Core Viewpoint - The report from China Merchants Securities International highlights the positive developments in the AI + smart driving and AI + robotics sectors, leading to enhanced sector effects and increased valuations for leading stocks [1] Investment Strategy - The investment strategy suggests a long-term layout, a mid-term focus on delivery realization, and a strong recommendation for key leading companies [1] Recommended Stocks - The report specifically recommends the following stocks: - Humanoid robot: First recommendation is UBTECH Robotics (09880) - Xpeng Motors (09868) for smart driving - Key suppliers in the smart driving supply chain include Horizon Robotics (09660), Hesai Technology (02525, HSAI.US), and SUTENG JUCHUANG (02498) - For robotics components, attention is drawn to Sensata Technologies (00425) [1] Target Price Adjustments - The target prices for UBTECH Robotics and Horizon Robotics have been raised to HKD 155 and HKD 13.8 respectively, while maintaining a "Buy" rating [1]

招商证券国际发表研究报告指，AI+智能驾驶及AI+机器人双赛道迎来多重利好，板块效应增强，龙头 股估值提升。投资策略方面，长线看布局，中线看交付兑现，强推重点龙头公司。个股方面，人形整机 首推优必选、小鹏汽车，智驾供应链重点推荐地平线、禾赛科技、速腾聚创，机器人零件关注敏实集 团。该行分别上调优必选及地平线目标价至155港元及13.8港元，维持"增持"评级。 ...

格隆汇9月8日｜招商证券国际研究报告指，优必选(9880.HK)上半年归母净亏损4.1亿元人民币，按年及 按季分别收窄20%及32%，符合该行预期；期内收入按年升27.5%，净利率为66.6%，按年改善39.4个百 分点。公司9月起将开始为此前9,000万元汽车客户大单批量交付，全年工业机型出货上调至500台以 上；教育机器人天空行者科研版200至300台，预计今年总交付超过800台。另外，公司于9月再获国内知 名企业2.5亿元采购合同。该行分别上调2025至27年收入预测5%、4%及7%，亏损预测减少4%、2%及 22%，反映机器人订单及交付强于预期；目标价由110港元升至140港元，评级增持。 ...

招商证券国际研究报告指，优必选(9880.HK)上半年归母净亏损4.1亿元人民币，按年及按季分别收窄 20%及32%，符合该行预期；期内收入按年升27.5%，净利率为66.6%，按年改善39.4个百分点。公司9 月起将开始为此前9,000万元汽车客户大单批量交付，全年工业机型出货上调至500台以上；教育机器人 天空行者科研版200至300台，预计今年总交付超过800台。另外，公司于9月再获国内知名企业2.5亿元 采购合同。该行分别上调2025至27年收入预测5%、4%及7%，亏损预测减少4%、2%及22%，反映机器 人订单及交付强于预期；目标价由110港元升至140港元，评级增持。 ...

短期市场调整接近尾声，转为低斜率上行更加持续。在经过调整后，市场情绪可能会边际放缓，增量资 金节奏可能会更加健康，未来正如我们九月报所描述，市场接下来转为更低斜率上行的概率较大。我们 仍处在牛市第二阶段，调整后的核心应对策略是"拥抱低渗透率赛道"，当前可关注固态电池，AI算力， 人形机器人，商业航天等领域。除此之外，中期角度，也可关注高内在回报率质量成长策略。 ...

Core Viewpoint - The short-term adjustment of A-shares is nearing its end, transitioning to a more sustainable low-slope upward trend, with the market still in the second phase of a bull market that began in September 2024 [1][2]. Market Strategy - The core strategy post-adjustment is to "embrace low penetration sectors," focusing on areas such as solid-state batteries, AI computing power, humanoid robots, and commercial aerospace [1][2]. - In the medium term, high intrinsic return quality growth strategies should also be considered, particularly in the 300 and 500 quality growth categories [2]. Market Performance - Recent A-share market performance has been weak due to several factors: intense market speculation around the National Day parade, profit-taking in previously high-performing sectors, and a noticeable decrease in trading volume [2]. Economic Indicators - The manufacturing PMI for August showed a month-on-month increase, and North American PCB shipments turned positive year-on-year, indicating improved economic conditions in certain sectors [3]. - Key areas of improvement include rising precious metal prices due to expectations of Federal Reserve interest rate cuts, and a positive trend in the TMT sector with increased PCB shipments and software industry profits [3]. Fund Flows - There has been a net inflow of 187.7 billion yuan in financing over the first four trading days, with a significant increase in newly established equity public funds and net inflows into ETFs [3]. Industry Developments - OpenAI's announcement of self-developed AI chips is expected to change the supply-demand dynamics in the AI computing market, with significant capital expenditures planned for data center server chips [4]. - OpenAI's cash burn forecast for 2029 has been raised to $115 billion, indicating a substantial increase in expected expenditures [4]. Valuation Trends - Overall A-share valuation levels have declined, with the Wind All A Index PE (TTM) down 0.3 from the previous week, currently at the 66.5% historical valuation percentile [4].

Group 1 - The core viewpoint of the report indicates that companies with upward revisions in earnings before and after the disclosure of mid-year performance are primarily concentrated in sectors such as pharmaceuticals (chemical preparations, medical R&D outsourcing, other biological products, raw materials), TMT (digital chip design, IT services III, vertical application software, communication network equipment and devices, gaming III, printed circuit boards, analog chip design), and high-end manufacturing (chassis and engine systems, other specialized equipment, energy and heavy equipment, aerospace equipment III, lithium batteries) [1] - Additional sectors identified with upward earnings revisions include securities, copper, pesticides, other chemical products, and thermal power [1]

Group 1 - The core viewpoint of the report indicates that companies with upward revisions in earnings before and after the disclosure of mid-year performance are primarily concentrated in specific sectors [1] Group 2 - The sectors with significant earnings upgrades include pharmaceuticals, particularly in chemical preparations, medical research outsourcing, other biological products, and raw materials [1] - The TMT sector shows notable performance improvements in areas such as digital chip design, IT services, vertical application software, communication network equipment and devices, gaming, printed circuit boards, and analog chip design [1] - High-end manufacturing also demonstrates upward earnings revisions, especially in chassis and engine systems, other specialized equipment, energy and heavy equipment, aerospace equipment, and lithium batteries [1] - Additional sectors experiencing earnings upgrades include securities, copper, pesticides, other chemical products, and thermal power [1]

Core Insights - The report from China Merchants Securities indicates that the upward revision of earnings is concentrated in the pharmaceutical, TMT (Technology, Media, and Telecommunications), and high-end manufacturing sectors [2][6] Group 1: Earnings Revision - As of August 31, 794 A-share listed companies have adjusted their 2025 earnings growth forecasts upward compared to July 15 [2] - The companies with revised earnings are primarily in the pharmaceutical sector (chemical preparations, medical R&D outsourcing, other biological products, raw materials) benefiting from innovative drug exports and accelerated business development [3] Group 2: Sector Performance - In TMT, sectors such as digital chip design, IT services, vertical application software, communication network devices, and gaming have seen earnings revisions due to unexpected capital expenditures in cloud services and accelerated domestic semiconductor substitution [3] - High-end manufacturing sectors, including chassis and engine systems, specialized equipment, energy and heavy equipment, and lithium batteries, are experiencing growth driven by increased penetration of new energy vehicles and domestic substitution of core components [3] Group 3: Historical Highs - Companies achieving historical highs in cumulative revenue for H1 2025 and Q2 2025 are concentrated in TMT (consumer electronics components, digital chip design) and high-end manufacturing (chassis and engine systems, automotive electronics) [4] - The sectors with historical highs in net profit for H1 2025 include TMT (consumer electronics components, digital chip design) and high-end manufacturing (chassis and engine systems, metal products) [5] Group 4: Investment Recommendations - The report recommends focusing on sectors with upward revisions and historical highs, particularly digital chip design, communication network devices, gaming, chassis and engine systems, specialized equipment, lithium batteries, and chemical preparations [6]

招商证券发布研报称，疲弱的8月非农就业数据（新增2.2万人，远低于预期）叠加失业率升至4.3%，巩固了市场对美联储将 于9月降息的预期，并引发了投资者对更激进降息步伐（如50个基点或连续降息）的押注。数据表明劳动力市场显著降温， 不仅新增就业疲软、前值大幅下修，且工作时长持平、时薪增速放缓。市场反应剧烈，美债收益率大幅下行、美元走弱， 同时经济降温的担忧也给美股带来了调整压力。 核心观点 在7月美国非农数据断层下调之后，8月非农新增数据再度大幅低于预期。由于本周中发布的JOLTS和ADP就业数据均表现疲 弱，且海外市场预计BLS将对非农基准修订数据大幅下修，本期数据发布前已基本确立美联储9月降息预期。数据发布后， 美债2年期收益率再度下行11BP左右，海外市场开始出现9月降息50BP或连续降息预期，美元指数走弱，经济基本面降温压 力带动美股调整。 具体来看：1）8月非农新增2.2万人，大幅低于市场所预期的7.5万人。前月数据再度下修，7月非农新增数据从初值的7.3万 人小幅调整至7.9万人，6月数据再度下修至-1.3万人，为2020年4月以来首度出现负值。 2）分行业来看，建筑业、制造业、商业服务和政府部门均 ...