Report Industry Investment Rating No information provided in the content. Core Viewpoints - The bond market is currently facing adjustments due to the release of the draft for soliciting opinions on fund fee adjustments. The selling pressure from funds is testing the承接 capacity of allocation investors. However, the bond market does not need to be overly pessimistic as the fund redemption pressure has not spread to form a negative feedback loop. The 10Y Treasury bond rate is unlikely to reach the annual high of 1.90%, which can serve as a stable anchor for bond asset pricing. Meanwhile, medium - term credit bonds are facing a process of re - finding the peak after ultra - long bonds [5][30][31]. Summary by Related Catalogs 1. Recent Bond Market Adjustment: Fund Selling Pressure Tests the承接 Capacity of Allocation Investors - **Market Reaction to the Draft**: After the release of the draft for soliciting opinions on fund fee adjustments on September 5, the selling pressure from trading investors increased, testing the承接 capacity of allocation investors. The bond market declined continuously from Tuesday this week and rebounded strongly on Thursday afternoon. On September 25, the yield of the active 30Y Treasury bond reached a high of 2.1425%, approaching the annual high [1][8]. - **Expected Redemption by Institutions**: Insurance, bank self - operation, and wealth management may redeem some bond funds. Bank self - operation may increase its direct participation in the bond market, leaving only medium - and long - term pure bond funds with strong active management capabilities. For insurance, the upcoming implementation of the new accounting standards in 2026 and the draft for soliciting opinions reduce its willingness to allocate funds, but the redemption pressure is controllable. Bank wealth management is expected to have a more cautious and long - term allocation style for funds, and the short - term holding demand for medium - and short - term bond funds may shift to ETFs and inter - bank certificate of deposit funds [2][9][10]. - **Impact on Bond Types**: The change in the bond market investor structure means the repricing of various bond types, especially the bonds preferred by public funds (secondary and perpetual bonds, policy - financial bonds, and ultra - long bonds). From the perspective of institutional behavior, public funds have been continuously selling these bonds since September 5, and the selling continued from the 22nd to the 24th of this month, although the intensity has eased. In terms of interest rate changes, the bonds preferred by public funds have led the decline. As of September 24, the interest rates of 3 - 5Y secondary and perpetual bonds have increased by more than 20BP compared to September 5, and the interest rates of various maturities of China Development Bank bonds have also increased more than those of Treasury bonds and local government bonds [3][4][24]. 2. Medium - Term Credit Bonds are Facing a Process of Re - finding the Peak after Ultra - long Bonds - **Market Outlook**: When allocation investors are absent, it is difficult to be bullish on the bond market, but there is no need to be bearish either as the negative feedback loop has not formed. The 10Y Treasury bond rate is unlikely to reach the annual high of 1.90%, which can stabilize the pricing of bond assets [5][30][31]. - **Ultra - long Bonds**: The supply - demand mismatch problem of ultra - long bonds persists. The key is to observe the stabilizing behavior of large banks to determine the "desirable range." The continuous progress of ultra - long bond issuance has put pressure on the interest rate risk of large banks, but as market - makers, they have the obligation to maintain market price stability and may increase their承接 capacity during market adjustments, as seen on September 25 [5][32]. - **Medium - Term Credit Bonds**: The buying power of 3 - 5Y credit bonds, especially 5Y secondary and perpetual bonds, is gradually weakening. The allocation investors' desirable entry points may be significantly raised. The main buying forces of credit bonds, funds and wealth management, are expected to be affected. Funds may shrink in scale due to the adjustment of redemption fees, and wealth management will face full - scale valuation rectification in the fourth quarter, reducing its acceptance of high - volatility bonds. Insurance is also gradually withdrawing from the secondary and perpetual bond market. In this adjustment process, 1 - 2Y bonds are expected to stabilize earlier than 3 - 5Y bonds [6][32].

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。 ...

Core Viewpoint - The company has made significant progress in the ship coating certification process, which is expected to enhance its market presence and sales scale in the ship coating sector [1][2]. Group 1: Certification Achievements - The company has recently obtained the China Classification Society (CCS) certification for various ship coatings, including anti-corrosion and anti-fouling paints [1]. - Earlier in March, the company secured the Norwegian Classification Society (DNV) certification for anti-fouling paint, leading to a breakthrough in sales in the ship coating segment [2]. Group 2: Market Expansion Potential - The ship coating market has substantial growth potential but has been dominated by international giants due to high technical and certification barriers [2]. - With the CCS certification, the company is poised to further expand its market space in ship coatings and is also pursuing certification from the American Bureau of Shipping (ABS) [2]. Group 3: Business Strategy and Growth - The company is developing a diversified business strategy characterized by "three old + three new + four small" segments, focusing on innovation and market expansion [2]. - The "three new" segments include ship, offshore, and photovoltaic coatings, which have shown significant progress since the company's listing and are expected to contribute to future revenue growth [2]. Group 4: Financial Projections - The company forecasts net profits attributable to shareholders of 260 million, 320 million, and 400 million yuan for the years 2025, 2026, and 2027, respectively, maintaining a "buy" investment rating [2].

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。 ...

Core Viewpoint - Runze Technology reported a net profit attributable to shareholders of 882 million yuan for H1 2025, a year-on-year decline of 8.73%, with Q2 net profit at 452 million yuan, down 8.20% [1] Group 1: Financial Performance - The company experienced a decline in net profit for both H1 and Q2 compared to the previous year [1] - The gross profit margin faced pressure year-on-year, leading to adjustments in the company's profit forecast [1] Group 2: Future Outlook - Based on existing customer orders and delivery schedules, the company is expected to achieve a good ramp-up rate by the end of the year [1] - New data centers in Pinghu (100MW), Foshan, and Huizhou are anticipated to contribute to revenue and profit growth as ramp-up rates improve [1] - The company is optimistic about significant growth in the second half of the year due to accelerated ramp-up [1] Group 3: Investment Rating - The overall business development in data centers and intelligent computing centers is progressing rapidly [1] - The company maintains a "Buy" rating, reflecting confidence in the positive impact of accelerated ramp-up on profits in the second half of the year [1]

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 ...