（责任编辑：郭健东 ） 东吴证券日前研报指出，当升科技固态锂电正极材料已实现10吨级批量出货，并导入多家固态电池 客户。同时，公司在富锂锰基材料方面已突破关键技术问题，开发出中高容量和超高容量产品。此外， 公司在固态电解质方面已成功开发出多种电解质体系，并实现规模化供应能力。三元构筑持续盈利基 石，铁锂后发优势逐步凸显。钴酸锂正极方面，25H1倍率型市占率超50%，我们预计25-27年出货 0.6/0.85/1万吨，同增100%/42%/18%，主供实达、亿纬、豪鹏、锂威、冠宇等。27年看，全固态NCM有 望实现千吨级出货，富锂锰基实现百吨级出货。公司开发液态LRM中高容量（220-250mAh/g），固态 LRM高容量（＞280mAh/g），综合性能行业领先。考虑公司盈利能力显著提升，上调2025-2027年盈利 预测，维持"买入"评级。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

东吴证券日前研报指出，当升科技固态锂电正极材料已实现10吨级批量出货，并导入多家固态电池客 户。同时，公司在富锂锰基材料方面已突破关键技术问题，开发出中高容量和超高容量产品。此外，公 司在固态电解质方面已成功开发出多种电解质体系，并实现规模化供应能力。三元构筑持续盈利基石， 铁锂后发优势逐步凸显。钴酸锂正极方面，25H1倍率型市占率超50%，我们预计25-27年出货0.6/0.85/1 万吨，同增100%/42%/18%，主供实达、亿纬、豪鹏、锂威、冠宇等。27年看，全固态NCM有望实现千 吨级出货，富锂锰基实现百吨级出货。公司开发液态LRM中高容量（220-250mAh/g），固态LRM高容 量（＞280mAh/g），综合性能行业领先。考虑公司盈利能力显著提升，上调2025-2027年盈利预测，维 持"买入"评级。 ...

Core Viewpoint - The 2025 China Fund of Funds Conference highlighted the evolving landscape of the fund industry, emphasizing the need for innovative strategies and collaboration to navigate challenges in fundraising and investment exits [6][31]. Group 1: Conference Overview - The conference took place on September 26, 2025, in Suzhou Wujiang, organized by the Fund of Funds Research Center, attracting over 200 representatives from government, industry associations, and leading investment institutions [1]. - The event featured significant discussions on optimizing the private equity fund ecosystem and enhancing the synergy between capital and industry [4][9]. Group 2: Keynote Speeches - Gu Haidong, the Executive Vice Mayor of Suzhou, emphasized the city's commitment to enhancing the private equity fund ecosystem and fostering capital-innovation synergy [4]. - Tang Jincao, founder of the Fund of Funds Research Center, called for the development of "reassuring capital" that balances risk tolerance and long-term investment characteristics [6][7]. - The conference showcased Suzhou's robust capital ecosystem, with strong performance in fund establishment, financing events, and IPOs in the first half of 2025 [7]. Group 3: Investment Opportunities - Wujiang has established itself as a favored investment destination, with over 540 equity investment funds totaling more than 2,300 billion yuan, focusing on high-end equipment and emerging industries [9]. - The signing of several key agreements during the conference marked a significant milestone for the Suzhou Bay Venture Capital One, attracting top investment institutions and enhancing its capital base [12][14]. Group 4: Sub-Fund Initiatives - The conference included the establishment of seven specialized sub-funds focusing on strategic emerging industries, with a total scale exceeding 6.5 billion yuan [14]. - This initiative aims to leverage state capital to attract more social capital into technology innovation [14]. Group 5: Collaborative Plans - A collaborative plan was initiated to build a co-creation ecosystem around the Suzhou Bay Venture Capital One, focusing on project co-investment and resource sharing [15]. - The plan aims to break down information barriers and promote efficient matching of capital, technology, and talent [15]. Group 6: Expert Insights - Zhao Yan, from Tsinghua University, shared insights on the university's successful technology transfer practices, highlighting over 70 major achievements and attracting more than 27 billion yuan in social capital [16]. - Li Shilin compared the venture capital tax systems of China, the US, and the UK, suggesting the need for a specialized tax regime to encourage long-term investment in technology innovation [18]. - Jiang Mingming discussed the growth of secondary markets for private equity, indicating a shift towards a necessity for liquidity in the current investment landscape [21]. Group 7: Roundtable Discussions - Multiple roundtable discussions were held, focusing on collaboration between national and local funds, capturing investment opportunities in the Yangtze River Delta, and the role of mother funds in regional integration [24][26][28]. - These discussions aimed to explore strategies for optimizing fund layouts and enhancing support for hard technology and future industries [28].

开店旺季在即，后续催化可期 2025H1公司净开门店250家，其中乡镇门店净增270家。公司乡镇开店契合下沉市场消费趋势，为乡镇 消费者提供更加多元化且具备质价比的产品，当前乡镇市场供给端竞争不充分，公司具备先发优势和规 模优势。另外根据该行草根调研反馈，乡镇单店模型优秀，加盟商意愿足。结合供需逻辑和调研反馈， 该行认为公司今年净增1000家门店的计划可顺利落地，预计Q4旺季可兑现开店预期。 经营能力已经验证，估值低位重申重点推荐 公司同店营收年初至今持续保持正增，亏损门店大幅转盈，验证了门店经营向好的趋势。盈利水平在规 模效应下充分释放，2025H1公司核心经营利润率达到5.9%，同比+1.2pct;销售净利率5.9%，同比 +2.7pct。目前对应2025年估值已经不足20倍，当前位置继续重点推荐。 智通财经APP获悉，东吴证券发布研报称，维持锅圈(02517)此前盈利预测，预计公司2025-2027年的营 收为72.9/83.9/95.5亿元，同比+13%/15%/14%;归母净利为4.2/5.0/5.8亿元，同比+81%/19%/17%;对应PE 为19/16/14X。维持"买入"评级。2025年9月 ...

2025H1公司净开门店250家，其中乡镇门店净增270家。公司乡镇开店契合下沉市场消费趋势，为乡镇 消费者提供更加多元化且具备质价比的产品，当前乡镇市场供给端竞争不充分，公司具备先发优势和规 模优势。另外根据该行草根调研反馈，乡镇单店模型优秀，加盟商意愿足。结合供需逻辑和调研反馈， 该行认为公司今年净增1000家门店的计划可顺利落地，预计Q4旺季可兑现开店预期。 经营能力已经验证，估值低位重申重点推荐 公司同店营收年初至今持续保持正增，亏损门店大幅转盈，验证了门店经营向好的趋势。盈利水平在规 模效应下充分释放，2025H1公司核心经营利润率达到5.9%，同比+1.2pct;销售净利率5.9%，同比 +2.7pct。目前对应2025年估值已经不足20倍，当前位置继续重点推荐。 风险提示：食品安全问题，行业竞争加剧，消费力改善不及预期。 东吴证券发布研报称，维持锅圈(02517)此前盈利预测，预计公司2025-2027年的营收为72.9/83.9/95.5亿 元，同比+13%/15%/14%;归母净利为4.2/5.0/5.8亿元，同比+81%/19%/17%;对应PE为19/16/14X。维持"买 入"评级。2 ...

Group 1 - The core viewpoint of the report indicates a significant rise in independent energy storage in China, with improved economic viability and a clear increase in demand, alongside sustained high demand for large-scale storage in Europe and emerging markets [1] - The transition from mandatory energy storage to independent energy storage in China is expected to enhance the revenue model for storage projects, with local governments introducing capacity price compensation policies [1] - The report anticipates that the domestic energy storage demand forecast will be revised upwards, with a projected installation of 149 GWh in 2025 and 194 GWh in 2026, driven by strong demand in regions like Xinjiang and Inner Mongolia [2] Group 2 - The supply of energy storage cells is expected to remain tight until the second half of 2026, with a global demand forecast of 521 GWh in 2025 and 710 GWh in 2026, reflecting a year-on-year growth of 60% and 36% respectively [2] - The report highlights that the independent energy storage model is replacing the traditional capacity storage model, leading to higher quality requirements for storage batteries and systems, which is likely to concentrate the competitive landscape [2] - The emergence of integrated system providers and the rise of construction and operation models are expected to benefit companies with technological and resource advantages in the energy storage sector [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report analyzes the bond market in August 2025 from multiple perspectives, including the central bank's balance sheet and custody volume, institutional leverage, institutional behavior by type, and bond types. It presents the latest trends in central bank monetary policy and institutional investment strategies, and predicts short - term investment opportunities and risks in the bond market [8]. - In the short term, due to the approaching of the end - of - September to early - October period to achieve the annual 5% growth target, with the implementation of growth - stabilizing policies and cross - quarter capital fluctuations, institutional sentiment remains cautious, and there may be redemption disturbances. The remaining issuance quota of bonds is relatively low, indicating that there is still room for fiscal stimulus [7][9]. 3. Summary by Directory 3.1 August Central Bank Balance Sheet and Custody Volume Interpretation - **Balance Sheet Changes**: In August 2025, the central bank's balance sheet size increased from 45.9 trillion yuan to 46.3 trillion yuan. On the asset side, the main increase was in "claims on other depository corporations", and the main decrease was in "claims on other financial corporations". On the liability side, the main increase was in "government deposits", and the main decrease was in "deposits of other depository corporations" [14]. - **Impact on Custody Volume**: The net investment of the central bank's innovative tools in August was 2608 billion yuan, which was close to the monthly increase of 2754 billion yuan in the "ChinaBond - Other" (central bank) account. The main incremental bond types were local government bonds and policy - bank bonds [32]. 3.2 Leverage Ratio - In August, the overall capital market was stable, but the bond market was in a head - wind period. The average monthly leverage ratio dropped to 107.4%. The stock - bond seesaw effect continued to suppress the bond market performance, and institutional leverage willingness weakened. The average monthly trading volume of pledged repurchase remained at 7.6 trillion yuan [37]. 3.3 By Institution Type - **Banks**: Large banks reduced their allocation of 7 - 15y local government bonds and extended the maturity of their Treasury bond purchases. Rural commercial banks' entry - point expectations rose, and their secondary - market trading demand weakened [52][54]. - **Insurance**: Since August, under the influence of "rush to stop sales", insurance companies have increased their bond purchases at high prices, mainly increasing their holdings of local government bonds and Treasury bonds [67]. - **General Funds**: In August, the custody volume of general funds decreased again this year, mainly reducing their holdings of certificates of deposit and commercial bank financial bonds. Fund redemptions occurred repeatedly, while bank wealth management's bond allocation was in line with the seasonal level [76][80][84]. - **Foreign Investors**: The decline in the comprehensive return of foreign investors' investment in certificates of deposit narrowed, and the net outflow speed slowed down. They mainly reduced their holdings of certificates of deposit, Treasury bonds, and policy - bank bonds [93]. 3.4 By Bond Type - In August, the incremental increase in the bond market's custody volume decreased month - on - month. Interest - rate bonds were the main supporting factor, with increments of 8261 billion yuan, 5172 billion yuan, and 4616 billion yuan for Treasury bonds, local government bonds, and policy - bank bonds respectively. Certificates of deposit were the main reduction item, with a reduction of 3556 billion yuan [94].

Core Viewpoint - The report from Dongwu Securities highlights the growth potential of L-PAMiD's domestic supply chain and performance iteration, which is expected to drive new growth opportunities for Zhaosheng Microelectronics as it enters mass production delivery [1] Group 1: Product Development - Zhaosheng Microelectronics' L-PAMiD product has successfully passed validation from several mainstream customers and has entered the mass production delivery phase [1] - L-PAMiD is a flagship product that integrates various RF components, marking the industry's first series of products with a fully domestic supply chain [1] - The product is currently being delivered in small batches to some customers, with expectations to ramp up production in the second half of the year, potentially opening new growth avenues for the company [1] Group 2: Financial Performance - The utilization rate of the 6/12 inch production line has improved, and cost optimization is expected to enhance profitability, stabilizing and recovering the gross margin for Zhaosheng Microelectronics [1] - Due to a seasonal decline in overall market demand for RF front-end chips, the company's revenue forecasts for 2025-2026 have been revised down to 4.599 billion and 5.450 billion yuan respectively, from previous estimates of 5.775 billion and 6.694 billion yuan [1] - The net profit forecasts for 2025-2026 have also been reduced to 303 million and 723 million yuan, down from earlier projections of 1.007 billion and 1.349 billion yuan, with a new revenue forecast of 6.349 billion yuan for 2027 and a net profit forecast of 1.117 billion yuan for the same year [1] Group 3: Market Position - The company is viewed as a leader in the industry, with strong growth potential anticipated in the future, leading to a maintained "buy" rating [1]

东吴证券研报指出，L-PAMiD全链国产与性能迭代注入增长潜力，推动卓胜微量产交付拓新空间。卓 胜微的L-PAMiD产品已经成功通过部分主流客户的产品验证，进入量产交付阶段。L-PAMiD是承载公 司未来营收增长的明珠型产品，主集收发模组，集成射频低噪声放大器、射频功率放大器、射频开关、 双工器/四工器等器件的射频前端模组,是目前业界首次实现全国产供应链的系列产品。该产品目前在部 分客户开始小批量交付，预计下半年将进入起量阶段，有望为公司打开新的增长空间。另外，6/12英寸 产线稼动率提升与成本优化注入盈利动能，助力卓胜微毛利率企稳回升。基于公司公告，射频前端芯片 产业链整体市场需求呈现淡季，下调公司2025-2026年营业收入至45.99/54.50亿元（前值：57.75/66.94亿 元），新增2027年营收预测为63.49亿元，下调公司2025-2026年归母净利润至3.03/7.23亿元（前值： 10.07/13.49亿元），新增2027年归母净利润预测为11.17亿元，看好公司作为行业领军者未来的增长潜 力，维持"买入"评级。 ...

全球柴发由外资主导，供不应求下国产替代可期 根据东吴证券测算，24年国内柴发市场外资+合资共占比83%，内资占比仅17%，国产替代空间广阔， 且基本尚未开启出口替代。国内厂商潍柴、玉柴、上柴通过合资、收购海外品牌等方式实现技术积累， 在柴发产品力上与外资厂商持续收窄。在当前全球柴发需求爆发，海外厂商排期紧张且扩产谨慎，康明 斯部分订单交付周期达12-18个月，卡特/MTU订单排期到26年，供不应求下柴发价格持续上行。东吴证 券认为，国产柴发厂商在扩产速度+价格+响应速度上具备优势，有望率先在国内数据中心实现国产替 代，并有望走向海外实现全球替代。 智通财经APP获悉，东吴证券发布研报称，24年起AI技术突破带动全球CSP CAPEX加速提升，预计北 美四大CSP25年CAPEX合计约3400亿美元，同比+49%，国内五大CSP25年CAPEX合计约4280亿元，同 比+69%，2026年有望延续高增长趋势。根据测算，25年国内柴发市场规模125亿元，同比+53%，28年 市场规模有望达182亿元，24-28年CAGR22%。根据测算，24年国内柴发市场外资+合资共占比83%，内 资占比仅17%，国产替代空间广 ...