Investment Rating - The investment rating for the environmental sector is "Positive" [2] Core Viewpoints - The new energy storage action plan has been implemented, with expectations for demand to improve significantly. By 2027, the new energy storage capacity is projected to exceed 180 million kilowatts, driving direct project investments of approximately 250 billion yuan [3][15][21]. - The new energy storage market is experiencing rapid growth, with installed capacity reaching 78.3 GW in 2024, a year-on-year increase of 126.9%. This marks the first time that the cumulative installed capacity of new energy storage has surpassed that of pumped storage [21][24]. - The shift from "policy-driven" to "market-driven" energy storage is underway, with the cancellation of mandatory storage requirements for new energy projects, which is expected to foster long-term market development [16][17]. Summary by Sections Market Performance - As of September 19, the environmental sector has underperformed the broader market, with a decline of 1.42% compared to a 1.30% drop in the Shanghai Composite Index [3][8]. Industry Dynamics - The Ministry of Transport released standards for hydrogen transportation, enhancing safety and promoting the development of the hydrogen transport sector [37]. - A significant milestone was achieved with the delivery of a solid-state hydrogen emergency power supply, marking progress in solid hydrogen storage technology [38]. Investment Recommendations - The report emphasizes the high growth potential in energy conservation, environmental protection, and resource recycling sectors. It recommends focusing on companies like Hanlan Environment, Xingrong Environment, and Hongcheng Environment, while also suggesting attention to companies such as Wangneng Environment and Junxin Co [55].

Investment Rating - The industry investment rating is "Positive" [2] Core Views - The report highlights that the recent interest rate cut in the US and expected demand improvement could catalyze growth in sectors such as smart glasses and new tobacco products [2][3] - The report emphasizes the potential for export recovery due to the interest rate cut, which is expected to benefit companies with strong overseas production capabilities [2][4] - The smart glasses sector is seeing product improvements and optimization of industry pain points, which may lead to high growth in sales [3][4] Summary by Sections Pulp and Paper - Supply disruptions in pulp continue, with UPM extending maintenance at its Kaukas pulp mill until October 11, 2025, impacting production [2] - Price adjustments for various types of pulp are noted, with expectations of price increases from paper companies in Q4 [2] Exports - The recent interest rate cut by the Federal Reserve is expected to lead to a gradual recovery in interest-sensitive sectors like real estate and home consumption [2] - Companies with robust overseas production are anticipated to show greater resilience and improved export orders [2][4] New Tobacco - Increased competition in Japan's heated tobacco market is noted, with major players reducing prices to enhance market share [2][3] - The report anticipates growth in sales of new tobacco products, particularly in Europe and North America [3] Smart Glasses - Meta's launch of new AI smart glasses with improved features is expected to enhance market appeal and sales [3] - The report suggests that the industry may see high growth in sales due to these advancements [3] Packaging - The report discusses the strong overseas expansion of packaging leaders, with expectations of increased profitability [2] - Companies are focusing on high-margin clients and expanding their overseas production capabilities [2] Gold and Jewelry - The report notes a positive outlook for traditional jewelry brands despite challenges from rising gold prices [2] - Companies are expected to adapt their strategies to maintain sales growth [2] Two-Wheel Vehicles - The electric three-wheeler market is seen as having growth potential, with new product launches from leading companies [2] - The report highlights strategic partnerships aimed at enhancing performance in the electric motorcycle segment [2] E-commerce - The report indicates that cross-border e-commerce sellers are expected to maintain stable performance, with a focus on optimizing operations [2] - The upcoming holiday season is anticipated to drive sales growth [4] Pet Products - The pet industry is expected to maintain a positive trend, with new high-end products being introduced [2] - Companies are focusing on brand development to enhance market presence [4] IP Retail - The report highlights the strong performance of brands like Pop Mart in the global market, with plans for further expansion [2] - New product launches are expected to drive sales during the upcoming holiday season [4] Maternal and Child Products - Recent government policies aimed at boosting birth rates are expected to benefit the maternal and child retail sector [5] - Leading companies are positioned to capitalize on these policy changes [5]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The report indicates that the coal economy is at the beginning of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [3][13] - The report highlights that coal prices have shown signs of stabilization, and there is an expectation for price increases due to seasonal demand and supply constraints [5][13] - The report emphasizes the continued investment logic of coal capacity shortages, with a short-term balance and a long-term gap in supply [13][14] Summary by Sections Coal Price Tracking - As of September 19, the market price for Qinhuangdao port thermal coal (Q5500) is 699 CNY/ton, an increase of 21 CNY/ton week-on-week [4][31] - The price for coking coal at Jingtang port is 1610 CNY/ton, up 60 CNY/ton week-on-week [4][33] - International thermal coal prices have also seen fluctuations, with Newcastle thermal coal at 69.6 USD/ton, a week-on-week increase of 0.4 USD/ton [4][31] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.7%, an increase of 2.4 percentage points week-on-week [4][48] - Daily coal consumption in inland provinces has increased by 4.10 thousand tons/day (+1.22%) [5][13] - The report notes that the supply side is still constrained by policies, and the demand is expected to rise as winter heating needs begin [5][13] Industry Performance - The coal sector has shown a weekly increase of 3.59%, outperforming the broader market [16] - The report identifies key companies to focus on, including China Shenhua, Shaanxi Coal, and others, highlighting their stable operations and strong performance [14][16]

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the overall sentiment appears positive based on the analysis of growth and profitability metrics. Core Insights - The company has a diversified customer structure with approximately 40% of revenue from consumer electronics, 30% from home appliances, 10% from the automotive and new energy vehicle supply chain, and 10% from liquor, among others. This strategic focus on high-margin clients enhances its profitability compared to peers [1]. - The company has experienced significant growth in overseas sales, with a 40.4% year-on-year increase, while domestic revenue declined by 6.5%. The gross margin for overseas sales stands at 33.6%, indicating a more favorable competitive landscape abroad [2]. - The company is expanding its overseas production capacity, with five factories in Vietnam, Thailand, Malaysia, and Mexico, which is expected to enhance its market share and maintain high growth rates in the coming years [2]. Summary by Sections Customer Structure - The company’s customer base is well-diversified, with a focus on high-margin sectors, leading to superior profitability compared to industry peers [1]. Financial Performance - Domestic revenue for H1 2025 was 1.23 billion (down 6.5% YoY), while overseas revenue reached 652 million (up 40.4% YoY). The gross margin for domestic sales was 20.8%, while for overseas it was 33.6% [2]. - The company’s projected net profits for 2025-2027 are 370 million, 444 million, and 533 million respectively, with corresponding P/E ratios of 19.4X, 16.2X, and 13.5X [2]. Production Capacity - The company has established a strong overseas production presence, with plans for further expansion, particularly in Mexico, which is expected to come online soon. This strategic positioning is anticipated to enhance overall profitability and market share [2].

Investment Rating - The industry investment rating is "Positive" as the industry index is expected to outperform the benchmark [146] Core Viewpoints - The EVA supply remains tight, leading to continued price and margin increases [2] - Brent crude oil average price for the week ending September 19, 2025, was $67.55 per barrel, reflecting a week-on-week increase of 1.62% [2][3] - Domestic and international refined oil prices have seen slight increases, with domestic refined oil price margins narrowing and overseas margins widening [2] Summary by Sections Refining Sector - Domestic key refining project price margin was 2380.87 CNY/ton, a decrease of 15.72 CNY/ton (-0.66%) week-on-week, while the international margin was 1176.66 CNY/ton, down 16.22 CNY/ton (-1.36%) [2][3] - Brent and WTI crude oil prices on September 19, 2025, were $66.68 and $62.68 per barrel, respectively, showing slight declines from the previous week [16] - Domestic diesel, gasoline, and aviation kerosene average prices were 6936.14 CNY/ton, 8019.29 CNY/ton, and 5976.50 CNY/ton, respectively, with corresponding price margins against crude oil [16] Chemical Sector - EVA prices continued to rise, with an average price of 11842.86 CNY/ton, and the EVA-crude oil price margin increased to 8338.71 CNY/ton [56] - Polypropylene prices showed a downward trend due to weak demand, with average prices for various types of polypropylene reported [72] - MMA prices increased significantly due to supply-side factors and pre-holiday stocking demand, with an average price of 9882.14 CNY/ton [72] Polyester & Nylon Sector - PX prices showed a slight decline, with the current average price at 5926.85 CNY/ton, and the PX-crude oil price margin at 2423.52 CNY/ton [87] - PTA prices decreased, with the average price at 4592.86 CNY/ton and the industry average profit margin remaining negative [96] - The average price for polyester filament yarns decreased due to weak demand, with average prices reported for different types of yarns [104]

Investment Rating - The investment rating for the company is "Buy" based on the strong performance and growth potential observed in the report [1]. Core Insights - The company is expected to continue its strong operational trends in Q4 with new store openings, seasonal demand, and product launches, indicating sustained growth momentum [2]. - The overseas expansion is accelerating, with a target of 200 stores by the end of the year, reflecting a significant increase from 140 stores reported mid-year [2]. - The company's IP ecosystem and supply chain optimization are strengthening its competitive barriers, with successful performance from key IPs and new product launches expected to drive sales [2]. - The financial forecasts indicate substantial growth in revenue and net profit over the next few years, with projected net profits of 112.8 billion, 166.2 billion, and 200.3 billion for 2025, 2026, and 2027 respectively [3][4]. Financial Summary - Revenue is projected to grow from 13.038 billion in 2024 to 59.496 billion in 2027, reflecting a compound annual growth rate (CAGR) of approximately 106.92% to 15.21% [3][4]. - The net profit is expected to increase significantly from 3.125 billion in 2024 to 20.032 billion in 2027, with growth rates of 189% and 21% in the respective years [3][4]. - Earnings per share (EPS) are forecasted to rise from 2.36 in 2024 to 14.92 in 2027, indicating strong profitability growth [3][4]. Key Financial Ratios - The company is expected to maintain a healthy return on equity (ROE) of 29.26% in 2024, increasing to 32.59% by 2027 [5]. - The debt-to-equity ratio is projected to decrease from 26.80% in 2024 to 19.27% in 2027, indicating improved financial stability [5]. - The current ratio is expected to improve from 3.63 in 2024 to 5.29 in 2027, reflecting strong liquidity [5].

Investment Rating - The investment rating for Smoore International (6969.HK) is not explicitly stated in the provided documents, but the report suggests a positive outlook based on market developments and company performance [1]. Core Viewpoints - The marketing promotion of HILO in Japan is expected to accelerate, while the compliance market in the US is showing signs of recovery [1]. - The competitive landscape in Japan is intensifying, with major players like Philip Morris and British American Tobacco reducing prices, which may enhance HILO's market share [2]. - The US market is anticipated to improve further, with an increase in the compliance product listing rate expected from Q3 2025, benefiting Smoore's core supply chain [2]. - In Europe, Smoore's ODM revenue is projected to grow significantly, with a year-on-year increase of 38% in the first half of 2025, indicating a successful transition from disposable products to compliant alternatives [3]. - The HNB (Heated Not Burned) product line is set to launch in Japan and expand into Europe, with expectations for revenue growth in subsequent quarters [3]. - Profit forecasts indicate a continuous improvement in operational performance, with net profits projected to reach 1.23 billion, 2.02 billion, and 3.06 billion yuan for 2025, 2026, and 2027 respectively [3]. Summary by Sections Market Developments - The US FDA and CBP have conducted significant enforcement actions against unauthorized e-cigarette products, indicating a tightening regulatory environment that may benefit compliant products [1]. - The introduction of new regulations in various US states is expected to enhance the market for compliant products, with a notable increase in the market share of compliant flavors [2]. Financial Projections - Total revenue is projected to grow from 11.8 billion yuan in 2024 to 19.3 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 18% [6]. - The net profit is expected to recover from a decline in 2024 to a significant increase by 2027, reflecting a turnaround in profitability [6]. - Earnings per share (EPS) are forecasted to rise from 0.21 yuan in 2024 to 0.49 yuan in 2027, indicating improved shareholder value [6]. Operational Insights - The company is focusing on product innovation and compliance, with a shift from disposable products to more sustainable and compliant offerings, which is expected to drive growth in various markets [3]. - The operational cash flow is projected to improve significantly, reflecting better management of working capital and operational efficiency [9].

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry [1] Core Insights - The report highlights that OPEC+ has implemented production increases as planned in August 2025, indicating a recovery in oil supply [1] - Predictions for global oil supply and demand are optimistic, with significant increases expected in 2025 and 2026 [2][32] - The report emphasizes the importance of geopolitical factors and OPEC+ production policies in influencing oil prices and market stability [4] Supply and Demand Overview - IEA, EIA, and OPEC predict global oil supply for 2025 to be 10582.51, 10552.82, and 10460.46 million barrels per day respectively, showing increases from 2024 [2][32] - For 2026, the predicted supply is 10787.62, 10664.34, and 10618.42 million barrels per day, indicating continued growth [2][32] - Global oil demand predictions for 2025 are 10387.45, 10380.99, and 10513.52 million barrels per day, with increases from 2024 [2][32] Price Trends - As of September 16, 2025, Brent crude oil is priced at $68.47, WTI at $64.52, and Russian ESPO at $63.69, with recent price changes showing slight increases [9][10] - Year-to-date price changes show Brent down by 9.82%, WTI down by 11.77%, and Russian ESPO down by 11.48% [9][10] Inventory Insights - Global oil inventory changes are predicted to be +195.06, +171.83, and -53.06 thousand barrels per day for 2025, with an average increase of +104.61 thousand barrels per day [27] - For 2026, the average inventory change is expected to be +150.95 thousand barrels per day [27] Related Companies - Key companies in the industry include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [4]

客座率维持高位，座收或超预期 [Table_Industry] 航空运输 [Table_ReportDate] 2025 年 09 月 17 日 。。 [Table_Author] 匡培钦 交通运输行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 航空运输月度专题：客座率维持高位，座收 或超预期 [Table_ReportDate] 2025 年 09 月 17 日 本期内容提要: 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 航空运输 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_S [事件： Table_Summary ummar 各航司发布 y] ] 2025 年 8 月经营数据。 ➢ 投资建议 兑人民币汇率为 7.1027 元，较 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights the release of policies aimed at boosting service consumption and expanding domestic demand, with a focus on various sectors including education, tourism, IP, sports, exhibitions, and nursing [3] Summary by Relevant Sections Education - Focus on K12 education and vocational training, with expectations for smoother approval processes for non-academic training licenses and increased market opportunities for employment-oriented vocational education. Recommended companies include DouShen Education, Angli Education, and China Oriental Education [3] Tourism - Emphasis on attracting more foreign visitors and enhancing travel services. Investment opportunities are identified in OTA (Online Travel Agencies) such as Ctrip Group, scenic spots like Xiyu Tourism, hotels like ShouLi Hotel, and tourism retail companies like China Duty Free Group [3] Intellectual Property (IP) - Recommendations to explore traditional cultural IP markets and develop new service consumption scenarios. Companies to watch include Songcheng Performance and Pop Mart [3] Sports - Encouragement for introducing foreign sports events and supporting local sports competitions. Investment opportunities include event operations firms like Lisheng Sports and Lansheng Co [3] Exhibitions - Focus on cultivating international markets for medical and exhibition services, with recommended companies including Lansheng Co and Miao Exhibition [3] Nursing - Highlighting the importance of training personnel in elderly care and long-term care services, with a focus on Saint Bella [3]