Industry Rating - The report maintains an investment rating of "Outperform" for the industry [1]. Core Insights - The future battlefield will be centered around data, algorithms, and computing power, with fully AI-enabled human-machine integrated forces being essential for gaining the upper hand in future conflicts [2][8]. - The global military drone market is experiencing rapid growth, projected to exceed $50 billion by 2032, with a compound annual growth rate (CAGR) of 13.15% from 2024 to 2032, driven by advancements in AI-enabled drone technology [2][45]. Summary by Sections Military AI and Drone Technology - The integration of AI and unmanned technologies is transforming modern warfare, as evidenced by the significant potential demonstrated in the Russia-Ukraine conflict [3]. - Companies like Palantir and Anduril Industries are leading the charge in military AI innovation, with plans to form a commercial consortium to capture a larger share of the $850 billion annual U.S. defense budget [3][39]. - The military drone market is expected to grow from $16.07 billion in 2024 to $47.16 billion by 2032, with North America being the largest market [45][44]. Unmanned Combat Operations - Unmanned combat operations are categorized into reconnaissance, harassment, precision strikes, saturation attacks, and support enhancements, marking a shift towards a drone-centric combat paradigm [29]. - The report highlights the effectiveness of drones in the Russia-Ukraine conflict, where drones accounted for 42.47% of vehicle strikes, surpassing traditional artillery [33]. AI-Driven Decision Making - The concept of "human-machine integration" is crucial, where human commanders will still play a central role in decision-making, while machines will assist through data processing and real-time analysis [7]. - AI technologies are enhancing military capabilities by providing real-time data processing and autonomous decision-making, significantly improving operational efficiency [8][39]. Key Companies to Watch - The report suggests focusing on key players in military AI chips and data analytics, including KST, Fudan Microelectronics, and others [4]. - Companies like Palantir and Anduril are highlighted for their innovative approaches in AI and unmanned systems, with significant contracts and partnerships in the defense sector [85][97].

Group 1: Overview of Major Assets - In July, the A-share market approached 3600 points, with the 10-year government bond yield rising and commodities experiencing fluctuations [1][8] - The A-share market saw a strong performance, with the Shanghai Composite Index reaching a high of 3616 points on July 30, and closing at 3573 points on July 31, marking a 3.7% increase for the month [1][8] - The global stock indices generally rose, with the UK FT100 and Nasdaq leading the gains [1][8] Group 2: A-share Market Performance - Major broad-based indices in the A-share market rose, with the Shanghai Composite Index, CSI 300, ChiNext Index, and STAR Market Index increasing by 3.74%, 3.54%, 8.14%, and 4.43% respectively in July [13] - Growth and consumption styles led the market, with the growth and consumption indices rising by 6.19% and 5.35% respectively [13] - The steel and pharmaceutical sectors were among the top performers, with increases of 16.76% and 13.93% respectively [13] Group 3: Economic and Liquidity Conditions - Economic data in June showed divergence, with manufacturing PMI remaining in contraction territory, while industrial value-added growth exceeded expectations [3] - Social financing began to recover, indicating a marginal easing of monetary conditions [3] - Northbound capital saw a rebound in July, with margin trading balances rising above 190 billion yuan, and ETF trading volumes reaching new highs since April [3][8]

Group 1: Overview of Major Assets - In July, A-shares approached 3600 points, with the 10-year government bond yield rising and commodities experiencing fluctuations [1][8] - The A-share market saw broad-based index gains, with growth and consumption sectors leading the way [11][12] - The bond market experienced an upward trend in yields, breaking the inversion between deposit rates and government bond yields [24][26] - Commodity markets showed divergence, with the South China Industrial Products Index rising and then retreating, while domestic futures markets experienced significant volatility [28][30] - Global equity indices generally rose, with the Nasdaq leading among US indices and European stocks also showing strong performance [40][42] Group 2: A-share Market Dynamics - The economic fundamentals in June showed divergence, indicating resilience, with manufacturing PMI remaining in contraction territory [2][12] - Macro liquidity indicators suggested a warming trend, with social financing showing signs of recovery [2][12] - Micro-level funding saw a rebound in northbound capital and an increase in margin trading balances, indicating renewed market activity [2][12] Group 3: Bond Market Insights - The 10-year government bond yield rose to 1.75% by the end of July, marking a 5.7 basis point increase for the month [24][26] - The inversion between deposit rates and the 10-year government bond yield was broken, indicating a shift in market expectations [24][26] Group 4: Commodity Market Analysis - The South China Industrial Products Index reached a peak of 3824 points before retreating, with significant fluctuations in domestic commodity futures [28][30] - Major commodities like iron ore and Brent crude oil saw notable gains, while LME copper experienced a significant decline [28][30] Group 5: Global Equity Performance - The global equity market saw most indices rise, with the Nasdaq leading the US markets and the FTSE 100 index leading in Europe [40][42] - The VIX index remained below 20, indicating a relatively stable market environment [40][42]

策略报告 | 投资策略 策略专题 证券研究报告 AI 主线归来的探讨 核心结论：历史单边上涨行情中，启动较早，且较早完成一轮调整的主线，往 往能够开启第二波涨幅，成为长期主线。我们认为，AI 经历 3-5 月的调整与近 两个月的缓慢抬头，满足启动再次成为主线的两个条件：1）筹码沉淀到位（拥 挤度低位）；2）长期逻辑仍在（资本开支指引下算力大周期持续演绎）。梳理 中美 AI 投资板块并进行映射，发现大厂资本开支对超额收益指引较强，国内互 联网大厂正在进入新一轮 AI 基础设施投资周期，25-26 年腾讯 capex 占收入、 阿里 Capex 占经营利润比等指标预计大幅上台阶，有望支撑国内 AI 产业的绝对 收益与超额收益。2025 年是海外 AI 应用商业化落地窗口期，AI 应用端具备海 外映射催化与渗透率提升催化。随着 AI 应用商业模式的逐渐清晰，我们发现 AI 应用对有业绩、增速和产品的公司，估值相对宽容。 历史单边上涨行情中，启动较早，且较早完成一轮调整的主线，往往能够开启 第二波涨幅，成为长期主线。这是因为在单边行情中，资金倾向于回避高位主 线，转而进攻调整充分且逻辑没有改变的板块。那么在当前的市场 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 14.91 CNY per share, based on a projected PE of 15x for 2025 [5]. Core Insights - The company is transitioning from a traditional family business model to a professional management model, enhancing operational efficiency and market competitiveness through strategic leadership changes and employee stock ownership plans [1][4]. - The domestic water heater industry is experiencing a "replacement and innovation" trend, driven by government policies and consumer demand for higher efficiency and larger capacity products [2][33]. - The company is focusing on both domestic and international markets, with a significant emphasis on expanding its overseas presence through manufacturing bases in Thailand and Egypt [3][24]. Summary by Sections 1. Company Overview - The company, founded in 1993, has diversified its operations from gas appliances to a broader range of kitchen and bathroom electrical products, emphasizing technological innovation and market expansion [1][15]. - The management team has been rejuvenated with younger professionals, including the appointment of a new president from Midea Group, aiming to modernize the company's governance structure [1][31]. 2. Industry Trends - The water heater market is shifting towards a mix of replacement and innovation, with a focus on energy efficiency and health-oriented features [2][33]. - The industry is characterized by a competitive landscape where domestic brands are increasingly replacing foreign brands, particularly in the online market [2][43]. 3. Company Performance - The company has achieved a 10% revenue growth in the domestic market for 2024, significantly outperforming the industry average, while overseas revenue is expected to grow by 41% [3][25]. - The company maintains a strong cash flow and plans to distribute a high percentage of dividends, reflecting its solid financial health [4][25]. 4. Financial Projections - The projected net profit for the company is expected to reach 7.4 billion CNY in 2025, with a steady growth trajectory leading to 9.2 billion CNY by 2027 [4][5]. - The company’s revenue is forecasted to grow from 6.1 billion CNY in 2023 to 10.3 billion CNY by 2027, indicating a robust growth outlook [4].

Group 1: Macro Strategy and Tariff Impact - The report highlights the significant changes in the U.S. non-farm data as a reflection of the post-pandemic "K-shaped economy" differentiation, raising doubts about the effectiveness of current economic statistics [3][23] - It discusses the evolving framework of the U.S. "reciprocal tariffs" policy, which is becoming clearer with three tiers based on country agreements, affecting various industries [23][24] - The report suggests that the impact of tariffs on consumer prices in the U.S. is just beginning to manifest, with potential inflation risks remaining due to the ongoing tariff framework and domestic demand stimulation from tax cuts [25][26] Group 2: Chemical Industry - Soda Ash Investment Opportunities - The soda ash industry has about 30% of its capacity being outdated, with 10% of the capacity having energy consumption and emissions below benchmark levels [4] - The report emphasizes the importance of focusing on companies with cost advantages, particularly those using natural soda ash methods, which are more energy-efficient and cost-effective compared to synthetic methods [4] - Recommended companies include Boyuan Chemical, which is the largest domestic soda ash producer with a capacity of 6.8 million tons, and Zhongyan Chemical, which is expanding its capacity through new mining rights [4] Group 3: Pharmaceutical Industry - Kolun Biotechnology - Kolun Biotechnology's SKB264, a TROP2 ADC drug, is in the global phase III clinical trials and is considered to have blockbuster potential, with significant data expected in 2027 [5][36] - The drug has shown promising results in various indications, particularly in NSCLC, outperforming competitors in terms of progression-free survival [37][38] - The report indicates that SKB264 is positioned in the first tier of global competition, with a strong focus on its unique molecular design contributing to its efficacy and safety profile [37][38] Group 4: Electronics Industry - Lian De Equipment - Lian De Equipment has been awarded a contract for the 8.6 generation AMOLED production line, indicating its leading position in the OLED equipment market [18][27] - The company is expected to benefit from the growing demand for flexible AMOLED displays, particularly in foldable smartphones and high-end IT devices [28][29] - The report projects significant growth in the solid-state battery market, with Lian De Equipment actively developing equipment for this sector, indicating a strong future market potential [30][31] Group 5: Electronics Industry - Sunrock Electronics - Sunrock Electronics reported a sales revenue of 3.224 billion yuan in the first half of 2025, marking a year-on-year increase of 19.80% [32][33] - The company is experiencing growth in its automotive electronics and data center business, with significant contributions to its revenue from these sectors [34] - The report maintains a positive outlook on the company's profitability, projecting net profits of 1.05 billion yuan for 2025 and 1.28 billion yuan for 2026 [35]

Group 1 - The report indicates that the convertible bond market experienced a significant rise in July, with the overall market value reaching historical highs, particularly in small-cap bonds, which outperformed larger ones [2][28][30] - The report highlights that the healthcare sector led the market with a 13.42% increase, while financial and real estate sectors showed weaker performance, with gains of less than 1.5% [2][15][28] - The convertible bond market's median price reached over 129 yuan, surpassing the 90th percentile since 2017, indicating a strong demand and high valuation levels [2][28][30] Group 2 - The report projects a continuation of a slow bull market for equities in August, driven by positive macroeconomic indicators and a recovery in corporate earnings, despite some investor caution due to the upcoming mid-year report disclosures [3][45][50] - It emphasizes the importance of focusing on sectors benefiting from the "anti-involution" trend, such as energy, chemicals, and construction materials, which are expected to see price increases [3][53][54] - The report suggests that the technology sector, particularly AI and semiconductor industries, remains a key area for investment, with ongoing opportunities in innovative pharmaceuticals and military technology [3][50][53] Group 3 - The report notes that the convertible bond market is expected to face valuation challenges, particularly for medium-priced and balanced convertible bonds, which are currently considered overpriced [4][30] - It recommends a cautious approach to convertible bond positions, advocating for investments in low-priced and equity-oriented convertible bonds, particularly those with a remaining maturity of over 3.5 years [4][30] - The report identifies specific sectors for investment, including transportation, environmental protection, and construction, which are supported by domestic policies [4][30] Group 4 - The report tracks the supply and demand dynamics in the convertible bond market, noting that 6 bonds proposed adjustments in July, with a downward adjustment tendency of about 12% [5] - It highlights that institutional investors, including public funds and social security, have significantly increased their holdings in Shanghai-listed convertible bonds [5][5] - The report also mentions that 32 convertible bonds are approaching their maturity without adjustment, indicating potential opportunities for investors [5]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [9][21]. Core Views - The company is positioned to benefit from the new round of investment in 8.6 generation AMOLED production lines and the release of new product orders for foldable devices, particularly as it has secured a contract worth 157 million yuan for the automatic laminating machine from BOE [1][5]. - The OLED equipment market is experiencing high demand, with a projected market share of 56% by 2024, driven by the growth in large-size OLED applications across various sectors including smartphones, tablets, and automotive displays [2][5]. - The company has made significant advancements in both the back-end and front-end processes of AMOLED production, breaking through foreign monopolies and enhancing its competitive edge in the domestic market [2][3]. Financial Summary - The company’s revenue is projected to grow from 1,207.10 million yuan in 2023 to 2,323.43 million yuan by 2027, with a compound annual growth rate (CAGR) of 23.71% [7][15]. - The net profit attributable to the parent company is expected to increase from 177.30 million yuan in 2023 to 416.07 million yuan in 2027, despite a slight decline in 2025 [7][15]. - The earnings per share (EPS) is forecasted to rise from 1.00 yuan in 2023 to 2.30 yuan in 2027, indicating strong growth potential [7][15]. Market Opportunities - The solid-state battery market is anticipated to grow significantly, with a projected market size of 11.818 billion USD in 2024, reaching 150.673 billion USD by 2030, which presents a substantial opportunity for the company as it expands its equipment offerings in this sector [4][5]. - The company is also positioned as a key supplier for Apple's foldable iPhone, which is currently in the prototype development stage, potentially leading to increased orders and revenue [3][5]. Competitive Position - The company has established itself as a leader in the flexible AMOLED equipment market, with its products already being utilized in major brands such as Huawei and OPPO, and has successfully filled a technological gap in the domestic market [2][3]. - The advancements in precision dispensing technology and the development of new process principles for flexible AMOLED production further solidify the company's competitive advantage [2][4].

2025 年 08 月 06 日 | 投资评级 | | | --- | --- | | 行业评级 | 中性(维持评级) | | 上次评级 | 中性 | 作者 杨滨钰 分析师 SAC 执业证书编号：S1110524070008 yangbinyu@tfzq.com 唐婕 分析师 SAC 执业证书编号：S1110519070001 tjie@tfzq.com 行业报告 | 行业点评 相关报告 1 《基础化工-行业研究周报:工信部等 5 部门联合发文，关于石化化工行业老 旧装置摸底评估，MDI、百草枯价格上 涨》 2025-08-04 2 《基础化工-行业专题研究:政策密集， 多维度梳理化工子行业"反内卷"突破 口》 2025-07-30 3 《基础化工-行业专题研究:25Q2 持仓 配置环比微降，中小盘股持仓比例提 升》 2025-07-29 基础化工 证券研究报告 张峰 分析师 SAC 执业证书编号：S1110518080008 zhangfeng@tfzq.com 行业走势图 -6% 0% 6% 12% 18% 24% 30% 2024-08 2024-12 2025-04 2025-08 基础化工 沪深30 ...

Investment Rating - The report assigns a "Buy" rating for stocks, expecting a relative return of over 20% within six months [64] - The industry investment rating is "Outperforming the Market," anticipating an industry index increase of over 5% within six months [64] Core Insights - North American tech giants are increasing capital expenditures (Capex), with Microsoft, Meta, and Google all raising their Capex forecasts significantly due to strong AI demand [5][11] - Figma's IPO saw a remarkable first-day increase of over 250%, indicating strong market enthusiasm for AI-driven applications [49] - Major companies are transitioning from building AI model capabilities to driving core business growth through AI, creating a positive feedback loop for sustainable AI commercialization [5][42] Summary by Sections Company Performance - Microsoft reported Q4 FY25 revenue of $76.4 billion, a YoY increase of 18%, with Azure cloud services revenue growing 39% [16][22] - Meta's Q2 revenue reached $47.5 billion, a 22% YoY increase, driven by AI-enhanced advertising performance [25][27] - Amazon's Q2 revenue was $167.7 billion, a 13% YoY increase, with AWS revenue growing 17% [32][35] - Roblox's Q2 revenue totaled $1.08 billion, a 21% YoY increase, with significant growth in daily active users [38] - Vertiv's revenue reached $2.64 billion, a 35.1% YoY increase, with strong order momentum [41] AI Developments - Figma's IPO marks a significant milestone in the AI application space, with a total addressable market (TAM) of $33 billion [49] - Google's Gemini 2.5 Deep Think model showcases advanced reasoning capabilities, outperforming competitors in various tests [55] - Zhiyu's GLM-4.5 model integrates reasoning, coding, and agent capabilities, ranking first among domestic open-source models [59] Capital Expenditure Trends - Microsoft expects Q1 FY26 Capex to exceed $30 billion, reflecting strong demand for cloud and AI products [22] - Google raised its FY25 Capex forecast from $75 billion to $85 billion, primarily for cloud infrastructure [11] - Meta's Q2 Capex was $17 billion, with an upward revision of its annual Capex guidance to between $66 billion and $72 billion [25][27] - Amazon's Q2 Capex was $32.2 billion, indicating continued investment in AI services [35]