[Table_Info1] 智洋创新(688191) 电力设备 [Table_Date] 发布时间：2025-09-26 [Table_Title] 证券研究报告 / 公司点评报告 发布 SF-X1 卫星拒止空间具身智能无人机，应用场景广阔 [Table_Summary] 事件：公司在第十届华为全联接大会推出全新的"智洋星隼"系列产 品-卫星拒止空间具身智能无人机，以及地质安全多源感知大模型一体 机。 SF-X1 卫星拒止具身智能无人机通过搭载多模态信号融合定位与全向 感知避障技术，实现高清抵近成像与超清稳拍，显著提升工业场景巡检 效率、保障人员作业安全、优化全流程作业模式，助力管理水平提质升 级。在地下电缆隧道、室内变电站和桥梁等传统人工难以触及的场景有 着较大应用价值。 SF-X1 可实现室内外定位信息无缝切换，自主规划飞行路径与飞行状 态实时决策。卫星拒止无人机是指在卫星信号被干扰或遮挡的情况下， 仍能通过自主定位系统完成导航任务的无人机。这类无人机主要依赖惯 性导航、多传感器融合等技术，在卫星信号缺失或受干扰的环境中保持 飞行稳定性和定位精度。公司的 SF-X1 配置多模态信号融合定位系 统，实现室内 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" from "Hold" [5] Core Viewpoints - The company is positioned as a leader in AI and coal industry, expanding its business into chemical and new energy sectors [1][3] - The market for coal intelligentization is projected to exceed 434.3 billion yuan by 2035, driven by increasing safety regulations and frequent coal mine accidents [2][49] - The company has established six major business lines, with intelligent mining and intelligent washing being the core revenue drivers [1][23] Summary by Relevant Sections Company Overview - The company, backed by state-owned Shan'neng Group, has undergone significant restructuring and now focuses on providing digital and intelligent solutions for the energy sector [16][19] - As of Q2 2025, Shan'neng Group holds a 35.20% stake in the company [1] Business Segments - The core product offerings include industrial internet platforms, intelligent mining products, intelligent washing solutions, smart power new energy solutions, and ERP implementation services [1][23] - Intelligent mining and washing accounted for 34.66% and 23.01% of total revenue in 2024, respectively [1][34] Financial Performance - The company achieved a revenue of 1.14 billion yuan in 2023, with a projected increase to 1.35 billion yuan in 2024, representing an 18.35% growth [4] - The net profit attributable to the parent company is expected to grow from 93 million yuan in 2024 to 154 million yuan by 2027, reflecting a compound annual growth rate of 20.75% [4] Market Potential - The intelligent mining market is expected to grow significantly, with the penetration rate of intelligent coal mines currently at 21.09% [2] - The company has strategic partnerships, including a core collaboration with Huawei to enhance digital solutions in the mining sector [3][49] Profitability and Growth Forecast - The company is projected to achieve net profits of 1.08 million yuan in 2025, increasing to 1.54 million yuan by 2027 [3] - The report highlights a strong growth trajectory, supported by the digital transformation trends within the energy sector [28]

1. Report Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - The target price of Jin 25 Convertible Bonds on the first trading day is estimated to be between 128 and 133 yuan, and investors are advised to actively subscribe [20]. - The estimated first - day new - bond subscription winning rate is around 0.0121% - 0.0149% [21]. 3. Summary According to Relevant Catalogs 3.1 Jin 25 Convertible Bonds New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Jin 25 Convertible Bonds are priority placement and online issuance, with both the bond and issuer rated AA. The issuance scale is 2 billion yuan, the initial conversion price is 63.46 yuan, the bond parity on September 24, 2025, is 99.78 yuan, and the pure bond value is 98.93 yuan. The game terms (downward revision, redemption, and put - back clauses) are normal. The bond has high issuance scale, good liquidity, acceptable rating, and good bond - floor protection. It is easy for institutions to include in their portfolios, and there is no objection to primary - market participation [16]. 3.1.2 New - Bond Initial Listing Price Analysis - Considering the current market environment and parity level, the conversion premium rate of Jin 25 Convertible Bonds on the first listing day is expected to be in the range of 28% - 33%, corresponding to a first - day listing target price of around 128 - 133 yuan. The company is a group - based mining listed company mainly engaged in mining services and mining resource development [20]. 3.1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - Assuming the old - shareholder placement ratio is 41% - 52%, the scale available for the market is 951 million - 1.175 billion yuan. Assuming the online effective subscription number is 7.89 million households, the winning rate when subscribing to the full quota is estimated to be around 0.0121% - 0.0149% [21]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream - Downstream Situation - The company's main business includes mining operation management, mine engineering construction, mining resource development, mine engineering design and research, and mining machinery equipment manufacturing. The upstream is the mining machinery equipment manufacturing industry, which has little impact on the company. The downstream of mining services is the mineral resource development industry, and the downstream of resource development is the mineral resource smelting, processing, and trading industry [22][23]. 3.2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed an upward trend, with year - on - year growth rates of 18.90%, 38.18%, 34.37%, and 47.82% respectively. The core business is mining operation management. The sales revenue of cathode copper, copper concentrate, and phosphate ore increased due to the acquisition of mines. The comprehensive gross profit margin and net profit margin increased steadily. The company's receivables' proportion of operating revenue decreased, and the accounts - receivable turnover rate increased. The net profit attributable to the parent company maintained high - speed positive growth [25][29][35]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the equity structure was relatively dispersed. Jinchengxin Group was the largest shareholder with a 38.88% shareholding ratio. The top two shareholders held a combined 41.25% stake, and the top ten shareholders held a combined 52.47% stake. Wang Xiancheng, Wang Cicheng, Wang Youcheng, Wang Yicheng, and Wang Yicheng were the actual controllers, directly and indirectly controlling 43.16% of the company's shares [43]. 3.2.4 Company's Business Characteristics and Advantages - The company has advantages in technology R & D, deep - resource development services, talent, and equipment - maintenance - operation integration. It has rich experience in complex geological conditions, a large number of technical achievements, a high - quality talent team, advanced equipment, and a mature mechanized operation model [48]. 3.2.5 Current Raised - Capital Investment Arrangements - The raised funds after deducting issuance fees are planned to be used as follows: 800 million yuan for the Zambia Lubumbi Copper Mine Beneficiation Project (technical renovation), 800 million yuan for the mine mining operation and infrastructure equipment purchase project, 80 million yuan for the underground green unmanned intelligent equipment R & D project, and the remaining 320 million yuan for working - capital replenishment [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The surge in non - bank deposits is not simply due to "deposits entering the market." It is influenced by government fiscal funds, enterprise "manual interest compensation" policy changes, and the transfer of residents' excess net savings [17][18]. - The current equity market rally may have some sustainability. If the A - share market rises steadily, about 3.3 trillion yuan of residents' "excess net savings" may continue to transfer, with 0.49 - 0.82 trillion yuan potentially entering the equity market [5][18]. 3. Summary According to the Directory 3.1 Non - bank Deposits Surge is Not Simply "Deposits Entering the Market" - In August 2025, the newly - added household deposits were only 110 billion yuan, the lowest in the same period in the past decade. In contrast, the newly - added non - bank financial institution deposits were 1180 billion yuan, significantly exceeding the seasonal level for two consecutive months [19]. - The view of "deposits entering the market" has methodological flaws, as the "household deposits/A - share total market value" ratio is affected by stock price changes and ignores data seasonality [19][21]. - The seasonal fluctuations of household deposits are mainly due to seasonal consumption demand and bank deposit assessment at the end of the half - year. The seasonal fluctuations of non - bank deposits are related to bank MPA assessments and the scale increase of bank wealth management products [21][25]. 3.2 Support Factor from the Government: Lubrication Effect of Active Fiscal Fund Allocation - As of August 2025, the balance of fiscal deposits was 7.8 trillion yuan. Fiscal deposits are mainly affected by broad fiscal revenues and expenditures and government bond net financing [30]. - In 2025, fiscal front - loading provided sufficient funds for government deposits. However, fiscal revenue showed a situation of "high financing, low precipitation," which may be related to the improvement of fiscal expenditure efficiency and the conversion of fiscal funds into entity - sector deposits [31][38]. 3.3 Support Factor from Enterprises: Persistent Scar Effect of Canceling the "Manual Interest Compensation" Policy 3.3.1 Calculation of the Proportion of "Ultra - compliant" Deposits Based on the Annual Reports of Listed Banks - Since the end of 2022, the central bank and regulatory authorities have introduced policies to guide large banks to increase credit investment in specific areas, resulting in more enterprise deposits being concentrated in large - bank systems [45]. - Banks have taken multiple measures to reduce deposit costs, but the effect is not obvious. The main reasons are the regular - ization of household deposits and the high cost of enterprise deposits affected by "manual interest compensation" [47][50]. - After the "manual interest compensation" was stopped in April 2024, about 40% of the current deposits of large state - owned and joint - stock banks were estimated to be "ultra - compliant" deposits. However, not all of these deposits will flow out immediately [56][61]. 3.3.2 Calculation of the Proportion of "Ultra - compliant" Deposits Based on the Trend of Enterprise Current Deposits in the Credit Caliber - After the cancellation of "manual interest compensation," the year - on - year decline of enterprise current deposits significantly expanded. From April to August 2024, the cumulative year - on - year over - reduction scale was 4502.42 billion yuan, accounting for about 18.3% of the total balance at the end of March 2024 [65][69]. 3.3.3 Two Factors for the Improvement of Enterprises' Short - term Capital Position - The issuance of government bonds and the allocation of fiscal funds have accelerated, injecting liquidity into the enterprise sector. The increase in settlement demand has led to an increase in RMB funds, which has also promoted the recovery of enterprise current deposits [70][71]. 3.4 Support Factor from Residents: Maturity Transfer of Excess Net Savings 3.4.1 Historical Review of Two Rounds of Residents' "Deposit Outflows" - From 2009 - 2011, residents' savings first flowed into the stock and real - estate markets and then into wealth management and trust products. This was due to the economic stimulus policies after the financial crisis and the subsequent tightening of monetary policy to control inflation [78][82]. - From 2014 - 2016, the bull markets in stocks and bonds, the rise of Internet finance, and the relaxation of real - estate policies led to the diversion of residents' deposits [89][102]. 3.4.2 Calculation of the Precipitated "Savings" with Migration Potential in the Resident Sector - Since 2020, residents' savings have significantly deviated from the linear trend, mainly in the form of regular deposits. As of August 2025, the excess regular savings were about 47.75 trillion yuan, while the excess current savings were only 0.33 trillion yuan [111][115]. - The concept of "excess net savings" is introduced to measure the real "excess" savings accumulation by considering both the asset and liability sides of the resident sector [118]. 3.5 The Bull Market Continues, and 3.3 Trillion Yuan of Deposits May Continue to Transfer This Year, with 0.49 - 0.82 Trillion Yuan Potentially Entering the Market - From June to August 2025, the "deposit transfer" of residents may be in the initial stage, mainly due to the transfer of matured "excess net savings" rather than a fundamental change in residents' risk preference [5][18]. - The equity market rally may have some sustainability. Leveraged funds, medium - and long - term funds entering the market, and foreign capital may support the market. If the A - share market rises steadily, about 3.3 trillion yuan of funds may continue to transfer, with 15% - 25% (about 0.49 - 0.82 trillion yuan) potentially entering the equity market [5].

【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：2025-09-22 [Table_Invest] 优于大势 ——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 上海优化房产税，限制政策持续放松 政策复盘&展望：止跌回稳信心坚决，楼市政策窗口期将 ---2025W38 房地产周报 报告摘要： 近 上海优化房产税，限制政策持续放松 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 2025 年 9 月 19 日，上海财政局发布《关于优化调整本市个人住房房产税试 点有关政策的通知》，这一通知是对 8 月 25 日上海楼市新政中关于完善房产 税部分的细化落地。①2011 年上海房产税出台背景：抑制"四万亿"经济提 振计划下的楼市过热；②919 房产税新政实际为 825 新政中关于房产税部分 的细化落地，本质是限购政策放松下的户籍差异拉平；③相较 2011 年非本 市户籍家庭购买二套及以上住房，可享受房产税税收减免（与沪籍 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - Huawei's new products, including Ascend chips and supernodes, are set to lead a new era in computing power, with a clear roadmap for product iterations from 2025 to 2028 [1][14] - The introduction of self-developed HBM technology marks a significant advancement in memory bandwidth, enhancing the efficiency of large model training [3][23] - The supernode architecture is designed to integrate hundreds of processors, reshaping the competitive landscape in AI infrastructure [22][24] Summary by Sections 1. Huawei Computing Power Product Launch - Ascend chips will follow a yearly iteration schedule, with the 910C launching in Q1 2025 and subsequent models (950PR, 950DT, 960, 970) planned through 2028 [14][15] - The Ascend 950 series introduces low-precision data formats and self-developed HBM, enhancing training efficiency for large models [15][16] - The Ascend 960 and 970 are expected to double performance metrics across various parameters, including computing power and memory bandwidth [18][19] 2. Supernode Products - The supernode data center (Atlas 900/950/960 SuperPoD) is designed for large-scale AI training, achieving EFLOPS-level computing power with high bandwidth and low latency [2][27] - The supernode cluster (Atlas 950/960 SuperCluster) enhances network performance and energy efficiency, reaching ZFLOPS-level computing power [2][37] - The enterprise-grade air-cooled supernode server (Atlas 850) is tailored for post-training and multi-scenario inference, supporting flexible scaling [2][38] 3. Related Investment Targets - Key investment targets include hardware partners for Ascend, domestic wafer foundries, and companies involved in copper connections, optical connections, power supplies, PCBs, and cooling solutions [4][46]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company, indicating a projected stock price increase of 5% to 15% over the next six months [9]. Core Insights - The company reported a revenue of 182 million yuan in the first half of 2025, representing a year-on-year growth of 37.86%. The net profit attributable to the parent company was -34 million yuan, with a significant reduction in losses compared to the previous year [1]. - The second quarter saw a revenue of 103 million yuan, marking a year-on-year increase of 32.88% and a quarter-on-quarter increase of 29.55%. The net profit for Q2 was -15 million yuan, showing a year-on-year improvement of 21.67% and a quarter-on-quarter improvement of 16.81% [1]. - The company is benefiting from national subsidy policies that have revitalized demand in the smartphone and consumer electronics markets, with domestic smartphone production reaching 563 million units in the first half of 2025, a slight increase of 0.1% year-on-year [2]. - The company is focusing on R&D, with R&D expenses amounting to 17.12 million yuan, a year-on-year increase of 1.53%, representing 9% of total revenue. The company is actively developing new products in semiconductor, new energy, and low-orbit satellite communication fields [3]. Financial Projections - The company forecasts net profits for 2025, 2026, and 2027 to be -38 million yuan, 29 million yuan, and 105 million yuan, respectively, with corresponding price-to-earnings ratios of -97, 27, and 26 [3]. - Revenue is expected to grow significantly, with projections of 463 million yuan in 2025, 650 million yuan in 2026, and 843 million yuan in 2027, reflecting growth rates of 36.6%, 40.3%, and 29.8% respectively [10]. - The gross margin is projected to improve from 19.0% in 2024 to 35.3% in 2027, while the net profit margin is expected to turn positive by 2026, reaching 12.4% in 2027 [10]. Project Developments - The Jiaxing project is expected to gradually ramp up production, with the construction of a 1600-ton facility completed and four production lines starting operations in September 2023. The project aims to enhance the company's supply capabilities in electronics, semiconductors, and new energy applications [3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The automotive lens segment is experiencing significant growth, driven by the integration with the smart automotive industry, while new consumer products are opening new avenues for growth [2][3]. - The company has established a comprehensive optical product matrix covering security, automotive, and consumer electronics, positioning itself as a leading optical solution provider globally [2]. - The company aims to achieve a production capacity of 60 million automotive lenses by 2025, targeting a 10% share of the global market [2][3]. Financial Summary - In the first half of 2025, the company reported revenue of 1.416 billion yuan, a year-on-year increase of 13.38%, with net profit attributable to shareholders reaching 108 million yuan, up 27.19% [3]. - The gross margin for the first half of 2025 was 24.71%, an increase of 2.72 percentage points year-on-year [3]. - Revenue from automotive products was 164 million yuan, reflecting a year-on-year growth of 37.78%, while new consumer market products generated 83 million yuan [3]. Financial Projections - Revenue projections for 2025-2027 are 3.671 billion yuan, 4.216 billion yuan, and 4.592 billion yuan, respectively, with net profits expected to be 304 million yuan, 418 million yuan, and 525 million yuan [4][3]. - The company is expected to maintain a PE ratio of 42.95, 31.24, and 24.89 for the years 2025, 2026, and 2027, respectively [4][3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5] Core Views - The company, Shanshui Technology, is engaged in the research, production, and sales of dye intermediates and pesticide and pharmaceutical intermediates, with a recent stock incentive plan indicating a clear growth path for the next three years [1][2] - The company has shown significant revenue growth, with a 23.08% year-on-year increase in H1 2025, achieving revenue of 305 million yuan, and a notable 38.9% quarter-on-quarter increase in Q2 2025 [2] - The company is expanding into new materials, with a planned investment of approximately 6 billion yuan in a new chemical materials project, expected to generate an annual output value of 8 billion yuan upon completion [3] Financial Summary - For H1 2025, the company reported a revenue of 305 million yuan, with a gross margin of 29.35% and a net profit of 48 million yuan [2] - The projected net profits for 2025-2027 are 130 million yuan, 300 million yuan, and 360 million yuan, respectively, with corresponding price-to-earnings ratios of 51X, 22X, and 18X [3] - The company anticipates a significant increase in revenue, with projections of 608 million yuan in 2025, 1.583 billion yuan in 2026, and 1.868 billion yuan in 2027, reflecting growth rates of 20.44%, 160.49%, and 17.97% respectively [4][11]

Investment Rating - The report gives a "Buy" rating for Huishang Bank with a target price of HKD 4.17 [11][5]. Core Views - Huishang Bank has shown stable performance with a year-on-year increase in revenue and net profit, indicating a solid return on assets and equity [2][20]. - The bank is the only city commercial bank in Anhui province, achieving full coverage of the provincial cities, which provides significant growth potential [3][30]. - The bank's loan and deposit volumes have steadily increased, although net interest margins have slightly narrowed [4][19]. - Investment income has grown rapidly, while non-interest income has seen a slight decline [4][19]. - The asset quality continues to improve, with a low non-performing loan ratio and a high capital adequacy ratio [5][19]. Summary by Sections 1. Performance and Coverage - Huishang Bank was established in 1997 and has merged with several local banks, achieving a market presence in Anhui province with 487 branches, 87.9% of which are located within the province [2][17]. - As of 1H25, the bank's total assets reached CNY 2.25 trillion, with a year-on-year growth of 11.82% [19][26]. 2. Loan and Deposit Growth - The total loan portfolio reached CNY 1.10 trillion, growing by 15.28% year-on-year, with corporate loans at CNY 780.46 billion and personal loans at CNY 320.08 billion [4][19]. - Total deposits amounted to CNY 1.28 trillion, reflecting an 11.76% year-on-year increase [4][19]. 3. Interest Margin and Income - The net interest margin for 1H25 was 1.55%, a decrease of 0.16 percentage points from the previous year [4][19]. - Investment income grew by 12.52% year-on-year to CNY 45.26 billion, while fee and commission income slightly declined by 0.4% [4][19]. 4. Asset Quality and Capital Adequacy - The non-performing loan ratio stood at 0.98%, with a provision coverage ratio of 289.94% as of 1H25 [5][19]. - The core tier 1 capital adequacy ratio was 9.53%, indicating a strong capital position [5][19]. 5. Financial Projections - Revenue projections for 2025 to 2027 are CNY 380.44 billion, CNY 394.60 billion, and CNY 411.49 billion, respectively, with net profit estimates of CNY 163.10 billion, CNY 171.73 billion, and CNY 181.95 billion [5][6].