Investment Rating - The report maintains a "Buy-A" rating for China Telecom (601728.SH) [1] Core Views - The company's fundamental operations remain robust, with significant growth in smart revenue [1] - In H1 2025, China Telecom achieved revenue of CNY 269.4 billion, a year-on-year increase of 1.3%, with service revenue at CNY 249.1 billion, up 1.2% [2] - The net profit attributable to shareholders reached CNY 23.0 billion, reflecting a year-on-year growth of 5.5% [2] Summary by Sections Basic Business Performance - Mobile communication service revenue grew to CNY 106.6 billion, up 1.3% year-on-year, with a mobile user base of 433 million and an ARPU of CNY 46.0 [3] - Fixed-line and smart home service revenue reached CNY 64.1 billion, a slight increase of 0.2% year-on-year, with broadband users totaling 199 million and a broadband ARPU of CNY 48.3 [4] Digital and AI Business Growth - The digital industry revenue reached CNY 74.9 billion, up 1.5% year-on-year, with Tianyi Cloud revenue at CNY 57.3 billion and smart revenue soaring by 89.4% to CNY 6.3 billion [6] - The company launched over 80 industry-specific large models and 30 intelligent agents, indicating a strong push in the "AI+" initiative [6] Capital Expenditure and Infrastructure - Capital expenditure decreased to CNY 34.2 billion, down 28% year-on-year, with investments focused on mobile networks and digital industry [12] - The company has established a robust computing infrastructure with a total computing power of 77 EFLOPS, enhancing its capabilities in AI and cloud services [12] Financial Forecast and Valuation - The report forecasts net profit for 2025-2027 at CNY 34.77 billion, CNY 36.57 billion, and CNY 38.25 billion, representing year-on-year growth rates of 5.3%, 5.2%, and 4.6% respectively [13] - The estimated EPS for the same period is projected to be CNY 0.38, CNY 0.40, and CNY 0.42, with corresponding P/E ratios of 20.0, 19.0, and 18.2 [13]

固定收益 债市策略 利率互换曲线正走出倒挂，债市将由牛市转为震荡 2025 年 9 月 11 日 固定收益研究/定期报告 相关报告： 效果探究-利率衍生品系列报告之二 2025.7.28 外部冲击超预期，利率有望下行-4 月固 定收益月报 2025.5.26 震荡调整结束，债市仍有上涨空间-3 月 固定收益月报 2025.4.7 王冠军 执业登记编码：S0760524040001 投资要点： 债市将由牛市切换为震荡行情 利率互换倒挂历史复盘及降准降息预测 利率互换曲线形态正常化：今年 7 月以来，标志着降息预期的 2 年期利 率互换和 1 年期的倒挂程度加速收窄，7 月底开始来到零的位置徘徊。根据 我们的降息概率测算模型（详见 2024 年 9 月 12 日发布的报告《利率互换曲 线倒挂隐含多少降息预期》），利率互换曲线显示一年内降息概率不足 5 成。 而在 7 月前，利率互换曲线隐含的降息预期较为稳定，一年内降息预期总体 保持在 10bp 到 20bp 范围。 山证固定收益团队 分析师： 债市将由牛市切换为震荡行情：降息预期的这一重大变化标志着债市或 将由牛市行情切换为震荡行情，并且长端利率震荡的中枢将抬升 ...

Investment Rating - The report assigns a "Buy-B" investment rating to the company, indicating a positive outlook for its stock performance in the near term [7]. Core Insights - The establishment of the joint venture "Yongtai Xinfeng" with key members from Fudan University marks a significant step in commercializing new lithium battery technology, enhancing Yongtai Technology's market position in the lithium battery materials sector [3][4]. - The new lithium supplement, LiSO2CF3, has shown promising results in extending battery life significantly, with potential market demand estimated at 30,000 to 50,000 tons, translating to a market space exceeding 10 billion yuan [5][6]. - The company has turned profitable in the first half of 2025, with a net profit of 60 million yuan, reflecting a year-on-year growth of 56.2% [6]. Summary by Sections Company Overview - Yongtai Technology (002326.SZ) has established a joint venture with a 67% stake, focusing on the industrialization of lithium battery technology developed by a core team from Fudan University [3][4]. Financial Performance - As of June 30, 2025, the company reported a basic earnings per share (EPS) of 0.06 yuan and a net asset value per share of 3.16 yuan [4]. - The company achieved a net profit of 60 million yuan in H1 2025, a significant turnaround from previous losses, with expectations of continued profitability growth [6][7]. Market Position and Future Outlook - The joint venture's formation is expected to accelerate the commercialization of new materials, solidifying Yongtai's competitive edge in the lithium battery materials market [3][4]. - Forecasted net profits for 2025-2027 are projected at 210 million yuan, 575 million yuan, and 1.878 billion yuan respectively, indicating strong growth potential [7].

Core Insights - The report highlights the significant growth potential in the direct air capture (DAC) technology sector, particularly following the inclusion of two key projects in Shanghai's 2025 key technology research plan, indicating strong government support and market potential for DAC materials and equipment [6][7]. Market Trends - The domestic market indices showed slight fluctuations, with the Shanghai Composite Index closing at 3,812.22, up by 0.13%, while the ChiNext Index saw a more substantial increase of 1.27% [4]. Industry Commentary - In the chemical raw materials sector, the new materials index experienced a decline of 0.31%, underperforming against the ChiNext Index by 2.67%. Specific segments such as semiconductor materials and electronic chemicals saw notable decreases of 4.74% and 1.54%, respectively, while battery chemicals surged by 13.36% [6]. - The report provides a detailed weekly price tracking of various materials, indicating price changes in amino acids, biodegradable materials, vitamins, industrial gases, and plastics, with notable price stability in biodegradable materials and vitamins [6]. Company Analysis - For Weilon Delicious (卫龙美味), the company reported a total revenue of 3.483 billion yuan for the first half of 2025, reflecting an 18.5% year-on-year growth, with a net profit of 736 million yuan, also up by 18.5% [11]. - The growth in Weilon Delicious is attributed to the expansion of vegetable products, particularly konjac products, which benefited from health food trends. The company is also optimizing its product structure and has plans to introduce new products [11]. - The company’s gross margin decreased by 2.6 percentage points to 47.2% due to rising raw material costs, but effective cost control measures helped maintain a net profit margin of 21.1% [11]. Investment Recommendations - The report suggests focusing on the DAC technology sector, particularly on key materials and equipment suppliers such as Blue Sky Technology and Xijiao Co., as the market for DAC is expected to grow significantly with government backing [7]. - For Weilon Delicious, the projected earnings per share (EPS) for 2025-2027 are estimated at 0.51, 0.62, and 0.79 yuan, with corresponding price-to-earnings (PE) ratios of 21.5, 17.6, and 13.8, indicating a strong growth trajectory in the spicy snack food sector [11].

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company achieved total revenue of 3.483 billion yuan in the first half of 2025, representing a year-on-year growth of 18.5%. Net profit also increased by 18.5% to 736 million yuan, while gross profit rose by 12.3% to 1.642 billion yuan [2][3]. - The vegetable products segment contributed the largest revenue increase, with its revenue share rising by 10.8 percentage points to 60.5%. This growth is attributed to the rapid expansion of konjac products and the health snack trend [3]. - Offline channels drove growth, with revenue from offline channels reaching 3.147 billion yuan, a year-on-year increase of 21.5%, accounting for 90.4% of total revenue. The company collaborated with 1,777 offline distributors [3][4]. - The company's gross margin decreased by 2.6 percentage points to 47.2% due to rising raw material costs, particularly for konjac powder. However, the company managed to reduce its distribution and sales expense ratio by 1.1 percentage points to 15.1% [4]. Financial Projections - The company is projected to achieve earnings per share (EPS) of 0.51, 0.62, and 0.79 yuan for the years 2025, 2026, and 2027, respectively. Corresponding price-to-earnings (P/E) ratios are expected to be 21.5, 17.6, and 13.8 [5][8]. - Revenue forecasts for 2025, 2026, and 2027 are 7.587 billion, 9.190 billion, and 11.132 billion yuan, respectively, with a consistent year-on-year growth rate of 21.1% [5][10].

Investment Rating - The report maintains a rating of "B" for the new materials sector, indicating a leading position in the market [2]. Core Insights - The new materials sector has experienced a decline, with the new materials index falling by 0.31%, underperforming compared to the ChiNext index which dropped by 2.67% [4]. - The report highlights the potential of Direct Air Capture (DAC) technology, which has been recognized by the Shanghai government as a key technology for 2025, suggesting significant market opportunities in domestic adsorption materials and equipment [7]. Market Performance - The new materials sector saw varied performance across sub-sectors: - Synthetic biology index decreased by 0.51% - Semiconductor materials fell by 4.74% - Electronic chemicals dropped by 1.54% - Biodegradable plastics increased slightly by 0.02% - Industrial gases decreased by 1.20% - Battery chemicals surged by 13.36% [4][19]. Price Tracking - Weekly price changes for key chemical products include: - Valine: 12,750 CNY/ton (-1.92%) - Arginine: 22,900 CNY/ton (-1.08%) - Tryptophan: 39,500 CNY/ton (-4.82%) - Methionine: 22,050 CNY/ton (-0.68%) - PLA (injection grade): 17,800 CNY/ton (unchanged) - PLA (blown film grade): 17,200 CNY/ton (unchanged) [5]. Investment Recommendations - The report suggests focusing on DAC technology and related materials and equipment, highlighting companies such as Blue Sky Technology, Jianlong Micro-Nano, and Xizhuang Co., among others, as potential investment opportunities [8].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The Hedda Convertible Bond (127088.SZ) is a high - quality balanced bond with the issuer's performance and valuation at a low level. The company has excellent fundamentals, and its performance and valuation are at historical lows. The bond has a long remaining term [1][4] - Based on the Shanxi Securities convertible bond valuation model, if the stock price remains unchanged, without considering forced redemption and downward revision, the reasonable valuation of the Hedda Convertible Bond is between 124 and 132 yuan [5] Summary by Relevant Catalogs Information about the Convertible Bond - The Hedda Convertible Bond has a rating of AA - a bond balance of 600 million yuan, accounting for 99.97% of the total issuance. The remaining term is 3.82 years. The latest closing price is 122.79 yuan, the conversion premium rate is 50.15%, and the pure bond premium rate is 14.83% [1] Information about the Underlying Stock - The underlying stock is Shandong Hedda (002810.SZ), established in 1992. Its main products are cellulose ether and plant capsules, and its business covers more than 100 countries and regions. The latest total market value is 4.797 billion yuan, and the 2025E PE is 26.3x. The actual controller is an individual, and the largest shareholder and persons acting in concert hold a total of 39.87% of the shares. The attributable net profit in H125 decreased by 8.71% year - on - year [2] Main Highlights of the Hedda Convertible Bond - The company has been deeply involved in the cellulose ether industry for nearly 30 years. Cellulose ether has many advantages. The company's products cover more than 70 categories and more than 100 models, with rich structure and leading technology. By the end of H125, its wholly - owned subsidiary Zhongfu Hedda had a production capacity of 10,000 MT and was one of the largest HEC manufacturers in China [3] - The company has extended its industrial chain to the downstream plant capsule industry. Compared with gelatin capsules, plant capsules have many advantages and are mainly used in the steadily growing health product industry. By the end of H125, the company's effective production capacity was 30 billion capsules, with a capacity utilization rate of about 60%. The US factory with a planned capacity of 20 billion capsules is under construction and is expected to be put into production in the middle of next year [4] - The company has a high proportion of overseas revenue. In 2024, the export proportions of building - grade, pharmaceutical and food - grade cellulose ether, and plant capsules were 56.4%, 57.3%, and 88.2% respectively. In 2025, the US imposed anti - dumping duties on some of the company's products, affecting orders and increasing raw material costs. Currently, the company is actively responding, and the unreasonable factors may ease in Q4, when the performance is expected to turn around [4]

Industry Overview - The report highlights the upcoming IPO application by Yushu Technology in Q4 2025, with significant sales contributions from quadruped and humanoid robots [6][8] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation are addressing low-price competition in the photovoltaic sector to promote high-quality development [6][8] - The National Development and Reform Commission has released a draft for the basic rules of the medium- and long-term electricity market to prevent market manipulation and promote fair competition [6][8] Company Analysis Dingjie Intelligence (300378.SZ) - The company reported a revenue of 1.045 billion yuan in H1 2025, a year-on-year increase of 4.08%, with a net profit of 45 million yuan, up 6.09% [8][10] - AI commercialization is accelerating, with a projected EPS of 0.75, 0.94, and 1.16 yuan for 2025-2027 [12] Jinkong Coal Industry (601001.SH) - The company achieved a revenue of 476 million yuan in H1 2025, a 4.61% increase year-on-year, with a focus on high-growth sectors like electronics and automotive components [13] - The net profit margin improved to 4.22%, up 0.23 percentage points from the previous year [13] Xiechuang Data (300857.SZ) - The company reported a revenue of 4.944 billion yuan in H1 2025, a 38.18% increase year-on-year, with a net profit of 432 million yuan, up 20.76% [16] Yonggui Electric (300351.SZ) - The company achieved a revenue of 1.027 billion yuan in H1 2025, a 20.65% increase year-on-year, with a focus on emerging sectors like embodied intelligence [23] Wan'an Technology (002590.SZ) - The company reported a revenue of 2.165 billion yuan in H1 2025, a 14.91% increase year-on-year, although net profit decreased by 2.13% [31] Yap Group (603013.SH) - The company achieved a revenue of 4.345 billion yuan in H1 2025, a 12.79% increase year-on-year, with a net profit of 287 million yuan, up 11.82% [34][35] Huayang Co., Ltd. (600348.SH) - The company reported a revenue of 11.240 billion yuan in H1 2025, a decrease of 7.86% year-on-year, with a net profit of 783 million yuan, down 39.75% [39] Shanco International (600546.SH) - The company achieved a revenue of 5.158 billion yuan in Q2 2025, a 14.56% increase from the previous quarter, with a focus on improving production and sales ratios [41][42]

Investment Rating - The report assigns an "Accumulate-A" rating for Wan'an Technology (002590.SZ) [1] Core Views - The company achieved a revenue of 2.165 billion yuan in the first half of 2025, representing a year-on-year growth of 14.91%. However, the net profit attributable to the parent company decreased by 2.13% to 85.18 million yuan [2][3] - The company is expected to benefit significantly from the implementation of AEBS regulations, which will enhance its market position in the automotive parts industry [5] - The company is actively expanding its overseas presence and has made progress in its fundraising projects, which will support future growth [4] Financial Performance - In the first half of 2025, the revenue from the air brake system was 602 million yuan, down 1.47% year-on-year, while the hydraulic brake system revenue increased by 34.99% to 552 million yuan. The subframe product revenue grew by 19.72% to 738 million yuan [3] - The gross margin for the first half of 2025 was 16.08%, a decrease of 2.05 percentage points year-on-year, and the net margin was 4.02%, down 0.62 percentage points [3] - The company expects revenue for 2025-2027 to be 4.982 billion, 5.735 billion, and 6.625 billion yuan, respectively, with net profits of 232 million, 275 million, and 343 million yuan [9] Market Position and Strategy - The company is positioned in the core area of intelligent chassis and is expanding from braking systems to the entire chassis field, creating a competitive advantage through technology accumulation and customer resources [9] - The company has established joint ventures in Mexico and Morocco to enhance its global supply chain capabilities and expand its market reach [4]

汽车零部件Ⅲ 亚普股份（603013.SH） 增持-A(首次) | 市场数据：2025 年 9 月 | 9 日 | | --- | --- | | 收盘价（元）： | 25.65 | | 年内最高/最低（元）： | 26.28/12.55 | | 流通A股/总股本（亿）： | 5.13/5.13 | | 流通 股市值（亿）： A | 131.48 | | 总市值（亿）： | 131.48 | 事件描述 | 基础数据：2025 年 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.56 | | 摊薄每股收益(元)： | | | 0.56 | | 每股净资产(元)： | | | 9.52 | | 净资产收益率(%)： | | | 6.26 | 资料来源：最闻 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 研究助理： 贾国琛 邮箱：jiaguochen@sxzq.com 多点开花业绩稳健增长，外延并购拓宽发展路径 2025 年 9 月 9 日 公司研究/公司快报 近日，亚普股份发布 2025 年 ...