2023年4月4日，云天励飞在上交所科创板上市，公开发行股份8,878.3430万股，占发行后总股本比例25.00%，发行价格为43.92元/股。上市首日，云天励飞 盘中创下最高价127.00元。 云天励飞的保荐机构（主承销商）为中信证券，保荐代表人为张迪、秦国安；联席主承销商为中信建投（601066）证券；副主承销商为广发证券。 云天励飞募集资金总额389,936.82万元；扣除发行费用后，募集资金净额为358,353.77万元。公司最终募集资金净额比原计划多58353.77万元。云天励飞于 2023年3月30日发布的招股说明书显示，公司拟募集资金300,000.00万元，分别用于城市AI计算中枢及智慧应用研发项目、面向场景的下一代AI技术研发项 目、基于神经网络处理器的视觉计算AI芯片项目、补充流动资金项目。 | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报告期比上年 同期增减(%) | | --- | --- | --- | --- | | 营业收入 | 645.787.334.97 | 289,462,659.77 | 123.10 | | 利润总额 | -204,809,579. ...

Core Viewpoint - Morgan Stanley has increased its confidence in the A-share market's average daily trading volume (ADT), raising its 2025 ADT forecast by 53% to 1.53 trillion yuan, with expectations of 5% to 6% annual growth for 2026 and 2027 [1] Group 1: Market Predictions - The average daily trading volume (ADT) for 2025 is now projected at 1.53 trillion yuan, reflecting a 53% increase from previous estimates [1] - The ADT is expected to maintain an annual growth rate of 5% to 6% for both 2026 and 2027 [1] Group 2: Impact on Brokerage Firms - The upward revision in ADT forecasts has led to an average increase in profit predictions for covered Chinese brokerage firms by 25%, 23%, and 20% for the years 2025, 2026, and 2027, respectively [1] - Increased trading activity is anticipated to boost brokerage commissions, margin interest, and operational leverage, benefiting firms like CICC, CITIC Securities, and GF Securities, which have strong underwriting, trading, and asset management capabilities [1] Group 3: Return on Equity (ROE) Expectations - The average return on equity (ROE) for the brokerage sector is expected to rebound to 9% by 2026, with CITIC Securities and CICC projected to achieve ROEs of 10.7% and 9.4%, respectively [1] - Investment income forecasts for this year indicate growth of 20%, 21%, and 11% for CICC, GF Securities, and CITIC Securities, while East Money and China Merchants Securities may experience declines in investment income [1]

Core Viewpoint - The overall industry selection framework remains focused on resources, new productivity, and globalization, with a shift in resource stocks from cyclical to dividend attributes due to supply constraints and global geopolitical uncertainties [1] Group 1: Investment Opportunities in Chinese Manufacturing - In 2023, there are 290 stocks globally with a market capitalization exceeding $50 billion and $100 billion (after deduplication), of which 9 are A-shares (3.1%), primarily in technology manufacturing and innovative pharmaceuticals [2] - The market capitalization structure of leading A-share companies is becoming more diversified, moving away from a focus on banks, operators, and oil and petrochemicals [2] Group 2: Trends in Overseas Revenue - Over the past 15 years, the average overseas revenue share of the top 30 cyclical manufacturing companies has increased from approximately 5% in 2010 to about 32% by 2025 [3] - Companies with over 20% overseas revenue contribution accounted for 22% of non-financial A-share profits in 2015, rising to over 40% by mid-2025 [3] - The market capitalization share of these companies in non-financial A-shares increased from 28% in 2015 to 37% as of September 19, 2025, indicating a shift towards multinational companies becoming the mainstay of large-cap stocks [3]

本文来自格隆汇专栏：中信证券研究 作者：肖斐斐 林楠 7月高点至今中信银行股指数（CI005021.WI）累计回调近13%，上周回调超4%，目前A股上市银行算术 平均静态股息率回升至4.3%，算术平均静态PB水平则回落至0.61x，隐含较高的权益回报空间。二季度 以来的市场风格和资金面波动，双向影响板块走势，且上周开始资金面影响强于市场风格，给配置型资 金带来机会。无论是基于慢牛的板块接续、还是长线资金的欠配空间，银行股绝对收益空间开始显现， 建议投资者积极配置。 ▍事项： 2025年9月17日，国务院新闻办公室举行新闻发布会，中国人民银行信贷市场司参会并介绍扩大服务消 费有关政策措施。 ▍银行系统积极支持扩大服务消费。 1）结构性货币政策工具持续发力：①服务消费与养老再贷款，截至2025年9月，金融机构申报该项工具 近600亿元，涉及经营主体近4000家、贷款5700多笔；②科技创新和技术改造再贷款，今年上半年，该 项工具支持住宿餐饮、文体教育、旅游领域等项目近100项，签订贷款合同约119亿元。 2）消费领域信贷投放持续加大：截至7月末，全国服务消费重点领域贷款余额2.79万亿元，同比增长 5.3%，比年 ...

Group 1 - The core viewpoint of the article indicates that major overseas storage manufacturers have adjusted their pricing strategies in September, with SanDisk increasing prices of flash memory products by over 10%, Micron temporarily halting quotes, and Samsung raising prices for both DRAM and NAND [1] - NAND has maintained relatively low capacity utilization rates over the past three quarters, and its price increase has been lower than that of DRAM. Additionally, the recent unexpected surge in HDD demand has led to shortages, suggesting that NAND prices may exceed expectations due to strong demand for enterprise SSDs [1] - The report emphasizes the importance of monitoring the demand for enterprise SSDs and recommends focusing on companies that are rapidly advancing in enterprise storage and are likely to benefit from price increases [1]

Core Insights - Emerging demands such as perovskite solar cells and solid-state batteries are expected to significantly increase iodine consumption, leading to a potential rise in iodine prices [1] Industry Summary - Iodine is a crucial component in perovskite photovoltaic materials, with approximately 10 tons of iodine required for 1 GW of perovskite solar cell modules [1] - Iodine is also an important additive in sulfide solid electrolytes, with an estimated requirement of about 90 tons of iodine for 1 GWh of solid-state batteries [1] - The supply of iodine is constrained by overseas giants, while traditional demands from pharmaceuticals and displays remain stable, making iodine prices more likely to rise than fall [1] Company Focus - Companies with high-quality iodine recovery capacity, large-scale hydrogen iodide production, and overseas iodine mining rights are recommended for investment consideration [1]

Group 1 - Meino Bio announced that it will accept investor research on September 20, 2025, with participation from General Manager Xiao Weiwei and Board Secretary Zhang Weiwei [1] - For the year 2024, Meino Bio's revenue composition is 100% from the feed industry [1]

Core Viewpoint - The overall industry selection framework remains focused on resources, new productive forces, and overseas expansion [1] Group 1: Industry Selection Framework - The resource stocks are shifting from cyclical attributes to dividend attributes due to supply constraints and global geopolitical tensions, leading to a restructured valuation system [1] - The volatility caused by the retreat of funds amid expectations of Federal Reserve interest rate cuts can be ignored [1] Group 2: Globalization of Chinese Manufacturing - The key mid-term insight is the globalization of leading Chinese manufacturing companies, which will convert market share advantages into pricing power and improved profit margins [1] - This shift aims to gradually break the misconception that market performance is solely driven by liquidity, rather than fundamentals [1] Group 3: Investment Focus Areas - The investment strategy should maintain focus on resource stocks, consumer electronics, innovative pharmaceuticals, and gaming for right-side trend varieties [1] - For left-side allocations, attention should be given to the chemical and military industries [1] Group 4: Industry Trends - Recent emphasis is placed on the expansion of AI from cloud-side logic to edge-side logic [1]

Core Insights - The article highlights three key technological trends that are expected to drive the demand and importance of etching equipment: the adoption of multi-patterning lithography, the need for 3D stacked storage and near-memory computing, and upgrades in underlying transistor structures [1] Industry Trends - The semiconductor equipment industry is anticipated to experience a new growth phase driven by downstream capacity expansion in the short term [1] - There is a clear direction towards domestic production of semiconductor equipment in the long term [1] Investment Opportunities - It is recommended to pay attention to domestic etching equipment manufacturers as well as related supporting equipment and component companies [1]

Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the review of Jiangsu Ronghui General Lithium Industry Co., Ltd.'s initial public offering (IPO) and listing on the ChiNext board due to the company's withdrawal of its application [1][3]. Company Overview - Jiangsu Ronghui General Lithium Industry Co., Ltd. specializes in the research, production, and sales of deep-processed lithium products, primarily battery-grade lithium carbonate and battery-grade lithium hydroxide, which are essential materials for lithium-ion battery cathodes [3][4]. - The company's controlling shareholders are Li Nanping and Chen Mengshan, who collectively hold 173.59965 million shares, accounting for 42.43% of the company's total share capital before the issuance [3]. IPO Details - The company originally planned to issue no more than 13.63783 million shares, representing up to 25% of the post-issue total share capital, with a minimum of 10% [4]. - The intended fundraising amount was 306 million yuan, allocated for a project to produce 68,000 tons of battery-grade lithium hydroxide, a research and development center, and to supplement working capital [4][5]. Project Investment Breakdown - The total investment for the 68,000 tons battery-grade lithium hydroxide project is 226.124 million yuan, with 207 million yuan already invested [5]. - The R&D center construction project has a total investment of 9.22165 million yuan, with 9 million yuan already invested [5]. - The total investment for working capital is 90 million yuan [5].