Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability has significantly improved, driven by a dual-channel strategy in product distribution [1] - The company has successfully turned losses into profits, with a notable increase in gross margin and net profit margin [5] - The embedded gold segment has shown remarkable growth, becoming a new engine for revenue increase [6] - The franchise business is strong, with ambitious targets for high-performing stores [7] - The company is positioned for continued growth with a focus on "collectible art gold" and brand upgrades [8] Summary by Sections Financial Performance - In H1 2025, total revenue reached 870 million yuan, a year-on-year increase of 37%, with a net profit of 61 million yuan compared to a loss of 37 million yuan in H1 2024 [4] - The gross margin increased by 5 percentage points to 32.37% in Q2 2025, while the net profit margin rose by 11 percentage points to 6.44% [5] Product and Channel Analysis - Revenue from embedded diamonds, jade, traditional gold, and other products in H1 2025 showed varied growth, with embedded gold revenue increasing by 200% [6] - The company’s revenue from direct sales, franchises, and online channels grew by 47%, 109%, and 1% respectively in H1 2025 [7] Growth Forecast - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 0.24, 0.39, and 0.52 yuan respectively, with corresponding price-to-earnings (PE) ratios of 51, 31, and 23 times [8] - Projected main business revenue for 2025 is 2 billion yuan, with a growth rate of 63.6% [10]

Investment Rating - The report recommends an investment rating for the psoriasis treatment industry, highlighting the potential for growth and innovation in this sector [2]. Core Insights - Psoriasis is a chronic, relapsing inflammatory skin disease with a significant unmet treatment need, as it currently cannot be cured. The global market for psoriasis treatment was valued at $26.5 billion in 2022, with the Chinese market growing rapidly from $604 million in 2018 to $1.436 billion in 2022, reflecting a compound annual growth rate (CAGR) of 24.2% [3][43]. - The report emphasizes the increasing importance of biologics and oral targeted therapies, particularly focusing on IL-17 and IL-23 as key therapeutic targets, which are expected to drive future market growth [4][10]. Summary by Sections 1. Large Patient Population and Rapid Market Growth - There are approximately 125 million psoriasis patients globally, with around 6.7 million in China. The market for psoriasis treatment is projected to continue expanding, with the Chinese market expected to reach $9.944 billion by 2030, growing at a CAGR of 27.4% from 2022 to 2030 [3][43]. 2. Biologics as Mainstream Treatment - Biologics are recognized as the leading treatment option for moderate to severe psoriasis, with ongoing advancements improving their efficacy and safety. The report notes that the penetration rate of biologics in China remains low, indicating significant growth potential [4][10]. 3. Oral Small Molecules as New Options - Oral therapies, particularly those targeting TYK2, are highlighted as having the best efficacy among currently available oral medications. The report suggests that these therapies could fill the treatment gap between topical treatments and biologics, offering a more convenient option for patients [6][7][10]. 4. New Oral Peptide Drugs Expected to Launch - The report anticipates the approval of new oral peptide drugs, specifically IL-23 antagonists, which are expected to enhance the treatment landscape for psoriasis significantly [8][10]. 5. Investment Recommendations and Related Companies - The report recommends focusing on companies with strong efficacy, safety, and rapid development timelines in the psoriasis treatment space. Notable companies include: - Yifang Biotechnology (688382.SH) for its promising TYK2 small molecule - Hansoh Pharmaceutical (3692.HK) and Innovent Biologics (688428.SH) for their rapid clinical progress - Lijun Group (000513.SZ) and Qianxin Biologics (2509.HK) for their strong biologics pipeline [10][11].

Investment Rating - The report maintains a "Buy" rating for several companies in the AI and computing sector, including 亿道信息 (001314.SZ), 唯科科技 (301196.SZ), 泓淋电力 (301439.SZ), 税友股份 (603171.SH), 嘉和美康 (688246.SH), and 迈信林 (688685.SH) [11][55]. Core Insights - The AI computing sector is experiencing significant growth, with companies like 博通 reporting a 22% year-on-year revenue increase to $15.952 billion and a 63% increase in AI business revenue to $5.2 billion [6][53]. - The launch of the RLinf framework by Tsinghua University and other institutions marks a breakthrough in embodied intelligence, enhancing system efficiency by over 120% in specific tasks [19][28]. - The AI application landscape is evolving, with Gemini showing an 8.05% increase in weekly user engagement, and the introduction of the UI-TARS-2 GUI intelligent agent by Byte, which outperforms existing models in various tasks [31][36]. Summary by Sections 1. Computing Power Dynamics - The rental prices for computing power remain stable, with specific configurations priced at 5.73 RMB/hour for Tencent Cloud and 31.58 RMB/hour for Alibaba Cloud [18][20]. - The RLinf framework addresses challenges in embodied intelligence, providing a flexible and scalable system for multi-component collaborative training [19][22]. 2. AI Application Dynamics - Gemini's weekly user engagement increased by 8.05%, with significant traffic growth observed in AI-related websites [31][32]. - The UI-TARS-2 agent can autonomously perform various tasks, achieving human-level performance in 15 games and surpassing competitors in GUI benchmark tests [36][39]. 3. AI Financing Trends - Anthropic completed a $13 billion Series F funding round, raising its valuation to $183 billion, highlighting the rapid growth potential in the AI sector [43][44]. - The funding will be used to expand enterprise services and enhance AI safety research, indicating a strong focus on the enterprise AI market [44][45]. 4. Market Review - The AI computing index and application index showed significant fluctuations, with notable gains and losses among various companies in the sector [47][48]. 5. Investment Recommendations - The report suggests a continued focus on companies like 嘉和美康, 亿道信息, 迈信林, 泓淋电力, and 唯科科技, which are positioned well for growth in the AI and computing landscape [54][55].

Core Insights - The report indicates that the current market sentiment is at a high level, scoring 82 points, which is categorized as "overheated" [6][10][22] - The report highlights three key investment themes: robotics, biomedicine, and domestic chips, suggesting potential investment opportunities in these sectors [6][10] Market Sentiment - The market sentiment temperature indicator shows a score of 82, indicating an "overheated" market condition, which suggests caution for investors as high sentiment can lead to market corrections [6][10][22] - Historical trends indicate that when sentiment is below or near 50, the market tends to find support, while levels above 90 may present resistance [10] Investment Themes Robotics - Tesla's recent "Master Plan 4" emphasizes the importance of AI and robotics, with CEO Elon Musk stating that approximately 80% of Tesla's future value will come from its Optimus robot [6] - Related stocks include Wolong Electric (600580) and Changsheng Bearing (300718) [6] Biomedicine - The State-owned Assets Supervision and Administration Commission (SASAC) has initiated a biomedicine training program, focusing on innovation and collaboration between industry and academia to support the "Healthy China" initiative [6] - Relevant stocks in this sector are China National Pharmaceutical Group Modern (600420) and Tiantan Biological (600161) [6] Domestic Chips - The 13th Semiconductor Equipment and Core Components and Materials Exhibition (CSEAC 2025) will take place from September 4 to 6, focusing on strengthening China's semiconductor industry [6] - Key stocks in this area include Zhichun Technology (603690) and Jianghua Micro (603078) [6] Capital Flow Analysis - The report provides insights into net capital inflows and outflows, highlighting significant net inflows for stocks such as Sanghua Intelligent Control (102,705.39 million) and net outflows for stocks like Zhongji Xuchuang (-199,456.63 million) [11][13][23] - The analysis of financing net purchases indicates a positive sentiment towards stocks like Sunshine Power (185,997.52 million) and a cautious outlook for stocks with high net outflows [13][23]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9]. Core Views - The company is driving growth through innovation and collaboration across its entire industry chain, achieving significant increases in market share and net profit [5][8]. - The company has successfully integrated its resources across multiple sectors, leading to a strong performance in modified plastics, green petrochemicals, new materials, and healthcare segments [5][8]. - The company has established a comprehensive supply chain and is advancing in key areas such as biodegradable plastics and specialty engineering plastics, showcasing strong industry competitiveness [8]. Financial Performance - In the first half of 2025, the company achieved total revenue of 316.36 billion yuan, a year-on-year increase of 35.50%, and a net profit attributable to shareholders of 5.85 billion yuan, up 54.12% [4]. - The modified plastics segment saw a sales volume of 1.3088 million tons, a year-on-year increase of 19.74%, with revenue of 164.73 billion yuan, up 18.62% [5]. - The green petrochemical segment reported revenue of 59.62 billion yuan, a year-on-year increase of 49.23% [5]. Cost Management and Cash Flow - The company has reduced its period expenses, with significant decreases in financial costs due to the conversion of certain liabilities into equity [6]. - The net cash flow from operating activities was 10.03 billion yuan, a year-on-year decrease of 28.06%, while net cash flow from financing activities increased by 12.45 billion yuan [6]. Profit Forecast - The company is projected to achieve net profits of 14.15 billion yuan, 18.56 billion yuan, and 22.87 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 30.8, 23.4, and 19.0 [9][11].

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company, as a leading producer of polyester filament, is experiencing a recovery in profitability and is accelerating its full-chain layout [5][7] - Despite a decline in revenue, the company has shown improvements in operational cash flow management [6] - The company is implementing an integrated strategy, expanding its operations into upstream sectors such as PTA and coal mining [7][8] Summary by Sections Market Performance - The company reported a total revenue of 441.58 billion yuan for the first half of 2025, a year-on-year decrease of 8.41%, while the net profit attributable to shareholders was 10.97 billion yuan, an increase of 2.93% [4] Production and Sales - In the first half of 2025, the company produced 486.96 million tons of POY, 108.77 million tons of FDY, 58.56 million tons of DTY, and 76.75 million tons of PTA, with sales figures closely matching production [5] Financial Performance - The average selling prices for POY, FDY, DTY, and PTA decreased by 10%, 16%, 9%, and 19% respectively, impacting revenue [5] - The company’s operating cash flow improved significantly, with a net cash flow from operating activities of -3 billion yuan, a notable reduction from -18.62 billion yuan in the previous year [6] Strategic Developments - The company is advancing its "four modernizations" strategy, focusing on integration, scale, intensification, and differentiation, and has successfully acquired high-quality coal resources in Turpan [7][8] Profit Forecast - The forecasted net profits for 2025, 2026, and 2027 are 21.60 billion yuan, 30.91 billion yuan, and 37.89 billion yuan respectively, with corresponding PE ratios of 16.3, 11.4, and 9.3 [9]

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The passenger car coating business has seen significant revenue growth, doubling year-on-year, while overall profitability is under pressure due to changes in product and customer structure [2] - The company is actively expanding into new markets and innovating technologically, with a strong focus on the passenger vehicle sector and emerging fields such as solid-state batteries and aerospace [7] - The company is expected to achieve net profits of 0.96 billion, 1.56 billion, and 2.24 billion for the years 2025 to 2027, with corresponding PE ratios of 68.9, 42.4, and 29.4 [8] Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 348 million, a year-on-year increase of 7.48%, and a net profit of 12 million, a decline of 69.84% [1] - The second quarter of 2025 saw revenue of 194 million, up 3.35% year-on-year and 26.97% quarter-on-quarter, with a net profit of 8 million, down 70.40% year-on-year but up 122.72% quarter-on-quarter [1] Business Segments - The passenger vehicle segment generated revenue of 98 million, a remarkable growth of 109.6%, contributing 28.15% to total revenue, an increase of 13.71 percentage points from the previous year [2] - The high-end consumer electronics segment generated revenue of 244 million during the same period [2] Cost and Expenses - The company experienced increased expenses in sales, management, finance, and R&D, with financial expenses rising by 80.46% due to increased exchange losses [3] - The net cash outflow from operating activities was 4 million, a decrease of 21 million from the previous year, primarily due to increased cash payments to employees and taxes [3] Growth Strategy - The company is implementing a dual strategy of market diversification and technological innovation, successfully expanding from high-end consumer electronics to the passenger vehicle sector [7] - The company is also focusing on developing environmentally friendly processes and high-performance materials, with R&D expenses increasing by 6.73% [7]

2025 年 09 月 08 日 关注白酒底部机会，新消费延续高景气 推荐(维持) 投资要点 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 食品饮料(申万) 5.0 0.7 16.1 沪深 300 8.7 15.1 38.0 市场表现 -10 0 10 20 30 40 50 (%) 食品饮料 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《食品饮料行业周报：半年报季 如期收官，新老消费可圈可点》 2025-09-01 2、《食品饮料行业周报：半年报利 空充分释放，关注新老消费轮动》 2025-08-25 3、《食品饮料行业周报：关注底部 白酒和休闲零食，新消费业绩持续 兑现》2025-08-17 ▌ 一周新闻速递 行业新闻：1）1-7 月广东省啤酒产量 287 万千升；2）中国 酒业知识产权大会将召开；3）白酒智酿行业标准启动会将召 开。 大众品板块：行业底 ...

3 2025 年 09 月 08 日 Meta Connect 大会即将召开，科技巨头承诺加 码 AI 投资 推荐(维持) 投资要点 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 电子(申万) 16.9 33.4 89.6 沪深 300 8.4 15.1 38.0 市场表现 -20 0 20 40 60 80 100 120 (%) 电子 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《电子行业周报：国产未来10年 AI 战略蓝图已现，国产 AI 算力基建 实现重大突破》2025-09-01 2、《电子行业周报：DeepSeek 正式 发布新模型 V3.1，英伟达暂停 H20 芯片生产》2025-08-25 3、《电子行业周报：高端AI芯片国 产化势在必行，覆铜板厂商涨价反 映PCB产业链景气度高企》2025-08- 18 ▌上周回顾 9 月 1 日- 9 月 5 日当周，申万一级行业涨跌呈分化的态势。 其中电子行业下跌 4.57%，位列第 28 位。估值前三的行业为 计算机、国防军工、电子，电子行业市盈率为 64.23。 ...

Core Insights - The report indicates that the current market sentiment is at a high level, with a score of 90, categorizing it as "overheated" [5][9][21] - Key themes being tracked include robotics, biomedicine, and domestic chips, with significant developments in each area [5][9] Robotics Theme - Tesla's recent release of its "Master Plan 4" emphasizes AI and robotics, with CEO Elon Musk stating that approximately 80% of Tesla's future value will come from its Optimus robot [5] - Related stocks include Wolong Electric Drive (600580) and Changsheng Bearing (300718) [5] Biomedicine Theme - The State-owned Assets Supervision and Administration Commission (SASAC) has initiated a biomedicine training program, focusing on innovation and collaboration between industry and academia to support health initiatives in China [5] - Relevant stocks in this sector are China National Pharmaceutical Group Modern (600420) and Tiantan Biological (600161) [5] Domestic Chips Theme - The 13th Semiconductor Equipment and Core Components and Materials Exhibition (CSEAC 2025) is set to take place, promoting local supply chain development and showcasing advancements in critical equipment [5] - Key stocks associated with this theme include Zhichun Technology (603690) and Jianghua Micro (603078) [5] Market Dynamics - The report highlights that when market sentiment is below or around 50, it tends to support the market, while levels above 90 may create resistance [9] - The report also provides insights into net inflows and outflows of major stocks, indicating investor sentiment and potential market movements [10][12][22]