Investment Rating - The report maintains a recommendation for investment in sectors focusing on domestic demand, high dividends, and import substitution [1][5][6] Core Viewpoints - The report highlights that the chemical industry is currently experiencing a mixed performance, with some products like synthetic ammonia and lithium battery electrolytes seeing price increases, while others like natural gas and sulfuric acid are declining [6][20] - The report suggests that the international oil price is expected to stabilize between $65 and $70 per barrel, influenced by geopolitical uncertainties and economic conditions [5][21] - The report emphasizes the importance of focusing on high-dividend stocks such as Sinopec, PetroChina, and CNOOC due to their asset quality and dividend yield [5][20] Summary by Sections Market Performance - The chemical industry has shown varied performance over the past month, with a 0.3% increase in the basic chemical sector compared to a 2.7% increase in the CSI 300 index [1] - Key products that saw price increases include synthetic ammonia (up 8.58%) and lithium battery electrolytes (up 5.71%), while natural gas saw a significant decline of 7.90% [6][20] Investment Suggestions - The report recommends focusing on sectors that are likely to enter a growth cycle, such as glyphosate, and emphasizes the importance of selecting stocks with strong competitive positions and growth potential [7][20] - Specific companies recommended include Jiangshan Chemical, Xingfa Group, and Yangnong Chemical, which are expected to benefit from the recovery in the glyphosate sector [7][20] - The report also highlights the resilience of domestic chemical fertilizer and pesticide sectors, suggesting companies like Hualu Hengsheng and Xin Yangfeng as potential investment opportunities [20] Price Trends - The report notes that while some chemical products are rebounding in price, the overall industry remains under pressure due to past capacity expansions and weak demand [6][20] - The report indicates that the PTA market is experiencing downward pressure, with prices declining due to weak demand from downstream polyester sectors [33][34] Key Companies and Earnings Forecast - The report lists several companies with strong earnings forecasts and investment ratings, including Xin Yangfeng, Senqilin, and Ruifeng New Materials, all rated as "Buy" [9][10][20]

2025 年 09 月 30 日 相关研究 1、《汽车行业周报：十五五时期将 打造人形机器人等新兴支柱产业， 奇瑞与赛力斯赴港上市》2025-09- 28 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 汽车(申万) | 4.7 | 17.3 | 32.8 | | 沪深 300 | 2.7 | 17.4 | 15.0 | 市场表现 奇瑞成功登录港交所主板，全球布局加速 -20 -10 0 10 20 30 (%) 汽车 沪深300 推荐(维持) 投资要点 资料来源：Wind，华鑫证券研究 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 2、《汽车行业周报：内外共振，看 好四季度机器人行情》2025-09-23 3、《汽车行业周报：马斯克再次强 调 OptimusGen3 重要性，重视 Q4 机 器人板块的投资机会》2025-09-15 ▌ 成功登录港交所主板，全球布局加速 奇瑞汽车成立于 1997 年，是中国自主品牌乘用车出口的"22 连冠"龙头（2024 年全球销量 229.5 万辆）。9 月 25 日，奇 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the AI and computing sectors, 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) [12]. Core Insights - The AI computing market is experiencing high demand, with significant investments in infrastructure and technology advancements, particularly highlighted by 阿里巴巴's ambitious plans for AI cloud infrastructure [61][62]. - The launch of ChatGPT Pulse represents a significant shift in AI interaction, moving from passive responses to proactive, personalized assistance, which is expected to enhance user engagement and satisfaction [34][38]. - Filevine's recent $400 million funding round underscores the growing integration of AI in the legal tech sector, with a focus on enhancing operational efficiency and client service [47][49]. Summary by Sections 1. Computing Power Dynamics - The rental prices for computing power remain stable, with specific pricing for various configurations such as A100-40G and A100-80G [17][22]. - Kimi has upgraded to the Agent mode, OK Computer, which enhances its capabilities in website development and data analysis through an end-to-end training approach [18][28]. 2. AI Application Dynamics - Gemini's weekly user engagement increased by 6.75%, indicating a growing interest in AI applications [33]. - ChatGPT Pulse has been launched, marking a transition to personalized AI services that analyze user data to provide tailored recommendations [34][39]. 3. AI Financing Trends - Filevine completed a $400 million financing round, reflecting strong growth in AI-driven legal solutions and a high product retention rate of over 96% [47][48]. - The legal tech sector is consolidating, with significant investments flowing into companies that can integrate AI into their platforms effectively [49]. 4. Market Review - The AI computing index and application index showed varying performance, with notable fluctuations in stock prices among key players in the sector [53][56]. 5. Investment Recommendations - The report suggests focusing on companies like 嘉和美康 (688246.SH) and 亿道信息 (001314.SZ) for their potential in clinical AI and partnerships with leading AI firms [62].

2025 年 09 月 30 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：81 分（过热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -20 -15 -10 -5 0 5 10 (%) 沪深300 相关研究 3、储能主题：国内《新型储能专项行动方案》明确 2027 年 装机 1.8 亿千瓦，撬动 2500 亿元直接投资，容量补偿、现货 价差等政策将项目 IRR 推升至 8%以上，投资由"强制配储" 转为"主动盈利"；海外订单 2025H1 同比暴增 220%，达 160 GWh，电芯排产已现加价抢购，供需格局或扭转。相关标的： 宁德时代（300750）、阳光电源（300274） ▌ 风险提示 宏观经济意外下滑、地缘政治风险、流动性收紧超预期、行 业政策低于预期。 策 略 研 1、《双融日报》2025-09-29 2、《双融日报》2025-09-26 3、《双融日报》2025-09-25 ▌ 华鑫市场情绪温度指标：（过热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 81 分，市场情绪处于"过热"。历史市场情绪趋势变化可 ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - As of September 29, 2025, the total planned issuance of local government bonds in October is 540.6 billion yuan, with the proportions of new general bonds, refinancing general bonds, new special bonds, refinancing special bonds, and unclassified refinancing bonds being 6% (33.9 billion yuan), 10% (53.1 billion yuan), 68% (367.8 billion yuan), 11% (59.9 billion yuan), and 5% (25.9 billion yuan) respectively [1]. - In November, the total planned issuance of local government bonds is 299.4 billion yuan, with the proportions of new general bonds, refinancing general bonds, new special bonds, refinancing special bonds, and unclassified refinancing bonds being 3% (8.2 billion yuan), 26% (78.6 billion yuan), 39% (118 billion yuan), 31% (92.8 billion yuan), and 1% (1.8 billion yuan) respectively [3]. 3. Summary by Relevant Content October Local Government Bond Issuance Plan - The top regions in terms of October local government bond issuance plans are Hubei (70.1 billion yuan), Hebei (53.4 billion yuan), Jiangxi (50 billion yuan), Xinjiang (48.8 billion yuan), and Zhejiang (43.5 billion yuan) [2]. - The top regions in terms of October new special bond issuance plans are Hubei (63.8 billion yuan), Hebei (484 billion yuan), Xinjiang (46.6 billion yuan), Jiangxi (36.3 billion yuan), and Shandong (33.2 billion yuan) [3]. November Local Government Bond Issuance Plan - The November issuance plan shows that the proportions of different types of bonds are as follows: new general bonds 3% (8.2 billion yuan), refinancing general bonds 26% (78.6 billion yuan), new special bonds 39% (118 billion yuan), refinancing special bonds 31% (92.8 billion yuan), and unclassified refinancing bonds 1% (1.8 billion yuan) [3]. Fourth - Quarter Local Government Bond Issuance Plan - The table provides detailed fourth - quarter local government bond issuance plans for each region, including the breakdown of different types of bonds such as new general bonds, refinancing general bonds, new special bonds, and refinancing special bonds [6].

Report Summary 1. Industry Investment Rating The document does not provide a specific industry investment rating. 2. Core Viewpoints - The improvement of industrial enterprise profits in August 2025 is the result of anti - involution and the low - base effect, with high - end equipment manufacturing being an important support [5]. - Bonds will not enter a trend - like bear market. With the stabilization of earnings, bond yields are expected to enter a low - level oscillation state. For equities, the current market is mainly supported by risk appetite, which has basically recovered. In the future, risk appetite and earnings will oscillate within a range [6]. 3. Summary by Related Catalogs 3.1 Price and Profit Margin - From the perspective of volume, price, and profit margin, there is a decline in volume, an increase in price, and a rise in the revenue profit margin. In August, the national industrial added - value of large - scale industries increased by 5.2% year - on - year, with a month - on - month decline of 0.5 percentage points. The year - on - year decline of PPIRM and PPI narrowed, ending the five - month trend of expanding decline. Affected by pork prices, CPI fell below 0. The monthly revenue profit margin of the whole industry in August was 5.8%, a significant year - on - year increase of 0.85 percentage points [2]. 3.2 Industry Differentiation - Upstream industries have improved comprehensively supported by anti - involution and price increases. The decline of coal mining and dressing has narrowed, and the growth rate of the non - ferrous industry has increased significantly. The equipment manufacturing industry is the most powerful driving sector, especially in technology - intensive industries such as railway, ship, aerospace, electrical machinery, special equipment, and computer and communication electronic equipment, where the profit growth rate leads. In August, the profit decline of the consumer goods manufacturing industry was generally around 10%, with obvious improvements in the food and paper industries [3]. 3.3 Inventory and Leverage - In terms of inventory, the growth rate of finished product inventory continued the downward trend since July last year, but the decline narrowed. In terms of scale, the liability growth rate of industrial enterprises rebounded, reaching 5.4% in August (the previous value was 5.1%), and the asset - liability ratio of industrial enterprises continued to rise to 58% [4].

3 2025 年 09 月 29 日 存储芯片进入新一轮周期，国产 AI 芯片大时代 已经开启 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) 18.7 44.4 106.0 沪深 300 8.3 17.0 43.1 市场表现 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：MetaConnect 大会即将召开，科技巨头承诺加码 AI 投资》2025-09-08 2、《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 3、《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 ▌上周回顾 9 月 22 日- 9 月 26 日当周，申万一级行业涨跌呈分化的态 势。其中电子行业上涨 3.51%，位列第 3 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 72.55。电子 行业细分板块比较，9 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][9]. Core Insights - The company is positioned to lead in the domestic copper-clad laminate (CCL) industry, with a focus on high-frequency and high-speed products that are gradually increasing in volume, indicating promising future growth [6]. - The company has developed core technologies in HDI (High-Density Interconnect) materials, achieving domestic leadership in performance levels and gaining recognition from terminal customers [7]. - The company is on the path to achieving domestic self-sufficiency in IC substrate materials, with successful product development and certifications from major global clients [8]. - Revenue forecasts for 2025-2027 are projected at 48.14 billion, 62.15 billion, and 76.75 billion yuan, respectively, with corresponding EPS of 1.05, 2.20, and 3.48 yuan, indicating significant growth potential [9][11]. Summary by Sections Market Performance - The company reported a revenue of 2.305 billion yuan for the first half of 2025, a year-on-year increase of 43.06%, and a net profit of 87 million yuan, up 57.69% year-on-year [5]. Investment Highlights - The company offers a wide range of products categorized by resin types, including ordinary FR-4, lead-free FR-4, halogen-free FR-4, high-frequency and high-speed products, automotive boards, energy boards, HDI, and IC packaging substrates [6]. - The company has achieved import substitution, particularly in high-end high-speed products, which have received certification from globally recognized AI server manufacturers [6]. Financial Forecast - The company is expected to see substantial revenue growth, with a projected increase of 43.2% in 2025, followed by 29.1% in 2026 and 23.5% in 2027 [11]. - The net profit is forecasted to grow significantly, with an expected increase of 388.3% in 2025 and 110.6% in 2026 [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has set clear performance growth targets for the next three years, with a stable growth outlook from 2026 to 2028. The average net profit for the years 2022-2024 is set at 565 million yuan, with growth rates for 2026, 2027, and 2028 targeted at no less than 16.52%, 24.22%, and 33.84% respectively, leading to net profit targets of 658 million yuan, 701 million yuan, and 756 million yuan [5][6] - The company has a strong track record of exceeding performance targets in previous incentive plans, indicating a robust management strategy and confidence in future growth [6] - The company is focusing on global expansion and leveraging its incentive mechanisms to drive long-term growth, despite facing short-term pressures from tariff policies and weak downstream demand [7] Summary by Sections Performance Targets - The sixth equity incentive plan covers the years 2026 to 2028, involving 197 participants, an increase from 161 in the previous plan. The plan proposes to grant 23 million restricted shares, accounting for 1.97% of the total share capital [5] - The company aims for a compound annual growth rate (CAGR) of 7.17% from 2026 to 2028 [5] Historical Performance - The previous incentive plan (2021-2025) saw all annual targets exceeded, with an average performance exceeding targets by 15.28% from 2021 to 2024 [6] Long-term Strategy - The company is committed to expanding its zipper business globally and enhancing its international presence, supported by a customer-oriented corporate culture and effective management systems [7] - The equity incentive mechanism is expected to align team goals and enhance the company's ability to manage short-term risks while supporting sustainable, high-quality development [8] Financial Forecast - Revenue projections for 2025-2027 are 4.879 billion yuan, 5.371 billion yuan, and 5.994 billion yuan respectively, with earnings per share (EPS) of 0.57 yuan, 0.61 yuan, and 0.68 yuan. The current stock price corresponds to price-to-earnings (P/E) ratios of 17.4, 16.3, and 14.7 times [9]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is experiencing short-term pressure on performance, with a slight decline in revenue and a significant drop in net profit [4] - The strategic focus is on high-end scientific instruments, with expectations for continued breakthroughs in this area [5] - The company plans to repurchase shares to implement an employee stock ownership plan, reflecting confidence in future development [6] - Revenue forecasts for 2025-2027 are projected at 41.01 billion, 46.83 billion, and 52.10 billion yuan, respectively, with corresponding EPS of 0.71, 0.93, and 1.18 yuan [7] Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.295 billion yuan, a year-on-year decrease of 8.23%, and a net profit attributable to shareholders of -51 million yuan, a decline of 210.86% [4] - Revenue breakdown by segment shows a decline in instruments and consumables by 7.39%, operational services by 11.83%, and environmental governance and engineering by 2.3% [4] - The company is implementing a "boutique" strategy for high-quality transformation, focusing on high-end analytical instruments and core supporting businesses [5] Earnings Forecast - The company forecasts revenue growth rates of 13.5% for 2025, 14.2% for 2026, and 11.3% for 2027, with net profit growth rates of 53.5%, 31.7%, and 27.0% for the same years [9][11]