[Table_Rank] 评级： 买入 [Table_Authors] 韩杨 科技行业分析师 SAC 执证编号：S0110525060002 hanyang@sczq.com.cn 电话：010-81152681 [Table_Chart] 市场指数走势（最近 1 年） 资料来源：聚源数据 -1 0 1 2 3 18-Sep 29-Nov 9-Feb 22-Apr 3-Jul 13-Sep 恒玄科技 沪深300 [Table_BaseData] 公司基本数据 | 最新收盘价（元） | 258.63 | | --- | --- | | 一年内最高/最低价（元） | 322.21/98.87 | | 市盈率（当前） | 70.50 | | 市净率（当前） | 4.64 | | 总股本（亿股） | 1.68 | | 总市值（亿元） | 435.45 | | 资料来源：聚源数据 | | 相关研究 [Table_Title] 2025H1 营收实现较快增长，看好 AI 眼镜时代新机遇 [Table_ReportDate] 恒玄科技(688608)公司简评报告 | 2025.09.17 核心观点 盈利预测 公司简评报告 ...

[Table_Title] 美联储若将降息，港股历史表现如何？ [宏Ta观bl经e_济Rep分or析tD报ate告] | 2025.9.17 核心观点 韦志超 首席经济学家 SAC 执证编号：S0110520110004 weizhichao@sczq.com.cn 电话：86-10-81152692 相关研究 请务必仔细阅读本报告最后部分的重要法律声明 [Table_Rank] [Table_Authors] [Tabl目e_前Su市mm场a普ry]遍预期美联储将在 9 月启动降息，焦点已从年内"是否降息" 转向"降息幅度"，争论集中于本年累计降幅为 25 基点、50 基点或是 更高（截至 9 月 14 日，CME Group 定价显示本年降息 75 基点的概率 达到 74%）。本文通过系统复盘历次美联储降息周期中港股三大指数（恒 生指数、恒生科技指数、恒生中国企业指数）的表现规律，旨在为预判 本轮降息后港股市场的潜在走势提供参考。 市场主流观点和美国官方数据倾向于认为本轮为"预防式降息"，本文 参考另外两轮"预防式降息"周期：2019 年（美联储十年来的首次降 息，被视为预防式降息）和 2024 年（美联 ...

[Table_Title] 全球人工智能算力基建持续放量，AI 向端侧、能源延 伸 [市Ta场bl策e_略Rep报or告tDate] | 2025.09.17 核心观点 [Table_Authors] 邹序元 首席分析师 SAC 执证编号：S0110525040001 zouxuyuan@sczq.com.cn 电话：86-10-8115 2655 [《Ta北bl交e_所Ot策he略rR周ep报or：t]科技与新能源协同互 促，实现高景气共振》（2025.09.09） 《北交所策略周报："人工智能+"实现产 业政策与科技创新共振》（2025.09.02） 《北交所策略周报：反内卷、扩内需政策组 合拳持续发力，人形机器人走向场景化、自 主化》（2025.08.19） 《北交所策略周报：AI 与机器人产业高景 气》（2025.08.12） 请务必仔细阅读本报告最后部分的重要法律声明 [Table_Rank] 请务必仔细阅读本报告最后部分的重要法律声明 加快推动人工智能与能源产业深度融合，新型储能规模化建设方案落地。 2025 年 9 月 8 日，国家发展改革委，国家能源局发布《关于推进"人工 智能+"能源高质量发 ...

[Table_Rank] 评级： 增持 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：010-81152644 [市场指数走势（最近 Table_Chart] 1 年） [Table_BaseData] 公司基本数据 | 最新收盘价（元） | 152.98 | | --- | --- | | 一年内最高/最低价（元） | 164.50/91.80 | | 市盈率（当前） | 96.27 | | 市净率（当前） | 6.06 | | 总股本（亿股） | 8.24 | | 总市值（亿元） | 1,260.80 | | 资料来源：聚源数据 | | 相关研究 [Table_Title] 海外市场快速增长，业绩拐点明确 [Table_ReportDate] 联影医疗(688271)公司简评报告 | 2025.09.17 核心观点 请务必仔细阅读本报告最后部分的重要法律声明 [Table_Authors] [Table_Summary] -0.5 0 0.5 1 18-Sep 29-Nov 9-Feb 22-Apr 3-Jul 13-Sep 联影医疗 沪 ...

[Table_Rank] 评级： 买入 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010-81152683 [Table_Chart] 市场指数走势（最近 1 年） 资料来源：聚源数据 0 0.2 0.4 0.6 - … 18 - … 29 9- F … - … 22 3- J … - … 13 龙佰集团 沪深300 [Table_BaseData] 公司基本数据 | 最新收盘价（元） | 19.55 | | --- | --- | | 一年内最高/最低价（元） | 22.05/15.02 | | 市盈率（当前） | 25.46 | | 市净率（当前） | 2.01 | | 总股本（亿股） | 23.86 | | 总市值（亿元） | 466.52 | | 资料来源：聚源数据 | | 相关研究 资料来源： Wind ，首创证券 请务必仔细阅读本报告最后部分的重要法律声明 [Table_Authors] [ Table_OtherReport] 三季度业绩符合预期，稳步拓展上游 钛矿资源 连续三个季度盈利环比改善，钛白粉 景气触底回升 单季 ...

[Table_Rank] 评级： 看好 王斌 医药行业首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：010-81152644 [Table_Chart] 市场指数走势（最近 1 年） 相关研究 [Table_Title] 外部风险可控，创新药仍为重要投资主线 [Table_ReportDate] 医药生物 | 行业简评报告 | 2025.09.16 核心观点 请务必仔细阅读本报告最后部分的重要法律声明 [Table_Authors] [Table_Summary] -0.2 0 0.2 0.4 0.6 18-Sep 29-Nov 9-Feb 22-Apr 3-Jul 13-Sep 医药生物 沪深300 资料来源：聚源数据 [Table_OtherReport] 医药行业点评： 集采规则进一步优 化，利好大型制药企业 医药行业 2025 年中期投资策略：创 新突围，行业迎来增长新动能 依沃西单抗等 PD-1 VEGF 双特异性 抗体临床数据积极，有望成为下一代 肿瘤免疫疗法中的潜在重磅产品 ⚫ 事件： 据《纽约时报》报道，美国政府正在起草一项行政命令 ...

[评级： Table_Rank] 看好 韩杨 科技行业分析师 SAC 执证编号：S0110525060002 hanyang@sczq.com.cn 电话：010-81152681 [Table_Chart] 市场指数走势（最近 1 年） 资料来源：聚源数据 0 0.5 1 1.5 - … 18 - … 28 7- F … - … 19 - … 29 8- S … 电子 沪深300 相关研究 [Table_Title] 英伟达发布 Rubin CPX，甲骨文 AI 订单大幅增长 [Table_ReportDate] 电子 | 行业简评报告 | 2025.09.15 核心观点 请务必仔细阅读本报告最后部分的重要法律声明 [Table_Authors] [Table_Summary] [Table_OtherReport] 电子行业周报：博通 FY2025Q3 收入 创新高，上调 2026 年 AI 收入 电子行业周报：DeepSeek-V3.1 正式发 布，关注国产算力芯片 电子行业周报：GPT-5 正式发布，算力 需求保持高景气 英伟达发布 Rubin CPX，推理性能大幅提升。9 月 9 日，英伟达在 AI ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the phosphate rock market remains strong, contributing significantly to the company's profits. The current high prices of phosphate rock are expected to sustain through 2025, with an average price of 1019 RMB/ton in the first half of 2025 [7] - The company's revenue for the first half of 2025 was 146.20 billion RMB, a year-on-year increase of 9.07%, while the net profit attributable to shareholders was 7.27 billion RMB, a decrease of 9.72% [7] - The report anticipates that the company's net profit will grow significantly in the coming years, with projections of 21.35 billion RMB in 2025, 24.15 billion RMB in 2026, and 27.19 billion RMB in 2027 [7] Summary by Sections Financial Performance - The company achieved a revenue of 283.96 billion RMB in 2024, with a growth rate of 0.4%. The net profit attributable to shareholders is projected to be 16.02 billion RMB, reflecting a growth rate of 16.1% [4] - For 2025, the expected revenue is 306.10 billion RMB, with a growth rate of 7.8%, and the net profit is projected at 21.35 billion RMB, with a growth rate of 33.3% [4] Market Conditions - The phosphate rock market has been experiencing a high demand and supply tightness since 2021, leading to significant price increases. The report indicates that the company has a rich phosphate resource base, with reserves of approximately 395 million tons [7] - The report also notes a recovery in the glyphosate market, which is expected to enhance the company's performance. Glyphosate prices have been recovering since March 2025, which could positively impact the company's earnings [7] Resource and Production Capacity - The company has a phosphate rock design capacity of 5.85 million tons per year and is continuously enhancing its resource base. The report mentions that the company has obtained mining rights for 2 million tons per year and is in various stages of exploration and production for additional resources [7]

Market Performance - Last week (2025.09.01-2025.09.05), the A-share market experienced increased volatility, with the Wind All A Index showing a "rise, fall, and recovery" pattern[8] - On September 1, the Wind All A Index rose by 0.81%, driven mainly by the technology sector[8] - The index fell by 1.48% on September 2 due to profit-taking and market stabilization concerns[8] - On September 5, the Wind All A Index rebounded, closing up 2.57%, while the ChiNext Index and North Securities 50 rose by 6.55% and 5.15%, respectively[8] AI Sector Impact - Since August 12, the A-share market has outperformed global markets, primarily benefiting from the AI industry chain's influence on optical modules and domestic chips[9] - From August 12 to September 1, the CSI 300 Index increased by 9.73%, with the top 15 stocks contributing 5.6% to this growth, accounting for 57.3% of the index's overall increase[9] U.S. Economic Data - The U.S. added 22,000 non-farm jobs in August, significantly lower than the revised 79,000 in July and below the expected 75,000[20] - The unemployment rate rose by 0.1 percentage points to 4.3%, the highest since November 2021[20] - Following the non-farm data release, market expectations for a rate cut in September solidified, with U.S. Treasury yields falling by 7 basis points[20] Market Outlook - The short-term outlook for the A-share market suggests continued volatility, while the medium to long-term remains promising due to favorable domestic liquidity and increasing attractiveness of RMB assets[23] - The upcoming adjustment of the weight of stocks in the Sci-Tech 50 Index may lead to capital outflow pressures for high-weight stocks[23] Risk Factors - Risks include potential underperformance of domestic macro policies and unexpected outcomes from overseas rate cuts[30]

Core Viewpoints - The report highlights the synergy between technology and new energy sectors, emphasizing the positive impact of supportive policies and industry trends on the domestic technology sector [2][11][12] - Tesla's Master Plan Part IV aims to integrate AI into a sustainable energy system, focusing on electric vehicles, energy products, and humanoid robots, marking a shift towards AI-driven solutions [10][11] - The report notes the significant growth in renewable energy installations in China, with a total installed capacity reaching 2.171 billion kilowatts, accounting for nearly 60% of the national total [11] Industry Analysis - The renewable energy sector, particularly wind and solar power, is experiencing a transformation, with a notable increase in generation capacity and output, contributing to nearly 40% of the national power generation [11] - The electronic information manufacturing industry is projected to achieve an average growth rate of around 7% from 2025 to 2026, supported by policies favoring lithium batteries, photovoltaics, and related sectors [11][12] - The AI industry is rapidly advancing, with a focus on domestic alternatives and technological iterations, particularly in computing power and energy efficiency [12] Market Performance - The North Exchange 50 Index increased by 2.79% during the week of September 1 to September 5, 2025, indicating a positive market trend [13][14] - The North Exchange 50 Index has shown a year-to-date increase of 55.92%, outperforming other indices such as the Wind Micro Index and the ChiNext Index [14] - The report identifies significant stock performances, with companies like Hongyu Packaging and Tianhong Lithium leading with weekly gains of 173.59% and 78.80%, respectively [21]