Investment Rating - The industry rating is maintained at "Overweight" [7] Core Views - The market performance of the traditional Chinese medicine (TCM) sector showed a slight increase of 0.03% last week, while the overall pharmaceutical sector experienced a minor decline of 0.36% [2] - The TCM sector's PE (ttm) is at 28.52X, with a PB (lf) of 2.42X, indicating a stable valuation compared to historical data [3] - The demand for TCM materials is expected to rise as the traditional medication peak season approaches, leading to a rebound in market conditions [4] - The promotion of TCM at the grassroots level is anticipated to accelerate, supported by government initiatives to enhance TCM services in community health centers and county hospitals [5][6] Market Performance - The TCM sector's index closed at 6720.55 points, reflecting a 0.03% increase, while the pharmaceutical sector index was at 9157.77 points, down 0.36% [2][18] - The performance of individual companies within the TCM sector varied, with leading companies including Yiling Pharmaceutical and Wanbangde, while companies like Kangyuan Pharmaceutical and Zhendong Pharmaceutical lagged [2][15][17] Valuation - The TCM sector's PE (ttm) is at 28.52X, unchanged from the previous week, with a one-year maximum of 30.26X and a minimum of 22.58X [3] - The PB (lf) stands at 2.42X, also stable, with a one-year maximum of 2.65X and a minimum of 1.99X [3] Policy and Regulatory Environment - The State Council's recent approval of the "Healthcare Strengthening Foundation Project" aims to enhance the use of TCM in grassroots healthcare settings, which is expected to significantly impact the sector [5] - The National Health Commission's response regarding the basic drug directory management indicates potential adjustments that could favor TCM applications in grassroots markets [6] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [10][11] - Specific investment targets include companies with strong R&D capabilities, those less affected by centralized procurement, and leading TCM brands [10][11]

证券研究报告 2025 年 09 月 14 日 湘财证券研究所 行业研究 电子行业周报 Oracle 新增 3000 亿算力订单，全球算力需求维持高景气 ——电子行业周报（09.08~09.12） 相关研究： 1. 《英伟达给出AI基建市场指 引，算力需求有望持续强劲增 长》 2025.08.31 2. 《DeepSeek V3.1发布，看好 国产算力需求》 2025.08.24 3. 《谷歌发布Pixel 10，看好端 侧AI发展》 2025.08.24 行业评级：增持（维持） 分析师：李杰 证书编号：S0500521070001 Tel：(8621) 50293520 Email：lijie5@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 根据澎湃新闻 9 月 10 日的报道，当地时间 9 月 9 日，甲骨文公布截至 8 月 31 日的 2026 财年第一财季业绩，公司报告期间营收 149.3 亿美元，同比增 长 12%，低于市场预期的 150.3 亿美元；非 GAAP 下净利润为 43 亿美元， 同比增长 8%；调整后每股收益为 1.47 美元，略低于市场预期的 1.48 ...

证券研究报告 2025 年 9 月 14 日 湘财证券研究所 行业研究 医疗耗材行业周报 国务院批复同意《医疗卫生强基工程实施方案》 相关研究： | 1. 《第五批耗材国采即将落地执 | | --- | | 行》 2025.02.18 | | 2.《年报披露密集期，耗材板块关 | | 注创新与业绩修复》 2025.04.01 | 行业评级：增持（维持） 近十二个月行业表现 -100.00% 0.00% 100.00% 沪深300 医疗耗材 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | 1 | 7 | -3 | | 绝对收益 | 1 | 23 | 40 | 注：相对收益与沪深 300 相比 分析师：聂孟依 证书编号：S0500524040001 Tel：(8621) 50299667 Email：nmy06967@xcsc.com 地址：上海市浦东新区银城路 88 号 中国人寿金融中心 10 楼 核心要点： ❑ 医疗耗材板块上周上涨 1.21% 根据 wind，上周，医药生物报收 9157.77 点，下跌 0.36%，涨幅排名位列 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Views - The retail sector showed a slight increase of 0.85% last week, underperforming the CSI 300 index by 0.53 percentage points, indicating a mixed performance across various retail sub-sectors [4][9] - The current Price-to-Earnings (PE) ratio for the retail sector is 42.81X, reflecting a 0.45 percentage point increase week-on-week, with a one-year range between 24.35X and 43.07X [5][17] - The retail sector's Price-to-Book (PB) ratio stands at 2.06X, with a one-year range from 1.19X to 2.07X [5][19] Industry Dynamics - The Shenzhen Stock Exchange adjusted the list of eligible stocks for the Hong Kong Stock Connect, adding 20 stocks including brands related to retail and light manufacturing, which may enhance liquidity and trading opportunities [6][20][22] - In August, domestic beauty brands showed strong performance on Douyin, with Han Shu leading sales at over 700 million yuan, indicating a growing acceptance and market share for domestic brands [7][23] - The rise of domestic beauty brands is attributed to improved product quality and the growing trend of "Guochao" (national tide), which enhances consumer recognition and acceptance [7][23] Investment Recommendations - The report suggests focusing on recently added Hong Kong stocks in the retail sector and high-end domestic beauty brands, particularly those that are scarce in the market, such as Mao Ge Ping [6][24] - The ongoing domestic policies aimed at boosting consumption are expected to further enhance consumer willingness and capacity, supporting the retail sector's growth [7][24]

证券研究报告 2025 年 9 月 14 日 湘财证券研究所 | 1.《中报陆续披露，关注底部布 | | | --- | --- | | 局机遇》 | 2025.08.24 | | 2.《中报压力释放，关注估值修 | | | 复行情》 | 2025.08.31 | | 3.《关注板块底部布局机会》 | | | 2025.09.07 | | 行业研究 食品饮料行业周报 8 月 CPI 同比下降 0.4%，白酒价格有望逐步修复 相关研究： 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -5.1 -13.4 -23.2 绝对收益 4.6 2.7 18.7 注：相对收益与沪深 300 相比 分析师：李育文 证书编号：S0500523060001 Tel：021-50295328 Email：liyw3@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 9 月 8 日-9 月 12 日，食品饮料行业上涨 1.08% 根据 Wind，9 月 8 日-9 月 12 日，上证指数上涨 1.52%，深证成指上涨 2.65%， 沪深 300 指 ...

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Views - Terminal demand remains high, with a focus on semiconductor equipment and lithium battery equipment [1] - Global semiconductor sales reached $62.1 billion in July, a year-on-year increase of 20.6%, driven by improved shipments of consumer electronics and rapid growth in AI-related chip demand [3] - In August, China's new energy vehicle sales were approximately 1.395 million units, a year-on-year increase of 26.8%, indicating strong terminal demand for lithium battery equipment [4] - The manufacturing PMI in August rose by 0.1 percentage points to 49.4, reflecting improvements in production and new orders, suggesting a gradual recovery in manufacturing profitability [5] Summary by Sections Semiconductor Equipment - July global semiconductor sales were $62.1 billion, up 20.6% year-on-year, with China's sales at $17.02 billion, up 10.4% [3] - Japan's semiconductor manufacturing equipment shipments in July were approximately 410.95 billion yen, a year-on-year increase of 18.1% [3] Lithium Battery Equipment - In August, China's new energy vehicle sales reached about 1.395 million units, a year-on-year increase of 26.8%, with total sales from January to August at approximately 9.62 million units, up 36.7% [4] - The production of power batteries in August increased by 37.3% year-on-year to 139.6 GWh [4] - Capital expenditure in the lithium battery industry grew by 36.6% year-on-year in Q2 2025, indicating a new round of capital investment [4] Investment Recommendations - The report suggests focusing on semiconductor equipment companies benefiting from high terminal demand and increasing domestic production rates, such as Zhongwei Company [5] - It also recommends lithium battery equipment companies like Xian Dao Intelligent and Hangke Technology, which are expected to benefit from the growth in new energy vehicles and the application of new technologies [5] Market Performance - Over the past 12 months, the mechanical industry has outperformed the CSI 300 index, with a relative return of 36.8% [2] - The mechanical industry has seen a cumulative increase of 33.1% year-to-date, with lithium battery equipment leading the gains at 108.4% [8]

证券研究报告 2025 年 09 月 14 日 湘财证券研究所 行业研究 疫苗行业周报 HPV 疫苗有望纳入国家免疫规划，国家免疫规划将迎来实质性扩容 相关研究： 1. 《疫苗行业Q2业绩依然承压》 20250831 2. 《国产疫苗再突破》20250907 行业评级：增持（维持） 近十二个月行业表现 0 10 20 30 40 50 24/09 24/12 25/03 25/06 沪深300_累计 疫苗_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -7 | -2 | -20 | | 绝对收益 | 0 | 15 | 21 | 注：相对收益与沪深 300 相比 分析师：许雯 证书编号：S0500517110001 Tel：021-50293534 Email：xw3315@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 国内外疫苗动态 HPV 疫苗有望纳入国家免疫规划。7 月 11 日国务院新闻办公室举行"高质量 完成'十四五'规划"系列主题新闻发布会，国家卫生健康委副主任、国家 疾控 ...

证券研究报告 2025 年 9 月 12 日 湘财证券研究所 金融工程研究 Alpha 策略周报 Alpha 策略与市场趋势研判周报 | | | 本周 Alpha 动量组合表现（2025 年 9 月 8 日到 2025 年 9 月 12 日） Alpha 动量组合在整个期间内累计上涨 2.23%，而 HS300 同期累计上涨 1.38%，动量组合相对于 HS300 的超额收益为 0.85%。 本周 Alpha 反转组合表现（2025 年 9 月 8 日到 2025 年 9 月 12 日） Alpha 反转组合在整个期间内累计上涨 0.55%，而 HS300 同期累计上涨 1.38%，相对于 HS300 的超额收益为-0.83%。 行业 Alpha 组合近期表现（2025 年 9 月 1 日到 2025 年 9 月 12 日） 从 2025 年 9 月 1 日截至 2025 年 9 月 12 日，行业 Alpha 组合累计上涨 0.56%， 而 HS300 同期累计上涨 0.56%，相对于 HS300 的超额收益为 0.00%。 Alpha 动量与反转研判市场走势 通过 Alpha 动量与反转组合以及基准组合之 ...

Macro Overview - In August, the CPI decreased by 0.4% year-on-year and remained flat month-on-month, with food prices rising by 0.5% and pork prices dropping by 16.1%, contributing to a 0.24 percentage point decline in CPI [2] - In the first half of the year, the shipment volume of wearable wrist devices in mainland China reached 33.9 million units, a year-on-year increase of 36%, marking a historical high for the first half of the year [2] - In August, the average price of second-hand residential properties in 100 cities fell by 0.76% month-on-month and 7.34% year-on-year, while the top ten cities saw a month-on-month decline of 0.59% and a year-on-year decline of 4.90% [3] Industry and Company Analysis Electronics - The semiconductor sector reported a decline of 6.55% last week, with the electronic industry down by 4.57% [6] - Broadcom's Q3 financial report showed a revenue of $15.952 billion, a year-on-year increase of 22%, with AI-related revenue reaching $5.2 billion, up 63% year-on-year [8][9] - The electronic sector's PE (TTM) was 57.94X, down by 2.69X week-on-week, while the PB (LF) was 4.61X, down by 0.21X [7] New Materials - The rare earth magnetic materials industry fell by 10.58%, underperforming the benchmark by 9.77 percentage points [12] - Light rare earth ore prices continued to decline, while medium and heavy rare earth ore prices remained stable [12] - The overall supply of rare earths is tightening, with demand gradually recovering, supporting prices [15] Food and Beverage - The food and beverage sector declined by 0.98% from September 1 to September 5, underperforming the broader market [17] - A new consumption policy in Shaoxing aims to stimulate dining consumption, which is expected to boost demand for liquor [17] - Kweichow Moutai's parent company plans to increase its shareholding by investing between 3 billion and 3.3 billion RMB, indicating confidence in the company's long-term value [18]

Industry Overview - The securities industry is experiencing increased market volatility, leading to adjustments in the brokerage sector. The Shanghai Composite Index fell by 1.2%, while the Shenzhen Component Index decreased by 0.8% during the week of September 1-5. The non-bank financial index dropped by 5%, underperforming the CSI 300 Index by 4.2 percentage points [2][3]. - The brokerage index saw a decline of 5.3%, also underperforming the CSI 300 Index by 4.5 percentage points. The current price-to-book (PB) ratio for the brokerage index is 1.46x, slightly down from the previous week, and is at the 44th percentile over the past decade [2][3]. Market Activity - Despite a slight decrease in trading volume, the average daily stock trading volume in the Shanghai and Shenzhen markets remained high at 25,696 billion yuan, down 13% week-on-week. This marks the end of three consecutive weeks of significant growth, yet the trading volume is still comparable to the high point in October 2024 [4]. - In terms of new fund issuance, August saw the issuance of 472 million shares for equity funds (up 791% year-on-year and 33% month-on-month), 144 million shares for mixed funds (up 177% year-on-year and 41% month-on-month), and 348 million shares for bond funds (down 12% year-on-year and 24% month-on-month) [5]. Financing Activities - In the equity financing sector, 21 companies raised a total of 23.5 billion yuan in August, representing a 71% year-on-year increase but a 65% month-on-month decrease. The initial public offering (IPO) scale was 4.1 billion yuan (down 23% year-on-year and 83% month-on-month), while the private placement scale reached 18.2 billion yuan (up 209% year-on-year and down 38% month-on-month) [6]. - Cumulatively, from January to August, the equity financing scale increased by 304% year-on-year, with IPO financing up by 55% and refinancing up by 367%, including a 531% increase in private placements and a 44% increase in convertible bond financing [6]. Margin Financing - As of September 5, the margin trading balance in the two markets reached 22,795 billion yuan, reflecting a 0.8% increase month-on-month. This marks the second consecutive month of growth, accounting for 2.68% of the total market capitalization of A-shares. The financing balance rose to 22,642 billion yuan (up 0.8% month-on-month), while the securities lending balance was 15.3 billion yuan (down 3.5% month-on-month) [6]. Investment Recommendations - Despite a slight decline in market trading volume, trading activity remains robust. Current valuations are considered reasonable, and brokerage performance is expected to continue recovering in the third quarter. With the implementation of new public fund sales regulations, the public fund industry is entering a phase of high-quality development. The recommendation is to maintain an "overweight" rating on the securities industry and to focus on internet brokerages with strong beta attributes, such as Zhinan Compass [7].