Investment Rating - The report maintains a "Recommendation" rating for Tongrentang (600085) with a target price of 42.3 CNY [2][10]. Core Views - The company achieved a revenue of 9.77 billion CNY in 1H25, reflecting a year-on-year increase of 0.1%. However, the net profit attributable to shareholders decreased by 7.4% to 950 million CNY, primarily due to the challenging consumer environment, increased marketing expenses, and ongoing reforms [2][9]. - The report highlights the resilience of the company amid deepening reforms and emphasizes the potential for operational improvements in the coming years [9][10]. Financial Performance Summary - **Revenue and Profitability**: - 1H25 total revenue was 9.77 billion CNY, with a slight increase of 0.1% year-on-year. The net profit attributable to shareholders was 950 million CNY, down 7.4% year-on-year [2][9]. - The second quarter of 2025 saw revenue of 4.49 billion CNY, a decrease of 0.1% year-on-year, and a net profit of 360 million CNY, down 18.4% year-on-year [2][9]. - **Financial Projections**: - The projected total revenue for 2025 is 18.61 billion CNY, with a growth rate of 0.1%. The net profit is expected to remain flat at 1.53 billion CNY [5][10]. - For 2026 and 2027, the revenue is projected to grow to 20.52 billion CNY and 22.62 billion CNY, respectively, with net profit expected to reach 1.75 billion CNY and 2.02 billion CNY [5][10]. - **Valuation Metrics**: - The report assigns a target price based on a historical valuation of 38 times the expected earnings for 2025, leading to a target price of 42.3 CNY [9][10]. Segment Performance Summary - **Traditional Chinese Medicine Segment**: - The revenue for the traditional Chinese medicine segment in 1H25 was 3.02 billion CNY, showing a year-on-year increase of 16.1%. The gross margin improved by 3.1 percentage points to 44.7% [9]. - **Technology Group**: - The technology segment reported revenue of 3.74 billion CNY in 1H25, down 7.7% year-on-year, with a net profit of 480 million CNY, a decrease of 16.9% [9]. - **Commercial Group**: - The commercial segment generated revenue of 5.69 billion CNY, up 1.1% year-on-year, but net profit fell by 21.6% due to high base effects and consumer pressure [9]. Cash Flow and Financial Health - The report indicates a significant improvement in operating cash flow, which reached 1.95 billion CNY in 1H25, compared to only 0.1 billion CNY in the same period last year [9]. - The company's total assets are projected to grow from 31.20 billion CNY in 2024 to 36.92 billion CNY by 2027, with a debt-to-equity ratio of 21.5% in 2024, increasing to 26.9% by 2027 [10].

债券研究 证 券 研 究 报 告 【债券周报】 2025H2 转债强赎与不强赎的变化 ——可转债周报 20250915 不强赎承诺期时长回落稳定，结构上以 1-3 个月内的为主。从 2020 年下旬开 始发行人设置不强赎承诺期时长基本呈稳定增长的形态，直至 2024 年初达到 最高点：承诺期普遍在 200 天左右。但 2024 年下半年至今不强赎承诺期回落 至 100-150 天左右实现稳定。究其原因：一方面，早期由于信披规则不成熟， 部分公司选择反复做本次不强赎或者一个月内不强赎的公告，所以使得均值不 高，后续 3 个月或 6 个月及以上的承诺期逐渐成为市场主流。另一方面，由于 2023 年后较长时间权益市场走势偏弱，使得触发强赎的转债也偏少，公告不 强赎的转债基本为长期不考虑的发行人故在短期内将承诺期拉长。 上周爱科科技、中仑新材、南芯科技新增董事会预案、5 家新增股东大会通过、 3 家新增发审委审批通过、2 家新增证监会核准，较去年同期分别+3、+5、+2、 +1。 承诺期长短对转债估值影响不大。2025 年初以来不强赎公告次日的转股溢价 率从 2%一直抬升至 8%左右，但较 2022 年的高位仍有部分 ...

公司研究 证 券 研 究 报 告 中国海外发展（00688.HK）2025 年半年报点评 推荐（维持） 好房子体系树立市场标杆，土储积极补仓 目标价：20 港元 事项： ❖ 2025 上半年公司实现营业收入 832 亿元，同比下降 4.3%；归属普通股东净利 润 86 亿元，同比下降 16.6%。 评论： [ReportFinancialIndex] 主要财务指标 房地产 2025 年 09 月 14 日 当前价：15.04 港元 华创证券研究所 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：许常捷 邮箱：xuchangjie@hcyjs.com 执业编号：S0360525030002 证券分析师：杨航 邮箱：yanghang@hcyjs.com 执业编号：S0360525090001 | | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 185,154 | 183,829 | 184,947 | 189,545 | | 同比增速(%) | ...

Group 1 - The report maintains a positive outlook for the short term, indicating that it is not yet time for high-low switching, while mid-term expectations are for a physical re-inflation bull market [3][10][14] - The report emphasizes the importance of technology innovation, highlighting that the technology sector is expected to continue its growth, particularly in industries with clear growth expectations such as pharmaceuticals (innovative drugs), electronics (PCB), and communications (optical modules) [6][54] - The report notes a shift in market dynamics, with large-cap stocks outperforming small-cap stocks, driven by factors such as superior earnings under inflation, resilience in return on equity (ROE), and the expansion of ETFs favoring large-cap styles [12][34][35] Group 2 - The report discusses the "barbell strategy," which is suitable for low-price environments, indicating that as inflation expectations rise, the demand for the reverse barbell strategy will increase [4][19] - The report highlights the performance of the technology bull market and the return of leading blue-chip stocks, noting that since June 25, there has been a reversal in style within the technology sector, with large-cap stocks gaining significant traction [5][33][36] - The report identifies key industries to focus on in the mid-term, particularly those experiencing supply constraints and price increases due to the ongoing "anti-involution" policies, including industrial metals, small metals, steel, petrochemicals, and construction materials [6][56]

证 券 研 究 报 告 汽车行业周报（20250908-20250914） 行业研究 汽车 2025 年 09 月 14 日 推荐（维持） 机器人产业链表现较优，关注龙头和新增机会 | 华创证券研究所 | | --- | | 证券分析师：张程航 | 证券分析师：夏凉 | 证券分析师：李昊岚 | 联系人：张睿希 | | --- | --- | --- | --- | | 电话：021-20572543 | 电话：021-20572532 | 邮箱：lihaolan@hcyjs.com | 邮箱：zhangruixi@hcyjs.com | | 邮箱：zhangchenghang@hcyjs.com | 邮箱：xialiang@hcyjs.com | 执业编号：S0360524010003 | | | 执业编号：S0360519070003 | 执业编号：S0360522030001 | | | 本周汽车的较好表现以机器人产业链为主（催化剂在下半年相对持续），传统链条依然 较弱。9/12 工信部等印发《汽车行业稳增长工作方案（2025—2026 年）》，我们认为其 中比较关键的在于"推动智能网联技术产业化应用"， ...

金融工程 证 券 研 究 报 告 中期：涨跌停模型中性。月历效应模型中性。 长期：长期动量模型看多。 综合：A 股综合兵器 V3 模型看空。A 股综合国证 2000 模型看空。 港股模型： 中期：成交额倒波幅模型看多。 【金工周报】（20250908-20250912） 指数择时多空互现，后市或中性震荡 ❖ 本周回顾 本周市场普遍上涨，上证指数单周上涨 1.52%，创业板指单周上涨 2.1%。 A 股模型： 短期：成交量模型所有宽基指数中性。低波动率模型中性。特征龙虎榜机构模 型看多。特征成交量模型看空。智能算法沪深 300 模型中性，智能算法中证 500 模型看空。 港股择时观点：上周我们认为看多港股指数，最终本周恒生指数涨跌幅为 3.82%。本周成交额倒波幅模型继续看多。因此我们认为，后市或继续看多恒 生指数。 下周推荐行业为：纺织服装、农林牧渔、电力设备及新能源、电力及公用事业、 综合金融。 ❖ 风险提示： 本周行业指数普遍上涨，除银行、综合金融、医药、消费者服务外所有行业均 上涨，涨幅前五的行业为：电子、房地产、农林牧渔、传媒、计算机。从资金 流向角度来说，除房地产、建筑、纺织服装外所有行业主力资金净 ...

金融工程 证 券 研 究 报 告 市场情绪监控周报（20250908-20250912） 本周热度变化最大行业为电力设备、房地产 本周概念热度变化最大的 5 个概念为赛马概念、氟化工概念、PVDF 概念、广 东自贸区、有机硅概念。 ❖ 本周市场估值跟踪 本周宽基和行业估值： 沪深 300、中证 500、中证 1000 的滚动 5 年历史分位数分别为 85%、99%、 93%。 申万一级行业中，从 2015 年开始回溯，当前估值处于历史分位数 80%以上的 一级行业有：电力设备、电子、计算机、轻工制造、医药生物、国防军工、银 行、商贸零售、建筑材料、传媒、煤炭、基础化工；位于估值历史 20%以下的 有食品饮料、非银金融、交通运输、综合、钢铁； 申万二级行业中，从 2015 年开始回溯，目前处于历史分位数 80%以上的二级 行业有化学制药、航天装备、冶钢原料、生物制品、国有大型银行、风电设备、 半导体、一般零售、环保设备、航空机场、服装家纺、元件、汽车服务、商用 车、旅游及景区、橡胶、装修建材、房地产服务、专业连锁、动物保健、多元 金融、化学纤维、光学光电子、广告营销、特钢、其他电子、电子化学品、玻 璃玻纤。 ❖ ...

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating in the report. 2) Core Viewpoints - The convertible bond market showed positive trends on September 12, 2025, with more than half of the industries rising and the valuation increasing. The trading sentiment in the convertible bond market also heated up, and small - cap growth stocks were relatively dominant [1]. - The central price of convertible bonds increased, while the proportion of high - price bonds decreased. The overall valuation of convertible bonds rose, with the conversion premium rate of various types of convertible bonds increasing [2]. 3) Summary by Related Catalogs Market Overview - Index Performance: The CSI Convertible Bond Index rose 0.17% month - on - month, while the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and Shanghai 50 Index all declined. The CSI 1000 Index rose 0.31% [1]. - Market Style: Small - cap growth stocks were relatively dominant. Among them, small - cap growth stocks rose 0.32%, while large - cap growth and value stocks declined [1]. - Capital Performance: The trading volume in the convertible bond market reached 82.886 billion yuan, a 7.82% increase month - on - month. The total trading volume of the Wind All - A Index was 2.548312 trillion yuan, a 3.40% increase. The net outflow of main funds from the Shanghai and Shenzhen stock markets was 37.278 billion yuan, and the yield of the 10 - year Treasury bond decreased by 0.73bp to 1.87% [1]. Convertible Bond Price and Valuation - Price: The weighted average closing price of convertible bonds was 131.41 yuan, a 0.17% increase. The proportion of high - price bonds (above 130 yuan) decreased by 0.29pct, and the proportion of bonds in the 110 - 120 yuan range increased by 1.0pct. There were no bonds with a closing price below 100 yuan [2]. - Valuation: The conversion premium rate of 100 - yuan par - value convertible bonds was 29.94%, a 0.38pct increase. The overall weighted par value decreased by 0.52%. The conversion premium rates of all types of convertible bonds (including partial - equity, partial - debt, and balanced) increased [2]. Industry Performance - Stock Market: Among A - share industries, the top three decliners were communication (-2.13%), beauty care (-1.52%), and banking (-1.52%); the top three gainers were non - ferrous metals (+1.96%), real estate (+1.51%), and steel (+1.41%) [3]. - Convertible Bond Market: 18 industries in the convertible bond market rose. The top three gainers were environmental protection (+2.86%), non - ferrous metals (+1.51%), and communication (+1.37%); the top three decliners were machinery and equipment (-2.08%), media (-1.56%), and agriculture, forestry, animal husbandry, and fishery (-0.48%) [3]. - Different Industry Indicators: In terms of closing price, large - cycle industries rose 0.89%, while manufacturing industries declined 0.22%. In terms of conversion premium rate, all industries increased to varying degrees. In terms of conversion value, large - cycle industries rose 0.87%, while manufacturing industries declined 1.60% [3].

人形机器人产业链概览 证 券 研 究 报 告 科技制造产业月报（2025 年 9 月） 产业研究 人形机器人产业是集成了高端制造、人工智能、传感技术等多种前沿科技的综 合性领域，目前仍处于实验室走向商业化应用的早期阶段。其产业链结构与工 业机器人有相似之处，但对核心零部件的性能、精度、集成度、轻量化和功耗 要求更苛刻，尤其强调力觉感知、动态平衡控制（运控算法）与人工智能（AI 决策）的深度融合。目前产业仍处于从实验室走向商业化应用的早期阶段，但 潜力巨大，以特斯拉 Optimus 为代表的行业引领者正全力推动其规模化落地。 人形机器人的全面商业化仍需跨越以下五大关键条件：第一，技术成熟度实现 根本突破。当前机器人的运动控制、环境感知与自主决策能力仍局限于结构化 环境，必须突破性能与可靠性的"奇点"，实现动态复杂场景下的稳定、安全、 持久运行。第二，成本可控。需通过供应链优化、核心部件自研和规模化制造 等，将价格降至可广泛接受的锚点，如汽车价位区间，才能触发市场需求。第 三，明确市场定位并与真实需求契合。不能停留在万能通用的想象中，而应聚 焦于制造、高危作业等领域的"杀手级应用"，以可量化的效率提升和投资回 报 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][19]. Core Insights - The company's profits are under pressure due to price impacts, but high-end lithium iron phosphate (LiFePO4) research and development is progressing smoothly [2]. - The company reported a revenue of 3.882 billion yuan for H1 2025, a year-on-year decrease of 10.58%, with a net loss attributable to shareholders of 391 million yuan, an improvement from a loss of 516 million yuan in the same period last year [8]. - The company is increasing its R&D investment, with a total of 102 million yuan spent and 61 new patent applications filed during the reporting period [8]. Financial Performance Summary - Total revenue is projected to increase from 7.613 billion yuan in 2024 to 14.359 billion yuan in 2027, with a compound annual growth rate (CAGR) of 19.6% [4]. - The net profit attributable to shareholders is expected to improve from a loss of 1.338 billion yuan in 2024 to a profit of 434 million yuan in 2027, reflecting a significant turnaround [4]. - Earnings per share (EPS) is forecasted to rise from -4.77 yuan in 2024 to 1.55 yuan in 2027 [4]. Product Development and Market Position - The company has the largest established production capacity for manganese iron lithium at 110,000 tons per year, with products already in mass production [8]. - The first-generation manganese iron lithium product has achieved batch delivery, and the second-generation product is progressing well in validation [8]. - The company’s lithium supplement enhancer is the first in the world to achieve mass production, with a capacity of 5,000 tons per year, leading the industry in both scale and progress [8].