行业研究 非银金融 2025 年 09 月 12 日 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 当华尔街遇上区块链：纳斯达克的探索 | 华创证券研究所 | | --- | | 证券分析师：徐康 | | 电话：021-20572556 | | 邮箱：xukang@hcyjs.com | | 执业编号：S0360518060005 | 事项： 2025 年 9 月 8 日，纳斯达克正式向美国证券交易委员会（SEC）提交了关于代币化 交易"Tokenized Form"的规则提案，核心目标是在不破坏现有国家市场体系（NMS）的前 提下，引入代币化证券结算的合规通道。若获批准，预计美国存托结算公司（DTC）将 在 2026 年三季度上线链上结算功能。 评论： 代币化的合规逻辑与 SEC 沟通策略：纳斯达克在提案中强调，代币化并非发行新币，而 是传统证券的一种替代结算形式。本次于 2025 年 9 月 8 日提交的提案，是美国资本市 场首次尝试在合规层面为证券代币化结算提供路径。其说服 SEC 的主要逻辑包括：1）投 资者需求驱动：投资者对于可持有与交易代币化版本的证券的需求正在上升， ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 7.7 yuan [2][8]. Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 210 million yuan, down 53.8% year-on-year, and a net profit of 10 million yuan, down 87.4% year-on-year [2][8]. - The decline in performance is attributed to weak market demand, particularly influenced by the downturn in the real estate sector, which has adversely affected the company's core business of integrated stoves [2][8]. - The competitive landscape is intensifying, leading to a decrease in gross margins, which fell to 38.1% in the first half of 2025, down 6.2 percentage points year-on-year [2][8]. - Management expenses remain rigid, contributing to a significant drop in profitability, with a net profit margin of 5.8% in the first half of 2025, down 15.5 percentage points year-on-year [2][8]. - The report forecasts earnings per share (EPS) of 0.07, 0.12, and 0.17 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 93, 58, and 40 [2][8]. Financial Summary - For 2025, the company is expected to generate total revenue of 575 million yuan, a decrease of 34.5% compared to 2024, with a projected net profit of 48 million yuan, down 56.9% [4][9]. - The gross margin for the core integrated stove product is projected to decline to 39.8% in the first half of 2025, reflecting a 5.9 percentage point decrease year-on-year [2][8]. - The company's total assets are estimated to be 1.462 billion yuan in 2025, with a debt-to-equity ratio of 1.6% [9].

Investment Rating - The report maintains a "Buy" recommendation for the automotive industry [4] Core Insights - The report highlights the upcoming launch of seven significant new models in September 2025, which are expected to catalyze investment in the automotive sector [10][30] - Key models to watch include BYD's Fangcheng Baotai 7, Geely's Galaxy M9, NIO's ES8, and others, with a focus on their market performance and consumer expectations [10][30] - The report emphasizes the importance of tracking the market response to these new launches, as they could significantly impact the stock prices of related companies [10][30] Summary by Sections Industry Overview - The automotive sector consists of 225 listed companies with a total market capitalization of approximately 30,810.37 billion [4] - The circulating market value stands at about 23,623.17 billion [4] Market Performance - The absolute performance of the automotive sector has seen declines of -3.5% over the past month, -4.3% over six months, and -9.1% over the past year [5] - Relative performance shows a slight improvement of 1.3% over six months and 3.2% over the past year [5] Upcoming Models - The report details seven key new models expected to launch in September 2025, including: 1. BYD Fangcheng Baotai 7: A B-class plug-in hybrid SUV, expected to sell 0.3-0.5 million units monthly [12] 2. Geely Galaxy M9: A B-class six-seat plug-in hybrid SUV, anticipated to sell 0.8-1.0 million units monthly [22] 3. NIO ES8: A large six-seat pure electric SUV, projected to sell 0.6-0.8 million units monthly [30] 4. Other models include SAIC's Shangjie H5, Aito Wenjie M7, Li Auto i6, and Zeekr 9X, each with specific market expectations and features [10][30] Investment Recommendations - The report suggests focusing on companies like BYD, Geely, NIO, SAIC, and others due to the anticipated positive impact of new model launches on their stock performance [10][30] - It also highlights the stable demand for Jianghuai Automobile's S800 and recommends attention to SAIC Motor and Great Wall Motors based on their new platform models [10]

Report Investment Rating No investment rating information for the industry is provided in the report. Core Viewpoints - On September 11, 2025, the convertible bond market rose following the underlying stocks, with increased valuations. The trading sentiment in the convertible bond market heated up, and all industries in the A - share and convertible bond markets generally rose, except for the environmental protection industry in the convertible bond market, which declined [1][3]. Summary by Directory 1. Market Main Index Performance - The CSI Convertible Bond Index rose 1.23% compared to the previous day, the Shanghai Composite Index rose 1.65%, the Shenzhen Component Index rose 3.36%, the ChiNext Index rose 5.15%, the SSE 50 Index rose 1.48%, and the CSI 1000 Index rose 2.35% [1]. - In terms of market style, large - cap growth stocks were relatively dominant. Large - cap growth stocks rose 3.28%, large - cap value stocks rose 0.75%, mid - cap growth stocks rose 2.11%, mid - cap value stocks rose 1.19%, small - cap growth stocks rose 2.70%, and small - cap value stocks rose 1.33% [1]. 2. Market Fund Performance - The trading volume of the convertible bond market was 76.871 billion yuan, a 6.11% increase from the previous day. The total trading volume of the Wind All - A Index was 2464.593 billion yuan, a 22.99% increase from the previous day. The net inflow of main funds in the Shanghai and Shenzhen stock markets was 10.309 billion yuan, and the yield of the 10 - year Treasury bond decreased by 2.49bp to 1.87% [1]. 3. Convertible Bond Price and Valuation - Convertible bond prices: The weighted average closing price of convertible bonds was 131.22 yuan, a 1.22% increase from the previous day. The closing price of equity - biased convertible bonds was 170.61 yuan, a 0.18% increase; the closing price of bond - biased convertible bonds was 119.13 yuan, a 0.52% increase; the closing price of balanced convertible bonds was 127.02 yuan, a 0.54% increase. The proportion of high - price bonds above 130 yuan was 57.89%, a 5.03 - percentage - point increase from the previous day. The price median was 132.38 yuan, a 1.16% increase from the previous day [2]. - Convertible bond valuation: The conversion premium rate of the 100 - yuan par - value fitted convertible bonds was 29.56%, a 0.51 - percentage - point increase from the previous day. The overall weighted par value was 102.76 yuan, a 1.36% increase from the previous day. The premium rate of equity - biased convertible bonds was 9.77%, a 1.56 - percentage - point increase; the premium rate of bond - biased convertible bonds was 81.22%, a 0.95 - percentage - point increase; the premium rate of balanced convertible bonds was 21.49%, a 0.01 - percentage - point increase [2]. 4. Industry Performance - In the A - share market, the top three industries in terms of gains were communication (+7.39%), electronics (+5.96%), and computer (+3.71%). In the convertible bond market, 27 industries rose, with the top three being communication (+4.98%), electronics (+4.23%), and non - ferrous metals (+3.00%), while the only declining industry was environmental protection (-0.35%) [3]. - For different sectors in the convertible bond market: - Closing price: The large - cycle sector rose 1.03%, the manufacturing sector rose 1.74%, the technology sector rose 2.92%, the large - consumption sector rose 1.09%, and the large - finance sector rose 0.94% [3]. - Conversion premium rate: The large - cycle sector increased by 0.072 percentage points, the manufacturing sector decreased by 0.18 percentage points, the technology sector decreased by 0.12 percentage points, the large - consumption sector decreased by 0.13 percentage points, and the large - finance sector decreased by 0.34 percentage points [3]. - Conversion value: The large - cycle sector rose 0.90%, the manufacturing sector rose 1.68%, the technology sector rose 2.72%, the large - consumption sector rose 0.75%, and the large - finance sector rose 1.64% [3]. - Pure - bond premium rate: The large - cycle sector increased by 1.5 percentage points, the manufacturing sector increased by 2.5 percentage points, the technology sector increased by 4.3 percentage points, the large - consumption sector increased by 1.4 percentage points, and the large - finance sector increased by 1.1 percentage points [3]. 5. Industry Rotation - Communication, electronics, and computer industries led the rise. For example, the communication industry in the underlying stock market rose 7.39% in a single day, and 36.52% from the beginning of the year to the present; in the convertible bond market, it rose 4.98% in a single day and 47.99% from the beginning of the year to the present [57].

Banking Wealth Management Products - A total of 1,241 new wealth management products were launched from August 23 to September 5, 2025, with an average performance benchmark of 2.50%[11] - The proportion of fixed-income products slightly decreased from 98.36% to 97.74%[11] - Wealth management companies issued 900 products, accounting for 72.52% of the total, with an average performance benchmark of 2.54%[11] Fund Products - 80 new public funds were established, with a total issuance scale of 557.78 billion units, a 67.71% increase from the previous period[24] - Stock funds accounted for 49.29% of the new issuance scale, with 52 new funds totaling 274.94 billion units[25] - Mixed funds saw a significant increase, with 16 new funds totaling 175.03 billion units, a 170.20% increase[25] Insurance Products - 317 new insurance products were launched, representing a 268.60% increase compared to the previous period[3] - Life insurance products accounted for 193 new issuances, up 232.76% from 58 in the previous period[3] - Annuity insurance saw 124 new products, a 342.86% increase from 24 in the previous period[3]

Investment Rating - The report maintains a "Strong Buy" rating for Tongkun Co., Ltd. (601233) [1] Core Views - The company reported a revenue of 44.158 billion yuan for the first half of 2025, a year-on-year decrease of 8.41%, while the net profit attributable to shareholders was 1.097 billion yuan, an increase of 2.93% year-on-year [1] - In Q2 2025, the company achieved a revenue of 24.738 billion yuan, down 8.73% year-on-year but up 27.38% quarter-on-quarter, with a net profit of 486 million yuan, a slight increase of 0.04% year-on-year but a decrease of 20.54% quarter-on-quarter [1] - The long filament production capacity is fully utilized, with an operating rate of 96.3% in Q2 2025, and sales volume increased by 5% year-on-year and 38.2% quarter-on-quarter [7] - The report highlights that the supply-demand dynamics in the long filament industry are continuously improving, with expectations for profit margins to rise in the long term [7] Financial Summary - Total revenue for 2024 is projected at 101.307 billion yuan, with a year-on-year growth rate of 22.6%, while for 2025, it is expected to decrease to 97.086 billion yuan, reflecting a decline of 4.2% [3] - The net profit attributable to shareholders is forecasted to grow significantly from 1.202 billion yuan in 2024 to 2.167 billion yuan in 2025, representing a growth rate of 80.3% [3] - The earnings per share (EPS) is expected to increase from 0.50 yuan in 2024 to 0.90 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 16 times [3] Market Position and Valuation - The company is positioned as a leader in the long filament industry, with a total production capacity of 13.5 million tons for polyester filament and 10.2 million tons for PTA [7] - The target price for the stock is set at 18.9 yuan, with the current price at 14.62 yuan, indicating a potential upside [3] - The report suggests that the stock price does not fully reflect the profitability potential of the petrochemical segment, which is significantly undervalued [7]

Investment Rating - The report maintains a "Recommendation" rating for Yitian Intelligent, with a target price of 59.00 CNY, compared to the current price of 51.99 CNY [4][8]. Core Views - Yitian Intelligent's revenue for H1 2025 was 170 million CNY, a year-over-year decline of 49.1%, with a net profit attributable to shareholders of -70 million CNY, a year-over-year decline of 507.0% [2][8]. - The core business of integrated stoves saw a significant revenue drop of 66.4% year-over-year, primarily due to low demand linked to the real estate market and high replacement costs [8]. - The newly added computing power business generated 10 million CNY in revenue, indicating potential for future growth [8]. - The overall gross margin for H1 2025 was 14.1%, down 29.5 percentage points year-over-year, reflecting pressure on pricing due to insufficient demand [8]. - The report highlights that the company's profitability is under pressure, with a net loss recorded in Q2 2025 due to declining gross margins and increased fixed costs [8]. Financial Summary - Total revenue projections for 2025, 2026, and 2027 are 584 million CNY, 594 million CNY, and 658 million CNY respectively, with corresponding year-over-year growth rates of -16.9%, 1.8%, and 10.7% [4][9]. - The net profit attributable to shareholders is projected to be 28 million CNY in 2025, 40 million CNY in 2026, and 59 million CNY in 2027, with growth rates of 3.9%, 43.7%, and 48.1% respectively [4][9]. - The report indicates a significant increase in the price-to-earnings (P/E) ratio from 355 in 2024 to 161 in 2027, reflecting anticipated recovery in earnings [4][9].

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 69.5 yuan [2][8]. Core Insights - The company reported a revenue of 2.54 billion yuan for H1 2025, representing a year-over-year increase of 18.9%. The net profit attributable to shareholders was 210 million yuan, up 27.3% year-over-year. For Q2 2025, the revenue was 1.21 billion yuan, showing a significant year-over-year growth of 29.6%, while the net profit reached 75 million yuan, a remarkable increase of 641.5% [2][8]. - The revenue growth is attributed to both organic growth and the consolidation of Roman Smart, driven by government subsidy policies, effective new channel strategies, and successful new product categories [8]. - The company's gross margin improved to 37.2% in H1 2025, up 0.5 percentage points year-over-year, with Q2 2025 gross margin at 37.6%, an increase of 3.2 percentage points year-over-year [8]. - The net profit margin for H1 2025 was 8.1%, reflecting a year-over-year increase of 0.5 percentage points, with Q2 2025 net profit margin at 6.2%, up 5.1 percentage points year-over-year [8]. - The report forecasts net profits for 2025, 2026, and 2027 to be 380 million yuan, 440 million yuan, and 460 million yuan respectively, with corresponding P/E ratios of 23, 20, and 19 [8]. Financial Summary - For 2025, the company is projected to achieve total revenue of 5.43 billion yuan, a growth rate of 14.2% compared to 2024. The net profit is expected to be 376 million yuan, reflecting a growth rate of 30.8% [4][9]. - The company’s total assets are estimated to reach 6.51 billion yuan by 2025, with a debt-to-equity ratio of 21.9% [9]. - The report indicates a significant reduction in financial expenses due to increased interest income, contributing positively to profits [8].

Report Industry Investment Rating No information provided in the content. Core Viewpoints - The convertible bond market showed weak performance on September 10, 2025, with compressed valuations. The CSI Convertible Bond Index decreased by 0.63% compared to the previous day, while the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, Shanghai 50 Index, and CSI 1000 Index all showed varying degrees of increase [1]. - The large-cap growth style was relatively dominant. The large-cap growth index increased by 0.49%, while the large-cap value, mid-cap growth, mid-cap value, small-cap growth, and small-cap value indices all decreased [1]. - The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 72.447 billion yuan, a decrease of 1.82% compared to the previous day; the total trading volume of the Wind All A Index was 2.003952 trillion yuan, a decrease of 6.88% compared to the previous day; the net outflow of the main funds in the Shanghai and Shenzhen stock markets was 1.294 billion yuan, and the yield of the 10-year treasury bond increased by 3.51bp to 1.90% [1]. Summary by Relevant Catalogs Market Overview - **Index Performance**: The CSI Convertible Bond Index decreased by 0.63% compared to the previous day, while the Shanghai Composite Index increased by 0.13%, the Shenzhen Component Index increased by 0.38%, the ChiNext Index increased by 1.27%, the Shanghai 50 Index increased by 0.37%, and the CSI 1000 Index increased by 0.06% [1]. - **Market Style**: The large-cap growth style was relatively dominant. The large-cap growth index increased by 0.49%, while the large-cap value index decreased by 0.10%, the mid-cap growth index decreased by 0.79%, the mid-cap value index decreased by 0.65%, the small-cap growth index decreased by 0.03%, and the small-cap value index decreased by 0.51% [1]. - **Fund Performance**: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 72.447 billion yuan, a decrease of 1.82% compared to the previous day; the total trading volume of the Wind All A Index was 2.003952 trillion yuan, a decrease of 6.88% compared to the previous day; the net outflow of the main funds in the Shanghai and Shenzhen stock markets was 1.294 billion yuan, and the yield of the 10-year treasury bond increased by 3.51bp to 1.90% [1]. Convertible Bond Price - The central price of convertible bonds decreased, and the proportion of high-price bonds decreased. The weighted average closing price of convertible bonds was 129.71 yuan, a decrease of 0.64% compared to the previous day. Among them, the closing price of equity-oriented convertible bonds was 169.95 yuan, a decrease of 1.05% compared to the previous day; the closing price of bond-oriented convertible bonds was 118.52 yuan, a decrease of 0.67% compared to the previous day; the closing price of balanced convertible bonds was 126.34 yuan, a decrease of 0.67% compared to the previous day [2]. - From the distribution of convertible bond closing prices, the proportion of high-price bonds above 130 yuan was 52.86%, a decrease of 3.23pct compared to the previous day; the range with the largest change in proportion was 110 - 120 (including 120), with a proportion of 14.42%, an increase of 3.61pct compared to the previous day; there were 0 bonds with a closing price below 100 yuan. The median price was 130.86 yuan, a decrease of 0.56% compared to the previous day [2]. Convertible Bond Valuation - Valuations were compressed. The fitted conversion premium rate of the 100-yuan parity was 29.05%, a decrease of 0.29pct compared to the previous day; the overall weighted parity was 101.38 yuan, a decrease of 0.48% compared to the previous day. The premium rate of equity-oriented convertible bonds was 8.21%, a decrease of 0.72pct compared to the previous day; the premium rate of bond-oriented convertible bonds was 80.27%, an increase of 0.98pct compared to the previous day; the premium rate of balanced convertible bonds was 21.48%, a decrease of 0.10pct compared to the previous day [2]. Industry Performance - In the A-share market, the top three industries with the largest declines were power equipment (-1.18%), basic chemicals (-0.94%), and non-ferrous metals (-0.87%); the top three industries with the largest increases were communication (+3.49%), electronics (+1.78%), and media (+1.68%) [3]. - In the convertible bond market, 27 industries declined, and the top three industries with the largest declines were beauty care (-1.56%), automobile (-1.38%), and machinery and equipment (-1.31%); the only industry that rose against the trend was communication (+0.91%) [3]. - **Closing Price**: The large-cycle sector decreased by 0.67%, the manufacturing sector decreased by 1.15%, the technology sector decreased by 0.20%, the large-consumption sector decreased by 0.87%, and the large-finance sector decreased by 0.55% [3]. - **Conversion Premium Rate**: The large-cycle sector decreased by 0.52pct, the manufacturing sector decreased by 0.49pct, the technology sector decreased by 1.2pct, the large-consumption sector decreased by 0.51pct, and the large-finance sector decreased by 0.69pct [3]. - **Conversion Value**: The large-cycle sector decreased by 0.18%, the manufacturing sector decreased by 0.61%, the technology sector increased by 0.68%, the large-consumption sector decreased by 0.34%, and the large-finance sector decreased by 0.08% [3]. - **Pure Bond Premium Rate**: The large-cycle sector decreased by 0.95pct, the manufacturing sector decreased by 1.7pct, the technology sector decreased by 0.34pct, the large-consumption sector decreased by 1.1pct, and the large-finance sector decreased by 0.65pct [3]. Industry Rotation - The communication, electronics, and media industries led the rise. In the stock market, the daily increase rates of communication, electronics, and media were 3.49%, 1.78%, and 1.68% respectively; in the convertible bond market, the daily increase rate of communication was 0.91%, while other industries showed varying degrees of decline [56].

Group 1: Institutional Investor Holdings - As of Q2 2025, the market value of A-share institutional investors' holdings increased to 18.7 trillion CNY, accounting for 20.6% of the total market, up 0.2 percentage points from the end of 2024[4] - Public funds hold 6.0 trillion CNY (6.7%); foreign capital holds 3.1 trillion CNY (3.4%); private equity holds 4.1 trillion CNY (4.5%); and insurance companies hold 3.1 trillion CNY (3.4%)[4] - The stock investment ratio of insurance institutions reached 8.8%, close to historical highs, driven by increased premium income and expanded risk from interest rate spreads[8] Group 2: Fund Types and Trends - The scale of active public funds reached 2.6 trillion CNY, while passive funds reached 3.4 trillion CNY, with stock ETFs at 3.0 trillion CNY, increasing from 14.7% at the end of 2021 to 50.2% currently[13] - Since June, the issuance of active equity public funds has been recovering, indicating potential growth in public fund holdings[13] - Private equity fund holdings reached 4.1 trillion CNY, with a 0.1 percentage point increase to 4.5% as of Q2 2025[18] Group 3: Individual Investor Activity - Individual investors' holdings reached 35.2 trillion CNY, up 1.6 trillion CNY from Q1 2025, accounting for 38.9% of the total market[23] - Margin trading balances surged to nearly 2.3 trillion CNY, a historical high, with margin trading volume accounting for 11.7% of total A-share trading volume[23] Group 4: Sector Preferences - Public funds favor growth sectors, heavily investing in electronics (16.4%) and pharmaceuticals (9.8%); private equity focuses on electronics (12.7%) and computers (10.6%)[25] - Insurance companies prioritize dividend value, with significant investments in banks (45.5%) and utilities (7.8%)[25] - Foreign capital balances growth and value, with QFII heavily investing in banks (46.7%) and electronics (12.3%)[25]