Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within six months [6][13]. Core Views - The company demonstrated resilient revenue growth, with a 6.75% year-on-year increase in revenue for H1 2025, driven by the collaborative growth of storage chips, computing chips, and analog and interconnect chips [4][5]. - The company is actively advancing its AI technology layout, with new products in computing chips and storage chips expected to drive future growth, particularly in the automotive and industrial electronics sectors [5][6]. Company Overview - The latest closing price is 84.95 yuan, with a total market capitalization of 410 billion yuan and a circulating market capitalization of 357 billion yuan [2]. - The company has a total share capital of 4.83 billion shares, with 4.21 billion shares in circulation [2]. - The company’s largest shareholder is Beijing Yitang Shengxin Semiconductor Industry Investment Center (Limited Partnership) [2]. Financial Performance - In H1 2025, the company achieved revenue of 2.249 billion yuan, a year-on-year increase of 6.75%, and a net profit attributable to shareholders of 203 million yuan, up 2.85% year-on-year [3][4]. - The company’s R&D expenses reached 348 million yuan in H1 2025, accounting for 15.47% of revenue [4]. - The company is projected to achieve revenues of 4.95 billion yuan, 5.886 billion yuan, and 6.948 billion yuan for the years 2025, 2026, and 2027, respectively [6][11]. Product Development and Market Strategy - The company is focusing on new product development and technology upgrades, with the T33 computing chip already in production and the T42 chip expected to launch in 2026 [5]. - The company is enhancing its competitiveness in the automotive electronics market through the introduction of automotive-grade LED drivers and interconnect chips [5]. Earnings Forecast - The forecasted net profit attributable to shareholders for 2025, 2026, and 2027 is 502.65 million yuan, 651.16 million yuan, and 832.54 million yuan, respectively [11][12].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report emphasizes the strong performance of precious metals, particularly gold, which has reached a historical high. The expectation is for a shift from recession trading to stagflation trading, suggesting a potential slow bull market for gold [5] - Copper prices are expected to rise if interest rate cuts lead to a soft landing for the economy. The current market sentiment is pricing in stagflation or soft landing scenarios, with domestic consumption expected to increase as the peak season approaches [6] - Aluminum prices are also projected to rise due to increased downstream operating rates during the traditional peak season, despite ongoing challenges in the real estate sector [6] - Cobalt prices are on the rise, driven by strong demand and supply constraints, particularly with upcoming policy changes in the Democratic Republic of Congo [7] - Tin prices have increased due to supply shortages, with production rates in key provinces remaining low [7] - Lithium prices are under pressure due to the announcement of a resumption plan for a key mining area, although long-term demand remains strong [8] Summary by Sections Industry Overview - The closing index for the industry is at 6795.38, with a weekly high of 6795.38 and a low of 3725.17 [2] Price Movements - Basic metals saw price increases: Copper up 1.49%, Aluminum up 2.80%, Zinc up 3.10%, Lead up 2.07%, and Tin up 2.70%. Precious metals also saw gains, with Gold up 0.46% and Silver up 3.20% [22] Inventory Levels - Global visible inventory changes: Copper increased by 7945 tons, Zinc increased by 2724 tons, while Lead decreased by 4085 tons [30]

证券研究报告：电子 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 377.04 | | --- | --- | | 总股本/流通股本（亿股）7.22 | / 7.21 | | 总市值/流通市值（亿元）2,721 | / 2,719 | | 周内最高/最低价 52 | 486.69 / 283.86 | | 资产负债率(%) | 51.0% | | 市盈率 | 35.66 | | 第一大股东 | 北京七星华电科技集团 | | 有限责任公司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 北方华创(002371) 集成电路装备高增长，战略并购驱动全链技术协同 l 投资要点 集成电路装备高增长，战略并购驱动全链技术协同。公司 2025H1 实现营收 161.42 亿元，同比+29.51%，其中电子工艺装备 收入为 152.58 亿元，同比+33.89%。在集成 ...

证券研究报告：计算机 | 公司点评报告 发布时间：2025-09-15 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 24.90 | | --- | --- | | 总股本/流通股本（亿股）4.44 | / 4.44 | | 总市值/流通市值（亿元）110 | / 110 | | 52 周内最高/最低价 | 28.10 / 7.19 | | 资产负债率(%) | 51.2% | | 市盈率 | 355.71 | | 第一大股东 | 鹰潭市鹰高投资咨询有 | | 限公司 | | 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:常雨婷 SAC 登记编号:S1340523080001 Email:changyuting@cnpsec.com 高伟达(300465) 经营质量提升，AI 开启新篇章 2025 年，公司金融领域解决方案将对接 DeepSeek 平台，开启人 工智能技术在金融领域的创新应用，为金融机构提供更高效、精准的 智能化服务。1）在信贷领域，通过构建智能审批决策体系，提升授 ...

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report focuses on investment opportunities in the dual-antibody treatments in the autoimmune sector, highlighting the unmet needs in existing therapies and the potential for blockbuster drugs [5][15] - The report emphasizes the long-term trends in innovative drugs, the recovery of the CRO industry, and the potential for growth in various sub-sectors of the pharmaceutical industry [8][22][28] Summary by Relevant Sections Industry Overview - The closing index for the pharmaceutical and biotechnology sector is 9157.77, with a 52-week high of 9323.49 and a low of 6070.89 [2] Recent Market Performance - During the week of September 8 to September 12, 2025, the A-share pharmaceutical and biotechnology sector fell by 0.36%, underperforming the CSI 300 index by 1.75 percentage points and the ChiNext index by 2.47 percentage points [7][19][36] Investment Recommendations 1. **Innovative Drugs**: The report suggests that domestic innovative drugs are poised for global competition, with significant potential for growth in the oncology and respiratory sectors. Beneficiaries include companies like Innovent Biologics and Junshi Biosciences [8][22] 2. **CRO Sector**: The report indicates that the CRO industry is expected to see a recovery in profitability due to stable competition and increasing demand from innovative drug development [22][24] 3. **Biological Products**: Focus on core product volume opportunities and potential valuation re-evaluations based on product data or business development expectations. Key companies include TianTan Bio and Anke Bio [9][28] 4. **Medical Devices**: The report anticipates a turning point in the medical device sector due to improved procurement processes and funding availability [29] 5. **Traditional Chinese Medicine**: The report highlights opportunities in innovative research and policies benefiting traditional Chinese medicine companies [32][34] Market Trends - The report notes that the overall valuation of the pharmaceutical sector (TTM) is 31.72, with a relative valuation premium of 136.86% over the CSI 300 index, indicating a slight decrease from the previous week [42]

证券研究报告：机械设备 | 公司点评报告 发布时间：2025-09-15 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 25.19 | | --- | --- | | 总股本/流通股本（亿股）11.45 | / 8.91 | | 总市值/流通市值（亿元）288 | / 225 | | 52 周内最高/最低价 | 33.67 / 11.63 | | 资产负债率(%) | 54.8% | | 市盈率 | 62.52 | | 第一大股东 | 重庆宗申高速艇开发有 | | 限公司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 宗申动力(001696) 上半年业绩略超预期，新兴领域卡位优势明显 股票投资评级 l 投资要点 事件：公司披露 2025 年半年报。 上半年利润高增。2025H1，公司实现营收 66.93 亿元，同比 +39.05%；实现归母净利润 5.06 亿元，同比+79.37%；实现扣 ...

证券研究报告：固定收益报告 研究所 高频经济数据关注点：第一，生产端热度整体回升，焦炉、高炉、 沥青、PTA、轮胎开工率均升高，螺纹钢产量下降。第二，商品房成交 面积回落，存销比下降；土地供应面积下降，住宅用地成交溢价率持 续回升。第三，物价整体回升，原油、焦煤、有色价格均上涨，螺纹 钢下跌；农产品延续季节性上行趋势，其中猪肉、鸡蛋价格上涨，水 果、蔬菜下跌。短期重点关注反内卷及增量政策落地、房地产市场恢 复情况及海外降息影响。 ⚫ 生产：热度整体回升，焦炉、高炉、沥青、PTA、轮胎开 工率均升高 9 月 12 日当周，焦炉产能利用率升高 2.97 pct，高炉开工率升 高 3.43 pct，螺纹钢产量减少 6.75 万吨；石油沥青开工率升高 6.8 pct；化工 PX 开工率与前一周持平，PTA 升高 6.87 pct；汽车全钢胎 开工率升高 5.81 pct，半钢胎开工率升高 5.99 pct。 ⚫ 需求：商品房成交回落，BDI 指数大幅回升 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:崔超 SAC 登记编号:S134 ...

证券研究报告：固定收益报告 2025 年 9 月 15 日 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 近期研究报告 《长久期中高评级产业债流动性下降 ——流动性打分周报 20250908》 - 2025.09.09 固收周报 债券定价中的"三个利差" ——流动性周报 20250914 ⚫ 期限利差已经较为充分定价风险偏好变化 如何衡量债券对于风险偏好的定价？ 第一，同业存单与资金利差处于波动区间上沿。 第二，超长端与长端利差定价充分，长短利差也接近历史中枢。 第三，信用利差调整相对滞后，受到防御策略和理财配置盘保护。 总结来看，期限利差已经较为充分定价风险偏好的变化。今年三 季度 10 年期国债累积上行幅度已经接近 20BP，过去的 15 年中仅次 于 2013、2014、2020 年三季度的上行幅度。即使在权益牛市中，股 债跷板也通常是一个阶段性特征，流动性宽松往往会触发阶段性股债 同涨，利差角度来看，债券配置价值已经有所显现。 ⚫ 风险提示： 流动性超预期收紧 观点回顾：短期行情依然承压，当前最重要的是验证长端利率反 ...

证券研究报告：金融工程报告 研究所 分析师:黄子崟 SAC 登记编号:S1340523090002 Email:huangziyin@cnpsec.com 研究助理:金晓杰 SAC 登记编号:S1340124100010 Email:jinxiaojie@cnpsec.com 近期研究报告 《融资资金净流入电力设备及新能 源，光通信概念趋势未破——行业轮 动周报 20250907》 - 2025.09.08 《苹果推出 Xcode 26 Beta 7，英伟达 开源 Jet-Nemotron 高性能语言模型— — AI 动 态 汇 总 20250901 》 - 2025.09.03 《双创涨速明显提升，ETF 资金配置思 路 偏 补 涨 — — 行 业 轮 动 周 报 20250831》 - 2025.09.01 l 沪深 300 股池因子跟踪 《指数上行重返十年高位，涨幅超 10% 芯片相关 ETF 净流出较多——行业轮动 周报 20250824》 – 2025.08.25 《非银爆发虹吸红利防御资金，指数料 将保持上行趋势持续挑战新高——行 业轮动周报20250817》 – 2025.08.18 《融资余额 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [1] Core Views - The company is positioned well in the yeast industry, benefiting from an improved competitive landscape, structural growth in global demand, and alleviated cost pressures. The yeast industry has undergone a consolidation phase, with smaller players exiting the market, leading to a more rational competition among leading firms [4][5] - The company has established a strong moat through its scale advantages and technological accumulation, maintaining reasonable profit levels in bidding processes and avoiding vicious competition [4] - The company is expected to achieve double-digit revenue growth in the coming years, with significant profit elasticity and long-term investment value [5][14] Company Overview - The latest closing price is 41.81 yuan, with a total market capitalization of 363 billion yuan and a circulating market capitalization of 358 billion yuan. The company has a total share capital of 8.68 billion shares, with a circulating share capital of 8.57 billion shares [3] - The company has a debt-to-asset ratio of 47.8% and a price-to-earnings ratio of 26.97 [3] Industry Dynamics - The yeast industry has seen rapid capacity expansion followed by a consolidation phase due to ongoing cost pressures and changing market demands. The competitive landscape is stabilizing as leading companies focus on quality, service, and technology rather than price wars [4][5] - The global yeast production capacity exceeds 2.1 million tons, with the company ranking among the top three players in the industry, holding over 20% of the global market share [4] Domestic Market Performance - The domestic market has reached a bottom and is showing signs of weak recovery, with the company enhancing its distribution channels and dealer systems to improve market penetration [8] - The demand for natural, healthy, and functional food ingredients is growing, which, combined with the exit of smaller competitors, is expected to lead to a rebound in the company's domestic business [8] International Market Strategy - The company's overseas business is a key growth driver, maintaining rapid double-digit growth since 2022. The company aims to increase its revenue share from international markets through comprehensive product sales and channel penetration in emerging markets [6][7] - The company has established local operations in various regions, including Egypt and Russia, to enhance market presence and operational efficiency [6][7] Cost Management - The company is benefiting from a decline in molasses prices, which are expected to continue decreasing, leading to improved profit margins [9] - The company is actively developing hydrolyzed sugar replacement technology, which is anticipated to further enhance cost efficiency and product applications [9] Financial Projections - The company forecasts revenue growth of 12.19%, 10.75%, and 9.46% for the years 2025 to 2027, with projected net profits of 16.51 billion yuan, 19.17 billion yuan, and 22.01 billion yuan respectively [14][16] - The earnings per share (EPS) are expected to be 1.90 yuan, 2.21 yuan, and 2.54 yuan for the same period, with corresponding price-to-earnings ratios of 22, 19, and 16 [14][16]