新 股 研 究 新股精要—全国性的高值医疗器械流通商 建发致新 ——IPO 专题 本报告导读： 建发致新（301584.SZ）是国内医疗器械配送流通领域头部企业之一，同步拓展 SPD 业务提升客户黏性。2024 年公司实现营收/归母净利润 179.23/2.28 亿元。截至 9 月 8 日，可比公司对应 2024/2025/2026 年平均 PE 分别 25.54/10.07/9.31 倍（剔除港股）。 投资要点： 新股研究/[Table_Date] 2025.09.09 | [Table_Authors] | | | --- | --- | | | 王政之(分析师) | | | 021-38674944 | | | wangzhengzhi@gtht.com | | 登记编号 | S0880517060002 | | | 施怡昀(分析师) | | | 021-38032690 | | | shiyiyun@gtht.com | | 登记编号 | S0880522060002 | | | 王思琪(分析师) | | | 021-38038671 | | | wangsiqi3@gtht.com | | 登记编号 ...

大额买入与资金流向跟踪（20250901-20250905） [Table_Authors] 郑雅斌(分析师) 本报告导读： 参考团队前期发布的专题报告选股因子系列研究（五十六、五十七），本报告旨在通 过交易明细数据构建相关指标，跟踪大额买入和净主动买入。 投资要点： | | 021-23219395 | | --- | --- | | | zhengyabin@gtht.com | | 登记编号 | S0880525040105 | | | 张耿宇(分析师) | | | 021-23183109 | | | zhanggengyu@gtht.com | | 登记编号 | S0880525040078 | [Table_Report] 相关报告 量化择时和拥挤度预警周报（20250905） 2025.09.07 高频选股因子周报（20250901-20250905） 2025.09.07 低频选股因子周报（2025.08.29-2025.09.05） 2025.09.06 绝对收益产品及策略周报（250825-250829） 2025.09.03 风格 Smart beta 组合跟踪周报 （2025.08.2 ...

海外降息节奏临近，国内基金费率改革 [Table_Authors] 方奕(分析师) 政策与地缘研究 9 月第 1 期 本报告导读： 国内方面，公募基金费率改革第三阶段开启。国外方面，美国 8 月非农数据远低于 预期，美联储新一轮预防式降息将至。 投资要点： [Table_Summary] 在通胀担忧与就业放缓并存的背景下，美联储多位票委释放降息信 号，最新就业数据进一步确认了劳动力市场降温趋势，预计新一轮 预防式降息将要来临。鲍威尔表示目前表示策调整的时机已经到来， 降息时机和节奏将取决于后续数据、前景变化和风险平衡，近日美 联储理事沃勒也表示美联储应在本月开始降息，并在未来数月内进 行多次下调。数据上，美国 8 月季调后非农就业人口远低于市场预 期，就业增长的超预期放缓显示劳动力市场恶化显著。美联储若开 启降息，我国汇率与货币政策的操作空间将扩大，政策层面或通过 央行重启国债交易加大基础货币投放、持续引导国内利率及市场化 融资成本下行。 国内经济与产业政策：聚焦要素市场化配置试点、构建城市发展新 模式，电子信息制造业部署稳增长方案，"人工智能+"、卫星通讯 产业部署指导意见。1）9 月 5 日，工信部、市场 ...

产业策略 [table_Header]2025.09.09 医药产业运行数据专题：院内外承压，局部恢 产业研究中心 复 摘要： 风险提示：集采进度和幅度具不确定性，关税等地缘政治风险。 | [Table_Authors] | | | --- | --- | | | 丁丹(分析师) | | | 0755-23976735 | | | dingdan@gtht.com | | 登记编号 | S0880514030001 | | | 贺文斌(分析师) | | | 010-68067998 | | | hewenbin@gtht.com | | 登记编号 | S0880525040034 | | | 张拓(分析师) | | | 0755-23976170 | | | zhangtuo@gtht.com | | 登记编号 | S0880523090003 | [Table_Report] 往期回顾 1. 医保基金：收入增长稳健，支出增速放缓 治理赋能：美国资管巨头的竞争升维与制度革新 2025.08.14 保基本、强创新——2025 下半年医药产业政策展 望 2025.07.10 创新药月报及 PD-(L)1/VEGF ...

股票研究 /[Table_Date] 2025.09.09 家具板块：底部确立，后势可期 [Table_Industry] 耐用消费品 家具板块专题研究报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 吕科佳(分析师) | 021-23185623 | lvkejia@gtht.com | S0880525040069 | 本报告导读： 当前家具龙头企业估值处于历史区间底部，或受益于地产数据及政策，边际转好。 家具企业业绩仍有支撑。同时红利属性愈发突出。 投资要点： 耐用消费品《景气度分化，关注细分赛道投资机 会》2025.09.03 耐用消费品《新型烟草行业增长提速，新品市场 表现可期》2025.08.05 耐用消费品《AI 眼镜新品百花齐放，产品加速破 圈》2025.08.01 耐用消费品《菲莫国际海外 IQOS 爆款大单品复 盘》2025.07.08 耐用消费品《小米 AI 眼镜产品力 ...

| [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 张觉尹(分析师) | 021-23185705 | zhangjueyin@gtht.com | S0880525040057 | | 潘若婵(研究助理) | 021-23154145 | panruochan@gtht.com | S0880125042232 | 8 月乘用车销量同环比提升，关注新品放量推动销量增长 [Table_Industry] 汽车 ——乘用车行业月报 [Table_Report] 相关报告 本报告导读： 8 月中国乘用车市场批发销量 240.9 万辆，同比+12%，环比+8%。预计 9 月乘用车 销量同环比增长。维持行业"增持"评级。 投资要点： 汽车《优必选获新订单，特斯拉发布第四篇章》 2025.09.08 汽车《经销商出海取得成效》2025.08.31 汽车《乘用车零售价格回升，关注经销商盈利》 2025.08.2 ...

Investment Rating - The report maintains an "Accumulate" rating with a target price of 1674.00 CNY [5][11] Core Views - The company is a leading player in the domestic AI chip market, with expectations for continued high growth driven by increasing demand from domestic CSP manufacturers and accelerated AI chip deployment [2][11] - The company reported significant year-on-year revenue growth of 4347.8% in H1 2025, achieving revenue of 2.88 billion CNY, compared to only 0.06 billion CNY in the same period of 2024 [11] - The report highlights the company's ongoing product iteration and advanced 7nm process technology, which enhances product performance across its AI core scenarios [11] Financial Summary - Revenue projections show a substantial increase from 709 million CNY in 2023 to 11.66 billion CNY by 2027, with a compound annual growth rate (CAGR) of 506.5% from 2024 to 2025 [4][12] - The net profit (attributable to the parent company) is expected to turn positive in 2025, reaching 2.11 billion CNY, up from a loss of 848 million CNY in 2023 [4][12] - The gross margin is projected to be 55.9% in H1 2025, indicating a slight decrease compared to previous periods [11] Market Data - The company's market capitalization is approximately 507.37 billion CNY, with a 52-week stock price range of 208.87 to 1587.91 CNY [6][11] - The company has a total share capital of 418 million shares, all of which are A-shares [6] Product and Technology Development - The company has developed a comprehensive product ecosystem covering cloud, edge, and terminal applications, addressing diverse AI training and inference needs [11] - The product line includes the Siyuan series of intelligent chips and boards, as well as the Xuansi series of intelligent machines, which are widely used in data centers and cloud server scenarios [11]

| [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | [Table_Target] 目标价格(元): | 49.08 | | 程碧升(分析师) | 021-23185685 | chengbisheng@gtht.com | S0880525040031 | | | | 徐洋(分析师) | 021-38032032 | xuyang6@gtht.com | S0880520120008 | | | 本报告导读： 2025H1 海天业绩实现双位数增长，其他调味品放量成收入亮点，成本下行驱动盈利 能力提升。 投资要点： [Table_Market] 交易数据 | 52 周内股价区间(元) | 35.27 ...

Investment Rating - The investment rating for the company is "Accumulate" [6][19]. Core Views - The report emphasizes that the core subsidiary, Jinsai Pharmaceutical, is increasing its investment in research and sales, which is impacting short-term profitability. The focus is on the innovation pipeline data and business development transactions as catalysts for growth, maintaining the "Accumulate" rating [2][12]. Financial Summary - Total revenue for 2023 is projected at 14,566 million, with a year-on-year growth of 15.4%. However, a decline of 7.6% is expected in 2024, followed by a slight decrease of 0.3% in 2025, and a recovery with growth of 2.8% in 2026 and 2.7% in 2027 [4]. - Net profit attributable to the parent company is forecasted to be 4,532 million in 2023, with a significant drop of 43.0% to 2,583 million in 2024. The net profit is expected to further decline to 2,148 million in 2025, before recovering to 2,376 million in 2026 and 2,525 million in 2027 [4]. - Earnings per share (EPS) is projected to decrease from 11.11 yuan in 2023 to 5.26 yuan in 2025, with a gradual increase to 6.19 yuan by 2027 [4]. Market Data - The company's target price is set at 157.94 yuan, with the current price at 127.49 yuan [6][12]. - The market capitalization is reported at 52,008 million, with a 52-week price range of 78.90 to 128.00 yuan [7]. Investment Highlights - Jinsai Pharmaceutical, as a leader in the growth hormone industry, is expected to maintain its competitive edge despite a deteriorating competitive landscape for long-acting growth hormones. The company has five years of real-world data proving the safety of its long-acting products and has received approvals for three major indications [12]. - The report highlights the diversification of product revenue, with a focus on new key products such as Jinbeixin and Meishiya, which are expected to capture significant market potential [12]. - The company has a rich pipeline of research projects, with several candidates expected to submit IND applications in the second half of the year, indicating potential for international market expansion [12].

债券研究 /[Table_Date] 2025.09.08 慢牛延续，行情扩散 [Table_Authors] 顾一格(分析师) 转债事件点评 本报告导读： 投资要点： 虽然当前转债价格和估值仍处于历史高位，但在"慢牛"思维下，短期调整反而为 优质个券提供布局机会。 [Table_Report] 相关报告 债 券 事 件 点 评 美联储"转鸽"后，国内宽货币空间几何 2025.08.28 抢筹加速期，估值不言顶 2025.08.24 "此"宽货币，已非"彼"宽货币 2025.08.18 7 月金融数据全览 2025.08.15 抢筹行情延续，双击势能仍在 2025.08.09 证 券 研 究 报 告 研 究 请务必阅读正文之后的免责条款部分 可转债市场整体呈现先抑后扬的态势。中证转债指数全周上涨 0.61%，与此 前一周下跌 2.58%相比有所回暖，但同期中证 1000 指数下跌 2.59%，转债 表现整体强于正股。从结构看，低价转债和双低转债表现好于高价低溢价率 转债。周一转债继续相对正股超跌，转股溢价率进一步压缩，周二至周四正 股下跌期间，转债相对正股抗跌，周五随着正股反弹，转债大幅反弹，转债 等权指数涨 ...