Group 1 - Dongwu Securities issued a report on September 18, giving a "Buy" rating to Jiabiyou (688089.SH) [1] - The rating is based on three main reasons: diversified layout, technological leadership, and increasing demand [1] - The company is focusing on both internal and external growth strategies [1] Group 2 - The report highlights a dual-driven approach that emphasizes technological advancement [1] - There are concerns regarding market competition and rising raw material costs [1]

东吴证券股份有限公司（以下简称"公司"）于2024年11月1日 成功发行东吴证券股份有限公司2024年度第十三期短期融资券,发行 总额为人民币20亿元，票面利率为2.02%，期限为320天，兑付日期为 2025年9月17日。 2025年9月17日，公司完成兑付本期短期融资券本息共计人民币 2,035,419,178.08元。 特此公告。 东吴证券股份有限公司董事会 2025 年 9 月 19 日 证券代码：601555 股票简称：东吴证券 公告编号：2025-044 东吴证券股份有限公司 2024 年度第十三期短期融资券兑付完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 ...

Core Viewpoint - Recent deliveries of dry mixing coating equipment for solid-state battery production by XianDao Intelligent to various well-known battery manufacturers and automotive OEMs indicate a significant advancement in the solid-state battery sector, with potential cost and energy savings [1] Group 1: Equipment Performance - The dry mixing coating system from XianDao Intelligent can reduce production energy consumption by over 35% and decrease overall material and manufacturing costs by more than 15% [1] - The system features high compatibility, accommodating various electrode materials including graphite/silicon-carbon anodes and ternary/lithium iron phosphate cathodes [1] - The innovative variable roller diameter heating system saves 60% energy compared to oil heating solutions, while the temperature control in the fiberization segment further reduces energy consumption by approximately 50% [1] Group 2: Production Process and Future Outlook - XianDao Intelligent has established a comprehensive equipment layout covering the entire solid-state battery production process, positioning itself to benefit from the rising demand for solid-state battery equipment [1] - The Ministry of Industry and Information Technology is expected to conduct a mid-term review of the project by the end of 2025, with the main challenges in solid-state battery manufacturing anticipated to be addressed during the critical period of 2025-2026 [1] - Continuous iteration and optimization of equipment are expected as the industry moves towards pilot production lines [1]

Core Viewpoint - Recent deliveries of dry mixing coating equipment for solid-state battery production by XianDao Intelligent to various well-known battery manufacturers and automotive OEMs indicate a significant advancement in the solid-state battery sector, with potential for reduced production costs and energy consumption [1] Group 1: Equipment Performance - XianDao Intelligent's dry mixing coating system can reduce production energy consumption by over 35% and decrease overall material and manufacturing costs by more than 15% [1] - The system features high compatibility, accommodating various electrode materials including graphite/silicon-carbon anodes and ternary/lithium iron phosphate cathodes [1] - The innovative variable roller diameter heating system saves 60% energy compared to oil heating solutions, while the three-stage temperature control in the fiberization segment further reduces energy consumption by approximately 50% [1] Group 2: Precision and Control - The equipment ensures micron-level stability in feeding, roller width, and belt movement, with a blade-roller distance controlled at the micrometer level and roller gap adjustment precision of ±1μm [1] - This high precision is crucial for maintaining dynamic balance in wide roller gaps, enhancing the overall production quality [1] Group 3: Market Outlook - XianDao Intelligent has established a comprehensive equipment layout covering the entire solid-state battery production process, positioning itself to benefit from the anticipated increase in both volume and price of solid-state battery equipment [1] - The Ministry of Industry and Information Technology's project is expected to undergo a mid-term review by the end of 2025, with the manufacturing challenges of solid-state batteries projected to reach a critical phase between 2025 and 2026 [1] - Continuous iteration and optimization of equipment are expected during this key period [1]

经营对比：龙头各项指标全方位领先，二线企业底部改善明显 为满足本土化配套，宁德、亿纬等二线厂商纷纷加速欧洲和东南亚产能布局，配套海外客户，价格和盈 利较国内市场具备溢价，预计26-27年海外产能密集投放。技术上，储能电芯大电芯化，同时重视稳定 性、循环寿命等性能，且独立储能追求irr，龙头电芯稳定性强，同等情况下irr可高6-8pct，预计份额可 持续提升;动力将继续CTP，并提升快充、低温等性能。此外，厂商全面布局固态新技术，龙头引领， 二线追随，预计27年小批量、30年大规模量产。 25Q2电池占产业链利润42%，尽管宁德时代（300750）利润确认极其保守，但贡献电池利润最高。出 货端，龙头全球份额保持稳定，产能利用率打满，订单外溢至二三线，因此二三线销量25H1增速高。 价格端，动储价格底部已企稳，宁德受益于产品和客户结构，均价高于同行。盈利端，动力电池整体盈 利水平较好，二线毛利率普遍15-20%，同比改善明显;储能盈利低位，二线储能毛利率10-12%，而宁德 时代盈利仍维持高水平，在保守确认情况下，单wh毛利较二线厂商高0.08-0.1元，单wh利润高0.06-0.08 元。从财务指标看，25H1 ...

Core Viewpoint - The long-term bullish logic for gold remains intact, but there may be short-term pullback risks due to overbought conditions in the market [1] Group 1: Market Conditions - Gold is currently at an overbought level, with a 14-day RSI reaching 78, which is at a percentile level exceeding 90% over the past decade [1] - This overbought condition suggests that some investors may take profits and exit the market [1] Group 2: Trading Dynamics - Despite the extreme RSI readings, global ETF flows, as well as spot and futures positions, do not exhibit the same level of enthusiasm [1] - There are concerns that the short-term trading in gold may be overheated, indicating potential for a price correction [1]

Core Viewpoint - The market has fully priced in three interest rate cuts, with no further upward adjustment expected for the total number of cuts this year [1] Group 1: Economic Indicators - Weak employment has led to a pessimistic outlook on the U.S. economy, but leading indicators suggest signs of recovery [1] - If the economy performs better than expected, the expectations for rate cuts may further diminish [1] Group 2: Impact on the Dollar - Rate cuts do not necessarily lead to a significant weakening of the dollar [1] - Historical analysis shows that preemptive rate cuts result in an average dollar decline of 0.91% one week later, but the decline narrows and turns into an increase over the following month, with average increases of 0.84% and 2.02% over three and six months, respectively [1]

Core Viewpoint - Recently, the company has delivered multiple sets of dry mixing coating equipment for solid-state battery production lines to various well-known domestic and international battery manufacturers and automotive OEMs, indicating a significant advancement in solid-state battery technology and production capabilities [1] Group 1: Equipment Delivery and Production Cost Reduction - The GWh-level dry film forming equipment can significantly reduce overall production costs by over 15% [1] - The delivered equipment is a mass production type integrated dry mixing coating system, covering all processes including controlled feeding, film formation, thinning, current collector compounding, and quality inspection [1] - The company has established a comprehensive equipment layout covering the entire solid-state battery production process, positioning itself to benefit from the rising volume and price of solid-state battery equipment [1] Group 2: Industry Policy and Application Acceleration - On the policy front, the Ministry of Industry and Information Technology issued a standard system for all-solid-state batteries in April 2025, with a prior investment of 6 billion in dedicated R&D funds [1] - On the application front, terminal road tests and pilot trials by leading battery manufacturers are gradually progressing, indicating an acceleration in the industrialization of solid-state batteries [1] Group 3: Profit Forecast and Investment Rating - The company maintains its forecast for net profit attributable to shareholders for 2025-2027 at 1.5 billion, 2 billion, and 2.5 billion respectively [1] - The current stock price corresponds to dynamic P/E ratios of 56, 42, and 35 times for the years 2025, 2026, and 2027 respectively [1] - The company maintains a "buy" rating based on these projections [1]

截至 2025年9月15日，黄金快速上涨至 3674 美元/盎司，首次突破1980年通胀调整峰值。其主要原因是美国就业疲软，市场担忧美国经济基本 面，交易"低增长+高通胀"的滞胀逻辑，并提高了美联储降息的预期，叠加特朗普频繁施压美联储换人，市场质疑美联储政策的独立性。 一、我们认为虽然黄金长牛的逻辑仍在，但短期或存在回调风险。从交易指标上看： 1、黄金处在超买水平，波动可能加大。当前黄金14日RSI达78，已经超买至近10年超90%的分位水平，意味着或有部分止盈兑现离场。更重要的 是，相较于表现更为极致的RSI，全球ETF流量、现货和期货持仓等并没那么热。所以我们担心黄金交易短期过热，存在回调风险。 2、黄金ETF的资金流并未形成一致性趋势。从区域来看，近一个月，美国黄金 ETF 流入量较大，中国反而在流出。美国前三大黄金 ETF共流入 约 3670 亿美元，中国两只黄金 ETF 合计流出超 265 亿美元，成为全球唯一显著减持区域。从机构与散户行为来看，散户在边际增持黄金机构则 边际减持黄金。 4、Comex 黄金投机性净多头仓位回落。根据美国商品期货交易委员会（CFTC），投机性黄金净多头头寸快速下降，机 ...

Group 1 - The draft proposal establishes a safety baseline for intelligent connected vehicles, requiring systems to activate only under designed operating conditions [1] - The proposal includes comprehensive safety technical requirements such as human-machine interaction, functional safety, information security, and data recording, creating a "triple safety guarantee" [1] - New data shows that from January to July this year, the sales of passenger cars equipped with combined driving assistance systems reached 7.76 million units, a year-on-year increase of 21.31%, with a penetration rate of 62.58% [1] Group 2 - ICBC Credit Suisse Fund indicates that the intelligent driving policy is expected to continuously catalyze the market, with high-end intelligent configurations accelerating their adoption [2] - Dongwu Securities reports that 2025 may be a turning point for automotive intelligence, with urban NOA (Level 3 intelligent core experience) becoming a key factor in consumer purchasing decisions [2] - The future of the automotive industry may see a division into three types of companies: B-end Robotaxi operations, C-end personalized brands, and high-end vehicle manufacturing [2]