Investment Rating - The report assigns a "Buy" rating to the company, expecting the stock price to outperform the industry index by over 15% in the next six months [4][19]. Core Views - The company is acquiring 100% equity of KEM TECH CORP's subsidiary, Haisholi Optoelectronics Technology (Suzhou) Co., Ltd., for 2 billion KRW, and 100% equity of INNOWAVE VIETNAM CO., LTD. for 1 billion KRW, enhancing its overseas presence and entering the Samsung supply chain [1][2]. - The acquisitions are expected to strengthen the company's position in the optical electronics and semiconductor sectors, particularly in the Korean market, which is a strategic focus for overseas expansion [2]. - The company reported a revenue of 1.49 billion CNY in Q1 2025, a year-on-year increase of 29.02%, with a reduction in net losses, indicating improved profitability [3]. Financial Summary - Revenue projections show a growth trajectory from 321 million CNY in 2023 to 1,298 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 51.4% in 2024 [1][11]. - The net profit is expected to turn positive by 2026, with estimates of -81 million CNY in 2025, 153 million CNY in 2026, and 225 million CNY in 2027 [1][9]. - The company's return on equity (ROE) is projected to improve from -7.6% in 2024 to 13.5% in 2027, reflecting a recovery in profitability [1][11]. Market Position and Product Development - The company is focusing on semiconductor optoelectronics, MEMS, and precision optics, with products being developed for various applications including communication, consumer electronics, and smart vehicles [9]. - The report highlights the increasing penetration of periscope lenses in high-end smartphones, projecting the market size for periscope cameras in China to reach 287.2 billion CNY by 2025 [8]. - The company has developed several optical components and solutions, including diffraction optical elements and optical micro-lens arrays, which are expected to enhance its competitive edge in the market [8].

Investment Rating - The report maintains a rating of "Add" for the company [4] Core Views - The company is experiencing temporary pressure on performance, but continues to optimize its channel structure and overseas layout [9] - The waterproofing industry is a stable growth segment within the building materials sector, with increasing industry concentration [9] - The company is actively expanding its non-waterproof and overseas businesses, highlighting its competitive advantages as an industry leader [9] Financial Summary - For 2023, the company is projected to achieve a revenue of 32,823 million yuan, with a year-on-year growth rate of 5.2% [1] - The net profit attributable to the parent company is expected to be 2,273 million yuan, reflecting a year-on-year growth of 7.2% [1] - The company anticipates a significant rebound in net profit for 2025, reaching 1,296 million yuan, which represents a year-on-year increase of 1,098.2% [1] - The operating income for the first half of 2025 is reported at 135.69 billion yuan, a decrease of 10.84% year-on-year, while the net profit attributable to the parent company is 5.64 billion yuan, down 40.16% year-on-year [1][2] - The company’s gross margin and net margin for the first half of 2025 are 25.40% and 4.03%, respectively, showing a decline of 3.82 and 2.08 percentage points year-on-year [2] Channel and Retail Business - The company’s engineering and retail channel revenues totaled 114.06 billion yuan in the first half of 2025, accounting for 84.06% of total revenue, indicating an increase in channel revenue proportion [3] - Retail business revenue reached 50.59 billion yuan, a decrease of 6.98% year-on-year, but its revenue share increased by 1.54 percentage points [3][8] - The company is enhancing its retail business through the integration of its construction coating retail segment and the establishment of a C-end service brand [8] Overseas Expansion - The company is advancing its overseas layout with multiple initiatives, including the construction of bases in Houston, Saudi Arabia, Canada, and Malaysia [8] - The focus is on optimizing costs and enhancing service capabilities in North America and Europe [8]

证券研究报告 | 固定收益研究*周报 2025 年 08 月 05 日 固定收益研究 债市周观察（7.28-8.3）——债市短暂触及 1.7%以下 我们在上周报告《十年期国债利率或重回中枢》中指出，在没有新的降息 预期下，后续随着"反内卷"、基建等长期议题的短期冷静，十年期国债 收益率还会重回 1.7%中枢，甚至在资金宽松时，处于 1.65%-1.7%区 间。回溯来看，上周债市波动较大，十年期国债利率先是在周二冲高至 1.75%左右，但后续在周三周四回落，并反复试探下破 1.7%均未成功， 最终却在周五收盘时因一则财政部"增值税公告"而短暂触及 1.7%以 下。 这则公告的内容周末市场发酵和解读已较多，主要就是自 2025 年 8 月 8 日起，新发行的国债、地方政府债券、金融债券的利息收入，恢复征收增 值税。此次政策调整采用"新老划断"原则，对 8 月 8 日前已发行的相关 债券利息收入，继续免征增值税直至债券到期。从投资者类型来看，8 月 8 日之后，投资新发行的国债等债券所获利息收入需要缴纳增值税，其中 金融机构自营适用的税率为 6%左右，公募基金、理财、券商资管等广义 基金产品适用的税率为 3%左右。 ...

Investment Rating - The industry rating is "Outperform the Market" [3][23]. Core Viewpoints - The report highlights that the market remains active, influenced by public fund assessment regulations, capacity reduction policies, and U.S. tariff impacts, leading to increased trading volume and volatility. The non-bank financial sector, represented by brokerages, is expected to experience fluctuations [1][9]. - The report anticipates that significant domestic and international events will continue to unfold, with macroeconomic narratives and U.S. economic data being key determinants for the non-bank financial sector's performance [1][9]. - The report suggests a cautious yet optimistic outlook for the insurance sector, with expectations of a shift in product offerings within two months following the announcement of new interest rate benchmarks [2][10]. Summary by Sections 1. Main Points - The report notes that the Shanghai Composite Index was at 4054.96 points (-1.75%), with the insurance index at 1301.22 points (-0.15%) and the brokerage index at 6815.12 points (-3.22%) as of July 28, 2025 [7]. - U.S. labor market data indicates a slowdown, with non-farm payrolls adding only 73,000 jobs in July, below expectations, and an increase in the unemployment rate to 4.2% [7][8]. - The report emphasizes the importance of monitoring the U.S. Federal Reserve's interest rate decisions, as the market anticipates potential rate cuts due to economic uncertainties [7][8]. 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is viewed as undervalued, with specific recommendations for companies such as China Ping An, China Pacific Insurance, and New China Life Insurance, which are expected to show strong growth and investment performance [11]. 2.2 Brokerage Sector - The report recommends focusing on mid-sized brokerage firms benefiting from innovation and market conditions, such as East Money and Zhejiang Securities. It also highlights the importance of large, stable brokerage firms like Huatai Securities and China International Capital Corporation, which are expected to perform well [12][13].

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report The report conducts a comparative study of the public - offering fund markets in China and the United States, analyzing the scale, type, investor structure, and performance of public - offering funds in both countries, and providing a reference for understanding the characteristics and development trends of the two markets [1]. 3. Summary by Relevant Catalogs Global Public - Offering Fund Market - As of the end of 2024, the number of global open - end funds reached 144,000, with a total scale of $73.9 trillion. Among them, equity funds accounted for $35.7 trillion, or 48.31% [5]. - In 2024, the United States accounted for the highest proportion (52.50%) of global open - end funds, followed by Europe (31.12%) [10]. - Open - end funds accounted for about 27% of global capital market assets, and other investors held the remaining 73% [13]. - In countries with bank - dominated financial systems, such as the EU and Japan, households tend to invest in bank products rather than public - offering funds, while US households have a relatively higher proportion of investment in public - offering funds [15]. US Public - Offering Fund Market - As of the end of 2024, the total scale of US public - offering funds reached $39.18 trillion, growing from $3.03 trillion in 1995 [23]. - Mutual funds accounted for a relatively high proportion, but the proportion decreased from 85.06% at the end of 2016 to 72.83% at the end of 2024, while the proportion of ETFs increased from 13.14% to 26.30% [23]. - Equity funds had the highest weight, accounting for 60% at the end of 2024. In the long - term, the average proportion of equity funds from 2005 to 2024 was about 53% [26]. - The scale of US ETF funds developed rapidly. As of the end of 2024, the total scale of ETFs reached $10.3 trillion, accounting for 26.30% of public - offering funds. Among them, equity ETFs accounted for 80.91% of the total ETF scale [31]. - Excluding money - market funds and commodity funds, the proportion of index funds in the fund market continued to increase. As of the end of 2024, the combined proportion of index mutual funds and index ETFs reached 51% [33]. - From 2015 to the end of 2024, US active equity mutual funds had a net outflow of $3 trillion, while domestic index equity mutual funds and equity ETFs had a net inflow of $2.9 trillion [36]. - As of the end of 2024, about 74 million US households (56%) held public - offering funds. More and more brokers and investment advisors used ETFs in their clients' investment portfolios [39]. - As of the end of 2024, the scale of US mutual funds was $28.5 trillion, and 87.65% of the net assets were held by US households [42]. - The investor structure of the US stock market had a high proportion of households and non - profit organizations (41.76%), a high level of institutionalization (36.73% for professional financial investment institutions), and a high level of internationalization (17.76% for foreign institutions) [44]. Domestic Public - Offering Fund Market - In the past 10 years, the domestic public - offering fund industry has developed rapidly, with the overall scale expanding from 4.45 trillion yuan in 2014 to 33.73 trillion yuan in mid - 2025 [96]. - Since 2015, the proportion of equity funds in the domestic public - offering fund market has been relatively low, and the proportions of QDII funds and hybrid funds have also been low [96]. - The scale of passive equity funds has increased significantly in recent years, mainly due to the substantial increase in the subscription volume and a slight increase in the issuance volume [98]. - In terms of domestic equity ETF classification, broad - based indices such as the CSI 300 occupy an absolute weight [102]. - As of the end of 2023, the institutionalization level of the A - share market was relatively average, with professional institutions accounting for only 20.54%, and the internationalization level was still low, with Shanghai Stock Connect accounting for only 2.42% [105]. - From 2008 to the end of July 2025, the cumulative excess return of domestic active equity funds relative to the CSI 300 total return index was mostly positive, and the cumulative excess return relative to passive equity funds was also positive [110]. - As of the end of July 2025, in large - cap balanced, large - cap growth, mid - cap growth, small - cap value, and small - cap growth funds, the cumulative excess return of active equity funds relative to the CSI 300 total return was significant [113][115][120]. - As of the end of 2024, excluding a few special types of funds such as ETFs and commodity funds, the combined institutional holding ratio of major domestic open - end fund categories reached 46.1% [121]. - Currently, the management fees of domestic equity, hybrid, and ETF funds are relatively high [122].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expectations for the industry to perform better than the market in the next six months [4]. Core Insights - The report highlights a turning point in the growth of new energy installations, with a significant increase in installed capacity in the first half of 2025, totaling 293 million kilowatts, a year-on-year increase of 140.5 million kilowatts. Wind and solar power installations saw year-on-year growth of 98.9% and 107.1%, respectively, accounting for 64.4% and 76.6% of the total new installations in 2024 [1][9][10]. - The development of energy storage is becoming clearer, with 2025 identified as a year of value reconstruction for the storage industry, driven by both policy and market changes. The introduction of differentiated capacity pricing mechanisms in Gansu and Guangdong emphasizes the value of regulatory power sources [2][17][18]. Summary by Sections New Energy Installation Growth - The report notes that the new energy installation growth is at a critical juncture, with policies transitioning from reliance on government support to market-driven mechanisms. The "430" and "531" policies are pivotal in this shift, promoting a more mature electricity market and enhancing the capacity for energy consumption [1][13][14]. Energy Storage Development - The energy storage sector is projected to see a significant increase in installed capacity, reaching 73.76 million kilowatts by the end of 2024, a 130% increase from 2023. By mid-2025, this is expected to rise to 94.91 million kilowatts. The average utilization hours for energy storage are also expected to improve significantly, indicating a shift towards market competitiveness [2][20][24]. Regulatory Changes and Market Dynamics - The introduction of capacity pricing mechanisms in Gansu and Guangdong is a key development, allowing coal and gas power plants to have a more significant role in the energy market. This change is expected to enhance the operational flexibility of traditional power sources and support the integration of renewable energy [17][19][18]. - The report emphasizes that the energy sector is moving towards a collaborative model where new energy and regulatory power sources work together to meet the increasing demand for system flexibility as renewable energy penetration rises [25][27].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][15]. Core Insights - The company achieved a revenue of 11.742 billion yuan in the first half of 2025, representing a year-on-year increase of 76.1%, with a net profit of 1.242 billion yuan, up 108.5% year-on-year [1]. - In the second quarter of 2025, the company reported a revenue of 6.630 billion yuan, with year-on-year and quarter-on-quarter growth of 61.5% and 29.7%, respectively [2]. - The electric two-wheeler business continues to show high growth, with a net profit margin reaching a historical high of 11.8% in Q2 2025 [2]. Financial Performance Summary - Revenue projections for the company are as follows: 21.527 billion yuan in 2025, 28.795 billion yuan in 2026, and 35.512 billion yuan in 2027, with respective growth rates of 51.6%, 33.8%, and 23.3% [1][8]. - The net profit is expected to reach 2.021 billion yuan in 2025, 2.638 billion yuan in 2026, and 3.570 billion yuan in 2027, with growth rates of 86.4%, 30.5%, and 35.3% respectively [1][8]. - The company’s return on equity (ROE) is projected to be 24.5% in 2025, 24.2% in 2026, and 24.7% in 2027 [1][8]. Business Segment Performance - In Q2 2025, the revenue breakdown by business segment shows electric two-wheelers generating 3.960 billion yuan, self-branded retail scooters 0.929 billion yuan, and all-terrain vehicles 0.323 billion yuan, with year-on-year growth rates of 80.6%, 27.6%, and 10.6% respectively [2]. - The company has launched the Lingbo OS, an intelligent ecological operating system for short-distance transportation, which is expected to enhance its market position [7]. Market Position and Future Outlook - The company is a leader in the domestic high-end smart electric market, with cumulative shipments of smart electric two-wheelers exceeding 8 million units as of July 18, 2025 [7]. - The upcoming implementation of new national standards for electric bicycles in the second half of 2025 is anticipated to accelerate market share consolidation among leading companies with technological, scale, and brand advantages [7].

Group 1: FTPL Theory Overview - The Fiscal Theory of the Price Level (FTPL) posits that fiscal policy dominates macroeconomic control, determining economic fluctuations and price trends, while monetary policy plays a supportive role[1] - FTPL contrasts with the Ricardian equivalence theory, suggesting that government debt value is recognized by the market and can be reduced through inflation rather than future tax commitments[6] - The optimal policy combination is active monetary policy and prudent fiscal policy, ensuring inflation control and sustainable debt levels[2] Group 2: Model Analysis and Implications - In the FTPL model (a=1, γ=0.01), monetary policy approaches ineffectiveness (a<1), leading to a loss of fiscal discipline and potential debt growth, with inflation rising continuously[2] - The Taylor rule requires a>1 for effective inflation control, while γ>r-g (where r=0.0101 and g=0) is necessary for fiscal discipline and sustainability[2] - Historical cases, such as post-World War I France and Germany, illustrate FTPL's principles, where excessive debt led to hyperinflation as governments resorted to money printing[10][11] Group 3: DSGE Model Findings - The DSGE model indicates that under a policy combination of active fiscal and passive monetary policies, inflation pressure is significant, and controlling it takes a prolonged period (up to 400 time units) even with reduced money supply[22] - Comparing fiscal and monetary shocks reveals that deficit monetization significantly increases inflation, validating the FTPL theory[26] - The model's results emphasize that only combinations of active monetary or fiscal policies can stabilize the economy, while both passive lead to instability[18]

Investment Rating - The report maintains a "Buy" rating for multiple stocks in the communication sector, including 沪电股份 (002463.SZ), 美格智能 (002881.SZ), 中际旭创 (300308.SZ), 天孚通信 (300394.SZ), and others [1]. Core Insights - The WAIC 2025 conference highlighted the acceleration of AI large model iterations and the growing investment opportunities in the computing power industry chain [2][7]. - The conference showcased significant trends such as the practical application of embodied intelligence, AI enhancing personal efficiency, and the emergence of AI agents [3][6][21]. - The report emphasizes the increasing demand for computing power driven by advancements in AI models and the potential for AI-driven digital interactions to become a new hot sector [9][25]. Summary by Sections Industry Overview - The communication sector index rose by 2.54%, outperforming the Shanghai and Shenzhen 300 index, which fell by 1.75% [14][16]. - The report identifies key stocks to watch, including major telecom operators and technology companies involved in AI and computing power [26][27]. WAIC 2025 Highlights - The WAIC 2025 conference, held from July 26 to 28, featured over 800 companies and 3,000 exhibits, marking a significant milestone in AI development [2][28]. - Key trends observed include the practical implementation of embodied intelligence, AI's role in enhancing personal productivity, and the introduction of AI emotional companion products [3][6][21][31]. AI Model Developments - Google's Gemini 2.5 Deep Think model was introduced, showcasing improved performance in various benchmarks [7][39]. - The domestic model GLM-4.5 was released, achieving top rankings in multiple performance tests and offering competitive API pricing [8][49][50]. - Alibaba's launch of the Wan2.2 video generation model represents a significant advancement in video generation technology [52][55]. Investment Opportunities - The report suggests a focus on the computing power industry chain, highlighting the increasing need for advanced computing capabilities as AI models evolve [9][25]. - Recommended stocks span various sectors, including telecommunications, cloud computing, and AI technology, indicating a broad investment strategy [26][27].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Viewpoints - The company has experienced significant revenue and profit growth in the first half of 2025, driven by strong demand for its AI-driven communication connectors and the gradual ramp-up of its 112G products [2][3]. - The automotive segment is stabilizing, with successful trials of the BMW BMS Gen6 project and ongoing expansion into high-voltage connector markets [2][3]. - The company is increasing its R&D investment, with a 36.47% year-on-year increase in R&D expenses in the first half of 2025, reflecting a commitment to innovation and global industrialization [3]. Financial Summary - Revenue is projected to grow from 683 million yuan in 2023 to 2,688 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 26.6% [1]. - Net profit is expected to rise from 67 million yuan in 2023 to 405 million yuan in 2027, with a CAGR of about 27.5% [1]. - The company achieved a gross margin of 28.26% and a net margin of 14.71% in the first half of 2025, indicating improved profitability [2].