[Table_Title] 证券研究报告/公司动态报告 单壁产品提升盈利能力、固态电池扩大市场空间 报告摘要： [Table_Summary] 固态电池大幅提升碳纳米管市场空间。在固态电池领域，由于其对导电 剂的性能和用量要求更高，单壁碳纳米管的市场空间更为广阔。根据高 工锂电预测，目前液态电池对碳纳米管导电剂的需求约为 20-30 吨每 GWh，而半固态电池的导电剂需求将大幅提升至 70-120 吨每 GWh。如 果液态电池碳纳米管添加量以 20 吨/GWh，半固态电池碳纳米管添加量 以 70 吨/GWh，半固态电池较液态电池增长 2.5 倍。鉴于固态电池在材 料特性与结构设计上的升级，其对碳纳米管导电剂的需求大概率远超半 固态电池。国内市场方面，新能源汽车渗透率增长 50%，结合固态电池 对碳纳米管导电剂需求是液态电池上限的 4 倍，预计中国市场固态电池 中碳纳米管导电剂需求有望扩大 5 倍。海外市场方面，新能源汽车渗透 率增长约 6 倍，结合需求倍数 4，海外固态电池中碳纳米管导电剂需求 有望扩大 27 倍。综合来看，在新能源汽车市场规模持续扩张与固态电池 技术革新的双重作用下，全球固态电池中的碳纳米管 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for stock price appreciation in the next six months [5]. Core Insights - The company reported Q3 results that exceeded expectations, with revenue of 5.348 billion yuan, a year-on-year increase of 39.02%, and a net profit of 1.766 billion yuan, up 100.52% [1][2]. - The growth in revenue and profit is attributed to successful leasing strategies and the strong performance of emerging businesses, particularly Chinagoods and cross-border payment services [1][2]. - The company has seen significant cash inflow and contract liabilities, with operating net cash inflow reaching 9.605 billion yuan in the first three quarters of 2025, a year-on-year increase of over 20 times [2]. Financial Summary - For the first three quarters of 2025, the company achieved total revenue of 13.061 billion yuan, a 23.07% increase, and a net profit of 3.457 billion yuan, up 48.45% [1]. - The projected revenue for 2025-2027 is 23.146 billion yuan, 28.965 billion yuan, and 34.766 billion yuan, respectively, with net profits of 4.792 billion yuan, 6.053 billion yuan, and 6.955 billion yuan [3][4]. - The company’s net profit margin improved to 26.47%, reflecting a 4.53 percentage point increase year-on-year [1]. Emerging Business Growth - The emerging business segment, particularly the Chinagoods platform and cross-border payment services, is expected to continue its high growth trajectory, with transaction volume exceeding 27 billion yuan, a year-on-year increase of over 35% [2]. - The integration of AI capabilities and the establishment of a closed-loop ecosystem for trade and payment services are anticipated to enhance service offerings and market competitiveness [2].

Investment Rating - The report assigns a "Buy" rating to the company [4]. Core Insights - The company has rapidly developed into a leading enterprise in the high-end medical imaging equipment sector in China, with a comprehensive product line covering CT, MR, MI, XR, and RT [1][2]. - The shift towards centralized procurement in various provinces is expected to significantly accelerate the domestic replacement rate of medical imaging equipment, particularly in high-end devices, leading to sustained industry prosperity [1][2]. - The company's global expansion strategy aims to establish benchmarks in high-end markets, build barriers in mature markets, and create ecosystems in emerging markets, with strong growth anticipated in overseas business [1][2]. Summary by Sections Company Overview - Founded in 2011, the company focuses on high-performance medical imaging diagnostic and treatment equipment, providing innovative solutions across the entire chain from basic research to clinical application [15][18]. Financial Performance - The company achieved total revenue of 10.3 billion yuan in 2024, a decrease of 9.73% year-on-year, with a net profit attributable to the parent company of 1.262 billion yuan, down 36.08% [3][28]. - For the first half of 2025, the company reported revenue of 60.16 billion yuan, a year-on-year increase of 12.79%, and a net profit of 9.98 billion yuan, up 5.03% [28]. Product Lines and Market Position - The company has established five major product lines: CT, MR, MI, XR, and RT, with steady development across all lines [41]. - In the CT segment, the company launched the first domestic photon counting CT device, uCT Ultima, which received NMPA approval, marking a significant innovation milestone [2][41]. - The MR segment saw a revenue increase of 16.80% in the first half of 2025, with the ultra-high-end MR device uMR Jupiter 5T gaining traction globally [41]. - The MI segment maintained its leadership in the PET/CT market, with continuous growth in installations [41]. Global Expansion - The company has expanded its overseas revenue significantly, with 22.20 billion yuan in overseas income in 2024, representing a year-on-year increase of 33.81% [37]. - The establishment of regional headquarters and R&D centers in various global locations supports the company's international growth strategy [19][20].

自研硬件与智能架构，具身智能开启第二成长曲线 事件： [Table_Summary] 2025 年 10 月 12 日，新益昌正式发布具身智能机器人 HOSON-Robot。 该产品依托公司在半导体高端装备制造领域的运动控制技术积累，实现 "小脑"运动控制器、灵巧手及关节模组等核心部件自主研发，并在模 型层面采用"混合智能架构"。 点评： 核心硬件：控制、执行与结构三位一体。公司基于固晶业务十余年运动 技术积淀，实现具身智能机器人关键零部件的自主研发生产：1）小脑控 制器 RMC100：该控制器可在复杂工业场景下稳定实现高精密作业与高 频闭环控制，采用多核异构架构，融合运动控制、多协议通信、避障感 知及远程维护能力，具备全栈控制性能；其同步时间误差＜100ns、控制 频率高达 4kHz，支持 64 组电机同步驱动。2）灵巧手：采用旋量理论运 动学模型，可实现毫秒级实时解算；融合触觉、力矩与位置信息，具备 自适应控制策略，可根据场景动态调整抓取与操作力矩，目前已完成工 业场景初步适配。3）关节模组：采用轻量化、高功率密度设计，搭载自 研的高抗冲击高性价比减速机、高精度编码器及无框电机，实现高过载 输出与高精度定 ...

AI 浪潮重塑云计算增长，亚马逊打造从芯片到应用整体解决方案 ---全球云服务厂商分析系列报告（一） [Table_Title] 证券研究报告 / 行业深度报告 报告摘要： [Table_Summary] 生成式 AI 浪潮重塑云计算增长逻辑，行业进入新一轮高增长周期。全 球云服务市场在经历了 2018-2022 年企业数字化转型和 2022-2023 年降 本增效两个阶段后，生成式 AI 的爆发为云服务市场注入全新动能。AI 大模型的训练与推理需求，正驱动云服务的核心价值从 IT 成本优化转向 赋能企业创新的战略平台。客户的关注点已从"单位成本"转向"模型性 能"和"对尖端 AI 技术的访问权"。受此驱动，全球云基础设施服务支出 增速 2024 年 Q3-2025 年 Q2 连续四个季度同比增长超过 20%。 市场集中度或将进一步提升，三大巨头卡位"云+AI"生态，竞争升维。 亚马逊 AWS、微软 Azure 和谷歌云合计占据全球超三分之二的市场份 额，且领先优势在 AI 时代有望进一步扩大。巨头们纷纷与顶级 AI 模型 公司深度绑定，竞争焦点从单一的基础设施服务（IaaS）转向以模型质 量、集成度和安全性 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The target price of Funeng Convertible Bonds on the first - day of listing is expected to be between 131 - 137 yuan, and investors are advised to actively subscribe. The estimated first - day new - bond subscription winning rate is around 0.0135% - 0.0163%. The bond has high issuance scale, good liquidity, good rating, and good bond floor protection, and there is no objection to primary participation [3][4][19][20] 3. Summary According to Related Catalogs 3.1. Funeng Convertible Bonds New - Bond Analysis and Investment Recommendations 3.1.1. Convertible Bond Basic Terms Analysis - The issuance methods of Funeng Convertible Bonds are priority placement and online issuance. The bond and the issuer's ratings are both AA+. The issuance scale is 3.802 billion yuan, the initial conversion price is 9.84 yuan. As of October 10, 2025, the convertible bond parity is 103.46 yuan, the calculated pure bond value is 94.95 yuan. The game terms (down - revision, redemption, and put - back clauses) are normal. Overall, the bond has high issuance scale, good liquidity, good rating, and good bond floor protection, and it is not difficult for institutions to include it in their portfolios [2][15] 3.1.2. New - Bond Initial Listing Price Analysis - The target price of Funeng Convertible Bonds on the first - day of listing is 131 - 137 yuan. Considering the current market environment and parity level, the conversion premium rate on the first - day of listing is expected to be in the range of [27%, 32%] [3][19] 3.1.3. Convertible Bond New - Bond Subscription Winning Rate Analysis - The estimated first - day new - bond subscription winning rate is around 0.0135% - 0.0163%. Assuming the old shareholders' placement ratio is 65% - 71%, the scale available for the market is 1.095 - 1.326 billion yuan. Assuming the number of effective online subscriptions is 8.13 million households, the winning rate is calculated based on full subscription [4][20] 3.2. Underlying Stock Fundamental Analysis 3.2.1. Company's Main Business and Up - and Down - Stream Industry Situations - The company is mainly engaged in the production and sales of electricity, heat, and industrial textiles, with electricity products as the mainstay. The power generation industry's upstream includes power design, power equipment manufacturing, and engineering construction. The downstream is mainly power grid companies. The raw materials for industrial textiles are market - oriented, and its downstream industries are diverse and expanding [21][22] 3.2.2. Company's Operating Conditions - From 2022 to H1 2025, the company's operating income was 14.318 billion yuan, 14.695 billion yuan, 14.563 billion yuan, and 6.369 billion yuan respectively, with year - on - year growth rates of 17.79%, 2.63%, - 0.90%, and - 4.44%. The comprehensive gross margin increased steadily from 23.93% in 2022 to 28.31% in H1 2025, and the net profit margin also showed an upward trend. The company's period expenses remained stable, and R & D expenses were relatively stable. The accounts receivable increased due to slow subsidy payments, and the accounts receivable turnover rate decreased. The net profit attributable to the parent company increased steadily [25][28][30] 3.2.3. Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, Fujian Energy Group Co., Ltd. was the largest shareholder, holding 1.536 billion shares (55.25% of the total shares). The top two shareholders' combined shareholding ratio was 65.13%, and the top ten shareholders' combined shareholding ratio was 71.19%. The actual controller of the company is the State - owned Assets Supervision and Administration Commission of Fujian Provincial People's Government [43] 3.2.4. Company's Business Characteristics and Advantages - The company has market position and scale advantages, as it is a leading wind - power company in Fujian, with its power generation business installation scale ranking among the top in Fujian. It has unit quality advantages, with a diversified energy structure mainly composed of thermal power, wind power, and photovoltaic power. It also has project reserve advantages, with many under - construction and reserve projects [50] 3.2.5. Allocation of Current Fund - Raising - After deducting issuance fees, 2.5 billion yuan of the raised funds is planned to be used for the 2×660MW ultra - supercritical cogeneration project in Quanhuixin Petrochemical Industrial Zone (total investment: 6.986 billion yuan), and 1.302 billion yuan for the Fujian Xianyou Mulan Pumped - storage Power Station Project (total investment: 8.383 billion yuan) [13][49]

【东北地产建筑|中期策略】生存到重生，分化与机遇 房地产 [Table_Date] 发布时间：2025-10-12 $$i k\neq\pm i k$$ ——房地产 2025 中期策略 [Table_Title] 证券研究报告/行业动态报告 房地产行业有何可预见趋势 关税扰动下，地产防御价值如何？ 政策复盘&展望：止跌回稳信心坚决，楼市政策窗口期将 ---2025W41 房地产周报 报告摘要： 近 [Table_Summary] 本周观点：关税扰动下，地产防御价值如何？ 楼市量价止跌回稳进度如何 商业地产：稳地产促消费，消费+地产助力房企穿越周期 2025 展望：二手房市场量升价稳，新房市场各指标磨底 修复 投资建议：整体看来，2024 年 924 新政的动能正逐步减 弱，楼市信心仍待提振，在此背景下更多楼市政策值得期 待，具体来说：①稳预期→"需求侧"或将继续调减限购等 限制性措施（主要针对一线城市）；②防风险→"供给侧"或 ①复盘 4 月 7 日当日关税对各板块的冲击，优质央企开发商短期防御属 性显著：4 月 7 日当天房地产板块整体跌幅为-8.7%，在 A 股 31 个一级 板块中降幅排名第 22 位， ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The company is experiencing significant growth in its ultra-pure metal sputtering target and semiconductor precision component products, with a robust demand from semiconductor equipment manufacturers and chip manufacturers [1]. - The net profit margin has improved significantly, reaching 11.12% in H1 2025, up by 3.29 percentage points year-on-year, while the gross profit margin is expected to recover as production capacity increases [2]. - The company is well-positioned in the ultra-pure metal sputtering target market, achieving a revenue of 1.325 billion yuan in H1 2025, a year-on-year increase of 23.91%, and a gross profit margin of 33.26% [3]. Financial Summary - The company forecasts revenue growth from 2.602 billion yuan in 2023 to 7.479 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 26.44% [5]. - The net profit attributable to the parent company is projected to grow from 255 million yuan in 2023 to 863 million yuan in 2027, reflecting a CAGR of about 26.11% [5]. - Earnings per share (EPS) are expected to increase from 0.96 yuan in 2023 to 3.25 yuan in 2027, indicating strong profitability growth [5]. Business Development - The company plans to raise 1.948 billion yuan through a private placement to enhance its production capabilities in static suction cups and ultra-pure metal sputtering targets, addressing supply-demand imbalances in the semiconductor industry [4]. - The construction of new production bases for semiconductor precision components is underway, which is expected to enhance profitability as production capacity ramps up [3].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is positioned as a leader in the copper processing industry, with a focus on high-end product development and international expansion, which is expected to drive profit margins higher [4][16]. - The company's single-ton gross profit for copper products is anticipated to continue its upward trend, benefiting from structural optimization and a shift towards high-margin products [1][3]. - The company is expected to see significant growth in gross profit from copper processing products, projected to increase from 2.5 billion yuan in 2024 to 5.3 billion yuan by 2030 [1]. Summary by Sections Company Overview - The company has been a leader in the copper processing industry for 39 years, providing essential materials to various sectors, including new energy vehicles and semiconductor industries [16][21]. - It has established a comprehensive product matrix, including copper and copper alloy materials, and has a strong international presence with subsidiaries in over 100 countries [16][24]. Traditional Business - The company has shown resilience in its copper processing business, with single-ton gross profit rebounding after hitting a low in 2022, indicating strong performance despite industry challenges [1][46]. - The company has successfully expanded its international operations, achieving a 21.86% year-on-year increase in overseas revenue in the first half of 2025 [2][46]. Emerging Business - The company is strategically investing in high-end sectors such as new energy vehicles, data centers, and robotics, which are expected to enhance its long-term growth potential [3][4]. - The demand for high-end copper materials is increasing due to the rising penetration of new energy vehicles and the shift towards high-voltage architectures [3][4]. Financial Forecast and Investment Recommendations - The company is projected to achieve net profits of 716 million yuan, 868 million yuan, and 968 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 29.91X, 24.68X, and 22.12X [4][5]. - The report emphasizes the company's strong market position and growth prospects, reinforcing the "Buy" rating [4][6].

Report Summary - The report presents the top ten convertible bonds for October 2025, along with an analysis of the issuing companies, including their business profiles, financial performance, and key attractions [13][23][35] Top Ten Convertible Bonds in October 2025 1. Zhongte Convertible Bond - Rating: AAA; 9 - month - end closing price: 112.896 yuan; Conversion premium rate: 85.92%; PE - TTM of the underlying stock: 13.22 [7][13] - Company: A globally leading specialized special - steel material manufacturer with a production capacity of about 20 million tons of special - steel materials per year. It has multiple production and raw - material bases, forming a strategic layout along the coast and rivers [13] - Financials: In 2024, revenue was 109.203 billion yuan (YoY - 4.22%), net profit attributable to shareholders was 5.126 billion yuan (YoY - 10.41%). In H1 2025, revenue was 54.715 billion yuan (YoY - 4.02%), net profit attributable to shareholders was 2.798 billion yuan (YoY + 2.67%) [13] - Key attractions: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification, with leading cost - control ability and potential for external expansion [14] 2. Shanlu Convertible Bond - Rating: AAA; 9 - month - end closing price: 119.346 yuan; Conversion premium rate: 48.74%; PE - TTM of the underlying stock: 4.08 [7][23] - Company: Mainly engaged in road and bridge construction and maintenance, and also expanding into other fields. It can provide one - stop comprehensive services [23] - Financials: In 2024, revenue was 71.348 billion yuan (YoY - 2.3%), net profit attributable to shareholders was 2.322 billion yuan (YoY + 1.47%). In H1 2025, revenue was 28.575 billion yuan (YoY + 0.26%), net profit attributable to shareholders was 1.029 billion yuan (YoY + 0.89%) [23] - Key attractions: It has the concept of "China - specific valuation", potential for improvement in various aspects under the debt - resolution background, and opportunities from regional infrastructure construction and the Belt and Road Initiative [24] 3. Hebang Convertible Bond - Rating: AA; 9 - month - end closing price: 126.41 yuan; Conversion premium rate: 21.55%; PE - TTM of the underlying stock: - 168.47 [7][35] - Company: With advantages in mineral resources and gas supply, it has completed a basic layout in the chemical, agricultural, and photovoltaic fields [35] - Financials: In 2024, revenue was 8.547 billion yuan (YoY - 3.13%), net profit attributable to shareholders was 31 million yuan (YoY - 97.55%). In H1 2025, revenue was 3.921 billion yuan (YoY - 19.13%), net profit attributable to shareholders was 52 million yuan (YoY - 73.07%) [35] - Key attractions: Its phosphate mines and salt mines have good profit - making potential, and the liquid methionine business is a major profit contributor [36] 4. Aima Convertible Bond - Rating: AA; 9 - month - end closing price: 128.513 yuan; Conversion premium rate: 38.62%; PE - TTM of the underlying stock: 13.41 [7][45] - Company: The leading enterprise in the electric two - wheeled vehicle industry, mainly engaged in R & D, production, and sales of electric two - wheeled vehicles [45] - Financials: In 2024, revenue was 21.606 billion yuan (YoY + 2.71%), net profit attributable to shareholders was 1.988 billion yuan (YoY + 5.68%). In H1 2025, revenue was 13.031 billion yuan (YoY + 23.04%), net profit attributable to shareholders was 1.213 billion yuan (YoY + 27.56%) [45] - Key attractions: It may benefit from government subsidies, new national standards, and potential improvement in gross margin [46] 5. Xingye Convertible Bond - Rating: AAA; 9 - month - end closing price: 120.859 yuan; Conversion premium rate: 29.02%; PE - TTM of the underlying stock: 5.43 [7][54] - Company: One of the first joint - stock commercial banks in China, evolving into a modern financial service group [54] - Financials: In 2024, revenue was 212.226 billion yuan (YoY + 0.66%), net profit attributable to shareholders was 77.205 billion yuan (YoY + 0.12%). In H1 2025, revenue was 110.458 billion yuan (YoY - 2.29%), net profit attributable to shareholders was 43.141 billion yuan (YoY + 0.21%) [54] - Key attractions: It has stable asset quality and scale growth [55] 6. Wentai Convertible Bond - Rating: AA -; 9 - month - end closing price: 128.918 yuan; Conversion premium rate: 20.93%; PE - TTM of the underlying stock: - 23.14 [7][66] - Company: A globally leading semiconductor enterprise adopting the IDM model, providing R & D, manufacturing, and testing services [66] - Financials: In 2024, revenue was 73.598 billion yuan (YoY + 20.23%), net profit attributable to shareholders was - 2.833 billion yuan (YoY - 339.83%). In H1 2025, revenue was 25.341 billion yuan (YoY - 24.56%), net profit attributable to shareholders was 474 million yuan (YoY + 237.36%) [66] - Key attractions: After focusing on the semiconductor business, it benefits from market recovery and has growth potential in the automotive and consumer electronics fields [67] 7. Chongyin Convertible Bond - Rating: AAA; 9 - month - end closing price: 121.778 yuan; Conversion premium rate: 31.87%; PE - TTM of the underlying stock: 5.88 [7][77] - Company: An early local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business scopes [77] - Financials: In 2024, revenue was 13.679 billion yuan (YoY + 3.54%), net profit attributable to shareholders was 5.117 billion yuan (YoY + 3.8%). In H1 2025, revenue was 7.659 billion yuan (YoY + 7%), net profit attributable to shareholders was 3.19 billion yuan (YoY + 5.39%) [77] - Key attractions: It can benefit from the development of the Chengdu - Chongqing economic circle, has stable asset - scale growth, and effective risk - control strategies [78] 8. Tianye Convertible Bond - Rating: AA +; 9 - month - end closing price: 120.562 yuan; Conversion premium rate: 48.06%; PE - TTM of the underlying stock: 146.42 [7][89] - Company: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [89] - Financials: In 2024, revenue was 11.156 billion yuan (YoY - 2.7%), net profit attributable to shareholders was 68 million yuan (YoY + 108.83%). In H1 2025, revenue was 5.16 billion yuan (YoY - 0.98%), net profit attributable to shareholders was - 9 million yuan (YoY - 228.22%) [89] - Key attractions: It may benefit from the price change of caustic soda and has plans for dividend increase and coal - mine projects [90] 9. Aorui Convertible Bond - Rating: AA -; 9 - month - end closing price: 126.412 yuan; Conversion premium rate: 40.56%; PE - TTM of the underlying stock: 22.72 [7][100] - Company: A company focusing on the R & D, production, and sales of complex APIs and preparations, with leading positions in multiple fields [100] - Financials: In 2024, revenue was 1.476 billion yuan (YoY + 16.89%), net profit attributable to shareholders was 355 million yuan (YoY + 22.59%). In H1 2025, revenue was 822 million yuan (YoY + 12.5%), net profit attributable to shareholders was 235 million yuan (YoY + 24.55%) [100] - Key attractions: It has a growing dealer network, expanding preparation products, and high - quality customer resources [101] 10. Yushui Convertible Bond - Rating: AAA; 9 - month - end closing price: 125.081 yuan; Conversion premium rate: 30.74%; PE - TTM of the underlying stock: 26.93 [7][108] - Company: The largest integrated water supply and drainage enterprise in Chongqing, with a stable monopoly position [108] - Financials: In 2024, revenue was 6.999 billion yuan (YoY - 3.52%), net profit attributable to shareholders was 785 million yuan (YoY - 27.88%). In H1 2025, revenue was 3.519 billion yuan (YoY + 7.16%), net profit attributable to shareholders was 458 million yuan (YoY + 10.06%) [108] - Key attractions: It has a high market share, is expanding business externally, and has effective cost - control measures [109]