Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2]. Core Views - Short-term policy disruptions do not alter long-term industry trends, and there is a recommendation to focus on the Q3 earnings report [2][3]. - The recent performance of the pharmaceutical sector has been relatively weak, with a weekly return of -1.20% and a monthly return of -3.62% compared to the CSI 300 index [3][11]. - Key factors affecting the market include recent agreements in the U.S. regarding drug pricing, significant mergers and acquisitions by multinational corporations, and legislative actions impacting Chinese biotech companies [3][11]. Summary by Sections Market Performance - The pharmaceutical and biotechnology sector's weekly return was -1.20%, ranking 25th among 31 sub-industry indices [3][11]. - The Chinese pharmaceutical index has shown a monthly return of -3.62%, ranking 23rd among the same indices [11][21]. Policy Dynamics - On October 9, the National Medical Products Administration announced measures to expedite post-marketing research for traditional Chinese medicine injections [3][11]. - On October 11, the National Healthcare Security Administration issued a notice to strengthen monitoring of drug pricing issues in retail pharmacies [3][11]. Industry Outlook - Despite short-term policy impacts, the long-term trend for innovative drug companies remains positive, with a focus on the next 2-3 years as a critical period for growth [3][11]. - The CXO sector is recovering, and there is an expectation of sustained growth in performance, which may restore market confidence [3][11]. Q3 Earnings Expectations - Anticipated strong Q3 performance in various segments, including medical devices, traditional Chinese medicine, and raw material pharmaceutical companies [3][4]. - Specific companies to watch include United Imaging Healthcare, Kaili Medical, and others in the high-end medical device sector [4][12]. Sub-industry Performance - Among sub-industries, traditional Chinese medicine showed the highest weekly return of 1.51%, while medical services had a weekly return of -3.37% [11][28]. - The medical device sector is expected to stabilize or reverse in Q3, with several companies recommended for attention [4][12]. Valuation Metrics - The current price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology sector is 30.88, which is above the historical average of 29.23 [15][18]. - The sector's valuation is at a historically low level, indicating potential investment opportunities [15][18].

Investment Rating - The report maintains a "Positive" investment rating for the machinery equipment industry [2]. Core Views - The humanoid robot sector is experiencing continuous catalysts, with significant attention on the upcoming Q3 earnings reports [3][12]. - The report emphasizes the growth potential in humanoid robots and PCB equipment, alongside a focus on industries like process engineering and construction machinery that are expected to show improved performance [3][14]. Summary by Sections Humanoid Robots - Tesla announced plans to scale up humanoid robot production, aiming to launch the third generation by the end of 2025 and start mass production in 2026 [12][58]. - Figure AI introduced the Figure03, designed for household tasks, with a manufacturing base targeting an initial annual capacity of 12,000 units and a total of 100,000 units over four years [12][58]. Machinery Sales Performance - In August, excavator sales reached 16,523 units, a year-on-year increase of 12.8%, with domestic sales up 14.8% and exports up 11.1% [13][68]. - Loader sales also showed strong growth, with 9,440 units sold in August, reflecting a 13.3% increase year-on-year [76]. Company Highlights 1. **Lvtian Machinery** - Focuses on general power machinery and has begun mass production of energy storage products. Projected net profit growth rates for Q3 2024 to Q2 2025 are 24.1%, 55.9%, 56.3%, and 70.4% respectively [3][14]. 2. **Rilian Technology** - A leading supplier of industrial X-ray inspection equipment, with a nearly 100% increase in new orders and a 38.34% revenue growth year-on-year [4][15]. 3. **Xinxin Shares** - Specializes in hard alloy tools, reporting a revenue growth of 28.97% and a net profit increase of 2.88% in the first half of the year [5][16]. Market Trends - The manufacturing PMI in September 2025 was reported at 49.8%, indicating a slight recovery, with production indices improving [26]. - The report notes a significant increase in industrial profits, with a year-on-year growth of 20.4% in August, driven by a low base from the previous year [26][34]. Policy Support - Continuous government support for the humanoid robot industry is noted, with local governments actively implementing development plans [61][62].

债市修复短信用先受益 3Y 二级与 5Y 永续利率大幅回落 —— 信用利差周度跟踪 20251012 [[Table_R Table_Report eportTTime ime]] 2025 年 10 月 12 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 歌声ue 证券研究报告 债券研究 [Table_ReportType] 专题报告 [➢Table_Summary] 信用债跟随利率修复，短久期高等级品种率先受益。国庆假期前后（9 月 28 日至 10 月 11 日）债券市场整体修复，1Y 期国开债收益率下行 1BP，3Y、5Y、 7Y 和 10Y 期国开债收益率下行 4BP。信用债收益率跟随下行，短久期高等级 品种率先受益。1Y 期 AAA 级信用债收益率下行 8BP，AA+和 AA-级下行 6BP， AA 级下行 3BP；3Y 期 AAA 级信用债收益率下行 4BP，其余等级信用债收益率 下行 1-2BP；5Y 期 AAA 级信用债收益率下行 4BP，其余等级下行 0-1BP；7Y 期各等级信用债收益率下行 3-4BP，10Y 期 AAA 级信用债收益率下行 4 ...

贸易摩擦难改央行操作框架 但 Q4 降准降息概率增加 —— 流动性与机构行为周度跟踪 251012 [Table_ReportTime] 2025 年 10 月 12 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 673 歌声ue 证券研究报告 债券研究 [Table_ReportType] 专题报告 | ] [Table_A 李一爽 uthor固定收益首席分析师 | | --- | | 执业编号：S1500520050002 | | 联系电话：+86 18817583889 | | 邮 箱： liyishuang@cindasc.com | 3贸易摩擦难改央行操作框架 但 Q4 降准降息概率增加 附息国债发行规模均较 9 月下降，我们假设 10 月关键期限国债平均发行规 模下降至约 1300 亿元，假设贴现国债平均发行规模约 390 亿元，则我们预 计 10 月国债发行规模约 1.15 万亿，净融资规模约 1800 亿元。目前已有 26 个地区公布了 10 月地方债发行计划，合计规模 5404 亿元，考虑四季度新增 专项债发行计划主要集中在 10 月份，我们上调 1 ...

胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，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 原油周报：中东地缘风险降温 [Table_T ， itle油价周内 ] 下跌 证券研究报告 行业研究——周报 [Tabl Table_StockAndRank] 石油加工行业 e_ReportType] | | | 上次评级——看好 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com [Table_ReportDate0] 2025 年 10 月 12 日 本期内容提要： [Table_Author] [Table_Summary] ➢ 【油价回顾】截至 2025 年 10 月 10 日当周，国际油价下跌。国庆期 间，欧佩克计划 11 月继续增产及库尔德地区原油出口恢复引发供应 过剩担忧，加之美国政府停摆引发经济担忧，国际油价下跌；而后， 特朗普为哈马斯设定最后期限，引发地缘风险担忧，欧佩 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The demand for energy storage is on the rise, with significant investment opportunities in the energy storage sector [2][3] - China's new national commitment aims for non-fossil energy consumption to exceed 30% of total energy consumption by 2035, with wind and solar power capacity expected to reach over six times that of 2020, targeting 3.6 billion kilowatts [2][3] Summary by Relevant Sections Energy Storage Growth - New energy storage installations are expected to see sustained high growth, driven by clear growth in renewable energy generation over the next decade [3] - By the end of 2024, the cumulative installed capacity of new energy storage projects in China is projected to reach 73.76 million kilowatts, with an energy scale of 168 million kilowatt-hours, which is approximately 20 times that of the end of the 13th Five-Year Plan, and over 130% growth compared to the end of 2023 [3] Market Dynamics - The liberalization of the electricity market is anticipated to drive independent energy storage demand growth, with market transactions widening the price gap between peak and valley electricity, thereby enhancing the economic viability of energy storage [3] - Several provinces in China, including Inner Mongolia, Hebei, Gansu, Ningxia, and Shandong, have introduced capacity pricing and compensation policies, providing strong baseline returns for energy storage [3] Investment Recommendations - The report recommends focusing on the energy storage sector, highlighting companies such as Sungrow Power Supply, CATL, EVE Energy, Tongrun Equipment, Haibo Science and Technology, and Deye Co., Ltd. [3] - Material companies to watch include Tinci Materials, Dofluorid, Putailai, Shanta Technology, and Fulin Precision [3]

基本面与政策面共振，拾级而上 [Table_ReportTime] 2025 年 10 月 12 日 证券研究报告 [Table_ReportType] 行业周报 | [Table_StockAndRank] 煤炭开采 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭钢铁行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 刘波： 煤炭钢铁行业分析师 执业编号：S1500525070001 邮箱：liubo1@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,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 行业研究-周报 [Table_Title] 基本面与政策面共振，拾级而上 [Table_ReportDate] 2025 年 10 月 12 日 本期内容提要: [Table_Summary] 请阅读最后一页免责声明及信息披露 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The automotive sector underperformed the market this week, with the A-share automotive sector declining by 1.26%, ranking 26th among A-share Shenwan first-level industries [3][9] - Key news includes the adjustment of the vehicle trade-in subsidy policy in Shanghai, the establishment of a smart robot subsidiary by Xingyu Co., and GAC Honda's plan to acquire a 50% stake in Dongfeng Honda Engine [3][23] - Tesla's third-quarter sales in China increased by 31% quarter-on-quarter, reaching a new high for the year, while BYD has entered the Argentine electric vehicle market [3][23][24] Market Performance - The A-share automotive sector's performance this week was a decline of 1.26%, with the SW passenger vehicle index down by 0.98% and the SW commercial vehicle index up by 0.79% [3][9] - Leading stocks in the passenger vehicle sector included Changan Automobile and GAC Group, while in the commercial vehicle sector, Jinlong Automobile and Dongfeng Motor led the gains [3][17][21] Industry News - The Figure 03 humanoid robot was officially launched, aiming for a production target of 100,000 units over four years [23] - Shanghai's new vehicle trade-in subsidy policy will be implemented from October 13, 2025, to December 31, 2025, with a focus on orderly consumer participation [23] - Tesla's new low-priced Model 3 and Model Y were launched in the U.S. market, priced approximately $5,000 lower than existing models [23] Recommendations - For passenger vehicles, recommended companies include BYD, Great Wall Motors, and Li Auto [3] - In the commercial vehicle sector, focus on China National Heavy Duty Truck and FAW Liberation [3] - In the auto parts sector, recommended companies include Tongyuan Safety and Fuyou Glass [3]

Investment Rating - The industry investment rating is "Positive" based on the performance of the refining sector and the expected improvements in product margins [2][154]. Core Insights - The report highlights a significant drop in raw material prices, leading to a slight improvement in refining product margins. The domestic refining project price spread increased by 21.59 CNY/ton (+0.91%) to 2404.19 CNY/ton, while the international spread decreased by 6.62 CNY/ton (-0.57%) to 1151.33 CNY/ton [2][3]. - Brent crude oil averaged 65.15 USD/barrel, reflecting a decrease of 1.91% week-on-week. The report discusses the impact of geopolitical events and OPEC's production plans on oil prices, indicating fluctuations in response to market conditions [2][15]. Summary by Sections Refining Sector - The report notes that Iraq is set to resume oil exports from the Kurdistan region, while ongoing conflicts in Ukraine continue to affect energy infrastructure. International oil prices have shown volatility, with Brent and WTI prices at 62.73 USD/barrel and 58.90 USD/barrel, respectively, down by 1.80 USD and 1.98 USD from the previous week [2][15]. - Domestic refined oil prices have generally decreased, with diesel, gasoline, and aviation fuel averaging 6848.00 CNY/ton, 7932.29 CNY/ton, and 5947.21 CNY/ton, respectively [15]. Chemical Sector - The report indicates that the price decline of petrochemical products has not matched the cost reductions, leading to an expansion in price spreads. Polyethylene prices have shown slight fluctuations, while EVA prices have slightly decreased due to reduced downstream demand [2][53]. - The report also highlights that the price of pure benzene has decreased, with a stable price spread, while styrene prices have dropped, leading to a slight narrowing of the price spread [2][70]. Polyester & Nylon Sector - Polyester raw material prices have slightly decreased, with improvements in profit margins for filament products. The report notes that the market supply has slightly increased due to new installations and the resumption of previously halted operations [2][112]. - The average prices for polyester filament products are reported as POY at 6600.00 CNY/ton, FDY at 6750.00 CNY/ton, and DTY at 7800.00 CNY/ton, with varying profit margins across these products [2][134]. Market Performance of Major Refining Companies - The report tracks the stock performance of six major refining companies, with notable weekly increases for companies like Rongsheng Petrochemical (+4.97%) and Hengli Petrochemical (+2.86%). Over the past month, Rongsheng Petrochemical has also shown a positive trend with a 3.16% increase [2][141].

Investment Rating - The investment rating for the steel industry is "Positive" [2] Core Viewpoints - The steel sector has shown resilience with a weekly increase of 3.67%, outperforming the broader market, while specific segments like special steel and long products also saw gains [10][12] - The report highlights a potential restructuring of steel prices due to government efforts to curb disorderly competition and excess capacity, which may lead to improved profitability for steel companies [3][4] - Despite current supply-demand imbalances and declining profits, the implementation of "stabilization growth" policies is expected to support steel demand, particularly in real estate and infrastructure sectors [3][4] Supply Situation - As of October 10, the capacity utilization rate for blast furnaces among sampled steel companies is 90.6%, a slight decrease of 0.10 percentage points week-on-week [26] - The production of five major steel products reached 7.535 million tons, reflecting a week-on-week decrease of 2.44 million tons [26] - Daily average pig iron production was 2.4154 million tons, down 0.27 million tons week-on-week but up 135,200 tons year-on-year [26] Demand Situation - The consumption of five major steel products was 7.514 million tons as of October 10, down 153,390 tons week-on-week, marking a 16.95% decrease [36] - The transaction volume of construction steel among mainstream traders was 91,000 tons as of October 17, down 1.78 tons week-on-week [36] Inventory Situation - Social inventory of five major steel products increased to 11.282 million tons as of October 10, up 69,230 tons week-on-week, a 6.54% increase [44] - Factory inventory for the same products reached 4.726 million tons, up 58,630 tons week-on-week, a 14.16% increase [44] Steel Prices & Profits - The comprehensive index for ordinary steel was 3,460.3 yuan/ton as of October 11, down 20.27 yuan/ton week-on-week, a 0.58% decrease [50] - The profit for rebar produced in blast furnaces was -22 yuan/ton, a significant drop of 52 yuan/ton week-on-week [58] - The profit for electric arc furnace-produced construction steel was -152 yuan/ton, down 17 yuan/ton week-on-week [58] Raw Material Situation - The spot price index for Australian iron ore (62% Fe) was 793 yuan/ton as of October 11, up 6.0 yuan/ton week-on-week [72] - The price for primary metallurgical coke was 1,770 yuan/ton, an increase of 55.0 yuan/ton week-on-week [72]