行 华福证券 建筑材料 2025 年 08 月 04 日 业 研 究 建筑材料 城市更新呵护需求，反内卷加快供给出清 投资要点： 行 业 定 期 报 告 中共中央政治局 7 月 30 日召开会议，会议指出要落实落细更加积极的 财政政策和适度宽松的货币政策，落实好中央城市工作会议精神，高质量 开展城市更新；上海加快推进"两旧一村"改造，今年计划启动 25 个城中 村改造；深圳规划 2026 年前建成深汕通用机场，提升 eVTOL 服务保障能 力；重庆今年滚动实施城中村改造项目 150 个；广州 7 月二手住宅网签 8962 套，同比下降 10.7%；山东将数字家庭纳入"好房子"建设内容，对个人 购置智能家居予以补贴；沈阳 2025 年度住房公积金缴存基数上限调整为 29523 元；哈尔滨发布公积金新政，以旧换新贷款额度，最高上浮 20%； 广州从化推出"以旧换新""房票"等房地产健康发展七项措施；贵州 2025 年计划改造城中村 6268 户，调整土地增值税预征率；成都发布 2025 年城 市更新片区 12 个项目机会清单，涉及城市有机更新、危旧房改造、自主改 造等多个方面，总投资额高达数百亿元。中长期来看：1 ...

Investment Rating - The industry rating is "Outperform the Market" [7][72] Core Insights - The report emphasizes investment opportunities in the AI+ education sector, particularly with the recent launch of AI education products by several companies, which are expected to see significant revenue growth [5][42] - The tourism sector is expected to benefit from the construction of the Yajiang Hydropower Station, which will significantly increase tourist traffic in Tibet, particularly in the Linzhi and Ali regions [3][20] - The Hainan Free Trade Port is set to officially start its closure operations on December 18, 2025, which will allow visa-free entry for individuals from 85 countries, potentially boosting the duty-free market in Hainan [3][14] Summary by Sections Duty-Free and Scenic Areas - The report highlights the positive impact of the Yajiang Hydropower Station on the tourism sector in Tibet, with major scenic spots expected to benefit from increased visitor numbers [3][20] - The upcoming closure of Hainan is anticipated to significantly enhance the user base for duty-free shopping, improving performance for related companies [3][14] Trendy Consumer Goods - The report notes that recent policies focusing on consumer stimulation and industry regulation are likely to support short-term operational expectations for the trendy consumer goods sector [4][21] Education - The report discusses the advancements in AI+ education, with several companies launching new AI products that are expected to see a surge in revenue [5][42] Medical Aesthetics - The medical aesthetics industry is undergoing optimization through refined operations, with leading institutions expected to capture more market share [5][43] - The report suggests monitoring the release of new products and innovations in the medical aesthetics sector [5][48] Employment - The employment situation remains stable, with a slight decrease in the urban survey unemployment rate, indicating a positive outlook for the labor market [51] Gold and Jewelry - The report indicates that gold prices remain high, with retail sales in the gold and jewelry sector showing signs of recovery [56][62]

Group 1 - The total IPO financing scale in the A-share market for July 2025 was 4.887 billion, with the main board raising 2.105 billion and the ChiNext board raising 2.216 billion, marking a 60% increase in the number of new stocks issued compared to the previous month [5][7][11] - As of the end of July, there were 50 IPO projects approved but not yet issued across all A-share boards, with a total proposed fundraising of 54.92 billion. The main board accounted for 40% of the proposed fundraising, while the ChiNext and Sci-Tech Innovation boards accounted for 32% and 19%, respectively [11][13] - The average winning rate for new shares in July was 0.0121% for A-class accounts and 0.0118% for B-class accounts on the main board, reflecting a decrease of 79% and 76% respectively compared to the previous month [17][23] Group 2 - The average first-day price increase for new stocks on the main board in July was 231%, while the ChiNext board saw an average increase of 119% [31][34] - In July, 3,193 funds participated in new share subscriptions, with the highest number being equity mixed funds at 1,202, followed by flexible allocation funds at 604 and passive index funds at 758 [37][39] - The contribution of new shares to funds with a scale of 1-2 billion was +0.351%, while for those with a scale of 2-3 billion, it was +0.251%, indicating a positive impact on fund performance [32][35]

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The lithium battery sector shows an increase in production in August, with solid-state battery development accelerating [2][9] - The photovoltaic sector is undergoing energy efficiency inspections by the Ministry of Industry and Information Technology, which may lead to the elimination of outdated production capacity [3][17] - The wind power sector has seen significant growth in offshore wind capacity, positively impacting turbine bidding prices [3][27] - The energy storage sector is advancing with new regulations and a significant number of projects in progress [3][33] - The electric equipment sector is benefiting from strong performance in the data center segment and increased capital expenditures from North American CSP manufacturers [4][44] - The industrial control and robotics sector is experiencing a slight decline in PMI, but the global robotics market is expected to exceed $400 billion by 2029, with China capturing half of the market share [4][51] - The hydrogen sector is seeing the revision of industry standards and significant project signings, indicating growth potential [4][61] Summary by Sections 1. New Energy Vehicles and Lithium Battery Sector - Production in August increased, with lithium-ion battery production reaching 91.0 GWh, a 1% month-on-month increase and a 57% year-on-year increase [9] - Solid-state battery development is prioritized by leading companies, with significant orders being placed [10][11] 2. New Energy Generation Sector 2.1 Photovoltaic Sector - The Ministry of Industry and Information Technology has initiated energy efficiency inspections for 41 polysilicon companies, aiming to enhance energy efficiency and regulatory compliance [3][17] - The price of polysilicon has risen, indicating a positive market trend [19] 2.2 Wind Power Sector - Offshore wind capacity added in the first half of the year reached 2.49 GW, a 200% year-on-year increase [27] - The average utilization rate of wind power decreased to 93.2%, down 2.9 percentage points year-on-year [27] 3. Energy Storage Sector - New regulations in Shandong and Ningxia are promoting the entry of renewable energy into the market [33][34] - A total of 318 energy storage projects exceeding 124 GWh are underway across 21 regions [37] 4. Electric Equipment Sector - The company achieved a revenue of $2.638 billion in Q2 2025, a 35% year-on-year increase, driven by strong data center performance [44] - Major tech companies are increasing their capital expenditures, indicating a positive outlook for the sector [44] 5. Industrial Control and Robotics Sector - The manufacturing PMI for July was reported at 49.3%, indicating a slight decline [51] - The global robotics market is projected to exceed $400 billion by 2029, with significant contributions from Chinese manufacturers [52] 6. Hydrogen Sector - The National Energy Administration has revised 10 hydrogen industry standards, enhancing regulatory clarity [61] - A major green ammonia project with an annual production capacity of 240,000 tons has been signed, marking significant growth in the hydrogen sector [63][66]

策 华福证券 2025 年 08 月 03 日 略 研 究 策 略 定 期 报 美国有望降息且推动通胀上升的概率较高——产 业经济周观点 投资要点： 近期观点 1、 美国经济内生性下行压力较大，预计财政和货币政策有望推 动美国经济维持稳定，且通胀压力不断上升。 团队成员 分析师： 李浩(S0210524050003) lh30530@hfzq.com.cn 分析师： 李刘魁(S0210524050006) llk30550@hfzq.com.cn 相关报告 1、医疗与消费周报——古方新用与现代科技双轮 驱 动 中 药 产 业 开 启 高 质 量 发 展 新 篇 — — 2025.08.03 2、医药生物 2 主题走出主升形态——2025.08.02 3、反转策略：红利滞涨下的超额选择 —— 2025.08.02 风险提示 全球制造业复苏受阻；中美关系改善不及预期；美国地产市场不 健康 证 券 研 究 报 告 2、 中国价格复苏后，对就业呈现正面影响，对产出或有抑制， 总量层面重点是出口价格能否持续改善。 3、 供给驱动的价格复苏更有利于资产价格上升，短期价格波动 对资本市场的影响较小。 4、 重点看好非银，低 ...

Group 1 - The report maintains a strong market rating for the biopharmaceutical industry, particularly focusing on AAV gene therapy advancements in neurology and ophthalmology, highlighting companies such as Kanghong, TEBIO, and Hite [2][3][20] - AAV gene therapy has shown rapid development due to its unique properties, including small size, non-pathogenicity, and the ability to be engineered for various tissue targeting, making it a promising treatment for genetic diseases [10][11][14] - The report emphasizes the commercial success of AAV gene therapies, with notable products like Novartis' Zolgensma exceeding $1 billion in sales, indicating a growing market potential for common diseases [24][27] Group 2 - The report identifies key players in the AAV gene therapy space, including multinational corporations (MNCs) like Sanofi, Bayer, and Roche, which are actively developing pipelines targeting CNS, ophthalmology, and metabolic diseases [20][33] - It highlights the ongoing clinical trials and advancements in AAV gene therapies for common diseases, particularly in the CNS and ophthalmology sectors, with a focus on the potential of new AAV vectors to cross the blood-brain barrier [35][37] - The report suggests that domestic companies such as Kanghong, TEBIO, and Hite are well-positioned in the AAV gene therapy landscape, with diverse and rapidly progressing pipelines [42]

华福证券 2025 年 08 月 03 日 金 融 工 程 7 月六大策略均录得正收益，科创板策略单月超 额收益超 9%——策略化选股月报（2025/08） 投资要点： 多策略选股策略 金 融 工 程 定 策略在 2025 年 8 月对子策略的权重配置在成长股策略权重占比最 高，约 31.03%，在价值股选股策略上的权重占比最小，约 15.62%。7 月多策略选股策略绝对收益 6.04%，多策略选股策略相对中证全指超 额收益 1.64%。 极致风格高 BETA 选股策略 期 报 告 策略在 2025 年 8 月对子策略的权重配置在大盘价值策略权重占比 最高，约 66.86%，在小盘价值策略上的权重占比最小，约 33.14%。7 月极致风格高 BETA 策略绝对收益 3.05%，极致风格高 BETA 策略相 对中证全指超额收益低 1.23%。 "红利+"优选股票策略 2025 年 7 月，"红利+"优选股票策略绝对收益 3.70%，相对中证 全指指数超额收益-0.60%，相对红利收益指数超额收益 1.79%。策略持 仓合计选入 30 支股票，平均市值 1095.78 亿元，主要分布在电力及公 共事业、机械和交通 ...

行 业 研 究 华福证券 汽车 2025 年 08 月 03 日 低空行业周报（7 月第 5 周）：深圳发布低空基 础设施高质量建设方案，行业静待催化 投资要点： 本周行情回顾 行 业 定 期 报 本周（7 月 28-8 月 1 日）Wind 低空经济指数下跌 0.11%，概念板 块排名 114/330，整体跑赢大盘（上证指数本周下跌 0.57%）。与其他 科技条线主题板块相比，跑赢人形机器人指数 2.05pct，跑输 AI 算力指 数 0.59pct。 本周上证指数在前半周创本年新高后，后半周有所回调，低空经 济指数本周整体走势与大盘相仿。标的走势相对分化，莱斯信息等基 础设施建设相关的标的本周走势相对较好；此外我们此前建议关注的 新标的腾亚精工本周上涨 19%，属于在低空赛道中充分走出超额收益 的标的。本周深圳市发布《深圳市低空基础设施高质量建设方案（2024 —2026 年）》，后续其他地区也有望逐步推进基础设施相关的方案文 件，低空经济产业落地正逐步推进。 华福证券 证 券 研 究 报 告 整体而言，当前位置合适+下半年以来催化不断+中美新博弈方向， 低空是具备反弹要素的。1）开年以来除了年初一小波行 ...

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The establishment of China Changan Automobile Group on July 29, 2025, with a registered capital of 20 billion yuan and total assets of 308.7 billion yuan, marks a significant step in optimizing state-owned capital layout and enhancing the competitiveness of China's automotive industry [3][14] - The launch of the Li Auto i8, a mid-large pure electric SUV priced between 321,800 to 369,800 yuan, features a range of 720 km and a fast charging capability of 500 km in just 10 minutes [4][15] - The launch of the Leidao L90, a large pure electric SUV priced between 265,800 to 299,800 yuan, is based on NIO's NT3.0 platform and supports a 900V high-voltage architecture [4][17] Market Performance - From July 28 to August 1, 2025, the automotive sector declined by 2.4%, underperforming the CSI 300 index, which fell by 1.8% [20] - Year-to-date, the automotive sector has increased by 9.8%, ranking 15th among 31 sectors [20] Sales Data - From July 1 to 27, 2025, retail sales of passenger vehicles reached 1.445 million units, a year-on-year increase of 9%, but a month-on-month decrease of 19% [6][38] - New energy passenger vehicle retail sales during the same period were 789,000 units, up 15% year-on-year but down 17% month-on-month [6][39] Key New Vehicles - The Li Auto i8 and Leidao L90 are highlighted as significant new electric vehicle launches, with the i8 focusing on family usability and the L90 offering advanced features and spaciousness [15][17][81]

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The domestic CD7 CAR-T therapy is expected to achieve breakthroughs, with a focus on Anke Biopharma [5][17] - The market for innovative drugs continues to show strong performance, with significant trading volume and interest in new drug developments [5][41] Market Review - The CITIC Pharmaceutical Index rose by 2.7% during the week of July 28 to August 1, 2025, outperforming the CSI 300 Index by 4.5 percentage points, ranking second among CITIC's primary industry classifications [4][41] - Year-to-date, the CITIC Pharmaceutical and Biotech Index has increased by 22.8%, surpassing the CSI 300 Index by 19.7 percentage points [4][41] - The top five performing stocks for the week included Nanjing New Drug (up 78%), Lide Man (up 46.4%), Chenxin Pharmaceutical (up 40.9%), Qizheng Tibetan Medicine (up 40%), and Guangshengtang (up 36.4%) [4][56] Focus on CD7 CAR-T Therapy - Relapsed/refractory T-ALL/LBL has a poor prognosis, with a median survival of only 6 months and limited treatment options available [5][17][18] - Anke Biopharma's PA3-17 is leading in domestic clinical trials for CD7 CAR-T therapy, currently in Phase II, showing an overall response rate (ORR) of 84.6% and a complete response (CR) rate of 76.9% in Phase I trials [5][27][26] - The potential for PA3-17 to become the first approved product targeting T-cell malignancies in China is significant, with opportunities for expanding indications [5][26][33] Investment Recommendations - The report suggests focusing on a combination of innovative drugs, particularly those with commercial capabilities and rich pipelines, as well as medical devices that are expected to see a turnaround in fundamentals [5][41] - Recommended stocks for August include Heng Rui Pharmaceutical, Kangfang Biopharma, Kanghong Pharmaceutical, and others [5][12]