Investment Rating - The report suggests a positive investment outlook for the automotive industry, particularly focusing on companies with strong product launches and competitive advantages in the market [4][29]. Core Insights - The automotive market is experiencing a recovery with significant sales growth in new energy vehicles, which accounted for 58.46% of total retail sales in the week of September 15-21, 2025, with a year-on-year increase of 30.15% [2][4]. - The report highlights the importance of technological advancements, particularly in AI and robotics, as key drivers for market sentiment and investment opportunities [4][29]. - Companies like Li Auto, NIO, and BYD are recommended for their strong product offerings and market positioning [4][29]. Market Situation Update - The total transaction value in the automotive industry for the week was 851.59 billion, reflecting a week-on-week decrease of 7.71% [4][17]. - The automotive industry index remained stable at 8106.63 points, with no change over the week, while the Shanghai Composite Index rose by 1.07% [4][17]. - The report notes that 122 stocks in the automotive sector rose, while 168 fell, indicating a mixed performance among individual companies [4][21]. Key Events - Li Auto launched the new five-seat electric SUV, the Li i6, with a starting price of 249,800 yuan, which is expected to attract younger consumers [7][49]. - The AITO M7 began nationwide deliveries, showcasing strong market demand with over 230,000 pre-orders [11][39]. - The launch of the Shangjie H5, priced between 159,800 and 199,800 yuan, aims to capture the mainstream SUV market with advanced features [14][38]. Industry News - The Ministry of Industry and Information Technology is addressing the issue of "0 km used cars" to curb fraudulent sales practices, reflecting a commitment to improving industry integrity [5][6]. - The report mentions the establishment of a joint venture between Li Auto and Xinwangda for battery production, indicating strategic moves towards vertical integration in the supply chain [31][32]. - The report also highlights the introduction of export license management for pure electric passenger vehicles starting in 2026, which may impact market dynamics [55].

Valuation Summary - The current valuation of the A-share market shows that the CSI All Share Index (excluding ST stocks) has a PE of 21.4 times and a PB of 1.8 times, positioned at the historical 80th and 40th percentiles respectively [3][6] - The Shanghai 50 Index has a PE of 11.7 times and a PB of 1.3 times, at the historical 62nd and 38th percentiles [3][6] - The ChiNext Index has a PE of 44.2 times and a PB of 5.5 times, at the historical 43rd and 63rd percentiles [3][6] - The STAR 50 Index has a PE of 187.3 times and a PB of 6.6 times, at the historical 100th and 76th percentiles [3][6] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Automation Equipment, Chemical Pharmaceuticals, Electronics (Semiconductors), and IT Services [3][4] - Industries with PB valuations above the historical 85th percentile include Electronics (Semiconductors) and Communications [3][4] - Industries with both PE and PB valuations below the historical 15th percentile include Insurance and White Goods [3][4] Industry Midstream Prosperity Tracking New Energy - In the photovoltaic sector, the upstream polysilicon futures price decreased by 2.6%, while the downstream battery and photovoltaic module prices increased by 2.8% and 0.4% respectively [3][4] - For battery materials, cobalt prices rose by 12.5%, while nickel prices fell by 0.2% [3][4] - The cumulative new installations of wind and photovoltaic power from January to August 2025 increased by 72.1% and 64.7% year-on-year, showing a slowdown compared to previous months [3][4] Financial Sector - Insurance companies reported a cumulative premium income growth of 9.6% from January to August 2025, with an increase in growth rate compared to the previous months [3][4] Real Estate Chain - The price index for cement increased by 3.0%, supported by effective production scheduling and new growth plans [3][4] - The price of glass rose by 8.1%, indicating a recovery in market sentiment [3][4] Consumer Sector - The average price of live pigs decreased by 1.8%, while the wholesale price of pork fell by 0.3% [3][4] - The wholesale price index for liquor showed a slight decrease of 0.14% [3][4] Midstream Manufacturing - The value of overseas contracted engineering projects increased by 8.1% year-on-year from January to August 2025, driven by demand in transportation infrastructure and clean energy projects [3][4] Cyclical Industries - The price of Brent crude oil futures rose by 4.6% to $69.75 per barrel, influenced by geopolitical tensions affecting supply [3][4] - The price of thermal coal decreased by 0.4%, while coking coal prices increased by 3.9% [3][4]

Group 1 - The report indicates that the proportion of strong stocks on the Beijing Stock Exchange (北交所) has dropped to a low level, specifically to 20.9%, reflecting a continuous decline in market enthusiasm since the reversal of micro盘 factors in the first half of the year [8][11][14] - The North Exchange 50 index fell by 3.11% this week, underperforming compared to other indices such as the Shanghai Composite Index and the ChiNext Index, with a trading atmosphere declining ahead of the holiday [8][17][18] - The report highlights that sectors such as semiconductors, precious metals, and consumer electronics are performing well, while the consumer and service industries are weaker [8][17] Group 2 - This week, one new stock, JinHua New Materials, was listed on the North Exchange, with a first-day increase of 133% and a turnover rate of 91.23% [30][31] - The report notes that the trading volume on the North Exchange was 4.549 billion shares, a decrease of 20.67% week-on-week, and the trading amount was 106.686 billion yuan, down 21.65% [25][27] - The report mentions that 20 stocks rose while 256 stocks fell, resulting in a rise-fall ratio of 0.08, with notable gainers including Chuangyuan Xinke and Guangxin Technology [37][40]

Group 1 - The report indicates that the North Exchange 50 index decreased by 3.11%, with trading volume dropping by 21.65% compared to the previous week, reflecting a market trend favoring large-cap growth stocks [10][20][28] - The strong stock proportion in the North Exchange fell to 20.9%, nearing the low point observed in April, indicating a decline in market enthusiasm following the reversal of micro盘 factors [10][17][20] - The report highlights that the semiconductor, precious metals, and consumer electronics sectors showed strength, while the consumer and service industries remained weak [10][20] Group 2 - The report notes that 11 new companies were listed and 11 were delisted in the New Third Board, with planned financing of 615 million yuan and completed financing of 49 million yuan [3][58][59] - The newly listed company, Jinhua New Materials, saw a first-day increase of 133% with a trading volume of 1.132 billion yuan [34][35] - The report mentions that the North Exchange's average PE (TTM) is 81.83 times, with a median of 47.08 times, indicating a valuation comparison with other indices [24][32] Group 3 - The report emphasizes the need to monitor the recent breaking phenomenon of micro盘 stocks in the North Exchange, suggesting a potential correction in market style [10][13][15] - It suggests continued attention to the upcoming Q4 index fund issuance and the inflow of funds following the opening of public offerings, as well as the recovery of institutional strength [15][20] - The report identifies specific companies to watch, including Gebijia, Wantong Hydraulic, Kaitai Co., Kangnong Agriculture, Lintai New Materials, Minshida, Tongli Co., and Suzhou Axle [15]

Investment Rating - The report maintains a "Positive" outlook on the automotive industry, highlighting potential investment opportunities in high-quality component manufacturers and strong vehicle manufacturers [4]. Core Insights - The report emphasizes that technological advancements are igniting market sentiment, and there is a strong interest in high-quality component manufacturers as well as new vehicle models that are expected to capture orders during the upcoming holiday season [4]. - The report notes that the automotive industry is facing challenges due to insufficient national subsidies, which may pressure future sales [4]. - The report provides an update on the automotive market, indicating that retail sales of passenger cars reached 508,000 units in the 38th week of 2025, with a month-on-month increase of 12.89% and a year-on-year increase of 10.29% [2]. Market Situation Update - The total transaction value of the automotive industry for the week was 851.59 billion yuan, reflecting a week-on-week decrease of 7.71% [4]. - The automotive industry index closed at 8106.63 points, with no change over the week, underperforming compared to the Shanghai Composite Index, which rose by 1.07% [4][19]. - The report highlights that 122 stocks in the automotive sector rose while 168 fell, with the largest gainers being Xincidian, Kebo Da, and Tiangong Co., which increased by 25.0%, 22.6%, and 21.0% respectively [23]. Key Events - The report discusses significant events such as the launch of the new electric SUV i6 by Li Auto, which is priced starting at 249,800 yuan and features advanced driving assistance systems [7][52]. - The report mentions the delivery commencement of the new AITO M7, which has a monthly production capacity of over 30,000 units and has received strong market demand with over 230,000 pre-orders [11][12]. - The report also highlights the launch of the Shangjie H5, which targets the mainstream market with a price range of 159,800 to 199,800 yuan and features advanced driving assistance technology [14][41]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers such as NIO, Xiaomi, Xpeng, and Li Auto, as well as component manufacturers with strong performance and overseas expansion capabilities [4]. - It suggests monitoring companies involved in the integration of state-owned enterprises, such as SAIC Motor and Dongfeng Motor [4]. - The report identifies potential investment opportunities in component manufacturers like Fuyao Glass, New Spring, and others that have strong growth prospects and are involved in robotics [4].

Investment Rating - The report maintains a positive investment rating for the metals and new materials industry, highlighting strong performance in various segments [3][4]. Core Insights - The report indicates that supply disruptions continue to drive metal prices higher, with significant increases observed in copper and precious metals [3][10]. - The overall performance of the non-ferrous metals index has outperformed the broader market, with a year-to-date increase of 56.38%, surpassing the CSI 300 index by 40.74 percentage points [4][8]. - The report emphasizes the potential for continued price increases in precious metals, particularly gold and silver, due to central bank purchasing trends and macroeconomic factors [3][19]. Weekly Market Review - The Shanghai Composite Index rose by 0.21%, while the Shenzhen Component Index increased by 1.06%, and the CSI 300 Index gained 1.07% [4]. - The non-ferrous metals index saw a weekly increase of 3.52%, outperforming the CSI 300 by 2.46 percentage points [6][8]. - Precious metals experienced a notable rise, with gold prices increasing by 1.89% and silver by 6.92% [3][15]. Price Changes - Industrial metals and precious metals showed varied price movements, with copper prices up by 8.57% and aluminum down by 1.79% [3][10]. - Year-to-date performance for various metals includes copper up 72.50%, precious metals up 67.52%, and energy metals up 56.65% [10][15]. Supply and Demand Analysis - Copper supply is expected to face disruptions due to incidents affecting major mines, with a projected 35% reduction in output from Freeport's Grasberg mine in 2026 [3][31]. - The report notes a decrease in domestic copper inventories, with social inventory at 140,000 tons, down by 9,000 tons [3][31]. - The aluminum sector is seeing increased downstream processing activity, with operating rates rising to 63% [3][31]. Key Company Recommendations - The report suggests focusing on companies with stable supply-demand dynamics in the new energy manufacturing sector, recommending firms such as Huafeng Aluminum and Yatai Technology [3][10]. - For precious metals, companies like Shandong Gold and Zijin Mining are highlighted as potential beneficiaries of the ongoing market trends [3][10]. Valuation Metrics - The report provides valuation metrics for key companies in the non-ferrous metals sector, indicating a range of price-to-earnings (PE) ratios and price-to-book (PB) ratios for various firms [17][18].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [58]. Core Insights - The report highlights that the implementation of significant financial policies over the past year has provided strong support for market stabilization and confidence recovery, with a notable increase in A-share market activity [5][17]. - The insurance sector has shown robust growth, with total insurance premium income reaching CNY 4.80 trillion from January to August 2025, reflecting a year-on-year increase of 9.6% [5][12]. - The report emphasizes the importance of regulatory changes in the insurance industry, particularly the ongoing revision of the Insurance Law, which is expected to enhance risk management and improve the competitive landscape [5][10]. Summary by Sections 1. Market Review - The Shanghai Composite Index reported a gain of 1.07% during the week of September 22-26, 2025, while the non-bank index experienced a slight decline of 0.09% [8]. - The insurance sector index increased by 0.46%, although it underperformed compared to the Shanghai Composite [8]. 2. Non-Bank Financial Data - As of September 26, 2025, the average daily trading volume in the stock market was CNY 23,134.62 billion, reflecting an increase of 54.56% year-on-year [13]. - The financing balance in the margin trading market reached CNY 24,443.66 billion, up 31.1% from the end of 2024 [13]. 3. Key Announcements - The report notes that the basic pension insurance fund's investment scale has doubled compared to the end of the 13th Five-Year Plan, now standing at CNY 2.6 trillion [14]. - The introduction of cross-border bond repurchase business is expected to enhance liquidity for foreign institutions in the onshore bond market [15]. 4. Individual Stock Highlights - In the insurance sector, notable stock performances included New China Life (+2.67%) and China Pacific Insurance (+0.89%) in A-shares, while several H-shares experienced declines [10]. - In the brokerage sector, Xiangcai Securities saw a significant increase of 16.87%, while Tianfeng Securities faced a decline of 4.60% [10].

Investment Rating - The report maintains a "Positive" investment rating for the metals and new materials industry [2]. Core Views - The report highlights ongoing supply disruptions leading to continuous increases in metal prices, particularly in copper and precious metals [3][4]. - The report emphasizes the strong performance of the non-ferrous metals index, which has outperformed the broader market indices significantly [4][10]. Weekly Market Review - The Shanghai Composite Index rose by 0.21%, while the Shenzhen Component Index increased by 1.06%. The non-ferrous metals index surged by 3.52%, outperforming the CSI 300 Index by 2.46 percentage points [3][4]. - Year-to-date, the non-ferrous metals index has increased by 56.38%, outperforming the CSI 300 Index by 40.74 percentage points [8]. Price Changes - Industrial and precious metals saw varied price changes, with copper increasing by 8.57% and gold prices rising by 1.89% [3][10]. - The report notes significant price increases in energy materials, particularly in cobalt, which rose by 14.23% [3][10]. Key Metal Insights - **Copper**: The report indicates a reduction in domestic social inventory by 0.9 million tons, with a current total of 140,000 tons. Supply disruptions from Freeport's Grasberg mine are expected to reduce global copper supply by approximately 2.2% [3][35]. - **Aluminum**: The report notes an increase in downstream processing enterprise operating rates, with a current operating rate of 63.00%. The domestic social inventory of electrolytic aluminum has decreased by 3.30 million tons [3][47]. - **Steel**: The report highlights an increase in steel production and a decrease in steel inventory, with a focus on monitoring supply adjustments and export demand [3][21]. Investment Recommendations - The report suggests focusing on companies with stable supply-demand dynamics in the new energy manufacturing sector, recommending stocks such as Huafeng Aluminum and Asia-Pacific Technology [3][10]. - For precious metals, the report recommends companies like Shandong Gold and Zhongjin Gold, citing their potential for valuation recovery [3][10]. Company Valuations - The report provides detailed valuations for key companies in the metals sector, indicating a range of price-to-earnings (PE) ratios and price-to-book (PB) ratios for various firms [20][21].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7]. Core Insights - The company is deeply engaged in the western highway transportation industry and is actively expanding into emerging transportation sectors such as low-altitude logistics [6][7]. - The company has established a strong competitive advantage through its extensive network of passenger transport stations and operational vehicles, which supports its transition into low-altitude logistics and unmanned transportation [6][9]. - The partnership with Fengyi Technology is expected to create a second growth curve by leveraging low-altitude logistics in tourism scenarios, addressing traditional logistics challenges in mountainous regions [6][9][47]. Summary by Sections 1. Company Overview - The company was founded in 2002 and became the first listed road passenger transport enterprise in the western region of China in 2010 [16]. - It has a diversified business model that includes customized passenger transport and logistics services, with a focus on integrating traditional and innovative transportation solutions [16][20]. 2. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 856 million yuan in 2024 to 1.801 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 39% [2]. - The net profit attributable to shareholders is expected to increase from 122 million yuan in 2024 to 232 million yuan in 2027, reflecting a significant growth trajectory [2]. 3. Market Position and Competitive Advantage - The company controls 29 passenger transport stations and over 6,000 operational vehicles, creating a robust network that is difficult for competitors to replicate [6][36]. - The company’s long-term operational experience has allowed it to secure valuable route rights, which are essential for expanding into low-altitude and unmanned logistics [36]. 4. Low-Altitude Logistics Strategy - The low-altitude logistics sector is on the verge of commercialization, supported by favorable policies and technological advancements [37][38]. - The collaboration with Fengyi Technology aims to tap into the low-altitude logistics market, particularly in tourism, where traditional logistics methods face significant challenges [47][43]. 5. Future Growth Potential - The company is well-positioned to capitalize on the growing demand for low-altitude logistics and unmanned transportation, with expectations of substantial profit margins in these new business areas [51][60]. - The report highlights the potential for the company to leverage its existing infrastructure for rapid deployment of unmanned delivery services, reducing operational costs significantly [54][57].

行 业 及 产 业 非银金融 行 业 研 究 / 行 业 点 评 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 2025 年 09 月 28 日 金管局再提保险法修订，预定利率 下调预期带动 8 月保费表现亮眼 看好 ——非银金融行业周报（2025/9/22-2025/9/26） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 相关研究 - ⚫ 券商：本周申万券商 II 指数收跌 0.18%，跑输沪深 300 指数 1.25pct。1）"9·24"一揽子政策 实施一周年，资本市场高质量稳增长态势巩固。根据中证报，截至 9 月 25 日，市场融资融券余额 为 24,443.66 亿元。今年以来 A 股市场有 4 个交易日单日成交额 ...