, with processing fees rising above 20,000 yuan/ton, indicating a potential upward trend in the sector [4] - Companies to watch include Northern Rare Earth, China Rare Earth, and Guangxi Rare Earth [5]

（来源：研报虎） 多层复合焊带助力BC组件降本，有望受益于BC技术发展。公司紧随光伏技术发展前沿，深耕新技术应 用领域，始终致力于为客户提供更具竞争力的产品及创新解决方案。公司研制的多层复合焊带已经率先 在BC组件上被验证为更优化的焊带降本方案。该产品通过多层复合材料结构设计、界面优化技术及复 合材料间组织调控技术等多项核心技术攻关，为光伏组件综合成本下降带来重要突破。 投资建议：虽然产业链价格急速下降引起市场竞争压力骤增，但公司仍然保持正盈利。随着"反内卷"政 策推进，光伏产业链价格自6月以来显著反弹，辅材的价格压力也有望缓解。公司多层复合焊带随着BC 技术发展放量，有望贡献超额盈利。预计公司2025~2027年归母净利润分别为0.86、1.41、1.72亿元，对 应PE分别为43.9、26.8、22.0X，调整为"增持"评级。 风险提示：反内卷政策推进不及预期，铜、锡等原材料价格波动，行业竞争加剧，多层复合焊带出货不 及预期等。 事件：公司25H1实现营业收入15.18亿元，同比下降9.77%；实现归母净利润0.36亿元，同比增长 0.18%。25Q2单季度实现营业收入8.80亿元，同比下降10.49%； ...

Group 1 - The core viewpoint of the news is that Sanxia Tourism (SZ 002627) is actively engaging with investors and has provided a breakdown of its revenue sources for the first half of 2025 [1] - Sanxia Tourism's market capitalization is reported to be 5.1 billion yuan [2] Group 2 - The revenue composition for Sanxia Tourism in the first half of 2025 is as follows: travel agency business accounts for 35.76%, waterway tourism passenger transport for 27.58%, passenger travel services for 20.23%, commercial logistics for 19.24%, tourism port services for 9.21%, and vehicle extension services for 8.89% [1]

天风证券研报指出，九典制药2025H1实现归母净利润2.91亿元（YoY+2.57%），2025年单二季度实现归 母净利润1.66亿元（YoY+4.54%），上半年业绩增速符合预期。截至2025年上半年，公司已拥有7款外 用制剂药品注册证书，在研外用制剂产品超20个，主要产品包括洛索洛芬钠凝胶贴膏、酮洛芬凝胶贴 膏、消炎解痛巴布膏、利丙双卡因乳膏、克霉唑阴道片等。随着未来新品逐渐上市销售，叠加老龄化日 益严重、经皮给药市场需求增加的外部环境驱动，公司在外用制剂板块有望持久续航。公司布局化药与 中药创新药，其中以化药创新药为核心发展方向，重点聚焦疼痛领域（主要研发多肽药物与小分子药 物）与肿瘤领域（专注PDC药物研发）。基于洛索洛芬钠凝胶贴膏竞争格局变化，调整盈利预测，维 持"买入"评级。 ...