Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][13][15]. Core Views - Yuanyuan Group is the world's largest sports shoe manufacturer, with a diversified brand client portfolio and production bases. The company is expected to achieve sustainable growth in its manufacturing business following the end of the overseas destocking cycle and diversified capacity layout. The retail business is anticipated to grow steadily through vertical market development and new brand contributions. The projected net profits for 2025-2027 are $390 million, $430 million, and $480 million, respectively, with corresponding PE ratios of 6X, 6X, and 5X, indicating a low valuation level [4][13][20]. Company Overview - Yuanyuan Group, established in 1988, operates in OEM/ODM shoe manufacturing and sports apparel retail. In 2024, the revenue and net profit contributions from manufacturing and retail are expected to be 69%/84% and 31%/16%, respectively, with total revenue of $8.18 billion and net profit of $390 million. The company has established long-term partnerships with international brands such as Nike, Adidas, Asics, and New Balance, with production bases in Vietnam, Indonesia, and China [4][10][20]. Manufacturing Business - The manufacturing segment has a revenue scale superior to comparable companies, but its growth rate has been relatively poor, with a CAGR of -1.3% from 2019 to 2024. However, improvements are expected in 2024 due to normalized orders and capacity expansion in India. The company has room for cost improvement, as its net profit margin remains lower than peers despite recent operational optimizations [11][12][51]. Retail Business - The retail segment shows performance disparities, with 宝胜国际 and 滔搏 facing challenges. In 2024, 宝胜国际's revenue is projected to decline by 8% to $2.845 billion, while its net profit margin is expected to improve slightly to 2.7%. The company is focusing on stabilizing retail discounts and improving profit margins to achieve quality profit growth [11][12][51]. Market Outlook - The sports shoe and apparel market is experiencing high demand, driven by increased awareness of physical fitness and the development of sports initiatives. The industry is characterized by high concentration, with market share gradually shifting towards leading brands. The manufacturing side benefits from high entry barriers, while the retail side is expected to grow steadily through multi-channel operations and brand matrix expansion [12][20][41].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In July 2025, the company sold 30,731 vehicles, representing a year-on-year decline of 39.7% and a month-on-month decline of 15.3%. This decline is attributed to a seasonal slowdown and the upcoming launch of the i8 model. Cumulative sales from January to July 2025 reached 235,000 vehicles, down 2.2% year-on-year. The company has a clear product roadmap and is optimizing its direct sales channels, which is expected to expand its market advantage and sales potential in the future [2][4][8]. Summary by Sections Sales Performance - In July 2025, the company recorded sales of 30,731 vehicles, a decrease of 39.7% year-on-year and 15.3% month-on-month. The cumulative sales for the first seven months of 2025 were 235,000 vehicles, reflecting a year-on-year decline of 2.2% [2][4][8]. Product Launch and Strategy - The i8, the company's first pure electric SUV, has been officially launched and is set to begin deliveries on August 20, 2025. This new model is expected to significantly boost sales as it opens a new product cycle for the company. The company is also planning to launch additional models, including the i6, which is scheduled for September 2025 [8]. Infrastructure and Technology - The company has established over 10,000 supercharging stations nationwide, with 3,028 supercharging stations operational as of the end of July 2025. The company aims to have 4,000 supercharging stations by the end of the year. Additionally, advancements in smart driving technology are expected to enhance user experience and further solidify the company's competitive edge [8]. Future Outlook - The company is set to accelerate the launch of high-pressure pure electric products in the second half of the year, with a total of four range-extended electric SUVs and two high-pressure pure electric SUVs planned. This robust product lineup is anticipated to significantly increase sales potential. The company has also optimized its retail channel structure, with 535 retail centers and 527 after-sales service centers established across 222 cities by the end of July 2025 [8]. Financial Projections - The projected net profit for the company from 2025 to 2027 is estimated to be 8.3 billion, 12.5 billion, and 16.0 billion respectively, with corresponding price-to-earnings ratios of 23.6X, 15.7X, and 12.2X for GAAP net profit, and 19.0X, 13.5X, and 10.9X for Non-GAAP net profit [8].

Investment Rating - The report maintains a "Positive" investment rating for the AIDC electrical equipment sector [4]. Core Viewpoints - The demand for cloud services from overseas CSP giants is experiencing significant growth, driven by AI revenue and increased capital expenditure (Capex) [11][12]. - Major CSPs like Google, Amazon, and Microsoft are showing optimistic Capex guidance for 2025, indicating a robust outlook for data center infrastructure [16]. - The report highlights the acceleration of AI applications and the need for advanced infrastructure, which is expected to drive high demand for electrical equipment [38]. Summary by Sections Demand Insights - Overseas CSPs reported substantial growth in cloud revenue and Capex in Q2 2025, with Google at $13.62 billion (up 31.67%), Amazon at $30.87 billion (up 17.47%), and Microsoft at $25.54 billion (up 18.67%) [11]. - The total Capex for major CSPs reached $8.794 billion in Q2 2025, reflecting a 66% year-on-year increase [11]. - CSPs are optimistic about future Capex, with Microsoft raising its 2025 guidance to over $80 billion, Google to $85 billion, and Amazon to approximately $118 billion [16]. Supply Insights - The report notes a significant supply gap in electrical equipment due to rising overseas demand, with Vertiv's backlog orders increasing to $8.5 billion, a 21% year-on-year rise [29]. - Domestic manufacturers are positioned to capitalize on this supply gap, as they can potentially fill the void left by longer delivery times from overseas suppliers [29]. Technological Developments - The report discusses advancements in AI models and their applications, indicating a shift towards multi-modal capabilities that enhance the performance of AI agents [19]. - The introduction of new power architectures, such as the 800V system, is expected to improve energy efficiency and support the growing demands of AI data centers [28]. Policy and Market Trends - The Chinese government is actively promoting AI commercialization, which is anticipated to accelerate investments in data centers and electrical equipment [20]. - The report emphasizes the importance of top-level guidance in fostering a conducive environment for AI applications, which will further stimulate demand for related infrastructure [21].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The official launch of the Li Auto i8, priced between 321,800 to 369,800 CNY, features the AD Max version equipped with the VLA model. The product advantages and brand design of Li Auto are well recognized, with a clear future model planning and continuous optimization of direct sales channels. The "dual-energy strategy" is expected to further enhance Li Auto's advantages, indicating a broad future sales potential [2][4]. Summary by Sections Event Description - The Li Auto i8 was officially launched on July 29, 2025 [4]. Product Pricing and Specifications - The pricing for the i8 includes Pro version at 321,800 CNY, Max version at 349,800 CNY, and Ultra version at 369,800 CNY, with a maximum first-sale benefit of 51,900 CNY available until September 7. The dimensions of the i8 are 5085mm in length, 1960mm in width, and 1740mm in height, with a wheelbase of 3050mm. The i8 offers a CLTC pure electric range of 670-720 km and a power consumption of 14.6-14.8 kWh/100 km, showcasing lower energy consumption compared to competitors [2][7]. Charging Infrastructure and Smart Technology - As of July 29, 2025, Li Auto has over 10,000 supercharging piles nationwide, with 3,000 supercharging stations and 16,000 supercharging piles in operation. The company plans to have 4,000 supercharging stations by the end of the year. The smart driving technology continues to evolve, with the latest OTA 7.4 version update enhancing the capabilities of the Li Auto intelligent assistant [2][7]. Future Model Planning and Sales Potential - Li Auto has a clear future model planning with the i8's launch, followed by the i6 model set to launch in September. The company aims to have a product lineup of four range-extended electric SUVs and two high-voltage pure electric SUVs, which is expected to significantly increase sales volume. As of June 2025, Li Auto has 530 retail centers across 151 cities, with ongoing optimization of its channel structure [2][7]. Financial Projections - The projected net profit for Li Auto from 2025 to 2027 is estimated at 8.3 billion, 12.48 billion, and 16.01 billion CNY respectively, with corresponding PE ratios of 23.6X, 15.7X, and 12.2X for GAAP, and 10.3 billion, 14.48 billion, and 18.01 billion CNY for Non-GAAP, with PE ratios of 19.0X, 13.5X, and 10.9X [2][7].

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - From July 28 to August 1, 2025, the central bank conducted a small - scale net injection of funds through 7 - day reverse repurchase operations. The liquidity situation showed minor fluctuations during the month - end transition but returned to stability afterward. From July 28 to August 3, the net payment scale of government bonds decreased, the yields of maturing inter - bank certificates of deposit (NCDs) declined overall, and the average leverage ratio in the inter - bank bond market remained basically stable. From August 4 to August 10, the expected net payment of government bonds is 33.9 billion yuan, and the maturing scale of NCDs is about 59.83 billion yuan [2]. - The central bank is expected to continue to support the liquidity situation. In August, with the maturity of MLF and outright reverse repurchase, considering the need to stabilize expectations, the central bank is likely to maintain its supportive stance towards the liquidity [5]. - The liquidity is expected to remain reasonably abundant in August, and the funding rates are likely to stay at a relatively low level. At the beginning of the month, the liquidity may experience seasonal easing, but attention should be paid to the issuance rhythm of government bonds and the large - scale maturity of NCDs during the month [6]. Summary by Relevant Catalogs 1. Funding Situation - **Central Bank Operations**: From July 28 to August 1, 2025, the central bank's 7 - day reverse repurchase operations had a net injection of 690 million yuan. From August 4 to August 8, 166.32 billion yuan of 7 - day reverse repurchases will mature. In July, the central bank injected 10 billion yuan of liquidity through MLF and 20 billion yuan through outright reverse repurchase. In August, 30 billion yuan of MLF and 90 billion yuan of outright reverse repurchase will mature [5]. - **Funding Rates**: From July 28 to August 1, the average values of DR001 and R001 decreased by 7.3 and 5.2 basis points respectively compared with the period from July 21 to July 25. The average values of DR007 and R007 decreased by 0.7 and increased by 2.8 basis points respectively. In July, the funding rates fluctuated significantly, and in August, they are expected to remain low, but it is difficult to decline further compared with early July [6]. - **Government Bond Net Payment**: From July 28 to August 3, the net payment of government bonds was about 28.76 billion yuan, 2.84 billion yuan less than the previous week. From August 4 to August 10, the expected net payment is 33.9 billion yuan [7]. 2. Inter - bank Certificates of Deposit (NCDs) - **Yields of Maturing NCDs**: As of August 1, 2025, the yields of 1M, 3M, and 1Y NCDs decreased by 7, 4, and 4 basis points respectively compared with July 25. The decline was due to the stabilization of funding rates and the partial recovery of the bond market [8]. - **Net Financing of NCDs**: From July 28 to August 3, the net financing of NCDs was about 1 billion yuan, turning positive from - 56.08 billion yuan in the previous week. From August 4 to August 10, the maturing repayment amount of NCDs is expected to be 59.83 billion yuan, with an increased pressure on renewal compared with the previous week [8]. 3. Institutional Behavior - **Leverage Ratio in the Inter - bank Bond Market**: From July 28 to August 1, the average calculated leverage ratio in the inter - bank bond market was 107.63%, basically the same as the previous week. On August 1 and July 25, the calculated leverage ratios were about 108.10% and 107.27% respectively [11].

Investment Rating - The report maintains a "Positive" investment rating for the PCB industry [3][11]. Core Insights - The PCB industry is experiencing growth driven by strong demand from AI applications and technological upgrades, leading to increased capital expenditures in downstream sectors [8][21]. - The global PCB market is expected to see differentiated growth across product segments, with high-density interconnect (HDI) boards benefiting from AI server demand, projected to grow by 18.8% year-on-year to reach $12.5 billion in 2024 [11][12]. - The report highlights a trend towards high-density, high-performance PCB products, with the combined market share of HDI and packaging substrates exceeding 34% [11][12]. Summary by Sections PCB Product Overview - PCB products are categorized into rigid boards, flexible boards, rigid-flex boards, and packaging substrates, with HDI boards widely used in consumer electronics and high-frequency boards for 5G communication [8][9]. Market Segmentation and Growth - In 2024, the global PCB market is projected to reach $73.57 billion, with multilayer boards holding the largest share at 38.1% [11][12]. - The smartphone sector accounts for 19% of the PCB market, with a projected value of $13.89 billion, while the server/storage sector is expected to grow by 33.1% year-on-year to $10.92 billion [15][16]. Regional Market Dynamics - China is expected to dominate the PCB market, with its share increasing from 54.4% in 2023 to 56.0% in 2024, reflecting its significant role in global PCB production [22][23]. Technological Advancements - The report emphasizes the need for PCB manufacturers to adapt to higher complexity and performance requirements driven by AI and high-speed networking, necessitating advancements in design and manufacturing processes [21][24]. Equipment and Supply Chain - The report outlines the production processes and key equipment used in PCB manufacturing, highlighting the importance of drilling equipment, which holds the highest market share in the PCB production process [31][34]. - The global drilling equipment market is projected to grow from $1.17 billion in 2020 to $1.47 billion in 2024, with a compound annual growth rate (CAGR) of 10.3% expected from 2024 to 2029 [38][43]. Market Trends and Future Outlook - The PCB industry is expected to continue evolving with the increasing demand for high-density and high-layer count boards, particularly in AI server applications, which are pushing the boundaries of PCB technology [27][28].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8] Core Views - The company has announced a significant improvement in its performance, with a projected revenue of 1.626 billion yuan for the first half of 2025, representing a year-on-year growth of 1.63%. The net profit attributable to the parent company is expected to reach 88.6622 million yuan, a substantial increase of 2062.33% [2][5] - In the second quarter, the company achieved a revenue of 816 million yuan, reflecting a year-on-year growth of 5.40%, and a net profit of 26.0231 million yuan, marking a significant turnaround from losses [2][5] - The domestic smart projection market has seen a slight decline, but the company has maintained its market share and is actively pursuing product upgrades, overseas market expansion, and broadening application scenarios [11] Summary by Sections Company Performance - The company reported a net profit margin increase, with the first quarter showing a year-on-year increase of 337.45% and the second quarter showing a significant turnaround [11] - The company continues to implement a strategy focused on research and development innovation and supply chain efficiency, which has led to improved resource allocation and cost control [11] Product and Market Strategy - The company has launched several new products, including the portable projector Play6 and the home flagship RS 20 series, reinforcing its competitive position in both entry-level and mid-to-high-end markets [11] - The company is expanding its overseas market presence, with products entering major offline channels in Europe, North America, Japan, and Australia [11] - The company is also diversifying its application scenarios, including smart cockpit and smart lighting, with products already in production for various automotive clients [11] Financial Projections - The company expects net profits for 2025, 2026, and 2027 to be 318 million yuan, 488 million yuan, and 506 million yuan respectively, with corresponding price-to-earnings ratios of 24.52, 16.02, and 15.45 [11]

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The overseas aerial work platform industry continues to show positive growth, with equipment rental income maintaining year-on-year growth in Q2 2025. The largest rental company, United Rentals, expects capital expenditure to remain at historical highs for the entire year of 2025 [2][6] - Leading manufacturers have seen an increase in new orders year-on-year in Q2 2025, with JLG's new orders returning to historical median levels, indicating stabilization in order volumes [2][8] Summary by Sections Overseas Rental Companies - United Rentals reported Q2 2025 equipment rental income of $3.415 billion, a year-on-year increase of 6.2%. The capital expenditure for Q2 2025 was $1.460 billion, up 7.7% year-on-year, with a total expected capital expenditure for 2025 projected to be between $3.65 billion and $3.95 billion, reflecting a slight year-on-year increase of 1.2% [6][19][25] - Sunbelt's Q1 2025 revenue was $2.308 billion, down 3.7% year-on-year, with capital expenditure of $1.808 billion, a decrease of 47% year-on-year. The company has increased its rental outlets in the U.S. [7][31][33] Overseas Equipment Manufacturers - Terex, under the Genie brand, reported Q2 2025 revenue of $607 million, down 17.1% year-on-year, but new orders increased by 70% year-on-year to $310 million. The backlog of orders was $714 million, down 36% year-on-year [8][41] - Oshkosh, which owns the JLG brand, reported Q2 2025 revenue of $638 million, a decline of 5.6% year-on-year, while new orders increased by 45% year-on-year to $640 million. The backlog of orders was $1.189 billion, down 64% year-on-year [8][48]

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 2025 年特殊再融资债供给已逾 1.96 万亿 ——政府债周报（8/3） 报告要点 %% %% [Table_Summary] 7 月 28 日-8 月 3 日地方债共发行 3371.75 亿元。其中新增债 2041.17 亿元（新增一般债 209.13 亿元，新增专项债 1832.04 亿元），再融资债 1330.58 亿元（再融资一般债 631.70 亿元，再 融资专项债 698.88 亿元）。 8 月 4 日-8 月 10 日地方债披露发行 1654.59 亿元。其中新增债 475.49 亿元（新增一般债 72.83 亿元，新增专项债 402.66 亿元），再融资债 1179.10 亿元（再融资一般债 819.06 亿元，再融 资专项债 360.04 亿元）。 分析师及联系人 %% %% [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 发行复盘 7 月 28 日-8 月 3 日地方债共发行 ...

丨证券研究报告丨 行业研究丨专题报告丨农产品 [Table_Title] 2025 年宠物食品中报业绩前瞻：出口代工受 关税影响，618 大促国产高端品牌全面崛起 报告要点 [Table_Summary] 2025 年 618 大促国产高端品牌全面崛起，头部企业品牌矩阵优势扩大，弗列加特、领先天猫 排名提升明显，预计二季度乖宝、中宠自有品牌保持 30%+高增长。外销层面，2025Q2 猫狗零 食对美出口额同比下滑 18.1%，对美出口业务受关税扰动影响，乖宝宠物二季度外销收入预计 下滑 10%左右，中宠股份受益于美国工厂布局，二季度外销收入预计保持 15%左右增长。 分析师及联系人 [Table_Author] 陈佳 顾熀乾 卜凡星 SAC：S0490513080003 SAC：S0490519060003 SFC：BQT624 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 2025 年宠物食品中报业绩前瞻：出口代工受关 2] 税影响，618 大促国产高端品牌全面崛起 [Table_Summary2] 2025 年 618 大促国产高 ...