Group 1: Industry Overview - The computing power industry is categorized into three main types: basic computing power, intelligent computing power, and supercomputing power, with intelligent computing power seeing rapid demand growth due to AI applications [12][15][19] - The computing power industry chain includes upstream hardware production (chips, devices, energy), midstream integration and delivery (data centers), and downstream applications across various sectors such as finance and AI [13][18] Group 2: Growth of Computing Power in China - China's intelligent computing power is projected to reach 1,037.3 EFLOPS by 2025 and 2,781.9 EFLOPS by 2028, with a compound annual growth rate (CAGR) of 46.2% from 2023 to 2028 [19][20] - General computing power in China is expected to reach 85.8 EFLOPS by 2025 and 140.1 EFLOPS by 2028, with a CAGR of 18.8% during the same period [20] Group 3: Increasing Demand for Computing Hardware - The CPU market in China is estimated to grow from approximately 216.03 billion yuan in 2024 to 248.4 billion yuan in 2025, reflecting a year-on-year growth of 6.47% [23][24] - The GPU market is projected to increase from about 107.3 billion yuan in 2024 to 120 billion yuan in 2025, with a significant year-on-year growth of 32.96% [26][29] - The server market is expected to grow from approximately 249.21 billion yuan in 2024 to 282.35 billion yuan in 2025, showing a year-on-year increase of 41.25% [35][37] Group 4: Liquid Cooling Market Development - The IT energy consumption of AI data centers is projected to reach 77.7 TWh in 2025, doubling from 2023, and is expected to grow to 146.2 TWh by 2027, with a CAGR of 44.8% from 2022 to 2027 [36] - By 2028, it is anticipated that 60% of data centers will adopt innovative solutions such as microgrids and liquid cooling systems to address energy constraints and sustainability [36] Group 5: Company Profiles - Fangsheng Co., Ltd. focuses on the research, design, production, and sales of heat exchangers and systems, with its revenue composition in the first half of 2025 being 68.57% from plate heat exchangers and 28.45% from heat systems [42][44] - Wanyuantong Co., Ltd. specializes in the research, production, and sales of printed circuit boards, with its revenue composition in the first half of 2025 being 43.54% from multilayer boards, 29.70% from double-sided boards, and 18.72% from single-sided boards [55][57] Group 6: Financial Performance of Companies - In 2024, Fangsheng Co., Ltd. achieved a revenue of 347 million yuan, a year-on-year increase of 1.10%, while in the first half of 2025, it reported a revenue of 180 million yuan, up 15.41% [48] - Wanyuantong Co., Ltd. reported a revenue of 1.043 billion yuan in 2024, a year-on-year increase of 5.96%, and 541 million yuan in the first half of 2025, reflecting a growth of 16.40% [60]

Market Overview - The A-share market shows a mixed performance with the ChiNext Index reaching a three-year high, indicating a strong upward trend in the growth sector [1][4] - The Shanghai Composite Index closed at 3853.30, slightly down by 0.01%, while the ChiNext Index rose by 1.58% to 3235.76, reflecting a divergence in market sentiment [2][4] Sector Performance - The top-performing sectors include Media (up 2.23%), Communication (up 1.99%), and Non-ferrous Metals (up 1.87%), indicating strong investor interest in these areas [3] - Conversely, sectors such as Textiles and Apparel (down 1.45%) and Agriculture, Forestry, Animal Husbandry, and Fishery (down 1.22%) faced declines, suggesting a rotation away from these industries [3] Future Outlook - The report highlights a "slow bull" market characterized by a stable capital market and a need for further policy support to sustain growth [5] - The trading volume in the A-share market reached 2.37 trillion, marking the 11th consecutive day above 2 trillion, which indicates robust liquidity and investor engagement [6] - The market is expected to maintain a volatile pattern in the short term, influenced by ongoing U.S.-China trade negotiations and domestic policy developments [6] Investment Recommendations - The report suggests focusing on sectors such as Technology, Media, Telecommunications (TMT), Public Utilities, Non-ferrous Metals, and Financials for potential investment opportunities [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [8]. Core Insights - The company is accelerating its international expansion, having licensed its innovative drug SHR-A1811 to Glenmark Specialty for an upfront payment of $18 million, with potential milestone payments and sales royalties totaling up to $1.093 billion. This marks the second significant overseas licensing deal for the company within the month [5][6]. - The drug SHR-A1811 has been approved for use in treating adult patients with HER2-mutated non-small cell lung cancer (NSCLC) and is the first Chinese-developed antibody-drug conjugate approved for this indication. The company is also pursuing new indications for breast cancer treatment [5]. - The company is enhancing its R&D capabilities and integrating into the global innovation network by collaborating with multinational pharmaceutical companies and innovative startups, aiming to maximize product value through international partnerships [5]. Financial Summary - The company’s projected financials for 2024 to 2027 show a steady increase in total revenue, from 27,985 million yuan in 2024 to 42,378 million yuan in 2027. Net profit is expected to rise from 6,337 million yuan in 2024 to 9,629 million yuan in 2027, with EPS projected to grow from 0.95 yuan in 2024 to 1.45 yuan in 2027 [6]. - The company’s return on equity (ROE) stands at 7.88%, with a market capitalization of 465.334 billion yuan and a closing price of 70.11 yuan as of September 24, 2025 [3][5].

Market Performance - The A-share market showed a strong performance with the Shanghai Composite Index closing at 3853.64, up by 0.83%, and the Shenzhen Component Index closing at 13356.14, up by 1.80% [2] - The ChiNext Index reached a new three-year high, closing at 3185.57, with a gain of 2.28% [4] - The STAR 50 Index saw a significant increase, rising by 3.49% to close at 1456.47 [2] Sector Analysis - The top-performing sectors included Electric Equipment (up 2.88%), Electronics (up 2.76%), and Media (up 2.59%) [3] - Conversely, the Banking sector experienced a decline of 0.36%, and the Coal sector fell by 0.29% [3] - Notable concept stocks such as those in the chip industry and real estate showed strong performance, while sectors like Food & Beverage and Communications lagged behind [4][5] Future Outlook - The market is expected to continue its upward trend, with a focus on whether the Shanghai Composite Index can maintain above the 3850-point level [6] - The technology sector is anticipated to play a crucial role in driving market sentiment, with ongoing capital market vitality expected post-holiday [6] - Investment opportunities are likely to emerge from sectors such as TMT (Technology, Media, and Telecommunications), public utilities, and non-ferrous metals [6]

证券研究报告 2025 年 9 月 24 日 星期三 【A 股市场大势研判】 市场全天探底回升，创业板尾盘快速翻红 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3821.83 | -0.18% | -6.74 | | | 深证成指 | 13119.82 | -0.29% | -38.16 | | | 沪深 300 | 4519.78 | -0.06% | -2.83 | | | 创业板 | 3114.55 | 0.21% | 6.67 | | | 科创 50 | 1407.30 | -0.10% | -1.34 | | | 北证 50 | 1547.45 | -2.63% | -41.74 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万一级涨幅前五 | | | 申万一级跌幅前五 | 热点板块 n | 涨幅前五 | 热点板块跌幅前五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 银行 | 1.52% ...

Market Overview - The A-share market experienced a day of oscillation and ended with all three major indices rising, with the Shanghai Composite Index closing at 3828.58, up 0.22% [1] - The Shenzhen Component Index closed at 13157.97, up 0.67%, while the CSI 300 Index closed at 4522.61, up 0.46% [1] Sector Performance - The top-performing sectors included Electronics, which rose by 3.71%, and Computers, which increased by 1.70% [2] - The weakest sectors were Social Services, down 2.04%, and Beauty Care, down 1.36% [2] Market Trends - The market showed a strong performance in the consumer electronics sector, driven by positive news, while the robotics sector continued its strong trend [3] - The chip industry chain was notably active, and liquid-cooled server concept stocks saw fluctuations but ultimately rose [3] - The overall market saw approximately 2200 stocks rise, with over 70 stocks hitting the daily limit up [3] Economic Indicators - The September Loan Prime Rate (LPR) remained unchanged, with the 5-year LPR at 3.5% and the 1-year LPR at 3% [4] - The People's Bank of China provided insights into the financial industry's achievements during the 14th Five-Year Plan period, focusing on long-term perspectives without immediate policy adjustments [4] Market Liquidity and Outlook - The trading volume in the Shanghai and Shenzhen markets was 2.12 trillion, a decrease of 202.3 billion from the previous trading day [5] - Despite the lack of a significant rebound, the market did not show risk signals, indicating that liquidity remains relatively active [5] - The report suggests that the mid-term upward momentum of the market remains strong, supported by continuous catalysts in the technology sector [5] - The report recommends focusing on sectors such as TMT (Technology, Media, and Telecommunications), public utilities, and non-ferrous metals for investment opportunities [5]

2025 年 1-8 月快递行业跟踪点评 | | | | | | | 分析师：邓升亮（SAC | 执业证书编号： | S0340523050001） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025 | 年 | 9 | 月 | 22 | 日 | | | | | | | | | | | | 电话：0769-22119410 邮箱： | dengshengliang@dgzq.com.cn | 事件： 邮政局发布 2025 年 1-8 月快递发展报告与邮政行业运行情况。 交通运输行业 超配 （维持） 多省市启动快递反内卷，申通单票收入超预期 提升 点评： 8月快递价格止跌，件量增速放缓。据国家邮政局统计，2025年1-8月快递业务量累计完成1282.0亿件， 同比增长17.8%，其中8月快递业务量完成161.5亿件，同比增长12.3%。1-8月行业快递业务收入累计完 成9583.7亿元，同比增长9.2%，其中8月快递业务收入完成1189.6亿元，同比增长4.2%。8月行业平均 单票收入为7.37元，同比下降7.16%，环比提高0.01 ...

Weekly New Stock Performance - One new stock was listed from September 15 to September 19, with an average first-day price increase of 271.56%[2] - The only new stock, Shichang Co., saw a first-day increase exceeding 100%[2] - No new stocks experienced a first-day decline[2] Weekly New Stock Issuance Trends - The total fundraising amount for new stock issuance last week was 1.71 billion yuan, a decrease of 588 million yuan compared to the previous week[3] - The previous week (September 8 to September 12) had two new stocks listed, raising 7.59 billion yuan[4] Monthly New Stock Overview - From September 1 to September 19, four new stocks were listed, raising a total of 17.44 billion yuan, with a first-day price increase average of 374.95%[6] - All four new stocks listed during this period had first-day increases exceeding 100%[6] Upcoming New Stock Listings - One new stock, Yousheng Co., is scheduled to be listed on September 23, with an issue price of 46.36 yuan and a price-to-earnings ratio of 22.31[13] - One new stock, Aomeisen, is set for online subscription on September 22, with expected fundraising of 165 million yuan[14] Risk Considerations - New stock performance is influenced by market sentiment, and poor performance may affect future market behavior[15] - Newly listed stocks may experience significant price volatility due to limited liquidity[15]

Market Overview - The A-share market is experiencing a volume contraction and adjustment, with major indices showing mixed performance [1][4] - The Shanghai Composite Index closed at 3820.09, down 0.30%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [2] Sector Performance - The top-performing sectors include coal (+1.97%), non-ferrous metals (+1.19%), and building materials (+1.05%) [3] - Conversely, the worst-performing sectors are automotive (-1.94%), pharmaceutical biology (-1.41%), and computer technology (-1.26%) [3] Concept Index Performance - The leading concept indices are photolithography (+2.09%), civil explosives (+1.70%), and lithium extraction from salt lakes (+1.10%) [3] - The lagging concept indices include reducers (-2.68%), PEEK materials (-2.65%), and humanoid robots (-2.17%) [3] Future Outlook - The market is expected to maintain a long-term upward momentum despite short-term volatility due to profit-taking [5] - The report suggests a flexible positioning strategy, avoiding high-risk investments while focusing on sectors with favorable valuation and growth prospects, such as non-ferrous metals, transportation, public utilities, banking, and TMT [5]

Investment Rating - The industry investment rating is "Overweight" [1][48]. Core Viewpoints - The newly released "New Energy Storage Scale Construction Special Action Plan (2025-2027)" aims for a national new energy storage installed capacity of over 180GW by 2027, driving direct investment of approximately 250 billion yuan, with lithium battery storage as the main technology route [3][44]. - The lithium battery index has shown significant growth, outperforming the CSI 300 index by 14.92 percentage points over the past two weeks, with a year-to-date increase of 46.60% [2][11]. - The overall demand for lithium batteries is rapidly increasing, with a notable recovery in net profits for the lithium battery industry chain, which grew by 30% year-on-year in the first half of 2025, marking a turning point after two years of decline [3][44]. Summary by Sections Market Review - As of September 18, 2025, the lithium battery index has increased by 17.97% in the last two weeks, outperforming the CSI 300 index by 14.92 percentage points [2][11]. - The lithium battery index has risen by 19.54% this month and 46.60% year-to-date [2][11]. Price Changes in the Lithium Battery Industry Chain - As of September 18, 2025, the average price of battery-grade lithium carbonate is 73,100 yuan/ton, down 2.14% over the past two weeks [3][24]. - The price of lithium hydroxide (LiOH 56.5%) is 71,600 yuan/ton, down 0.42% [3][24]. - The price of lithium iron phosphate remains stable at 34,300 yuan/ton, while NCM523, NCM622, and NCM811 have seen slight declines [3][26]. Industry News - The demand for new energy vehicles is expected to peak in September, with retail sales projected at around 1.25 million units, leading to a penetration rate of 58.1%, a historical high [3][39]. - Global battery production in August 2025 reached 198.42 GWh, a year-on-year increase of 50.31% [3][39]. - The solid-state battery industry is progressing towards commercialization, with companies like Panasonic and SK On making significant advancements in solid-state battery technology [3][40][42]. Company Announcements - Key companies to watch include CATL, which reported a revenue of 178.886 billion yuan in the first half of 2025, a year-on-year increase of 7.27% [3][45]. - Other notable companies include Yiwei Lithium Energy, which has launched a solid-state battery production base, and Enjie, which is focusing on solid-state battery materials [3][45].