Group 1: New Energy Sector - The new energy sector has seen a significant rise, driven by capital flow towards relatively undervalued stocks, as previous high valuations in computing power stocks led to a shift in investor sentiment [2] - There is a slight improvement in the fundamentals of the new energy sector, but market consensus on sustaining this trend remains divided, with factors such as AIDC, solid-state batteries, and overall capital expenditure in lithium batteries contributing to the outlook [2] - It is advised to consider reducing positions in overvalued stocks while continuing to monitor those with reasonable valuations as the sector rotates [2] Group 2: Macro Economic Insights - The August non-farm payroll data showed a weakening trend, which was anticipated based on prior unemployment claims and ADP data, yet it remains positive, alleviating immediate recession fears [3] - The current unemployment rate is still above the threshold of 4.5%, suggesting that the Federal Reserve may have room to lower interest rates, with a 25 basis point cut in September appearing likely [3] Group 3: Real Estate Market - In August, the total area of residential land sold in 30 core cities decreased by 42.1% year-on-year, with an average floor price of 8,145 yuan per square meter, reflecting a 7.0% increase year-on-year [14] - The top 10 real estate companies saw a 12% month-on-month increase in sales, but a 3% year-on-year decline, indicating a divergence in performance among leading firms [15] - Recommendations include companies like China Merchants Shekou, China Jinmao, and others that are expected to benefit from urban renewal and structural optimization [15] Group 4: Pharmaceutical Sector - The investment strategy for innovative drugs post-licensing emphasizes that achieving licensing is not the end of value realization but a pivotal point for further development [16] - The actual sales peak of innovative drugs often diverges significantly from initial expectations, with market sentiment playing a crucial role in valuation [16] Group 5: Company-Specific Insights - Poly Developments maintained its leading position in sales with a signed amount of 181.2 billion yuan from January to August 2025, focusing on core cities [17] - GCL-Poly Energy's cash cost for granular silicon continues to decline, with a market share increase to 24.3% in the first half of 2025, indicating strong competitive positioning [19] - Jin Kai New Energy reported a revenue of 1.922 billion yuan in the first half of 2025, reflecting a 2.07% year-on-year increase, with a focus on expanding its project portfolio [20]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology sector [5]. Core Viewpoints - The establishment of a "national team" in the biopharmaceutical sector is expected to lead to a revaluation of state-owned pharmaceutical enterprises, driven by policy support and innovation [2][22]. - The report highlights three main lines for the revaluation of state-owned pharmaceutical companies: valuation repair, integration benefits, and innovation premium [28]. Summary by Sections Market Review - Last week, the A-share pharmaceutical and biotechnology sector rose by 1.40%, outperforming the CSI 300 index by 2.21 percentage points [1][16]. - The Hong Kong Hang Seng Medical Health Index increased by 6.99%, surpassing the Hang Seng State-Owned Enterprises Index by 5.76 percentage points [1][16]. Company Updates - Recent clinical application approvals include DB-1418 from Ying'en Biotech and IBI3033 from Innovent Biologics [31]. - Notable companies in the sector include 恒瑞医药 (Hengrui Medicine), 鱼跃医疗 (Yuyue Medical), 迈瑞医疗 (Mindray Medical), and 联影医疗 (United Imaging Healthcare), all of which are recommended for investment [4][28]. Research and Development Progress - Several companies are advancing in clinical trials, including 恒瑞医药's HRS-9531, which is currently in Phase II [34]. - The report tracks the progress of various drug applications and clinical trials, indicating a robust pipeline in the sector [31][34]. Policy and Strategic Developments - The report discusses the strategic shift of state-owned enterprises from being industry stabilizers to innovation leaders, particularly in the context of accelerated drug approvals and healthcare payment reforms [2][22]. - The "target-guided innovation" development paradigm is emphasized, aiming for a deep integration of research and industrial capabilities [23]. Financial Performance and Projections - The report provides earnings forecasts and valuation tables for key companies, indicating potential growth and investment opportunities [4][28]. - The current price-to-earnings ratio for China National Pharmaceutical Group is noted at 7.8 times, suggesting room for valuation improvement as innovation business contributions increase [28].

要点 事件：南网科技发布 2025 年半年度报告：2025H1 公司实现营业收入 14.05 亿 元，同比下降 9.66%；归母净利润 1.75 亿元，同比下降 5.38%；扣非归母净利 润 1.71 亿元，同比下降 5.76%。其中，2025Q2 公司实现营业收入 8.95 亿元， 同比下降 14.73%；归母净利润 1.18 亿元，同比下降 17.46%；扣非归母净利润 1.11 亿元，同比下降 20.94%。 点评： 2025 年 9 月 8 日 公司研究 储能业务整体承压，智能监测设备业务表现亮眼 ——南网科技（688248.SH）2025 年半年度报告点评 储能业务受项目周期影响整体承压，试验检测业务稳健增长：2025H1 储能系统 技术服务实现营业收入 3.29 亿元，同比下降 42.88%；毛利率为 8.73%，同比 下降 4.80pcts。试验检测及调试服务实现营业收入 4.50 亿元，同比增长 24.00%， 其中电源侧检测营收 3.13 亿元，同比增长 24.53%，电网侧检测营收 1.37 亿元， 同比增长 22.82%；毛利率为 45.72%，同比下降 0.63pcts。储能系统技术服 ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [4][6]. Core Insights - The company achieved a revenue of 37.624 billion yuan in H1 2025, a year-on-year increase of 14.26%, with a net profit attributable to shareholders of 1.910 billion yuan, up 12.91% year-on-year [1]. - The clean and efficient energy equipment segment is driving revenue growth, with H1 revenue from this segment reaching 16.767 billion yuan, marking a historical high for the same period [1]. - New effective orders increased to 65.485 billion yuan in H1 2025, a 16.78% year-on-year growth, with significant contributions from clean energy and renewable energy equipment [2]. - The company is solidifying its traditional advantages while accelerating the implementation of strategic emerging industries, including significant orders in hydropower, nuclear power, and hydrogen energy projects [3]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross margin of 15.46%, slightly higher than the same period last year, with the highest revenue contributions from clean efficient power generation equipment, new energy, and emerging growth industries [1]. - The company’s revenue growth is supported by a strong performance in the clean and efficient energy equipment sector, with gross margins for key products increasing by 1.10, 1.28, and 0.94 percentage points respectively [1]. Order Growth - The company’s new effective orders in H1 2025 reached 65.485 billion yuan, with clean efficient energy equipment and renewable energy equipment accounting for 37.59% and 30.82% of the total orders respectively [2]. - The clean efficient power generation equipment segment saw a year-on-year order growth of 32.57%, while renewable energy equipment orders grew by 38.74% [2]. Strategic Development - The company is enhancing its market position in traditional sectors such as hydropower and nuclear power, while also making strides in emerging industries like offshore wind power and hydrogen energy [3]. - The establishment of new manufacturing bases for renewable energy equipment and successful project implementations in hydrogen energy demonstrate the company's commitment to diversifying its portfolio [3].

Group 1 - A-shares show resilience with notable performance in the midstream and technology sectors, as the overall revenue growth for A-shares turned positive in 2025H1, with cumulative year-on-year revenue growth of 0.2% for all A-shares and 0.2% for non-financial A-shares [15][33][76] - The profit growth for A-shares in 2025H1 has slowed but remains positive, with cumulative year-on-year net profit growth of 2.6% for all A-shares and 2.8% for non-financial A-shares, reflecting a slight decline compared to 2025Q1 [33][43][76] - The midstream sector's performance has improved significantly, with a profit growth rate of 11.3% in 2025H1, while the technology sector maintained a high profit growth rate of 17.1% [2][43][44] Group 2 - The return on equity (ROE) for all non-financial A-shares has slightly rebounded, with a TTM ROE of 7.5% in 2025Q2, showing a minor increase from 7.4% in 2025Q1 [48][56] - The midstream and technology sectors have shown significant ROE recovery, with midstream ROE at 4.8% and technology ROE at 6.4% in 2025Q2, indicating improvements from the previous quarter [58][66] - Industries such as food and beverage, home appliances, and non-ferrous metals have demonstrated notable ROE improvements, with food and beverage ROE reaching 20.9% in 2025Q2 [67][70] Group 3 - Hong Kong stocks have maintained stable performance, with non-financial profit growth slightly improving in 2025H1, and the Hang Seng Technology Index showing a high profit growth rate of 20.8% [4][5][32] - The profit growth for the Hang Seng Index and Hang Seng Non-Financial Index in 2025H1 was 2.5% and 4.0%, respectively, indicating a recovery compared to 2024H2 [4][5][27] - The sectors with higher profitability in Hong Kong include durable consumer goods, building materials, media, and hardware equipment, with significant improvements in net profit growth and ROE in 2025H1 [5][32][37]

2025 年 9 月 7 日 行业研究 美国 9 月降息概率升至 100%，黄铜棒 8 月开工率创近 6 年同期新低 ——铜行业周报（20250901-20250905） 要点 本周小结：美国 9 月降息概率升至 100%，供需边际向好，铜价有望 2025Q4 走 强。截至 2025 年 9 月 5 日，SHFE 铜收盘价 80140 元/吨，环比 8 月 29 日+0.92%； LME 铜收盘价 9898 美元/吨，环比 8 月 29 日-0.05%。（1）宏观：美国 8 月非 农就业数据不及预期，市场预计 9 月降息概率升至 100%，美元指数偏弱。（2） 供需：此前美国铜关税导致的库存搬运已进入尾声，LME 和 COMEX 累库有望逐 步结束。矿端、废铜后续仍维持紧张，8 月电解铜产量环比微降，随着电网、空 调需求 Q4 环比回升以及贸易冲突逐步消化，铜价后续有望上行。 库存：国内铜社库环比+10.6%，LME 铜库存环比-0.6%。（1）国内港口铜精矿 库存：截至 2025 年 9 月 5 日，国内主流港口铜精矿库存 68.8 万吨，环比上周 -3.1%。（2）全球电解铜库存：截至 2025 年 9 ...

Group 1 - The A-share market performed poorly this week, with most broad indices declining, while only the ChiNext index rose. The growth style of large-cap stocks outperformed, while small-cap growth and large-cap value stocks saw significant declines. In terms of sectors, the power equipment, comprehensive, and non-ferrous metals industries performed well, while defense, computers, and non-bank financials lagged behind [1][16][18] - The recent adjustment in the A-share market is primarily attributed to profit-taking pressure, with the Shanghai Composite Index and the Sci-Tech 50 dropping by 3.0% and 4.7% respectively from August 26 to September 4. Approximately 81% of stocks declined during this period, with 55% of stocks falling more than 5% [2][20][24] - The current market valuation is at a relatively high level compared to historical standards, leading to increased market volatility. The Shanghai Composite Index's valuation is at a high level since 2010, and profit-taking pressure is expected to persist in the short term [2][30][31] Group 2 - The market style is expected to rotate between growth and balanced styles in September, with a focus on sectors such as power equipment, communication, computers, electronics, automobiles, and media. The "anti-involution" policy is anticipated to improve the supply side of the economy, and attention should be paid to whether there will be continued demand-side support [4][60][64] - The five-dimensional industry comparison framework has been established to analyze industry performance based on market style, fundamentals, liquidity, trading, and valuation. In September, the focus will be on sectors like power equipment, communication, computers, electronics, automobiles, and media, regardless of whether the market style is balanced or growth [62][63][64]

Investment Rating - The industry is rated as "Add" [6] Core Insights - In 2025, the real estate market is expected to benefit from the implementation of a series of real estate policies, leading to a stabilization in high-energy core cities and promoting urban renewal and structural optimization [4][116] - The top 50 real estate companies saw a 36.3% year-on-year increase in new land reserve value, totaling 625.9 billion yuan from January to August 2025, while the area of new land reserves decreased by 2% [2][81] - The core 30 cities experienced a 3.4% year-on-year increase in total land area transactions from January to August 2025, with a total transaction value of 731.3 billion yuan, reflecting a 32.1% increase [3][97] Summary by Sections 1. Land Supply and Demand Situation - From January to July 2025, the transaction area of residential land in 100 cities increased by 0.3% year-on-year, while the supply of residential land decreased by 16.8% [21][11] - In July 2025, the supply of residential land in first-tier cities decreased by 76.8% year-on-year, while the transaction area decreased by 41.4% [29][39] 2. Land Transaction Prices - The average transaction price of residential land in 100 cities increased by 23.7% year-on-year from January to July 2025, reaching 7,391 yuan per square meter [55][66] - In July 2025, the average transaction price in first-tier cities was 39,229 yuan per square meter, reflecting a 37.5% year-on-year increase [66][55] 3. Top 50 Real Estate Companies' Land Acquisition - The top 50 real estate companies added land reserves valued at 295 billion yuan in August 2025, with a year-on-year decrease of 1.8% [81][86] - The leading companies in land reserve value from January to August 2025 were China Overseas Land & Investment (66.4 billion yuan), Greentown China (61.5 billion yuan), and Poly Developments (52.8 billion yuan) [2][89] 4. Core 30 Cities Land Transaction Situation - In August 2025, the core 30 cities saw a 42.1% year-on-year decrease in total land transaction area, with 607 million square meters transacted [95][4] - The overall premium rate for land transactions in the core 30 cities was 6.3% in August 2025, an increase of 1.4 percentage points year-on-year [95][114] 5. Investment Recommendations - Focus on stable leading companies with high product reputation and continuous sales ranking improvement, such as Poly Developments and China Merchants Shekou [5][117] - Look for companies with rich stock resources and strong operational brand competitiveness, such as China Resources Land and Shanghai Lingang [5][117] - Anticipate long-term growth in the property service industry, recommending companies like China Merchants Jinling and Greentown Service [5][117]

2025 年 9 月 7 日 公司研究 靶材业务不断取得突破，隐身材料有望成为新的增长极 ——隆华科技（300263.SZ）2025 年半年报点评 要点 事件：公司发布 2025 年半年度报告，25H1 实现营业收入 15.15 亿元，同比增 长 23.95%；归母净利润 1.12 亿元，同比增长 5.83%。上半年，公司经营活动 现金流量净额为 0.99 亿元，同比实现由负转正。 传统业务节能环保取得稳步增长，电子新材料靶材业务不断取得突破。公司主要 分为电子新材料、高分子复合材料、节能环保产品及服务三大业务板块。上半年 传统业务板块节能环保收入实现稳定增长，毛利率小幅下滑。此板块中的节能换 热装备，上半年实现收入 5.43 亿元，同比增长 11.90%；毛利率为 22.06%，较 上一年度同期下降 2.06 个百分点。水处理业务，上半年实现收入 2.28 亿元，同 比增长 41.56%；毛利率为 15.33%，较上一年度同期下降 6.36 个百分点。电子 新材料板块下的靶材及超高温特种材料业务，上半年实现收入 4.08 亿元，同比 增长 49.44%；毛利率为 22.22%，较上一年度同期下降 5.69 ...

上半年利润同比下滑，积极推进全球化发展战略 2025 年 9 月 7 日 公司研究 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,655 | 1,634 | 1,784 | 2,051 | 2,301 | | 营业收入增长率 | 10.62% | -1.28% | 9.16% | 15.00% | 12.19% | | 归母净利润（百万元） | 83 | 60 | 104 | 122 | 144 | | 归母净利润增长率 | 132.68% | -26.89% | 71.73% | 17.82% | 18.14% | | EPS（元） | 0.09 | 0.05 | 0.09 | 0.11 | 0.13 | | ROE（归属母公司)（摊薄） | 4.83% | 2.74% | 4.56% | 5.24% | 6.00% | | P/E | 47 | 76 | 44 | 37 | 32 | | P/B | 2.3 | 2.1 | 2.0 | 2.0 | 1.9 ...