Core Insights - The report emphasizes the potential for low-position industries to rebound in the current market environment, which is characterized by structural fluctuations and a focus on risk aversion and value investing [1][6]. Industry Recommendations - The report identifies four key low-position industries with marginal improvement potential: Environmental Protection, Non-Metallic Materials, Biological Products, and Automotive [5][6]. - The storage sector is highlighted as a critical area for investment, with rising prices for storage chips indicating the start of a new upward cycle, supported by demand from the Sora2 release [6]. - Precious metals continue to hold strong investment value, driven by short-term interest rate expectations and long-term geopolitical risks, which are expected to support gold prices [6]. - The innovative pharmaceutical sector is poised for valuation recovery as previous negative factors have diminished, making it a focus for investors [6]. - The environmental protection industry benefits from favorable policies and a rebound in related sectors [6]. - Non-metallic materials are supported by supply-side policies and demand-side initiatives, such as the revitalization of Xinjiang [6]. - The biological products sector is expected to gain from new productivity policies and the recovery of the innovative pharmaceutical sector [6]. - The automotive industry is benefiting from consumer incentives and synergies within the robotics supply chain [6]. Performance Indicators - The report provides detailed performance indicators for the identified low-position industries, showing positive trends in various metrics such as PPI and production volumes [7][10]. - For example, the waste resource utilization industry shows a 5.74% increase in PPI, while the automotive sector has seen a 3.10% increase in cumulative sales [7][10]. Market Outlook - The market is expected to continue its oscillating upward trend with structural differentiation, highlighting the importance of identifying and investing in undervalued sectors [1][6].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 14 CNY per share based on a 33X PE for the year 2025 [3][5]. Core Insights - The company has successfully acquired an 18% stake in Ruobo, an innovative enterprise in the medical robotics field, which utilizes a clear core technology framework involving AI algorithms, an industrial operating system, and high-precision servo systems [1]. - The company is strategically transforming from a materials supplier to a comprehensive service provider in the eco-friendly art space, focusing on the assembly-type integrated market opportunities both domestically and internationally [3]. - The automotive interior materials segment has seen a significant revenue increase of 35.96% year-on-year, reaching 305 million CNY in the first half of 2025, despite a declining market for main engine manufacturers [2]. Financial Summary - The company's projected revenues for 2025 are estimated at 3.218 billion CNY, with a year-on-year growth of 3.81% [4]. - The net profit attributable to the parent company is forecasted to be 126 million CNY in 2025, reflecting a growth of 25.22% compared to the previous year [4]. - The earnings per share (EPS) for 2025 is expected to be 0.41 CNY, with a corresponding PE ratio of 23.36 [4][12]. Business Segments - The construction ceramics segment, led by the subsidiary Yingpai, achieved a sales area of 2.03 million square meters in the first half of 2025, marking a 6% increase year-on-year, despite a 6% decline in revenue due to falling terminal sales prices [2]. - The company’s fireproof decorative panel business saw a revenue increase of 23.33% year-on-year, with a gross margin of 33.18% in the first half of 2025 [2].

Investment Rating - The report initiates coverage with a "Buy" rating for Chery Automobile [6][3]. Core Insights - Chery Automobile is positioned as a leading player among domestic car manufacturers, focusing on the transition to new energy vehicles, high-end market penetration, and international expansion to drive new growth [1][18]. - The company has established a clear brand matrix consisting of five brands: Chery, Jetour, Exeed, iCAR, and Zhijie, which cater to various market segments from mainstream to high-end and from fuel to new energy vehicles [1][18][21]. - Chery's sales are projected to grow significantly, with a compound annual growth rate (CAGR) of 36.7% for its main brand from 2022 to 2024, and a notable increase in export sales [2][3]. Financial Summary - Revenue forecasts for Chery Automobile are as follows: 2025 at 315 billion CNY, 2026 at 394.3 billion CNY, and 2027 at 485.6 billion CNY, with corresponding net profits of 16.22 billion CNY, 21.36 billion CNY, and 27.19 billion CNY [3][4]. - The company is expected to maintain a strong net profit margin, with a projected price-to-earnings (PE) ratio of 10.40 for 2025, decreasing to 6.20 by 2027 [3][4]. Sales and Market Position - In the 5-20W price segment, Chery ranks second in wholesale sales, with a significant increase in sales from 1.75 million units in 2023 to 2.375 million units in 2024, driven by its strong performance in the new energy vehicle sector [2][3]. - The overall penetration rate of new energy vehicles in the market is 44.9%, with Chery's brands showing robust growth across all segments [2][3]. Brand Performance - The main brand Chery is expected to achieve sales of 1.643 million units in 2024, while Jetour, Exeed, iCAR, and Zhijie are also projected to see substantial sales increases, reflecting the effectiveness of the company's diversified brand strategy [2][21]. - The Jetour brand is particularly noteworthy, with a projected CAGR of 77.7% from 2022 to 2024, indicating strong market demand for its offerings [2][3]. Technological Advancements - Chery has made significant investments in technology, focusing on five key areas: Mars architecture, Kunpeng power, Lion smart cockpit, Falcon intelligent driving, and Galaxy ecosystem, which are expected to enhance its competitive edge in the automotive industry [1][64].

【东北地产建筑|中期策略】生存到重生，分化与机遇 ——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 专项债拟收储逾 6100 亿，实发节奏近期提速 政策复盘&展望：止跌回稳信心坚决，楼市政策窗口期将 ---2025W39 房地产周报 近 报告摘要： 本周观点：专项债回收闲置用地进展如何？ 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 ①截至 25 年 9 月 17 日，全国公示拟使用专项债收回收闲置土地总用地面积 近 2.4 亿㎡/总金额超 6100 亿元；②分地区看：广东省拟使用专项债规模位 列第一，一二线城市拟收储金额占比仅约 34%；③分性质看：拟使用专项债 收储土地宗数中，宅地占比近 7 成/地方国企占比超 8 成；④分价格看：约 5 成地块拟收储价格折扣位于 0.8-1.0 之间。从收储价格来看，与出让时的 成交单价相比，约 50%的地块拟收储价格与成交单价的比值在 0.8-1.0 之 间；⑤展望：已发行/即将发行的用于收购存量闲置土地的专项债 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 37 CNY per share, indicating a potential upside from the current price of 28.77 CNY [6][3]. Core Insights - The company is positioned as a high-growth leader in copper and gold mining, with plans to spin off its subsidiary, Zijin Gold International, for a listing on the Hong Kong Stock Exchange by September 30, 2025, which is expected to catalyze a revaluation of the company's stock [1][3]. - The company has significant mineral resources, with copper reserves of 50.43 million tons and gold reserves of 1,487 tons, ranking second and fifth globally, respectively [1]. - The projected compound annual growth rate (CAGR) for copper and gold production from 2024 to 2028 is approximately 10%, with expected production of 1.07 million tons of copper and 73 tons of gold in 2024, increasing to 1.5-1.6 million tons of copper and 100-110 tons of gold by 2028 [2][3]. Financial Summary - The company’s revenue is projected to grow from 293.4 billion CNY in 2023 to 401.2 billion CNY by 2027, reflecting a growth rate of 8.54% in 2023 and 7.95% in 2027 [4][12]. - Net profit attributable to shareholders is expected to rise from 21.1 billion CNY in 2023 to 70.8 billion CNY in 2027, with a significant increase of 51.76% in 2024 [4][12]. - Earnings per share (EPS) is forecasted to increase from 0.80 CNY in 2023 to 2.67 CNY in 2027, indicating strong profitability growth [4][12]. Production and Expansion Plans - The company is expanding its production capacity across three major regions: Serbia, the Democratic Republic of Congo, and Tibet, with significant projects underway to increase copper output [2][3]. - The gold segment is also expected to grow through multiple operational projects in Colombia, Suriname, and China, contributing to the overall growth of the company's gold business [2][3].

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5] Core Insights - The defense and military sector is expected to see a recovery in demand as the adverse effects of personnel adjustments have been largely eliminated, with a clear long-term growth trajectory supported by national defense modernization goals set for 2035 and 2050 [3][38] - The recent successful electromagnetic catapult and recovery training of three aircraft types on the Fujian aircraft carrier marks a significant milestone in China's naval transformation and highlights the potential for investment opportunities in electromagnetic launch technology [2][37] - The low-altitude economy is entering a phase of accelerated commercialization, driven by policy support and new product development, making it a sector worth monitoring [3][36] Summary by Sections Market Review - The Shenwan Defense and Military Index fell by 0.42% last week, ranking 13th among 31 Shenwan primary industries, while the overall market indices showed positive growth [1][13] - The current PE (TTM) for the defense and military sector is 84.84 times, with aerospace equipment at 166.50 times and military electronics at 109.04 times [21][22] Key Recommendations - Recommended companies include: 1. Downstream manufacturers: AVIC Chengfei, Hongdu Aviation, AVIC Shenyang, AVIC Xifei 2. New military technologies: Lianchuang Optoelectronics, Guangqi Technology, Zhongjian Technology 3. Underwater equipment: Yaxing Anchor Chain, Zhongke Haixun, Changying Tong 4. Missile industry chain: Feilihua, Guoke Military Industry, Zhongbing Hongjian 5. Military titanium materials: Western Superconducting 6. Electronic components: Hongyuan Electronics, Aerospace Electric [4][40][41][42][43][44][45][46] Industry Dynamics - The low-altitude economy is gaining traction with recent developments in regulatory frameworks and strategic partnerships, indicating a robust growth potential [32][34][36] - The defense sector is poised for improvement as military orders begin to recover, with a focus on new domains and new quality capabilities such as drones and commercial aerospace [38][39]

[Table_Title] 证券研究报告 / 行业深度报告 PEEK 市场稳步增长，汽车、机器人提供丰富下游应用场景 报告摘要： [Table_Summary] PEEK 具有多种优秀的性能。具有机械特性好、耐热等级高、耐腐蚀等 特点，PEEK 还具有易于注塑成型、挤出成型和切削加工等优异的加工 特性。与主要工程塑料、特种工程塑料相比，PEEK 性能全面，在刚性 方面优于绝大多数特种工程塑料的同时，也兼具韧性，展现了全面的机 械性能，此外在耐热、耐磨、耐腐蚀等方面均表现优异；与通用金属材 料相比，PEEK 比强度大，在满足强度要求的前提下，可以大幅度减小 材料本身的自重，成为实现"轻量化"的解决方案。此外 PEEK 在绝缘 性、耐化学性方面均优于普通金属。PEEK 作为一种高分子新材料，其主 要用于替代金属材料，在"以塑代钢"、"轻量化"的大背景下，PEEK 以 其优异的性能在中高端领域逐步替换金属材料的使用。 PEEK 自 1978 年问世以来，生产能力不断提升，市场空间稳步增长。从 全球市场来看，2024 年全球 PEEK 市场需求量为 10203 吨，根据弗若斯 特沙利文的数据，2022年全球 PEEK ...

[Table_Info1] 有色金属 [Table_Date] 发布时间：2025-09-29 [Table_Invest] 优于大势 降息交易并非终点，金铜继续走强 证券分析师：曾智勤 执业证书编号：S0550520110002 zengzq@nesc.cn 证券分析师：聂政 执业证书编号：S0550523010002 证券分析师：黄佶扬 执业证书编号：S0550524100007 huangjy2@nesc.cn 核心观点： [Table_Summary] 金：尽管降息交易略有降温，但金价买盘仍然强劲。1）本周联储官员讲 话鹰鸽分化仍严重：9/24 鲍威尔讲话仍较中性，表示目前的政策利率仍 略带限制性，而目前风险平衡已明显转变，就业下行风险有所增加，因 而在 9 月 FOMC 会议上选择降息，未来将继续根据数据来调整政策立 场。其他官员如博斯蒂克、穆萨莱姆、哈马克等更担心通胀问题，认为 不应该着急降息，表态鹰派，而米兰、鲍曼、戴利则担心联储落后于曲 线，应该为了保护就业市场更快降息，总体上看则鹰鸽分化仍然严重， 不过结果上看本周美国 2Y 和 10Y 利率反弹，降息交易有所降温。2）美 国经济数据相对平稳 ...

请务必阅读正文后的声明及说明 [Table_Title] 证券研究报告 / 公司深度报告 金属切削机床领先企业，未来成长空间广阔 报告摘要： [Table_Summary] 数控机床全产业链集团，金属切削类机床细分行业领先企业。乔锋智能 成立于 2009 年，是一家专业从事中高端数控机床研发、生产、销售和服 务为一体的国家级专精特新"小巨人"企业，是数控机床全产业链集团。 公司聚焦中高档数控机床领域，主营产品包括立式加工中心、龙门加工 中心、卧式加工中心等，应用于通用设备、消费电子、汽摩配件、模具、 航空航天、通讯等行业。2024 年公司实现营收 17.6 亿元，同比增长 21.02%，机床收入在我国金属切削机床企业中排名前列；归母净利润 2.05 亿元，同比增长 21.33%；2025H1 公司实现营收 12.14 亿元，同比增长 50.36%；归母净利润 1.79 亿元，同比增长 57.32%。 高端机床市场空间广阔，有望充分受益国产替代进程。我国机床市场具 有数千亿规模，但头部国产企业营收仍低于百亿元，缺乏行业巨头和标 杆。机床核心技术受制于发达国家不仅限制行业发展，还会限制制造业 升级，数控机床行业国 ...

[Table_Title] 证券研究报告 / 公司动态报告 主业稳定发展，成立合资公司聚焦 PEEK 材料 [Table_Summary] 公司多年来主要从事内燃机进气系统及配件的研发、生产和销售，主 要产品包括汽车进气系统及配件、摩托车进气系统及配件和通用机械 进气系统及配件。在燃油车汽车进气系统及配件产品领域，公司凭借深 耕行业多年的经验，已与主流车企如广汽、奇瑞、吉利、比亚迪、长 城、一汽、北汽、东风、日产、沃尔沃、现代起亚等建立了长期稳定的 合作关系，不断抢占外资企业的市场份额，实现国产替代。在新能源汽 车进气系统领域，公司凭借多项核心技术，聚焦新能源混合动力汽车进 气系统相关产品研发，积极开拓新能源知名及新势力品牌如理想、小 鹏、问界、智界、零跑、岚图等。 布局 PEEK 等轻量化材料的创新和应用。公司将聚焦改性高分子材料 在关键零部件制品的开发应用。其中改性材料之一 PEEK 是一种具有 耐高温、耐磨、耐腐蚀、自润滑等优异性能的特种工程塑料，适用于工 业、新能源汽车、人形机器人、航空航天、半导体和医疗器械等对轻量 化和材料机械性能要求较高的领域。未来，随着轻量化需求增长， PEEK 在各行业的渗透 ...